# EDGAR Filing Document

**Accession Number:** 0001209466
**File Stem:** 0001145549-25-045664
**Filing Date:** 2025-7
**Character Count:** 3521007
**Document Hash:** 58230b0f04f47991070b7e2f065ca963
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-045664.hdr.sgml**: 20250703

**ACCESSION NUMBER**: 0001145549-25-045664

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 173

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250703

**DATE AS OF CHANGE**: 20250703

**EFFECTIVENESS DATE**: 20250703

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INVESCO EXCHANGE-TRADED FUND TRUST
- **CENTRAL INDEX KEY:** 0001209466

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21265
- **FILM NUMBER:** 251103757

**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 Bloomberg MVP Multi-factor ETF (Series ID: S000003023)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000008290 | Invesco Bloomberg MVP Multi-factor ETF | BMVP            |

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

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

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

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

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

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

### Invesco Next Gen Media and Gaming ETF (Series ID: S000003029)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000008296 | Invesco Next Gen Media and Gaming ETF | GGME            |

### Invesco Next Gen Connectivity ETF (Series ID: S000003030)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000008297 | Invesco Next Gen Connectivity ETF | KNCT            |

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

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

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

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

### Invesco AI and Next Gen Software ETF (Series ID: S000003033)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000008300 | Invesco AI and Next Gen Software ETF | IGPT            |

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

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

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

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

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

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000008310 | Invesco 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 Dorsey Wright Utilities Momentum ETF (Series ID: S000003046)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000008313 | Invesco Dorsey Wright 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 Large Cap Growth ETF (Series ID: S000003054)

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

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

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000008322 | Invesco 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 RAFI US 1000 ETF (Series ID: S000011995)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000032719 | Invesco 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 Dorsey Wright Energy Momentum ETF (Series ID: S000013101)

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

### Invesco Dorsey Wright Financial Momentum ETF (Series ID: S000013102)

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

### Invesco Dorsey Wright Healthcare Momentum ETF (Series ID: S000013104)

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

### Invesco Dorsey Wright Industrials Momentum ETF (Series ID: S000013105)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000035321 | Invesco Dorsey Wright 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 Dorsey Wright Technology Momentum ETF (Series ID: S000013110)

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

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

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

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

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000035336 | Invesco 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 Dorsey Wright Basic Materials Momentum ETF (Series ID: S000013127)

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

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

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

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

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

### Invesco Dorsey Wright Momentum ETF (Series ID: S000013787)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000037805 | Invesco Dorsey Wright 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 | RSPR            |

### 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 | RSPT            |

### 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 | RSPU            |

### 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 GARP ETF (Series ID: S000060794)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000197610 | Invesco S&P MidCap 400 GARP ETF | GRPM            |

### 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 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 | RSPD            |

### 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 Bloomberg Analyst Rating Improvers ETF (Series ID: S000060806)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000197622 | Invesco Bloomberg Analyst Rating Improvers ETF | UPGD            |

### 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 | RSPS            |

### 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 | RSPG            |

### 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 | RSPF            |

### 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 | RSPH            |

### 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 | RSPN            |

### 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 | RSPM            |

### 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 | RSPC            |

?xml version='1.0' encoding='ASCII'? 8ddb8cf5e1ed9c6

9.4 6.1 5.9 13895 18344 6.8 14986 9273 22684 9348 9255 8957 4.4 13830 20.0 9.5 22550 16675 23529 12435 9265 21692 10000 22451 20971 9293 22723 6.4 13610 10000 12261 14877 19138 11.8 24467 4.0 4114 19492 10000 12.7 18675 13727 0.0 0.0 20270 11.8 8623 20012 27479 31823 17604 33.6 13555 6.7 13098 18197 9798 9783 31304 11999 14279 11645 9.4 2845 3.3 26027 11098 11068 19974 15186 13.0 20742 9525 15606 10000 11745 26517 7543 15.9 1.8 8847 24074 16285 23145 11492 10000 87.5 4.7 12291 10000 35921 9.5 7.5 13054 29880 10000 10000 19235 10635 11564 17929 7.2 14375 20024 7136 3.3 10012 18322 22.4 6.7 26702 12140 12744 10000 10000 19754 12.90 3.2 11713 14065 8265 9068 7107 12236 15934 12566 12582 12808 5.1 10000 7062 15201 19441 20577 9940 9138 17934 6.2 21634 8812 7.3 18937 12.5 20.1 10272 11712 6.9 13.2 13354 21677 11.7 10000 32.5 18225 10000 31007 13127 7.1 22526 6965 3121 7.7 16529 7.7 15.0 10092 10028 6.1 17149 12013 9371 9454 11232 0.0 18978 20906 29666 23391 14053 0.2 10.6 10000 11021 24701 14367 10140 6.5 16807 16990 17.5 14922 11.1 10067 11423 12413 12661 4219 14796 10000 15980 20065 0.2 19022 11563 11953 10000 10000 10000 13093 8590 26980 11.4 10994 11658 10000 8.7 4.0 14272 0.1 4.3 6.8 9817 20150 19425 33471 10567 14361 10000 10000 10000 5.0 5746 25886 2.3 8.7 0.8 31955 25.0 9876 14.2 10000 26795 12984 14561 21610 11920 10000 9849 5.0 10.8 10861 15270 25596 10000 6.6 10000 19719 20328 12559 0.0 3.8 8547 10000 6.1 25594 19061 30.8 23880 22154 25238 18.5 26026 3.0 3.6 9160 26793 22517 3693 12.3 16041 10000 10992 10741 10135 16.5 28.7 10000 15496 10786 36700 8686 15432 9.5 9845 44937 15813 3.9 10004 9990 10608 14148 10787 2.0 11382 12847 22.8 23007 21057 10839 17765 9786 16222 2.9 6.1 27426 20545 0.2 8993 16655 0.1 21800 10000 10885 20230 19652 4.7 11730 9196 15975 24.5 12017 7.5 10000 19883 9088 19303 9286 15027 14.7 11820 27997 12553 4369 14153 28.4 18.3 7055 22558 20771 9532 10000 16.3 4.8 5.2 20627 13204 12316 19017 10.3 12952 14808 12514 8259 31.6 5652 14263 11034 17459 10000 3.3 1.7 15.3 13593 10000 24025 20282 17491 10072 2.2 6459 4.1 10693 24316 9894 15.0 4.1 13213 18932 63912 22.4 12791 13.9 8957 11818 9624 11639 10890 11.3 23023 9679 13960 11429 13270 43962 11086 10139 9737 10000 17345 10000 11900 8037 48884 11.7 9191 27202 15107 8481 22165 10918 13530 16.9 11924 8066 16.3 11385 27607 11.8 18856 10.1 3.5 11517 67.8 21011 18950 14551 9117 2.7 17490 21594 32.5 20692 12648 14.8 19761 12888 10.4 24350 10000 13.2 17.5 10687 11238 15.5 3315 19483 12769 13402 3.0 19220 10281 29356 18928 11455 19546 22445 13852 12342 21.4 2.0 8.4 21697 3.0 0.2 0.3 10808 12238 9906 13442 10000 10000 3.5 24333 10000 11038 15123 18252 10000 5427 21340 12.7 16.3 36739 23731 7017 7301 93149 4.1 58490 13615 12949 13033 10838 3.1 20823 20501 75.5 19781 22157 26412 4.3 34929 20459 6.8 21711 9337 32062 13.7 12.1 11033 13561 10324 11061 23.3 8.4 5.2 14220 12.0 10000 14191 22637 22880 19140 14473 26.5 17479 16632 10000 20601 19436 15761 8.7 3.4 5.7 9176 17564 17236 0.1 14.8 22.9 20904 20905 10000 10149 10000 5.5 8491 21300 39422 6.2 8004 8040 23010 21514 20326 42729 12036 13602 0.3 23345 11.3 12114 0.1 10000 13517 21.3 11982 20799 12337 10007 9549 12077 10581 7468 11.7 14887 10000 21301 28314 32170 2.2 26046 18912 17.5 14.0 10000 13705 18405 18238 9441 13.9 15617 12982 11491 20335 23517 10000 6934 7141 10513 10835 15341 20075 3.1 14414 29277 20200 10000 12832 10000 12638 13350 20588 17855 5.1 8815 21769 20974 20033 23.7 22651 7916 16413 3.0 23071 27085 26365 14.0 16314 9.7 9607 3.0 10000 10000 20339 12286 5.6 5521 46.9 7307 25344 19855 13915 23.3 7822 9237 11734 13229 0.0 12706 10782 11417 19781 10410 12060 10324 16045 15577 12339 5417 10000 19118 9897 12547 9789 10956 21505 23437 0.1 13437 22055 14965 8060 10832 23210 16498 22954 11319 22337 9.7 15474 10121 16.6 11719 4.4 42230 23787 13251 0.1 7.0 12917 20109 17.1 9.7 14967 12224 9927 11315 12883 10933 5.3 13814 14076 19437 16302 14891 15498 18807 34377 14.8 17056 21819 13474 13836 11673 3.2 18.6 0.1 22666 6.7 12413 20005 11211 10000 19869 14763 13555 5.0 5.7 12723 11583 24413 12322 23202 6.9 16175 14148 7516 30207 10967 4.6 20280 25675 14.0 6.7 12600 10000 18536 11023 18522 10771 37.6 4.5 12.7 16.4 4.8 19609 13669 0.2 18758 18627 25976 27733 11553 12969 8053 12679 12.5 11169 14980 20228 35528 13028 14970 32607 11273 20096 16905 20484 13931 10870 39701 0.0 10000 9364 14950 18998 9.3 9691 12049 13842 16686 27167 10983 38813 36.0 22.8 12562 0.1 0.1 10846 16018 31375 12629 16872 15174 18700 10000 21862 7.1 10000 12.8 10096 9635 20112 11.6 9096 0.1 4.4 15202 4.8 7228 10000 12297 17212 19436 7815 12070 9541 15.1 3.5 10000 11892 15.6 13523 12273 5893 3.9 6.8 7.0 10000 33784 18094 12921 16186 20503 9950 2.8 6642 11654 27076 27.4 12813 15075 10000 9656 10000 17684 2.4 10542 16601 26467 23853 13559 3.2 12612 13022 10469 0.0 7281 33521 13872 10000 23.9 10000 5.0 32671 21260 11899 16529 39198 11932 10000 13630 5.4 14.0 11.8 13610 14064 27.6 18446 41011 12021 8.9 2.9 10460 14030 18.2 22885 9166 8.0 8.3 17066 37073 10000 8.4 18550 15627 13079 12586 12422 0.0 13834 14652 10000 10810 22879 13920 19586 18951 22908 10000 6.3 33.0 7843 17151 17288 3.6 22957 5.8 10000 10000 5.8 16297 14650 18.3 26666 30837 30597 0.2 9880 18820 10329 9181 17922 10000 13.5 25.4 12138 27414 12206 12755 14663 3.1 17806 13465 40104 1.5 46.3 21472 13628 18487 10000 9406 22248 7.9 0.1 11104 33627 9324 11304 21684 6.2 4.5 10000 24651 10000 10000 9827 11730 13572 9855 12.7 12690 13604 22194 3.8 18886 14745 20333 12.6 19034 12253 10000 12.3 3.2 14.4 10000 9911 38567 16126 7.4 20182 12.1 10000 5.6 23.5 12495 10000 17.8 25.7 18618 19216 26649 18608 0.1 10000 0.0 10000 14838 20478 19709 10465 10000 16882 14535 11164 10.0 21786 19.0 2.6 4.7 21552 67616 9471 16234 22898 12923 18008 2.3 31552 5.4 6.8 14521 15.8 18519 10101 20849 12245 68.4 9747 9815 17584 10032 22492 10000 22837 24833 19.1 9959 8467 13491 18473 10363 15096 11364 30174 14441 13750 7397 9632 12421 21262 11.4 17218 1.3 17010 11180 11245 17468 14151 22.2 10000 14847 0.0 9.8 18559 12579 17131 17057 10000 23639 16.0 7.5 9227 13489 22291 0.1 19610 13618 6.3 10012 14308 10000 5.8 10.2 10850 7094 16136 8016 12751 11317 20065 40196 18749 20190 19998 13.8 17308 14165 13716 10000 18092 5.5 3.0 14940 21228 22482 2004 15309 5.4 2.1 6.2 12507 18290 12344 37134 12525 19078 28400 21061 19.6 12335 41.1 14463 22028 34588 15318 65.1 13546 13175 18926 13699 12144 14.3 23.9 18813 0.2 10873 11901 4.2 9845 28280 10062 20.5 12832 11.3 18.3 10406 12914 12246 12791 10000 16651 12.0 0.3 9852 24040 12049 16358 13252 14670 18.3 10000 15834 28125 13141 4.2 9684 7601 12474 16534 10000 24034 12578 28635 12472 21470 11251 11510 12610 12304 0.0 11698 4.2 17090 37699 17955 20.0 10000 19863 84.7 17192 7.8 17526 23041 18140 21343 23589 12.0 20261 49301 10000 20477 20653 10000 6.3 23004 13382 19115 12341 18312 11869 10000 6.6 22.3 3.3 0.1 11381 8.0 14270 20861 9216 3241 7.7 11556 47.7 1.4 10000 13423 10000 10000 10801 14639 16159 38557 20378 11.2 18837 8834 4878 9993 8019 3.7 10000 9.3 12955 37862 10000 12277 21504 32552 10859 11807 16.2 4.0 7.0 20055 3916 38365 9189 14858 27283 11349 2.1 10232 18228 0.2 19409 17871 0.0 3.2 7760 10000 4.9 15043 9892 14872 18749 12401 10398 16897 37565 16000 10000 5742 16141 24688 22957 10000 17045 25803 31132 11562 18579 12863 21635 20129 10000 19605 10000 0.1 11062 12519 17.2 3.2 6887 18711 31094 10000 10000 10.5 23318 6.1 12673 18956 10716 24743 13046 17831 19206 6.0 11.7 15288 27771 20726 32113 10000 2.8 3.9 26965 26617 10415 18810 40666 26773 20457 19.1 7.8 16993 34.1 13.6 6.4 12196 13.1 0.0 8.7 11070 12779 15233 7.1 10436 18936 11304 24320 10571 23730 3.3 8861 17958 12333 24.1 2.8 43938 9641 34.8 2.6 7674 25922 0.0 12086 17587 10922 12459 12741 14865 22374 15753 18.0 13.5 12162 31580 15204 11828 16070 10989 16066 14196 4.5 22026 10343 11153 17839 9947 21944 37603 14178 9735 17535 28507 12176 12777 23240 13444 20099 20645 21597 12.6 14178 13536 10729 20.1 19596 12766 12612 23803 9418 14023 15234 5.5 19129 21027 12568 10.5 10000 15940 23267 7.0 9.6 13079 13444 11907 9916 19326 10000 9182 2.2 10723 37.9 4.9 10319 18365 12.5 15691 1.8 11015 29329 13783 7817 18875 21797 12683 11439 13462 12131 9570 14.7 8188 30526 2.5 3.6 20073 26767 20.6 5.2 21432 12883 25553 22330 1.0 6.4 18341 10845 12.4 10708 10000 9917 9811 25.8 31834 0.2 25028 19741 36992 29332 14713 13783 0.0 23595 20134 11803 22317 12273 11857 16.4 10917 13445 11851 14984 15875 14508 19032 20239 14569 43221 5717 19438 0.0 18407 16066 15129 17.4 22245 9482 11708 10024 4.8 25006 17201 18526 10000 0.0 18797 9173 7508 17689 11060 19345 10270 13879 20605 6.9 17558 0.3 7.7 4.1 2.0 13138 10969 12.8 10416 4.7 19198 8859 10721 12930 12579 2.4 5.5 11646 12.1 11669 11867 4.5 13782 4.4 3.4 0.1 9507 13677 10000 7294 4.2 22589 9804 13203 10.5 7902 5.3 8957 18242 11124 13270 10000 18967 18578 20315 10000 17911 17202 18976 34605 12935 10000 12576 6.8 6812 9703 5.8 12696 16856 12357 20015 16013 15001 12.9 8.2 2.9 12400 20583 13382 18257 20480 0.3 9.5 31051 14664 12035 23328 25405 32985 10000 11698 9551 21696 10000 13028 10243 5.0 10000 10000 17275 25.8 25013 0.0 21025 15679 4.6 2879 8860 32614 11486 19711 12817 10000 10726 24667 14695 39730 10000 3.8 32948 10000 19568 18229 14430 9491 24431 0.1 19560 21712 22890 2.3 10000 11962 18248 0.1 14163 11206 20651 8247 8685 18.9 11266 8.3 23607 18499 10000 5.9 9932 20531 10143 17.1 11557 64854 13201 2674 19363 18576 10023 6.3 10000 24845 13.0 10000 12557 11829 20395 11881 10479 16684 9.2 19438 12600 12011 11148 9216 19719 8581 19260 15189 4.0 11933 23493 12717 21242 2.9 17947 15304 0.0 13508 0.1 18459 18422 5.2 12573 16065 17.0 13.6 41400 50.3 5720 13723 0.0 11086 18924 0.1 18380 2026 9.9 5.4 11378 15559 27.2 9852 19879 16347 7.5 42.6 16853 17312 7.4 3.1 20676 32631 3.4 25496 10000 17949 9959 5.3 31.8 31041 13081 8726 11408 13012 13419 2.7 11651 21508 9.3 22.5 3.6 0.0 25320 20856 14664 19088 16381 11879 10250 11944 30932 21842 24680 11.9 21391 16024 5.1 28072 15079 9286 28062 4.4 36148 17068 5.6 24386 0.0 21638 13099 8814 18206 6.6 17027 13271 7682 9751 18839 15519 0.1 15171 47368 25979 16246 13276 13329 13.1 9.2 20885 12840 3777 13.2 19321 4.5 14040 2.7 5.0 13555 9897 22733 22313 18393 25502 7.8 11977 12839 52535 9982 10000 8335 18260 11.7 12560 11858 12879 21388 11127 20144 5.4 10000 4.3 13203 19678 25564 19837 8.3 10388 22247 3.8 10.9 17673 2.9 11837 10000 8896 17913 10410 11535 14671 15956 12986 9435 10338 11064 30873 4.7 3.0 3403 6889 10000 20541 14016 4.8 22.9 14033 23885 17416 10000 12.3 16895 11941 0.2 4.1 9252 7834 12605 15.3 19557 10549 19.4 11203 20144 31311 13294 10.1 25.6 16489 9977 9792 6.7 0.1 10329 11876 12325 21.8 22520 14401 10318 16566 3.8 10000 13252 6.8 16351 12014 10301 0.2 10000 16.8 5.2 5207 15267 11329 29981 10000 19154 6.5 20884 10000 7714 13170 4.0 10041 13305 3.2 13486 18398 13791 7.4 9781 13164 12152 24.7 10000 13098 11.4 10000 10000 12028 23.8 12380 32080 14833 10451 8769 12325 10000 15361 7.4 10.7 18552 5.1 13653 21715 11738 5.6 23313 20416 7.1 18.4 12989 26638 11916 19944 13698 14382 10000 24520 10000 10000 19307 16.1 14401 31191 8.9 10000 20044 0.4 13871 15138 22844 14301 6732 27107 9198 10000 8265 20794 14.5 22147 17305 9940 19498 16073 32473 12907 8.3 23319 25914 47735 11185 3.2 3.2 16536 10000 10357 12382 10431 3960 8787 20912 12583 3.8 22.9 30128 11836 2.8 46445 10277 6.9 19122 9170 19878 10471 0.1 19271 13627 13677 10021 11133 11367 13988 8069 18051 12.7 25690 17104 18182 12090 5.0 20421 21.6 14528 10010 31.1 46205 22360 10000 10000 10000 18785 6.9 16887 13034 13511 9013 10639 13521 23418 10947 12028 15266 6579 14690 17.2 10000 3.6 9034 10998 12.5 14986 11961 2.8 14805 56996 6.3 12163 19593 6.9 12122 7.1 22990 42871 5.4 13323 12230 10000 3.5 11.10 10000 27280 10000 3.7 17138 11609 52.4 21078 5895 13693 11887 10170 21414 13.2 16.1 15563 4.2 12033 0.0 14397 14474 7797 9571 11755 15.1 1.2 11274 0.0 10000 14189 20716 21000 10000 10870 12470 25727 14475 44847 9125 21538 14.2 9434 15281 25917 9570 16221 11404 10000 21933 8.6 10000 22651 12861 12489 13819 23286 24128 10073 32985 3.8 9981 11934 12479 20729 22849 11608 16025 18681 5.5 21942 3.5 21961 3.2 17033 14143 8941 10.5 11014 16538 22.7 27.0 10000 23.8 12.6 23098 23124 9740 15510 0.1 23698 3.1 36.1 10000 4.3 10000 13598 11.4 29124 11583 13976 9622 5.2 7744 10000 10.0 18.0 12655 7853 8.6 4.0 18195 7.4 14930 12980 13696 19.1 9201 21340 37651 11970 15307 10000 17493 78.0 5.5 31.3 12.6 10921 3.4 14921 13.4 21598 0.2 10000 19567 11364 22813 18380 31142 3.5 5.2 10.3 20374 9997 3.2 11215 27.2 25000 33687 8.9 3.1 24299 4.9 10000 41.1 33176 11802 0.1 8.7 17389 8559 28725 4.7 13778 11115 10.9 8858 13208 11887 27387 6.8 0.1 10000 21413 12386 11754 15998 38354 20978 9861 8.5 7.3 10000 18736 21879 10000 26789 31830 10000 15.7 12.9 12528 2089 2.1 13743 23.2 16742 4.7 12907 16791 4.9 13459 8966 14157 3236 11352 9331 10000 30500 24668 4.3 16051 2.1 9766 5818 20.8 17699 9482 15561 12619 16.0 13965 11668 12078 0.1 9751 10000 9921 10000 23134 16702 19977 5598 3746 10000 17145 27843 12381 18.3 9878 10000 15093 16840 24218 0.1 16522 11790 24.8 23196 12115 9676 16407 17152 35103 17147 12748 19135 19244 26410 15736 12881 30.6 5.9 18002 17794 24618 7.3 3.5 9.1 20761 15306 22914 10000 9215 3024 24132 11511 12044 10285 9820 11052 20571 21316 12565 7.2 12006 10000 20763 1398 13.5 3.4 13.9 12969 20480 22471 5.1 10070 11785 12079 1442 3.7 33736 20556 22.9 11727 19052 24668 22807 34641 9.7 2.7 7.7 12379 8.3 5210 21265 6942 26.8 17064 14735 11304 0.0 0.1 10024 10571 21148 14317 19318 13171 29001 19684 14379 18826 14014 22827 10173 20414 10000 30440 10000 11765 10000 10782 12330 21723 54993 4306 14.0 11724 8902 12206 1.8 9683 12778 11420 13867 14050 10000 27782 11565 23708 19489 22450 10000 13853 24258 0.0 24893 20617 23859 9414 8.9 2.7 41464 22297 10848 6.4 10000 24830 62.0 11843 16233 9.2 7149 11762 23145 21279 18123 13353 9.0 15211 22330 10675 21989 5.1 13382 9.2 13729 11179 0.1 13241 20.6 9271 8711 39473 13163 13.6 6.4 20769 15581 11441 9191 12568 9210 21976 3.3 14586 106193 11589 6.6 11.6 24785 10000 10107 12925 8609 28642 18465 19841 27171 11498 27820 13312 10548 10053 24821 20447 29405 23141 14109 13863 22146 7046 10000 17932 25568 29579 12790 18046 14.9 13695 12230 10526 8.7 45.6 8.4 12804 10034 9540 21992 16492 9960 12111 9689 11985 15.3 5.6 10.6 19408 26800 10000 21650 3.8 12538 15672 30808 5.5 25361 43.0 29475 21.6 10922 18045 3870 18166 27751 10000 14529 7.5 10000 17551 11543 13687 16470 10946 6977 15408 11674 11.0 21595 3.2 10000 20.2 12974 14162 14785 9399 11197 12.1 8022 4.0 17.4 17906 22312 5.8 12952 10000 27.0 18631 25041 4.5 14187 35.6 10000 54.9 14884 9733 20749 20982 12898 22417 20387 12057 2.0 24426 15304 10000 21913 15682 12031 30915 10106 9276 19104 13745 26961 18362 20033 12369 10000 15567 13104 12234 12410 12612 15045 20262 13787 12747 19827 21258 11743 31549 14427 13025 32820 27872 18759 11801 11816 15421 10867 22914 14268 14940 19470 20871 13333 14753 11286 20261 18223 14677 21043 10304 10026 45017 12278 10765 11803 12054 10000 15029 10598 13339 16514 12376 10743 10000 22237 10081 10000 12058 21061 13179 10171 9479 19993 14056 30767 23732 23596 20406 11853 13367 10721 15262 21011 11384 22397 16291 20697 17889 14096 23521 14643 15134 17422 11527 13067 16151 18674 18862 35361 28114 16762 19256 17130 12118 10000 11421 10090 12106 13853 11466 13542 27253 13554 10000 15186 13429 10222 18755 11934 9923 20163 20659 18355 22367 18302 18608 22013 13551 24847 15337 9516 33639 19089 18082 10000 10654 20113 12313 17618 26269 24296 15014 13426 9253 39798 10101 22383 21009 23059 10948 13543 17108 10000 11068 13147 13257 23535 18462 14839 12458 18770 10000 13572 11695 19101 12.7 2.4 14.3 32.2 6.2 15.3 6.1 9.1 3.0 1.8 8.9 11.4 20.5 17.3 0.0 11.0 18.5 2.1 1.0 4.8 4.1 6.5 0.1 2.7 4.2 2.1 17.1 13.0 9.2 11.5 10.3 3.9 9.9 12.8 2.8 3.4 0001209466 false N-1A NASDAQ NYSEArca NASDAQ NYSEArca NASDAQ NYSEArca NYSEArca NYSEArca NYSEArca NYSEArca NASDAQ NYSEArca NYSEArca NYSEArca NYSEArca NYSEArca NYSEArca NYSEArca NYSEArca NYSEArca NASDAQ NYSEArca NYSEArca NYSEArca NASDAQ NYSEArca NASDAQ NYSEArca NYSEArca NYSEArca NYSEArca NYSEArca NYSEArca NYSEArca NASDAQ NYSEArca NYSEArca NASDAQ NYSEArca NYSEArca NYSEArca NASDAQ NYSEArca NYSEArca NYSEArca NYSEArca NASDAQ NYSEArca NYSEArca NYSEArca NYSEArca NASDAQ NYSEArca NASDAQ NASDAQ NYSEArca NYSEArca NYSEArca CboeBZX NYSEArca NASDAQ NYSEArca NASDAQ NYSEArca NYSEArca NASDAQ NYSEArca NASDAQ NYSEArca NYSEArca NYSEArca NYSEArca NYSEArca 0001209466 ietft:BlendedICEExchangeListedFixedRateFinancialPreferredSecuritiesIndexMember 2015-04-30 2015-04-30 0001209466 ietft:BlendedInvescoAIAndNextGenSoftwareBenchmarkMember 2015-04-30 2015-04-30 0001209466 ietft:BlendedInvescoBloombergAnalystRatingImproversETFBenchmarkMember 2015-04-30 2015-04-30 0001209466 ietft:BlendedInvescoBloombergMVPMultiFactorBenchmarkMember 2015-04-30 2015-04-30 0001209466 ietft:BlendedInvescoNextGenConnectivityBenchmarkMember 2015-04-30 2015-04-30 0001209466 ietft:BlendedInvescoNextGenMediaAndGamingBenchmarkMember 2015-04-30 2015-04-30 0001209466 ietft:BlendedInvescoSAndPMidCap400GARPBenchmarkMember 2015-04-30 2015-04-30 0001209466 ietft:BlendedMSCIGlobalEnvironmentSelectIndexMember 2015-04-30 2015-04-30 0001209466 ietft:BlendedSAndP100EqualWeightIndexMember 2015-04-30 2015-04-30 0001209466 ietft:BlendedSAndP500GARPIndexMember 2015-04-30 2015-04-30 0001209466 ietft:BlendedSANDP500HighMomentumValueIndexMember 2015-04-30 2015-04-30 0001209466 ietft:BlendedSAndP500QualityIndexMember 2015-04-30 2015-04-30 0001209466 ietft:BlendedSAndP500Top50IndexMember 2015-04-30 2015-04-30 0001209466 ietft:BlendedSAndPMidCap400HighMomentumValueIndexMember 2015-04-30 2015-04-30 0001209466 ietft:BlendedSAndPMidCap400MomentumIndexMember 2015-04-30 2015-04-30 0001209466 ietft:BlendedSAndPMidCap400QualityIndexMember 2015-04-30 2015-04-30 0001209466 ietft:BlendedSAndPSmallCap600HighMomentumValueIndexMember 2015-04-30 2015-04-30 0001209466 ietft:BlendedSAndPSmallCap600MomentumIndexMember 2015-04-30 2015-04-30 0001209466 ietft:BlendedSAndPUSSpinOffIndexMember 2015-04-30 2015-04-30 0001209466 ietft:BloombergUSAggregateBondIndexMember 2015-04-30 2015-04-30 0001209466 ietft:C000008290Member 2015-04-30 2015-04-30 0001209466 ietft:C000008291Member 2015-04-30 2015-04-30 0001209466 ietft:C000008292Member 2015-04-30 2015-04-30 0001209466 ietft:C000008293Member 2015-04-30 2015-04-30 0001209466 ietft:C000008294Member 2015-04-30 2015-04-30 0001209466 ietft:C000008295Member 2015-04-30 2015-04-30 0001209466 ietft:C000008296Member 2015-04-30 2015-04-30 0001209466 ietft:C000008297Member 2015-04-30 2015-04-30 0001209466 ietft:C000008298Member 2015-04-30 2015-04-30 0001209466 ietft:C000008299Member 2015-04-30 2015-04-30 0001209466 ietft:C000008300Member 2015-04-30 2015-04-30 0001209466 ietft:C000008303Member 2015-04-30 2015-04-30 0001209466 ietft:C000008304Member 2015-04-30 2015-04-30 0001209466 ietft:C000008306Member 2015-04-30 2015-04-30 0001209466 ietft:C000008307Member 2015-04-30 2015-04-30 0001209466 ietft:C000008308Member 2015-04-30 2015-04-30 0001209466 ietft:C000008310Member 2015-04-30 2015-04-30 0001209466 ietft:C000008312Member 2015-04-30 2015-04-30 0001209466 ietft:C000008313Member 2015-04-30 2015-04-30 0001209466 ietft:C000008315Member 2015-04-30 2015-04-30 0001209466 ietft:C000008316Member 2015-04-30 2015-04-30 0001209466 ietft:C000008319Member 2015-04-30 2015-04-30 0001209466 ietft:C000008320Member 2015-04-30 2015-04-30 0001209466 ietft:C000008321Member 2015-04-30 2015-04-30 0001209466 ietft:C000008322Member 2015-04-30 2015-04-30 0001209466 ietft:C000008323Member 2015-04-30 2015-04-30 0001209466 ietft:C000008324Member 2015-04-30 2015-04-30 0001209466 ietft:C000032719Member 2015-04-30 2015-04-30 0001209466 ietft:C000033024Member 2015-04-30 2015-04-30 0001209466 ietft:C000035317Member 2015-04-30 2015-04-30 0001209466 ietft:C000035318Member 2015-04-30 2015-04-30 0001209466 ietft:C000035320Member 2015-04-30 2015-04-30 0001209466 ietft:C000035321Member 2015-04-30 2015-04-30 0001209466 ietft:C000035322Member 2015-04-30 2015-04-30 0001209466 ietft:C000035324Member 2015-04-30 2015-04-30 0001209466 ietft:C000035326Member 2015-04-30 2015-04-30 0001209466 ietft:C000035327Member 2015-04-30 2015-04-30 0001209466 ietft:C000035336Member 2015-04-30 2015-04-30 0001209466 ietft:C000035338Member 2015-04-30 2015-04-30 0001209466 ietft:C000035343Member 2015-04-30 2015-04-30 0001209466 ietft:C000035344Member 2015-04-30 2015-04-30 0001209466 ietft:C000035345Member 2015-04-30 2015-04-30 0001209466 ietft:C000037805Member 2015-04-30 2015-04-30 0001209466 ietft:C000037806Member 2015-04-30 2015-04-30 0001209466 ietft:C000037807Member 2015-04-30 2015-04-30 0001209466 ietft:C000056583Member 2015-04-30 2015-04-30 0001209466 ietft:C000101127Member 2015-04-30 2015-04-30 0001209466 ietft:C000101128Member 2015-04-30 2015-04-30 0001209466 ietft:C000197605Member 2015-04-30 2015-04-30 0001209466 ietft:C000197606Member 2015-04-30 2015-04-30 0001209466 ietft:C000197607Member 2015-04-30 2015-04-30 0001209466 ietft:C000197608Member 2015-04-30 2015-04-30 0001209466 ietft:C000197609Member 2015-04-30 2015-04-30 0001209466 ietft:C000197610Member 2015-04-30 2015-04-30 0001209466 ietft:C000197611Member 2015-04-30 2015-04-30 0001209466 ietft:C000197612Member 2015-04-30 2015-04-30 0001209466 ietft:C000197614Member 2015-04-30 2015-04-30 0001209466 ietft:C000197615Member 2015-04-30 2015-04-30 0001209466 ietft:C000197616Member 2015-04-30 2015-04-30 0001209466 ietft:C000197620Member 2015-04-30 2015-04-30 0001209466 ietft:C000197621Member 2015-04-30 2015-04-30 0001209466 ietft:C000197622Member 2015-04-30 2015-04-30 0001209466 ietft:C000197623Member 2015-04-30 2015-04-30 0001209466 ietft:C000197625Member 2015-04-30 2015-04-30 0001209466 ietft:C000197627Member 2015-04-30 2015-04-30 0001209466 ietft:C000197628Member 2015-04-30 2015-04-30 0001209466 ietft:C000197629Member 2015-04-30 2015-04-30 0001209466 ietft:C000197630Member 2015-04-30 2015-04-30 0001209466 ietft:C000197631Member 2015-04-30 2015-04-30 0001209466 ietft:C000197632Member 2015-04-30 2015-04-30 0001209466 ietft:CBOESAndP500BuyWriteIndexSMMember 2015-04-30 2015-04-30 0001209466 ietft:CustomInvescoRAFIUS1000ETFBenchmarkMember 2015-04-30 2015-04-30 0001209466 ietft:CustomInvescoRAFIUS1500SmallMidETFBenchmarkMember 2015-04-30 2015-04-30 0001209466 ietft:CustomInvescoSAndP500EqualWeightEnergyETFBenchmarkMember 2015-04-30 2015-04-30 0001209466 ietft:DorseyWrightBasicMaterialsTechnicalLeadersTMIndexMember 2015-04-30 2015-04-30 0001209466 ietft:DorseyWrightConsumerCyclicalsTechnicalLeadersTMIndexMember 2015-04-30 2015-04-30 0001209466 ietft:DorseyWrightConsumerStaplesTechnicalLeadersTMIndexMember 2015-04-30 2015-04-30 0001209466 ietft:DorseyWrightEnergyTechnicalLeadersTMIndexMember 2015-04-30 2015-04-30 0001209466 ietft:DorseyWrightFinancialsTechnicalLeadersTMIndexMember 2015-04-30 2015-04-30 0001209466 ietft:DorseyWrightHealthcareTechnicalLeadersTMIndexMember 2015-04-30 2015-04-30 0001209466 ietft:DorseyWrightIndustrialsTechnicalLeadersTMIndexMember 2015-04-30 2015-04-30 0001209466 ietft:DorseyWrightTechnicalLeadersTMIndexMember 2015-04-30 2015-04-30 0001209466 ietft:DorseyWrightTechnologyTechnicalLeadersTMIndexMember 2015-04-30 2015-04-30 0001209466 ietft:DorseyWrightUtilitiesTechnicalLeadersTMIndexMember 2015-04-30 2015-04-30 0001209466 ietft:DowJonesUSSelectDividendIndexMember 2015-04-30 2015-04-30 0001209466 ietft:DynamicBiotechAndGenomeIntellidexIndexMember 2015-04-30 2015-04-30 0001209466 ietft:DynamicBuildingAndConstructionIntellidexIndexMember 2015-04-30 2015-04-30 0001209466 ietft:DynamicEnergyExplorationAndProductionIntellidexIndexMember 2015-04-30 2015-04-30 0001209466 ietft:DynamicFoodAndBeverageIntellidexIndexMember 2015-04-30 2015-04-30 0001209466 ietft:DynamicLargeCapGrowthIntellidexIndexMember 2015-04-30 2015-04-30 0001209466 ietft:DynamicLargeCapValueIntellidexIndexMember 2015-04-30 2015-04-30 0001209466 ietft:DynamicLeisureAndEntertainmentIntellidexIndexMember 2015-04-30 2015-04-30 0001209466 ietft:DynamicOilServicesIntellidexIndexMember 2015-04-30 2015-04-30 0001209466 ietft:DynamicPharmaceuticalIntellidexIndexMember 2015-04-30 2015-04-30 0001209466 ietft:DynamicSemiconductorIntellidexIndexMember 2015-04-30 2015-04-30 0001209466 ietft:FTSEChina50IndexMember 2015-04-30 2015-04-30 0001209466 ietft:MSCIACWIIndexNetMember 2015-04-30 2015-04-30 0001209466 ietft:MSCIChinaIndexNetMember 2015-04-30 2015-04-30 0001209466 ietft:MSCIEAFEIndexNetMember 2015-04-30 2015-04-30 0001209466 ietft:Nasdaq100IndexMember 2015-04-30 2015-04-30 0001209466 us-gaap:NasdaqCompositeIndexMember 2015-04-30 2015-04-30 0001209466 ietft:NasdaqCTAInternetIndexSMMember 2015-04-30 2015-04-30 0001209466 ietft:NasdaqGoldenDragonChinaIndexTMMember 2015-04-30 2015-04-30 0001209466 ietft:NasdaqInternationalDividendAchieversTMIndexNetMember 2015-04-30 2015-04-30 0001209466 ietft:NasdaqOMXUSWaterIndexSMMember 2015-04-30 2015-04-30 0001209466 ietft:NasdaqUSBroadDividendAchieversTMIndexMember 2015-04-30 2015-04-30 0001209466 ietft:NasdaqUSBuyBackAchieversTMIndexMember 2015-04-30 2015-04-30 0001209466 ietft:NasdaqUSDividendAchieversTM50IndexMember 2015-04-30 2015-04-30 0001209466 ietft:RedRocksGlobalListedPrivateEquityIndexMember 2015-04-30 2015-04-30 0001209466 ietft:Russell1000GrowthIndexMember 2015-04-30 2015-04-30 0001209466 ietft:Russell1000IndexMember 2015-04-30 2015-04-30 0001209466 ietft:Russell1000ValueIndexMember 2015-04-30 2015-04-30 0001209466 ietft:Russell2000GrowthIndexMember 2015-04-30 2015-04-30 0001209466 ietft:Russell2000IndexMember 2015-04-30 2015-04-30 0001209466 ietft:Russell3000GrowthIndexMember 2015-04-30 2015-04-30 0001209466 ietft:Russell3000IndexMember 2015-04-30 2015-04-30 0001209466 ietft:Russell3000ValueIndexMember 2015-04-30 2015-04-30 0001209466 ietft:RussellMidcapIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndP100IndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndP500ConsumerDiscretionaryIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndP500ConsumerStaplesIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndP500EnergyIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndP500EqualWeightConsumerDiscretionaryIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndP500EqualWeightConsumerStaplesIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndP500EqualWeightFinancialsIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndP500EqualWeightHealthCareIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndP500EqualWeightIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndP500EqualWeightIndustrialsIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndP500EqualWeightInformationTechnologyIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndP500EqualWeightMaterialsIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndP500EqualWeightUtilitiesPlusIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndP500FinancialsIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndP500GrowthIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndP500HealthCareIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndP500IndustrialsIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndP500InformationTechnologyIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndP500MaterialsIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndP500PureGrowthIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndP500PureValueIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndP500UtilitiesIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndP500ValueIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndPComposite1500AerospaceAndDefenseIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndPComposite1500BiotechnologyIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndPComposite1500CommunicationsEquipmentIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndPComposite1500ConstructionAndEngineeringIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndPComposite1500EnergyEquipmentAndServicesIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndPComposite1500FoodBeverageAndTobaccoIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndPComposite1500HotelsRestaurantsAndLeisureIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndPComposite1500IndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndPComposite1500MediaIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndPComposite1500OilAndGasExplorationAndProductionIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndPComposite1500PharmaceuticalsIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndPComposite1500SemiconductorIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndPComposite1500SoftwareAndServicesIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndPMidcap400GrowthIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndPMidCap400IndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndPMidCap400PureGrowthIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndPMidCap400PureValueIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndPMidCap400ValueIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndPSmallCap600GrowthIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndPSmallCap600IndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndPSmallCap600PureGrowthIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndPSmallCap600PureValueIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndPSmallCap600ValueIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SAndPUSPreferredStockIndexMember 2015-04-30 2015-04-30 0001209466 ietft:SPADEDefenseIndexMember 2015-04-30 2015-04-30 0001209466 us-gaap:StandardPoors500IndexMember 2015-04-30 2015-04-30 0001209466 ietft:WilderHillCleanEnergyIndexMember 2015-04-30 2015-04-30 0001209466 ietft:ZacksMidCapCoreIndexMember 2015-04-30 2015-04-30 0001209466 ietft:ZacksMultiAssetIncomeIndexMember 2015-04-30 2015-04-30 0001209466 ietft:BlendedICEExchangeListedFixedRateFinancialPreferredSecuritiesIndexMember 2015-05-01 2017-04-30 0001209466 ietft:BlendedInvescoAIAndNextGenSoftwareBenchmarkMember 2015-05-01 2017-04-30 0001209466 ietft:BlendedInvescoBloombergAnalystRatingImproversETFBenchmarkMember 2015-05-01 2017-04-30 0001209466 ietft:BlendedInvescoBloombergMVPMultiFactorBenchmarkMember 2015-05-01 2017-04-30 0001209466 ietft:BlendedInvescoNextGenConnectivityBenchmarkMember 2015-05-01 2017-04-30 0001209466 ietft:BlendedInvescoNextGenMediaAndGamingBenchmarkMember 2015-05-01 2017-04-30 0001209466 ietft:BlendedInvescoSAndPMidCap400GARPBenchmarkMember 2015-05-01 2017-04-30 0001209466 ietft:BlendedMSCIGlobalEnvironmentSelectIndexMember 2015-05-01 2017-04-30 0001209466 ietft:BlendedSAndP100EqualWeightIndexMember 2015-05-01 2017-04-30 0001209466 ietft:BlendedSAndP500GARPIndexMember 2015-05-01 2017-04-30 0001209466 ietft:BlendedSANDP500HighMomentumValueIndexMember 2015-05-01 2017-04-30 0001209466 ietft:BlendedSAndP500QualityIndexMember 2015-05-01 2017-04-30 0001209466 ietft:BlendedSAndP500Top50IndexMember 2015-05-01 2017-04-30 0001209466 ietft:BlendedSAndPMidCap400HighMomentumValueIndexMember 2015-05-01 2017-04-30 0001209466 ietft:BlendedSAndPMidCap400MomentumIndexMember 2015-05-01 2017-04-30 0001209466 ietft:BlendedSAndPMidCap400QualityIndexMember 2015-05-01 2017-04-30 0001209466 ietft:BlendedSAndPSmallCap600HighMomentumValueIndexMember 2015-05-01 2017-04-30 0001209466 ietft:BlendedSAndPSmallCap600MomentumIndexMember 2015-05-01 2017-04-30 0001209466 ietft:BlendedSAndPUSSpinOffIndexMember 2015-05-01 2017-04-30 0001209466 ietft:BloombergUSAggregateBondIndexMember 2015-05-01 2017-04-30 0001209466 ietft:C000008290Member 2015-05-01 2017-04-30 0001209466 ietft:C000008291Member 2015-05-01 2017-04-30 0001209466 ietft:C000008292Member 2015-05-01 2017-04-30 0001209466 ietft:C000008293Member 2015-05-01 2017-04-30 0001209466 ietft:C000008294Member 2015-05-01 2017-04-30 0001209466 ietft:C000008295Member 2015-05-01 2017-04-30 0001209466 ietft:C000008296Member 2015-05-01 2017-04-30 0001209466 ietft:C000008297Member 2015-05-01 2017-04-30 0001209466 ietft:C000008298Member 2015-05-01 2017-04-30 0001209466 ietft:C000008299Member 2015-05-01 2017-04-30 0001209466 ietft:C000008300Member 2015-05-01 2017-04-30 0001209466 ietft:C000008303Member 2015-05-01 2017-04-30 0001209466 ietft:C000008304Member 2015-05-01 2017-04-30 0001209466 ietft:C000008306Member 2015-05-01 2017-04-30 0001209466 ietft:C000008307Member 2015-05-01 2017-04-30 0001209466 ietft:C000008308Member 2015-05-01 2017-04-30 0001209466 ietft:C000008310Member 2015-05-01 2017-04-30 0001209466 ietft:C000008312Member 2015-05-01 2017-04-30 0001209466 ietft:C000008313Member 2015-05-01 2017-04-30 0001209466 ietft:C000008315Member 2015-05-01 2017-04-30 0001209466 ietft:C000008316Member 2015-05-01 2017-04-30 0001209466 ietft:C000008319Member 2015-05-01 2017-04-30 0001209466 ietft:C000008320Member 2015-05-01 2017-04-30 0001209466 ietft:C000008321Member 2015-05-01 2017-04-30 0001209466 ietft:C000008322Member 2015-05-01 2017-04-30 0001209466 ietft:C000008323Member 2015-05-01 2017-04-30 0001209466 ietft:C000008324Member 2015-05-01 2017-04-30 0001209466 ietft:C000032719Member 2015-05-01 2017-04-30 0001209466 ietft:C000033024Member 2015-05-01 2017-04-30 0001209466 ietft:C000035317Member 2015-05-01 2017-04-30 0001209466 ietft:C000035318Member 2015-05-01 2017-04-30 0001209466 ietft:C000035320Member 2015-05-01 2017-04-30 0001209466 ietft:C000035321Member 2015-05-01 2017-04-30 0001209466 ietft:C000035322Member 2015-05-01 2017-04-30 0001209466 ietft:C000035324Member 2015-05-01 2017-04-30 0001209466 ietft:C000035326Member 2015-05-01 2017-04-30 0001209466 ietft:C000035327Member 2015-05-01 2017-04-30 0001209466 ietft:C000035336Member 2015-05-01 2017-04-30 0001209466 ietft:C000035338Member 2015-05-01 2017-04-30 0001209466 ietft:C000035343Member 2015-05-01 2017-04-30 0001209466 ietft:C000035344Member 2015-05-01 2017-04-30 0001209466 ietft:C000035345Member 2015-05-01 2017-04-30 0001209466 ietft:C000037805Member 2015-05-01 2017-04-30 0001209466 ietft:C000037806Member 2015-05-01 2017-04-30 0001209466 ietft:C000037807Member 2015-05-01 2017-04-30 0001209466 ietft:C000056583Member 2015-05-01 2017-04-30 0001209466 ietft:C000101127Member 2015-05-01 2017-04-30 0001209466 ietft:C000101128Member 2015-05-01 2017-04-30 0001209466 ietft:C000197605Member 2015-05-01 2017-04-30 0001209466 ietft:C000197606Member 2015-05-01 2017-04-30 0001209466 ietft:C000197607Member 2015-05-01 2017-04-30 0001209466 ietft:C000197608Member 2015-05-01 2017-04-30 0001209466 ietft:C000197609Member 2015-05-01 2017-04-30 0001209466 ietft:C000197610Member 2015-05-01 2017-04-30 0001209466 ietft:C000197611Member 2015-05-01 2017-04-30 0001209466 ietft:C000197612Member 2015-05-01 2017-04-30 0001209466 ietft:C000197614Member 2015-05-01 2017-04-30 0001209466 ietft:C000197615Member 2015-05-01 2017-04-30 0001209466 ietft:C000197616Member 2015-05-01 2017-04-30 0001209466 ietft:C000197620Member 2015-05-01 2017-04-30 0001209466 ietft:C000197621Member 2015-05-01 2017-04-30 0001209466 ietft:C000197622Member 2015-05-01 2017-04-30 0001209466 ietft:C000197623Member 2015-05-01 2017-04-30 0001209466 ietft:C000197625Member 2015-05-01 2017-04-30 0001209466 ietft:C000197627Member 2015-05-01 2017-04-30 0001209466 ietft:C000197628Member 2015-05-01 2017-04-30 0001209466 ietft:C000197629Member 2015-05-01 2017-04-30 0001209466 ietft:C000197630Member 2015-05-01 2017-04-30 0001209466 ietft:C000197631Member 2015-05-01 2017-04-30 0001209466 ietft:C000197632Member 2015-05-01 2017-04-30 0001209466 ietft:CBOESAndP500BuyWriteIndexSMMember 2015-05-01 2017-04-30 0001209466 ietft:CustomInvescoRAFIUS1000ETFBenchmarkMember 2015-05-01 2017-04-30 0001209466 ietft:CustomInvescoRAFIUS1500SmallMidETFBenchmarkMember 2015-05-01 2017-04-30 0001209466 ietft:CustomInvescoSAndP500EqualWeightEnergyETFBenchmarkMember 2015-05-01 2017-04-30 0001209466 ietft:DorseyWrightBasicMaterialsTechnicalLeadersTMIndexMember 2015-05-01 2017-04-30 0001209466 ietft:DorseyWrightConsumerCyclicalsTechnicalLeadersTMIndexMember 2015-05-01 2017-04-30 0001209466 ietft:DorseyWrightConsumerStaplesTechnicalLeadersTMIndexMember 2015-05-01 2017-04-30 0001209466 ietft:DorseyWrightEnergyTechnicalLeadersTMIndexMember 2015-05-01 2017-04-30 0001209466 ietft:DorseyWrightFinancialsTechnicalLeadersTMIndexMember 2015-05-01 2017-04-30 0001209466 ietft:DorseyWrightHealthcareTechnicalLeadersTMIndexMember 2015-05-01 2017-04-30 0001209466 ietft:DorseyWrightIndustrialsTechnicalLeadersTMIndexMember 2015-05-01 2017-04-30 0001209466 ietft:DorseyWrightTechnicalLeadersTMIndexMember 2015-05-01 2017-04-30 0001209466 ietft:DorseyWrightTechnologyTechnicalLeadersTMIndexMember 2015-05-01 2017-04-30 0001209466 ietft:DorseyWrightUtilitiesTechnicalLeadersTMIndexMember 2015-05-01 2017-04-30 0001209466 ietft:DowJonesUSSelectDividendIndexMember 2015-05-01 2017-04-30 0001209466 ietft:DynamicBiotechAndGenomeIntellidexIndexMember 2015-05-01 2017-04-30 0001209466 ietft:DynamicBuildingAndConstructionIntellidexIndexMember 2015-05-01 2017-04-30 0001209466 ietft:DynamicEnergyExplorationAndProductionIntellidexIndexMember 2015-05-01 2017-04-30 0001209466 ietft:DynamicFoodAndBeverageIntellidexIndexMember 2015-05-01 2017-04-30 0001209466 ietft:DynamicLargeCapGrowthIntellidexIndexMember 2015-05-01 2017-04-30 0001209466 ietft:DynamicLargeCapValueIntellidexIndexMember 2015-05-01 2017-04-30 0001209466 ietft:DynamicLeisureAndEntertainmentIntellidexIndexMember 2015-05-01 2017-04-30 0001209466 ietft:DynamicOilServicesIntellidexIndexMember 2015-05-01 2017-04-30 0001209466 ietft:DynamicPharmaceuticalIntellidexIndexMember 2015-05-01 2017-04-30 0001209466 ietft:DynamicSemiconductorIntellidexIndexMember 2015-05-01 2017-04-30 0001209466 ietft:FTSEChina50IndexMember 2015-05-01 2017-04-30 0001209466 ietft:MSCIACWIIndexNetMember 2015-05-01 2017-04-30 0001209466 ietft:MSCIChinaIndexNetMember 2015-05-01 2017-04-30 0001209466 ietft:MSCIEAFEIndexNetMember 2015-05-01 2017-04-30 0001209466 ietft:Nasdaq100IndexMember 2015-05-01 2017-04-30 0001209466 us-gaap:NasdaqCompositeIndexMember 2015-05-01 2017-04-30 0001209466 ietft:NasdaqCTAInternetIndexSMMember 2015-05-01 2017-04-30 0001209466 ietft:NasdaqGoldenDragonChinaIndexTMMember 2015-05-01 2017-04-30 0001209466 ietft:NasdaqInternationalDividendAchieversTMIndexNetMember 2015-05-01 2017-04-30 0001209466 ietft:NasdaqOMXUSWaterIndexSMMember 2015-05-01 2017-04-30 0001209466 ietft:NasdaqUSBroadDividendAchieversTMIndexMember 2015-05-01 2017-04-30 0001209466 ietft:NasdaqUSBuyBackAchieversTMIndexMember 2015-05-01 2017-04-30 0001209466 ietft:NasdaqUSDividendAchieversTM50IndexMember 2015-05-01 2017-04-30 0001209466 ietft:RedRocksGlobalListedPrivateEquityIndexMember 2015-05-01 2017-04-30 0001209466 ietft:Russell1000GrowthIndexMember 2015-05-01 2017-04-30 0001209466 ietft:Russell1000IndexMember 2015-05-01 2017-04-30 0001209466 ietft:Russell1000ValueIndexMember 2015-05-01 2017-04-30 0001209466 ietft:Russell2000GrowthIndexMember 2015-05-01 2017-04-30 0001209466 ietft:Russell2000IndexMember 2015-05-01 2017-04-30 0001209466 ietft:Russell3000GrowthIndexMember 2015-05-01 2017-04-30 0001209466 ietft:Russell3000IndexMember 2015-05-01 2017-04-30 0001209466 ietft:Russell3000ValueIndexMember 2015-05-01 2017-04-30 0001209466 ietft:RussellMidcapIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndP100IndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndP500ConsumerDiscretionaryIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndP500ConsumerStaplesIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndP500EnergyIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndP500EqualWeightConsumerDiscretionaryIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndP500EqualWeightConsumerStaplesIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndP500EqualWeightFinancialsIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndP500EqualWeightHealthCareIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndP500EqualWeightIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndP500EqualWeightIndustrialsIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndP500EqualWeightInformationTechnologyIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndP500EqualWeightMaterialsIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndP500EqualWeightUtilitiesPlusIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndP500FinancialsIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndP500GrowthIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndP500HealthCareIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndP500IndustrialsIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndP500InformationTechnologyIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndP500MaterialsIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndP500PureGrowthIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndP500PureValueIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndP500UtilitiesIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndP500ValueIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndPComposite1500AerospaceAndDefenseIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndPComposite1500BiotechnologyIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndPComposite1500CommunicationsEquipmentIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndPComposite1500ConstructionAndEngineeringIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndPComposite1500EnergyEquipmentAndServicesIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndPComposite1500FoodBeverageAndTobaccoIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndPComposite1500HotelsRestaurantsAndLeisureIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndPComposite1500MediaIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndPComposite1500OilAndGasExplorationAndProductionIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndPComposite1500PharmaceuticalsIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndPComposite1500SemiconductorIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndPComposite1500SoftwareAndServicesIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndPMidcap400GrowthIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndPMidCap400IndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndPMidCap400PureGrowthIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndPMidCap400PureValueIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndPMidCap400ValueIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndPSmallCap600GrowthIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndPSmallCap600IndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndPSmallCap600PureGrowthIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndPSmallCap600PureValueIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndPSmallCap600ValueIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SAndPUSPreferredStockIndexMember 2015-05-01 2017-04-30 0001209466 ietft:SPADEDefenseIndexMember 2015-05-01 2017-04-30 0001209466 us-gaap:StandardPoors500IndexMember 2015-05-01 2017-04-30 0001209466 ietft:WilderHillCleanEnergyIndexMember 2015-05-01 2017-04-30 0001209466 ietft:ZacksMidCapCoreIndexMember 2015-05-01 2017-04-30 0001209466 ietft:ZacksMultiAssetIncomeIndexMember 2015-05-01 2017-04-30 0001209466 ietft:BlendedICEExchangeListedFixedRateFinancialPreferredSecuritiesIndexMember 2015-05-01 2018-04-30 0001209466 ietft:BlendedInvescoAIAndNextGenSoftwareBenchmarkMember 2015-05-01 2018-04-30 0001209466 ietft:BlendedInvescoBloombergAnalystRatingImproversETFBenchmarkMember 2015-05-01 2018-04-30 0001209466 ietft:BlendedInvescoBloombergMVPMultiFactorBenchmarkMember 2015-05-01 2018-04-30 0001209466 ietft:BlendedInvescoNextGenConnectivityBenchmarkMember 2015-05-01 2018-04-30 0001209466 ietft:BlendedInvescoNextGenMediaAndGamingBenchmarkMember 2015-05-01 2018-04-30 0001209466 ietft:BlendedInvescoSAndPMidCap400GARPBenchmarkMember 2015-05-01 2018-04-30 0001209466 ietft:BlendedMSCIGlobalEnvironmentSelectIndexMember 2015-05-01 2018-04-30 0001209466 ietft:BlendedSAndP100EqualWeightIndexMember 2015-05-01 2018-04-30 0001209466 ietft:BlendedSAndP500GARPIndexMember 2015-05-01 2018-04-30 0001209466 ietft:BlendedSANDP500HighMomentumValueIndexMember 2015-05-01 2018-04-30 0001209466 ietft:BlendedSAndP500QualityIndexMember 2015-05-01 2018-04-30 0001209466 ietft:BlendedSAndP500Top50IndexMember 2015-05-01 2018-04-30 0001209466 ietft:BlendedSAndPMidCap400HighMomentumValueIndexMember 2015-05-01 2018-04-30 0001209466 ietft:BlendedSAndPMidCap400MomentumIndexMember 2015-05-01 2018-04-30 0001209466 ietft:BlendedSAndPMidCap400QualityIndexMember 2015-05-01 2018-04-30 0001209466 ietft:BlendedSAndPSmallCap600HighMomentumValueIndexMember 2015-05-01 2018-04-30 0001209466 ietft:BlendedSAndPSmallCap600MomentumIndexMember 2015-05-01 2018-04-30 0001209466 ietft:BlendedSAndPUSSpinOffIndexMember 2015-05-01 2018-04-30 0001209466 ietft:BloombergUSAggregateBondIndexMember 2015-05-01 2018-04-30 0001209466 ietft:C000008290Member 2015-05-01 2018-04-30 0001209466 ietft:C000008291Member 2015-05-01 2018-04-30 0001209466 ietft:C000008292Member 2015-05-01 2018-04-30 0001209466 ietft:C000008293Member 2015-05-01 2018-04-30 0001209466 ietft:C000008294Member 2015-05-01 2018-04-30 0001209466 ietft:C000008295Member 2015-05-01 2018-04-30 0001209466 ietft:C000008296Member 2015-05-01 2018-04-30 0001209466 ietft:C000008297Member 2015-05-01 2018-04-30 0001209466 ietft:C000008298Member 2015-05-01 2018-04-30 0001209466 ietft:C000008299Member 2015-05-01 2018-04-30 0001209466 ietft:C000008300Member 2015-05-01 2018-04-30 0001209466 ietft:C000008303Member 2015-05-01 2018-04-30 0001209466 ietft:C000008304Member 2015-05-01 2018-04-30 0001209466 ietft:C000008306Member 2015-05-01 2018-04-30 0001209466 ietft:C000008307Member 2015-05-01 2018-04-30 0001209466 ietft:C000008308Member 2015-05-01 2018-04-30 0001209466 ietft:C000008310Member 2015-05-01 2018-04-30 0001209466 ietft:C000008312Member 2015-05-01 2018-04-30 0001209466 ietft:C000008313Member 2015-05-01 2018-04-30 0001209466 ietft:C000008315Member 2015-05-01 2018-04-30 0001209466 ietft:C000008316Member 2015-05-01 2018-04-30 0001209466 ietft:C000008319Member 2015-05-01 2018-04-30 0001209466 ietft:C000008320Member 2015-05-01 2018-04-30 0001209466 ietft:C000008321Member 2015-05-01 2018-04-30 0001209466 ietft:C000008322Member 2015-05-01 2018-04-30 0001209466 ietft:C000008323Member 2015-05-01 2018-04-30 0001209466 ietft:C000008324Member 2015-05-01 2018-04-30 0001209466 ietft:C000032719Member 2015-05-01 2018-04-30 0001209466 ietft:C000033024Member 2015-05-01 2018-04-30 0001209466 ietft:C000035317Member 2015-05-01 2018-04-30 0001209466 ietft:C000035318Member 2015-05-01 2018-04-30 0001209466 ietft:C000035320Member 2015-05-01 2018-04-30 0001209466 ietft:C000035321Member 2015-05-01 2018-04-30 0001209466 ietft:C000035322Member 2015-05-01 2018-04-30 0001209466 ietft:C000035324Member 2015-05-01 2018-04-30 0001209466 ietft:C000035326Member 2015-05-01 2018-04-30 0001209466 ietft:C000035327Member 2015-05-01 2018-04-30 0001209466 ietft:C000035336Member 2015-05-01 2018-04-30 0001209466 ietft:C000035338Member 2015-05-01 2018-04-30 0001209466 ietft:C000035343Member 2015-05-01 2018-04-30 0001209466 ietft:C000035344Member 2015-05-01 2018-04-30 0001209466 ietft:C000035345Member 2015-05-01 2018-04-30 0001209466 ietft:C000037805Member 2015-05-01 2018-04-30 0001209466 ietft:C000037806Member 2015-05-01 2018-04-30 0001209466 ietft:C000037807Member 2015-05-01 2018-04-30 0001209466 ietft:C000056583Member 2015-05-01 2018-04-30 0001209466 ietft:C000101127Member 2015-05-01 2018-04-30 0001209466 ietft:C000101128Member 2015-05-01 2018-04-30 0001209466 ietft:C000197605Member 2015-05-01 2018-04-30 0001209466 ietft:C000197606Member 2015-05-01 2018-04-30 0001209466 ietft:C000197607Member 2015-05-01 2018-04-30 0001209466 ietft:C000197608Member 2015-05-01 2018-04-30 0001209466 ietft:C000197609Member 2015-05-01 2018-04-30 0001209466 ietft:C000197610Member 2015-05-01 2018-04-30 0001209466 ietft:C000197611Member 2015-05-01 2018-04-30 0001209466 ietft:C000197612Member 2015-05-01 2018-04-30 0001209466 ietft:C000197614Member 2015-05-01 2018-04-30 0001209466 ietft:C000197615Member 2015-05-01 2018-04-30 0001209466 ietft:C000197616Member 2015-05-01 2018-04-30 0001209466 ietft:C000197620Member 2015-05-01 2018-04-30 0001209466 ietft:C000197621Member 2015-05-01 2018-04-30 0001209466 ietft:C000197622Member 2015-05-01 2018-04-30 0001209466 ietft:C000197623Member 2015-05-01 2018-04-30 0001209466 ietft:C000197625Member 2015-05-01 2018-04-30 0001209466 ietft:C000197627Member 2015-05-01 2018-04-30 0001209466 ietft:C000197628Member 2015-05-01 2018-04-30 0001209466 ietft:C000197629Member 2015-05-01 2018-04-30 0001209466 ietft:C000197630Member 2015-05-01 2018-04-30 0001209466 ietft:C000197631Member 2015-05-01 2018-04-30 0001209466 ietft:C000197632Member 2015-05-01 2018-04-30 0001209466 ietft:CBOESAndP500BuyWriteIndexSMMember 2015-05-01 2018-04-30 0001209466 ietft:CustomInvescoRAFIUS1000ETFBenchmarkMember 2015-05-01 2018-04-30 0001209466 ietft:CustomInvescoRAFIUS1500SmallMidETFBenchmarkMember 2015-05-01 2018-04-30 0001209466 ietft:CustomInvescoSAndP500EqualWeightEnergyETFBenchmarkMember 2015-05-01 2018-04-30 0001209466 ietft:DorseyWrightBasicMaterialsTechnicalLeadersTMIndexMember 2015-05-01 2018-04-30 0001209466 ietft:DorseyWrightConsumerCyclicalsTechnicalLeadersTMIndexMember 2015-05-01 2018-04-30 0001209466 ietft:DorseyWrightConsumerStaplesTechnicalLeadersTMIndexMember 2015-05-01 2018-04-30 0001209466 ietft:DorseyWrightEnergyTechnicalLeadersTMIndexMember 2015-05-01 2018-04-30 0001209466 ietft:DorseyWrightFinancialsTechnicalLeadersTMIndexMember 2015-05-01 2018-04-30 0001209466 ietft:DorseyWrightHealthcareTechnicalLeadersTMIndexMember 2015-05-01 2018-04-30 0001209466 ietft:DorseyWrightIndustrialsTechnicalLeadersTMIndexMember 2015-05-01 2018-04-30 0001209466 ietft:DorseyWrightTechnicalLeadersTMIndexMember 2015-05-01 2018-04-30 0001209466 ietft:DorseyWrightTechnologyTechnicalLeadersTMIndexMember 2015-05-01 2018-04-30 0001209466 ietft:DorseyWrightUtilitiesTechnicalLeadersTMIndexMember 2015-05-01 2018-04-30 0001209466 ietft:DowJonesUSSelectDividendIndexMember 2015-05-01 2018-04-30 0001209466 ietft:DynamicBiotechAndGenomeIntellidexIndexMember 2015-05-01 2018-04-30 0001209466 ietft:DynamicBuildingAndConstructionIntellidexIndexMember 2015-05-01 2018-04-30 0001209466 ietft:DynamicEnergyExplorationAndProductionIntellidexIndexMember 2015-05-01 2018-04-30 0001209466 ietft:DynamicFoodAndBeverageIntellidexIndexMember 2015-05-01 2018-04-30 0001209466 ietft:DynamicLargeCapGrowthIntellidexIndexMember 2015-05-01 2018-04-30 0001209466 ietft:DynamicLargeCapValueIntellidexIndexMember 2015-05-01 2018-04-30 0001209466 ietft:DynamicLeisureAndEntertainmentIntellidexIndexMember 2015-05-01 2018-04-30 0001209466 ietft:DynamicOilServicesIntellidexIndexMember 2015-05-01 2018-04-30 0001209466 ietft:DynamicPharmaceuticalIntellidexIndexMember 2015-05-01 2018-04-30 0001209466 ietft:DynamicSemiconductorIntellidexIndexMember 2015-05-01 2018-04-30 0001209466 ietft:FTSEChina50IndexMember 2015-05-01 2018-04-30 0001209466 ietft:MSCIACWIIndexNetMember 2015-05-01 2018-04-30 0001209466 ietft:MSCIChinaIndexNetMember 2015-05-01 2018-04-30 0001209466 ietft:MSCIEAFEIndexNetMember 2015-05-01 2018-04-30 0001209466 ietft:Nasdaq100IndexMember 2015-05-01 2018-04-30 0001209466 us-gaap:NasdaqCompositeIndexMember 2015-05-01 2018-04-30 0001209466 ietft:NasdaqCTAInternetIndexSMMember 2015-05-01 2018-04-30 0001209466 ietft:NasdaqGoldenDragonChinaIndexTMMember 2015-05-01 2018-04-30 0001209466 ietft:NasdaqInternationalDividendAchieversTMIndexNetMember 2015-05-01 2018-04-30 0001209466 ietft:NasdaqOMXUSWaterIndexSMMember 2015-05-01 2018-04-30 0001209466 ietft:NasdaqUSBroadDividendAchieversTMIndexMember 2015-05-01 2018-04-30 0001209466 ietft:NasdaqUSBuyBackAchieversTMIndexMember 2015-05-01 2018-04-30 0001209466 ietft:NasdaqUSDividendAchieversTM50IndexMember 2015-05-01 2018-04-30 0001209466 ietft:RedRocksGlobalListedPrivateEquityIndexMember 2015-05-01 2018-04-30 0001209466 ietft:Russell1000GrowthIndexMember 2015-05-01 2018-04-30 0001209466 ietft:Russell1000IndexMember 2015-05-01 2018-04-30 0001209466 ietft:Russell1000ValueIndexMember 2015-05-01 2018-04-30 0001209466 ietft:Russell2000GrowthIndexMember 2015-05-01 2018-04-30 0001209466 ietft:Russell2000IndexMember 2015-05-01 2018-04-30 0001209466 ietft:Russell3000GrowthIndexMember 2015-05-01 2018-04-30 0001209466 ietft:Russell3000IndexMember 2015-05-01 2018-04-30 0001209466 ietft:Russell3000ValueIndexMember 2015-05-01 2018-04-30 0001209466 ietft:RussellMidcapIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndP100IndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndP500ConsumerDiscretionaryIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndP500ConsumerStaplesIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndP500EnergyIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndP500EqualWeightConsumerDiscretionaryIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndP500EqualWeightConsumerStaplesIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndP500EqualWeightFinancialsIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndP500EqualWeightHealthCareIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndP500EqualWeightIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndP500EqualWeightIndustrialsIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndP500EqualWeightInformationTechnologyIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndP500EqualWeightMaterialsIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndP500EqualWeightUtilitiesPlusIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndP500FinancialsIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndP500GrowthIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndP500HealthCareIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndP500IndustrialsIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndP500InformationTechnologyIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndP500MaterialsIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndP500PureGrowthIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndP500PureValueIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndP500UtilitiesIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndP500ValueIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndPComposite1500AerospaceAndDefenseIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndPComposite1500BiotechnologyIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndPComposite1500CommunicationsEquipmentIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndPComposite1500ConstructionAndEngineeringIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndPComposite1500EnergyEquipmentAndServicesIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndPComposite1500FoodBeverageAndTobaccoIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndPComposite1500HotelsRestaurantsAndLeisureIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndPComposite1500MediaIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndPComposite1500OilAndGasExplorationAndProductionIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndPComposite1500PharmaceuticalsIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndPComposite1500SemiconductorIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndPComposite1500SoftwareAndServicesIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndPMidcap400GrowthIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndPMidCap400IndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndPMidCap400PureGrowthIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndPMidCap400PureValueIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndPMidCap400ValueIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndPSmallCap600GrowthIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndPSmallCap600IndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndPSmallCap600PureGrowthIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndPSmallCap600PureValueIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndPSmallCap600ValueIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SAndPUSPreferredStockIndexMember 2015-05-01 2018-04-30 0001209466 ietft:SPADEDefenseIndexMember 2015-05-01 2018-04-30 0001209466 us-gaap:StandardPoors500IndexMember 2015-05-01 2018-04-30 0001209466 ietft:WilderHillCleanEnergyIndexMember 2015-05-01 2018-04-30 0001209466 ietft:ZacksMidCapCoreIndexMember 2015-05-01 2018-04-30 0001209466 ietft:ZacksMultiAssetIncomeIndexMember 2015-05-01 2018-04-30 0001209466 ietft:BlendedICEExchangeListedFixedRateFinancialPreferredSecuritiesIndexMember 2015-05-01 2019-04-30 0001209466 ietft:BlendedInvescoAIAndNextGenSoftwareBenchmarkMember 2015-05-01 2019-04-30 0001209466 ietft:BlendedInvescoBloombergAnalystRatingImproversETFBenchmarkMember 2015-05-01 2019-04-30 0001209466 ietft:BlendedInvescoBloombergMVPMultiFactorBenchmarkMember 2015-05-01 2019-04-30 0001209466 ietft:BlendedInvescoNextGenConnectivityBenchmarkMember 2015-05-01 2019-04-30 0001209466 ietft:BlendedInvescoNextGenMediaAndGamingBenchmarkMember 2015-05-01 2019-04-30 0001209466 ietft:BlendedInvescoSAndPMidCap400GARPBenchmarkMember 2015-05-01 2019-04-30 0001209466 ietft:BlendedMSCIGlobalEnvironmentSelectIndexMember 2015-05-01 2019-04-30 0001209466 ietft:BlendedSAndP100EqualWeightIndexMember 2015-05-01 2019-04-30 0001209466 ietft:BlendedSAndP500GARPIndexMember 2015-05-01 2019-04-30 0001209466 ietft:BlendedSANDP500HighMomentumValueIndexMember 2015-05-01 2019-04-30 0001209466 ietft:BlendedSAndP500QualityIndexMember 2015-05-01 2019-04-30 0001209466 ietft:BlendedSAndP500Top50IndexMember 2015-05-01 2019-04-30 0001209466 ietft:BlendedSAndPMidCap400HighMomentumValueIndexMember 2015-05-01 2019-04-30 0001209466 ietft:BlendedSAndPMidCap400MomentumIndexMember 2015-05-01 2019-04-30 0001209466 ietft:BlendedSAndPMidCap400QualityIndexMember 2015-05-01 2019-04-30 0001209466 ietft:BlendedSAndPSmallCap600HighMomentumValueIndexMember 2015-05-01 2019-04-30 0001209466 ietft:BlendedSAndPSmallCap600MomentumIndexMember 2015-05-01 2019-04-30 0001209466 ietft:BlendedSAndPUSSpinOffIndexMember 2015-05-01 2019-04-30 0001209466 ietft:BloombergUSAggregateBondIndexMember 2015-05-01 2019-04-30 0001209466 ietft:C000008290Member 2015-05-01 2019-04-30 0001209466 ietft:C000008291Member 2015-05-01 2019-04-30 0001209466 ietft:C000008292Member 2015-05-01 2019-04-30 0001209466 ietft:C000008293Member 2015-05-01 2019-04-30 0001209466 ietft:C000008294Member 2015-05-01 2019-04-30 0001209466 ietft:C000008295Member 2015-05-01 2019-04-30 0001209466 ietft:C000008296Member 2015-05-01 2019-04-30 0001209466 ietft:C000008297Member 2015-05-01 2019-04-30 0001209466 ietft:C000008298Member 2015-05-01 2019-04-30 0001209466 ietft:C000008299Member 2015-05-01 2019-04-30 0001209466 ietft:C000008300Member 2015-05-01 2019-04-30 0001209466 ietft:C000008303Member 2015-05-01 2019-04-30 0001209466 ietft:C000008304Member 2015-05-01 2019-04-30 0001209466 ietft:C000008306Member 2015-05-01 2019-04-30 0001209466 ietft:C000008307Member 2015-05-01 2019-04-30 0001209466 ietft:C000008308Member 2015-05-01 2019-04-30 0001209466 ietft:C000008310Member 2015-05-01 2019-04-30 0001209466 ietft:C000008312Member 2015-05-01 2019-04-30 0001209466 ietft:C000008313Member 2015-05-01 2019-04-30 0001209466 ietft:C000008315Member 2015-05-01 2019-04-30 0001209466 ietft:C000008316Member 2015-05-01 2019-04-30 0001209466 ietft:C000008319Member 2015-05-01 2019-04-30 0001209466 ietft:C000008320Member 2015-05-01 2019-04-30 0001209466 ietft:C000008321Member 2015-05-01 2019-04-30 0001209466 ietft:C000008322Member 2015-05-01 2019-04-30 0001209466 ietft:C000008323Member 2015-05-01 2019-04-30 0001209466 ietft:C000008324Member 2015-05-01 2019-04-30 0001209466 ietft:C000032719Member 2015-05-01 2019-04-30 0001209466 ietft:C000033024Member 2015-05-01 2019-04-30 0001209466 ietft:C000035317Member 2015-05-01 2019-04-30 0001209466 ietft:C000035318Member 2015-05-01 2019-04-30 0001209466 ietft:C000035320Member 2015-05-01 2019-04-30 0001209466 ietft:C000035321Member 2015-05-01 2019-04-30 0001209466 ietft:C000035322Member 2015-05-01 2019-04-30 0001209466 ietft:C000035324Member 2015-05-01 2019-04-30 0001209466 ietft:C000035326Member 2015-05-01 2019-04-30 0001209466 ietft:C000035327Member 2015-05-01 2019-04-30 0001209466 ietft:C000035336Member 2015-05-01 2019-04-30 0001209466 ietft:C000035338Member 2015-05-01 2019-04-30 0001209466 ietft:C000035343Member 2015-05-01 2019-04-30 0001209466 ietft:C000035344Member 2015-05-01 2019-04-30 0001209466 ietft:C000035345Member 2015-05-01 2019-04-30 0001209466 ietft:C000037805Member 2015-05-01 2019-04-30 0001209466 ietft:C000037806Member 2015-05-01 2019-04-30 0001209466 ietft:C000037807Member 2015-05-01 2019-04-30 0001209466 ietft:C000056583Member 2015-05-01 2019-04-30 0001209466 ietft:C000101127Member 2015-05-01 2019-04-30 0001209466 ietft:C000101128Member 2015-05-01 2019-04-30 0001209466 ietft:C000197605Member 2015-05-01 2019-04-30 0001209466 ietft:C000197606Member 2015-05-01 2019-04-30 0001209466 ietft:C000197607Member 2015-05-01 2019-04-30 0001209466 ietft:C000197608Member 2015-05-01 2019-04-30 0001209466 ietft:C000197609Member 2015-05-01 2019-04-30 0001209466 ietft:C000197610Member 2015-05-01 2019-04-30 0001209466 ietft:C000197611Member 2015-05-01 2019-04-30 0001209466 ietft:C000197612Member 2015-05-01 2019-04-30 0001209466 ietft:C000197614Member 2015-05-01 2019-04-30 0001209466 ietft:C000197615Member 2015-05-01 2019-04-30 0001209466 ietft:C000197616Member 2015-05-01 2019-04-30 0001209466 ietft:C000197620Member 2015-05-01 2019-04-30 0001209466 ietft:C000197621Member 2015-05-01 2019-04-30 0001209466 ietft:C000197622Member 2015-05-01 2019-04-30 0001209466 ietft:C000197623Member 2015-05-01 2019-04-30 0001209466 ietft:C000197625Member 2015-05-01 2019-04-30 0001209466 ietft:C000197627Member 2015-05-01 2019-04-30 0001209466 ietft:C000197628Member 2015-05-01 2019-04-30 0001209466 ietft:C000197629Member 2015-05-01 2019-04-30 0001209466 ietft:C000197630Member 2015-05-01 2019-04-30 0001209466 ietft:C000197631Member 2015-05-01 2019-04-30 0001209466 ietft:C000197632Member 2015-05-01 2019-04-30 0001209466 ietft:CBOESAndP500BuyWriteIndexSMMember 2015-05-01 2019-04-30 0001209466 ietft:CustomInvescoRAFIUS1000ETFBenchmarkMember 2015-05-01 2019-04-30 0001209466 ietft:CustomInvescoRAFIUS1500SmallMidETFBenchmarkMember 2015-05-01 2019-04-30 0001209466 ietft:CustomInvescoSAndP500EqualWeightEnergyETFBenchmarkMember 2015-05-01 2019-04-30 0001209466 ietft:DorseyWrightBasicMaterialsTechnicalLeadersTMIndexMember 2015-05-01 2019-04-30 0001209466 ietft:DorseyWrightConsumerCyclicalsTechnicalLeadersTMIndexMember 2015-05-01 2019-04-30 0001209466 ietft:DorseyWrightConsumerStaplesTechnicalLeadersTMIndexMember 2015-05-01 2019-04-30 0001209466 ietft:DorseyWrightEnergyTechnicalLeadersTMIndexMember 2015-05-01 2019-04-30 0001209466 ietft:DorseyWrightFinancialsTechnicalLeadersTMIndexMember 2015-05-01 2019-04-30 0001209466 ietft:DorseyWrightHealthcareTechnicalLeadersTMIndexMember 2015-05-01 2019-04-30 0001209466 ietft:DorseyWrightIndustrialsTechnicalLeadersTMIndexMember 2015-05-01 2019-04-30 0001209466 ietft:DorseyWrightTechnicalLeadersTMIndexMember 2015-05-01 2019-04-30 0001209466 ietft:DorseyWrightTechnologyTechnicalLeadersTMIndexMember 2015-05-01 2019-04-30 0001209466 ietft:DorseyWrightUtilitiesTechnicalLeadersTMIndexMember 2015-05-01 2019-04-30 0001209466 ietft:DowJonesUSSelectDividendIndexMember 2015-05-01 2019-04-30 0001209466 ietft:DynamicBiotechAndGenomeIntellidexIndexMember 2015-05-01 2019-04-30 0001209466 ietft:DynamicBuildingAndConstructionIntellidexIndexMember 2015-05-01 2019-04-30 0001209466 ietft:DynamicEnergyExplorationAndProductionIntellidexIndexMember 2015-05-01 2019-04-30 0001209466 ietft:DynamicFoodAndBeverageIntellidexIndexMember 2015-05-01 2019-04-30 0001209466 ietft:DynamicLargeCapGrowthIntellidexIndexMember 2015-05-01 2019-04-30 0001209466 ietft:DynamicLargeCapValueIntellidexIndexMember 2015-05-01 2019-04-30 0001209466 ietft:DynamicLeisureAndEntertainmentIntellidexIndexMember 2015-05-01 2019-04-30 0001209466 ietft:DynamicOilServicesIntellidexIndexMember 2015-05-01 2019-04-30 0001209466 ietft:DynamicPharmaceuticalIntellidexIndexMember 2015-05-01 2019-04-30 0001209466 ietft:DynamicSemiconductorIntellidexIndexMember 2015-05-01 2019-04-30 0001209466 ietft:FTSEChina50IndexMember 2015-05-01 2019-04-30 0001209466 ietft:MSCIACWIIndexNetMember 2015-05-01 2019-04-30 0001209466 ietft:MSCIChinaIndexNetMember 2015-05-01 2019-04-30 0001209466 ietft:MSCIEAFEIndexNetMember 2015-05-01 2019-04-30 0001209466 ietft:Nasdaq100IndexMember 2015-05-01 2019-04-30 0001209466 us-gaap:NasdaqCompositeIndexMember 2015-05-01 2019-04-30 0001209466 ietft:NasdaqCTAInternetIndexSMMember 2015-05-01 2019-04-30 0001209466 ietft:NasdaqGoldenDragonChinaIndexTMMember 2015-05-01 2019-04-30 0001209466 ietft:NasdaqInternationalDividendAchieversTMIndexNetMember 2015-05-01 2019-04-30 0001209466 ietft:NasdaqOMXUSWaterIndexSMMember 2015-05-01 2019-04-30 0001209466 ietft:NasdaqUSBroadDividendAchieversTMIndexMember 2015-05-01 2019-04-30 0001209466 ietft:NasdaqUSBuyBackAchieversTMIndexMember 2015-05-01 2019-04-30 0001209466 ietft:NasdaqUSDividendAchieversTM50IndexMember 2015-05-01 2019-04-30 0001209466 ietft:RedRocksGlobalListedPrivateEquityIndexMember 2015-05-01 2019-04-30 0001209466 ietft:Russell1000GrowthIndexMember 2015-05-01 2019-04-30 0001209466 ietft:Russell1000IndexMember 2015-05-01 2019-04-30 0001209466 ietft:Russell1000ValueIndexMember 2015-05-01 2019-04-30 0001209466 ietft:Russell2000GrowthIndexMember 2015-05-01 2019-04-30 0001209466 ietft:Russell2000IndexMember 2015-05-01 2019-04-30 0001209466 ietft:Russell3000GrowthIndexMember 2015-05-01 2019-04-30 0001209466 ietft:Russell3000IndexMember 2015-05-01 2019-04-30 0001209466 ietft:Russell3000ValueIndexMember 2015-05-01 2019-04-30 0001209466 ietft:RussellMidcapIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndP100IndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndP500ConsumerDiscretionaryIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndP500ConsumerStaplesIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndP500EnergyIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndP500EqualWeightConsumerDiscretionaryIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndP500EqualWeightConsumerStaplesIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndP500EqualWeightFinancialsIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndP500EqualWeightHealthCareIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndP500EqualWeightIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndP500EqualWeightIndustrialsIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndP500EqualWeightInformationTechnologyIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndP500EqualWeightMaterialsIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndP500EqualWeightUtilitiesPlusIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndP500FinancialsIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndP500GrowthIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndP500HealthCareIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndP500IndustrialsIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndP500InformationTechnologyIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndP500MaterialsIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndP500PureGrowthIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndP500PureValueIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndP500UtilitiesIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndP500ValueIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndPComposite1500AerospaceAndDefenseIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndPComposite1500BiotechnologyIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndPComposite1500CommunicationsEquipmentIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndPComposite1500ConstructionAndEngineeringIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndPComposite1500EnergyEquipmentAndServicesIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndPComposite1500FoodBeverageAndTobaccoIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndPComposite1500HotelsRestaurantsAndLeisureIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndPComposite1500MediaIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndPComposite1500OilAndGasExplorationAndProductionIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndPComposite1500PharmaceuticalsIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndPComposite1500SemiconductorIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndPComposite1500SoftwareAndServicesIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndPMidcap400GrowthIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndPMidCap400IndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndPMidCap400PureGrowthIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndPMidCap400PureValueIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndPMidCap400ValueIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndPSmallCap600GrowthIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndPSmallCap600IndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndPSmallCap600PureGrowthIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndPSmallCap600PureValueIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndPSmallCap600ValueIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SAndPUSPreferredStockIndexMember 2015-05-01 2019-04-30 0001209466 ietft:SPADEDefenseIndexMember 2015-05-01 2019-04-30 0001209466 us-gaap:StandardPoors500IndexMember 2015-05-01 2019-04-30 0001209466 ietft:WilderHillCleanEnergyIndexMember 2015-05-01 2019-04-30 0001209466 ietft:ZacksMidCapCoreIndexMember 2015-05-01 2019-04-30 0001209466 ietft:ZacksMultiAssetIncomeIndexMember 2015-05-01 2019-04-30 0001209466 ietft:BlendedICEExchangeListedFixedRateFinancialPreferredSecuritiesIndexMember 2015-05-01 2021-04-30 0001209466 ietft:BlendedInvescoAIAndNextGenSoftwareBenchmarkMember 2015-05-01 2021-04-30 0001209466 ietft:BlendedInvescoBloombergAnalystRatingImproversETFBenchmarkMember 2015-05-01 2021-04-30 0001209466 ietft:BlendedInvescoBloombergMVPMultiFactorBenchmarkMember 2015-05-01 2021-04-30 0001209466 ietft:BlendedInvescoNextGenConnectivityBenchmarkMember 2015-05-01 2021-04-30 0001209466 ietft:BlendedInvescoNextGenMediaAndGamingBenchmarkMember 2015-05-01 2021-04-30 0001209466 ietft:BlendedInvescoSAndPMidCap400GARPBenchmarkMember 2015-05-01 2021-04-30 0001209466 ietft:BlendedMSCIGlobalEnvironmentSelectIndexMember 2015-05-01 2021-04-30 0001209466 ietft:BlendedSAndP100EqualWeightIndexMember 2015-05-01 2021-04-30 0001209466 ietft:BlendedSAndP500GARPIndexMember 2015-05-01 2021-04-30 0001209466 ietft:BlendedSANDP500HighMomentumValueIndexMember 2015-05-01 2021-04-30 0001209466 ietft:BlendedSAndP500QualityIndexMember 2015-05-01 2021-04-30 0001209466 ietft:BlendedSAndP500Top50IndexMember 2015-05-01 2021-04-30 0001209466 ietft:BlendedSAndPMidCap400HighMomentumValueIndexMember 2015-05-01 2021-04-30 0001209466 ietft:BlendedSAndPMidCap400MomentumIndexMember 2015-05-01 2021-04-30 0001209466 ietft:BlendedSAndPMidCap400QualityIndexMember 2015-05-01 2021-04-30 0001209466 ietft:BlendedSAndPSmallCap600HighMomentumValueIndexMember 2015-05-01 2021-04-30 0001209466 ietft:BlendedSAndPSmallCap600MomentumIndexMember 2015-05-01 2021-04-30 0001209466 ietft:BlendedSAndPUSSpinOffIndexMember 2015-05-01 2021-04-30 0001209466 ietft:BloombergUSAggregateBondIndexMember 2015-05-01 2021-04-30 0001209466 ietft:C000008290Member 2015-05-01 2021-04-30 0001209466 ietft:C000008291Member 2015-05-01 2021-04-30 0001209466 ietft:C000008292Member 2015-05-01 2021-04-30 0001209466 ietft:C000008293Member 2015-05-01 2021-04-30 0001209466 ietft:C000008294Member 2015-05-01 2021-04-30 0001209466 ietft:C000008295Member 2015-05-01 2021-04-30 0001209466 ietft:C000008296Member 2015-05-01 2021-04-30 0001209466 ietft:C000008297Member 2015-05-01 2021-04-30 0001209466 ietft:C000008298Member 2015-05-01 2021-04-30 0001209466 ietft:C000008299Member 2015-05-01 2021-04-30 0001209466 ietft:C000008300Member 2015-05-01 2021-04-30 0001209466 ietft:C000008303Member 2015-05-01 2021-04-30 0001209466 ietft:C000008304Member 2015-05-01 2021-04-30 0001209466 ietft:C000008306Member 2015-05-01 2021-04-30 0001209466 ietft:C000008307Member 2015-05-01 2021-04-30 0001209466 ietft:C000008308Member 2015-05-01 2021-04-30 0001209466 ietft:C000008310Member 2015-05-01 2021-04-30 0001209466 ietft:C000008312Member 2015-05-01 2021-04-30 0001209466 ietft:C000008313Member 2015-05-01 2021-04-30 0001209466 ietft:C000008315Member 2015-05-01 2021-04-30 0001209466 ietft:C000008316Member 2015-05-01 2021-04-30 0001209466 ietft:C000008319Member 2015-05-01 2021-04-30 0001209466 ietft:C000008320Member 2015-05-01 2021-04-30 0001209466 ietft:C000008321Member 2015-05-01 2021-04-30 0001209466 ietft:C000008322Member 2015-05-01 2021-04-30 0001209466 ietft:C000008323Member 2015-05-01 2021-04-30 0001209466 ietft:C000008324Member 2015-05-01 2021-04-30 0001209466 ietft:C000032719Member 2015-05-01 2021-04-30 0001209466 ietft:C000033024Member 2015-05-01 2021-04-30 0001209466 ietft:C000035317Member 2015-05-01 2021-04-30 0001209466 ietft:C000035318Member 2015-05-01 2021-04-30 0001209466 ietft:C000035320Member 2015-05-01 2021-04-30 0001209466 ietft:C000035321Member 2015-05-01 2021-04-30 0001209466 ietft:C000035322Member 2015-05-01 2021-04-30 0001209466 ietft:C000035324Member 2015-05-01 2021-04-30 0001209466 ietft:C000035326Member 2015-05-01 2021-04-30 0001209466 ietft:C000035327Member 2015-05-01 2021-04-30 0001209466 ietft:C000035336Member 2015-05-01 2021-04-30 0001209466 ietft:C000035338Member 2015-05-01 2021-04-30 0001209466 ietft:C000035343Member 2015-05-01 2021-04-30 0001209466 ietft:C000035344Member 2015-05-01 2021-04-30 0001209466 ietft:C000035345Member 2015-05-01 2021-04-30 0001209466 ietft:C000037805Member 2015-05-01 2021-04-30 0001209466 ietft:C000037806Member 2015-05-01 2021-04-30 0001209466 ietft:C000037807Member 2015-05-01 2021-04-30 0001209466 ietft:C000056583Member 2015-05-01 2021-04-30 0001209466 ietft:C000101127Member 2015-05-01 2021-04-30 0001209466 ietft:C000101128Member 2015-05-01 2021-04-30 0001209466 ietft:C000197605Member 2015-05-01 2021-04-30 0001209466 ietft:C000197606Member 2015-05-01 2021-04-30 0001209466 ietft:C000197607Member 2015-05-01 2021-04-30 0001209466 ietft:C000197608Member 2015-05-01 2021-04-30 0001209466 ietft:C000197609Member 2015-05-01 2021-04-30 0001209466 ietft:C000197610Member 2015-05-01 2021-04-30 0001209466 ietft:C000197611Member 2015-05-01 2021-04-30 0001209466 ietft:C000197612Member 2015-05-01 2021-04-30 0001209466 ietft:C000197614Member 2015-05-01 2021-04-30 0001209466 ietft:C000197615Member 2015-05-01 2021-04-30 0001209466 ietft:C000197616Member 2015-05-01 2021-04-30 0001209466 ietft:C000197620Member 2015-05-01 2021-04-30 0001209466 ietft:C000197621Member 2015-05-01 2021-04-30 0001209466 ietft:C000197622Member 2015-05-01 2021-04-30 0001209466 ietft:C000197623Member 2015-05-01 2021-04-30 0001209466 ietft:C000197625Member 2015-05-01 2021-04-30 0001209466 ietft:C000197627Member 2015-05-01 2021-04-30 0001209466 ietft:C000197628Member 2015-05-01 2021-04-30 0001209466 ietft:C000197629Member 2015-05-01 2021-04-30 0001209466 ietft:C000197630Member 2015-05-01 2021-04-30 0001209466 ietft:C000197631Member 2015-05-01 2021-04-30 0001209466 ietft:C000197632Member 2015-05-01 2021-04-30 0001209466 ietft:CBOESAndP500BuyWriteIndexSMMember 2015-05-01 2021-04-30 0001209466 ietft:CustomInvescoRAFIUS1000ETFBenchmarkMember 2015-05-01 2021-04-30 0001209466 ietft:CustomInvescoRAFIUS1500SmallMidETFBenchmarkMember 2015-05-01 2021-04-30 0001209466 ietft:CustomInvescoSAndP500EqualWeightEnergyETFBenchmarkMember 2015-05-01 2021-04-30 0001209466 ietft:DorseyWrightBasicMaterialsTechnicalLeadersTMIndexMember 2015-05-01 2021-04-30 0001209466 ietft:DorseyWrightConsumerCyclicalsTechnicalLeadersTMIndexMember 2015-05-01 2021-04-30 0001209466 ietft:DorseyWrightConsumerStaplesTechnicalLeadersTMIndexMember 2015-05-01 2021-04-30 0001209466 ietft:DorseyWrightEnergyTechnicalLeadersTMIndexMember 2015-05-01 2021-04-30 0001209466 ietft:DorseyWrightFinancialsTechnicalLeadersTMIndexMember 2015-05-01 2021-04-30 0001209466 ietft:DorseyWrightHealthcareTechnicalLeadersTMIndexMember 2015-05-01 2021-04-30 0001209466 ietft:DorseyWrightIndustrialsTechnicalLeadersTMIndexMember 2015-05-01 2021-04-30 0001209466 ietft:DorseyWrightTechnicalLeadersTMIndexMember 2015-05-01 2021-04-30 0001209466 ietft:DorseyWrightTechnologyTechnicalLeadersTMIndexMember 2015-05-01 2021-04-30 0001209466 ietft:DorseyWrightUtilitiesTechnicalLeadersTMIndexMember 2015-05-01 2021-04-30 0001209466 ietft:DowJonesUSSelectDividendIndexMember 2015-05-01 2021-04-30 0001209466 ietft:DynamicBiotechAndGenomeIntellidexIndexMember 2015-05-01 2021-04-30 0001209466 ietft:DynamicBuildingAndConstructionIntellidexIndexMember 2015-05-01 2021-04-30 0001209466 ietft:DynamicEnergyExplorationAndProductionIntellidexIndexMember 2015-05-01 2021-04-30 0001209466 ietft:DynamicFoodAndBeverageIntellidexIndexMember 2015-05-01 2021-04-30 0001209466 ietft:DynamicLargeCapGrowthIntellidexIndexMember 2015-05-01 2021-04-30 0001209466 ietft:DynamicLargeCapValueIntellidexIndexMember 2015-05-01 2021-04-30 0001209466 ietft:DynamicLeisureAndEntertainmentIntellidexIndexMember 2015-05-01 2021-04-30 0001209466 ietft:DynamicOilServicesIntellidexIndexMember 2015-05-01 2021-04-30 0001209466 ietft:DynamicPharmaceuticalIntellidexIndexMember 2015-05-01 2021-04-30 0001209466 ietft:DynamicSemiconductorIntellidexIndexMember 2015-05-01 2021-04-30 0001209466 ietft:FTSEChina50IndexMember 2015-05-01 2021-04-30 0001209466 ietft:MSCIACWIIndexNetMember 2015-05-01 2021-04-30 0001209466 ietft:MSCIChinaIndexNetMember 2015-05-01 2021-04-30 0001209466 ietft:MSCIEAFEIndexNetMember 2015-05-01 2021-04-30 0001209466 ietft:Nasdaq100IndexMember 2015-05-01 2021-04-30 0001209466 us-gaap:NasdaqCompositeIndexMember 2015-05-01 2021-04-30 0001209466 ietft:NasdaqCTAInternetIndexSMMember 2015-05-01 2021-04-30 0001209466 ietft:NasdaqGoldenDragonChinaIndexTMMember 2015-05-01 2021-04-30 0001209466 ietft:NasdaqInternationalDividendAchieversTMIndexNetMember 2015-05-01 2021-04-30 0001209466 ietft:NasdaqOMXUSWaterIndexSMMember 2015-05-01 2021-04-30 0001209466 ietft:NasdaqUSBroadDividendAchieversTMIndexMember 2015-05-01 2021-04-30 0001209466 ietft:NasdaqUSBuyBackAchieversTMIndexMember 2015-05-01 2021-04-30 0001209466 ietft:NasdaqUSDividendAchieversTM50IndexMember 2015-05-01 2021-04-30 0001209466 ietft:RedRocksGlobalListedPrivateEquityIndexMember 2015-05-01 2021-04-30 0001209466 ietft:Russell1000GrowthIndexMember 2015-05-01 2021-04-30 0001209466 ietft:Russell1000IndexMember 2015-05-01 2021-04-30 0001209466 ietft:Russell1000ValueIndexMember 2015-05-01 2021-04-30 0001209466 ietft:Russell2000GrowthIndexMember 2015-05-01 2021-04-30 0001209466 ietft:Russell2000IndexMember 2015-05-01 2021-04-30 0001209466 ietft:Russell3000GrowthIndexMember 2015-05-01 2021-04-30 0001209466 ietft:Russell3000IndexMember 2015-05-01 2021-04-30 0001209466 ietft:Russell3000ValueIndexMember 2015-05-01 2021-04-30 0001209466 ietft:RussellMidcapIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndP100IndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndP500ConsumerDiscretionaryIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndP500ConsumerStaplesIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndP500EnergyIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndP500EqualWeightConsumerDiscretionaryIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndP500EqualWeightConsumerStaplesIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndP500EqualWeightFinancialsIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndP500EqualWeightHealthCareIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndP500EqualWeightIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndP500EqualWeightIndustrialsIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndP500EqualWeightInformationTechnologyIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndP500EqualWeightMaterialsIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndP500EqualWeightUtilitiesPlusIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndP500FinancialsIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndP500GrowthIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndP500HealthCareIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndP500IndustrialsIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndP500InformationTechnologyIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndP500MaterialsIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndP500PureGrowthIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndP500PureValueIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndP500UtilitiesIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndP500ValueIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndPComposite1500AerospaceAndDefenseIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndPComposite1500BiotechnologyIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndPComposite1500CommunicationsEquipmentIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndPComposite1500ConstructionAndEngineeringIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndPComposite1500EnergyEquipmentAndServicesIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndPComposite1500FoodBeverageAndTobaccoIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndPComposite1500HotelsRestaurantsAndLeisureIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndPComposite1500MediaIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndPComposite1500OilAndGasExplorationAndProductionIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndPComposite1500PharmaceuticalsIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndPComposite1500SemiconductorIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndPComposite1500SoftwareAndServicesIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndPMidcap400GrowthIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndPMidCap400IndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndPMidCap400PureGrowthIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndPMidCap400PureValueIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndPMidCap400ValueIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndPSmallCap600GrowthIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndPSmallCap600IndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndPSmallCap600PureGrowthIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndPSmallCap600PureValueIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndPSmallCap600ValueIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SAndPUSPreferredStockIndexMember 2015-05-01 2021-04-30 0001209466 ietft:SPADEDefenseIndexMember 2015-05-01 2021-04-30 0001209466 us-gaap:StandardPoors500IndexMember 2015-05-01 2021-04-30 0001209466 ietft:WilderHillCleanEnergyIndexMember 2015-05-01 2021-04-30 0001209466 ietft:ZacksMidCapCoreIndexMember 2015-05-01 2021-04-30 0001209466 ietft:ZacksMultiAssetIncomeIndexMember 2015-05-01 2021-04-30 0001209466 ietft:BlendedICEExchangeListedFixedRateFinancialPreferredSecuritiesIndexMember 2015-05-01 2022-04-30 0001209466 ietft:BlendedInvescoAIAndNextGenSoftwareBenchmarkMember 2015-05-01 2022-04-30 0001209466 ietft:BlendedInvescoBloombergAnalystRatingImproversETFBenchmarkMember 2015-05-01 2022-04-30 0001209466 ietft:BlendedInvescoBloombergMVPMultiFactorBenchmarkMember 2015-05-01 2022-04-30 0001209466 ietft:BlendedInvescoNextGenConnectivityBenchmarkMember 2015-05-01 2022-04-30 0001209466 ietft:BlendedInvescoNextGenMediaAndGamingBenchmarkMember 2015-05-01 2022-04-30 0001209466 ietft:BlendedInvescoSAndPMidCap400GARPBenchmarkMember 2015-05-01 2022-04-30 0001209466 ietft:BlendedMSCIGlobalEnvironmentSelectIndexMember 2015-05-01 2022-04-30 0001209466 ietft:BlendedSAndP100EqualWeightIndexMember 2015-05-01 2022-04-30 0001209466 ietft:BlendedSAndP500GARPIndexMember 2015-05-01 2022-04-30 0001209466 ietft:BlendedSANDP500HighMomentumValueIndexMember 2015-05-01 2022-04-30 0001209466 ietft:BlendedSAndP500QualityIndexMember 2015-05-01 2022-04-30 0001209466 ietft:BlendedSAndP500Top50IndexMember 2015-05-01 2022-04-30 0001209466 ietft:BlendedSAndPMidCap400HighMomentumValueIndexMember 2015-05-01 2022-04-30 0001209466 ietft:BlendedSAndPMidCap400MomentumIndexMember 2015-05-01 2022-04-30 0001209466 ietft:BlendedSAndPMidCap400QualityIndexMember 2015-05-01 2022-04-30 0001209466 ietft:BlendedSAndPSmallCap600HighMomentumValueIndexMember 2015-05-01 2022-04-30 0001209466 ietft:BlendedSAndPSmallCap600MomentumIndexMember 2015-05-01 2022-04-30 0001209466 ietft:BlendedSAndPUSSpinOffIndexMember 2015-05-01 2022-04-30 0001209466 ietft:BloombergUSAggregateBondIndexMember 2015-05-01 2022-04-30 0001209466 ietft:C000008290Member 2015-05-01 2022-04-30 0001209466 ietft:C000008291Member 2015-05-01 2022-04-30 0001209466 ietft:C000008292Member 2015-05-01 2022-04-30 0001209466 ietft:C000008293Member 2015-05-01 2022-04-30 0001209466 ietft:C000008294Member 2015-05-01 2022-04-30 0001209466 ietft:C000008295Member 2015-05-01 2022-04-30 0001209466 ietft:C000008296Member 2015-05-01 2022-04-30 0001209466 ietft:C000008297Member 2015-05-01 2022-04-30 0001209466 ietft:C000008298Member 2015-05-01 2022-04-30 0001209466 ietft:C000008299Member 2015-05-01 2022-04-30 0001209466 ietft:C000008300Member 2015-05-01 2022-04-30 0001209466 ietft:C000008303Member 2015-05-01 2022-04-30 0001209466 ietft:C000008304Member 2015-05-01 2022-04-30 0001209466 ietft:C000008306Member 2015-05-01 2022-04-30 0001209466 ietft:C000008307Member 2015-05-01 2022-04-30 0001209466 ietft:C000008308Member 2015-05-01 2022-04-30 0001209466 ietft:C000008310Member 2015-05-01 2022-04-30 0001209466 ietft:C000008312Member 2015-05-01 2022-04-30 0001209466 ietft:C000008313Member 2015-05-01 2022-04-30 0001209466 ietft:C000008315Member 2015-05-01 2022-04-30 0001209466 ietft:C000008316Member 2015-05-01 2022-04-30 0001209466 ietft:C000008319Member 2015-05-01 2022-04-30 0001209466 ietft:C000008320Member 2015-05-01 2022-04-30 0001209466 ietft:C000008321Member 2015-05-01 2022-04-30 0001209466 ietft:C000008322Member 2015-05-01 2022-04-30 0001209466 ietft:C000008323Member 2015-05-01 2022-04-30 0001209466 ietft:C000008324Member 2015-05-01 2022-04-30 0001209466 ietft:C000032719Member 2015-05-01 2022-04-30 0001209466 ietft:C000033024Member 2015-05-01 2022-04-30 0001209466 ietft:C000035317Member 2015-05-01 2022-04-30 0001209466 ietft:C000035318Member 2015-05-01 2022-04-30 0001209466 ietft:C000035320Member 2015-05-01 2022-04-30 0001209466 ietft:C000035321Member 2015-05-01 2022-04-30 0001209466 ietft:C000035322Member 2015-05-01 2022-04-30 0001209466 ietft:C000035324Member 2015-05-01 2022-04-30 0001209466 ietft:C000035326Member 2015-05-01 2022-04-30 0001209466 ietft:C000035327Member 2015-05-01 2022-04-30 0001209466 ietft:C000035336Member 2015-05-01 2022-04-30 0001209466 ietft:C000035338Member 2015-05-01 2022-04-30 0001209466 ietft:C000035343Member 2015-05-01 2022-04-30 0001209466 ietft:C000035344Member 2015-05-01 2022-04-30 0001209466 ietft:C000035345Member 2015-05-01 2022-04-30 0001209466 ietft:C000037805Member 2015-05-01 2022-04-30 0001209466 ietft:C000037806Member 2015-05-01 2022-04-30 0001209466 ietft:C000037807Member 2015-05-01 2022-04-30 0001209466 ietft:C000056583Member 2015-05-01 2022-04-30 0001209466 ietft:C000101127Member 2015-05-01 2022-04-30 0001209466 ietft:C000101128Member 2015-05-01 2022-04-30 0001209466 ietft:C000197605Member 2015-05-01 2022-04-30 0001209466 ietft:C000197606Member 2015-05-01 2022-04-30 0001209466 ietft:C000197607Member 2015-05-01 2022-04-30 0001209466 ietft:C000197608Member 2015-05-01 2022-04-30 0001209466 ietft:C000197609Member 2015-05-01 2022-04-30 0001209466 ietft:C000197610Member 2015-05-01 2022-04-30 0001209466 ietft:C000197611Member 2015-05-01 2022-04-30 0001209466 ietft:C000197612Member 2015-05-01 2022-04-30 0001209466 ietft:C000197614Member 2015-05-01 2022-04-30 0001209466 ietft:C000197615Member 2015-05-01 2022-04-30 0001209466 ietft:C000197616Member 2015-05-01 2022-04-30 0001209466 ietft:C000197620Member 2015-05-01 2022-04-30 0001209466 ietft:C000197621Member 2015-05-01 2022-04-30 0001209466 ietft:C000197622Member 2015-05-01 2022-04-30 0001209466 ietft:C000197623Member 2015-05-01 2022-04-30 0001209466 ietft:C000197625Member 2015-05-01 2022-04-30 0001209466 ietft:C000197627Member 2015-05-01 2022-04-30 0001209466 ietft:C000197628Member 2015-05-01 2022-04-30 0001209466 ietft:C000197629Member 2015-05-01 2022-04-30 0001209466 ietft:C000197630Member 2015-05-01 2022-04-30 0001209466 ietft:C000197631Member 2015-05-01 2022-04-30 0001209466 ietft:C000197632Member 2015-05-01 2022-04-30 0001209466 ietft:CBOESAndP500BuyWriteIndexSMMember 2015-05-01 2022-04-30 0001209466 ietft:CustomInvescoRAFIUS1000ETFBenchmarkMember 2015-05-01 2022-04-30 0001209466 ietft:CustomInvescoRAFIUS1500SmallMidETFBenchmarkMember 2015-05-01 2022-04-30 0001209466 ietft:CustomInvescoSAndP500EqualWeightEnergyETFBenchmarkMember 2015-05-01 2022-04-30 0001209466 ietft:DorseyWrightBasicMaterialsTechnicalLeadersTMIndexMember 2015-05-01 2022-04-30 0001209466 ietft:DorseyWrightConsumerCyclicalsTechnicalLeadersTMIndexMember 2015-05-01 2022-04-30 0001209466 ietft:DorseyWrightConsumerStaplesTechnicalLeadersTMIndexMember 2015-05-01 2022-04-30 0001209466 ietft:DorseyWrightEnergyTechnicalLeadersTMIndexMember 2015-05-01 2022-04-30 0001209466 ietft:DorseyWrightFinancialsTechnicalLeadersTMIndexMember 2015-05-01 2022-04-30 0001209466 ietft:DorseyWrightHealthcareTechnicalLeadersTMIndexMember 2015-05-01 2022-04-30 0001209466 ietft:DorseyWrightIndustrialsTechnicalLeadersTMIndexMember 2015-05-01 2022-04-30 0001209466 ietft:DorseyWrightTechnicalLeadersTMIndexMember 2015-05-01 2022-04-30 0001209466 ietft:DorseyWrightTechnologyTechnicalLeadersTMIndexMember 2015-05-01 2022-04-30 0001209466 ietft:DorseyWrightUtilitiesTechnicalLeadersTMIndexMember 2015-05-01 2022-04-30 0001209466 ietft:DowJonesUSSelectDividendIndexMember 2015-05-01 2022-04-30 0001209466 ietft:DynamicBiotechAndGenomeIntellidexIndexMember 2015-05-01 2022-04-30 0001209466 ietft:DynamicBuildingAndConstructionIntellidexIndexMember 2015-05-01 2022-04-30 0001209466 ietft:DynamicEnergyExplorationAndProductionIntellidexIndexMember 2015-05-01 2022-04-30 0001209466 ietft:DynamicFoodAndBeverageIntellidexIndexMember 2015-05-01 2022-04-30 0001209466 ietft:DynamicLargeCapGrowthIntellidexIndexMember 2015-05-01 2022-04-30 0001209466 ietft:DynamicLargeCapValueIntellidexIndexMember 2015-05-01 2022-04-30 0001209466 ietft:DynamicLeisureAndEntertainmentIntellidexIndexMember 2015-05-01 2022-04-30 0001209466 ietft:DynamicOilServicesIntellidexIndexMember 2015-05-01 2022-04-30 0001209466 ietft:DynamicPharmaceuticalIntellidexIndexMember 2015-05-01 2022-04-30 0001209466 ietft:DynamicSemiconductorIntellidexIndexMember 2015-05-01 2022-04-30 0001209466 ietft:FTSEChina50IndexMember 2015-05-01 2022-04-30 0001209466 ietft:MSCIACWIIndexNetMember 2015-05-01 2022-04-30 0001209466 ietft:MSCIChinaIndexNetMember 2015-05-01 2022-04-30 0001209466 ietft:MSCIEAFEIndexNetMember 2015-05-01 2022-04-30 0001209466 ietft:Nasdaq100IndexMember 2015-05-01 2022-04-30 0001209466 us-gaap:NasdaqCompositeIndexMember 2015-05-01 2022-04-30 0001209466 ietft:NasdaqCTAInternetIndexSMMember 2015-05-01 2022-04-30 0001209466 ietft:NasdaqGoldenDragonChinaIndexTMMember 2015-05-01 2022-04-30 0001209466 ietft:NasdaqInternationalDividendAchieversTMIndexNetMember 2015-05-01 2022-04-30 0001209466 ietft:NasdaqOMXUSWaterIndexSMMember 2015-05-01 2022-04-30 0001209466 ietft:NasdaqUSBroadDividendAchieversTMIndexMember 2015-05-01 2022-04-30 0001209466 ietft:NasdaqUSBuyBackAchieversTMIndexMember 2015-05-01 2022-04-30 0001209466 ietft:NasdaqUSDividendAchieversTM50IndexMember 2015-05-01 2022-04-30 0001209466 ietft:RedRocksGlobalListedPrivateEquityIndexMember 2015-05-01 2022-04-30 0001209466 ietft:Russell1000GrowthIndexMember 2015-05-01 2022-04-30 0001209466 ietft:Russell1000IndexMember 2015-05-01 2022-04-30 0001209466 ietft:Russell1000ValueIndexMember 2015-05-01 2022-04-30 0001209466 ietft:Russell2000GrowthIndexMember 2015-05-01 2022-04-30 0001209466 ietft:Russell2000IndexMember 2015-05-01 2022-04-30 0001209466 ietft:Russell3000GrowthIndexMember 2015-05-01 2022-04-30 0001209466 ietft:Russell3000IndexMember 2015-05-01 2022-04-30 0001209466 ietft:Russell3000ValueIndexMember 2015-05-01 2022-04-30 0001209466 ietft:RussellMidcapIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndP100IndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndP500ConsumerDiscretionaryIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndP500ConsumerStaplesIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndP500EnergyIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndP500EqualWeightConsumerDiscretionaryIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndP500EqualWeightConsumerStaplesIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndP500EqualWeightFinancialsIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndP500EqualWeightHealthCareIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndP500EqualWeightIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndP500EqualWeightIndustrialsIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndP500EqualWeightInformationTechnologyIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndP500EqualWeightMaterialsIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndP500EqualWeightUtilitiesPlusIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndP500FinancialsIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndP500GrowthIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndP500HealthCareIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndP500IndustrialsIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndP500InformationTechnologyIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndP500MaterialsIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndP500PureGrowthIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndP500PureValueIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndP500UtilitiesIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndP500ValueIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndPComposite1500AerospaceAndDefenseIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndPComposite1500BiotechnologyIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndPComposite1500CommunicationsEquipmentIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndPComposite1500ConstructionAndEngineeringIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndPComposite1500EnergyEquipmentAndServicesIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndPComposite1500FoodBeverageAndTobaccoIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndPComposite1500HotelsRestaurantsAndLeisureIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndPComposite1500MediaIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndPComposite1500OilAndGasExplorationAndProductionIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndPComposite1500PharmaceuticalsIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndPComposite1500SemiconductorIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndPComposite1500SoftwareAndServicesIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndPMidcap400GrowthIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndPMidCap400IndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndPMidCap400PureGrowthIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndPMidCap400PureValueIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndPMidCap400ValueIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndPSmallCap600GrowthIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndPSmallCap600IndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndPSmallCap600PureGrowthIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndPSmallCap600PureValueIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndPSmallCap600ValueIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SAndPUSPreferredStockIndexMember 2015-05-01 2022-04-30 0001209466 ietft:SPADEDefenseIndexMember 2015-05-01 2022-04-30 0001209466 us-gaap:StandardPoors500IndexMember 2015-05-01 2022-04-30 0001209466 ietft:WilderHillCleanEnergyIndexMember 2015-05-01 2022-04-30 0001209466 ietft:ZacksMidCapCoreIndexMember 2015-05-01 2022-04-30 0001209466 ietft:ZacksMultiAssetIncomeIndexMember 2015-05-01 2022-04-30 0001209466 ietft:BlendedICEExchangeListedFixedRateFinancialPreferredSecuritiesIndexMember 2015-05-01 2023-04-30 0001209466 ietft:BlendedInvescoAIAndNextGenSoftwareBenchmarkMember 2015-05-01 2023-04-30 0001209466 ietft:BlendedInvescoBloombergAnalystRatingImproversETFBenchmarkMember 2015-05-01 2023-04-30 0001209466 ietft:BlendedInvescoBloombergMVPMultiFactorBenchmarkMember 2015-05-01 2023-04-30 0001209466 ietft:BlendedInvescoNextGenConnectivityBenchmarkMember 2015-05-01 2023-04-30 0001209466 ietft:BlendedInvescoNextGenMediaAndGamingBenchmarkMember 2015-05-01 2023-04-30 0001209466 ietft:BlendedInvescoSAndPMidCap400GARPBenchmarkMember 2015-05-01 2023-04-30 0001209466 ietft:BlendedMSCIGlobalEnvironmentSelectIndexMember 2015-05-01 2023-04-30 0001209466 ietft:BlendedSAndP100EqualWeightIndexMember 2015-05-01 2023-04-30 0001209466 ietft:BlendedSAndP500GARPIndexMember 2015-05-01 2023-04-30 0001209466 ietft:BlendedSANDP500HighMomentumValueIndexMember 2015-05-01 2023-04-30 0001209466 ietft:BlendedSAndP500QualityIndexMember 2015-05-01 2023-04-30 0001209466 ietft:BlendedSAndP500Top50IndexMember 2015-05-01 2023-04-30 0001209466 ietft:BlendedSAndPMidCap400HighMomentumValueIndexMember 2015-05-01 2023-04-30 0001209466 ietft:BlendedSAndPMidCap400MomentumIndexMember 2015-05-01 2023-04-30 0001209466 ietft:BlendedSAndPMidCap400QualityIndexMember 2015-05-01 2023-04-30 0001209466 ietft:BlendedSAndPSmallCap600HighMomentumValueIndexMember 2015-05-01 2023-04-30 0001209466 ietft:BlendedSAndPSmallCap600MomentumIndexMember 2015-05-01 2023-04-30 0001209466 ietft:BlendedSAndPUSSpinOffIndexMember 2015-05-01 2023-04-30 0001209466 ietft:BloombergUSAggregateBondIndexMember 2015-05-01 2023-04-30 0001209466 ietft:C000008290Member 2015-05-01 2023-04-30 0001209466 ietft:C000008291Member 2015-05-01 2023-04-30 0001209466 ietft:C000008292Member 2015-05-01 2023-04-30 0001209466 ietft:C000008293Member 2015-05-01 2023-04-30 0001209466 ietft:C000008294Member 2015-05-01 2023-04-30 0001209466 ietft:C000008295Member 2015-05-01 2023-04-30 0001209466 ietft:C000008296Member 2015-05-01 2023-04-30 0001209466 ietft:C000008297Member 2015-05-01 2023-04-30 0001209466 ietft:C000008298Member 2015-05-01 2023-04-30 0001209466 ietft:C000008299Member 2015-05-01 2023-04-30 0001209466 ietft:C000008300Member 2015-05-01 2023-04-30 0001209466 ietft:C000008303Member 2015-05-01 2023-04-30 0001209466 ietft:C000008304Member 2015-05-01 2023-04-30 0001209466 ietft:C000008306Member 2015-05-01 2023-04-30 0001209466 ietft:C000008307Member 2015-05-01 2023-04-30 0001209466 ietft:C000008308Member 2015-05-01 2023-04-30 0001209466 ietft:C000008310Member 2015-05-01 2023-04-30 0001209466 ietft:C000008312Member 2015-05-01 2023-04-30 0001209466 ietft:C000008313Member 2015-05-01 2023-04-30 0001209466 ietft:C000008315Member 2015-05-01 2023-04-30 0001209466 ietft:C000008316Member 2015-05-01 2023-04-30 0001209466 ietft:C000008319Member 2015-05-01 2023-04-30 0001209466 ietft:C000008320Member 2015-05-01 2023-04-30 0001209466 ietft:C000008321Member 2015-05-01 2023-04-30 0001209466 ietft:C000008322Member 2015-05-01 2023-04-30 0001209466 ietft:C000008323Member 2015-05-01 2023-04-30 0001209466 ietft:C000008324Member 2015-05-01 2023-04-30 0001209466 ietft:C000032719Member 2015-05-01 2023-04-30 0001209466 ietft:C000033024Member 2015-05-01 2023-04-30 0001209466 ietft:C000035317Member 2015-05-01 2023-04-30 0001209466 ietft:C000035318Member 2015-05-01 2023-04-30 0001209466 ietft:C000035320Member 2015-05-01 2023-04-30 0001209466 ietft:C000035321Member 2015-05-01 2023-04-30 0001209466 ietft:C000035322Member 2015-05-01 2023-04-30 0001209466 ietft:C000035324Member 2015-05-01 2023-04-30 0001209466 ietft:C000035326Member 2015-05-01 2023-04-30 0001209466 ietft:C000035327Member 2015-05-01 2023-04-30 0001209466 ietft:C000035336Member 2015-05-01 2023-04-30 0001209466 ietft:C000035338Member 2015-05-01 2023-04-30 0001209466 ietft:C000035343Member 2015-05-01 2023-04-30 0001209466 ietft:C000035344Member 2015-05-01 2023-04-30 0001209466 ietft:C000035345Member 2015-05-01 2023-04-30 0001209466 ietft:C000037805Member 2015-05-01 2023-04-30 0001209466 ietft:C000037806Member 2015-05-01 2023-04-30 0001209466 ietft:C000037807Member 2015-05-01 2023-04-30 0001209466 ietft:C000056583Member 2015-05-01 2023-04-30 0001209466 ietft:C000101127Member 2015-05-01 2023-04-30 0001209466 ietft:C000101128Member 2015-05-01 2023-04-30 0001209466 ietft:C000197605Member 2015-05-01 2023-04-30 0001209466 ietft:C000197606Member 2015-05-01 2023-04-30 0001209466 ietft:C000197607Member 2015-05-01 2023-04-30 0001209466 ietft:C000197608Member 2015-05-01 2023-04-30 0001209466 ietft:C000197609Member 2015-05-01 2023-04-30 0001209466 ietft:C000197610Member 2015-05-01 2023-04-30 0001209466 ietft:C000197611Member 2015-05-01 2023-04-30 0001209466 ietft:C000197612Member 2015-05-01 2023-04-30 0001209466 ietft:C000197614Member 2015-05-01 2023-04-30 0001209466 ietft:C000197615Member 2015-05-01 2023-04-30 0001209466 ietft:C000197616Member 2015-05-01 2023-04-30 0001209466 ietft:C000197620Member 2015-05-01 2023-04-30 0001209466 ietft:C000197621Member 2015-05-01 2023-04-30 0001209466 ietft:C000197622Member 2015-05-01 2023-04-30 0001209466 ietft:C000197623Member 2015-05-01 2023-04-30 0001209466 ietft:C000197625Member 2015-05-01 2023-04-30 0001209466 ietft:C000197627Member 2015-05-01 2023-04-30 0001209466 ietft:C000197628Member 2015-05-01 2023-04-30 0001209466 ietft:C000197629Member 2015-05-01 2023-04-30 0001209466 ietft:C000197630Member 2015-05-01 2023-04-30 0001209466 ietft:C000197631Member 2015-05-01 2023-04-30 0001209466 ietft:C000197632Member 2015-05-01 2023-04-30 0001209466 ietft:CBOESAndP500BuyWriteIndexSMMember 2015-05-01 2023-04-30 0001209466 ietft:CustomInvescoRAFIUS1000ETFBenchmarkMember 2015-05-01 2023-04-30 0001209466 ietft:CustomInvescoRAFIUS1500SmallMidETFBenchmarkMember 2015-05-01 2023-04-30 0001209466 ietft:CustomInvescoSAndP500EqualWeightEnergyETFBenchmarkMember 2015-05-01 2023-04-30 0001209466 ietft:DorseyWrightBasicMaterialsTechnicalLeadersTMIndexMember 2015-05-01 2023-04-30 0001209466 ietft:DorseyWrightConsumerCyclicalsTechnicalLeadersTMIndexMember 2015-05-01 2023-04-30 0001209466 ietft:DorseyWrightConsumerStaplesTechnicalLeadersTMIndexMember 2015-05-01 2023-04-30 0001209466 ietft:DorseyWrightEnergyTechnicalLeadersTMIndexMember 2015-05-01 2023-04-30 0001209466 ietft:DorseyWrightFinancialsTechnicalLeadersTMIndexMember 2015-05-01 2023-04-30 0001209466 ietft:DorseyWrightHealthcareTechnicalLeadersTMIndexMember 2015-05-01 2023-04-30 0001209466 ietft:DorseyWrightIndustrialsTechnicalLeadersTMIndexMember 2015-05-01 2023-04-30 0001209466 ietft:DorseyWrightTechnicalLeadersTMIndexMember 2015-05-01 2023-04-30 0001209466 ietft:DorseyWrightTechnologyTechnicalLeadersTMIndexMember 2015-05-01 2023-04-30 0001209466 ietft:DorseyWrightUtilitiesTechnicalLeadersTMIndexMember 2015-05-01 2023-04-30 0001209466 ietft:DowJonesUSSelectDividendIndexMember 2015-05-01 2023-04-30 0001209466 ietft:DynamicBiotechAndGenomeIntellidexIndexMember 2015-05-01 2023-04-30 0001209466 ietft:DynamicBuildingAndConstructionIntellidexIndexMember 2015-05-01 2023-04-30 0001209466 ietft:DynamicEnergyExplorationAndProductionIntellidexIndexMember 2015-05-01 2023-04-30 0001209466 ietft:DynamicFoodAndBeverageIntellidexIndexMember 2015-05-01 2023-04-30 0001209466 ietft:DynamicLargeCapGrowthIntellidexIndexMember 2015-05-01 2023-04-30 0001209466 ietft:DynamicLargeCapValueIntellidexIndexMember 2015-05-01 2023-04-30 0001209466 ietft:DynamicLeisureAndEntertainmentIntellidexIndexMember 2015-05-01 2023-04-30 0001209466 ietft:DynamicOilServicesIntellidexIndexMember 2015-05-01 2023-04-30 0001209466 ietft:DynamicPharmaceuticalIntellidexIndexMember 2015-05-01 2023-04-30 0001209466 ietft:DynamicSemiconductorIntellidexIndexMember 2015-05-01 2023-04-30 0001209466 ietft:FTSEChina50IndexMember 2015-05-01 2023-04-30 0001209466 ietft:MSCIACWIIndexNetMember 2015-05-01 2023-04-30 0001209466 ietft:MSCIChinaIndexNetMember 2015-05-01 2023-04-30 0001209466 ietft:MSCIEAFEIndexNetMember 2015-05-01 2023-04-30 0001209466 ietft:Nasdaq100IndexMember 2015-05-01 2023-04-30 0001209466 us-gaap:NasdaqCompositeIndexMember 2015-05-01 2023-04-30 0001209466 ietft:NasdaqCTAInternetIndexSMMember 2015-05-01 2023-04-30 0001209466 ietft:NasdaqGoldenDragonChinaIndexTMMember 2015-05-01 2023-04-30 0001209466 ietft:NasdaqInternationalDividendAchieversTMIndexNetMember 2015-05-01 2023-04-30 0001209466 ietft:NasdaqOMXUSWaterIndexSMMember 2015-05-01 2023-04-30 0001209466 ietft:NasdaqUSBroadDividendAchieversTMIndexMember 2015-05-01 2023-04-30 0001209466 ietft:NasdaqUSBuyBackAchieversTMIndexMember 2015-05-01 2023-04-30 0001209466 ietft:NasdaqUSDividendAchieversTM50IndexMember 2015-05-01 2023-04-30 0001209466 ietft:RedRocksGlobalListedPrivateEquityIndexMember 2015-05-01 2023-04-30 0001209466 ietft:Russell1000GrowthIndexMember 2015-05-01 2023-04-30 0001209466 ietft:Russell1000IndexMember 2015-05-01 2023-04-30 0001209466 ietft:Russell1000ValueIndexMember 2015-05-01 2023-04-30 0001209466 ietft:Russell2000GrowthIndexMember 2015-05-01 2023-04-30 0001209466 ietft:Russell2000IndexMember 2015-05-01 2023-04-30 0001209466 ietft:Russell3000GrowthIndexMember 2015-05-01 2023-04-30 0001209466 ietft:Russell3000IndexMember 2015-05-01 2023-04-30 0001209466 ietft:Russell3000ValueIndexMember 2015-05-01 2023-04-30 0001209466 ietft:RussellMidcapIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndP100IndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndP500ConsumerDiscretionaryIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndP500ConsumerStaplesIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndP500EnergyIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndP500EqualWeightConsumerDiscretionaryIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndP500EqualWeightConsumerStaplesIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndP500EqualWeightFinancialsIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndP500EqualWeightHealthCareIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndP500EqualWeightIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndP500EqualWeightIndustrialsIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndP500EqualWeightInformationTechnologyIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndP500EqualWeightMaterialsIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndP500EqualWeightUtilitiesPlusIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndP500FinancialsIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndP500GrowthIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndP500HealthCareIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndP500IndustrialsIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndP500InformationTechnologyIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndP500MaterialsIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndP500PureGrowthIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndP500PureValueIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndP500UtilitiesIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndP500ValueIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndPComposite1500AerospaceAndDefenseIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndPComposite1500BiotechnologyIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndPComposite1500CommunicationsEquipmentIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndPComposite1500ConstructionAndEngineeringIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndPComposite1500EnergyEquipmentAndServicesIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndPComposite1500FoodBeverageAndTobaccoIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndPComposite1500HotelsRestaurantsAndLeisureIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndPComposite1500MediaIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndPComposite1500OilAndGasExplorationAndProductionIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndPComposite1500PharmaceuticalsIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndPComposite1500SemiconductorIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndPComposite1500SoftwareAndServicesIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndPMidcap400GrowthIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndPMidCap400IndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndPMidCap400PureGrowthIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndPMidCap400PureValueIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndPMidCap400ValueIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndPSmallCap600GrowthIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndPSmallCap600IndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndPSmallCap600PureGrowthIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndPSmallCap600PureValueIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndPSmallCap600ValueIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SAndPUSPreferredStockIndexMember 2015-05-01 2023-04-30 0001209466 ietft:SPADEDefenseIndexMember 2015-05-01 2023-04-30 0001209466 us-gaap:StandardPoors500IndexMember 2015-05-01 2023-04-30 0001209466 ietft:WilderHillCleanEnergyIndexMember 2015-05-01 2023-04-30 0001209466 ietft:ZacksMidCapCoreIndexMember 2015-05-01 2023-04-30 0001209466 ietft:ZacksMultiAssetIncomeIndexMember 2015-05-01 2023-04-30 0001209466 ietft:BlendedICEExchangeListedFixedRateFinancialPreferredSecuritiesIndexMember 2015-05-01 2024-04-30 0001209466 ietft:BlendedInvescoAIAndNextGenSoftwareBenchmarkMember 2015-05-01 2024-04-30 0001209466 ietft:BlendedInvescoBloombergAnalystRatingImproversETFBenchmarkMember 2015-05-01 2024-04-30 0001209466 ietft:BlendedInvescoBloombergMVPMultiFactorBenchmarkMember 2015-05-01 2024-04-30 0001209466 ietft:BlendedInvescoNextGenConnectivityBenchmarkMember 2015-05-01 2024-04-30 0001209466 ietft:BlendedInvescoNextGenMediaAndGamingBenchmarkMember 2015-05-01 2024-04-30 0001209466 ietft:BlendedInvescoSAndPMidCap400GARPBenchmarkMember 2015-05-01 2024-04-30 0001209466 ietft:BlendedMSCIGlobalEnvironmentSelectIndexMember 2015-05-01 2024-04-30 0001209466 ietft:BlendedSAndP100EqualWeightIndexMember 2015-05-01 2024-04-30 0001209466 ietft:BlendedSAndP500GARPIndexMember 2015-05-01 2024-04-30 0001209466 ietft:BlendedSANDP500HighMomentumValueIndexMember 2015-05-01 2024-04-30 0001209466 ietft:BlendedSAndP500QualityIndexMember 2015-05-01 2024-04-30 0001209466 ietft:BlendedSAndP500Top50IndexMember 2015-05-01 2024-04-30 0001209466 ietft:BlendedSAndPMidCap400HighMomentumValueIndexMember 2015-05-01 2024-04-30 0001209466 ietft:BlendedSAndPMidCap400MomentumIndexMember 2015-05-01 2024-04-30 0001209466 ietft:BlendedSAndPMidCap400QualityIndexMember 2015-05-01 2024-04-30 0001209466 ietft:BlendedSAndPSmallCap600HighMomentumValueIndexMember 2015-05-01 2024-04-30 0001209466 ietft:BlendedSAndPSmallCap600MomentumIndexMember 2015-05-01 2024-04-30 0001209466 ietft:BlendedSAndPUSSpinOffIndexMember 2015-05-01 2024-04-30 0001209466 ietft:BloombergUSAggregateBondIndexMember 2015-05-01 2024-04-30 0001209466 ietft:C000008290Member 2015-05-01 2024-04-30 0001209466 ietft:C000008291Member 2015-05-01 2024-04-30 0001209466 ietft:C000008292Member 2015-05-01 2024-04-30 0001209466 ietft:C000008293Member 2015-05-01 2024-04-30 0001209466 ietft:C000008294Member 2015-05-01 2024-04-30 0001209466 ietft:C000008295Member 2015-05-01 2024-04-30 0001209466 ietft:C000008296Member 2015-05-01 2024-04-30 0001209466 ietft:C000008297Member 2015-05-01 2024-04-30 0001209466 ietft:C000008298Member 2015-05-01 2024-04-30 0001209466 ietft:C000008299Member 2015-05-01 2024-04-30 0001209466 ietft:C000008300Member 2015-05-01 2024-04-30 0001209466 ietft:C000008303Member 2015-05-01 2024-04-30 0001209466 ietft:C000008304Member 2015-05-01 2024-04-30 0001209466 ietft:C000008306Member 2015-05-01 2024-04-30 0001209466 ietft:C000008307Member 2015-05-01 2024-04-30 0001209466 ietft:C000008308Member 2015-05-01 2024-04-30 0001209466 ietft:C000008310Member 2015-05-01 2024-04-30 0001209466 ietft:C000008312Member 2015-05-01 2024-04-30 0001209466 ietft:C000008313Member 2015-05-01 2024-04-30 0001209466 ietft:C000008315Member 2015-05-01 2024-04-30 0001209466 ietft:C000008316Member 2015-05-01 2024-04-30 0001209466 ietft:C000008319Member 2015-05-01 2024-04-30 0001209466 ietft:C000008320Member 2015-05-01 2024-04-30 0001209466 ietft:C000008321Member 2015-05-01 2024-04-30 0001209466 ietft:C000008322Member 2015-05-01 2024-04-30 0001209466 ietft:C000008323Member 2015-05-01 2024-04-30 0001209466 ietft:C000008324Member 2015-05-01 2024-04-30 0001209466 ietft:C000032719Member 2015-05-01 2024-04-30 0001209466 ietft:C000033024Member 2015-05-01 2024-04-30 0001209466 ietft:C000035317Member 2015-05-01 2024-04-30 0001209466 ietft:C000035318Member 2015-05-01 2024-04-30 0001209466 ietft:C000035320Member 2015-05-01 2024-04-30 0001209466 ietft:C000035321Member 2015-05-01 2024-04-30 0001209466 ietft:C000035322Member 2015-05-01 2024-04-30 0001209466 ietft:C000035324Member 2015-05-01 2024-04-30 0001209466 ietft:C000035326Member 2015-05-01 2024-04-30 0001209466 ietft:C000035327Member 2015-05-01 2024-04-30 0001209466 ietft:C000035336Member 2015-05-01 2024-04-30 0001209466 ietft:C000035338Member 2015-05-01 2024-04-30 0001209466 ietft:C000035343Member 2015-05-01 2024-04-30 0001209466 ietft:C000035344Member 2015-05-01 2024-04-30 0001209466 ietft:C000035345Member 2015-05-01 2024-04-30 0001209466 ietft:C000037805Member 2015-05-01 2024-04-30 0001209466 ietft:C000037806Member 2015-05-01 2024-04-30 0001209466 ietft:C000037807Member 2015-05-01 2024-04-30 0001209466 ietft:C000056583Member 2015-05-01 2024-04-30 0001209466 ietft:C000101127Member 2015-05-01 2024-04-30 0001209466 ietft:C000101128Member 2015-05-01 2024-04-30 0001209466 ietft:C000197605Member 2015-05-01 2024-04-30 0001209466 ietft:C000197606Member 2015-05-01 2024-04-30 0001209466 ietft:C000197607Member 2015-05-01 2024-04-30 0001209466 ietft:C000197608Member 2015-05-01 2024-04-30 0001209466 ietft:C000197609Member 2015-05-01 2024-04-30 0001209466 ietft:C000197610Member 2015-05-01 2024-04-30 0001209466 ietft:C000197611Member 2015-05-01 2024-04-30 0001209466 ietft:C000197612Member 2015-05-01 2024-04-30 0001209466 ietft:C000197614Member 2015-05-01 2024-04-30 0001209466 ietft:C000197615Member 2015-05-01 2024-04-30 0001209466 ietft:C000197616Member 2015-05-01 2024-04-30 0001209466 ietft:C000197620Member 2015-05-01 2024-04-30 0001209466 ietft:C000197621Member 2015-05-01 2024-04-30 0001209466 ietft:C000197622Member 2015-05-01 2024-04-30 0001209466 ietft:C000197623Member 2015-05-01 2024-04-30 0001209466 ietft:C000197625Member 2015-05-01 2024-04-30 0001209466 ietft:C000197627Member 2015-05-01 2024-04-30 0001209466 ietft:C000197628Member 2015-05-01 2024-04-30 0001209466 ietft:C000197629Member 2015-05-01 2024-04-30 0001209466 ietft:C000197630Member 2015-05-01 2024-04-30 0001209466 ietft:C000197631Member 2015-05-01 2024-04-30 0001209466 ietft:C000197632Member 2015-05-01 2024-04-30 0001209466 ietft:CBOESAndP500BuyWriteIndexSMMember 2015-05-01 2024-04-30 0001209466 ietft:CustomInvescoRAFIUS1000ETFBenchmarkMember 2015-05-01 2024-04-30 0001209466 ietft:CustomInvescoRAFIUS1500SmallMidETFBenchmarkMember 2015-05-01 2024-04-30 0001209466 ietft:CustomInvescoSAndP500EqualWeightEnergyETFBenchmarkMember 2015-05-01 2024-04-30 0001209466 ietft:DorseyWrightBasicMaterialsTechnicalLeadersTMIndexMember 2015-05-01 2024-04-30 0001209466 ietft:DorseyWrightConsumerCyclicalsTechnicalLeadersTMIndexMember 2015-05-01 2024-04-30 0001209466 ietft:DorseyWrightConsumerStaplesTechnicalLeadersTMIndexMember 2015-05-01 2024-04-30 0001209466 ietft:DorseyWrightEnergyTechnicalLeadersTMIndexMember 2015-05-01 2024-04-30 0001209466 ietft:DorseyWrightFinancialsTechnicalLeadersTMIndexMember 2015-05-01 2024-04-30 0001209466 ietft:DorseyWrightHealthcareTechnicalLeadersTMIndexMember 2015-05-01 2024-04-30 0001209466 ietft:DorseyWrightIndustrialsTechnicalLeadersTMIndexMember 2015-05-01 2024-04-30 0001209466 ietft:DorseyWrightTechnicalLeadersTMIndexMember 2015-05-01 2024-04-30 0001209466 ietft:DorseyWrightTechnologyTechnicalLeadersTMIndexMember 2015-05-01 2024-04-30 0001209466 ietft:DorseyWrightUtilitiesTechnicalLeadersTMIndexMember 2015-05-01 2024-04-30 0001209466 ietft:DowJonesUSSelectDividendIndexMember 2015-05-01 2024-04-30 0001209466 ietft:DynamicBiotechAndGenomeIntellidexIndexMember 2015-05-01 2024-04-30 0001209466 ietft:DynamicBuildingAndConstructionIntellidexIndexMember 2015-05-01 2024-04-30 0001209466 ietft:DynamicEnergyExplorationAndProductionIntellidexIndexMember 2015-05-01 2024-04-30 0001209466 ietft:DynamicFoodAndBeverageIntellidexIndexMember 2015-05-01 2024-04-30 0001209466 ietft:DynamicLargeCapGrowthIntellidexIndexMember 2015-05-01 2024-04-30 0001209466 ietft:DynamicLargeCapValueIntellidexIndexMember 2015-05-01 2024-04-30 0001209466 ietft:DynamicLeisureAndEntertainmentIntellidexIndexMember 2015-05-01 2024-04-30 0001209466 ietft:DynamicOilServicesIntellidexIndexMember 2015-05-01 2024-04-30 0001209466 ietft:DynamicPharmaceuticalIntellidexIndexMember 2015-05-01 2024-04-30 0001209466 ietft:DynamicSemiconductorIntellidexIndexMember 2015-05-01 2024-04-30 0001209466 ietft:FTSEChina50IndexMember 2015-05-01 2024-04-30 0001209466 ietft:MSCIACWIIndexNetMember 2015-05-01 2024-04-30 0001209466 ietft:MSCIChinaIndexNetMember 2015-05-01 2024-04-30 0001209466 ietft:MSCIEAFEIndexNetMember 2015-05-01 2024-04-30 0001209466 ietft:Nasdaq100IndexMember 2015-05-01 2024-04-30 0001209466 us-gaap:NasdaqCompositeIndexMember 2015-05-01 2024-04-30 0001209466 ietft:NasdaqCTAInternetIndexSMMember 2015-05-01 2024-04-30 0001209466 ietft:NasdaqGoldenDragonChinaIndexTMMember 2015-05-01 2024-04-30 0001209466 ietft:NasdaqInternationalDividendAchieversTMIndexNetMember 2015-05-01 2024-04-30 0001209466 ietft:NasdaqOMXUSWaterIndexSMMember 2015-05-01 2024-04-30 0001209466 ietft:NasdaqUSBroadDividendAchieversTMIndexMember 2015-05-01 2024-04-30 0001209466 ietft:NasdaqUSBuyBackAchieversTMIndexMember 2015-05-01 2024-04-30 0001209466 ietft:NasdaqUSDividendAchieversTM50IndexMember 2015-05-01 2024-04-30 0001209466 ietft:RedRocksGlobalListedPrivateEquityIndexMember 2015-05-01 2024-04-30 0001209466 ietft:Russell1000GrowthIndexMember 2015-05-01 2024-04-30 0001209466 ietft:Russell1000IndexMember 2015-05-01 2024-04-30 0001209466 ietft:Russell1000ValueIndexMember 2015-05-01 2024-04-30 0001209466 ietft:Russell2000GrowthIndexMember 2015-05-01 2024-04-30 0001209466 ietft:Russell2000IndexMember 2015-05-01 2024-04-30 0001209466 ietft:Russell3000GrowthIndexMember 2015-05-01 2024-04-30 0001209466 ietft:Russell3000IndexMember 2015-05-01 2024-04-30 0001209466 ietft:Russell3000ValueIndexMember 2015-05-01 2024-04-30 0001209466 ietft:RussellMidcapIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndP100IndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndP500ConsumerDiscretionaryIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndP500ConsumerStaplesIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndP500EnergyIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndP500EqualWeightConsumerDiscretionaryIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndP500EqualWeightConsumerStaplesIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndP500EqualWeightFinancialsIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndP500EqualWeightHealthCareIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndP500EqualWeightIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndP500EqualWeightIndustrialsIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndP500EqualWeightInformationTechnologyIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndP500EqualWeightMaterialsIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndP500EqualWeightUtilitiesPlusIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndP500FinancialsIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndP500GrowthIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndP500HealthCareIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndP500IndustrialsIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndP500InformationTechnologyIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndP500MaterialsIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndP500PureGrowthIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndP500PureValueIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndP500UtilitiesIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndP500ValueIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndPComposite1500AerospaceAndDefenseIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndPComposite1500BiotechnologyIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndPComposite1500CommunicationsEquipmentIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndPComposite1500ConstructionAndEngineeringIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndPComposite1500EnergyEquipmentAndServicesIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndPComposite1500FoodBeverageAndTobaccoIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndPComposite1500HotelsRestaurantsAndLeisureIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndPComposite1500MediaIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndPComposite1500OilAndGasExplorationAndProductionIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndPComposite1500PharmaceuticalsIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndPComposite1500SemiconductorIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndPComposite1500SoftwareAndServicesIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndPMidcap400GrowthIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndPMidCap400IndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndPMidCap400PureGrowthIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndPMidCap400PureValueIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndPMidCap400ValueIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndPSmallCap600GrowthIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndPSmallCap600IndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndPSmallCap600PureGrowthIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndPSmallCap600PureValueIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndPSmallCap600ValueIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SAndPUSPreferredStockIndexMember 2015-05-01 2024-04-30 0001209466 ietft:SPADEDefenseIndexMember 2015-05-01 2024-04-30 0001209466 us-gaap:StandardPoors500IndexMember 2015-05-01 2024-04-30 0001209466 ietft:WilderHillCleanEnergyIndexMember 2015-05-01 2024-04-30 0001209466 ietft:ZacksMidCapCoreIndexMember 2015-05-01 2024-04-30 0001209466 ietft:ZacksMultiAssetIncomeIndexMember 2015-05-01 2024-04-30 0001209466 ietft:C000197604Member 2015-08-13 2015-08-13 0001209466 ietft:SAndP500EqualWeightRealEstateIndexMember 2015-08-13 2015-08-13 0001209466 us-gaap:StandardPoors500IndexMember 2015-08-13 2015-08-13 0001209466 ietft:C000197604Member 2015-08-13 2025-04-30 0001209466 ietft:SAndP500EqualWeightRealEstateIndexMember 2015-08-13 2025-04-30 0001209466 ietft:SAndP500RealEstateIndexMember 2015-08-13 2025-04-30 0001209466 us-gaap:StandardPoors500IndexMember 2015-08-13 2025-04-30 0001209466 ietft:C000197604Member 2015-08-14 2016-04-30 0001209466 ietft:SAndP500EqualWeightRealEstateIndexMember 2015-08-14 2016-04-30 0001209466 ietft:C000197604Member 2015-08-14 2017-04-30 0001209466 ietft:SAndP500EqualWeightRealEstateIndexMember 2015-08-14 2017-04-30 0001209466 ietft:C000197604Member 2015-08-14 2018-04-30 0001209466 ietft:SAndP500EqualWeightRealEstateIndexMember 2015-08-14 2018-04-30 0001209466 ietft:C000197604Member 2015-08-14 2019-04-30 0001209466 ietft:SAndP500EqualWeightRealEstateIndexMember 2015-08-14 2019-04-30 0001209466 ietft:C000197604Member 2015-08-14 2020-04-30 0001209466 ietft:SAndP500EqualWeightRealEstateIndexMember 2015-08-14 2020-04-30 0001209466 ietft:C000197604Member 2015-08-14 2021-04-30 0001209466 ietft:SAndP500EqualWeightRealEstateIndexMember 2015-08-14 2021-04-30 0001209466 ietft:C000197604Member 2015-08-14 2022-04-30 0001209466 ietft:SAndP500EqualWeightRealEstateIndexMember 2015-08-14 2022-04-30 0001209466 ietft:C000197604Member 2015-08-14 2023-04-30 0001209466 ietft:SAndP500EqualWeightRealEstateIndexMember 2015-08-14 2023-04-30 0001209466 ietft:C000197604Member 2015-08-14 2024-04-30 0001209466 ietft:SAndP500EqualWeightRealEstateIndexMember 2015-08-14 2024-04-30 0001209466 ietft:C000197604Member 2015-08-14 2025-04-30 0001209466 ietft:SAndP500EqualWeightRealEstateIndexMember 2015-08-14 2025-04-30 0001209466 ietft:C000197618Member 2015-12-16 2015-12-16 0001209466 ietft:DowJonesIndustrialAverageS000060802IndexMember 2015-12-16 2015-12-16 0001209466 ietft:DowJonesIndustrialAverageYieldWeightedIndexMember 2015-12-16 2015-12-16 0001209466 ietft:SAndPComposite1500IndexMember 2015-12-16 2015-12-16 0001209466 ietft:DowJonesIndustrialAverageS000060802IndexMember 2015-12-16 2018-04-30 0001209466 ietft:SAndPComposite1500IndexMember 2015-12-16 2022-04-30 0001209466 ietft:C000197618Member 2015-12-16 2025-04-30 0001209466 ietft:DowJonesIndustrialAverageS000060802IndexMember 2015-12-16 2025-04-30 0001209466 ietft:DowJonesIndustrialAverageYieldWeightedIndexMember 2015-12-16 2025-04-30 0001209466 ietft:SAndPComposite1500IndexMember 2015-12-16 2025-04-30 0001209466 ietft:C000197618Member 2015-12-17 2016-04-30 0001209466 ietft:DowJonesIndustrialAverageS000060802IndexMember 2015-12-17 2016-04-30 0001209466 ietft:DowJonesIndustrialAverageYieldWeightedIndexMember 2015-12-17 2016-04-30 0001209466 ietft:SAndPComposite1500IndexMember 2015-12-17 2016-04-30 0001209466 ietft:C000197618Member 2015-12-17 2017-04-30 0001209466 ietft:DowJonesIndustrialAverageS000060802IndexMember 2015-12-17 2017-04-30 0001209466 ietft:DowJonesIndustrialAverageYieldWeightedIndexMember 2015-12-17 2017-04-30 0001209466 ietft:SAndPComposite1500IndexMember 2015-12-17 2017-04-30 0001209466 ietft:C000197618Member 2015-12-17 2018-04-30 0001209466 ietft:DowJonesIndustrialAverageYieldWeightedIndexMember 2015-12-17 2018-04-30 0001209466 ietft:SAndPComposite1500IndexMember 2015-12-17 2018-04-30 0001209466 ietft:C000197618Member 2015-12-17 2019-04-30 0001209466 ietft:DowJonesIndustrialAverageS000060802IndexMember 2015-12-17 2019-04-30 0001209466 ietft:DowJonesIndustrialAverageYieldWeightedIndexMember 2015-12-17 2019-04-30 0001209466 ietft:SAndPComposite1500IndexMember 2015-12-17 2019-04-30 0001209466 ietft:C000197618Member 2015-12-17 2020-04-30 0001209466 ietft:DowJonesIndustrialAverageS000060802IndexMember 2015-12-17 2020-04-30 0001209466 ietft:DowJonesIndustrialAverageYieldWeightedIndexMember 2015-12-17 2020-04-30 0001209466 ietft:SAndPComposite1500IndexMember 2015-12-17 2020-04-30 0001209466 ietft:C000197618Member 2015-12-17 2021-04-30 0001209466 ietft:DowJonesIndustrialAverageS000060802IndexMember 2015-12-17 2021-04-30 0001209466 ietft:DowJonesIndustrialAverageYieldWeightedIndexMember 2015-12-17 2021-04-30 0001209466 ietft:SAndPComposite1500IndexMember 2015-12-17 2021-04-30 0001209466 ietft:C000197618Member 2015-12-17 2022-04-30 0001209466 ietft:DowJonesIndustrialAverageS000060802IndexMember 2015-12-17 2022-04-30 0001209466 ietft:DowJonesIndustrialAverageYieldWeightedIndexMember 2015-12-17 2022-04-30 0001209466 ietft:C000197618Member 2015-12-17 2023-04-30 0001209466 ietft:DowJonesIndustrialAverageS000060802IndexMember 2015-12-17 2023-04-30 0001209466 ietft:DowJonesIndustrialAverageYieldWeightedIndexMember 2015-12-17 2023-04-30 0001209466 ietft:SAndPComposite1500IndexMember 2015-12-17 2023-04-30 0001209466 ietft:C000197618Member 2015-12-17 2024-04-30 0001209466 ietft:DowJonesIndustrialAverageS000060802IndexMember 2015-12-17 2024-04-30 0001209466 ietft:DowJonesIndustrialAverageYieldWeightedIndexMember 2015-12-17 2024-04-30 0001209466 ietft:SAndPComposite1500IndexMember 2015-12-17 2024-04-30 0001209466 ietft:C000197618Member 2015-12-17 2025-04-30 0001209466 ietft:DowJonesIndustrialAverageS000060802IndexMember 2015-12-17 2025-04-30 0001209466 ietft:DowJonesIndustrialAverageYieldWeightedIndexMember 2015-12-17 2025-04-30 0001209466 ietft:SAndPComposite1500IndexMember 2015-12-17 2025-04-30 0001209466 ietft:C000205462Member 2018-11-07 2018-11-07 0001209466 ietft:SAndP500CommunicationServicesIndexMember 2018-11-07 2018-11-07 0001209466 ietft:SAndP500EqualWeightCommunicationServicesPlusIndexMember 2018-11-07 2018-11-07 0001209466 us-gaap:StandardPoors500IndexMember 2018-11-07 2018-11-07 0001209466 ietft:C000205462Member 2018-11-07 2025-04-30 0001209466 ietft:SAndP500CommunicationServicesIndexMember 2018-11-07 2025-04-30 0001209466 ietft:SAndP500EqualWeightCommunicationServicesPlusIndexMember 2018-11-07 2025-04-30 0001209466 us-gaap:StandardPoors500IndexMember 2018-11-07 2025-04-30 0001209466 ietft:C000205462Member 2018-11-08 2019-04-30 0001209466 ietft:SAndP500CommunicationServicesIndexMember 2018-11-08 2019-04-30 0001209466 ietft:SAndP500EqualWeightCommunicationServicesPlusIndexMember 2018-11-08 2019-04-30 0001209466 ietft:C000205462Member 2018-11-08 2020-04-30 0001209466 ietft:SAndP500CommunicationServicesIndexMember 2018-11-08 2020-04-30 0001209466 ietft:SAndP500EqualWeightCommunicationServicesPlusIndexMember 2018-11-08 2020-04-30 0001209466 ietft:C000205462Member 2018-11-08 2021-04-30 0001209466 ietft:SAndP500CommunicationServicesIndexMember 2018-11-08 2021-04-30 0001209466 ietft:SAndP500EqualWeightCommunicationServicesPlusIndexMember 2018-11-08 2021-04-30 0001209466 ietft:C000205462Member 2018-11-08 2022-04-30 0001209466 ietft:SAndP500CommunicationServicesIndexMember 2018-11-08 2022-04-30 0001209466 ietft:SAndP500EqualWeightCommunicationServicesPlusIndexMember 2018-11-08 2022-04-30 0001209466 ietft:C000205462Member 2018-11-08 2023-04-30 0001209466 ietft:SAndP500CommunicationServicesIndexMember 2018-11-08 2023-04-30 0001209466 ietft:SAndP500EqualWeightCommunicationServicesPlusIndexMember 2018-11-08 2023-04-30 0001209466 ietft:C000205462Member 2018-11-08 2024-04-30 0001209466 ietft:SAndP500CommunicationServicesIndexMember 2018-11-08 2024-04-30 0001209466 ietft:SAndP500EqualWeightCommunicationServicesPlusIndexMember 2018-11-08 2024-04-30 0001209466 ietft:C000205462Member 2018-11-08 2025-04-30 0001209466 ietft:SAndP500CommunicationServicesIndexMember 2018-11-08 2025-04-30 0001209466 ietft:SAndP500EqualWeightCommunicationServicesPlusIndexMember 2018-11-08 2025-04-30 0001209466 2024-05-01 2025-04-30 0001209466 ietft:BlendedICEExchangeListedFixedRateFinancialPreferredSecuritiesIndexMember 2015-05-01 2020-04-30 0001209466 ietft:BlendedInvescoAIAndNextGenSoftwareBenchmarkMember 2015-05-01 2020-04-30 0001209466 ietft:BlendedInvescoBloombergAnalystRatingImproversETFBenchmarkMember 2015-05-01 2020-04-30 0001209466 ietft:BlendedInvescoBloombergMVPMultiFactorBenchmarkMember 2015-05-01 2020-04-30 0001209466 ietft:BlendedInvescoNextGenConnectivityBenchmarkMember 2015-05-01 2020-04-30 0001209466 ietft:BlendedInvescoNextGenMediaAndGamingBenchmarkMember 2015-05-01 2020-04-30 0001209466 ietft:BlendedInvescoSAndPMidCap400GARPBenchmarkMember 2015-05-01 2020-04-30 0001209466 ietft:BlendedMSCIGlobalEnvironmentSelectIndexMember 2015-05-01 2020-04-30 0001209466 ietft:BlendedSAndP100EqualWeightIndexMember 2015-05-01 2020-04-30 0001209466 ietft:BlendedSAndP500GARPIndexMember 2015-05-01 2020-04-30 0001209466 ietft:BlendedSANDP500HighMomentumValueIndexMember 2015-05-01 2020-04-30 0001209466 ietft:BlendedSAndP500QualityIndexMember 2015-05-01 2020-04-30 0001209466 ietft:BlendedSAndP500Top50IndexMember 2015-05-01 2020-04-30 0001209466 ietft:BlendedSAndPMidCap400HighMomentumValueIndexMember 2015-05-01 2020-04-30 0001209466 ietft:BlendedSAndPMidCap400MomentumIndexMember 2015-05-01 2020-04-30 0001209466 ietft:BlendedSAndPMidCap400QualityIndexMember 2015-05-01 2020-04-30 0001209466 ietft:BlendedSAndPSmallCap600HighMomentumValueIndexMember 2015-05-01 2020-04-30 0001209466 ietft:BlendedSAndPSmallCap600MomentumIndexMember 2015-05-01 2020-04-30 0001209466 ietft:BlendedSAndPUSSpinOffIndexMember 2015-05-01 2020-04-30 0001209466 ietft:BloombergUSAggregateBondIndexMember 2015-05-01 2020-04-30 0001209466 ietft:C000008290Member 2015-05-01 2020-04-30 0001209466 ietft:C000008291Member 2015-05-01 2020-04-30 0001209466 ietft:C000008292Member 2015-05-01 2020-04-30 0001209466 ietft:C000008293Member 2015-05-01 2020-04-30 0001209466 ietft:C000008294Member 2015-05-01 2020-04-30 0001209466 ietft:C000008295Member 2015-05-01 2020-04-30 0001209466 ietft:C000008296Member 2015-05-01 2020-04-30 0001209466 ietft:C000008297Member 2015-05-01 2020-04-30 0001209466 ietft:C000008298Member 2015-05-01 2020-04-30 0001209466 ietft:C000008299Member 2015-05-01 2020-04-30 0001209466 ietft:C000008300Member 2015-05-01 2020-04-30 0001209466 ietft:C000008303Member 2015-05-01 2020-04-30 0001209466 ietft:C000008304Member 2015-05-01 2020-04-30 0001209466 ietft:C000008306Member 2015-05-01 2020-04-30 0001209466 ietft:C000008307Member 2015-05-01 2020-04-30 0001209466 ietft:C000008308Member 2015-05-01 2020-04-30 0001209466 ietft:C000008310Member 2015-05-01 2020-04-30 0001209466 ietft:C000008312Member 2015-05-01 2020-04-30 0001209466 ietft:C000008313Member 2015-05-01 2020-04-30 0001209466 ietft:C000008315Member 2015-05-01 2020-04-30 0001209466 ietft:C000008316Member 2015-05-01 2020-04-30 0001209466 ietft:C000008319Member 2015-05-01 2020-04-30 0001209466 ietft:C000008320Member 2015-05-01 2020-04-30 0001209466 ietft:C000008321Member 2015-05-01 2020-04-30 0001209466 ietft:C000008322Member 2015-05-01 2020-04-30 0001209466 ietft:C000008323Member 2015-05-01 2020-04-30 0001209466 ietft:C000008324Member 2015-05-01 2020-04-30 0001209466 ietft:C000032719Member 2015-05-01 2020-04-30 0001209466 ietft:C000033024Member 2015-05-01 2020-04-30 0001209466 ietft:C000035317Member 2015-05-01 2020-04-30 0001209466 ietft:C000035318Member 2015-05-01 2020-04-30 0001209466 ietft:C000035320Member 2015-05-01 2020-04-30 0001209466 ietft:C000035321Member 2015-05-01 2020-04-30 0001209466 ietft:C000035322Member 2015-05-01 2020-04-30 0001209466 ietft:C000035324Member 2015-05-01 2020-04-30 0001209466 ietft:C000035326Member 2015-05-01 2020-04-30 0001209466 ietft:C000035327Member 2015-05-01 2020-04-30 0001209466 ietft:C000035336Member 2015-05-01 2020-04-30 0001209466 ietft:C000035338Member 2015-05-01 2020-04-30 0001209466 ietft:C000035343Member 2015-05-01 2020-04-30 0001209466 ietft:C000035344Member 2015-05-01 2020-04-30 0001209466 ietft:C000035345Member 2015-05-01 2020-04-30 0001209466 ietft:C000037805Member 2015-05-01 2020-04-30 0001209466 ietft:C000037806Member 2015-05-01 2020-04-30 0001209466 ietft:C000037807Member 2015-05-01 2020-04-30 0001209466 ietft:C000056583Member 2015-05-01 2020-04-30 0001209466 ietft:C000101127Member 2015-05-01 2020-04-30 0001209466 ietft:C000101128Member 2015-05-01 2020-04-30 0001209466 ietft:C000197605Member 2015-05-01 2020-04-30 0001209466 ietft:C000197606Member 2015-05-01 2020-04-30 0001209466 ietft:C000197607Member 2015-05-01 2020-04-30 0001209466 ietft:C000197608Member 2015-05-01 2020-04-30 0001209466 ietft:C000197609Member 2015-05-01 2020-04-30 0001209466 ietft:C000197610Member 2015-05-01 2020-04-30 0001209466 ietft:C000197611Member 2015-05-01 2020-04-30 0001209466 ietft:C000197612Member 2015-05-01 2020-04-30 0001209466 ietft:C000197614Member 2015-05-01 2020-04-30 0001209466 ietft:C000197615Member 2015-05-01 2020-04-30 0001209466 ietft:C000197616Member 2015-05-01 2020-04-30 0001209466 ietft:C000197620Member 2015-05-01 2020-04-30 0001209466 ietft:C000197621Member 2015-05-01 2020-04-30 0001209466 ietft:C000197622Member 2015-05-01 2020-04-30 0001209466 ietft:C000197623Member 2015-05-01 2020-04-30 0001209466 ietft:C000197625Member 2015-05-01 2020-04-30 0001209466 ietft:C000197627Member 2015-05-01 2020-04-30 0001209466 ietft:C000197628Member 2015-05-01 2020-04-30 0001209466 ietft:C000197629Member 2015-05-01 2020-04-30 0001209466 ietft:C000197630Member 2015-05-01 2020-04-30 0001209466 ietft:C000197631Member 2015-05-01 2020-04-30 0001209466 ietft:C000197632Member 2015-05-01 2020-04-30 0001209466 ietft:CBOESAndP500BuyWriteIndexSMMember 2015-05-01 2020-04-30 0001209466 ietft:CustomInvescoRAFIUS1000ETFBenchmarkMember 2015-05-01 2020-04-30 0001209466 ietft:CustomInvescoRAFIUS1500SmallMidETFBenchmarkMember 2015-05-01 2020-04-30 0001209466 ietft:CustomInvescoSAndP500EqualWeightEnergyETFBenchmarkMember 2015-05-01 2020-04-30 0001209466 ietft:DorseyWrightBasicMaterialsTechnicalLeadersTMIndexMember 2015-05-01 2020-04-30 0001209466 ietft:DorseyWrightConsumerCyclicalsTechnicalLeadersTMIndexMember 2015-05-01 2020-04-30 0001209466 ietft:DorseyWrightConsumerStaplesTechnicalLeadersTMIndexMember 2015-05-01 2020-04-30 0001209466 ietft:DorseyWrightEnergyTechnicalLeadersTMIndexMember 2015-05-01 2020-04-30 0001209466 ietft:DorseyWrightFinancialsTechnicalLeadersTMIndexMember 2015-05-01 2020-04-30 0001209466 ietft:DorseyWrightHealthcareTechnicalLeadersTMIndexMember 2015-05-01 2020-04-30 0001209466 ietft:DorseyWrightIndustrialsTechnicalLeadersTMIndexMember 2015-05-01 2020-04-30 0001209466 ietft:DorseyWrightTechnicalLeadersTMIndexMember 2015-05-01 2020-04-30 0001209466 ietft:DorseyWrightTechnologyTechnicalLeadersTMIndexMember 2015-05-01 2020-04-30 0001209466 ietft:DorseyWrightUtilitiesTechnicalLeadersTMIndexMember 2015-05-01 2020-04-30 0001209466 ietft:DowJonesUSSelectDividendIndexMember 2015-05-01 2020-04-30 0001209466 ietft:DynamicBiotechAndGenomeIntellidexIndexMember 2015-05-01 2020-04-30 0001209466 ietft:DynamicBuildingAndConstructionIntellidexIndexMember 2015-05-01 2020-04-30 0001209466 ietft:DynamicEnergyExplorationAndProductionIntellidexIndexMember 2015-05-01 2020-04-30 0001209466 ietft:DynamicFoodAndBeverageIntellidexIndexMember 2015-05-01 2020-04-30 0001209466 ietft:DynamicLargeCapGrowthIntellidexIndexMember 2015-05-01 2020-04-30 0001209466 ietft:DynamicLargeCapValueIntellidexIndexMember 2015-05-01 2020-04-30 0001209466 ietft:DynamicLeisureAndEntertainmentIntellidexIndexMember 2015-05-01 2020-04-30 0001209466 ietft:DynamicOilServicesIntellidexIndexMember 2015-05-01 2020-04-30 0001209466 ietft:DynamicPharmaceuticalIntellidexIndexMember 2015-05-01 2020-04-30 0001209466 ietft:DynamicSemiconductorIntellidexIndexMember 2015-05-01 2020-04-30 0001209466 ietft:FTSEChina50IndexMember 2015-05-01 2020-04-30 0001209466 ietft:MSCIACWIIndexNetMember 2015-05-01 2020-04-30 0001209466 ietft:MSCIChinaIndexNetMember 2015-05-01 2020-04-30 0001209466 ietft:MSCIEAFEIndexNetMember 2015-05-01 2020-04-30 0001209466 ietft:Nasdaq100IndexMember 2015-05-01 2020-04-30 0001209466 us-gaap:NasdaqCompositeIndexMember 2015-05-01 2020-04-30 0001209466 ietft:NasdaqCTAInternetIndexSMMember 2015-05-01 2020-04-30 0001209466 ietft:NasdaqGoldenDragonChinaIndexTMMember 2015-05-01 2020-04-30 0001209466 ietft:NasdaqInternationalDividendAchieversTMIndexNetMember 2015-05-01 2020-04-30 0001209466 ietft:NasdaqOMXUSWaterIndexSMMember 2015-05-01 2020-04-30 0001209466 ietft:NasdaqUSBroadDividendAchieversTMIndexMember 2015-05-01 2020-04-30 0001209466 ietft:NasdaqUSBuyBackAchieversTMIndexMember 2015-05-01 2020-04-30 0001209466 ietft:NasdaqUSDividendAchieversTM50IndexMember 2015-05-01 2020-04-30 0001209466 ietft:RedRocksGlobalListedPrivateEquityIndexMember 2015-05-01 2020-04-30 0001209466 ietft:Russell1000GrowthIndexMember 2015-05-01 2020-04-30 0001209466 ietft:Russell1000IndexMember 2015-05-01 2020-04-30 0001209466 ietft:Russell1000ValueIndexMember 2015-05-01 2020-04-30 0001209466 ietft:Russell2000GrowthIndexMember 2015-05-01 2020-04-30 0001209466 ietft:Russell2000IndexMember 2015-05-01 2020-04-30 0001209466 ietft:Russell3000GrowthIndexMember 2015-05-01 2020-04-30 0001209466 ietft:Russell3000IndexMember 2015-05-01 2020-04-30 0001209466 ietft:Russell3000ValueIndexMember 2015-05-01 2020-04-30 0001209466 ietft:RussellMidcapIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndP100IndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndP500ConsumerDiscretionaryIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndP500ConsumerStaplesIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndP500EnergyIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndP500EqualWeightConsumerDiscretionaryIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndP500EqualWeightConsumerStaplesIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndP500EqualWeightFinancialsIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndP500EqualWeightHealthCareIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndP500EqualWeightIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndP500EqualWeightIndustrialsIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndP500EqualWeightInformationTechnologyIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndP500EqualWeightMaterialsIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndP500EqualWeightUtilitiesPlusIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndP500FinancialsIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndP500GrowthIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndP500HealthCareIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndP500IndustrialsIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndP500InformationTechnologyIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndP500MaterialsIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndP500PureGrowthIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndP500PureValueIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndP500UtilitiesIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndP500ValueIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndPComposite1500AerospaceAndDefenseIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndPComposite1500BiotechnologyIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndPComposite1500CommunicationsEquipmentIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndPComposite1500ConstructionAndEngineeringIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndPComposite1500EnergyEquipmentAndServicesIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndPComposite1500FoodBeverageAndTobaccoIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndPComposite1500HotelsRestaurantsAndLeisureIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndPComposite1500MediaIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndPComposite1500OilAndGasExplorationAndProductionIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndPComposite1500PharmaceuticalsIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndPComposite1500SemiconductorIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndPComposite1500SoftwareAndServicesIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndPMidcap400GrowthIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndPMidCap400IndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndPMidCap400PureGrowthIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndPMidCap400PureValueIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndPMidCap400ValueIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndPSmallCap600GrowthIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndPSmallCap600IndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndPSmallCap600PureGrowthIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndPSmallCap600PureValueIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndPSmallCap600ValueIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SAndPUSPreferredStockIndexMember 2015-05-01 2020-04-30 0001209466 ietft:SPADEDefenseIndexMember 2015-05-01 2020-04-30 0001209466 us-gaap:StandardPoors500IndexMember 2015-05-01 2020-04-30 0001209466 ietft:WilderHillCleanEnergyIndexMember 2015-05-01 2020-04-30 0001209466 ietft:ZacksMidCapCoreIndexMember 2015-05-01 2020-04-30 0001209466 ietft:ZacksMultiAssetIncomeIndexMember 2015-05-01 2020-04-30 0001209466 ietft:BlendedICEExchangeListedFixedRateFinancialPreferredSecuritiesIndexMember 2020-05-01 2025-04-30 0001209466 ietft:BlendedInvescoAIAndNextGenSoftwareBenchmarkMember 2020-05-01 2025-04-30 0001209466 ietft:BlendedInvescoBloombergAnalystRatingImproversETFBenchmarkMember 2020-05-01 2025-04-30 0001209466 ietft:BlendedInvescoBloombergMVPMultiFactorBenchmarkMember 2020-05-01 2025-04-30 0001209466 ietft:BlendedInvescoNextGenConnectivityBenchmarkMember 2020-05-01 2025-04-30 0001209466 ietft:BlendedInvescoNextGenMediaAndGamingBenchmarkMember 2020-05-01 2025-04-30 0001209466 ietft:BlendedInvescoSAndPMidCap400GARPBenchmarkMember 2020-05-01 2025-04-30 0001209466 ietft:BlendedMSCIGlobalEnvironmentSelectIndexMember 2020-05-01 2025-04-30 0001209466 ietft:BlendedSAndP100EqualWeightIndexMember 2020-05-01 2025-04-30 0001209466 ietft:BlendedSAndP500GARPIndexMember 2020-05-01 2025-04-30 0001209466 ietft:BlendedSANDP500HighMomentumValueIndexMember 2020-05-01 2025-04-30 0001209466 ietft:BlendedSAndP500QualityIndexMember 2020-05-01 2025-04-30 0001209466 ietft:BlendedSAndP500Top50IndexMember 2020-05-01 2025-04-30 0001209466 ietft:BlendedSAndPMidCap400HighMomentumValueIndexMember 2020-05-01 2025-04-30 0001209466 ietft:BlendedSAndPMidCap400MomentumIndexMember 2020-05-01 2025-04-30 0001209466 ietft:BlendedSAndPMidCap400QualityIndexMember 2020-05-01 2025-04-30 0001209466 ietft:BlendedSAndPSmallCap600HighMomentumValueIndexMember 2020-05-01 2025-04-30 0001209466 ietft:BlendedSAndPSmallCap600MomentumIndexMember 2020-05-01 2025-04-30 0001209466 ietft:BlendedSAndPUSSpinOffIndexMember 2020-05-01 2025-04-30 0001209466 ietft:BloombergUSAggregateBondIndexMember 2020-05-01 2025-04-30 0001209466 ietft:C000008290Member 2020-05-01 2025-04-30 0001209466 ietft:C000008291Member 2020-05-01 2025-04-30 0001209466 ietft:C000008292Member 2020-05-01 2025-04-30 0001209466 ietft:C000008293Member 2020-05-01 2025-04-30 0001209466 ietft:C000008294Member 2020-05-01 2025-04-30 0001209466 ietft:C000008295Member 2020-05-01 2025-04-30 0001209466 ietft:C000008296Member 2020-05-01 2025-04-30 0001209466 ietft:C000008297Member 2020-05-01 2025-04-30 0001209466 ietft:C000008298Member 2020-05-01 2025-04-30 0001209466 ietft:C000008299Member 2020-05-01 2025-04-30 0001209466 ietft:C000008300Member 2020-05-01 2025-04-30 0001209466 ietft:C000008303Member 2020-05-01 2025-04-30 0001209466 ietft:C000008304Member 2020-05-01 2025-04-30 0001209466 ietft:C000008306Member 2020-05-01 2025-04-30 0001209466 ietft:C000008307Member 2020-05-01 2025-04-30 0001209466 ietft:C000008308Member 2020-05-01 2025-04-30 0001209466 ietft:C000008310Member 2020-05-01 2025-04-30 0001209466 ietft:C000008312Member 2020-05-01 2025-04-30 0001209466 ietft:C000008313Member 2020-05-01 2025-04-30 0001209466 ietft:C000008315Member 2020-05-01 2025-04-30 0001209466 ietft:C000008316Member 2020-05-01 2025-04-30 0001209466 ietft:C000008319Member 2020-05-01 2025-04-30 0001209466 ietft:C000008320Member 2020-05-01 2025-04-30 0001209466 ietft:C000008321Member 2020-05-01 2025-04-30 0001209466 ietft:C000008322Member 2020-05-01 2025-04-30 0001209466 ietft:C000008323Member 2020-05-01 2025-04-30 0001209466 ietft:C000008324Member 2020-05-01 2025-04-30 0001209466 ietft:C000032719Member 2020-05-01 2025-04-30 0001209466 ietft:C000033024Member 2020-05-01 2025-04-30 0001209466 ietft:C000035317Member 2020-05-01 2025-04-30 0001209466 ietft:C000035318Member 2020-05-01 2025-04-30 0001209466 ietft:C000035320Member 2020-05-01 2025-04-30 0001209466 ietft:C000035321Member 2020-05-01 2025-04-30 0001209466 ietft:C000035322Member 2020-05-01 2025-04-30 0001209466 ietft:C000035324Member 2020-05-01 2025-04-30 0001209466 ietft:C000035326Member 2020-05-01 2025-04-30 0001209466 ietft:C000035327Member 2020-05-01 2025-04-30 0001209466 ietft:C000035336Member 2020-05-01 2025-04-30 0001209466 ietft:C000035338Member 2020-05-01 2025-04-30 0001209466 ietft:C000035343Member 2020-05-01 2025-04-30 0001209466 ietft:C000035344Member 2020-05-01 2025-04-30 0001209466 ietft:C000035345Member 2020-05-01 2025-04-30 0001209466 ietft:C000037805Member 2020-05-01 2025-04-30 0001209466 ietft:C000037806Member 2020-05-01 2025-04-30 0001209466 ietft:C000037807Member 2020-05-01 2025-04-30 0001209466 ietft:C000056583Member 2020-05-01 2025-04-30 0001209466 ietft:C000101127Member 2020-05-01 2025-04-30 0001209466 ietft:C000101128Member 2020-05-01 2025-04-30 0001209466 ietft:C000197604Member 2020-05-01 2025-04-30 0001209466 ietft:C000197605Member 2020-05-01 2025-04-30 0001209466 ietft:C000197606Member 2020-05-01 2025-04-30 0001209466 ietft:C000197607Member 2020-05-01 2025-04-30 0001209466 ietft:C000197608Member 2020-05-01 2025-04-30 0001209466 ietft:C000197609Member 2020-05-01 2025-04-30 0001209466 ietft:C000197610Member 2020-05-01 2025-04-30 0001209466 ietft:C000197611Member 2020-05-01 2025-04-30 0001209466 ietft:C000197612Member 2020-05-01 2025-04-30 0001209466 ietft:C000197614Member 2020-05-01 2025-04-30 0001209466 ietft:C000197615Member 2020-05-01 2025-04-30 0001209466 ietft:C000197616Member 2020-05-01 2025-04-30 0001209466 ietft:C000197618Member 2020-05-01 2025-04-30 0001209466 ietft:C000197620Member 2020-05-01 2025-04-30 0001209466 ietft:C000197621Member 2020-05-01 2025-04-30 0001209466 ietft:C000197622Member 2020-05-01 2025-04-30 0001209466 ietft:C000197623Member 2020-05-01 2025-04-30 0001209466 ietft:C000197625Member 2020-05-01 2025-04-30 0001209466 ietft:C000197627Member 2020-05-01 2025-04-30 0001209466 ietft:C000197628Member 2020-05-01 2025-04-30 0001209466 ietft:C000197629Member 2020-05-01 2025-04-30 0001209466 ietft:C000197630Member 2020-05-01 2025-04-30 0001209466 ietft:C000197631Member 2020-05-01 2025-04-30 0001209466 ietft:C000197632Member 2020-05-01 2025-04-30 0001209466 ietft:C000205462Member 2020-05-01 2025-04-30 0001209466 ietft:CBOESAndP500BuyWriteIndexSMMember 2020-05-01 2025-04-30 0001209466 ietft:CustomInvescoRAFIUS1000ETFBenchmarkMember 2020-05-01 2025-04-30 0001209466 ietft:CustomInvescoRAFIUS1500SmallMidETFBenchmarkMember 2020-05-01 2025-04-30 0001209466 ietft:CustomInvescoSAndP500EqualWeightEnergyETFBenchmarkMember 2020-05-01 2025-04-30 0001209466 ietft:DorseyWrightBasicMaterialsTechnicalLeadersTMIndexMember 2020-05-01 2025-04-30 0001209466 ietft:DorseyWrightConsumerCyclicalsTechnicalLeadersTMIndexMember 2020-05-01 2025-04-30 0001209466 ietft:DorseyWrightConsumerStaplesTechnicalLeadersTMIndexMember 2020-05-01 2025-04-30 0001209466 ietft:DorseyWrightEnergyTechnicalLeadersTMIndexMember 2020-05-01 2025-04-30 0001209466 ietft:DorseyWrightFinancialsTechnicalLeadersTMIndexMember 2020-05-01 2025-04-30 0001209466 ietft:DorseyWrightHealthcareTechnicalLeadersTMIndexMember 2020-05-01 2025-04-30 0001209466 ietft:DorseyWrightIndustrialsTechnicalLeadersTMIndexMember 2020-05-01 2025-04-30 0001209466 ietft:DorseyWrightTechnicalLeadersTMIndexMember 2020-05-01 2025-04-30 0001209466 ietft:DorseyWrightTechnologyTechnicalLeadersTMIndexMember 2020-05-01 2025-04-30 0001209466 ietft:DorseyWrightUtilitiesTechnicalLeadersTMIndexMember 2020-05-01 2025-04-30 0001209466 ietft:DowJonesIndustrialAverageS000060802IndexMember 2020-05-01 2025-04-30 0001209466 ietft:DowJonesIndustrialAverageYieldWeightedIndexMember 2020-05-01 2025-04-30 0001209466 ietft:DowJonesUSSelectDividendIndexMember 2020-05-01 2025-04-30 0001209466 ietft:DynamicBiotechAndGenomeIntellidexIndexMember 2020-05-01 2025-04-30 0001209466 ietft:DynamicBuildingAndConstructionIntellidexIndexMember 2020-05-01 2025-04-30 0001209466 ietft:DynamicEnergyExplorationAndProductionIntellidexIndexMember 2020-05-01 2025-04-30 0001209466 ietft:DynamicFoodAndBeverageIntellidexIndexMember 2020-05-01 2025-04-30 0001209466 ietft:DynamicLargeCapGrowthIntellidexIndexMember 2020-05-01 2025-04-30 0001209466 ietft:DynamicLargeCapValueIntellidexIndexMember 2020-05-01 2025-04-30 0001209466 ietft:DynamicLeisureAndEntertainmentIntellidexIndexMember 2020-05-01 2025-04-30 0001209466 ietft:DynamicOilServicesIntellidexIndexMember 2020-05-01 2025-04-30 0001209466 ietft:DynamicPharmaceuticalIntellidexIndexMember 2020-05-01 2025-04-30 0001209466 ietft:DynamicSemiconductorIntellidexIndexMember 2020-05-01 2025-04-30 0001209466 ietft:FTSEChina50IndexMember 2020-05-01 2025-04-30 0001209466 ietft:FTSERAFITMUS1000IndexMember 2020-05-01 2025-04-30 0001209466 ietft:FTSERAFITMUS1500MidSmallIndexMember 2020-05-01 2025-04-30 0001209466 ietft:MSCIACWIIndexNetMember 2020-05-01 2025-04-30 0001209466 ietft:MSCIChinaIndexNetMember 2020-05-01 2025-04-30 0001209466 ietft:MSCIEAFEIndexNetMember 2020-05-01 2025-04-30 0001209466 ietft:Nasdaq100IndexMember 2020-05-01 2025-04-30 0001209466 us-gaap:NasdaqCompositeIndexMember 2020-05-01 2025-04-30 0001209466 ietft:NasdaqCTAInternetIndexSMMember 2020-05-01 2025-04-30 0001209466 ietft:NasdaqGoldenDragonChinaIndexTMMember 2020-05-01 2025-04-30 0001209466 ietft:NasdaqInternationalDividendAchieversTMIndexNetMember 2020-05-01 2025-04-30 0001209466 ietft:NasdaqOMXUSWaterIndexSMMember 2020-05-01 2025-04-30 0001209466 ietft:NasdaqUSBroadDividendAchieversTMIndexMember 2020-05-01 2025-04-30 0001209466 ietft:NasdaqUSBuyBackAchieversTMIndexMember 2020-05-01 2025-04-30 0001209466 ietft:NasdaqUSDividendAchieversTM50IndexMember 2020-05-01 2025-04-30 0001209466 ietft:RAFITMFundamentalSelectUS1000IndexMember 2020-05-01 2025-04-30 0001209466 ietft:RAFITMFundamentalSelectUS1500IndexMember 2020-05-01 2025-04-30 0001209466 ietft:RedRocksGlobalListedPrivateEquityIndexMember 2020-05-01 2025-04-30 0001209466 ietft:Russell1000GrowthIndexMember 2020-05-01 2025-04-30 0001209466 ietft:Russell1000IndexMember 2020-05-01 2025-04-30 0001209466 ietft:Russell1000ValueIndexMember 2020-05-01 2025-04-30 0001209466 ietft:Russell2000GrowthIndexMember 2020-05-01 2025-04-30 0001209466 ietft:Russell2000IndexMember 2020-05-01 2025-04-30 0001209466 ietft:Russell3000GrowthIndexMember 2020-05-01 2025-04-30 0001209466 ietft:Russell3000IndexMember 2020-05-01 2025-04-30 0001209466 ietft:Russell3000ValueIndexMember 2020-05-01 2025-04-30 0001209466 ietft:RussellMidcapIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndP100IndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndP500CommunicationServicesIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndP500ConsumerDiscretionaryIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndP500ConsumerStaplesIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndP500EnergyIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightCommunicationServicesPlusIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightConsumerDiscretionaryIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightConsumerStaplesIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightFinancialsIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightHealthCareIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightIndustrialsIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightInformationTechnologyIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightMaterialsIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightRealEstateIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightUtilitiesPlusIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndP500FinancialsIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndP500GrowthIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndP500HealthCareIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndP500IndustrialsIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndP500InformationTechnologyIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndP500MaterialsIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndP500PureGrowthIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndP500PureValueIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndP500RealEstateIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndP500UtilitiesIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndP500ValueIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500AerospaceAndDefenseIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500BiotechnologyIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500CommunicationsEquipmentIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500ConstructionAndEngineeringIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500EnergyEquipmentAndServicesIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500FoodBeverageAndTobaccoIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500HotelsRestaurantsAndLeisureIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500IndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500MediaIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500OilAndGasExplorationAndProductionIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500PharmaceuticalsIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500SemiconductorIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500SoftwareAndServicesIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndPMidcap400GrowthIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndPMidCap400IndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndPMidCap400PureGrowthIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndPMidCap400PureValueIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndPMidCap400ValueIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndPSmallCap600GrowthIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndPSmallCap600IndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndPSmallCap600PureGrowthIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndPSmallCap600PureValueIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndPSmallCap600ValueIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SAndPUSPreferredStockIndexMember 2020-05-01 2025-04-30 0001209466 ietft:SPADEDefenseIndexMember 2020-05-01 2025-04-30 0001209466 us-gaap:StandardPoors500IndexMember 2020-05-01 2025-04-30 0001209466 ietft:WilderHillCleanEnergyIndexMember 2020-05-01 2025-04-30 0001209466 ietft:ZacksMidCapCoreIndexMember 2020-05-01 2025-04-30 0001209466 ietft:ZacksMultiAssetIncomeIndexMember 2020-05-01 2025-04-30 0001209466 ietft:BlendedICEExchangeListedFixedRateFinancialPreferredSecuritiesIndexMember 2015-05-01 2016-04-30 0001209466 ietft:BlendedInvescoAIAndNextGenSoftwareBenchmarkMember 2015-05-01 2016-04-30 0001209466 ietft:BlendedInvescoBloombergAnalystRatingImproversETFBenchmarkMember 2015-05-01 2016-04-30 0001209466 ietft:BlendedInvescoBloombergMVPMultiFactorBenchmarkMember 2015-05-01 2016-04-30 0001209466 ietft:BlendedInvescoNextGenConnectivityBenchmarkMember 2015-05-01 2016-04-30 0001209466 ietft:BlendedInvescoNextGenMediaAndGamingBenchmarkMember 2015-05-01 2016-04-30 0001209466 ietft:BlendedInvescoSAndPMidCap400GARPBenchmarkMember 2015-05-01 2016-04-30 0001209466 ietft:BlendedMSCIGlobalEnvironmentSelectIndexMember 2015-05-01 2016-04-30 0001209466 ietft:BlendedSAndP100EqualWeightIndexMember 2015-05-01 2016-04-30 0001209466 ietft:BlendedSAndP500GARPIndexMember 2015-05-01 2016-04-30 0001209466 ietft:BlendedSANDP500HighMomentumValueIndexMember 2015-05-01 2016-04-30 0001209466 ietft:BlendedSAndP500QualityIndexMember 2015-05-01 2016-04-30 0001209466 ietft:BlendedSAndP500Top50IndexMember 2015-05-01 2016-04-30 0001209466 ietft:BlendedSAndPMidCap400HighMomentumValueIndexMember 2015-05-01 2016-04-30 0001209466 ietft:BlendedSAndPMidCap400MomentumIndexMember 2015-05-01 2016-04-30 0001209466 ietft:BlendedSAndPMidCap400QualityIndexMember 2015-05-01 2016-04-30 0001209466 ietft:BlendedSAndPSmallCap600HighMomentumValueIndexMember 2015-05-01 2016-04-30 0001209466 ietft:BlendedSAndPSmallCap600MomentumIndexMember 2015-05-01 2016-04-30 0001209466 ietft:BlendedSAndPUSSpinOffIndexMember 2015-05-01 2016-04-30 0001209466 ietft:BloombergUSAggregateBondIndexMember 2015-05-01 2016-04-30 0001209466 ietft:C000008290Member 2015-05-01 2016-04-30 0001209466 ietft:C000008291Member 2015-05-01 2016-04-30 0001209466 ietft:C000008292Member 2015-05-01 2016-04-30 0001209466 ietft:C000008293Member 2015-05-01 2016-04-30 0001209466 ietft:C000008294Member 2015-05-01 2016-04-30 0001209466 ietft:C000008295Member 2015-05-01 2016-04-30 0001209466 ietft:C000008296Member 2015-05-01 2016-04-30 0001209466 ietft:C000008297Member 2015-05-01 2016-04-30 0001209466 ietft:C000008298Member 2015-05-01 2016-04-30 0001209466 ietft:C000008299Member 2015-05-01 2016-04-30 0001209466 ietft:C000008300Member 2015-05-01 2016-04-30 0001209466 ietft:C000008303Member 2015-05-01 2016-04-30 0001209466 ietft:C000008304Member 2015-05-01 2016-04-30 0001209466 ietft:C000008306Member 2015-05-01 2016-04-30 0001209466 ietft:C000008307Member 2015-05-01 2016-04-30 0001209466 ietft:C000008308Member 2015-05-01 2016-04-30 0001209466 ietft:C000008310Member 2015-05-01 2016-04-30 0001209466 ietft:C000008312Member 2015-05-01 2016-04-30 0001209466 ietft:C000008313Member 2015-05-01 2016-04-30 0001209466 ietft:C000008315Member 2015-05-01 2016-04-30 0001209466 ietft:C000008316Member 2015-05-01 2016-04-30 0001209466 ietft:C000008319Member 2015-05-01 2016-04-30 0001209466 ietft:C000008320Member 2015-05-01 2016-04-30 0001209466 ietft:C000008321Member 2015-05-01 2016-04-30 0001209466 ietft:C000008322Member 2015-05-01 2016-04-30 0001209466 ietft:C000008323Member 2015-05-01 2016-04-30 0001209466 ietft:C000008324Member 2015-05-01 2016-04-30 0001209466 ietft:C000032719Member 2015-05-01 2016-04-30 0001209466 ietft:C000033024Member 2015-05-01 2016-04-30 0001209466 ietft:C000035317Member 2015-05-01 2016-04-30 0001209466 ietft:C000035318Member 2015-05-01 2016-04-30 0001209466 ietft:C000035320Member 2015-05-01 2016-04-30 0001209466 ietft:C000035321Member 2015-05-01 2016-04-30 0001209466 ietft:C000035322Member 2015-05-01 2016-04-30 0001209466 ietft:C000035324Member 2015-05-01 2016-04-30 0001209466 ietft:C000035326Member 2015-05-01 2016-04-30 0001209466 ietft:C000035327Member 2015-05-01 2016-04-30 0001209466 ietft:C000035336Member 2015-05-01 2016-04-30 0001209466 ietft:C000035338Member 2015-05-01 2016-04-30 0001209466 ietft:C000035343Member 2015-05-01 2016-04-30 0001209466 ietft:C000035344Member 2015-05-01 2016-04-30 0001209466 ietft:C000035345Member 2015-05-01 2016-04-30 0001209466 ietft:C000037805Member 2015-05-01 2016-04-30 0001209466 ietft:C000037806Member 2015-05-01 2016-04-30 0001209466 ietft:C000037807Member 2015-05-01 2016-04-30 0001209466 ietft:C000056583Member 2015-05-01 2016-04-30 0001209466 ietft:C000101127Member 2015-05-01 2016-04-30 0001209466 ietft:C000101128Member 2015-05-01 2016-04-30 0001209466 ietft:C000197605Member 2015-05-01 2016-04-30 0001209466 ietft:C000197606Member 2015-05-01 2016-04-30 0001209466 ietft:C000197607Member 2015-05-01 2016-04-30 0001209466 ietft:C000197608Member 2015-05-01 2016-04-30 0001209466 ietft:C000197609Member 2015-05-01 2016-04-30 0001209466 ietft:C000197610Member 2015-05-01 2016-04-30 0001209466 ietft:C000197611Member 2015-05-01 2016-04-30 0001209466 ietft:C000197612Member 2015-05-01 2016-04-30 0001209466 ietft:C000197614Member 2015-05-01 2016-04-30 0001209466 ietft:C000197615Member 2015-05-01 2016-04-30 0001209466 ietft:C000197616Member 2015-05-01 2016-04-30 0001209466 ietft:C000197620Member 2015-05-01 2016-04-30 0001209466 ietft:C000197621Member 2015-05-01 2016-04-30 0001209466 ietft:C000197622Member 2015-05-01 2016-04-30 0001209466 ietft:C000197623Member 2015-05-01 2016-04-30 0001209466 ietft:C000197625Member 2015-05-01 2016-04-30 0001209466 ietft:C000197627Member 2015-05-01 2016-04-30 0001209466 ietft:C000197628Member 2015-05-01 2016-04-30 0001209466 ietft:C000197629Member 2015-05-01 2016-04-30 0001209466 ietft:C000197630Member 2015-05-01 2016-04-30 0001209466 ietft:C000197631Member 2015-05-01 2016-04-30 0001209466 ietft:C000197632Member 2015-05-01 2016-04-30 0001209466 ietft:CBOESAndP500BuyWriteIndexSMMember 2015-05-01 2016-04-30 0001209466 ietft:CustomInvescoRAFIUS1000ETFBenchmarkMember 2015-05-01 2016-04-30 0001209466 ietft:CustomInvescoRAFIUS1500SmallMidETFBenchmarkMember 2015-05-01 2016-04-30 0001209466 ietft:CustomInvescoSAndP500EqualWeightEnergyETFBenchmarkMember 2015-05-01 2016-04-30 0001209466 ietft:DorseyWrightBasicMaterialsTechnicalLeadersTMIndexMember 2015-05-01 2016-04-30 0001209466 ietft:DorseyWrightConsumerCyclicalsTechnicalLeadersTMIndexMember 2015-05-01 2016-04-30 0001209466 ietft:DorseyWrightConsumerStaplesTechnicalLeadersTMIndexMember 2015-05-01 2016-04-30 0001209466 ietft:DorseyWrightEnergyTechnicalLeadersTMIndexMember 2015-05-01 2016-04-30 0001209466 ietft:DorseyWrightFinancialsTechnicalLeadersTMIndexMember 2015-05-01 2016-04-30 0001209466 ietft:DorseyWrightHealthcareTechnicalLeadersTMIndexMember 2015-05-01 2016-04-30 0001209466 ietft:DorseyWrightIndustrialsTechnicalLeadersTMIndexMember 2015-05-01 2016-04-30 0001209466 ietft:DorseyWrightTechnicalLeadersTMIndexMember 2015-05-01 2016-04-30 0001209466 ietft:DorseyWrightTechnologyTechnicalLeadersTMIndexMember 2015-05-01 2016-04-30 0001209466 ietft:DorseyWrightUtilitiesTechnicalLeadersTMIndexMember 2015-05-01 2016-04-30 0001209466 ietft:DowJonesUSSelectDividendIndexMember 2015-05-01 2016-04-30 0001209466 ietft:DynamicBiotechAndGenomeIntellidexIndexMember 2015-05-01 2016-04-30 0001209466 ietft:DynamicBuildingAndConstructionIntellidexIndexMember 2015-05-01 2016-04-30 0001209466 ietft:DynamicEnergyExplorationAndProductionIntellidexIndexMember 2015-05-01 2016-04-30 0001209466 ietft:DynamicFoodAndBeverageIntellidexIndexMember 2015-05-01 2016-04-30 0001209466 ietft:DynamicLargeCapGrowthIntellidexIndexMember 2015-05-01 2016-04-30 0001209466 ietft:DynamicLargeCapValueIntellidexIndexMember 2015-05-01 2016-04-30 0001209466 ietft:DynamicLeisureAndEntertainmentIntellidexIndexMember 2015-05-01 2016-04-30 0001209466 ietft:DynamicOilServicesIntellidexIndexMember 2015-05-01 2016-04-30 0001209466 ietft:DynamicPharmaceuticalIntellidexIndexMember 2015-05-01 2016-04-30 0001209466 ietft:DynamicSemiconductorIntellidexIndexMember 2015-05-01 2016-04-30 0001209466 ietft:FTSEChina50IndexMember 2015-05-01 2016-04-30 0001209466 ietft:MSCIACWIIndexNetMember 2015-05-01 2016-04-30 0001209466 ietft:MSCIChinaIndexNetMember 2015-05-01 2016-04-30 0001209466 ietft:MSCIEAFEIndexNetMember 2015-05-01 2016-04-30 0001209466 ietft:Nasdaq100IndexMember 2015-05-01 2016-04-30 0001209466 us-gaap:NasdaqCompositeIndexMember 2015-05-01 2016-04-30 0001209466 ietft:NasdaqCTAInternetIndexSMMember 2015-05-01 2016-04-30 0001209466 ietft:NasdaqGoldenDragonChinaIndexTMMember 2015-05-01 2016-04-30 0001209466 ietft:NasdaqInternationalDividendAchieversTMIndexNetMember 2015-05-01 2016-04-30 0001209466 ietft:NasdaqOMXUSWaterIndexSMMember 2015-05-01 2016-04-30 0001209466 ietft:NasdaqUSBroadDividendAchieversTMIndexMember 2015-05-01 2016-04-30 0001209466 ietft:NasdaqUSBuyBackAchieversTMIndexMember 2015-05-01 2016-04-30 0001209466 ietft:NasdaqUSDividendAchieversTM50IndexMember 2015-05-01 2016-04-30 0001209466 ietft:RedRocksGlobalListedPrivateEquityIndexMember 2015-05-01 2016-04-30 0001209466 ietft:Russell1000GrowthIndexMember 2015-05-01 2016-04-30 0001209466 ietft:Russell1000IndexMember 2015-05-01 2016-04-30 0001209466 ietft:Russell1000ValueIndexMember 2015-05-01 2016-04-30 0001209466 ietft:Russell2000GrowthIndexMember 2015-05-01 2016-04-30 0001209466 ietft:Russell2000IndexMember 2015-05-01 2016-04-30 0001209466 ietft:Russell3000GrowthIndexMember 2015-05-01 2016-04-30 0001209466 ietft:Russell3000IndexMember 2015-05-01 2016-04-30 0001209466 ietft:Russell3000ValueIndexMember 2015-05-01 2016-04-30 0001209466 ietft:RussellMidcapIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndP100IndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndP500ConsumerDiscretionaryIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndP500ConsumerStaplesIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndP500EnergyIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndP500EqualWeightConsumerDiscretionaryIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndP500EqualWeightConsumerStaplesIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndP500EqualWeightFinancialsIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndP500EqualWeightHealthCareIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndP500EqualWeightIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndP500EqualWeightIndustrialsIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndP500EqualWeightInformationTechnologyIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndP500EqualWeightMaterialsIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndP500EqualWeightUtilitiesPlusIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndP500FinancialsIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndP500GrowthIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndP500HealthCareIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndP500IndustrialsIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndP500InformationTechnologyIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndP500MaterialsIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndP500PureGrowthIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndP500PureValueIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndP500UtilitiesIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndP500ValueIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndPComposite1500AerospaceAndDefenseIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndPComposite1500BiotechnologyIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndPComposite1500CommunicationsEquipmentIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndPComposite1500ConstructionAndEngineeringIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndPComposite1500EnergyEquipmentAndServicesIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndPComposite1500FoodBeverageAndTobaccoIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndPComposite1500HotelsRestaurantsAndLeisureIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndPComposite1500MediaIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndPComposite1500OilAndGasExplorationAndProductionIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndPComposite1500PharmaceuticalsIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndPComposite1500SemiconductorIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndPComposite1500SoftwareAndServicesIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndPMidcap400GrowthIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndPMidCap400IndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndPMidCap400PureGrowthIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndPMidCap400PureValueIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndPMidCap400ValueIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndPSmallCap600GrowthIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndPSmallCap600IndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndPSmallCap600PureGrowthIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndPSmallCap600PureValueIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndPSmallCap600ValueIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SAndPUSPreferredStockIndexMember 2015-05-01 2016-04-30 0001209466 ietft:SPADEDefenseIndexMember 2015-05-01 2016-04-30 0001209466 us-gaap:StandardPoors500IndexMember 2015-05-01 2016-04-30 0001209466 ietft:WilderHillCleanEnergyIndexMember 2015-05-01 2016-04-30 0001209466 ietft:ZacksMidCapCoreIndexMember 2015-05-01 2016-04-30 0001209466 ietft:ZacksMultiAssetIncomeIndexMember 2015-05-01 2016-04-30 0001209466 ietft:BlendedICEExchangeListedFixedRateFinancialPreferredSecuritiesIndexMember 2024-05-01 2025-04-30 0001209466 ietft:BlendedInvescoAIAndNextGenSoftwareBenchmarkMember 2024-05-01 2025-04-30 0001209466 ietft:BlendedInvescoBloombergAnalystRatingImproversETFBenchmarkMember 2024-05-01 2025-04-30 0001209466 ietft:BlendedInvescoBloombergMVPMultiFactorBenchmarkMember 2024-05-01 2025-04-30 0001209466 ietft:BlendedInvescoNextGenConnectivityBenchmarkMember 2024-05-01 2025-04-30 0001209466 ietft:BlendedInvescoNextGenMediaAndGamingBenchmarkMember 2024-05-01 2025-04-30 0001209466 ietft:BlendedInvescoSAndPMidCap400GARPBenchmarkMember 2024-05-01 2025-04-30 0001209466 ietft:BlendedMSCIGlobalEnvironmentSelectIndexMember 2024-05-01 2025-04-30 0001209466 ietft:BlendedSAndP100EqualWeightIndexMember 2024-05-01 2025-04-30 0001209466 ietft:BlendedSAndP500GARPIndexMember 2024-05-01 2025-04-30 0001209466 ietft:BlendedSANDP500HighMomentumValueIndexMember 2024-05-01 2025-04-30 0001209466 ietft:BlendedSAndP500QualityIndexMember 2024-05-01 2025-04-30 0001209466 ietft:BlendedSAndP500Top50IndexMember 2024-05-01 2025-04-30 0001209466 ietft:BlendedSAndPMidCap400HighMomentumValueIndexMember 2024-05-01 2025-04-30 0001209466 ietft:BlendedSAndPMidCap400MomentumIndexMember 2024-05-01 2025-04-30 0001209466 ietft:BlendedSAndPMidCap400QualityIndexMember 2024-05-01 2025-04-30 0001209466 ietft:BlendedSAndPSmallCap600HighMomentumValueIndexMember 2024-05-01 2025-04-30 0001209466 ietft:BlendedSAndPSmallCap600MomentumIndexMember 2024-05-01 2025-04-30 0001209466 ietft:BlendedSAndPUSSpinOffIndexMember 2024-05-01 2025-04-30 0001209466 ietft:BloombergUSAggregateBondIndexMember 2024-05-01 2025-04-30 0001209466 ietft:C000008290Member 2024-05-01 2025-04-30 0001209466 ietft:C000008291Member 2024-05-01 2025-04-30 0001209466 ietft:C000008292Member 2024-05-01 2025-04-30 0001209466 ietft:C000008293Member 2024-05-01 2025-04-30 0001209466 ietft:C000008294Member 2024-05-01 2025-04-30 0001209466 ietft:C000008295Member 2024-05-01 2025-04-30 0001209466 ietft:C000008296Member 2024-05-01 2025-04-30 0001209466 ietft:C000008297Member 2024-05-01 2025-04-30 0001209466 ietft:C000008298Member 2024-05-01 2025-04-30 0001209466 ietft:C000008299Member 2024-05-01 2025-04-30 0001209466 ietft:C000008300Member 2024-05-01 2025-04-30 0001209466 ietft:C000008303Member 2024-05-01 2025-04-30 0001209466 ietft:C000008304Member 2024-05-01 2025-04-30 0001209466 ietft:C000008306Member 2024-05-01 2025-04-30 0001209466 ietft:C000008307Member 2024-05-01 2025-04-30 0001209466 ietft:C000008308Member 2024-05-01 2025-04-30 0001209466 ietft:C000008310Member 2024-05-01 2025-04-30 0001209466 ietft:C000008312Member 2024-05-01 2025-04-30 0001209466 ietft:C000008313Member 2024-05-01 2025-04-30 0001209466 ietft:C000008315Member 2024-05-01 2025-04-30 0001209466 ietft:C000008316Member 2024-05-01 2025-04-30 0001209466 ietft:C000008319Member 2024-05-01 2025-04-30 0001209466 ietft:C000008320Member 2024-05-01 2025-04-30 0001209466 ietft:C000008321Member 2024-05-01 2025-04-30 0001209466 ietft:C000008322Member 2024-05-01 2025-04-30 0001209466 ietft:C000008323Member 2024-05-01 2025-04-30 0001209466 ietft:C000008324Member 2024-05-01 2025-04-30 0001209466 ietft:C000032719Member 2024-05-01 2025-04-30 0001209466 ietft:C000033024Member 2024-05-01 2025-04-30 0001209466 ietft:C000035317Member 2024-05-01 2025-04-30 0001209466 ietft:C000035318Member 2024-05-01 2025-04-30 0001209466 ietft:C000035320Member 2024-05-01 2025-04-30 0001209466 ietft:C000035321Member 2024-05-01 2025-04-30 0001209466 ietft:C000035322Member 2024-05-01 2025-04-30 0001209466 ietft:C000035324Member 2024-05-01 2025-04-30 0001209466 ietft:C000035326Member 2024-05-01 2025-04-30 0001209466 ietft:C000035327Member 2024-05-01 2025-04-30 0001209466 ietft:C000035336Member 2024-05-01 2025-04-30 0001209466 ietft:C000035338Member 2024-05-01 2025-04-30 0001209466 ietft:C000035343Member 2024-05-01 2025-04-30 0001209466 ietft:C000035344Member 2024-05-01 2025-04-30 0001209466 ietft:C000035345Member 2024-05-01 2025-04-30 0001209466 ietft:C000037805Member 2024-05-01 2025-04-30 0001209466 ietft:C000037806Member 2024-05-01 2025-04-30 0001209466 ietft:C000037807Member 2024-05-01 2025-04-30 0001209466 ietft:C000056583Member 2024-05-01 2025-04-30 0001209466 ietft:C000101127Member 2024-05-01 2025-04-30 0001209466 ietft:C000101128Member 2024-05-01 2025-04-30 0001209466 ietft:C000197604Member 2024-05-01 2025-04-30 0001209466 ietft:C000197605Member 2024-05-01 2025-04-30 0001209466 ietft:C000197606Member 2024-05-01 2025-04-30 0001209466 ietft:C000197607Member 2024-05-01 2025-04-30 0001209466 ietft:C000197608Member 2024-05-01 2025-04-30 0001209466 ietft:C000197609Member 2024-05-01 2025-04-30 0001209466 ietft:C000197610Member 2024-05-01 2025-04-30 0001209466 ietft:C000197611Member 2024-05-01 2025-04-30 0001209466 ietft:C000197612Member 2024-05-01 2025-04-30 0001209466 ietft:C000197614Member 2024-05-01 2025-04-30 0001209466 ietft:C000197615Member 2024-05-01 2025-04-30 0001209466 ietft:C000197616Member 2024-05-01 2025-04-30 0001209466 ietft:C000197618Member 2024-05-01 2025-04-30 0001209466 ietft:C000197620Member 2024-05-01 2025-04-30 0001209466 ietft:C000197621Member 2024-05-01 2025-04-30 0001209466 ietft:C000197622Member 2024-05-01 2025-04-30 0001209466 ietft:C000197623Member 2024-05-01 2025-04-30 0001209466 ietft:C000197625Member 2024-05-01 2025-04-30 0001209466 ietft:C000197627Member 2024-05-01 2025-04-30 0001209466 ietft:C000197628Member 2024-05-01 2025-04-30 0001209466 ietft:C000197629Member 2024-05-01 2025-04-30 0001209466 ietft:C000197630Member 2024-05-01 2025-04-30 0001209466 ietft:C000197631Member 2024-05-01 2025-04-30 0001209466 ietft:C000197632Member 2024-05-01 2025-04-30 0001209466 ietft:C000205462Member 2024-05-01 2025-04-30 0001209466 ietft:CBOESAndP500BuyWriteIndexSMMember 2024-05-01 2025-04-30 0001209466 ietft:CustomInvescoRAFIUS1000ETFBenchmarkMember 2024-05-01 2025-04-30 0001209466 ietft:CustomInvescoRAFIUS1500SmallMidETFBenchmarkMember 2024-05-01 2025-04-30 0001209466 ietft:CustomInvescoSAndP500EqualWeightEnergyETFBenchmarkMember 2024-05-01 2025-04-30 0001209466 ietft:DorseyWrightBasicMaterialsTechnicalLeadersTMIndexMember 2024-05-01 2025-04-30 0001209466 ietft:DorseyWrightConsumerCyclicalsTechnicalLeadersTMIndexMember 2024-05-01 2025-04-30 0001209466 ietft:DorseyWrightConsumerStaplesTechnicalLeadersTMIndexMember 2024-05-01 2025-04-30 0001209466 ietft:DorseyWrightEnergyTechnicalLeadersTMIndexMember 2024-05-01 2025-04-30 0001209466 ietft:DorseyWrightFinancialsTechnicalLeadersTMIndexMember 2024-05-01 2025-04-30 0001209466 ietft:DorseyWrightHealthcareTechnicalLeadersTMIndexMember 2024-05-01 2025-04-30 0001209466 ietft:DorseyWrightIndustrialsTechnicalLeadersTMIndexMember 2024-05-01 2025-04-30 0001209466 ietft:DorseyWrightTechnicalLeadersTMIndexMember 2024-05-01 2025-04-30 0001209466 ietft:DorseyWrightTechnologyTechnicalLeadersTMIndexMember 2024-05-01 2025-04-30 0001209466 ietft:DorseyWrightUtilitiesTechnicalLeadersTMIndexMember 2024-05-01 2025-04-30 0001209466 ietft:DowJonesIndustrialAverageS000060802IndexMember 2024-05-01 2025-04-30 0001209466 ietft:DowJonesIndustrialAverageYieldWeightedIndexMember 2024-05-01 2025-04-30 0001209466 ietft:DowJonesUSSelectDividendIndexMember 2024-05-01 2025-04-30 0001209466 ietft:DynamicBiotechAndGenomeIntellidexIndexMember 2024-05-01 2025-04-30 0001209466 ietft:DynamicBuildingAndConstructionIntellidexIndexMember 2024-05-01 2025-04-30 0001209466 ietft:DynamicEnergyExplorationAndProductionIntellidexIndexMember 2024-05-01 2025-04-30 0001209466 ietft:DynamicFoodAndBeverageIntellidexIndexMember 2024-05-01 2025-04-30 0001209466 ietft:DynamicLargeCapGrowthIntellidexIndexMember 2024-05-01 2025-04-30 0001209466 ietft:DynamicLargeCapValueIntellidexIndexMember 2024-05-01 2025-04-30 0001209466 ietft:DynamicLeisureAndEntertainmentIntellidexIndexMember 2024-05-01 2025-04-30 0001209466 ietft:DynamicOilServicesIntellidexIndexMember 2024-05-01 2025-04-30 0001209466 ietft:DynamicPharmaceuticalIntellidexIndexMember 2024-05-01 2025-04-30 0001209466 ietft:DynamicSemiconductorIntellidexIndexMember 2024-05-01 2025-04-30 0001209466 ietft:FTSEChina50IndexMember 2024-05-01 2025-04-30 0001209466 ietft:FTSERAFITMUS1000IndexMember 2024-05-01 2025-04-30 0001209466 ietft:FTSERAFITMUS1500MidSmallIndexMember 2024-05-01 2025-04-30 0001209466 ietft:MSCIACWIIndexNetMember 2024-05-01 2025-04-30 0001209466 ietft:MSCIChinaIndexNetMember 2024-05-01 2025-04-30 0001209466 ietft:MSCIEAFEIndexNetMember 2024-05-01 2025-04-30 0001209466 ietft:Nasdaq100IndexMember 2024-05-01 2025-04-30 0001209466 us-gaap:NasdaqCompositeIndexMember 2024-05-01 2025-04-30 0001209466 ietft:NasdaqCTAInternetIndexSMMember 2024-05-01 2025-04-30 0001209466 ietft:NasdaqGoldenDragonChinaIndexTMMember 2024-05-01 2025-04-30 0001209466 ietft:NasdaqInternationalDividendAchieversTMIndexNetMember 2024-05-01 2025-04-30 0001209466 ietft:NasdaqOMXUSWaterIndexSMMember 2024-05-01 2025-04-30 0001209466 ietft:NasdaqUSBroadDividendAchieversTMIndexMember 2024-05-01 2025-04-30 0001209466 ietft:NasdaqUSBuyBackAchieversTMIndexMember 2024-05-01 2025-04-30 0001209466 ietft:NasdaqUSDividendAchieversTM50IndexMember 2024-05-01 2025-04-30 0001209466 ietft:RAFITMFundamentalSelectUS1000IndexMember 2024-05-01 2025-04-30 0001209466 ietft:RAFITMFundamentalSelectUS1500IndexMember 2024-05-01 2025-04-30 0001209466 ietft:RedRocksGlobalListedPrivateEquityIndexMember 2024-05-01 2025-04-30 0001209466 ietft:Russell1000GrowthIndexMember 2024-05-01 2025-04-30 0001209466 ietft:Russell1000IndexMember 2024-05-01 2025-04-30 0001209466 ietft:Russell1000ValueIndexMember 2024-05-01 2025-04-30 0001209466 ietft:Russell2000GrowthIndexMember 2024-05-01 2025-04-30 0001209466 ietft:Russell2000IndexMember 2024-05-01 2025-04-30 0001209466 ietft:Russell3000GrowthIndexMember 2024-05-01 2025-04-30 0001209466 ietft:Russell3000IndexMember 2024-05-01 2025-04-30 0001209466 ietft:Russell3000ValueIndexMember 2024-05-01 2025-04-30 0001209466 ietft:RussellMidcapIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndP100IndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndP500CommunicationServicesIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndP500ConsumerDiscretionaryIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndP500ConsumerStaplesIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndP500EnergyIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightCommunicationServicesPlusIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightConsumerDiscretionaryIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightConsumerStaplesIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightFinancialsIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightHealthCareIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightIndustrialsIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightInformationTechnologyIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightMaterialsIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightRealEstateIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightUtilitiesPlusIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndP500FinancialsIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndP500GrowthIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndP500HealthCareIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndP500IndustrialsIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndP500InformationTechnologyIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndP500MaterialsIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndP500PureGrowthIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndP500PureValueIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndP500RealEstateIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndP500UtilitiesIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndP500ValueIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500AerospaceAndDefenseIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500BiotechnologyIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500CommunicationsEquipmentIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500ConstructionAndEngineeringIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500EnergyEquipmentAndServicesIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500FoodBeverageAndTobaccoIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500HotelsRestaurantsAndLeisureIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500IndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500MediaIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500OilAndGasExplorationAndProductionIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500PharmaceuticalsIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500SemiconductorIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500SoftwareAndServicesIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndPMidcap400GrowthIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndPMidCap400IndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndPMidCap400PureGrowthIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndPMidCap400PureValueIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndPMidCap400ValueIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndPSmallCap600GrowthIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndPSmallCap600IndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndPSmallCap600PureGrowthIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndPSmallCap600PureValueIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndPSmallCap600ValueIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SAndPUSPreferredStockIndexMember 2024-05-01 2025-04-30 0001209466 ietft:SPADEDefenseIndexMember 2024-05-01 2025-04-30 0001209466 us-gaap:StandardPoors500IndexMember 2024-05-01 2025-04-30 0001209466 ietft:WilderHillCleanEnergyIndexMember 2024-05-01 2025-04-30 0001209466 ietft:ZacksMidCapCoreIndexMember 2024-05-01 2025-04-30 0001209466 ietft:ZacksMultiAssetIncomeIndexMember 2024-05-01 2025-04-30 0001209466 ietft:BlendedICEExchangeListedFixedRateFinancialPreferredSecuritiesIndexMember 2015-05-01 2025-04-30 0001209466 ietft:BlendedInvescoAIAndNextGenSoftwareBenchmarkMember 2015-05-01 2025-04-30 0001209466 ietft:BlendedInvescoBloombergAnalystRatingImproversETFBenchmarkMember 2015-05-01 2025-04-30 0001209466 ietft:BlendedInvescoBloombergMVPMultiFactorBenchmarkMember 2015-05-01 2025-04-30 0001209466 ietft:BlendedInvescoNextGenConnectivityBenchmarkMember 2015-05-01 2025-04-30 0001209466 ietft:BlendedInvescoNextGenMediaAndGamingBenchmarkMember 2015-05-01 2025-04-30 0001209466 ietft:BlendedInvescoSAndPMidCap400GARPBenchmarkMember 2015-05-01 2025-04-30 0001209466 ietft:BlendedMSCIGlobalEnvironmentSelectIndexMember 2015-05-01 2025-04-30 0001209466 ietft:BlendedSAndP100EqualWeightIndexMember 2015-05-01 2025-04-30 0001209466 ietft:BlendedSAndP500GARPIndexMember 2015-05-01 2025-04-30 0001209466 ietft:BlendedSANDP500HighMomentumValueIndexMember 2015-05-01 2025-04-30 0001209466 ietft:BlendedSAndP500QualityIndexMember 2015-05-01 2025-04-30 0001209466 ietft:BlendedSAndP500Top50IndexMember 2015-05-01 2025-04-30 0001209466 ietft:BlendedSAndPMidCap400HighMomentumValueIndexMember 2015-05-01 2025-04-30 0001209466 ietft:BlendedSAndPMidCap400MomentumIndexMember 2015-05-01 2025-04-30 0001209466 ietft:BlendedSAndPMidCap400QualityIndexMember 2015-05-01 2025-04-30 0001209466 ietft:BlendedSAndPSmallCap600HighMomentumValueIndexMember 2015-05-01 2025-04-30 0001209466 ietft:BlendedSAndPSmallCap600MomentumIndexMember 2015-05-01 2025-04-30 0001209466 ietft:BlendedSAndPUSSpinOffIndexMember 2015-05-01 2025-04-30 0001209466 ietft:BloombergUSAggregateBondIndexMember 2015-05-01 2025-04-30 0001209466 ietft:C000008290Member 2015-05-01 2025-04-30 0001209466 ietft:C000008291Member 2015-05-01 2025-04-30 0001209466 ietft:C000008292Member 2015-05-01 2025-04-30 0001209466 ietft:C000008293Member 2015-05-01 2025-04-30 0001209466 ietft:C000008294Member 2015-05-01 2025-04-30 0001209466 ietft:C000008295Member 2015-05-01 2025-04-30 0001209466 ietft:C000008296Member 2015-05-01 2025-04-30 0001209466 ietft:C000008297Member 2015-05-01 2025-04-30 0001209466 ietft:C000008298Member 2015-05-01 2025-04-30 0001209466 ietft:C000008299Member 2015-05-01 2025-04-30 0001209466 ietft:C000008300Member 2015-05-01 2025-04-30 0001209466 ietft:C000008303Member 2015-05-01 2025-04-30 0001209466 ietft:C000008304Member 2015-05-01 2025-04-30 0001209466 ietft:C000008306Member 2015-05-01 2025-04-30 0001209466 ietft:C000008307Member 2015-05-01 2025-04-30 0001209466 ietft:C000008308Member 2015-05-01 2025-04-30 0001209466 ietft:C000008310Member 2015-05-01 2025-04-30 0001209466 ietft:C000008312Member 2015-05-01 2025-04-30 0001209466 ietft:C000008313Member 2015-05-01 2025-04-30 0001209466 ietft:C000008315Member 2015-05-01 2025-04-30 0001209466 ietft:C000008316Member 2015-05-01 2025-04-30 0001209466 ietft:C000008319Member 2015-05-01 2025-04-30 0001209466 ietft:C000008320Member 2015-05-01 2025-04-30 0001209466 ietft:C000008321Member 2015-05-01 2025-04-30 0001209466 ietft:C000008322Member 2015-05-01 2025-04-30 0001209466 ietft:C000008323Member 2015-05-01 2025-04-30 0001209466 ietft:C000008324Member 2015-05-01 2025-04-30 0001209466 ietft:C000032719Member 2015-05-01 2025-04-30 0001209466 ietft:C000033024Member 2015-05-01 2025-04-30 0001209466 ietft:C000035317Member 2015-05-01 2025-04-30 0001209466 ietft:C000035318Member 2015-05-01 2025-04-30 0001209466 ietft:C000035320Member 2015-05-01 2025-04-30 0001209466 ietft:C000035321Member 2015-05-01 2025-04-30 0001209466 ietft:C000035322Member 2015-05-01 2025-04-30 0001209466 ietft:C000035324Member 2015-05-01 2025-04-30 0001209466 ietft:C000035326Member 2015-05-01 2025-04-30 0001209466 ietft:C000035327Member 2015-05-01 2025-04-30 0001209466 ietft:C000035336Member 2015-05-01 2025-04-30 0001209466 ietft:C000035338Member 2015-05-01 2025-04-30 0001209466 ietft:C000035343Member 2015-05-01 2025-04-30 0001209466 ietft:C000035344Member 2015-05-01 2025-04-30 0001209466 ietft:C000035345Member 2015-05-01 2025-04-30 0001209466 ietft:C000037805Member 2015-05-01 2025-04-30 0001209466 ietft:C000037806Member 2015-05-01 2025-04-30 0001209466 ietft:C000037807Member 2015-05-01 2025-04-30 0001209466 ietft:C000056583Member 2015-05-01 2025-04-30 0001209466 ietft:C000101127Member 2015-05-01 2025-04-30 0001209466 ietft:C000101128Member 2015-05-01 2025-04-30 0001209466 ietft:C000197605Member 2015-05-01 2025-04-30 0001209466 ietft:C000197606Member 2015-05-01 2025-04-30 0001209466 ietft:C000197607Member 2015-05-01 2025-04-30 0001209466 ietft:C000197608Member 2015-05-01 2025-04-30 0001209466 ietft:C000197609Member 2015-05-01 2025-04-30 0001209466 ietft:C000197610Member 2015-05-01 2025-04-30 0001209466 ietft:C000197611Member 2015-05-01 2025-04-30 0001209466 ietft:C000197612Member 2015-05-01 2025-04-30 0001209466 ietft:C000197614Member 2015-05-01 2025-04-30 0001209466 ietft:C000197615Member 2015-05-01 2025-04-30 0001209466 ietft:C000197616Member 2015-05-01 2025-04-30 0001209466 ietft:C000197620Member 2015-05-01 2025-04-30 0001209466 ietft:C000197621Member 2015-05-01 2025-04-30 0001209466 ietft:C000197622Member 2015-05-01 2025-04-30 0001209466 ietft:C000197623Member 2015-05-01 2025-04-30 0001209466 ietft:C000197625Member 2015-05-01 2025-04-30 0001209466 ietft:C000197627Member 2015-05-01 2025-04-30 0001209466 ietft:C000197628Member 2015-05-01 2025-04-30 0001209466 ietft:C000197629Member 2015-05-01 2025-04-30 0001209466 ietft:C000197630Member 2015-05-01 2025-04-30 0001209466 ietft:C000197631Member 2015-05-01 2025-04-30 0001209466 ietft:C000197632Member 2015-05-01 2025-04-30 0001209466 ietft:CBOESAndP500BuyWriteIndexSMMember 2015-05-01 2025-04-30 0001209466 ietft:CustomInvescoRAFIUS1000ETFBenchmarkMember 2015-05-01 2025-04-30 0001209466 ietft:CustomInvescoRAFIUS1500SmallMidETFBenchmarkMember 2015-05-01 2025-04-30 0001209466 ietft:CustomInvescoSAndP500EqualWeightEnergyETFBenchmarkMember 2015-05-01 2025-04-30 0001209466 ietft:DorseyWrightBasicMaterialsTechnicalLeadersTMIndexMember 2015-05-01 2025-04-30 0001209466 ietft:DorseyWrightConsumerCyclicalsTechnicalLeadersTMIndexMember 2015-05-01 2025-04-30 0001209466 ietft:DorseyWrightConsumerStaplesTechnicalLeadersTMIndexMember 2015-05-01 2025-04-30 0001209466 ietft:DorseyWrightEnergyTechnicalLeadersTMIndexMember 2015-05-01 2025-04-30 0001209466 ietft:DorseyWrightFinancialsTechnicalLeadersTMIndexMember 2015-05-01 2025-04-30 0001209466 ietft:DorseyWrightHealthcareTechnicalLeadersTMIndexMember 2015-05-01 2025-04-30 0001209466 ietft:DorseyWrightIndustrialsTechnicalLeadersTMIndexMember 2015-05-01 2025-04-30 0001209466 ietft:DorseyWrightTechnicalLeadersTMIndexMember 2015-05-01 2025-04-30 0001209466 ietft:DorseyWrightTechnologyTechnicalLeadersTMIndexMember 2015-05-01 2025-04-30 0001209466 ietft:DorseyWrightUtilitiesTechnicalLeadersTMIndexMember 2015-05-01 2025-04-30 0001209466 ietft:DowJonesUSSelectDividendIndexMember 2015-05-01 2025-04-30 0001209466 ietft:DynamicBiotechAndGenomeIntellidexIndexMember 2015-05-01 2025-04-30 0001209466 ietft:DynamicBuildingAndConstructionIntellidexIndexMember 2015-05-01 2025-04-30 0001209466 ietft:DynamicEnergyExplorationAndProductionIntellidexIndexMember 2015-05-01 2025-04-30 0001209466 ietft:DynamicFoodAndBeverageIntellidexIndexMember 2015-05-01 2025-04-30 0001209466 ietft:DynamicLargeCapGrowthIntellidexIndexMember 2015-05-01 2025-04-30 0001209466 ietft:DynamicLargeCapValueIntellidexIndexMember 2015-05-01 2025-04-30 0001209466 ietft:DynamicLeisureAndEntertainmentIntellidexIndexMember 2015-05-01 2025-04-30 0001209466 ietft:DynamicOilServicesIntellidexIndexMember 2015-05-01 2025-04-30 0001209466 ietft:DynamicPharmaceuticalIntellidexIndexMember 2015-05-01 2025-04-30 0001209466 ietft:DynamicSemiconductorIntellidexIndexMember 2015-05-01 2025-04-30 0001209466 ietft:FTSEChina50IndexMember 2015-05-01 2025-04-30 0001209466 ietft:FTSERAFITMUS1000IndexMember 2015-05-01 2025-04-30 0001209466 ietft:FTSERAFITMUS1500MidSmallIndexMember 2015-05-01 2025-04-30 0001209466 ietft:MSCIACWIIndexNetMember 2015-05-01 2025-04-30 0001209466 ietft:MSCIChinaIndexNetMember 2015-05-01 2025-04-30 0001209466 ietft:MSCIEAFEIndexNetMember 2015-05-01 2025-04-30 0001209466 ietft:Nasdaq100IndexMember 2015-05-01 2025-04-30 0001209466 us-gaap:NasdaqCompositeIndexMember 2015-05-01 2025-04-30 0001209466 ietft:NasdaqCTAInternetIndexSMMember 2015-05-01 2025-04-30 0001209466 ietft:NasdaqGoldenDragonChinaIndexTMMember 2015-05-01 2025-04-30 0001209466 ietft:NasdaqInternationalDividendAchieversTMIndexNetMember 2015-05-01 2025-04-30 0001209466 ietft:NasdaqOMXUSWaterIndexSMMember 2015-05-01 2025-04-30 0001209466 ietft:NasdaqUSBroadDividendAchieversTMIndexMember 2015-05-01 2025-04-30 0001209466 ietft:NasdaqUSBuyBackAchieversTMIndexMember 2015-05-01 2025-04-30 0001209466 ietft:NasdaqUSDividendAchieversTM50IndexMember 2015-05-01 2025-04-30 0001209466 ietft:RAFITMFundamentalSelectUS1000IndexMember 2015-05-01 2025-04-30 0001209466 ietft:RAFITMFundamentalSelectUS1500IndexMember 2015-05-01 2025-04-30 0001209466 ietft:RedRocksGlobalListedPrivateEquityIndexMember 2015-05-01 2025-04-30 0001209466 ietft:Russell1000GrowthIndexMember 2015-05-01 2025-04-30 0001209466 ietft:Russell1000IndexMember 2015-05-01 2025-04-30 0001209466 ietft:Russell1000ValueIndexMember 2015-05-01 2025-04-30 0001209466 ietft:Russell2000GrowthIndexMember 2015-05-01 2025-04-30 0001209466 ietft:Russell2000IndexMember 2015-05-01 2025-04-30 0001209466 ietft:Russell3000GrowthIndexMember 2015-05-01 2025-04-30 0001209466 ietft:Russell3000IndexMember 2015-05-01 2025-04-30 0001209466 ietft:Russell3000ValueIndexMember 2015-05-01 2025-04-30 0001209466 ietft:RussellMidcapIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndP100IndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndP500ConsumerDiscretionaryIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndP500ConsumerStaplesIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndP500EnergyIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightConsumerDiscretionaryIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightConsumerStaplesIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightFinancialsIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightHealthCareIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightIndustrialsIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightInformationTechnologyIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightMaterialsIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndP500EqualWeightUtilitiesPlusIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndP500FinancialsIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndP500GrowthIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndP500HealthCareIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndP500IndustrialsIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndP500InformationTechnologyIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndP500MaterialsIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndP500PureGrowthIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndP500PureValueIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndP500UtilitiesIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndP500ValueIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500AerospaceAndDefenseIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500BiotechnologyIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500CommunicationsEquipmentIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500ConstructionAndEngineeringIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500EnergyEquipmentAndServicesIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500FoodBeverageAndTobaccoIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500HotelsRestaurantsAndLeisureIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500IndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500MediaIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500OilAndGasExplorationAndProductionIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500PharmaceuticalsIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500SemiconductorIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndPComposite1500SoftwareAndServicesIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndPMidcap400GrowthIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndPMidCap400IndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndPMidCap400PureGrowthIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndPMidCap400PureValueIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndPMidCap400ValueIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndPSmallCap600GrowthIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndPSmallCap600IndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndPSmallCap600PureGrowthIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndPSmallCap600PureValueIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndPSmallCap600ValueIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SAndPUSPreferredStockIndexMember 2015-05-01 2025-04-30 0001209466 ietft:SPADEDefenseIndexMember 2015-05-01 2025-04-30 0001209466 us-gaap:StandardPoors500IndexMember 2015-05-01 2025-04-30 0001209466 ietft:WilderHillCleanEnergyIndexMember 2015-05-01 2025-04-30 0001209466 ietft:ZacksMidCapCoreIndexMember 2015-05-01 2025-04-30 0001209466 ietft:ZacksMultiAssetIncomeIndexMember 2015-05-01 2025-04-30 0001209466 ietft:C000008290Member 2025-04-30 0001209466 ietft:C000008290Member ietft:CardinalHealthIncMember 2025-04-30 0001209466 ietft:C000008290Member ietft:CencoraIncMember 2025-04-30 0001209466 ietft:C000008290Member oef:CommunicationsSectorMember 2025-04-30 0001209466 ietft:C000008290Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000008290Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000008290Member us-gaap:EnergySectorMember 2025-04-30 0001209466 ietft:C000008290Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000008290Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000008290Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000008290Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000008290Member ietft:KellanovaMember 2025-04-30 0001209466 ietft:C000008290Member ietft:KrogerCoTheMember 2025-04-30 0001209466 ietft:C000008290Member oef:MaterialsSectorMember 2025-04-30 0001209466 ietft:C000008290Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000008290Member ietft:MotorolaSolutionsIncMember 2025-04-30 0001209466 ietft:C000008290Member ietft:QuestDiagnosticsIncMember 2025-04-30 0001209466 ietft:C000008290Member us-gaap:RealEstateSectorMember 2025-04-30 0001209466 ietft:C000008290Member ietft:RepublicServicesIncMember 2025-04-30 0001209466 ietft:C000008290Member ietft:TJXCosIncTheMember 2025-04-30 0001209466 ietft:C000008290Member oef:UtilitiesSectorMember 2025-04-30 0001209466 ietft:C000008290Member ietft:VistraCorpMember 2025-04-30 0001209466 ietft:C000008290Member ietft:WasteManagementIncMember 2025-04-30 0001209466 ietft:C000008291Member 2025-04-30 0001209466 ietft:C000008291Member ietft:ACIWorldwideIncMember 2025-04-30 0001209466 ietft:C000008291Member ietft:ADMABiologicsIncMember 2025-04-30 0001209466 ietft:C000008291Member ietft:ArmstrongWorldIndustriesIncMember 2025-04-30 0001209466 ietft:C000008291Member ietft:BrinkerInternationalIncMember 2025-04-30 0001209466 ietft:C000008291Member oef:CommunicationsSectorMember 2025-04-30 0001209466 ietft:C000008291Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000008291Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000008291Member ietft:CorceptTherapeuticsIncMember 2025-04-30 0001209466 ietft:C000008291Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000008291Member ietft:Group1AutomotiveIncMember 2025-04-30 0001209466 ietft:C000008291Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000008291Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000008291Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000008291Member ietft:InterDigitalIncMember 2025-04-30 0001209466 ietft:C000008291Member ietft:JacksonFinancialIncClassAMember 2025-04-30 0001209466 ietft:C000008291Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000008291Member ietft:MrCooperGroupIncMember 2025-04-30 0001209466 ietft:C000008291Member ietft:OtherSectorsEachLessThan2Member 2025-04-30 0001209466 ietft:C000008291Member us-gaap:RealEstateSectorMember 2025-04-30 0001209466 ietft:C000008291Member ietft:StrideIncMember 2025-04-30 0001209466 ietft:C000008291Member oef:UtilitiesSectorMember 2025-04-30 0001209466 ietft:C000008292Member 2025-04-30 0001209466 ietft:C000008292Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000008292Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000008292Member us-gaap:EnergySectorMember 2025-04-30 0001209466 ietft:C000008292Member ietft:EZCORPIncClassAMember 2025-04-30 0001209466 ietft:C000008292Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000008292Member ietft:FreshDelMonteProduceIncMember 2025-04-30 0001209466 ietft:C000008292Member ietft:Group1AutomotiveIncMember 2025-04-30 0001209466 ietft:C000008292Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000008292Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000008292Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000008292Member ietft:LincolnNationalCorpMember 2025-04-30 0001209466 ietft:C000008292Member oef:MaterialsSectorMember 2025-04-30 0001209466 ietft:C000008292Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000008292Member us-gaap:RealEstateSectorMember 2025-04-30 0001209466 ietft:C000008292Member ietft:SelectMedicalHoldingsCorpMember 2025-04-30 0001209466 ietft:C000008292Member ietft:SiriusPointLtdMember 2025-04-30 0001209466 ietft:C000008292Member ietft:SonicAutomotiveIncClassAMember 2025-04-30 0001209466 ietft:C000008292Member ietft:StoneXGroupIncMember 2025-04-30 0001209466 ietft:C000008292Member ietft:UniversalCorpMember 2025-04-30 0001209466 ietft:C000008292Member oef:UtilitiesSectorMember 2025-04-30 0001209466 ietft:C000008292Member ietft:WorldKinectCorpMember 2025-04-30 0001209466 ietft:C000008293Member 2025-04-30 0001209466 ietft:C000008293Member ietft:AmgenIncMember 2025-04-30 0001209466 ietft:C000008293Member ietft:BiogenIncMember 2025-04-30 0001209466 ietft:C000008293Member ietft:BiotechnologyMember 2025-04-30 0001209466 ietft:C000008293Member ietft:GileadSciencesIncMember 2025-04-30 0001209466 ietft:C000008293Member ietft:IlluminaIncMember 2025-04-30 0001209466 ietft:C000008293Member ietft:LifeSciencesToolsAndServicesMember 2025-04-30 0001209466 ietft:C000008293Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000008293Member ietft:NateraIncMember 2025-04-30 0001209466 ietft:C000008293Member ietft:NeurocrineBiosciencesIncMember 2025-04-30 0001209466 ietft:C000008293Member ietft:PharmaceuticalsMember 2025-04-30 0001209466 ietft:C000008293Member ietft:ProtagonistTherapeuticsIncMember 2025-04-30 0001209466 ietft:C000008293Member ietft:RegeneronPharmaceuticalsIncMember 2025-04-30 0001209466 ietft:C000008293Member ietft:TGTherapeuticsIncMember 2025-04-30 0001209466 ietft:C000008293Member ietft:UnitedTherapeuticsCorpMember 2025-04-30 0001209466 ietft:C000008294Member 2025-04-30 0001209466 ietft:C000008294Member ietft:AgriculturalProductsAndServicesMember 2025-04-30 0001209466 ietft:C000008294Member ietft:CocaColaCoTheMember 2025-04-30 0001209466 ietft:C000008294Member ietft:CortevaIncMember 2025-04-30 0001209466 ietft:C000008294Member ietft:DoorDashIncClassAMember 2025-04-30 0001209466 ietft:C000008294Member ietft:FertilizersAndAgriculturalChemicalsMember 2025-04-30 0001209466 ietft:C000008294Member ietft:FoodDistributorsMember 2025-04-30 0001209466 ietft:C000008294Member ietft:FoodRetailMember 2025-04-30 0001209466 ietft:C000008294Member ietft:GeneralMillsIncMember 2025-04-30 0001209466 ietft:C000008294Member ietft:KeurigDrPepperIncMember 2025-04-30 0001209466 ietft:C000008294Member ietft:KrogerCoTheMember 2025-04-30 0001209466 ietft:C000008294Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000008294Member ietft:MonsterBeverageCorpMember 2025-04-30 0001209466 ietft:C000008294Member ietft:NaturalGrocersByVitaminCottageIncMember 2025-04-30 0001209466 ietft:C000008294Member ietft:OtherSubIndustriesEachLessThan3Member 2025-04-30 0001209466 ietft:C000008294Member ietft:PackagedFoodsAndMeatsMember 2025-04-30 0001209466 ietft:C000008294Member ietft:RestaurantsMember 2025-04-30 0001209466 ietft:C000008294Member ietft:SoftDrinksAndNonAlcoholicBeveragesMember 2025-04-30 0001209466 ietft:C000008294Member ietft:SproutsFarmersMarketIncMember 2025-04-30 0001209466 ietft:C000008294Member ietft:SyscoCorpMember 2025-04-30 0001209466 ietft:C000008295Member 2025-04-30 0001209466 ietft:C000008295Member ietft:CarnivalCorpMember 2025-04-30 0001209466 ietft:C000008295Member ietft:CasinosAndGamingMember 2025-04-30 0001209466 ietft:C000008295Member ietft:DeltaAirLinesIncMember 2025-04-30 0001209466 ietft:C000008295Member ietft:DoorDashIncClassAMember 2025-04-30 0001209466 ietft:C000008295Member ietft:FoodDistributorsMember 2025-04-30 0001209466 ietft:C000008295Member ietft:HiltonWorldwideHoldingsIncMember 2025-04-30 0001209466 ietft:C000008295Member ietft:HotelsResortsAndCruiseLinesMember 2025-04-30 0001209466 ietft:C000008295Member ietft:LeisureFacilitiesMember 2025-04-30 0001209466 ietft:C000008295Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000008295Member ietft:MoviesAndEntertainmentMember 2025-04-30 0001209466 ietft:C000008295Member ietft:OtherSubIndustriesEachLessThan3Member 2025-04-30 0001209466 ietft:C000008295Member ietft:PassengerAirlinesMember 2025-04-30 0001209466 ietft:C000008295Member ietft:PassengerGroundTransportationMember 2025-04-30 0001209466 ietft:C000008295Member ietft:RestaurantsMember 2025-04-30 0001209466 ietft:C000008295Member ietft:RoyalCaribbeanCruisesLtdMember 2025-04-30 0001209466 ietft:C000008295Member ietft:SportradarGroupAGMember 2025-04-30 0001209466 ietft:C000008295Member ietft:SuperGroupSGHCLtdMember 2025-04-30 0001209466 ietft:C000008295Member ietft:SyscoCorpMember 2025-04-30 0001209466 ietft:C000008295Member ietft:UnitedAirlinesHoldingsInMember 2025-04-30 0001209466 ietft:C000008295Member ietft:WarnerBrosDiscoveryIncMember 2025-04-30 0001209466 ietft:C000008296Member 2025-04-30 0001209466 ietft:C000008296Member ietft:AdobeIncMember 2025-04-30 0001209466 ietft:C000008296Member ietft:AdvancedMicroDevicesIncMember 2025-04-30 0001209466 ietft:C000008296Member ietft:AppleIncMember 2025-04-30 0001209466 ietft:C000008296Member ietft:ApplicationSoftwareMember 2025-04-30 0001209466 ietft:C000008296Member ietft:CasinosAndGamingMember 2025-04-30 0001209466 ietft:C000008296Member ietft:InteractiveHomeEntertainmentMember 2025-04-30 0001209466 ietft:C000008296Member ietft:InteractiveMediaAndServicesMember 2025-04-30 0001209466 ietft:C000008296Member ietft:MediaTekIncMember 2025-04-30 0001209466 ietft:C000008296Member ietft:MetaPlatformsIncClassAMember 2025-04-30 0001209466 ietft:C000008296Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000008296Member ietft:MoviesAndEntertainmentMember 2025-04-30 0001209466 ietft:C000008296Member ietft:NetflixIncMember 2025-04-30 0001209466 ietft:C000008296Member ietft:NintendoCoLtdMember 2025-04-30 0001209466 ietft:C000008296Member ietft:NVIDIACorpMember 2025-04-30 0001209466 ietft:C000008296Member ietft:OtherSubIndustriesEachLessThan3Member 2025-04-30 0001209466 ietft:C000008296Member ietft:QUALCOMMIncMember 2025-04-30 0001209466 ietft:C000008296Member ietft:SemiconductorsMember 2025-04-30 0001209466 ietft:C000008296Member ietft:SpotifyTechnologySAMember 2025-04-30 0001209466 ietft:C000008296Member ietft:TechnologyHardwareStorageAndPeripheralsMember 2025-04-30 0001209466 ietft:C000008297Member 2025-04-30 0001209466 ietft:C000008297Member ietft:AppleIncMember 2025-04-30 0001209466 ietft:C000008297Member ietft:ApplicationSoftwareMember 2025-04-30 0001209466 ietft:C000008297Member ietft:ATAndTIncMember 2025-04-30 0001209466 ietft:C000008297Member ietft:BroadcomIncMember 2025-04-30 0001209466 ietft:C000008297Member ietft:CiscoSystemsIncMember 2025-04-30 0001209466 ietft:C000008297Member ietft:CommunicationsEquipmentMember 2025-04-30 0001209466 ietft:C000008297Member ietft:IntegratedTelecommunicationServicesMember 2025-04-30 0001209466 ietft:C000008297Member ietft:ITConsultingAndOtherServicesMember 2025-04-30 0001209466 ietft:C000008297Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000008297Member ietft:OtherSubIndustriesEachLessThan3Member 2025-04-30 0001209466 ietft:C000008297Member ietft:PaloAltoNetworksIncMember 2025-04-30 0001209466 ietft:C000008297Member ietft:QUALCOMMIncMember 2025-04-30 0001209466 ietft:C000008297Member ietft:SamsungElectronicsCoLtdMember 2025-04-30 0001209466 ietft:C000008297Member ietft:SemiconductorsMember 2025-04-30 0001209466 ietft:C000008297Member ietft:SystemsSoftwareMember 2025-04-30 0001209466 ietft:C000008297Member ietft:TaiwanSemiconductorManufacturingCoLtdMember 2025-04-30 0001209466 ietft:C000008297Member ietft:TechnologyHardwareStorageAndPeripheralsMember 2025-04-30 0001209466 ietft:C000008297Member ietft:TelecomTowerREITsMember 2025-04-30 0001209466 ietft:C000008297Member ietft:TMobileUSIncMember 2025-04-30 0001209466 ietft:C000008297Member ietft:VerizonCommunicationsIncMember 2025-04-30 0001209466 ietft:C000008297Member ietft:WirelessTelecommunicationServicesMember 2025-04-30 0001209466 ietft:C000008298Member 2025-04-30 0001209466 ietft:C000008298Member ietft:AbbottLaboratoriesMember 2025-04-30 0001209466 ietft:C000008298Member ietft:AbbVieIncMember 2025-04-30 0001209466 ietft:C000008298Member ietft:AmgenIncMember 2025-04-30 0001209466 ietft:C000008298Member ietft:ANIPharmaceuticalsIncMember 2025-04-30 0001209466 ietft:C000008298Member ietft:BiotechnologyMember 2025-04-30 0001209466 ietft:C000008298Member ietft:EliLillyAndCoMember 2025-04-30 0001209466 ietft:C000008298Member ietft:GileadSciencesIncMember 2025-04-30 0001209466 ietft:C000008298Member ietft:HealthCareEquipmentMember 2025-04-30 0001209466 ietft:C000008298Member ietft:JohnsonAndJohnsonMember 2025-04-30 0001209466 ietft:C000008298Member ietft:MerckAndCoIncMember 2025-04-30 0001209466 ietft:C000008298Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000008298Member ietft:PfizerIncMember 2025-04-30 0001209466 ietft:C000008298Member ietft:PharmaceuticalsMember 2025-04-30 0001209466 ietft:C000008298Member ietft:TarsusPharmaceuticalsIncMember 2025-04-30 0001209466 ietft:C000008299Member 2025-04-30 0001209466 ietft:C000008299Member ietft:AnalogDevicesIncMember 2025-04-30 0001209466 ietft:C000008299Member ietft:AppliedMaterialsIncMember 2025-04-30 0001209466 ietft:C000008299Member ietft:BroadcomIncMember 2025-04-30 0001209466 ietft:C000008299Member ietft:KLACorpMember 2025-04-30 0001209466 ietft:C000008299Member ietft:LamResearchCorpMember 2025-04-30 0001209466 ietft:C000008299Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000008299Member ietft:MonolithicPowerSystemsIncMember 2025-04-30 0001209466 ietft:C000008299Member ietft:NVIDIACorpMember 2025-04-30 0001209466 ietft:C000008299Member ietft:QUALCOMMIncMember 2025-04-30 0001209466 ietft:C000008299Member ietft:SemiconductorMaterialsAndEquipmentMember 2025-04-30 0001209466 ietft:C000008299Member ietft:SemiconductorsMember 2025-04-30 0001209466 ietft:C000008299Member ietft:SiTimeCorpMember 2025-04-30 0001209466 ietft:C000008299Member ietft:TexasInstrumentsIncMember 2025-04-30 0001209466 ietft:C000008300Member 2025-04-30 0001209466 ietft:C000008300Member ietft:AdobeIncMember 2025-04-30 0001209466 ietft:C000008300Member ietft:AdvancedMicroDevicesIncMember 2025-04-30 0001209466 ietft:C000008300Member ietft:AlphabetIncClassAMember 2025-04-30 0001209466 ietft:C000008300Member ietft:ApplicationSoftwareMember 2025-04-30 0001209466 ietft:C000008300Member ietft:DataCenterREITsMember 2025-04-30 0001209466 ietft:C000008300Member ietft:ElectronicEquipmentAndInstrumentsMember 2025-04-30 0001209466 ietft:C000008300Member ietft:HealthCareEquipmentMember 2025-04-30 0001209466 ietft:C000008300Member ietft:InteractiveMediaAndServicesMember 2025-04-30 0001209466 ietft:C000008300Member ietft:IntuitiveSurgicalIncMember 2025-04-30 0001209466 ietft:C000008300Member ietft:KeyenceCorpMember 2025-04-30 0001209466 ietft:C000008300Member ietft:MetaPlatformsIncClassAMember 2025-04-30 0001209466 ietft:C000008300Member ietft:MicronTechnologyIncMember 2025-04-30 0001209466 ietft:C000008300Member ietft:MicroStrategyIncClassAMember 2025-04-30 0001209466 ietft:C000008300Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000008300Member ietft:NVIDIACorpMember 2025-04-30 0001209466 ietft:C000008300Member ietft:OtherSubIndustriesEachLessThan3Member 2025-04-30 0001209466 ietft:C000008300Member ietft:QUALCOMMIncMember 2025-04-30 0001209466 ietft:C000008300Member ietft:SemiconductorsMember 2025-04-30 0001209466 ietft:C000008300Member ietft:TechnologyHardwareStorageAndPeripheralsMember 2025-04-30 0001209466 ietft:C000008303Member 2025-04-30 0001209466 ietft:C000008303Member ietft:BCEIncMember 2025-04-30 0001209466 ietft:C000008303Member ietft:BritishAmericanTobaccoPLCADRMember 2025-04-30 0001209466 ietft:C000008303Member ietft:BrookfieldRenewablePartnersL.PMember 2025-04-30 0001209466 ietft:C000008303Member ietft:CanadianNaturalResourcesLtdMember 2025-04-30 0001209466 ietft:C000008303Member oef:CommunicationsSectorMember 2025-04-30 0001209466 ietft:C000008303Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000008303Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000008303Member ietft:EnbridgeIncMember 2025-04-30 0001209466 ietft:C000008303Member us-gaap:EnergySectorMember 2025-04-30 0001209466 ietft:C000008303Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000008303Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000008303Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000008303Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000008303Member oef:MaterialsSectorMember 2025-04-30 0001209466 ietft:C000008303Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000008303Member ietft:NationalGridPLCADRMember 2025-04-30 0001209466 ietft:C000008303Member ietft:PLDTIncADRMember 2025-04-30 0001209466 ietft:C000008303Member ietft:PTTelkomIndonesiaPerseroTbkADRMember 2025-04-30 0001209466 ietft:C000008303Member us-gaap:RealEstateSectorMember 2025-04-30 0001209466 ietft:C000008303Member ietft:TCEnergyCorpMember 2025-04-30 0001209466 ietft:C000008303Member ietft:TELUSCorpMember 2025-04-30 0001209466 ietft:C000008303Member oef:UtilitiesSectorMember 2025-04-30 0001209466 ietft:C000008304Member 2025-04-30 0001209466 ietft:C000008304Member ietft:AppleIncMember 2025-04-30 0001209466 ietft:C000008304Member ietft:BroadcomIncMember 2025-04-30 0001209466 ietft:C000008304Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000008304Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000008304Member ietft:CostcoWholesaleCorpMember 2025-04-30 0001209466 ietft:C000008304Member ietft:EliLillyAndCoMember 2025-04-30 0001209466 ietft:C000008304Member us-gaap:EnergySectorMember 2025-04-30 0001209466 ietft:C000008304Member ietft:ExxonMobilCorpMember 2025-04-30 0001209466 ietft:C000008304Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000008304Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000008304Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000008304Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000008304Member ietft:JPMorganChaseAndCoMember 2025-04-30 0001209466 ietft:C000008304Member ietft:MastercardIncClassAMember 2025-04-30 0001209466 ietft:C000008304Member oef:MaterialsSectorMember 2025-04-30 0001209466 ietft:C000008304Member ietft:MicrosoftCorpMember 2025-04-30 0001209466 ietft:C000008304Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000008304Member ietft:OtherSectorsEachLessThan2Member 2025-04-30 0001209466 ietft:C000008304Member oef:UtilitiesSectorMember 2025-04-30 0001209466 ietft:C000008304Member ietft:VisaIncClassAMember 2025-04-30 0001209466 ietft:C000008304Member ietft:WalmartIncMember 2025-04-30 0001209466 ietft:C000008306Member 2025-04-30 0001209466 ietft:C000008306Member ietft:AerospaceAndDefenseMember 2025-04-30 0001209466 ietft:C000008306Member ietft:BoeingCoTheMember 2025-04-30 0001209466 ietft:C000008306Member ietft:ElectronicEquipmentInstrumentsAndComponentsMember 2025-04-30 0001209466 ietft:C000008306Member ietft:GeneralDynamicsCorpMember 2025-04-30 0001209466 ietft:C000008306Member ietft:GeneralElectricCoMember 2025-04-30 0001209466 ietft:C000008306Member ietft:HoneywellInternationalIncMember 2025-04-30 0001209466 ietft:C000008306Member ietft:HowmetAerospaceIncMember 2025-04-30 0001209466 ietft:C000008306Member ietft:IndustrialConglomeratesMember 2025-04-30 0001209466 ietft:C000008306Member ietft:L3HarrisTechnologiesIncMember 2025-04-30 0001209466 ietft:C000008306Member ietft:LockheedMartinCorpMember 2025-04-30 0001209466 ietft:C000008306Member ietft:MachineryMember 2025-04-30 0001209466 ietft:C000008306Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000008306Member ietft:NorthropGrummanCorpMember 2025-04-30 0001209466 ietft:C000008306Member ietft:OtherIndustriesEachLessThan3Member 2025-04-30 0001209466 ietft:C000008306Member ietft:ProfessionalServicesMember 2025-04-30 0001209466 ietft:C000008306Member ietft:RTXCorpMember 2025-04-30 0001209466 ietft:C000008306Member ietft:TransDigmGroupIncMember 2025-04-30 0001209466 ietft:C000008307Member 2025-04-30 0001209466 ietft:C000008307Member ietft:ArganIncMember 2025-04-30 0001209466 ietft:C000008307Member ietft:BuildingProductsMember 2025-04-30 0001209466 ietft:C000008307Member ietft:ConstructionAndEngineeringMember 2025-04-30 0001209466 ietft:C000008307Member ietft:ConstructionMaterialsMember 2025-04-30 0001209466 ietft:C000008307Member ietft:CRHPLCMember 2025-04-30 0001209466 ietft:C000008307Member ietft:EMCORGroupIncMember 2025-04-30 0001209466 ietft:C000008307Member ietft:GasUtilitiesMember 2025-04-30 0001209466 ietft:C000008307Member ietft:HomebuildingSectorMember 2025-04-30 0001209466 ietft:C000008307Member ietft:HomeDepotIncTheMember 2025-04-30 0001209466 ietft:C000008307Member ietft:HomeImprovementRetailMember 2025-04-30 0001209466 ietft:C000008307Member ietft:JohnsonControlsInternationalPLCMember 2025-04-30 0001209466 ietft:C000008307Member ietft:LoweSCosIncMember 2025-04-30 0001209466 ietft:C000008307Member ietft:MartinMariettaMaterialsIncMember 2025-04-30 0001209466 ietft:C000008307Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000008307Member ietft:OtherSubIndustriesEachLessThan3Member 2025-04-30 0001209466 ietft:C000008307Member ietft:SterlingInfrastructureIncMember 2025-04-30 0001209466 ietft:C000008307Member ietft:TraneTechnologiesPLCMember 2025-04-30 0001209466 ietft:C000008307Member ietft:VulcanMaterialsCoMember 2025-04-30 0001209466 ietft:C000008308Member 2025-04-30 0001209466 ietft:C000008308Member ietft:CNXResourcesCorpMember 2025-04-30 0001209466 ietft:C000008308Member ietft:CoterraEnergyIncMember 2025-04-30 0001209466 ietft:C000008308Member ietft:DevonEnergyCorpMember 2025-04-30 0001209466 ietft:C000008308Member ietft:EOGResourcesIncMember 2025-04-30 0001209466 ietft:C000008308Member ietft:EQTCorpMember 2025-04-30 0001209466 ietft:C000008308Member ietft:ExpandEnergyCorpMember 2025-04-30 0001209466 ietft:C000008308Member ietft:GasUtilitiesMember 2025-04-30 0001209466 ietft:C000008308Member ietft:MarathonPetroleumCorpMember 2025-04-30 0001209466 ietft:C000008308Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000008308Member ietft:NationalFuelGasCoMember 2025-04-30 0001209466 ietft:C000008308Member ietft:OilAndGasExplorationAndProductionSectorMember 2025-04-30 0001209466 ietft:C000008308Member ietft:OilAndGasRefiningAndMarketingSectorMember 2025-04-30 0001209466 ietft:C000008308Member ietft:Phillips66Member 2025-04-30 0001209466 ietft:C000008308Member ietft:ValeroEnergyCorpMember 2025-04-30 0001209466 ietft:C000008310Member 2025-04-30 0001209466 ietft:C000008310Member ietft:ArchrockIncMember 2025-04-30 0001209466 ietft:C000008310Member ietft:BakerHughesCoClassAMember 2025-04-30 0001209466 ietft:C000008310Member ietft:GolarLNGLtdMember 2025-04-30 0001209466 ietft:C000008310Member ietft:HalliburtonCoMember 2025-04-30 0001209466 ietft:C000008310Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000008310Member ietft:NobleCorpPLCMember 2025-04-30 0001209466 ietft:C000008310Member ietft:NOVIncMember 2025-04-30 0001209466 ietft:C000008310Member ietft:OilAndGasDrillingMember 2025-04-30 0001209466 ietft:C000008310Member ietft:OilAndGasEquipmentAndServicesMember 2025-04-30 0001209466 ietft:C000008310Member ietft:OilAndGasStorageAndTransportationMember 2025-04-30 0001209466 ietft:C000008310Member ietft:SchlumbergerNVMember 2025-04-30 0001209466 ietft:C000008310Member ietft:TechnipFMCPLCMember 2025-04-30 0001209466 ietft:C000008310Member ietft:TeekayTankersLtdClassAMember 2025-04-30 0001209466 ietft:C000008310Member ietft:WeatherfordInternationalPLCMember 2025-04-30 0001209466 ietft:C000008312Member 2025-04-30 0001209466 ietft:C000008312Member ietft:AESCorpTheMember 2025-04-30 0001209466 ietft:C000008312Member ietft:AltriaGroupIncMember 2025-04-30 0001209466 ietft:C000008312Member ietft:AvistaCorpMember 2025-04-30 0001209466 ietft:C000008312Member ietft:BanksMember 2025-04-30 0001209466 ietft:C000008312Member ietft:CapitalMarketsMember 2025-04-30 0001209466 ietft:C000008312Member ietft:DiversifiedTelecommunicationServicesMember 2025-04-30 0001209466 ietft:C000008312Member ietft:EdisonInternationalMember 2025-04-30 0001209466 ietft:C000008312Member ietft:ElectricUtilitiesMember 2025-04-30 0001209466 ietft:C000008312Member ietft:FoodProductsMember 2025-04-30 0001209466 ietft:C000008312Member ietft:FranklinResourcesIncMember 2025-04-30 0001209466 ietft:C000008312Member ietft:GasUtilitiesMember 2025-04-30 0001209466 ietft:C000008312Member ietft:LyondellBasellIndustriesNVClassAMember 2025-04-30 0001209466 ietft:C000008312Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000008312Member ietft:MultiUtilitiesMember 2025-04-30 0001209466 ietft:C000008312Member ietft:NorthwestNaturalHoldingCoMember 2025-04-30 0001209466 ietft:C000008312Member ietft:OilGasAndConsumableFuelsMember 2025-04-30 0001209466 ietft:C000008312Member ietft:OtherIndustriesEachLessThan3Member 2025-04-30 0001209466 ietft:C000008312Member ietft:PfizerIncMember 2025-04-30 0001209466 ietft:C000008312Member ietft:PharmaceuticalsMember 2025-04-30 0001209466 ietft:C000008312Member ietft:ProfessionalServicesMember 2025-04-30 0001209466 ietft:C000008312Member ietft:TobaccoMember 2025-04-30 0001209466 ietft:C000008312Member ietft:UniversalCorpMember 2025-04-30 0001209466 ietft:C000008312Member ietft:VerizonCommunicationsIncMember 2025-04-30 0001209466 ietft:C000008313Member 2025-04-30 0001209466 ietft:C000008313Member ietft:AmericanWaterWorksCoIncMember 2025-04-30 0001209466 ietft:C000008313Member ietft:ATAndTIncMember 2025-04-30 0001209466 ietft:C000008313Member ietft:AtmosEnergyCorpMember 2025-04-30 0001209466 ietft:C000008313Member ietft:DTEEnergyCoMember 2025-04-30 0001209466 ietft:C000008313Member ietft:DukeEnergyCorpMember 2025-04-30 0001209466 ietft:C000008313Member ietft:ElectricUtilitiesMember 2025-04-30 0001209466 ietft:C000008313Member ietft:GasUtilitiesMember 2025-04-30 0001209466 ietft:C000008313Member ietft:GEVernovaIncMember 2025-04-30 0001209466 ietft:C000008313Member ietft:HeavyElectricalEquipmentMember 2025-04-30 0001209466 ietft:C000008313Member ietft:IntegratedTelecommunicationServicesMember 2025-04-30 0001209466 ietft:C000008313Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000008313Member ietft:MultiUtilitiesMember 2025-04-30 0001209466 ietft:C000008313Member ietft:NextEraEnergyIncMember 2025-04-30 0001209466 ietft:C000008313Member ietft:NiSourceIncMember 2025-04-30 0001209466 ietft:C000008313Member ietft:OilAndGasExplorationAndProductionSectorMember 2025-04-30 0001209466 ietft:C000008313Member ietft:OilAndGasStorageAndTransportationMember 2025-04-30 0001209466 ietft:C000008313Member ietft:SouthernCoTheMember 2025-04-30 0001209466 ietft:C000008313Member ietft:WaterUtilitiesMember 2025-04-30 0001209466 ietft:C000008313Member ietft:WECEnergyGroupIncMember 2025-04-30 0001209466 ietft:C000008315Member 2025-04-30 0001209466 ietft:C000008315Member ietft:AECOMMember 2025-04-30 0001209466 ietft:C000008315Member ietft:AmericanWaterWorksCoIncMember 2025-04-30 0001209466 ietft:C000008315Member ietft:AOSmithCorpMember 2025-04-30 0001209466 ietft:C000008315Member ietft:BuildingProductsMember 2025-04-30 0001209466 ietft:C000008315Member us-gaap:ChemicalsSectorMember 2025-04-30 0001209466 ietft:C000008315Member ietft:CommercialServicesAndSuppliesMember 2025-04-30 0001209466 ietft:C000008315Member ietft:ConstructionAndEngineeringMember 2025-04-30 0001209466 ietft:C000008315Member ietft:CoreAndMainIncClassAMember 2025-04-30 0001209466 ietft:C000008315Member ietft:EcolabIncMember 2025-04-30 0001209466 ietft:C000008315Member ietft:ElectronicEquipmentInstrumentsAndComponentsMember 2025-04-30 0001209466 ietft:C000008315Member ietft:FergusonEnterprisesIncMember 2025-04-30 0001209466 ietft:C000008315Member ietft:LifeSciencesToolsAndServicesMember 2025-04-30 0001209466 ietft:C000008315Member ietft:MachineryMember 2025-04-30 0001209466 ietft:C000008315Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000008315Member ietft:RoperTechnologiesIncMember 2025-04-30 0001209466 ietft:C000008315Member ietft:SoftwareMember 2025-04-30 0001209466 ietft:C000008315Member ietft:TetraTechIncMember 2025-04-30 0001209466 ietft:C000008315Member ietft:TradingCompaniesAndDistributorsMember 2025-04-30 0001209466 ietft:C000008315Member ietft:WatersCorpMember 2025-04-30 0001209466 ietft:C000008315Member ietft:WaterUtilitiesMember 2025-04-30 0001209466 ietft:C000008315Member ietft:XylemIncMember 2025-04-30 0001209466 ietft:C000008316Member 2025-04-30 0001209466 ietft:C000008316Member ietft:AppleIncMember 2025-04-30 0001209466 ietft:C000008316Member oef:CommunicationsSectorMember 2025-04-30 0001209466 ietft:C000008316Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000008316Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000008316Member ietft:CostcoWholesaleCorpMember 2025-04-30 0001209466 ietft:C000008316Member us-gaap:EnergySectorMember 2025-04-30 0001209466 ietft:C000008316Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000008316Member ietft:GeneralElectricCoMember 2025-04-30 0001209466 ietft:C000008316Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000008316Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000008316Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000008316Member ietft:JohnsonAndJohnsonMember 2025-04-30 0001209466 ietft:C000008316Member ietft:MastercardIncClassAMember 2025-04-30 0001209466 ietft:C000008316Member oef:MaterialsSectorMember 2025-04-30 0001209466 ietft:C000008316Member ietft:MetaPlatformsIncClassAMember 2025-04-30 0001209466 ietft:C000008316Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000008316Member ietft:NetflixIncMember 2025-04-30 0001209466 ietft:C000008316Member ietft:NVIDIACorpMember 2025-04-30 0001209466 ietft:C000008316Member ietft:ProcterAndGambleCoTheMember 2025-04-30 0001209466 ietft:C000008316Member ietft:VisaIncClassAMember 2025-04-30 0001209466 ietft:C000008319Member 2025-04-30 0001209466 ietft:C000008319Member ietft:AlibabaGroupHoldingLtdADRMember 2025-04-30 0001209466 ietft:C000008319Member ietft:BaiduIncADRMember 2025-04-30 0001209466 ietft:C000008319Member oef:CommunicationsSectorMember 2025-04-30 0001209466 ietft:C000008319Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000008319Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000008319Member ietft:FullTruckAllianceCoLtdADRMember 2025-04-30 0001209466 ietft:C000008319Member ietft:HWorldGroupLtdADRMember 2025-04-30 0001209466 ietft:C000008319Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000008319Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000008319Member ietft:JDComIncADRMember 2025-04-30 0001209466 ietft:C000008319Member ietft:KEHoldingsIncADRMember 2025-04-30 0001209466 ietft:C000008319Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000008319Member ietft:NetEaseIncADRMember 2025-04-30 0001209466 ietft:C000008319Member ietft:OtherSectorsEachLessThan2Member 2025-04-30 0001209466 ietft:C000008319Member us-gaap:RealEstateSectorMember 2025-04-30 0001209466 ietft:C000008319Member ietft:TencentMusicEntertainmentGroupADRMember 2025-04-30 0001209466 ietft:C000008319Member ietft:VipshopHoldingsLtdADRMember 2025-04-30 0001209466 ietft:C000008319Member ietft:YumChinaHoldingsIncMember 2025-04-30 0001209466 ietft:C000008320Member 2025-04-30 0001209466 ietft:C000008320Member ietft:AmericanSuperconductorCorpMember 2025-04-30 0001209466 ietft:C000008320Member ietft:AutomobileComponentsMember 2025-04-30 0001209466 ietft:C000008320Member ietft:AutomobilesSectorMember 2025-04-30 0001209466 ietft:C000008320Member ietft:BrookfieldRenewableCorpMember 2025-04-30 0001209466 ietft:C000008320Member us-gaap:ChemicalsSectorMember 2025-04-30 0001209466 ietft:C000008320Member ietft:ConstructionAndEngineeringMember 2025-04-30 0001209466 ietft:C000008320Member ietft:ElectricalEquipmentMember 2025-04-30 0001209466 ietft:C000008320Member ietft:ElectronicEquipmentInstrumentsAndComponentsMember 2025-04-30 0001209466 ietft:C000008320Member ietft:EosEnergyEnterprisesIncMember 2025-04-30 0001209466 ietft:C000008320Member ietft:IndependentPowerAndRenewableElectricityProducersMember 2025-04-30 0001209466 ietft:C000008320Member ietft:ItronIncMember 2025-04-30 0001209466 ietft:C000008320Member ietft:MetalsAndMiningMember 2025-04-30 0001209466 ietft:C000008320Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000008320Member ietft:OilGasAndConsumableFuelsMember 2025-04-30 0001209466 ietft:C000008320Member ietft:OtherIndustriesEachLessThan3Member 2025-04-30 0001209466 ietft:C000008320Member ietft:QuantaServicesIncMember 2025-04-30 0001209466 ietft:C000008320Member ietft:ReNewEnergyGlobalPLCClassAMember 2025-04-30 0001209466 ietft:C000008320Member ietft:REXAmericanResourcesCorpMember 2025-04-30 0001209466 ietft:C000008320Member ietft:RivianAutomotiveIncClassAMember 2025-04-30 0001209466 ietft:C000008320Member ietft:SemiconductorsAndSemiconductorEquipmentMember 2025-04-30 0001209466 ietft:C000008320Member ietft:ShoalsTechnologiesGroupIncClassAMember 2025-04-30 0001209466 ietft:C000008320Member ietft:SunrunIncMember 2025-04-30 0001209466 ietft:C000008321Member 2025-04-30 0001209466 ietft:C000008321Member ietft:AlphabetIncClassAMember 2025-04-30 0001209466 ietft:C000008321Member ietft:AmericanExpressCoMember 2025-04-30 0001209466 ietft:C000008321Member ietft:BroadcomIncMember 2025-04-30 0001209466 ietft:C000008321Member oef:CommunicationsSectorMember 2025-04-30 0001209466 ietft:C000008321Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000008321Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000008321Member ietft:CostcoWholesaleCorpMember 2025-04-30 0001209466 ietft:C000008321Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000008321Member ietft:GeneralElectricCoMember 2025-04-30 0001209466 ietft:C000008321Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000008321Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000008321Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000008321Member ietft:MastercardIncClassAMember 2025-04-30 0001209466 ietft:C000008321Member ietft:MicrosoftCorpMember 2025-04-30 0001209466 ietft:C000008321Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000008321Member ietft:NetflixIncMember 2025-04-30 0001209466 ietft:C000008321Member ietft:OtherSectorsEachLessThan2Member 2025-04-30 0001209466 ietft:C000008321Member oef:UtilitiesSectorMember 2025-04-30 0001209466 ietft:C000008321Member ietft:VisaIncClassAMember 2025-04-30 0001209466 ietft:C000008321Member ietft:WalmartIncMember 2025-04-30 0001209466 ietft:C000008322Member 2025-04-30 0001209466 ietft:C000008322Member ietft:AbbVieIncMember 2025-04-30 0001209466 ietft:C000008322Member oef:CommunicationsSectorMember 2025-04-30 0001209466 ietft:C000008322Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000008322Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000008322Member us-gaap:EnergySectorMember 2025-04-30 0001209466 ietft:C000008322Member ietft:ExxonMobilCorpMember 2025-04-30 0001209466 ietft:C000008322Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000008322Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000008322Member ietft:HomeDepotIncTheMember 2025-04-30 0001209466 ietft:C000008322Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000008322Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000008322Member ietft:InternationalBusinessMachinesCorpMember 2025-04-30 0001209466 ietft:C000008322Member ietft:JohnsonAndJohnsonMember 2025-04-30 0001209466 ietft:C000008322Member ietft:JPMorganChaseAndCoMember 2025-04-30 0001209466 ietft:C000008322Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000008322Member ietft:PhilipMorrisInternationalIncMember 2025-04-30 0001209466 ietft:C000008322Member ietft:ProcterAndGambleCoTheMember 2025-04-30 0001209466 ietft:C000008322Member ietft:QUALCOMMIncMember 2025-04-30 0001209466 ietft:C000008322Member us-gaap:RealEstateSectorMember 2025-04-30 0001209466 ietft:C000008322Member ietft:WellsFargoAndCoMember 2025-04-30 0001209466 ietft:C000008323Member 2025-04-30 0001209466 ietft:C000008323Member ietft:CarpenterTechnologyCorpMember 2025-04-30 0001209466 ietft:C000008323Member ietft:CaseysGeneralStoresIncMember 2025-04-30 0001209466 ietft:C000008323Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000008323Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000008323Member ietft:DTMidstreamIncMember 2025-04-30 0001209466 ietft:C000008323Member ietft:EMCORGroupIncMember 2025-04-30 0001209466 ietft:C000008323Member us-gaap:EnergySectorMember 2025-04-30 0001209466 ietft:C000008323Member ietft:EquitableHoldingsIncMember 2025-04-30 0001209466 ietft:C000008323Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000008323Member ietft:GuidewireSoftwareIncMember 2025-04-30 0001209466 ietft:C000008323Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000008323Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000008323Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000008323Member ietft:InteractiveBrokersGroupIncClassAMember 2025-04-30 0001209466 ietft:C000008323Member oef:MaterialsSectorMember 2025-04-30 0001209466 ietft:C000008323Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000008323Member us-gaap:RealEstateSectorMember 2025-04-30 0001209466 ietft:C000008323Member ietft:SproutsFarmersMarketIncMember 2025-04-30 0001209466 ietft:C000008323Member ietft:UnumGroupMember 2025-04-30 0001209466 ietft:C000008323Member ietft:USFoodsHoldingCorpMember 2025-04-30 0001209466 ietft:C000008323Member oef:UtilitiesSectorMember 2025-04-30 0001209466 ietft:C000008324Member 2025-04-30 0001209466 ietft:C000008324Member ietft:AutoNationIncMember 2025-04-30 0001209466 ietft:C000008324Member ietft:AvnetIncMember 2025-04-30 0001209466 ietft:C000008324Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000008324Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000008324Member ietft:EssentGroupLtdMember 2025-04-30 0001209466 ietft:C000008324Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000008324Member ietft:GrahamHoldingsCoClassBMember 2025-04-30 0001209466 ietft:C000008324Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000008324Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000008324Member ietft:LithiaMotorsIncClassAMember 2025-04-30 0001209466 ietft:C000008324Member oef:MaterialsSectorMember 2025-04-30 0001209466 ietft:C000008324Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000008324Member ietft:NordstromIncMember 2025-04-30 0001209466 ietft:C000008324Member ietft:OtherSectorsEachLessThan2Member 2025-04-30 0001209466 ietft:C000008324Member ietft:PerformanceFoodGroupCoMember 2025-04-30 0001209466 ietft:C000008324Member us-gaap:RealEstateSectorMember 2025-04-30 0001209466 ietft:C000008324Member ietft:TDSYNNEXCorpMember 2025-04-30 0001209466 ietft:C000008324Member ietft:TenetHealthcareCorpMember 2025-04-30 0001209466 ietft:C000008324Member ietft:UnumGroupMember 2025-04-30 0001209466 ietft:C000008324Member oef:UtilitiesSectorMember 2025-04-30 0001209466 ietft:C000032719Member 2025-04-30 0001209466 ietft:C000032719Member ietft:AlphabetIncClassAMember 2025-04-30 0001209466 ietft:C000032719Member ietft:AmazonComIncMember 2025-04-30 0001209466 ietft:C000032719Member ietft:AppleIncMember 2025-04-30 0001209466 ietft:C000032719Member ietft:ATAndTIncMember 2025-04-30 0001209466 ietft:C000032719Member ietft:BerkshireHathawayIncClassBMember 2025-04-30 0001209466 ietft:C000032719Member oef:CommunicationsSectorMember 2025-04-30 0001209466 ietft:C000032719Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000032719Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000032719Member us-gaap:EnergySectorMember 2025-04-30 0001209466 ietft:C000032719Member ietft:ExxonMobilCorpMember 2025-04-30 0001209466 ietft:C000032719Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000032719Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000032719Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000032719Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000032719Member ietft:JPMorganChaseAndCoMember 2025-04-30 0001209466 ietft:C000032719Member oef:MaterialsSectorMember 2025-04-30 0001209466 ietft:C000032719Member ietft:MicrosoftCorpMember 2025-04-30 0001209466 ietft:C000032719Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000032719Member us-gaap:RealEstateSectorMember 2025-04-30 0001209466 ietft:C000032719Member oef:UtilitiesSectorMember 2025-04-30 0001209466 ietft:C000032719Member ietft:VerizonCommunicationsIncMember 2025-04-30 0001209466 ietft:C000032719Member ietft:WalmartIncMember 2025-04-30 0001209466 ietft:C000033024Member 2025-04-30 0001209466 ietft:C000033024Member ietft:AdobeIncMember 2025-04-30 0001209466 ietft:C000033024Member ietft:AlphabetIncClassCMember 2025-04-30 0001209466 ietft:C000033024Member ietft:AmazonComIncMember 2025-04-30 0001209466 ietft:C000033024Member ietft:AppleIncMember 2025-04-30 0001209466 ietft:C000033024Member ietft:ApplicationSoftwareMember 2025-04-30 0001209466 ietft:C000033024Member ietft:BookingHoldingsIncMember 2025-04-30 0001209466 ietft:C000033024Member ietft:BroadlineRetailMember 2025-04-30 0001209466 ietft:C000033024Member ietft:HotelsResortsAndCruiseLinesMember 2025-04-30 0001209466 ietft:C000033024Member ietft:InteractiveHomeEntertainmentMember 2025-04-30 0001209466 ietft:C000033024Member ietft:InteractiveMediaAndServicesMember 2025-04-30 0001209466 ietft:C000033024Member ietft:InternetServicesAndInfrastructureMember 2025-04-30 0001209466 ietft:C000033024Member ietft:MetaPlatformsIncClassAMember 2025-04-30 0001209466 ietft:C000033024Member ietft:MicrosoftCorpMember 2025-04-30 0001209466 ietft:C000033024Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000033024Member ietft:MoviesAndEntertainmentMember 2025-04-30 0001209466 ietft:C000033024Member ietft:NetflixIncMember 2025-04-30 0001209466 ietft:C000033024Member ietft:OtherSubIndustriesEachLessThan3Member 2025-04-30 0001209466 ietft:C000033024Member ietft:PassengerGroundTransportationMember 2025-04-30 0001209466 ietft:C000033024Member ietft:SalesforceIncMember 2025-04-30 0001209466 ietft:C000033024Member ietft:SystemsSoftwareMember 2025-04-30 0001209466 ietft:C000033024Member ietft:TechnologyHardwareStorageAndPeripheralsMember 2025-04-30 0001209466 ietft:C000033024Member ietft:UberTechnologiesIncMember 2025-04-30 0001209466 ietft:C000035317Member 2025-04-30 0001209466 ietft:C000035317Member ietft:AnteroResourcesCorpMember 2025-04-30 0001209466 ietft:C000035317Member ietft:CheniereEnergyIncMember 2025-04-30 0001209466 ietft:C000035317Member ietft:CoalAndConsumableFuelsMember 2025-04-30 0001209466 ietft:C000035317Member ietft:ExxonMobilCorpMember 2025-04-30 0001209466 ietft:C000035317Member ietft:GulfportEnergyCorpMember 2025-04-30 0001209466 ietft:C000035317Member ietft:IntegratedOilAndGasMember 2025-04-30 0001209466 ietft:C000035317Member ietft:KinderMorganIncMember 2025-04-30 0001209466 ietft:C000035317Member ietft:MarathonPetroleumCorpMember 2025-04-30 0001209466 ietft:C000035317Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000035317Member ietft:OilAndGasEquipmentAndServicesMember 2025-04-30 0001209466 ietft:C000035317Member ietft:OilAndGasExplorationAndProductionSectorMember 2025-04-30 0001209466 ietft:C000035317Member ietft:OilAndGasRefiningAndMarketingSectorMember 2025-04-30 0001209466 ietft:C000035317Member ietft:OilAndGasStorageAndTransportationMember 2025-04-30 0001209466 ietft:C000035317Member ietft:TargaResourcesCorpMember 2025-04-30 0001209466 ietft:C000035317Member ietft:TexasPacificLandCorpMember 2025-04-30 0001209466 ietft:C000035317Member ietft:WeatherfordInternationalPLCMember 2025-04-30 0001209466 ietft:C000035317Member ietft:WilliamsCosIncTheMember 2025-04-30 0001209466 ietft:C000035318Member 2025-04-30 0001209466 ietft:C000035318Member ietft:AmericanExpressCoMember 2025-04-30 0001209466 ietft:C000035318Member ietft:AmeripriseFinancialIncMember 2025-04-30 0001209466 ietft:C000035318Member ietft:AssetManagementAndCustodyBanksMember 2025-04-30 0001209466 ietft:C000035318Member ietft:BrownAndBrownIncMember 2025-04-30 0001209466 ietft:C000035318Member ietft:CommercialAndResidentialMortgageFinanceMember 2025-04-30 0001209466 ietft:C000035318Member ietft:ConsumerFinanceMember 2025-04-30 0001209466 ietft:C000035318Member ietft:DiversifiedBanksMember 2025-04-30 0001209466 ietft:C000035318Member ietft:InsuranceBrokersMember 2025-04-30 0001209466 ietft:C000035318Member ietft:InvestmentBankingAndBrokerageMember 2025-04-30 0001209466 ietft:C000035318Member ietft:JPMorganChaseAndCoMember 2025-04-30 0001209466 ietft:C000035318Member ietft:LifeAndHealthInsuranceMember 2025-04-30 0001209466 ietft:C000035318Member ietft:MastercardIncClassAMember 2025-04-30 0001209466 ietft:C000035318Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000035318Member ietft:MrCooperGroupIncMember 2025-04-30 0001209466 ietft:C000035318Member ietft:OtherSubIndustriesEachLessThan3Member 2025-04-30 0001209466 ietft:C000035318Member ietft:ProgressiveCorpTheMember 2025-04-30 0001209466 ietft:C000035318Member ietft:PropertyAndCasualtyInsuranceMember 2025-04-30 0001209466 ietft:C000035318Member ietft:RaymondJamesFinancialIncMember 2025-04-30 0001209466 ietft:C000035318Member ietft:RegionalBanksMember 2025-04-30 0001209466 ietft:C000035318Member ietft:RetailREITsMember 2025-04-30 0001209466 ietft:C000035318Member ietft:TransactionAndPaymentProcessingServicesMember 2025-04-30 0001209466 ietft:C000035318Member ietft:UnumGroupMember 2025-04-30 0001209466 ietft:C000035318Member ietft:VisaIncClassAMember 2025-04-30 0001209466 ietft:C000035320Member 2025-04-30 0001209466 ietft:C000035320Member ietft:AlignmentHealthcareIncMember 2025-04-30 0001209466 ietft:C000035320Member ietft:AxsomeTherapeuticsIncMember 2025-04-30 0001209466 ietft:C000035320Member ietft:BiotechnologyMember 2025-04-30 0001209466 ietft:C000035320Member ietft:BostonScientificCorpMember 2025-04-30 0001209466 ietft:C000035320Member ietft:BridgeBioPharmaIncMember 2025-04-30 0001209466 ietft:C000035320Member ietft:CencoraIncMember 2025-04-30 0001209466 ietft:C000035320Member ietft:EliLillyAndCoMember 2025-04-30 0001209466 ietft:C000035320Member ietft:ExelixisIncMember 2025-04-30 0001209466 ietft:C000035320Member ietft:GuardantHealthIncMember 2025-04-30 0001209466 ietft:C000035320Member ietft:HealthCareDistributorsMember 2025-04-30 0001209466 ietft:C000035320Member ietft:HealthCareEquipmentMember 2025-04-30 0001209466 ietft:C000035320Member ietft:HealthCareServicesMember 2025-04-30 0001209466 ietft:C000035320Member ietft:HealthCareSuppliesMember 2025-04-30 0001209466 ietft:C000035320Member ietft:KrystalBiotechIncMember 2025-04-30 0001209466 ietft:C000035320Member ietft:ManagedHealthCareMember 2025-04-30 0001209466 ietft:C000035320Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000035320Member ietft:OtherSubIndustriesEachLessThan3Member 2025-04-30 0001209466 ietft:C000035320Member ietft:PharmaceuticalsMember 2025-04-30 0001209466 ietft:C000035320Member ietft:TGTherapeuticsIncMember 2025-04-30 0001209466 ietft:C000035321Member 2025-04-30 0001209466 ietft:C000035321Member ietft:AerospaceAndDefenseMember 2025-04-30 0001209466 ietft:C000035321Member ietft:BuildingProductsMember 2025-04-30 0001209466 ietft:C000035321Member ietft:ConstructionMachineryAndHeavyTransportationEquipmentMember 2025-04-30 0001209466 ietft:C000035321Member ietft:DiversifiedSupportServicesMember 2025-04-30 0001209466 ietft:C000035321Member ietft:ElectronicEquipmentAndInstrumentsMember 2025-04-30 0001209466 ietft:C000035321Member ietft:ElectronicManufacturingServicesMember 2025-04-30 0001209466 ietft:C000035321Member ietft:EnvironmentalAndFacilitiesServicesMember 2025-04-30 0001209466 ietft:C000035321Member ietft:FiservIncMember 2025-04-30 0001209466 ietft:C000035321Member ietft:HEICOCorpMember 2025-04-30 0001209466 ietft:C000035321Member ietft:HowmetAerospaceIncMember 2025-04-30 0001209466 ietft:C000035321Member ietft:IndustrialMachineryAndSuppliesAndComponentsMember 2025-04-30 0001209466 ietft:C000035321Member ietft:JabilIncMember 2025-04-30 0001209466 ietft:C000035321Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000035321Member ietft:OtherSubIndustriesEachLessThan3Member 2025-04-30 0001209466 ietft:C000035321Member ietft:PackagingCorpOfAmericaMember 2025-04-30 0001209466 ietft:C000035321Member ietft:PaperAndPlasticPackagingProductsAndMaterialsMember 2025-04-30 0001209466 ietft:C000035321Member ietft:ParkerHannifinCorpMember 2025-04-30 0001209466 ietft:C000035321Member ietft:TradingCompaniesAndDistributorsMember 2025-04-30 0001209466 ietft:C000035321Member ietft:TraneTechnologiesPLCMember 2025-04-30 0001209466 ietft:C000035321Member ietft:TransactionAndPaymentProcessingServicesMember 2025-04-30 0001209466 ietft:C000035321Member ietft:TransDigmGroupIncMember 2025-04-30 0001209466 ietft:C000035321Member ietft:WatscoIncMember 2025-04-30 0001209466 ietft:C000035321Member ietft:WWGraingerIncMember 2025-04-30 0001209466 ietft:C000035322Member 2025-04-30 0001209466 ietft:C000035322Member ietft:BoeingCoTheMember 2025-04-30 0001209466 ietft:C000035322Member ietft:BookingHoldingsIncMember 2025-04-30 0001209466 ietft:C000035322Member ietft:CharlesSchwabCorpTheMember 2025-04-30 0001209466 ietft:C000035322Member ietft:CharterCommunicationsIncClassAMember 2025-04-30 0001209466 ietft:C000035322Member oef:CommunicationsSectorMember 2025-04-30 0001209466 ietft:C000035322Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000035322Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000035322Member us-gaap:EnergySectorMember 2025-04-30 0001209466 ietft:C000035322Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000035322Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000035322Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000035322Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000035322Member oef:MaterialsSectorMember 2025-04-30 0001209466 ietft:C000035322Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000035322Member ietft:NetflixIncMember 2025-04-30 0001209466 ietft:C000035322Member ietft:PalantirTechnologiesIncClassAMember 2025-04-30 0001209466 ietft:C000035322Member ietft:PhilipMorrisInternationalIncMember 2025-04-30 0001209466 ietft:C000035322Member us-gaap:RealEstateSectorMember 2025-04-30 0001209466 ietft:C000035322Member ietft:ServiceNowIncMember 2025-04-30 0001209466 ietft:C000035322Member ietft:TeslaIncMember 2025-04-30 0001209466 ietft:C000035322Member oef:UtilitiesSectorMember 2025-04-30 0001209466 ietft:C000035322Member ietft:WalmartIncMember 2025-04-30 0001209466 ietft:C000035324Member 2025-04-30 0001209466 ietft:C000035324Member ietft:CarlisleCosIncMember 2025-04-30 0001209466 ietft:C000035324Member ietft:ComfortSystemsUSAIncMember 2025-04-30 0001209466 ietft:C000035324Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000035324Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000035324Member ietft:DocuSignIncMember 2025-04-30 0001209466 ietft:C000035324Member ietft:DuolingoIncMember 2025-04-30 0001209466 ietft:C000035324Member ietft:EMCORGroupIncMember 2025-04-30 0001209466 ietft:C000035324Member us-gaap:EnergySectorMember 2025-04-30 0001209466 ietft:C000035324Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000035324Member ietft:GracoIncMember 2025-04-30 0001209466 ietft:C000035324Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000035324Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000035324Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000035324Member ietft:ManhattanAssociatesIncMember 2025-04-30 0001209466 ietft:C000035324Member oef:MaterialsSectorMember 2025-04-30 0001209466 ietft:C000035324Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000035324Member ietft:RenaissanceReHoldingsLtdMember 2025-04-30 0001209466 ietft:C000035324Member ietft:RPMInternationalIncMember 2025-04-30 0001209466 ietft:C000035324Member ietft:TenetHealthcareCorpMember 2025-04-30 0001209466 ietft:C000035326Member 2025-04-30 0001209466 ietft:C000035326Member ietft:AppleIncMember 2025-04-30 0001209466 ietft:C000035326Member ietft:ApplicationSoftwareMember 2025-04-30 0001209466 ietft:C000035326Member ietft:CommunicationsEquipmentMember 2025-04-30 0001209466 ietft:C000035326Member ietft:ElectronicComponentsMember 2025-04-30 0001209466 ietft:C000035326Member ietft:GuidewireSoftwareIncMember 2025-04-30 0001209466 ietft:C000035326Member ietft:InteractiveMediaAndServicesMember 2025-04-30 0001209466 ietft:C000035326Member ietft:ITConsultingAndOtherServicesMember 2025-04-30 0001209466 ietft:C000035326Member ietft:MetaPlatformsIncClassAMember 2025-04-30 0001209466 ietft:C000035326Member ietft:MicrosoftCorpMember 2025-04-30 0001209466 ietft:C000035326Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000035326Member ietft:NutanixIncClassAMember 2025-04-30 0001209466 ietft:C000035326Member ietft:OtherSubIndustriesEachLessThan3Member 2025-04-30 0001209466 ietft:C000035326Member ietft:PaloAltoNetworksIncMember 2025-04-30 0001209466 ietft:C000035326Member ietft:RubrikIncClassAMember 2025-04-30 0001209466 ietft:C000035326Member ietft:SystemsSoftwareMember 2025-04-30 0001209466 ietft:C000035326Member ietft:TechnologyHardwareStorageAndPeripheralsMember 2025-04-30 0001209466 ietft:C000035326Member ietft:TelephoneAndDataSystemsIncMember 2025-04-30 0001209466 ietft:C000035326Member ietft:ToastIncClassAMember 2025-04-30 0001209466 ietft:C000035326Member ietft:TransactionAndPaymentProcessingServicesMember 2025-04-30 0001209466 ietft:C000035326Member ietft:WirelessTelecommunicationServicesMember 2025-04-30 0001209466 ietft:C000035326Member ietft:ZscalerIncMember 2025-04-30 0001209466 ietft:C000035327Member 2025-04-30 0001209466 ietft:C000035327Member ietft:BankOfNewYorkMellonCorpTheMember 2025-04-30 0001209466 ietft:C000035327Member ietft:BookingHoldingsIncMember 2025-04-30 0001209466 ietft:C000035327Member ietft:CaterpillarIncMember 2025-04-30 0001209466 ietft:C000035327Member ietft:CheniereEnergyIncMember 2025-04-30 0001209466 ietft:C000035327Member ietft:ComcastCorpClassAMember 2025-04-30 0001209466 ietft:C000035327Member oef:CommunicationsSectorMember 2025-04-30 0001209466 ietft:C000035327Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000035327Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000035327Member us-gaap:EnergySectorMember 2025-04-30 0001209466 ietft:C000035327Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000035327Member ietft:HCAHealthcareIncMember 2025-04-30 0001209466 ietft:C000035327Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000035327Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000035327Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000035327Member ietft:MarriottInternationalIncClassAMember 2025-04-30 0001209466 ietft:C000035327Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000035327Member ietft:OtherSectorsEachLessThan2Member 2025-04-30 0001209466 ietft:C000035327Member ietft:PayPalHoldingsIncMember 2025-04-30 0001209466 ietft:C000035327Member ietft:RTXCorpMember 2025-04-30 0001209466 ietft:C000035327Member oef:UtilitiesSectorMember 2025-04-30 0001209466 ietft:C000035327Member ietft:WellsFargoAndCoMember 2025-04-30 0001209466 ietft:C000035336Member 2025-04-30 0001209466 ietft:C000035336Member ietft:ACIWorldwideIncMember 2025-04-30 0001209466 ietft:C000035336Member ietft:AdtalemGlobalEducationIncMember 2025-04-30 0001209466 ietft:C000035336Member ietft:AppLovinCorpClassAMember 2025-04-30 0001209466 ietft:C000035336Member ietft:BrinkerInternationalIncMember 2025-04-30 0001209466 ietft:C000035336Member ietft:CarpenterTechnologyCorpMember 2025-04-30 0001209466 ietft:C000035336Member ietft:CarvanaCoMember 2025-04-30 0001209466 ietft:C000035336Member oef:CommunicationsSectorMember 2025-04-30 0001209466 ietft:C000035336Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000035336Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000035336Member us-gaap:EnergySectorMember 2025-04-30 0001209466 ietft:C000035336Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000035336Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000035336Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000035336Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000035336Member oef:MaterialsSectorMember 2025-04-30 0001209466 ietft:C000035336Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000035336Member ietft:PalantirTechnologiesIncClassAMember 2025-04-30 0001209466 ietft:C000035336Member ietft:PrimorisServicesCorpMember 2025-04-30 0001209466 ietft:C000035336Member us-gaap:RealEstateSectorMember 2025-04-30 0001209466 ietft:C000035336Member ietft:TexasPacificLandCorpMember 2025-04-30 0001209466 ietft:C000035336Member oef:UtilitiesSectorMember 2025-04-30 0001209466 ietft:C000035336Member ietft:VirtuFinancialIncClassAMember 2025-04-30 0001209466 ietft:C000035338Member 2025-04-30 0001209466 ietft:C000035338Member ietft:BYDCoLtdHSharesMember 2025-04-30 0001209466 ietft:C000035338Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000035338Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000035338Member ietft:DigitalRealtyTrustIncMember 2025-04-30 0001209466 ietft:C000035338Member us-gaap:EnergySectorMember 2025-04-30 0001209466 ietft:C000035338Member ietft:FirstSolarIncMember 2025-04-30 0001209466 ietft:C000035338Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000035338Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000035338Member ietft:KingspanGroupPLCMember 2025-04-30 0001209466 ietft:C000035338Member ietft:LGEnergySolutionLtdMember 2025-04-30 0001209466 ietft:C000035338Member ietft:LiAutoIncASharesMember 2025-04-30 0001209466 ietft:C000035338Member oef:MaterialsSectorMember 2025-04-30 0001209466 ietft:C000035338Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000035338Member ietft:NVIDIACorpMember 2025-04-30 0001209466 ietft:C000035338Member us-gaap:RealEstateSectorMember 2025-04-30 0001209466 ietft:C000035338Member ietft:TeslaIncMember 2025-04-30 0001209466 ietft:C000035338Member oef:UtilitiesSectorMember 2025-04-30 0001209466 ietft:C000035338Member ietft:VestasWindSystemsASMember 2025-04-30 0001209466 ietft:C000035338Member ietft:XPengIncMember 2025-04-30 0001209466 ietft:C000035343Member 2025-04-30 0001209466 ietft:C000035343Member ietft:AluminumMember 2025-04-30 0001209466 ietft:C000035343Member ietft:AveryDennisonCorpMember 2025-04-30 0001209466 ietft:C000035343Member ietft:CarpenterTechnologyCorpMember 2025-04-30 0001209466 ietft:C000035343Member ietft:CFIndustriesHoldingsIncMember 2025-04-30 0001209466 ietft:C000035343Member ietft:CommodityChemicalsMember 2025-04-30 0001209466 ietft:C000035343Member ietft:CortevaIncMember 2025-04-30 0001209466 ietft:C000035343Member ietft:EastmanChemicalCoMember 2025-04-30 0001209466 ietft:C000035343Member ietft:FertilizersAndAgriculturalChemicalsMember 2025-04-30 0001209466 ietft:C000035343Member ietft:GoldSectorMember 2025-04-30 0001209466 ietft:C000035343Member ietft:HeclaMiningCoMember 2025-04-30 0001209466 ietft:C000035343Member ietft:IndustrialGasesMember 2025-04-30 0001209466 ietft:C000035343Member ietft:LindePLCMember 2025-04-30 0001209466 ietft:C000035343Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000035343Member ietft:NewmontCorpMember 2025-04-30 0001209466 ietft:C000035343Member ietft:NucorCorpMember 2025-04-30 0001209466 ietft:C000035343Member ietft:OtherSubIndustriesEachLessThan3Member 2025-04-30 0001209466 ietft:C000035343Member ietft:PaperAndPlasticPackagingProductsAndMaterialsMember 2025-04-30 0001209466 ietft:C000035343Member ietft:RelianceIncMember 2025-04-30 0001209466 ietft:C000035343Member ietft:SpecialtyChemicalsMember 2025-04-30 0001209466 ietft:C000035343Member ietft:SteelMember 2025-04-30 0001209466 ietft:C000035344Member 2025-04-30 0001209466 ietft:C000035344Member ietft:AmazonComIncMember 2025-04-30 0001209466 ietft:C000035344Member ietft:ApparelAccessoriesAndLuxuryGoodsMember 2025-04-30 0001209466 ietft:C000035344Member ietft:ApparelRetailMember 2025-04-30 0001209466 ietft:C000035344Member ietft:AutomotiveRetailMember 2025-04-30 0001209466 ietft:C000035344Member ietft:BroadlineRetailMember 2025-04-30 0001209466 ietft:C000035344Member ietft:CardinalHealthIncMember 2025-04-30 0001209466 ietft:C000035344Member ietft:ConsumerElectronicsMember 2025-04-30 0001209466 ietft:C000035344Member ietft:ConsumerStaplesMerchandiseRetailMember 2025-04-30 0001209466 ietft:C000035344Member ietft:DoorDashIncClassAMember 2025-04-30 0001209466 ietft:C000035344Member ietft:HealthCareDistributorsMember 2025-04-30 0001209466 ietft:C000035344Member ietft:HomebuildingSectorMember 2025-04-30 0001209466 ietft:C000035344Member ietft:HomeFurnishingsMember 2025-04-30 0001209466 ietft:C000035344Member ietft:HotelsResortsAndCruiseLinesMember 2025-04-30 0001209466 ietft:C000035344Member ietft:LeisureFacilitiesMember 2025-04-30 0001209466 ietft:C000035344Member ietft:McKessonCorpMember 2025-04-30 0001209466 ietft:C000035344Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000035344Member ietft:MoviesAndEntertainmentMember 2025-04-30 0001209466 ietft:C000035344Member ietft:NetflixIncMember 2025-04-30 0001209466 ietft:C000035344Member ietft:OReillyAutomotiveIncMember 2025-04-30 0001209466 ietft:C000035344Member ietft:OtherSpecialtyRetailMember 2025-04-30 0001209466 ietft:C000035344Member ietft:OtherSubIndustriesEachLessThan3Member 2025-04-30 0001209466 ietft:C000035344Member ietft:RalphLaurenCorpMember 2025-04-30 0001209466 ietft:C000035344Member ietft:RestaurantsMember 2025-04-30 0001209466 ietft:C000035344Member ietft:RoyalCaribbeanCruisesLtdMember 2025-04-30 0001209466 ietft:C000035344Member ietft:SomnigroupInternationalIncMember 2025-04-30 0001209466 ietft:C000035344Member ietft:TapestryIncMember 2025-04-30 0001209466 ietft:C000035345Member 2025-04-30 0001209466 ietft:C000035345Member ietft:AgriculturalProductsAndServicesMember 2025-04-30 0001209466 ietft:C000035345Member ietft:BJsWholesaleClubHoldingsIncMember 2025-04-30 0001209466 ietft:C000035345Member ietft:BrewersMember 2025-04-30 0001209466 ietft:C000035345Member ietft:CaseysGeneralStoresIncMember 2025-04-30 0001209466 ietft:C000035345Member ietft:ChurchAndDwightCoIncMember 2025-04-30 0001209466 ietft:C000035345Member ietft:ConsumerStaplesMerchandiseRetailMember 2025-04-30 0001209466 ietft:C000035345Member ietft:CostcoWholesaleCorpMember 2025-04-30 0001209466 ietft:C000035345Member ietft:EducationServicesMember 2025-04-30 0001209466 ietft:C000035345Member ietft:FoodDistributorsMember 2025-04-30 0001209466 ietft:C000035345Member ietft:FoodRetailMember 2025-04-30 0001209466 ietft:C000035345Member ietft:HouseholdProductsMember 2025-04-30 0001209466 ietft:C000035345Member ietft:KrogerCoTheMember 2025-04-30 0001209466 ietft:C000035345Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000035345Member ietft:MonsterBeverageCorpMember 2025-04-30 0001209466 ietft:C000035345Member ietft:PackagedFoodsAndMeatsMember 2025-04-30 0001209466 ietft:C000035345Member ietft:PersonalCareProductsMember 2025-04-30 0001209466 ietft:C000035345Member ietft:PhilipMorrisInternationalIncMember 2025-04-30 0001209466 ietft:C000035345Member ietft:ServiceCorpInternationalMember 2025-04-30 0001209466 ietft:C000035345Member ietft:SoftDrinksAndNonAlcoholicBeveragesMember 2025-04-30 0001209466 ietft:C000035345Member ietft:SpecializedConsumerServicesMember 2025-04-30 0001209466 ietft:C000035345Member ietft:SproutsFarmersMarketIncMember 2025-04-30 0001209466 ietft:C000035345Member ietft:StrideIncMember 2025-04-30 0001209466 ietft:C000035345Member ietft:TobaccoMember 2025-04-30 0001209466 ietft:C000037805Member 2025-04-30 0001209466 ietft:C000037805Member ietft:AmphenolCorpClassAMember 2025-04-30 0001209466 ietft:C000037805Member ietft:AppleIncMember 2025-04-30 0001209466 ietft:C000037805Member ietft:AppLovinCorpClassAMember 2025-04-30 0001209466 ietft:C000037805Member oef:CommunicationsSectorMember 2025-04-30 0001209466 ietft:C000037805Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000037805Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000037805Member ietft:CopartIncMember 2025-04-30 0001209466 ietft:C000037805Member ietft:CostcoWholesaleCorpMember 2025-04-30 0001209466 ietft:C000037805Member us-gaap:EnergySectorMember 2025-04-30 0001209466 ietft:C000037805Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000037805Member ietft:FiservIncMember 2025-04-30 0001209466 ietft:C000037805Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000037805Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000037805Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000037805Member ietft:MastercardIncClassAMember 2025-04-30 0001209466 ietft:C000037805Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000037805Member ietft:OReillyAutomotiveIncMember 2025-04-30 0001209466 ietft:C000037805Member ietft:OtherSectorsEachLessThan2Member 2025-04-30 0001209466 ietft:C000037805Member ietft:TargaResourcesCorpMember 2025-04-30 0001209466 ietft:C000037805Member ietft:WWGraingerIncMember 2025-04-30 0001209466 ietft:C000037806Member 2025-04-30 0001209466 ietft:C000037806Member ietft:AllstateCorpTheSeriesHPfd510Member 2025-04-30 0001209466 ietft:C000037806Member ietft:BankOfAmericaCorpSeriesGGPfd600Member 2025-04-30 0001209466 ietft:C000037806Member ietft:BanksMember 2025-04-30 0001209466 ietft:C000037806Member ietft:CapitalMarketsMember 2025-04-30 0001209466 ietft:C000037806Member ietft:CapitalOneFinancialCorpSeriesIPfd500Member 2025-04-30 0001209466 ietft:C000037806Member ietft:ConsumerFinanceMember 2025-04-30 0001209466 ietft:C000037806Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000037806Member us-gaap:InsuranceSectorMember 2025-04-30 0001209466 ietft:C000037806Member ietft:JPMorganChaseAndCoSeriesDDPfd575Member 2025-04-30 0001209466 ietft:C000037806Member ietft:JPMorganChaseAndCoSeriesEEPfd600Member 2025-04-30 0001209466 ietft:C000037806Member ietft:JPMorganChaseAndCoSeriesLLPfd463Member 2025-04-30 0001209466 ietft:C000037806Member ietft:JPMorganChaseAndCoSeriesMMPfd420Member 2025-04-30 0001209466 ietft:C000037806Member ietft:MAndTBankCorpSeriesJPfd750Member 2025-04-30 0001209466 ietft:C000037806Member ietft:MetLifeIncSeriesFPfd475Member 2025-04-30 0001209466 ietft:C000037806Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000037806Member ietft:WellsFargoAndCoSeriesZPfd475Member 2025-04-30 0001209466 ietft:C000037807Member 2025-04-30 0001209466 ietft:C000037807Member ietft:BlackstoneIncClassAMember 2025-04-30 0001209466 ietft:C000037807Member ietft:BlueOwlCapitalIncMember 2025-04-30 0001209466 ietft:C000037807Member ietft:CapitalMarketsMember 2025-04-30 0001209466 ietft:C000037807Member ietft:ClosedEndFundsMember 2025-04-30 0001209466 ietft:C000037807Member ietft:EQTABMember 2025-04-30 0001209466 ietft:C000037807Member ietft:EurazeoSEMember 2025-04-30 0001209466 ietft:C000037807Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000037807Member ietft:HALTrustMember 2025-04-30 0001209466 ietft:C000037807Member ietft:KKRAndCoIncClassAMember 2025-04-30 0001209466 ietft:C000037807Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000037807Member ietft:OtherIndustriesEachLessThan3Member 2025-04-30 0001209466 ietft:C000037807Member ietft:PartnersGroupHoldingAGMember 2025-04-30 0001209466 ietft:C000037807Member ietft:SofinaSAMember 2025-04-30 0001209466 ietft:C000037807Member ietft:ThreeiGroupPLCMember 2025-04-30 0001209466 ietft:C000037807Member ietft:TPGIncMember 2025-04-30 0001209466 ietft:C000056583Member 2025-04-30 0001209466 ietft:C000056583Member ietft:AlphabetIncClassAMember 2025-04-30 0001209466 ietft:C000056583Member ietft:AlphabetIncClassCMember 2025-04-30 0001209466 ietft:C000056583Member ietft:AmazonComIncMember 2025-04-30 0001209466 ietft:C000056583Member ietft:AppleIncMember 2025-04-30 0001209466 ietft:C000056583Member ietft:BerkshireHathawayIncClassBMember 2025-04-30 0001209466 ietft:C000056583Member ietft:BroadcomIncMember 2025-04-30 0001209466 ietft:C000056583Member oef:CommunicationsSectorMember 2025-04-30 0001209466 ietft:C000056583Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000056583Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000056583Member us-gaap:EnergySectorMember 2025-04-30 0001209466 ietft:C000056583Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000056583Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000056583Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000056583Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000056583Member oef:MaterialsSectorMember 2025-04-30 0001209466 ietft:C000056583Member ietft:MetaPlatformsIncClassAMember 2025-04-30 0001209466 ietft:C000056583Member ietft:MicrosoftCorpMember 2025-04-30 0001209466 ietft:C000056583Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000056583Member ietft:NVIDIACorpMember 2025-04-30 0001209466 ietft:C000056583Member us-gaap:RealEstateSectorMember 2025-04-30 0001209466 ietft:C000056583Member ietft:TeslaIncMember 2025-04-30 0001209466 ietft:C000056583Member oef:UtilitiesSectorMember 2025-04-30 0001209466 ietft:C000101127Member 2025-04-30 0001209466 ietft:C000101127Member oef:CommunicationsSectorMember 2025-04-30 0001209466 ietft:C000101127Member ietft:ConocoPhillipsMember 2025-04-30 0001209466 ietft:C000101127Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000101127Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000101127Member us-gaap:EnergySectorMember 2025-04-30 0001209466 ietft:C000101127Member ietft:EOGResourcesIncMember 2025-04-30 0001209466 ietft:C000101127Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000101127Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000101127Member ietft:HostHotelsAndResortsIncMember 2025-04-30 0001209466 ietft:C000101127Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000101127Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000101127Member ietft:MarathonPetroleumCorpMember 2025-04-30 0001209466 ietft:C000101127Member oef:MaterialsSectorMember 2025-04-30 0001209466 ietft:C000101127Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000101127Member ietft:NVIDIACorpMember 2025-04-30 0001209466 ietft:C000101127Member us-gaap:RealEstateSectorMember 2025-04-30 0001209466 ietft:C000101127Member ietft:RossStoresIncMember 2025-04-30 0001209466 ietft:C000101127Member ietft:SteelDynamicsIncMember 2025-04-30 0001209466 ietft:C000101127Member ietft:TJXCosIncTheMember 2025-04-30 0001209466 ietft:C000101127Member ietft:UltaBeautyIncMember 2025-04-30 0001209466 ietft:C000101127Member ietft:ValeroEnergyCorpMember 2025-04-30 0001209466 ietft:C000101128Member 2025-04-30 0001209466 ietft:C000101128Member ietft:BerkshireHathawayIncClassBMember 2025-04-30 0001209466 ietft:C000101128Member ietft:CardinalHealthIncMember 2025-04-30 0001209466 ietft:C000101128Member ietft:CencoraIncMember 2025-04-30 0001209466 ietft:C000101128Member oef:CommunicationsSectorMember 2025-04-30 0001209466 ietft:C000101128Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000101128Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000101128Member us-gaap:EnergySectorMember 2025-04-30 0001209466 ietft:C000101128Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000101128Member ietft:FoxCorpClassAMember 2025-04-30 0001209466 ietft:C000101128Member ietft:GeneralMotorsCoMember 2025-04-30 0001209466 ietft:C000101128Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000101128Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000101128Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000101128Member ietft:KrogerCoTheMember 2025-04-30 0001209466 ietft:C000101128Member ietft:LoewsCorpMember 2025-04-30 0001209466 ietft:C000101128Member oef:MaterialsSectorMember 2025-04-30 0001209466 ietft:C000101128Member ietft:MohawkIndustriesIncMember 2025-04-30 0001209466 ietft:C000101128Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000101128Member ietft:PrudentialFinancialIncMember 2025-04-30 0001209466 ietft:C000101128Member us-gaap:RealEstateSectorMember 2025-04-30 0001209466 ietft:C000101128Member ietft:TysonFoodsIncClassAMember 2025-04-30 0001209466 ietft:C000101128Member oef:UtilitiesSectorMember 2025-04-30 0001209466 ietft:C000197604Member 2025-04-30 0001209466 ietft:C000197604Member ietft:AmericanTowerCorpMember 2025-04-30 0001209466 ietft:C000197604Member ietft:CrownCastleIncMember 2025-04-30 0001209466 ietft:C000197604Member ietft:DigitalRealtyTrustIncMember 2025-04-30 0001209466 ietft:C000197604Member ietft:EquityResidentialMember 2025-04-30 0001209466 ietft:C000197604Member ietft:HealthCareREITsMember 2025-04-30 0001209466 ietft:C000197604Member ietft:HotelAndResortREITsMember 2025-04-30 0001209466 ietft:C000197604Member ietft:IndustrialREITsMember 2025-04-30 0001209466 ietft:C000197604Member ietft:InvitationHomesIncMember 2025-04-30 0001209466 ietft:C000197604Member ietft:IronMountainIncMember 2025-04-30 0001209466 ietft:C000197604Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000197604Member ietft:OfficeREITsMember 2025-04-30 0001209466 ietft:C000197604Member ietft:RealEstateManagementAndDevelopmentMember 2025-04-30 0001209466 ietft:C000197604Member ietft:RealtyIncomeCorpMember 2025-04-30 0001209466 ietft:C000197604Member ietft:ResidentialREITsMember 2025-04-30 0001209466 ietft:C000197604Member ietft:RetailREITsMember 2025-04-30 0001209466 ietft:C000197604Member ietft:SBACommunicationsCorpClassAMember 2025-04-30 0001209466 ietft:C000197604Member ietft:SpecializedREITsMember 2025-04-30 0001209466 ietft:C000197604Member ietft:VentasIncMember 2025-04-30 0001209466 ietft:C000197604Member ietft:WelltowerIncMember 2025-04-30 0001209466 ietft:C000197605Member 2025-04-30 0001209466 ietft:C000197605Member ietft:AmphenolCorpClassAMember 2025-04-30 0001209466 ietft:C000197605Member ietft:AutodeskIncMember 2025-04-30 0001209466 ietft:C000197605Member ietft:CadenceDesignSystemsIncMember 2025-04-30 0001209466 ietft:C000197605Member ietft:CommunicationsEquipmentMember 2025-04-30 0001209466 ietft:C000197605Member ietft:CrowdStrikeHoldingsIncClassAMember 2025-04-30 0001209466 ietft:C000197605Member ietft:ElectronicEquipmentInstrumentsAndComponentsMember 2025-04-30 0001209466 ietft:C000197605Member ietft:FairIsaacCorpMember 2025-04-30 0001209466 ietft:C000197605Member ietft:GoDaddyIncClassAMember 2025-04-30 0001209466 ietft:C000197605Member ietft:ITServicesMember 2025-04-30 0001209466 ietft:C000197605Member ietft:JabilIncMember 2025-04-30 0001209466 ietft:C000197605Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000197605Member ietft:PalantirTechnologiesIncClassAMember 2025-04-30 0001209466 ietft:C000197605Member ietft:SemiconductorsAndSemiconductorEquipmentMember 2025-04-30 0001209466 ietft:C000197605Member ietft:ServiceNowIncMember 2025-04-30 0001209466 ietft:C000197605Member ietft:SoftwareMember 2025-04-30 0001209466 ietft:C000197605Member ietft:TechnologyHardwareStorageAndPeripheralsMember 2025-04-30 0001209466 ietft:C000197605Member ietft:VeriSignIncMember 2025-04-30 0001209466 ietft:C000197606Member 2025-04-30 0001209466 ietft:C000197606Member ietft:AmericanElectricPowerCoIncMember 2025-04-30 0001209466 ietft:C000197606Member ietft:AtmosEnergyCorpMember 2025-04-30 0001209466 ietft:C000197606Member ietft:CenterPointEnergyIncMember 2025-04-30 0001209466 ietft:C000197606Member ietft:ConsolidatedEdisonIncMember 2025-04-30 0001209466 ietft:C000197606Member ietft:ElectricUtilitiesMember 2025-04-30 0001209466 ietft:C000197606Member ietft:ExelonCorpMember 2025-04-30 0001209466 ietft:C000197606Member ietft:FirstEnergyCorpMember 2025-04-30 0001209466 ietft:C000197606Member ietft:GasUtilitiesMember 2025-04-30 0001209466 ietft:C000197606Member ietft:IndependentPowerAndRenewableElectricityProducersMember 2025-04-30 0001209466 ietft:C000197606Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000197606Member ietft:MultiUtilitiesMember 2025-04-30 0001209466 ietft:C000197606Member ietft:NRGEnergyIncMember 2025-04-30 0001209466 ietft:C000197606Member ietft:PPLCorpMember 2025-04-30 0001209466 ietft:C000197606Member ietft:SempraMember 2025-04-30 0001209466 ietft:C000197606Member ietft:VistraCorpMember 2025-04-30 0001209466 ietft:C000197606Member ietft:WaterUtilitiesMember 2025-04-30 0001209466 ietft:C000197607Member 2025-04-30 0001209466 ietft:C000197607Member ietft:AxonEnterpriseIncMember 2025-04-30 0001209466 ietft:C000197607Member oef:CommunicationsSectorMember 2025-04-30 0001209466 ietft:C000197607Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000197607Member ietft:CrowdStrikeHoldingsIncClassAMember 2025-04-30 0001209466 ietft:C000197607Member us-gaap:EnergySectorMember 2025-04-30 0001209466 ietft:C000197607Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000197607Member ietft:FortinetIncMember 2025-04-30 0001209466 ietft:C000197607Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000197607Member ietft:HowmetAerospaceIncMember 2025-04-30 0001209466 ietft:C000197607Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000197607Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000197607Member ietft:LiveNationEntertainmentIncMember 2025-04-30 0001209466 ietft:C000197607Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000197607Member ietft:OtherSectorsEachLessThan2Member 2025-04-30 0001209466 ietft:C000197607Member ietft:PalantirTechnologiesIncClassAMember 2025-04-30 0001209466 ietft:C000197607Member ietft:RoyalCaribbeanCruisesLtdMember 2025-04-30 0001209466 ietft:C000197607Member ietft:TexasPacificLandCorpMember 2025-04-30 0001209466 ietft:C000197607Member ietft:TKOGroupHoldingsIncMember 2025-04-30 0001209466 ietft:C000197607Member oef:UtilitiesSectorMember 2025-04-30 0001209466 ietft:C000197607Member ietft:VistraCorpMember 2025-04-30 0001209466 ietft:C000197608Member 2025-04-30 0001209466 ietft:C000197608Member ietft:ArcherDanielsMidlandCoMember 2025-04-30 0001209466 ietft:C000197608Member ietft:BungeGlobalSAMember 2025-04-30 0001209466 ietft:C000197608Member ietft:CenteneCorpMember 2025-04-30 0001209466 ietft:C000197608Member oef:CommunicationsSectorMember 2025-04-30 0001209466 ietft:C000197608Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000197608Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000197608Member ietft:CVSHealthCorpMember 2025-04-30 0001209466 ietft:C000197608Member us-gaap:EnergySectorMember 2025-04-30 0001209466 ietft:C000197608Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000197608Member ietft:FordMotorCoMember 2025-04-30 0001209466 ietft:C000197608Member ietft:GeneralMotorsCoMember 2025-04-30 0001209466 ietft:C000197608Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000197608Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000197608Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000197608Member ietft:KrogerCoTheMember 2025-04-30 0001209466 ietft:C000197608Member oef:MaterialsSectorMember 2025-04-30 0001209466 ietft:C000197608Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000197608Member ietft:MosaicCoTheMember 2025-04-30 0001209466 ietft:C000197608Member ietft:ParamountGlobalClassBMember 2025-04-30 0001209466 ietft:C000197608Member us-gaap:RealEstateSectorMember 2025-04-30 0001209466 ietft:C000197608Member ietft:TysonFoodsIncClassAMember 2025-04-30 0001209466 ietft:C000197608Member oef:UtilitiesSectorMember 2025-04-30 0001209466 ietft:C000197609Member 2025-04-30 0001209466 ietft:C000197609Member ietft:AlphabetIncClassAMember 2025-04-30 0001209466 ietft:C000197609Member ietft:AlphabetIncClassCMember 2025-04-30 0001209466 ietft:C000197609Member ietft:AmazonComIncMember 2025-04-30 0001209466 ietft:C000197609Member ietft:AppleIncMember 2025-04-30 0001209466 ietft:C000197609Member ietft:BerkshireHathawayIncClassBMember 2025-04-30 0001209466 ietft:C000197609Member ietft:BroadcomIncMember 2025-04-30 0001209466 ietft:C000197609Member oef:CommunicationsSectorMember 2025-04-30 0001209466 ietft:C000197609Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000197609Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000197609Member us-gaap:EnergySectorMember 2025-04-30 0001209466 ietft:C000197609Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000197609Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000197609Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000197609Member ietft:MetaPlatformsIncClassAMember 2025-04-30 0001209466 ietft:C000197609Member ietft:MicrosoftCorpMember 2025-04-30 0001209466 ietft:C000197609Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000197609Member ietft:NVIDIACorpMember 2025-04-30 0001209466 ietft:C000197609Member ietft:OtherSectorsEachLessThan2Member 2025-04-30 0001209466 ietft:C000197609Member ietft:TeslaIncMember 2025-04-30 0001209466 ietft:C000197610Member 2025-04-30 0001209466 ietft:C000197610Member ietft:CelsiusHoldingsIncMember 2025-04-30 0001209466 ietft:C000197610Member ietft:ChordEnergyCorpMember 2025-04-30 0001209466 ietft:C000197610Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000197610Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000197610Member ietft:CrocsIncMember 2025-04-30 0001209466 ietft:C000197610Member us-gaap:EnergySectorMember 2025-04-30 0001209466 ietft:C000197610Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000197610Member ietft:HalozymeTherapeuticsIncMember 2025-04-30 0001209466 ietft:C000197610Member ietft:HancockWhitneyCorpMember 2025-04-30 0001209466 ietft:C000197610Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000197610Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000197610Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000197610Member ietft:LantheusHoldingsIncMember 2025-04-30 0001209466 ietft:C000197610Member oef:MaterialsSectorMember 2025-04-30 0001209466 ietft:C000197610Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000197610Member ietft:MurphyUSAIncMember 2025-04-30 0001209466 ietft:C000197610Member ietft:PermianResourcesCorpMember 2025-04-30 0001209466 ietft:C000197610Member us-gaap:RealEstateSectorMember 2025-04-30 0001209466 ietft:C000197610Member ietft:RoivantSciencesLtdMember 2025-04-30 0001209466 ietft:C000197610Member ietft:TexasRoadhouseIncMember 2025-04-30 0001209466 ietft:C000197611Member 2025-04-30 0001209466 ietft:C000197611Member ietft:CarpenterTechnologyCorpMember 2025-04-30 0001209466 ietft:C000197611Member ietft:ComfortSystemsUSAIncMember 2025-04-30 0001209466 ietft:C000197611Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000197611Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000197611Member ietft:EMCORGroupIncMember 2025-04-30 0001209466 ietft:C000197611Member us-gaap:EnergySectorMember 2025-04-30 0001209466 ietft:C000197611Member ietft:ExelixisIncMember 2025-04-30 0001209466 ietft:C000197611Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000197611Member ietft:GlobusMedicalIncClassAMember 2025-04-30 0001209466 ietft:C000197611Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000197611Member ietft:HimsAndHersHealthIncMember 2025-04-30 0001209466 ietft:C000197611Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000197611Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000197611Member oef:MaterialsSectorMember 2025-04-30 0001209466 ietft:C000197611Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000197611Member ietft:RenaissanceReHoldingsLtdMember 2025-04-30 0001209466 ietft:C000197611Member ietft:RoivantSciencesLtdMember 2025-04-30 0001209466 ietft:C000197611Member ietft:Shift4PaymentsIncClassAMember 2025-04-30 0001209466 ietft:C000197611Member ietft:ValarisLtdMember 2025-04-30 0001209466 ietft:C000197612Member 2025-04-30 0001209466 ietft:C000197612Member ietft:ArrowElectronicsIncMember 2025-04-30 0001209466 ietft:C000197612Member ietft:AvnetIncMember 2025-04-30 0001209466 ietft:C000197612Member ietft:ClevelandCliffsIncMember 2025-04-30 0001209466 ietft:C000197612Member ietft:ConcentrixCorpMember 2025-04-30 0001209466 ietft:C000197612Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000197612Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000197612Member us-gaap:EnergySectorMember 2025-04-30 0001209466 ietft:C000197612Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000197612Member ietft:GoodyearTireAndRubberCoTheMember 2025-04-30 0001209466 ietft:C000197612Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000197612Member ietft:HFSinclairCorpMember 2025-04-30 0001209466 ietft:C000197612Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000197612Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000197612Member ietft:LearCorpMember 2025-04-30 0001209466 ietft:C000197612Member ietft:MacysIncMember 2025-04-30 0001209466 ietft:C000197612Member oef:MaterialsSectorMember 2025-04-30 0001209466 ietft:C000197612Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000197612Member us-gaap:RealEstateSectorMember 2025-04-30 0001209466 ietft:C000197612Member ietft:TDSYNNEXCorpMember 2025-04-30 0001209466 ietft:C000197612Member ietft:UnitedStatesSteelCorpMember 2025-04-30 0001209466 ietft:C000197612Member oef:UtilitiesSectorMember 2025-04-30 0001209466 ietft:C000197614Member 2025-04-30 0001209466 ietft:C000197614Member ietft:AutomobilesSectorMember 2025-04-30 0001209466 ietft:C000197614Member ietft:AutoZoneIncMember 2025-04-30 0001209466 ietft:C000197614Member ietft:BookingHoldingsIncMember 2025-04-30 0001209466 ietft:C000197614Member ietft:BroadlineRetailMember 2025-04-30 0001209466 ietft:C000197614Member ietft:DardenRestaurantsIncMember 2025-04-30 0001209466 ietft:C000197614Member ietft:DistributorsMember 2025-04-30 0001209466 ietft:C000197614Member ietft:DominoSPizzaIncMember 2025-04-30 0001209466 ietft:C000197614Member ietft:HotelsRestaurantsAndLeisureMember 2025-04-30 0001209466 ietft:C000197614Member ietft:HouseholdDurablesMember 2025-04-30 0001209466 ietft:C000197614Member ietft:McDonaldsCorpMember 2025-04-30 0001209466 ietft:C000197614Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000197614Member ietft:OReillyAutomotiveIncMember 2025-04-30 0001209466 ietft:C000197614Member ietft:OtherIndustriesEachLessThan3Member 2025-04-30 0001209466 ietft:C000197614Member ietft:RossStoresIncMember 2025-04-30 0001209466 ietft:C000197614Member ietft:SpecialtyRetailMember 2025-04-30 0001209466 ietft:C000197614Member ietft:TeslaIncMember 2025-04-30 0001209466 ietft:C000197614Member ietft:TextilesApparelAndLuxuryGoodsMember 2025-04-30 0001209466 ietft:C000197614Member ietft:TJXCosIncTheMember 2025-04-30 0001209466 ietft:C000197614Member ietft:UltaBeautyIncMember 2025-04-30 0001209466 ietft:C000197615Member 2025-04-30 0001209466 ietft:C000197615Member ietft:ADMABiologicsIncMember 2025-04-30 0001209466 ietft:C000197615Member ietft:AdtalemGlobalEducationIncMember 2025-04-30 0001209466 ietft:C000197615Member ietft:ChefsWarehouseIncTheMember 2025-04-30 0001209466 ietft:C000197615Member ietft:CinemarkHoldingsIncMember 2025-04-30 0001209466 ietft:C000197615Member oef:CommunicationsSectorMember 2025-04-30 0001209466 ietft:C000197615Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000197615Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000197615Member ietft:CorceptTherapeuticsIncMember 2025-04-30 0001209466 ietft:C000197615Member ietft:DXPEnterprisesIncMember 2025-04-30 0001209466 ietft:C000197615Member us-gaap:EnergySectorMember 2025-04-30 0001209466 ietft:C000197615Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000197615Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000197615Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000197615Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000197615Member ietft:InterDigitalIncMember 2025-04-30 0001209466 ietft:C000197615Member oef:MaterialsSectorMember 2025-04-30 0001209466 ietft:C000197615Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000197615Member ietft:PalomarHoldingsIncMember 2025-04-30 0001209466 ietft:C000197615Member ietft:ProtagonistTherapeuticsIncMember 2025-04-30 0001209466 ietft:C000197615Member us-gaap:RealEstateSectorMember 2025-04-30 0001209466 ietft:C000197615Member ietft:TGTherapeuticsIncMember 2025-04-30 0001209466 ietft:C000197616Member 2025-04-30 0001209466 ietft:C000197616Member ietft:BAndGFoodsIncMember 2025-04-30 0001209466 ietft:C000197616Member oef:CommunicationsSectorMember 2025-04-30 0001209466 ietft:C000197616Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000197616Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000197616Member ietft:DanaIncMember 2025-04-30 0001209466 ietft:C000197616Member us-gaap:EnergySectorMember 2025-04-30 0001209466 ietft:C000197616Member ietft:EZCORPIncClassAMember 2025-04-30 0001209466 ietft:C000197616Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000197616Member ietft:FreshDelMonteProduceIncMember 2025-04-30 0001209466 ietft:C000197616Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000197616Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000197616Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000197616Member oef:MaterialsSectorMember 2025-04-30 0001209466 ietft:C000197616Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000197616Member ietft:ParPacificHoldingsIncMember 2025-04-30 0001209466 ietft:C000197616Member ietft:ProAssuranceCorpMember 2025-04-30 0001209466 ietft:C000197616Member us-gaap:RealEstateSectorMember 2025-04-30 0001209466 ietft:C000197616Member ietft:SpartanNashCoMember 2025-04-30 0001209466 ietft:C000197616Member ietft:TitanInternationalIncMember 2025-04-30 0001209466 ietft:C000197616Member oef:UtilitiesSectorMember 2025-04-30 0001209466 ietft:C000197616Member ietft:ViasatIncMember 2025-04-30 0001209466 ietft:C000197616Member ietft:WorldKinectCorpMember 2025-04-30 0001209466 ietft:C000197618Member 2025-04-30 0001209466 ietft:C000197618Member ietft:AmgenIncMember 2025-04-30 0001209466 ietft:C000197618Member ietft:ChevronCorpMember 2025-04-30 0001209466 ietft:C000197618Member ietft:CiscoSystemsIncMember 2025-04-30 0001209466 ietft:C000197618Member ietft:CocaColaCoTheMember 2025-04-30 0001209466 ietft:C000197618Member oef:CommunicationsSectorMember 2025-04-30 0001209466 ietft:C000197618Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000197618Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000197618Member us-gaap:EnergySectorMember 2025-04-30 0001209466 ietft:C000197618Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000197618Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000197618Member ietft:HomeDepotIncTheMember 2025-04-30 0001209466 ietft:C000197618Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000197618Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000197618Member ietft:InternationalBusinessMachinesCorpMember 2025-04-30 0001209466 ietft:C000197618Member ietft:JohnsonAndJohnsonMember 2025-04-30 0001209466 ietft:C000197618Member oef:MaterialsSectorMember 2025-04-30 0001209466 ietft:C000197618Member ietft:McDonaldsCorpMember 2025-04-30 0001209466 ietft:C000197618Member ietft:MerckAndCoIncMember 2025-04-30 0001209466 ietft:C000197618Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000197618Member ietft:VerizonCommunicationsIncMember 2025-04-30 0001209466 ietft:C000197620Member 2025-04-30 0001209466 ietft:C000197620Member ietft:AvalonBayCommunitiesIncMember 2025-04-30 0001209466 ietft:C000197620Member ietft:BrownAndBrownIncMember 2025-04-30 0001209466 ietft:C000197620Member ietft:CenteneCorpMember 2025-04-30 0001209466 ietft:C000197620Member oef:CommunicationsSectorMember 2025-04-30 0001209466 ietft:C000197620Member ietft:ConstellationBrandsIncClassAMember 2025-04-30 0001209466 ietft:C000197620Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000197620Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000197620Member ietft:DTEEnergyCoMember 2025-04-30 0001209466 ietft:C000197620Member ietft:ExtraSpaceStorageIncMember 2025-04-30 0001209466 ietft:C000197620Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000197620Member ietft:HartfordInsuranceGroupIncTheMember 2025-04-30 0001209466 ietft:C000197620Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000197620Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000197620Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000197620Member oef:MaterialsSectorMember 2025-04-30 0001209466 ietft:C000197620Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000197620Member ietft:NutrienLtdMember 2025-04-30 0001209466 ietft:C000197620Member us-gaap:RealEstateSectorMember 2025-04-30 0001209466 ietft:C000197620Member oef:UtilitiesSectorMember 2025-04-30 0001209466 ietft:C000197620Member ietft:WabtecCorpMember 2025-04-30 0001209466 ietft:C000197620Member ietft:WillisTowersWatsonPLCMember 2025-04-30 0001209466 ietft:C000197621Member 2025-04-30 0001209466 ietft:C000197621Member ietft:AllianceResourcePartnersLPMember 2025-04-30 0001209466 ietft:C000197621Member ietft:ATAndTIncSeriesCPfd475Member 2025-04-30 0001209466 ietft:C000197621Member ietft:BungeGlobalSAMember 2025-04-30 0001209466 ietft:C000197621Member ietft:CignaGroupTheMember 2025-04-30 0001209466 ietft:C000197621Member ietft:ClosedEndFundsMember 2025-04-30 0001209466 ietft:C000197621Member oef:CommunicationsSectorMember 2025-04-30 0001209466 ietft:C000197621Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000197621Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000197621Member us-gaap:EnergySectorMember 2025-04-30 0001209466 ietft:C000197621Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000197621Member ietft:HartfordInsuranceGroupIncTheMember 2025-04-30 0001209466 ietft:C000197621Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000197621Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000197621Member ietft:ItauUnibancoHoldingSAADRMember 2025-04-30 0001209466 ietft:C000197621Member ietft:KrogerCoTheMember 2025-04-30 0001209466 ietft:C000197621Member oef:MaterialsSectorMember 2025-04-30 0001209466 ietft:C000197621Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000197621Member ietft:NuveenFloatingRateIncomeFundMember 2025-04-30 0001209466 ietft:C000197621Member ietft:NuveenPreferredAndIncomeOpportunitiesFundMember 2025-04-30 0001209466 ietft:C000197621Member ietft:OtherSectorsEachLessThan2Member 2025-04-30 0001209466 ietft:C000197621Member us-gaap:RealEstateSectorMember 2025-04-30 0001209466 ietft:C000197621Member ietft:SignetJewelersLtdMember 2025-04-30 0001209466 ietft:C000197622Member 2025-04-30 0001209466 ietft:C000197622Member ietft:AlbertsonSCosIncClassAMember 2025-04-30 0001209466 ietft:C000197622Member oef:CommunicationsSectorMember 2025-04-30 0001209466 ietft:C000197622Member ietft:ConsolidatedEdisonIncMember 2025-04-30 0001209466 ietft:C000197622Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000197622Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000197622Member us-gaap:EnergySectorMember 2025-04-30 0001209466 ietft:C000197622Member ietft:ExelonCorpMember 2025-04-30 0001209466 ietft:C000197622Member ietft:FairIsaacCorpMember 2025-04-30 0001209466 ietft:C000197622Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000197622Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000197622Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000197622Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000197622Member ietft:KrogerCoTheMember 2025-04-30 0001209466 ietft:C000197622Member ietft:LockheedMartinCorpMember 2025-04-30 0001209466 ietft:C000197622Member oef:MaterialsSectorMember 2025-04-30 0001209466 ietft:C000197622Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000197622Member ietft:NorthropGrummanCorpMember 2025-04-30 0001209466 ietft:C000197622Member ietft:OktaIncMember 2025-04-30 0001209466 ietft:C000197622Member oef:UtilitiesSectorMember 2025-04-30 0001209466 ietft:C000197622Member ietft:VerizonCommunicationsIncMember 2025-04-30 0001209466 ietft:C000197622Member ietft:WECEnergyGroupIncMember 2025-04-30 0001209466 ietft:C000197623Member 2025-04-30 0001209466 ietft:C000197623Member oef:CommunicationsSectorMember 2025-04-30 0001209466 ietft:C000197623Member ietft:ConstellationEnergyCorpMember 2025-04-30 0001209466 ietft:C000197623Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000197623Member ietft:CraneCoMember 2025-04-30 0001209466 ietft:C000197623Member ietft:DTMidstreamIncMember 2025-04-30 0001209466 ietft:C000197623Member us-gaap:EnergySectorMember 2025-04-30 0001209466 ietft:C000197623Member ietft:ESABCorpMember 2025-04-30 0001209466 ietft:C000197623Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000197623Member ietft:GEHealthCareTechnologiesIncMember 2025-04-30 0001209466 ietft:C000197623Member ietft:GEVernovaIncMember 2025-04-30 0001209466 ietft:C000197623Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000197623Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000197623Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000197623Member ietft:KnifeRiverCorpMember 2025-04-30 0001209466 ietft:C000197623Member ietft:KyndrylHoldingsIncMember 2025-04-30 0001209466 ietft:C000197623Member oef:MaterialsSectorMember 2025-04-30 0001209466 ietft:C000197623Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000197623Member us-gaap:RealEstateSectorMember 2025-04-30 0001209466 ietft:C000197623Member ietft:SolventumCorpMember 2025-04-30 0001209466 ietft:C000197623Member oef:UtilitiesSectorMember 2025-04-30 0001209466 ietft:C000197623Member ietft:VeraltoCorpMember 2025-04-30 0001209466 ietft:C000197625Member 2025-04-30 0001209466 ietft:C000197625Member ietft:BeveragesMember 2025-04-30 0001209466 ietft:C000197625Member ietft:BungeGlobalSAMember 2025-04-30 0001209466 ietft:C000197625Member ietft:ConsumerStaplesDistributionAndRetailMember 2025-04-30 0001209466 ietft:C000197625Member ietft:CostcoWholesaleCorpMember 2025-04-30 0001209466 ietft:C000197625Member ietft:DollarGeneralCorpMember 2025-04-30 0001209466 ietft:C000197625Member ietft:DollarTreeIncMember 2025-04-30 0001209466 ietft:C000197625Member ietft:FoodProductsMember 2025-04-30 0001209466 ietft:C000197625Member ietft:HouseholdProductsMember 2025-04-30 0001209466 ietft:C000197625Member ietft:KeurigDrPepperIncMember 2025-04-30 0001209466 ietft:C000197625Member ietft:KrogerCoTheMember 2025-04-30 0001209466 ietft:C000197625Member ietft:MondelezInternationalIncClassAMember 2025-04-30 0001209466 ietft:C000197625Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000197625Member ietft:MonsterBeverageCorpMember 2025-04-30 0001209466 ietft:C000197625Member ietft:PersonalCareProductsMember 2025-04-30 0001209466 ietft:C000197625Member ietft:PhilipMorrisInternationalIncMember 2025-04-30 0001209466 ietft:C000197625Member ietft:TobaccoMember 2025-04-30 0001209466 ietft:C000197625Member ietft:WalmartIncMember 2025-04-30 0001209466 ietft:C000197627Member 2025-04-30 0001209466 ietft:C000197627Member ietft:ConocoPhillipsMember 2025-04-30 0001209466 ietft:C000197627Member ietft:CoterraEnergyIncMember 2025-04-30 0001209466 ietft:C000197627Member ietft:EnergyEquipmentAndServicesMember 2025-04-30 0001209466 ietft:C000197627Member ietft:EQTCorpMember 2025-04-30 0001209466 ietft:C000197627Member ietft:ExxonMobilCorpMember 2025-04-30 0001209466 ietft:C000197627Member ietft:KinderMorganIncMember 2025-04-30 0001209466 ietft:C000197627Member ietft:MarathonPetroleumCorpMember 2025-04-30 0001209466 ietft:C000197627Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000197627Member ietft:OilGasAndConsumableFuelsMember 2025-04-30 0001209466 ietft:C000197627Member ietft:TargaResourcesCorpMember 2025-04-30 0001209466 ietft:C000197627Member ietft:TexasPacificLandCorpMember 2025-04-30 0001209466 ietft:C000197627Member ietft:ValeroEnergyCorpMember 2025-04-30 0001209466 ietft:C000197627Member ietft:WilliamsCosIncTheMember 2025-04-30 0001209466 ietft:C000197628Member 2025-04-30 0001209466 ietft:C000197628Member ietft:AmphenolCorpClassAMember 2025-04-30 0001209466 ietft:C000197628Member ietft:CadenceDesignSystemsIncMember 2025-04-30 0001209466 ietft:C000197628Member oef:CommunicationsSectorMember 2025-04-30 0001209466 ietft:C000197628Member oef:ConsumerDiscretionarySectorMember 2025-04-30 0001209466 ietft:C000197628Member oef:ConsumerStaplesSectorMember 2025-04-30 0001209466 ietft:C000197628Member ietft:CrowdStrikeHoldingsIncClassAMember 2025-04-30 0001209466 ietft:C000197628Member ietft:DollarGeneralCorpMember 2025-04-30 0001209466 ietft:C000197628Member ietft:DollarTreeIncMember 2025-04-30 0001209466 ietft:C000197628Member us-gaap:EnergySectorMember 2025-04-30 0001209466 ietft:C000197628Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000197628Member ietft:GEVernovaIncMember 2025-04-30 0001209466 ietft:C000197628Member us-gaap:HealthcareSectorMember 2025-04-30 0001209466 ietft:C000197628Member oef:IndustrialSectorMember 2025-04-30 0001209466 ietft:C000197628Member oef:InformationTechnologySectorMember 2025-04-30 0001209466 ietft:C000197628Member oef:MaterialsSectorMember 2025-04-30 0001209466 ietft:C000197628Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000197628Member ietft:MosaicCoTheMember 2025-04-30 0001209466 ietft:C000197628Member ietft:NetflixIncMember 2025-04-30 0001209466 ietft:C000197628Member ietft:NewmontCorpMember 2025-04-30 0001209466 ietft:C000197628Member ietft:PalantirTechnologiesIncClassAMember 2025-04-30 0001209466 ietft:C000197628Member us-gaap:RealEstateSectorMember 2025-04-30 0001209466 ietft:C000197628Member oef:UtilitiesSectorMember 2025-04-30 0001209466 ietft:C000197629Member 2025-04-30 0001209466 ietft:C000197629Member ietft:BanksMember 2025-04-30 0001209466 ietft:C000197629Member ietft:BerkshireHathawayIncClassBMember 2025-04-30 0001209466 ietft:C000197629Member ietft:CapitalMarketsMember 2025-04-30 0001209466 ietft:C000197629Member ietft:CboeGlobalMarketsIncMember 2025-04-30 0001209466 ietft:C000197629Member ietft:CharlesSchwabCorpTheMember 2025-04-30 0001209466 ietft:C000197629Member ietft:CMEGroupIncClassAMember 2025-04-30 0001209466 ietft:C000197629Member ietft:ConsumerFinanceMember 2025-04-30 0001209466 ietft:C000197629Member ietft:DiscoverFinancialServicesMember 2025-04-30 0001209466 ietft:C000197629Member ietft:FidelityNationalInformationServicesIncMember 2025-04-30 0001209466 ietft:C000197629Member us-gaap:FinancialServicesSectorMember 2025-04-30 0001209466 ietft:C000197629Member ietft:HartfordInsuranceGroupIncTheMember 2025-04-30 0001209466 ietft:C000197629Member us-gaap:InsuranceSectorMember 2025-04-30 0001209466 ietft:C000197629Member ietft:JPMorganChaseAndCoMember 2025-04-30 0001209466 ietft:C000197629Member ietft:MarketAxessHoldingsIncMember 2025-04-30 0001209466 ietft:C000197629Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000197629Member ietft:WRBerkleyCorpMember 2025-04-30 0001209466 ietft:C000197630Member 2025-04-30 0001209466 ietft:C000197630Member ietft:BiotechnologyMember 2025-04-30 0001209466 ietft:C000197630Member ietft:BostonScientificCorpMember 2025-04-30 0001209466 ietft:C000197630Member ietft:CardinalHealthIncMember 2025-04-30 0001209466 ietft:C000197630Member ietft:CencoraIncMember 2025-04-30 0001209466 ietft:C000197630Member ietft:CignaGroupTheMember 2025-04-30 0001209466 ietft:C000197630Member ietft:EdwardsLifesciencesCorpMember 2025-04-30 0001209466 ietft:C000197630Member ietft:EliLillyAndCoMember 2025-04-30 0001209466 ietft:C000197630Member ietft:HCAHealthcareIncMember 2025-04-30 0001209466 ietft:C000197630Member ietft:HealthCareEquipmentAndSuppliesMember 2025-04-30 0001209466 ietft:C000197630Member ietft:HealthCareProvidersAndServicesMember 2025-04-30 0001209466 ietft:C000197630Member ietft:LifeSciencesToolsAndServicesMember 2025-04-30 0001209466 ietft:C000197630Member ietft:McKessonCorpMember 2025-04-30 0001209466 ietft:C000197630Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000197630Member ietft:PharmaceuticalsMember 2025-04-30 0001209466 ietft:C000197630Member ietft:QuestDiagnosticsIncMember 2025-04-30 0001209466 ietft:C000197630Member ietft:ResMedIncMember 2025-04-30 0001209466 ietft:C000197631Member 2025-04-30 0001209466 ietft:C000197631Member ietft:AerospaceAndDefenseMember 2025-04-30 0001209466 ietft:C000197631Member ietft:AirFreightAndLogisticsMember 2025-04-30 0001209466 ietft:C000197631Member ietft:AllegionPLCMember 2025-04-30 0001209466 ietft:C000197631Member ietft:BoeingCoTheMember 2025-04-30 0001209466 ietft:C000197631Member ietft:BuildingProductsMember 2025-04-30 0001209466 ietft:C000197631Member ietft:CommercialServicesAndSuppliesMember 2025-04-30 0001209466 ietft:C000197631Member ietft:CopartIncMember 2025-04-30 0001209466 ietft:C000197631Member ietft:ElectricalEquipmentMember 2025-04-30 0001209466 ietft:C000197631Member ietft:GEVernovaIncMember 2025-04-30 0001209466 ietft:C000197631Member ietft:GroundTransportationMember 2025-04-30 0001209466 ietft:C000197631Member ietft:HuntingtonIngallsIndustriesIncMember 2025-04-30 0001209466 ietft:C000197631Member ietft:LeidosHoldingsIncMember 2025-04-30 0001209466 ietft:C000197631Member ietft:MachineryMember 2025-04-30 0001209466 ietft:C000197631Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000197631Member ietft:OtherIndustriesEachLessThan3Member 2025-04-30 0001209466 ietft:C000197631Member ietft:PassengerAirlinesMember 2025-04-30 0001209466 ietft:C000197631Member ietft:ProfessionalServicesMember 2025-04-30 0001209466 ietft:C000197631Member ietft:QuantaServicesIncMember 2025-04-30 0001209466 ietft:C000197631Member ietft:RollinsIncMember 2025-04-30 0001209466 ietft:C000197631Member ietft:TradingCompaniesAndDistributorsMember 2025-04-30 0001209466 ietft:C000197631Member ietft:TraneTechnologiesPLCMember 2025-04-30 0001209466 ietft:C000197631Member ietft:UberTechnologiesIncMember 2025-04-30 0001209466 ietft:C000197632Member 2025-04-30 0001209466 ietft:C000197632Member ietft:BallCorpMember 2025-04-30 0001209466 ietft:C000197632Member ietft:CFIndustriesHoldingsIncMember 2025-04-30 0001209466 ietft:C000197632Member us-gaap:ChemicalsSectorMember 2025-04-30 0001209466 ietft:C000197632Member ietft:ConstructionMaterialsMember 2025-04-30 0001209466 ietft:C000197632Member us-gaap:ContainerAndPackagingSectorMember 2025-04-30 0001209466 ietft:C000197632Member ietft:CortevaIncMember 2025-04-30 0001209466 ietft:C000197632Member ietft:LindePLCMember 2025-04-30 0001209466 ietft:C000197632Member ietft:MartinMariettaMaterialsIncMember 2025-04-30 0001209466 ietft:C000197632Member ietft:MetalsAndMiningMember 2025-04-30 0001209466 ietft:C000197632Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000197632Member ietft:MosaicCoTheMember 2025-04-30 0001209466 ietft:C000197632Member ietft:NewmontCorpMember 2025-04-30 0001209466 ietft:C000197632Member ietft:SherwinWilliamsCoTheMember 2025-04-30 0001209466 ietft:C000197632Member ietft:SteelDynamicsIncMember 2025-04-30 0001209466 ietft:C000197632Member ietft:VulcanMaterialsCoMember 2025-04-30 0001209466 ietft:C000205462Member 2025-04-30 0001209466 ietft:C000205462Member ietft:ATAndTIncMember 2025-04-30 0001209466 ietft:C000205462Member ietft:CharterCommunicationsIncClassAMember 2025-04-30 0001209466 ietft:C000205462Member ietft:DiversifiedTelecommunicationServicesMember 2025-04-30 0001209466 ietft:C000205462Member ietft:ElectronicArtsIncMember 2025-04-30 0001209466 ietft:C000205462Member us-gaap:EntertainmentSectorMember 2025-04-30 0001209466 ietft:C000205462Member ietft:InteractiveMediaAndServicesMember 2025-04-30 0001209466 ietft:C000205462Member ietft:LiveNationEntertainmentIncMember 2025-04-30 0001209466 ietft:C000205462Member ietft:MediaMember 2025-04-30 0001209466 ietft:C000205462Member ietft:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2025-04-30 0001209466 ietft:C000205462Member ietft:NetflixIncMember 2025-04-30 0001209466 ietft:C000205462Member ietft:NewYorkTimesCoTheClassAMember 2025-04-30 0001209466 ietft:C000205462Member ietft:ParamountGlobalClassBMember 2025-04-30 0001209466 ietft:C000205462Member ietft:TakeTwoInteractiveSoftwareIncMember 2025-04-30 0001209466 ietft:C000205462Member ietft:TKOGroupHoldingsIncMember 2025-04-30 0001209466 ietft:C000205462Member ietft:VerizonCommunicationsIncMember 2025-04-30 0001209466 ietft:C000205462Member ietft:WirelessTelecommunicationServicesMember 2025-04-30 iso4217:USDiso4217:USDxbrli:sharesxbrli:purexbrli:sharesutr:Dietft:Holding

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-21265

#### Invesco Exchange-Traded Fund Trust
(Exact name of registrant as specified in charter)

------

3500 Lacey Road Downers Grove, IL 60515

(Address of principal executive offices) (Zip code)

Brian Hartigan, President

3500 Lacey Road

Downers Grove, IL 60515

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(800) 983-0903

#### Date of fiscal year end:

#### April 30

#### Date of reporting period:

#### April 30, 2025
Item 1. Reports to Stockholders.

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

![TSR_logo](images_2527.jpg)

### Invesco Aerospace & Defense ETF

### PPA \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Aerospace & Defense ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Aerospace & Defense ETF | $64 | 0.58% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities had strong performance in the beginning with a more challenging environment at the end due to uncertainty regarding global trade and tariff policy. During the period, aerospace- and defense-related businesses outperformed the broader stock market. In addition to the Fund's focus on aerospace- and defense-related stocks, its higher allocation to the information technology sector created a performance tailwind compared to the S&P Composite 1500<sup>®</sup> Aerospace & Defense Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the SPADE<sup>®</sup> Defense Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 21.03%, differed from the return of the Index, 21.75%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Industry Allocations \|** Aerospace & defense industry, followed by the software and electronic equipment instruments & components industries, respectively.

 **Positions \|** Howmet Aerospace, Inc., an aerospace & defense company, and Palantir Technologies, Inc., Class A, a software company.

 **What detracted from performance?**

 **Industry Allocations \|** Electrical equipment industry, followed by the metals & mining and communications equipment industries, respectively.

 **Positions \|** Huntington Ingalls Industries, Inc., an aerospace & defense company, and Textron, Inc., an aerospace & defense company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343819.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Aerospace & Defense ETF — NAV Return** | 21.03% | 18.52% | 14.15% |
| **SPADE<sup>®</sup> Defense Index** | 21.75% | 19.14% | 14.78% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |
| **S&P Composite 1500<sup>®</sup> Aerospace & Defense Index** | 18.93% | 15.93% | 12.28% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P Composite 1500<sup>®</sup> Aerospace & Defense Index to the S&P 500<sup>®</sup> Index to reflect that the S&P 500<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4714898094 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$20768209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;7.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;&nbsp;7.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;7.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;6.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;5.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;4.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;4.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;4.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;4.06% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343828.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PPA-AR **Invesco Aerospace & Defense ETF**

![TSR_logo](images_2527.jpg)

### Invesco AI and Next Gen Software ETF

### IGPT \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco AI and Next Gen Software ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco AI and Next Gen Software ETF | $55 | 0.56% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities had strong performance in the beginning with a more challenging environment at the end due to uncertainty regarding global trade and tariff policy, whereas global equities performed better toward the end of the fiscal year. During the period, AI- and software-related industries underperformed the broader stock market. In addition to the Fund's focus on AI- and software-related industries, its thematic AI methodology created a performance headwind compared to the S&P Composite 1500<sup>®</sup> Software & Services Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the STOXX World AC NexGen Software Development Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, -2.88%, differed from the return of the Index, -2.51%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sub-Industry Allocations \|** Interactive media & services sub-industry, followed by the health care equipment and application software sub-industries, respectively.

 **Positions \|** NVIDIA Corp., a semiconductors company, and Meta Platforms Inc., Class A, an interactive media & services company.

 **What detracted from performance?**

 **Sub-Industry Allocations \|** Semiconductors sub-industry, followed by the technology hardware storage & peripherals and electronic equipment & instruments sub-industries, respectively.

 **Positions \|** Advanced Micro Devices, Inc., a semiconductors company, and Intel Corp., a semiconductors company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343270.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco AI and Next Gen Software ETF — NAV Return** | -2.88% | 5.93% | 12.03% |
| **Blended - Invesco AI and Next Gen Software Benchmark** | -2.51% | 6.22% | 12.55% |
| **NASDAQ<sup>®</sup> Composite Index** | 12.22% | 15.32% | 14.52% |
| **S&P Composite 1500<sup>®</sup> Software & Services Index** | 10.06% | 15.18% | 18.04% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P Composite 1500<sup>®</sup> Software & Services Index to the NASDAQ<sup>®</sup> Composite Index to reflect that the NASDAQ<sup>®</sup> Composite Index can be considered more broadly representative of the overall applicable securities market.

- The Blended - Invesco AI and Next Gen Software Benchmark performance is comprised of the performance of the Dynamic Software Intellidex<sup>®</sup> Index, the Fund's former underlying index, through August 25, 2023, followed by the performance of the Index thereafter.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$382043613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1948987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;7.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;7.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;7.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. | &nbsp;&nbsp;&nbsp;6.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. | &nbsp;&nbsp;&nbsp;6.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;&nbsp;5.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;4.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;MicroStrategy, Inc., Class A | &nbsp;&nbsp;&nbsp;3.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;3.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;3.28% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343261.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-IGPT-AR **Invesco AI and Next Gen Software ETF**

![TSR_logo](images_2527.jpg)

### Invesco Biotechnology & Genome ETF

### PBE \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Biotechnology & Genome ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Biotechnology & Genome ETF | $59 | 0.58% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities had strong performance in the beginning with a more challenging environment at the end due to uncertainty regarding global trade and tariff policy. During the period, the health care sector underperformed the broader stock market. In addition to the Fund's focus on health care stocks, its multi-factor methodology created a performance headwind compared to the S&P Composite 1500<sup>®</sup> Biotechnolgy Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Biotech & Genome Intellidex<sup>®</sup> Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 2.51%, differed from the return of the Index, 3.02%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sub-Industry Allocations \|** Biotechnology sub-industry, followed by the health care services sub-industry.

 **Positions \|** TG Therapeutics, Inc., a biotechnology company, and Gilead Sciences, Inc., a biotechnology company.

 **What detracted from performance?**

 **Sub-Industry Allocations \|** Life sciences tools & services sub-industry, followed by the pharmaceuticals sub-industry.

 **Positions \|** Biogen Inc., a biotechnology company, and Myriad Genetics, Inc., a biotechnology company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343522.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Biotechnology & Genome ETF — NAV Return** | 2.51% | 3.26% | 1.87% |
| **Dynamic Biotech & Genome Intellidex<sup>®</sup> Index** | 3.02% | 3.85% | 2.19% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |
| **S&P Composite 1500<sup>®</sup> Biotechnology Index** | 11.03% | 7.73% | 6.28% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P Composite 1500<sup>®</sup> Biotechnology Index to the S&P 500<sup>®</sup> Index to reflect that the S&P 500<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$221283667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1272494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;94% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Natera, Inc. | &nbsp;&nbsp;&nbsp;5.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;5.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc. | &nbsp;&nbsp;&nbsp;4.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;4.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;TG Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;4.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Therapeutics Corp. | &nbsp;&nbsp;&nbsp;4.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Biogen, Inc. | &nbsp;&nbsp;&nbsp;4.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;4.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illumina, Inc. | &nbsp;&nbsp;&nbsp;4.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;3.81% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343513.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PBE-AR **Invesco Biotechnology & Genome ETF**

![TSR_logo](images_2527.jpg)

### Invesco Bloomberg Analyst Rating Improvers ETF

### UPGD \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Bloomberg Analyst Rating Improvers ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Bloomberg Analyst Rating Improvers ETF | $41 | 0.40% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities had strong performance in the beginning with a more challenging environment at the end due to uncertainty regarding global trade and tariff policy. During the period, companies included in the Bloomberg ANR Improvers Index pursuant to the proprietary security selection methodology generally underperformed the broader stock market, although certain holdings performed well relative to the S&P MidCap 400<sup>®</sup> Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Bloomberg ANR Improvers Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 7.15%, differed from the return of the Index, 6.92%, primarily due to income received from the securities lending program in which the Fund participates, partially offset by fees and expenses that the Fund incurred during the period.

 **What contributed to performance?**

 **Sector Allocations \|** Utilities sector, followed by the communication services and information technology sectors, respectively.

 **Positions \|** Palantir Technologies, Inc., Class A, an information technology company (no longer held at fiscal year-end), and Carvana Co., a consumer discretionary company.

 **What detracted from performance?**

 **Sector Allocations \|** Materials sector, followed by the consumer staples sector.

 **Positions \|** Dollar Tree, Inc., a consumer staples company (no longer held at fiscal year-end), and UiPath, Inc., Class A, an information technology company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343063.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Bloomberg Analyst Rating Improvers ETF — NAV Return** | 7.15% | 15.73% | 7.35% |
| **Blended - Invesco Bloomberg Analyst Rating Improvers ETF Benchmark** | 6.92% | 16.33% | 8.00% |
| **Russell 3000<sup>®</sup> Index** | 11.40% | 15.12% | 11.68% |
| **S&P MidCap 400<sup>®</sup> Index** | 1.19% | 13.34% | 8.35% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P MidCap 400<sup>®</sup> Index to the Russell 3000<sup>®</sup> Index to reflect that the Russell 3000<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

- The Blended - Invesco Bloomberg Analyst Rating Improvers ETF Benchmark performance is comprised of the performance of the Raymond James SB-1 Equity Index, the Fund's former underlying index, through March 25, 2024, followed by the performance of the Index thereafter.

- Effective after the close of business on May 18, 2018, Guggenheim Raymond James SB-1 Equity ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim Raymond James SB-1 Equity ETF and the Fund.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$103554187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$442822 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;191% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Okta, Inc. | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac Corp. | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kroger Co. (The) | &nbsp;&nbsp;&nbsp;2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Albertson's Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;2.23% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343072.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.

The Fund's net expense ratio decreased from the prior fiscal year end as a result of a change in the Fund's investment advisory agreement which became effective on March 25, 2024.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-UPGD-AR **Invesco Bloomberg Analyst Rating Improvers ETF**

![TSR_logo](images_2527.jpg)

### Invesco Bloomberg MVP Multi-factor ETF

### BMVP \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Bloomberg MVP Multi-factor ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Bloomberg MVP Multi-factor ETF | $31 | 0.29% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities began the period with strong performance but experienced a more challenging environment near the end of the period due to uncertainty regarding global trade and tariff policy. The Fund's multi-factor security selection and equal weighting methodology led it to be underweight mega-capitalization information technology and communication services securities, creating a performance headwind relative to the S&P 500<sup>®</sup> Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Bloomberg MVP Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 10.44%, differed from the return of the Index, 10.79%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations \|** Financials sector, followed by the utilities and real estate sectors, respectively.

 **Positions \|** Targa Resources Corp., an energy company (no longer held at fiscal year-end), and Entergy Corp., a utilities company (no longer held at fiscal year-end).

 **What detracted from performance?**

 **Sector Allocations \|** Materials sector.

 **Positions \|** Elevance Health, Inc., a health care company (no longer held at fiscal year-end), and Raymond James Financial, Inc., a financials company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343396.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Bloomberg MVP Multi-factor ETF — NAV Return** | 10.44% | 12.60% | 8.10% |
| **Blended - Invesco Bloomberg MVP Multi-Factor Benchmark** | 10.79% | 13.09% | 8.72% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg MVP Index to the S&P 500<sup>®</sup> Index to reflect that the S&P 500<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

- The Blended - Invesco Bloomberg MVP Multi-Factor Benchmark performance is comprised of the performance of the Dynamic Market Intellidex Index, the Fund's former underlying index, through August 25, 2023, followed by the performance of the Index thereafter.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$109074816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$301388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;154% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kroger Co. (The) | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;TJX Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kellanova | &nbsp;&nbsp;&nbsp;1.89% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343387.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.

The Fund's net expense ratio decreased from the prior fiscal year end as a result of a change in the Fund's investment advisory agreement which became effective on August 28, 2023.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-BMVP-AR **Invesco Bloomberg MVP Multi-factor ETF**

![TSR_logo](images_2527.jpg)

### Invesco Building & Construction ETF

### PKB \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Building & Construction ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Building & Construction ETF | $58 | 0.57% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities had strong performance in the beginning with a more challenging environment at the end due to uncertainty regarding global trade and tariff policy. During the period, the materials sector underperformed the broader stock market. In addition to the Fund's focus on materials, its multi-factor methodology led to an overweight in homebuilding stocks, which created a performance headwind compared to the S&P Composite 1500<sup>®</sup> Construction & Engineering Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Building & Construction Intellidex<sup>®</sup> Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 1.85%, differed from the return of the Index, 2.50%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sub-Industry Allocations \|** Construction & engineering sub-industry, followed by the construction materials and office services & supplies sub-industries, respectively.

 **Positions \|** Argan, Inc., a construction & engineering company, and United States Lime & Minerals, Inc., a construction materials company.

 **What detracted from performance?**

 **Sub-Industry Allocations \|** Building products sub-industry, followed by the homebuilding and home improvement retail sub-industries, respectively.

 **Positions \|** IES Holdings, Inc., a construction & engineering company (no longer held at fiscal year-end), and EMCOR Group, Inc., a construction & engineering company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343483.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Building & Construction ETF — NAV Return** | 1.85% | 22.57% | 12.19% |
| **Dynamic Building & Construction Intellidex<sup>®</sup> Index** | 2.50% | 23.30% | 12.90% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |
| **S&P Composite 1500<sup>®</sup> Construction & Engineering Index** | 13.11% | 34.30% | 16.24% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P Composite 1500<sup>®</sup> Construction & Engineering Index to the S&P 500<sup>®</sup> Index to reflect that the S&P 500<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$205158638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1714800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;151% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;5.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;5.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;5.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;5.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;5.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;CRH PLC | &nbsp;&nbsp;&nbsp;4.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;4.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;4.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;3.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Argan, Inc. | &nbsp;&nbsp;&nbsp;3.38% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343492.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PKB-AR **Invesco Building & Construction ETF**

![TSR_logo](images_2527.jpg)

### Invesco BuyBack Achievers<sup>TM</sup> ETF

### PKW \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco BuyBack Achievers<sup>TM</sup> ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco BuyBack Achievers<sup>TM</sup> ETF | $65 | 0.62% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities began the period with strong performance but experienced a more challenging environment near the end of the period due to uncertainty regarding global trade and tariff policy. Growth outperformed value. The slight value tilt caused by the Fund's security selection methodology, combined with relatively poor security selection results in the industrials, energy, and communication services sectors, proved to be relative headwinds to performance compared to the S&P 500<sup>®</sup> Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq US BuyBack Achievers<sup>TM</sup> Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 9.20%, differed from the return of the Index, 9.82%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations \|** Financials sector, followed by the information technology and consumer discretionary sectors, respectively.

 **Positions \|** AppLovin Corp., Class A, an information technology company (no longer held at fiscal year-end), and Booking Holdings, Inc., a consumer discretionary company.

 **What detracted from performance?**

 **Sector Allocations \|** Energy sector, followed by the materials sector.

 **Positions \|** Caterpillar, Inc., an industrials company, and Phillips 66, an energy company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343816.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco BuyBack Achievers<sup>TM</sup> ETF — NAV Return** | 9.20% | 16.50% | 9.85% |
| **Nasdaq US BuyBack Achievers™ Index** | 9.82% | 17.20% | 10.51% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the Nasdaq US BuyBack Achievers™ Index to the S&P 500<sup>®</sup> Index to reflect that the S&P 500<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1162999859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$5922457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;59% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;5.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;5.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;4.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;4.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. | &nbsp;&nbsp;&nbsp;3.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;3.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;2.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. (The) | &nbsp;&nbsp;&nbsp;2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;2.56% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343807.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PKW-AR **Invesco BuyBack Achievers<sup>TM</sup> ETF**

![TSR_logo](images_2527.jpg)

### Invesco Dividend Achievers<sup>TM</sup> ETF

### PFM \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Dividend Achievers<sup>TM</sup> ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Dividend Achievers<sup>TM</sup> ETF | $55 | 0.52% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities began the period with strong performance but experienced a more challenging environment near the end of the period due to uncertainty regarding global trade and tariff policy. The Fund outperformed the Russell 3000<sup>®</sup> Value Index primarily due to strong security selection results in the information technology sector.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq US Broad Dividend Achievers<sup>TM</sup> Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 12.08%, differed from the return of the Index, 12.66%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations \|** Financials sector, followed by the information technology and consumer staples sectors, respectively.

 **Positions \|** Broadcom, Inc., an information technology company, and Walmart, Inc., a consumer staples company.

 **What detracted from performance?**

 **Sector Allocations \|** Energy sector, followed by the materials sector.

 **Positions \|** Merck & Co., Inc., a health care company, and PepsiCo, Inc., a consumer staples company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343774.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Dividend Achievers<sup>TM</sup> ETF — NAV Return** | 12.08% | 12.67% | 9.99% |
| **Nasdaq US Broad Dividend Achievers™ Index** | 12.66% | 13.26% | 10.56% |
| **Russell 3000<sup>®</sup> Index** | 11.40% | 15.12% | 11.68% |
| **Russell 3000<sup>®</sup> Value Index** | 8.11% | 12.96% | 8.22% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the Nasdaq US Broad Dividend Achievers™ Index to the Russell 3000<sup>®</sup> Index to reflect that the Russell 3000<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$673575388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$2757665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;4.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;3.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;3.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;3.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;1.91% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343765.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PFM-AR **Invesco Dividend Achievers<sup>TM</sup> ETF**

![TSR_logo](images_2527.jpg)

### Invesco Dorsey Wright Basic Materials Momentum ETF

### PYZ \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Dorsey Wright Basic Materials Momentum ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco Dorsey Wright Basic Materials Momentum ETF | $590.60%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities had strong performance in the beginning with a more challenging environment at the end due to uncertainty regarding global trade and tariff policy. During the period, materials underperformed the broader stock market. In addition to the Fund's focus on materials stocks, its momentum methodology led to lower exposure to megacap stocks, which created a performance headwind compared to the S&P 500<sup>®</sup> Materials Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright Basic Materials Technical Leaders<sup>TM</sup> Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, -4.47%, differed from the return of the Index, -3.98%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sub-Industry Allocations \|** Gold sub-industry, followed by the steel and forest products sub-industries, respectively.

 **Positions \|** Carpenter Technology Corp., a steel company, and Louisiana-Pacific Corp., a forest products company.

 **What detracted from performance?**

 **Sub-Industry Allocations \|** Specialty chemicals sub-industry, followed by the aluminum and commodity chemicals sub-industries, respectively.

 **Positions \|** Alcoa Corp., an aluminum company, and Avery Dennison Corp., a paper & plastic packaging products & materials company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343732.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Dorsey Wright Basic Materials Momentum ETF — NAV Return** | -4.47% | 12.87% | 5.54% |
| **Dorsey Wright Basic Materials Technical Leaders™ Index** | -3.98% | 13.50% | 6.20% |
| **NASDAQ<sup>®</sup> Composite Index** | 12.22% | 15.32% | 14.52% |
| **S&P 500<sup>®</sup> Materials Index** | -3.28% | 12.36% | 7.50% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500<sup>®</sup> Materials Index to the NASDAQ<sup>®</sup> Composite Index to reflect that the NASDAQ<sup>®</sup> Composite Index can be considered more broadly representative of the overall applicable securities market.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$46315775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$183752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;69% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;5.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;4.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;4.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;&nbsp;3.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance, Inc. | &nbsp;&nbsp;&nbsp;3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;&nbsp;3.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;2.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;2.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hecla Mining Co. | &nbsp;&nbsp;&nbsp;2.64% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343723.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PYZ-AR **Invesco Dorsey Wright Basic Materials Momentum ETF**

![TSR_logo](images_2527.jpg)

### Invesco Dorsey Wright Consumer Cyclicals Momentum ETF

### PEZ \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Dorsey Wright Consumer Cyclicals Momentum ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco Dorsey Wright Consumer Cyclicals Momentum ETF | $590.60%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities had strong performance in the beginning with a more challenging environment at the end due to uncertainty regarding global trade and tariff policy. During the period, consumer cyclical stocks outperformed the broader stock market. However, despite the Fund's focus on consumer cyclical stocks, its momentum methodology led to lower exposure to mega-cap stocks as well as a large allocation to the homebuilding sub-industry, which created a performance headwind compared to the S&P 500<sup>®</sup> Consumer Discretionary Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright Consumer Cyclicals Technical Leaders<sup>TM</sup> Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, -4.10%, differed from the return of the Index, -3.56%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sub-Industry Allocations \|** Automotive retail sub-industry, followed by the movies & entertainment and hotels, resorts & cruise lines sub-industries, respectively.

 **Positions \|** Abercrombie & Fitch Co., Class A, an apparel retail company (no longer held at fiscal year-end), and Acushnet Holdings Corp., a leisure products company (no longer held at fiscal year-end).

 **What detracted from performance?**

 **Sub-Industry Allocations \|** Homebuilding sub-industry, followed by the apparel retail sub-industry.

 **Positions \|** Victoria's Secret & Co., an apparel retail company (no longer held at fiscal year-end), and RealReal, Inc., an apparel retail company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343693.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Dorsey Wright Consumer Cyclicals Momentum ETF — NAV Return** | -4.10% | 16.15% | 6.96% |
| **Dorsey Wright Consumer Cyclicals Technical Leaders™ Index** | -3.56% | 16.72% | 7.52% |
| **NASDAQ<sup>®</sup> Composite Index** | 12.22% | 15.32% | 14.52% |
| **S&P 500<sup>®</sup> Consumer Discretionary Index** | 11.34% | 11.32% | 11.39% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500<sup>®</sup> Consumer Discretionary Index to the NASDAQ<sup>®</sup> Composite Index to reflect that the NASDAQ<sup>®</sup> Composite Index can be considered more broadly representative of the overall applicable securities market.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$51016480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$216916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;189% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. | &nbsp;&nbsp;&nbsp;5.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;4.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;3.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;3.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Somnigroup International, Inc. | &nbsp;&nbsp;&nbsp;3.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A | &nbsp;&nbsp;&nbsp;3.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;3.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;3.34% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343702.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PEZ-AR **Invesco Dorsey Wright Consumer Cyclicals Momentum ETF**

![TSR_logo](images_2527.jpg)

### Invesco Dorsey Wright Consumer Staples Momentum ETF

### PSL \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Dorsey Wright Consumer Staples Momentum ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco Dorsey Wright Consumer Staples Momentum ETF | $650.60%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities had strong performance in the beginning with a more challenging environment at the end due to uncertainty regarding global trade and tariff policy. During the period, consumer staples stocks outperformed the broader stock market. In addition to the Fund's focus on consumer staples stocks, its momentum methodology created a performance tailwind compared to the S&P 500<sup>®</sup> Consumer Staples Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright Consumer Staples Technical Leaders<sup>TM</sup> Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 17.09%, differed from the return of the Index, 17.79%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sub-Industry Allocations \|** Education services sub-industry, followed by the food retail and food distributors sub-industries, respectively.

 **Positions \|** Sprouts Farmers Market, Inc., a food retail company, and Stride, Inc., an education services company.

 **What detracted from performance?**

 **Sub-Industry Allocations \|** Packaged foods & meats sub-industry, followed by the personal care products and household products sub-industries, respectively.

 **Positions \|** Vital Farms, Inc., a packaged foods & meats company, and e.l.f. Beauty, Inc., a personal care products company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343690.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Dorsey Wright Consumer Staples Momentum ETF — NAV Return** | 17.09% | 13.81% | 8.98% |
| **Dorsey Wright Consumer Staples Technical Leaders™ Index** | 17.79% | 14.41% | 9.61% |
| **NASDAQ<sup>®</sup> Composite Index** | 12.22% | 15.32% | 14.52% |
| **S&P 500<sup>®</sup> Consumer Staples Index** | 14.84% | 11.49% | 9.10% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500<sup>®</sup> Consumer Staples Index to the NASDAQ<sup>®</sup> Composite Index to reflect that the NASDAQ<sup>®</sup> Composite Index can be considered more broadly representative of the overall applicable securities market.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$91656111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$321942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;104% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;3.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;3.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc. | &nbsp;&nbsp;&nbsp;3.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stride, Inc. | &nbsp;&nbsp;&nbsp;3.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. | &nbsp;&nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kroger Co. (The) | &nbsp;&nbsp;&nbsp;3.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Corp. International | &nbsp;&nbsp;&nbsp;3.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monster Beverage Corp. | &nbsp;&nbsp;&nbsp;3.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;3.07% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343681.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PSL-AR **Invesco Dorsey Wright Consumer Staples Momentum ETF**

![TSR_logo](images_2527.jpg)

### Invesco Dorsey Wright Energy Momentum ETF

### PXI \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Dorsey Wright Energy Momentum ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco Dorsey Wright Energy Momentum ETF | $550.60%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities had strong performance in the beginning with a more challenging environment at the end due to uncertainty regarding global trade and tariff policy. During the period, energy underperformed the broader stock market. In addition to the Fund's focus on energy stocks, its momentum methodology led to lower exposure to mega-cap stocks, which created a performance headwind compared to the S&P 500<sup>®</sup> Energy Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright Energy Technical Leaders<sup>TM</sup> Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, -17.60%, differed from the return of the Index, -17.12%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sub-Industry Allocations \|** Oil & gas storage & transportation sub-industry, followed by the coal & consumable fuels sub-industry.

 **Positions \|** Texas Pacific Land Corp., an oil & gas exploration & production company, and Targa Resources Corp., an oil & gas storage & transportation company.

 **What detracted from performance?**

 **Sub-Industry Allocations \|** Oil & gas equipment & services sub-industry, followed by the oil & gas refining & marketing and oil & gas exploration & production sub-industries, respectively.

 **Positions \|** Weatherford International PLC, an oil & gas equipment & services company, and Alpha Metallurgical Resources, Inc., a steel company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343651.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Dorsey Wright Energy Momentum ETF — NAV Return** | -17.60% | 22.74% | -0.79% |
| **Dorsey Wright Energy Technical Leaders™ Index** | -17.12% | 23.44% | -0.25% |
| **NASDAQ<sup>®</sup> Composite Index** | 12.22% | 15.32% | 14.52% |
| **S&P 500<sup>®</sup> Energy Index** | -10.81% | 21.28% | 4.02% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500<sup>®</sup> Energy Index to the NASDAQ<sup>®</sup> Composite Index to reflect that the NASDAQ<sup>®</sup> Composite Index can be considered more broadly representative of the overall applicable securities market.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$46039593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$210846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;96% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;8.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;7.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;3.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weatherford International PLC | &nbsp;&nbsp;&nbsp;3.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;2.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Antero Resources Corp. | &nbsp;&nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gulfport Energy Corp. | &nbsp;&nbsp;&nbsp;2.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;2.63% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343660.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PXI-AR **Invesco Dorsey Wright Energy Momentum ETF**

![TSR_logo](images_2527.jpg)

### Invesco Dorsey Wright Financial Momentum ETF

### PFI \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Dorsey Wright Financial Momentum ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco Dorsey Wright Financial Momentum ETF | $650.60%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities had strong performance in the beginning with a more challenging environment at the end due to uncertainty regarding global trade and tariff policy. During the period, financial stocks outperformed the broader stock market. However, despite the Fund's focus on financial stocks, its momentum methodology created a performance headwind compared to the S&P 500<sup>®</sup> Financials Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright Financials Technical Leaders<sup>TM</sup> Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 15.37%, differed from the return of the Index, 16.10%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sub-Industry Allocations \|** Investment banking & brokerage sub-industry, followed by the trading companies & distributors and transaction & payment processing services sub-industries, respectively.

 **Positions \|** FTAI Aviation Ltd., a trading companies & distributors company (no longer held at fiscal year-end), and Robinhood Markets, Inc., Class A, an investment banking & brokerage company (no longer held at fiscal year-end).

 **What detracted from performance?**

 **Sub-Industry Allocations \|** Real estate services sub-industry, followed by the consumer finance and regional banks sub-industries, respectively.

 **Positions \|** Redfin Corp., a real estate services company (no longer held at fiscal year-end), and LendingTree, Inc., a consumer finance company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343648.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Dorsey Wright Financial Momentum ETF — NAV Return** | 15.37% | 12.54% | 7.30% |
| **Dorsey Wright Financials Technical Leaders™ Index** | 16.10% | 13.21% | 7.96% |
| **NASDAQ<sup>®</sup> Composite Index** | 12.22% | 15.32% | 14.52% |
| **S&P 500<sup>®</sup> Financials Index** | 22.82% | 18.77% | 11.80% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500<sup>®</sup> Financials Index to the NASDAQ<sup>®</sup> Composite Index to reflect that the NASDAQ<sup>®</sup> Composite Index can be considered more broadly representative of the overall applicable securities market.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$61296310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$246040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;127% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;6.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;6.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;5.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;4.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;4.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mr. Cooper Group, Inc. | &nbsp;&nbsp;&nbsp;3.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;2.55% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343639.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PFI-AR **Invesco Dorsey Wright Financial Momentum ETF**

![TSR_logo](images_2527.jpg)

### Invesco Dorsey Wright Healthcare Momentum ETF

### PTH \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Dorsey Wright Healthcare Momentum ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco Dorsey Wright Healthcare Momentum ETF | $600.60%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities had strong performance in the beginning with a more challenging environment at the end due to uncertainty regarding global trade and tariff policy. During the period, health care underperformed the broader stock market. In addition to the Fund's focus on health care stocks, its momentum methodology led to lower exposure to megacap stocks, which created a performance headwind compared to the S&P 500<sup>®</sup> Health Care Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright Healthcare Technical Leaders<sup>TM</sup> Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, -0.86%, differed from the return of the Index, -0.70%, primarily due to fees and expenses incurred by the Fund during the period, partially offset by income received from the securities lending program in which the Fund participates.

 **What contributed to performance?**

 **Sub-Industry Allocations \|** Health care services sub-industry, followed by the health care distributors and electronic equipment & instruments sub-industries, respectively.

 **Positions \|** Corcept Therapeutics Inc., a pharmaceuticals company (no longer held at fiscal year-end), and TG Therapeutics, Inc., a biotechnology company.

 **What detracted from performance?**

 **Sub-Industry Allocations \|** Health care equipment sub-industry, followed by the health care facilities and health care technology sub-industries, respectively.

 **Positions \|** Cassava Sciences, Inc., a pharmaceuticals company (no longer held at fiscal year-end), and Scholar Rock Holding Corp., a biotechnology company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343609.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Dorsey Wright Healthcare Momentum ETF — NAV Return** | -0.86% | 4.15% | 7.64% |
| **Dorsey Wright Healthcare Technical Leaders™ Index** | -0.70% | 4.61% | 8.20% |
| **NASDAQ<sup>®</sup> Composite Index** | 12.22% | 15.32% | 14.52% |
| **S&P 500<sup>®</sup> Health Care Index** | 1.86% | 8.90% | 8.88% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500<sup>®</sup> Health Care Index to the NASDAQ<sup>®</sup> Composite Index to reflect that the NASDAQ<sup>®</sup> Composite Index can be considered more broadly representative of the overall applicable securities market.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$108750891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$500446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;221% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;4.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;4.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;TG Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;4.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exelixis, Inc. | &nbsp;&nbsp;&nbsp;4.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;3.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alignment Healthcare, Inc. | &nbsp;&nbsp;&nbsp;3.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;BridgeBio Pharma, Inc. | &nbsp;&nbsp;&nbsp;3.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. | &nbsp;&nbsp;&nbsp;3.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;3.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Krystal Biotech, Inc. | &nbsp;&nbsp;&nbsp;3.31% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343618.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PTH-AR **Invesco Dorsey Wright Healthcare Momentum ETF**

![TSR_logo](images_2527.jpg)

### Invesco Dorsey Wright Industrials Momentum ETF

### PRN \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Dorsey Wright Industrials Momentum ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco Dorsey Wright Industrials Momentum ETF | $610.60%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, U.S. equities had strong performance in the beginning with a more challenging environment at the end due to uncertainty regarding global trade and tariff policy. During the period, industrials underperformed the broader stock market. In addition to the Fund's focus on industrials stocks, its momentum methodology led to lower exposure to megacap stocks, which created a performance headwind compared to the S&P 500<sup>®</sup> Industrials Index.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright Industrials Technical Leaders<sup>TM</sup> Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 4.49%, differed from the return of the Index, 4.98%, primarily due to fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**Sub-Industry Allocations \|** Aerospace & defense sub-industry, followed by the diversified support services and heavy electrical equipment sub-industries, respectively.

**Positions \|** Howmet Aerospace, Inc., an aerospace & defense company, and American Superconductor Corp., an electrical components & equipment company (no longer held at fiscal year-end).

**What detracted from performance?**

**Sub-Industry Allocations \|** Oil & gas equipment & services sub-industry, followed by the research & consulting services and construction materials sub-industries, respectively.

**Positions \|** Vertiv Holdings Co., Class A, an electrical components & equipment company (no longer held at fiscal year-end), and Rocket Lab USA, Inc., an aerospace & defense company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343606.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **<br>10 Years** |
| **Invesco Dorsey Wright Industrials Momentum ETF — NAV Return** | 4.49% | 17.87% | 11.83% |
| **Dorsey Wright Industrials Technical Leaders™ Index** | 4.98% | 18.54% | 12.50% |
| **NASDAQ<sup>®</sup> Composite Index** | 12.22% | 15.32% | 14.52% |
| **S&P 500<sup>®</sup> Industrials Index** | 9.78% | 17.34% | 10.84% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500<sup>®</sup> Industrials Index to the NASDAQ<sup>®</sup> Composite Index to reflect that the NASDAQ<sup>®</sup> Composite Index can be considered more broadly representative of the overall applicable securities market.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$319376161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1306410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;152% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;4.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;W.W. Grainger, Inc. | &nbsp;&nbsp;&nbsp;4.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;HEICO Corp. | &nbsp;&nbsp;&nbsp;4.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;3.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;3.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Watsco, Inc. | &nbsp;&nbsp;&nbsp;3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc. | &nbsp;&nbsp;&nbsp;3.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;3.16% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sub-industry allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343597.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PRN-AR **Invesco Dorsey Wright Industrials Momentum ETF**

![TSR_logo](images_2527.jpg)

### Invesco Dorsey Wright Momentum ETF

### PDP \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Dorsey Wright Momentum ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Dorsey Wright Momentum ETF | $65 | 0.62% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities had strong performance in the beginning with a more challenging environment at the end due to uncertainty regarding global trade and tariff policy. During the period, companies included in the Dorsey Wright<sup>®</sup> Technical Leaders Index pursuant to the proprietary security selection methodology generally underperformed the broader stock market. The Fund's focus on momentum stocks led to lower exposure to mega-cap stocks, which created a performance headwind compared to the Russell 3000<sup>®</sup> Growth Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright Technical Leaders<sup>TM</sup> Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 8.29%, differed from the return of the Index, 8.98%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations \|** Information technology sector, followed by the financials and industrials sectors, respectively.

 **Positions \|** AppLovin Corp., Class A, an information technology company, and Targa Resources Corp., an energy company.

 **What detracted from performance?**

 **Sector Allocations \|** Consumer discretionary sector.

 **Positions \|** Vertiv Holdings Co., Class A, an industrials company (no longer held at fiscal year-end), and e.l.f. Beauty, Inc., a consumer staples company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343567.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Dorsey Wright Momentum ETF — NAV Return** | 8.29% | 10.83% | 9.31% |
| **Dorsey Wright Technical Leaders™ Index** | 8.98% | 11.52% | 9.99% |
| **NASDAQ<sup>®</sup> Composite Index** | 12.22% | 15.32% | 14.52% |
| **Russell 3000<sup>®</sup> Growth Index** | 14.07% | 16.71% | 14.72% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the Dorsey Wright Technical Leaders™ Index to the NASDAQ<sup>®</sup> Composite Index to reflect that the NASDAQ<sup>®</sup> Composite Index can be considered more broadly representative of the overall applicable securities market.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1185168688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6454716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;109% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. | &nbsp;&nbsp;&nbsp;3.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;3.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Copart, Inc. | &nbsp;&nbsp;&nbsp;2.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;2.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp., Class A | &nbsp;&nbsp;&nbsp;2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;W.W. Grainger, Inc. | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc. | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;1.83% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343576.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PDP-AR **Invesco Dorsey Wright Momentum ETF**

![TSR_logo](images_2527.jpg)

### Invesco Dorsey Wright Technology Momentum ETF

### PTF \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Dorsey Wright Technology Momentum ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco Dorsey Wright Technology Momentum ETF | $630.60%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities had strong performance in the beginning with a more challenging environment at the end due to uncertainty regarding global trade and tariff policy. During the period, information technology outperformed the broader stock market. However, despite the Fund's focus on information technology stocks, its momentum methodology created a performance headwind compared to the S&P 500<sup>®</sup> Information Technology Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright Technology Technical Leaders<sup>TM</sup> Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 9.36%, differed from the return of the Index, 9.98%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sub-Industry Allocations \|** Application software sub-industry, followed by the alternative carriers and communications equipment sub-industries, respectively.

 **Positions \|** AppLovin Corp., Class A, an application software company (no longer held at fiscal year-end), and AST SpaceMobile, Inc., Class A, an alternative carriers company (no longer held at fiscal year-end).

 **What detracted from performance?**

 **Sub-Industry Allocations \|** Semiconductors sub-industry, followed by the technology hardware storage & peripherals and semiconductor materials & equipment sub-industries, respectively.

 **Positions \|** Rigetti Computing, Inc., a semiconductors company (no longer held at fiscal year-end), and SoundHound AI, Inc., Class A, an application software company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343564.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Dorsey Wright Technology Momentum ETF — NAV Return** | 9.36% | 18.20% | 15.96% |
| **Dorsey Wright Technology Technical Leaders™ Index** | 9.98% | 18.85% | 16.60% |
| **NASDAQ<sup>®</sup> Composite Index** | 12.22% | 15.32% | 14.52% |
| **S&P 500<sup>®</sup> Information Technology Index** | 13.79% | 21.56% | 20.56% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500<sup>®</sup> Information Technology Index to the NASDAQ<sup>®</sup> Composite Index to reflect that the NASDAQ<sup>®</sup> Composite Index can be considered more broadly representative of the overall applicable securities market.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$354343584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1988429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;222% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;8.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;4.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nutanix, Inc., Class A | &nbsp;&nbsp;&nbsp;4.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. | &nbsp;&nbsp;&nbsp;4.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rubrik, Inc., Class A | &nbsp;&nbsp;&nbsp;3.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software, Inc. | &nbsp;&nbsp;&nbsp;3.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Telephone and Data Systems, Inc. | &nbsp;&nbsp;&nbsp;3.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Toast, Inc., Class A | &nbsp;&nbsp;&nbsp;3.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zscaler, Inc. | &nbsp;&nbsp;&nbsp;3.24% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343555.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PTF-AR **Invesco Dorsey Wright Technology Momentum ETF**

![TSR_logo](images_2527.jpg)

### Invesco Dorsey Wright Utilities Momentum ETF

### PUI \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Dorsey Wright Utilities Momentum ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco Dorsey Wright Utilities Momentum ETF | $670.60%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities had strong performance in the beginning with a more challenging environment at the end due to uncertainty regarding global trade and tariff policy. During the period, utilities outperformed the broader stock market. In addition to the Fund's focus on utilities stocks, its momentum methodology created a performance tailwind compared to the S&P 500<sup>®</sup> Utilities Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright Utilities Technical Leaders<sup>TM</sup> Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 23.05%, differed from the return of the Index, 23.85%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sub-Industry Allocations \|** Electric utilities sub-industry, followed by the multi-utilities and integrated telecommunication services sub-industries, respectively.

 **Positions \|** Vistra Corp., an independent power producers & energy traders company (no longer held at fiscal year-end), and AT&T, Inc., an integrated telecommunication services company.

 **What detracted from performance?**

 **Sub-Industry Allocations \|** Renewable electricity sub-industry followed by the alternative carriers sub-industry.

 **Positions \|** Sunnova Energy International, Inc., a renewable electricity company (no longer held at fiscal year-end), and Lumen Technologies, Inc., an alternative carriers company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343525.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Dorsey Wright Utilities Momentum ETF — NAV Return** | 23.05% | 8.68% | 8.82% |
| **Dorsey Wright Utilities Technical Leaders™ Index** | 23.85% | 9.33% | 9.46% |
| **NASDAQ<sup>®</sup> Composite Index** | 12.22% | 15.32% | 14.52% |
| **S&P 500<sup>®</sup> Utilities Index** | 21.98% | 10.14% | 9.60% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500<sup>®</sup> Utilities Index to the NASDAQ<sup>®</sup> Composite Index to reflect that the NASDAQ<sup>®</sup> Composite Index can be considered more broadly representative of the overall applicable securities market.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$70184216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$148960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;53% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;4.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;4.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern Co. (The) | &nbsp;&nbsp;&nbsp;4.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;&nbsp;3.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;&nbsp;3.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;3.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;3.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;3.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;&nbsp;3.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;3.49% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343534.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PUI-AR **Invesco Dorsey Wright Utilities Momentum ETF**

![TSR_logo](images_2527.jpg)

### Invesco Dow Jones Industrial Average Dividend ETF

### DJD \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Dow Jones Industrial Average Dividend ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Dow Jones Industrial Average Dividend ETF | $7 | 0.07% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities began the period with strong performance but experienced a more challenging environment near the end of the period due to uncertainty regarding global trade and tariff policy. Despite notable headwinds from significant underweights to the information technology and communications services sectors, the Fund demonstrated relative outperformance versus the Dow Jones Industrial Average Index due to strong security selection results in the industrials, information technology, and communication services sectors.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Dow Jones Industrial Average Yield Weighted Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 11.91%, differed from the return of the Index, 12.01%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations \|** Industrials sector, followed by the financials and information technology sectors, respectively.

 **Positions \|** 3M Co., an industrials company, and International Business Machines Corp., an information technology company.

 **What detracted from performance?**

 **Sector Allocations \|** Health care sector, followed by the materials and energy sectors, respectively.

 **Positions \|** Merck & Co., Inc., a health care company, and NIKE, Inc., Class B, a consumer discretionary company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343735.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **Since<br> Inception<br> (12/16/15)** |
| **Invesco Dow Jones Industrial Average Dividend ETF — NAV Return** | 11.91% | 12.46% | 11.02% |
| **Dow Jones Industrial Average Yield Weighted Index** | 12.01% | 12.55% | 11.16% |
| **S&P Composite 1500<sup>®</sup> Index** | 11.12% | 15.39% | 12.77% |
| **Dow Jones Industrial Average Index** | 9.48% | 13.05% | 11.66% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the Dow Jones Industrial Average Index to the S&P Composite 1500<sup>®</sup> Index to reflect that the S&P Composite 1500<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

- Effective after the close of business on April 6, 2018, Guggenheim Dow Jones Industrial Average Dividend ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim Dow Jones Industrial Average Dividend ETF and the Fund.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$333616824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$221877 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;11.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;6.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;5.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;5.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;5.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;5.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;4.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;4.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;4.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;4.36% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343744.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-DJD-AR **Invesco Dow Jones Industrial Average Dividend ETF**

![TSR_logo](images_2527.jpg)

### Invesco Energy Exploration & Production ETF

### PXE \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Energy Exploration & Production ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Energy Exploration & Production ETF | $53 | 0.61% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities had strong performance in the beginning with a more challenging environment at the end due to uncertainty regarding global trade and tariff policy. During the period, the energy sector underperformed the broader stock market. In addition to the Fund's focus on energy stocks, its multi-factor methodology led to an overweight in oil & gas refining, which created a performance headwind compared to the S&P Composite 1500<sup>®</sup> Oil & Gas Exploration & Production Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Energy Exploration & Production Intellidex<sup>®</sup> Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, -27.01%, differed from the return of the Index, -26.58%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sub-Industry Allocations \|** Gas utilities sub-industry.

 **Positions \|** National Fuel Gas Co., a gas utilities company, and CNX Resources Corp., an oil & gas exploration & production company.

 **What detracted from performance?**

 **Sub-Industry Allocations \|** Oil & gas exploration & production sub-industry, followed by the oil & gas refining & marketing and integrated oil & gas sub-industries, respectively.

 **Positions \|** Devon Energy Corp., an oil & gas exploration & production company, and Vital Energy, Inc., an oil & gas exploration & production company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343480.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Energy Exploration & Production ETF — NAV Return** | -27.01% | 23.03% | 0.40% |
| **Dynamic Energy Exploration & Production Intellidex<sup>®</sup> Index** | -26.58% | 23.77% | 0.93% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |
| **S&P Composite 1500<sup>®</sup> Oil & Gas Exploration & Production Index** | -18.62% | 24.37% | 1.09% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P Composite 1500<sup>®</sup> Oil & Gas Exploration & Production Index to the S&P 500<sup>®</sup> Index to reflect that the S&P 500<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$71299950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$569920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;75% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;6.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp;&nbsp;6.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;5.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;5.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;5.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;&nbsp;5.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;5.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;&nbsp;4.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;3.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;CNX Resources Corp. | &nbsp;&nbsp;&nbsp;3.18% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343471.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PXE-AR **Invesco Energy Exploration & Production ETF**

![TSR_logo](images_2527.jpg)

### Invesco Financial Preferred ETF

### PGF \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Financial Preferred ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Financial Preferred ETF | $56 | 0.55% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. credit and equity began the period with strong performance but weakened into the end of the fiscal year. U.S. 10 year treasuries fell during this period, aiding duration instruments. Underweight allocations to mortgage REITs and technology hardware, storage and peripherals relative to the S&P U.S. Preferred Stock Index caused Fund underperformance during the fiscal year.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the ICE Exchange-Listed Fixed Rate Financial Preferred Securities Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 2.68%, differed from the return of the Index, 3.14%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Industry Allocations \|** Banks industry, followed by the insurance and consumer finance industries, respectively.

 **Positions \|** M&T Bank Corp., Series J, Pfd., a banks company, and KeyCorp, Pfd., a banks company.

 **What detracted from performance?**

 **Industry Allocations \|** No industries detracted from the Fund's performance during the period.

 **Positions \|** Enstar Group Ltd., Series D, Pfd., an insurance company, and Brighthouse Financial, Inc., Series B, Pfd., an insurance company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343231.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Financial Preferred ETF — NAV Return** | 2.68% | 0.50% | 2.82% |
| **Blended - ICE Exchange-Listed Fixed Rate Financial Preferred Securities Index** | 3.14% | 0.91% | 3.19% |
| **Bloomberg U.S. Aggregate Bond Index** | 8.02% | -0.67% | 1.54% |
| **S&P U.S. Preferred Stock Index** | 4.60% | 3.55% | 3.70% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P U.S. Preferred Stock Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.

- The Blended - ICE Exchange-Listed Fixed Rate Financial Preferred Securities Index performance is comprised of the performance of the Wells Fargo Hybrid and Preferred Securities Financial Index, the Fund's former underlying index, through June 30, 2021, followed by the performance of the Index thereafter.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$788530795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$4444693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., Series EE, Pfd., 6.00% | &nbsp;&nbsp;&nbsp;2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., Series DD, Pfd., 5.75% | &nbsp;&nbsp;&nbsp;2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allstate Corp. (The), Series H, Pfd., 5.10% | &nbsp;&nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., Series Z, Pfd., 4.75% | &nbsp;&nbsp;&nbsp;2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., Series LL, Pfd., 4.63% | &nbsp;&nbsp;&nbsp;1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., Series MM, Pfd., 4.20% | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corp., Series J, Pfd., 7.50% | &nbsp;&nbsp;&nbsp;1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp., Series I, Pfd., 5.00% | &nbsp;&nbsp;&nbsp;1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;MetLife, Inc., Series F, Pfd., 4.75% | &nbsp;&nbsp;&nbsp;1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., Series GG, Pfd., 6.00% | &nbsp;&nbsp;&nbsp;1.78% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343240.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PGF-AR **Invesco Financial Preferred ETF**

![TSR_logo](images_2527.jpg)

### Invesco Food & Beverage ETF

### PBJ \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Food & Beverage ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Food & Beverage ETF | $61 | 0.61% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities had strong performance in the beginning with a more challenging environment at the end due to uncertainty regarding global trade and tariff policy. During the period, the consumer staples sector underperformed the broader stock market. In addition to the Fund's focus on consumer staples stocks, its multi-factor methodology led to an overweight in restaurants, which created a performance headwind compared to the S&P Composite 1500<sup>®</sup> Food Beverage & Tobacco Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Food & Beverage Intellidex<sup>®</sup> Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 0.66%, differed from the return of the Index, 1.32%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sub-Industry Allocations \|** Food retail sub-industry, followed by the soft drinks & non-alcoholic beverages and packaged foods & meats sub-industries, respectively.

 **Positions \|** Sprouts Farmers Market, Inc., a food retail company, and Pilgrim's Pride Corp., a packaged food & meats company.

 **What detracted from performance?**

 **Sub-Industry Allocations \|** Restaurants sub-industry, followed by the distillers & vintners and agricultural products & services sub-industries, respectively.

 **Positions \|** Constellation Brands, Inc., Class A, a distillers & vintners company (no longer held at fiscal year-end), and Shake Shack, Inc., Class A, a restaurants company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343441.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Food & Beverage ETF — NAV Return** | 0.66% | 10.84% | 5.57% |
| **Dynamic Food & Beverage Intellidex<sup>®</sup> Index** | 1.32% | 11.51% | 6.22% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |
| **S&P Composite 1500<sup>®</sup> Food Beverage & Tobacco Index** | 10.39% | 10.10% | 7.71% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P Composite 1500<sup>®</sup> Food Beverage & Tobacco Index to the S&P 500<sup>®</sup> Index to reflect that the S&P 500<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$101566340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$546797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;139% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Monster Beverage Corp. | &nbsp;&nbsp;&nbsp;5.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kroger Co. (The) | &nbsp;&nbsp;&nbsp;5.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;5.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A | &nbsp;&nbsp;&nbsp;5.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;4.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;&nbsp;4.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;4.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;General Mills, Inc. | &nbsp;&nbsp;&nbsp;4.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage, Inc. | &nbsp;&nbsp;&nbsp;3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc. | &nbsp;&nbsp;&nbsp;3.19% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343450.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PBJ-AR **Invesco Food & Beverage ETF**

![TSR_logo](images_2527.jpg)

### Invesco Global Listed Private Equity ETF

### PSP \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Global Listed Private Equity ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Global Listed Private Equity ETF | $68 | 0.65% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, international equities showed relatively weak performance until mounting concerns over U.S. global trade and tariff policy led to relative outperformance near the end of the period. During the period, global listed private equity companies underperformed the broader market. The Fund's stock selection methodology within the financial services industry created a performance headwind compared to the MSCI ACWI Index (Net).

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Red Rocks Global Listed Private Equity Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities (including American depositary receipts and global depositary receipts) that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 9.46%, differed from the return of the Index, 9.90%, primarily due to fees and expenses incurred by the Fund during the period, partially offset by income received from the securities lending program in which the Fund participates.

 **What contributed to performance?**

 **Industry Allocations \|** Capital markets industry, followed by the wireless telecommunication services and diversified consumer services industries, respectively.

 **Positions \|** 3i Group PLC, a capital markets company, and KKR & Co., Inc., Class A, a capital markets company.

 **What detracted from performance?**

 **Industry Allocations \|** Biotechnology industry, followed by the interactive media & services industry.

 **Positions \|** CVC Capital Partners PLC, a capital markets company, and Eurazeo SE, a financial services company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343186.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Global Listed Private Equity ETF — NAV Return** | 9.46% | 13.18% | 7.22% |
| **Red Rocks Global Listed Private Equity Index** | 9.90% | 14.08% | 7.96% |
| **MSCI ACWI Index (Net)** | 11.84% | 13.07% | 8.63% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$235236467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1299857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;39% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;3i Group PLC | &nbsp;&nbsp;&nbsp;5.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sofina S.A. | &nbsp;&nbsp;&nbsp;4.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;KKR & Co., Inc., Class A | &nbsp;&nbsp;&nbsp;4.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc. | &nbsp;&nbsp;&nbsp;4.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;EQT AB | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackstone, Inc., Class A | &nbsp;&nbsp;&nbsp;4.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;TPG, Inc. | &nbsp;&nbsp;&nbsp;4.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;4.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eurazeo SE | &nbsp;&nbsp;&nbsp;4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;HAL Trust | &nbsp;&nbsp;&nbsp;4.04% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343177.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.

The Fund modified its principal investment strategies and principal risks to reflect that master limited partnerships are not eligible for inclusion in the underlying index.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PSP-AR **Invesco Global Listed Private Equity ETF**

![TSR_logo](images_2527.jpg)

### Invesco Golden Dragon China ETF

### PGJ \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Golden Dragon China ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Golden Dragon China ETF | $75 | 0.70% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, China experienced a difficult economic environment, hampered by the real estate and consumer sectors. Despite this, China finished 2024 with GDP growth of 5%, meeting government targets. Weakening demographics due to a shrinking population, high local government debt and lower revenues, and increased tariff pressure from the country's largest trade partners, have also been major headwinds for China. Overweight allocations to consumer discretionary and communication services were the leading detractors from Fund performance compared to the FTSE China 50 Index.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq Golden Dragon China Index<sup>TM</sup> (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 14.17%, differed from the return of the Index, 14.16%, primarily due to income received from the securities lending program in which the Fund participates, partially offset by fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**Sector Allocations \|** Consumer discretionary sector, followed by the financials sector.

**Positions \|** Alibaba Group Holding Ltd., ADR, a consumer discretionary company, and Trip.com Group Ltd., ADR, a consumer discretionary company (no longer held at fiscal year-end).

**What detracted from performance?**

**Sector Allocations \|** Communication services sector, followed by the consumer staples sector.

**Positions \|** New Oriental Education & Technology Group, Inc., ADR, a consumer discretionary company, and Kanzhun Ltd., ADR, a communication services company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343147.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **<br>10 Years** |
| **Invesco Golden Dragon China ETF — NAV Return** | 14.17% | -6.12% | -0.83% |
| **Nasdaq Golden Dragon China Index™** | 14.16% | -6.01% | -0.58% |
| **MSCI China Index (Net)** | 26.13% | -0.65% | 0.50% |
| **FTSE China 50 Index** | 35.22% | 0.43% | -0.60% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the FTSE China 50 Index to the MSCI China Index (Net) to reflect that the MSCI China Index (Net) can be considered more broadly representative of the overall applicable securities market.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$141907317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$726482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd., ADR | &nbsp;&nbsp;&nbsp;8.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Yum China Holdings, Inc. | &nbsp;&nbsp;&nbsp;7.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;KE Holdings, Inc., ADR | &nbsp;&nbsp;&nbsp;7.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Baidu, Inc., ADR | &nbsp;&nbsp;&nbsp;7.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;JD.com, Inc., ADR | &nbsp;&nbsp;&nbsp;6.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;NetEase, Inc., ADR | &nbsp;&nbsp;&nbsp;4.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group, ADR | &nbsp;&nbsp;&nbsp;4.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Full Truck Alliance Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;4.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vipshop Holdings Ltd., ADR | &nbsp;&nbsp;&nbsp;3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;H World Group Ltd., ADR | &nbsp;&nbsp;&nbsp;3.11% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343156.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PGJ-AR **Invesco Golden Dragon China ETF**![TSR_logo](images_2527.jpg)

### Invesco High Yield Equity Dividend Achievers<sup>TM</sup> ETF

### PEY \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco High Yield Equity Dividend Achievers<sup>TM</sup> ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco High Yield Equity Dividend Achievers<sup>TM</sup> ETF | $53 | 0.52% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities began the period with strong performance but experienced a more challenging environment near the end of the period due to uncertainty regarding global trade and tariff policy. Negative security selection results in all sectors except for information technology caused a significant relative performance headwind for the Fund against the Dow Jones U.S. Select Dividend Index for the period.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq US Dividend Achievers 50<sup>TM</sup> Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 4.12%, differed from the return of the Index, 4.67%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Industry Allocations \|** Banks industry, followed by the tobacco and electric utilities industries, respectively.

 **Positions \|** Altria Group, Inc., a tobacco company, and Philip Morris International, Inc., a tobacco company (no longer held at fiscal year-end).

 **What detracted from performance?**

 **Industry Allocations \|** Professional services industry, followed by the consumer staples distribution & retail and chemicals industries, respectively.

 **Positions \|** Walgreens Boots Alliance, Inc., a consumer staples distribution & retail company (no longer held at fiscal year-end), and Leggett & Platt, Inc., a household durables company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343144.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco High Yield Equity Dividend Achievers<sup>TM</sup> ETF — NAV Return** | 4.12% | 11.80% | 8.36% |
| **Nasdaq US Dividend Achievers™ 50 Index** | 4.67% | 12.39% | 8.92% |
| **Russell 3000<sup>®</sup> Index** | 11.40% | 15.12% | 11.68% |
| **Dow Jones U.S. Select Dividend Index** | 12.00% | 14.29% | 9.29% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the Nasdaq US Dividend Achievers™ 50 Index to the Russell 3000<sup>®</sup> Index to reflect that the Russell 3000<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1089361259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$4811035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;58% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;3.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Corp. | &nbsp;&nbsp;&nbsp;3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;3.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Edison International | &nbsp;&nbsp;&nbsp;2.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries N.V., Class A | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;AES Corp. (The) | &nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avista Corp. | &nbsp;&nbsp;&nbsp;2.39% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343135.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PEY-AR **Invesco High Yield Equity Dividend Achievers<sup>TM</sup> ETF**

![TSR_logo](images_2527.jpg)

### Invesco International Dividend Achievers<sup>TM</sup> ETF

### PID \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco International Dividend Achievers<sup>TM</sup> ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco International Dividend Achievers<sup>TM</sup> ETF | $57 | 0.53% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, international equities showed relatively weak performance until mounting concerns over U.S. global trade and tariff policy led to relative outperformance near the end of the period. Strong security selection results in the energy and materials sectors were supportive to the Fund's relative outperformance versus the MSCI EAFE<sup>®</sup> Index during the period.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq International Dividend Achievers<sup>TM</sup> Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 14.85%, differed from the return of the Index, 14.60%, primarily due to positive differences in the tax withholding treatment of dividends between the Fund and the Index and the effect of a corporate action, which were partially offset by fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**Sector Allocations \|** Financials sector, followed by the utilities and energy sectors, respectively.

**Positions \|** British American Tobacco PLC, ADR, a consumer staples company, and TC Energy Corp., an energy company.

**What detracted from performance?**

**Sector Allocations \|** Consumer discretionary sector, followed by the communication services sector.

**Positions \|** BCE, Inc., a communication services company, and Magna International, Inc., a consumer discretionary company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343105.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **<br>10 Years** |
| **Invesco International Dividend Achievers<sup>TM</sup> ETF — NAV Return** | 14.85% | 14.22% | 4.52% |
| **Nasdaq International Dividend Achievers™ Index (Net)** | 14.60% | 14.10% | 4.55% |
| **MSCI EAFE<sup>®</sup> Index (Net)** | 12.57% | 11.37% | 5.45% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the Nasdaq International Dividend Achievers™ Index (Net) to the MSCI EAFE<sup>®</sup> Index (Net) to reflect that the MSCI EAFE<sup>®</sup> Index (Net) can be considered more broadly representative of the overall applicable securities market.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$826703193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3398962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;British American Tobacco PLC, ADR | &nbsp;&nbsp;&nbsp;4.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;&nbsp;4.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;PT Telkom Indonesia (Persero) Tbk, ADR | &nbsp;&nbsp;&nbsp;4.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;National Grid PLC, ADR | &nbsp;&nbsp;&nbsp;4.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;PLDT, Inc., ADR | &nbsp;&nbsp;&nbsp;4.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Renewable Partners L.P. | &nbsp;&nbsp;&nbsp;3.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;TC Energy Corp. | &nbsp;&nbsp;&nbsp;3.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;TELUS Corp. | &nbsp;&nbsp;&nbsp;3.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;BCE, Inc. | &nbsp;&nbsp;&nbsp;3.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;&nbsp;3.46% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343114.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PID-AR **Invesco International Dividend Achievers<sup>TM</sup> ETF**

![TSR_logo](images_2527.jpg)

### Invesco Large Cap Growth ETF

### PWB \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Large Cap Growth ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Large Cap Growth ETF | $60 | 0.55% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities began the period with strong performance but experienced a more challenging environment near the end of the period due to uncertainty regarding global trade and tariff policy. Security selection results in the communication services and consumer staples sectors as well as an average overweight to financials were relative performance tailwinds for the Fund versus the Russell 1000<sup>®</sup> Growth Index during the period.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Large Cap Growth Intellidex<sup>®</sup> Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 17.53%, differed from the return of the Index, 18.19%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations \|** Information technology sector, followed by the communication services and industrials sectors, respectively.

 **Positions \|** Netflix, Inc., a communication services company, and NVIDIA Corp., an information technology company.

 **What detracted from performance?**

 **Sector Allocations \|** Energy sector.

 **Positions \|** Tesla, Inc., a consumer discretionary company (no longer held at fiscal year-end), and Trade Desk, Inc., Class A, a communication services company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343438.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Large Cap Growth ETF — NAV Return** | 17.53% | 15.57% | 13.23% |
| **Dynamic Large Cap Growth Intellidex<sup>®</sup> Index** | 18.19% | 16.22% | 13.88% |
| **Russell 3000<sup>®</sup> Index** | 11.40% | 15.12% | 11.68% |
| **Russell 1000<sup>®</sup> Growth Index** | 14.53% | 17.23% | 15.27% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the Dynamic Large Cap Growth Intellidex<sup>®</sup> Index to the Russell 3000<sup>®</sup> Index to reflect that the Russell 3000<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$976252834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$4686708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;92% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;4.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;3.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;3.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;3.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;3.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.15% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343429.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PWB-AR **Invesco Large Cap Growth ETF**

![TSR_logo](images_2527.jpg)

### Invesco Large Cap Value ETF

### PWV \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Large Cap Value ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Large Cap Value ETF | $57 | 0.55% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities began the period with strong performance but experienced a more challenging environment near the end of the period due to uncertainty regarding global trade and tariff policy. The Fund slightly underperformed the Russell 1000<sup>®</sup> Value Index due to poor security selection results in the financials and industrials sectors, and a large average overweight to the energy sector, partially offset by relatively strong security selection results in the health care and information technology sectors.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Large Cap Value Intellidex<sup>®</sup> Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 8.00%, differed from the return of the Index, 8.49%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations \|** Financials sector, followed by the health care and information technology sectors, respectively.

 **Positions \|** International Business Machines Corp., an information technology company, and JPMorgan Chase & Co., a financials company.

 **What detracted from performance?**

 **Sector Allocations \|** Energy sector, followed by the consumer discretionary and industrials sectors, respectively.

 **Positions \|** Home Depot, Inc., a consumer discretionary company, and Chevron Corp., an energy company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342324.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Large Cap Value ETF — NAV Return** | 8.00% | 14.13% | 8.69% |
| **Dynamic Large Cap Value Intellidex<sup>®</sup> Index** | 8.49% | 14.78% | 9.29% |
| **Russell 3000<sup>®</sup> Index** | 11.40% | 15.12% | 11.68% |
| **Russell 1000<sup>®</sup> Value Index** | 8.55% | 13.00% | 8.36% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the Dynamic Large Cap Value Intellidex<sup>®</sup> Index to the Russell 3000<sup>®</sup> Index to reflect that the Russell 3000<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1000734843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$4897413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;103% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;3.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;3.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;3.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;3.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;3.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;3.24% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343849.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PWV-AR **Invesco Large Cap Value ETF**

![TSR_logo](images_2527.jpg)

### Invesco Leisure and Entertainment ETF

### PEJ \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Leisure and Entertainment ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Leisure and Entertainment ETF | $60 | 0.57% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, U.S. equities had strong performance in the beginning with a more challenging environment at the end due to uncertainty regarding global trade and tariff policy. During the period, the consumer discretionary sector underperformed the broader stock market. Despite the Fund's focus on consumer discretionary stocks, its multi-factor methodology led to an overweight in movies & entertainment, which performed well relative to other leisure sub-industries in the S&P Composite 1500<sup>®</sup> Hotels Restaurants & Leisure Index.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Leisure & Entertainment Intellidex<sup>®</sup> Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 8.91%, differed from the return of the Index, 9.51%, primarily due to fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**Sub-Industry Allocations \|** Movies & entertainment sub-industry, followed by the hotels, resorts & cruise lines and broadcasting sub-industries, respectively.

**Positions \|** Brinker International, Inc., a restaurants company, and Royal Caribbean Group Ltd., a hotels, resorts & cruise lines company.

**What detracted from performance?**

**Sub-Industry Allocations \|** Interactive media & services sub-industry, followed by the passenger airlines sub-industry.

**Positions \|** TripAdvisor, Inc., an interactive media & services company (no longer held at fiscal year-end), and Norwegian Cruise Line Holdings Ltd., a hotels, resorts & cruise lines company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343399.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **<br>10 Years** |
| **Invesco Leisure and Entertainment ETF — NAV Return** | 8.91% | 12.49% | 3.40% |
| **Dynamic Leisure & Entertainment Intellidex<sup>®</sup> Index** | 9.51% | 12.97% | 4.00% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |
| **S&P Composite 1500<sup>®</sup> Hotels Restaurants & Leisure Index** | 8.32% | 14.46% | 11.23% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P Composite 1500<sup>®</sup> Hotels Restaurants & Leisure Index to the S&P 500<sup>®</sup> Index to reflect that the S&P 500<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$313594104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1341006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;157% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A | &nbsp;&nbsp;&nbsp;5.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;5.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;5.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;4.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc. | &nbsp;&nbsp;&nbsp;4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp. | &nbsp;&nbsp;&nbsp;4.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc. | &nbsp;&nbsp;&nbsp;4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;3.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sportradar Group AG | &nbsp;&nbsp;&nbsp;3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Super Group (SGHC) Ltd. | &nbsp;&nbsp;&nbsp;3.34% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sub-industry allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343408.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PEJ-AR **Invesco Leisure and Entertainment ETF**

![TSR_logo](images_2527.jpg)

### Invesco MSCI Sustainable Future ETF

### ERTH \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco MSCI Sustainable Future ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco MSCI Sustainable Future ETF | $640.65%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, sustainability themes underperformed global equity markets primarily due to stock selection within U.S. Solar manufacturing. U.S. solar manufacturing continued to struggle as the industry continued to grapple with oversupply, simultaneously as electric vehicle consumers appeared to be tapped out dealing two major headwinds to the clean energy space. The Fund's exposure to positive Chinese equity markets and a steady water theme partially offset these detractors resulting in solid performance versus its clean tech peers.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the MSCI Global Environment Select Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, -2.08%, differed from the return of the Index, -1.72%, primarily due to fees and expenses incurred by the Fund during the period, partially offset by income received from the securities lending program in which the Fund participates.

 **What contributed to performance?**

 **Industry Allocations \|** Automobiles industry, followed by retail REITs and specialized REITs industries, respectively.

 **Positions \|** Tesla, Inc., an automobiles company, and XPeng, Inc., an automobiles company.

 **What detracted from performance?**

 **Industry Allocations \|** Semiconductors & semiconductor equipment industry, followed by the electrical equipment industry.

 **Positions \|** Vestas Wind Systems A/S, an electrical equipment company, and Enphase Energy, Inc., a semiconductor & semiconductors equipment company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343777.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco MSCI Sustainable Future ETF — NAV Return** | -2.08% | 1.97% | 4.82% |
| **Blended - MSCI Global Environment Select Index** | -1.72% | 2.43% | 5.39% |
| **MSCI ACWI Index (Net)** | 11.84% | 13.07% | 8.63% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- The Blended - MSCI Global Environment Select Index performance is comprised of the performance of the The Cleantech Index™, the Fund's former underlying index, through March 24, 2021, followed by the performance of the Index thereafter.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$137953273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$788411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;BYD Co. Ltd., H Shares | &nbsp;&nbsp;&nbsp;6.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;5.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;4.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;4.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Li Auto, Inc., A Shares | &nbsp;&nbsp;&nbsp;3.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kingspan Group PLC | &nbsp;&nbsp;&nbsp;3.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Solar, Inc. | &nbsp;&nbsp;&nbsp;2.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;XPeng, Inc. | &nbsp;&nbsp;&nbsp;2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;LG Energy Solution Ltd. | &nbsp;&nbsp;&nbsp;2.46% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343786.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-ERTH-AR **Invesco MSCI Sustainable Future ETF**

![TSR_logo](images_2527.jpg)

### Invesco NASDAQ Internet ETF

### PNQI \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco NASDAQ Internet ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco NASDAQ Internet ETF | $65 | 0.60% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities had strong performance in the beginning with a more challenging environment at the end due to uncertainty regarding global trade and tariff policy. During the period, internet-related businesses outperformed the broader stock market. In addition to the Fund's focus on internet-related stocks, its higher allocation to movies & entertainment and broadline retail created a performance tailwind compared to the Nasdaq-100<sup>®</sup> Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq CTA Internet Index<sup>SM</sup> (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 18.29%, differed from the return of the Index, 18.81%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sub-Industry Allocations \|** Movies & entertainment sub-industry, followed by the broadline retail and technology hardware storage & peripherals sub-industries, respectively.

 **Positions \|** Netflix, Inc., a movies & entertainment company and Meta Platforms, Inc., Class A, an interactive media & services.

 **What detracted from performance?**

 **Sub-Industry Allocations \|** Casinos & gaming sub-industry, followed by the real estate services and application software sub-industries, respectively.

 **Positions \|** Walt Disney Co. (The), a movies & entertainment company and Adobe, Inc., an application software company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343102.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco NASDAQ Internet ETF — NAV Return** | 18.29% | 8.95% | 12.05% |
| **Nasdaq CTA Internet Index℠** | 18.81% | 9.55% | 12.66% |
| **NASDAQ<sup>®</sup> Composite Index** | 12.22% | 15.32% | 14.52% |
| **Nasdaq-100<sup>®</sup> Index** | 13.10% | 17.75% | 17.20% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the Nasdaq-100<sup>®</sup> Index to the NASDAQ<sup>®</sup> Composite Index to reflect that the NASDAQ<sup>®</sup> Composite Index can be considered more broadly representative of the overall applicable securities market.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$791640918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$4804784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;8.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;7.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;7.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;7.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;7.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;4.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. | &nbsp;&nbsp;&nbsp;4.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;4.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;3.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. | &nbsp;&nbsp;&nbsp;3.65% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343093.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PNQI-AR **Invesco NASDAQ Internet ETF**

![TSR_logo](images_2527.jpg)

### Invesco Next Gen Connectivity ETF

### KNCT \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Next Gen Connectivity ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Next Gen Connectivity ETF | $43 | 0.40% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities had strong performance in the beginning with a more challenging environment at the end due to uncertainty regarding global trade and tariff policy, whereas global equities performed better toward the end of the fiscal year. During the period, connectivity-related industries outperformed the broader stock market. In addition to the Fund's focus on connectivity-related industries, its thematic emerging connectivity methodology created a performance headwind compared to the S&P Composite 1500<sup>®</sup> Communications Equipment Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the STOXX World AC NexGen Connectivity Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 17.19%, differed from the return of the Index, 17.26%, primarily due to fees and expenses incurred by the Fund during the period, partially offset by income received from the securities lending program in which the Fund participates.

 **What contributed to performance?**

 **Sub-Industry Allocations \|** Integrated telecommunication services sub-industry, followed by the semiconductors and communications equipment sub-industries, respectively.

 **Positions \|** Broadcom, Inc., a semiconductors company, and Apple, Inc., a technology hardware storage & peripherals company.

 **What detracted from performance?**

 **Sub-Industry Allocations \|** Internet services & infrastructure sub-industry, followed by the application software sub-industry.

 **Positions \|** Samsung Electronics Co., Ltd., a technology hardware storage & peripherals company, and Intel Corp., a semiconductors company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343354.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Next Gen Connectivity ETF — NAV Return** | 17.19% | 13.48% | 11.78% |
| **Blended - Invesco Next Gen Connectivity Benchmark** | 17.26% | 13.64% | 12.09% |
| **NASDAQ<sup>®</sup> Composite Index** | 12.22% | 15.32% | 14.52% |
| **S&P Composite 1500<sup>®</sup> Communications Equipment Index** | 27.52% | 14.14% | 11.45% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P Composite 1500<sup>®</sup> Communications Equipment Index to the NASDAQ<sup>®</sup> Composite Index to reflect that the NASDAQ<sup>®</sup> Composite Index can be considered more broadly representative of the overall applicable securities market.

- The Blended - Invesco Next Gen Connectivity Benchmark performance is comprised of the performance of the Dynamic Networking Intellidex℠ Index, the Fund's former underlying index, through August 25, 2023, followed by the performance of the Index thereafter.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$30883953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$155905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;7.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;7.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;7.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;&nbsp;4.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;4.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;3.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;3.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. | &nbsp;&nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp;2.49% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343345.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.

The Fund's net expense ratio decreased from the prior fiscal year end as a result of a change in the Fund's investment advisory agreement which became effective on August 28, 2023.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-KNCT-AR **Invesco Next Gen Connectivity ETF**

![TSR_logo](images_2527.jpg)

### Invesco Next Gen Media and Gaming ETF

### GGME \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Next Gen Media and Gaming ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco Next Gen Media and Gaming ETF | $700.62%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities had strong performance in the beginning with a more challenging environment at the end due to uncertainty regarding global trade and tariff policy, whereas global equities performed better toward the end of the fiscal year. During the period, movies & entertainment outperformed the broader stock market. In addition to the Fund's focus on media- and gaming-related industries, its thematic media methodology created a performance tailwind compared to the S&P Composite 1500<sup>®</sup> Media Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the STOXX World AC NexGen Media Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 24.72%, differed from the return of the Index, 25.43%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sub-Industry Allocations \|** Movies & entertainment sub-industry, followed by the interactive home entertainment and technology hardware storage & peripherals sub-industries, respectively.

 **Positions \|** Netflix, Inc., a movies & entertainment company, and Spotify Technology S.A., a movies & entertainment company.

 **What detracted from performance?**

 **Sub-Industry Allocations \|** Advertising sub-industry, followed by the consumer electronics sub-industry.

 **Positions \|** Advanced Micro Devices, Inc., a semiconductors company, and Adobe Inc., an application software company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343357.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Next Gen Media and Gaming ETF — NAV Return** | 24.72% | 13.95% | 7.48% |
| **Blended - Invesco Next Gen Media and Gaming Benchmark** | 25.43% | 14.22% | 7.96% |
| **NASDAQ<sup>®</sup> Composite Index** | 12.22% | 15.32% | 14.52% |
| **S&P Composite 1500<sup>®</sup> Media Index** | 3.70% | 0.93% | 2.41% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P Composite 1500<sup>®</sup> Media Index to the NASDAQ<sup>®</sup> Composite Index to reflect that the NASDAQ<sup>®</sup> Composite Index can be considered more broadly representative of the overall applicable securities market.

- The Blended - Invesco Next Gen Media and Gaming Benchmark performance is comprised of the performance of the Dynamic Media Intellidex℠ Index, the Fund's former underlying index, through August 25, 2023, followed by the performance of the Index thereafter.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$124350349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$230167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;9.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;7.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;7.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;7.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;7.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nintendo Co. Ltd. | &nbsp;&nbsp;&nbsp;5.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology S.A. | &nbsp;&nbsp;&nbsp;4.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. | &nbsp;&nbsp;&nbsp;4.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;&nbsp;4.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | &nbsp;&nbsp;&nbsp;3.98% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343366.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-GGME-AR **Invesco Next Gen Media and Gaming ETF**

![TSR_logo](images_2527.jpg)

### Invesco Oil & Gas Services ETF

### PXJ \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Oil & Gas Services ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco Oil & Gas Services ETF | $550.63%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities had strong performance in the beginning with a more challenging environment at the end due to uncertainty regarding global trade and tariff policy. During the period, the energy sector underperformed the broader stock market. Despite the Fund's focus on energy stocks, its multi-factor methodology led to an overweight in consumable fuels, which created a performance tailwind compared to the S&P Composite 1500<sup>®</sup> Energy Equipment & Services Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Oil Services Intellidex<sup>®</sup> Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, -26.48%, differed from the return of the Index, -26.02%, primarily due to fees and expenses incurred by the Fund during the period, which were partially offset by the effect of daily compounding during a period of weak performance.

 **What contributed to performance?**

 **Sub-Industry Allocations \|** No sub-industries contributed to the Fund's performance during the period.

 **Positions \|** Golar LNG Ltd., an oil & gas storage & transportation company, and Kodiak Gas Services, Inc., an oil & gas equipment & services company.

 **What detracted from performance?**

 **Sub-Industry Allocations \|** Oil & gas equipment & services sub-industry, followed by the oil & gas drilling and oil & gas storage & transportation sub-industries, respectively.

 **Positions \|** Weatherford International PLC, an oil & gas equipment & services company, and Tidewater, Inc., an oil & gas equipment & services company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343315.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Oil & Gas Services ETF — NAV Return** | -26.48% | 15.54% | -11.71% |
| **Dynamic Oil Services Intellidex<sup>®</sup> Index** | -26.02% | 16.71% | -10.99% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |
| **S&P Composite 1500<sup>®</sup> Energy Equipment & Services Index** | -28.41% | 15.21% | -8.50% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P Composite 1500<sup>®</sup> Energy Equipment & Services Index to the S&P 500<sup>®</sup> Index to reflect that the S&P 500<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$25296230 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$278493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;71% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;TechnipFMC PLC | &nbsp;&nbsp;&nbsp;6.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Archrock, Inc. | &nbsp;&nbsp;&nbsp;5.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Schlumberger N.V. | &nbsp;&nbsp;&nbsp;4.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Noble Corp. PLC | &nbsp;&nbsp;&nbsp;4.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Co., Class A | &nbsp;&nbsp;&nbsp;4.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;NOV, Inc. | &nbsp;&nbsp;&nbsp;4.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weatherford International PLC | &nbsp;&nbsp;&nbsp;3.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Golar LNG Ltd. | &nbsp;&nbsp;&nbsp;3.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Teekay Tankers Ltd., Class A | &nbsp;&nbsp;&nbsp;3.52% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343324.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PXJ-AR **Invesco Oil & Gas Services ETF**

![TSR_logo](images_2527.jpg)

### Invesco Pharmaceuticals ETF

### PJP \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Pharmaceuticals ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Pharmaceuticals ETF | $59 | 0.57% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities had strong performance in the beginning with a more challenging environment at the end due to uncertainty regarding global trade and tariff policy. During the period, the health care sector underperformed the broader stock market. Despite the Fund's focus on health care stocks, its multi-factor methodology led to an overweight in health care equipment, which created a performance tailwind compared to the S&P Composite 1500<sup>®</sup> Pharmaceuticals Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Pharmaceutical Intellidex<sup>®</sup> Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 7.45%, differed from the return of the Index, 8.06%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sub-Industry Allocations \|** Pharmaceuticals sub-industry followed by the biotechnology sub-industry.

 **Positions \|** Corcept Therapeutics, Inc., a pharmaceuticals company, and Ligand Pharmaceuticals, Inc., a pharmaceuticals company.

 **What detracted from performance?**

 **Sub-Industry Allocations \|** No sub-industries detracted from the Fund's performance during the period.

 **Positions \|** Merck & Co., Inc., a pharmaceuticals company, and Biogen, Inc., a biotechnology company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343312.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Pharmaceuticals ETF — NAV Return** | 7.45% | 6.59% | 2.39% |
| **Dynamic Pharmaceutical Intellidex<sup>®</sup> Index** | 8.06% | 7.15% | 2.93% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |
| **S&P Composite 1500<sup>®</sup> Pharmaceuticals Index** | 3.40% | 10.64% | 8.64% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P Composite 1500<sup>®</sup> Pharmaceuticals Index to the S&P 500<sup>®</sup> Index to reflect that the S&P 500<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$243737940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1358978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;5.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;5.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;5.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;5.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;5.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;4.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;4.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;&nbsp;4.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;3.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;3.65% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343303.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PJP-AR **Invesco Pharmaceuticals ETF**

![TSR_logo](images_2527.jpg)

### Invesco RAFI US 1000 ETF

### PRF \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco RAFI US 1000 ETF (the "Fund"), formerly Invesco FTSE RAFI US 1000 ETF, for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco RAFI US 1000 ETF | $41 | 0.39% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities began the period with strong performance but experienced a more challenging environment near the end of the period due to uncertainty regarding global trade and tariff policy. The Fund's fundamental weighting methodology led to a value-tilted portfolio, creating a performance headwind compared to the Russell 1000<sup>®</sup> Index.

 **•** Effective March 24, 2025, the Fund changed its name from Invesco FTSE RAFI US 1000 ETF to Invesco RAFI US 1000 ETF and the underlying index from FTSE RAFI<sup>TM</sup> US 1000 Index (the "Previous Index") to RAFI<sup>TM</sup> Fundamental Select US 1000 Index (the "Index"). At that time, the Fund changed its investment objective and investment policies.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Index, and prior to March 24, 2025, the Previous Index. The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 8.46%, differed from the return of the Custom Invesco RAFI U.S. 1000 ETF Benchmark (a composite of the returns of the Previous Index through March 21, 2025, and of the Index for the remainder of the fiscal year ended April 30, 2025), 8.86%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations \|** Financials sector, followed by the communication services and consumer staples sectors, respectively.

 **Positions \|** Berkshire Hathaway, Inc., Class B, a financials company, and AT&T, Inc., a communication services company.

 **What detracted from performance?**

 **Sector Allocations \|** Energy sector, followed by the materials sector.

 **Positions \|** Intel Corp., an information technology company, and Merck & Co., Inc., a health care company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343228.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco RAFI US 1000 ETF — NAV Return** | 8.46% | 15.67% | 10.05% |
| **Custom Invesco RAFI U.S. 1000 ETF Benchmark** | 8.86% | 16.10% | 10.43% |
| **RAFI™ Fundamental Select US 1000 Index** | N/A | N/A | N/A |
| **FTSE RAFI™ US 1000 Index** | 8.47% | 16.02% | 10.39% |
| **Russell 3000<sup>®</sup> Index** | 11.40% | 15.12% | 11.68% |
| **Russell 1000<sup>®</sup> Index** | 11.94% | 15.42% | 12.03% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the FTSE RAFI™ US 1000 Index to the Russell 3000<sup>®</sup> Index to reflect that the Russell 3000<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

- The Custom Invesco RAFI U.S. 1000 ETF Benchmark performance is comprised of the performance of the Previous Index through March 21, 2025, followed by the performance of the Index thereafter.

- Performance information for the Index is not available for periods prior to the RAFI™ Fundamental Select US 1000 Index's commencement date of December 9, 2024.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7402653954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$21163647 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;2.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;1.28% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343219.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.

At a meeting held on December 13, 2024, the Board of Trustees of the Fund approved changes to the name, underlying index, index provider, investment objective and principal investment strategy of the Fund. These changes took effect on March 24, 2025.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PRF-AR **Invesco RAFI US 1000 ETF**

![TSR_logo](images_2527.jpg)

### Invesco RAFI US 1500 Small-Mid ETF

### PRFZ \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco RAFI US 1500 Small-Mid ETF (the "Fund"), formerly Invesco FTSE RAFI US 1500 Small-Mid ETF, for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco RAFI US 1500 Small-Mid ETF | $39 | 0.39% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, U.S. small and mid cap equities showed strong performance subsequent to the conclusion of the U.S. election but struggled near the end of the period due to uncertainty regarding global trade and tariff policy. The Fund slightly outperformed the Russell 2000<sup>®</sup> Index due primarily to individual security selection in the information technology sector.

**•** Effective March 24, 2025, the Fund changed its name from Invesco FTSE RAFI US 1500 Small-Mid ETF to Invesco RAFI US 1500 Small-Mid ETF and the underlying index from FTSE RAFI<sup>TM</sup> US 1500 Mid Small Index (the "Previous Index") to RAFI<sup>TM</sup> Fundamental Select US 1500 Index (the "Index"). At that time, the Fund changed its investment objective and investment policies.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Index, and prior to March 24, 2025, the Previous Index. The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 1.16%, differed from the return of the Custom Invesco RAFI U.S. 1500 Small-Mid ETF Benchmark (a composite of the returns of the Previous Index through March 21, 2025, and of the Index for the remainder of the fiscal year ended April 30, 2025), 1.42%, primarily due to fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**Sector Allocations \|** Financials sector, followed by the information technology and industrials sectors, respectively.

**Positions \|** Palantir Technologies, Inc., Class A, an information technology company, and Carvana Co., a consumer discretionary company.

**What detracted from performance?**

**Sector Allocations \|** Energy sector, followed by the consumer discretionary and health care sectors, respectively.

**Positions \|** B. Riley Financial, Inc., a financials company, and Tilray Brands, Inc., Class 2, a health care company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343189.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **<br>10 Years** |
| **Invesco RAFI US 1500 Small-Mid ETF — NAV Return** | 1.16% | 13.72% | 7.32% |
| **Custom Invesco RAFI U.S. 1500 Small-Mid ETF Benchmark** | 1.42% | 13.97% | 7.55% |
| **RAFI™ Fundamental Select US 1500 Index** | N/A | N/A | N/A |
| **FTSE RAFI™ US 1500 Mid Small Index** | 0.85% | 13.84% | 7.48% |
| **Russell 3000<sup>®</sup> Index** | 11.40% | 15.12% | 11.68% |
| **Russell 2000<sup>®</sup> Index** | 0.87% | 9.88% | 6.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the FTSE RAFI™ US 1500 Mid Small Index to the Russell 3000<sup>®</sup> Index to reflect that the Russell 3000<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

- The Custom Invesco RAFI U.S. 1500 Small-Mid ETF Benchmark performance is comprised of the performance of the Previous Index through March 21, 2025, followed by the performance of the Index thereafter.

- Performance information for the Index is not available for periods prior to the RAFI™ Fundamental Select US 1500 Index's commencement date of December 9, 2024.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2158333726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$7145507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp., Class A | &nbsp;&nbsp;&nbsp;0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carvana Co. | &nbsp;&nbsp;&nbsp;0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brinker International, Inc. | &nbsp;&nbsp;&nbsp;0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc. | &nbsp;&nbsp;&nbsp;0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Virtu Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;ACI Worldwide, Inc. | &nbsp;&nbsp;&nbsp;0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;0.29% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343198.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.

At a meeting held on December 13, 2024, the Board of Trustees of the Fund approved changes to the name, underlying index, index provider, investment objective and principal investment strategy of the Fund. These changes took effect on March 24, 2025.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PRFZ-AR **Invesco RAFI US 1500 Small-Mid ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P 100 Equal Weight ETF

### EQWL \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P 100 Equal Weight ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco S&P 100 Equal Weight ETF | $270.25%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities began the period with strong performance but experienced a more challenging environment near the end of the period due to uncertainty regarding global trade and tariff policy. The Fund's equal weighting methodology led to lower exposure to mega cap stocks within the S&P 100<sup>®</sup> Index, which was a performance headwind compared to the S&P 100<sup>®</sup> Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 100<sup>®</sup> Equal Weight Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 12.89%, differed from the return of the Index, 13.19%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations \|** Financials sector, followed by the communication services and information technology sectors, respectively.

 **Positions \|** Netflix, Inc., a communication services company, and Tesla, Inc., a consumer discretionary company.

 **What detracted from performance?**

 **Sector Allocations \|** Energy sector, followed by the materials sector.

 **Positions \|** NIKE, Inc., Class B, a consumer discretionary company, and Target Corp., a consumer staples company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342937.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P 100 Equal Weight ETF — NAV Return** | 12.89% | 15.83% | 11.89% |
| **Blended - S&P 100<sup>®</sup> Equal Weight Index** | 13.19% | 16.13% | 12.18% |
| **S&P Composite 1500<sup>®</sup> Index** | 11.12% | 15.39% | 11.95% |
| **S&P 100<sup>®</sup> Index** | 14.38% | 16.77% | 13.46% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P 100<sup>®</sup> Index to the S&P Composite 1500<sup>®</sup> Index to reflect that the S&P Composite 1500<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

- The Blended - S&P 100<sup>®</sup> Equal Weight Index performance is comprised of the performance of the RAFI<sup>®</sup> Fundamental Large Core Index, a former underlying index, for periods prior to May 23, 2015, followed by the performance of the Russell Top 200<sup>®</sup> Equal Weight Index, the previous underlying index, from May 23, 2015 through June 21, 2019, followed by the performance of the Index thereafter.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1184351957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1735155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;&nbsp;1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;&nbsp;1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A | &nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;1.10% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342946.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-EQWL-AR **Invesco S&P 100 Equal Weight ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P 500 BuyWrite ETF

### PBP \| Cboe BZX Exchange, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P 500 BuyWrite ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco S&P 500 BuyWrite ETF | $30 | 0.29% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, the Fund's underlying equity exposure to the S&P 500<sup>®</sup> Index performed well, led by the financials and utilities sectors. However, due to the lower volatility experienced during the period, the call options detracted from performance by capping the Fund's upside participation. This lack of upside was partially offset by the income generated from the call options.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the CBOE S&P 500 BuyWrite Index<sup>SM</sup> (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index and will write (sell) call options thereon.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 9.09%, differed from the return of the Index, 9.50%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations \|** Information technology sector, followed by the financials sector.

 **Positions \|** SPX 04/17/25 covered call contract, a short S&P 500 Index call contract (no longer held at fiscal year-end), and NVIDIA Corp., an information technology company.

 **What detracted from performance?**

 **Sector Allocations \|** Covered call contracts, followed by the energy sector.

 **Positions \|** SPX 05/17/24 covered call contract, a short S&P 500 Index call contract (no longer held at fiscal year-end), and SPX 05/16/25 covered call contract, a short S&P 500 Index call contract.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342892.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P 500 BuyWrite ETF — NAV Return** | 9.09% | 9.80% | 5.52% |
| **CBOE S&P 500 BuyWrite Index℠** | 9.50% | 10.32% | 6.10% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the CBOE S&P 500 BuyWrite Index℠ to the S&P 500<sup>®</sup> Index to reflect that the S&P 500<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$134041475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$305271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;41% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;7.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;6.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;6.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;1.71% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342883.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.

The Fund's net expense ratio decreased from the prior fiscal year end as a result of a change in the Fund's investment advisory agreement which became effective on January 5, 2024.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PBP-AR **Invesco S&P 500 BuyWrite ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF

### RSPC \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF | $45 | 0.40% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. large-cap equities saw significant growth and volatility. Technology stocks were a significant driver of return for the S&P 500<sup>®</sup> Index in the period due to strong earnings. However, market volatility increased towards the second half of the fiscal year, as a result of aggressive tariffs from the Trump administration. During the period, communication services outperformed the broader market. The Fund's focus on communication services securities created a performance tailwind compared to the S&P 500<sup>®</sup> Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500<sup>®</sup> Equal Weight Communication Services Plus Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 27.06%, differed from the return of the Index, 27.57%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Industry Allocations \|** Entertainment industry, followed by the diversified telecommunication services and media industries, respectively.

 **Positions \|** Netflix, Inc., an entertainment company, and AT&T, Inc., a diversified telecommunication services company.

 **What detracted from performance?**

 **Industry Allocations \|** No industries detracted from the Fund's performance during the period.

 **Positions \|** Walt Disney Co. (The), an entertainment company, and Interpublic Group of Cos., Inc. (The), a media company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342346.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **Since<br> Inception<br> (11/7/18)** |
| **Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF — NAV Return** | 27.06% | 10.27% | 6.31% |
| **S&P 500<sup>®</sup> Equal Weight Communication Services Plus Index** | 27.57% | 10.68% | 6.71% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.96% |
| **S&P 500 Communication Services Index** | 16.83% | 14.56% | 13.29% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$60533690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$222617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;5.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. | &nbsp;&nbsp;&nbsp;5.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A | &nbsp;&nbsp;&nbsp;5.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;4.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Times Co. (The), Class A | &nbsp;&nbsp;&nbsp;4.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;&nbsp;4.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. | &nbsp;&nbsp;&nbsp;4.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;4.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;4.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Paramount Global, Class B | &nbsp;&nbsp;&nbsp;4.53% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342337.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-RSPC-AR **Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF

### RSPD \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | $41 | 0.40% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. large-cap equities saw significant growth and volatility. Technology stocks were a significant driver of return for the S&P 500<sup>®</sup> Index in the period due to strong earnings. However, market volatility increased towards the second half of the fiscal year, as a result of aggressive tariffs from the Trump administration. During the period, consumer discretionary underperformed the broader market. The Fund's focus on consumer discretionary securities created a performance headwind compared to the S&P 500<sup>®</sup> Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500<sup>®</sup> Equal Weight Consumer Discretionary Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 4.26%, differed from the return of the Index, 4.70%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Industry Allocations \|** Hotels, restaurants & leisure industry, followed by the specialty retail and automobiles industries, respectively.

 **Positions \|** Tesla, Inc., an automobiles company, and Tapestry, Inc., a textile apparel & luxury goods company.

 **What detracted from performance?**

 **Industry Allocations \|** Distributors industry, followed by the automobile components industry.

 **Positions \|** NIKE, Inc., Class B, a textile apparel & luxury goods company, and Bath & Body Works, Inc., a specialty retail company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342853.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF — NAV Return** | 4.26% | 13.44% | 6.37% |
| **S&P 500<sup>®</sup> Equal Weight Consumer Discretionary Index** | 4.70% | 13.87% | 6.77% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |
| **S&P 500<sup>®</sup> Consumer Discretionary Index** | 11.34% | 11.32% | 11.39% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective after the close of business on April 6, 2018, Guggenheim S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF and the Fund.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$192274949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1228981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;TJX Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc. | &nbsp;&nbsp;&nbsp;2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;2.12% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342862.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-RSPD-AR **Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF

### RSPS \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | $40 | 0.40% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. large-cap equities saw significant growth and volatility. Technology stocks were a significant driver of return for the S&P 500<sup>®</sup> Index in the period due to strong earnings. However, market volatility increased towards the second half of the fiscal year, as a result of aggressive tariffs from the Trump administration. During the period, consumer staples outperformed the broader market. However, the Fund's equal weighting methodology caused it to have greater exposure to some smaller capitalization consumer staples securities compared to their representation in the S&P 500<sup>®</sup> Index, which created a performance headwind compared to the S&P 500<sup>®</sup> Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500<sup>®</sup> Equal Weight Consumer Staples Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, -2.21%, differed from the return of the Index, -1.82%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Industry Allocations \|** Tobacco industry, followed by the consumer staples distribution & retail and household products industries, respectively.

 **Positions \|** Philip Morris International, Inc., a tobacco company, and Walmart, Inc., a consumer staples distribution & retail company.

 **What detracted from performance?**

 **Industry Allocations \|** Food products industry, followed by the personal care products and beverages industries, respectively.

 **Positions \|** Estee Lauder Cos., Inc. (The), Class A, a personal care products company, and Target Corp., a consumer staples distribution & retail company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342850.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF — NAV Return** | -2.21% | 5.23% | 6.01% |
| **S&P 500<sup>®</sup> Equal Weight Consumer Staples Index** | -1.82% | 5.66% | 6.45% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |
| **S&P 500<sup>®</sup> Consumer Staples Index** | 14.84% | 11.49% | 9.10% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective after the close of business on April 6, 2018, Guggenheim S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF and the Fund.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$270257617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1322135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Dollar Tree, Inc. | &nbsp;&nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;3.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kroger Co. (The) | &nbsp;&nbsp;&nbsp;2.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monster Beverage Corp. | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bunge Global S.A. | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;2.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;2.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;2.71% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342841.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-RSPS-AR **Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF

### RSPG \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF | $38 | 0.40% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, U.S. large-cap equities saw significant growth and volatility. Technology stocks were a significant driver of return for the S&P 500<sup>®</sup> Index in the period due to strong earnings. However, market volatility increased towards the second half of the fiscal year, as a result of aggressive tariffs from the Trump administration. During the period, energy underperformed the broader market. The Fund's focus on energy securities created a performance headwind compared to the S&P 500<sup>®</sup> Index.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500<sup>®</sup> Equal Weight Energy Plus Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, -12.14%, differed from the return of the Index, -11.75%, primarily due to fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**Industry Allocations \|** No industries contributed to the Fund's performance during the period.

**Positions \|** Williams Cos., Inc. (The), an oil, gas & consumable fuels company, and Targa Resources Corp., an oil, gas & consumable fuels company.

**What detracted from performance?**

**Industry Allocations \|** Oil, gas & consumable fuels industry, followed by the energy equipment & services industry.

**Positions \|** APA Corp., an oil & gas consumable fuels company, and Halliburton Co., an energy equipment & services company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342811.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **<br>10 Years** |
| **Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF — NAV Return** | -12.14% | 23.70% | 2.23% |
| **Custom Invesco S&P 500 Equal Weight Energy ETF Benchmark** | -11.75% | 24.24% | 2.60% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |
| **S&P 500<sup>®</sup> Energy Index** | -10.81% | 21.28% | 4.02% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective after the close of business on April 6, 2018, Guggenheim S&P 500<sup>®</sup> Equal Weight Energy ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim S&P 500<sup>®</sup> Equal Weight Energy ETF and the Fund.

- The Custom Invesco S&P 500 Equal Weight Energy ETF Benchmark performance is comprised of the performance of the S&P 500<sup>®</sup> Equal Weight Energy ETF, the Fund's former underlying index, through March 18, 2022, followed by the performance of the Index thereafter.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$415617412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$2146467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;5.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;5.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;5.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;4.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;4.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;4.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;4.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;4.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;4.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;4.52% |
| \* Excluding money market fund holdings, if any. |  |

---

**Industry allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342820.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-RSPG-AR **Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P 500<sup>®</sup> Equal Weight ETF

### RSP \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Equal Weight ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco S&P 500<sup>®</sup> Equal Weight ETF | $21 | 0.20% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, U.S. large-cap equities saw significant growth and volatility. Technology stocks were a significant driver of return for the S&P 500<sup>®</sup> Index in the period due to strong earnings. However, market volatility increased towards the second half of the fiscal year, as a result of aggressive tariffs from the Trump administration. The Fund's equal weighting methodology led to lower exposure to mega cap stocks within the S&P 500<sup>®</sup> Index which created a performance headwind compared to the S&P 500<sup>®</sup> Index.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500<sup>®</sup> Equal Weight Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 6.69%, differed from the return of the Index, 6.91%, primarily due to fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**Sector Allocations \|** Financials sector, followed by the utilities and industrials sectors, respectively.

**Positions \|** Palantir Technologies, Inc., Class A, an information technology company, and GE Vernova, Inc., an industrials company.

**What detracted from performance?**

**Sector Allocations \|** Energy sector, followed by the materials and health care sectors, respectively.

**Positions \|** Moderna, Inc., a health care company, and Estee Lauder Cos., Inc. (The), Class A, a consumer staples company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342808.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **<br>10 Years** |
| **Invesco S&P 500<sup>®</sup> Equal Weight ETF — NAV Return** | 6.69% | 13.82% | 9.44% |
| **S&P 500<sup>®</sup> Equal Weight Index** | 6.91% | 14.05% | 9.70% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective after the close of business on April 6, 2018, Guggenheim S&P 500<sup>®</sup> Equal Weight ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim S&P 500<sup>®</sup> Equal Weight ETF and the Fund.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$69750494563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$131186297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollar Tree, Inc. | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. | &nbsp;&nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;CrowdStrike Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mosaic Co. (The) | &nbsp;&nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;0.24% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342799.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-RSP-AR **Invesco S&P 500<sup>®</sup> Equal Weight ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF

### RSPF \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF | $43 | 0.40% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. large-cap equities saw significant growth and volatility. Technology stocks were a significant driver of return for the S&P 500<sup>®</sup> Index in the period due to strong earnings. However, market volatility increased towards the second half of the fiscal year, as a result of aggressive tariffs from the Trump administration. During the period, financials outperformed the broader market. The Fund's focus on financials securities created a performance tailwind compared to the S&P 500<sup>®</sup> Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500<sup>®</sup> Equal Weight Financials Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 17.21%, differed from the return of the Index, 17.71%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Industry Allocations \|** Capital markets industry, followed by the insurance and banks industries, respectively.

 **Positions \|** Globe Life, Inc., an insurance company, and Discover Financial Services, a consumer finance company.

 **What detracted from performance?**

 **Industry Allocations \|** No industries detracted from the Fund's performance during the period.

 **Positions \|** Global Payments, Inc., a financial services company, and Erie Indemnity Co., Class A, an insurance company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342769.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF — NAV Return** | 17.21% | 16.86% | 10.61% |
| **S&P 500<sup>®</sup> Equal Weight Financials Index** | 17.71% | 17.33% | 11.10% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |
| **S&P 500<sup>®</sup> Financials Index** | 22.82% | 18.77% | 11.80% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective after the close of business on April 6, 2018, Guggenheim S&P 500<sup>®</sup> Equal Weight Financials ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim S&P 500<sup>®</sup> Equal Weight Financials ETF and the Fund.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$296751197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1162260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Discover Financial Services | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;CME Group, Inc., Class A | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp;1.45% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342778.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-RSPF-AR **Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF

### RSPH \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF | $39 | 0.40% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. large-cap equities saw significant growth and volatility. Technology stocks were a significant driver of return for the S&P 500<sup>®</sup> Index in the period due to strong earnings. However, market volatility increased towards the second half of the fiscal year, as a result of aggressive tariffs from the Trump administration. During the period, health care underperformed the broader market. The Fund's focus on health care securities created a performance headwind compared to the S&P 500<sup>®</sup> Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500<sup>®</sup> Equal Weight Health Care Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, -2.99%, differed from the return of the Index, -2.60%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Industry Allocations \|** Health care providers & services industry, followed by the pharmaceuticals industry.

 **Positions \|** Gilead Sciences, Inc., a biotechnology company, and Boston Scientific Corp., a health care equipment & supplies company.

 **What detracted from performance?**

 **Industry Allocations \|** Life sciences tools & services industry, followed by the biotechnology and health care equipment & supplies industries, respectively.

 **Positions \|** Moderna, Inc., a biotechnology company, and Charles River Laboratories International, Inc., a life sciences tools & services company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342766.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF — NAV Return** | -2.99% | 6.67% | 7.11% |
| **S&P 500<sup>®</sup> Equal Weight Health Care Index** | -2.60% | 7.10% | 7.53% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |
| **S&P 500<sup>®</sup> Health Care Index** | 1.86% | 8.90% | 8.88% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective after the close of business on April 6, 2018, Guggenheim S&P 500<sup>®</sup> Equal Weight Health Care ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim S&P 500<sup>®</sup> Equal Weight Health Care ETF and the Fund.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$759204353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3548806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cigna Group (The) | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;1.83% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342757.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-RSPH-AR **Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF

### RSPN \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF | $42 | 0.40% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. large-cap equities saw significant growth and volatility. Technology stocks were a significant driver of return for the S&P 500<sup>®</sup> Index in the period due to strong earnings. However, market volatility increased towards the second half of the fiscal year, as a result of aggressive tariffs from the Trump administration. During the period, industrials underperformed the broader market. The Fund's focus on industrials securities created a performance headwind compared to the S&P 500<sup>®</sup> Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500<sup>®</sup> Equal Weight Industrials Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 7.80%, differed from the return of the Index, 8.25%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Industry Allocations \|** Aerospace & defense industry, followed by commercial services & supplies and professional services industries, respectively.

 **Positions \|** GE Vernova, Inc., an electrical equipment company, and Howmet Aerospace, Inc., an aerospace & defense company.

 **What detracted from performance?**

 **Industry Allocations \|** Machinery industry, followed by the air freight & logistics and ground transportation industries, respectively.

 **Positions \|** Amentum Holdings, Inc., a professional services company (no longer held at fiscal year-end), and United Parcel Service, Inc., Class B, an air freight & logistics company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342727.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF — NAV Return** | 7.80% | 18.52% | 11.93% |
| **S&P 500<sup>®</sup> Equal Weight Industrials Index** | 8.25% | 19.00% | 12.37% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |
| **S&P 500<sup>®</sup> Industrials Index** | 9.78% | 17.34% | 10.84% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective after the close of business on April 6, 2018, Guggenheim S&P 500<sup>®</sup> Equal Weight Industrials ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim S&P 500<sup>®</sup> Equal Weight Industrials ETF and the Fund.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$576860598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$2574825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Copart, Inc. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;&nbsp;1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allegion PLC | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.41% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342736.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-RSPN-AR **Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF

### RSPM \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF | $38 | 0.40% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. large-cap equities saw significant growth and volatility. Technology stocks were a significant driver of return for the S&P 500<sup>®</sup> Index in the period due to strong earnings. However, market volatility increased towards the second half of the fiscal year, as a result of aggressive tariffs from the Trump administration. During the period, materials underperformed the broader market. The Fund's focus on materials securities created a performance headwind compared to the S&P 500<sup>®</sup> Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500<sup>®</sup> Equal Weight Materials Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, -8.96%, differed from the return of the Index, -8.63%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Industry Allocations \|** No industries contributed to the Fund's performance during the period.

 **Positions \|** Newmont Corp., a metals & mining company, and International Paper Co., a containers & packaging company.

 **What detracted from performance?**

 **Industry Allocations \|** Chemicals industry, followed by the containers & packaging industry.

 **Positions \|** Celanese Corp., a chemicals company (no longer held at fiscal year-end), and Albemarle Corp., a chemicals company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342724.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF — NAV Return** | -8.96% | 12.50% | 7.69% |
| **S&P 500<sup>®</sup> Equal Weight Materials Index** | -8.63% | 12.91% | 8.10% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |
| **S&P 500<sup>®</sup> Materials Index** | -3.28% | 12.36% | 7.50% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective after the close of business on April 6, 2018, Guggenheim S&P 500<sup>®</sup> Equal Weight Materials ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim S&P 500<sup>®</sup> Equal Weight Materials ETF and the Fund.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$172678020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$999110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Mosaic Co. (The) | &nbsp;&nbsp;&nbsp;4.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;4.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;4.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;&nbsp;4.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;4.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp;&nbsp;3.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;3.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Co. (The) | &nbsp;&nbsp;&nbsp;3.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;3.94% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342715.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-RSPM-AR **Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF

### RSPR \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF | $43 | 0.40% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. large-cap equities saw significant growth and volatility. Technology stocks were a significant driver of return for the S&P 500<sup>®</sup> Index in the period due to strong earnings. However, market volatility increased towards the second half of the fiscal year, as a result of aggressive tariffs from the Trump administration. During the period, real estate outperformed the broader market. The Fund's focus on real estate securities created a performance tailwind compared to the S&P 500<sup>®</sup> Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500<sup>®</sup> Equal Weight Real Estate Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 14.51%, differed from the return of the Index, 14.99%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Industry Allocations \|** Specialized Real Estate Investment Trusts ("REITs") industry, followed by residential REITs and health care REITs industries, respectively.

 **Positions \|** Ventas, Inc., a health care REITs company, and Welltower, Inc., a health care REITs company.

 **What detracted from performance?**

 **Industry Allocations \|** Hotel & resort REITs industry.

 **Positions \|** Alexandria Real Estate Equities, Inc., a health care REITs company and CoStar Group, Inc. a real estate management & development company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342685.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **Since<br> Inception<br> (08/13/15)** |
| **Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF — NAV Return** | 14.51% | 9.43% | 6.47% |
| **S&P 500<sup>®</sup> Equal Weight Real Estate Index** | 14.99% | 9.85% | 6.84% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.64% |
| **S&P 500<sup>®</sup> Real Estate Index** | 18.35% | 7.65% | N/A |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective after the close of business on April 6, 2018, Guggenheim S&P 500<sup>®</sup> Equal Weight Real Estate ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim S&P 500<sup>®</sup> Equal Weight Real Estate ETF and the Fund.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$110707067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$450189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;SBA Communications Corp., Class A | &nbsp;&nbsp;&nbsp;3.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;3.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;3.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;&nbsp;3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;3.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;3.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;3.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;3.33% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342694.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-RSPR-AR **Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF

### RSPT \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF | $41 | 0.40% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. large-cap equities saw significant growth and volatility. Technology stocks were a significant driver of return for the S&P 500<sup>®</sup> Index in the period due to strong earnings. However, market volatility increased towards the second half of the fiscal year, as a result of aggressive tariffs from the Trump administration. While the Fund's focus on information technology securities created a performance tailwind compared to the S&P 500<sup>®</sup> Index, its equal weighting methodology led to underweight exposure to mega-cap information technology stocks and created a notable headwind to performance relative to the S&P 500<sup>®</sup> Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500<sup>®</sup> Equal Weight Information Technology Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 4.69%, differed from the return of the Index, 5.07%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Industry Allocations \|** Software industry, followed by the communications equipment and IT services industries, respectively.

 **Positions \|** Palantir Technologies, Inc., Class A, a software company, and Fair Isaac Corp., a software company.

 **What detracted from performance?**

 **Industry Allocations \|** Semiconductors & semiconductor equipment industry, followed by the technology hardware storage & peripherals industry.

 **Positions \|** Super Micro Computer, Inc., a technology hardware storage & peripherals company and Enphase Energy, Inc., a semiconductors & semiconductor equipment company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342682.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF — NAV Return** | 4.69% | 14.36% | 15.16% |
| **S&P 500<sup>®</sup> Equal Weight Information Technology Index** | 5.07% | 14.82% | 15.63% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |
| **S&P 500<sup>®</sup> Information Technology Index** | 13.79% | 21.56% | 20.56% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective after the close of business on April 6, 2018, Guggenheim S&P 500<sup>®</sup> Equal Weight Technology ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim S&P 500<sup>®</sup> Equal Weight Technology ETF and the Fund.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3076557179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$14172272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. | &nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;CrowdStrike Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;&nbsp;1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac Corp. | &nbsp;&nbsp;&nbsp;1.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Autodesk, Inc. | &nbsp;&nbsp;&nbsp;1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A | &nbsp;&nbsp;&nbsp;1.58% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342673.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-RSPT-AR **Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF

### RSPU \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF | $45 | 0.40% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. large-cap equities saw significant growth and volatility. Technology stocks were a significant driver of return for the S&P 500<sup>®</sup> Index in the period due to strong earnings. However, market volatility increased towards the second half of the fiscal year, as a result of aggressive tariffs from the Trump administration. During the period, utilities outperformed the broader market. The Fund's focus on utilities securities created a performance tailwind compared to the S&P 500<sup>®</sup> Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500<sup>®</sup> Equal Weight Utilities Plus Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 24.85%, differed from the return of the Index, 25.43%, primarily due to fees and expenses incurred by the Fund during the period, as well as the compounding effect of the fee due to high absolute returns during the period.

 **What contributed to performance?**

 **Industry Allocations \|** Electric utilities industry, followed by the multi-utilities and gas utilities industries, respectively.

 **Positions \|** Vistra Corp., an independent power and renewable electricity producers company, and Entergy Corp., an electric utilities company.

 **What detracted from performance?**

 **Industry Allocations \|** No industries detracted from the Fund's performance during the period.

 **Positions \|** AES Corp., an independent power and renewable electricity producers company, and Edison International, an electric utilities company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342643.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF — NAV Return** | 24.85% | 11.52% | 9.61% |
| **S&P 500<sup>®</sup> Equal Weight Utilities Plus Index** | 25.43% | 11.97% | 10.04% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |
| **S&P 500<sup>®</sup> Utilities Index** | 21.98% | 10.14% | 9.60% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective after the close of business on April 6, 2018, Guggenheim S&P 500<sup>®</sup> Equal Weight Utilities ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim S&P 500<sup>®</sup> Equal Weight Utilities ETF and the Fund.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$435711691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1354231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;3.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;3.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;3.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;3.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;3.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sempra | &nbsp;&nbsp;&nbsp;3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;3.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;3.27% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342652.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-RSPU-AR **Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P 500 GARP ETF

### SPGP \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P 500 GARP ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco S&P 500 GARP ETF | $35 | 0.35% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities began the period with strong performance but experienced a more challenging environment near the end of the period due to uncertainty regarding global trade and tariff policy. The Fund underperformed the S&P 500<sup>®</sup> Index primarily due to its large overweight to and security selection within the energy sector, which was the worst-performing sector in the S&P 500<sup>®</sup> Index during the period.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500<sup>®</sup> GARP Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, -2.60%, differed from the return of the Index, -2.23%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations \|** Financials sector, followed by the information technology and industrials sectors, respectively.

 **Positions \|** United Airlines Holdings, Inc., an industrials company, and Paycom Software, Inc., an industrials company.

 **What detracted from performance?**

 **Sector Allocations \|** Energy sector, followed by the materials and consumer staples sectors, respectively.

 **Positions \|** APA Corp., an energy company, and Celanese Corp., a materials company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342934.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P 500 GARP ETF — NAV Return** | -2.60% | 14.81% | 12.27% |
| **Blended - S&P 500<sup>®</sup> GARP Index** | -2.23% | 15.22% | 12.68% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500<sup>®</sup> GARP Index to the S&P 500<sup>®</sup> Index to reflect that the S&P 500<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

- The Blended - S&P 500<sup>®</sup> GARP Index performance is comprised of the performance of the RAFI<sup>®</sup> Fundamental Large Growth Index, a former underlying index, for periods prior to May 23, 2015, followed by the performance of the Russell Top 200<sup>®</sup> Pure Growth Index, the previous underlying index, from May 23, 2015 through June 21, 2019, followed by the performance of the Index thereafter.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2782076241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$12102435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;69% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;TJX Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. | &nbsp;&nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;1.81% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342925.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-SPGP-AR **Invesco S&P 500 GARP ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P 500<sup>®</sup> Pure Growth ETF

### RPG \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Pure Growth ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco S&P 500<sup>®</sup> Pure Growth ETF | $38 | 0.35% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities began the period with strong performance but experienced a more challenging environment near the end of the period due to uncertainty regarding global trade and tariff policy. Growth outperformed value. The Fund underperformed the S&P 500<sup>®</sup> Growth Index primarily due to poor security selection results that were widespread across the consumer discretionary, industrials, materials, and financials sectors.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500<sup>®</sup> Pure Growth Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 14.31%, differed from the return of the Index, 14.72%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations \|** Information technology sector, followed by the communication services and consumer discretionary sectors, respectively.

 **Positions \|** Palantir Technologies, Inc., Class A, an information technology company, and NVIDIA Corp., an information technology company.

 **What detracted from performance?**

 **Sector Allocations \|** Materials sector, followed by the real estate and health care sectors, respectively.

 **Positions \|** Super Micro Computer, Inc., an information technology company, and Celanese Corp., a materials company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342640.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P 500<sup>®</sup> Pure Growth ETF — NAV Return** | 14.31% | 11.59% | 9.81% |
| **S&P 500<sup>®</sup> Pure Growth Index** | 14.72% | 11.98% | 10.20% |
| **S&P Composite 1500<sup>®</sup> Index** | 11.12% | 15.39% | 11.95% |
| **S&P 500<sup>®</sup> Growth Index** | 17.51% | 16.05% | 14.19% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500<sup>®</sup> Pure Growth Index to the S&P Composite 1500<sup>®</sup> Index to reflect that the S&P Composite 1500<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

- Effective after the close of business on April 6, 2018, Guggenheim S&P 500<sup>®</sup> Pure Growth ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim S&P 500<sup>®</sup> Pure Growth ETF and the Fund.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1473057709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$5457779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;64% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortinet, Inc. | &nbsp;&nbsp;&nbsp;1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;CrowdStrike Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;1.74% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342631.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-RPG-AR **Invesco S&P 500<sup>®</sup> Pure Growth ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P 500<sup>®</sup> Pure Value ETF

### RPV \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Pure Value ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco S&P 500<sup>®</sup> Pure Value ETF | $36 | 0.35% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities began the period with strong performance but experienced a more challenging environment near the end of the period due to uncertainty regarding global trade and tariff policy. Growth outperformed value. A large underweight to information technology securities and strong security selection results in health care and industrials were tailwinds to the Fund's performance relative to the S&P 500<sup>®</sup> Value Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500<sup>®</sup> Pure Value Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 8.48%, differed from the return of the Index, 8.83%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations \|** Financials sector, followed by the industrials and health care sectors, respectively.

 **Positions \|** United Airlines Holdings, Inc., an industrials company (no longer held at fiscal year-end), and Synchrony Financial, a financials company (no longer held at fiscal year-end).

 **What detracted from performance?**

 **Sector Allocations \|** Energy sector, followed by the consumer staples and consumer discretionary sectors, respectively.

 **Positions \|** Walgreens Boots Alliance, Inc., a consumer staples company, and Valero Energy Corp., an energy company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342601.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P 500<sup>®</sup> Pure Value ETF — NAV Return** | 8.48% | 16.76% | 7.26% |
| **S&P 500<sup>®</sup> Pure Value Index** | 8.83% | 17.14% | 7.58% |
| **S&P Composite 1500<sup>®</sup> Index** | 11.12% | 15.39% | 11.95% |
| **S&P 500<sup>®</sup> Value Index** | 5.00% | 14.01% | 9.55% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500<sup>®</sup> Pure Value Index to the S&P Composite 1500<sup>®</sup> Index to reflect that the S&P Composite 1500<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

- Effective after the close of business on April 6, 2018, Guggenheim S&P 500<sup>®</sup> Pure Value ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim S&P 500<sup>®</sup> Pure Value ETF and the Fund.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1276120306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6467646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mosaic Co. (The) | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bunge Global S.A. | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Paramount Global, Class B | &nbsp;&nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kroger Co. (The) | &nbsp;&nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;1.89% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342610.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-RPV-AR **Invesco S&P 500<sup>®</sup> Pure Value ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P 500<sup>®</sup> Quality ETF

### SPHQ \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Quality ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco S&P 500<sup>®</sup> Quality ETF | $160.15%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities began the period with strong performance but experienced a more challenging environment near the end of the period due to uncertainty regarding global trade and tariff policy. During the period, securities with greater exposure to the quality factor, a composite measure of return-on-equity, leverage, and balance sheet accruals, outperformed the S&P 500<sup>®</sup> Index. The Fund's methodology focuses on securities with these features, creating a tailwind to Fund performance relative to the S&P 500<sup>®</sup> Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500<sup>®</sup> Quality Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 14.84%, differed from the return of the Index, 15.05%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations \|** Information technology sector, followed by the financials and communication services sectors, respectively.

 **Positions \|** Broadcom, Inc., an information technology company (no longer held at fiscal year-end), and NVIDIA Corp., an information technology company.

 **What detracted from performance?**

 **Sector Allocations \|** Energy sector, followed by the consumer discretionary sector.

 **Positions \|** Applied Materials, Inc., an information technology company, and Salesforce, Inc., an information technology company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342598.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P 500<sup>®</sup> Quality ETF — NAV Return** | 14.84% | 16.24% | 12.91% |
| **Blended - S&P 500<sup>®</sup> Quality Index** | 15.05% | 16.43% | 13.14% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500<sup>®</sup> Quality Index to the S&P 500<sup>®</sup> Index to reflect that the S&P 500<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

- The Blended - S&P 500<sup>®</sup> Quality Index performance is comprised of the performance of the S&P 500<sup>®</sup> High Quality Rankings Index, the Fund's former underlying index, through March 18, 2016, followed by the performance of the Index thereafter.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$12403993608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$10351502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;57% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;5.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;5.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;5.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;5.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;4.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;4.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;4.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;4.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;4.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;2.85% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342589.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-SPHQ-AR **Invesco S&P 500<sup>®</sup> Quality ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P 500<sup>®</sup> Top 50 ETF

### XLG \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Top 50 ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco S&P 500<sup>®</sup> Top 50 ETF | $21 | 0.20% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities began the period with strong performance but experienced a more challenging environment near the end of the period due to uncertainty regarding global trade and tariff policy. Growth outperformed value. The Fund slightly underperformed the S&P 100<sup>®</sup> Index primarily due to poor security selection results within the information technology, health care, and communication services sectors.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500<sup>®</sup> Top 50 Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 13.89%, differed from the return of the Index, 14.13%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations \|** Information technology sector, followed by the financials and communication services sectors, respectively.

 **Positions \|** NVIDIA Corp., an information technology company, and Apple, Inc., an information technology company.

 **What detracted from performance?**

 **Sector Allocations \|** Energy sector.

 **Positions \|** Merck & Co., Inc., a health care company, and Advanced Micro Devices, Inc., an information technology company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342559.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P 500<sup>®</sup> Top 50 ETF — NAV Return** | 13.89% | 16.82% | 14.02% |
| **Blended - S&P 500<sup>®</sup> Top 50 Index** | 14.13% | 17.07% | 14.24% |
| **S&P Composite 1500<sup>®</sup> Index** | 11.12% | 15.39% | 11.95% |
| **S&P 100<sup>®</sup> Index** | 14.38% | 16.77% | 13.46% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P 100<sup>®</sup> Index to the S&P Composite 1500<sup>®</sup> Index to reflect that the S&P Composite 1500<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

- The Blended - S&P 500<sup>®</sup> Top 50 Index performance is comprised of the performance of the Russell Top 50<sup>®</sup> Mega Cap Index, the Fund's former underlying index, through January 26, 2016, followed by the performance of the Index thereafter.

- Effective after the close of business on April 6, 2018, Guggenheim S&P 500<sup>®</sup> Top 50 ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim S&P 500<sup>®</sup> Top 50 ETF and the Fund.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8180847173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$13563665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;3% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;11.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;10.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;9.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;4.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;2.76% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342568.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-XLG-AR **Invesco S&P 500<sup>®</sup> Top 50 ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P 500 Value with Momentum ETF

### SPVM \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P 500 Value with Momentum ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco S&P 500 Value with Momentum ETF | $400.39%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities began the period with strong performance but experienced a more challenging environment near the end of the period due to uncertainty regarding global trade and tariff policy. The Fund underperformed large cap U.S. equities primarily due to its methodology's focus on selecting value securities, which notably lagged the S&P 500<sup>®</sup> Index during the period.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500<sup>®</sup> High Momentum Value Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 6.54%, differed from the return of the Index, 6.98%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations \|** Financials sector, followed by the utilities and health care sectors, respectively.

 **Positions \|** Kroger Co., a consumer staples company, and NRG Energy, Inc., a utilities company.

 **What detracted from performance?**

 **Sector Allocations \|** Energy sector, followed by the materials and industrials sectors, respectively.

 **Positions \|** Celanese Corp., a materials company (no longer held at fiscal year-end) and Valero Energy Corp., an energy company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342895.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P 500 Value with Momentum ETF — NAV Return** | 6.54% | 14.49% | 8.75% |
| **Blended - S&P 500<sup>®</sup> High Momentum Value Index** | 6.98% | 14.94% | 9.17% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500<sup>®</sup> High Momentum Value Index to the S&P 500<sup>®</sup> Index to reflect that the S&P 500<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

- The Blended - S&P 500<sup>®</sup> High Momentum Value Index performance is comprised of the performance of the RAFI<sup>®</sup> Fundamental Large Value Index, a former underlying index, for periods prior to May 23, 2015, followed by the performance of the Russell Top 200<sup>®</sup> Pure Value Index, the previous underlying index, from May 23, 2015 through June 21, 2019, followed by the performance of the Index thereafter.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$49603492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$95539 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;69% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;2.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kroger Co. (The) | &nbsp;&nbsp;&nbsp;1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;&nbsp;1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fox Corp., Class A | &nbsp;&nbsp;&nbsp;1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mohawk Industries, Inc. | &nbsp;&nbsp;&nbsp;1.38% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342904.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-SPVM-AR **Invesco S&P 500 Value with Momentum ETF**![TSR_logo](images_2527.jpg)

### Invesco S&P MidCap 400<sup>®</sup> GARP ETF

### GRPM \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P MidCap 400<sup>®</sup> GARP ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco S&P MidCap 400<sup>®</sup> GARP ETF | $33 | 0.35% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. mid cap equities showed strong performance subsequent to the conclusion of the U.S. election but struggled near the end of the period due to uncertainty regarding global trade and tariff policy. The Fund's underperformance relative to the S&P MidCap 400<sup>®</sup> Index was primarily due to its large overweight to and security selection within the energy sector, which resulted from its growth and value multifactor security selection methodology.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400<sup>®</sup> GARP Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, -10.33%, differed from the return of the Index, -10.03%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations \|** Biotechnology industry, followed by the health care equipment & supplies and banks industries, respectively.

 **Positions \|** Lantheus Holdings, Inc., a health care equipment & supplies company, and Halozyme Therapeutics, Inc., a biotechnology company.

 **What detracted from performance?**

 **Sector Allocations \|** Oil, gas & consumable fuels industry, followed by the energy equipment & services and textiles apparel & luxury goods industries, respectively.

 **Positions \|** Civitas Resources, Inc., an oil, gas & consumable fuels company, and Valaris Ltd., an energy equipment & services company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342556.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P MidCap 400<sup>®</sup> GARP ETF — NAV Return** | -10.33% | 14.83% | 8.02% |
| **Blended - Invesco S&P MidCap 400 GARP Benchmark** | -10.03% | 15.25% | 8.44% |
| **S&P Composite 1500<sup>®</sup> Index** | 11.12% | 15.39% | 11.95% |
| **S&P MidCap 400<sup>®</sup> Index** | 1.19% | 13.34% | 8.35% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P MidCap 400<sup>®</sup> Index to the S&P Composite 1500<sup>®</sup> Index to reflect that the S&P Composite 1500<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

- The Blended - Invesco S&P MidCap 400 GARP Benchmark performance is comprised of the performance of the Russell MidCap<sup>®</sup> Equal Weight Index, a former underlying index, for periods prior to January 26, 2016, followed by the performance of the S&P MidCap 400<sup>®</sup> Equal Weight Index, the previous underlying index, from January 26, 2016 through August 25, 2023, followed by the performance of the Index thereafter.

- Effective after the close of business on April 6, 2018, Guggenheim S&P MidCap 400<sup>®</sup> Equal Weight ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim S&P MidCap 400<sup>®</sup> Equal Weight ETF and the Fund.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$447653236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1811864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;70% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Celsius Holdings, Inc. | &nbsp;&nbsp;&nbsp;4.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc. | &nbsp;&nbsp;&nbsp;3.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roivant Sciences Ltd. | &nbsp;&nbsp;&nbsp;3.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crocs, Inc. | &nbsp;&nbsp;&nbsp;2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;2.14% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342547.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-GRPM-AR **Invesco S&P MidCap 400<sup>®</sup> GARP ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF

### RFG \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF | $34 | 0.35% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. mid cap equities showed strong performance subsequent to the conclusion of the U.S. election but struggled near the end of the period due to uncertainty regarding global trade and tariff policy. Growth outperformed value. The Fund's overweight to energy securities, as well as poor security selection results in the consumer staples and energy sectors, weighed on its performance relative to the S&P MidCap 400<sup>®</sup> Growth Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400<sup>®</sup> Pure Growth Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, -6.46%, differed from the return of the Index, -6.11%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations \|** Utilities sector, followed by the communication services and information technology sectors, respectively.

 **Positions \|** Duolingo, Inc., a consumer discretionary company (no longer held at fiscal year-end), and CNX Resources Corp., an energy company.

 **What detracted from performance?**

 **Sector Allocations \|** Energy sector, followed by the health care and consumer discretionary sectors, respectively.

 **Positions \|** Celsius Holdings, Inc., a consumer staples company (no longer held at fiscal year-end), and Abercrombie & Fitch Co., Class A, a consumer discretionary company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342517.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF — NAV Return** | -6.46% | 11.45% | 6.18% |
| **S&P MidCap 400<sup>®</sup> Pure Growth Index** | -6.11% | 11.81% | 6.50% |
| **S&P Composite 1500<sup>®</sup> Index** | 11.12% | 15.39% | 11.95% |
| **S&P MidCap 400<sup>®</sup> Growth Index** | -2.39% | 11.42% | 8.38% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P MidCap 400<sup>®</sup> Pure Growth Index to the S&P Composite 1500<sup>®</sup> Index to reflect that the S&P Composite 1500<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

- Effective after the close of business on April 6, 2018, Guggenheim S&P MidCap 400<sup>®</sup> Pure Growth ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim S&P MidCap 400<sup>®</sup> Pure Growth ETF and the Fund.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$271433804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1142781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;77% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Roivant Sciences Ltd. | &nbsp;&nbsp;&nbsp;2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc. | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A | &nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exelixis, Inc. | &nbsp;&nbsp;&nbsp;1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Valaris Ltd. | &nbsp;&nbsp;&nbsp;1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments, Inc., Class A | &nbsp;&nbsp;&nbsp;1.61% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342526.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-RFG-AR **Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF

### RFV \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF | $35 | 0.35% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. mid cap equities showed strong performance subsequent to the conclusion of the U.S. election but struggled near the end of the period due to uncertainty regarding global trade and tariff policy. Growth outperformed value. The Fund's security selection results in the energy sector as well as its large overweight to consumer discretionary securities were headwinds to performance relative to the S&P MidCap 400<sup>®</sup> Value Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400<sup>®</sup> Pure Value Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 0.26%, differed from the return of the Index, 0.60%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations \|** Financials sector, followed by the real estate and industrials sectors, respectively.

 **Positions \|** MasTec, Inc., an industrials company (no longer held at fiscal year-end), and Jefferies Financial Group, Inc., a financials company (no longer held at fiscal year-end).

 **What detracted from performance?**

 **Sector Allocations \|** Energy sector, followed by the consumer discretionary and health care sectors, respectively.

 **Positions \|** PBF Energy, Inc., Class A, an energy company, and Macy's, Inc., a consumer discretionary company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342514.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF — NAV Return** | 0.26% | 20.42% | 8.69% |
| **S&P MidCap 400<sup>®</sup> Pure Value Index** | 0.60% | 20.82% | 9.03% |
| **S&P Composite 1500<sup>®</sup> Index** | 11.12% | 15.39% | 11.95% |
| **S&P MidCap 400<sup>®</sup> Value Index** | 5.18% | 15.07% | 7.97% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P MidCap 400<sup>®</sup> Pure Value Index to the S&P Composite 1500<sup>®</sup> Index to reflect that the S&P Composite 1500<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

- Effective after the close of business on April 6, 2018, Guggenheim S&P MidCap 400<sup>®</sup> Pure Value ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim S&P MidCap 400<sup>®</sup> Pure Value ETF and the Fund.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$227541110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$961894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Concentrix Corp. | &nbsp;&nbsp;&nbsp;4.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) | &nbsp;&nbsp;&nbsp;3.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Steel Corp. | &nbsp;&nbsp;&nbsp;3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avnet, Inc. | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arrow Electronics, Inc. | &nbsp;&nbsp;&nbsp;2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lear Corp. | &nbsp;&nbsp;&nbsp;2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc. | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macy's, Inc. | &nbsp;&nbsp;&nbsp;2.11% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342505.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-RFV-AR **Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P MidCap Momentum ETF

### XMMO \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P MidCap Momentum ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco S&P MidCap Momentum ETF | $34 | 0.33% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. mid cap equities showed strong performance subsequent to the conclusion of the U.S. election but struggled near the end of the period due to uncertainty regarding global trade and tariff policy. The Fund's focus on momentum securities, or those with relatively stronger price returns over a trailing twelve-month period, was a notable driver of its relative outperformance versus the S&P MidCap 400<sup>®</sup> Index during the period as investors continued to favor the momentum factor.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400<sup>®</sup> Momentum Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 6.78%, differed from the return of the Index, 7.17%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations \|** Consumer staples sector, followed by the industrials and information technology sectors, respectively.

 **Positions \|** Sprouts Farmers Market, Inc., a consumer staples company, and Texas Pacific Land Corp., an energy company (no longer held at fiscal year-end).

 **What detracted from performance?**

 **Sector Allocations \|** Consumer discretionary sector, followed by the real estate and materials sectors, respectively.

 **Positions \|** Wingstop, Inc., a consumer discretionary company (no longer held at fiscal year-end), and Abercrombie & Fitch Co., Class A, a consumer discretionary company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342979.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P MidCap Momentum ETF — NAV Return** | 6.78% | 17.28% | 14.39% |
| **Blended - S&P MidCap 400<sup>®</sup> Momentum Index** | 7.17% | 17.70% | 14.79% |
| **S&P Composite 1500<sup>®</sup> Index** | 11.12% | 15.39% | 11.95% |
| **S&P MidCap 400<sup>®</sup> Index** | 1.19% | 13.34% | 8.35% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P MidCap 400<sup>®</sup> Momentum Index to the S&P Composite 1500<sup>®</sup> Index to reflect that the S&P Composite 1500<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

- The Blended - S&P MidCap 400<sup>®</sup> Momentum Index performance is comprised of the performance of the RAFI<sup>®</sup> Fundamental Mid Growth Index, a former underlying index, for periods prior to May 23, 2015, followed by the performance of the Russell Midcap Pure Growth Index, the previous underlying index, from May 23, 2015 through June 21, 2019, followed by the performance of the Index thereafter.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3419343960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$9202624 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;104% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;&nbsp;4.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc. | &nbsp;&nbsp;&nbsp;3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software, Inc. | &nbsp;&nbsp;&nbsp;2.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;US Foods Holding Corp. | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;DT Midstream, Inc. | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;2.23% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342988.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.

The Fund's net expense ratio decreased from the prior fiscal year end as a result of a change in operating expenses.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-XMMO-AR **Invesco S&P MidCap Momentum ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P MidCap Quality ETF

### XMHQ \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P MidCap Quality ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco S&P MidCap Quality ETF | $240.25%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. mid cap equities showed strong performance subsequent to the conclusion of the U.S. election but struggled near the end of the period due to uncertainty regarding global trade and tariff policy. The Fund's relative underperformance to the S&P MidCap 400<sup>®</sup> Index was primarily due to poor security selection results in the consumer staples and energy sectors. Underweights to the real estate, financials, and utilities sectors also detracted from relative performance.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400<sup>®</sup> Quality Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, -5.32%, differed from the return of the Index, -5.07%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations \|** Financials sector, followed by the health care and utilities sectors, respectively.

 **Positions \|** Erie Indemnity Co., Class A, a financials company (no longer held at fiscal year-end), and Comfort Systems USA, Inc., an industrials company.

 **What detracted from performance?**

 **Sector Allocations \|** Consumer discretionary sector, followed by the energy and consumer staples sectors, respectively.

 **Positions \|** Celsius Holdings, Inc., a consumer staples company, and Weatherford International PLC, an energy company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343018.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P MidCap Quality ETF — NAV Return** | -5.32% | 16.68% | 10.52% |
| **Blended - S&P MidCap 400<sup>®</sup> Quality Index** | -5.07% | 16.99% | 10.78% |
| **S&P Composite 1500<sup>®</sup> Index** | 11.12% | 15.39% | 11.95% |
| **S&P MidCap 400<sup>®</sup> Index** | 1.19% | 13.34% | 8.35% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P MidCap 400<sup>®</sup> Quality Index to the S&P Composite 1500<sup>®</sup> Index to reflect that the S&P Composite 1500<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

- The Blended - S&P MidCap 400<sup>®</sup> Quality Index performance is comprised of the performance of the RAFI<sup>®</sup> Fundamental Mid Core Index, a former underlying index, for periods prior to May 23, 2015, followed by the performance of the Russell Midcap Equal Weight Index, the previous underlying index, from May 23, 2015 through June 21, 2019, followed by the performance of the Index thereafter.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4754899329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$10729353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;58% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;4.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;3.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;DocuSign, Inc. | &nbsp;&nbsp;&nbsp;3.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Manhattan Associates, Inc. | &nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;2.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Duolingo, Inc. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;RPM International, Inc. | &nbsp;&nbsp;&nbsp;2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Graco, Inc. | &nbsp;&nbsp;&nbsp;1.99% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343009.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-XMHQ-AR **Invesco S&P MidCap Quality ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P MidCap Value with Momentum ETF

### XMVM \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P MidCap Value with Momentum ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco S&P MidCap Value with Momentum ETF | $40 | 0.39% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. mid cap equities showed strong performance subsequent to the conclusion of the U.S. election but struggled near the end of the period due to uncertainty regarding global trade and tariff policy. The Fund's outperformance relative to the S&P MidCap 400<sup>®</sup> Index was primarily due to its focus on value securities, which outperformed mid-cap U.S. equities during the period. A large relative overweight to financials as well as strong security selection results within that sector were notably supportive of relative outperformance.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400<sup>®</sup> High Momentum Value Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 2.84%, differed from the return of the Index, 3.23%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations \|** Financials sector, followed by the consumer staples and utilities sectors, respectively.

 **Positions \|** Unum Group, a financials company, and Pilgrim's Pride Corp., a consumer staples company.

 **What detracted from performance?**

 **Sector Allocations \|** Energy sector, followed by the materials and industrials sectors, respectively.

 **Positions \|** PBF Energy, Inc., Class A, an energy company (no longer held at fiscal year-end), and HF Sinclar Corp., an energy company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342976.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P MidCap Value with Momentum ETF — NAV Return** | 2.84% | 16.70% | 8.63% |
| **Blended - S&P MidCap 400<sup>®</sup> High Momentum Value Index** | 3.23% | 17.15% | 9.01% |
| **S&P Composite 1500<sup>®</sup> Index** | 11.12% | 15.39% | 11.95% |
| **S&P MidCap 400<sup>®</sup> Index** | 1.19% | 13.34% | 8.35% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P MidCap 400<sup>®</sup> High Momentum Value Index to the S&P Composite 1500<sup>®</sup> Index to reflect that the S&P Composite 1500<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

- The Blended - S&P MidCap 400<sup>®</sup> High Momentum Value Index performance is comprised of the performance of the RAFI<sup>®</sup> Fundamental Mid Value Index, a former underlying index, for periods prior to May 23, 2015, followed by the performance of the Russell MidCap<sup>®</sup> Pure Value Index, the previous underlying index, from May 23, 2015 through June 21, 2019, followed by the performance of the Index thereafter.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$238905880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$722559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;73% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Avnet, Inc. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nordstrom, Inc. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;AutoNation, Inc. | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Essent Group Ltd. | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc., Class A | &nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance Food Group Co. | &nbsp;&nbsp;&nbsp;1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Graham Holdings Co., Class B | &nbsp;&nbsp;&nbsp;1.71% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342967.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-XMVM-AR **Invesco S&P MidCap Value with Momentum ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF

### RZG \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF | $35 | 0.35% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. small cap equities showed strong performance subsequent to the conclusion of the U.S. election but struggled near the end of the period due to uncertainty regarding global trade and tariff policy. Growth outperformed value. The Fund's security selection results in the health care, consumer staples, and communication services sectors were tailwinds for relative performance versus the S&P SmallCap 600<sup>®</sup> Growth Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600<sup>®</sup> Pure Growth Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 0.47%, differed from the return of the Index, 0.80%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations \|** Financials sector, followed by the health care and communication services sectors, respectively.

 **Positions \|** TG Therapeutics, Inc., a health care company, and Cinemark Holdings, Inc., a communication services company.

 **What detracted from performance?**

 **Sector Allocations \|** Energy sector, followed by the industrials and real estate sectors, respectively.

 **Positions \|** Tidewater, Inc., an energy company, and Dave & Buster's Entertainment, Inc., a consumer discretionary company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342475.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF — NAV Return** | 0.47% | 10.57% | 5.69% |
| **S&P SmallCap 600<sup>®</sup> Pure Growth Index** | 0.80% | 10.92% | 6.02% |
| **S&P Composite 1500<sup>®</sup> Index** | 11.12% | 15.39% | 11.95% |
| **S&P SmallCap 600<sup>®</sup> Growth Index** | -1.50% | 10.62% | 7.98% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600<sup>®</sup> Pure Growth Index to the S&P Composite 1500<sup>®</sup> Index to reflect that the S&P Composite 1500<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

- Effective after the close of business on April 6, 2018, Guggenheim S&P SmallCap 600<sup>®</sup> Pure Growth ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim S&P SmallCap 600<sup>®</sup> Pure Growth ETF and the Fund.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$98628960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$377890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;70% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;TG Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Palomar Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;ADMA Biologics, Inc. | &nbsp;&nbsp;&nbsp;1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;DXP Enterprises, Inc. | &nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;InterDigital, Inc. | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc. (The) | &nbsp;&nbsp;&nbsp;1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc. | &nbsp;&nbsp;&nbsp;1.51% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342484.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-RZG-AR **Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF

### RZV \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF | $34 | 0.35% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. small cap equities showed strong performance subsequent to the conclusion of the U.S. election but struggled near the end of the period due to uncertainty regarding global trade and tariff policy. Growth outperformed value. The Fund's overweight to consumer discretionary securities, as well as poor security selection results throughout the consumer discretionary, materials, and real estate sectors, were headwinds to relative performance versus the S&P SmallCap 600<sup>®</sup> Value Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600<sup>®</sup> Pure Value Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, -5.65%, differed from the return of the Index, -5.30%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations \|** Financials sector, followed by the communication services and consumer staples sectors, respectively.

 **Positions \|** United Natural Foods, Inc., a consumer staples company, and Lumen Technologies, Inc., a communication services company (no longer held at fiscal year-end).

 **What detracted from performance?**

 **Sector Allocations \|** Consumer discretionary sector, followed by the materials and energy sectors, respectively.

 **Positions \|** Kohl's Corp., a consumer discretionary company, and ODP Corp., a consumer discretionary company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342461.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF — NAV Return** | -5.65% | 17.84% | 4.84% |
| **S&P SmallCap 600<sup>®</sup> Pure Value Index** | -5.30% | 18.26% | 5.16% |
| **S&P Composite 1500<sup>®</sup> Index** | 11.12% | 15.39% | 11.95% |
| **S&P SmallCap 600<sup>®</sup> Value Index** | -2.54% | 11.96% | 6.47% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600<sup>®</sup> Pure Value Index to the S&P Composite 1500<sup>®</sup> Index to reflect that the S&P Composite 1500<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

- Effective after the close of business on April 6, 2018, Guggenheim S&P SmallCap 600<sup>®</sup> Pure Value ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim S&P SmallCap 600<sup>®</sup> Pure Value ETF and the Fund.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$184627050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$830372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;73% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;SpartanNash Co. | &nbsp;&nbsp;&nbsp;1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;B&G Foods, Inc. | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;ProAssurance Corp. | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Par Pacific Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dana, Inc. | &nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;World Kinect Corp. | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Viasat, Inc. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Titan International, Inc. | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;EZCORP, Inc., Class A | &nbsp;&nbsp;&nbsp;1.53% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342463.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-RZV-AR **Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P SmallCap Momentum ETF

### XSMO \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P SmallCap Momentum ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco S&P SmallCap Momentum ETF | $36 | 0.35% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, U.S. small cap equities showed strong performance subsequent to the conclusion of the U.S. election but struggled near the end of the period due to uncertainty regarding global trade and tariff policy. The Fund's focus on momentum securities, or those with relatively stronger price returns over a trailing twelve-month period, was a notable driver of its relative outperformance versus the S&P SmallCap 600<sup>®</sup> Index during the period as investors continued to favor the momentum factor.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600<sup>®</sup> Momentum Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 8.11%, differed from the return of the Index, 8.51%, primarily due to fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**Sector Allocations \|** Consumer discretionary sector, followed by the health care and financials sectors, respectively.

**Positions \|** Mueller Industries, Inc., an industrials company (no longer held at fiscal year-end), and Stride, Inc., a consumer discretionary company.

**What detracted from performance?**

**Sector Allocations \|** Real estate sector, followed by the materials and energy sectors, respectively.

**Positions \|** Alpha Metallurgical Resources, Inc., a materials company (no longer held at fiscal year-end), and Innovative Industrial Properties Inc., a real estate company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343060.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **<br>10 Years** |
| **Invesco S&P SmallCap Momentum ETF — NAV Return** | 8.11% | 14.66% | 10.14% |
| **Blended - S&P SmallCap 600<sup>®</sup> Momentum Index** | 8.51% | 15.12% | 10.43% |
| **S&P Composite 1500<sup>®</sup> Index** | 11.12% | 15.39% | 11.95% |
| **S&P SmallCap 600<sup>®</sup> Index** | -1.93% | 11.42% | 7.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600<sup>®</sup> Momentum Index to the S&P Composite 1500<sup>®</sup> Index to reflect that the S&P Composite 1500<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

- The Blended - S&P SmallCap 600<sup>®</sup> Momentum Index performance is comprised of the performance of the RAFI<sup>®</sup> Fundamental Small Growth Index, a former underlying index, for periods prior to May 23, 2015, followed by the performance of the Russell 2000<sup>®</sup> Pure Growth Index, the previous underlying index, from May 23, 2015 through June 21, 2019, followed by the performance of the Index thereafter.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1385545122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3248566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;115% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;3.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brinker International, Inc. | &nbsp;&nbsp;&nbsp;2.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;ADMA Biologics, Inc. | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mr. Cooper Group, Inc. | &nbsp;&nbsp;&nbsp;2.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stride, Inc. | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;ACI Worldwide, Inc. | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jackson Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;InterDigital, Inc. | &nbsp;&nbsp;&nbsp;1.75% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343051.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-XSMO-AR **Invesco S&P SmallCap Momentum ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P SmallCap Value with Momentum ETF

### XSVM \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P SmallCap Value with Momentum ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco S&P SmallCap Value with Momentum ETF | $35 | 0.36% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, U.S. small cap equities showed strong performance subsequent to the conclusion of the U.S. election but struggled near the end of the period due to uncertainty regarding global trade and tariff policy. The Fund underperformed the S&P SmallCap 600<sup>®</sup> Index due to its focus on value securities, which underperformed U.S. small cap equities during the period. Poor security selection results in the consumer discretionary, materials, and industrials sectors were also notable drivers of relative underperformance.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600<sup>®</sup> High Momentum Value Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, -8.07%, differed from the return of the Index, -7.70%, primarily due to fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**Sector Allocations \|** Financials sector, followed by the communication services and consumer staples sectors, respectively.

**Positions \|** StoneX Group Inc., a financials company, and Telephone and Data Systems, Inc., a communication services company (no longer held at fiscal year-end).

**What detracted from performance?**

**Sector Allocations \|** Consumer discretionary sector, followed by the energy and materials sectors, respectively.

**Positions \|** Par Pacific Holdings, Inc., an energy company (no longer held at fiscal year-end), and Caleres, Inc., a consumer discretionary company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343021.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **<br>10 Years** |
| **Invesco S&P SmallCap Value with Momentum ETF — NAV Return** | -8.07% | 17.94% | 8.60% |
| **Blended - S&P SmallCap 600<sup>®</sup> High Momentum Value Index** | -7.70% | 18.40% | 8.96% |
| **S&P Composite 1500<sup>®</sup> Index** | 11.12% | 15.39% | 11.95% |
| **S&P SmallCap 600<sup>®</sup> Index** | -1.93% | 11.42% | 7.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600<sup>®</sup> High Momentum Value Index to the S&P Composite 1500<sup>®</sup> Index to reflect that the S&P Composite 1500<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

- The Blended - S&P SmallCap 600<sup>®</sup> High Momentum Value Index performance is comprised of the performance of the RAFI<sup>®</sup> Fundamental Small Value Index, a former underlying index, for periods prior to May 23, 2015, followed by the performance of the Russell 2000<sup>®</sup> Pure Value Index, the previous underlying index, from May 23, 2015 through June 21, 2019, followed by the performance of the Index thereafter.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$573223772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$2225771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;87% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;StoneX Group, Inc. | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;EZCORP, Inc., Class A | &nbsp;&nbsp;&nbsp;1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;World Kinect Corp. | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sonic Automotive, Inc., Class A | &nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Corp. | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | &nbsp;&nbsp;&nbsp;1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;SiriusPoint Ltd. | &nbsp;&nbsp;&nbsp;1.32% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343030.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-XSVM-AR **Invesco S&P SmallCap Value with Momentum ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P Spin-Off ETF

### CSD \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco S&P Spin-Off ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco S&P Spin-Off ETF | $680.65%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, spin-off activity has generally performed well, with increased scale and complexity. The U.S. saw an increase in spin-off initial public offerings in 2024, doubling 2023 figures. 2025 seems to be carrying that momentum forward, with some analysts predicting a record year for spin-off activity. Security selection within the energy and materials sectors created a tailwind to Fund performance relative to the Russell Midcap<sup>®</sup> Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P U.S. Spin-Off Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 7.70%, differed from the return of the Index, 8.30%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations \|** Industrials sector, followed by the utilities and energy sectors, respectively.

 **Positions \|** GE Vernova, Inc., an industrials company, and Constellation Energy Corp., a utilities company.

 **What detracted from performance?**

 **Sector Allocations \|** Health care sector.

 **Positions \|** Fortrea Holdings, Inc., a health care company, and SanDisk Corp., an information technology company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342433.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P Spin-Off ETF — NAV Return** | 7.70% | 17.17% | 5.62% |
| **Blended - S&P U.S. Spin-Off Index** | 8.30% | 17.87% | 6.20% |
| **Russell 3000<sup>®</sup> Index** | 11.40% | 15.12% | 11.68% |
| **Russell Midcap<sup>®</sup> Index** | 7.33% | 12.96% | 8.81% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the Russell Midcap<sup>®</sup> Index to the Russell 3000<sup>®</sup> Index to reflect that the Russell 3000<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

- The Blended - S&P U.S. Spin-Off Index performance is comprised of the performance of the Beacon Spin-Off Index, the Fund's former underlying index, through May 20, 2016, followed by the performance of the Index thereafter.

- Effective after the close of business on April 6, 2018, Guggenheim S&P Spin-Off ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim S&P Spin-Off ETF and the Fund.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$61700923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$316501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;74% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;8.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;7.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;7.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;7.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;DT Midstream, Inc. | &nbsp;&nbsp;&nbsp;6.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc. | &nbsp;&nbsp;&nbsp;4.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crane Co. | &nbsp;&nbsp;&nbsp;4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;ESAB Corp. | &nbsp;&nbsp;&nbsp;4.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Knife River Corp. | &nbsp;&nbsp;&nbsp;4.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Solventum Corp. | &nbsp;&nbsp;&nbsp;4.20% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342442.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-CSD-AR **Invesco S&P Spin-Off ETF**

![TSR_logo](images_2527.jpg)

### Invesco Semiconductors ETF

### PSI \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Semiconductors ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Semiconductors ETF | $52 | 0.56% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. equities had strong performance in the beginning with a more challenging environment at the end due to uncertainty regarding global trade and tariff policy. During the period, semiconductors underperformed the broader stock market. In addition to the Fund's focus on semiconductor stocks, its multi-factor methodology created a performance headwind compared to the S&P Composite 1500<sup>®</sup> Semiconductor Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Semiconductor Intellidex<sup>®</sup> Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, -13.95%, differed from the return of the Index, -13.50%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sub-Industry Allocations \|** Electronic manufacturing services sub-industry.

 **Positions \|** Astera Labs, Inc. (no longer held at fiscal year-end), a semiconductors company, and Broadcom, Inc., a semiconductors company.

 **What detracted from performance?**

 **Sub-Industry Allocations \|** Semiconductor materials & equipment sub-industry followed by the semiconductors sub-industry.

 **Positions \|** Ichor Holdings Ltd., a semiconductor materials & equipment company, and Texas Instruments, Inc., a semiconductors company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9343273.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Semiconductors ETF — NAV Return** | -13.95% | 17.25% | 18.59% |
| **Dynamic Semiconductor Intellidex<sup>®</sup> Index** | -13.50% | 17.90% | 19.32% |
| **NASDAQ<sup>®</sup> Composite Index** | 12.22% | 15.32% | 14.52% |
| **S&P Composite 1500<sup>®</sup> Semiconductor Index** | 14.00% | 33.96% | 26.65% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P Composite 1500<sup>®</sup> Semiconductor Index to the NASDAQ<sup>®</sup> Composite Index to reflect that the NASDAQ<sup>®</sup> Composite Index can be considered more broadly representative of the overall applicable securities market.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$574820457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3800130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;78% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;5.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;5.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;5.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;5.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;5.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;4.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;4.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;SiTime Corp. | &nbsp;&nbsp;&nbsp;3.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;3.00% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9343282.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PSI-AR **Invesco Semiconductors ETF**

![TSR_logo](images_2527.jpg)

### Invesco Water Resources ETF

### PHO \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Water Resources ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Water Resources ETF | $60 | 0.59% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, water has lagged broader U.S. equity markets during the period, however, it has begun to show its defensive nature as volatility began to pick up in 2025. Utilities have outpaced industrials during the period, particularly showing resilience towards the tariff environment. The Fund's overweight to the utilities sector helped to offset negative effects from security selection and allocation to the industrials sector. While the Fund underperformed the S&P 500<sup>®</sup> Index during the fiscal year, the water theme's generally inelastic demand profile has led to strong returns versus the S&P 500<sup>®</sup> Index year-to-date.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq OMX US Water<sup>TM</sup> Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 2.36%, differed from the return of the Index, 2.99%, primarily due to fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**Industry Allocations \|** Water utilities industry, followed by the construction & engineering industry.

**Positions \|** American Water Works Co., Inc., a water utilities company, and Valmont Industries, Inc., a construction & engineering company.

**What detracted from performance?**

**Industry Allocations \|** Building products industry, followed by the trading companies & distributors industry.

**Positions \|** Ferguson Enterprises, Inc., a trading companies & distributors company, and Advanced Drainage Systems, Inc., a building products company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342430.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **<br>10 Years** |
| **Invesco Water Resources ETF — NAV Return** | 2.36% | 14.22% | 10.56% |
| **Nasdaq OMX US Water Index℠** | 2.99% | 15.01% | 11.28% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2057899753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$10909903 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;7.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;7.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;7.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Waters Corp. | &nbsp;&nbsp;&nbsp;6.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Xylem, Inc. | &nbsp;&nbsp;&nbsp;6.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;4.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;4.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A | &nbsp;&nbsp;&nbsp;4.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;4.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;AECOM | &nbsp;&nbsp;&nbsp;4.06% |
| \* Excluding money market fund holdings, if any. |  |

---

**Industry allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342421.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PHO-AR **Invesco Water Resources ETF**

![TSR_logo](images_2527.jpg)

### Invesco WilderHill Clean Energy ETF

### PBW \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco WilderHill Clean Energy ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco WilderHill Clean Energy ETF | $57 | 0.64% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, clean energy stocks significantly underperformed the Russell 2000<sup>®</sup> Growth Index due primarily to tariffs imposed on Chinese solar and rampant oversupply issues. The electric vehicles market dealt with its own challenges as consumers seem to be tapped out. Though we believe the U.S. ultimately looks to reshore some components of solar and battery manufacturing, a trade deal with China could potentially lift Chinese solar manufacturers, a trend the market also seems to be anticipating given recent positive returns. The Fund's overweight allocation to and security selection in the industrials sector also contributed to its underperformance relative to the Russell 2000<sup>®</sup> Growth Index during the period.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the WilderHill Clean Energy Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, -21.73%, differed from the return of the Index, -22.67%, primarily due to income received from the securities lending program in which the Fund participates, partially offset by fees and expenses that the Fund incurred during the period.

 **What contributed to performance?**

 **Industry Allocations \|** Aerospace & defense industry, followed by the automobiles and independent power and renewable electricity producers industries, respectively.

 **Positions \|** Archer Aviation, Inc., Class A, an aerospace and defense company, and Eos Energy Enterprises, Inc., an electrical equipment company.

 **What detracted from performance?**

 **Industry Allocations \|** Electrical equipment industry, followed by the semiconductors & semiconductor equipment industry.

 **Positions \|** Wolfspeed, Inc., a semiconductors & semiconductor equipment company, and LanzaTech Global, Inc., a commercial services & supplies company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342391.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco WilderHill Clean Energy ETF — NAV Return** | -21.73% | -11.37% | -4.01% |
| **WilderHill Clean Energy Index** | -22.67% | -12.94% | -5.43% |
| **Russell 3000<sup>®</sup> Index** | 11.40% | 15.12% | 11.68% |
| **Russell 2000<sup>®</sup> Growth Index** | 2.42% | 7.60% | 6.39% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the Russell 2000<sup>®</sup> Growth Index to the Russell 3000<sup>®</sup> Index to reflect that the Russell 3000<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$220825283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1467434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;62% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Eos Energy Enterprises, Inc. | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sunrun, Inc. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;ReNew Energy Global PLC, Class A | &nbsp;&nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Superconductor Corp. | &nbsp;&nbsp;&nbsp;2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shoals Technologies Group, Inc., Class A | &nbsp;&nbsp;&nbsp;2.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Renewable Corp. | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rivian Automotive, Inc., Class A | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Itron, Inc. | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;REX American Resources Corp. | &nbsp;&nbsp;&nbsp;1.98% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342400.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PBW-AR **Invesco WilderHill Clean Energy ETF**

![TSR_logo](images_2527.jpg)

### Invesco Zacks Mid-Cap ETF

### CZA \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Zacks Mid-Cap ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Zacks Mid-Cap ETF | $71 | 0.69% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, U.S. mid cap equities finished the period with positive returns, outperforming their smaller cap peers, and underperforming large caps. The Fund underperformed the Russell Midcap<sup>®</sup> Index primarily due to poor security selection within the industrials and health care sectors.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Zacks Mid-Cap Core Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index, as well as American depositary receipts that represent securities in the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 5.60%, differed from the return of the Index, 6.36%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations \|** Financials sector, followed by the utilities and information technology sectors, respectively.

 **Positions \|** Entergy Corp., a utilities company (no longer held at fiscal year-end) and Hartford Insurance Group, Inc., a financials company.

 **What detracted from performance?**

 **Sector Allocations \|** Health care sector, followed by the materials and industrials sectors, respectively.

 **Positions \|** LyondellBasell Industries N.V., a materials company, and Brown-Forman Corp., Class B, a consumer staples company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342388.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Zacks Mid-Cap ETF — NAV Return** | 5.60% | 13.40% | 8.59% |
| **Zacks Mid-Cap Core Index** | 6.36% | 14.21% | 9.34% |
| **Russell 3000<sup>®</sup> Index** | 11.40% | 15.12% | 11.68% |
| **Russell Midcap<sup>®</sup> Index** | 7.33% | 12.96% | 8.81% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the Russell Midcap<sup>®</sup> Index to the Russell 3000<sup>®</sup> Index to reflect that the Russell 3000<sup>®</sup> Index can be considered more broadly representative of the overall applicable securities market.

- Effective after the close of business on April 6, 2018, Guggenheim Mid-Cap Core ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim Mid-Cap Core ETF and the Fund.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$179405994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$988034 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;112% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wabtec Corp. | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nutrien Ltd. | &nbsp;&nbsp;&nbsp;1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;1.89% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342379.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-CZA-AR **Invesco Zacks Mid-Cap ETF**

![TSR_logo](images_2527.jpg)

### Invesco Zacks Multi-Asset Income ETF

### CVY \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Zacks Multi-Asset Income ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco Zacks Multi-Asset Income ETF | $720.71%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended April 30, 2025, high dividend paying equities underperformed the broader market. The Fund's focus on income led to a significant overweight to a struggling energy sector and an underweight to an above average performing information technology sector. In the first quarter of 2025, there were signs of this trend reversing, but we believe a return to risk assets may cause this headwind to resume.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Zacks Multi-Asset Income Index (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index, as well as American depositary receipts that represent securities in the Index.

• For the fiscal year ended April 30, 2025, the Fund's performance, on a net asset value ("NAV") basis, 1.97%, differed from the return of the Index, 2.41%, primarily due to fees and expenses incurred by the Fund during the period, partially offset by income received from the securities lending program in which the Fund participates.

 **What contributed to performance?**

 **Sector Allocations \|** Financials sector, followed by the real estate sector.

 **Positions \|** Banco BBVA Argentina S.A., ADR, a financials company (no longer held at fiscal year-end) and Synchrony Financial, a financials company (no longer held at fiscal year-end).

 **What detracted from performance?**

 **Sector Allocations \|** Energy sector followed by the materials and consumer discretionary sectors, respectively.

 **Positions \|** PBF Energy, Inc., Class A, an energy company and Cenovus Energy, Inc., an energy company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9342349.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Zacks Multi-Asset Income ETF — NAV Return** | 1.97% | 13.43% | 5.02% |
| **Zacks Multi-Asset Income Index** | 2.41% | 13.84% | 5.54% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective after the close of business on April 6, 2018, Guggenheim Multi-Asset Income ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim Multi-Asset Income ETF and the Fund.

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$106553174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$573754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;115% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Itau Unibanco Holding S.A., ADR | &nbsp;&nbsp;&nbsp;1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alliance Resource Partners L.P. | &nbsp;&nbsp;&nbsp;1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | &nbsp;&nbsp;&nbsp;1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kroger Co. (The) | &nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cigna Group (The) | &nbsp;&nbsp;&nbsp;1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nuveen Preferred & Income Opportunities Fund | &nbsp;&nbsp;&nbsp;1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bunge Global S.A. | &nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nuveen Floating Rate Income Fund | &nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc., Series C, Pfd., 4.75% | &nbsp;&nbsp;&nbsp;1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp;1.12% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9342358.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.

The Fund's net expense ratio increased from the prior fiscal year end as a result of a change in operating expenses.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-CVY-AR **Invesco Zacks Multi-Asset Income ETF**

------

(b) Not applicable.

------

Item 2. Code of Ethics.

The Registrant has adopted a Code of Ethics (the "Code") that applies to the Registrant's Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"). This Code is filed as an exhibit to this report on Form N-CSR under Item 19(a)(1). No substantive amendments to this Code were made during the reporting period. Administration of the Code was transferred from the Chief Legal Officer to the Chief Compliance Officer during the reporting period. There were no waivers for the fiscal year ended April 30, 2025.

------

Item 3. Audit Committee Financial Expert.

The Registrant's Board of Trustees (the "Board") has determined that the Registrant has four "audit committee financial experts" serving on its audit committee: Mr. Marc M. Kole, Ms. Joanne Pace, Mr. Gary R. Wicker and Mr. Donald H. Wilson. Each of these audit committee members is "independent," meaning that he/she is not an "interested person" of the Registrant (as that term is defined in Section 2(a)(19) of the Act) and he/she does not accept any consulting, advisory, or other compensatory fee from the Registrant (except in his/her capacity as a Board or committee member).

An "audit committee financial expert" is not an "expert" for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an "audit committee financial expert." Further, the designation of a person as an "audit committee financial expert" does not mean that a person has any greater duties, obligations, or liability than those imposed on a person without the "audit committee financial expert" designation. Similarly, the designation of a person as an "audit committee financial expert" does not affect the duties, obligations, or liability of any other member of the audit committee or Board.

------

Item 4. Principal Accountant Fees and Services.

------

(a) to (d) 

#### Fees Billed by PwC to the Registrant
PricewaterhouseCoopers LLP ("PwC"), the Registrant's independent registered public accounting firm, billed the Registrant aggregate fees for pre-approved services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.

---

| | | |
|:---|:---|:---|
|  | Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year Ended 2025  | Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year Ended 2024  |
| Audit Fees  | $1044504  | $976380  |
| Audit-Related Fees  | $&nbsp;&nbsp;&nbsp;&nbsp; 36000  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0  |
| Tax Fees<sup>(</sup><sup>1</sup><sup>)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp; 880380  | $978200  |
| All Other Fees  | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0  | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0  |
| Total Fees  | $1960884  | $1954580  |

---

<sup>(1)</sup> Tax Fees for the fiscal years ended 2025 and 2024 include fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise and year-to-date estimates for various book-to-tax differences. 

#### Fees Billed by PwC Related to Invesco and Affiliates
PwC billed Invesco Capital Management LLC ("Invesco" or "Adviser"), the Registrant's investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant ("Affiliates"), aggregate fees for pre-approved non-audit services rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Affiliates that were required to be pre-approved.

---

| | | |
|:---|:---|:---|
|  | Fees Billed for Non-Audit Services Rendered to Invesco and Affiliates for Fiscal Year Ended 2025 That Were Required to be Pre-Approved by the Registrant's Audit Committee  | Fees Billed for Non-Audit Services Rendered to Invesco and Affiliates for Fiscal Year Ended 2024 That Were Required to be Pre-Approved by the Registrant's Audit Committee  |
| Audit-Related Fees<sup>(1)</sup> | $1177000 | $1121000 |
| Tax Fees | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| All Other Fees | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Total Fees | $1177000 | $1121000 |

---

<sup>(1)</sup> Audit-Related Fees for the fiscal years ended 2025 and 2024 include fees billed related to reviewing controls at a service organization. 

------

(e)(1)**Audit Committee Pre-Approval Policies and Procedures**

#### Pre-Approval of Audit and Non-Audit Services Policies and Procedures

#### As Adopted by the Audit Committee of the Invesco ETFs

---

| | |
|:---|:---|
| **Applicable to**  | Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (collectively the "Funds")  |
| **Risk Addressed by Policy**  | Approval of Audit and Non-Audit Services  |
| **Relevant Law and Other Sources**  | Sarbanes-Oxley Act of 2002; Regulation S-X.  |
| **Last Reviewed by Compliance for Accuracy**  | June 15, 2018  |
| **Effective Date**  | June 26, 2009  |
| **Amended Dates**  | March 12, 2015 and June 15, 2018  |

---

#### Statement of Principles
Under the Sarbanes-Oxley Act of 2002 and rules adopted by the Securities and Exchange Commission ("SEC") ("Rules"), the Audit Committee of the Funds' (the "Audit Committee") Board of Trustees (the "Board") is responsible for the appointment, compensation and oversight of the work of independent accountants (an "Auditor"). As part of this responsibility and to assure that the Auditor's independence is not impaired, the Audit Committee pre-approves the audit and non-audit services provided to the Funds by each Auditor, as well as all non-audit services provided by the Auditor to the Funds' investment adviser and to affiliates of the adviser that provide ongoing services to the Funds ("Service Affiliates") if the services directly impact the Funds' operations or financial reporting. The SEC Rules also specify the types of services that an Auditor may not provide to its audit client. The following policies and procedures comply with the requirements for pre-approval and provide a mechanism by which management of the Funds may request and secure pre-approval of audit and non-audit services in an orderly manner with minimal disruption to normal business operations.

Proposed services either may be pre-approved without consideration of specific case-by-case services by the Audit Committee ("general pre-approval") or require the specific pre-approval of the Audit Committee ("specific pre-approval"). As set forth in these policies and procedures, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee. Additionally, any fees exceeding 110% of estimated pre-approved fee levels provided at the time the service was pre-approved will also require specific approval by the Audit Committee before payment is made. The Audit Committee will also consider the impact of additional fees on the Auditor's independence when determining whether to approve any additional fees for previously pre-approved services.

------

The Audit Committee will annually review and generally pre-approve the services that may be provided by each Auditor without obtaining specific pre-approval from the Audit Committee. The term of any general pre-approval runs from the date of such pre-approval through June 30th of the following year, unless the Audit Committee considers a different period and states otherwise. The Audit Committee will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations.

The purpose of these policies and procedures is to set forth the guidelines to assist the Audit Committee in fulfilling its responsibilities.

#### Delegation
The Chairman of the Audit Committee (or, in his or her absence, any member of the Audit Committee) may grant specific pre-approval for non-prohibited services. All such delegated pre-approvals shall be presented to the Audit Committee no later than the next Audit Committee meeting.

#### Audit Services
The annual Audit services engagement terms will be subject to specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures such as tax provision work that is required to be performed by the independent auditor to be able to form an opinion on the Funds' financial statements. The Audit Committee will obtain, review and consider sufficient information concerning the proposed Auditor to make a reasonable evaluation of the Auditor's qualifications and independence.

In addition to the annual Audit services engagement, the Audit Committee may grant either general or specific pre-approval of other Audit services, which are those services that only the independent auditor reasonably can provide. Other Audit services may include services such as issuing consents for the inclusion of audited financial statements with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.

#### Non-Audit Services
The Audit Committee may provide either general or specific pre-approval of any non-audit services to the Funds and its Service Affiliates if the Audit Committee believes that the provision of the service will not impair the independence of the Auditor, is consistent with the SEC's Rules on auditor independence, and otherwise conforms to the Audit Committee's general principles and policies as set forth herein.

#### Audit-Related Services
"Audit-related services" are assurance and related services that are reasonably related to the performance of the audit or review of the Funds' financial statements or that are traditionally performed by the independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as "Audit services"; and assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities.

#### Tax Services

------

"Tax services" include, but are not limited to, the review and signing of the Funds' federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will scrutinize carefully the retention of the Auditor in connection with a transaction initially recommended by the Auditor, the major business purpose of which may be tax avoidance or the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds' Treasurer (or his or her designee) and may consult with outside counsel or advisors as necessary to ensure the consistency of Tax services rendered by the Auditor with the foregoing policy.

No Auditor shall represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Under rules adopted by the Public Company Accounting Oversight Board and approved by the SEC, in connection with seeking Audit Committee pre-approval of permissible Tax services, the Auditor shall:

---

| | | |
|:---|:---|:---|
| 1.  | Describe in writing to the Audit Committee, which writing may be in the form of the proposed engagement letter:  | Describe in writing to the Audit Committee, which writing may be in the form of the proposed engagement letter:  |
|  | a.  | The scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the Fund, relating to the service; and  |
|  | b.  | Any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor and any person (other than the Fund) with respect to the promoting, marketing, or recommending of a transaction covered by the service;  |
| 2.  | Discuss with the Audit Committee the potential effects of the services on the independence of the Auditor; and  | Discuss with the Audit Committee the potential effects of the services on the independence of the Auditor; and  |
| 3.  | Document the substance of its discussion with the Audit Committee.  | Document the substance of its discussion with the Audit Committee.  |

---

#### All Other Auditor Services
The Audit Committee may pre-approve non-audit services classified as "All other services" that are not categorically prohibited by the SEC, as listed in Exhibit 1 to this policy.

#### Pre-Approval Fee Levels or Established Amounts
Pre-approval of estimated fees or established amounts for services to be provided by the Auditor under general or specific pre-approval policies will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum estimated pre-approved fees or established amounts for pre-approved audit and non-audit services will be reported to the Audit Committee at the quarterly Audit Committee meeting and will require specific approval by the Audit Committee before payment is made. The Audit Committee will always factor in the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services and in determining whether to approve any additional fees exceeding 110% of the maximum pre-approved fees or established amounts for previously pre-approved services.

#### Procedures
On an annual basis, the Auditor will submit to the Audit Committee for general pre-approval, a list of non-audit services that the Funds or Service Affiliates of the Funds may request from the Auditor. The list will describe the non-audit services in reasonable detail and will include an estimated range of fees and such other information as the Audit Committee may request.

------

Each request for services to be provided by the Auditor under the general pre-approval of the Audit Committee will be submitted to the Funds' Treasurer (or his or her designee) and must include a detailed description of the services to be rendered. The Treasurer or his or her designee will ensure that such services are included within the list of services that have received the general pre-approval of the Audit Committee.

Each request to provide services that require specific approval by the Audit Committee shall be submitted to the Audit Committee jointly by the Funds' Treasurer or his or her designee and the Auditor, and must include a joint statement that, in their view, such request is consistent with the pre-approval policies and procedures and the SEC Rules.

Each request to provide Tax services under either the general or specific pre-approval of the Audit Committee will describe in writing: (i) the scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the audit client, relating to the service; and (ii) any compensation arrangement or other agreement between the Auditor and any person (other than the audit client) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will discuss with the Audit Committee the potential effects of the services on the Auditor's independence and will document the substance of the discussion.

Non-audit services pursuant to the de minimis exception provided by the SEC Rules will be promptly brought to the attention of the Audit Committee for approval, including documentation that each of the conditions for this exception, as set forth in the SEC Rules, has been satisfied.

On at least an annual basis, the Auditor will prepare a summary of all the services provided to any entity in the investment company complex as defined in section 2-01(f)(14) of Regulation S-X in sufficient detail as to the nature of the engagement and the fees associated with those services.

The Audit Committee has designated the Funds' Treasurer to monitor the performance of all services provided by the Auditor and to ensure such services are in compliance with these policies and procedures. The Funds' Treasurer will report to the Audit Committee on a periodic basis as to the results of such monitoring. Both the Funds' Treasurer and management will immediately report to the Chairman of the Audit Committee any breach of these policies and procedures that comes to the attention of the Funds' Treasurer or senior management.

#### Exhibit 1 to Pre-Approval of Audit and Non-Audit Services Policies and Procedures
**Conditionally Prohibited Non-Audit Services (not prohibited if the Fund can reasonably conclude that the results of the service would not be subject to audit procedures in connection with the audit of the Fund's financial statements)** 

• **Bookkeeping or other services related to the accounting records or financial statements of the audit client** 

• **Financial information systems design and implementation**

• **Appraisal or valuation services, fairness opinions, or contribution-in-kind reports**

• **Actuarial services** 

• **Internal audit outsourcing services**

#### Categorically Prohibited Non-Audit Services
• **Management functions**

• **Human resources**

• **Broker-dealer, investment adviser, or investment banking services** 

• **Legal services** 

• **Expert services unrelated to the audit** 

• **Any service or product provided for a contingent fee or a commission**

• **Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance**

• **Tax services for persons in financial reporting oversight roles at the Fund**

• **Any other service that the Public Company Oversight Board determines by regulation is impermissible.**

---

| | |
|:---|:---|
| **(e)(2)** | **There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.**  |

---

(f) Not applicable. 

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Affiliates aggregate fees of $6,410,000 for the fiscal year ended April 30, 2025 and $6,572,000 for the fiscal year ended April 30, 2024 for non-audit services not required to be pre-approved by the Registrant's Audit Committee. In total, PwC billed the Registrant, Invesco and Affiliates aggregate non-audit fees of $8,467,380 for the fiscal year ended April 30, 2025 and $8,671,200 for the fiscal year ended April 30, 2024. 

(h) With respect to the non-audit services above billed to Invesco and Affiliates that were not required to be pre-approved by the Registrant's Audit Committee, the Audit Committee received information from PwC about such services, including by way of comparison, that PwC provided audit services to entities within the Investment Company Complex, as defined by Rule 2-01(f)(14) of Regulation S-X, of approximately $35 million and non-audit services of approximately $26 million for the fiscal year ended 2025. The Audit Committee considered this information in evaluating PwC's independence. 

(i) Not applicable. 

(j) Not applicable. 

------

Item 5. Audit Committee of Listed Registrants.

(a) The Registrant has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended, which consists solely of independent trustees. The Audit Committee members are Marc M. Kole, Joanne Pace, Gary R. Wicker, and Donald H. Wilson.

(b) Not applicable.

------

Item 6. Investments.

(a) Investments in securities of unaffiliated issuers is filed under Item 7 of this Form N-CSR.

(b) Not applicable.

------

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![](imge8e8c0391.jpg)

------

**Invesco Annual Financial Statements and Other Information**

April 30, 2025

---

| | |
|:---|:---|
| **BMVP** | Invesco Bloomberg MVP Multi-factor ETF |
| **PRF** | Invesco RAFI US 1000 ETF (formerly, Invesco FTSE RAFI US 1000 ETF) |
| **PRFZ** | Invesco RAFI US 1500 Small-Mid ETF (formerly, Invesco FTSE RAFI US 1500 Small-Mid ETF) |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments |  |
| [Invesco Bloomberg MVP Multi-factor ETF (BMVP)](#xx_cbe2ab01-a178-41e3-9171-b22493e3d4ac_SOI-Continued-419_1) | **3** |
| [Invesco RAFI US 1000 ETF (PRF)](#xx_cbe2ab01-a178-41e3-9171-b22493e3d4ac_SOI-Continued-419_3) | **5** |
| [Invesco RAFI US 1500 Small-Mid ETF (PRFZ)](#xx_cbe2ab01-a178-41e3-9171-b22493e3d4ac_SOI-Continued-419_14) | **16** |
| [Statements of Assets and Liabilities](#xx_cbe2ab01-a178-41e3-9171-b22493e3d4ac_FS-Continued-419_1) | **33** |
| [Statements of Operations](#xx_cbe2ab01-a178-41e3-9171-b22493e3d4ac_FS-Continued-419_2) | **34** |
| [Statements of Changes in Net Assets](#xx_cbe2ab01-a178-41e3-9171-b22493e3d4ac_FS-Continued-419_4) | **36** |
| [Financial Highlights](#xx_cbe2ab01-a178-41e3-9171-b22493e3d4ac_FIHI-Continued-419_1) | **38** |
| [Notes to Financial Statements](#xx_cbe2ab01-a178-41e3-9171-b22493e3d4ac_NTF-Continued-419_1) | **41** |
| [Report of Independent Registered Public Accounting Firm](#xx_cbe2ab01-a178-41e3-9171-b22493e3d4ac_AR-Continued-419_1) | **52** |
| [Tax Information](#xx_cbe2ab01-a178-41e3-9171-b22493e3d4ac_TI-Continued-419_1) | **53** |
| [Approval of Investment Advisory Contracts](#xx_cbe2ab01-a178-41e3-9171-b22493e3d4ac_BCRC-Continued_1) | **54** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_cbe2ab01-a178-41e3-9171-b22493e3d4ac_OIRSR-Continued-419_1) | **63** |

---

------

**2**

------

**Invesco Bloomberg MVP Multi-factor ETF (BMVP)**

April 30, 2025

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-7.07%** | **Communication Services-7.07%** | **Communication Services-7.07%** |
| AT&T, Inc. | 72614 | &nbsp;&nbsp; $2011408 |
| Fox Corp., Class A | 36281 | &nbsp;&nbsp; 1806431 |
| T-Mobile US, Inc. | 7685 | &nbsp;&nbsp; 1897811 |
| Verizon Communications, Inc. | 45272 | &nbsp;&nbsp; 1994684 |
|  |  | &nbsp;&nbsp; 7710334 |
| **Consumer Discretionary-9.37%** | **Consumer Discretionary-9.37%** | **Consumer Discretionary-9.37%** |
| AutoZone, Inc.<sup>(b)</sup> | 538 | &nbsp;&nbsp; 2024279 |
| Darden Restaurants, Inc.<sup>(c)</sup> | 9884 | &nbsp;&nbsp; 1983125 |
| Home Depot, Inc. (The) | 5592 | &nbsp;&nbsp; 2015860 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 1431 | &nbsp;&nbsp; 2025151 |
| TJX Cos., Inc. (The) | 16860 | &nbsp;&nbsp; 2169545 |
|  |  | &nbsp;&nbsp; 10217960 |
| **Consumer Staples-7.43%** | **Consumer Staples-7.43%** | **Consumer Staples-7.43%** |
| Kellanova | 24894 | &nbsp;&nbsp; 2060476 |
| Kimberly-Clark Corp. | 14439 | &nbsp;&nbsp; 1902772 |
| Kroger Co. (The) | 30337 | &nbsp;&nbsp; 2190635 |
| Sysco Corp. | 27366 | &nbsp;&nbsp; 1953932 |
|  |  | &nbsp;&nbsp; 8107815 |
| **Energy-3.14%** | **Energy-3.14%** | **Energy-3.14%** |
| EOG Resources, Inc. | 16013 | &nbsp;&nbsp; 1766714 |
| Hess Corp. | 12856 | &nbsp;&nbsp; 1659067 |
|  |  | &nbsp;&nbsp; 3425781 |
| **Financials-14.03%** | **Financials-14.03%** | **Financials-14.03%** |
| Allstate Corp. (The) | 9917 | &nbsp;&nbsp; 1967434 |
| Brown & Brown, Inc. | 16507 | &nbsp;&nbsp; 1825674 |
| Fiserv, Inc.<sup>(b)</sup> | 9299 | &nbsp;&nbsp; 1716316 |
| LPL Financial Holdings, Inc. | 6265 | &nbsp;&nbsp; 2003484 |
| Markel Group, Inc.<sup>(b)(c)</sup> | 1096 | &nbsp;&nbsp; 1993186 |
| Marsh & McLennan Cos., Inc. | 8399 | &nbsp;&nbsp; 1893723 |
| Progressive Corp. (The) | 7242 | &nbsp;&nbsp; 2040361 |
| Willis Towers Watson PLC | 6065 | &nbsp;&nbsp; 1866807 |
|  |  | &nbsp;&nbsp; 15306985 |
| **Health Care-11.00%** | **Health Care-11.00%** | **Health Care-11.00%** |
| Bristol-Myers Squibb Co. | 33670 | &nbsp;&nbsp; 1690234 |
| Cardinal Health, Inc. | 14905 | &nbsp;&nbsp; 2105927 |
| Cencora, Inc. | 7370 | &nbsp;&nbsp; 2156978 |
| Gilead Sciences, Inc. | 18327 | &nbsp;&nbsp; 1952559 |
| Johnson & Johnson | 12383 | &nbsp;&nbsp; 1935587 |
| Quest Diagnostics, Inc.<sup>(c)</sup> | 12137 | &nbsp;&nbsp; 2163056 |
|  |  | &nbsp;&nbsp; 12004341 |
| **Industrials-18.31%** | **Industrials-18.31%** | **Industrials-18.31%** |
| 3M Co. | 13983 | &nbsp;&nbsp; 1942379 |
| Automatic Data Processing, Inc. | 6708 | &nbsp;&nbsp; 2016425 |
| Broadridge Financial Solutions, Inc. | 8470 | &nbsp;&nbsp; 2053128 |
| Cummins, Inc. | 6539 | &nbsp;&nbsp; 1921420 |
| Honeywell International, Inc. | 9698 | &nbsp;&nbsp; 2041429 |
| Illinois Tool Works, Inc.<sup>(c)</sup> | 8280 | &nbsp;&nbsp; 1986455 |
| Republic Services, Inc. | 8464 | &nbsp;&nbsp; 2122348 |
| RTX Corp. | 15503 | &nbsp;&nbsp; 1955393 |
| SS&C Technologies Holdings, Inc.<sup>(c)</sup> | 24584 | &nbsp;&nbsp; 1858550 |
| Waste Management, Inc. | 8870 | &nbsp;&nbsp; 2069903 |
|  |  | &nbsp;&nbsp; 19967430 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-12.78%** | **Information Technology-12.78%** | **Information Technology-12.78%** |
| Accenture PLC, Class A (Ireland) | 6568 | &nbsp;&nbsp; $1964817 |
| Apple, Inc. | 9245 | &nbsp;&nbsp; 1964562 |
| Cisco Systems, Inc. | 33277 | &nbsp;&nbsp; 1921081 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 26843 | &nbsp;&nbsp; 1974840 |
| Gartner, Inc.<sup>(b)</sup> | 4883 | &nbsp;&nbsp; 2056134 |
| International Business Machines Corp. | 8243 | &nbsp;&nbsp; 1993322 |
| Motorola Solutions, Inc. | 4681 | &nbsp;&nbsp; 2061466 |
|  |  | &nbsp;&nbsp; 13936222 |
| **Materials-5.52%** | **Materials-5.52%** | **Materials-5.52%** |
| Amcor PLC<sup>(c)</sup> | 211703 | &nbsp;&nbsp; 1947668 |
| Ecolab, Inc. | 8084 | &nbsp;&nbsp; 2032560 |
| PPG Industries, Inc. | 18779 | &nbsp;&nbsp; 2044282 |
|  |  | &nbsp;&nbsp; 6024510 |
| **Real Estate-5.43%** | **Real Estate-5.43%** | **Real Estate-5.43%** |
| Mid-America Apartment Communities, Inc.<sup>(c)</sup> | 12254 | &nbsp;&nbsp; 1956351 |
| Simon Property Group, Inc. | 12365 | &nbsp;&nbsp; 1946004 |
| VICI Properties, Inc.<sup>(c)</sup> | 62953 | &nbsp;&nbsp; 2015755 |
|  |  | &nbsp;&nbsp; 5918110 |
| **Utilities-5.83%** | **Utilities-5.83%** | **Utilities-5.83%** |
| DTE Energy Co. | 14852 | &nbsp;&nbsp; 2034724 |
| Evergy, Inc. | 29783 | &nbsp;&nbsp; 2058005 |
| Vistra Corp. | 17486 | &nbsp;&nbsp; 2266710 |
|  |  | &nbsp;&nbsp; 6359439 |
| Total Common Stocks & Other Equity Interests <br>(Cost $101,731,029) | Total Common Stocks & Other Equity Interests <br>(Cost $101,731,029) | &nbsp;&nbsp; 108978927 |
| **Money Market Funds-0.06%** | **Money Market Funds-0.06%** | **Money Market Funds-0.06%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $65,438)<br>| 65438 | &nbsp;&nbsp; 65438 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.97% <br>(Cost $101,796,467) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.97% <br>(Cost $101,796,467) | &nbsp;&nbsp; 109044365 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-6.89%** | **Money Market Funds-6.89%** | **Money Market Funds-6.89%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 2387048 | &nbsp;&nbsp; 2387048 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 5122232 | &nbsp;&nbsp; 5123256 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $7,510,463) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $7,510,463) | &nbsp;&nbsp; 7510304 |
| TOTAL INVESTMENTS IN SECURITIES-106.86% <br>(Cost $109,306,930) | TOTAL INVESTMENTS IN SECURITIES-106.86% <br>(Cost $109,306,930) | &nbsp;&nbsp; 116554669 |
| OTHER ASSETS LESS LIABILITIES-(6.86)% | OTHER ASSETS LESS LIABILITIES-(6.86)% | &nbsp;&nbsp; (7479853)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $109074816 |

---

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

------

**3**

------

**Invesco Bloomberg MVP Multi-factor ETF (BMVP)—(continued)**

April 30, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $2200524 | &nbsp;&nbsp; $(2135086)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $65438 | &nbsp;&nbsp; $2231 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 1520670 | &nbsp;&nbsp; 40778913 | &nbsp;&nbsp; (39912535)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2387048 | &nbsp;&nbsp; 54,730<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 3909998 | &nbsp;&nbsp; 88395097 | &nbsp;&nbsp; (87181033)<br>| &nbsp;&nbsp; 346 | &nbsp;&nbsp; (1152)<br>| &nbsp;&nbsp; 5123256 | &nbsp;&nbsp; 142,168<br> \*<br>|
| Total | &nbsp;&nbsp; $5430668 | &nbsp;&nbsp; $131374534 | &nbsp;&nbsp; $(129228654)<br>| &nbsp;&nbsp; $346 | &nbsp;&nbsp; $(1152)<br>| &nbsp;&nbsp; $7575742 | &nbsp;&nbsp; $199129 |

---

\* 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 April 30, 2025.

<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 2J. 

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

------

**4**

------

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

April 30, 2025

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-8.94%** | **Communication Services-8.94%** | **Communication Services-8.94%** |
| Alphabet, Inc., Class A | 983191 | &nbsp;&nbsp; $156130731 |
| Altice USA, Inc., Class A<sup>(b)</sup> | 56946 | &nbsp;&nbsp; 141226 |
| Angi, Inc.<sup>(b)(c)</sup> | 12975 | &nbsp;&nbsp; 148695 |
| AT&T, Inc. | 3888524 | &nbsp;&nbsp; 107712115 |
| Cable One, Inc.<sup>(c)</sup> | 1554 | &nbsp;&nbsp; 415338 |
| Charter Communications, Inc., Class A<sup>(b)</sup> | 52405 | &nbsp;&nbsp; 20535423 |
| Comcast Corp., Class A | 1454805 | &nbsp;&nbsp; 49754331 |
| EchoStar Corp., Class A<sup>(b)(c)</sup> | 15592 | &nbsp;&nbsp; 350508 |
| Electronic Arts, Inc. | 33170 | &nbsp;&nbsp; 4812635 |
| Fox Corp., Class A<sup>(c)</sup> | 131266 | &nbsp;&nbsp; 6535734 |
| Frontier Communications Parent, Inc.<sup>(b)(c)</sup> | 125590 | &nbsp;&nbsp; 4552638 |
| Gray Media, Inc.<sup>(c)</sup> | 85370 | &nbsp;&nbsp; 285990 |
| IAC, Inc.<sup>(b)(c)</sup> | 27368 | &nbsp;&nbsp; 956238 |
| Interpublic Group of Cos., Inc. (The) | 117711 | &nbsp;&nbsp; 2956900 |
| Liberty Broadband Corp.<sup>(b)(d)</sup> | 10205 | &nbsp;&nbsp; 0 |
| Liberty Broadband Corp., Class C<sup>(b)(c)</sup> | 25747 | &nbsp;&nbsp; 2327271 |
| Liberty Global Ltd., Class C (Belgium)<sup>(b)(c)</sup> | 324202 | &nbsp;&nbsp; 3676451 |
| Liberty Latin America Ltd., Class C<sup>(b)</sup> | 23094 | &nbsp;&nbsp; 127017 |
| Liberty Media Corp.-Liberty Formula <br> One<sup>(b)(c)</sup><br>| 24012 | &nbsp;&nbsp; 2129144 |
| Lions Gate Entertainment Corp., <br> Class A<sup>(b)(c)</sup><br>| 26615 | &nbsp;&nbsp; 236341 |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup> | 8866 | &nbsp;&nbsp; 1174302 |
| Lumen Technologies, Inc.<sup>(b)</sup> | 1076697 | &nbsp;&nbsp; 3811507 |
| Match Group, Inc. | 29719 | &nbsp;&nbsp; 881466 |
| Meta Platforms, Inc., Class A | 143112 | &nbsp;&nbsp; 78568488 |
| Netflix, Inc.<sup>(b)</sup> | 19295 | &nbsp;&nbsp; 21836537 |
| New York Times Co. (The), Class A | 5829 | &nbsp;&nbsp; 303458 |
| News Corp., Class A | 109705 | &nbsp;&nbsp; 2975200 |
| Nexstar Media Group, Inc., Class A<sup>(c)</sup> | 13382 | &nbsp;&nbsp; 2002750 |
| Omnicom Group, Inc.<sup>(c)</sup> | 61176 | &nbsp;&nbsp; 4659164 |
| Paramount Global, Class B<sup>(c)</sup> | 809460 | &nbsp;&nbsp; 9503060 |
| Pinterest, Inc., Class A<sup>(b)</sup> | 11568 | &nbsp;&nbsp; 292902 |
| Roku, Inc., Class A<sup>(b)</sup> | 3132 | &nbsp;&nbsp; 213540 |
| Sirius XM Holdings, Inc. | 22334 | &nbsp;&nbsp; 478394 |
| Snap, Inc., Class A<sup>(b)(c)</sup> | 39498 | &nbsp;&nbsp; 314404 |
| Spotify Technology S.A. (Sweden)<sup>(b)</sup> | 3980 | &nbsp;&nbsp; 2443640 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 17123 | &nbsp;&nbsp; 3995138 |
| TEGNA, Inc.<sup>(c)</sup> | 100437 | &nbsp;&nbsp; 1630093 |
| Telephone and Data Systems, Inc.<sup>(c)</sup> | 113237 | &nbsp;&nbsp; 4245255 |
| T-Mobile US, Inc. | 95268 | &nbsp;&nbsp; 23526433 |
| Trade Desk, Inc. (The), Class A<sup>(b)(c)</sup> | 2760 | &nbsp;&nbsp; 148019 |
| Verizon Communications, Inc. | 2153543 | &nbsp;&nbsp; 94885105 |
| Walt Disney Co. (The) | 308890 | &nbsp;&nbsp; 28093545 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 1333010 | &nbsp;&nbsp; 11557197 |
| Yelp, Inc.<sup>(b)</sup> | 7279 | &nbsp;&nbsp; 255347 |
| Ziff Davis, Inc.<sup>(b)(c)</sup> | 4689 | &nbsp;&nbsp; 138466 |
|  |  | &nbsp;&nbsp; 661718136 |
| **Consumer Discretionary-8.44%** | **Consumer Discretionary-8.44%** | **Consumer Discretionary-8.44%** |
| Abercrombie & Fitch Co., Class A<sup>(b)</sup> | 2086 | &nbsp;&nbsp; 144810 |
| Academy Sports & Outdoors, Inc.<sup>(c)</sup> | 21653 | &nbsp;&nbsp; 815885 |
| Adient PLC<sup>(b)</sup> | 71859 | &nbsp;&nbsp; 909016 |
| ADT, Inc. | 44027 | &nbsp;&nbsp; 353097 |
| Advance Auto Parts, Inc.<sup>(c)</sup> | 48544 | &nbsp;&nbsp; 1588360 |
| Airbnb, Inc., Class A<sup>(b)</sup> | 9144 | &nbsp;&nbsp; 1114837 |
| Amazon.com, Inc.<sup>(b)</sup> | 662773 | &nbsp;&nbsp; 122228597 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| American Axle & Manufacturing Holdings, <br> Inc.<sup>(b)(c)</sup><br>| 100744 | &nbsp;&nbsp; $384842 |
| American Eagle Outfitters, Inc.<sup>(c)</sup> | 62927 | &nbsp;&nbsp; 662621 |
| Aptiv PLC (Jersey)<sup>(b)</sup> | 42473 | &nbsp;&nbsp; 2423509 |
| Aramark<sup>(c)</sup> | 60643 | &nbsp;&nbsp; 2027296 |
| Asbury Automotive Group, Inc.<sup>(b)(c)</sup> | 10537 | &nbsp;&nbsp; 2298541 |
| Autoliv, Inc. (Sweden) | 15362 | &nbsp;&nbsp; 1432199 |
| AutoNation, Inc.<sup>(b)</sup> | 22282 | &nbsp;&nbsp; 3880410 |
| AutoZone, Inc.<sup>(b)</sup> | 1476 | &nbsp;&nbsp; 5553598 |
| Bath & Body Works, Inc. | 56103 | &nbsp;&nbsp; 1711703 |
| Best Buy Co., Inc. | 113718 | &nbsp;&nbsp; 7583853 |
| Booking Holdings, Inc. | 1860 | &nbsp;&nbsp; 9484661 |
| BorgWarner, Inc. | 125149 | &nbsp;&nbsp; 3551729 |
| Boyd Gaming Corp.<sup>(c)</sup> | 13837 | &nbsp;&nbsp; 956690 |
| Brunswick Corp.<sup>(c)</sup> | 23168 | &nbsp;&nbsp; 1066886 |
| Burlington Stores, Inc.<sup>(b)(c)</sup> | 8269 | &nbsp;&nbsp; 1860856 |
| Caesars Entertainment, Inc.<sup>(b)</sup> | 60696 | &nbsp;&nbsp; 1642434 |
| Capri Holdings Ltd.<sup>(b)(c)</sup> | 53692 | &nbsp;&nbsp; 807528 |
| CarMax, Inc.<sup>(b)</sup> | 72105 | &nbsp;&nbsp; 4663030 |
| Carnival Corp.<sup>(b)</sup> | 207364 | &nbsp;&nbsp; 3803056 |
| Carter's, Inc. | 15941 | &nbsp;&nbsp; 526850 |
| Century Communities, Inc.<sup>(c)</sup> | 10933 | &nbsp;&nbsp; 596286 |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 45297 | &nbsp;&nbsp; 2288404 |
| Columbia Sportswear Co.<sup>(c)</sup> | 2838 | &nbsp;&nbsp; 176439 |
| Coupang, Inc. (South Korea)<sup>(b)</sup> | 77019 | &nbsp;&nbsp; 1799934 |
| Cracker Barrel Old Country Store, Inc.<sup>(c)</sup> | 11073 | &nbsp;&nbsp; 472817 |
| Crocs, Inc.<sup>(b)(c)</sup> | 3246 | &nbsp;&nbsp; 312979 |
| D.R. Horton, Inc. | 68298 | &nbsp;&nbsp; 8628769 |
| Dana, Inc. | 105933 | &nbsp;&nbsp; 1455519 |
| Darden Restaurants, Inc. | 20951 | &nbsp;&nbsp; 4203609 |
| Deckers Outdoor Corp.<sup>(b)</sup> | 9759 | &nbsp;&nbsp; 1081590 |
| Dick's Sporting Goods, Inc. | 13042 | &nbsp;&nbsp; 2448505 |
| Domino's Pizza, Inc. | 3408 | &nbsp;&nbsp; 1671181 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 11576 | &nbsp;&nbsp; 2232895 |
| eBay, Inc. | 129876 | &nbsp;&nbsp; 8852348 |
| Etsy, Inc.<sup>(b)</sup> | 5924 | &nbsp;&nbsp; 257576 |
| Expedia Group, Inc. | 17124 | &nbsp;&nbsp; 2687269 |
| Five Below, Inc.<sup>(b)</sup> | 5794 | &nbsp;&nbsp; 439707 |
| Floor & Decor Holdings, Inc., Class A<sup>(b)(c)</sup> | 8811 | &nbsp;&nbsp; 629458 |
| Flutter Entertainment PLC (Ireland)<sup>(b)</sup> | 3167 | &nbsp;&nbsp; 763215 |
| Foot Locker, Inc.<sup>(b)(c)</sup> | 82371 | &nbsp;&nbsp; 1010692 |
| Ford Motor Co. | 3115790 | &nbsp;&nbsp; 31189058 |
| GameStop Corp., Class A<sup>(b)(c)</sup> | 48169 | &nbsp;&nbsp; 1341988 |
| Gap, Inc. (The) | 90930 | &nbsp;&nbsp; 1991367 |
| Garmin Ltd. | 18143 | &nbsp;&nbsp; 3390382 |
| General Motors Co. | 1035227 | &nbsp;&nbsp; 46833670 |
| Gentex Corp. | 47737 | &nbsp;&nbsp; 1039712 |
| Genuine Parts Co. | 35631 | &nbsp;&nbsp; 4188424 |
| Goodyear Tire & Rubber Co. (The)<sup>(b)(c)</sup> | 316557 | &nbsp;&nbsp; 3444140 |
| Graham Holdings Co., Class B | 1303 | &nbsp;&nbsp; 1198825 |
| Grand Canyon Education, Inc.<sup>(b)</sup> | 1499 | &nbsp;&nbsp; 267377 |
| Group 1 Automotive, Inc.<sup>(c)</sup> | 7826 | &nbsp;&nbsp; 3158808 |
| H&R Block, Inc. | 25520 | &nbsp;&nbsp; 1540642 |
| Hanesbrands, Inc.<sup>(b)</sup> | 401782 | &nbsp;&nbsp; 1844179 |
| Harley-Davidson, Inc.<sup>(c)</sup> | 51281 | &nbsp;&nbsp; 1149720 |
| Hasbro, Inc. | 48008 | &nbsp;&nbsp; 2971695 |
| Helen of Troy Ltd.<sup>(b)(c)</sup> | 9747 | &nbsp;&nbsp; 271551 |
| Hilton Worldwide Holdings, Inc. | 10980 | &nbsp;&nbsp; 2475770 |

---

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

------

**5**

------

**Invesco RAFI US 1000 ETF (PRF)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| Home Depot, Inc. (The) | 135619 | &nbsp;&nbsp; $48889293 |
| International Game Technology PLC<sup>(c)</sup> | 41232 | &nbsp;&nbsp; 676205 |
| KB Home | 23760 | &nbsp;&nbsp; 1283753 |
| Kohl's Corp.<sup>(c)</sup> | 210378 | &nbsp;&nbsp; 1409533 |
| Las Vegas Sands Corp. | 53501 | &nbsp;&nbsp; 1961882 |
| Laureate Education, Inc., Class A<sup>(b)</sup> | 11919 | &nbsp;&nbsp; 239214 |
| LCI Industries<sup>(c)</sup> | 8433 | &nbsp;&nbsp; 650016 |
| Lear Corp.<sup>(c)</sup> | 36488 | &nbsp;&nbsp; 3128846 |
| Leggett & Platt, Inc.<sup>(c)</sup> | 100013 | &nbsp;&nbsp; 962125 |
| Lennar Corp., Class A | 68881 | &nbsp;&nbsp; 7481165 |
| LGI Homes, Inc.<sup>(b)(c)</sup> | 8176 | &nbsp;&nbsp; 446491 |
| Light & Wonder, Inc.<sup>(b)(c)</sup> | 12844 | &nbsp;&nbsp; 1096621 |
| Lithia Motors, Inc., Class A | 12414 | &nbsp;&nbsp; 3634323 |
| LKQ Corp. | 94686 | &nbsp;&nbsp; 3617952 |
| Lowe's Cos., Inc. | 106245 | &nbsp;&nbsp; 23752132 |
| lululemon athletica, inc.<sup>(b)</sup> | 3703 | &nbsp;&nbsp; 1002661 |
| M/I Homes, Inc.<sup>(b)</sup> | 10677 | &nbsp;&nbsp; 1139022 |
| Macy's, Inc.<sup>(c)</sup> | 265397 | &nbsp;&nbsp; 3030834 |
| Marriott International, Inc., Class A | 15033 | &nbsp;&nbsp; 3586573 |
| Marriott Vacations Worldwide Corp.<sup>(c)</sup> | 15344 | &nbsp;&nbsp; 841005 |
| Mattel, Inc.<sup>(b)</sup> | 76187 | &nbsp;&nbsp; 1210611 |
| McDonald's Corp. | 73655 | &nbsp;&nbsp; 23543821 |
| MercadoLibre, Inc. (Brazil)<sup>(b)</sup> | 570 | &nbsp;&nbsp; 1328585 |
| Meritage Homes Corp.<sup>(c)</sup> | 29196 | &nbsp;&nbsp; 1989415 |
| MGM Resorts International<sup>(b)</sup> | 85309 | &nbsp;&nbsp; 2683821 |
| Mohawk Industries, Inc.<sup>(b)</sup> | 30722 | &nbsp;&nbsp; 3267285 |
| Murphy USA, Inc. | 5047 | &nbsp;&nbsp; 2516283 |
| Newell Brands, Inc.<sup>(c)</sup> | 382569 | &nbsp;&nbsp; 1828680 |
| NIKE, Inc., Class B | 155807 | &nbsp;&nbsp; 8787515 |
| Nordstrom, Inc.<sup>(c)</sup> | 74750 | &nbsp;&nbsp; 1804465 |
| NVR, Inc.<sup>(b)</sup> | 482 | &nbsp;&nbsp; 3434612 |
| ODP Corp. (The)<sup>(b)(c)</sup> | 24073 | &nbsp;&nbsp; 329319 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(b)(c)</sup> | 2047 | &nbsp;&nbsp; 217207 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 4356 | &nbsp;&nbsp; 6164611 |
| PENN Entertainment, Inc.<sup>(b)(c)</sup> | 108906 | &nbsp;&nbsp; 1657549 |
| Penske Automotive Group, Inc. | 8256 | &nbsp;&nbsp; 1285212 |
| PHINIA, Inc. | 26753 | &nbsp;&nbsp; 1074133 |
| Polaris, Inc.<sup>(c)</sup> | 27933 | &nbsp;&nbsp; 948605 |
| Pool Corp.<sup>(c)</sup> | 3924 | &nbsp;&nbsp; 1150281 |
| PulteGroup, Inc. | 51065 | &nbsp;&nbsp; 5238248 |
| PVH Corp.<sup>(c)</sup> | 23310 | &nbsp;&nbsp; 1607924 |
| QVC Group, Inc., Class A<sup>(b)(c)</sup> | 36630 | &nbsp;&nbsp; 5495 |
| Ralph Lauren Corp. | 6860 | &nbsp;&nbsp; 1543157 |
| RH<sup>(b)(c)</sup> | 3603 | &nbsp;&nbsp; 663060 |
| Rivian Automotive, Inc., Class A<sup>(b)(c)</sup> | 124400 | &nbsp;&nbsp; 1699304 |
| Ross Stores, Inc. | 33039 | &nbsp;&nbsp; 4592421 |
| Royal Caribbean Cruises Ltd. | 14897 | &nbsp;&nbsp; 3201514 |
| Sally Beauty Holdings, Inc.<sup>(b)(c)</sup> | 56573 | &nbsp;&nbsp; 460504 |
| Service Corp. International<sup>(c)</sup> | 24346 | &nbsp;&nbsp; 1945245 |
| Signet Jewelers Ltd.<sup>(c)</sup> | 17173 | &nbsp;&nbsp; 1018359 |
| Skechers U.S.A., Inc., Class A<sup>(b)</sup> | 29658 | &nbsp;&nbsp; 1424177 |
| Somnigroup International, Inc.<sup>(c)</sup> | 18683 | &nbsp;&nbsp; 1140784 |
| Starbucks Corp. | 138298 | &nbsp;&nbsp; 11070755 |
| Steven Madden Ltd. | 5977 | &nbsp;&nbsp; 125517 |
| Tapestry, Inc. | 48103 | &nbsp;&nbsp; 3398477 |
| Taylor Morrison Home Corp., Class A<sup>(b)</sup> | 44392 | &nbsp;&nbsp; 2545881 |
| Tesla, Inc.<sup>(b)</sup> | 86720 | &nbsp;&nbsp; 24468915 |
| Texas Roadhouse, Inc. | 6921 | &nbsp;&nbsp; 1148609 |
| Thor Industries, Inc.<sup>(c)</sup> | 22938 | &nbsp;&nbsp; 1661170 |
| TJX Cos., Inc. (The) | 119846 | &nbsp;&nbsp; 15421783 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| Toll Brothers, Inc. | 26521 | &nbsp;&nbsp; $2675173 |
| TopBuild Corp.<sup>(b)</sup> | 3591 | &nbsp;&nbsp; 1062074 |
| Tractor Supply Co.<sup>(c)</sup> | 67442 | &nbsp;&nbsp; 3413914 |
| Travel + Leisure Co. | 27919 | &nbsp;&nbsp; 1226482 |
| Tri Pointe Homes, Inc.<sup>(b)</sup> | 45637 | &nbsp;&nbsp; 1403338 |
| Ulta Beauty, Inc.<sup>(b)</sup> | 5266 | &nbsp;&nbsp; 2083440 |
| Under Armour, Inc., Class A<sup>(b)(c)</sup> | 152587 | &nbsp;&nbsp; 872798 |
| Upbound Group, Inc. | 7399 | &nbsp;&nbsp; 147240 |
| Urban Outfitters, Inc.<sup>(b)</sup> | 18932 | &nbsp;&nbsp; 999231 |
| V.F. Corp.<sup>(c)</sup> | 236736 | &nbsp;&nbsp; 2812424 |
| Vail Resorts, Inc.<sup>(c)</sup> | 6915 | &nbsp;&nbsp; 962568 |
| Valvoline, Inc.<sup>(b)</sup> | 8076 | &nbsp;&nbsp; 276684 |
| Victoria's Secret & Co.<sup>(b)(c)</sup> | 46506 | &nbsp;&nbsp; 874313 |
| Visteon Corp.<sup>(b)</sup> | 2618 | &nbsp;&nbsp; 207319 |
| Wayfair, Inc., Class A<sup>(b)(c)</sup> | 15796 | &nbsp;&nbsp; 476407 |
| Whirlpool Corp. | 44448 | &nbsp;&nbsp; 3390493 |
| Williams-Sonoma, Inc. | 18747 | &nbsp;&nbsp; 2895849 |
| Winnebago Industries, Inc.<sup>(c)</sup> | 6203 | &nbsp;&nbsp; 197380 |
| Wyndham Hotels & Resorts, Inc. | 10714 | &nbsp;&nbsp; 913904 |
| Wynn Resorts Ltd. | 9824 | &nbsp;&nbsp; 788965 |
| Yum! Brands, Inc. | 30047 | &nbsp;&nbsp; 4520271 |
|  |  | &nbsp;&nbsp; 624416616 |
| **Consumer Staples-8.69%** | **Consumer Staples-8.69%** | **Consumer Staples-8.69%** |
| Albertson's Cos., Inc., Class A | 280533 | &nbsp;&nbsp; 6166115 |
| Altria Group, Inc. | 649675 | &nbsp;&nbsp; 38428276 |
| Andersons, Inc. (The) | 19870 | &nbsp;&nbsp; 749298 |
| Archer-Daniels-Midland Co. | 309836 | &nbsp;&nbsp; 14794669 |
| B&G Foods, Inc.<sup>(c)</sup> | 63383 | &nbsp;&nbsp; 436709 |
| BJ's Wholesale Club Holdings, Inc.<sup>(b)</sup> | 38570 | &nbsp;&nbsp; 4534289 |
| Brown-Forman Corp., Class B<sup>(c)</sup> | 32708 | &nbsp;&nbsp; 1139547 |
| Bunge Global S.A. | 102070 | &nbsp;&nbsp; 8034950 |
| Cal-Maine Foods, Inc. | 2489 | &nbsp;&nbsp; 232398 |
| Casey's General Stores, Inc. | 7664 | &nbsp;&nbsp; 3545290 |
| Church & Dwight Co., Inc. | 26165 | &nbsp;&nbsp; 2599231 |
| Clorox Co. (The) | 20691 | &nbsp;&nbsp; 2944329 |
| Coca-Cola Co. (The) | 538103 | &nbsp;&nbsp; 39039373 |
| Coca-Cola Europacific Partners PLC <br> (United Kingdom)<br>| 32515 | &nbsp;&nbsp; 2950411 |
| Colgate-Palmolive Co. | 111171 | &nbsp;&nbsp; 10248854 |
| Conagra Brands, Inc. | 204242 | &nbsp;&nbsp; 5046820 |
| Constellation Brands, Inc., Class A | 25922 | &nbsp;&nbsp; 4861412 |
| Costco Wholesale Corp. | 45201 | &nbsp;&nbsp; 44952394 |
| Darling Ingredients, Inc.<sup>(b)(c)</sup> | 52916 | &nbsp;&nbsp; 1703366 |
| Dollar General Corp. | 79913 | &nbsp;&nbsp; 7487049 |
| Dollar Tree, Inc.<sup>(b)(c)</sup> | 59336 | &nbsp;&nbsp; 4851905 |
| Estee Lauder Cos., Inc. (The), Class A | 39014 | &nbsp;&nbsp; 2339279 |
| Flowers Foods, Inc.<sup>(c)</sup> | 66980 | &nbsp;&nbsp; 1178178 |
| Fresh Del Monte Produce, Inc. | 5411 | &nbsp;&nbsp; 184028 |
| General Mills, Inc. | 163535 | &nbsp;&nbsp; 9278976 |
| Hain Celestial Group, Inc. (The)<sup>(b)</sup> | 38090 | &nbsp;&nbsp; 115794 |
| Herbalife Ltd.<sup>(b)(c)</sup> | 132608 | &nbsp;&nbsp; 954778 |
| Hershey Co. (The)<sup>(c)</sup> | 20098 | &nbsp;&nbsp; 3360185 |
| Hormel Foods Corp. | 91314 | &nbsp;&nbsp; 2730289 |
| Ingles Markets, Inc., Class A | 2549 | &nbsp;&nbsp; 157248 |
| Ingredion, Inc. | 20891 | &nbsp;&nbsp; 2774743 |
| J.M. Smucker Co. (The) | 36753 | &nbsp;&nbsp; 4273271 |
| Kellanova | 70295 | &nbsp;&nbsp; 5818317 |
| Kenvue, Inc. | 89606 | &nbsp;&nbsp; 2114702 |
| Keurig Dr Pepper, Inc. | 232405 | &nbsp;&nbsp; 8038889 |

---

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

------

**6**

------

**Invesco RAFI US 1000 ETF (PRF)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples-(continued)** | **Consumer Staples-(continued)** | **Consumer Staples-(continued)** |
| Kimberly-Clark Corp. | 73093 | &nbsp;&nbsp; $9632196 |
| Kraft Heinz Co. (The) | 382302 | &nbsp;&nbsp; 11124988 |
| Kroger Co. (The) | 379362 | &nbsp;&nbsp; 27393730 |
| Lamb Weston Holdings, Inc. | 18726 | &nbsp;&nbsp; 988920 |
| Maplebear, Inc.<sup>(b)</sup> | 4726 | &nbsp;&nbsp; 188520 |
| McCormick & Co., Inc. | 43149 | &nbsp;&nbsp; 3307802 |
| Molson Coors Beverage Co., Class B | 67617 | &nbsp;&nbsp; 3890006 |
| Mondelez International, Inc., Class A | 248944 | &nbsp;&nbsp; 16960555 |
| Monster Beverage Corp.<sup>(b)</sup> | 48257 | &nbsp;&nbsp; 2901211 |
| Nomad Foods Ltd. (United Kingdom)<sup>(c)</sup> | 58108 | &nbsp;&nbsp; 1161579 |
| Nu Skin Enterprises, Inc., Class A<sup>(c)</sup> | 64667 | &nbsp;&nbsp; 409342 |
| PepsiCo, Inc. | 232318 | &nbsp;&nbsp; 31497674 |
| Performance Food Group Co.<sup>(b)</sup> | 65763 | &nbsp;&nbsp; 5304444 |
| Philip Morris International, Inc. | 350718 | &nbsp;&nbsp; 60099036 |
| Post Holdings, Inc.<sup>(b)</sup> | 14656 | &nbsp;&nbsp; 1658620 |
| PriceSmart, Inc. | 2432 | &nbsp;&nbsp; 246824 |
| Procter & Gamble Co. (The) | 349022 | &nbsp;&nbsp; 56740507 |
| SpartanNash Co. | 4858 | &nbsp;&nbsp; 96383 |
| Spectrum Brands Holdings, Inc.<sup>(c)</sup> | 13151 | &nbsp;&nbsp; 829828 |
| Sprouts Farmers Market, Inc.<sup>(b)</sup> | 22996 | &nbsp;&nbsp; 3932316 |
| Sysco Corp. | 132600 | &nbsp;&nbsp; 9467640 |
| Target Corp. | 161955 | &nbsp;&nbsp; 15661048 |
| The Campbell's Company<sup>(c)</sup> | 57958 | &nbsp;&nbsp; 2113149 |
| TreeHouse Foods, Inc.<sup>(b)</sup> | 28046 | &nbsp;&nbsp; 653191 |
| Tyson Foods, Inc., Class A | 190089 | &nbsp;&nbsp; 11641050 |
| United Natural Foods, Inc.<sup>(b)</sup> | 63444 | &nbsp;&nbsp; 1694589 |
| Universal Corp. | 14476 | &nbsp;&nbsp; 843517 |
| US Foods Holding Corp.<sup>(b)</sup> | 94752 | &nbsp;&nbsp; 6221416 |
| Walgreens Boots Alliance, Inc. | 1182234 | &nbsp;&nbsp; 12969107 |
| Walmart, Inc. | 985182 | &nbsp;&nbsp; 95808949 |
|  |  | &nbsp;&nbsp; 643503499 |
| **Energy-6.84%** | **Energy-6.84%** | **Energy-6.84%** |
| Antero Midstream Corp. | 67201 | &nbsp;&nbsp; 1112177 |
| Antero Resources Corp.<sup>(b)</sup> | 103618 | &nbsp;&nbsp; 3609015 |
| APA Corp. | 150444 | &nbsp;&nbsp; 2337900 |
| Baker Hughes Co., Class A | 218216 | &nbsp;&nbsp; 7724846 |
| California Resources Corp. | 18493 | &nbsp;&nbsp; 638193 |
| ChampionX Corp. | 11019 | &nbsp;&nbsp; 265888 |
| Cheniere Energy, Inc. | 25778 | &nbsp;&nbsp; 5957554 |
| Chevron Corp. | 576295 | &nbsp;&nbsp; 78410698 |
| Chord Energy Corp. | 12657 | &nbsp;&nbsp; 1142041 |
| Civitas Resources, Inc.<sup>(c)</sup> | 27183 | &nbsp;&nbsp; 740737 |
| CNX Resources Corp.<sup>(b)(c)</sup> | 62133 | &nbsp;&nbsp; 1828574 |
| ConocoPhillips | 373217 | &nbsp;&nbsp; 33261099 |
| Core Natural Resources, Inc.<sup>(c)</sup> | 2989 | &nbsp;&nbsp; 215836 |
| Coterra Energy, Inc. | 228543 | &nbsp;&nbsp; 5613016 |
| Delek US Holdings, Inc.<sup>(c)</sup> | 67670 | &nbsp;&nbsp; 881063 |
| Devon Energy Corp. | 234689 | &nbsp;&nbsp; 7136892 |
| Diamondback Energy, Inc. | 33766 | &nbsp;&nbsp; 4457450 |
| DT Midstream, Inc. | 24670 | &nbsp;&nbsp; 2397924 |
| EOG Resources, Inc. | 157679 | &nbsp;&nbsp; 17396724 |
| EQT Corp. | 119409 | &nbsp;&nbsp; 5903581 |
| Expand Energy Corp. | 84137 | &nbsp;&nbsp; 8741834 |
| Exxon Mobil Corp. | 1415598 | &nbsp;&nbsp; 149529592 |
| Halliburton Co. | 191758 | &nbsp;&nbsp; 3800644 |
| Helmerich & Payne, Inc. | 42861 | &nbsp;&nbsp; 809644 |
| Hess Corp. | 31243 | &nbsp;&nbsp; 4031909 |
| HF Sinclair Corp. | 92448 | &nbsp;&nbsp; 2779911 |
| Kinder Morgan, Inc. | 805007 | &nbsp;&nbsp; 21171684 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy-(continued)** | **Energy-(continued)** | **Energy-(continued)** |
| Liberty Energy, Inc., Class A | 16835 | &nbsp;&nbsp; $193602 |
| Magnolia Oil & Gas Corp., Class A<sup>(c)</sup> | 11167 | &nbsp;&nbsp; 229259 |
| Marathon Petroleum Corp. | 173299 | &nbsp;&nbsp; 23813016 |
| Matador Resources Co. | 18931 | &nbsp;&nbsp; 748532 |
| Murphy Oil Corp.<sup>(c)</sup> | 61172 | &nbsp;&nbsp; 1255861 |
| Noble Corp. PLC<sup>(c)</sup> | 7479 | &nbsp;&nbsp; 162593 |
| NOV, Inc.<sup>(c)</sup> | 117029 | &nbsp;&nbsp; 1358707 |
| Occidental Petroleum Corp. | 203275 | &nbsp;&nbsp; 8011068 |
| ONEOK, Inc. | 123312 | &nbsp;&nbsp; 10131314 |
| Ovintiv, Inc. | 95144 | &nbsp;&nbsp; 3194936 |
| Par Pacific Holdings, Inc.<sup>(b)(c)</sup> | 14905 | &nbsp;&nbsp; 213440 |
| Patterson-UTI Energy, Inc.<sup>(c)</sup> | 50835 | &nbsp;&nbsp; 286709 |
| PBF Energy, Inc., Class A<sup>(c)</sup> | 110766 | &nbsp;&nbsp; 1902960 |
| Peabody Energy Corp.<sup>(c)</sup> | 69235 | &nbsp;&nbsp; 854360 |
| Permian Resources Corp. | 23479 | &nbsp;&nbsp; 277052 |
| Phillips 66 | 189419 | &nbsp;&nbsp; 19710941 |
| Range Resources Corp. | 36199 | &nbsp;&nbsp; 1228232 |
| Schlumberger N.V. | 267120 | &nbsp;&nbsp; 8881740 |
| SM Energy Co.<sup>(c)</sup> | 36440 | &nbsp;&nbsp; 830468 |
| Targa Resources Corp. | 37108 | &nbsp;&nbsp; 6341757 |
| TechnipFMC PLC (United Kingdom) | 67092 | &nbsp;&nbsp; 1889982 |
| Transocean Ltd.<sup>(b)(c)</sup> | 358200 | &nbsp;&nbsp; 762966 |
| Valero Energy Corp. | 204934 | &nbsp;&nbsp; 23790788 |
| Weatherford International PLC | 3398 | &nbsp;&nbsp; 140677 |
| Williams Cos., Inc. (The) | 295068 | &nbsp;&nbsp; 17282133 |
| World Kinect Corp. | 50450 | &nbsp;&nbsp; 1265790 |
|  |  | &nbsp;&nbsp; 506655309 |
| **Financials-21.41%** | **Financials-21.41%** | **Financials-21.41%** |
| Affiliated Managers Group, Inc. | 10656 | &nbsp;&nbsp; 1764953 |
| Aflac, Inc. | 145187 | &nbsp;&nbsp; 15778923 |
| AGNC Investment Corp.<sup>(c)</sup> | 199447 | &nbsp;&nbsp; 1761117 |
| Allstate Corp. (The) | 79938 | &nbsp;&nbsp; 15858900 |
| Ally Financial, Inc. | 172656 | &nbsp;&nbsp; 5638945 |
| American Express Co. | 75194 | &nbsp;&nbsp; 20032434 |
| American Financial Group, Inc. | 29509 | &nbsp;&nbsp; 3737610 |
| American International Group, Inc. | 313866 | &nbsp;&nbsp; 25586356 |
| Ameriprise Financial, Inc. | 14032 | &nbsp;&nbsp; 6609353 |
| Ameris Bancorp | 15833 | &nbsp;&nbsp; 927814 |
| Annaly Capital Management, Inc.<sup>(c)</sup> | 196451 | &nbsp;&nbsp; 3850440 |
| Aon PLC, Class A | 17102 | &nbsp;&nbsp; 6067619 |
| Apollo Commercial Real Estate Finance, <br> Inc.<sup>(c)</sup><br>| 65346 | &nbsp;&nbsp; 612292 |
| Apollo Global Management, Inc. | 21551 | &nbsp;&nbsp; 2941280 |
| Arbor Realty Trust, Inc.<sup>(c)</sup> | 72746 | &nbsp;&nbsp; 838761 |
| Arch Capital Group Ltd. | 42675 | &nbsp;&nbsp; 3869769 |
| Ares Management Corp., Class A | 6888 | &nbsp;&nbsp; 1050627 |
| Arthur J. Gallagher & Co. | 17255 | &nbsp;&nbsp; 5533506 |
| Artisan Partners Asset Management, Inc., <br> Class A<sup>(c)</sup><br>| 15812 | &nbsp;&nbsp; 584728 |
| Associated Banc-Corp | 61749 | &nbsp;&nbsp; 1362183 |
| Assurant, Inc. | 14178 | &nbsp;&nbsp; 2732668 |
| Assured Guaranty Ltd. | 12582 | &nbsp;&nbsp; 1103819 |
| Atlantic Union Bankshares Corp., <br> Class B<sup>(c)</sup><br>| 19977 | &nbsp;&nbsp; 553363 |
| AXIS Capital Holdings Ltd. | 21429 | &nbsp;&nbsp; 2064041 |
| Bank of America Corp. | 2276112 | &nbsp;&nbsp; 90771347 |
| Bank of New York Mellon Corp. (The) | 254745 | &nbsp;&nbsp; 20484045 |
| Bank OZK | 34324 | &nbsp;&nbsp; 1462202 |
| BankUnited, Inc. | 38376 | &nbsp;&nbsp; 1255279 |

---

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

------

**7**

------

**Invesco RAFI US 1000 ETF (PRF)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 381623 | &nbsp;&nbsp; $203500465 |
| BlackRock, Inc. | 23473 | &nbsp;&nbsp; 21460425 |
| Blackstone Mortgage Trust, Inc., <br> Class A<sup>(c)</sup><br>| 88608 | &nbsp;&nbsp; 1687982 |
| Blackstone, Inc., Class A | 53881 | &nbsp;&nbsp; 7096666 |
| Block, Inc., Class A<sup>(b)(c)</sup> | 69033 | &nbsp;&nbsp; 4036359 |
| BOK Financial Corp. | 6678 | &nbsp;&nbsp; 622189 |
| Bread Financial Holdings, Inc. | 51788 | &nbsp;&nbsp; 2457341 |
| Brighthouse Financial, Inc.<sup>(b)</sup> | 34217 | &nbsp;&nbsp; 1992114 |
| Brown & Brown, Inc. | 18216 | &nbsp;&nbsp; 2014690 |
| Cadence Bank | 48785 | &nbsp;&nbsp; 1427449 |
| Capital One Financial Corp. | 166854 | &nbsp;&nbsp; 30077102 |
| Carlyle Group, Inc. (The)<sup>(c)</sup> | 44571 | &nbsp;&nbsp; 1722223 |
| Cathay General Bancorp | 24354 | &nbsp;&nbsp; 1015318 |
| Cboe Global Markets, Inc. | 5879 | &nbsp;&nbsp; 1303962 |
| Charles Schwab Corp. (The) | 171646 | &nbsp;&nbsp; 13971984 |
| Chimera Investment Corp.<sup>(c)</sup> | 63422 | &nbsp;&nbsp; 782627 |
| Chubb Ltd. | 79889 | &nbsp;&nbsp; 22854645 |
| Cincinnati Financial Corp. | 40580 | &nbsp;&nbsp; 5649142 |
| Citigroup, Inc. | 1196765 | &nbsp;&nbsp; 81834791 |
| Citizens Financial Group, Inc. | 240009 | &nbsp;&nbsp; 8853932 |
| CME Group, Inc., Class A | 49218 | &nbsp;&nbsp; 13637323 |
| CNO Financial Group, Inc. | 53304 | &nbsp;&nbsp; 2022354 |
| Coinbase Global, Inc., Class A<sup>(b)</sup> | 6877 | &nbsp;&nbsp; 1395275 |
| Columbia Banking System, Inc.<sup>(c)</sup> | 51635 | &nbsp;&nbsp; 1157657 |
| Comerica, Inc. | 61218 | &nbsp;&nbsp; 3290467 |
| Commerce Bancshares, Inc. | 22828 | &nbsp;&nbsp; 1386573 |
| Corebridge Financial, Inc. | 133512 | &nbsp;&nbsp; 3955961 |
| Corpay, Inc.<sup>(b)</sup> | 7911 | &nbsp;&nbsp; 2574002 |
| Credicorp Ltd. (Peru) | 15519 | &nbsp;&nbsp; 3137787 |
| Cullen/Frost Bankers, Inc.<sup>(c)</sup> | 13103 | &nbsp;&nbsp; 1526106 |
| Discover Financial Services | 82756 | &nbsp;&nbsp; 15117039 |
| East West Bancorp, Inc. | 30439 | &nbsp;&nbsp; 2604056 |
| Enstar Group Ltd.<sup>(b)(c)</sup> | 2732 | &nbsp;&nbsp; 913608 |
| Equitable Holdings, Inc. | 81373 | &nbsp;&nbsp; 4023895 |
| Essent Group Ltd. | 23367 | &nbsp;&nbsp; 1330283 |
| Euronet Worldwide, Inc.<sup>(b)</sup> | 10020 | &nbsp;&nbsp; 992982 |
| Evercore, Inc., Class A | 6953 | &nbsp;&nbsp; 1427381 |
| Everest Group Ltd. | 7353 | &nbsp;&nbsp; 2638477 |
| F.N.B. Corp. | 129293 | &nbsp;&nbsp; 1692445 |
| FactSet Research Systems, Inc. | 2654 | &nbsp;&nbsp; 1147112 |
| Federated Hermes, Inc., Class B | 6622 | &nbsp;&nbsp; 268919 |
| Fidelity National Financial, Inc. | 83327 | &nbsp;&nbsp; 5337094 |
| Fidelity National Information Services, <br> Inc.<br>| 135370 | &nbsp;&nbsp; 10677986 |
| Fifth Third Bancorp | 218221 | &nbsp;&nbsp; 7842863 |
| First American Financial Corp.<sup>(c)</sup> | 47586 | &nbsp;&nbsp; 2893705 |
| First Citizens BancShares, Inc., Class A<sup>(c)</sup> | 1300 | &nbsp;&nbsp; 2312882 |
| First Financial Bancorp | 30278 | &nbsp;&nbsp; 700936 |
| First Hawaiian, Inc.<sup>(c)</sup> | 49112 | &nbsp;&nbsp; 1122700 |
| First Horizon Corp. | 186740 | &nbsp;&nbsp; 3376259 |
| First Interstate BancSystem, Inc., Class A | 33758 | &nbsp;&nbsp; 884291 |
| FirstCash Holdings, Inc. | 2114 | &nbsp;&nbsp; 283191 |
| Fiserv, Inc.<sup>(b)</sup> | 72630 | &nbsp;&nbsp; 13405319 |
| Flagstar Financial, Inc.<sup>(c)</sup> | 185065 | &nbsp;&nbsp; 2167111 |
| Franklin Resources, Inc. | 143144 | &nbsp;&nbsp; 2685381 |
| Fulton Financial Corp. | 50685 | &nbsp;&nbsp; 845426 |
| Genworth Financial, Inc., Class A<sup>(b)</sup> | 277491 | &nbsp;&nbsp; 1903588 |
| Glacier Bancorp, Inc.<sup>(c)</sup> | 27813 | &nbsp;&nbsp; 1133658 |
| Global Payments, Inc. | 57700 | &nbsp;&nbsp; 4403087 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Globe Life, Inc. | 17491 | &nbsp;&nbsp; $2157340 |
| Goldman Sachs Group, Inc. (The) | 93753 | &nbsp;&nbsp; 51334455 |
| Hancock Whitney Corp. | 27312 | &nbsp;&nbsp; 1422682 |
| Hanover Insurance Group, Inc. (The) | 11016 | &nbsp;&nbsp; 1829758 |
| Hartford Insurance Group, Inc. (The) | 87325 | &nbsp;&nbsp; 10712158 |
| Home BancShares, Inc. | 43970 | &nbsp;&nbsp; 1220167 |
| Houlihan Lokey, Inc. | 1347 | &nbsp;&nbsp; 218322 |
| Huntington Bancshares, Inc. | 492491 | &nbsp;&nbsp; 7155894 |
| Independent Bank Corp. | 11870 | &nbsp;&nbsp; 701398 |
| Intercontinental Exchange, Inc. | 60023 | &nbsp;&nbsp; 10082063 |
| Invesco Ltd.<sup>(e)</sup> | 231255 | &nbsp;&nbsp; 3221382 |
| Jack Henry & Associates, Inc. | 7600 | &nbsp;&nbsp; 1318068 |
| Jackson Financial, Inc., Class A | 62014 | &nbsp;&nbsp; 4831511 |
| Janus Henderson Group PLC | 51246 | &nbsp;&nbsp; 1701880 |
| Jefferies Financial Group, Inc. | 67243 | &nbsp;&nbsp; 3142265 |
| JPMorgan Chase & Co. | 658733 | &nbsp;&nbsp; 161139266 |
| Kemper Corp. | 21516 | &nbsp;&nbsp; 1272026 |
| KeyCorp | 431670 | &nbsp;&nbsp; 6405983 |
| KKR & Co., Inc., Class A | 59422 | &nbsp;&nbsp; 6790152 |
| Lazard, Inc. | 30630 | &nbsp;&nbsp; 1191507 |
| Lincoln National Corp. | 132324 | &nbsp;&nbsp; 4217166 |
| Loews Corp. | 56285 | &nbsp;&nbsp; 4887227 |
| LPL Financial Holdings, Inc. | 7390 | &nbsp;&nbsp; 2363248 |
| M&T Bank Corp. | 53142 | &nbsp;&nbsp; 9021386 |
| Markel Group, Inc.<sup>(b)</sup> | 3439 | &nbsp;&nbsp; 6254165 |
| Marsh & McLennan Cos., Inc. | 46687 | &nbsp;&nbsp; 10526518 |
| Mastercard, Inc., Class A | 28713 | &nbsp;&nbsp; 15736447 |
| MetLife, Inc. | 253574 | &nbsp;&nbsp; 19111872 |
| MFA Financial, Inc. | 59943 | &nbsp;&nbsp; 588640 |
| MGIC Investment Corp. | 71766 | &nbsp;&nbsp; 1787691 |
| Moelis & Co., Class A | 15226 | &nbsp;&nbsp; 815809 |
| Moody's Corp. | 9306 | &nbsp;&nbsp; 4216735 |
| Morgan Stanley | 315944 | &nbsp;&nbsp; 36466256 |
| Mr. Cooper Group, Inc.<sup>(b)</sup> | 21537 | &nbsp;&nbsp; 2563118 |
| MSCI, Inc. | 2924 | &nbsp;&nbsp; 1593902 |
| Nasdaq, Inc. | 36603 | &nbsp;&nbsp; 2789515 |
| Navient Corp.<sup>(c)</sup> | 82555 | &nbsp;&nbsp; 1022031 |
| NCR Atleos Corp.<sup>(b)</sup> | 6928 | &nbsp;&nbsp; 193430 |
| Northern Trust Corp. | 65103 | &nbsp;&nbsp; 6118380 |
| Old National Bancorp<sup>(c)</sup> | 81142 | &nbsp;&nbsp; 1670714 |
| Old Republic International Corp. | 116406 | &nbsp;&nbsp; 4376866 |
| OneMain Holdings, Inc.<sup>(c)</sup> | 75131 | &nbsp;&nbsp; 3536416 |
| Pacific Premier Bancorp, Inc. | 27564 | &nbsp;&nbsp; 560652 |
| PayPal Holdings, Inc.<sup>(b)</sup> | 196841 | &nbsp;&nbsp; 12960011 |
| PennyMac Financial Services, Inc. | 9982 | &nbsp;&nbsp; 972646 |
| PennyMac Mortgage Investment Trust<sup>(c)</sup> | 49218 | &nbsp;&nbsp; 631959 |
| Pinnacle Financial Partners, Inc. | 16665 | &nbsp;&nbsp; 1670500 |
| PNC Financial Services Group, Inc. (The) | 129163 | &nbsp;&nbsp; 20755202 |
| Popular, Inc. | 17518 | &nbsp;&nbsp; 1671568 |
| Primerica, Inc. | 5415 | &nbsp;&nbsp; 1419109 |
| Principal Financial Group, Inc. | 88404 | &nbsp;&nbsp; 6555157 |
| PROG Holdings, Inc. | 6873 | &nbsp;&nbsp; 181172 |
| Progressive Corp. (The) | 69889 | &nbsp;&nbsp; 19690527 |
| Prosperity Bancshares, Inc. | 27703 | &nbsp;&nbsp; 1881034 |
| Prudential Financial, Inc. | 141053 | &nbsp;&nbsp; 14487554 |
| Radian Group, Inc.<sup>(c)</sup> | 48852 | &nbsp;&nbsp; 1560333 |
| Raymond James Financial, Inc. | 30757 | &nbsp;&nbsp; 4214939 |
| Regions Financial Corp. | 335051 | &nbsp;&nbsp; 6838391 |
| Reinsurance Group of America, Inc. | 19473 | &nbsp;&nbsp; 3647488 |
| RenaissanceRe Holdings Ltd. (Bermuda) | 4736 | &nbsp;&nbsp; 1145780 |

---

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

------

**8**

------

**Invesco RAFI US 1000 ETF (PRF)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Rithm Capital Corp. | 282887 | &nbsp;&nbsp; $3162677 |
| RLI Corp. | 9838 | &nbsp;&nbsp; 728110 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup> | 69070 | &nbsp;&nbsp; 3392028 |
| S&P Global, Inc. | 26837 | &nbsp;&nbsp; 13419842 |
| SEI Investments Co. | 16228 | &nbsp;&nbsp; 1270490 |
| Selective Insurance Group, Inc. | 11781 | &nbsp;&nbsp; 1027657 |
| Simmons First National Corp., Class A | 54635 | &nbsp;&nbsp; 1019489 |
| SLM Corp. | 72570 | &nbsp;&nbsp; 2097999 |
| SoFi Technologies, Inc.<sup>(b)(c)</sup> | 108036 | &nbsp;&nbsp; 1351530 |
| SouthState Corp. | 17701 | &nbsp;&nbsp; 1536093 |
| Starwood Property Trust, Inc. | 147931 | &nbsp;&nbsp; 2838796 |
| State Street Corp. | 124717 | &nbsp;&nbsp; 10987568 |
| Stifel Financial Corp. | 21439 | &nbsp;&nbsp; 1837108 |
| StoneCo Ltd., Class A (Brazil)<sup>(b)</sup> | 38354 | &nbsp;&nbsp; 539257 |
| StoneX Group, Inc.<sup>(b)</sup> | 3760 | &nbsp;&nbsp; 333004 |
| Synchrony Financial | 256817 | &nbsp;&nbsp; 13341643 |
| Synovus Financial Corp. | 47729 | &nbsp;&nbsp; 2067620 |
| T. Rowe Price Group, Inc.<sup>(c)</sup> | 67528 | &nbsp;&nbsp; 5979604 |
| Texas Capital Bancshares, Inc.<sup>(b)(c)</sup> | 14484 | &nbsp;&nbsp; 987085 |
| Travelers Cos., Inc. (The) | 70021 | &nbsp;&nbsp; 18494647 |
| Truist Financial Corp. | 555323 | &nbsp;&nbsp; 21291084 |
| U.S. Bancorp | 551970 | &nbsp;&nbsp; 22266470 |
| UMB Financial Corp. | 9045 | &nbsp;&nbsp; 855386 |
| United Bankshares, Inc.<sup>(c)</sup> | 42271 | &nbsp;&nbsp; 1449473 |
| United Community Banks, Inc.<sup>(c)</sup> | 24828 | &nbsp;&nbsp; 685501 |
| Unum Group | 79034 | &nbsp;&nbsp; 6137780 |
| Valley National Bancorp<sup>(c)</sup> | 193313 | &nbsp;&nbsp; 1662492 |
| Virtu Financial, Inc., Class A | 7004 | &nbsp;&nbsp; 274207 |
| Visa, Inc., Class A | 69430 | &nbsp;&nbsp; 23988065 |
| Voya Financial, Inc. | 29284 | &nbsp;&nbsp; 1733613 |
| W.R. Berkley Corp. | 49707 | &nbsp;&nbsp; 3563495 |
| Webster Financial Corp. | 44976 | &nbsp;&nbsp; 2127365 |
| Wells Fargo & Co. | 1286263 | &nbsp;&nbsp; 91337536 |
| Western Alliance Bancorporation | 25806 | &nbsp;&nbsp; 1798936 |
| Western Union Co. (The) | 213274 | &nbsp;&nbsp; 2113545 |
| WEX, Inc.<sup>(b)(c)</sup> | 5660 | &nbsp;&nbsp; 737894 |
| White Mountains Insurance Group Ltd.<sup>(c)</sup> | 182 | &nbsp;&nbsp; 321676 |
| Willis Towers Watson PLC | 17208 | &nbsp;&nbsp; 5296622 |
| Wintrust Financial Corp. | 14629 | &nbsp;&nbsp; 1626306 |
| XP, Inc., Class A (Brazil) | 26695 | &nbsp;&nbsp; 429789 |
| Zions Bancorporation N.A. | 60196 | &nbsp;&nbsp; 2707014 |
|  |  | &nbsp;&nbsp; 1584777286 |
| **Health Care-12.05%** | **Health Care-12.05%** | **Health Care-12.05%** |
| Abbott Laboratories | 221458 | &nbsp;&nbsp; 28955634 |
| AbbVie, Inc. | 256220 | &nbsp;&nbsp; 49988522 |
| Acadia Healthcare Co., Inc.<sup>(b)(c)</sup> | 17133 | &nbsp;&nbsp; 400912 |
| Agilent Technologies, Inc. | 27139 | &nbsp;&nbsp; 2920156 |
| Align Technology, Inc.<sup>(b)</sup> | 7496 | &nbsp;&nbsp; 1299057 |
| Alnylam Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 896 | &nbsp;&nbsp; 235863 |
| Amgen, Inc. | 91493 | &nbsp;&nbsp; 26617144 |
| AMN Healthcare Services, Inc.<sup>(b)</sup> | 25518 | &nbsp;&nbsp; 521333 |
| Avantor, Inc.<sup>(b)(c)</sup> | 120451 | &nbsp;&nbsp; 1564659 |
| Baxter International, Inc. | 146620 | &nbsp;&nbsp; 4570145 |
| Becton, Dickinson and Co. | 47432 | &nbsp;&nbsp; 9822693 |
| Biogen, Inc.<sup>(b)</sup> | 50584 | &nbsp;&nbsp; 6124711 |
| BioMarin Pharmaceutical, Inc.<sup>(b)</sup> | 18374 | &nbsp;&nbsp; 1170240 |
| Bio-Rad Laboratories, Inc., Class A<sup>(b)(c)</sup> | 5866 | &nbsp;&nbsp; 1431773 |
| Boston Scientific Corp.<sup>(b)</sup> | 100361 | &nbsp;&nbsp; 10324136 |
| Bristol-Myers Squibb Co. | 629472 | &nbsp;&nbsp; 31599494 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Bruker Corp. | 4872 | &nbsp;&nbsp; $195172 |
| Cardinal Health, Inc. | 155992 | &nbsp;&nbsp; 22040110 |
| Cencora, Inc. | 67105 | &nbsp;&nbsp; 19639620 |
| Centene Corp.<sup>(b)</sup> | 319506 | &nbsp;&nbsp; 19122434 |
| Charles River Laboratories International, <br> Inc.<sup>(b)</sup><br>| 7096 | &nbsp;&nbsp; 841728 |
| Chemed Corp. | 537 | &nbsp;&nbsp; 312271 |
| Cigna Group (The) | 104277 | &nbsp;&nbsp; 35458351 |
| Cooper Cos., Inc. (The)<sup>(b)</sup> | 21772 | &nbsp;&nbsp; 1778119 |
| CVS Health Corp. | 807580 | &nbsp;&nbsp; 53873662 |
| Danaher Corp. | 59307 | &nbsp;&nbsp; 11821664 |
| DaVita, Inc.<sup>(b)(c)</sup> | 18149 | &nbsp;&nbsp; 2568991 |
| DENTSPLY SIRONA, Inc. | 63020 | &nbsp;&nbsp; 875978 |
| DexCom, Inc.<sup>(b)</sup> | 11712 | &nbsp;&nbsp; 836003 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 44764 | &nbsp;&nbsp; 3379234 |
| Elanco Animal Health, Inc.<sup>(b)(c)</sup> | 158395 | &nbsp;&nbsp; 1501585 |
| Elevance Health, Inc. | 65086 | &nbsp;&nbsp; 27373870 |
| Eli Lilly and Co. | 22359 | &nbsp;&nbsp; 20099623 |
| Encompass Health Corp. | 16392 | &nbsp;&nbsp; 1917700 |
| Enovis Corp.<sup>(b)(c)</sup> | 18931 | &nbsp;&nbsp; 654823 |
| Envista Holdings Corp.<sup>(b)(c)</sup> | 70774 | &nbsp;&nbsp; 1138046 |
| Exact Sciences Corp.<sup>(b)(c)</sup> | 5182 | &nbsp;&nbsp; 236506 |
| Exelixis, Inc.<sup>(b)</sup> | 47499 | &nbsp;&nbsp; 1859586 |
| Fortrea Holdings, Inc.<sup>(b)(c)</sup> | 18567 | &nbsp;&nbsp; 115672 |
| GE HealthCare Technologies, Inc. | 72330 | &nbsp;&nbsp; 5086969 |
| Gilead Sciences, Inc. | 312013 | &nbsp;&nbsp; 33241865 |
| Globus Medical, Inc., Class A<sup>(b)</sup> | 3007 | &nbsp;&nbsp; 215812 |
| HCA Healthcare, Inc. | 36726 | &nbsp;&nbsp; 12673408 |
| Henry Schein, Inc.<sup>(b)</sup> | 40361 | &nbsp;&nbsp; 2622254 |
| Hologic, Inc.<sup>(b)</sup> | 42496 | &nbsp;&nbsp; 2473267 |
| Humana, Inc. | 49622 | &nbsp;&nbsp; 13012873 |
| ICON PLC<sup>(b)</sup> | 7342 | &nbsp;&nbsp; 1111872 |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 2870 | &nbsp;&nbsp; 1241706 |
| Illumina, Inc.<sup>(b)</sup> | 18294 | &nbsp;&nbsp; 1419614 |
| Incyte Corp.<sup>(b)</sup> | 26890 | &nbsp;&nbsp; 1684927 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 11493 | &nbsp;&nbsp; 5928089 |
| IQVIA Holdings, Inc.<sup>(b)</sup> | 22260 | &nbsp;&nbsp; 3451858 |
| Jazz Pharmaceuticals PLC<sup>(b)(c)</sup> | 14279 | &nbsp;&nbsp; 1670072 |
| Johnson & Johnson | 490606 | &nbsp;&nbsp; 76686624 |
| Labcorp Holdings, Inc. | 21165 | &nbsp;&nbsp; 5100977 |
| Masimo Corp.<sup>(b)(c)</sup> | 1381 | &nbsp;&nbsp; 222286 |
| McKesson Corp. | 47998 | &nbsp;&nbsp; 34212494 |
| Medtronic PLC | 238297 | &nbsp;&nbsp; 20198054 |
| Merck & Co., Inc. | 405785 | &nbsp;&nbsp; 34572882 |
| Mettler-Toledo International, Inc.<sup>(b)</sup> | 1361 | &nbsp;&nbsp; 1457046 |
| Moderna, Inc.<sup>(b)(c)</sup> | 134612 | &nbsp;&nbsp; 3841826 |
| Molina Healthcare, Inc.<sup>(b)</sup> | 13479 | &nbsp;&nbsp; 4407768 |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> | 2621 | &nbsp;&nbsp; 282255 |
| Novavax, Inc.<sup>(b)(c)</sup> | 35359 | &nbsp;&nbsp; 235845 |
| Option Care Health, Inc.<sup>(b)</sup> | 24334 | &nbsp;&nbsp; 786232 |
| Organon & Co.<sup>(c)</sup> | 172592 | &nbsp;&nbsp; 2231615 |
| Owens & Minor, Inc.<sup>(b)</sup> | 63720 | &nbsp;&nbsp; 449863 |
| Perrigo Co. PLC<sup>(c)</sup> | 49008 | &nbsp;&nbsp; 1260486 |
| Pfizer, Inc. | 2454216 | &nbsp;&nbsp; 59907413 |
| Premier, Inc., Class A<sup>(c)</sup> | 48604 | &nbsp;&nbsp; 989091 |
| Quest Diagnostics, Inc. | 32006 | &nbsp;&nbsp; 5704109 |
| QuidelOrtho Corp.<sup>(b)(c)</sup> | 36050 | &nbsp;&nbsp; 1001830 |
| Regeneron Pharmaceuticals, Inc. | 13385 | &nbsp;&nbsp; 8014403 |
| ResMed, Inc. | 11806 | &nbsp;&nbsp; 2793182 |
| Revvity, Inc.<sup>(c)</sup> | 22148 | &nbsp;&nbsp; 2069288 |

---

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

------

**9**

------

**Invesco RAFI US 1000 ETF (PRF)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Royalty Pharma PLC, Class A | 52754 | &nbsp;&nbsp; $1731386 |
| Sarepta Therapeutics, Inc.<sup>(b)(c)</sup> | 2270 | &nbsp;&nbsp; 141648 |
| Select Medical Holdings Corp. | 31712 | &nbsp;&nbsp; 578427 |
| Solventum Corp.<sup>(b)</sup> | 63827 | &nbsp;&nbsp; 4220241 |
| STERIS PLC | 10912 | &nbsp;&nbsp; 2452363 |
| Stryker Corp. | 25773 | &nbsp;&nbsp; 9637040 |
| Teladoc Health, Inc.<sup>(b)(c)</sup> | 17700 | &nbsp;&nbsp; 127263 |
| Teleflex, Inc. | 7344 | &nbsp;&nbsp; 1006495 |
| Tenet Healthcare Corp.<sup>(b)</sup> | 48757 | &nbsp;&nbsp; 6969813 |
| Thermo Fisher Scientific, Inc. | 36424 | &nbsp;&nbsp; 15625896 |
| United Therapeutics Corp.<sup>(b)</sup> | 7087 | &nbsp;&nbsp; 2147999 |
| UnitedHealth Group, Inc. | 147730 | &nbsp;&nbsp; 60782031 |
| Universal Health Services, Inc., Class B | 20820 | &nbsp;&nbsp; 3686597 |
| Veeva Systems, Inc., Class A<sup>(b)</sup> | 5687 | &nbsp;&nbsp; 1328995 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 15871 | &nbsp;&nbsp; 8086275 |
| Viatris, Inc. | 626249 | &nbsp;&nbsp; 5273017 |
| Waters Corp.<sup>(b)</sup> | 4606 | &nbsp;&nbsp; 1601644 |
| West Pharmaceutical Services, Inc. | 4706 | &nbsp;&nbsp; 994331 |
| Zimmer Biomet Holdings, Inc. | 38184 | &nbsp;&nbsp; 3934861 |
| Zoetis, Inc. | 28970 | &nbsp;&nbsp; 4530908 |
|  |  | &nbsp;&nbsp; 892304605 |
| **Industrials-9.48%** | **Industrials-9.48%** | **Industrials-9.48%** |
| 3M Co. | 215282 | &nbsp;&nbsp; 29904823 |
| A.O. Smith Corp. | 18775 | &nbsp;&nbsp; 1274071 |
| ABM Industries, Inc. | 31287 | &nbsp;&nbsp; 1524928 |
| Acuity, Inc. | 4932 | &nbsp;&nbsp; 1201485 |
| Advanced Drainage Systems, Inc. | 2421 | &nbsp;&nbsp; 274759 |
| AECOM | 33200 | &nbsp;&nbsp; 3275180 |
| AerCap Holdings N.V. (Ireland) | 55266 | &nbsp;&nbsp; 5858196 |
| AGCO Corp. | 24872 | &nbsp;&nbsp; 2109892 |
| Air Lease Corp., Class A | 43447 | &nbsp;&nbsp; 2031582 |
| Alaska Air Group, Inc.<sup>(b)(c)</sup> | 6084 | &nbsp;&nbsp; 269339 |
| Alight, Inc., Class A<sup>(c)</sup> | 140364 | &nbsp;&nbsp; 717260 |
| Allegion PLC | 6577 | &nbsp;&nbsp; 915518 |
| Allison Transmission Holdings, Inc. | 18847 | &nbsp;&nbsp; 1738447 |
| Amentum Holdings, Inc.<sup>(b)</sup> | 17457 | &nbsp;&nbsp; 380912 |
| American Airlines Group, Inc.<sup>(b)(c)</sup> | 66973 | &nbsp;&nbsp; 666381 |
| AMETEK, Inc. | 18988 | &nbsp;&nbsp; 3219985 |
| API Group Corp.<sup>(b)(c)</sup> | 30901 | &nbsp;&nbsp; 1168985 |
| Applied Industrial Technologies, Inc. | 4478 | &nbsp;&nbsp; 1089408 |
| ArcBest Corp. | 7043 | &nbsp;&nbsp; 412156 |
| Arcosa, Inc. | 2559 | &nbsp;&nbsp; 204899 |
| Atkore, Inc.<sup>(c)</sup> | 10342 | &nbsp;&nbsp; 660544 |
| Automatic Data Processing, Inc. | 36674 | &nbsp;&nbsp; 11024204 |
| Avis Budget Group, Inc.<sup>(b)(c)</sup> | 20777 | &nbsp;&nbsp; 1924574 |
| BlueLinx Holdings, Inc.<sup>(b)(c)</sup> | 4723 | &nbsp;&nbsp; 307656 |
| Boeing Co. (The)<sup>(b)</sup> | 56814 | &nbsp;&nbsp; 10410597 |
| Boise Cascade Co. | 14833 | &nbsp;&nbsp; 1383622 |
| Booz Allen Hamilton Holding Corp. | 15308 | &nbsp;&nbsp; 1837266 |
| Brink's Co. (The)<sup>(c)</sup> | 8595 | &nbsp;&nbsp; 767018 |
| Broadridge Financial Solutions, Inc. | 10862 | &nbsp;&nbsp; 2632949 |
| Builders FirstSource, Inc.<sup>(b)</sup> | 29410 | &nbsp;&nbsp; 3518318 |
| BWX Technologies, Inc. | 8846 | &nbsp;&nbsp; 965276 |
| C.H. Robinson Worldwide, Inc. | 51894 | &nbsp;&nbsp; 4629983 |
| CACI International, Inc., Class A<sup>(b)</sup> | 5236 | &nbsp;&nbsp; 2397407 |
| Carlisle Cos., Inc. | 6237 | &nbsp;&nbsp; 2366817 |
| Carrier Global Corp. | 115512 | &nbsp;&nbsp; 7224120 |
| Caterpillar, Inc. | 71790 | &nbsp;&nbsp; 22202493 |
| Chart Industries, Inc.<sup>(b)(c)</sup> | 4915 | &nbsp;&nbsp; 663427 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Cintas Corp. | 22223 | &nbsp;&nbsp; $4704165 |
| Clarivate PLC<sup>(b)(c)</sup> | 74082 | &nbsp;&nbsp; 319293 |
| Clean Harbors, Inc.<sup>(b)</sup> | 6770 | &nbsp;&nbsp; 1448374 |
| CNH Industrial N.V. | 376696 | &nbsp;&nbsp; 4358373 |
| Comfort Systems USA, Inc. | 598 | &nbsp;&nbsp; 237735 |
| Concentrix Corp.<sup>(c)</sup> | 16733 | &nbsp;&nbsp; 854387 |
| Copart, Inc.<sup>(b)</sup> | 38950 | &nbsp;&nbsp; 2377118 |
| Core & Main, Inc., Class A<sup>(b)</sup> | 23438 | &nbsp;&nbsp; 1234714 |
| CoreCivic, Inc.<sup>(b)</sup> | 60607 | &nbsp;&nbsp; 1372142 |
| Crane Co. | 7814 | &nbsp;&nbsp; 1257898 |
| CSX Corp. | 344548 | &nbsp;&nbsp; 9671462 |
| Cummins, Inc. | 32443 | &nbsp;&nbsp; 9533051 |
| Curtiss-Wright Corp. | 4319 | &nbsp;&nbsp; 1489580 |
| Deere & Co. | 44662 | &nbsp;&nbsp; 20703517 |
| Delta Air Lines, Inc. | 46499 | &nbsp;&nbsp; 1935753 |
| Donaldson Co., Inc. | 19974 | &nbsp;&nbsp; 1312891 |
| Dover Corp. | 20417 | &nbsp;&nbsp; 3484161 |
| Dycom Industries, Inc.<sup>(b)</sup> | 6650 | &nbsp;&nbsp; 1114207 |
| Eaton Corp. PLC | 40032 | &nbsp;&nbsp; 11784220 |
| EMCOR Group, Inc. | 6701 | &nbsp;&nbsp; 2685091 |
| Emerson Electric Co. | 93912 | &nbsp;&nbsp; 9871090 |
| EnerSys | 11391 | &nbsp;&nbsp; 986461 |
| Equifax, Inc. | 8977 | &nbsp;&nbsp; 2335187 |
| ESAB Corp. | 8649 | &nbsp;&nbsp; 1038918 |
| Everus Construction Group, Inc.<sup>(b)(c)</sup> | 14378 | &nbsp;&nbsp; 578571 |
| Expeditors International of Washington, <br> Inc.<br>| 32263 | &nbsp;&nbsp; 3546026 |
| Fastenal Co. | 59692 | &nbsp;&nbsp; 4833261 |
| FedEx Corp. | 81289 | &nbsp;&nbsp; 17097515 |
| Ferguson Enterprises, Inc. | 10182 | &nbsp;&nbsp; 1727478 |
| Flowserve Corp. | 26980 | &nbsp;&nbsp; 1220305 |
| Fluor Corp.<sup>(b)(c)</sup> | 42236 | &nbsp;&nbsp; 1473614 |
| Fortive Corp. | 37964 | &nbsp;&nbsp; 2645711 |
| Fortune Brands Innovations, Inc. | 25568 | &nbsp;&nbsp; 1376070 |
| FTI Consulting, Inc.<sup>(b)</sup> | 5772 | &nbsp;&nbsp; 959768 |
| Gates Industrial Corp. PLC<sup>(b)</sup> | 15891 | &nbsp;&nbsp; 300658 |
| GATX Corp.<sup>(c)</sup> | 7462 | &nbsp;&nbsp; 1089154 |
| GE Vernova, Inc. | 21932 | &nbsp;&nbsp; 8132824 |
| Generac Holdings, Inc.<sup>(b)</sup> | 11640 | &nbsp;&nbsp; 1331383 |
| General Dynamics Corp. | 50951 | &nbsp;&nbsp; 13864786 |
| General Electric Co. | 91886 | &nbsp;&nbsp; 18518704 |
| Genpact Ltd. | 34592 | &nbsp;&nbsp; 1738594 |
| GEO Group, Inc. (The)<sup>(b)</sup> | 70730 | &nbsp;&nbsp; 2212434 |
| GMS, Inc.<sup>(b)(c)</sup> | 14129 | &nbsp;&nbsp; 1035091 |
| Grab Holdings Ltd., Class A <br> (Singapore)<sup>(b)(c)</sup><br>| 240551 | &nbsp;&nbsp; 1173889 |
| Graco, Inc. | 14566 | &nbsp;&nbsp; 1188731 |
| GXO Logistics, Inc.<sup>(b)(c)</sup> | 37481 | &nbsp;&nbsp; 1358311 |
| HEICO Corp.<sup>(c)</sup> | 4618 | &nbsp;&nbsp; 1158010 |
| Herc Holdings, Inc.<sup>(c)</sup> | 6349 | &nbsp;&nbsp; 694835 |
| Hertz Global Holdings, Inc.<sup>(b)(c)</sup> | 234287 | &nbsp;&nbsp; 1597837 |
| Hexcel Corp. | 3586 | &nbsp;&nbsp; 173813 |
| Hillenbrand, Inc.<sup>(c)</sup> | 6842 | &nbsp;&nbsp; 138414 |
| Honeywell International, Inc. | 108187 | &nbsp;&nbsp; 22773363 |
| Howmet Aerospace, Inc. | 30039 | &nbsp;&nbsp; 4162805 |
| Hub Group, Inc., Class A | 27518 | &nbsp;&nbsp; 869294 |
| Hubbell, Inc. | 5607 | &nbsp;&nbsp; 2036350 |
| Huntington Ingalls Industries, Inc. | 11833 | &nbsp;&nbsp; 2725613 |
| IDEX Corp. | 8301 | &nbsp;&nbsp; 1444125 |
| Illinois Tool Works, Inc. | 36721 | &nbsp;&nbsp; 8809735 |

---

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

------

**10**

------

**Invesco RAFI US 1000 ETF (PRF)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Ingersoll Rand, Inc. | 30524 | &nbsp;&nbsp; $2302425 |
| Insperity, Inc. | 6776 | &nbsp;&nbsp; 440508 |
| ITT, Inc. | 10637 | &nbsp;&nbsp; 1457482 |
| J.B. Hunt Transport Services, Inc. | 13630 | &nbsp;&nbsp; 1779805 |
| Jacobs Solutions, Inc. | 24409 | &nbsp;&nbsp; 3021834 |
| JELD-WEN Holding, Inc.<sup>(b)(c)</sup> | 50798 | &nbsp;&nbsp; 280405 |
| JetBlue Airways Corp.<sup>(b)(c)</sup> | 40275 | &nbsp;&nbsp; 175599 |
| Johnson Controls International PLC | 155249 | &nbsp;&nbsp; 13025391 |
| KBR, Inc. | 25201 | &nbsp;&nbsp; 1330865 |
| Kelly Services, Inc., Class A | 7112 | &nbsp;&nbsp; 82144 |
| Kennametal, Inc.<sup>(c)</sup> | 35522 | &nbsp;&nbsp; 691969 |
| Kirby Corp.<sup>(b)(c)</sup> | 13022 | &nbsp;&nbsp; 1254930 |
| Knight-Swift Transportation Holdings, Inc. | 49506 | &nbsp;&nbsp; 1939150 |
| Korn Ferry | 3960 | &nbsp;&nbsp; 244332 |
| L3Harris Technologies, Inc. | 45763 | &nbsp;&nbsp; 10068775 |
| Landstar System, Inc.<sup>(c)</sup> | 7907 | &nbsp;&nbsp; 1060724 |
| Leidos Holdings, Inc. | 28993 | &nbsp;&nbsp; 4267190 |
| Lennox International, Inc. | 2468 | &nbsp;&nbsp; 1349379 |
| Lincoln Electric Holdings, Inc. | 5507 | &nbsp;&nbsp; 970333 |
| Lockheed Martin Corp. | 54151 | &nbsp;&nbsp; 25870640 |
| Lyft, Inc., Class A<sup>(b)</sup> | 23359 | &nbsp;&nbsp; 289652 |
| ManpowerGroup, Inc. | 37312 | &nbsp;&nbsp; 1607028 |
| Masco Corp. | 33513 | &nbsp;&nbsp; 2031223 |
| MasTec, Inc.<sup>(b)</sup> | 22221 | &nbsp;&nbsp; 2829178 |
| MasterBrand, Inc.<sup>(b)(c)</sup> | 56569 | &nbsp;&nbsp; 687313 |
| Matson, Inc. | 2845 | &nbsp;&nbsp; 310361 |
| Maximus, Inc. | 15747 | &nbsp;&nbsp; 1054419 |
| Middleby Corp. (The)<sup>(b)(c)</sup> | 10565 | &nbsp;&nbsp; 1408843 |
| MillerKnoll, Inc. | 30221 | &nbsp;&nbsp; 495624 |
| Moog, Inc., Class A | 1418 | &nbsp;&nbsp; 237161 |
| MSC Industrial Direct Co., Inc., Class A | 14817 | &nbsp;&nbsp; 1133204 |
| Mueller Industries, Inc. | 21064 | &nbsp;&nbsp; 1549468 |
| Nordson Corp. | 5398 | &nbsp;&nbsp; 1023299 |
| Norfolk Southern Corp. | 42666 | &nbsp;&nbsp; 9559317 |
| Northrop Grumman Corp. | 29305 | &nbsp;&nbsp; 14256882 |
| nVent Electric PLC | 20995 | &nbsp;&nbsp; 1152835 |
| Old Dominion Freight Line, Inc. | 12392 | &nbsp;&nbsp; 1899446 |
| Oshkosh Corp. | 20768 | &nbsp;&nbsp; 1739528 |
| Otis Worldwide Corp. | 42595 | &nbsp;&nbsp; 4100621 |
| Owens Corning | 21812 | &nbsp;&nbsp; 3171683 |
| PACCAR, Inc. | 99609 | &nbsp;&nbsp; 8985728 |
| Parker-Hannifin Corp. | 11798 | &nbsp;&nbsp; 7138498 |
| Paychex, Inc. | 37055 | &nbsp;&nbsp; 5451532 |
| Pentair PLC | 22195 | &nbsp;&nbsp; 2013752 |
| Quanta Services, Inc. | 14282 | &nbsp;&nbsp; 4180199 |
| Regal Rexnord Corp. | 15207 | &nbsp;&nbsp; 1609509 |
| Republic Services, Inc. | 22087 | &nbsp;&nbsp; 5538315 |
| Resideo Technologies, Inc.<sup>(b)</sup> | 58651 | &nbsp;&nbsp; 984164 |
| Robert Half, Inc.<sup>(c)</sup> | 28624 | &nbsp;&nbsp; 1268043 |
| Rockwell Automation, Inc. | 13854 | &nbsp;&nbsp; 3431359 |
| Rollins, Inc. | 4575 | &nbsp;&nbsp; 261370 |
| RTX Corp. | 305586 | &nbsp;&nbsp; 38543562 |
| Rush Enterprises, Inc., Class A | 21906 | &nbsp;&nbsp; 1116987 |
| RXO, Inc.<sup>(b)(c)</sup> | 30313 | &nbsp;&nbsp; 427110 |
| Ryder System, Inc. | 27845 | &nbsp;&nbsp; 3833421 |
| Saia, Inc.<sup>(b)(c)</sup> | 1700 | &nbsp;&nbsp; 414800 |
| Science Applications International Corp. | 14010 | &nbsp;&nbsp; 1695630 |
| Sensata Technologies Holding PLC | 49319 | &nbsp;&nbsp; 1055427 |
| Simpson Manufacturing Co., Inc. | 1566 | &nbsp;&nbsp; 240679 |
| SiteOne Landscape Supply, Inc.<sup>(b)(c)</sup> | 5397 | &nbsp;&nbsp; 619630 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| SkyWest, Inc.<sup>(b)</sup> | 2359 | &nbsp;&nbsp; $210352 |
| Snap-on, Inc. | 10143 | &nbsp;&nbsp; 3182975 |
| Southwest Airlines Co.<sup>(c)</sup> | 43188 | &nbsp;&nbsp; 1207536 |
| SS&C Technologies Holdings, Inc. | 38563 | &nbsp;&nbsp; 2915363 |
| Stanley Black & Decker, Inc.<sup>(c)</sup> | 63518 | &nbsp;&nbsp; 3812350 |
| Sunrun, Inc.<sup>(b)(c)</sup> | 92995 | &nbsp;&nbsp; 640736 |
| Terex Corp.<sup>(c)</sup> | 20995 | &nbsp;&nbsp; 739024 |
| Tetra Tech, Inc. | 9211 | &nbsp;&nbsp; 287291 |
| Textron, Inc. | 44472 | &nbsp;&nbsp; 3129495 |
| Timken Co. (The)<sup>(c)</sup> | 16649 | &nbsp;&nbsp; 1069698 |
| Toro Co. (The) | 16331 | &nbsp;&nbsp; 1115081 |
| Trane Technologies PLC | 14621 | &nbsp;&nbsp; 5604376 |
| TransDigm Group, Inc. | 3812 | &nbsp;&nbsp; 5386623 |
| TransUnion | 21512 | &nbsp;&nbsp; 1784636 |
| TriNet Group, Inc. | 3070 | &nbsp;&nbsp; 240473 |
| Trinity Industries, Inc. | 29123 | &nbsp;&nbsp; 730987 |
| Uber Technologies, Inc.<sup>(b)</sup> | 60933 | &nbsp;&nbsp; 4936182 |
| UFP Industries, Inc. | 15543 | &nbsp;&nbsp; 1536426 |
| U-Haul Holding Co., Series N | 24729 | &nbsp;&nbsp; 1355149 |
| Union Pacific Corp. | 88373 | &nbsp;&nbsp; 19058521 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 42767 | &nbsp;&nbsp; 2943225 |
| United Parcel Service, Inc., Class B | 190666 | &nbsp;&nbsp; 18170470 |
| United Rentals, Inc. | 9986 | &nbsp;&nbsp; 6305660 |
| Valmont Industries, Inc. | 3999 | &nbsp;&nbsp; 1172587 |
| Veralto Corp. | 18247 | &nbsp;&nbsp; 1749887 |
| Verisk Analytics, Inc. | 7877 | &nbsp;&nbsp; 2334979 |
| Vertiv Holdings Co., Class A | 12354 | &nbsp;&nbsp; 1054785 |
| Vestis Corp.<sup>(c)</sup> | 37697 | &nbsp;&nbsp; 330226 |
| W.W. Grainger, Inc. | 4188 | &nbsp;&nbsp; 4289810 |
| Wabtec Corp. | 24918 | &nbsp;&nbsp; 4603351 |
| Waste Management, Inc. | 43943 | &nbsp;&nbsp; 10254538 |
| Watsco, Inc. | 4718 | &nbsp;&nbsp; 2169525 |
| Werner Enterprises, Inc.<sup>(c)</sup> | 27814 | &nbsp;&nbsp; 685893 |
| WESCO International, Inc. | 20311 | &nbsp;&nbsp; 3309881 |
| WillScot Holdings Corp.<sup>(c)</sup> | 24601 | &nbsp;&nbsp; 617977 |
| Woodward, Inc. | 7158 | &nbsp;&nbsp; 1342626 |
| XPO, Inc.<sup>(b)(c)</sup> | 10757 | &nbsp;&nbsp; 1141533 |
| Xylem, Inc. | 20490 | &nbsp;&nbsp; 2470479 |
| ZIM Integrated Shipping Services Ltd. <br> (Israel)<sup>(c)</sup><br>| 253314 | &nbsp;&nbsp; 3888370 |
|  |  | &nbsp;&nbsp; 701991093 |
| **Information Technology-12.67%** | **Information Technology-12.67%** | **Information Technology-12.67%** |
| Accenture PLC, Class A (Ireland) | 58514 | &nbsp;&nbsp; 17504463 |
| Adobe, Inc.<sup>(b)</sup> | 23935 | &nbsp;&nbsp; 8975146 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 106255 | &nbsp;&nbsp; 10343924 |
| Akamai Technologies, Inc.<sup>(b)</sup> | 23355 | &nbsp;&nbsp; 1881946 |
| Amdocs Ltd. | 26919 | &nbsp;&nbsp; 2384485 |
| Amkor Technology, Inc. | 34596 | &nbsp;&nbsp; 603700 |
| Amphenol Corp., Class A | 86350 | &nbsp;&nbsp; 6644632 |
| Analog Devices, Inc. | 65819 | &nbsp;&nbsp; 12829439 |
| ANSYS, Inc.<sup>(b)</sup> | 5506 | &nbsp;&nbsp; 1772271 |
| Apple, Inc. | 934346 | &nbsp;&nbsp; 198548525 |
| Applied Materials, Inc. | 71019 | &nbsp;&nbsp; 10703273 |
| Arista Networks, Inc.<sup>(b)</sup> | 27496 | &nbsp;&nbsp; 2262096 |
| Arrow Electronics, Inc.<sup>(b)(c)</sup> | 50739 | &nbsp;&nbsp; 5650295 |
| ASGN, Inc.<sup>(b)(c)</sup> | 15724 | &nbsp;&nbsp; 792175 |
| Autodesk, Inc.<sup>(b)</sup> | 6967 | &nbsp;&nbsp; 1910700 |
| Avnet, Inc.<sup>(c)</sup> | 51301 | &nbsp;&nbsp; 2410634 |
| Broadcom, Inc. | 216821 | &nbsp;&nbsp; 41731538 |

---

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

------

**11**

------

**Invesco RAFI US 1000 ETF (PRF)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 7702 | &nbsp;&nbsp; $2293193 |
| CDW Corp. | 17910 | &nbsp;&nbsp; 2875630 |
| Check Point Software Technologies Ltd. <br> (Israel)<sup>(b)</sup><br>| 5891 | &nbsp;&nbsp; 1293428 |
| Ciena Corp.<sup>(b)(c)</sup> | 26571 | &nbsp;&nbsp; 1784508 |
| Cirrus Logic, Inc.<sup>(b)</sup> | 3548 | &nbsp;&nbsp; 340750 |
| Cisco Systems, Inc. | 871768 | &nbsp;&nbsp; 50327167 |
| Cognex Corp.<sup>(c)</sup> | 25493 | &nbsp;&nbsp; 695959 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 108006 | &nbsp;&nbsp; 7946001 |
| Coherent Corp.<sup>(b)</sup> | 24981 | &nbsp;&nbsp; 1606778 |
| CommScope Holding Co., Inc.<sup>(b)</sup> | 60118 | &nbsp;&nbsp; 224841 |
| Corning, Inc. | 196647 | &nbsp;&nbsp; 8727194 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 509 | &nbsp;&nbsp; 218295 |
| Datadog, Inc., Class A<sup>(b)</sup> | 1741 | &nbsp;&nbsp; 177861 |
| Dell Technologies, Inc., Class C | 10783 | &nbsp;&nbsp; 989448 |
| Diodes, Inc.<sup>(b)(c)</sup> | 12807 | &nbsp;&nbsp; 491789 |
| Dolby Laboratories, Inc., Class A<sup>(c)</sup> | 3627 | &nbsp;&nbsp; 278517 |
| Dropbox, Inc., Class A<sup>(b)(c)</sup> | 13192 | &nbsp;&nbsp; 376632 |
| DXC Technology Co.<sup>(b)</sup> | 143453 | &nbsp;&nbsp; 2226391 |
| Enphase Energy, Inc.<sup>(b)</sup> | 3829 | &nbsp;&nbsp; 170735 |
| Entegris, Inc. | 10692 | &nbsp;&nbsp; 845951 |
| EPAM Systems, Inc.<sup>(b)</sup> | 5030 | &nbsp;&nbsp; 789257 |
| F5, Inc.<sup>(b)</sup> | 7337 | &nbsp;&nbsp; 1942397 |
| Fair Isaac Corp.<sup>(b)</sup> | 188 | &nbsp;&nbsp; 374060 |
| First Solar, Inc.<sup>(b)</sup> | 12105 | &nbsp;&nbsp; 1523051 |
| Flex Ltd.<sup>(b)(c)</sup> | 138189 | &nbsp;&nbsp; 4745410 |
| Fortinet, Inc.<sup>(b)</sup> | 15840 | &nbsp;&nbsp; 1643558 |
| Gartner, Inc.<sup>(b)</sup> | 3458 | &nbsp;&nbsp; 1456095 |
| Gen Digital, Inc. | 152285 | &nbsp;&nbsp; 3939613 |
| GoDaddy, Inc., Class A<sup>(b)</sup> | 10584 | &nbsp;&nbsp; 1993285 |
| Hewlett Packard Enterprise Co. | 698980 | &nbsp;&nbsp; 11337456 |
| HP, Inc. | 414953 | &nbsp;&nbsp; 10610348 |
| Insight Enterprises, Inc.<sup>(b)(c)</sup> | 8862 | &nbsp;&nbsp; 1225437 |
| Intel Corp. | 1867416 | &nbsp;&nbsp; 37535062 |
| International Business Machines Corp. | 182603 | &nbsp;&nbsp; 44157057 |
| Intuit, Inc. | 12997 | &nbsp;&nbsp; 8155228 |
| Jabil, Inc. | 30611 | &nbsp;&nbsp; 4486348 |
| Juniper Networks, Inc. | 79526 | &nbsp;&nbsp; 2888384 |
| Keysight Technologies, Inc.<sup>(b)</sup> | 17382 | &nbsp;&nbsp; 2527343 |
| KLA Corp. | 7630 | &nbsp;&nbsp; 5361525 |
| Kyndryl Holdings, Inc.<sup>(b)</sup> | 133503 | &nbsp;&nbsp; 4328167 |
| Lam Research Corp. | 104430 | &nbsp;&nbsp; 7484498 |
| Littelfuse, Inc. | 4151 | &nbsp;&nbsp; 756769 |
| Lumentum Holdings, Inc.<sup>(b)(c)</sup> | 19487 | &nbsp;&nbsp; 1150512 |
| Marvell Technology, Inc. | 56210 | &nbsp;&nbsp; 3280978 |
| Microchip Technology, Inc. | 74369 | &nbsp;&nbsp; 3426924 |
| Micron Technology, Inc. | 248701 | &nbsp;&nbsp; 19137542 |
| Microsoft Corp. | 394558 | &nbsp;&nbsp; 155952995 |
| MKS Instruments, Inc. | 12997 | &nbsp;&nbsp; 911610 |
| Monolithic Power Systems, Inc. | 466 | &nbsp;&nbsp; 276385 |
| Motorola Solutions, Inc. | 11262 | &nbsp;&nbsp; 4959672 |
| NCR Voyix Corp.<sup>(b)(c)</sup> | 58447 | &nbsp;&nbsp; 500891 |
| NetApp, Inc. | 38226 | &nbsp;&nbsp; 3430784 |
| NetScout Systems, Inc.<sup>(b)</sup> | 7831 | &nbsp;&nbsp; 164608 |
| NVIDIA Corp. | 167713 | &nbsp;&nbsp; 18267300 |
| NXP Semiconductors N.V. (Netherlands) | 20761 | &nbsp;&nbsp; 3826460 |
| Okta, Inc.<sup>(b)</sup> | 13536 | &nbsp;&nbsp; 1518198 |
| ON Semiconductor Corp.<sup>(b)</sup> | 56004 | &nbsp;&nbsp; 2223359 |
| Oracle Corp. | 147433 | &nbsp;&nbsp; 20746772 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 2416 | &nbsp;&nbsp; $286151 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 4022 | &nbsp;&nbsp; 751832 |
| Plexus Corp.<sup>(b)</sup> | 8849 | &nbsp;&nbsp; 1083383 |
| PTC, Inc.<sup>(b)</sup> | 5673 | &nbsp;&nbsp; 879145 |
| Pure Storage, Inc., Class A<sup>(b)</sup> | 4213 | &nbsp;&nbsp; 191102 |
| Qorvo, Inc.<sup>(b)</sup> | 28608 | &nbsp;&nbsp; 2050335 |
| QUALCOMM, Inc. | 160269 | &nbsp;&nbsp; 23793536 |
| Roper Technologies, Inc. | 9112 | &nbsp;&nbsp; 5103449 |
| Salesforce, Inc. | 61685 | &nbsp;&nbsp; 16575376 |
| Sandisk Corp.<sup>(b)(c)</sup> | 41962 | &nbsp;&nbsp; 1347400 |
| Sanmina Corp.<sup>(b)(c)</sup> | 27784 | &nbsp;&nbsp; 2133533 |
| Seagate Technology Holdings PLC<sup>(c)</sup> | 57357 | &nbsp;&nbsp; 5221208 |
| ServiceNow, Inc.<sup>(b)</sup> | 3024 | &nbsp;&nbsp; 2887950 |
| Silicon Laboratories, Inc.<sup>(b)(c)</sup> | 1991 | &nbsp;&nbsp; 202604 |
| Skyworks Solutions, Inc.<sup>(c)</sup> | 40776 | &nbsp;&nbsp; 2621081 |
| Snowflake, Inc., Class A<sup>(b)</sup> | 5709 | &nbsp;&nbsp; 910528 |
| SolarEdge Technologies, Inc.<sup>(b)(c)</sup> | 11079 | &nbsp;&nbsp; 135552 |
| Super Micro Computer, Inc.<sup>(b)(c)</sup> | 14927 | &nbsp;&nbsp; 475574 |
| Synaptics, Inc.<sup>(b)(c)</sup> | 3190 | &nbsp;&nbsp; 177555 |
| Synopsys, Inc.<sup>(b)</sup> | 5515 | &nbsp;&nbsp; 2531440 |
| TD SYNNEX Corp.<sup>(c)</sup> | 27615 | &nbsp;&nbsp; 3059742 |
| TE Connectivity PLC (Switzerland) | 52328 | &nbsp;&nbsp; 7659773 |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 6294 | &nbsp;&nbsp; 2933193 |
| Teradata Corp.<sup>(b)(c)</sup> | 12649 | &nbsp;&nbsp; 271954 |
| Teradyne, Inc. | 18721 | &nbsp;&nbsp; 1389285 |
| Texas Instruments, Inc. | 131100 | &nbsp;&nbsp; 20982555 |
| Trimble, Inc.<sup>(b)</sup> | 32095 | &nbsp;&nbsp; 1994383 |
| TTM Technologies, Inc.<sup>(b)</sup> | 42022 | &nbsp;&nbsp; 841280 |
| Twilio, Inc., Class A<sup>(b)</sup> | 33953 | &nbsp;&nbsp; 3283595 |
| Tyler Technologies, Inc.<sup>(b)</sup> | 2139 | &nbsp;&nbsp; 1162119 |
| Unity Software, Inc.<sup>(b)(c)</sup> | 16294 | &nbsp;&nbsp; 343315 |
| VeriSign, Inc.<sup>(b)</sup> | 1295 | &nbsp;&nbsp; 365345 |
| Viasat, Inc.<sup>(b)(c)</sup> | 85483 | &nbsp;&nbsp; 792427 |
| Vishay Intertechnology, Inc.<sup>(c)</sup> | 53779 | &nbsp;&nbsp; 698589 |
| Vontier Corp. | 27981 | &nbsp;&nbsp; 890076 |
| Western Digital Corp.<sup>(b)</sup> | 126275 | &nbsp;&nbsp; 5538422 |
| Workday, Inc., Class A<sup>(b)</sup> | 6600 | &nbsp;&nbsp; 1617000 |
| Xerox Holdings Corp.<sup>(c)</sup> | 150014 | &nbsp;&nbsp; 661562 |
| Zebra Technologies Corp., Class A<sup>(b)</sup> | 7825 | &nbsp;&nbsp; 1958754 |
| Zoom Communications, Inc., Class A<sup>(b)</sup> | 26626 | &nbsp;&nbsp; 2064580 |
|  |  | &nbsp;&nbsp; 937742331 |
| **Materials-3.21%** | **Materials-3.21%** | **Materials-3.21%** |
| Air Products and Chemicals, Inc. | 37361 | &nbsp;&nbsp; 10128194 |
| Albemarle Corp.<sup>(c)</sup> | 29263 | &nbsp;&nbsp; 1713349 |
| Alcoa Corp. | 129716 | &nbsp;&nbsp; 3181933 |
| Alpha Metallurgical Resources, Inc.<sup>(b)(c)</sup> | 3844 | &nbsp;&nbsp; 466469 |
| Amcor PLC<sup>(c)</sup> | 464218 | &nbsp;&nbsp; 4270801 |
| AptarGroup, Inc. | 10678 | &nbsp;&nbsp; 1601166 |
| Ashland, Inc. | 15724 | &nbsp;&nbsp; 855228 |
| ATI, Inc.<sup>(b)</sup> | 13215 | &nbsp;&nbsp; 718632 |
| Avery Dennison Corp. | 13134 | &nbsp;&nbsp; 2247359 |
| Avient Corp. | 28127 | &nbsp;&nbsp; 936910 |
| Axalta Coating Systems Ltd.<sup>(b)(c)</sup> | 48415 | &nbsp;&nbsp; 1573488 |
| Ball Corp. | 64369 | &nbsp;&nbsp; 3343326 |
| Cabot Corp. | 13419 | &nbsp;&nbsp; 1053928 |
| Celanese Corp. | 34474 | &nbsp;&nbsp; 1534438 |
| CF Industries Holdings, Inc. | 55206 | &nbsp;&nbsp; 4326494 |
| Chemours Co. (The)<sup>(c)</sup> | 73230 | &nbsp;&nbsp; 906587 |
| Cleveland-Cliffs, Inc.<sup>(b)(c)</sup> | 230971 | &nbsp;&nbsp; 1903201 |

---

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

------

**12**

------

**Invesco RAFI US 1000 ETF (PRF)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-(continued)** | **Materials-(continued)** | **Materials-(continued)** |
| Commercial Metals Co. | 38261 | &nbsp;&nbsp; $1704145 |
| Constellium SE<sup>(b)</sup> | 54434 | &nbsp;&nbsp; 550328 |
| Corteva, Inc. | 143660 | &nbsp;&nbsp; 8905483 |
| CRH PLC | 30898 | &nbsp;&nbsp; 2948287 |
| Crown Holdings, Inc. | 32727 | &nbsp;&nbsp; 3152592 |
| Dow, Inc. | 366018 | &nbsp;&nbsp; 11196491 |
| DuPont de Nemours, Inc. | 170296 | &nbsp;&nbsp; 11237833 |
| Eagle Materials, Inc. | 1532 | &nbsp;&nbsp; 346829 |
| Eastman Chemical Co. | 50207 | &nbsp;&nbsp; 3865939 |
| Ecolab, Inc. | 23307 | &nbsp;&nbsp; 5860079 |
| Element Solutions, Inc. | 38605 | &nbsp;&nbsp; 787928 |
| FMC Corp. | 56984 | &nbsp;&nbsp; 2388769 |
| Freeport-McMoRan, Inc. | 253883 | &nbsp;&nbsp; 9147404 |
| Graphic Packaging Holding Co.<sup>(c)</sup> | 85747 | &nbsp;&nbsp; 2170257 |
| Greif, Inc., Class A | 11254 | &nbsp;&nbsp; 590610 |
| H.B. Fuller Co. | 13300 | &nbsp;&nbsp; 718732 |
| Huntsman Corp. | 116989 | &nbsp;&nbsp; 1557124 |
| International Flavors & Fragrances, Inc. | 71481 | &nbsp;&nbsp; 5608399 |
| International Paper Co. | 195433 | &nbsp;&nbsp; 8927379 |
| Knife River Corp.<sup>(b)(c)</sup> | 10229 | &nbsp;&nbsp; 955184 |
| Linde PLC | 49881 | &nbsp;&nbsp; 22607566 |
| Louisiana-Pacific Corp. | 15535 | &nbsp;&nbsp; 1340826 |
| LyondellBasell Industries N.V., Class A | 134264 | &nbsp;&nbsp; 7815507 |
| Martin Marietta Materials, Inc. | 5703 | &nbsp;&nbsp; 2988258 |
| Mosaic Co. (The) | 199905 | &nbsp;&nbsp; 6077112 |
| NewMarket Corp. | 457 | &nbsp;&nbsp; 281192 |
| Newmont Corp. | 295100 | &nbsp;&nbsp; 15545868 |
| Nucor Corp. | 78906 | &nbsp;&nbsp; 9419009 |
| O-I Glass, Inc.<sup>(b)(c)</sup> | 99019 | &nbsp;&nbsp; 1253581 |
| Olin Corp.<sup>(c)</sup> | 65293 | &nbsp;&nbsp; 1411635 |
| Packaging Corp. of America | 19651 | &nbsp;&nbsp; 3647422 |
| PPG Industries, Inc. | 44525 | &nbsp;&nbsp; 4846992 |
| Reliance, Inc. | 14869 | &nbsp;&nbsp; 4285692 |
| Royal Gold, Inc. | 7883 | &nbsp;&nbsp; 1440303 |
| RPM International, Inc. | 19561 | &nbsp;&nbsp; 2088137 |
| Scotts Miracle-Gro Co. (The) | 12710 | &nbsp;&nbsp; 640330 |
| Sealed Air Corp.<sup>(c)</sup> | 41073 | &nbsp;&nbsp; 1131972 |
| Sherwin-Williams Co. (The) | 17395 | &nbsp;&nbsp; 6139043 |
| Silgan Holdings, Inc.<sup>(c)</sup> | 24272 | &nbsp;&nbsp; 1253649 |
| Sonoco Products Co. | 37458 | &nbsp;&nbsp; 1535778 |
| Southern Copper Corp. (Mexico) | 15101 | &nbsp;&nbsp; 1351842 |
| Steel Dynamics, Inc. | 46464 | &nbsp;&nbsp; 6026845 |
| Sylvamo Corp. | 16331 | &nbsp;&nbsp; 973654 |
| Tronox Holdings PLC, Class A | 63324 | &nbsp;&nbsp; 342583 |
| United States Steel Corp.<sup>(c)</sup> | 112051 | &nbsp;&nbsp; 4897749 |
| Vulcan Materials Co. | 12914 | &nbsp;&nbsp; 3387730 |
| Warrior Met Coal, Inc. | 20105 | &nbsp;&nbsp; 961421 |
| Westlake Corp.<sup>(c)</sup> | 9698 | &nbsp;&nbsp; 896386 |
|  |  | &nbsp;&nbsp; 237969377 |
| **Real Estate-3.23%** | **Real Estate-3.23%** | **Real Estate-3.23%** |
| Agree Realty Corp. | 17292 | &nbsp;&nbsp; 1342032 |
| Alexandria Real Estate Equities, Inc. | 47458 | &nbsp;&nbsp; 3448298 |
| American Homes 4 Rent, Class A | 48493 | &nbsp;&nbsp; 1813153 |
| American Tower Corp. | 57245 | &nbsp;&nbsp; 12903595 |
| Americold Realty Trust, Inc. | 61356 | &nbsp;&nbsp; 1186625 |
| Anywhere Real Estate, Inc.<sup>(b)</sup> | 122221 | &nbsp;&nbsp; 422885 |
| Apple Hospitality REIT, Inc. | 81617 | &nbsp;&nbsp; 960632 |
| AvalonBay Communities, Inc. | 26403 | &nbsp;&nbsp; 5544102 |
| Brandywine Realty Trust<sup>(c)</sup> | 162518 | &nbsp;&nbsp; 643571 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
| Brixmor Property Group, Inc. | 76306 | &nbsp;&nbsp; $1900782 |
| BXP, Inc.<sup>(c)</sup> | 57138 | &nbsp;&nbsp; 3641405 |
| Camden Property Trust | 22263 | &nbsp;&nbsp; 2533529 |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 69261 | &nbsp;&nbsp; 8462309 |
| COPT Defense Properties | 29605 | &nbsp;&nbsp; 772987 |
| CoStar Group, Inc.<sup>(b)</sup> | 24845 | &nbsp;&nbsp; 1842754 |
| Cousins Properties, Inc. | 59690 | &nbsp;&nbsp; 1643863 |
| Crown Castle, Inc. | 89798 | &nbsp;&nbsp; 9497036 |
| CubeSmart | 35568 | &nbsp;&nbsp; 1446551 |
| Cushman & Wakefield PLC<sup>(b)</sup> | 116694 | &nbsp;&nbsp; 1093423 |
| DiamondRock Hospitality Co.<sup>(c)</sup> | 71927 | &nbsp;&nbsp; 527944 |
| Digital Realty Trust, Inc. | 54549 | &nbsp;&nbsp; 8757296 |
| Douglas Emmett, Inc.<sup>(c)</sup> | 87452 | &nbsp;&nbsp; 1209461 |
| EastGroup Properties, Inc. | 4887 | &nbsp;&nbsp; 798634 |
| EPR Properties | 26146 | &nbsp;&nbsp; 1293966 |
| Equinix, Inc. | 7959 | &nbsp;&nbsp; 6850709 |
| Equity LifeStyle Properties, Inc. | 20444 | &nbsp;&nbsp; 1324362 |
| Equity Residential | 83877 | &nbsp;&nbsp; 5893198 |
| Essex Property Trust, Inc. | 11816 | &nbsp;&nbsp; 3298436 |
| Extra Space Storage, Inc. | 19760 | &nbsp;&nbsp; 2895235 |
| Federal Realty Investment Trust | 16738 | &nbsp;&nbsp; 1573707 |
| First Industrial Realty Trust, Inc. | 18641 | &nbsp;&nbsp; 886939 |
| Gaming and Leisure Properties, Inc. | 44838 | &nbsp;&nbsp; 2145947 |
| Healthcare Realty Trust, Inc.<sup>(c)</sup> | 143845 | &nbsp;&nbsp; 2233913 |
| Healthpeak Properties, Inc. | 228576 | &nbsp;&nbsp; 4077796 |
| Highwoods Properties, Inc.<sup>(c)</sup> | 53128 | &nbsp;&nbsp; 1510960 |
| Host Hotels & Resorts, Inc. | 169851 | &nbsp;&nbsp; 2398296 |
| Hudson Pacific Properties, Inc. | 180371 | &nbsp;&nbsp; 369761 |
| Independence Realty Trust, Inc.<sup>(c)</sup> | 43471 | &nbsp;&nbsp; 844642 |
| Invitation Homes, Inc. | 104622 | &nbsp;&nbsp; 3577026 |
| Iron Mountain, Inc. | 50853 | &nbsp;&nbsp; 4559988 |
| JBG SMITH Properties, (Acquired <br> 03/20/2020 - 04/29/2025; <br> Cost $1,264,547)<sup>(c)(f)</sup><br>| 56486 | &nbsp;&nbsp; 789674 |
| Jones Lang LaSalle, Inc.<sup>(b)</sup> | 17962 | &nbsp;&nbsp; 4084738 |
| Kilroy Realty Corp.<sup>(c)</sup> | 52079 | &nbsp;&nbsp; 1641009 |
| Kimco Realty Corp. | 151206 | &nbsp;&nbsp; 3021096 |
| Kite Realty Group Trust | 51766 | &nbsp;&nbsp; 1120734 |
| Lamar Advertising Co., Class A<sup>(c)</sup> | 15579 | &nbsp;&nbsp; 1773046 |
| LXP Industrial Trust<sup>(c)</sup> | 71398 | &nbsp;&nbsp; 563330 |
| Macerich Co. (The)<sup>(c)</sup> | 88441 | &nbsp;&nbsp; 1296545 |
| Medical Properties Trust, Inc.<sup>(c)</sup> | 724226 | &nbsp;&nbsp; 3997728 |
| Mid-America Apartment Communities, <br> Inc.<br>| 23070 | &nbsp;&nbsp; 3683125 |
| Millrose Properties, Inc.<sup>(b)(c)</sup> | 23352 | &nbsp;&nbsp; 584734 |
| NNN REIT, Inc. | 37887 | &nbsp;&nbsp; 1557535 |
| Omega Healthcare Investors, Inc. | 55491 | &nbsp;&nbsp; 2166924 |
| Opendoor Technologies, Inc.<sup>(b)(c)</sup> | 259149 | &nbsp;&nbsp; 196513 |
| Outfront Media, Inc.<sup>(c)</sup> | 49429 | &nbsp;&nbsp; 747861 |
| Park Hotels & Resorts, Inc.<sup>(c)</sup> | 129084 | &nbsp;&nbsp; 1283095 |
| Phillips Edison & Co., Inc. | 19839 | &nbsp;&nbsp; 688413 |
| PotlatchDeltic Corp. | 28790 | &nbsp;&nbsp; 1105248 |
| Prologis, Inc. | 109683 | &nbsp;&nbsp; 11209603 |
| Public Storage | 16711 | &nbsp;&nbsp; 5020486 |
| Rayonier, Inc.<sup>(c)</sup> | 34763 | &nbsp;&nbsp; 850303 |
| Realty Income Corp. | 134913 | &nbsp;&nbsp; 7806066 |
| Regency Centers Corp. | 39212 | &nbsp;&nbsp; 2830322 |
| Rexford Industrial Realty, Inc.<sup>(c)</sup> | 31549 | &nbsp;&nbsp; 1044272 |
| RLJ Lodging Trust<sup>(c)</sup> | 59312 | &nbsp;&nbsp; 415777 |
| Sabra Health Care REIT, Inc.<sup>(c)</sup> | 87516 | &nbsp;&nbsp; 1562161 |

---

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

------

**13**

------

**Invesco RAFI US 1000 ETF (PRF)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
| SBA Communications Corp., Class A | 7870 | &nbsp;&nbsp; $1915558 |
| Simon Property Group, Inc. | 47792 | &nbsp;&nbsp; 7521505 |
| SL Green Realty Corp. | 37659 | &nbsp;&nbsp; 1981240 |
| STAG Industrial, Inc. | 31947 | &nbsp;&nbsp; 1055209 |
| Sun Communities, Inc. | 22333 | &nbsp;&nbsp; 2778895 |
| UDR, Inc. | 61604 | &nbsp;&nbsp; 2579976 |
| Uniti Group, Inc.<sup>(c)</sup> | 123267 | &nbsp;&nbsp; 606474 |
| Ventas, Inc. | 121995 | &nbsp;&nbsp; 8549410 |
| VICI Properties, Inc. | 181671 | &nbsp;&nbsp; 5817105 |
| Vornado Realty Trust<sup>(c)</sup> | 92733 | &nbsp;&nbsp; 3271620 |
| W.P. Carey, Inc.<sup>(c)</sup> | 51618 | &nbsp;&nbsp; 3223028 |
| Welltower, Inc. | 85759 | &nbsp;&nbsp; 13085966 |
| Weyerhaeuser Co. | 233101 | &nbsp;&nbsp; 6039647 |
| Zillow Group, Inc., Class C<sup>(b)(c)</sup> | 23674 | &nbsp;&nbsp; 1593970 |
|  |  | &nbsp;&nbsp; 239187689 |
| **Utilities-4.96%** | **Utilities-4.96%** | **Utilities-4.96%** |
| AES Corp. (The) | 307599 | &nbsp;&nbsp; 3075990 |
| ALLETE, Inc. | 20205 | &nbsp;&nbsp; 1323225 |
| Alliant Energy Corp. | 67041 | &nbsp;&nbsp; 4092183 |
| Ameren Corp. | 74543 | &nbsp;&nbsp; 7397647 |
| American Electric Power Co., Inc. | 160983 | &nbsp;&nbsp; 17440898 |
| American Water Works Co., Inc. | 32116 | &nbsp;&nbsp; 4721373 |
| Atmos Energy Corp. | 29795 | &nbsp;&nbsp; 4785971 |
| Avista Corp. | 32338 | &nbsp;&nbsp; 1341057 |
| Black Hills Corp. | 27434 | &nbsp;&nbsp; 1670731 |
| CenterPoint Energy, Inc. | 181596 | &nbsp;&nbsp; 7042293 |
| CMS Energy Corp. | 78685 | &nbsp;&nbsp; 5795150 |
| Consolidated Edison, Inc. | 119197 | &nbsp;&nbsp; 13439462 |
| Constellation Energy Corp. | 40026 | &nbsp;&nbsp; 8943409 |
| Dominion Energy, Inc. | 342223 | &nbsp;&nbsp; 18610087 |
| DTE Energy Co. | 58724 | &nbsp;&nbsp; 8045188 |
| Duke Energy Corp. | 266162 | &nbsp;&nbsp; 32477087 |
| Edison International | 139575 | &nbsp;&nbsp; 7468658 |
| Entergy Corp. | 144154 | &nbsp;&nbsp; 11989288 |
| Essential Utilities, Inc. | 57261 | &nbsp;&nbsp; 2355145 |
| Evergy, Inc. | 90771 | &nbsp;&nbsp; 6272276 |
| Eversource Energy | 128503 | &nbsp;&nbsp; 7643358 |
| Exelon Corp. | 380494 | &nbsp;&nbsp; 17845169 |
| FirstEnergy Corp. | 186324 | &nbsp;&nbsp; 7989573 |
| Hawaiian Electric Industries, Inc.<sup>(b)</sup> | 121829 | &nbsp;&nbsp; 1279204 |
| IDACORP, Inc.<sup>(c)</sup> | 14119 | &nbsp;&nbsp; 1667313 |
| MDU Resources Group, Inc.<sup>(c)</sup> | 57325 | &nbsp;&nbsp; 982550 |
| National Fuel Gas Co. | 29565 | &nbsp;&nbsp; 2270001 |
| New Jersey Resources Corp. | 26016 | &nbsp;&nbsp; 1273223 |
| NextEra Energy, Inc. | 377578 | &nbsp;&nbsp; 25252417 |
| NiSource, Inc. | 125708 | &nbsp;&nbsp; 4916440 |
| NorthWestern Energy Group, Inc. | 23898 | &nbsp;&nbsp; 1391580 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities-(continued)** | **Utilities-(continued)** | **Utilities-(continued)** |
| NRG Energy, Inc. | 77093 | &nbsp;&nbsp; $8447851 |
| OGE Energy Corp. | 73158 | &nbsp;&nbsp; 3319910 |
| ONE Gas, Inc.<sup>(c)</sup> | 19776 | &nbsp;&nbsp; 1552614 |
| PG&E Corp. | 456673 | &nbsp;&nbsp; 7544238 |
| Pinnacle West Capital Corp.<sup>(c)</sup> | 46387 | &nbsp;&nbsp; 4415115 |
| Portland General Electric Co. | 38616 | &nbsp;&nbsp; 1626506 |
| PPL Corp. | 294664 | &nbsp;&nbsp; 10755236 |
| Public Service Enterprise Group, Inc. | 127412 | &nbsp;&nbsp; 10184041 |
| Sempra | 158399 | &nbsp;&nbsp; 11764294 |
| Southern Co. (The) | 300977 | &nbsp;&nbsp; 27656776 |
| Southwest Gas Holdings, Inc. | 23856 | &nbsp;&nbsp; 1722642 |
| Spire, Inc. | 20540 | &nbsp;&nbsp; 1572132 |
| TXNM Energy, Inc. | 30320 | &nbsp;&nbsp; 1613024 |
| UGI Corp.<sup>(c)</sup> | 136682 | &nbsp;&nbsp; 4481803 |
| Vistra Corp. | 72415 | &nbsp;&nbsp; 9387156 |
| WEC Energy Group, Inc. | 82280 | &nbsp;&nbsp; 9011306 |
| Xcel Energy, Inc. | 156053 | &nbsp;&nbsp; 11032947 |
|  |  | &nbsp;&nbsp; 366885537 |
| Total Common Stocks & Other Equity Interests <br>(Cost $5,884,033,407) | Total Common Stocks & Other Equity Interests <br>(Cost $5,884,033,407) | &nbsp;&nbsp; 7397151478 |
| **Money Market Funds-0.04%** | **Money Market Funds-0.04%** | **Money Market Funds-0.04%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(e)(g)</sup> <br>(Cost $2,764,003)<br>| 2764003 | &nbsp;&nbsp; 2764003 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.96% <br>(Cost $5,886,797,410) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.96% <br>(Cost $5,886,797,410) | &nbsp;&nbsp; 7399915481 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-2.93%** | **Money Market Funds-2.93%** | **Money Market Funds-2.93%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(e)(g)(h)</sup><br>| 60639972 | &nbsp;&nbsp; 60639972 |
| Invesco Private Prime Fund, <br> 4.46%<sup>(e)(g)(h)</sup><br>| 156190313 | &nbsp;&nbsp; 156221551 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $216,873,398) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $216,873,398) | &nbsp;&nbsp; 216861523 |
| TOTAL INVESTMENTS IN SECURITIES-102.89% <br>(Cost $6,103,670,808) | TOTAL INVESTMENTS IN SECURITIES-102.89% <br>(Cost $6,103,670,808) | &nbsp;&nbsp; 7616777004 |
| OTHER ASSETS LESS LIABILITIES-(2.89)% | OTHER ASSETS LESS LIABILITIES-(2.89)% | &nbsp;&nbsp; (214123050)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $7402653954 |

---

Investment Abbreviations: <br> REIT -Real Estate Investment Trust

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

------

**14**

------

**Invesco RAFI US 1000 ETF (PRF)—(continued)**

April 30, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 4. |
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| Invesco Ltd. | &nbsp;&nbsp; $3410209 | &nbsp;&nbsp; $456462 | &nbsp;&nbsp; $(587459)<br>| &nbsp;&nbsp; $404233 | &nbsp;&nbsp; $(462063)<br>| &nbsp;&nbsp; $3221382 | &nbsp;&nbsp; $195797 |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; 2952726 | &nbsp;&nbsp; 216030736 | &nbsp;&nbsp; (216219459)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2764003 | &nbsp;&nbsp; 232721 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 86310638 | &nbsp;&nbsp; 451994203 | &nbsp;&nbsp; (477664869)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 60639972 | &nbsp;&nbsp; 3,345,403<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 224501337 | &nbsp;&nbsp; 905698056 | &nbsp;&nbsp; (973963969)<br>| &nbsp;&nbsp; 20337 | &nbsp;&nbsp; (34210)<br>| &nbsp;&nbsp; 156221551 | &nbsp;&nbsp; 8,925,269<br> \*<br>|
| Total | &nbsp;&nbsp; $317174910 | &nbsp;&nbsp; $1574179457 | &nbsp;&nbsp; $(1668435756)<br>| &nbsp;&nbsp; $424570 | &nbsp;&nbsp; $(496273)<br>| &nbsp;&nbsp; $222846908 | &nbsp;&nbsp; $12699190 |

---

\* 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> Restricted security. The value of this security at April 30, 2025 represented less than 1% of the Fund's Net Assets.

<sup>(g)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

<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 2J. 

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

------

**15**

------

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

April 30, 2025

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-3.85%** | **Communication Services-3.85%** | **Communication Services-3.85%** |
| Advantage Solutions, Inc.<sup>(b)(c)</sup> | 186357 | &nbsp;&nbsp; $249718 |
| AMC Entertainment Holdings, Inc.<sup>(b)(c)</sup> | 508600 | &nbsp;&nbsp; 1357963 |
| AMC Networks, Inc., Class A<sup>(b)(c)</sup> | 240739 | &nbsp;&nbsp; 1540730 |
| Angi, Inc.<sup>(b)(c)</sup> | 3591 | &nbsp;&nbsp; 41153 |
| Atlanta Braves Holdings, Inc., <br> Series C<sup>(b)(c)</sup><br>| 23535 | &nbsp;&nbsp; 938105 |
| ATN International, Inc.<sup>(c)</sup> | 22799 | &nbsp;&nbsp; 403314 |
| Bandwidth, Inc., Class A<sup>(b)(c)</sup> | 43594 | &nbsp;&nbsp; 541437 |
| Boston Omaha Corp., Class A<sup>(b)(c)</sup> | 21031 | &nbsp;&nbsp; 326611 |
| Bumble, Inc., Class A<sup>(b)(c)</sup> | 144073 | &nbsp;&nbsp; 607988 |
| Cable One, Inc.<sup>(c)</sup> | 4793 | &nbsp;&nbsp; 1281025 |
| Cardlytics, Inc.<sup>(b)(c)</sup> | 80989 | &nbsp;&nbsp; 116624 |
| CarGurus, Inc.<sup>(b)(c)</sup> | 82478 | &nbsp;&nbsp; 2306085 |
| Cars.com, Inc.<sup>(b)(c)</sup> | 56166 | &nbsp;&nbsp; 653772 |
| Cinemark Holdings, Inc.<sup>(c)</sup> | 181784 | &nbsp;&nbsp; 5437159 |
| Clear Channel Outdoor Holdings, Inc.<sup>(b)</sup> | 1283177 | &nbsp;&nbsp; 1262903 |
| Cogent Communications Holdings, Inc.<sup>(c)</sup> | 42936 | &nbsp;&nbsp; 2333572 |
| DHI Group, Inc.<sup>(b)</sup> | 8985 | &nbsp;&nbsp; 12669 |
| E.W. Scripps Co. (The), Class A<sup>(b)</sup> | 225555 | &nbsp;&nbsp; 453366 |
| EchoStar Corp., Class A<sup>(b)(c)</sup> | 209415 | &nbsp;&nbsp; 4707649 |
| Entravision Communications Corp., <br> Class A<sup>(c)</sup><br>| 110376 | &nbsp;&nbsp; 201988 |
| Eventbrite, Inc., Class A<sup>(b)(c)</sup> | 46051 | &nbsp;&nbsp; 97628 |
| EverQuote, Inc., Class A<sup>(b)(c)</sup> | 7634 | &nbsp;&nbsp; 181231 |
| fuboTV, Inc.<sup>(b)</sup> | 333948 | &nbsp;&nbsp; 1001844 |
| Gannett Co., Inc.<sup>(b)(c)</sup> | 422390 | &nbsp;&nbsp; 1351648 |
| Getty Images Holdings, Inc.<sup>(b)(c)</sup> | 63991 | &nbsp;&nbsp; 122223 |
| Gogo, Inc.<sup>(b)(c)</sup> | 50814 | &nbsp;&nbsp; 384662 |
| Gray Media, Inc.<sup>(c)</sup> | 50633 | &nbsp;&nbsp; 169621 |
| IDT Corp., Class B | 19259 | &nbsp;&nbsp; 967765 |
| iHeartMedia, Inc., Class A<sup>(b)(c)</sup> | 487828 | &nbsp;&nbsp; 502463 |
| IHS Holding Ltd. (Nigeria)<sup>(b)</sup> | 82545 | &nbsp;&nbsp; 404471 |
| IMAX Corp.<sup>(b)</sup> | 32162 | &nbsp;&nbsp; 782501 |
| Integral Ad Science Holding Corp.<sup>(b)(c)</sup> | 50118 | &nbsp;&nbsp; 354334 |
| Iridium Communications, Inc.<sup>(c)</sup> | 122998 | &nbsp;&nbsp; 2967942 |
| John Wiley & Sons, Inc., Class A<sup>(c)</sup> | 82273 | &nbsp;&nbsp; 3590394 |
| Liberty Latin America Ltd., Class C<sup>(b)</sup> | 459399 | &nbsp;&nbsp; 2526695 |
| Lions Gate Entertainment Corp., <br> Class A<sup>(b)(c)</sup><br>| 179164 | &nbsp;&nbsp; 1590976 |
| Live Nation Entertainment, Inc.<sup>(b)</sup> | 2997 | &nbsp;&nbsp; 396953 |
| Madison Square Garden Entertainment <br> Corp.<sup>(b)(c)</sup><br>| 9720 | &nbsp;&nbsp; 315317 |
| Madison Square Garden Sports Corp., <br> Class A<sup>(b)</sup><br>| 2905 | &nbsp;&nbsp; 559416 |
| Magnite, Inc.<sup>(b)(c)</sup> | 113698 | &nbsp;&nbsp; 1351869 |
| Marcus Corp. (The)<sup>(c)</sup> | 50034 | &nbsp;&nbsp; 816055 |
| National CineMedia, Inc.<sup>(b)(c)</sup> | 160713 | &nbsp;&nbsp; 920886 |
| New York Times Co. (The), Class A | 71748 | &nbsp;&nbsp; 3735201 |
| Nextdoor Holdings, Inc.<sup>(b)(c)</sup> | 184703 | &nbsp;&nbsp; 271513 |
| Pinterest, Inc., Class A<sup>(b)</sup> | 92501 | &nbsp;&nbsp; 2342125 |
| Playstudios, Inc.<sup>(b)(c)</sup> | 113347 | &nbsp;&nbsp; 143951 |
| PubMatic, Inc., Class A<sup>(b)</sup> | 38090 | &nbsp;&nbsp; 372139 |
| QuinStreet, Inc.<sup>(b)(c)</sup> | 54696 | &nbsp;&nbsp; 958274 |
| Reddit, Inc., Class A<sup>(b)(c)</sup> | 1989 | &nbsp;&nbsp; 231858 |
| Roblox Corp., Class A<sup>(b)</sup> | 35907 | &nbsp;&nbsp; 2407564 |
| Roku, Inc., Class A<sup>(b)</sup> | 40322 | &nbsp;&nbsp; 2749154 |
| Scholastic Corp. | 56945 | &nbsp;&nbsp; 1026718 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Communication Services-(continued)** | **Communication Services-(continued)** | **Communication Services-(continued)** |
| Shenandoah Telecommunications Co.<sup>(c)</sup> | 61653 | &nbsp;&nbsp; $686814 |
| Shutterstock, Inc. | 39886 | &nbsp;&nbsp; 636581 |
| Sinclair, Inc.<sup>(c)</sup> | 186111 | &nbsp;&nbsp; 2679998 |
| Sirius XM Holdings, Inc. | 54514 | &nbsp;&nbsp; 1167690 |
| Skillz, Inc.<sup>(b)(c)</sup> | 38854 | &nbsp;&nbsp; 198932 |
| Sphere Entertainment Co.<sup>(b)(c)</sup> | 32782 | &nbsp;&nbsp; 893310 |
| Spok Holdings, Inc.<sup>(c)</sup> | 22583 | &nbsp;&nbsp; 323840 |
| Stagwell, Inc.<sup>(b)(c)</sup> | 93552 | &nbsp;&nbsp; 522020 |
| Taboola.com Ltd. (Israel)<sup>(b)</sup> | 187163 | &nbsp;&nbsp; 552131 |
| Thryv Holdings, Inc.<sup>(b)(c)</sup> | 81653 | &nbsp;&nbsp; 1118646 |
| TKO Group Holdings, Inc. | 14432 | &nbsp;&nbsp; 2351117 |
| Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 28934 | &nbsp;&nbsp; 1551730 |
| TripAdvisor, Inc.<sup>(b)(c)</sup> | 125197 | &nbsp;&nbsp; 1558703 |
| TrueCar, Inc.<sup>(b)</sup> | 81194 | &nbsp;&nbsp; 120979 |
| United States Cellular Corp.<sup>(b)(c)</sup> | 5419 | &nbsp;&nbsp; 372069 |
| Vimeo, Inc.<sup>(b)(c)</sup> | 251830 | &nbsp;&nbsp; 1269223 |
| Warner Music Group Corp., Class A | 16011 | &nbsp;&nbsp; 487535 |
| WEBTOON Entertainment, Inc. (South <br> Korea)<sup>(b)(c)</sup><br>| 11658 | &nbsp;&nbsp; 104922 |
| WideOpenWest, Inc.<sup>(b)</sup> | 277112 | &nbsp;&nbsp; 1213751 |
| Yelp, Inc.<sup>(b)(c)</sup> | 36883 | &nbsp;&nbsp; 1293856 |
| Ziff Davis, Inc.<sup>(b)(c)</sup> | 46278 | &nbsp;&nbsp; 1366589 |
| ZipRecruiter, Inc., Class A<sup>(b)(c)</sup> | 45852 | &nbsp;&nbsp; 236596 |
| ZoomInfo Technologies, Inc., Class A<sup>(b)(c)</sup> | 240955 | &nbsp;&nbsp; 2062575 |
|  |  | &nbsp;&nbsp; 83138829 |
| **Consumer Discretionary-12.99%** | **Consumer Discretionary-12.99%** | **Consumer Discretionary-12.99%** |
| 1-800-Flowers.com, Inc., Class A<sup>(b)(c)</sup> | 102249 | &nbsp;&nbsp; 565437 |
| Abercrombie & Fitch Co., Class A<sup>(b)</sup> | 25309 | &nbsp;&nbsp; 1756951 |
| Accel Entertainment, Inc.<sup>(b)</sup> | 53485 | &nbsp;&nbsp; 550896 |
| Acushnet Holdings Corp.<sup>(c)</sup> | 32040 | &nbsp;&nbsp; 2121689 |
| ADT, Inc.<sup>(c)</sup> | 459491 | &nbsp;&nbsp; 3685118 |
| Adtalem Global Education, Inc.<sup>(b)</sup> | 74452 | &nbsp;&nbsp; 7906802 |
| Afya Ltd., Class A (Brazil)<sup>(c)</sup> | 18729 | &nbsp;&nbsp; 355851 |
| Allbirds, Inc., Class A<sup>(b)(c)</sup> | 12687 | &nbsp;&nbsp; 63942 |
| A-Mark Precious Metals, Inc.<sup>(c)</sup> | 124756 | &nbsp;&nbsp; 3039056 |
| American Axle & Manufacturing Holdings, <br> Inc.<sup>(b)(c)</sup><br>| 77729 | &nbsp;&nbsp; 296925 |
| American Outdoor Brands, Inc.<sup>(b)(c)</sup> | 2968 | &nbsp;&nbsp; 33316 |
| American Public Education, Inc.<sup>(b)(c)</sup> | 43126 | &nbsp;&nbsp; 1013461 |
| America's Car-Mart, Inc.<sup>(b)(c)</sup> | 16776 | &nbsp;&nbsp; 795518 |
| AMMO, Inc.<sup>(b)(c)</sup> | 158203 | &nbsp;&nbsp; 311660 |
| Arcos Dorados Holdings, Inc., Class A <br> (Brazil)<sup>(c)</sup><br>| 124898 | &nbsp;&nbsp; 955470 |
| Arhaus, Inc.<sup>(b)(c)</sup> | 11582 | &nbsp;&nbsp; 91035 |
| Arko Corp.<sup>(c)</sup> | 111767 | &nbsp;&nbsp; 449862 |
| BARK, Inc.<sup>(b)(c)</sup> | 299164 | &nbsp;&nbsp; 338055 |
| Barnes & Noble Education, Inc.<sup>(b)(c)</sup> | 32344 | &nbsp;&nbsp; 340582 |
| Bassett Furniture Industries, Inc. | 592 | &nbsp;&nbsp; 10449 |
| Beazer Homes USA, Inc.<sup>(b)</sup> | 96621 | &nbsp;&nbsp; 1889907 |
| Betterware de Mexico SAPI de CV <br> (Mexico)<sup>(c)</sup><br>| 15912 | &nbsp;&nbsp; 153710 |
| Big 5 Sporting Goods Corp.<sup>(c)</sup> | 125626 | &nbsp;&nbsp; 113465 |
| Biglari Holdings, Inc., Class B<sup>(b)(c)</sup> | 259 | &nbsp;&nbsp; 60324 |
| Birkenstock Holding PLC (Germany)<sup>(b)(c)</sup> | 5238 | &nbsp;&nbsp; 269390 |
| BJ's Restaurants, Inc.<sup>(b)(c)</sup> | 35786 | &nbsp;&nbsp; 1191316 |
| Bloomin' Brands, Inc.<sup>(c)</sup> | 204045 | &nbsp;&nbsp; 1636441 |
| Boot Barn Holdings, Inc.<sup>(b)(c)</sup> | 28200 | &nbsp;&nbsp; 2942388 |

---

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

------

**16**

------

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| Bright Horizons Family Solutions, Inc.<sup>(b)</sup> | 36501 | &nbsp;&nbsp; $4577955 |
| Brinker International, Inc.<sup>(b)</sup> | 68104 | &nbsp;&nbsp; 9146367 |
| Buckle, Inc. (The)<sup>(c)</sup> | 80137 | &nbsp;&nbsp; 2785562 |
| Build-A-Bear Workshop, Inc.<sup>(c)</sup> | 21243 | &nbsp;&nbsp; 749453 |
| Caleres, Inc.<sup>(c)</sup> | 74693 | &nbsp;&nbsp; 1138321 |
| Camping World Holdings, Inc., Class A<sup>(c)</sup> | 104150 | &nbsp;&nbsp; 1256049 |
| CarParts.com, Inc.<sup>(b)</sup> | 125884 | &nbsp;&nbsp; 116241 |
| Carriage Services, Inc.<sup>(c)</sup> | 22999 | &nbsp;&nbsp; 919040 |
| Carvana Co.<sup>(b)(c)</sup> | 45872 | &nbsp;&nbsp; 11208823 |
| Cava Group, Inc.<sup>(b)(c)</sup> | 1757 | &nbsp;&nbsp; 162400 |
| Cavco Industries, Inc.<sup>(b)</sup> | 8674 | &nbsp;&nbsp; 4283655 |
| Champion Homes, Inc.<sup>(b)</sup> | 49754 | &nbsp;&nbsp; 4303721 |
| Cheesecake Factory, Inc. (The)<sup>(c)</sup> | 71453 | &nbsp;&nbsp; 3599088 |
| Chegg, Inc.<sup>(b)</sup> | 313063 | &nbsp;&nbsp; 227659 |
| Chewy, Inc., Class A<sup>(b)</sup> | 5090 | &nbsp;&nbsp; 190875 |
| Children's Place, Inc. (The)<sup>(b)(c)</sup> | 57415 | &nbsp;&nbsp; 291668 |
| Choice Hotels International, Inc.<sup>(c)</sup> | 16430 | &nbsp;&nbsp; 2071987 |
| Churchill Downs, Inc. | 29442 | &nbsp;&nbsp; 2661851 |
| Citi Trends, Inc.<sup>(b)(c)</sup> | 25563 | &nbsp;&nbsp; 570822 |
| Clarus Corp.<sup>(c)</sup> | 56756 | &nbsp;&nbsp; 186727 |
| Columbia Sportswear Co.<sup>(c)</sup> | 33692 | &nbsp;&nbsp; 2094632 |
| ContextLogic, Inc., Class A<sup>(b)(c)</sup> | 186599 | &nbsp;&nbsp; 1332317 |
| Cooper-Standard Holdings, Inc.<sup>(b)(c)</sup> | 92149 | &nbsp;&nbsp; 1351826 |
| Coursera, Inc.<sup>(b)</sup> | 85033 | &nbsp;&nbsp; 715978 |
| Cracker Barrel Old Country Store, Inc.<sup>(c)</sup> | 31021 | &nbsp;&nbsp; 1324597 |
| Cricut, Inc., Class A<sup>(c)</sup> | 11832 | &nbsp;&nbsp; 58923 |
| Crocs, Inc.<sup>(b)</sup> | 27599 | &nbsp;&nbsp; 2661096 |
| Dave & Buster's Entertainment, Inc.<sup>(b)(c)</sup> | 50334 | &nbsp;&nbsp; 965909 |
| Denny's Corp.<sup>(b)(c)</sup> | 92631 | &nbsp;&nbsp; 341808 |
| Designer Brands, Inc., Class A | 258438 | &nbsp;&nbsp; 721042 |
| Despegar.com Corp. (Argentina)<sup>(b)</sup> | 28157 | &nbsp;&nbsp; 547935 |
| Destination XL Group, Inc.<sup>(b)(c)</sup> | 126767 | &nbsp;&nbsp; 125449 |
| Dillard's, Inc., Class A<sup>(c)</sup> | 5908 | &nbsp;&nbsp; 2048067 |
| Dine Brands Global, Inc.<sup>(c)</sup> | 49720 | &nbsp;&nbsp; 989925 |
| Dorman Products, Inc.<sup>(b)(c)</sup> | 31705 | &nbsp;&nbsp; 3592176 |
| DraftKings, Inc., Class A<sup>(b)</sup> | 56352 | &nbsp;&nbsp; 1875958 |
| Dream Finders Homes, Inc., Class A<sup>(b)(c)</sup> | 27311 | &nbsp;&nbsp; 618867 |
| Duolingo, Inc.<sup>(b)</sup> | 2929 | &nbsp;&nbsp; 1140787 |
| Dutch Bros, Inc., Class A<sup>(b)</sup> | 1936 | &nbsp;&nbsp; 115657 |
| El Pollo Loco Holdings, Inc.<sup>(b)(c)</sup> | 66791 | &nbsp;&nbsp; 624496 |
| Ermenegildo Zegna N.V. (Italy)<sup>(c)</sup> | 34932 | &nbsp;&nbsp; 277709 |
| Escalade, Inc.<sup>(c)</sup> | 987 | &nbsp;&nbsp; 14983 |
| Ethan Allen Interiors, Inc.<sup>(c)</sup> | 52107 | &nbsp;&nbsp; 1481402 |
| Etsy, Inc.<sup>(b)</sup> | 20510 | &nbsp;&nbsp; 891775 |
| European Wax Center, Inc., Class A<sup>(b)(c)</sup> | 50097 | &nbsp;&nbsp; 156303 |
| Everi Holdings, Inc.<sup>(b)(c)</sup> | 146796 | &nbsp;&nbsp; 2062484 |
| Figs, Inc., Class A<sup>(b)(c)</sup> | 111098 | &nbsp;&nbsp; 447725 |
| First Watch Restaurant Group, Inc.<sup>(b)(c)</sup> | 24343 | &nbsp;&nbsp; 429897 |
| Flexsteel Industries, Inc.<sup>(c)</sup> | 9050 | &nbsp;&nbsp; 302180 |
| Fossil Group, Inc.<sup>(b)(c)</sup> | 262730 | &nbsp;&nbsp; 265357 |
| Fox Factory Holding Corp.<sup>(b)(c)</sup> | 56981 | &nbsp;&nbsp; 1157284 |
| Frontdoor, Inc.<sup>(b)(c)</sup> | 67445 | &nbsp;&nbsp; 2772664 |
| Full House Resorts, Inc.<sup>(b)(c)</sup> | 47068 | &nbsp;&nbsp; 152030 |
| Funko, Inc., Class A<sup>(b)(c)</sup> | 120055 | &nbsp;&nbsp; 481421 |
| GameStop Corp., Class A<sup>(b)(c)</sup> | 64661 | &nbsp;&nbsp; 1801455 |
| Garrett Motion, Inc. (Switzerland)<sup>(c)</sup> | 45150 | &nbsp;&nbsp; 416283 |
| Genesco, Inc.<sup>(b)(c)</sup> | 56648 | &nbsp;&nbsp; 1098971 |
| Genius Sports Ltd. (United Kingdom)<sup>(b)(c)</sup> | 84949 | &nbsp;&nbsp; 916600 |
| Gentherm, Inc.<sup>(b)(c)</sup> | 41547 | &nbsp;&nbsp; 1080637 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| GigaCloud Technology, Inc., Class A (Hong <br> Kong)<sup>(b)(c)</sup><br>| 17478 | &nbsp;&nbsp; $219174 |
| G-III Apparel Group Ltd.<sup>(b)(c)</sup> | 118382 | &nbsp;&nbsp; 2985594 |
| Global Business Travel Group, Inc.<sup>(b)(c)</sup> | 14936 | &nbsp;&nbsp; 100221 |
| Global-e Online Ltd. (Israel)<sup>(b)</sup> | 11580 | &nbsp;&nbsp; 415838 |
| Golden Entertainment, Inc.<sup>(c)</sup> | 34483 | &nbsp;&nbsp; 886213 |
| GoPro, Inc., Class A<sup>(b)(c)</sup> | 500895 | &nbsp;&nbsp; 288516 |
| Grand Canyon Education, Inc.<sup>(b)</sup> | 15793 | &nbsp;&nbsp; 2816997 |
| Green Brick Partners, Inc.<sup>(b)</sup> | 36403 | &nbsp;&nbsp; 2147413 |
| Groupon, Inc.<sup>(b)(c)</sup> | 45142 | &nbsp;&nbsp; 822036 |
| Guess?, Inc.<sup>(c)</sup> | 52752 | &nbsp;&nbsp; 593460 |
| H&R Block, Inc. | 31809 | &nbsp;&nbsp; 1920309 |
| Hamilton Beach Brands Holding Co., <br> Class A<sup>(c)</sup><br>| 1895 | &nbsp;&nbsp; 37521 |
| Haverty Furniture Cos., Inc.<sup>(c)</sup> | 40643 | &nbsp;&nbsp; 738077 |
| Hilton Grand Vacations, Inc.<sup>(b)(c)</sup> | 107604 | &nbsp;&nbsp; 3618723 |
| Holley, Inc.<sup>(b)(c)</sup> | 106097 | &nbsp;&nbsp; 228109 |
| Hooker Furnishings Corp.<sup>(c)</sup> | 20503 | &nbsp;&nbsp; 196829 |
| Hovnanian Enterprises, Inc., Class A<sup>(b)(c)</sup> | 14697 | &nbsp;&nbsp; 1422670 |
| Hyatt Hotels Corp., Class A<sup>(c)</sup> | 26815 | &nbsp;&nbsp; 3021514 |
| Inspired Entertainment, Inc.<sup>(b)(c)</sup> | 27175 | &nbsp;&nbsp; 201367 |
| Installed Building Products, Inc.<sup>(c)</sup> | 14651 | &nbsp;&nbsp; 2429575 |
| iRobot Corp.<sup>(b)(c)</sup> | 202598 | &nbsp;&nbsp; 496365 |
| J Jill, Inc.<sup>(c)</sup> | 10160 | &nbsp;&nbsp; 154635 |
| Jack in the Box, Inc.<sup>(c)</sup> | 48138 | &nbsp;&nbsp; 1253514 |
| JAKKS Pacific, Inc.<sup>(c)</sup> | 16720 | &nbsp;&nbsp; 322529 |
| Johnson Outdoors, Inc., Class A<sup>(c)</sup> | 13368 | &nbsp;&nbsp; 305191 |
| KinderCare Learning Cos., Inc.<sup>(b)(c)</sup> | 6526 | &nbsp;&nbsp; 80009 |
| Kontoor Brands, Inc. | 61516 | &nbsp;&nbsp; 3700187 |
| Krispy Kreme, Inc.<sup>(c)</sup> | 117663 | &nbsp;&nbsp; 482418 |
| Lakeland Industries, Inc.<sup>(c)</sup> | 2921 | &nbsp;&nbsp; 47700 |
| Lands' End, Inc.<sup>(b)(c)</sup> | 36711 | &nbsp;&nbsp; 325994 |
| Landsea Homes Corp.<sup>(b)(c)</sup> | 53960 | &nbsp;&nbsp; 329156 |
| Latham Group, Inc.<sup>(b)(c)</sup> | 114707 | &nbsp;&nbsp; 626874 |
| Laureate Education, Inc., Class A<sup>(b)</sup> | 151791 | &nbsp;&nbsp; 3046445 |
| La-Z-Boy, Inc.<sup>(c)</sup> | 80651 | &nbsp;&nbsp; 3185714 |
| Legacy Housing Corp.<sup>(b)(c)</sup> | 13173 | &nbsp;&nbsp; 320433 |
| Leslie's, Inc.<sup>(b)(c)</sup> | 260727 | &nbsp;&nbsp; 156488 |
| Levi Strauss & Co., Class A | 45050 | &nbsp;&nbsp; 721251 |
| Life Time Group Holdings, Inc.<sup>(b)(c)</sup> | 13440 | &nbsp;&nbsp; 412070 |
| Lifetime Brands, Inc. | 24029 | &nbsp;&nbsp; 87466 |
| Lincoln Educational Services Corp.<sup>(b)(c)</sup> | 30748 | &nbsp;&nbsp; 519641 |
| Lovesac Co. (The)<sup>(b)(c)</sup> | 27484 | &nbsp;&nbsp; 534564 |
| Lucid Group, Inc.<sup>(b)(c)</sup> | 662179 | &nbsp;&nbsp; 1662069 |
| Luminar Technologies, Inc.<sup>(b)(c)</sup> | 31653 | &nbsp;&nbsp; 123763 |
| MakeMyTrip Ltd. (India)<sup>(b)(c)</sup> | 7405 | &nbsp;&nbsp; 776192 |
| Malibu Boats, Inc., Class A<sup>(b)(c)</sup> | 37729 | &nbsp;&nbsp; 1077540 |
| MarineMax, Inc.<sup>(b)(c)</sup> | 79201 | &nbsp;&nbsp; 1699653 |
| MasterCraft Boat Holdings, Inc.<sup>(b)(c)</sup> | 31726 | &nbsp;&nbsp; 521575 |
| Mister Car Wash, Inc.<sup>(b)(c)</sup> | 61254 | &nbsp;&nbsp; 420202 |
| Modine Manufacturing Co.<sup>(b)(c)</sup> | 39469 | &nbsp;&nbsp; 3222249 |
| Monarch Casino & Resort, Inc. | 13369 | &nbsp;&nbsp; 1045322 |
| Monro, Inc.<sup>(c)</sup> | 89404 | &nbsp;&nbsp; 1246292 |
| Motorcar Parts of America, Inc.<sup>(b)(c)</sup> | 35586 | &nbsp;&nbsp; 317071 |
| Movado Group, Inc. | 29016 | &nbsp;&nbsp; 403032 |
| National Vision Holdings, Inc.<sup>(b)(c)</sup> | 175183 | &nbsp;&nbsp; 2163510 |
| Noodles & Co.<sup>(b)(c)</sup> | 118846 | &nbsp;&nbsp; 116469 |
| Nordstrom, Inc.<sup>(c)</sup> | 73256 | &nbsp;&nbsp; 1768400 |
| Norwegian Cruise Line Holdings Ltd.<sup>(b)(c)</sup> | 171470 | &nbsp;&nbsp; 2748664 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(b)(c)</sup> | 37190 | &nbsp;&nbsp; 3946231 |

---

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

------

**17**

------

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| On Holding AG, Class A (Switzerland)<sup>(b)</sup> | 26873 | &nbsp;&nbsp; $1292860 |
| OneSpaWorld Holdings Ltd. (Bahamas)<sup>(c)</sup> | 20351 | &nbsp;&nbsp; 339862 |
| OneWater Marine, Inc., Class A<sup>(b)(c)</sup> | 34615 | &nbsp;&nbsp; 519571 |
| Oxford Industries, Inc.<sup>(c)</sup> | 29544 | &nbsp;&nbsp; 1435838 |
| Papa John's International, Inc.<sup>(c)</sup> | 32435 | &nbsp;&nbsp; 1119981 |
| Patrick Industries, Inc.<sup>(c)</sup> | 56876 | &nbsp;&nbsp; 4378314 |
| Peloton Interactive, Inc., Class A<sup>(b)(c)</sup> | 472975 | &nbsp;&nbsp; 3258798 |
| Perdoceo Education Corp. | 101092 | &nbsp;&nbsp; 2539431 |
| Petco Health & Wellness Co., Inc.<sup>(b)(c)</sup> | 864182 | &nbsp;&nbsp; 2549337 |
| PetMed Express, Inc.<sup>(b)(c)</sup> | 108901 | &nbsp;&nbsp; 368085 |
| Planet Fitness, Inc., Class A<sup>(b)</sup> | 27627 | &nbsp;&nbsp; 2613238 |
| Playa Hotels & Resorts N.V.<sup>(b)(c)</sup> | 138804 | &nbsp;&nbsp; 1862750 |
| PlayAGS, Inc.<sup>(b)</sup> | 66985 | &nbsp;&nbsp; 811858 |
| Portillo's, Inc., Class A<sup>(b)(c)</sup> | 56601 | &nbsp;&nbsp; 585254 |
| Potbelly Corp.<sup>(b)(c)</sup> | 17469 | &nbsp;&nbsp; 141499 |
| Purple Innovation, Inc.<sup>(b)(c)</sup> | 168296 | &nbsp;&nbsp; 113903 |
| QuantumScape Corp.<sup>(b)(c)</sup> | 205188 | &nbsp;&nbsp; 802285 |
| QVC Group, Inc., Class A<sup>(b)(c)</sup> | 1123132 | &nbsp;&nbsp; 168470 |
| RCI Hospitality Holdings, Inc.<sup>(c)</sup> | 8745 | &nbsp;&nbsp; 347002 |
| RealReal, Inc. (The)<sup>(b)(c)</sup> | 116735 | &nbsp;&nbsp; 677063 |
| Red Robin Gourmet Burgers, Inc.<sup>(b)(c)</sup> | 71228 | &nbsp;&nbsp; 207986 |
| Red Rock Resorts, Inc., Class A<sup>(c)</sup> | 41001 | &nbsp;&nbsp; 1750743 |
| Revolve Group, Inc.<sup>(b)(c)</sup> | 43994 | &nbsp;&nbsp; 874601 |
| Rocky Brands, Inc.<sup>(c)</sup> | 16554 | &nbsp;&nbsp; 354090 |
| RumbleOn, Inc., Class B<sup>(b)(c)</sup> | 67869 | &nbsp;&nbsp; 171709 |
| Sabre Corp.<sup>(b)(c)</sup> | 840020 | &nbsp;&nbsp; 1990847 |
| Sally Beauty Holdings, Inc.<sup>(b)(c)</sup> | 100187 | &nbsp;&nbsp; 815522 |
| Savers Value Village, Inc.<sup>(b)(c)</sup> | 24971 | &nbsp;&nbsp; 239472 |
| Shake Shack, Inc., Class A<sup>(b)</sup> | 10927 | &nbsp;&nbsp; 958735 |
| SharkNinja, Inc.<sup>(b)(c)</sup> | 54608 | &nbsp;&nbsp; 4395944 |
| Shoe Carnival, Inc.<sup>(c)</sup> | 43939 | &nbsp;&nbsp; 763660 |
| Six Flags Entertainment Corp.<sup>(c)</sup> | 19021 | &nbsp;&nbsp; 654513 |
| Sleep Number Corp.<sup>(b)(c)</sup> | 170590 | &nbsp;&nbsp; 1328896 |
| Smith & Wesson Brands, Inc.<sup>(c)</sup> | 101871 | &nbsp;&nbsp; 970831 |
| Solid Power, Inc.<sup>(b)(c)</sup> | 314957 | &nbsp;&nbsp; 343303 |
| Sonic Automotive, Inc., Class A<sup>(c)</sup> | 66288 | &nbsp;&nbsp; 4025007 |
| Sonos, Inc.<sup>(b)</sup> | 175680 | &nbsp;&nbsp; 1618013 |
| Sportsman's Warehouse Holdings, Inc.<sup>(b)</sup> | 217040 | &nbsp;&nbsp; 362457 |
| Standard Motor Products, Inc.<sup>(c)</sup> | 43987 | &nbsp;&nbsp; 1192048 |
| Steven Madden Ltd.<sup>(c)</sup> | 54625 | &nbsp;&nbsp; 1147125 |
| Stitch Fix, Inc., Class A<sup>(b)(c)</sup> | 366355 | &nbsp;&nbsp; 1197981 |
| Stoneridge, Inc.<sup>(b)(c)</sup> | 38112 | &nbsp;&nbsp; 147112 |
| Strategic Education, Inc. | 28762 | &nbsp;&nbsp; 2346404 |
| Strattec Security Corp.<sup>(b)</sup> | 826 | &nbsp;&nbsp; 27522 |
| Stride, Inc.<sup>(b)(c)</sup> | 42520 | &nbsp;&nbsp; 6048470 |
| Sturm, Ruger & Co., Inc.<sup>(c)</sup> | 40213 | &nbsp;&nbsp; 1635061 |
| Super Group (SGHC) Ltd. (Guernsey) | 133540 | &nbsp;&nbsp; 1084345 |
| Superior Group of Cos., Inc.<sup>(c)</sup> | 24670 | &nbsp;&nbsp; 256075 |
| Sweetgreen, Inc., Class A<sup>(b)(c)</sup> | 51631 | &nbsp;&nbsp; 1005772 |
| Target Hospitality Corp.<sup>(b)(c)</sup> | 37752 | &nbsp;&nbsp; 256714 |
| Tilly's, Inc., Class A<sup>(b)(c)</sup> | 45076 | &nbsp;&nbsp; 68966 |
| Topgolf Callaway Brands Corp.<sup>(b)(c)</sup> | 337719 | &nbsp;&nbsp; 2232323 |
| Traeger, Inc.<sup>(b)</sup> | 5797 | &nbsp;&nbsp; 8464 |
| Udemy, Inc.<sup>(b)(c)</sup> | 53140 | &nbsp;&nbsp; 365072 |
| Unifi, Inc.<sup>(b)(c)</sup> | 43726 | &nbsp;&nbsp; 222565 |
| United Parks & Resorts, Inc.<sup>(b)(c)</sup> | 40068 | &nbsp;&nbsp; 1748968 |
| Universal Electronics, Inc.<sup>(b)</sup> | 2605 | &nbsp;&nbsp; 12634 |
| Universal Technical Institute, Inc.<sup>(b)</sup> | 17149 | &nbsp;&nbsp; 481201 |
| Upbound Group, Inc. | 101970 | &nbsp;&nbsp; 2029203 |
| Valvoline, Inc.<sup>(b)</sup> | 81417 | &nbsp;&nbsp; 2789346 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| Vera Bradley, Inc.<sup>(b)(c)</sup> | 62003 | &nbsp;&nbsp; $120906 |
| Visteon Corp.<sup>(b)</sup> | 26181 | &nbsp;&nbsp; 2073273 |
| Warby Parker, Inc., Class A<sup>(b)(c)</sup> | 30734 | &nbsp;&nbsp; 507418 |
| Wayfair, Inc., Class A<sup>(b)(c)</sup> | 16310 | &nbsp;&nbsp; 491910 |
| Wendy's Co. (The)<sup>(c)</sup> | 266663 | &nbsp;&nbsp; 3333287 |
| Weyco Group, Inc. | 552 | &nbsp;&nbsp; 16505 |
| Wingstop, Inc.<sup>(c)</sup> | 5900 | &nbsp;&nbsp; 1556951 |
| Winmark Corp. | 1128 | &nbsp;&nbsp; 406091 |
| Winnebago Industries, Inc.<sup>(c)</sup> | 45517 | &nbsp;&nbsp; 1448351 |
| Wolverine World Wide, Inc.<sup>(c)</sup> | 255353 | &nbsp;&nbsp; 3332357 |
| WW International, Inc.<sup>(b)(c)</sup> | 256094 | &nbsp;&nbsp; 197295 |
| Wynn Resorts Ltd. | 14617 | &nbsp;&nbsp; 1173891 |
| XPEL, Inc.<sup>(b)(c)(d)</sup> | 8727 | &nbsp;&nbsp; 249941 |
| YETI Holdings, Inc.<sup>(b)(c)</sup> | 74921 | &nbsp;&nbsp; 2138995 |
| Zumiez, Inc.<sup>(b)(c)</sup> | 72742 | &nbsp;&nbsp; 851081 |
|  |  | &nbsp;&nbsp; 280252270 |
| **Consumer Staples-4.22%** | **Consumer Staples-4.22%** | **Consumer Staples-4.22%** |
| Adecoagro S.A. (Brazil)<sup>(c)</sup> | 235285 | &nbsp;&nbsp; 2197562 |
| Alico, Inc.<sup>(c)</sup> | 12481 | &nbsp;&nbsp; 356208 |
| B&G Foods, Inc. | 61842 | &nbsp;&nbsp; 426091 |
| BellRing Brands, Inc.<sup>(b)</sup> | 29796 | &nbsp;&nbsp; 2298463 |
| Beyond Meat, Inc.<sup>(b)(c)</sup> | 42991 | &nbsp;&nbsp; 106618 |
| Boston Beer Co., Inc. (The), Class A<sup>(b)</sup> | 10498 | &nbsp;&nbsp; 2580408 |
| Calavo Growers, Inc. | 40483 | &nbsp;&nbsp; 1118141 |
| Cal-Maine Foods, Inc. | 49623 | &nbsp;&nbsp; 4633300 |
| Celsius Holdings, Inc.<sup>(b)(c)</sup> | 13776 | &nbsp;&nbsp; 481609 |
| Central Garden & Pet Co., Class A<sup>(b)</sup> | 106501 | &nbsp;&nbsp; 3149235 |
| Chefs' Warehouse, Inc. (The)<sup>(b)(c)</sup> | 45422 | &nbsp;&nbsp; 2587691 |
| Coca-Cola Consolidated, Inc. | 3624 | &nbsp;&nbsp; 4913455 |
| Coty, Inc., Class A<sup>(b)</sup> | 503442 | &nbsp;&nbsp; 2542382 |
| Dole PLC | 200801 | &nbsp;&nbsp; 3050167 |
| e.l.f. Beauty, Inc.<sup>(b)(c)</sup> | 10952 | &nbsp;&nbsp; 677600 |
| Edgewell Personal Care Co.<sup>(c)</sup> | 88524 | &nbsp;&nbsp; 2704408 |
| Energizer Holdings, Inc. | 131951 | &nbsp;&nbsp; 3567955 |
| Fresh Del Monte Produce, Inc. | 94150 | &nbsp;&nbsp; 3202042 |
| Freshpet, Inc.<sup>(b)(c)</sup> | 14930 | &nbsp;&nbsp; 1097952 |
| Grocery Outlet Holding Corp.<sup>(b)(c)</sup> | 206528 | &nbsp;&nbsp; 3467605 |
| Hain Celestial Group, Inc. (The)<sup>(b)</sup> | 271108 | &nbsp;&nbsp; 824168 |
| Herbalife Ltd.<sup>(b)(c)</sup> | 90860 | &nbsp;&nbsp; 654192 |
| Honest Co., Inc. (The)<sup>(b)(c)</sup> | 21799 | &nbsp;&nbsp; 104417 |
| Ingles Markets, Inc., Class A<sup>(c)</sup> | 34346 | &nbsp;&nbsp; 2118805 |
| Interparfums, Inc. | 9612 | &nbsp;&nbsp; 1049630 |
| J&J Snack Foods Corp.<sup>(c)</sup> | 14644 | &nbsp;&nbsp; 1897716 |
| John B. Sanfilippo & Son, Inc.<sup>(c)</sup> | 14552 | &nbsp;&nbsp; 964361 |
| Lancaster Colony Corp. | 16975 | &nbsp;&nbsp; 2763191 |
| Lifevantage Corp.<sup>(c)</sup> | 5881 | &nbsp;&nbsp; 72748 |
| Limoneira Co.<sup>(c)</sup> | 15453 | &nbsp;&nbsp; 232259 |
| Medifast, Inc.<sup>(b)(c)</sup> | 42381 | &nbsp;&nbsp; 556886 |
| MGP Ingredients, Inc.<sup>(c)</sup> | 22529 | &nbsp;&nbsp; 663930 |
| Mission Produce, Inc.<sup>(b)(c)</sup> | 75564 | &nbsp;&nbsp; 791533 |
| National Beverage Corp.<sup>(c)</sup> | 23574 | &nbsp;&nbsp; 1046686 |
| Natural Grocers by Vitamin Cottage, Inc. | 22781 | &nbsp;&nbsp; 1142695 |
| Nature's Sunshine Products, Inc.<sup>(b)</sup> | 16204 | &nbsp;&nbsp; 199633 |
| Oil-Dri Corp.of America | 8521 | &nbsp;&nbsp; 358649 |
| Olaplex Holdings, Inc.<sup>(b)(c)</sup> | 156872 | &nbsp;&nbsp; 205502 |
| Pilgrim's Pride Corp. | 105621 | &nbsp;&nbsp; 5764794 |
| PriceSmart, Inc. | 32390 | &nbsp;&nbsp; 3287261 |
| Reynolds Consumer Products, Inc.<sup>(c)</sup> | 76401 | &nbsp;&nbsp; 1757223 |
| Seaboard Corp. | 116 | &nbsp;&nbsp; 299974 |

---

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

------

**18**

------

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples-(continued)** | **Consumer Staples-(continued)** | **Consumer Staples-(continued)** |
| Seneca Foods Corp., Class A<sup>(b)(c)</sup> | 19185 | &nbsp;&nbsp; $1720703 |
| Simply Good Foods Co. (The)<sup>(b)(c)</sup> | 80688 | &nbsp;&nbsp; 2913644 |
| SpartanNash Co. | 97360 | &nbsp;&nbsp; 1931622 |
| Tootsie Roll Industries, Inc.<sup>(c)</sup> | 4838 | &nbsp;&nbsp; 154816 |
| Turning Point Brands, Inc.<sup>(c)</sup> | 23449 | &nbsp;&nbsp; 1439300 |
| USANA Health Sciences, Inc.<sup>(b)(c)</sup> | 25575 | &nbsp;&nbsp; 718402 |
| Utz Brands, Inc.<sup>(c)</sup> | 48567 | &nbsp;&nbsp; 645455 |
| Village Super Market, Inc., Class A | 11677 | &nbsp;&nbsp; 430297 |
| Vita Coco Co., Inc. (The)<sup>(b)</sup> | 4879 | &nbsp;&nbsp; 161251 |
| Vital Farms, Inc.<sup>(b)(c)</sup> | 17770 | &nbsp;&nbsp; 608445 |
| WD-40 Co. | 7035 | &nbsp;&nbsp; 1606513 |
| Weis Markets, Inc.<sup>(c)</sup> | 39804 | &nbsp;&nbsp; 3422746 |
| WK Kellogg Co.<sup>(c)</sup> | 194097 | &nbsp;&nbsp; 3480159 |
|  |  | &nbsp;&nbsp; 91148498 |
| **Energy-4.76%** | **Energy-4.76%** | **Energy-4.76%** |
| Amplify Energy Corp.<sup>(b)(c)</sup> | 13605 | &nbsp;&nbsp; 35373 |
| Archrock, Inc. | 194368 | &nbsp;&nbsp; 4573479 |
| Ardmore Shipping Corp. (Ireland)<sup>(c)</sup> | 45143 | &nbsp;&nbsp; 430664 |
| Aris Water Solutions, Inc., Class A<sup>(c)</sup> | 38037 | &nbsp;&nbsp; 949404 |
| Atlas Energy Solutions, Inc.<sup>(c)</sup> | 18831 | &nbsp;&nbsp; 254783 |
| Berry Corp.<sup>(c)</sup> | 252905 | &nbsp;&nbsp; 627204 |
| BKV Corp. (Thailand)<sup>(b)(c)</sup> | 8867 | &nbsp;&nbsp; 160759 |
| Bristow Group, Inc.<sup>(b)(c)</sup> | 47130 | &nbsp;&nbsp; 1368655 |
| Cactus, Inc., Class A<sup>(c)</sup> | 33586 | &nbsp;&nbsp; 1274253 |
| Calumet, Inc.<sup>(b)(c)</sup> | 12730 | &nbsp;&nbsp; 134938 |
| ChampionX Corp. | 90273 | &nbsp;&nbsp; 2178287 |
| Clean Energy Fuels Corp.<sup>(b)(c)</sup> | 292050 | &nbsp;&nbsp; 423472 |
| Comstock Resources, Inc.<sup>(b)(c)</sup> | 214718 | &nbsp;&nbsp; 3922898 |
| Core Laboratories, Inc.<sup>(c)</sup> | 93374 | &nbsp;&nbsp; 1061662 |
| Core Natural Resources, Inc.<sup>(c)</sup> | 36208 | &nbsp;&nbsp; 2614580 |
| Crescent Energy Co., Class A<sup>(c)</sup> | 293818 | &nbsp;&nbsp; 2432813 |
| CVR Energy, Inc. | 126933 | &nbsp;&nbsp; 2393956 |
| DHT Holdings, Inc.<sup>(c)</sup> | 166534 | &nbsp;&nbsp; 1780248 |
| DMC Global, Inc.<sup>(b)(c)</sup> | 36689 | &nbsp;&nbsp; 238112 |
| Dorian LPG Ltd. | 70860 | &nbsp;&nbsp; 1517821 |
| Evolution Petroleum Corp.<sup>(c)</sup> | 49687 | &nbsp;&nbsp; 208189 |
| Excelerate Energy, Inc., Class A<sup>(c)</sup> | 27965 | &nbsp;&nbsp; 715345 |
| Expro Group Holdings N.V.<sup>(b)</sup> | 122648 | &nbsp;&nbsp; 1014299 |
| Forum Energy Technologies, Inc.<sup>(b)(c)</sup> | 13741 | &nbsp;&nbsp; 201306 |
| FutureFuel Corp.<sup>(c)</sup> | 131196 | &nbsp;&nbsp; 539216 |
| GeoPark Ltd. (Colombia)<sup>(c)</sup> | 85207 | &nbsp;&nbsp; 572591 |
| Gevo, Inc.<sup>(b)(c)</sup> | 655719 | &nbsp;&nbsp; 721291 |
| Golar LNG Ltd. (Cameroon)<sup>(c)</sup> | 107691 | &nbsp;&nbsp; 4577406 |
| Gran Tierra Energy, Inc. (Colombia)<sup>(b)(c)</sup> | 211340 | &nbsp;&nbsp; 932009 |
| Granite Ridge Resources, Inc.<sup>(c)</sup> | 60039 | &nbsp;&nbsp; 288788 |
| Green Plains, Inc.<sup>(b)(c)</sup> | 134715 | &nbsp;&nbsp; 482280 |
| Gulfport Energy Corp.<sup>(b)</sup> | 14524 | &nbsp;&nbsp; 2505390 |
| Hallador Energy Co.<sup>(b)(c)</sup> | 54384 | &nbsp;&nbsp; 764911 |
| Helix Energy Solutions Group, Inc.<sup>(b)</sup> | 275856 | &nbsp;&nbsp; 1679963 |
| HighPeak Energy, Inc.<sup>(c)</sup> | 10820 | &nbsp;&nbsp; 86668 |
| Innovex International, Inc.<sup>(b)(c)</sup> | 19877 | &nbsp;&nbsp; 300143 |
| International Seaways, Inc.<sup>(c)</sup> | 65545 | &nbsp;&nbsp; 2225908 |
| Kinetik Holdings, Inc., Class A | 2324 | &nbsp;&nbsp; 96074 |
| KLX Energy Services Holdings, Inc.<sup>(b)(c)</sup> | 23443 | &nbsp;&nbsp; 47120 |
| Kodiak Gas Services, Inc. | 26656 | &nbsp;&nbsp; 906571 |
| Kosmos Energy Ltd. (Ghana)<sup>(b)</sup> | 813530 | &nbsp;&nbsp; 1252836 |
| Liberty Energy, Inc., Class A | 137345 | &nbsp;&nbsp; 1579467 |
| Magnolia Oil & Gas Corp., Class A<sup>(c)</sup> | 131497 | &nbsp;&nbsp; 2699633 |
| Nabors Industries Ltd.<sup>(b)(c)</sup> | 48007 | &nbsp;&nbsp; 1288508 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy-(continued)** | **Energy-(continued)** | **Energy-(continued)** |
| NACCO Industries, Inc., Class A | 501 | &nbsp;&nbsp; $17485 |
| National Energy Services Reunited <br> Corp.<sup>(b)</sup><br>| 6256 | &nbsp;&nbsp; 38975 |
| Natural Gas Services Group, Inc.<sup>(b)(c)</sup> | 20566 | &nbsp;&nbsp; 369571 |
| Navigator Holdings Ltd.<sup>(c)</sup> | 49207 | &nbsp;&nbsp; 624437 |
| New Fortress Energy, Inc.<sup>(c)</sup> | 105257 | &nbsp;&nbsp; 571546 |
| Nine Energy Service, Inc.<sup>(b)(c)</sup> | 103750 | &nbsp;&nbsp; 86175 |
| Noble Corp. PLC<sup>(c)</sup> | 90170 | &nbsp;&nbsp; 1960296 |
| Nordic American Tankers Ltd.<sup>(c)</sup> | 196041 | &nbsp;&nbsp; 501865 |
| Northern Oil and Gas, Inc.<sup>(c)</sup> | 91078 | &nbsp;&nbsp; 2213195 |
| NPK International, Inc.<sup>(b)(c)</sup> | 149226 | &nbsp;&nbsp; 862526 |
| Oceaneering International, Inc.<sup>(b)</sup> | 126185 | &nbsp;&nbsp; 2239784 |
| Oil States International, Inc.<sup>(b)</sup> | 187127 | &nbsp;&nbsp; 656816 |
| Par Pacific Holdings, Inc.<sup>(b)</sup> | 41007 | &nbsp;&nbsp; 587220 |
| Patterson-UTI Energy, Inc. | 237191 | &nbsp;&nbsp; 1337757 |
| Permian Resources Corp. | 172993 | &nbsp;&nbsp; 2041317 |
| ProFrac Holding Corp., Class A<sup>(b)(c)</sup> | 31274 | &nbsp;&nbsp; 129787 |
| ProPetro Holding Corp.<sup>(b)(c)</sup> | 296679 | &nbsp;&nbsp; 1477461 |
| Ranger Energy Services, Inc., Class A | 36100 | &nbsp;&nbsp; 400349 |
| REX American Resources Corp.<sup>(b)(c)</sup> | 22435 | &nbsp;&nbsp; 891118 |
| Riley Exploration Permian, Inc.<sup>(c)</sup> | 4161 | &nbsp;&nbsp; 102693 |
| Ring Energy, Inc.<sup>(b)(c)</sup> | 443618 | &nbsp;&nbsp; 393090 |
| RPC, Inc. | 158781 | &nbsp;&nbsp; 751034 |
| SandRidge Energy, Inc.<sup>(c)</sup> | 47095 | &nbsp;&nbsp; 429035 |
| Scorpio Tankers, Inc. (Monaco)<sup>(c)</sup> | 43162 | &nbsp;&nbsp; 1626776 |
| SEACOR Marine Holdings, Inc.<sup>(b)(c)</sup> | 42995 | &nbsp;&nbsp; 209816 |
| Select Water Solutions, Inc., Class A | 159588 | &nbsp;&nbsp; 1359690 |
| SFL Corp. Ltd. (Norway)<sup>(c)</sup> | 226072 | &nbsp;&nbsp; 1858312 |
| Sitio Royalties Corp., Class A<sup>(c)</sup> | 57427 | &nbsp;&nbsp; 973962 |
| Solaris Energy Infrastructure, Inc., <br> Class B<sup>(c)</sup><br>| 55668 | &nbsp;&nbsp; 1176822 |
| StealthGas, Inc. (Greece)<sup>(b)</sup> | 74345 | &nbsp;&nbsp; 399976 |
| Summit Midstream Corp.<sup>(b)</sup> | 3360 | &nbsp;&nbsp; 93542 |
| Talos Energy, Inc.<sup>(b)(c)</sup> | 310004 | &nbsp;&nbsp; 2132828 |
| Teekay Corp. Ltd. (Bermuda)<sup>(c)</sup> | 147821 | &nbsp;&nbsp; 1065789 |
| Teekay Tankers Ltd., Class A (Canada)<sup>(c)</sup> | 18617 | &nbsp;&nbsp; 792526 |
| TETRA Technologies, Inc.<sup>(b)(c)</sup> | 207922 | &nbsp;&nbsp; 592578 |
| Texas Pacific Land Corp.<sup>(c)</sup> | 5977 | &nbsp;&nbsp; 7703576 |
| Tidewater, Inc.<sup>(b)(c)</sup> | 24416 | &nbsp;&nbsp; 883615 |
| Tsakos Energy Navigation Ltd. (Greece) | 54551 | &nbsp;&nbsp; 912093 |
| Uranium Energy Corp.<sup>(b)(c)</sup> | 63800 | &nbsp;&nbsp; 334950 |
| VAALCO Energy, Inc.<sup>(c)</sup> | 207221 | &nbsp;&nbsp; 677613 |
| Valaris Ltd.<sup>(b)(c)</sup> | 51483 | &nbsp;&nbsp; 1663416 |
| Viper Energy, Inc. | 38158 | &nbsp;&nbsp; 1538912 |
| Vital Energy, Inc.<sup>(b)(c)</sup> | 79190 | &nbsp;&nbsp; 1122914 |
| Vitesse Energy, Inc.<sup>(c)</sup> | 54925 | &nbsp;&nbsp; 1123216 |
| W&T Offshore, Inc.<sup>(c)</sup> | 347871 | &nbsp;&nbsp; 400052 |
| Weatherford International PLC | 31327 | &nbsp;&nbsp; 1296938 |
|  |  | &nbsp;&nbsp; 102682717 |
| **Financials-20.51%** | **Financials-20.51%** | **Financials-20.51%** |
| 1st Source Corp. | 23815 | &nbsp;&nbsp; 1427709 |
| Acadian Asset Management, Inc. | 57712 | &nbsp;&nbsp; 1554761 |
| ACNB Corp.<sup>(c)</sup> | 11080 | &nbsp;&nbsp; 464363 |
| Advanced Flower Capital, Inc.<sup>(c)</sup> | 35287 | &nbsp;&nbsp; 194431 |
| Affirm Holdings, Inc.<sup>(b)</sup> | 59673 | &nbsp;&nbsp; 2969328 |
| AG Mortgage Investment Trust, Inc.<sup>(c)</sup> | 59866 | &nbsp;&nbsp; 390925 |
| Alerus Financial Corp.<sup>(c)</sup> | 23601 | &nbsp;&nbsp; 469188 |
| Amalgamated Financial Corp. | 23284 | &nbsp;&nbsp; 655677 |
| Ambac Financial Group, Inc.<sup>(b)</sup> | 141157 | &nbsp;&nbsp; 1126433 |

---

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

------

**19**

------

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Amerant Bancorp, Inc.<sup>(c)</sup> | 39716 | &nbsp;&nbsp; $668817 |
| Ameris Bancorp | 16701 | &nbsp;&nbsp; 978679 |
| AMERISAFE, Inc.<sup>(c)</sup> | 42161 | &nbsp;&nbsp; 1960065 |
| Ames National Corp. | 926 | &nbsp;&nbsp; 16075 |
| Angel Oak Mortgage REIT, Inc.<sup>(c)</sup> | 3537 | &nbsp;&nbsp; 33425 |
| Apollo Commercial Real Estate Finance, <br> Inc.<sup>(c)</sup><br>| 44786 | &nbsp;&nbsp; 419645 |
| Ares Commercial Real Estate Corp.<sup>(c)</sup> | 176379 | &nbsp;&nbsp; 717863 |
| ARMOUR Residential REIT, Inc. | 51035 | &nbsp;&nbsp; 840546 |
| Arrow Financial Corp.<sup>(c)</sup> | 23845 | &nbsp;&nbsp; 584918 |
| Artisan Partners Asset Management, Inc., <br> Class A<sup>(c)</sup><br>| 21285 | &nbsp;&nbsp; 787119 |
| Atlantic Union Bankshares Corp., <br> Class B<sup>(c)</sup><br>| 120628 | &nbsp;&nbsp; 3341396 |
| Atlanticus Holdings Corp.<sup>(b)(c)</sup> | 2415 | &nbsp;&nbsp; 132390 |
| AvidXchange Holdings, Inc.<sup>(b)(c)</sup> | 68656 | &nbsp;&nbsp; 558173 |
| Axos Financial, Inc.<sup>(b)(c)</sup> | 67492 | &nbsp;&nbsp; 4284392 |
| B. Riley Financial, Inc.<sup>(c)</sup> | 147173 | &nbsp;&nbsp; 431217 |
| Baldwin Insurance Group, Inc. (The), <br> Class A<sup>(b)(c)</sup><br>| 18167 | &nbsp;&nbsp; 756111 |
| Banc of California, Inc. | 121989 | &nbsp;&nbsp; 1644412 |
| BancFirst Corp. | 20500 | &nbsp;&nbsp; 2415310 |
| Bancorp, Inc. (The)<sup>(b)(c)</sup> | 37114 | &nbsp;&nbsp; 1792977 |
| Bank First Corp. | 6400 | &nbsp;&nbsp; 698752 |
| Bank of Hawaii Corp.<sup>(c)</sup> | 70049 | &nbsp;&nbsp; 4630939 |
| Bank of Marin Bancorp | 24873 | &nbsp;&nbsp; 510394 |
| Bank of N.T. Butterfield & Son Ltd. (The) <br> (Bermuda)<br>| 82520 | &nbsp;&nbsp; 3315654 |
| BankFinancial Corp. | 816 | &nbsp;&nbsp; 10029 |
| Bankwell Financial Group, Inc. | 686 | &nbsp;&nbsp; 23262 |
| Banner Corp.<sup>(c)</sup> | 69730 | &nbsp;&nbsp; 4263292 |
| Bar Harbor Bankshares | 15824 | &nbsp;&nbsp; 469023 |
| BayCom Corp. | 1085 | &nbsp;&nbsp; 28221 |
| BCB Bancorp, Inc. | 2119 | &nbsp;&nbsp; 17418 |
| Berkshire Hills Bancorp, Inc.<sup>(c)</sup> | 79678 | &nbsp;&nbsp; 1978405 |
| BGC Group, Inc., Class A | 428012 | &nbsp;&nbsp; 3877789 |
| Blue Foundry Bancorp<sup>(b)(c)</sup> | 25606 | &nbsp;&nbsp; 239160 |
| Blue Owl Capital, Inc. | 16342 | &nbsp;&nbsp; 302817 |
| BOK Financial Corp. | 6468 | &nbsp;&nbsp; 602624 |
| Bridge Investment Group Holdings, Inc., <br> Class A<br>| 7389 | &nbsp;&nbsp; 70861 |
| Bridgewater Bancshares, Inc.<sup>(b)(c)</sup> | 34995 | &nbsp;&nbsp; 538573 |
| BrightSpire Capital, Inc.<sup>(c)</sup> | 350974 | &nbsp;&nbsp; 1758380 |
| Brookline Bancorp, Inc. | 183314 | &nbsp;&nbsp; 1913798 |
| Burke & Herbert Financial Services Corp. | 1567 | &nbsp;&nbsp; 87611 |
| Business First Bancshares, Inc.<sup>(c)</sup> | 28700 | &nbsp;&nbsp; 661535 |
| Byline Bancorp, Inc. | 31967 | &nbsp;&nbsp; 816437 |
| C&F Financial Corp. | 537 | &nbsp;&nbsp; 34781 |
| Camden National Corp.<sup>(c)</sup> | 24025 | &nbsp;&nbsp; 925443 |
| Cannae Holdings, Inc. | 123839 | &nbsp;&nbsp; 2193189 |
| Cantaloupe, Inc.<sup>(b)(c)</sup> | 10982 | &nbsp;&nbsp; 87856 |
| Capital City Bank Group, Inc.<sup>(c)</sup> | 15906 | &nbsp;&nbsp; 581205 |
| Capitol Federal Financial, Inc. | 428520 | &nbsp;&nbsp; 2429708 |
| Carter Bankshares, Inc.<sup>(b)</sup> | 24485 | &nbsp;&nbsp; 374865 |
| Cass Information Systems, Inc.<sup>(c)</sup> | 13092 | &nbsp;&nbsp; 533368 |
| Central Pacific Financial Corp. | 60677 | &nbsp;&nbsp; 1558792 |
| Chemung Financial Corp. | 532 | &nbsp;&nbsp; 23589 |
| Cherry Hill Mortgage Investment Corp. | 73042 | &nbsp;&nbsp; 220587 |
| Chicago Atlantic Real Estate Finance, <br> Inc.<sup>(c)</sup><br>| 6474 | &nbsp;&nbsp; 93679 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| ChoiceOne Financial Services, Inc. | 9151 | &nbsp;&nbsp; $260163 |
| Citizens & Northern Corp. | 1800 | &nbsp;&nbsp; 34650 |
| Citizens Financial Services, Inc.<sup>(c)</sup> | 6120 | &nbsp;&nbsp; 333112 |
| City Holding Co.<sup>(c)</sup> | 14520 | &nbsp;&nbsp; 1682432 |
| Civista Bancshares, Inc. | 2310 | &nbsp;&nbsp; 51998 |
| Claros Mortgage Trust, Inc.<sup>(c)</sup> | 153742 | &nbsp;&nbsp; 378205 |
| CNA Financial Corp.<sup>(c)</sup> | 65246 | &nbsp;&nbsp; 3142247 |
| CNB Financial Corp.<sup>(c)</sup> | 27398 | &nbsp;&nbsp; 601386 |
| Coastal Financial Corp.<sup>(b)(c)</sup> | 10494 | &nbsp;&nbsp; 862082 |
| Cohen & Steers, Inc.<sup>(c)</sup> | 28873 | &nbsp;&nbsp; 2203587 |
| Colony Bankcorp, Inc. | 2793 | &nbsp;&nbsp; 43347 |
| Columbia Financial, Inc.<sup>(b)(c)</sup> | 26496 | &nbsp;&nbsp; 356901 |
| Community Financial System, Inc. | 77288 | &nbsp;&nbsp; 4219152 |
| Community Trust Bancorp, Inc. | 20508 | &nbsp;&nbsp; 1004072 |
| Community West Bancshares, Class B | 14623 | &nbsp;&nbsp; 255902 |
| Compass Diversified Holdings | 85659 | &nbsp;&nbsp; 1472478 |
| ConnectOne Bancorp, Inc.<sup>(c)</sup> | 72406 | &nbsp;&nbsp; 1631307 |
| Crawford & Co., Class A<sup>(c)</sup> | 24922 | &nbsp;&nbsp; 277133 |
| Credit Acceptance Corp.<sup>(b)(c)</sup> | 7760 | &nbsp;&nbsp; 3782379 |
| Customers Bancorp, Inc.<sup>(b)(c)</sup> | 56120 | &nbsp;&nbsp; 2806000 |
| CVB Financial Corp. | 221072 | &nbsp;&nbsp; 4098675 |
| Diamond Hill Investment Group, Inc. | 5795 | &nbsp;&nbsp; 730054 |
| DigitalBridge Group, Inc.<sup>(c)</sup> | 241248 | &nbsp;&nbsp; 2026483 |
| Dime Community Bancshares, Inc., <br> Class B<br>| 83197 | &nbsp;&nbsp; 2137331 |
| Dlocal Ltd. (Uruguay)<sup>(b)(c)</sup> | 12391 | &nbsp;&nbsp; 109660 |
| Donegal Group, Inc., Class A | 25626 | &nbsp;&nbsp; 495863 |
| Donnelley Financial Solutions, Inc.<sup>(b)(c)</sup> | 26318 | &nbsp;&nbsp; 1268528 |
| Dynex Capital, Inc.<sup>(c)</sup> | 135532 | &nbsp;&nbsp; 1671110 |
| Eagle Bancorp, Inc. | 91198 | &nbsp;&nbsp; 1637004 |
| Eastern Bankshares, Inc.<sup>(c)</sup> | 290016 | &nbsp;&nbsp; 4327039 |
| eHealth, Inc.<sup>(b)</sup> | 124476 | &nbsp;&nbsp; 692087 |
| Ellington Financial, Inc. | 100984 | &nbsp;&nbsp; 1315822 |
| Employers Holdings, Inc.<sup>(c)</sup> | 48603 | &nbsp;&nbsp; 2361620 |
| Enact Holdings, Inc. | 12401 | &nbsp;&nbsp; 443832 |
| Encore Capital Group, Inc.<sup>(b)(c)</sup> | 63764 | &nbsp;&nbsp; 2193482 |
| Enova International, Inc.<sup>(b)(c)</sup> | 58804 | &nbsp;&nbsp; 5397619 |
| Enterprise Bancorp, Inc. | 1844 | &nbsp;&nbsp; 68597 |
| Enterprise Financial Services Corp.<sup>(c)</sup> | 50926 | &nbsp;&nbsp; 2649171 |
| Equity Bancshares, Inc., Class A<sup>(c)</sup> | 16539 | &nbsp;&nbsp; 636586 |
| Erie Indemnity Co., Class A<sup>(c)</sup> | 3791 | &nbsp;&nbsp; 1359528 |
| Esquire Financial Holdings, Inc.<sup>(c)</sup> | 4063 | &nbsp;&nbsp; 336904 |
| EVERTEC, Inc. | 33570 | &nbsp;&nbsp; 1139366 |
| EZCORP, Inc., Class A<sup>(b)(c)</sup> | 23190 | &nbsp;&nbsp; 379620 |
| F&G Annuities & Life, Inc.<sup>(c)</sup> | 22834 | &nbsp;&nbsp; 794852 |
| Farmers & Merchants Bancorp, Inc. | 933 | &nbsp;&nbsp; 24417 |
| Farmers National Banc Corp.<sup>(c)</sup> | 37136 | &nbsp;&nbsp; 484253 |
| FB Financial Corp. | 43187 | &nbsp;&nbsp; 1838039 |
| Federal Agricultural Mortgage Corp., <br> Class C<br>| 9082 | &nbsp;&nbsp; 1592347 |
| Fidelis Insurance Holdings Ltd. (United <br> Kingdom)<sup>(c)</sup><br>| 29519 | &nbsp;&nbsp; 482636 |
| Financial Institutions, Inc. | 28456 | &nbsp;&nbsp; 722498 |
| First Bancorp | 164336 | &nbsp;&nbsp; 3227559 |
| First Bancorp, Inc. (The) | 1266 | &nbsp;&nbsp; 30928 |
| First Bancorp/Southern Pines NC<sup>(c)</sup> | 48863 | &nbsp;&nbsp; 1976997 |
| First Bank | 22411 | &nbsp;&nbsp; 322270 |
| First Busey Corp.<sup>(c)</sup> | 134266 | &nbsp;&nbsp; 2791390 |
| First Business Financial Services, Inc. | 1574 | &nbsp;&nbsp; 75772 |
| First Commonwealth Financial Corp.<sup>(c)</sup> | 163810 | &nbsp;&nbsp; 2509569 |

---

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

------

**20**

------

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| First Community Bankshares, Inc. | 15997 | &nbsp;&nbsp; $602767 |
| First Financial Bancorp | 17714 | &nbsp;&nbsp; 410079 |
| First Financial Bankshares, Inc.<sup>(c)</sup> | 96953 | &nbsp;&nbsp; 3248895 |
| First Financial Corp. | 19611 | &nbsp;&nbsp; 968783 |
| First Foundation, Inc.<sup>(c)</sup> | 167934 | &nbsp;&nbsp; 843029 |
| First Internet Bancorp<sup>(c)</sup> | 14008 | &nbsp;&nbsp; 297810 |
| First Merchants Corp.<sup>(c)</sup> | 92818 | &nbsp;&nbsp; 3308034 |
| First Mid Bancshares, Inc.<sup>(c)</sup> | 29677 | &nbsp;&nbsp; 992102 |
| First of Long Island Corp. (The) | 58623 | &nbsp;&nbsp; 675337 |
| First United Corp. | 10113 | &nbsp;&nbsp; 301064 |
| FirstCash Holdings, Inc. | 26371 | &nbsp;&nbsp; 3532659 |
| FirstSun Capital Bancorp<sup>(b)</sup> | 2082 | &nbsp;&nbsp; 72849 |
| Five Star Bancorp | 1687 | &nbsp;&nbsp; 46696 |
| Flushing Financial Corp.<sup>(c)</sup> | 59366 | &nbsp;&nbsp; 710611 |
| Flywire Corp.<sup>(b)</sup> | 37727 | &nbsp;&nbsp; 355011 |
| Franklin BSP Realty Trust, Inc.<sup>(c)</sup> | 148719 | &nbsp;&nbsp; 1692422 |
| Freedom Holding Corp. (Kazakhstan)<sup>(b)(c)</sup> | 3976 | &nbsp;&nbsp; 567892 |
| FS Bancorp, Inc. | 7067 | &nbsp;&nbsp; 276320 |
| Fulton Financial Corp. | 57505 | &nbsp;&nbsp; 959183 |
| GCM Grosvenor, Inc., Class A<sup>(c)</sup> | 37891 | &nbsp;&nbsp; 475153 |
| German American Bancorp, Inc. | 32100 | &nbsp;&nbsp; 1216911 |
| Granite Point Mortgage Trust, Inc. | 226035 | &nbsp;&nbsp; 445289 |
| Great Southern Bancorp, Inc. | 11781 | &nbsp;&nbsp; 647955 |
| Green Dot Corp., Class A<sup>(b)</sup> | 235072 | &nbsp;&nbsp; 1967553 |
| Greenlight Capital Re Ltd., Class A<sup>(b)(c)</sup> | 33737 | &nbsp;&nbsp; 442461 |
| Guaranty Bancshares, Inc.<sup>(c)</sup> | 2013 | &nbsp;&nbsp; 79433 |
| Guild Holdings Co. | 402 | &nbsp;&nbsp; 5210 |
| HA Sustainable Infrastructure Capital, <br> Inc.<sup>(c)</sup><br>| 73125 | &nbsp;&nbsp; 1826662 |
| Hamilton Lane, Inc., Class A<sup>(c)</sup> | 11262 | &nbsp;&nbsp; 1739866 |
| Hanmi Financial Corp. | 82737 | &nbsp;&nbsp; 1892195 |
| HarborOne Bancorp, Inc. | 55700 | &nbsp;&nbsp; 630524 |
| HBT Financial, Inc.<sup>(c)</sup> | 13402 | &nbsp;&nbsp; 310591 |
| HCI Group, Inc.<sup>(c)</sup> | 5219 | &nbsp;&nbsp; 763540 |
| Heritage Commerce Corp.<sup>(c)</sup> | 139155 | &nbsp;&nbsp; 1257961 |
| Heritage Financial Corp. | 72575 | &nbsp;&nbsp; 1656161 |
| Heritage Insurance Holdings, Inc.<sup>(b)(c)</sup> | 58159 | &nbsp;&nbsp; 1099205 |
| Hilltop Holdings, Inc. | 99818 | &nbsp;&nbsp; 2947626 |
| Hingham Institution for Savings (The) | 2981 | &nbsp;&nbsp; 743938 |
| Hippo Holdings, Inc.<sup>(b)(c)</sup> | 21921 | &nbsp;&nbsp; 506814 |
| Home Bancorp, Inc. | 975 | &nbsp;&nbsp; 49081 |
| HomeStreet, Inc.<sup>(b)(c)</sup> | 73229 | &nbsp;&nbsp; 831881 |
| HomeTrust Bancshares, Inc. | 14667 | &nbsp;&nbsp; 500731 |
| Hope Bancorp, Inc. | 299811 | &nbsp;&nbsp; 2989116 |
| Horace Mann Educators Corp. | 75993 | &nbsp;&nbsp; 3156749 |
| Horizon Bancorp, Inc. | 74070 | &nbsp;&nbsp; 1087348 |
| Houlihan Lokey, Inc. | 22487 | &nbsp;&nbsp; 3644693 |
| Independent Bank Corp. | 10492 | &nbsp;&nbsp; 619972 |
| Independent Bank Corp.<sup>(c)</sup> | 34091 | &nbsp;&nbsp; 1038412 |
| Interactive Brokers Group, Inc., Class A | 21481 | &nbsp;&nbsp; 3691510 |
| International Bancshares Corp. | 65753 | &nbsp;&nbsp; 4013563 |
| International General Insurance Holdings <br> Ltd. (Jordan)<sup>(c)</sup><br>| 24166 | &nbsp;&nbsp; 581434 |
| International Money Express, Inc.<sup>(b)(c)</sup> | 32312 | &nbsp;&nbsp; 401315 |
| Invesco Mortgage Capital, Inc.<sup>(c)(e)</sup> | 56554 | &nbsp;&nbsp; 414541 |
| Investar Holding Corp.<sup>(c)</sup> | 1407 | &nbsp;&nbsp; 26916 |
| Investors Title Co.<sup>(c)</sup> | 581 | &nbsp;&nbsp; 134321 |
| James River Group Holdings Ltd.<sup>(c)</sup> | 124958 | &nbsp;&nbsp; 594800 |
| Kearny Financial Corp. | 161687 | &nbsp;&nbsp; 1012161 |
| Kinsale Capital Group, Inc. | 3502 | &nbsp;&nbsp; 1524281 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| KKR Real Estate Finance Trust, Inc. | 243773 | &nbsp;&nbsp; $2254900 |
| Ladder Capital Corp.<sup>(c)</sup> | 301349 | &nbsp;&nbsp; 3146084 |
| Lakeland Financial Corp. | 23592 | &nbsp;&nbsp; 1313367 |
| LCNB Corp. | 818 | &nbsp;&nbsp; 12286 |
| Lemonade, Inc.<sup>(b)(c)</sup> | 39033 | &nbsp;&nbsp; 1140544 |
| LendingClub Corp.<sup>(b)(c)</sup> | 265991 | &nbsp;&nbsp; 2598732 |
| LendingTree, Inc.<sup>(b)(c)</sup> | 29589 | &nbsp;&nbsp; 1526497 |
| Live Oak Bancshares, Inc.<sup>(c)</sup> | 32288 | &nbsp;&nbsp; 844008 |
| loanDepot, Inc., Class A<sup>(b)</sup> | 34692 | &nbsp;&nbsp; 38508 |
| MarketAxess Holdings, Inc. | 21649 | &nbsp;&nbsp; 4797202 |
| Marqeta, Inc., Class A<sup>(b)</sup> | 392581 | &nbsp;&nbsp; 1640989 |
| MBIA, Inc.<sup>(b)(c)</sup> | 14708 | &nbsp;&nbsp; 68981 |
| Medallion Financial Corp.<sup>(c)</sup> | 29876 | &nbsp;&nbsp; 262909 |
| Mercantile Bank Corp. | 26365 | &nbsp;&nbsp; 1115503 |
| Merchants Bancorp<sup>(c)</sup> | 18104 | &nbsp;&nbsp; 544568 |
| Mercury General Corp. | 65636 | &nbsp;&nbsp; 3637547 |
| Meridian Corp. | 1944 | &nbsp;&nbsp; 26244 |
| MetroCity Bankshares, Inc. | 12160 | &nbsp;&nbsp; 335251 |
| Metropolitan Bank Holding Corp.<sup>(b)</sup> | 22066 | &nbsp;&nbsp; 1366547 |
| MFA Financial, Inc.<sup>(c)</sup> | 38086 | &nbsp;&nbsp; 374005 |
| Mid Penn Bancorp, Inc.<sup>(c)</sup> | 14647 | &nbsp;&nbsp; 425495 |
| Middlefield Banc Corp. | 432 | &nbsp;&nbsp; 11202 |
| Midland States Bancorp, Inc. | 31605 | &nbsp;&nbsp; 514529 |
| MidWestOne Financial Group, Inc. | 17423 | &nbsp;&nbsp; 483314 |
| Morningstar, Inc. | 10437 | &nbsp;&nbsp; 2971623 |
| MVB Financial Corp.<sup>(c)</sup> | 11624 | &nbsp;&nbsp; 198305 |
| National Bank Holdings Corp., Class A | 51321 | &nbsp;&nbsp; 1855767 |
| National Bankshares, Inc.<sup>(c)</sup> | 8117 | &nbsp;&nbsp; 209175 |
| NB Bancorp, Inc.<sup>(b)(c)</sup> | 10573 | &nbsp;&nbsp; 181327 |
| NBT Bancorp, Inc.<sup>(c)</sup> | 67375 | &nbsp;&nbsp; 2852657 |
| Nelnet, Inc., Class A<sup>(c)</sup> | 20509 | &nbsp;&nbsp; 2175800 |
| NerdWallet, Inc., Class A<sup>(b)(c)</sup> | 32191 | &nbsp;&nbsp; 288431 |
| New York Mortgage Trust, Inc.<sup>(c)</sup> | 314540 | &nbsp;&nbsp; 1846350 |
| NewtekOne, Inc. | 29699 | &nbsp;&nbsp; 308870 |
| Nexpoint Real Estate Finance, Inc.<sup>(c)</sup> | 1662 | &nbsp;&nbsp; 24315 |
| Nicolet Bankshares, Inc.<sup>(c)</sup> | 16361 | &nbsp;&nbsp; 1911128 |
| NMI Holdings, Inc., Class A<sup>(b)(c)</sup> | 100502 | &nbsp;&nbsp; 3635157 |
| Northeast Bank<sup>(c)</sup> | 6863 | &nbsp;&nbsp; 568394 |
| Northeast Community Bancorp, Inc.<sup>(c)</sup> | 16860 | &nbsp;&nbsp; 383734 |
| Northfield Bancorp, Inc. | 96710 | &nbsp;&nbsp; 1020290 |
| Northrim BanCorp, Inc. | 8275 | &nbsp;&nbsp; 664400 |
| Northwest Bancshares, Inc. | 275351 | &nbsp;&nbsp; 3400585 |
| Norwood Financial Corp. | 490 | &nbsp;&nbsp; 12255 |
| NU Holdings Ltd., Class A (Brazil)<sup>(b)(c)</sup> | 313590 | &nbsp;&nbsp; 3897924 |
| OceanFirst Financial Corp. | 143542 | &nbsp;&nbsp; 2377056 |
| OFG Bancorp | 48525 | &nbsp;&nbsp; 1909459 |
| Old Second Bancorp, Inc. | 48993 | &nbsp;&nbsp; 773599 |
| Onity Group, Inc.<sup>(b)(c)</sup> | 2099 | &nbsp;&nbsp; 78733 |
| Open Lending Corp., Class A<sup>(b)</sup> | 61525 | &nbsp;&nbsp; 76291 |
| Oportun Financial Corp.<sup>(b)</sup> | 132611 | &nbsp;&nbsp; 678968 |
| Oppenheimer Holdings, Inc., Class A | 1175 | &nbsp;&nbsp; 69337 |
| Orange County Bancorp, Inc.<sup>(c)</sup> | 9354 | &nbsp;&nbsp; 221970 |
| Orchid Island Capital, Inc. | 86484 | &nbsp;&nbsp; 618361 |
| Origin Bancorp, Inc.<sup>(c)</sup> | 42255 | &nbsp;&nbsp; 1353850 |
| Orrstown Financial Services, Inc. | 28425 | &nbsp;&nbsp; 851897 |
| Oscar Health, Inc., Class A<sup>(b)(c)</sup> | 107942 | &nbsp;&nbsp; 1404325 |
| P10, Inc., Class A<sup>(c)</sup> | 9053 | &nbsp;&nbsp; 100217 |
| Pacific Premier Bancorp, Inc. | 22037 | &nbsp;&nbsp; 448233 |
| Pagseguro Digital Ltd., Class A (Brazil)<sup>(b)</sup> | 243731 | &nbsp;&nbsp; 2444622 |
| Palomar Holdings, Inc.<sup>(b)</sup> | 9138 | &nbsp;&nbsp; 1325193 |

---

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

------

**21**

------

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Park National Corp.<sup>(c)</sup> | 18178 | &nbsp;&nbsp; $2728518 |
| Parke Bancorp, Inc. | 957 | &nbsp;&nbsp; 18039 |
| Pathward Financial, Inc. | 32592 | &nbsp;&nbsp; 2586827 |
| Patria Investments Ltd., Class A (Cayman <br> Islands)<sup>(c)</sup><br>| 21865 | &nbsp;&nbsp; 229145 |
| Paymentus Holdings, Inc., Class A<sup>(b)(c)</sup> | 3361 | &nbsp;&nbsp; 109098 |
| Payoneer Global, Inc.<sup>(b)</sup> | 140135 | &nbsp;&nbsp; 985149 |
| Paysafe Ltd.<sup>(b)(c)</sup> | 70380 | &nbsp;&nbsp; 1071887 |
| PCB Bancorp | 1068 | &nbsp;&nbsp; 20943 |
| Peapack-Gladstone Financial Corp.<sup>(c)</sup> | 30472 | &nbsp;&nbsp; 843465 |
| Penns Woods Bancorp, Inc.<sup>(c)</sup> | 759 | &nbsp;&nbsp; 22186 |
| PennyMac Mortgage Investment Trust | 29973 | &nbsp;&nbsp; 384853 |
| Peoples Bancorp, Inc. | 49398 | &nbsp;&nbsp; 1433036 |
| Peoples Financial Services Corp.<sup>(c)</sup> | 6604 | &nbsp;&nbsp; 285425 |
| Perella Weinberg Partners | 27566 | &nbsp;&nbsp; 473308 |
| Piper Sandler Cos. | 17973 | &nbsp;&nbsp; 4333650 |
| PJT Partners, Inc., Class A<sup>(c)</sup> | 10705 | &nbsp;&nbsp; 1517006 |
| PRA Group, Inc.<sup>(b)</sup> | 94966 | &nbsp;&nbsp; 1737878 |
| Preferred Bank<sup>(c)</sup> | 17802 | &nbsp;&nbsp; 1421668 |
| Primis Financial Corp.<sup>(c)</sup> | 38080 | &nbsp;&nbsp; 313779 |
| ProAssurance Corp.<sup>(b)</sup> | 117417 | &nbsp;&nbsp; 2725249 |
| PROG Holdings, Inc. | 76097 | &nbsp;&nbsp; 2005917 |
| Provident Financial Services, Inc. | 276221 | &nbsp;&nbsp; 4521738 |
| QCR Holdings, Inc.<sup>(c)</sup> | 20126 | &nbsp;&nbsp; 1307184 |
| RBB Bancorp<sup>(c)</sup> | 23903 | &nbsp;&nbsp; 372409 |
| Ready Capital Corp.<sup>(c)</sup> | 376590 | &nbsp;&nbsp; 1675825 |
| Red River Bancshares, Inc.<sup>(c)</sup> | 4288 | &nbsp;&nbsp; 225978 |
| Redwood Trust, Inc.<sup>(c)</sup> | 342621 | &nbsp;&nbsp; 2127676 |
| Regional Management Corp.<sup>(c)</sup> | 12423 | &nbsp;&nbsp; 409089 |
| Remitly Global, Inc.<sup>(b)(c)</sup> | 38733 | &nbsp;&nbsp; 783181 |
| Renasant Corp.<sup>(c)</sup> | 149484 | &nbsp;&nbsp; 4793952 |
| Repay Holdings Corp., Class A<sup>(b)(c)</sup> | 116524 | &nbsp;&nbsp; 466096 |
| Republic Bancorp, Inc., Class A<sup>(c)</sup> | 9269 | &nbsp;&nbsp; 628902 |
| Rithm Property Trust, Inc. | 80433 | &nbsp;&nbsp; 234864 |
| RLI Corp. | 23375 | &nbsp;&nbsp; 1729984 |
| Rocket Cos., Inc., Class A<sup>(c)</sup> | 133498 | &nbsp;&nbsp; 1723459 |
| Ryan Specialty Holdings, Inc., Class A | 20904 | &nbsp;&nbsp; 1369421 |
| S&T Bancorp, Inc.<sup>(c)</sup> | 66659 | &nbsp;&nbsp; 2429054 |
| Safety Insurance Group, Inc. | 23366 | &nbsp;&nbsp; 1787499 |
| Seacoast Banking Corp. of Florida | 87587 | &nbsp;&nbsp; 2076688 |
| Security National Financial Corp., <br> Class A<sup>(b)</sup><br>| 1540 | &nbsp;&nbsp; 15770 |
| Selectquote, Inc.<sup>(b)</sup> | 186780 | &nbsp;&nbsp; 592093 |
| ServisFirst Bancshares, Inc. | 39816 | &nbsp;&nbsp; 2835696 |
| Seven Hills Realty Trust | 2719 | &nbsp;&nbsp; 32438 |
| Shift4 Payments, Inc., Class A<sup>(b)(c)</sup> | 14797 | &nbsp;&nbsp; 1210395 |
| Shore Bancshares, Inc. | 33270 | &nbsp;&nbsp; 460124 |
| Sierra Bancorp | 2156 | &nbsp;&nbsp; 57048 |
| SiriusPoint Ltd. (Sweden)<sup>(b)</sup> | 107016 | &nbsp;&nbsp; 1797869 |
| Skyward Specialty Insurance Group, <br> Inc.<sup>(b)</sup><br>| 18801 | &nbsp;&nbsp; 998145 |
| SmartFinancial, Inc. | 15992 | &nbsp;&nbsp; 486477 |
| SoFi Technologies, Inc.<sup>(b)(c)</sup> | 94410 | &nbsp;&nbsp; 1181069 |
| South Plains Financial, Inc. | 11661 | &nbsp;&nbsp; 393092 |
| Southern First Bancshares, Inc.<sup>(b)(c)</sup> | 12069 | &nbsp;&nbsp; 428570 |
| Southern Missouri Bancorp, Inc. | 9997 | &nbsp;&nbsp; 526342 |
| Southside Bancshares, Inc.<sup>(c)</sup> | 55494 | &nbsp;&nbsp; 1564376 |
| Stellar Bancorp, Inc.<sup>(c)</sup> | 54054 | &nbsp;&nbsp; 1349188 |
| StepStone Group, Inc., Class A | 29592 | &nbsp;&nbsp; 1479896 |
| Stewart Information Services Corp. | 58792 | &nbsp;&nbsp; 3849700 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Stock Yards Bancorp, Inc.<sup>(c)</sup> | 27657 | &nbsp;&nbsp; $2013153 |
| StoneX Group, Inc.<sup>(b)</sup> | 47263 | &nbsp;&nbsp; 4185848 |
| Sunrise Realty Trust, Inc.<sup>(c)</sup> | 11426 | &nbsp;&nbsp; 122944 |
| Texas Capital Bancshares, Inc.<sup>(b)(c)</sup> | 17213 | &nbsp;&nbsp; 1173066 |
| TFS Financial Corp.<sup>(c)</sup> | 59019 | &nbsp;&nbsp; 764886 |
| Third Coast Bancshares, Inc.<sup>(b)(c)</sup> | 3104 | &nbsp;&nbsp; 92499 |
| Timberland Bancorp, Inc. | 438 | &nbsp;&nbsp; 13464 |
| Tiptree, Inc.<sup>(c)</sup> | 35821 | &nbsp;&nbsp; 799167 |
| Toast, Inc., Class A<sup>(b)</sup> | 82932 | &nbsp;&nbsp; 2950721 |
| Tompkins Financial Corp. | 26370 | &nbsp;&nbsp; 1571652 |
| Towne Bank<sup>(c)</sup> | 101624 | &nbsp;&nbsp; 3348511 |
| TPG RE Finance Trust, Inc.<sup>(c)</sup> | 213989 | &nbsp;&nbsp; 1634876 |
| TPG, Inc.<sup>(c)</sup> | 42500 | &nbsp;&nbsp; 1974125 |
| Tradeweb Markets, Inc., Class A | 38207 | &nbsp;&nbsp; 5284028 |
| TriCo Bancshares<sup>(c)</sup> | 40010 | &nbsp;&nbsp; 1543586 |
| Triumph Financial, Inc.<sup>(b)(c)</sup> | 22772 | &nbsp;&nbsp; 1216480 |
| Trupanion, Inc.<sup>(b)(c)</sup> | 30973 | &nbsp;&nbsp; 1133612 |
| TrustCo Bank Corp. | 36950 | &nbsp;&nbsp; 1125127 |
| Trustmark Corp. | 108999 | &nbsp;&nbsp; 3656916 |
| Two Harbors Investment Corp.<sup>(c)</sup> | 265172 | &nbsp;&nbsp; 3147592 |
| UMB Financial Corp. | 14872 | &nbsp;&nbsp; 1406445 |
| United Community Banks, Inc. | 26362 | &nbsp;&nbsp; 727855 |
| United Fire Group, Inc., (Acquired <br> 07/27/2015 - 04/15/2025; <br> Cost $1,016,110)<sup>(f)</sup><br>| 35322 | &nbsp;&nbsp; 977360 |
| Unity Bancorp, Inc.<sup>(c)</sup> | 10241 | &nbsp;&nbsp; 423977 |
| Universal Insurance Holdings, Inc. | 61153 | &nbsp;&nbsp; 1482349 |
| Univest Financial Corp.<sup>(c)</sup> | 55746 | &nbsp;&nbsp; 1646737 |
| Upstart Holdings, Inc.<sup>(b)(c)</sup> | 34961 | &nbsp;&nbsp; 1671136 |
| UWM Holdings Corp.<sup>(c)</sup> | 23401 | &nbsp;&nbsp; 109985 |
| Veritex Holdings, Inc. | 108323 | &nbsp;&nbsp; 2521759 |
| Victory Capital Holdings, Inc., Class A | 35814 | &nbsp;&nbsp; 2051784 |
| Virtu Financial, Inc., Class A | 190220 | &nbsp;&nbsp; 7447113 |
| Virtus Investment Partners, Inc. | 9104 | &nbsp;&nbsp; 1398283 |
| WaFd, Inc.<sup>(c)</sup> | 137732 | &nbsp;&nbsp; 3929494 |
| Walker & Dunlop, Inc.<sup>(c)</sup> | 42953 | &nbsp;&nbsp; 3287623 |
| Washington Trust Bancorp, Inc.<sup>(c)</sup> | 47533 | &nbsp;&nbsp; 1311911 |
| Waterstone Financial, Inc. | 27952 | &nbsp;&nbsp; 338219 |
| WesBanco, Inc. | 146595 | &nbsp;&nbsp; 4365599 |
| West Bancorporation, Inc. | 1325 | &nbsp;&nbsp; 25712 |
| Westamerica Bancorporation | 33525 | &nbsp;&nbsp; 1623616 |
| Western New England Bancorp, Inc. | 2264 | &nbsp;&nbsp; 20897 |
| Westwood Holdings Group, Inc. | 622 | &nbsp;&nbsp; 10387 |
| White Mountains Insurance Group Ltd.<sup>(c)</sup> | 1840 | &nbsp;&nbsp; 3252108 |
| WisdomTree, Inc.<sup>(c)</sup> | 122336 | &nbsp;&nbsp; 1064323 |
| World Acceptance Corp.<sup>(b)(c)</sup> | 8797 | &nbsp;&nbsp; 1135869 |
| WSFS Financial Corp. | 76151 | &nbsp;&nbsp; 3925584 |
|  |  | &nbsp;&nbsp; 442760339 |
| **Health Care-11.42%** | **Health Care-11.42%** | **Health Care-11.42%** |
| 10X Genomics, Inc., Class A<sup>(b)(c)</sup> | 75317 | &nbsp;&nbsp; 622872 |
| 2seventy bio, Inc.<sup>(b)(c)</sup> | 76640 | &nbsp;&nbsp; 382434 |
| 4D Molecular Therapeutics, Inc.<sup>(b)(c)</sup> | 35400 | &nbsp;&nbsp; 119298 |
| 89bio, Inc.<sup>(b)(c)</sup> | 27323 | &nbsp;&nbsp; 219130 |
| Acadia Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 55417 | &nbsp;&nbsp; 809088 |
| Accuray, Inc.<sup>(b)</sup> | 146983 | &nbsp;&nbsp; 227824 |
| ACELYRIN, Inc.<sup>(b)(c)</sup> | 57181 | &nbsp;&nbsp; 141237 |
| Aclaris Therapeutics, Inc.<sup>(b)</sup> | 34021 | &nbsp;&nbsp; 46949 |
| AdaptHealth Corp.<sup>(b)(c)</sup> | 380746 | &nbsp;&nbsp; 3240148 |
| Adaptive Biotechnologies Corp.<sup>(b)(c)</sup> | 133165 | &nbsp;&nbsp; 980094 |

---

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

------

**22**

------

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Addus HomeCare Corp.<sup>(b)(c)</sup> | 18220 | &nbsp;&nbsp; $1904901 |
| agilon health, inc.<sup>(b)(c)</sup> | 367220 | &nbsp;&nbsp; 1564357 |
| Agios Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 63599 | &nbsp;&nbsp; 1888254 |
| Akebia Therapeutics, Inc.<sup>(b)</sup> | 84706 | &nbsp;&nbsp; 204141 |
| Akero Therapeutics, Inc.<sup>(b)(c)</sup> | 17349 | &nbsp;&nbsp; 791288 |
| Aldeyra Therapeutics, Inc.<sup>(b)(c)</sup> | 16778 | &nbsp;&nbsp; 44462 |
| Alector, Inc.<sup>(b)</sup> | 30591 | &nbsp;&nbsp; 36709 |
| Alignment Healthcare, Inc.<sup>(b)</sup> | 67376 | &nbsp;&nbsp; 1193903 |
| Alkermes PLC<sup>(b)</sup> | 43938 | &nbsp;&nbsp; 1264096 |
| Allogene Therapeutics, Inc.<sup>(b)(c)</sup> | 179467 | &nbsp;&nbsp; 301505 |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 2584 | &nbsp;&nbsp; 680212 |
| Altimmune, Inc.<sup>(b)(c)</sup> | 28129 | &nbsp;&nbsp; 147677 |
| Alumis, Inc.<sup>(b)(c)</sup> | 6127 | &nbsp;&nbsp; 25366 |
| Alvotech S.A. (Luxembourg)<sup>(b)(c)</sup> | 9322 | &nbsp;&nbsp; 73084 |
| Amedisys, Inc.<sup>(b)(c)</sup> | 46498 | &nbsp;&nbsp; 4412660 |
| American Well Corp., Class A<sup>(b)</sup> | 25769 | &nbsp;&nbsp; 188887 |
| Amicus Therapeutics, Inc.<sup>(b)(c)</sup> | 85452 | &nbsp;&nbsp; 656271 |
| Amneal Pharmaceuticals, Inc.<sup>(b)</sup> | 188092 | &nbsp;&nbsp; 1440785 |
| Amphastar Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 25507 | &nbsp;&nbsp; 622626 |
| Amylyx Pharmaceuticals, Inc.<sup>(b)</sup> | 39912 | &nbsp;&nbsp; 203950 |
| AnaptysBio, Inc.<sup>(b)(c)</sup> | 9845 | &nbsp;&nbsp; 218756 |
| AngioDynamics, Inc.<sup>(b)(c)</sup> | 98567 | &nbsp;&nbsp; 915687 |
| ANI Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 11020 | &nbsp;&nbsp; 780436 |
| Anika Therapeutics, Inc.<sup>(b)(c)</sup> | 17920 | &nbsp;&nbsp; 260378 |
| Annexon, Inc.<sup>(b)(c)</sup> | 57665 | &nbsp;&nbsp; 107257 |
| Apellis Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 26003 | &nbsp;&nbsp; 499518 |
| Apogee Therapeutics, Inc.<sup>(b)(c)</sup> | 3037 | &nbsp;&nbsp; 119202 |
| Arbutus Biopharma Corp.<sup>(b)</sup> | 33023 | &nbsp;&nbsp; 117232 |
| Arcellx, Inc.<sup>(b)(c)</sup> | 4085 | &nbsp;&nbsp; 265321 |
| Arcturus Therapeutics Holdings, Inc.<sup>(b)(c)</sup> | 22869 | &nbsp;&nbsp; 292952 |
| Arcus Biosciences, Inc.<sup>(b)(c)</sup> | 53424 | &nbsp;&nbsp; 467460 |
| Arcutis Biotherapeutics, Inc.<sup>(b)(c)</sup> | 20506 | &nbsp;&nbsp; 305744 |
| Ardelyx, Inc.<sup>(b)</sup> | 32232 | &nbsp;&nbsp; 177437 |
| Ardent Health Partners, Inc.<sup>(b)(c)</sup> | 11945 | &nbsp;&nbsp; 152060 |
| Arrowhead Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 41762 | &nbsp;&nbsp; 580074 |
| Artivion, Inc.<sup>(b)(c)</sup> | 33674 | &nbsp;&nbsp; 797737 |
| Arvinas, Inc.<sup>(b)(c)</sup> | 40826 | &nbsp;&nbsp; 392746 |
| Assertio Holdings, Inc.<sup>(b)(c)</sup> | 403822 | &nbsp;&nbsp; 262323 |
| Astrana Health, Inc.<sup>(b)(c)</sup> | 37987 | &nbsp;&nbsp; 1184055 |
| Atea Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 140935 | &nbsp;&nbsp; 415758 |
| AtriCure, Inc.<sup>(b)(c)</sup> | 24409 | &nbsp;&nbsp; 730073 |
| Aurinia Pharmaceuticals, Inc. (Canada)<sup>(b)</sup> | 54808 | &nbsp;&nbsp; 451618 |
| Avanos Medical, Inc.<sup>(b)</sup> | 102975 | &nbsp;&nbsp; 1292336 |
| Avidity Biosciences, Inc.<sup>(b)(c)</sup> | 43655 | &nbsp;&nbsp; 1425336 |
| Axogen, Inc.<sup>(b)</sup> | 6985 | &nbsp;&nbsp; 113646 |
| Axsome Therapeutics, Inc.<sup>(b)</sup> | 1439 | &nbsp;&nbsp; 161585 |
| Azenta, Inc.<sup>(b)(c)</sup> | 65730 | &nbsp;&nbsp; 1731328 |
| Beam Therapeutics, Inc.<sup>(b)(c)</sup> | 41349 | &nbsp;&nbsp; 824086 |
| BioCryst Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 44870 | &nbsp;&nbsp; 397100 |
| Biohaven Ltd.<sup>(b)(c)</sup> | 20643 | &nbsp;&nbsp; 456623 |
| BioLife Solutions, Inc.<sup>(b)</sup> | 20616 | &nbsp;&nbsp; 497052 |
| Bio-Techne Corp. | 66912 | &nbsp;&nbsp; 3369019 |
| Black Diamond Therapeutics, Inc.<sup>(b)(c)</sup> | 26414 | &nbsp;&nbsp; 44904 |
| Blueprint Medicines Corp.<sup>(b)(c)</sup> | 18482 | &nbsp;&nbsp; 1654139 |
| BridgeBio Pharma, Inc.<sup>(b)(c)</sup> | 19669 | &nbsp;&nbsp; 754503 |
| BrightSpring Health Services, Inc.<sup>(b)(c)</sup> | 18058 | &nbsp;&nbsp; 316557 |
| Bristol-Myers Squibb Co., Rts., expiring <br> 01/23/2031<sup>(b)(c)</sup><br>| 23541 | &nbsp;&nbsp; 16479 |
| Brookdale Senior Living, Inc.<sup>(b)(c)</sup> | 613755 | &nbsp;&nbsp; 4026233 |
| Bruker Corp. | 27428 | &nbsp;&nbsp; 1098766 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Butterfly Network, Inc.<sup>(b)(c)</sup> | 31247 | &nbsp;&nbsp; $73118 |
| C4 Therapeutics, Inc.<sup>(b)(c)</sup> | 104044 | &nbsp;&nbsp; 170632 |
| Cabaletta Bio, Inc.<sup>(b)(c)</sup> | 46212 | &nbsp;&nbsp; 61000 |
| CareDx, Inc.<sup>(b)(c)</sup> | 71090 | &nbsp;&nbsp; 1199999 |
| Cargo Therapeutics, Inc.<sup>(b)(c)</sup> | 15676 | &nbsp;&nbsp; 71639 |
| Caribou Biosciences, Inc.<sup>(b)(c)</sup> | 36972 | &nbsp;&nbsp; 31459 |
| Castle Biosciences, Inc.<sup>(b)</sup> | 21835 | &nbsp;&nbsp; 437792 |
| Catalyst Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 44068 | &nbsp;&nbsp; 1070412 |
| Celldex Therapeutics, Inc.<sup>(b)(c)</sup> | 18218 | &nbsp;&nbsp; 379481 |
| Certara, Inc.<sup>(b)(c)</sup> | 80525 | &nbsp;&nbsp; 1116076 |
| Cerus Corp.<sup>(b)(c)</sup> | 60436 | &nbsp;&nbsp; 79776 |
| Chemed Corp. | 4477 | &nbsp;&nbsp; 2603420 |
| Chinook Therapeutics, Inc.<sup>(b)(c)</sup> | 14882 | &nbsp;&nbsp; 5804 |
| Cidara Therapeutics, Inc.<sup>(b)(c)</sup> | 5035 | &nbsp;&nbsp; 105156 |
| Claritev Corp.<sup>(b)(c)</sup> | 14465 | &nbsp;&nbsp; 324450 |
| Clover Health Investments Corp.<sup>(b)(c)</sup> | 1113233 | &nbsp;&nbsp; 3784992 |
| Codexis, Inc.<sup>(b)(c)</sup> | 28210 | &nbsp;&nbsp; 64883 |
| Cogent Biosciences, Inc.<sup>(b)(c)</sup> | 29918 | &nbsp;&nbsp; 155873 |
| Coherus BioSciences, Inc.<sup>(b)(c)</sup> | 115313 | &nbsp;&nbsp; 118772 |
| Collegium Pharmaceutical, Inc.<sup>(b)(c)</sup> | 32841 | &nbsp;&nbsp; 886543 |
| Community Health Systems, Inc.<sup>(b)(c)</sup> | 834437 | &nbsp;&nbsp; 2278013 |
| Concentra Group Holdings Parent, Inc. | 31512 | &nbsp;&nbsp; 685386 |
| CONMED Corp.<sup>(c)</sup> | 34901 | &nbsp;&nbsp; 1713988 |
| Corcept Therapeutics, Inc.<sup>(b)(c)</sup> | 51928 | &nbsp;&nbsp; 3732585 |
| CorVel Corp.<sup>(b)</sup> | 8786 | &nbsp;&nbsp; 955565 |
| Crinetics Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 16500 | &nbsp;&nbsp; 550935 |
| CRISPR Therapeutics AG <br> (Switzerland)<sup>(b)(c)</sup><br>| 19018 | &nbsp;&nbsp; 735426 |
| Cross Country Healthcare, Inc.<sup>(b)(c)</sup> | 104881 | &nbsp;&nbsp; 1421138 |
| CryoPort, Inc.<sup>(b)(c)</sup> | 33269 | &nbsp;&nbsp; 185641 |
| Cullinan Therapeutics, Inc.<sup>(b)(c)</sup> | 32254 | &nbsp;&nbsp; 267063 |
| Cytek Biosciences, Inc.<sup>(b)(c)</sup> | 80331 | &nbsp;&nbsp; 298028 |
| Cytokinetics, Inc.<sup>(b)(c)</sup> | 9106 | &nbsp;&nbsp; 390101 |
| Day One Biopharmaceuticals, Inc.<sup>(b)(c)</sup> | 13772 | &nbsp;&nbsp; 107146 |
| Definitive Healthcare Corp.<sup>(b)(c)</sup> | 47395 | &nbsp;&nbsp; 128914 |
| Denali Therapeutics, Inc.<sup>(b)(c)</sup> | 85061 | &nbsp;&nbsp; 1416266 |
| Dianthus Therapeutics, Inc.<sup>(b)(c)</sup> | 4957 | &nbsp;&nbsp; 108310 |
| Disc Medicine, Inc.<sup>(b)(c)</sup> | 2395 | &nbsp;&nbsp; 118361 |
| DocGo, Inc.<sup>(b)(c)</sup> | 128631 | &nbsp;&nbsp; 286847 |
| Doximity, Inc., Class A<sup>(b)</sup> | 30542 | &nbsp;&nbsp; 1737229 |
| Dynavax Technologies Corp.<sup>(b)(c)</sup> | 87770 | &nbsp;&nbsp; 1031297 |
| Dyne Therapeutics, Inc.<sup>(b)(c)</sup> | 15733 | &nbsp;&nbsp; 185492 |
| Edgewise Therapeutics, Inc.<sup>(b)(c)</sup> | 5935 | &nbsp;&nbsp; 97334 |
| Editas Medicine, Inc.<sup>(b)(c)</sup> | 36111 | &nbsp;&nbsp; 59583 |
| Embecta Corp.<sup>(c)</sup> | 155252 | &nbsp;&nbsp; 1892522 |
| Emergent BioSolutions, Inc.<sup>(b)(c)</sup> | 723587 | &nbsp;&nbsp; 3863955 |
| Enanta Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 45237 | &nbsp;&nbsp; 275493 |
| Enhabit, Inc.<sup>(b)(c)</sup> | 184486 | &nbsp;&nbsp; 1474043 |
| Ensign Group, Inc. (The)<sup>(c)</sup> | 33500 | &nbsp;&nbsp; 4321165 |
| Entrada Therapeutics, Inc.<sup>(b)</sup> | 5263 | &nbsp;&nbsp; 48051 |
| Erasca, Inc.<sup>(b)(c)</sup> | 61442 | &nbsp;&nbsp; 89705 |
| Esperion Therapeutics, Inc.<sup>(b)</sup> | 154375 | &nbsp;&nbsp; 154282 |
| Evolent Health, Inc., Class A<sup>(b)(c)</sup> | 111832 | &nbsp;&nbsp; 1102664 |
| Exact Sciences Corp.<sup>(b)(c)</sup> | 54567 | &nbsp;&nbsp; 2490438 |
| EyePoint Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 24999 | &nbsp;&nbsp; 170493 |
| Fate Therapeutics, Inc.<sup>(b)(c)</sup> | 127924 | &nbsp;&nbsp; 163743 |
| Fulcrum Therapeutics, Inc.<sup>(b)(c)</sup> | 30867 | &nbsp;&nbsp; 118838 |
| Fulgent Genetics, Inc.<sup>(b)(c)</sup> | 66910 | &nbsp;&nbsp; 1160888 |
| GeneDx Holdings Corp.<sup>(b)(c)</sup> | 2116 | &nbsp;&nbsp; 141455 |
| Geron Corp.<sup>(b)</sup> | 93883 | &nbsp;&nbsp; 132375 |

---

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

------

**23**

------

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Glaukos Corp.<sup>(b)(c)</sup> | 8790 | &nbsp;&nbsp; $828457 |
| Globus Medical, Inc., Class A<sup>(b)</sup> | 44685 | &nbsp;&nbsp; 3207042 |
| GoodRx Holdings, Inc., Class A<sup>(b)(c)</sup> | 31187 | &nbsp;&nbsp; 144396 |
| Gossamer Bio., Inc.<sup>(b)</sup> | 41499 | &nbsp;&nbsp; 42329 |
| GRAIL, Inc.<sup>(b)(c)</sup> | 24772 | &nbsp;&nbsp; 854510 |
| Guardant Health, Inc.<sup>(b)(c)</sup> | 13785 | &nbsp;&nbsp; 651066 |
| Haemonetics Corp.<sup>(b)(c)</sup> | 46858 | &nbsp;&nbsp; 2952991 |
| Halozyme Therapeutics, Inc.<sup>(b)</sup> | 42914 | &nbsp;&nbsp; 2635778 |
| Harmony Biosciences Holdings, Inc.<sup>(b)</sup> | 16665 | &nbsp;&nbsp; 491118 |
| Health Catalyst, Inc.<sup>(b)(c)</sup> | 77248 | &nbsp;&nbsp; 305130 |
| HealthEquity, Inc.<sup>(b)(c)</sup> | 42526 | &nbsp;&nbsp; 3645329 |
| HealthStream, Inc.<sup>(c)</sup> | 17301 | &nbsp;&nbsp; 581833 |
| Heron Therapeutics, Inc.<sup>(b)</sup> | 68427 | &nbsp;&nbsp; 165593 |
| Hims & Hers Health, Inc.<sup>(b)(c)</sup> | 25153 | &nbsp;&nbsp; 832564 |
| ICU Medical, Inc.<sup>(b)(c)</sup> | 35083 | &nbsp;&nbsp; 4791987 |
| Ideaya Biosciences, Inc.<sup>(b)(c)</sup> | 20633 | &nbsp;&nbsp; 415342 |
| Immunovant, Inc.<sup>(b)(c)</sup> | 8819 | &nbsp;&nbsp; 142427 |
| Inhibrx Biosciences, Inc.<sup>(b)(c)</sup> | 3475 | &nbsp;&nbsp; 42847 |
| Inmode Ltd.<sup>(b)(c)</sup> | 39192 | &nbsp;&nbsp; 552607 |
| Innoviva, Inc.<sup>(b)(c)</sup> | 91720 | &nbsp;&nbsp; 1714247 |
| Inogen, Inc.<sup>(b)(c)</sup> | 58283 | &nbsp;&nbsp; 415558 |
| Inotiv, Inc.<sup>(b)(c)</sup> | 67913 | &nbsp;&nbsp; 133789 |
| Insmed, Inc.<sup>(b)(c)</sup> | 9213 | &nbsp;&nbsp; 663336 |
| Inspire Medical Systems, Inc.<sup>(b)(c)</sup> | 4980 | &nbsp;&nbsp; 788732 |
| Insulet Corp.<sup>(b)</sup> | 10300 | &nbsp;&nbsp; 2598587 |
| Integer Holdings Corp.<sup>(b)(c)</sup> | 36366 | &nbsp;&nbsp; 4593389 |
| Integra LifeSciences Holdings Corp.<sup>(b)(c)</sup> | 91725 | &nbsp;&nbsp; 1503373 |
| Intellia Therapeutics, Inc.<sup>(b)(c)</sup> | 118553 | &nbsp;&nbsp; 1051565 |
| Invivyd, Inc.<sup>(b)</sup> | 69043 | &nbsp;&nbsp; 43511 |
| Ionis Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 77936 | &nbsp;&nbsp; 2393415 |
| Iovance Biotherapeutics, Inc.<sup>(b)(c)</sup> | 157653 | &nbsp;&nbsp; 565974 |
| iRhythm Technologies, Inc.<sup>(b)(c)</sup> | 5570 | &nbsp;&nbsp; 595377 |
| Ironwood Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 172128 | &nbsp;&nbsp; 160475 |
| iTeos Therapeutics, Inc.<sup>(b)(c)</sup> | 72843 | &nbsp;&nbsp; 528112 |
| KalVista Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 13978 | &nbsp;&nbsp; 192477 |
| Keros Therapeutics, Inc.<sup>(b)(c)</sup> | 19558 | &nbsp;&nbsp; 282418 |
| Kiniksa Pharmaceuticals International <br> PLC<sup>(b)</sup><br>| 10549 | &nbsp;&nbsp; 284507 |
| Kodiak Sciences, Inc.<sup>(b)(c)</sup> | 57821 | &nbsp;&nbsp; 252100 |
| Krystal Biotech, Inc.<sup>(b)(c)</sup> | 4434 | &nbsp;&nbsp; 753248 |
| Kura Oncology, Inc.<sup>(b)(c)</sup> | 49367 | &nbsp;&nbsp; 323848 |
| Kymera Therapeutics, Inc.<sup>(b)(c)</sup> | 14665 | &nbsp;&nbsp; 502570 |
| Lantheus Holdings, Inc.<sup>(b)(c)</sup> | 26097 | &nbsp;&nbsp; 2722961 |
| LeMaitre Vascular, Inc.<sup>(c)</sup> | 8967 | &nbsp;&nbsp; 813666 |
| Lexicon Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 176063 | &nbsp;&nbsp; 128667 |
| LifeStance Health Group, Inc.<sup>(b)(c)</sup> | 89462 | &nbsp;&nbsp; 587765 |
| Ligand Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 14849 | &nbsp;&nbsp; 1631311 |
| LivaNova PLC<sup>(b)(c)</sup> | 51921 | &nbsp;&nbsp; 1921077 |
| Lyell Immunopharma, Inc.<sup>(b)</sup> | 297425 | &nbsp;&nbsp; 141336 |
| MacroGenics, Inc.<sup>(b)(c)</sup> | 27776 | &nbsp;&nbsp; 48191 |
| Madrigal Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 1378 | &nbsp;&nbsp; 460128 |
| Maravai LifeSciences Holdings, Inc., <br> Class A<sup>(b)(c)</sup><br>| 176048 | &nbsp;&nbsp; 355617 |
| Masimo Corp.<sup>(b)(c)</sup> | 18105 | &nbsp;&nbsp; 2914181 |
| Medpace Holdings, Inc.<sup>(b)</sup> | 5211 | &nbsp;&nbsp; 1607020 |
| MeiraGTx Holdings PLC<sup>(b)(c)</sup> | 11383 | &nbsp;&nbsp; 80705 |
| Merit Medical Systems, Inc.<sup>(b)(c)</sup> | 35523 | &nbsp;&nbsp; 3355147 |
| Mesa Laboratories, Inc.<sup>(c)</sup> | 4982 | &nbsp;&nbsp; 574176 |
| Mirum Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 5203 | &nbsp;&nbsp; 226070 |
| ModivCare, Inc.<sup>(b)(c)</sup> | 31269 | &nbsp;&nbsp; 37210 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Monte Rosa Therapeutics, Inc.<sup>(b)(c)</sup> | 22142 | &nbsp;&nbsp; $108717 |
| Myriad Genetics, Inc.<sup>(b)(c)</sup> | 87565 | &nbsp;&nbsp; 648857 |
| Natera, Inc.<sup>(b)</sup> | 16294 | &nbsp;&nbsp; 2459253 |
| National HealthCare Corp.<sup>(c)</sup> | 17178 | &nbsp;&nbsp; 1623149 |
| National Research Corp.<sup>(c)</sup> | 10808 | &nbsp;&nbsp; 122779 |
| Nektar Therapeutics<sup>(b)(c)</sup> | 466476 | &nbsp;&nbsp; 371082 |
| Neogen Corp.<sup>(b)(c)</sup> | 298771 | &nbsp;&nbsp; 1508794 |
| NeoGenomics, Inc.<sup>(b)(c)</sup> | 108721 | &nbsp;&nbsp; 695271 |
| Neumora Therapeutics, Inc.<sup>(b)</sup> | 73328 | &nbsp;&nbsp; 57181 |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> | 18896 | &nbsp;&nbsp; 2034910 |
| Nkarta, Inc.<sup>(b)(c)</sup> | 49097 | &nbsp;&nbsp; 104086 |
| Novavax, Inc.<sup>(b)(c)</sup> | 83438 | &nbsp;&nbsp; 556531 |
| Novocure Ltd.<sup>(b)(c)</sup> | 37401 | &nbsp;&nbsp; 678454 |
| Nurix Therapeutics, Inc.<sup>(b)(c)</sup> | 44985 | &nbsp;&nbsp; 518677 |
| Nuvalent, Inc., Class A<sup>(b)(c)</sup> | 2603 | &nbsp;&nbsp; 199780 |
| Nuvation Bio, Inc.<sup>(b)(c)</sup> | 295766 | &nbsp;&nbsp; 665474 |
| Ocular Therapeutix, Inc.<sup>(b)(c)</sup> | 18312 | &nbsp;&nbsp; 151990 |
| Olema Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 32523 | &nbsp;&nbsp; 167819 |
| Omeros Corp.<sup>(b)(c)</sup> | 22137 | &nbsp;&nbsp; 162707 |
| OmniAb Operations, Inc., Rts., expiring <br> 11/02/2027<sup>(b)(c)(g)</sup><br>| 4734 | &nbsp;&nbsp; 0 |
| OmniAb Operations, Inc., Rts., expiring <br> 11/02/2027<sup>(b)(g)</sup><br>| 4734 | &nbsp;&nbsp; 0 |
| OmniAb, Inc.<sup>(b)(c)</sup> | 59486 | &nbsp;&nbsp; 101126 |
| Omnicell, Inc.<sup>(b)(c)</sup> | 86622 | &nbsp;&nbsp; 2707804 |
| OPKO Health, Inc.<sup>(b)(c)</sup> | 1180582 | &nbsp;&nbsp; 1629203 |
| OraSure Technologies, Inc.<sup>(b)(c)</sup> | 102565 | &nbsp;&nbsp; 306669 |
| Organogenesis Holdings, Inc.<sup>(b)(c)</sup> | 94123 | &nbsp;&nbsp; 462144 |
| ORIC Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 16842 | &nbsp;&nbsp; 96168 |
| Orthofix Medical, Inc.<sup>(b)(c)</sup> | 51057 | &nbsp;&nbsp; 710203 |
| OrthoPediatrics Corp.<sup>(b)(c)</sup> | 12704 | &nbsp;&nbsp; 264497 |
| Outset Medical, Inc.<sup>(b)(c)</sup> | 4430 | &nbsp;&nbsp; 47135 |
| Pacific Biosciences of California, Inc.<sup>(b)(c)</sup> | 356201 | &nbsp;&nbsp; 395383 |
| Pacira BioSciences, Inc.<sup>(b)</sup> | 67254 | &nbsp;&nbsp; 1809133 |
| PDL BioPharma, Inc.<sup>(b)(g)</sup> | 527353 | &nbsp;&nbsp; 274224 |
| Pediatrix Medical Group, Inc.<sup>(b)</sup> | 313826 | &nbsp;&nbsp; 4042079 |
| Pennant Group, Inc. (The)<sup>(b)</sup> | 27578 | &nbsp;&nbsp; 706548 |
| Penumbra, Inc.<sup>(b)(c)</sup> | 8647 | &nbsp;&nbsp; 2532187 |
| Phibro Animal Health Corp., Class A<sup>(c)</sup> | 52089 | &nbsp;&nbsp; 969376 |
| Phreesia, Inc.<sup>(b)(c)</sup> | 21782 | &nbsp;&nbsp; 543679 |
| Pliant Therapeutics, Inc.<sup>(b)</sup> | 39108 | &nbsp;&nbsp; 62182 |
| Praxis Precision Medicines, Inc.<sup>(b)(c)</sup> | 2397 | &nbsp;&nbsp; 90223 |
| Prestige Consumer Healthcare, Inc.<sup>(b)</sup> | 52684 | &nbsp;&nbsp; 4279521 |
| Privia Health Group, Inc.<sup>(b)(c)</sup> | 64480 | &nbsp;&nbsp; 1513990 |
| PROCEPT BioRobotics Corp.<sup>(b)(c)</sup> | 2307 | &nbsp;&nbsp; 124532 |
| Progyny, Inc.<sup>(b)(c)</sup> | 31784 | &nbsp;&nbsp; 725947 |
| Protagonist Therapeutics, Inc.<sup>(b)(c)</sup> | 8785 | &nbsp;&nbsp; 402529 |
| Prothena Corp. PLC (Ireland)<sup>(b)(c)</sup> | 14800 | &nbsp;&nbsp; 136160 |
| PTC Therapeutics, Inc.<sup>(b)(c)</sup> | 32279 | &nbsp;&nbsp; 1608785 |
| Puma Biotechnology, Inc.<sup>(b)(c)</sup> | 17500 | &nbsp;&nbsp; 55650 |
| Quanterix Corp.<sup>(b)(c)</sup> | 36381 | &nbsp;&nbsp; 209555 |
| Quantum-Si, Inc.<sup>(b)(c)</sup> | 63237 | &nbsp;&nbsp; 72090 |
| RadNet, Inc.<sup>(b)(c)</sup> | 43673 | &nbsp;&nbsp; 2287592 |
| RAPT Therapeutics, Inc.<sup>(b)</sup> | 40266 | &nbsp;&nbsp; 37319 |
| Recursion Pharmaceuticals, Inc., <br> Class A<sup>(b)(c)</sup><br>| 54560 | &nbsp;&nbsp; 304990 |
| REGENXBIO, Inc.<sup>(b)(c)</sup> | 61563 | &nbsp;&nbsp; 591620 |
| Relay Therapeutics, Inc.<sup>(b)(c)</sup> | 130158 | &nbsp;&nbsp; 433426 |
| Repligen Corp.<sup>(b)</sup> | 18485 | &nbsp;&nbsp; 2550745 |
| Replimune Group, Inc.<sup>(b)(c)</sup> | 66579 | &nbsp;&nbsp; 651143 |

---

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

------

**24**

------

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Revolution Medicines, Inc.<sup>(b)(c)</sup> | 40674 | &nbsp;&nbsp; $1642416 |
| Rhythm Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 5216 | &nbsp;&nbsp; 340031 |
| Rigel Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 5823 | &nbsp;&nbsp; 113898 |
| Rocket Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 40563 | &nbsp;&nbsp; 309496 |
| Roivant Sciences Ltd.<sup>(b)(c)</sup> | 197775 | &nbsp;&nbsp; 2298145 |
| Sage Therapeutics, Inc.<sup>(b)(c)</sup> | 126512 | &nbsp;&nbsp; 922272 |
| Sana Biotechnology, Inc.<sup>(b)(c)</sup> | 112065 | &nbsp;&nbsp; 212924 |
| Sangamo Therapeutics, Inc.<sup>(b)(c)</sup> | 419976 | &nbsp;&nbsp; 324263 |
| Sarepta Therapeutics, Inc.<sup>(b)</sup> | 4629 | &nbsp;&nbsp; 288850 |
| Savara, Inc.<sup>(b)(c)</sup> | 39220 | &nbsp;&nbsp; 125504 |
| Scholar Rock Holding Corp.<sup>(b)(c)</sup> | 6894 | &nbsp;&nbsp; 226882 |
| Schrodinger, Inc.<sup>(b)(c)</sup> | 25290 | &nbsp;&nbsp; 648183 |
| Seer, Inc.<sup>(b)</sup> | 180368 | &nbsp;&nbsp; 358932 |
| Select Medical Holdings Corp.<sup>(c)</sup> | 44506 | &nbsp;&nbsp; 811789 |
| Seres Therapeutics, Inc.<sup>(b)(c)</sup> | 3656 | &nbsp;&nbsp; 35463 |
| SI-BONE, Inc.<sup>(b)(c)</sup> | 6936 | &nbsp;&nbsp; 94676 |
| SIGA Technologies, Inc.<sup>(c)</sup> | 79221 | &nbsp;&nbsp; 437300 |
| Simulations Plus, Inc.<sup>(c)</sup> | 2943 | &nbsp;&nbsp; 101092 |
| SNDL, Inc. (Canada)<sup>(b)(c)</sup> | 585896 | &nbsp;&nbsp; 872985 |
| Solid Biosciences, Inc.<sup>(b)(c)</sup> | 25348 | &nbsp;&nbsp; 83902 |
| Sotera Health Co.<sup>(b)(c)</sup> | 67373 | &nbsp;&nbsp; 774789 |
| SpringWorks Therapeutics, Inc.<sup>(b)</sup> | 14650 | &nbsp;&nbsp; 678295 |
| Spyre Therapeutics, Inc.<sup>(b)(c)</sup> | 5391 | &nbsp;&nbsp; 82105 |
| STAAR Surgical Co., (Acquired <br> 03/20/2020 - 03/24/2025; <br> Cost $1,224,100)<sup>(b)(c)(f)</sup><br>| 37137 | &nbsp;&nbsp; 678122 |
| Stoke Therapeutics, Inc.<sup>(b)(c)</sup> | 13822 | &nbsp;&nbsp; 134903 |
| Supernus Pharmaceuticals, Inc.<sup>(b)</sup> | 64293 | &nbsp;&nbsp; 2088237 |
| Surgery Partners, Inc.<sup>(b)(c)</sup> | 100222 | &nbsp;&nbsp; 2199873 |
| Surmodics, Inc.<sup>(b)</sup> | 5876 | &nbsp;&nbsp; 164587 |
| Sutro Biopharma, Inc.<sup>(b)</sup> | 41800 | &nbsp;&nbsp; 43890 |
| Syndax Pharmaceuticals, Inc.<sup>(b)</sup> | 24768 | &nbsp;&nbsp; 350467 |
| Tactile Systems Technology, Inc.<sup>(b)(c)</sup> | 25318 | &nbsp;&nbsp; 357490 |
| Tandem Diabetes Care, Inc.<sup>(b)(c)</sup> | 42575 | &nbsp;&nbsp; 717389 |
| Tango Therapeutics, Inc.<sup>(b)</sup> | 40797 | &nbsp;&nbsp; 57524 |
| Tarsus Pharmaceuticals, Inc.<sup>(b)</sup> | 2670 | &nbsp;&nbsp; 138600 |
| Taysha Gene Therapies, Inc.<sup>(b)(c)</sup> | 70346 | &nbsp;&nbsp; 136471 |
| Teladoc Health, Inc.<sup>(b)(c)</sup> | 126275 | &nbsp;&nbsp; 907917 |
| Terns Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 32432 | &nbsp;&nbsp; 107026 |
| TG Therapeutics, Inc.<sup>(b)(c)</sup> | 11546 | &nbsp;&nbsp; 525458 |
| Tilray Brands, Inc., Class 2 (Canada)<sup>(b)(c)</sup> | 1476789 | &nbsp;&nbsp; 716390 |
| Tourmaline Bio, Inc.<sup>(b)(c)</sup> | 7980 | &nbsp;&nbsp; 137336 |
| TransMedics Group, Inc.<sup>(b)(c)</sup> | 1641 | &nbsp;&nbsp; 150988 |
| Travere Therapeutics, Inc.<sup>(b)(c)</sup> | 22365 | &nbsp;&nbsp; 465416 |
| TruBridge, Inc.<sup>(b)(c)</sup> | 45905 | &nbsp;&nbsp; 1194907 |
| Twist Bioscience Corp.<sup>(b)(c)</sup> | 26269 | &nbsp;&nbsp; 1006628 |
| U.S. Physical Therapy, Inc. | 11932 | &nbsp;&nbsp; 848485 |
| UFP Technologies, Inc.<sup>(b)(c)</sup> | 3103 | &nbsp;&nbsp; 647100 |
| Ultragenyx Pharmaceutical, Inc.<sup>(b)(c)</sup> | 38078 | &nbsp;&nbsp; 1484280 |
| uniQure N.V. (Netherlands)<sup>(b)</sup> | 74313 | &nbsp;&nbsp; 1096860 |
| Utah Medical Products, Inc.<sup>(c)</sup> | 1054 | &nbsp;&nbsp; 54545 |
| Vanda Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 168364 | &nbsp;&nbsp; 759322 |
| Varex Imaging Corp.<sup>(b)</sup> | 93745 | &nbsp;&nbsp; 779958 |
| Vaxart, Inc.<sup>(b)(c)</sup> | 60492 | &nbsp;&nbsp; 26592 |
| Vaxcyte, Inc.<sup>(b)(c)</sup> | 16206 | &nbsp;&nbsp; 580823 |
| Ventyx Biosciences, Inc.<sup>(b)</sup> | 90557 | &nbsp;&nbsp; 120441 |
| Veracyte, Inc.<sup>(b)(c)</sup> | 51400 | &nbsp;&nbsp; 1567700 |
| Verastem, Inc.<sup>(b)(c)</sup> | 22114 | &nbsp;&nbsp; 165634 |
| Vericel Corp.<sup>(b)</sup> | 7646 | &nbsp;&nbsp; 290701 |
| Verve Therapeutics, Inc.<sup>(b)(c)</sup> | 55670 | &nbsp;&nbsp; 315649 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Viking Therapeutics, Inc.<sup>(b)(c)</sup> | 5992 | &nbsp;&nbsp; $172989 |
| Vir Biotechnology, Inc.<sup>(b)(c)</sup> | 224104 | &nbsp;&nbsp; 1371516 |
| Viridian Therapeutics, Inc.<sup>(b)(c)</sup> | 13619 | &nbsp;&nbsp; 184537 |
| Voyager Therapeutics, Inc.<sup>(b)(c)</sup> | 20180 | &nbsp;&nbsp; 71841 |
| WaVe Life Sciences Ltd.<sup>(b)(c)</sup> | 21159 | &nbsp;&nbsp; 163347 |
| Waystar Holding Corp.<sup>(b)</sup> | 12626 | &nbsp;&nbsp; 469308 |
| Xencor, Inc.<sup>(b)(c)</sup> | 48846 | &nbsp;&nbsp; 538283 |
| Xenon Pharmaceuticals, Inc. <br> (Canada)<sup>(b)(c)</sup><br>| 11849 | &nbsp;&nbsp; 452632 |
| Y-mAbs Therapeutics, Inc.<sup>(b)(c)</sup> | 18236 | &nbsp;&nbsp; 77503 |
| Zentalis Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 122472 | &nbsp;&nbsp; 173910 |
| ZimVie, Inc.<sup>(b)</sup> | 65763 | &nbsp;&nbsp; 595813 |
| Zymeworks, Inc.<sup>(b)(c)</sup> | 48587 | &nbsp;&nbsp; 632117 |
|  |  | &nbsp;&nbsp; 246445706 |
| **Industrials-17.34%** | **Industrials-17.34%** | **Industrials-17.34%** |
| 3D Systems Corp.<sup>(b)(c)</sup> | 268225 | &nbsp;&nbsp; 493534 |
| AAON, Inc.<sup>(c)</sup> | 18205 | &nbsp;&nbsp; 1661570 |
| AAR Corp.<sup>(b)</sup> | 36598 | &nbsp;&nbsp; 1956529 |
| ACCO Brands Corp. | 245019 | &nbsp;&nbsp; 945773 |
| ACV Auctions, Inc., Class A<sup>(b)(c)</sup> | 39716 | &nbsp;&nbsp; 583428 |
| Advanced Drainage Systems, Inc. | 15565 | &nbsp;&nbsp; 1766472 |
| AeroVironment, Inc.<sup>(b)(c)</sup> | 10510 | &nbsp;&nbsp; 1592475 |
| AerSale Corp.<sup>(b)(c)</sup> | 52710 | &nbsp;&nbsp; 367389 |
| Alamo Group, Inc.<sup>(c)</sup> | 9597 | &nbsp;&nbsp; 1602507 |
| Alaska Air Group, Inc.<sup>(b)</sup> | 56276 | &nbsp;&nbsp; 2491339 |
| Albany International Corp., Class A<sup>(c)</sup> | 31107 | &nbsp;&nbsp; 2045596 |
| Allegiant Travel Co.<sup>(c)</sup> | 19291 | &nbsp;&nbsp; 905327 |
| Allient, Inc.<sup>(c)</sup> | 17201 | &nbsp;&nbsp; 367241 |
| Alta Equipment Group, Inc.<sup>(c)</sup> | 59413 | &nbsp;&nbsp; 252505 |
| Amentum Holdings, Inc.<sup>(b)</sup> | 33909 | &nbsp;&nbsp; 739894 |
| Ameresco, Inc., Class A<sup>(b)(c)</sup> | 63408 | &nbsp;&nbsp; 674027 |
| American Airlines Group, Inc.<sup>(b)(c)</sup> | 83814 | &nbsp;&nbsp; 833949 |
| American Woodmark Corp.<sup>(b)(c)</sup> | 33342 | &nbsp;&nbsp; 1967178 |
| Apogee Enterprises, Inc. | 38760 | &nbsp;&nbsp; 1537609 |
| Archer Aviation, Inc., Class A<sup>(b)(c)</sup> | 22987 | &nbsp;&nbsp; 191482 |
| Arcosa, Inc. | 37671 | &nbsp;&nbsp; 3016317 |
| Argan, Inc. | 18100 | &nbsp;&nbsp; 2771653 |
| Armstrong World Industries, Inc. | 30126 | &nbsp;&nbsp; 4368872 |
| Array Technologies, Inc.<sup>(b)(c)</sup> | 84415 | &nbsp;&nbsp; 403504 |
| Astec Industries, Inc. | 37563 | &nbsp;&nbsp; 1360907 |
| Astronics Corp.<sup>(b)(c)</sup> | 34274 | &nbsp;&nbsp; 777677 |
| Atmus Filtration Technologies, Inc. | 35256 | &nbsp;&nbsp; 1222326 |
| Axon Enterprise, Inc.<sup>(b)</sup> | 7312 | &nbsp;&nbsp; 4484450 |
| AZEK Co., Inc. (The)<sup>(b)(c)</sup> | 71209 | &nbsp;&nbsp; 3529118 |
| AZZ, Inc. | 30238 | &nbsp;&nbsp; 2623449 |
| Babcock & Wilcox Enterprises, Inc.<sup>(b)(c)</sup> | 265243 | &nbsp;&nbsp; 119625 |
| Barrett Business Services, Inc.<sup>(c)</sup> | 34696 | &nbsp;&nbsp; 1407270 |
| Blade Air Mobility, Inc.<sup>(b)(c)</sup> | 68038 | &nbsp;&nbsp; 180301 |
| Bloom Energy Corp., Class A<sup>(b)(c)</sup> | 87819 | &nbsp;&nbsp; 1608844 |
| Blue Bird Corp.<sup>(b)(c)</sup> | 14752 | &nbsp;&nbsp; 514402 |
| BlueLinx Holdings, Inc.<sup>(b)</sup> | 2549 | &nbsp;&nbsp; 166042 |
| Brady Corp., Class A | 10006 | &nbsp;&nbsp; 703322 |
| BrightView Holdings, Inc.<sup>(b)(c)</sup> | 184972 | &nbsp;&nbsp; 2537816 |
| Brink's Co. (The)<sup>(c)</sup> | 10138 | &nbsp;&nbsp; 904715 |
| Cadre Holdings, Inc. | 11512 | &nbsp;&nbsp; 335575 |
| Casella Waste Systems, Inc., Class A<sup>(b)(c)</sup> | 22559 | &nbsp;&nbsp; 2649555 |
| CBIZ, Inc.<sup>(b)(c)</sup> | 34100 | &nbsp;&nbsp; 2322210 |
| CECO Environmental Corp.<sup>(b)(c)</sup> | 26605 | &nbsp;&nbsp; 632933 |
| Centuri Holdings, Inc.<sup>(b)(c)</sup> | 5575 | &nbsp;&nbsp; 100127 |

---

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

------

**25**

------

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| ChargePoint Holdings, Inc.<sup>(b)(c)</sup> | 688036 | &nbsp;&nbsp; $428509 |
| Chart Industries, Inc.<sup>(b)</sup> | 7992 | &nbsp;&nbsp; 1078760 |
| Cimpress PLC (Ireland)<sup>(b)(c)</sup> | 20495 | &nbsp;&nbsp; 861200 |
| Civeo Corp. | 20439 | &nbsp;&nbsp; 388137 |
| Clarivate PLC<sup>(b)(c)</sup> | 195553 | &nbsp;&nbsp; 842833 |
| Columbus McKinnon Corp. | 39562 | &nbsp;&nbsp; 587496 |
| Comfort Systems USA, Inc. | 11624 | &nbsp;&nbsp; 4621121 |
| Commercial Vehicle Group, Inc.<sup>(b)(c)</sup> | 58658 | &nbsp;&nbsp; 56329 |
| Concrete Pumping Holdings, Inc. | 37228 | &nbsp;&nbsp; 223368 |
| Conduent, Inc.<sup>(b)</sup> | 442616 | &nbsp;&nbsp; 933920 |
| Construction Partners, Inc., Class A<sup>(b)(c)</sup> | 27254 | &nbsp;&nbsp; 2238644 |
| Corporacion America Airports S.A. <br> (Argentina)<sup>(b)</sup><br>| 27693 | &nbsp;&nbsp; 538629 |
| Costamare, Inc. (Monaco)<sup>(c)</sup> | 120726 | &nbsp;&nbsp; 1126374 |
| Covenant Logistics Group, Inc., Class A | 27519 | &nbsp;&nbsp; 547628 |
| CRA International, Inc.<sup>(c)</sup> | 6937 | &nbsp;&nbsp; 1125181 |
| CSG Systems International, Inc.<sup>(c)</sup> | 40139 | &nbsp;&nbsp; 2413558 |
| CSW Industrials, Inc. | 6136 | &nbsp;&nbsp; 1917377 |
| Custom Truck One Source, Inc.<sup>(b)(c)</sup> | 86211 | &nbsp;&nbsp; 347430 |
| Danaos Corp. (Greece) | 28372 | &nbsp;&nbsp; 2301537 |
| Dayforce, Inc.<sup>(b)(c)</sup> | 53757 | &nbsp;&nbsp; 3110918 |
| Deluxe Corp.<sup>(c)</sup> | 102684 | &nbsp;&nbsp; 1499186 |
| Diana Shipping, Inc. (Greece) | 226796 | &nbsp;&nbsp; 331122 |
| DNOW, Inc.<sup>(b)</sup> | 211033 | &nbsp;&nbsp; 3349094 |
| Douglas Dynamics, Inc.<sup>(c)</sup> | 41409 | &nbsp;&nbsp; 992988 |
| Driven Brands Holdings, Inc.<sup>(b)(c)</sup> | 93454 | &nbsp;&nbsp; 1543860 |
| Ducommun, Inc.<sup>(b)</sup> | 23593 | &nbsp;&nbsp; 1352351 |
| Dun & Bradstreet Holdings, Inc.<sup>(c)</sup> | 435085 | &nbsp;&nbsp; 3902712 |
| DXP Enterprises, Inc.<sup>(b)(c)</sup> | 27329 | &nbsp;&nbsp; 2417523 |
| Eastern Co. (The) | 574 | &nbsp;&nbsp; 12048 |
| Energy Recovery, Inc.<sup>(b)</sup> | 32295 | &nbsp;&nbsp; 498958 |
| Enerpac Tool Group Corp.<sup>(c)</sup> | 31382 | &nbsp;&nbsp; 1266891 |
| Ennis, Inc.<sup>(c)</sup> | 44511 | &nbsp;&nbsp; 798972 |
| Enovix Corp.<sup>(b)(c)</sup> | 32047 | &nbsp;&nbsp; 214715 |
| Enpro, Inc.<sup>(c)</sup> | 16501 | &nbsp;&nbsp; 2465249 |
| Enviri Corp.<sup>(b)(c)</sup> | 249038 | &nbsp;&nbsp; 1710891 |
| ESCO Technologies, Inc. | 18331 | &nbsp;&nbsp; 2867885 |
| Everus Construction Group, Inc.<sup>(b)(c)</sup> | 22442 | &nbsp;&nbsp; 903066 |
| ExlService Holdings, Inc.<sup>(b)</sup> | 87645 | &nbsp;&nbsp; 4249030 |
| Exponent, Inc. | 24871 | &nbsp;&nbsp; 1956850 |
| Federal Signal Corp.<sup>(c)</sup> | 36062 | &nbsp;&nbsp; 2936529 |
| First Advantage Corp.<sup>(b)(c)</sup> | 75591 | &nbsp;&nbsp; 1065833 |
| Fiverr International Ltd.<sup>(b)(c)</sup> | 9805 | &nbsp;&nbsp; 249537 |
| Fluence Energy, Inc.<sup>(b)(c)</sup> | 30880 | &nbsp;&nbsp; 126299 |
| Forrester Research, Inc.<sup>(b)</sup> | 16542 | &nbsp;&nbsp; 154668 |
| Forward Air Corp.<sup>(b)(c)</sup> | 75661 | &nbsp;&nbsp; 1113730 |
| Franklin Covey Co.<sup>(b)(c)</sup> | 9269 | &nbsp;&nbsp; 188253 |
| Franklin Electric Co., Inc. | 31850 | &nbsp;&nbsp; 2705976 |
| Frontier Group Holdings, Inc., Class H<sup>(b)(c)</sup> | 62971 | &nbsp;&nbsp; 187654 |
| FTAI Aviation Ltd.<sup>(c)</sup> | 55625 | &nbsp;&nbsp; 5957994 |
| FTAI Infrastructure, Inc.<sup>(c)</sup> | 105026 | &nbsp;&nbsp; 453712 |
| FuelCell Energy, Inc.<sup>(b)(c)</sup> | 49801 | &nbsp;&nbsp; 204184 |
| Gates Industrial Corp. PLC<sup>(b)</sup> | 218694 | &nbsp;&nbsp; 4137690 |
| Genco Shipping & Trading Ltd. | 102709 | &nbsp;&nbsp; 1331109 |
| GEO Group, Inc. (The)<sup>(b)</sup> | 62013 | &nbsp;&nbsp; 1939767 |
| Gibraltar Industries, Inc.<sup>(b)</sup> | 28914 | &nbsp;&nbsp; 1530996 |
| Global Industrial Co. | 22685 | &nbsp;&nbsp; 582551 |
| Global Ship Lease, Inc., Class A (United <br> Kingdom)<br>| 73374 | &nbsp;&nbsp; 1579008 |
| Gorman-Rupp Co. (The) | 20805 | &nbsp;&nbsp; 746067 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| GrafTech International Ltd.<sup>(b)(c)</sup> | 2043475 | &nbsp;&nbsp; $1293520 |
| Granite Construction, Inc.<sup>(c)</sup> | 73223 | &nbsp;&nbsp; 5952298 |
| Great Lakes Dredge & Dock Corp.<sup>(b)</sup> | 138506 | &nbsp;&nbsp; 1259020 |
| Greenbrier Cos., Inc. (The)<sup>(c)</sup> | 82938 | &nbsp;&nbsp; 3518230 |
| Griffon Corp. | 36302 | &nbsp;&nbsp; 2472529 |
| H&E Equipment Services, Inc. | 51470 | &nbsp;&nbsp; 4622521 |
| Hayward Holdings, Inc.<sup>(b)</sup> | 202873 | &nbsp;&nbsp; 2704297 |
| Healthcare Services Group, Inc.<sup>(b)(c)</sup> | 197585 | &nbsp;&nbsp; 2807683 |
| Heartland Express, Inc. | 93493 | &nbsp;&nbsp; 710547 |
| Heidrick & Struggles International, Inc.<sup>(c)</sup> | 39250 | &nbsp;&nbsp; 1531535 |
| Helios Technologies, Inc.<sup>(c)</sup> | 36154 | &nbsp;&nbsp; 985558 |
| Hexcel Corp. | 42850 | &nbsp;&nbsp; 2076939 |
| Hillenbrand, Inc.<sup>(c)</sup> | 65896 | &nbsp;&nbsp; 1333076 |
| Hillman Solutions Corp.<sup>(b)(c)</sup> | 276988 | &nbsp;&nbsp; 1936146 |
| HNI Corp.<sup>(c)</sup> | 73053 | &nbsp;&nbsp; 3090142 |
| Hudson Technologies, Inc.<sup>(b)(c)</sup> | 42897 | &nbsp;&nbsp; 286981 |
| Hurco Cos., Inc. | 793 | &nbsp;&nbsp; 13227 |
| Huron Consulting Group, Inc.<sup>(b)</sup> | 16657 | &nbsp;&nbsp; 2245197 |
| Hyliion Holdings Corp.<sup>(b)(c)</sup> | 224475 | &nbsp;&nbsp; 338957 |
| Hyster-Yale, Inc.<sup>(c)</sup> | 20527 | &nbsp;&nbsp; 788853 |
| IBEX Holdings Ltd.<sup>(b)</sup> | 20718 | &nbsp;&nbsp; 518779 |
| ICF International, Inc.<sup>(c)</sup> | 20647 | &nbsp;&nbsp; 1754169 |
| IES Holdings, Inc.<sup>(b)(c)</sup> | 7600 | &nbsp;&nbsp; 1494768 |
| Insperity, Inc. | 13085 | &nbsp;&nbsp; 850656 |
| Insteel Industries, Inc.<sup>(c)</sup> | 32882 | &nbsp;&nbsp; 1115029 |
| Interface, Inc. | 112599 | &nbsp;&nbsp; 2116861 |
| Janus International Group, Inc.<sup>(b)(c)</sup> | 85425 | &nbsp;&nbsp; 587724 |
| JBT Marel Corp.<sup>(c)</sup> | 31892 | &nbsp;&nbsp; 3356952 |
| JetBlue Airways Corp.<sup>(b)(c)</sup> | 317602 | &nbsp;&nbsp; 1384745 |
| Joby Aviation, Inc.<sup>(b)(c)</sup> | 94210 | &nbsp;&nbsp; 593523 |
| Kadant, Inc.<sup>(c)</sup> | 5935 | &nbsp;&nbsp; 1750825 |
| Kelly Services, Inc., Class A | 61888 | &nbsp;&nbsp; 714806 |
| Kforce, Inc.<sup>(c)</sup> | 24514 | &nbsp;&nbsp; 936435 |
| Korn Ferry | 55763 | &nbsp;&nbsp; 3440577 |
| Kornit Digital Ltd. (Israel)<sup>(b)(c)</sup> | 46325 | &nbsp;&nbsp; 874616 |
| Kratos Defense & Security Solutions, <br> Inc.<sup>(b)</sup><br>| 94220 | &nbsp;&nbsp; 3183223 |
| LB Foster Co., Class A<sup>(b)</sup> | 17626 | &nbsp;&nbsp; 351991 |
| Legalzoom.com, Inc.<sup>(b)(c)</sup> | 60318 | &nbsp;&nbsp; 441528 |
| Leonardo DRS, Inc. | 79891 | &nbsp;&nbsp; 2952771 |
| Limbach Holdings, Inc.<sup>(b)(c)</sup> | 11140 | &nbsp;&nbsp; 1066544 |
| Lindsay Corp. | 10059 | &nbsp;&nbsp; 1298215 |
| Liquidity Services, Inc.<sup>(b)(c)</sup> | 18588 | &nbsp;&nbsp; 590727 |
| Loar Holdings, Inc.<sup>(b)(c)</sup> | 1782 | &nbsp;&nbsp; 168542 |
| LSI Industries, Inc. | 28425 | &nbsp;&nbsp; 428933 |
| Luxfer Holdings PLC (United Kingdom) | 86674 | &nbsp;&nbsp; 932612 |
| Lyft, Inc., Class A<sup>(b)</sup> | 112632 | &nbsp;&nbsp; 1396637 |
| Manitowoc Co., Inc. (The)<sup>(b)(c)</sup> | 138676 | &nbsp;&nbsp; 1092767 |
| Marten Transport Ltd. | 85962 | &nbsp;&nbsp; 1103752 |
| Matrix Service Co.<sup>(b)(c)</sup> | 68980 | &nbsp;&nbsp; 800168 |
| Matson, Inc. | 10201 | &nbsp;&nbsp; 1112827 |
| Matthews International Corp., Class A<sup>(c)</sup> | 67375 | &nbsp;&nbsp; 1377819 |
| Mayville Engineering Co., Inc.<sup>(b)(c)</sup> | 26512 | &nbsp;&nbsp; 338823 |
| McGrath RentCorp | 22604 | &nbsp;&nbsp; 2411169 |
| Mercury Systems, Inc.<sup>(b)(c)</sup> | 89110 | &nbsp;&nbsp; 4455500 |
| Microvast Holdings, Inc.<sup>(b)(c)</sup> | 499800 | &nbsp;&nbsp; 964614 |
| Miller Industries, Inc.<sup>(c)</sup> | 21307 | &nbsp;&nbsp; 869539 |
| Mistras Group, Inc.<sup>(b)(c)</sup> | 33497 | &nbsp;&nbsp; 305493 |
| Montrose Environmental Group, Inc.<sup>(b)(c)</sup> | 25593 | &nbsp;&nbsp; 374426 |
| Moog, Inc., Class A | 20688 | &nbsp;&nbsp; 3460068 |

---

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

------

**26**

------

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| MRC Global, Inc.<sup>(b)(c)</sup> | 228037 | &nbsp;&nbsp; $2656631 |
| MSA Safety, Inc. | 20781 | &nbsp;&nbsp; 3271345 |
| Mueller Water Products, Inc., Class A | 153239 | &nbsp;&nbsp; 4020991 |
| MYR Group, Inc.<sup>(b)(c)</sup> | 22610 | &nbsp;&nbsp; 2765655 |
| National Presto Industries, Inc.<sup>(c)</sup> | 8791 | &nbsp;&nbsp; 741521 |
| Nextracker, Inc., Class A<sup>(b)</sup> | 37849 | &nbsp;&nbsp; 1537048 |
| NN, Inc.<sup>(b)(c)</sup> | 66179 | &nbsp;&nbsp; 133020 |
| Northwest Pipe Co.<sup>(b)</sup> | 23347 | &nbsp;&nbsp; 988979 |
| NV5 Global, Inc.<sup>(b)</sup> | 55659 | &nbsp;&nbsp; 1032474 |
| OPENLANE, Inc.<sup>(b)(c)</sup> | 255326 | &nbsp;&nbsp; 4726084 |
| Orion Group Holdings, Inc.<sup>(b)</sup> | 15891 | &nbsp;&nbsp; 101543 |
| Pangaea Logistics Solutions Ltd.<sup>(c)</sup> | 71036 | &nbsp;&nbsp; 286275 |
| Park Aerospace Corp.<sup>(c)</sup> | 23598 | &nbsp;&nbsp; 308426 |
| Park-Ohio Holdings Corp. | 17458 | &nbsp;&nbsp; 347589 |
| Parsons Corp.<sup>(b)(c)</sup> | 43768 | &nbsp;&nbsp; 2926328 |
| Paycom Software, Inc.<sup>(c)</sup> | 19929 | &nbsp;&nbsp; 4511726 |
| Paylocity Holding Corp.<sup>(b)</sup> | 8388 | &nbsp;&nbsp; 1611335 |
| Pitney Bowes, Inc. | 668055 | &nbsp;&nbsp; 5798717 |
| Planet Labs PBC<sup>(b)(c)</sup> | 187260 | &nbsp;&nbsp; 616085 |
| Plug Power, Inc.<sup>(b)(c)</sup> | 1466615 | &nbsp;&nbsp; 1279768 |
| Powell Industries, Inc.<sup>(c)</sup> | 4648 | &nbsp;&nbsp; 851095 |
| Preformed Line Products Co.<sup>(c)</sup> | 2925 | &nbsp;&nbsp; 401807 |
| Primoris Services Corp. | 103678 | &nbsp;&nbsp; 6217570 |
| Proto Labs, Inc.<sup>(b)(c)</sup> | 41592 | &nbsp;&nbsp; 1462375 |
| Pursuit Attractions and Hospitality, <br> Inc.<sup>(b)(c)</sup><br>| 17831 | &nbsp;&nbsp; 522270 |
| Quad/Graphics, Inc. | 49656 | &nbsp;&nbsp; 236859 |
| Quanex Building Products Corp.<sup>(c)</sup> | 52090 | &nbsp;&nbsp; 856360 |
| Radiant Logistics, Inc.<sup>(b)(c)</sup> | 56002 | &nbsp;&nbsp; 327612 |
| RBC Bearings, Inc.<sup>(b)(c)</sup> | 16369 | &nbsp;&nbsp; 5378362 |
| Resources Connection, Inc.<sup>(c)</sup> | 82909 | &nbsp;&nbsp; 475483 |
| REV Group, Inc. | 67311 | &nbsp;&nbsp; 2201070 |
| Rocket Lab USA, Inc.<sup>(b)(c)</sup> | 84980 | &nbsp;&nbsp; 1851714 |
| Rollins, Inc. | 71232 | &nbsp;&nbsp; 4069484 |
| RXO, Inc.<sup>(b)(c)</sup> | 46772 | &nbsp;&nbsp; 659017 |
| Safe Bulkers, Inc. (Monaco) | 167041 | &nbsp;&nbsp; 566269 |
| Schneider National, Inc., Class B | 133540 | &nbsp;&nbsp; 2869775 |
| Seanergy Maritime Holdings Corp. | 32339 | &nbsp;&nbsp; 182069 |
| Shoals Technologies Group, Inc., <br> Class A<sup>(b)(c)</sup><br>| 119169 | &nbsp;&nbsp; 430200 |
| Shyft Group, Inc. (The)<sup>(c)</sup> | 73231 | &nbsp;&nbsp; 619534 |
| Simpson Manufacturing Co., Inc. | 15314 | &nbsp;&nbsp; 2353609 |
| Skillsoft Corp.<sup>(b)(c)</sup> | 21066 | &nbsp;&nbsp; 402993 |
| SkyWest, Inc.<sup>(b)</sup> | 20616 | &nbsp;&nbsp; 1838329 |
| Spirit AeroSystems Holdings, Inc., <br> Class A<sup>(b)(c)</sup><br>| 131832 | &nbsp;&nbsp; 4745952 |
| SPX Technologies, Inc.<sup>(b)</sup> | 25964 | &nbsp;&nbsp; 3483071 |
| StandardAero, Inc.<sup>(b)(c)</sup> | 10179 | &nbsp;&nbsp; 275037 |
| Standex International Corp. | 8793 | &nbsp;&nbsp; 1243506 |
| Star Bulk Carriers Corp. (Greece) | 148167 | &nbsp;&nbsp; 2183982 |
| Steelcase, Inc., Class A<sup>(c)</sup> | 227670 | &nbsp;&nbsp; 2258486 |
| Stem, Inc.<sup>(b)(c)</sup> | 154575 | &nbsp;&nbsp; 83610 |
| Sterling Infrastructure, Inc.<sup>(b)(c)</sup> | 25268 | &nbsp;&nbsp; 3775797 |
| Stratasys Ltd.<sup>(b)</sup> | 106390 | &nbsp;&nbsp; 1004322 |
| Sun Country Airlines Holdings, Inc.<sup>(b)(c)</sup> | 43298 | &nbsp;&nbsp; 424320 |
| TaskUS, Inc., Class A (Philippines)<sup>(b)(c)</sup> | 7123 | &nbsp;&nbsp; 99437 |
| Tecnoglass, Inc.<sup>(c)</sup> | 13291 | &nbsp;&nbsp; 947250 |
| Tennant Co.<sup>(c)</sup> | 19521 | &nbsp;&nbsp; 1408635 |
| Tetra Tech, Inc. | 88264 | &nbsp;&nbsp; 2752954 |
| Thermon Group Holdings, Inc.<sup>(b)(c)</sup> | 34704 | &nbsp;&nbsp; 910286 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Titan International, Inc.<sup>(b)(c)</sup> | 105025 | &nbsp;&nbsp; $771934 |
| Titan Machinery, Inc.<sup>(b)(c)</sup> | 67229 | &nbsp;&nbsp; 1115329 |
| TPI Composites, Inc.<sup>(b)(c)</sup> | 435630 | &nbsp;&nbsp; 398296 |
| Transcat, Inc.<sup>(b)(c)</sup> | 4263 | &nbsp;&nbsp; 338184 |
| Trex Co., Inc.<sup>(b)(c)</sup> | 45179 | &nbsp;&nbsp; 2612250 |
| TriNet Group, Inc.<sup>(c)</sup> | 23767 | &nbsp;&nbsp; 1861669 |
| Trinity Industries, Inc. | 20478 | &nbsp;&nbsp; 513998 |
| Triumph Group, Inc.<sup>(b)</sup> | 78203 | &nbsp;&nbsp; 1986356 |
| TrueBlue, Inc.<sup>(b)(c)</sup> | 132763 | &nbsp;&nbsp; 576191 |
| TTEC Holdings, Inc.<sup>(c)</sup> | 69710 | &nbsp;&nbsp; 278840 |
| Tutor Perini Corp.<sup>(b)</sup> | 112060 | &nbsp;&nbsp; 2404808 |
| Twin Disc, Inc.<sup>(c)</sup> | 978 | &nbsp;&nbsp; 7179 |
| UL Solutions, Inc., Class A<sup>(c)</sup> | 8792 | &nbsp;&nbsp; 502814 |
| UniFirst Corp. | 18768 | &nbsp;&nbsp; 3349525 |
| Universal Logistics Holdings, Inc.<sup>(c)</sup> | 10756 | &nbsp;&nbsp; 233835 |
| Upwork, Inc.<sup>(b)(c)</sup> | 58847 | &nbsp;&nbsp; 773838 |
| V2X, Inc.<sup>(b)</sup> | 29033 | &nbsp;&nbsp; 1444682 |
| Verra Mobility Corp., Class A<sup>(b)</sup> | 63946 | &nbsp;&nbsp; 1394023 |
| Vestis Corp.<sup>(c)</sup> | 60945 | &nbsp;&nbsp; 533878 |
| Vicor Corp.<sup>(b)(c)</sup> | 13271 | &nbsp;&nbsp; 529579 |
| Virgin Galactic Holdings, Inc.<sup>(b)(c)</sup> | 96405 | &nbsp;&nbsp; 278610 |
| VSE Corp. | 15194 | &nbsp;&nbsp; 1740017 |
| Wabash National Corp.<sup>(c)</sup> | 104363 | &nbsp;&nbsp; 721148 |
| Watts Water Technologies, Inc., Class A | 18327 | &nbsp;&nbsp; 3807434 |
| Willdan Group, Inc.<sup>(b)(c)</sup> | 17864 | &nbsp;&nbsp; 700269 |
| Willis Lease Finance Corp.<sup>(c)</sup> | 709 | &nbsp;&nbsp; 109696 |
| Worthington Enterprises, Inc. | 38080 | &nbsp;&nbsp; 1927990 |
| Xometry, Inc., Class A<sup>(b)(c)</sup> | 14355 | &nbsp;&nbsp; 368062 |
| Zurn Elkay Water Solutions Corp.<sup>(c)</sup> | 88085 | &nbsp;&nbsp; 2991367 |
|  |  | &nbsp;&nbsp; 374170982 |
| **Information Technology-12.79%** | **Information Technology-12.79%** | **Information Technology-12.79%** |
| 8x8, Inc.<sup>(b)(c)</sup> | 191305 | &nbsp;&nbsp; 338610 |
| A10 Networks, Inc.<sup>(c)</sup> | 47011 | &nbsp;&nbsp; 774741 |
| ACI Worldwide, Inc.<sup>(b)</sup> | 116866 | &nbsp;&nbsp; 6235970 |
| ACM Research, Inc., Class A<sup>(b)(c)</sup> | 46357 | &nbsp;&nbsp; 902571 |
| Adeia, Inc. | 73777 | &nbsp;&nbsp; 908195 |
| ADTRAN Holdings, Inc.<sup>(b)(c)</sup> | 228663 | &nbsp;&nbsp; 1751559 |
| Advanced Energy Industries, Inc.<sup>(c)</sup> | 29109 | &nbsp;&nbsp; 2835508 |
| Agilysys, Inc.<sup>(b)(c)</sup> | 2845 | &nbsp;&nbsp; 211526 |
| Alarm.com Holdings, Inc.<sup>(b)(c)</sup> | 30258 | &nbsp;&nbsp; 1621829 |
| Alkami Technology, Inc.<sup>(b)(c)</sup> | 5337 | &nbsp;&nbsp; 142445 |
| Allegro MicroSystems, Inc. (Japan)<sup>(b)(c)</sup> | 55516 | &nbsp;&nbsp; 1058690 |
| Alpha & Omega Semiconductor Ltd.<sup>(b)(c)</sup> | 66513 | &nbsp;&nbsp; 1252440 |
| Ambarella, Inc.<sup>(b)</sup> | 20308 | &nbsp;&nbsp; 974581 |
| Amplitude, Inc., Class A<sup>(b)(c)</sup> | 13566 | &nbsp;&nbsp; 124672 |
| AppFolio, Inc., Class A<sup>(b)</sup> | 2788 | &nbsp;&nbsp; 575778 |
| Appian Corp., Class A<sup>(b)(c)</sup> | 5939 | &nbsp;&nbsp; 184406 |
| Applied Optoelectronics, Inc.<sup>(b)(c)</sup> | 19413 | &nbsp;&nbsp; 248292 |
| AppLovin Corp., Class A<sup>(b)</sup> | 44324 | &nbsp;&nbsp; 11936896 |
| Arlo Technologies, Inc.<sup>(b)(c)</sup> | 56888 | &nbsp;&nbsp; 559209 |
| Asana, Inc., Class A<sup>(b)</sup> | 10019 | &nbsp;&nbsp; 161707 |
| Atlassian Corp., Class A<sup>(b)</sup> | 4768 | &nbsp;&nbsp; 1088582 |
| Aurora Innovation, Inc.<sup>(b)(c)</sup> | 202216 | &nbsp;&nbsp; 1464044 |
| AvePoint, Inc.<sup>(b)(c)</sup> | 33568 | &nbsp;&nbsp; 548837 |
| Aviat Networks, Inc.<sup>(b)(c)</sup> | 17748 | &nbsp;&nbsp; 311655 |
| Axcelis Technologies, Inc.<sup>(b)(c)</sup> | 29388 | &nbsp;&nbsp; 1439424 |
| Badger Meter, Inc. | 9709 | &nbsp;&nbsp; 2143941 |
| Bel Fuse, Inc., Class B<sup>(c)</sup> | 11201 | &nbsp;&nbsp; 736690 |
| Belden, Inc. | 43854 | &nbsp;&nbsp; 4521786 |

---

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

------

**27**

------

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Benchmark Electronics, Inc. | 80303 | &nbsp;&nbsp; $2612257 |
| Bentley Systems, Inc., Class B<sup>(c)</sup> | 45715 | &nbsp;&nbsp; 1965288 |
| BigCommerce Holdings, Inc., Series 1<sup>(b)(c)</sup> | 23015 | &nbsp;&nbsp; 119218 |
| BILL Holdings, Inc.<sup>(b)(c)</sup> | 78841 | &nbsp;&nbsp; 3592784 |
| Blackbaud, Inc.<sup>(b)(c)</sup> | 25029 | &nbsp;&nbsp; 1515256 |
| BlackLine, Inc.<sup>(b)(c)</sup> | 15954 | &nbsp;&nbsp; 753507 |
| Blend Labs, Inc., Class A<sup>(b)(c)</sup> | 48217 | &nbsp;&nbsp; 161527 |
| Box, Inc., Class A<sup>(b)</sup> | 44116 | &nbsp;&nbsp; 1377302 |
| Braze, Inc., Class A<sup>(b)</sup> | 10401 | &nbsp;&nbsp; 323783 |
| C3.ai, Inc., Class A<sup>(b)(c)</sup> | 39499 | &nbsp;&nbsp; 869373 |
| Calix, Inc.<sup>(b)(c)</sup> | 48490 | &nbsp;&nbsp; 1983726 |
| CCC Intelligent Solutions Holdings, <br> Inc.<sup>(b)(c)</sup><br>| 172837 | &nbsp;&nbsp; 1600471 |
| Ceragon Networks Ltd. (Israel)<sup>(b)</sup> | 106818 | &nbsp;&nbsp; 232863 |
| Cerence, Inc.<sup>(b)(c)</sup> | 107211 | &nbsp;&nbsp; 971332 |
| CEVA, Inc.<sup>(b)(c)</sup> | 20516 | &nbsp;&nbsp; 537724 |
| Cirrus Logic, Inc.<sup>(b)</sup> | 38042 | &nbsp;&nbsp; 3653554 |
| Clear Secure, Inc., Class A<sup>(c)</sup> | 20587 | &nbsp;&nbsp; 508087 |
| Clearfield, Inc.<sup>(b)(c)</sup> | 13045 | &nbsp;&nbsp; 374000 |
| Clearwater Analytics Holdings, Inc., <br> Class A<sup>(b)(c)</sup><br>| 10042 | &nbsp;&nbsp; 228355 |
| Cloudflare, Inc., Class A<sup>(b)</sup> | 11827 | &nbsp;&nbsp; 1428465 |
| Cognyte Software Ltd. (Israel)<sup>(b)</sup> | 59744 | &nbsp;&nbsp; 585491 |
| Cohu, Inc.<sup>(b)</sup> | 52249 | &nbsp;&nbsp; 835984 |
| CommScope Holding Co., Inc.<sup>(b)</sup> | 1301521 | &nbsp;&nbsp; 4867689 |
| Commvault Systems, Inc.<sup>(b)</sup> | 14524 | &nbsp;&nbsp; 2427396 |
| Comtech Telecommunications Corp.<sup>(b)(c)</sup> | 101354 | &nbsp;&nbsp; 138855 |
| Confluent, Inc., Class A<sup>(b)(c)</sup> | 28694 | &nbsp;&nbsp; 683204 |
| Consensus Cloud Solutions, Inc.<sup>(b)(c)</sup> | 50528 | &nbsp;&nbsp; 1003486 |
| Corsair Gaming, Inc.<sup>(b)(c)</sup> | 73238 | &nbsp;&nbsp; 518525 |
| Couchbase, Inc.<sup>(b)(c)</sup> | 7578 | &nbsp;&nbsp; 133676 |
| Crane NXT Co.<sup>(c)</sup> | 41171 | &nbsp;&nbsp; 1931743 |
| Credo Technology Group Holding Ltd.<sup>(b)(c)</sup> | 3952 | &nbsp;&nbsp; 170134 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 4849 | &nbsp;&nbsp; 2079591 |
| CTS Corp.<sup>(c)</sup> | 23960 | &nbsp;&nbsp; 912397 |
| CyberArk Software Ltd.<sup>(b)</sup> | 3165 | &nbsp;&nbsp; 1114586 |
| Daktronics, Inc.<sup>(b)(c)</sup> | 70266 | &nbsp;&nbsp; 891676 |
| Datadog, Inc., Class A<sup>(b)</sup> | 10232 | &nbsp;&nbsp; 1045301 |
| Diebold Nixdorf, Inc.<sup>(b)(c)</sup> | 5900 | &nbsp;&nbsp; 261547 |
| Digi International, Inc.<sup>(b)(c)</sup> | 32215 | &nbsp;&nbsp; 876248 |
| Digital Turbine, Inc.<sup>(b)(c)</sup> | 325205 | &nbsp;&nbsp; 975615 |
| DigitalOcean Holdings, Inc.<sup>(b)(c)</sup> | 21439 | &nbsp;&nbsp; 662465 |
| DocuSign, Inc.<sup>(b)</sup> | 46954 | &nbsp;&nbsp; 3838489 |
| Dolby Laboratories, Inc., Class A | 32318 | &nbsp;&nbsp; 2481699 |
| Domo, Inc., Class B<sup>(b)(c)</sup> | 12704 | &nbsp;&nbsp; 94391 |
| DoubleVerify Holdings, Inc.<sup>(b)(c)</sup> | 43504 | &nbsp;&nbsp; 576863 |
| Dropbox, Inc., Class A<sup>(b)(c)</sup> | 45172 | &nbsp;&nbsp; 1289661 |
| Dynatrace, Inc.<sup>(b)</sup> | 55752 | &nbsp;&nbsp; 2618671 |
| E2open Parent Holdings, Inc.<sup>(b)(c)</sup> | 358451 | &nbsp;&nbsp; 706148 |
| Eastman Kodak Co.<sup>(b)(c)</sup> | 302449 | &nbsp;&nbsp; 1902404 |
| Elastic N.V.<sup>(b)</sup> | 11989 | &nbsp;&nbsp; 1033452 |
| Enphase Energy, Inc.<sup>(b)</sup> | 16050 | &nbsp;&nbsp; 715669 |
| ePlus, Inc.<sup>(b)</sup> | 35572 | &nbsp;&nbsp; 2218270 |
| Extreme Networks, Inc.<sup>(b)</sup> | 118396 | &nbsp;&nbsp; 1558091 |
| Fabrinet (Thailand)<sup>(b)</sup> | 14249 | &nbsp;&nbsp; 2921900 |
| Fair Isaac Corp.<sup>(b)</sup> | 1806 | &nbsp;&nbsp; 3593362 |
| FARO Technologies, Inc.<sup>(b)(c)</sup> | 29091 | &nbsp;&nbsp; 855566 |
| Fastly, Inc., Class A<sup>(b)(c)</sup> | 131821 | &nbsp;&nbsp; 757971 |
| Five9, Inc.<sup>(b)(c)</sup> | 19827 | &nbsp;&nbsp; 498451 |
| FormFactor, Inc.<sup>(b)(c)</sup> | 64006 | &nbsp;&nbsp; 1801129 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Freshworks, Inc., Class A<sup>(b)(c)</sup> | 54588 | &nbsp;&nbsp; $806265 |
| GitLab, Inc., Class A<sup>(b)(c)</sup> | 11402 | &nbsp;&nbsp; 532131 |
| GLOBALFOUNDRIES, Inc.<sup>(b)(c)</sup> | 79093 | &nbsp;&nbsp; 2773792 |
| Globant S.A.<sup>(b)</sup> | 17221 | &nbsp;&nbsp; 2024673 |
| Grid Dynamics Holdings, Inc.<sup>(b)(c)</sup> | 28369 | &nbsp;&nbsp; 401705 |
| Guidewire Software, Inc.<sup>(b)</sup> | 21878 | &nbsp;&nbsp; 4479958 |
| Hackett Group, Inc. (The)<sup>(c)</sup> | 20940 | &nbsp;&nbsp; 534808 |
| Harmonic, Inc.<sup>(b)</sup> | 91183 | &nbsp;&nbsp; 818823 |
| HubSpot, Inc.<sup>(b)</sup> | 3896 | &nbsp;&nbsp; 2382404 |
| i3 Verticals, Inc., Class A<sup>(b)(c)</sup> | 16756 | &nbsp;&nbsp; 420911 |
| Ichor Holdings Ltd.<sup>(b)(c)</sup> | 45335 | &nbsp;&nbsp; 896726 |
| Impinj, Inc.<sup>(b)(c)</sup> | 1644 | &nbsp;&nbsp; 151462 |
| indie Semiconductor, Inc., A Shares <br> (China)<sup>(b)(c)</sup><br>| 94451 | &nbsp;&nbsp; 187957 |
| Informatica, Inc., Class A<sup>(b)</sup> | 48652 | &nbsp;&nbsp; 916117 |
| Information Services Group, Inc.<sup>(c)</sup> | 3698 | &nbsp;&nbsp; 14348 |
| Ingram Micro Holding Corp.<sup>(c)</sup> | 12280 | &nbsp;&nbsp; 218338 |
| Intapp, Inc.<sup>(b)(c)</sup> | 2726 | &nbsp;&nbsp; 147913 |
| InterDigital, Inc.<sup>(c)</sup> | 20354 | &nbsp;&nbsp; 4091154 |
| IonQ, Inc.<sup>(b)(c)</sup> | 41106 | &nbsp;&nbsp; 1128771 |
| IPG Photonics Corp.<sup>(b)(c)</sup> | 40606 | &nbsp;&nbsp; 2431893 |
| IREN Ltd. (Australia)<sup>(b)(c)</sup> | 35912 | &nbsp;&nbsp; 219422 |
| Itron, Inc.<sup>(b)</sup> | 52791 | &nbsp;&nbsp; 5875110 |
| Ituran Location and Control Ltd. (Israel) | 18105 | &nbsp;&nbsp; 650694 |
| Jamf Holding Corp.<sup>(b)</sup> | 40177 | &nbsp;&nbsp; 464848 |
| JFrog Ltd.<sup>(b)</sup> | 18591 | &nbsp;&nbsp; 627818 |
| Kimball Electronics, Inc.<sup>(b)(c)</sup> | 48128 | &nbsp;&nbsp; 690156 |
| Klaviyo, Inc.<sup>(b)(c)</sup> | 4398 | &nbsp;&nbsp; 133875 |
| Knowles Corp.<sup>(b)(c)</sup> | 109723 | &nbsp;&nbsp; 1727040 |
| Kulicke & Soffa Industries, Inc. <br> (Singapore)<sup>(c)</sup><br>| 43941 | &nbsp;&nbsp; 1416218 |
| Lattice Semiconductor Corp.<sup>(b)(c)</sup> | 31449 | &nbsp;&nbsp; 1538800 |
| Life360, Inc.<sup>(b)(c)</sup> | 6585 | &nbsp;&nbsp; 282497 |
| LivePerson, Inc.<sup>(b)(c)</sup> | 103959 | &nbsp;&nbsp; 90444 |
| LiveRamp Holdings, Inc.<sup>(b)(c)</sup> | 49384 | &nbsp;&nbsp; 1291885 |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup><br>| 16648 | &nbsp;&nbsp; 1727230 |
| Magnachip Semiconductor Corp. (South <br> Korea)<sup>(b)</sup><br>| 126054 | &nbsp;&nbsp; 395810 |
| Manhattan Associates, Inc.<sup>(b)</sup> | 11621 | &nbsp;&nbsp; 2061449 |
| MARA Holdings, Inc.<sup>(b)(c)</sup> | 11786 | &nbsp;&nbsp; 157579 |
| MaxLinear, Inc.<sup>(b)</sup> | 124562 | &nbsp;&nbsp; 1244374 |
| MeridianLink, Inc.<sup>(b)(c)</sup> | 22127 | &nbsp;&nbsp; 374168 |
| Methode Electronics, Inc. | 90782 | &nbsp;&nbsp; 569203 |
| MicroStrategy, Inc., Class A<sup>(b)(c)</sup> | 6013 | &nbsp;&nbsp; 2285601 |
| Mirion Technologies, Inc.<sup>(b)(c)</sup> | 161437 | &nbsp;&nbsp; 2547476 |
| Mitek Systems, Inc.<sup>(b)(c)</sup> | 38318 | &nbsp;&nbsp; 317273 |
| Monday.com Ltd.<sup>(b)</sup> | 1718 | &nbsp;&nbsp; 482741 |
| MongoDB, Inc.<sup>(b)</sup> | 6232 | &nbsp;&nbsp; 1072963 |
| Monolithic Power Systems, Inc.<sup>(c)</sup> | 4442 | &nbsp;&nbsp; 2634550 |
| N-able, Inc.<sup>(b)(c)</sup> | 48053 | &nbsp;&nbsp; 339254 |
| Napco Security Technologies, Inc.<sup>(c)</sup> | 5909 | &nbsp;&nbsp; 135021 |
| Navitas Semiconductor Corp.<sup>(b)(c)</sup> | 45067 | &nbsp;&nbsp; 86979 |
| nCino, Inc.<sup>(b)(c)</sup> | 36864 | &nbsp;&nbsp; 855245 |
| NCR Voyix Corp.<sup>(b)(c)</sup> | 58462 | &nbsp;&nbsp; 501019 |
| NETGEAR, Inc.<sup>(b)(c)</sup> | 99152 | &nbsp;&nbsp; 2391546 |
| NetScout Systems, Inc.<sup>(b)</sup> | 117171 | &nbsp;&nbsp; 2462934 |
| nLight, Inc.<sup>(b)(c)</sup> | 37806 | &nbsp;&nbsp; 291484 |
| Novanta, Inc.<sup>(b)</sup> | 13639 | &nbsp;&nbsp; 1621132 |
| Nutanix, Inc., Class A<sup>(b)</sup> | 31600 | &nbsp;&nbsp; 2170920 |

---

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

------

**28**

------

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Olo, Inc., Class A<sup>(b)</sup> | 95598 | &nbsp;&nbsp; $592708 |
| ON24, Inc.<sup>(b)(c)</sup> | 31991 | &nbsp;&nbsp; 149718 |
| OneSpan, Inc.<sup>(c)</sup> | 43548 | &nbsp;&nbsp; 647559 |
| Onto Innovation, Inc.<sup>(b)</sup> | 20048 | &nbsp;&nbsp; 2445255 |
| Ooma, Inc.<sup>(b)(c)</sup> | 4460 | &nbsp;&nbsp; 54546 |
| OSI Systems, Inc.<sup>(b)(c)</sup> | 17851 | &nbsp;&nbsp; 3654814 |
| Ouster, Inc.<sup>(b)(c)</sup> | 14675 | &nbsp;&nbsp; 109035 |
| Pagaya Technologies Ltd., Class A<sup>(b)(c)</sup> | 37120 | &nbsp;&nbsp; 406835 |
| PagerDuty, Inc.<sup>(b)(c)</sup> | 29900 | &nbsp;&nbsp; 463749 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 102262 | &nbsp;&nbsp; 12111911 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 14213 | &nbsp;&nbsp; 2656836 |
| PAR Technology Corp.<sup>(b)(c)</sup> | 12909 | &nbsp;&nbsp; 753886 |
| PC Connection, Inc. | 18529 | &nbsp;&nbsp; 1149539 |
| PDF Solutions, Inc.<sup>(b)(c)</sup> | 7210 | &nbsp;&nbsp; 132304 |
| Pegasystems, Inc.<sup>(c)</sup> | 13343 | &nbsp;&nbsp; 1228623 |
| Penguin Solutions, Inc.<sup>(b)(c)</sup> | 99204 | &nbsp;&nbsp; 1693412 |
| Photronics, Inc.<sup>(b)(c)</sup> | 69935 | &nbsp;&nbsp; 1277712 |
| Power Integrations, Inc. | 39719 | &nbsp;&nbsp; 1950997 |
| Procore Technologies, Inc.<sup>(b)(c)</sup> | 16678 | &nbsp;&nbsp; 1068893 |
| Progress Software Corp.<sup>(c)</sup> | 41264 | &nbsp;&nbsp; 2474189 |
| PROS Holdings, Inc.<sup>(b)(c)</sup> | 6504 | &nbsp;&nbsp; 111088 |
| Pure Storage, Inc., Class A<sup>(b)</sup> | 42354 | &nbsp;&nbsp; 1921177 |
| Q2 Holdings, Inc.<sup>(b)(c)</sup> | 19054 | &nbsp;&nbsp; 1510029 |
| Qualys, Inc.<sup>(b)</sup> | 14101 | &nbsp;&nbsp; 1772637 |
| Rackspace Technology, Inc.<sup>(b)(c)</sup> | 463363 | &nbsp;&nbsp; 630174 |
| Radware Ltd. (Israel)<sup>(b)</sup> | 23816 | &nbsp;&nbsp; 568250 |
| Rambus, Inc.<sup>(b)</sup> | 34793 | &nbsp;&nbsp; 1697550 |
| Rapid7, Inc.<sup>(b)(c)</sup> | 13398 | &nbsp;&nbsp; 316461 |
| Ribbon Communications, Inc.<sup>(b)(c)</sup> | 144994 | &nbsp;&nbsp; 465431 |
| Richardson Electronics Ltd. | 25877 | &nbsp;&nbsp; 224095 |
| Rigetti Computing, Inc.<sup>(b)(c)</sup> | 9287 | &nbsp;&nbsp; 82376 |
| RingCentral, Inc., Class A<sup>(b)(c)</sup> | 43414 | &nbsp;&nbsp; 1107057 |
| Riot Platforms, Inc.<sup>(b)(c)</sup> | 55716 | &nbsp;&nbsp; 403384 |
| Rogers Corp.<sup>(b)(c)</sup> | 21103 | &nbsp;&nbsp; 1304376 |
| Rubrik, Inc., Class A<sup>(b)(c)</sup> | 2156 | &nbsp;&nbsp; 152063 |
| Samsara, Inc., Class A<sup>(b)</sup> | 5711 | &nbsp;&nbsp; 226498 |
| ScanSource, Inc.<sup>(b)</sup> | 79094 | &nbsp;&nbsp; 2609311 |
| Semtech Corp.<sup>(b)(c)</sup> | 97752 | &nbsp;&nbsp; 3054750 |
| SentinelOne, Inc., Class A<sup>(b)</sup> | 73054 | &nbsp;&nbsp; 1351499 |
| Silicom Ltd. (Israel)<sup>(b)</sup> | 16921 | &nbsp;&nbsp; 239263 |
| Silicon Laboratories, Inc.<sup>(b)(c)</sup> | 13787 | &nbsp;&nbsp; 1402965 |
| SiTime Corp.<sup>(b)(c)</sup> | 7513 | &nbsp;&nbsp; 1103359 |
| SmartRent, Inc.<sup>(b)(c)</sup> | 153783 | &nbsp;&nbsp; 146571 |
| SoundHound AI, Inc., Class A<sup>(b)(c)</sup> | 10516 | &nbsp;&nbsp; 97694 |
| Sprinklr, Inc., Class A<sup>(b)(c)</sup> | 42262 | &nbsp;&nbsp; 324995 |
| Sprout Social, Inc., Class A<sup>(b)(c)</sup> | 6197 | &nbsp;&nbsp; 129579 |
| SPS Commerce, Inc.<sup>(b)</sup> | 8783 | &nbsp;&nbsp; 1260448 |
| Synaptics, Inc.<sup>(b)(c)</sup> | 25818 | &nbsp;&nbsp; 1437030 |
| Telos Corp.<sup>(b)(c)</sup> | 13771 | &nbsp;&nbsp; 37595 |
| Tenable Holdings, Inc.<sup>(b)</sup> | 20790 | &nbsp;&nbsp; 635550 |
| Teradata Corp.<sup>(b)(c)</sup> | 60048 | &nbsp;&nbsp; 1291032 |
| TTM Technologies, Inc.<sup>(b)</sup> | 29781 | &nbsp;&nbsp; 596216 |
| Tucows, Inc., Class A<sup>(b)(c)</sup> | 15890 | &nbsp;&nbsp; 258371 |
| Turtle Beach Corp.<sup>(b)(c)</sup> | 32224 | &nbsp;&nbsp; 372187 |
| Ubiquiti, Inc.<sup>(c)</sup> | 674 | &nbsp;&nbsp; 220027 |
| UiPath, Inc., Class A<sup>(b)(c)</sup> | 121799 | &nbsp;&nbsp; 1454280 |
| Ultra Clean Holdings, Inc.<sup>(b)(c)</sup> | 66229 | &nbsp;&nbsp; 1238813 |
| Unisys Corp.<sup>(b)(c)</sup> | 261195 | &nbsp;&nbsp; 1036944 |
| Unity Software, Inc.<sup>(b)(c)</sup> | 75933 | &nbsp;&nbsp; 1599908 |
| Universal Display Corp. | 20593 | &nbsp;&nbsp; 2587099 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Upland Software, Inc.<sup>(b)</sup> | 71598 | &nbsp;&nbsp; $172551 |
| Varonis Systems, Inc.<sup>(b)(c)</sup> | 25321 | &nbsp;&nbsp; 1084752 |
| Veeco Instruments, Inc.<sup>(b)(c)</sup> | 46820 | &nbsp;&nbsp; 875534 |
| Verint Systems, Inc.<sup>(b)(c)</sup> | 77834 | &nbsp;&nbsp; 1372992 |
| VeriSign, Inc.<sup>(b)</sup> | 14598 | &nbsp;&nbsp; 4118388 |
| Vertex, Inc., Class A<sup>(b)(c)</sup> | 3406 | &nbsp;&nbsp; 136342 |
| Viavi Solutions, Inc.<sup>(b)</sup> | 282050 | &nbsp;&nbsp; 2984089 |
| Vishay Precision Group, Inc.<sup>(b)(c)</sup> | 18775 | &nbsp;&nbsp; 468248 |
| Wix.com Ltd. (Israel)<sup>(b)</sup> | 4342 | &nbsp;&nbsp; 736360 |
| Wolfspeed, Inc.<sup>(b)(c)</sup> | 270402 | &nbsp;&nbsp; 959927 |
| Workiva, Inc.<sup>(b)(c)</sup> | 5259 | &nbsp;&nbsp; 395845 |
| Xperi, Inc.<sup>(b)(c)</sup> | 67997 | &nbsp;&nbsp; 502498 |
| Yext, Inc.<sup>(b)(c)</sup> | 70081 | &nbsp;&nbsp; 476551 |
| Zeta Global Holdings Corp., Class A<sup>(b)(c)</sup> | 30629 | &nbsp;&nbsp; 400015 |
| Zscaler, Inc.<sup>(b)(c)</sup> | 4060 | &nbsp;&nbsp; 918250 |
|  |  | &nbsp;&nbsp; 276139154 |
| **Materials-4.13%** | **Materials-4.13%** | **Materials-4.13%** |
| AdvanSix, Inc.<sup>(c)</sup> | 64655 | &nbsp;&nbsp; 1384910 |
| Alto Ingredients, Inc.<sup>(b)</sup> | 320191 | &nbsp;&nbsp; 288748 |
| American Vanguard Corp. | 62213 | &nbsp;&nbsp; 262539 |
| Ardagh Metal Packaging S.A. | 302886 | &nbsp;&nbsp; 1123707 |
| Aspen Aerogels, Inc.<sup>(b)(c)</sup> | 44459 | &nbsp;&nbsp; 240079 |
| ATI, Inc.<sup>(b)</sup> | 29229 | &nbsp;&nbsp; 1589473 |
| Balchem Corp. | 16603 | &nbsp;&nbsp; 2599200 |
| Caledonia Mining Corp. PLC (South <br> Africa)<br>| 20941 | &nbsp;&nbsp; 275793 |
| Carpenter Technology Corp. | 49595 | &nbsp;&nbsp; 9701278 |
| Century Aluminum Co.<sup>(b)</sup> | 106330 | &nbsp;&nbsp; 1744875 |
| Clearwater Paper Corp.<sup>(b)(c)</sup> | 55660 | &nbsp;&nbsp; 1495028 |
| Coeur Mining, Inc.<sup>(b)(c)</sup> | 590240 | &nbsp;&nbsp; 3275832 |
| Compass Minerals International, Inc.<sup>(b)(c)</sup> | 119289 | &nbsp;&nbsp; 1603244 |
| Core Molding Technologies, Inc.<sup>(b)(c)</sup> | 14710 | &nbsp;&nbsp; 226240 |
| Eagle Materials, Inc. | 12785 | &nbsp;&nbsp; 2894396 |
| Ecovyst, Inc.<sup>(b)(c)</sup> | 202354 | &nbsp;&nbsp; 1210077 |
| Ferroglobe PLC<sup>(c)</sup> | 187113 | &nbsp;&nbsp; 653024 |
| Ginkgo Bioworks Holdings, Inc.<sup>(b)(c)</sup> | 88158 | &nbsp;&nbsp; 649725 |
| Gold Royalty Corp. (Canada)<sup>(b)(c)</sup> | 140896 | &nbsp;&nbsp; 211344 |
| Greif, Inc., Class A<sup>(c)</sup> | 8550 | &nbsp;&nbsp; 448704 |
| Hawkins, Inc. | 16703 | &nbsp;&nbsp; 2034091 |
| Hecla Mining Co.<sup>(c)</sup> | 785952 | &nbsp;&nbsp; 4495646 |
| Ingevity Corp.<sup>(b)(c)</sup> | 68155 | &nbsp;&nbsp; 2247752 |
| Innospec, Inc. | 22096 | &nbsp;&nbsp; 1977150 |
| Intrepid Potash, Inc.<sup>(b)(c)</sup> | 45938 | &nbsp;&nbsp; 1517792 |
| Kaiser Aluminum Corp. | 39727 | &nbsp;&nbsp; 2560802 |
| Knife River Corp.<sup>(b)</sup> | 15133 | &nbsp;&nbsp; 1413120 |
| Koppers Holdings, Inc.<sup>(c)</sup> | 43940 | &nbsp;&nbsp; 1101136 |
| Kronos Worldwide, Inc.<sup>(c)</sup> | 73240 | &nbsp;&nbsp; 564680 |
| LSB Industries, Inc.<sup>(b)(c)</sup> | 121761 | &nbsp;&nbsp; 776835 |
| Magnera Corp.<sup>(b)(c)</sup> | 21010 | &nbsp;&nbsp; 308217 |
| Materion Corp. | 14501 | &nbsp;&nbsp; 1203728 |
| Mativ Holdings, Inc., Class A | 233131 | &nbsp;&nbsp; 1191299 |
| McEwen Mining, Inc. (Canada)<sup>(b)(c)</sup> | 43616 | &nbsp;&nbsp; 340205 |
| Mercer International, Inc. (Germany) | 134147 | &nbsp;&nbsp; 599637 |
| Metallus, Inc.<sup>(b)(c)</sup> | 95775 | &nbsp;&nbsp; 1211554 |
| Minerals Technologies, Inc. | 44559 | &nbsp;&nbsp; 2298799 |
| MP Materials Corp.<sup>(b)(c)</sup> | 87366 | &nbsp;&nbsp; 2136972 |
| Myers Industries, Inc.<sup>(c)</sup> | 57245 | &nbsp;&nbsp; 601073 |
| NewMarket Corp. | 4028 | &nbsp;&nbsp; 2478428 |
| Olympic Steel, Inc. | 21511 | &nbsp;&nbsp; 693730 |

---

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

------

**29**

------

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-(continued)** | **Materials-(continued)** | **Materials-(continued)** |
| Origin Materials, Inc.<sup>(b)(c)</sup> | 439703 | &nbsp;&nbsp; $310694 |
| Orion S.A. (Germany) | 101649 | &nbsp;&nbsp; 1223854 |
| Perimeter Solutions, Inc.<sup>(b)(c)</sup> | 240818 | &nbsp;&nbsp; 2439486 |
| PureCycle Technologies, Inc.<sup>(b)(c)</sup> | 49975 | &nbsp;&nbsp; 335332 |
| Quaker Chemical Corp. | 14810 | &nbsp;&nbsp; 1568971 |
| Radius Recycling, Inc., Class A | 76998 | &nbsp;&nbsp; 2258351 |
| Ramaco Resources, Inc., Class A<sup>(c)</sup> | 38093 | &nbsp;&nbsp; 383978 |
| Ramaco Resources, Inc., Class B<sup>(c)</sup> | 623 | &nbsp;&nbsp; 5713 |
| Ranpak Holdings Corp.<sup>(b)(c)</sup> | 104380 | &nbsp;&nbsp; 429002 |
| Rayonier Advanced Materials, Inc.<sup>(b)</sup> | 274490 | &nbsp;&nbsp; 1169327 |
| Ryerson Holding Corp.<sup>(c)</sup> | 102392 | &nbsp;&nbsp; 2393925 |
| Scotts Miracle-Gro Co. (The) | 25101 | &nbsp;&nbsp; 1264588 |
| Sensient Technologies Corp. | 49719 | &nbsp;&nbsp; 4671100 |
| Stepan Co. | 34074 | &nbsp;&nbsp; 1722782 |
| SunCoke Energy, Inc.<sup>(c)</sup> | 199287 | &nbsp;&nbsp; 1805540 |
| Tredegar Corp.<sup>(b)(c)</sup> | 66732 | &nbsp;&nbsp; 518508 |
| TriMas Corp. | 65205 | &nbsp;&nbsp; 1568180 |
| Trinseo PLC<sup>(c)</sup> | 242794 | &nbsp;&nbsp; 966320 |
| United States Lime & Minerals, Inc. | 1371 | &nbsp;&nbsp; 128202 |
| Worthington Steel, Inc. | 11851 | &nbsp;&nbsp; 304097 |
|  |  | &nbsp;&nbsp; 89098812 |
| **Real Estate-6.20%** | **Real Estate-6.20%** | **Real Estate-6.20%** |
| Acadia Realty Trust | 179540 | &nbsp;&nbsp; 3429214 |
| Alexander & Baldwin, Inc. | 138220 | &nbsp;&nbsp; 2374620 |
| Alexander's, Inc.<sup>(c)</sup> | 3062 | &nbsp;&nbsp; 631997 |
| Alpine Income Property Trust, Inc.<sup>(c)</sup> | 22340 | &nbsp;&nbsp; 345153 |
| American Assets Trust, Inc. | 98803 | &nbsp;&nbsp; 1850580 |
| American Healthcare REIT, Inc. | 32619 | &nbsp;&nbsp; 1052941 |
| Apartment Investment & Management <br> Co., Class A<sup>(c)</sup><br>| 129410 | &nbsp;&nbsp; 1023633 |
| Armada Hoffler Properties, Inc.<sup>(c)</sup> | 108433 | &nbsp;&nbsp; 734091 |
| Ashford Hospitality Trust, Inc.<sup>(b)(c)</sup> | 29492 | &nbsp;&nbsp; 176362 |
| Braemar Hotels & Resorts, Inc. | 122554 | &nbsp;&nbsp; 229176 |
| Brandywine Realty Trust<sup>(c)</sup> | 108092 | &nbsp;&nbsp; 428044 |
| Broadstone Net Lease, Inc. | 248749 | &nbsp;&nbsp; 4024759 |
| BRT Apartments Corp.<sup>(c)</sup> | 14226 | &nbsp;&nbsp; 220076 |
| CareTrust REIT, Inc. | 92102 | &nbsp;&nbsp; 2695826 |
| CBL & Associates Properties, Inc.<sup>(c)</sup> | 44107 | &nbsp;&nbsp; 1035191 |
| Centerspace<sup>(c)</sup> | 26352 | &nbsp;&nbsp; 1590607 |
| Chatham Lodging Trust | 99298 | &nbsp;&nbsp; 682177 |
| City Office REIT, Inc.<sup>(c)</sup> | 135833 | &nbsp;&nbsp; 690032 |
| Community Healthcare Trust, Inc. | 36140 | &nbsp;&nbsp; 617271 |
| Compass, Inc., Class A<sup>(b)(c)</sup> | 633371 | &nbsp;&nbsp; 4889624 |
| COPT Defense Properties | 40093 | &nbsp;&nbsp; 1046828 |
| CTO Realty Growth, Inc.<sup>(c)</sup> | 46574 | &nbsp;&nbsp; 850907 |
| Curbline Properties Corp. | 126446 | &nbsp;&nbsp; 2894349 |
| DiamondRock Hospitality Co. | 70702 | &nbsp;&nbsp; 518953 |
| Diversified Healthcare Trust | 542054 | &nbsp;&nbsp; 1225042 |
| Douglas Elliman, Inc.<sup>(b)</sup> | 289972 | &nbsp;&nbsp; 481354 |
| Easterly Government Properties, Inc.<sup>(c)</sup> | 97980 | &nbsp;&nbsp; 1976257 |
| Elme Communities<sup>(c)</sup> | 177616 | &nbsp;&nbsp; 2765481 |
| Empire State Realty Trust, Inc., Class A | 246233 | &nbsp;&nbsp; 1753179 |
| Essential Properties Realty Trust, Inc. | 152263 | &nbsp;&nbsp; 4898301 |
| eXp World Holdings, Inc.<sup>(c)</sup> | 102497 | &nbsp;&nbsp; 938872 |
| Farmland Partners, Inc.<sup>(c)</sup> | 55861 | &nbsp;&nbsp; 561962 |
| Forestar Group, Inc.<sup>(b)(c)</sup> | 29719 | &nbsp;&nbsp; 572388 |
| Four Corners Property Trust, Inc.<sup>(c)</sup> | 97758 | &nbsp;&nbsp; 2732336 |
| Franklin Street Properties Corp. | 256569 | &nbsp;&nbsp; 405379 |
| FRP Holdings, Inc.<sup>(b)(c)</sup> | 7699 | &nbsp;&nbsp; 204678 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
| Getty Realty Corp. | 59307 | &nbsp;&nbsp; $1660003 |
| Gladstone Commercial Corp.<sup>(c)</sup> | 73659 | &nbsp;&nbsp; 1040802 |
| Gladstone Land Corp.<sup>(c)</sup> | 47786 | &nbsp;&nbsp; 474515 |
| Global Medical REIT, Inc.<sup>(c)</sup> | 103632 | &nbsp;&nbsp; 802112 |
| Global Net Lease, Inc.<sup>(c)</sup> | 341439 | &nbsp;&nbsp; 2577864 |
| Howard Hughes Holdings, Inc.<sup>(b)</sup> | 52042 | &nbsp;&nbsp; 3462354 |
| Independence Realty Trust, Inc.<sup>(c)</sup> | 71649 | &nbsp;&nbsp; 1392140 |
| Industrial Logistics Properties Trust | 195210 | &nbsp;&nbsp; 511450 |
| Innovative Industrial Properties, Inc.<sup>(c)</sup> | 33254 | &nbsp;&nbsp; 1806025 |
| InvenTrust Properties Corp.<sup>(c)</sup> | 102053 | &nbsp;&nbsp; 2843197 |
| Kennedy-Wilson Holdings, Inc. | 320658 | &nbsp;&nbsp; 2052211 |
| Lineage, Inc.<sup>(c)</sup> | 16124 | &nbsp;&nbsp; 777660 |
| LTC Properties, Inc. | 61665 | &nbsp;&nbsp; 2211924 |
| LXP Industrial Trust<sup>(c)</sup> | 93258 | &nbsp;&nbsp; 735806 |
| Marcus & Millichap, Inc.<sup>(c)</sup> | 32230 | &nbsp;&nbsp; 979792 |
| National Health Investors, Inc.<sup>(c)</sup> | 57217 | &nbsp;&nbsp; 4329610 |
| National Storage Affiliates Trust<sup>(c)</sup> | 84369 | &nbsp;&nbsp; 3138527 |
| NET Lease Office Properties<sup>(b)(c)</sup> | 7267 | &nbsp;&nbsp; 219681 |
| NETSTREIT Corp.<sup>(c)</sup> | 78744 | &nbsp;&nbsp; 1281165 |
| Newmark Group, Inc., Class A | 220601 | &nbsp;&nbsp; 2424405 |
| NexPoint Diversified Real Estate Trust | 7860 | &nbsp;&nbsp; 27589 |
| NexPoint Residential Trust, Inc.<sup>(c)</sup> | 35692 | &nbsp;&nbsp; 1330598 |
| Office Properties Income Trust | 465156 | &nbsp;&nbsp; 190714 |
| One Liberty Properties, Inc.<sup>(c)</sup> | 26223 | &nbsp;&nbsp; 639841 |
| Opendoor Technologies, Inc.<sup>(b)(c)</sup> | 938256 | &nbsp;&nbsp; 711479 |
| Orion Properties, Inc.<sup>(c)</sup> | 194127 | &nbsp;&nbsp; 355252 |
| Outfront Media, Inc.<sup>(c)</sup> | 67770 | &nbsp;&nbsp; 1025360 |
| Paramount Group, Inc.<sup>(c)</sup> | 604128 | &nbsp;&nbsp; 2591709 |
| Peakstone Realty Trust<sup>(c)</sup> | 96741 | &nbsp;&nbsp; 1113489 |
| Pebblebrook Hotel Trust<sup>(c)</sup> | 257167 | &nbsp;&nbsp; 2327361 |
| Phillips Edison & Co., Inc. | 27509 | &nbsp;&nbsp; 954562 |
| Piedmont Office Realty Trust, Inc., <br> Class A<sup>(c)</sup><br>| 512519 | &nbsp;&nbsp; 3028987 |
| Plymouth Industrial REIT, Inc.<sup>(c)</sup> | 45818 | &nbsp;&nbsp; 681314 |
| Postal Realty Trust, Inc., Class A | 22509 | &nbsp;&nbsp; 298019 |
| RE/MAX Holdings, Inc., Class A<sup>(b)</sup> | 54978 | &nbsp;&nbsp; 420582 |
| Redfin Corp.<sup>(b)</sup> | 134109 | &nbsp;&nbsp; 1275377 |
| RLJ Lodging Trust<sup>(c)</sup> | 69169 | &nbsp;&nbsp; 484875 |
| RMR Group, Inc. (The), Class A<sup>(c)</sup> | 33832 | &nbsp;&nbsp; 496654 |
| Ryman Hospitality Properties, Inc.<sup>(c)</sup> | 32387 | &nbsp;&nbsp; 2848437 |
| Safehold, Inc.<sup>(c)</sup> | 41962 | &nbsp;&nbsp; 660901 |
| Saul Centers, Inc. | 17711 | &nbsp;&nbsp; 579150 |
| Seaport Entertainment Group, Inc.<sup>(b)(c)</sup> | 4711 | &nbsp;&nbsp; 90216 |
| Seritage Growth Properties, Class A<sup>(b)</sup> | 8993 | &nbsp;&nbsp; 26619 |
| Service Properties Trust | 442884 | &nbsp;&nbsp; 797191 |
| Sila Realty Trust, Inc.<sup>(c)</sup> | 14932 | &nbsp;&nbsp; 384648 |
| SITE Centers Corp.<sup>(c)</sup> | 80318 | &nbsp;&nbsp; 950965 |
| St. Joe Co. (The) | 16369 | &nbsp;&nbsp; 692736 |
| Star Holdings<sup>(b)(c)</sup> | 25224 | &nbsp;&nbsp; 170010 |
| Summit Hotel Properties, Inc.<sup>(c)</sup> | 26371 | &nbsp;&nbsp; 107330 |
| Sunstone Hotel Investors, Inc. | 364644 | &nbsp;&nbsp; 3041131 |
| Tanger, Inc. | 108456 | &nbsp;&nbsp; 3417449 |
| Tejon Ranch Co.<sup>(b)(c)</sup> | 22434 | &nbsp;&nbsp; 379808 |
| Terreno Realty Corp.<sup>(c)</sup> | 63112 | &nbsp;&nbsp; 3555099 |
| UMH Properties, Inc.<sup>(c)</sup> | 76093 | &nbsp;&nbsp; 1344563 |
| Uniti Group, Inc.<sup>(c)</sup> | 88532 | &nbsp;&nbsp; 435577 |
| Universal Health Realty Income Trust | 16612 | &nbsp;&nbsp; 634744 |
| Urban Edge Properties<sup>(c)</sup> | 179160 | &nbsp;&nbsp; 3237421 |
| Veris Residential, Inc. | 112202 | &nbsp;&nbsp; 1741375 |

---

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

------

**30**

------

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
| Whitestone REIT | 85117 | &nbsp;&nbsp; $1109926 |
| Xenia Hotels & Resorts, Inc. | 229002 | &nbsp;&nbsp; 2445741 |
|  |  | &nbsp;&nbsp; 133873682 |
| **Utilities-1.78%** | **Utilities-1.78%** | **Utilities-1.78%** |
| American States Water Co. | 31843 | &nbsp;&nbsp; 2582786 |
| Artesian Resources Corp., Class A | 11459 | &nbsp;&nbsp; 407024 |
| California Water Service Group | 67312 | &nbsp;&nbsp; 3409353 |
| Chesapeake Utilities Corp. | 19283 | &nbsp;&nbsp; 2538993 |
| Clearway Energy, Inc., Class C | 181720 | &nbsp;&nbsp; 5331665 |
| Consolidated Water Co. Ltd.<sup>(c)</sup> | 7590 | &nbsp;&nbsp; 176391 |
| Genie Energy Ltd., Class B<sup>(c)</sup> | 18417 | &nbsp;&nbsp; 272019 |
| MDU Resources Group, Inc. | 96679 | &nbsp;&nbsp; 1657078 |
| MGE Energy, Inc.<sup>(c)</sup> | 40044 | &nbsp;&nbsp; 3620778 |
| Middlesex Water Co. | 17279 | &nbsp;&nbsp; 1090650 |
| Northwest Natural Holding Co. | 81098 | &nbsp;&nbsp; 3495324 |
| Ormat Technologies, Inc.<sup>(c)</sup> | 58873 | &nbsp;&nbsp; 4274180 |
| Otter Tail Corp.<sup>(c)</sup> | 41771 | &nbsp;&nbsp; 3315782 |
| ReNew Energy Global PLC, Class A <br> (India)<sup>(b)(c)</sup><br>| 93763 | &nbsp;&nbsp; 598208 |
| SJW Group | 43116 | &nbsp;&nbsp; 2446402 |
| Sunnova Energy International, Inc.<sup>(b)</sup> | 341292 | &nbsp;&nbsp; 64333 |
| Talen Energy Corp.<sup>(b)(c)</sup> | 6158 | &nbsp;&nbsp; 1324463 |
| Unitil Corp. | 23286 | &nbsp;&nbsp; 1365957 |
| York Water Co. (The) | 11876 | &nbsp;&nbsp; 418035 |
|  |  | &nbsp;&nbsp; 38389421 |
| Total Common Stocks & Other Equity Interests <br>(Cost $2,199,231,903) | Total Common Stocks & Other Equity Interests <br>(Cost $2,199,231,903) | &nbsp;&nbsp; 2158100410 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.04%** | **Money Market Funds-0.04%** | **Money Market Funds-0.04%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(e)(h)</sup> <br>(Cost $918,862)<br>| 918862 | &nbsp;&nbsp; $918862 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.03% <br>(Cost $2,200,150,765) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.03% <br>(Cost $2,200,150,765) | &nbsp;&nbsp; 2159019272 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-30.79%** | **Money Market Funds-30.79%** | **Money Market Funds-30.79%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(e)(h)(i)</sup><br>| 186502345 | &nbsp;&nbsp; 186502345 |
| Invesco Private Prime Fund, 4.46%<sup>(e)(h)(i)</sup> | 477832665 | &nbsp;&nbsp; 477928232 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $664,469,621) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $664,469,621) | &nbsp;&nbsp; 664430577 |
| TOTAL INVESTMENTS IN SECURITIES-130.82% <br>(Cost $2,864,620,386) | TOTAL INVESTMENTS IN SECURITIES-130.82% <br>(Cost $2,864,620,386) | &nbsp;&nbsp; 2823449849 |
| OTHER ASSETS LESS LIABILITIES-(30.82)% | OTHER ASSETS LESS LIABILITIES-(30.82)% | &nbsp;&nbsp; (665116123)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $2158333726 |

---

Investment Abbreviations: <br> REIT -Real Estate Investment Trust <br> Rts. -Rights

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2025 <br> represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| Invesco Mortgage <br> Capital, Inc.<br>| &nbsp;&nbsp; $483143 | &nbsp;&nbsp; $79114 | &nbsp;&nbsp; $(71436)<br>| &nbsp;&nbsp; $(69521)<br>| &nbsp;&nbsp; $(6759)<br>| &nbsp;&nbsp; $414541 | &nbsp;&nbsp; $88917 |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; 2670603 | &nbsp;&nbsp; 109042158 | &nbsp;&nbsp; (110793899)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 918862 | &nbsp;&nbsp; 120765 |

---

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

------

**31**

------

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

April 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $184441800 | &nbsp;&nbsp; $665938294 | &nbsp;&nbsp; $(663877749)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $186502345 | &nbsp;&nbsp; $8,620,609<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 473818250 | &nbsp;&nbsp; 1289121509 | &nbsp;&nbsp; (1284970025)<br>| &nbsp;&nbsp; 71611 | &nbsp;&nbsp; (113113)<br>| &nbsp;&nbsp; 477928232 | &nbsp;&nbsp; 22,995,748<br> \*<br>|
| Total | &nbsp;&nbsp; $661413796 | &nbsp;&nbsp; $2064181075 | &nbsp;&nbsp; $(2059713109)<br>| &nbsp;&nbsp; $2090 | &nbsp;&nbsp; $(119872)<br>| &nbsp;&nbsp; $665763980 | &nbsp;&nbsp; $31826039 |

---

\* 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> Restricted security. The aggregate value of these securities at April 30, 2025 was $1,655,482, which represented less than 1% of the Fund's Net Assets.

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

<sup>(h)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

<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 2J. 

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

------

**32**

------

**Statements of Assets and Liabilities**

April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco** <br>**Bloomberg MVP** <br>**Multi-factor ETF (BMVP)**<br>| **Invesco RAFI** <br>**US 1000 ETF (PRF)**<br>| **Invesco RAFI** <br>**US 1500 Small-Mid** <br>**ETF (PRFZ)**<br>|
| **Assets:** |  |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $108978927 | &nbsp;&nbsp;&nbsp; $7393930096 | &nbsp;&nbsp;&nbsp; $2157685869 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 7575742 | &nbsp;&nbsp;&nbsp; 222846908 | &nbsp;&nbsp;&nbsp; 665763980 |
| Receivable for: |  |  |  |
| Dividends | &nbsp;&nbsp; 55180 | &nbsp;&nbsp;&nbsp; 7212900 | &nbsp;&nbsp;&nbsp; 799361 |
| Securities lending | &nbsp;&nbsp; 814 | &nbsp;&nbsp;&nbsp; 30795 | &nbsp;&nbsp;&nbsp; 273670 |
| Investments sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 194 |
| Other assets | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 20861 | &nbsp;&nbsp;&nbsp; 11806 |
| **Total assets** | &nbsp;&nbsp; 116610663 | &nbsp;&nbsp;&nbsp; 7624041560 | &nbsp;&nbsp;&nbsp; 2824534880 |
| **Liabilities:** |  |  |  |
| Due to custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 229853 |
| Payable for: |  |  |  |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 7510463 | &nbsp;&nbsp;&nbsp; 216873398 | &nbsp;&nbsp;&nbsp; 664469621 |
| Fund shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 245 |
| Expenses recaptured | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 285767 | &nbsp;&nbsp;&nbsp; 76731 |
| Accrued advisory fees | &nbsp;&nbsp; 25384 | &nbsp;&nbsp;&nbsp; 1705416 | &nbsp;&nbsp;&nbsp; 530298 |
| Accrued trustees' and officer's fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 510885 | &nbsp;&nbsp;&nbsp; 197287 |
| Accrued expenses | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2012140 | &nbsp;&nbsp;&nbsp; 697119 |
| **Total liabilities** | &nbsp;&nbsp; 7535847 | &nbsp;&nbsp;&nbsp; 221387606 | &nbsp;&nbsp;&nbsp; 666201154 |
| **Net Assets** | &nbsp;&nbsp; $109074816 | &nbsp;&nbsp;&nbsp; $7402653954 | &nbsp;&nbsp;&nbsp; $2158333726 |
| **Net assets consist of:** |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $267783442 | &nbsp;&nbsp;&nbsp; $6448871189 | &nbsp;&nbsp;&nbsp; $2794811277 |
| Distributable earnings (loss) | &nbsp;&nbsp; (158708626)<br>| &nbsp;&nbsp;&nbsp; 953782765 | &nbsp;&nbsp;&nbsp; (636477551)<br>|
| **Net Assets** | &nbsp;&nbsp; $109074816 | &nbsp;&nbsp;&nbsp; $7402653954 | &nbsp;&nbsp;&nbsp; $2158333726 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 2340000 | &nbsp;&nbsp;&nbsp; 188900000 | &nbsp;&nbsp;&nbsp; 58590000 |
| Net asset value | &nbsp;&nbsp; $46.61 | &nbsp;&nbsp;&nbsp; $39.19 | &nbsp;&nbsp;&nbsp; $36.84 |
| Market price | &nbsp;&nbsp; $46.62 | &nbsp;&nbsp;&nbsp; $39.15 | &nbsp;&nbsp;&nbsp; $36.80 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $101731029 | &nbsp;&nbsp;&nbsp; $5879131528 | &nbsp;&nbsp;&nbsp; $2198380022 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $7575901 | &nbsp;&nbsp;&nbsp; $224539280 | &nbsp;&nbsp;&nbsp; $666240364 |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $7288298 | &nbsp;&nbsp;&nbsp; $210633787 | &nbsp;&nbsp;&nbsp; $639719244 |

---

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

------

**33**

------

**Statements of Operations**

For the year ended April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco** <br>**Bloomberg MVP** <br>**Multi-factor ETF (BMVP)**<br>| **Invesco RAFI** <br>**US 1000 ETF (PRF)**<br>| **Invesco RAFI** <br>**US 1500 Small-Mid** <br>**ETF (PRFZ)**<br>|
| **Investment income:** |  |  |  |
| Unaffiliated dividend income | &nbsp;&nbsp; $2131003 | &nbsp;&nbsp;&nbsp; $163454324 | &nbsp;&nbsp;&nbsp; $32047811 |
| Affiliated dividend income | &nbsp;&nbsp; 2231 | &nbsp;&nbsp;&nbsp; 428518 | &nbsp;&nbsp;&nbsp; 209682 |
| Non-cash dividend income | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3512055 |
| Securities lending income, net | &nbsp;&nbsp; 5322 | &nbsp;&nbsp;&nbsp; 1008762 | &nbsp;&nbsp;&nbsp; 3578646 |
| Foreign withholding tax | &nbsp;&nbsp; (1015)<br>| &nbsp;&nbsp;&nbsp; (690582)<br>| &nbsp;&nbsp;&nbsp; (73891)<br>|
| Total investment income | &nbsp;&nbsp; 2137541 | &nbsp;&nbsp;&nbsp; 164201022 | &nbsp;&nbsp;&nbsp; 39274303 |
| **Expenses:** |  |  |  |
| Advisory fees | &nbsp;&nbsp; 301431 | &nbsp;&nbsp;&nbsp; 21168105 | &nbsp;&nbsp;&nbsp; 7191637 |
| Sub-licensing fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 6113330 | &nbsp;&nbsp;&nbsp; 2089264 |
| Accounting & administration fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 504400 | &nbsp;&nbsp;&nbsp; 197155 |
| Custodian & transfer agent fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 92625 | &nbsp;&nbsp;&nbsp; 34728 |
| Trustees' and officer's fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 69117 | &nbsp;&nbsp;&nbsp; 29600 |
| Recapture (Note 3) | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 222531 | &nbsp;&nbsp;&nbsp; - |
| Other expenses | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 297364 | &nbsp;&nbsp;&nbsp; 172949 |
| Total expenses | &nbsp;&nbsp; 301431 | &nbsp;&nbsp;&nbsp; 28467472 | &nbsp;&nbsp;&nbsp; 9715333 |
| Less: Waivers | &nbsp;&nbsp; (43)<br>| &nbsp;&nbsp;&nbsp; (4458)<br>| &nbsp;&nbsp;&nbsp; (46130)<br>|
| Net expenses | &nbsp;&nbsp; 301388 | &nbsp;&nbsp;&nbsp; 28463014 | &nbsp;&nbsp;&nbsp; 9669203 |
| Net investment income | &nbsp;&nbsp; 1836153 | &nbsp;&nbsp;&nbsp; 135738008 | &nbsp;&nbsp;&nbsp; 29605100 |
| **Realized and unrealized gain (loss) from:** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 4195640 | &nbsp;&nbsp;&nbsp; (57875724)<br>| &nbsp;&nbsp;&nbsp; (93308737)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (1152)<br>| &nbsp;&nbsp;&nbsp; (502138)<br>| &nbsp;&nbsp;&nbsp; (113113)<br>|
| Unaffiliated in-kind redemptions | &nbsp;&nbsp; 6648538 | &nbsp;&nbsp;&nbsp; 276122721 | &nbsp;&nbsp;&nbsp; 110685292 |
| Affiliated in-kind redemptions | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5865 | &nbsp;&nbsp;&nbsp; (6759)<br>|
| Foreign currencies | &nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (46)<br>|
| Net realized gain | &nbsp;&nbsp; 10843124 | &nbsp;&nbsp;&nbsp; 217750724 | &nbsp;&nbsp;&nbsp; 17256637 |
| Change in net unrealized appreciation (depreciation) of: |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (3024950)<br>| &nbsp;&nbsp;&nbsp; 213508324 | &nbsp;&nbsp;&nbsp; (19222225)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 346 | &nbsp;&nbsp;&nbsp; 424570 | &nbsp;&nbsp;&nbsp; 2090 |
| Foreign currencies | &nbsp;&nbsp; (422)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (3025026)<br>| &nbsp;&nbsp;&nbsp; 213932894 | &nbsp;&nbsp;&nbsp; (19220135)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 7818098 | &nbsp;&nbsp;&nbsp; 431683618 | &nbsp;&nbsp;&nbsp; (1963498)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $9654251 | &nbsp;&nbsp;&nbsp; $567421626 | &nbsp;&nbsp;&nbsp; $27641602 |

---

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

------

**34**

------

**35**

------

**Statements of Changes in Net Assets**

For the years ended April 30, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco Bloomberg MVP** <br>**Multi-factor ETF (BMVP)** | **Invesco Bloomberg MVP** <br>**Multi-factor ETF (BMVP)** | **Invesco RAFI US** <br>**1000 ETF (PRF)** | **Invesco RAFI US** <br>**1000 ETF (PRF)** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $1836153 | &nbsp;&nbsp;&nbsp; $1923753 | &nbsp;&nbsp;&nbsp; $135738008 | &nbsp;&nbsp;&nbsp; $119755837 |
| Net realized gain | &nbsp;&nbsp; 10843124 | &nbsp;&nbsp;&nbsp; 7393479 | &nbsp;&nbsp;&nbsp; 217750724 | &nbsp;&nbsp;&nbsp; 518891499 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (3025026)<br>| &nbsp;&nbsp;&nbsp; 7640675 | &nbsp;&nbsp;&nbsp; 213932894 | &nbsp;&nbsp;&nbsp; 411969335 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 9654251 | &nbsp;&nbsp;&nbsp; 16957907 | &nbsp;&nbsp;&nbsp; 567421626 | &nbsp;&nbsp;&nbsp; 1050616671 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (1863424)<br>| &nbsp;&nbsp;&nbsp; (1726778)<br>| &nbsp;&nbsp;&nbsp; (136150224)<br>| &nbsp;&nbsp;&nbsp; (118226422)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 39806806 | &nbsp;&nbsp;&nbsp; 36641918 | &nbsp;&nbsp;&nbsp; 754167169 | &nbsp;&nbsp;&nbsp; 1046334941 |
| Value of shares repurchased | &nbsp;&nbsp; (34747329)<br>| &nbsp;&nbsp;&nbsp; (46213201)<br>| &nbsp;&nbsp;&nbsp; (591727931)<br>| &nbsp;&nbsp;&nbsp; (1142163161)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 5059477 | &nbsp;&nbsp;&nbsp; (9571283)<br>| &nbsp;&nbsp;&nbsp; 162439238 | &nbsp;&nbsp;&nbsp; (95828220)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 12850304 | &nbsp;&nbsp;&nbsp; 5659846 | &nbsp;&nbsp;&nbsp; 593710640 | &nbsp;&nbsp;&nbsp; 836562029 |
| **Net assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 96224512 | &nbsp;&nbsp;&nbsp; 90564666 | &nbsp;&nbsp;&nbsp; 6808943314 | &nbsp;&nbsp;&nbsp; 5972381285 |
| End of year | &nbsp;&nbsp; $109074816 | &nbsp;&nbsp;&nbsp; $96224512 | &nbsp;&nbsp;&nbsp; $7402653954 | &nbsp;&nbsp;&nbsp; $6808943314 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp; 960000 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 18910000 | &nbsp;&nbsp;&nbsp; 28600000 <br><sup>(b)</sup><br>|
| Shares repurchased | &nbsp;&nbsp; (710000)<br>| &nbsp;&nbsp;&nbsp; (1210000 )<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; (14960000)<br>| &nbsp;&nbsp;&nbsp; (31750000 )<sup>(b)</sup><br>|
| Shares outstanding, beginning of year | &nbsp;&nbsp; 2240000 | &nbsp;&nbsp;&nbsp; 2490000 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 184950000 | &nbsp;&nbsp;&nbsp; 188100000 <br><sup>(b)</sup><br>|
| Shares outstanding, end of year | &nbsp;&nbsp; 2340000 | &nbsp;&nbsp;&nbsp; 2240000 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 188900000 | &nbsp;&nbsp;&nbsp; 184950000 <br><sup>(b)</sup><br>|

---

<sup>(a)</sup> Changes in shares outstanding have been restated to reflect a three-for-one stock split effective after the close of business on July 14, 2023.

<sup>(b)</sup> Changes in shares outstanding have been restated to reflect a five-for-one stock split effective after the close of business on July 14, 2023.

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

------

**36**

------

---

| | |
|:---|:---|
| **Invesco RAFI US** <br>**1500 Small-Mid ETF (PRFZ)** | **Invesco RAFI US** <br>**1500 Small-Mid ETF (PRFZ)** |
| **2025** | **2024** |
| $29605100 | &nbsp;&nbsp;&nbsp; $28959024 |
| 17256637 | &nbsp;&nbsp;&nbsp; 201447063 |
| (19220135)<br>| &nbsp;&nbsp;&nbsp; 93343781 |
| 27641602 | &nbsp;&nbsp;&nbsp; 323749868 |
| (34448579)<br>| &nbsp;&nbsp;&nbsp; (30155544)<br>|
| 277881617 | &nbsp;&nbsp;&nbsp; 669501367 |
| (374559487)<br>| &nbsp;&nbsp;&nbsp; (629474230)<br>|
| (96677870)<br>| &nbsp;&nbsp;&nbsp; 40027137 |
| (103484847)<br>| &nbsp;&nbsp;&nbsp; 333621461 |
| 2261818573 | &nbsp;&nbsp;&nbsp; 1928197112 |
| $2158333726 | &nbsp;&nbsp;&nbsp; $2261818573 |
| 7230000 | &nbsp;&nbsp;&nbsp; 18050000 <br><sup>(b)</sup><br>|
| (9910000)<br>| &nbsp;&nbsp;&nbsp; (16980000 )<sup>(b)</sup><br>|
| 61270000 | &nbsp;&nbsp;&nbsp; 60200000 <br><sup>(b)</sup><br>|
| 58590000 | &nbsp;&nbsp;&nbsp; 61270000 <br><sup>(b)</sup><br>|

---

------

**37**

------

**Financial Highlights**

Invesco Bloomberg MVP Multi-factor ETF (BMVP)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024**<sup>(a)</sup> <br>| **2023**<sup>(a)</sup> <br>| **2022**<sup>(a)</sup> <br>| **2021**<sup>(a)</sup> <br>|
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $42.96 | &nbsp;&nbsp;&nbsp; $36.37 | &nbsp;&nbsp;&nbsp; $35.13 | &nbsp;&nbsp;&nbsp; $40.78 | &nbsp;&nbsp;&nbsp; $27.58 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;6.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp; (5.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.25 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.48 | &nbsp;&nbsp;&nbsp;&nbsp;7.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp; (5.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.50 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $46.61 | &nbsp;&nbsp;&nbsp; $42.96 | &nbsp;&nbsp;&nbsp; $36.37 | &nbsp;&nbsp;&nbsp; $35.13 | &nbsp;&nbsp;&nbsp; $40.78 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $46.62 | &nbsp;&nbsp;&nbsp; $42.97 | &nbsp;&nbsp;&nbsp; $36.36 | &nbsp;&nbsp;&nbsp; $35.10 | &nbsp;&nbsp;&nbsp; $40.80 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.09<br> %<br>| &nbsp;&nbsp;&nbsp; (13.20)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49.27<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.16<br> %<br>| &nbsp;&nbsp;&nbsp; (13.32)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51.78<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $109075 | &nbsp;&nbsp;&nbsp; $96225 | &nbsp;&nbsp;&nbsp; $90565 | &nbsp;&nbsp;&nbsp; $105401 | &nbsp;&nbsp;&nbsp; $135810 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 154<br> %<br>| &nbsp;&nbsp;&nbsp; 256<br> %<br>| &nbsp;&nbsp;&nbsp; 233<br> %<br>| &nbsp;&nbsp;&nbsp; 228<br> %<br>| &nbsp;&nbsp;&nbsp; 321<br> %<br>|

---

<sup>(a)</sup> Per share amounts have been adjusted to reflect a three-for-one stock split effective after the close of business on July 14, 2023.

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

<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> 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, 2024, 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.

------

**38**

------

**Financial Highlights—(continued)**

Invesco 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,** |
|  | **2025** | **2024**<sup>(a)</sup> <br>| **2023**<sup>(a)</sup> <br>| **2022**<sup>(a)</sup> <br>| **2021**<sup>(a)</sup> <br>|
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $36.82 | &nbsp;&nbsp;&nbsp; $31.75 | &nbsp;&nbsp;&nbsp; $32.08 | &nbsp;&nbsp;&nbsp; $31.54 | &nbsp;&nbsp;&nbsp; $20.83 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;5.06 | &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;10.73 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp;&nbsp;5.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;11.22 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $39.19 | &nbsp;&nbsp;&nbsp; $36.82 | &nbsp;&nbsp;&nbsp; $31.75 | &nbsp;&nbsp;&nbsp; $32.08 | &nbsp;&nbsp;&nbsp; $31.54 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $39.15 | &nbsp;&nbsp;&nbsp; $36.83 | &nbsp;&nbsp;&nbsp; $31.74 | &nbsp;&nbsp;&nbsp; $32.06 | &nbsp;&nbsp;&nbsp; $31.54 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 54.54<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 54.32<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $7402654 | &nbsp;&nbsp;&nbsp; $6808943 | &nbsp;&nbsp;&nbsp; $5972381 | &nbsp;&nbsp;&nbsp; $5648975 | &nbsp;&nbsp;&nbsp; $5110669 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.94<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>|

---

<sup>(a)</sup> Per share amounts have been adjusted to reflect a five-for-one stock split effective after the close of business on July 14, 2023.

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

<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> 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.

------

**39**

------

**Financial Highlights—(continued)**

Invesco 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,** |
|  | **2025** | **2024**<sup>(a)</sup> <br>| **2023**<sup>(a)</sup> <br>| **2022**<sup>(a)</sup> <br>| **2021**<sup>(a)</sup> <br>|
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $36.92 | &nbsp;&nbsp;&nbsp; $32.03 | &nbsp;&nbsp;&nbsp; $33.40 | &nbsp;&nbsp;&nbsp; $36.14 | &nbsp;&nbsp;&nbsp; $20.62 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;4.91 | &nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp; (2.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.55 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;5.39 | &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.79 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $36.84 | &nbsp;&nbsp;&nbsp; $36.92 | &nbsp;&nbsp;&nbsp; $32.03 | &nbsp;&nbsp;&nbsp; $33.40 | &nbsp;&nbsp;&nbsp; $36.14 |
| Market price at end of year<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $36.80 | &nbsp;&nbsp;&nbsp; $36.93 | &nbsp;&nbsp;&nbsp; $32.01 | &nbsp;&nbsp;&nbsp; $33.40 | &nbsp;&nbsp;&nbsp; $36.13 |
| **Net Asset Value Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.92<br> %<br>| &nbsp;&nbsp;&nbsp; (2.77)%<br>| &nbsp;&nbsp;&nbsp; (6.60)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 77.05<br> %<br>|
| **Market Price Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.05<br> %<br>| &nbsp;&nbsp;&nbsp; (2.83)%<br>| &nbsp;&nbsp;&nbsp; (6.59)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 76.88<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $2158334 | &nbsp;&nbsp;&nbsp; $2261819 | &nbsp;&nbsp;&nbsp; $1928197 | &nbsp;&nbsp;&nbsp; $1795293 | &nbsp;&nbsp;&nbsp; $1949569 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>|

---

<sup>(a)</sup> Per share amounts have been adjusted to reflect a five-for-one stock split effective after the close of business on July 14, 2023.

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

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

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

------

**40**

------

**Notes to Financial Statements**

Invesco Exchange-Traded Fund Trust

April 30, 2025

**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 Bloomberg MVP Multi-factor ETF (BMVP) | "Bloomberg MVP Multi-factor ETF" |
| Invesco RAFI US 1000 ETF (PRF)<sup>(a)</sup> <br>| "RAFI US 1000 ETF" |
| Invesco RAFI US 1500 Small-Mid ETF (PRFZ)<sup>(b)</sup> <br>| "RAFI US 1500 Small-Mid ETF" |

---

<sup>(a)</sup> Effective March 24, 2025, the Fund's name changed from Invesco FTSE RAFI US 1000 ETF to Invesco RAFI US 1000 ETF. <br> <sup>(b)</sup> Effective March 24, 2025, the Fund's name changed from Invesco FTSE RAFI US 1500 Small-Mid ETF to Invesco 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 Bloomberg MVP Multi-factor ETF and RAFI US 1000 ETF are listed and traded on NYSE Arca, Inc., and Shares of RAFI US 1500 Small-Mid ETF are listed and traded on The Nasdaq Stock Market LLC.

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", as set forth in each Fund's prospectus. Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities ("Deposit Securities"), though each Fund reserves the right to issue and redeem Creation Units in exchange for cash. 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** |
| Bloomberg MVP Multi-factor ETF | Bloomberg MVP Index |
| RAFI US 1000 ETF | RAFI<sup>TM</sup> Fundamental Select US 1000 Index |
| RAFI US 1500 Small-Mid ETF | RAFI<sup>TM</sup> Fundamental Select US 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 ("FASB") 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 or ask 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. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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

------

**41**

------

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask 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/ask 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, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, 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.

------

**42**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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** - Bloomberg MVP Multi-factor ETF has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays 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 the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).

RAFI US 1000 ETF and RAFI US 1500 Small-Mid ETF are responsible for all of their own 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

------

**43**

------

of portfolio transactions, sub-licensing fees related to their respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust's Board members and officers who are not "interested persons" (as defined in the 1940 Act) of the Trust or the Adviser (the "Independent Trustees"), 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 an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are directly identifiable to a specific Fund, including expenses that are excluded from a Fund's unitary management fee (if applicable), are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund, including expenses that are excluded from a Fund's unitary management fee (if applicable), 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.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds' chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements. Adoption of the new standard impacted the Funds' financial statement note disclosures only and did not affect the Funds' financial position or the results of its operations.

**J.** **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

------

**44**

------

received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Securities lending income, net* 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 securities 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 fiscal year ended April 30, 2025, 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, net* on the Statements of Operations, were incurred by each Fund as listed below:

---

| | |
|:---|:---|
|  | **Amount** |
| Bloomberg MVP Multi-factor ETF | $566 |
| RAFI US 1000 ETF | 97792 |
| RAFI US 1500 Small-Mid ETF | 321254 |

---

**K.** **Foreign Currency Translations** - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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.

The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

**L.** **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. Additionally, to the extent that a Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that a Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.

------

**45**

------

*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 that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective 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. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security's current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. 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. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund's performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

*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, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund's NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.

During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value.

*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.

*Multifactor Investing Risk*. For certain Funds, the Underlying Index seeks to emphasize certain factor exposures to securities within the eligible index universe, in accordance with the Underlying Index's methodology. There is no assurance that targeting exposure to such factors will enhance an Underlying Index's or a Fund's performance over time, and targeting exposure to certain factors may detract from performance in some market environments. There is also no guarantee an Underlying Index will achieve the specific factor exposures.

*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

------

**46**

------

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*. For certain Funds, 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.

**NOTE 3—Investment Advisory Agreements and Other Agreements**

The Trust has entered into Investment Advisory Agreements 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 an Investment Advisory Agreement, Bloomberg MVP Multi-factor ETF accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.29% of the Fund's average daily net assets. Out of the unitary management fee, the Adviser pays 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 an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

Pursuant to another Investment Advisory Agreement, each of RAFI US 1000 ETF and 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 RAFI US 1000 ETF and the RAFI US 1500 Small-Mid 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, 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 an Interested Trustee, or (iii) any other matters that directly benefit the Adviser)) of each such Fund from exceeding 0.39% of the Fund's average daily net assets per year (the "Expense Cap"), through at least August 31, 2027. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2027. 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. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for RAFI US 1000 ETF.

Further, through at least August 31, 2027, 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 waiver is not subject to recapture by the Adviser.

For the fiscal year ended April 30, 2025, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

---

| | |
|:---|:---|
| Bloomberg MVP Multi-factor ETF | &nbsp;&nbsp;&nbsp; $43 |
| RAFI US 1000 ETF | &nbsp;&nbsp;&nbsp; 4458 |
| RAFI US 1500 Small-Mid ETF | &nbsp;&nbsp;&nbsp; 46130 |

---

------

**47**

------

For RAFI US 1000 ETF and 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 for up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.

For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule as of April 30, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Potential** <br>**Recapture** <br>**Amounts** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** |
|  | **Total** <br>**Potential** <br>**Recapture** <br>**Amounts** | **4/30/26** | **4/30/27** | **4/30/28** |
| RAFI US 1000 ETF | &nbsp;&nbsp; $184821 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $184821 | &nbsp;&nbsp; $- |
| RAFI US 1500 Small-Mid ETF | &nbsp;&nbsp; 412576 | &nbsp;&nbsp; 213285 | &nbsp;&nbsp; 155476 | &nbsp;&nbsp; 43815 |

---

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 on behalf of each Fund with the following entities (each, a "Licensor"):

---

| | |
|:---|:---|
| **Fund** | **Licensor** |
| Bloomberg MVP Multi-factor ETF | Bloomberg Index Services Limited |
| RAFI US 1000 ETF | FTSE International Limited and Research Affiliates LLC |
| RAFI US 1500 Small-Mid ETF | FTSE International Limited and Research Affiliates LLC |

---

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

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

For the fiscal year ended April 30, 2025, the 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:

---

| | |
|:---|:---|
| Bloomberg MVP Multi-factor ETF | &nbsp;&nbsp;&nbsp; $10099 |
| RAFI US 1000 ETF | &nbsp;&nbsp;&nbsp; 14782 |
| RAFI US 1500 Small-Mid ETF | &nbsp;&nbsp;&nbsp; 64450 |

---

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:

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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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.

------

**48**

------

The following is a summary of the tiered valuation input levels, as of April 30, 2025. 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** |
| Bloomberg MVP Multi-factor ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $108978927 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $108978927 |
| Money Market Funds | &nbsp;&nbsp; 65438 | &nbsp;&nbsp; 7510304 | &nbsp;&nbsp; - | &nbsp;&nbsp; 7575742 |
| **Total Investments** | &nbsp;&nbsp; $109044365 | &nbsp;&nbsp; $7510304 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $116554669 |
| RAFI US 1000 ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $7397151478 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $7397151478 |
| Money Market Funds | &nbsp;&nbsp; 2764003 | &nbsp;&nbsp; 216861523 | &nbsp;&nbsp; - | &nbsp;&nbsp; 219625526 |
| **Total Investments** | &nbsp;&nbsp; $7399915481 | &nbsp;&nbsp; $216861523 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $7616777004 |
| RAFI US 1500 Small-Mid ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $2157803903 | &nbsp;&nbsp; $22283 | &nbsp;&nbsp; $274224 | &nbsp;&nbsp; $2158100410 |
| Money Market Funds | &nbsp;&nbsp; 918862 | &nbsp;&nbsp; 664430577 | &nbsp;&nbsp; - | &nbsp;&nbsp; 665349439 |
| **Total Investments** | &nbsp;&nbsp; $2158722765 | &nbsp;&nbsp; $664452860 | &nbsp;&nbsp; $274224 | &nbsp;&nbsp; $2823449849 |

---

**NOTE 5—Distributions to Shareholders and Tax Components of Net Assets**

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **Ordinary** <br>**Income\***<br>| **Ordinary** <br>**Income\***<br>|
| Bloomberg MVP Multi-factor ETF | &nbsp;&nbsp; $1863424 | &nbsp;&nbsp; $1726778 |
| RAFI US 1000 ETF | &nbsp;&nbsp; 136150224 | &nbsp;&nbsp; 118226422 |
| RAFI US 1500 Small-Mid ETF | &nbsp;&nbsp; 34448579 | &nbsp;&nbsp; 30155544 |

---

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

Tax Components of Net Assets at Fiscal Year-End:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary** <br>**Income**<br>| **Temporary** <br>**Book/Tax** <br>**Differences**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)-** <br>**Investments**<br>| **Capital Loss** <br>**Carryforwards**<br>| **Shares of** <br>**Beneficial** <br>**Interest**<br>| **Total** <br>**Net Assets**<br>|
| Bloomberg MVP Multi-factor ETF | &nbsp;&nbsp; $91740 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7230820 | &nbsp;&nbsp; $(166031186)<br>| &nbsp;&nbsp; $267783442 | &nbsp;&nbsp; $109074816 |
| RAFI US 1000 ETF | &nbsp;&nbsp; 5469170 | &nbsp;&nbsp; (509917)<br>| &nbsp;&nbsp; 1352817077 | &nbsp;&nbsp; (403993565)<br>| &nbsp;&nbsp; 6448871189 | &nbsp;&nbsp; 7402653954 |
| RAFI US 1500 Small-Mid ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (196883)<br>| &nbsp;&nbsp; (151307228)<br>| &nbsp;&nbsp; (484973440)<br>| &nbsp;&nbsp; 2794811277 | &nbsp;&nbsp; 2158333726 |

---

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

The Funds have capital loss carryforwards as of April 30, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total\*** |
| Bloomberg MVP Multi-factor ETF | &nbsp;&nbsp; $166031186 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $166031186 |
| RAFI US 1000 ETF | &nbsp;&nbsp; 33641517 | &nbsp;&nbsp; 370352048 | &nbsp;&nbsp; 403993565 |
| RAFI US 1500 Small-Mid ETF | &nbsp;&nbsp; 83877716 | &nbsp;&nbsp; 401095724 | &nbsp;&nbsp; 484973440 |

---

\* 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. 

------

**49**

------

**NOTE 6—Investment Transactions**

For the fiscal year ended April 30, 2025, 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** |
| Bloomberg MVP Multi-factor ETF | &nbsp;&nbsp; $160569306 | &nbsp;&nbsp; $160979804 |
| RAFI US 1000 ETF | &nbsp;&nbsp; 414248102 | &nbsp;&nbsp; 410890546 |
| RAFI US 1500 Small-Mid ETF | &nbsp;&nbsp; 420680244 | &nbsp;&nbsp; 414008802 |

---

For the fiscal year ended April 30, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-kind** <br>**Purchases**<br>| **In-kind** <br>**Sales**<br>|
| Bloomberg MVP Multi-factor ETF | &nbsp;&nbsp; $39628405 | &nbsp;&nbsp; $34186799 |
| RAFI US 1000 ETF | &nbsp;&nbsp; 738326814 | &nbsp;&nbsp; 576584224 |
| RAFI US 1500 Small-Mid ETF | &nbsp;&nbsp; 276278703 | &nbsp;&nbsp; 373026276 |

---

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

As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross** <br>**Unrealized** <br>**Appreciation**<br>| **Gross** <br>**Unrealized** <br>**(Depreciation)**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Cost** |
| Bloomberg MVP Multi-factor ETF | &nbsp;&nbsp; $9144004 | &nbsp;&nbsp; $(1913184)<br>| &nbsp;&nbsp; $7230820 | &nbsp;&nbsp; $109323849 |
| RAFI US 1000 ETF | &nbsp;&nbsp; 1903317207 | &nbsp;&nbsp; (550500130)<br>| &nbsp;&nbsp; 1352817077 | &nbsp;&nbsp; 6263959927 |
| RAFI US 1500 Small-Mid ETF | &nbsp;&nbsp; 370377860 | &nbsp;&nbsp; (521685088)<br>| &nbsp;&nbsp; (151307228)<br>| &nbsp;&nbsp; 2974757077 |

---

**NOTE 7—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2025, the reclassifications were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed Net** <br>**Investment Income**<br>| **Undistributed Net** <br>**Realized Gain (Loss)**<br>| **Shares of** <br>**Beneficial Interest**<br>|
| Bloomberg MVP Multi-factor ETF | &nbsp;&nbsp; $98 | &nbsp;&nbsp; $(6638853)<br>| &nbsp;&nbsp; $6638755 |
| RAFI US 1000 ETF | &nbsp;&nbsp; 5697 | &nbsp;&nbsp; (263723353)<br>| &nbsp;&nbsp; 263717656 |
| RAFI US 1500 Small-Mid ETF | &nbsp;&nbsp; 2862333 | &nbsp;&nbsp; (67964751)<br>| &nbsp;&nbsp; 65102418 |

---

**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 Bloomberg MVP Multi-factor ETF. Interested Trustees do 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 as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Funds.

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

------

**50**

------

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.

------

**51**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco Bloomberg MVP Multi-factor ETF, Invesco RAFI US 1000 ETF and Invesco RAFI US 1500 Small-Mid ETF

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Bloomberg MVP Multi-factor ETF, Invesco RAFI US 1000 ETF and Invesco RAFI US 1500 Small-Mid ETF (three of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the "Funds") as of April 30, 2025, the related statements of operations for the year ended April 30, 2025, the statements of changes in net assets for each of the two years in the period ended April 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2025, and each of the financial highlights for each of the five years in the period ended April 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

June 26, 2025

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

------

**52**

------

**Tax Information**

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

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

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Qualified** <br>**Business** <br>**Income\***<br>| **Qualified** <br>**Dividend** <br>**Income\***<br>| **Corporate** <br>**Dividends** <br>**Received** <br>**Deduction\***<br>| **U.S.** <br>**Treasury** <br>**Obligations\***<br>| **Business** <br>**Interest** <br>**Income\***<br>|
| Invesco Bloomberg MVP Multi-factor ETF | &nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp; 99<br> %<br>| &nbsp;&nbsp; 93<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco RAFI US 1000 ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco RAFI US 1500 Small-Mid ETF | &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 87<br> %<br>| &nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|

---

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

------

**53**

------

**Approval of Investment Advisory Contracts**

At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the "Trust"), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the "Adviser") and the Trust for the following series (each, a "Fund" and collectively, the "Funds"):

Invesco Bloomberg Analyst Rating Improvers ETF

Invesco Bloomberg MVP Multi-factor ETF

Invesco Dow Jones Industrial Average Dividend ETF

Invesco NASDAQ Internet ETF

Invesco Next Gen Connectivity ETF

Invesco S&P 500 BuyWrite ETF

Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF

Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF

Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF

Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF

Invesco S&P 500<sup>®</sup> Equal Weight ETF

Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF

Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF

Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF

Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF

Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF

Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF

Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF

Invesco S&P 500<sup>®</sup> Pure Growth ETF

Invesco S&P 500<sup>®</sup> Pure Value ETF

Invesco S&P 500<sup>®</sup> Top 50 ETF

Invesco S&P MidCap 400<sup>®</sup> GARP ETF

Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF

Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF

Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF

Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF

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

*Nature, Extent and Quality of Services.* In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. ("Invesco"), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser's execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2024, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund's performance and the performance of its underlying index, as well as the Adviser's analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco's independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds ("ETFs") business of Guggenheim Capital LLC ("Guggenheim") (the "Transaction") and that each such Fund's performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust's registration statement. The Board concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund's particular circumstances.

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

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

*Fees, Expenses and Profitability.* The Trustees reviewed and discussed the information provided by the Adviser on each Fund's net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays

------

**54**

------

**Approval of Investment Advisory Contracts—(continued)**

its brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses

&nbsp;&nbsp;&nbsp;&nbsp;● 0.07% of the Fund's average daily net assets for Invesco Dow Jones Industrial Average Dividend ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.20% of the Fund's average daily net assets for each of Invesco S&P 500® Equal Weight ETF and Invesco S&P 500® Top 50 ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.29% of the Fund's average daily net assets for each of Invesco S&P 500 BuyWrite ETF and Invesco Bloomberg MVP Multi-factor ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.35% of the Fund's average daily net assets for each of Invesco S&P 500® Pure Growth ETF, Invesco S&P 500® Pure Value ETF, Invesco S&P MidCap 400® GARP ETF, Invesco S&P MidCap 400® Pure Growth ETF, Invesco S&P MidCap 400® Pure Value ETF, Invesco S&P SmallCap 600® Pure Growth ETF and Invesco S&P SmallCap 600® Pure Value ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.60% of the Fund's average daily net assets for Invesco NASDAQ Internet ETF; and

&nbsp;&nbsp;&nbsp;&nbsp;● 0.40% of the Fund's average daily net assets for each other Fund.

The Trustees compared each Fund's net expense ratio to information compiled by the Adviser from Lipper Inc. ("Lipper") databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund's operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal** <br>**to/Lower** <br>**than ETF** <br>**Peer Median**<br>| **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median\***<br>| **Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco Bloomberg Analyst Rating Improvers ETF |  |  | X |
| Invesco Bloomberg MVP Multi-factor ETF | X |  | X |
| Invesco Dow Jones Industrial Average Dividend ETF | X | X | X |
| Invesco NASDAQ Internet ETF |  |  | X |
| Invesco Next Gen Connectivity ETF | X | N/A | X |
| Invesco S&P 500 BuyWrite ETF | X | N/A | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF | X | X | X |
| Invesco S&P 500<sup>®</sup> Pure Growth ETF | X | X | X |
| Invesco S&P 500<sup>®</sup> Pure Value ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Top 50 ETF |  |  | X |
| Invesco S&P MidCap 400<sup>®</sup> GARP ETF |  |  | X |
| Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF |  |  | X |
| Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF |  | X | X |

---

------

**55**

------

**Approval of Investment Advisory Contracts—(continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal**<br> **to/Lower**<br> **than ETF**<br> **Peer Median**<br>| **Equal to/Lower**<br> **than Open-End**<br> **Index Fund**<br> **Peer Median\***<br>| **Lower than**<br> **Open-End**<br> **Active Fund**<br> **Peer Median**<br>|
| Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF |  |  | X |
| Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF |  | X | X |

---

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

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco S&P 500® Equal Weight ETF. The Trustees considered the Adviser's explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser's statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all of the information provided, the Board concluded that each Fund's unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. With respect to the Adviser's profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser's. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees reviewed each Fund's asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.

*Fall-out Benefits.* The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds' securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund's distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund's unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

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

------

**56**

------

**Approval of Investment Advisory Contracts**

At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the "Trust"), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the "Adviser") and the Trust for the following series (each, a "Fund" and collectively, the "Funds"):

Invesco Aerospace & Defense ETF

Invesco AI and Next Gen Software ETF

Invesco Biotechnology & Genome ETF

Invesco Building & Construction ETF

Invesco BuyBack Achievers<sup>TM</sup> ETF

Invesco Dividend Achievers<sup>TM</sup> ETF

Invesco Dorsey Wright Basic Materials Momentum ETF

Invesco Dorsey Wright Consumer Cyclicals Momentum ETF

Invesco Dorsey Wright Consumer Staples Momentum ETF

Invesco Dorsey Wright Energy Momentum ETF

Invesco Dorsey Wright Financial Momentum ETF

Invesco Dorsey Wright Healthcare Momentum ETF

Invesco Dorsey Wright Industrials Momentum ETF

Invesco Dorsey Wright Momentum ETF

Invesco Dorsey Wright Technology Momentum ETF

Invesco Dorsey Wright Utilities Momentum ETF

Invesco Energy Exploration & Production ETF

Invesco Financial Preferred ETF

Invesco Food & Beverage ETF

Invesco Global Listed Private Equity ETF

Invesco Golden Dragon China ETF

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

Invesco International Dividend Achievers<sup>TM</sup> ETF

Invesco Large Cap Growth ETF

Invesco Large Cap Value ETF

Invesco Leisure and Entertainment ETF

Invesco MSCI Sustainable Future ETF

Invesco Next Gen Media and Gaming ETF

Invesco Oil & Gas Services ETF

Invesco Pharmaceuticals ETF

Invesco RAFI US 1000 ETF

Invesco RAFI US 1500 Small-Mid ETF

Invesco S&P 100 Equal Weight ETF

Invesco S&P 500 GARP ETF

Invesco S&P 500<sup>®</sup> Quality ETF

Invesco S&P 500 Value with Momentum ETF

Invesco S&P MidCap Momentum ETF

Invesco S&P MidCap Quality ETF

Invesco S&P MidCap Value with Momentum ETF

Invesco S&P SmallCap Momentum ETF

Invesco S&P SmallCap Value with Momentum ETF

Invesco S&P Spin-Off ETF

Invesco Semiconductors ETF

Invesco Water Resources ETF

Invesco WilderHill Clean Energy ETF

Invesco Zacks Mid-Cap ETF

Invesco Zacks Multi-Asset Income ETF

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

*Nature, Extent and Quality of Services.* In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. ("Invesco"), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser's execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2024, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund's performance and the performance of its underlying index, as well as the Adviser's analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco's independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds ("ETFs") business of Guggenheim Capital LLC ("Guggenheim") (the "Transaction") and that each such Fund's performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust's registration

------

**57**

------

**Approval of Investment Advisory Contracts—(continued)**

statement. The Board concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund's particular circumstances.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;● 0.15% of the Fund's average daily net assets for Invesco S&P 500® Quality ETF;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;● 0.50% of the Fund's average daily net assets for each other Fund.

The Trustees noted that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an "Expense Cap") to the extent necessary to prevent the annual operating expenses of each Fund from exceeding the percentage of that Fund's average daily net assets, at least until August 31, 2027, as set forth below:

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;● 0.60%, excluding interest expenses, licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Aerospace & Defense ETF, Invesco AI and Next Gen Software ETF, Invesco Biotechnology & Genome ETF, Invesco Building & Construction ETF, Invesco BuyBack AchieversTM ETF, Invesco Dorsey Wright Momentum ETF, Invesco Energy Exploration & Production ETF, Invesco Financial Preferred ETF, Invesco Food & Beverage ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco Large Cap Growth ETF, Invesco Large Cap Value ETF, Invesco Leisure and Entertainment ETF, Invesco MSCI

------

**58**

------

**Approval of Investment Advisory Contracts—(continued)**

Sustainable Future ETF, Invesco Next Gen Media and Gaming ETF, Invesco Oil & Gas Services ETF, Invesco Pharmaceuticals ETF, Invesco Semiconductors ETF, Invesco S&P Spin-Off ETF, Invesco Water Resources ETF, Invesco WilderHill Clean Energy ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF.

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

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal** <br>**to/Lower** <br>**than ETF Peer Median**<br>| **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median\***<br>| **Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco Aerospace & Defense ETF |  |  | X |
| Invesco AI and Next Gen Software ETF | X | N/A | X |
| Invesco Biotechnology & Genome ETF |  |  | X |
| Invesco Building & Construction ETF |  |  | X |
| Invesco BuyBack Achievers<sup>TM</sup> ETF |  |  | X |
| Invesco Dividend Achievers<sup>TM</sup> ETF |  |  | X |
| Invesco Dorsey Wright Basic Materials Momentum ETF |  |  | X |
| Invesco Dorsey Wright Consumer Cyclicals Momentum ETF |  |  | X |
| Invesco Dorsey Wright Consumer Staples Momentum ETF |  |  | X |
| Invesco Dorsey Wright Energy Momentum ETF |  |  | X |
| Invesco Dorsey Wright Financial Momentum ETF |  |  | X |
| Invesco Dorsey Wright Healthcare Momentum ETF |  |  | X |
| Invesco Dorsey Wright Industrials Momentum ETF |  |  | X |
| Invesco Dorsey Wright Momentum ETF |  | X | X |
| Invesco Dorsey Wright Technology Momentum ETF |  |  | X |
| Invesco Dorsey Wright Utilities Momentum ETF |  |  | X |
| Invesco Energy Exploration & Production ETF |  |  | X |
| Invesco Financial Preferred ETF |  |  | X |
| Invesco Food & Beverage ETF |  |  | X |
| Invesco Global Listed Private Equity ETF |  | N/A | X |
| Invesco Golden Dragon China ETF | X | N/A | X |
| Invesco High Yield Equity Dividend Achievers<sup>TM</sup> ETF |  |  | X |
| Invesco International Dividend Achievers<sup>TM</sup> ETF | X |  | X |
| Invesco Large Cap Growth ETF |  |  | X |
| Invesco Large Cap Value ETF |  |  | X |
| Invesco Leisure and Entertainment ETF |  |  | X |
| Invesco MSCI Sustainable Future ETF |  |  | X |
| Invesco Next Gen Media and Gaming ETF |  |  | X |
| Invesco Oil & Gas Services ETF |  |  | X |
| Invesco Pharmaceuticals ETF |  |  | X |
| Invesco RAFI US 1000 ETF |  |  | X |
| Invesco RAFI US 1500 Small-Mid ETF |  |  | X |
| Invesco S&P 100 Equal Weight ETF |  | X | X |
| Invesco S&P 500 GARP ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Quality ETF | X |  | X |
| Invesco S&P 500 Value with Momentum ETF |  |  | X |

---

------

**59**

------

**Approval of Investment Advisory Contracts—(continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal**<br> **to/Lower**<br> **than ETF Peer Median**<br>| **Equal to/Lower**<br> **than Open-End**<br> **Index Fund**<br> **Peer Median\***<br>| **Lower than**<br> **Open-End**<br> **Active Fund**<br> **Peer Median**<br>|
| Invesco S&P MidCap Momentum ETF |  |  | X |
| Invesco S&P MidCap Quality ETF |  |  | X |
| Invesco S&P MidCap Value with Momentum ETF |  |  | X |
| Invesco S&P SmallCap Momentum ETF |  |  | X |
| Invesco S&P SmallCap Value with Momentum ETF |  | X | X |
| Invesco S&P Spin-Off ETF |  |  | X |
| Invesco Semiconductors ETF |  |  | X |
| Invesco Water Resources ETF | X | X | X |
| Invesco WilderHill Clean Energy ETF |  | X | X |
| Invesco Zacks Mid-Cap ETF |  |  | X |
| Invesco Zacks Multi-Asset Income ETF |  |  | X |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal** <br>**to/Lower** <br>**than ETF Peer Median**<br>| **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median\***<br>| **Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco Aerospace & Defense ETF |  |  | X |
| Invesco AI and Next Gen Software ETF | X | N/A | X |
| Invesco Biotechnology & Genome ETF |  |  | X |
| Invesco Building & Construction ETF |  |  | X |
| Invesco BuyBack Achievers<sup>TM</sup> ETF |  |  | X |
| Invesco Dividend Achievers<sup>TM</sup> ETF |  | X | X |
| Invesco Dorsey Wright Basic Materials Momentum ETF |  |  | X |
| Invesco Dorsey Wright Consumer Cyclicals Momentum ETF |  |  | X |
| Invesco Dorsey Wright Consumer Staples Momentum ETF |  |  | X |
| Invesco Dorsey Wright Energy Momentum ETF |  |  | X |
| Invesco Dorsey Wright Financial Momentum ETF |  |  | X |
| Invesco Dorsey Wright Healthcare Momentum ETF |  |  | X |
| Invesco Dorsey Wright Industrials Momentum ETF |  |  | X |
| Invesco Dorsey Wright Momentum ETF |  | X | X |
| Invesco Dorsey Wright Technology Momentum ETF |  |  | X |
| Invesco Dorsey Wright Utilities Momentum ETF |  |  | X |
| Invesco Energy Exploration & Production ETF |  |  | X |
| Invesco Financial Preferred ETF |  |  | X |
| Invesco Food & Beverage ETF |  |  | X |
| Invesco Global Listed Private Equity ETF |  | N/A | X |
| Invesco Golden Dragon China ETF |  | N/A | X |
| Invesco High Yield Equity Dividend Achievers<sup>TM</sup> ETF |  | X | X |
| Invesco International Dividend Achievers<sup>TM</sup> ETF |  |  | X |
| Invesco Large Cap Growth ETF |  |  | X |

---

------

**60**

------

**Approval of Investment Advisory Contracts—(continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal**<br> **to/Lower**<br> **than ETF Peer Median**<br>| **Equal to/Lower**<br> **than Open-End**<br> **Index Fund**<br> **Peer Median\***<br>| **Lower than**<br> **Open-End**<br> **Active Fund**<br> **Peer Median**<br>|
| Invesco Large Cap Value ETF |  | X | X |
| Invesco Leisure and Entertainment ETF |  |  | X |
| Invesco MSCI Sustainable Future ETF |  |  | X |
| Invesco Next Gen Media and Gaming ETF |  |  | X |
| Invesco Oil & Gas Services ETF |  |  | X |
| Invesco Pharmaceuticals ETF |  |  | X |
| Invesco RAFI US 1000 ETF |  |  | X |
| Invesco RAFI US 1500 Small-Mid ETF |  |  | X |
| Invesco S&P 100 Equal Weight ETF |  | X | X |
| Invesco S&P 500 GARP ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Quality ETF | X |  | X |
| Invesco S&P 500 Value with Momentum ETF |  |  | X |
| Invesco S&P MidCap Momentum ETF |  |  | X |
| Invesco S&P MidCap Quality ETF |  |  | X |
| Invesco S&P MidCap Value with Momentum ETF |  |  | X |
| Invesco S&P SmallCap Momentum ETF |  |  | X |
| Invesco S&P SmallCap Value with Momentum ETF |  | X | X |
| Invesco S&P Spin-Off ETF |  |  | X |
| Invesco Semiconductors ETF |  |  | X |
| Invesco Water Resources ETF |  | X | X |
| Invesco WilderHill Clean Energy ETF |  | X | X |
| Invesco Zacks Mid-Cap ETF |  |  | X |
| Invesco Zacks Multi-Asset Income ETF |  |  | X |

---

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

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Global Listed Private Equity ETF's, Invesco Zacks Multi-Asset Income ETF's, Invesco Oil & Gas Services ETF's and Invesco Energy Exploration & Production ETF's advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser's statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco RAFI US 1000 ETF. The Trustees considered the Adviser's explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser's statement that the management and oversight of the Funds requires substantially more labor and expense.

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

In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds, as well as the fees waived and expenses reimbursed by the Adviser for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. With respect to the Adviser's profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose.

------

**61**

------

**Approval of Investment Advisory Contracts—(continued)**

Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser's. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees reviewed each Fund's asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser. The Trustees noted that the Expense Cap agreement with the Trust provides that the Adviser is entitled to be reimbursed by each Fund for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in a Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the flat advisory fee rates were reasonable and appropriate.

*Fall-out Benefits.* The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds' securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund's distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund's advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

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

------

**62**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

Remuneration paid to the Funds' trustees or officers and others, if any, is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory Contracts section of this report.

------

**63**

------

**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-BM-NCSR

invesco.com/ETFs

------

![](img3ede447f1.jpg)

------

**Invesco Annual Financial Statements and Other Information**

April 30, 2025

---

| | |
|:---|:---|
| **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 |  |
| [Invesco BuyBack Achievers](#xx_8e39ddfc-047a-4089-ba79-7d94a130c814_SOI-Continued-379_1)<sup>TM</sup>[ETF (PKW)](#xx_8e39ddfc-047a-4089-ba79-7d94a130c814_SOI-Continued-379_1) | **3** |
| [Invesco Dividend Achievers](#xx_8e39ddfc-047a-4089-ba79-7d94a130c814_SOI-Continued-379_4)<sup>TM</sup>[ETF (PFM)](#xx_8e39ddfc-047a-4089-ba79-7d94a130c814_SOI-Continued-379_4) | **6** |
| [Invesco Dow Jones Industrial Average Dividend ETF (DJD)](#xx_8e39ddfc-047a-4089-ba79-7d94a130c814_SOI-Continued-379_9) | **11** |
| [Invesco Financial Preferred ETF (PGF)](#xx_8e39ddfc-047a-4089-ba79-7d94a130c814_SOI-Continued-379_11) | **13** |
| [Invesco High Yield Equity Dividend Achievers](#xx_8e39ddfc-047a-4089-ba79-7d94a130c814_SOI-Continued-379_14)<sup>TM</sup>[ETF (PEY)](#xx_8e39ddfc-047a-4089-ba79-7d94a130c814_SOI-Continued-379_14) | **16** |
| [Invesco International Dividend Achievers](#xx_8e39ddfc-047a-4089-ba79-7d94a130c814_SOI-Continued-379_16)<sup>TM</sup>[ETF (PID)](#xx_8e39ddfc-047a-4089-ba79-7d94a130c814_SOI-Continued-379_16) | **18** |
| [Statements of Assets and Liabilities](#xx_8e39ddfc-047a-4089-ba79-7d94a130c814_FS-Continued-379_1) | **20** |
| [Statements of Operations](#xx_8e39ddfc-047a-4089-ba79-7d94a130c814_FS-Continued-379_3) | **22** |
| [Statements of Changes in Net Assets](#xx_8e39ddfc-047a-4089-ba79-7d94a130c814_FS-Continued-379_5) | **24** |
| [Financial Highlights](#xx_8e39ddfc-047a-4089-ba79-7d94a130c814_FIHI-Continued-379_1) | **26** |
| [Notes to Financial Statements](#xx_8e39ddfc-047a-4089-ba79-7d94a130c814_NTF-Continued-379_1) | **29** |
| [Report of Independent Registered Public Accounting Firm](#xx_8e39ddfc-047a-4089-ba79-7d94a130c814_AR-Continued-379_1) | **41** |
| [Tax Information](#xx_8e39ddfc-047a-4089-ba79-7d94a130c814_TI-Continued-379_1) | **42** |
| [Approval of Investment Advisory Contracts](#xx_8e39ddfc-047a-4089-ba79-7d94a130c814_BCRC-Continued_1) | **43** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_8e39ddfc-047a-4089-ba79-7d94a130c814_OIRSR-Continued-379_1) | **52** |

---

------

**2**

------

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

April 30, 2025

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%** |
| **Communication Services-6.39%** | **Communication Services-6.39%** | **Communication Services-6.39%** |
| Bumble, Inc., Class A<sup>(b)(c)</sup> | 46251 | &nbsp;&nbsp; $195179 |
| CarGurus, Inc.<sup>(b)</sup> | 44345 | &nbsp;&nbsp; 1239886 |
| Comcast Corp., Class A | 1610844 | &nbsp;&nbsp; 55090865 |
| Fox Corp., Class A<sup>(c)</sup> | 109280 | &nbsp;&nbsp; 5441051 |
| Iridium Communications, Inc.<sup>(c)</sup> | 50783 | &nbsp;&nbsp; 1225394 |
| Liberty Global Ltd., Class A (Belgium)<sup>(b)(c)</sup> | 89805 | &nbsp;&nbsp; 983365 |
| Match Group, Inc. | 137176 | &nbsp;&nbsp; 4068640 |
| Nexstar Media Group, Inc., Class A | 15129 | &nbsp;&nbsp; 2264206 |
| PubMatic, Inc., Class A<sup>(b)</sup> | 20228 | &nbsp;&nbsp; 197627 |
| Scholastic Corp. | 11928 | &nbsp;&nbsp; 215062 |
| TEGNA, Inc. | 72835 | &nbsp;&nbsp; 1182112 |
| Travelzoo<sup>(b)(c)</sup> | 3501 | &nbsp;&nbsp; 48559 |
| Ziff Davis, Inc.<sup>(b)(c)</sup> | 21034 | &nbsp;&nbsp; 621134 |
| ZoomInfo Technologies, Inc., Class A<sup>(b)(c)</sup> | 181469 | &nbsp;&nbsp; 1553375 |
|  |  | &nbsp;&nbsp; 74326455 |
| **Consumer Discretionary-22.24%** | **Consumer Discretionary-22.24%** | **Consumer Discretionary-22.24%** |
| Academy Sports & Outdoors, Inc.<sup>(c)</sup> | 28203 | &nbsp;&nbsp; 1062689 |
| Adient PLC<sup>(b)</sup> | 33874 | &nbsp;&nbsp; 428506 |
| Adtalem Global Education, Inc.<sup>(b)(c)</sup> | 17189 | &nbsp;&nbsp; 1825472 |
| Autoliv, Inc. (Sweden)<sup>(c)</sup> | 36159 | &nbsp;&nbsp; 3371104 |
| AutoNation, Inc.<sup>(b)</sup> | 15614 | &nbsp;&nbsp; 2719178 |
| Booking Holdings, Inc. | 12902 | &nbsp;&nbsp; 65790911 |
| BorgWarner, Inc. | 120336 | &nbsp;&nbsp; 3415136 |
| Boyd Gaming Corp. | 32352 | &nbsp;&nbsp; 2236817 |
| Build-A-Bear Workshop, Inc.<sup>(c)</sup> | 6819 | &nbsp;&nbsp; 240574 |
| Caleres, Inc.<sup>(c)</sup> | 15318 | &nbsp;&nbsp; 233446 |
| Chegg, Inc.<sup>(b)</sup> | 56363 | &nbsp;&nbsp; 40987 |
| Chewy, Inc., Class A<sup>(b)</sup> | 96169 | &nbsp;&nbsp; 3606338 |
| Choice Hotels International, Inc.<sup>(c)</sup> | 12124 | &nbsp;&nbsp; 1528958 |
| Columbia Sportswear Co.<sup>(c)</sup> | 13083 | &nbsp;&nbsp; 813370 |
| Denny's Corp.<sup>(b)(c)</sup> | 26119 | &nbsp;&nbsp; 96379 |
| Designer Brands, Inc., Class A<sup>(c)</sup> | 18795 | &nbsp;&nbsp; 52438 |
| Destination XL Group, Inc.<sup>(b)(c)</sup> | 25307 | &nbsp;&nbsp; 25044 |
| eBay, Inc. | 255258 | &nbsp;&nbsp; 17398385 |
| El Pollo Loco Holdings, Inc.<sup>(b)</sup> | 13392 | &nbsp;&nbsp; 125215 |
| Etsy, Inc.<sup>(b)</sup> | 50625 | &nbsp;&nbsp; 2201175 |
| European Wax Center, Inc., Class A<sup>(b)(c)</sup> | 15994 | &nbsp;&nbsp; 49901 |
| Expedia Group, Inc. | 66847 | &nbsp;&nbsp; 10490300 |
| Garrett Motion, Inc. (Switzerland)<sup>(c)</sup> | 98112 | &nbsp;&nbsp; 904593 |
| General Motors Co. | 539289 | &nbsp;&nbsp; 24397434 |
| Gentherm, Inc.<sup>(b)</sup> | 15094 | &nbsp;&nbsp; 392595 |
| Graham Holdings Co., Class B | 1743 | &nbsp;&nbsp; 1603647 |
| Harley-Davidson, Inc.<sup>(c)</sup> | 55291 | &nbsp;&nbsp; 1239624 |
| Hilton Grand Vacations, Inc.<sup>(b)(c)</sup> | 31655 | &nbsp;&nbsp; 1064558 |
| Hilton Worldwide Holdings, Inc. | 131252 | &nbsp;&nbsp; 29594701 |
| Hyatt Hotels Corp., Class A<sup>(c)</sup> | 20901 | &nbsp;&nbsp; 2355125 |
| KB Home | 33781 | &nbsp;&nbsp; 1825187 |
| Las Vegas Sands Corp. | 156865 | &nbsp;&nbsp; 5752240 |
| Lear Corp.<sup>(c)</sup> | 28144 | &nbsp;&nbsp; 2413348 |
| Lucky Strike Entertainment Corp.<sup>(c)</sup> | 12177 | &nbsp;&nbsp; 114464 |
| Marriott International, Inc., Class A | 139725 | &nbsp;&nbsp; 33335590 |
| Mohawk Industries, Inc.<sup>(b)</sup> | 31396 | &nbsp;&nbsp; 3338965 |
| ODP Corp. (The)<sup>(b)(c)</sup> | 14442 | &nbsp;&nbsp; 197567 |
| PHINIA, Inc. | 20003 | &nbsp;&nbsp; 803120 |
| PulteGroup, Inc. | 106934 | &nbsp;&nbsp; 10969290 |
| PVH Corp. | 26304 | &nbsp;&nbsp; 1814450 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| Sturm, Ruger & Co., Inc. | 8119 | &nbsp;&nbsp; $330119 |
| TopBuild Corp.<sup>(b)</sup> | 13490 | &nbsp;&nbsp; 3989802 |
| Travel + Leisure Co. | 34996 | &nbsp;&nbsp; 1537374 |
| United Parks & Resorts, Inc.<sup>(b)(c)</sup> | 10788 | &nbsp;&nbsp; 470896 |
| Vera Bradley, Inc.<sup>(b)(c)</sup> | 10861 | &nbsp;&nbsp; 21179 |
| Wyndham Hotels & Resorts, Inc. | 35741 | &nbsp;&nbsp; 3048707 |
| Yum China Holdings, Inc. (China) | 216233 | &nbsp;&nbsp; 9365051 |
|  |  | &nbsp;&nbsp; 258631949 |
| **Consumer Staples-4.11%** | **Consumer Staples-4.11%** | **Consumer Staples-4.11%** |
| Archer-Daniels-Midland Co. | 235326 | &nbsp;&nbsp; 11236817 |
| Beauty Health Co. (The)<sup>(b)(c)</sup> | 56328 | &nbsp;&nbsp; 55849 |
| Boston Beer Co., Inc. (The), Class A<sup>(b)</sup> | 4497 | &nbsp;&nbsp; 1105363 |
| Coca-Cola Consolidated, Inc. | 3069 | &nbsp;&nbsp; 4160981 |
| Maplebear, Inc.<sup>(b)(c)</sup> | 123599 | &nbsp;&nbsp; 4930364 |
| Monster Beverage Corp.<sup>(b)</sup> | 404004 | &nbsp;&nbsp; 24288720 |
| Seaboard Corp. | 151 | &nbsp;&nbsp; 390483 |
| Seneca Foods Corp., Class A<sup>(b)</sup> | 2574 | &nbsp;&nbsp; 230862 |
| Spectrum Brands Holdings, Inc.<sup>(c)</sup> | 15172 | &nbsp;&nbsp; 957353 |
| TreeHouse Foods, Inc.<sup>(b)</sup> | 19973 | &nbsp;&nbsp; 465171 |
|  |  | &nbsp;&nbsp; 47821963 |
| **Energy-9.29%** | **Energy-9.29%** | **Energy-9.29%** |
| Cheniere Energy, Inc. | 128964 | &nbsp;&nbsp; 29804870 |
| CNX Resources Corp.<sup>(b)(c)</sup> | 74698 | &nbsp;&nbsp; 2198362 |
| Core Natural Resources, Inc.<sup>(c)</sup> | 26810 | &nbsp;&nbsp; 1935950 |
| Gran Tierra Energy, Inc. (Colombia)<sup>(b)(c)</sup> | 18417 | &nbsp;&nbsp; 81219 |
| Magnolia Oil & Gas Corp., Class A<sup>(c)</sup> | 77178 | &nbsp;&nbsp; 1584464 |
| Marathon Petroleum Corp. | 170646 | &nbsp;&nbsp; 23448467 |
| Murphy Oil Corp.<sup>(c)</sup> | 72414 | &nbsp;&nbsp; 1486659 |
| Navigator Holdings Ltd.<sup>(c)</sup> | 19207 | &nbsp;&nbsp; 243737 |
| Par Pacific Holdings, Inc.<sup>(b)</sup> | 25071 | &nbsp;&nbsp; 359017 |
| Patterson-UTI Energy, Inc.<sup>(c)</sup> | 160409 | &nbsp;&nbsp; 904707 |
| PBF Energy, Inc., Class A<sup>(c)</sup> | 42676 | &nbsp;&nbsp; 733174 |
| Peabody Energy Corp.<sup>(c)</sup> | 55375 | &nbsp;&nbsp; 683328 |
| Phillips 66 | 223322 | &nbsp;&nbsp; 23238887 |
| PrimeEnergy Resources Corp.<sup>(b)(c)</sup> | 357 | &nbsp;&nbsp; 60644 |
| ProPetro Holding Corp.<sup>(b)(c)</sup> | 38071 | &nbsp;&nbsp; 189594 |
| Ranger Energy Services, Inc., Class A | 10201 | &nbsp;&nbsp; 113129 |
| Scorpio Tankers, Inc. (Monaco) | 25328 | &nbsp;&nbsp; 954612 |
| Valero Energy Corp. | 172250 | &nbsp;&nbsp; 19996502 |
|  |  | &nbsp;&nbsp; 108017322 |
| **Financials-27.37%** | **Financials-27.37%** | **Financials-27.37%** |
| Acadian Asset Management, Inc. | 13835 | &nbsp;&nbsp; 372715 |
| Affiliated Managers Group, Inc. | 13327 | &nbsp;&nbsp; 2207351 |
| Aflac, Inc. | 267506 | &nbsp;&nbsp; 29072552 |
| American International Group, Inc. | 321585 | &nbsp;&nbsp; 26215609 |
| Angel Oak Mortgage REIT, Inc.<sup>(c)</sup> | 10569 | &nbsp;&nbsp; 99877 |
| Assured Guaranty Ltd. | 25627 | &nbsp;&nbsp; 2248257 |
| Bancorp, Inc. (The)<sup>(b)(c)</sup> | 21895 | &nbsp;&nbsp; 1057747 |
| Bank of New York Mellon Corp. (The) | 389140 | &nbsp;&nbsp; 31290747 |
| Brighthouse Financial, Inc.<sup>(b)</sup> | 30464 | &nbsp;&nbsp; 1773614 |
| Cannae Holdings, Inc.<sup>(c)</sup> | 31862 | &nbsp;&nbsp; 564276 |
| CNO Financial Group, Inc. | 50307 | &nbsp;&nbsp; 1908648 |
| Corebridge Financial, Inc. | 121822 | &nbsp;&nbsp; 3609586 |
| Corpay, Inc.<sup>(b)</sup> | 35240 | &nbsp;&nbsp; 11466039 |
| Diamond Hill Investment Group, Inc.<sup>(c)</sup> | 1479 | &nbsp;&nbsp; 186324 |
| Donegal Group, Inc., Class A | 9707 | &nbsp;&nbsp; 187830 |

---

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

------

**3**

------

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Enova International, Inc.<sup>(b)(c)</sup> | 12493 | &nbsp;&nbsp; $1146733 |
| Equitable Holdings, Inc. | 139763 | &nbsp;&nbsp; 6911280 |
| Federated Hermes, Inc., Class B | 39847 | &nbsp;&nbsp; 1618187 |
| Fidelity National Information Services, Inc. | 271821 | &nbsp;&nbsp; 21441241 |
| First Bancorp | 76532 | &nbsp;&nbsp; 1503089 |
| Genworth Financial, Inc., Class A<sup>(b)</sup> | 191835 | &nbsp;&nbsp; 1315988 |
| Globe Life, Inc. | 45597 | &nbsp;&nbsp; 5623934 |
| International General Insurance Holdings <br> Ltd. (Jordan)<br>| 18018 | &nbsp;&nbsp; 433513 |
| International Money Express, Inc.<sup>(b)</sup> | 16437 | &nbsp;&nbsp; 204148 |
| Jackson Financial, Inc., Class A | 36023 | &nbsp;&nbsp; 2806552 |
| Lazard, Inc. | 50066 | &nbsp;&nbsp; 1947567 |
| MetLife, Inc. | 329945 | &nbsp;&nbsp; 24867955 |
| MGIC Investment Corp. | 109075 | &nbsp;&nbsp; 2717058 |
| Navient Corp.<sup>(c)</sup> | 34793 | &nbsp;&nbsp; 430737 |
| Old Republic International Corp. | 116860 | &nbsp;&nbsp; 4393936 |
| OppFi, Inc.<sup>(c)</sup> | 13969 | &nbsp;&nbsp; 130610 |
| Pathward Financial, Inc. | 10862 | &nbsp;&nbsp; 862117 |
| PayPal Holdings, Inc.<sup>(b)</sup> | 570391 | &nbsp;&nbsp; 37554543 |
| Primerica, Inc. | 13996 | &nbsp;&nbsp; 3667932 |
| PROG Holdings, Inc. | 18262 | &nbsp;&nbsp; 481386 |
| Runway Growth Finance Corp. | 21534 | &nbsp;&nbsp; 196605 |
| SLM Corp. | 103129 | &nbsp;&nbsp; 2981459 |
| SuRo Capital Corp.<sup>(b)(c)</sup> | 12086 | &nbsp;&nbsp; 55837 |
| Synchrony Financial | 188286 | &nbsp;&nbsp; 9781458 |
| Unum Group | 84601 | &nbsp;&nbsp; 6570114 |
| Voya Financial, Inc. | 50123 | &nbsp;&nbsp; 2967282 |
| Wells Fargo & Co. | 827973 | &nbsp;&nbsp; 58794363 |
| Western Union Co. (The) | 159778 | &nbsp;&nbsp; 1583400 |
| WEX, Inc.<sup>(b)(c)</sup> | 20590 | &nbsp;&nbsp; 2684318 |
| World Acceptance Corp.<sup>(b)</sup> | 3015 | &nbsp;&nbsp; 389297 |
|  |  | &nbsp;&nbsp; 318323811 |
| **Health Care-6.18%** | **Health Care-6.18%** | **Health Care-6.18%** |
| Azenta, Inc.<sup>(b)(c)</sup> | 20551 | &nbsp;&nbsp; 541313 |
| DaVita, Inc.<sup>(b)</sup> | 25831 | &nbsp;&nbsp; 3656378 |
| DENTSPLY SIRONA, Inc. | 89495 | &nbsp;&nbsp; 1243981 |
| Exelixis, Inc.<sup>(b)</sup> | 145240 | &nbsp;&nbsp; 5686146 |
| Fulcrum Therapeutics, Inc.<sup>(b)(c)</sup> | 25522 | &nbsp;&nbsp; 98260 |
| HCA Healthcare, Inc. | 102211 | &nbsp;&nbsp; 35270972 |
| Incyte Corp.<sup>(b)</sup> | 104890 | &nbsp;&nbsp; 6572407 |
| Integra LifeSciences Holdings Corp.<sup>(b)(c)</sup> | 33838 | &nbsp;&nbsp; 554605 |
| Omeros Corp.<sup>(b)(c)</sup> | 31075 | &nbsp;&nbsp; 228401 |
| OPKO Health, Inc.<sup>(b)</sup> | 220711 | &nbsp;&nbsp; 304581 |
| Premier, Inc., Class A<sup>(c)</sup> | 43171 | &nbsp;&nbsp; 878530 |
| Pro-Dex, Inc.<sup>(b)(c)</sup> | 1297 | &nbsp;&nbsp; 85187 |
| Progyny, Inc.<sup>(b)</sup> | 32504 | &nbsp;&nbsp; 742391 |
| Roivant Sciences Ltd.<sup>(b)(c)</sup> | 242743 | &nbsp;&nbsp; 2820674 |
| Tenet Healthcare Corp.<sup>(b)</sup> | 42232 | &nbsp;&nbsp; 6037064 |
| United Therapeutics Corp.<sup>(b)</sup> | 23306 | &nbsp;&nbsp; 7063816 |
| Utah Medical Products, Inc.<sup>(c)</sup> | 1779 | &nbsp;&nbsp; 92063 |
| Zynex, Inc.<sup>(b)(c)</sup> | 9237 | &nbsp;&nbsp; 15334 |
|  |  | &nbsp;&nbsp; 71892103 |
| **Industrials-14.36%** | **Industrials-14.36%** | **Industrials-14.36%** |
| AerCap Holdings N.V. (Ireland) | 101236 | &nbsp;&nbsp; 10731016 |
| American Woodmark Corp.<sup>(b)</sup> | 6672 | &nbsp;&nbsp; 393648 |
| Atkore, Inc.<sup>(c)</sup> | 17256 | &nbsp;&nbsp; 1102141 |
| Avis Budget Group, Inc.<sup>(b)(c)</sup> | 18465 | &nbsp;&nbsp; 1710413 |
| Builders FirstSource, Inc.<sup>(b)</sup> | 56341 | &nbsp;&nbsp; 6740074 |
| Carlisle Cos., Inc. | 23165 | &nbsp;&nbsp; 8790654 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Caterpillar, Inc. | 180231 | &nbsp;&nbsp; $55740041 |
| CNH Industrial N.V. | 460553 | &nbsp;&nbsp; 5328598 |
| Conduent, Inc.<sup>(b)</sup> | 86778 | &nbsp;&nbsp; 183102 |
| Core & Main, Inc., Class A<sup>(b)</sup> | 99724 | &nbsp;&nbsp; 5253460 |
| Griffon Corp.<sup>(c)</sup> | 20006 | &nbsp;&nbsp; 1362609 |
| Huron Consulting Group, Inc.<sup>(b)</sup> | 9610 | &nbsp;&nbsp; 1295332 |
| IBEX Holdings Ltd.<sup>(b)</sup> | 5705 | &nbsp;&nbsp; 142853 |
| Legalzoom.com, Inc.<sup>(b)</sup> | 61935 | &nbsp;&nbsp; 453364 |
| MillerKnoll, Inc. | 33405 | &nbsp;&nbsp; 547842 |
| REV Group, Inc. | 24134 | &nbsp;&nbsp; 789182 |
| RTX Corp. | 448740 | &nbsp;&nbsp; 56599576 |
| Safe Bulkers, Inc. (Monaco) | 32777 | &nbsp;&nbsp; 111114 |
| Science Applications International Corp. | 25048 | &nbsp;&nbsp; 3031559 |
| Taylor Devices, Inc.<sup>(b)(c)</sup> | 1809 | &nbsp;&nbsp; 57707 |
| Textron, Inc. | 91108 | &nbsp;&nbsp; 6411270 |
| TrueBlue, Inc.<sup>(b)(c)</sup> | 15074 | &nbsp;&nbsp; 65421 |
| Wabash National Corp.<sup>(c)</sup> | 20560 | &nbsp;&nbsp; 142070 |
|  |  | &nbsp;&nbsp; 166983046 |
| **Information Technology-4.89%** | **Information Technology-4.89%** | **Information Technology-4.89%** |
| ASGN, Inc.<sup>(b)(c)</sup> | 21344 | &nbsp;&nbsp; 1075311 |
| Blackbaud, Inc.<sup>(b)</sup> | 17601 | &nbsp;&nbsp; 1065565 |
| Clearfield, Inc.<sup>(b)(c)</sup> | 6763 | &nbsp;&nbsp; 193895 |
| Core Scientific, Inc.<sup>(b)(c)</sup> | 161531 | &nbsp;&nbsp; 1308401 |
| Diodes, Inc.<sup>(b)</sup> | 20304 | &nbsp;&nbsp; 779674 |
| Dropbox, Inc., Class A<sup>(b)(c)</sup> | 116748 | &nbsp;&nbsp; 3333155 |
| DXC Technology Co.<sup>(b)</sup> | 81425 | &nbsp;&nbsp; 1263716 |
| HP, Inc. | 505507 | &nbsp;&nbsp; 12925814 |
| IPG Photonics Corp.<sup>(b)(c)</sup> | 15211 | &nbsp;&nbsp; 910987 |
| Jabil, Inc. | 55397 | &nbsp;&nbsp; 8118984 |
| Magnachip Semiconductor Corp. (South <br> Korea)<sup>(b)</sup><br>| 18502 | &nbsp;&nbsp; 58096 |
| MeridianLink, Inc.<sup>(b)(c)</sup> | 20766 | &nbsp;&nbsp; 351153 |
| Sprinklr, Inc., Class A<sup>(b)(c)</sup> | 57227 | &nbsp;&nbsp; 440076 |
| TD SYNNEX Corp.<sup>(c)</sup> | 38431 | &nbsp;&nbsp; 4258155 |
| Twilio, Inc., Class A<sup>(b)</sup> | 88008 | &nbsp;&nbsp; 8511254 |
| VeriSign, Inc.<sup>(b)</sup> | 43637 | &nbsp;&nbsp; 12310870 |
|  |  | &nbsp;&nbsp; 56905106 |
| **Materials-1.83%** | **Materials-1.83%** | **Materials-1.83%** |
| CF Industries Holdings, Inc. | 84466 | &nbsp;&nbsp; 6619600 |
| Cleveland-Cliffs, Inc.<sup>(b)(c)</sup> | 259454 | &nbsp;&nbsp; 2137901 |
| MP Materials Corp.<sup>(b)(c)</sup> | 61256 | &nbsp;&nbsp; 1498322 |
| Ryerson Holding Corp.<sup>(c)</sup> | 14325 | &nbsp;&nbsp; 334918 |
| Steel Dynamics, Inc. | 82108 | &nbsp;&nbsp; 10650229 |
|  |  | &nbsp;&nbsp; 21240970 |
| **Real Estate-0.41%** | **Real Estate-0.41%** | **Real Estate-0.41%** |
| Healthcare Realty Trust, Inc.<sup>(c)</sup> | 180030 | &nbsp;&nbsp; 2795866 |
| JBG SMITH Properties, (Acquired <br> 01/31/2023 - 04/17/2025; <br> Cost $638,560)<sup>(c)(d)</sup><br>| 36428 | &nbsp;&nbsp; 509263 |
| National Storage Affiliates Trust<sup>(c)</sup> | 37445 | &nbsp;&nbsp; 1392954 |
|  |  | &nbsp;&nbsp; 4698083 |
| **Utilities-2.95%** | **Utilities-2.95%** | **Utilities-2.95%** |
| NRG Energy, Inc. | 109213 | &nbsp;&nbsp; 11967561 |
| Vistra Corp. | 172596 | &nbsp;&nbsp; 22373619 |
|  |  | &nbsp;&nbsp; 34341180 |
| Total Common Stocks & Other Equity Interests <br>(Cost $1,179,518,826) | Total Common Stocks & Other Equity Interests <br>(Cost $1,179,518,826) | &nbsp;&nbsp; 1163181988 |

---

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

------

**4**

------

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.11%** | **Money Market Funds-0.11%** | **Money Market Funds-0.11%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(e)(f)</sup> <br>(Cost $1,335,636)<br>| 1335636 | &nbsp;&nbsp; $1335636 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.13% <br>(Cost $1,180,854,462) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.13% <br>(Cost $1,180,854,462) | &nbsp;&nbsp; 1164517624 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-4.54%** | **Money Market Funds-4.54%** | **Money Market Funds-4.54%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(e)(f)(g)</sup><br>| 14425128 | &nbsp;&nbsp; 14425128 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 4.46%<sup>(e)(f)(g)</sup> | 38412682 | &nbsp;&nbsp; $38420365 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $52,847,695) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $52,847,695) | &nbsp;&nbsp; 52845493 |
| TOTAL INVESTMENTS IN SECURITIES-104.67% <br>(Cost $1,233,702,157) | TOTAL INVESTMENTS IN SECURITIES-104.67% <br>(Cost $1,233,702,157) | &nbsp;&nbsp; 1217363117 |
| OTHER ASSETS LESS LIABILITIES-(4.67)% | OTHER ASSETS LESS LIABILITIES-(4.67)% | &nbsp;&nbsp; (54363258)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1162999859 |

---

Investment Abbreviations: <br> REIT -Real Estate Investment Trust

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Restricted security. The value of this security at April 30, 2025 represented less than 1% of the Fund's Net Assets. |
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $1218822 | &nbsp;&nbsp; $23531561 | &nbsp;&nbsp; $(23414747)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1335636 | &nbsp;&nbsp; $57120 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 17741055 | &nbsp;&nbsp; 143047240 | &nbsp;&nbsp; (146363167)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 14425128 | &nbsp;&nbsp; 708,050<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 45618982 | &nbsp;&nbsp; 236508330 | &nbsp;&nbsp; (243701869)<br>| &nbsp;&nbsp; 3753 | &nbsp;&nbsp; (8831)<br>| &nbsp;&nbsp; 38420365 | &nbsp;&nbsp; 1,876,030<br> \*<br>|
| Total | &nbsp;&nbsp; $64578859 | &nbsp;&nbsp; $403087131 | &nbsp;&nbsp; $(413479783)<br>| &nbsp;&nbsp; $3753 | &nbsp;&nbsp; $(8831)<br>| &nbsp;&nbsp; $54181129 | &nbsp;&nbsp; $2641200 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**5**

------

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

April 30, 2025

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-1.40%** | **Communication Services-1.40%** | **Communication Services-1.40%** |
| Cogent Communications Holdings, Inc.<sup>(b)</sup> | 1433 | &nbsp;&nbsp; $77883 |
| Comcast Corp., Class A | 109605 | &nbsp;&nbsp; 3748491 |
| John Wiley & Sons, Inc., Class A<sup>(b)</sup> | 1308 | &nbsp;&nbsp; 57081 |
| Nexstar Media Group, Inc., Class A<sup>(b)</sup> | 883 | &nbsp;&nbsp; 132150 |
| Verizon Communications, Inc. | 122447 | &nbsp;&nbsp; 5395015 |
|  |  | &nbsp;&nbsp; 9410620 |
| **Consumer Discretionary-4.60%** | **Consumer Discretionary-4.60%** | **Consumer Discretionary-4.60%** |
| Best Buy Co., Inc. | 6214 | &nbsp;&nbsp; 414412 |
| Brunswick Corp.<sup>(b)</sup> | 1916 | &nbsp;&nbsp; 88232 |
| Churchill Downs, Inc.<sup>(b)</sup> | 2141 | &nbsp;&nbsp; 193568 |
| D.R. Horton, Inc. | 9159 | &nbsp;&nbsp; 1157148 |
| Dick's Sporting Goods, Inc. | 1684 | &nbsp;&nbsp; 316154 |
| Dillard's, Inc., Class A<sup>(b)</sup> | 348 | &nbsp;&nbsp; 120638 |
| Domino's Pizza, Inc.<sup>(b)</sup> | 994 | &nbsp;&nbsp; 487428 |
| Genuine Parts Co. | 4031 | &nbsp;&nbsp; 473844 |
| Haverty Furniture Cos., Inc.<sup>(b)</sup> | 442 | &nbsp;&nbsp; 8027 |
| Home Depot, Inc. (The) | 28892 | &nbsp;&nbsp; 10415277 |
| Johnson Outdoors, Inc., Class A<sup>(b)</sup> | 267 | &nbsp;&nbsp; 6095 |
| Lithia Motors, Inc., Class A | 760 | &nbsp;&nbsp; 222497 |
| Lowe's Cos., Inc. | 16409 | &nbsp;&nbsp; 3668396 |
| McDonald's Corp. | 20778 | &nbsp;&nbsp; 6641688 |
| NIKE, Inc., Class B | 34327 | &nbsp;&nbsp; 1936043 |
| Polaris, Inc.<sup>(b)</sup> | 1631 | &nbsp;&nbsp; 55389 |
| Pool Corp.<sup>(b)</sup> | 1091 | &nbsp;&nbsp; 319816 |
| Service Corp. International | 4189 | &nbsp;&nbsp; 334701 |
| Shoe Carnival, Inc.<sup>(b)</sup> | 786 | &nbsp;&nbsp; 13661 |
| Starbucks Corp. | 33010 | &nbsp;&nbsp; 2642450 |
| Thor Industries, Inc.<sup>(b)</sup> | 1547 | &nbsp;&nbsp; 112034 |
| Tractor Supply Co.<sup>(b)</sup> | 15450 | &nbsp;&nbsp; 782079 |
| Williams-Sonoma, Inc. | 3580 | &nbsp;&nbsp; 553002 |
|  |  | &nbsp;&nbsp; 30962579 |
| **Consumer Staples-13.03%** | **Consumer Staples-13.03%** | **Consumer Staples-13.03%** |
| Altria Group, Inc. | 49130 | &nbsp;&nbsp; 2906039 |
| Andersons, Inc. (The) | 986 | &nbsp;&nbsp; 37182 |
| Archer-Daniels-Midland Co. | 13943 | &nbsp;&nbsp; 665778 |
| Brown-Forman Corp., Class B<sup>(b)</sup> | 8820 | &nbsp;&nbsp; 307289 |
| Casey's General Stores, Inc. | 1076 | &nbsp;&nbsp; 497747 |
| Church & Dwight Co., Inc. | 7146 | &nbsp;&nbsp; 709884 |
| Clorox Co. (The) | 3583 | &nbsp;&nbsp; 509861 |
| Coca-Cola Co. (The) | 125082 | &nbsp;&nbsp; 9074699 |
| Colgate-Palmolive Co. | 23582 | &nbsp;&nbsp; 2174025 |
| Costco Wholesale Corp. | 12933 | &nbsp;&nbsp; 12861868 |
| Flowers Foods, Inc.<sup>(b)</sup> | 6128 | &nbsp;&nbsp; 107791 |
| Hershey Co. (The)<sup>(b)</sup> | 4294 | &nbsp;&nbsp; 717914 |
| Hormel Foods Corp. | 15978 | &nbsp;&nbsp; 477742 |
| Ingredion, Inc. | 1867 | &nbsp;&nbsp; 247975 |
| J&J Snack Foods Corp.<sup>(b)</sup> | 569 | &nbsp;&nbsp; 73737 |
| J.M. Smucker Co. (The) | 3093 | &nbsp;&nbsp; 359623 |
| Kimberly-Clark Corp. | 9642 | &nbsp;&nbsp; 1270623 |
| Kroger Co. (The) | 21029 | &nbsp;&nbsp; 1518504 |
| Lancaster Colony Corp. | 798 | &nbsp;&nbsp; 129898 |
| McCormick & Co., Inc. | 7337 | &nbsp;&nbsp; 562454 |
| Mondelez International, Inc., Class A | 37591 | &nbsp;&nbsp; 2561075 |
| Oil-Dri Corp.of America | 300 | &nbsp;&nbsp; 12627 |
| PepsiCo, Inc. | 39886 | &nbsp;&nbsp; 5407744 |
| Philip Morris International, Inc. | 45221 | &nbsp;&nbsp; 7749071 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples-(continued)** | **Consumer Staples-(continued)** | **Consumer Staples-(continued)** |
| Procter & Gamble Co. (The) | 68348 | &nbsp;&nbsp; $11111334 |
| SpartanNash Co. | 978 | &nbsp;&nbsp; 19404 |
| Sysco Corp. | 14213 | &nbsp;&nbsp; 1014808 |
| Target Corp. | 13315 | &nbsp;&nbsp; 1287560 |
| Tootsie Roll Industries, Inc.<sup>(b)</sup> | 1196 | &nbsp;&nbsp; 38272 |
| Tyson Foods, Inc., Class A | 8313 | &nbsp;&nbsp; 509088 |
| Universal Corp.<sup>(b)</sup> | 721 | &nbsp;&nbsp; 42013 |
| Walmart, Inc. | 233955 | &nbsp;&nbsp; 22752124 |
| WD-40 Co. | 396 | &nbsp;&nbsp; 90431 |
|  |  | &nbsp;&nbsp; 87806184 |
| **Energy-3.84%** | **Energy-3.84%** | **Energy-3.84%** |
| Chevron Corp. | 51205 | &nbsp;&nbsp; 6966952 |
| Delek Logistics Partners L.P. | 1560 | &nbsp;&nbsp; 61230 |
| Enterprise Products Partners L.P. | 62936 | &nbsp;&nbsp; 1881786 |
| Exxon Mobil Corp. | 126441 | &nbsp;&nbsp; 13355963 |
| MPLX L.P. | 29713 | &nbsp;&nbsp; 1513283 |
| Phillips 66 | 11847 | &nbsp;&nbsp; 1232799 |
| Texas Pacific Land Corp.<sup>(b)</sup> | 672 | &nbsp;&nbsp; 866121 |
|  |  | &nbsp;&nbsp; 25878134 |
| **Financials-20.04%** | **Financials-20.04%** | **Financials-20.04%** |
| 1st Source Corp.<sup>(b)</sup> | 717 | &nbsp;&nbsp; 42984 |
| Aflac, Inc. | 15881 | &nbsp;&nbsp; 1725947 |
| Alerus Financial Corp. | 740 | &nbsp;&nbsp; 14711 |
| Allstate Corp. (The) | 7703 | &nbsp;&nbsp; 1528198 |
| American Financial Group, Inc. | 2438 | &nbsp;&nbsp; 308797 |
| Ameriprise Financial, Inc. | 2792 | &nbsp;&nbsp; 1315088 |
| AMERISAFE, Inc.<sup>(b)</sup> | 557 | &nbsp;&nbsp; 25895 |
| Aon PLC, Class A | 6279 | &nbsp;&nbsp; 2227726 |
| Arbor Realty Trust, Inc.<sup>(b)</sup> | 5505 | &nbsp;&nbsp; 63473 |
| Arrow Financial Corp.<sup>(b)</sup> | 489 | &nbsp;&nbsp; 11995 |
| Arthur J. Gallagher & Co. | 7401 | &nbsp;&nbsp; 2373427 |
| Associated Banc-Corp<sup>(b)</sup> | 4833 | &nbsp;&nbsp; 106616 |
| Assurant, Inc. | 1476 | &nbsp;&nbsp; 284484 |
| Assured Guaranty Ltd. | 1456 | &nbsp;&nbsp; 127735 |
| Atlantic Union Bankshares Corp., Class B<sup>(b)</sup> | 2608 | &nbsp;&nbsp; 72242 |
| BancFirst Corp.<sup>(b)</sup> | 963 | &nbsp;&nbsp; 113461 |
| Bank First Corp. | 292 | &nbsp;&nbsp; 31881 |
| Bank of America Corp. | 221164 | &nbsp;&nbsp; 8820020 |
| Bank of New York Mellon Corp. (The) | 20816 | &nbsp;&nbsp; 1673815 |
| Bank OZK<sup>(b)</sup> | 3298 | &nbsp;&nbsp; 140495 |
| Bar Harbor Bankshares | 446 | &nbsp;&nbsp; 13219 |
| BlackRock, Inc. | 4512 | &nbsp;&nbsp; 4125141 |
| BOK Financial Corp. | 1868 | &nbsp;&nbsp; 174042 |
| Brown & Brown, Inc. | 8306 | &nbsp;&nbsp; 918644 |
| Cadence Bank<sup>(b)</sup> | 5330 | &nbsp;&nbsp; 155956 |
| Capital City Bank Group, Inc. | 495 | &nbsp;&nbsp; 18087 |
| Cass Information Systems, Inc.<sup>(b)</sup> | 396 | &nbsp;&nbsp; 16133 |
| Cboe Global Markets, Inc. | 3043 | &nbsp;&nbsp; 674937 |
| Chubb Ltd. | 11634 | &nbsp;&nbsp; 3328255 |
| Cincinnati Financial Corp. | 4549 | &nbsp;&nbsp; 633266 |
| City Holding Co.<sup>(b)</sup> | 429 | &nbsp;&nbsp; 49708 |
| Civista Bancshares, Inc. | 460 | &nbsp;&nbsp; 10355 |
| CME Group, Inc., Class A | 10472 | &nbsp;&nbsp; 2901582 |
| CNO Financial Group, Inc. | 2931 | &nbsp;&nbsp; 111202 |
| Cohen & Steers, Inc.<sup>(b)</sup> | 1481 | &nbsp;&nbsp; 113030 |
| Commerce Bancshares, Inc. | 3887 | &nbsp;&nbsp; 236096 |
| Community Financial System, Inc.<sup>(b)</sup> | 1532 | &nbsp;&nbsp; 83632 |

---

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

------

**6**

------

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Community Trust Bancorp, Inc.<sup>(b)</sup> | 529 | &nbsp;&nbsp; $25900 |
| Cullen/Frost Bankers, Inc.<sup>(b)</sup> | 1869 | &nbsp;&nbsp; 217682 |
| Donegal Group, Inc., Class A | 819 | &nbsp;&nbsp; 15848 |
| Enterprise Financial Services Corp.<sup>(b)</sup> | 1072 | &nbsp;&nbsp; 55765 |
| Erie Indemnity Co., Class A | 1341 | &nbsp;&nbsp; 480909 |
| Evercore, Inc., Class A | 1135 | &nbsp;&nbsp; 233004 |
| FactSet Research Systems, Inc. | 1103 | &nbsp;&nbsp; 476739 |
| Federal Agricultural Mortgage Corp., Class C | 273 | &nbsp;&nbsp; 47865 |
| Fidelity National Financial, Inc. | 7994 | &nbsp;&nbsp; 512016 |
| Fifth Third Bancorp | 19343 | &nbsp;&nbsp; 695187 |
| First American Financial Corp.<sup>(b)</sup> | 2987 | &nbsp;&nbsp; 181639 |
| First Business Financial Services, Inc. | 243 | &nbsp;&nbsp; 11698 |
| First Community Bankshares, Inc.<sup>(b)</sup> | 535 | &nbsp;&nbsp; 20159 |
| First Financial Bankshares, Inc.<sup>(b)</sup> | 4153 | &nbsp;&nbsp; 139167 |
| First Financial Corp.<sup>(b)</sup> | 345 | &nbsp;&nbsp; 17043 |
| First Merchants Corp.<sup>(b)</sup> | 1702 | &nbsp;&nbsp; 60659 |
| Franklin Resources, Inc. | 15267 | &nbsp;&nbsp; 286409 |
| German American Bancorp, Inc. | 1085 | &nbsp;&nbsp; 41132 |
| Globe Life, Inc. | 2434 | &nbsp;&nbsp; 300210 |
| Goldman Sachs Group, Inc. (The) | 9079 | &nbsp;&nbsp; 4971206 |
| Hanover Insurance Group, Inc. (The) | 1042 | &nbsp;&nbsp; 173076 |
| Hartford Insurance Group, Inc. (The) | 8290 | &nbsp;&nbsp; 1016934 |
| Heritage Financial Corp. | 985 | &nbsp;&nbsp; 22478 |
| Home BancShares, Inc. | 5769 | &nbsp;&nbsp; 160090 |
| Horace Mann Educators Corp. | 1186 | &nbsp;&nbsp; 49266 |
| Independent Bank Corp.<sup>(b)</sup> | 1237 | &nbsp;&nbsp; 73094 |
| Independent Bank Corp. | 610 | &nbsp;&nbsp; 18581 |
| Intercontinental Exchange, Inc. | 16698 | &nbsp;&nbsp; 2804763 |
| International Bancshares Corp.<sup>(b)</sup> | 1810 | &nbsp;&nbsp; 110482 |
| Jack Henry & Associates, Inc. | 2122 | &nbsp;&nbsp; 368018 |
| JPMorgan Chase & Co. | 81442 | &nbsp;&nbsp; 19922342 |
| Lakeland Financial Corp. | 752 | &nbsp;&nbsp; 41864 |
| Main Street Capital Corp.<sup>(b)</sup> | 2560 | &nbsp;&nbsp; 137114 |
| MarketAxess Holdings, Inc. | 1093 | &nbsp;&nbsp; 242198 |
| Marsh & McLennan Cos., Inc. | 14269 | &nbsp;&nbsp; 3217231 |
| Mastercard, Inc., Class A | 26363 | &nbsp;&nbsp; 14448506 |
| Mercantile Bank Corp. | 472 | &nbsp;&nbsp; 19970 |
| MetLife, Inc. | 19799 | &nbsp;&nbsp; 1492251 |
| Moody's Corp. | 5227 | &nbsp;&nbsp; 2368458 |
| Morgan Stanley | 46923 | &nbsp;&nbsp; 5415853 |
| Morningstar, Inc. | 1244 | &nbsp;&nbsp; 354192 |
| MSCI, Inc. | 2253 | &nbsp;&nbsp; 1228133 |
| Nasdaq, Inc. | 16715 | &nbsp;&nbsp; 1273850 |
| NBT Bancorp, Inc.<sup>(b)</sup> | 1373 | &nbsp;&nbsp; 58133 |
| Nelnet, Inc., Class A<sup>(b)</sup> | 749 | &nbsp;&nbsp; 79461 |
| Northrim BanCorp, Inc. | 161 | &nbsp;&nbsp; 12927 |
| Old Republic International Corp. | 7211 | &nbsp;&nbsp; 271134 |
| PNC Financial Services Group, Inc. (The) | 11498 | &nbsp;&nbsp; 1847614 |
| Primerica, Inc.<sup>(b)</sup> | 963 | &nbsp;&nbsp; 252373 |
| Principal Financial Group, Inc. | 6558 | &nbsp;&nbsp; 486276 |
| Prosperity Bancshares, Inc.<sup>(b)</sup> | 2767 | &nbsp;&nbsp; 187879 |
| Prudential Financial, Inc. | 10286 | &nbsp;&nbsp; 1056475 |
| Raymond James Financial, Inc. | 5955 | &nbsp;&nbsp; 816073 |
| Regions Financial Corp. | 26310 | &nbsp;&nbsp; 536987 |
| Reinsurance Group of America, Inc. | 1921 | &nbsp;&nbsp; 359823 |
| RenaissanceRe Holdings Ltd. (Bermuda) | 1431 | &nbsp;&nbsp; 346202 |
| Republic Bancorp, Inc., Class A | 505 | &nbsp;&nbsp; 34264 |
| RLI Corp. | 2665 | &nbsp;&nbsp; 197237 |
| S&P Global, Inc. | 8945 | &nbsp;&nbsp; 4472947 |
| S&T Bancorp, Inc.<sup>(b)</sup> | 1110 | &nbsp;&nbsp; 40448 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| SEI Investments Co. | 3693 | &nbsp;&nbsp; $289125 |
| Selective Insurance Group, Inc. | 1768 | &nbsp;&nbsp; 154223 |
| ServisFirst Bancshares, Inc. | 1586 | &nbsp;&nbsp; 112955 |
| Simmons First National Corp., Class A<sup>(b)</sup> | 3660 | &nbsp;&nbsp; 68296 |
| Southern Missouri Bancorp, Inc. | 329 | &nbsp;&nbsp; 17322 |
| Southside Bancshares, Inc.<sup>(b)</sup> | 880 | &nbsp;&nbsp; 24807 |
| SouthState Corp. | 2945 | &nbsp;&nbsp; 255567 |
| State Street Corp. | 8380 | &nbsp;&nbsp; 738278 |
| Stock Yards Bancorp, Inc.<sup>(b)</sup> | 852 | &nbsp;&nbsp; 62017 |
| T. Rowe Price Group, Inc.<sup>(b)</sup> | 6472 | &nbsp;&nbsp; 573096 |
| Tompkins Financial Corp. | 422 | &nbsp;&nbsp; 25151 |
| Towne Bank<sup>(b)</sup> | 2191 | &nbsp;&nbsp; 72193 |
| Travelers Cos., Inc. (The) | 6592 | &nbsp;&nbsp; 1741145 |
| TriCo Bancshares<sup>(b)</sup> | 956 | &nbsp;&nbsp; 36883 |
| U.S. Bancorp | 45333 | &nbsp;&nbsp; 1828733 |
| UMB Financial Corp. | 2113 | &nbsp;&nbsp; 199826 |
| United Bankshares, Inc.<sup>(b)</sup> | 4160 | &nbsp;&nbsp; 142646 |
| United Community Banks, Inc.<sup>(b)</sup> | 3474 | &nbsp;&nbsp; 95917 |
| Unity Bancorp, Inc. | 292 | &nbsp;&nbsp; 12089 |
| Unum Group | 5141 | &nbsp;&nbsp; 399250 |
| Visa, Inc., Class A | 50207 | &nbsp;&nbsp; 17346519 |
| W.R. Berkley Corp. | 11023 | &nbsp;&nbsp; 790239 |
| WaFd, Inc.<sup>(b)</sup> | 2367 | &nbsp;&nbsp; 67531 |
| WesBanco, Inc. | 3099 | &nbsp;&nbsp; 92288 |
| Westamerica Bancorporation | 772 | &nbsp;&nbsp; 37388 |
| Wintrust Financial Corp. | 1941 | &nbsp;&nbsp; 215781 |
| Zions Bancorporation N.A. | 4297 | &nbsp;&nbsp; 193236 |
|  |  | &nbsp;&nbsp; 134970010 |
| **Health Care-16.12%** | **Health Care-16.12%** | **Health Care-16.12%** |
| Abbott Laboratories | 50437 | &nbsp;&nbsp; 6594638 |
| AbbVie, Inc. | 51344 | &nbsp;&nbsp; 10017214 |
| Agilent Technologies, Inc. | 8287 | &nbsp;&nbsp; 891681 |
| Amgen, Inc. | 15632 | &nbsp;&nbsp; 4547662 |
| Becton, Dickinson and Co. | 8341 | &nbsp;&nbsp; 1727338 |
| Bristol-Myers Squibb Co. | 58976 | &nbsp;&nbsp; 2960595 |
| Cardinal Health, Inc. | 7018 | &nbsp;&nbsp; 991573 |
| Cencora, Inc. | 5633 | &nbsp;&nbsp; 1648610 |
| Chemed Corp. | 428 | &nbsp;&nbsp; 248886 |
| Danaher Corp. | 20769 | &nbsp;&nbsp; 4139885 |
| Elevance Health, Inc. | 6610 | &nbsp;&nbsp; 2780034 |
| Eli Lilly and Co. | 27620 | &nbsp;&nbsp; 24828999 |
| Ensign Group, Inc. (The)<sup>(b)</sup> | 1671 | &nbsp;&nbsp; 215542 |
| Johnson & Johnson | 70019 | &nbsp;&nbsp; 10944670 |
| LeMaitre Vascular, Inc.<sup>(b)</sup> | 659 | &nbsp;&nbsp; 59798 |
| McKesson Corp. | 3646 | &nbsp;&nbsp; 2598832 |
| Medtronic PLC | 37263 | &nbsp;&nbsp; 3158412 |
| Merck & Co., Inc. | 73469 | &nbsp;&nbsp; 6259559 |
| National HealthCare Corp.<sup>(b)</sup> | 451 | &nbsp;&nbsp; 42615 |
| Perrigo Co. PLC<sup>(b)</sup> | 3963 | &nbsp;&nbsp; 101928 |
| Pfizer, Inc. | 164695 | &nbsp;&nbsp; 4020205 |
| Quest Diagnostics, Inc. | 3226 | &nbsp;&nbsp; 574938 |
| ResMed, Inc. | 4267 | &nbsp;&nbsp; 1009530 |
| STERIS PLC<sup>(b)</sup> | 2854 | &nbsp;&nbsp; 641408 |
| Stryker Corp. | 11092 | &nbsp;&nbsp; 4147521 |
| UnitedHealth Group, Inc. | 26643 | &nbsp;&nbsp; 10961996 |
| West Pharmaceutical Services, Inc. | 2104 | &nbsp;&nbsp; 444554 |
| Zoetis, Inc. | 13011 | &nbsp;&nbsp; 2034920 |
|  |  | &nbsp;&nbsp; 108593543 |

---

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

------

**7**

------

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-10.63%** | **Industrials-10.63%** | **Industrials-10.63%** |
| A.O. Smith Corp. | 3421 | &nbsp;&nbsp; $232149 |
| ABM Industries, Inc. | 1810 | &nbsp;&nbsp; 88219 |
| Advanced Drainage Systems, Inc. | 2250 | &nbsp;&nbsp; 255352 |
| AGCO Corp. | 2171 | &nbsp;&nbsp; 184166 |
| Air Lease Corp., Class A | 3238 | &nbsp;&nbsp; 151409 |
| Alamo Group, Inc.<sup>(b)</sup> | 352 | &nbsp;&nbsp; 58777 |
| Allegion PLC<sup>(b)</sup> | 2505 | &nbsp;&nbsp; 348696 |
| Apogee Enterprises, Inc. | 641 | &nbsp;&nbsp; 25428 |
| Applied Industrial Technologies, Inc. | 1113 | &nbsp;&nbsp; 270771 |
| Automatic Data Processing, Inc. | 11823 | &nbsp;&nbsp; 3553994 |
| Booz Allen Hamilton Holding Corp. | 3684 | &nbsp;&nbsp; 442154 |
| Brady Corp., Class A | 1285 | &nbsp;&nbsp; 90323 |
| Broadridge Financial Solutions, Inc. | 3403 | &nbsp;&nbsp; 824887 |
| C.H. Robinson Worldwide, Inc. | 3452 | &nbsp;&nbsp; 307987 |
| Carlisle Cos., Inc. | 1294 | &nbsp;&nbsp; 491047 |
| Caterpillar, Inc. | 13891 | &nbsp;&nbsp; 4296070 |
| Cintas Corp. | 11726 | &nbsp;&nbsp; 2482160 |
| Comfort Systems USA, Inc. | 1031 | &nbsp;&nbsp; 409874 |
| CSG Systems International, Inc.<sup>(b)</sup> | 835 | &nbsp;&nbsp; 50209 |
| CSX Corp. | 55057 | &nbsp;&nbsp; 1545450 |
| Cummins, Inc. | 3993 | &nbsp;&nbsp; 1173303 |
| Donaldson Co., Inc. | 3473 | &nbsp;&nbsp; 228280 |
| Dover Corp. | 3985 | &nbsp;&nbsp; 680040 |
| Eaton Corp. PLC | 11389 | &nbsp;&nbsp; 3352580 |
| Emerson Electric Co. | 16387 | &nbsp;&nbsp; 1722438 |
| Expeditors International of Washington, Inc. | 4009 | &nbsp;&nbsp; 440629 |
| Exponent, Inc. | 1477 | &nbsp;&nbsp; 116210 |
| Fastenal Co. | 16666 | &nbsp;&nbsp; 1349446 |
| Franklin Electric Co., Inc. | 1328 | &nbsp;&nbsp; 112827 |
| GATX Corp.<sup>(b)</sup> | 1032 | &nbsp;&nbsp; 150631 |
| General Dynamics Corp. | 7858 | &nbsp;&nbsp; 2138319 |
| Gorman-Rupp Co. (The) | 758 | &nbsp;&nbsp; 27182 |
| Graco, Inc. | 4928 | &nbsp;&nbsp; 402174 |
| Griffon Corp.<sup>(b)</sup> | 1381 | &nbsp;&nbsp; 94060 |
| HEICO Corp.<sup>(b)</sup> | 1600 | &nbsp;&nbsp; 401216 |
| Hillenbrand, Inc.<sup>(b)</sup> | 2049 | &nbsp;&nbsp; 41451 |
| HNI Corp.<sup>(b)</sup> | 1366 | &nbsp;&nbsp; 57782 |
| Honeywell International, Inc. | 18884 | &nbsp;&nbsp; 3975082 |
| Hubbell, Inc. | 1560 | &nbsp;&nbsp; 566561 |
| Huntington Ingalls Industries, Inc. | 1135 | &nbsp;&nbsp; 261436 |
| Hyster-Yale, Inc.<sup>(b)</sup> | 416 | &nbsp;&nbsp; 15987 |
| IDEX Corp. | 2206 | &nbsp;&nbsp; 383778 |
| Illinois Tool Works, Inc. | 8527 | &nbsp;&nbsp; 2045713 |
| Insperity, Inc. | 1080 | &nbsp;&nbsp; 70211 |
| ITT, Inc. | 2362 | &nbsp;&nbsp; 323641 |
| J.B. Hunt Transport Services, Inc. | 2906 | &nbsp;&nbsp; 379465 |
| Kadant, Inc.<sup>(b)</sup> | 343 | &nbsp;&nbsp; 101185 |
| L3Harris Technologies, Inc. | 5470 | &nbsp;&nbsp; 1203509 |
| Landstar System, Inc. | 1024 | &nbsp;&nbsp; 137370 |
| Lennox International, Inc. | 1031 | &nbsp;&nbsp; 563699 |
| Lincoln Electric Holdings, Inc. | 1631 | &nbsp;&nbsp; 287382 |
| Lindsay Corp. | 317 | &nbsp;&nbsp; 40912 |
| Lockheed Martin Corp. | 6837 | &nbsp;&nbsp; 3266377 |
| ManpowerGroup, Inc. | 1356 | &nbsp;&nbsp; 58403 |
| Masco Corp. | 6161 | &nbsp;&nbsp; 373418 |
| Matson, Inc. | 952 | &nbsp;&nbsp; 103854 |
| Matthews International Corp., Class A<sup>(b)</sup> | 897 | &nbsp;&nbsp; 18344 |
| MSA Safety, Inc. | 1139 | &nbsp;&nbsp; 179301 |
| Mueller Water Products, Inc., Class A | 4551 | &nbsp;&nbsp; 119418 |
| Nordson Corp. | 1655 | &nbsp;&nbsp; 313738 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Northrop Grumman Corp. | 4205 | &nbsp;&nbsp; $2045732 |
| Oshkosh Corp. | 1877 | &nbsp;&nbsp; 157218 |
| Owens Corning | 2483 | &nbsp;&nbsp; 361053 |
| Paychex, Inc. | 10464 | &nbsp;&nbsp; 1539464 |
| Republic Services, Inc. | 9076 | &nbsp;&nbsp; 2275807 |
| Robert Half, Inc.<sup>(b)</sup> | 2970 | &nbsp;&nbsp; 131571 |
| Rockwell Automation, Inc. | 3288 | &nbsp;&nbsp; 814372 |
| RTX Corp. | 38752 | &nbsp;&nbsp; 4887790 |
| Ryder System, Inc. | 1222 | &nbsp;&nbsp; 168233 |
| Simpson Manufacturing Co., Inc. | 1224 | &nbsp;&nbsp; 188117 |
| Snap-on, Inc.<sup>(b)</sup> | 1523 | &nbsp;&nbsp; 477933 |
| Standex International Corp. | 348 | &nbsp;&nbsp; 49214 |
| Stanley Black & Decker, Inc. | 4487 | &nbsp;&nbsp; 269310 |
| Tennant Co.<sup>(b)</sup> | 550 | &nbsp;&nbsp; 39688 |
| Tetra Tech, Inc. | 7791 | &nbsp;&nbsp; 243001 |
| Timken Co. (The)<sup>(b)</sup> | 2037 | &nbsp;&nbsp; 130877 |
| Toro Co. (The) | 2924 | &nbsp;&nbsp; 199651 |
| Trane Technologies PLC | 6521 | &nbsp;&nbsp; 2499564 |
| Trinity Industries, Inc.<sup>(b)</sup> | 2374 | &nbsp;&nbsp; 59587 |
| UFP Industries, Inc. | 1764 | &nbsp;&nbsp; 174371 |
| Union Pacific Corp. | 17559 | &nbsp;&nbsp; 3786774 |
| United Parcel Service, Inc., Class B | 21504 | &nbsp;&nbsp; 2049331 |
| W.W. Grainger, Inc. | 1401 | &nbsp;&nbsp; 1435058 |
| Waste Management, Inc. | 11684 | &nbsp;&nbsp; 2726578 |
| Watsco, Inc. | 1009 | &nbsp;&nbsp; 463979 |
| Watts Water Technologies, Inc., Class A | 791 | &nbsp;&nbsp; 164330 |
| Xylem, Inc. | 7058 | &nbsp;&nbsp; 850983 |
|  |  | &nbsp;&nbsp; 71576060 |
| **Information Technology-21.25%** | **Information Technology-21.25%** | **Information Technology-21.25%** |
| Accenture PLC, Class A (Ireland) | 18195 | &nbsp;&nbsp; 5443034 |
| Amphenol Corp., Class A | 35191 | &nbsp;&nbsp; 2707947 |
| Analog Devices, Inc. | 14410 | &nbsp;&nbsp; 2808797 |
| Apple, Inc. | 118206 | &nbsp;&nbsp; 25118775 |
| Avnet, Inc.<sup>(b)</sup> | 2511 | &nbsp;&nbsp; 117992 |
| Badger Meter, Inc. | 851 | &nbsp;&nbsp; 187918 |
| Broadcom, Inc. | 136520 | &nbsp;&nbsp; 26276004 |
| CDW Corp. | 3847 | &nbsp;&nbsp; 617674 |
| Cisco Systems, Inc. | 115702 | &nbsp;&nbsp; 6679476 |
| Dolby Laboratories, Inc., Class A | 1780 | &nbsp;&nbsp; 136686 |
| HP, Inc. | 27398 | &nbsp;&nbsp; 700567 |
| International Business Machines Corp. | 26968 | &nbsp;&nbsp; 6521402 |
| Intuit, Inc. | 8137 | &nbsp;&nbsp; 5105723 |
| KLA Corp. | 3858 | &nbsp;&nbsp; 2710978 |
| Lam Research Corp. | 37303 | &nbsp;&nbsp; 2673506 |
| Littelfuse, Inc.<sup>(b)</sup> | 725 | &nbsp;&nbsp; 132175 |
| Microchip Technology, Inc. | 15633 | &nbsp;&nbsp; 720369 |
| Microsoft Corp. | 72020 | &nbsp;&nbsp; 28466625 |
| Motorola Solutions, Inc. | 4853 | &nbsp;&nbsp; 2137213 |
| Oracle Corp. | 81346 | &nbsp;&nbsp; 11447009 |
| Power Integrations, Inc.<sup>(b)</sup> | 1655 | &nbsp;&nbsp; 81294 |
| QUALCOMM, Inc. | 32175 | &nbsp;&nbsp; 4776701 |
| Roper Technologies, Inc. | 3121 | &nbsp;&nbsp; 1748010 |
| Skyworks Solutions, Inc.<sup>(b)</sup> | 4672 | &nbsp;&nbsp; 300316 |
| TE Connectivity PLC (Switzerland) | 8669 | &nbsp;&nbsp; 1268968 |
| Texas Instruments, Inc. | 26452 | &nbsp;&nbsp; 4233643 |
|  |  | &nbsp;&nbsp; 143118802 |
| **Materials-2.97%** | **Materials-2.97%** | **Materials-2.97%** |
| Air Products and Chemicals, Inc. | 6468 | &nbsp;&nbsp; 1753410 |
| Albemarle Corp.<sup>(b)</sup> | 3419 | &nbsp;&nbsp; 200182 |

---

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

------

**8**

------

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-(continued)** | **Materials-(continued)** | **Materials-(continued)** |
| AptarGroup, Inc. | 1935 | &nbsp;&nbsp; $290153 |
| Ashland, Inc.<sup>(b)</sup> | 1370 | &nbsp;&nbsp; 74514 |
| Avery Dennison Corp. | 2292 | &nbsp;&nbsp; 392184 |
| Avient Corp.<sup>(b)</sup> | 2655 | &nbsp;&nbsp; 88438 |
| Balchem Corp. | 942 | &nbsp;&nbsp; 147470 |
| Cabot Corp. | 1576 | &nbsp;&nbsp; 123779 |
| Eastman Chemical Co. | 3349 | &nbsp;&nbsp; 257873 |
| Ecolab, Inc. | 8220 | &nbsp;&nbsp; 2066755 |
| H.B. Fuller Co. | 1589 | &nbsp;&nbsp; 85870 |
| Hawkins, Inc. | 611 | &nbsp;&nbsp; 74408 |
| Innospec, Inc. | 729 | &nbsp;&nbsp; 65231 |
| Linde PLC | 13755 | &nbsp;&nbsp; 6234179 |
| LyondellBasell Industries N.V., Class A | 9402 | &nbsp;&nbsp; 547290 |
| Materion Corp.<sup>(b)</sup> | 607 | &nbsp;&nbsp; 50387 |
| Nucor Corp. | 6703 | &nbsp;&nbsp; 800137 |
| PPG Industries, Inc. | 6599 | &nbsp;&nbsp; 718367 |
| Quaker Chemical Corp.<sup>(b)</sup> | 516 | &nbsp;&nbsp; 54665 |
| Reliance, Inc. | 1540 | &nbsp;&nbsp; 443874 |
| Royal Gold, Inc. | 1913 | &nbsp;&nbsp; 349524 |
| RPM International, Inc. | 3732 | &nbsp;&nbsp; 398391 |
| Sherwin-Williams Co. (The) | 7304 | &nbsp;&nbsp; 2577728 |
| Silgan Holdings, Inc. | 3104 | &nbsp;&nbsp; 160322 |
| Sonoco Products Co. | 2856 | &nbsp;&nbsp; 117096 |
| Steel Dynamics, Inc. | 4363 | &nbsp;&nbsp; 565925 |
| Stepan Co.<sup>(b)</sup> | 657 | &nbsp;&nbsp; 33218 |
| Vulcan Materials Co. | 3836 | &nbsp;&nbsp; 1006298 |
| Westlake Corp.<sup>(b)</sup> | 3730 | &nbsp;&nbsp; 344764 |
|  |  | &nbsp;&nbsp; 20022432 |
| **Real Estate-1.76%** | **Real Estate-1.76%** | **Real Estate-1.76%** |
| Agree Realty Corp. | 3117 | &nbsp;&nbsp; 241910 |
| Alexandria Real Estate Equities, Inc. | 5033 | &nbsp;&nbsp; 365698 |
| American Tower Corp. | 13585 | &nbsp;&nbsp; 3062195 |
| CareTrust REIT, Inc. | 5451 | &nbsp;&nbsp; 159551 |
| CubeSmart | 6626 | &nbsp;&nbsp; 269479 |
| EastGroup Properties, Inc. | 1512 | &nbsp;&nbsp; 247091 |
| Equity LifeStyle Properties, Inc. | 5552 | &nbsp;&nbsp; 359658 |
| Essex Property Trust, Inc. | 1871 | &nbsp;&nbsp; 522290 |
| First Industrial Realty Trust, Inc. | 3844 | &nbsp;&nbsp; 182897 |
| Getty Realty Corp.<sup>(b)</sup> | 1600 | &nbsp;&nbsp; 44784 |
| Gladstone Land Corp.<sup>(b)</sup> | 1049 | &nbsp;&nbsp; 10417 |
| Mid-America Apartment Communities, Inc. | 3399 | &nbsp;&nbsp; 542650 |
| NNN REIT, Inc. | 5447 | &nbsp;&nbsp; 223926 |
| Prologis, Inc. | 26935 | &nbsp;&nbsp; 2752757 |
| Realty Income Corp. | 25910 | &nbsp;&nbsp; 1499153 |
| Regency Centers Corp. | 5267 | &nbsp;&nbsp; 380172 |
| Rexford Industrial Realty, Inc. | 6628 | &nbsp;&nbsp; 219387 |
| STAG Industrial, Inc. | 5419 | &nbsp;&nbsp; 178990 |
| Terreno Realty Corp.<sup>(b)</sup> | 2899 | &nbsp;&nbsp; 163301 |
| UDR, Inc. | 9626 | &nbsp;&nbsp; 403137 |
| Universal Health Realty Income Trust | 405 | &nbsp;&nbsp; 15475 |
|  |  | &nbsp;&nbsp; 11844918 |
| **Utilities-4.27%** | **Utilities-4.27%** | **Utilities-4.27%** |
| AES Corp. (The) | 20661 | &nbsp;&nbsp; 206610 |
| Alliant Energy Corp. | 7459 | &nbsp;&nbsp; 455297 |
| Ameren Corp. | 7846 | &nbsp;&nbsp; 778637 |
| American Electric Power Co., Inc. | 15498 | &nbsp;&nbsp; 1679053 |
| American States Water Co. | 1107 | &nbsp;&nbsp; 89789 |
| American Water Works Co., Inc. | 5664 | &nbsp;&nbsp; 832665 |
| Artesian Resources Corp., Class A | 275 | &nbsp;&nbsp; 9768 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities-(continued)** | **Utilities-(continued)** | **Utilities-(continued)** |
| Atmos Energy Corp. | 4613 | &nbsp;&nbsp; $740986 |
| Avista Corp. | 2325 | &nbsp;&nbsp; 96418 |
| Black Hills Corp. | 2084 | &nbsp;&nbsp; 126916 |
| Brookfield Infrastructure Partners L.P. <br> (Canada)<br>| 13419 | &nbsp;&nbsp; 402704 |
| Brookfield Renewable Partners L.P. (Canada) | 8284 | &nbsp;&nbsp; 190863 |
| California Water Service Group | 1730 | &nbsp;&nbsp; 87624 |
| Chesapeake Utilities Corp. | 671 | &nbsp;&nbsp; 88351 |
| CMS Energy Corp. | 8682 | &nbsp;&nbsp; 639429 |
| Consolidated Edison, Inc. | 10073 | &nbsp;&nbsp; 1135731 |
| DTE Energy Co. | 6023 | &nbsp;&nbsp; 825151 |
| Duke Energy Corp. | 22565 | &nbsp;&nbsp; 2753381 |
| Edison International | 11193 | &nbsp;&nbsp; 598937 |
| Entergy Corp. | 12511 | &nbsp;&nbsp; 1040540 |
| Essential Utilities, Inc. | 7992 | &nbsp;&nbsp; 328711 |
| Evergy, Inc. | 6688 | &nbsp;&nbsp; 462141 |
| Eversource Energy<sup>(b)</sup> | 10660 | &nbsp;&nbsp; 634057 |
| IDACORP, Inc. | 1569 | &nbsp;&nbsp; 185283 |
| MGE Energy, Inc. | 1059 | &nbsp;&nbsp; 95755 |
| Middlesex Water Co. | 523 | &nbsp;&nbsp; 33012 |
| National Fuel Gas Co. | 2630 | &nbsp;&nbsp; 201931 |
| New Jersey Resources Corp. | 2914 | &nbsp;&nbsp; 142611 |
| NextEra Energy, Inc. | 59778 | &nbsp;&nbsp; 3997953 |
| NiSource, Inc. | 13658 | &nbsp;&nbsp; 534164 |
| Northwest Natural Holding Co. | 1168 | &nbsp;&nbsp; 50341 |
| NorthWestern Energy Group, Inc. | 1784 | &nbsp;&nbsp; 103882 |
| OGE Energy Corp. | 5845 | &nbsp;&nbsp; 265246 |
| ONE Gas, Inc. | 1741 | &nbsp;&nbsp; 136686 |
| Otter Tail Corp.<sup>(b)</sup> | 1214 | &nbsp;&nbsp; 96367 |
| Pinnacle West Capital Corp. | 3464 | &nbsp;&nbsp; 329704 |
| Portland General Electric Co. | 3179 | &nbsp;&nbsp; 133899 |
| Public Service Enterprise Group, Inc. | 14486 | &nbsp;&nbsp; 1157866 |
| Sempra | 18929 | &nbsp;&nbsp; 1405857 |
| SJW Group | 976 | &nbsp;&nbsp; 55378 |
| Southern Co. (The) | 31876 | &nbsp;&nbsp; 2929086 |
| Spire, Inc. | 1697 | &nbsp;&nbsp; 129888 |
| TXNM Energy, Inc. | 2619 | &nbsp;&nbsp; 139331 |
| UGI Corp.<sup>(b)</sup> | 6244 | &nbsp;&nbsp; 204741 |
| Unitil Corp. | 475 | &nbsp;&nbsp; 27864 |
| WEC Energy Group, Inc. | 9235 | &nbsp;&nbsp; 1011417 |
| Xcel Energy, Inc.<sup>(b)</sup> | 16698 | &nbsp;&nbsp; 1180549 |
| York Water Co. (The) | 420 | &nbsp;&nbsp; 14784 |
|  |  | &nbsp;&nbsp; 28767354 |
| Total Common Stocks & Other Equity Interests <br>(Cost $512,822,391) | Total Common Stocks & Other Equity Interests <br>(Cost $512,822,391) | &nbsp;&nbsp; 672950636 |
| **Money Market Funds-0.11%** | **Money Market Funds-0.11%** | **Money Market Funds-0.11%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)(d)</sup> <br>(Cost $766,849)<br>| 766849 | &nbsp;&nbsp; 766849 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.02% <br>(Cost $513,589,240) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.02% <br>(Cost $513,589,240) | &nbsp;&nbsp; 673717485 |

---

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

------

**9**

------

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-2.00%** | **Money Market Funds-2.00%** | **Money Market Funds-2.00%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(c)(d)(e)</sup><br>| 3748139 | &nbsp;&nbsp; $3748139 |
| Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup> | 9741158 | &nbsp;&nbsp; 9743106 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $13,491,696) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $13,491,696) | &nbsp;&nbsp; 13491245 |
| TOTAL INVESTMENTS IN SECURITIES-102.02% <br>(Cost $527,080,936) | TOTAL INVESTMENTS IN SECURITIES-102.02% <br>(Cost $527,080,936) | &nbsp;&nbsp; 687208730 |
| OTHER ASSETS LESS LIABILITIES-(2.02)% | OTHER ASSETS LESS LIABILITIES-(2.02)% | &nbsp;&nbsp; (13633342)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $673575388 |

---

Investment Abbreviations: <br> REIT -Real Estate Investment Trust

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $210130 | &nbsp;&nbsp; $18751141 | &nbsp;&nbsp; $(18194422)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $766849 | &nbsp;&nbsp; $26455 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 4167515 | &nbsp;&nbsp; 57143883 | &nbsp;&nbsp; (57563259)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 3748139 | &nbsp;&nbsp; 180,563<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 10719241 | &nbsp;&nbsp; 124253554 | &nbsp;&nbsp; (125228755)<br>| &nbsp;&nbsp; 515 | &nbsp;&nbsp; (1449)<br>| &nbsp;&nbsp; 9743106 | &nbsp;&nbsp; 482,777<br> \*<br>|
| Total | &nbsp;&nbsp; $15096886 | &nbsp;&nbsp; $200148578 | &nbsp;&nbsp; $(200986436)<br>| &nbsp;&nbsp; $515 | &nbsp;&nbsp; $(1449)<br>| &nbsp;&nbsp; $14258094 | &nbsp;&nbsp; $689795 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**10**

------

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

April 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.67%** | **Common Stocks & Other Equity Interests-99.67%** | **Common Stocks & Other Equity Interests-99.67%** |
| **Communication Services-13.15%** | **Communication Services-13.15%** | **Communication Services-13.15%** |
| Verizon Communications, Inc. | 882923 | &nbsp;&nbsp; $38901587 |
| Walt Disney Co. (The) | 54509 | &nbsp;&nbsp; 4957594 |
|  |  | &nbsp;&nbsp; 43859181 |
| **Consumer Discretionary-11.76%** | **Consumer Discretionary-11.76%** | **Consumer Discretionary-11.76%** |
| Home Depot, Inc. (The) | 40395 | &nbsp;&nbsp; 14561993 |
| McDonald's Corp. | 46855 | &nbsp;&nbsp; 14977201 |
| NIKE, Inc., Class B | 171985 | &nbsp;&nbsp; 9699954 |
|  |  | &nbsp;&nbsp; 39239148 |
| **Consumer Staples-11.62%** | **Consumer Staples-11.62%** | **Consumer Staples-11.62%** |
| Coca-Cola Co. (The) | 253426 | &nbsp;&nbsp; 18386056 |
| Procter & Gamble Co. (The) | 84357 | &nbsp;&nbsp; 13713917 |
| Walmart, Inc. | 68338 | &nbsp;&nbsp; 6645871 |
|  |  | &nbsp;&nbsp; 38745844 |
| **Energy-6.85%** | **Energy-6.85%** | **Energy-6.85%** |
| Chevron Corp. | 168026 | &nbsp;&nbsp; 22861618 |
| **Financials-13.20%** | **Financials-13.20%** | **Financials-13.20%** |
| American Express Co. | 21422 | &nbsp;&nbsp; 5707035 |
| Goldman Sachs Group, Inc. (The) | 21812 | &nbsp;&nbsp; 11943161 |
| JPMorgan Chase & Co. | 49729 | &nbsp;&nbsp; 12164708 |
| Travelers Cos., Inc. (The) | 38104 | &nbsp;&nbsp; 10064409 |
| Visa, Inc., Class A | 12034 | &nbsp;&nbsp; 4157747 |
|  |  | &nbsp;&nbsp; 44037060 |
| **Health Care-19.08%** | **Health Care-19.08%** | **Health Care-19.08%** |
| Amgen, Inc. | 60264 | &nbsp;&nbsp; 17532003 |
| Johnson & Johnson | 112947 | &nbsp;&nbsp; 17654745 |
| Merck & Co., Inc. | 227214 | &nbsp;&nbsp; 19358633 |
| UnitedHealth Group, Inc. | 22150 | &nbsp;&nbsp; 9113396 |
|  |  | &nbsp;&nbsp; 63658777 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-9.84%** | **Industrials-9.84%** | **Industrials-9.84%** |
| 3M Co. | 76586 | &nbsp;&nbsp; $10638561 |
| Caterpillar, Inc. | 29545 | &nbsp;&nbsp; 9137382 |
| Honeywell International, Inc. | 62013 | &nbsp;&nbsp; 13053737 |
|  |  | &nbsp;&nbsp; 32829680 |
| **Information Technology-12.52%** | **Information Technology-12.52%** | **Information Technology-12.52%** |
| Apple, Inc. | 11850 | &nbsp;&nbsp; 2518125 |
| Cisco Systems, Inc. | 258698 | &nbsp;&nbsp; 14934635 |
| International Business Machines Corp. | 65223 | &nbsp;&nbsp; 15772226 |
| Microsoft Corp. | 13169 | &nbsp;&nbsp; 5205179 |
| NVIDIA Corp. | 1604 | &nbsp;&nbsp; 174708 |
| Salesforce, Inc. | 11765 | &nbsp;&nbsp; 3161373 |
|  |  | &nbsp;&nbsp; 41766246 |
| **Materials-1.65%** | **Materials-1.65%** | **Materials-1.65%** |
| Sherwin-Williams Co. (The) | 15619 | &nbsp;&nbsp; 5512258 |
| Total Common Stocks & Other Equity Interests <br>(Cost $315,134,375) | Total Common Stocks & Other Equity Interests <br>(Cost $315,134,375) | &nbsp;&nbsp; 332509812 |
| **Money Market Funds-0.11%** | **Money Market Funds-0.11%** | **Money Market Funds-0.11%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(b)(c)</sup> <br>(Cost $385,164)<br>| 385164 | &nbsp;&nbsp; 385164 |
| TOTAL INVESTMENTS IN SECURITIES-99.78% <br>(Cost $315,519,539) | TOTAL INVESTMENTS IN SECURITIES-99.78% <br>(Cost $315,519,539) | &nbsp;&nbsp; 332894976 |
| OTHER ASSETS LESS LIABILITIES-0.22% | OTHER ASSETS LESS LIABILITIES-0.22% | &nbsp;&nbsp; 721848 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $333616824 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $11629548 | &nbsp;&nbsp; $(11244384)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $385164 | &nbsp;&nbsp; $14684 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 718604 | &nbsp;&nbsp; 51629309 | &nbsp;&nbsp; (52347913)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 55,195<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 1848277 | &nbsp;&nbsp; 131967593 | &nbsp;&nbsp; (133815742)<br>| &nbsp;&nbsp; 182 | &nbsp;&nbsp; (310)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 146,362<br> \*<br>|
| Total | &nbsp;&nbsp; $2566881 | &nbsp;&nbsp; $195226450 | &nbsp;&nbsp; $(197408039)<br>| &nbsp;&nbsp; $182 | &nbsp;&nbsp; $(310)<br>| &nbsp;&nbsp; $385164 | &nbsp;&nbsp; $216241 |

---

\* 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.

------

**11**

------

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

April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(c)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

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

------

**12**

------

**Invesco Financial Preferred ETF (PGF)**

April 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Preferred Stocks-100.09%** | **Preferred Stocks-100.09%** | **Preferred Stocks-100.09%** |
| **Banks-50.24%** | **Banks-50.24%** | **Banks-50.24%** |
| Bank of America Corp. |  |  |
| Series PP, Pfd., 4.13%<sup>(b)</sup> | 381346 | &nbsp;&nbsp; $6357038 |
| Series QQ, Pfd., 4.25%<sup>(b)</sup> | 542023 | &nbsp;&nbsp; 9322796 |
| Series NN, Pfd., 4.38%<sup>(b)</sup> | 449187 | &nbsp;&nbsp; 7892216 |
| Series SS, Pfd., 4.75%<sup>(b)</sup> | 286925 | &nbsp;&nbsp; 5566345 |
| Series LL, Pfd., 5.00%<sup>(b)</sup> | 543759 | &nbsp;&nbsp; 11043745 |
| Series KK, Pfd., 5.38%<sup>(b)</sup> | 577485 | &nbsp;&nbsp; 12664246 |
| Series HH, Pfd., 5.88%<sup>(b)</sup> | 355740 | &nbsp;&nbsp; 8505743 |
| Series GG, Pfd., 6.00%<sup>(b)</sup> | 564184 | &nbsp;&nbsp; 14003047 |
| Bank OZK, Series A, Pfd., 4.63% | 253550 | &nbsp;&nbsp; 4338240 |
| Citizens Financial Group, Inc. |  |  |
| Series E, Pfd., 5.00%<sup>(b)</sup> | 325992 | &nbsp;&nbsp; 6193848 |
| Pfd., 7.38%<sup>(b)</sup> | 289771 | &nbsp;&nbsp; 7612284 |
| Fifth Third Bancorp, Series K, Pfd., 4.95%<sup>(b)</sup> | 181107 | &nbsp;&nbsp; 3850335 |
| First Citizens BancShares, Inc., Series A, Pfd., <br> 5.38%<sup>(b)</sup><br>| 249927 | &nbsp;&nbsp; 5188485 |
| Flagstar Financial, Inc., Series A, Pfd., <br> 6.38%<sup>(b)(c)</sup><br>| 372996 | &nbsp;&nbsp; 8310351 |
| Huntington Bancshares, Inc. |  |  |
| Series H, Pfd., 4.50%<sup>(b)</sup> | 362214 | &nbsp;&nbsp; 6385833 |
| Series J, Pfd., 6.88%<sup>(b)(c)</sup> | 235439 | &nbsp;&nbsp; 5949544 |
| JPMorgan Chase & Co. |  |  |
| Series MM, Pfd., 4.20%<sup>(b)</sup> | 835829 | &nbsp;&nbsp; 14877756 |
| Series JJ, Pfd., 4.55%<sup>(b)</sup> | 627055 | &nbsp;&nbsp; 12001833 |
| Series LL, Pfd., 4.63%<sup>(b)</sup> | 773141 | &nbsp;&nbsp; 15076249 |
| Series GG, Pfd., 4.75%<sup>(b)</sup> | 376021 | &nbsp;&nbsp; 7550502 |
| Series DD, Pfd., 5.75%<sup>(b)</sup> | 708888 | &nbsp;&nbsp; 17396111 |
| Series EE, Pfd., 6.00%<sup>(b)</sup> | 773141 | &nbsp;&nbsp; 19351719 |
| KeyCorp |  |  |
| Series G, Pfd., 5.63%<sup>(b)</sup> | 325992 | &nbsp;&nbsp; 6943630 |
| Series F, Pfd., 5.65%<sup>(b)</sup> | 307882 | &nbsp;&nbsp; 6745695 |
| Series E, Pfd., 6.13%<sup>(b)(c)</sup> | 362214 | &nbsp;&nbsp; 9149526 |
| Pfd., 6.20%<sup>(b)(c)</sup> | 434656 | &nbsp;&nbsp; 10662112 |
| M&T Bank Corp. |  |  |
| Series H, Pfd., 5.63%<sup>(b)(c)</sup> | 181107 | &nbsp;&nbsp; 4413578 |
| Series J, Pfd., 7.50% | 543320 | &nbsp;&nbsp; 14501211 |
| Regions Financial Corp. |  |  |
| Series E, Pfd., 4.45%<sup>(b)</sup> | 289771 | &nbsp;&nbsp; 5091276 |
| Series C, Pfd., 5.70%<sup>(c)</sup> | 362214 | &nbsp;&nbsp; 8338166 |
| Pfd., 6.95%<sup>(b)(c)</sup> | 362214 | &nbsp;&nbsp; 9055350 |
| Texas Capital Bancshares, Inc., Series B, Pfd., <br> 5.75%<br>| 217328 | &nbsp;&nbsp; 4266149 |
| Truist Financial Corp. |  |  |
| Series R, Pfd., 4.75%<sup>(b)</sup> | 670095 | &nbsp;&nbsp; 12798814 |
| Series O, Pfd., 5.25%<sup>(b)</sup> | 416546 | &nbsp;&nbsp; 8751631 |
| U.S. Bancorp |  |  |
| Series L, Pfd., 3.75%<sup>(b)</sup> | 362214 | &nbsp;&nbsp; 5534630 |
| Series M, Pfd., 4.00%<sup>(b)</sup> | 543320 | &nbsp;&nbsp; 8845250 |
| Series O, Pfd., 4.50%<sup>(b)</sup> | 325992 | &nbsp;&nbsp; 6050412 |
| Series K, Pfd., 5.50%<sup>(b)</sup> | 416546 | &nbsp;&nbsp; 9276479 |
| WaFd, Inc., Series A, Pfd., 4.88% | 217328 | &nbsp;&nbsp; 3585912 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Banks-(continued)** | **Banks-(continued)** | **Banks-(continued)** |
| Wells Fargo & Co. |  |  |
| Series DD, Pfd., 4.25% | 522393 | &nbsp;&nbsp; $8854561 |
| Series CC, Pfd., 4.38%<sup>(b)</sup> | 438809 | &nbsp;&nbsp; 7679157 |
| Series AA, Pfd., 4.70% | 488960 | &nbsp;&nbsp; 9123994 |
| Series Z, Pfd., 4.75% | 841052 | &nbsp;&nbsp; 15946346 |
| Series Y, Pfd., 5.63%<sup>(b)</sup> | 288145 | &nbsp;&nbsp; 6572587 |
| Western Alliance Bancorporation, Series A, <br> Pfd., 4.25%<sup>(b)(c)</sup><br>| 217328 | &nbsp;&nbsp; 4520422 |
|  |  | &nbsp;&nbsp; 396145154 |
| **Capital Markets-15.30%** | **Capital Markets-15.30%** | **Capital Markets-15.30%** |
| Bank of New York Mellon Corp. (The), <br> Series K, Pfd., 6.15%<sup>(b)(c)</sup><br>| 361966 | &nbsp;&nbsp; 9092586 |
| Charles Schwab Corp. (The) |  |  |
| Series J, Pfd., 4.45%<sup>(b)</sup> | 434656 | &nbsp;&nbsp; 8432326 |
| Series D, Pfd., 5.95%<sup>(b)</sup> | 543320 | &nbsp;&nbsp; 13555834 |
| Morgan Stanley |  |  |
| Series O, Pfd., 4.25%<sup>(b)</sup> | 543287 | &nbsp;&nbsp; 9311939 |
| Series L, Pfd., 4.88% | 208694 | &nbsp;&nbsp; 4084142 |
| Series K, Pfd., 5.85%<sup>(b)</sup> | 417915 | &nbsp;&nbsp; 9486671 |
| Series I, Pfd., 6.38%<sup>(b)</sup> | 417915 | &nbsp;&nbsp; 10146976 |
| Series P, Pfd., 6.50%<sup>(b)</sup> | 417915 | &nbsp;&nbsp; 10485487 |
| Series Q, Pfd., 6.63%<sup>(b)</sup> | 417915 | &nbsp;&nbsp; 10506383 |
| Series F, Pfd., 6.88%<sup>(b)</sup> | 355227 | &nbsp;&nbsp; 8916198 |
| Series E, Pfd., 7.13%<sup>(b)</sup> | 360452 | &nbsp;&nbsp; 9083390 |
| Northern Trust Corp., Series E, Pfd., <br> 4.70%<sup>(b)</sup><br>| 289771 | &nbsp;&nbsp; 5714284 |
| State Street Corp., Series G, Pfd., 5.35%<sup>(b)</sup> | 362214 | &nbsp;&nbsp; 8015796 |
| Stifel Financial Corp., Series D, Pfd., <br> 4.50%<sup>(b)</sup><br>| 217328 | &nbsp;&nbsp; 3777161 |
|  |  | &nbsp;&nbsp; 120609173 |
| **Consumer Finance-6.93%** | **Consumer Finance-6.93%** | **Consumer Finance-6.93%** |
| Capital One Financial Corp. |  |  |
| Series N, Pfd., 4.25%<sup>(b)</sup> | 219493 | &nbsp;&nbsp; 3595295 |
| Series L, Pfd., 4.38%<sup>(b)</sup> | 348544 | &nbsp;&nbsp; 5803258 |
| Series J, Pfd., 4.80%<sup>(b)</sup> | 645505 | &nbsp;&nbsp; 11722371 |
| Series I, Pfd., 5.00% | 774558 | &nbsp;&nbsp; 14476489 |
| Synchrony Financial |  |  |
| Series A, Pfd., 5.63%<sup>(b)</sup> | 543320 | &nbsp;&nbsp; 9882991 |
| Series B, Pfd., 8.25%<sup>(b)(c)</sup> | 362214 | &nbsp;&nbsp; 9138659 |
|  |  | &nbsp;&nbsp; 54619063 |
| **Financial Services-3.90%** | **Financial Services-3.90%** | **Financial Services-3.90%** |
| Equitable Holdings, Inc. |  |  |
| Series C, Pfd., 4.30%<sup>(b)</sup> | 217328 | &nbsp;&nbsp; 3572872 |
| Series A, Pfd., 5.25% | 579542 | &nbsp;&nbsp; 11590840 |
| Jackson Financial, Inc., Pfd., 8.00%<sup>(b)(c)</sup> | 398435 | &nbsp;&nbsp; 10339388 |
| Voya Financial, Inc., Series B, Pfd., <br> 5.35%<sup>(b)(c)</sup><br>| 217328 | &nbsp;&nbsp; 5274551 |
|  |  | &nbsp;&nbsp; 30777651 |
| **Insurance-23.72%** | **Insurance-23.72%** | **Insurance-23.72%** |
| Allstate Corp. (The) |  |  |
| Series I, Pfd., 4.75%<sup>(b)</sup> | 217328 | &nbsp;&nbsp; 4192257 |
| Series H, Pfd., 5.10%<sup>(b)</sup> | 833091 | &nbsp;&nbsp; 17269976 |
| Series J, Pfd., 7.38%<sup>(b)</sup> | 434656 | &nbsp;&nbsp; 11527077 |

---

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

------

**13**

------

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Insurance-(continued)** | **Insurance-(continued)** | **Insurance-(continued)** |
| American National Group, Inc. |  |  |
| Series B, Pfd., 6.63%<sup>(c)</sup> | 217328 | &nbsp;&nbsp; $5467972 |
| Pfd., 7.38%<sup>(b)</sup> | 217328 | &nbsp;&nbsp; 5415814 |
| Arch Capital Group Ltd. |  |  |
| Series G, Pfd., 4.55%<sup>(b)</sup> | 362214 | &nbsp;&nbsp; 6154016 |
| Series F, Pfd., 5.45%<sup>(b)</sup> | 239061 | &nbsp;&nbsp; 4912704 |
| Aspen Insurance Holdings Ltd. |  |  |
| Pfd., 5.63% (Bermuda)<sup>(b)</sup> | 181107 | &nbsp;&nbsp; 3348668 |
| Pfd., 5.63% (Bermuda)<sup>(b)</sup> | 181107 | &nbsp;&nbsp; 3354102 |
| Athene Holding Ltd. |  |  |
| Series D, Pfd., 4.88%<sup>(b)</sup> | 317802 | &nbsp;&nbsp; 5304115 |
| Series B, Pfd., 5.63%<sup>(b)</sup> | 190681 | &nbsp;&nbsp; 3636287 |
| Series A, Pfd., 6.35%<sup>(b)(c)</sup> | 476703 | &nbsp;&nbsp; 11173918 |
| Series C, Pfd., 6.38%<sup>(b)(c)</sup> | 331619 | &nbsp;&nbsp; 8307056 |
| Series E, Pfd., 7.75%<sup>(c)</sup> | 276349 | &nbsp;&nbsp; 6939123 |
| AXIS Capital Holdings Ltd., Series E, Pfd., <br> 5.50%<br>| 398435 | &nbsp;&nbsp; 8112137 |
| Brighthouse Financial, Inc. |  |  |
| Series D, Pfd., 4.63%<sup>(b)</sup> | 253550 | &nbsp;&nbsp; 3635907 |
| Series C, Pfd., 5.38% | 416546 | &nbsp;&nbsp; 6756376 |
| Series A, Pfd., 6.60% | 307882 | &nbsp;&nbsp; 6166876 |
| Series B, Pfd., 6.75%<sup>(b)</sup> | 291582 | &nbsp;&nbsp; 5764576 |
| Enstar Group Ltd., Series D, Pfd., 7.00%<sup>(c)</sup> | 289771 | &nbsp;&nbsp; 6177918 |
| Hartford Insurance Group, Inc. (The), <br> Series G, Pfd., 6.00%<sup>(b)</sup><br>| 249927 | &nbsp;&nbsp; 6258172 |
| Lincoln National Corp., Series D, Pfd., <br> 9.00%<sup>(b)</sup><br>| 362214 | &nbsp;&nbsp; 9823244 |
| MetLife, Inc. |  |  |
| Series F, Pfd., 4.75%<sup>(b)</sup> | 724427 | &nbsp;&nbsp; 14184281 |
| Series E, Pfd., 5.63%<sup>(b)</sup> | 583164 | &nbsp;&nbsp; 13651869 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Insurance-(continued)** | **Insurance-(continued)** | **Insurance-(continued)** |
| RenaissanceRe Holdings Ltd. |  |  |
| Series G, Pfd., 4.20% (Bermuda) | 362214 | &nbsp;&nbsp; $5661405 |
| Series F, Pfd., 5.75% (Bermuda)<sup>(b)</sup> | 181107 | &nbsp;&nbsp; 3875690 |
|  |  | &nbsp;&nbsp; 187071536 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.09% <br>(Cost $923,435,226) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.09% <br>(Cost $923,435,226) | &nbsp;&nbsp; 789222577 |
| **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-7.79%** | **Money Market Funds-7.79%** | **Money Market Funds-7.79%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 17074247 | &nbsp;&nbsp; 17074247 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 44351165 | &nbsp;&nbsp; 44360035 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $61,437,702) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $61,437,702) | &nbsp;&nbsp; 61434282 |
| TOTAL INVESTMENTS IN SECURITIES-107.88% <br>(Cost $984,872,928) | TOTAL INVESTMENTS IN SECURITIES-107.88% <br>(Cost $984,872,928) | &nbsp;&nbsp; 850656859 |
| OTHER ASSETS LESS LIABILITIES-(7.88)% | OTHER ASSETS LESS LIABILITIES-(7.88)% | &nbsp;&nbsp; (62126064)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $788530795 |

---

Investment Abbreviations: <br> Pfd. -Preferred

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <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 holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $58322117 | &nbsp;&nbsp; $(58322117)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $82886 |

---

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

------

**14**

------

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

April 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; $6510773 | &nbsp;&nbsp; $105239889 | &nbsp;&nbsp; $(94676415)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $17074247 | &nbsp;&nbsp; $521,687<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 16697234 | &nbsp;&nbsp; 259510401 | &nbsp;&nbsp; (231843841)<br>| &nbsp;&nbsp; (2071)<br>| &nbsp;&nbsp; (1688)<br>| &nbsp;&nbsp; 44360035 | &nbsp;&nbsp; 1,390,345<br> \*<br>|
| Total | &nbsp;&nbsp; $23208007 | &nbsp;&nbsp; $423072407 | &nbsp;&nbsp; $(384842373)<br>| &nbsp;&nbsp; $(2071)<br>| &nbsp;&nbsp; $(1688)<br>| &nbsp;&nbsp; $61434282 | &nbsp;&nbsp; $1994918 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**15**

------

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

April 30, 2025

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%** |
| **Air Freight & Logistics-2.11%** | **Air Freight & Logistics-2.11%** | **Air Freight & Logistics-2.11%** |
| United Parcel Service, Inc., Class B | 241775 | &nbsp;&nbsp; $23041158 |
| **Banks-13.15%** | **Banks-13.15%** | **Banks-13.15%** |
| Associated Banc-Corp | 756045 | &nbsp;&nbsp; 16678353 |
| Atlantic Union Bankshares Corp., Class B | 544224 | &nbsp;&nbsp; 15075005 |
| Regions Financial Corp. | 914478 | &nbsp;&nbsp; 18664496 |
| Simmons First National Corp., Class A | 912913 | &nbsp;&nbsp; 17034956 |
| U.S. Bancorp | 472204 | &nbsp;&nbsp; 19048709 |
| United Bankshares, Inc. | 594423 | &nbsp;&nbsp; 20382765 |
| WaFd, Inc.<sup>(b)</sup> | 629085 | &nbsp;&nbsp; 17947795 |
| WesBanco, Inc. | 618453 | &nbsp;&nbsp; 18417530 |
|  |  | &nbsp;&nbsp; 143249609 |
| **Capital Markets-6.69%** | **Capital Markets-6.69%** | **Capital Markets-6.69%** |
| Franklin Resources, Inc.<sup>(b)</sup> | 1599080 | &nbsp;&nbsp; 29998741 |
| Main Street Capital Corp.<sup>(b)</sup> | 415787 | &nbsp;&nbsp; 22269552 |
| T. Rowe Price Group, Inc.<sup>(b)</sup> | 232797 | &nbsp;&nbsp; 20614174 |
|  |  | &nbsp;&nbsp; 72882467 |
| **Chemicals-2.50%** | **Chemicals-2.50%** | **Chemicals-2.50%** |
| LyondellBasell Industries N.V., Class A | 468338 | &nbsp;&nbsp; 27261955 |
| **Consumer Staples Distribution & Retail-1.35%** | **Consumer Staples Distribution & Retail-1.35%** | **Consumer Staples Distribution & Retail-1.35%** |
| Target Corp. | 151573 | &nbsp;&nbsp; 14657109 |
| **Containers & Packaging-1.80%** | **Containers & Packaging-1.80%** | **Containers & Packaging-1.80%** |
| Sonoco Products Co. | 477150 | &nbsp;&nbsp; 19563150 |
| **Diversified Telecommunication Services-4.99%** | **Diversified Telecommunication Services-4.99%** | **Diversified Telecommunication Services-4.99%** |
| Cogent Communications Holdings, Inc.<sup>(b)</sup> | 385140 | &nbsp;&nbsp; 20932359 |
| Verizon Communications, Inc. | 758228 | &nbsp;&nbsp; 33407526 |
|  |  | &nbsp;&nbsp; 54339885 |
| **Electric Utilities-10.53%** | **Electric Utilities-10.53%** | **Electric Utilities-10.53%** |
| Edison International | 560649 | &nbsp;&nbsp; 30000328 |
| Evergy, Inc. | 286671 | &nbsp;&nbsp; 19808966 |
| Eversource Energy | 377883 | &nbsp;&nbsp; 22476481 |
| Pinnacle West Capital Corp.<sup>(b)</sup> | 217460 | &nbsp;&nbsp; 20697843 |
| Portland General Electric Co.<sup>(b)</sup> | 515513 | &nbsp;&nbsp; 21713407 |
|  |  | &nbsp;&nbsp; 114697025 |
| **Food Products-8.36%** | **Food Products-8.36%** | **Food Products-8.36%** |
| Archer-Daniels-Midland Co. | 473285 | &nbsp;&nbsp; 22599359 |
| Flowers Foods, Inc.<sup>(b)</sup> | 1433978 | &nbsp;&nbsp; 25223673 |
| Hormel Foods Corp. | 727979 | &nbsp;&nbsp; 21766572 |
| J.M. Smucker Co. (The) | 184637 | &nbsp;&nbsp; 21467744 |
|  |  | &nbsp;&nbsp; 91057348 |
| **Gas Utilities-6.36%** | **Gas Utilities-6.36%** | **Gas Utilities-6.36%** |
| Northwest Natural Holding Co. | 613671 | &nbsp;&nbsp; 26449220 |
| Spire, Inc. | 270838 | &nbsp;&nbsp; 20729940 |
| UGI Corp.<sup>(b)</sup> | 674320 | &nbsp;&nbsp; 22110953 |
|  |  | &nbsp;&nbsp; 69290113 |
| **Independent Power and Renewable Electricity Producers-2.49%** | **Independent Power and Renewable Electricity Producers-2.49%** | **Independent Power and Renewable Electricity Producers-2.49%** |
| AES Corp. (The) | 2708062 | &nbsp;&nbsp; 27080620 |
| **Insurance-1.96%** | **Insurance-1.96%** | **Insurance-1.96%** |
| Prudential Financial, Inc. | 207883 | &nbsp;&nbsp; 21351663 |
| **Leisure Products-2.14%** | **Leisure Products-2.14%** | **Leisure Products-2.14%** |
| Polaris, Inc.<sup>(b)</sup> | 686333 | &nbsp;&nbsp; 23307869 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Machinery-2.68%** | **Machinery-2.68%** | **Machinery-2.68%** |
| Stanley Black & Decker, Inc. | 228399 | &nbsp;&nbsp; $13708508 |
| Trinity Industries, Inc. | 618691 | &nbsp;&nbsp; 15529144 |
|  |  | &nbsp;&nbsp; 29237652 |
| **Media-1.75%** | **Media-1.75%** | **Media-1.75%** |
| Nexstar Media Group, Inc., Class A<sup>(b)</sup> | 127057 | &nbsp;&nbsp; 19015351 |
| **Multi-Utilities-6.78%** | **Multi-Utilities-6.78%** | **Multi-Utilities-6.78%** |
| Avista Corp. | 628797 | &nbsp;&nbsp; 26076211 |
| Black Hills Corp. | 368032 | &nbsp;&nbsp; 22413149 |
| NorthWestern Energy Group, Inc. | 436008 | &nbsp;&nbsp; 25388746 |
|  |  | &nbsp;&nbsp; 73878106 |
| **Oil, Gas & Consumable Fuels-3.09%** | **Oil, Gas & Consumable Fuels-3.09%** | **Oil, Gas & Consumable Fuels-3.09%** |
| Chevron Corp. | 137606 | &nbsp;&nbsp; 18722672 |
| Phillips 66 | 143468 | &nbsp;&nbsp; 14929280 |
|  |  | &nbsp;&nbsp; 33651952 |
| **Pharmaceuticals-6.11%** | **Pharmaceuticals-6.11%** | **Pharmaceuticals-6.11%** |
| Bristol-Myers Squibb Co. | 357143 | &nbsp;&nbsp; 17928579 |
| Perrigo Co. PLC<sup>(b)</sup> | 688626 | &nbsp;&nbsp; 17711461 |
| Pfizer, Inc. | 1269120 | &nbsp;&nbsp; 30979219 |
|  |  | &nbsp;&nbsp; 66619259 |
| **Professional Services-3.25%** | **Professional Services-3.25%** | **Professional Services-3.25%** |
| ManpowerGroup, Inc. | 486479 | &nbsp;&nbsp; 20952651 |
| Robert Half, Inc.<sup>(b)</sup> | 327521 | &nbsp;&nbsp; 14509180 |
|  |  | &nbsp;&nbsp; 35461831 |
| **Semiconductors & Semiconductor Equipment-1.94%** | **Semiconductors & Semiconductor Equipment-1.94%** | **Semiconductors & Semiconductor Equipment-1.94%** |
| Skyworks Solutions, Inc.<sup>(b)</sup> | 328189 | &nbsp;&nbsp; 21095989 |
| **Specialty Retail-1.49%** | **Specialty Retail-1.49%** | **Specialty Retail-1.49%** |
| Best Buy Co., Inc. | 243996 | &nbsp;&nbsp; 16272093 |
| **Technology Hardware, Storage & Peripherals-1.44%** | **Technology Hardware, Storage & Peripherals-1.44%** | **Technology Hardware, Storage & Peripherals-1.44%** |
| HP, Inc. | 614439 | &nbsp;&nbsp; 15711205 |
| **Tobacco-6.81%** | **Tobacco-6.81%** | **Tobacco-6.81%** |
| Altria Group, Inc. | 672704 | &nbsp;&nbsp; 39790441 |
| Universal Corp. | 589551 | &nbsp;&nbsp; 34353137 |
|  |  | &nbsp;&nbsp; 74143578 |
| Total Common Stocks & Other Equity Interests <br>(Cost $1,141,249,413) | Total Common Stocks & Other Equity Interests <br>(Cost $1,141,249,413) | &nbsp;&nbsp; 1086866987 |
| **Money Market Funds-0.18%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)(d)</sup> <br>(Cost $1,989,509)<br>| 1989509 | &nbsp;&nbsp; 1989509 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.95% <br>(Cost $1,143,238,922) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.95% <br>(Cost $1,143,238,922) | &nbsp;&nbsp; 1088856496 |
| **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-11.96%** | **Money Market Funds-11.96%** | **Money Market Funds-11.96%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(c)(d)(e)</sup><br>| 36131321 | &nbsp;&nbsp; 36131321 |

---

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

------

**16**

------

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup> | 94105933 | &nbsp;&nbsp; $94124754 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $130,261,803) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $130,261,803) | &nbsp;&nbsp; 130256075 |
| TOTAL INVESTMENTS IN SECURITIES-111.91% <br>(Cost $1,273,500,725) | TOTAL INVESTMENTS IN SECURITIES-111.91% <br>(Cost $1,273,500,725) | &nbsp;&nbsp; 1219112571 |
| OTHER ASSETS LESS LIABILITIES-(11.91)% | OTHER ASSETS LESS LIABILITIES-(11.91)% | &nbsp;&nbsp; (129751312)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1089361259 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $136068 | &nbsp;&nbsp; $63155260 | &nbsp;&nbsp; $(61301819)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1989509 | &nbsp;&nbsp; $61847 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 12815056 | &nbsp;&nbsp; 366156548 | &nbsp;&nbsp; (342840283)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 36131321 | &nbsp;&nbsp; 1,163,313<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 32803166 | &nbsp;&nbsp; 771002299 | &nbsp;&nbsp; (709661879)<br>| &nbsp;&nbsp; 108 | &nbsp;&nbsp; (18940)<br>| &nbsp;&nbsp; 94124754 | &nbsp;&nbsp; 3,126,339<br> \*<br>|
| Total | &nbsp;&nbsp; $45754290 | &nbsp;&nbsp; $1200314107 | &nbsp;&nbsp; $(1113803981)<br>| &nbsp;&nbsp; $108 | &nbsp;&nbsp; $(18940)<br>| &nbsp;&nbsp; $132245584 | &nbsp;&nbsp; $4351499 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**17**

------

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

April 30, 2025

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.66%** | **Common Stocks & Other Equity Interests-99.66%** | **Common Stocks & Other Equity Interests-99.66%** |
| **Canada-55.92%** | **Canada-55.92%** | **Canada-55.92%** |
| BCE, Inc. | 1389549 | &nbsp;&nbsp; $30917465 |
| Brookfield Infrastructure Partners L.P. | 839064 | &nbsp;&nbsp; 25180311 |
| Brookfield Renewable Partners L.P. | 1427203 | &nbsp;&nbsp; 32882757 |
| Canadian Imperial Bank of Commerce<sup>(a)</sup> | 372048 | &nbsp;&nbsp; 23420422 |
| Canadian National Railway Co. | 123066 | &nbsp;&nbsp; 11915250 |
| Canadian Natural Resources Ltd. | 996265 | &nbsp;&nbsp; 28582843 |
| Enbridge, Inc. | 745832 | &nbsp;&nbsp; 34822896 |
| FirstService Corp. | 16472 | &nbsp;&nbsp; 2891330 |
| Fortis, Inc. | 463111 | &nbsp;&nbsp; 22928626 |
| Franco-Nevada Corp. | 36151 | &nbsp;&nbsp; 6210019 |
| Imperial Oil Ltd. | 195514 | &nbsp;&nbsp; 13173733 |
| Magna International, Inc.<sup>(a)</sup> | 738605 | &nbsp;&nbsp; 25673910 |
| Nutrien Ltd. | 404362 | &nbsp;&nbsp; 23068852 |
| Open Text Corp. | 789058 | &nbsp;&nbsp; 21383472 |
| RB Global, Inc. | 55813 | &nbsp;&nbsp; 5620369 |
| Restaurant Brands International, Inc.<sup>(a)</sup> | 279637 | &nbsp;&nbsp; 18008623 |
| Royal Bank of Canada | 150237 | &nbsp;&nbsp; 18010412 |
| Stantec, Inc. | 43019 | &nbsp;&nbsp; 3777068 |
| TC Energy Corp. | 641786 | &nbsp;&nbsp; 32352432 |
| TELUS Corp.<sup>(a)</sup> | 2076672 | &nbsp;&nbsp; 31939215 |
| TFI International, Inc. | 103027 | &nbsp;&nbsp; 8379186 |
| Thomson Reuters Corp. | 35574 | &nbsp;&nbsp; 6616052 |
| Toronto-Dominion Bank (The) | 424580 | &nbsp;&nbsp; 27079712 |
| TransAlta Corp. | 833856 | &nbsp;&nbsp; 7429657 |
|  |  | &nbsp;&nbsp; 462264612 |
| **Denmark-0.73%** | **Denmark-0.73%** | **Denmark-0.73%** |
| Novo Nordisk A/S, ADR | 90299 | &nbsp;&nbsp; 6000368 |
| **Germany-0.57%** | **Germany-0.57%** | **Germany-0.57%** |
| SAP SE, ADR | 16214 | &nbsp;&nbsp; 4737569 |
| **India-1.90%** | **India-1.90%** | **India-1.90%** |
| Infosys Ltd., ADR<sup>(a)</sup> | 741237 | &nbsp;&nbsp; 13045771 |
| Reliance Industries Ltd., GDR<sup>(a)(b)</sup> | 40928 | &nbsp;&nbsp; 2667118 |
|  |  | &nbsp;&nbsp; 15712889 |
| **Indonesia-4.18%** | **Indonesia-4.18%** | **Indonesia-4.18%** |
| PT Telkom Indonesia (Persero) Tbk, ADR | 2212511 | &nbsp;&nbsp; 34581547 |
| **Japan-3.27%** | **Japan-3.27%** | **Japan-3.27%** |
| Mitsubishi UFJ Financial Group, Inc., <br> ADR<sup>(a)</sup><br>| 927865 | &nbsp;&nbsp; 11728214 |
| Sony Group Corp., ADR<sup>(a)</sup> | 101135 | &nbsp;&nbsp; 2629510 |
| Sumitomo Mitsui Financial Group, Inc., <br> ADR<br>| 894130 | &nbsp;&nbsp; 12696646 |
|  |  | &nbsp;&nbsp; 27054370 |
| **Mexico-5.07%** | **Mexico-5.07%** | **Mexico-5.07%** |
| America Movil S.A.B. de C.V., ADR | 1282734 | &nbsp;&nbsp; 22114334 |
| Coca-Cola FEMSA S.A.B. de C.V., ADR | 210438 | &nbsp;&nbsp; 19808529 |
|  |  | &nbsp;&nbsp; 41922863 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Philippines-4.00%** | **Philippines-4.00%** | **Philippines-4.00%** |
| PLDT, Inc., ADR<sup>(a)</sup> | 1409033 | &nbsp;&nbsp; $33070004 |
| **Switzerland-0.66%** | **Switzerland-0.66%** | **Switzerland-0.66%** |
| Logitech International S.A., Class R<sup>(a)</sup> | 71905 | &nbsp;&nbsp; 5420918 |
| **United Kingdom-13.02%** | **United Kingdom-13.02%** | **United Kingdom-13.02%** |
| British American Tobacco PLC, ADR | 825212 | &nbsp;&nbsp; 35937983 |
| Diageo PLC, ADR | 179376 | &nbsp;&nbsp; 20093699 |
| National Grid PLC, ADR<sup>(a)</sup> | 467142 | &nbsp;&nbsp; 34101366 |
| Pearson PLC, ADR<sup>(a)</sup> | 506787 | &nbsp;&nbsp; 8235289 |
| RELX PLC, ADR | 169625 | &nbsp;&nbsp; 9266614 |
|  |  | &nbsp;&nbsp; 107634951 |
| **United States-10.34%** | **United States-10.34%** | **United States-10.34%** |
| Amcor PLC<sup>(a)</sup> | 2530623 | &nbsp;&nbsp; 23281732 |
| Amdocs Ltd. | 129159 | &nbsp;&nbsp; 11440904 |
| Novartis AG, ADR | 161409 | &nbsp;&nbsp; 18318307 |
| Pentair PLC | 54341 | &nbsp;&nbsp; 4930359 |
| Sanofi S.A., ADR | 352331 | &nbsp;&nbsp; 19360589 |
| Waste Connections, Inc. | 17097 | &nbsp;&nbsp; 3378880 |
| Willis Towers Watson PLC | 15639 | &nbsp;&nbsp; 4813684 |
|  |  | &nbsp;&nbsp; 85524455 |
| Total Common Stocks & Other Equity Interests <br>(Cost $775,387,747) | Total Common Stocks & Other Equity Interests <br>(Cost $775,387,747) | &nbsp;&nbsp; 823924546 |
| **Money Market Funds-0.03%** | **Money Market Funds-0.03%** | **Money Market Funds-0.03%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)(d)</sup> <br>(Cost $216,653)<br>| 216653 | &nbsp;&nbsp; 216653 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.69% <br>(Cost $775,604,400) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.69% <br>(Cost $775,604,400) | &nbsp;&nbsp; 824141199 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-17.57%** | **Money Market Funds-17.57%** | **Money Market Funds-17.57%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(c)(d)(e)</sup><br>| 40329050 | &nbsp;&nbsp; 40329050 |
| Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup> | 104883569 | &nbsp;&nbsp; 104904546 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $145,240,229) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $145,240,229) | &nbsp;&nbsp; 145233596 |
| TOTAL INVESTMENTS IN SECURITIES-117.26% <br>(Cost $920,844,629) | TOTAL INVESTMENTS IN SECURITIES-117.26% <br>(Cost $920,844,629) | &nbsp;&nbsp; 969374795 |
| OTHER ASSETS LESS LIABILITIES-(17.26)% | OTHER ASSETS LESS LIABILITIES-(17.26)% | &nbsp;&nbsp; (142671602)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $826703193 |

---

Investment Abbreviations: <br> ADR-American Depositary Receipt <br> GDR-Global Depositary Receipt

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

------

**18**

------

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

April 30, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2025 <br> represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $650596 | &nbsp;&nbsp; $35987365 | &nbsp;&nbsp; $(36421308)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $216653 | &nbsp;&nbsp; $29368 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 28922520 | &nbsp;&nbsp; 450454563 | &nbsp;&nbsp; (439048033)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 40329050 | &nbsp;&nbsp; 1,725,963<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 79688795 | &nbsp;&nbsp; 924973439 | &nbsp;&nbsp; (899747138)<br>| &nbsp;&nbsp; 4672 | &nbsp;&nbsp; (15222)<br>| &nbsp;&nbsp; 104904546 | &nbsp;&nbsp; 4,609,474<br> \*<br>|
| Total | &nbsp;&nbsp; $109261911 | &nbsp;&nbsp; $1411415367 | &nbsp;&nbsp; $(1375216479)<br>| &nbsp;&nbsp; $4672 | &nbsp;&nbsp; $(15222)<br>| &nbsp;&nbsp; $145450249 | &nbsp;&nbsp; $6364805 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**19**

------

**Statements of Assets and Liabilities**

April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco** <br>**BuyBack** <br>**Achievers**<sup>TM</sup> <br>**ETF (PKW)**<br>| **Invesco** <br>**Dividend** <br>**Achievers**<sup>TM</sup> <br>**ETF (PFM)**<br>| **Invesco** <br>**Dow Jones** <br>**Industrial** <br>**Average** <br>**Dividend** <br>**ETF (DJD)**<br>| **Invesco** <br>**Financial** <br>**Preferred** <br>**ETF (PGF)**<br>|
| **Assets:** |  |  |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $1163181988 | &nbsp;&nbsp;&nbsp; $672950636 | &nbsp;&nbsp;&nbsp; $332509812 | &nbsp;&nbsp;&nbsp; $789222577 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 54181129 | &nbsp;&nbsp;&nbsp; 14258094 | &nbsp;&nbsp;&nbsp; 385164 | &nbsp;&nbsp;&nbsp; 61434282 |
| Cash | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 11727 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Foreign currencies, at value | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Receivable for: |  |  |  |  |
| Dividends | &nbsp;&nbsp; 482141 | &nbsp;&nbsp;&nbsp; 602659 | &nbsp;&nbsp;&nbsp; 735118 | &nbsp;&nbsp;&nbsp; 222730 |
| Securities lending | &nbsp;&nbsp; 6538 | &nbsp;&nbsp;&nbsp; 1660 | &nbsp;&nbsp;&nbsp; 941 | &nbsp;&nbsp;&nbsp; 130298 |
| Investments sold | &nbsp;&nbsp; 21095421 | &nbsp;&nbsp;&nbsp; 33671 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1216769 |
| Fund shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1516440 | &nbsp;&nbsp;&nbsp; - |
| Foreign tax reclaims | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Other assets | &nbsp;&nbsp; 4036 | &nbsp;&nbsp;&nbsp; 3476 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 8552 |
| **Total assets** | &nbsp;&nbsp; 1238951253 | &nbsp;&nbsp;&nbsp; 687861923 | &nbsp;&nbsp;&nbsp; 335147475 | &nbsp;&nbsp;&nbsp; 852235208 |
| **Liabilities:** |  |  |  |  |
| Due to custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1181426 |
| Payable for: |  |  |  |  |
| Investments purchased | &nbsp;&nbsp; 21594008 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1512020 | &nbsp;&nbsp;&nbsp; 230416 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 52847695 | &nbsp;&nbsp;&nbsp; 13491696 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 61437702 |
| Fund shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Expenses recaptured | &nbsp;&nbsp; 9627 | &nbsp;&nbsp;&nbsp; 1107 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Accrued unitary management fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 18631 | &nbsp;&nbsp;&nbsp; - |
| Accrued advisory fees | &nbsp;&nbsp; 458085 | &nbsp;&nbsp;&nbsp; 215347 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 321675 |
| Accrued trustees' and officer's fees | &nbsp;&nbsp; 228082 | &nbsp;&nbsp;&nbsp; 105746 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 322550 |
| Accrued expenses | &nbsp;&nbsp; 813897 | &nbsp;&nbsp;&nbsp; 472639 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 210644 |
| **Total liabilities** | &nbsp;&nbsp; 75951394 | &nbsp;&nbsp;&nbsp; 14286535 | &nbsp;&nbsp;&nbsp; 1530651 | &nbsp;&nbsp;&nbsp; 63704413 |
| **Net Assets** | &nbsp;&nbsp; $1162999859 | &nbsp;&nbsp;&nbsp; $673575388 | &nbsp;&nbsp;&nbsp; $333616824 | &nbsp;&nbsp;&nbsp; $788530795 |
| **Net assets consist of:** |  |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1751506739 | &nbsp;&nbsp;&nbsp; $542007935 | &nbsp;&nbsp;&nbsp; $353673017 | &nbsp;&nbsp;&nbsp; $1128086441 |
| Distributable earnings (loss) | &nbsp;&nbsp; (588506880)<br>| &nbsp;&nbsp;&nbsp; 131567453 | &nbsp;&nbsp;&nbsp; (20056193)<br>| &nbsp;&nbsp;&nbsp; (339555646)<br>|
| **Net Assets** | &nbsp;&nbsp; $1162999859 | &nbsp;&nbsp;&nbsp; $673575388 | &nbsp;&nbsp;&nbsp; $333616824 | &nbsp;&nbsp;&nbsp; $788530795 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 10550000 | &nbsp;&nbsp;&nbsp; 14940000 | &nbsp;&nbsp;&nbsp; 6600000 | &nbsp;&nbsp;&nbsp; 56200000 |
| Net asset value | &nbsp;&nbsp; $110.24 | &nbsp;&nbsp;&nbsp; $45.09 | &nbsp;&nbsp;&nbsp; $50.55 | &nbsp;&nbsp;&nbsp; $14.03 |
| Market price | &nbsp;&nbsp; $110.13 | &nbsp;&nbsp;&nbsp; $45.05 | &nbsp;&nbsp;&nbsp; $50.52 | &nbsp;&nbsp;&nbsp; $14.04 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $1179518826 | &nbsp;&nbsp;&nbsp; $512822391 | &nbsp;&nbsp;&nbsp; $315134375 | &nbsp;&nbsp;&nbsp; $923435226 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $54183331 | &nbsp;&nbsp;&nbsp; $14258545 | &nbsp;&nbsp;&nbsp; $385164 | &nbsp;&nbsp;&nbsp; $61437702 |
| Foreign currencies, at cost | &nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $51318141 | &nbsp;&nbsp;&nbsp; $13166716 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $59726310 |

---

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

------

**20**

------

---

| | |
|:---|:---|
| **Invesco** <br>**High Yield** <br>**Equity Dividend** <br>**Achievers**<sup>TM</sup> <br>**ETF (PEY)**<br>| **Invesco** <br>**International** <br>**Dividend** <br>**Achievers**<sup>TM</sup> <br>**ETF (PID)**<br>|
| $1086866987 | &nbsp;&nbsp;&nbsp; $823924546 |
| 132245584 | &nbsp;&nbsp;&nbsp; 145450249 |
| - | &nbsp;&nbsp;&nbsp; 257649 |
| - | &nbsp;&nbsp;&nbsp; 84060 |
| 1736194 | &nbsp;&nbsp;&nbsp; 2156182 |
| 68459 | &nbsp;&nbsp;&nbsp; 82347 |
| - | &nbsp;&nbsp;&nbsp; 61084 |
| - | &nbsp;&nbsp;&nbsp; 38944 |
| - | &nbsp;&nbsp;&nbsp; 988293 |
| 4132 | &nbsp;&nbsp;&nbsp; 3712 |
| 1220921356 | &nbsp;&nbsp;&nbsp; 973047066 |
| - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - |
| 130261803 | &nbsp;&nbsp;&nbsp; 145240229 |
| - | &nbsp;&nbsp;&nbsp; 61084 |
| - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - |
| 356839 | &nbsp;&nbsp;&nbsp; 262270 |
| 136552 | &nbsp;&nbsp;&nbsp; 202698 |
| 804903 | &nbsp;&nbsp;&nbsp; 577592 |
| 131560097 | &nbsp;&nbsp;&nbsp; 146343873 |
| $1089361259 | &nbsp;&nbsp;&nbsp; $826703193 |
| $1506711017 | &nbsp;&nbsp;&nbsp; $1188505281 |
| (417349758)<br>| &nbsp;&nbsp;&nbsp; (361802088)<br>|
| $1089361259 | &nbsp;&nbsp;&nbsp; $826703193 |
| 54860000 | &nbsp;&nbsp;&nbsp; 41940000 |
| $19.86 | &nbsp;&nbsp;&nbsp; $19.71 |
| $19.84 | &nbsp;&nbsp;&nbsp; $19.69 |
| $1141249413 | &nbsp;&nbsp;&nbsp; $775387747 |
| $132251312 | &nbsp;&nbsp;&nbsp; $145456882 |
| $- | &nbsp;&nbsp;&nbsp; $84050 |
| $127601814 | &nbsp;&nbsp;&nbsp; $141618975 |

---

------

**21**

------

**Statements of Operations**

For the year ended April 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Invesco** <br>**BuyBack** <br>**Achievers**<sup>TM</sup> <br>**ETF (PKW)**<br>| **Invesco** <br>**Dividend** <br>**Achievers**<sup>TM</sup> <br>**ETF (PFM)**<br>| **Invesco** <br>**Dow Jones** <br>**Industrial** <br>**Average** <br>**Dividend** <br>**ETF (DJD)**<br>| **Invesco** <br>**Financial** <br>**Preferred** <br>**ETF (PGF)**<br>| **Invesco** <br>**High Yield** <br>**Equity Dividend** <br>**Achievers**<sup>TM</sup> <br>**ETF (PEY)**<br>| **Invesco** <br>**International** <br>**Dividend** <br>**Achievers**<sup>TM</sup> <br>**ETF (PID)**<br>|
| **Investment income:** |  |  |  |  |  |  |
| Unaffiliated dividend income | &nbsp;&nbsp; $17964743 | &nbsp;&nbsp; $14407857 | &nbsp;&nbsp; $9382280 | &nbsp;&nbsp; $54079631 | &nbsp;&nbsp; $56489214 | &nbsp;&nbsp; $38161087 |
| Affiliated dividend income | &nbsp;&nbsp; 57120 | &nbsp;&nbsp; 26455 | &nbsp;&nbsp; 14684 | &nbsp;&nbsp; 82886 | &nbsp;&nbsp; 61847 | &nbsp;&nbsp; 29368 |
| Securities lending income, net | &nbsp;&nbsp; 139384 | &nbsp;&nbsp; 20196 | &nbsp;&nbsp; 5252 | &nbsp;&nbsp; 1457897 | &nbsp;&nbsp; 179365 | &nbsp;&nbsp; 1928195 |
| Foreign withholding tax | &nbsp;&nbsp; (6916)<br>| &nbsp;&nbsp; (1389)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (4319723)<br>|
| Total investment income | &nbsp;&nbsp; 18154331 | &nbsp;&nbsp; 14453119 | &nbsp;&nbsp; 9402216 | &nbsp;&nbsp; 55620414 | &nbsp;&nbsp; 56730426 | &nbsp;&nbsp; 35798927 |
| **Expenses:** |  |  |  |  |  |  |
| Unitary management fees | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 222159 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Advisory fees | &nbsp;&nbsp; 5923561 | &nbsp;&nbsp; 2758178 | &nbsp;&nbsp; - | &nbsp;&nbsp; 4446182 | &nbsp;&nbsp; 4812241 | &nbsp;&nbsp; 3399522 |
| Sub-licensing fees | &nbsp;&nbsp; 1184717 | &nbsp;&nbsp; 689545 | &nbsp;&nbsp; - | &nbsp;&nbsp; 243517 | &nbsp;&nbsp; 1203063 | &nbsp;&nbsp; 849883 |
| Accounting & administration fees | &nbsp;&nbsp; 70434 | &nbsp;&nbsp; 58434 | &nbsp;&nbsp; - | &nbsp;&nbsp; 73094 | &nbsp;&nbsp; 90211 | &nbsp;&nbsp; 67371 |
| Custodian & transfer agent fees | &nbsp;&nbsp; 14855 | &nbsp;&nbsp; 12384 | &nbsp;&nbsp; - | &nbsp;&nbsp; 31847 | &nbsp;&nbsp; 55989 | &nbsp;&nbsp; 59971 |
| Trustees' and officer's fees | &nbsp;&nbsp; 21029 | &nbsp;&nbsp; 15187 | &nbsp;&nbsp; - | &nbsp;&nbsp; 23855 | &nbsp;&nbsp; 19140 | &nbsp;&nbsp; 19344 |
| Other expenses | &nbsp;&nbsp; 109218 | &nbsp;&nbsp; 75143 | &nbsp;&nbsp; - | &nbsp;&nbsp; 94595 | &nbsp;&nbsp; 125069 | &nbsp;&nbsp; 127738 |
| Total expenses | &nbsp;&nbsp; 7323814 | &nbsp;&nbsp; 3608871 | &nbsp;&nbsp; 222159 | &nbsp;&nbsp; 4913090 | &nbsp;&nbsp; 6305713 | &nbsp;&nbsp; 4523829 |
| Less: Waivers | &nbsp;&nbsp; (1104)<br>| &nbsp;&nbsp; (513)<br>| &nbsp;&nbsp; (282)<br>| &nbsp;&nbsp; (1489)<br>| &nbsp;&nbsp; (1206)<br>| &nbsp;&nbsp; (560)<br>|
| Net expenses | &nbsp;&nbsp; 7322710 | &nbsp;&nbsp; 3608358 | &nbsp;&nbsp; 221877 | &nbsp;&nbsp; 4911601 | &nbsp;&nbsp; 6304507 | &nbsp;&nbsp; 4523269 |
| Net investment income | &nbsp;&nbsp; 10831621 | &nbsp;&nbsp; 10844761 | &nbsp;&nbsp; 9180339 | &nbsp;&nbsp; 50708813 | &nbsp;&nbsp; 50425919 | &nbsp;&nbsp; 31275658 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 3425346 | &nbsp;&nbsp; (3098642)<br>| &nbsp;&nbsp; (5523206)<br>| &nbsp;&nbsp; (25849187)<br>| &nbsp;&nbsp; (76037025)<br>| &nbsp;&nbsp; 21638885 |
| Affiliated investment securities | &nbsp;&nbsp; (8831)<br>| &nbsp;&nbsp; (1449)<br>| &nbsp;&nbsp; (310)<br>| &nbsp;&nbsp; (1688)<br>| &nbsp;&nbsp; (18940)<br>| &nbsp;&nbsp; (15222)<br>|
| In-kind redemptions | &nbsp;&nbsp; 147885153 | &nbsp;&nbsp; 24978140 | &nbsp;&nbsp; 22722988 | &nbsp;&nbsp; 2975177 | &nbsp;&nbsp; 109300473 | &nbsp;&nbsp; 23045009 |
| Foreign currencies | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (25078)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 151301668 | &nbsp;&nbsp; 21878049 | &nbsp;&nbsp; 17199472 | &nbsp;&nbsp; (22875698)<br>| &nbsp;&nbsp; 33244508 | &nbsp;&nbsp; 44643594 |
| Change in net unrealized appreciation <br> (depreciation) of:<br>|  |  |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (66450420)<br>| &nbsp;&nbsp; 43675467 | &nbsp;&nbsp; 7427652 | &nbsp;&nbsp; (136523)<br>| &nbsp;&nbsp; (33487830)<br>| &nbsp;&nbsp; 42831095 |
| Affiliated investment securities | &nbsp;&nbsp; 3753 | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 182 | &nbsp;&nbsp; (2071)<br>| &nbsp;&nbsp; 108 | &nbsp;&nbsp; 4672 |
| Foreign currencies | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (1950)<br>|
| Change in net unrealized appreciation <br> (depreciation)<br>| &nbsp;&nbsp; (66446667)<br>| &nbsp;&nbsp; 43675982 | &nbsp;&nbsp; 7427834 | &nbsp;&nbsp; (138594)<br>| &nbsp;&nbsp; (33487722)<br>| &nbsp;&nbsp; 42833817 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 84855001 | &nbsp;&nbsp; 65554031 | &nbsp;&nbsp; 24627306 | &nbsp;&nbsp; (23014292)<br>| &nbsp;&nbsp; (243214)<br>| &nbsp;&nbsp; 87477411 |
| Net increase in net assets resulting from <br> operations<br>| &nbsp;&nbsp; $95686622 | &nbsp;&nbsp; $76398792 | &nbsp;&nbsp; $33807645 | &nbsp;&nbsp; $27694521 | &nbsp;&nbsp; $50182705 | &nbsp;&nbsp; $118753069 |

---

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

------

**22**

------

**23**

------

**Statements of Changes in Net Assets**

For the years ended April 30, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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)** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $10831621 | &nbsp;&nbsp;&nbsp; $13556787 | &nbsp;&nbsp;&nbsp; $10844761 | &nbsp;&nbsp;&nbsp; $11898701 |
| Net realized gain (loss) | &nbsp;&nbsp; 151301668 | &nbsp;&nbsp;&nbsp; 11092719 | &nbsp;&nbsp;&nbsp; 21878049 | &nbsp;&nbsp;&nbsp; 46519486 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (66446667)<br>| &nbsp;&nbsp;&nbsp; 111552983 | &nbsp;&nbsp;&nbsp; 43675982 | &nbsp;&nbsp;&nbsp; 10401943 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 95686622 | &nbsp;&nbsp;&nbsp; 136202489 | &nbsp;&nbsp;&nbsp; 76398792 | &nbsp;&nbsp;&nbsp; 68820130 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (10394393)<br>| &nbsp;&nbsp;&nbsp; (14614994)<br>| &nbsp;&nbsp;&nbsp; (11102400)<br>| &nbsp;&nbsp;&nbsp; (12115568)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 466650145 | &nbsp;&nbsp;&nbsp; 871788482 | &nbsp;&nbsp;&nbsp; 41175087 | &nbsp;&nbsp;&nbsp; 57387283 |
| Value of shares repurchased | &nbsp;&nbsp; (465248291)<br>| &nbsp;&nbsp;&nbsp; (878783649)<br>| &nbsp;&nbsp;&nbsp; (67770755)<br>| &nbsp;&nbsp;&nbsp; (159156611)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 1401854 | &nbsp;&nbsp;&nbsp; (6995167)<br>| &nbsp;&nbsp;&nbsp; (26595668)<br>| &nbsp;&nbsp;&nbsp; (101769328)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 86694083 | &nbsp;&nbsp;&nbsp; 114592328 | &nbsp;&nbsp;&nbsp; 38700724 | &nbsp;&nbsp;&nbsp; (45064766)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 1076305776 | &nbsp;&nbsp;&nbsp; 961713448 | &nbsp;&nbsp;&nbsp; 634874664 | &nbsp;&nbsp;&nbsp; 679939430 |
| End of year | &nbsp;&nbsp; $1162999859 | &nbsp;&nbsp;&nbsp; $1076305776 | &nbsp;&nbsp;&nbsp; $673575388 | &nbsp;&nbsp;&nbsp; $634874664 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp; 9350000 | &nbsp;&nbsp;&nbsp; 890000 | &nbsp;&nbsp;&nbsp; 1540000 |
| Shares repurchased | &nbsp;&nbsp; (3920000)<br>| &nbsp;&nbsp;&nbsp; (9930000)<br>| &nbsp;&nbsp;&nbsp; (1480000)<br>| &nbsp;&nbsp;&nbsp; (4220000)<br>|
| Shares outstanding, beginning of year | &nbsp;&nbsp; 10570000 | &nbsp;&nbsp;&nbsp; 11150000 | &nbsp;&nbsp;&nbsp; 15530000 | &nbsp;&nbsp;&nbsp; 18210000 |
| Shares outstanding, end of year | &nbsp;&nbsp; 10550000 | &nbsp;&nbsp;&nbsp; 10570000 | &nbsp;&nbsp;&nbsp; 14940000 | &nbsp;&nbsp;&nbsp; 15530000 |

---

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

------

**24**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $9180339 | &nbsp;&nbsp;&nbsp; $10524154 | &nbsp;&nbsp;&nbsp; $50708813 | &nbsp;&nbsp;&nbsp; $58295764 | &nbsp;&nbsp;&nbsp; $50425919 | &nbsp;&nbsp;&nbsp; $59922577 | &nbsp;&nbsp;&nbsp; $31275658 | &nbsp;&nbsp;&nbsp; $37486851 |
| 17199472 | &nbsp;&nbsp;&nbsp; 1976085 | &nbsp;&nbsp;&nbsp; (22875698)<br>| &nbsp;&nbsp;&nbsp; (70100760)<br>| &nbsp;&nbsp;&nbsp; 33244508 | &nbsp;&nbsp;&nbsp; 4457541 | &nbsp;&nbsp;&nbsp; 44643594 | &nbsp;&nbsp;&nbsp; 62400702 |
| 7427834 | &nbsp;&nbsp;&nbsp; 19713603 | &nbsp;&nbsp;&nbsp; (138594)<br>| &nbsp;&nbsp;&nbsp; 45412599 | &nbsp;&nbsp;&nbsp; (33487722)<br>| &nbsp;&nbsp;&nbsp; (5932793)<br>| &nbsp;&nbsp;&nbsp; 42833817 | &nbsp;&nbsp;&nbsp; (94138725)<br>|
| 33807645 | &nbsp;&nbsp;&nbsp; 32213842 | &nbsp;&nbsp;&nbsp; 27694521 | &nbsp;&nbsp;&nbsp; 33607603 | &nbsp;&nbsp;&nbsp; 50182705 | &nbsp;&nbsp;&nbsp; 58447325 | &nbsp;&nbsp;&nbsp; 118753069 | &nbsp;&nbsp;&nbsp; 5748828 |
| (9084082)<br>| &nbsp;&nbsp;&nbsp; (10533869)<br>| &nbsp;&nbsp;&nbsp; (52749697)<br>| &nbsp;&nbsp;&nbsp; (61652534)<br>| &nbsp;&nbsp;&nbsp; (52752911)<br>| &nbsp;&nbsp;&nbsp; (64958488)<br>| &nbsp;&nbsp;&nbsp; (31395702)<br>| &nbsp;&nbsp;&nbsp; (34564408)<br>|
| 98239982 | &nbsp;&nbsp;&nbsp; 129519346 | &nbsp;&nbsp;&nbsp; 26777237 | &nbsp;&nbsp;&nbsp; 25620196 | &nbsp;&nbsp;&nbsp; 419245373 | &nbsp;&nbsp;&nbsp; 79171935 | &nbsp;&nbsp;&nbsp; 3073909 | &nbsp;&nbsp;&nbsp; 30372515 |
| (80335726)<br>| &nbsp;&nbsp;&nbsp; (137824483)<br>| &nbsp;&nbsp;&nbsp; (103701258)<br>| &nbsp;&nbsp;&nbsp; (211945392)<br>| &nbsp;&nbsp;&nbsp; (510023220)<br>| &nbsp;&nbsp;&nbsp; (332243237)<br>| &nbsp;&nbsp;&nbsp; (135416810)<br>| &nbsp;&nbsp;&nbsp; (215840374)<br>|
| 17904256 | &nbsp;&nbsp;&nbsp; (8305137)<br>| &nbsp;&nbsp;&nbsp; (76924021)<br>| &nbsp;&nbsp;&nbsp; (186325196)<br>| &nbsp;&nbsp;&nbsp; (90777847)<br>| &nbsp;&nbsp;&nbsp; (253071302)<br>| &nbsp;&nbsp;&nbsp; (132342901)<br>| &nbsp;&nbsp;&nbsp; (185467859)<br>|
| 42627819 | &nbsp;&nbsp;&nbsp; 13374836 | &nbsp;&nbsp;&nbsp; (101979197)<br>| &nbsp;&nbsp;&nbsp; (214370127)<br>| &nbsp;&nbsp;&nbsp; (93348053)<br>| &nbsp;&nbsp;&nbsp; (259582465)<br>| &nbsp;&nbsp;&nbsp; (44985534)<br>| &nbsp;&nbsp;&nbsp; (214283439)<br>|
| 290989005 | &nbsp;&nbsp;&nbsp; 277614169 | &nbsp;&nbsp;&nbsp; 890509992 | &nbsp;&nbsp;&nbsp; 1104880119 | &nbsp;&nbsp;&nbsp; 1182709312 | &nbsp;&nbsp;&nbsp; 1442291777 | &nbsp;&nbsp;&nbsp; 871688727 | &nbsp;&nbsp;&nbsp; 1085972166 |
| $333616824 | &nbsp;&nbsp;&nbsp; $290989005 | &nbsp;&nbsp;&nbsp; $788530795 | &nbsp;&nbsp;&nbsp; $890509992 | &nbsp;&nbsp;&nbsp; $1089361259 | &nbsp;&nbsp;&nbsp; $1182709312 | &nbsp;&nbsp;&nbsp; $826703193 | &nbsp;&nbsp;&nbsp; $871688727 |
| 1890000 | &nbsp;&nbsp;&nbsp; 2980000 | &nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 19570000 | &nbsp;&nbsp;&nbsp; 3980000 | &nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp; 1700000 |
| (1550000)<br>| &nbsp;&nbsp;&nbsp; (3100000)<br>| &nbsp;&nbsp;&nbsp; (7000000)<br>| &nbsp;&nbsp;&nbsp; (14900000)<br>| &nbsp;&nbsp;&nbsp; (24050000)<br>| &nbsp;&nbsp;&nbsp; (16830000)<br>| &nbsp;&nbsp;&nbsp; (7170000)<br>| &nbsp;&nbsp;&nbsp; (12400000)<br>|
| 6260000 | &nbsp;&nbsp;&nbsp; 6380000 | &nbsp;&nbsp;&nbsp; 61400000 | &nbsp;&nbsp;&nbsp; 74550000 | &nbsp;&nbsp;&nbsp; 59340000 | &nbsp;&nbsp;&nbsp; 72190000 | &nbsp;&nbsp;&nbsp; 48950000 | &nbsp;&nbsp;&nbsp; 59650000 |
| 6600000 | &nbsp;&nbsp;&nbsp; 6260000 | &nbsp;&nbsp;&nbsp; 56200000 | &nbsp;&nbsp;&nbsp; 61400000 | &nbsp;&nbsp;&nbsp; 54860000 | &nbsp;&nbsp;&nbsp; 59340000 | &nbsp;&nbsp;&nbsp; 41940000 | &nbsp;&nbsp;&nbsp; 48950000 |

---

------

**25**

------

**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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $101.83 | &nbsp;&nbsp;&nbsp; $86.25 | &nbsp;&nbsp;&nbsp; $84.53 | &nbsp;&nbsp;&nbsp; $87.65 | &nbsp;&nbsp;&nbsp; $54.42 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;8.37 | &nbsp;&nbsp;&nbsp;&nbsp;15.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;33.35 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;9.39 | &nbsp;&nbsp;&nbsp;&nbsp;16.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;34.23 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (1.00)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $110.24 | &nbsp;&nbsp;&nbsp; $101.83 | &nbsp;&nbsp;&nbsp; $86.25 | &nbsp;&nbsp;&nbsp; $84.53 | &nbsp;&nbsp;&nbsp; $87.65 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $110.13 | &nbsp;&nbsp;&nbsp; $101.84 | &nbsp;&nbsp;&nbsp; $86.25 | &nbsp;&nbsp;&nbsp; $84.50 | &nbsp;&nbsp;&nbsp; $87.72 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.45<br> %<br>| &nbsp;&nbsp;&nbsp; (2.79)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 63.54<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.48<br> %<br>| &nbsp;&nbsp;&nbsp; (2.90)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 63.58<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $1163000 | &nbsp;&nbsp;&nbsp; $1076306 | &nbsp;&nbsp;&nbsp; $961713 | &nbsp;&nbsp;&nbsp; $1352447 | &nbsp;&nbsp;&nbsp; $1844119 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 59<br> %<br>| &nbsp;&nbsp;&nbsp; 59<br> %<br>| &nbsp;&nbsp;&nbsp; 60<br> %<br>| &nbsp;&nbsp;&nbsp; 80<br> %<br>| &nbsp;&nbsp;&nbsp; 93<br> %<br>|

---

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

Invesco Dividend Achievers<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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $40.88 | &nbsp;&nbsp;&nbsp; $37.34 | &nbsp;&nbsp;&nbsp; $36.76 | &nbsp;&nbsp;&nbsp; $35.90 | &nbsp;&nbsp;&nbsp; $27.27 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;4.23 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;8.61 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.94 | &nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;9.23 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (0.60)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $45.09 | &nbsp;&nbsp;&nbsp; $40.88 | &nbsp;&nbsp;&nbsp; $37.34 | &nbsp;&nbsp;&nbsp; $36.76 | &nbsp;&nbsp;&nbsp; $35.90 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $45.05 | &nbsp;&nbsp;&nbsp; $40.88 | &nbsp;&nbsp;&nbsp; $37.33 | &nbsp;&nbsp;&nbsp; $36.78 | &nbsp;&nbsp;&nbsp; $35.90 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.21<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 11.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.02<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $673575 | &nbsp;&nbsp;&nbsp; $634875 | &nbsp;&nbsp;&nbsp; $679939 | &nbsp;&nbsp;&nbsp; $704651 | &nbsp;&nbsp;&nbsp; $614955 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.97<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>|

---

<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> 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.

------

**26**

------

**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,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $46.48 | &nbsp;&nbsp;&nbsp; $43.51 | &nbsp;&nbsp;&nbsp; $44.83 | &nbsp;&nbsp;&nbsp; $43.47 | &nbsp;&nbsp;&nbsp; $33.17 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;10.40 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;5.53 | &nbsp;&nbsp;&nbsp;&nbsp;4.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;11.67 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp; (1.37)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $50.55 | &nbsp;&nbsp;&nbsp; $46.48 | &nbsp;&nbsp;&nbsp; $43.51 | &nbsp;&nbsp;&nbsp; $44.83 | &nbsp;&nbsp;&nbsp; $43.47 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $50.52 | &nbsp;&nbsp;&nbsp; $46.48 | &nbsp;&nbsp;&nbsp; $43.51 | &nbsp;&nbsp;&nbsp; $44.82 | &nbsp;&nbsp;&nbsp; $43.52 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 11.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.03<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 11.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.03<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $333617 | &nbsp;&nbsp;&nbsp; $290989 | &nbsp;&nbsp;&nbsp; $277614 | &nbsp;&nbsp;&nbsp; $205759 | &nbsp;&nbsp;&nbsp; $154758 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.43<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 50<br> %<br>|

---

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

Invesco Financial Preferred ETF (PGF)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $14.50 | &nbsp;&nbsp;&nbsp; $14.82 | &nbsp;&nbsp;&nbsp; $15.61 | &nbsp;&nbsp;&nbsp; $18.89 | &nbsp;&nbsp;&nbsp; $18.05 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp; (2.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.76 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp; (0.92)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $14.03 | &nbsp;&nbsp;&nbsp; $14.50 | &nbsp;&nbsp;&nbsp; $14.82 | &nbsp;&nbsp;&nbsp; $15.61 | &nbsp;&nbsp;&nbsp; $18.89 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $14.04 | &nbsp;&nbsp;&nbsp; $14.49 | &nbsp;&nbsp;&nbsp; $14.83 | &nbsp;&nbsp;&nbsp; $15.55 | &nbsp;&nbsp;&nbsp; $18.96 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp; (13.34)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.94<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp; (13.99)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.22<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $788531 | &nbsp;&nbsp;&nbsp; $890510 | &nbsp;&nbsp;&nbsp; $1104880 | &nbsp;&nbsp;&nbsp; $1341308 | &nbsp;&nbsp;&nbsp; $1827087 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 5.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.02<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>|

---

<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> 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**

------

**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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $19.93 | &nbsp;&nbsp;&nbsp; $19.98 | &nbsp;&nbsp;&nbsp; $21.01 | &nbsp;&nbsp;&nbsp; $20.66 | &nbsp;&nbsp;&nbsp; $14.21 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;6.51 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;7.20 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (0.75)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $19.86 | &nbsp;&nbsp;&nbsp; $19.93 | &nbsp;&nbsp;&nbsp; $19.98 | &nbsp;&nbsp;&nbsp; $21.01 | &nbsp;&nbsp;&nbsp; $20.66 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $19.84 | &nbsp;&nbsp;&nbsp; $19.94 | &nbsp;&nbsp;&nbsp; $19.97 | &nbsp;&nbsp;&nbsp; $21.03 | &nbsp;&nbsp;&nbsp; $20.65 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.95<br> %<br>| &nbsp;&nbsp;&nbsp; (0.81)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52.20<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.06<br> %<br>| &nbsp;&nbsp;&nbsp; (0.96)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51.80<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $1089361 | &nbsp;&nbsp;&nbsp; $1182709 | &nbsp;&nbsp;&nbsp; $1442292 | &nbsp;&nbsp;&nbsp; $1153255 | &nbsp;&nbsp;&nbsp; $929479 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.20<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 74<br> %<br>| &nbsp;&nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp;&nbsp; 74<br> %<br>|

---

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

Invesco 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $17.81 | &nbsp;&nbsp;&nbsp; $18.21 | &nbsp;&nbsp;&nbsp; $18.38 | &nbsp;&nbsp;&nbsp; $17.28 | &nbsp;&nbsp;&nbsp; $12.12 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.16 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;5.21 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;5.66 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $19.71 | &nbsp;&nbsp;&nbsp; $17.81 | &nbsp;&nbsp;&nbsp; $18.21 | &nbsp;&nbsp;&nbsp; $18.38 | &nbsp;&nbsp;&nbsp; $17.28 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $19.69 | &nbsp;&nbsp;&nbsp; $17.80 | &nbsp;&nbsp;&nbsp; $18.22 | &nbsp;&nbsp;&nbsp; $18.40 | &nbsp;&nbsp;&nbsp; $17.25 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47.87<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48.23<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $826703 | &nbsp;&nbsp;&nbsp; $871689 | &nbsp;&nbsp;&nbsp; $1085972 | &nbsp;&nbsp;&nbsp; $775420 | &nbsp;&nbsp;&nbsp; $579570 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.18<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp;&nbsp; 69<br> %<br>|

---

<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> 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**

------

**Notes to Financial Statements**

Invesco Exchange-Traded Fund Trust

April 30, 2025

**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" |

---

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 LLC, 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", as set forth in each Fund's prospectus. Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities ("Deposit Securities"), though each Fund reserves the right to issue and redeem Creation Units in exchange for cash. 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** |
| 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 Index |
| 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 |

---

**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 ("FASB") 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 or ask 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. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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.

------

**29**

------

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask 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/ask 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, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, 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

------

**30**

------

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

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

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

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

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

**F.** **Foreign Withholding Taxes** - Certain Funds are subject to foreign withholding tax imposed by certain foreign countries in which the Funds may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Certain Funds may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. Certain Funds will record a receivable for such tax

------

**31**

------

refunds based on several factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for *Foreign tax reclaims* on the Statements of Assets and Liabilities. There is no guarantee that a Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as *Foreign withholding tax claims* in the Statements of Operations, and any related interest is included in *Unaffiliated interest income*. Certain Funds may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as *Professional fees*, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the fiscal year ended April 30, 2025, the Funds did not enter into any closing agreements.

**G.** **Expenses** - Each Fund (except for Dow Jones Industrial Average Dividend ETF) is responsible for all of its own 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 and officers who are not "interested persons" (as defined in the 1940 Act) of the Trust or the Adviser (the "Independent Trustees"), 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 the Adviser (an "Interested Trustee"), 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 pays 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 an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

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

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

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

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

**J.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds' chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund's long-term strategic asset allocation is determined in accordance with the terms of its

------

**32**

------

prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements. Adoption of the new standard impacted the Funds' financial statement note disclosures only and did not affect the Funds' financial position or the results of its operations.

**K.** **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, net* 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 securities 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 fiscal year ended April 30, 2025, 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, net* on the Statements of Operations, were incurred by each Fund as listed below:

---

| | |
|:---|:---|
|  | **Amount** |
| BuyBack Achievers<sup>TM</sup> ETF | $10867  |
| Dividend Achievers<sup>TM</sup> ETF | 1988 |
| Dow Jones Industrial Average Dividend ETF | 590 |
| Financial Preferred ETF | 152037 |
| High Yield Equity Dividend Achievers<sup>TM</sup> ETF | 15609 |
| International Dividend Achievers<sup>TM</sup> ETF | 194581 |

---

**L.** **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.

------

**33**

------

The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

**M.** **Other Risks**

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

*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. Additionally, to the extent that a Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that a Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or 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

------

**34**

------

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. To the extent 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. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.

*Index Risk*. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective 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. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security's current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. 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. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund's performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

*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, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund's NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.

During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value.

*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

------

**35**

------

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 methodology 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*. For certain Funds, 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.

**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, an annual unitary management fee of 0.07% of the Fund's average daily net assets. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Dow Jones Industrial Average Dividend ETF, 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 an Interested Trustee, 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 an Interested Trustee, or (iii) any other matters that directly benefit the Adviser)) of each Fund from exceeding 0.50% of the Fund's average daily net assets per year (0.60% of the Fund's average daily net assets per year for BuyBack Achievers™ ETF and Financial Preferred ETF) (the "Expense Cap"), through at least August 31, 2027. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2027. 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, 2027, 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 waiver is not subject to recapture by the Adviser.

For the fiscal year ended April 30, 2025, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

---

| | |
|:---|:---|
| BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp;&nbsp; $1104 |
| Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp;&nbsp; 513 |
| Dow Jones Industrial Average Dividend ETF | &nbsp;&nbsp;&nbsp; 282 |
| Financial Preferred ETF | &nbsp;&nbsp;&nbsp; 1489 |
| High Yield Equity Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp;&nbsp; 1206 |
| International Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp;&nbsp; 560 |

---

------

**36**

------

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

There are no amounts available for potential recapture by the Adviser as of April 30, 2025.

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 on behalf of each Fund with the following entities (each, a "Licensor"):

---

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

---

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

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

For the fiscal year ended April 30, 2025, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

---

| | |
|:---|:---|
| BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp;&nbsp; $51170 |
| Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp;&nbsp; 4195 |
| Dow Jones Industrial Average Dividend ETF | &nbsp;&nbsp;&nbsp; 10815 |
| High Yield Equity Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp;&nbsp; 75119 |
| International Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp;&nbsp; 74944 |

---

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:

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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 April 30, 2025, for each Fund (except for Dow Jones Industrial Average Dividend ETF). As of April 30, 2025, all of the securities in Dow Jones Industrial Average Dividend ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities

------

**37**

------

valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| BuyBack Achievers<sup>TM</sup> ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $1163181988 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1163181988 |
| Money Market Funds | &nbsp;&nbsp; 1335636 | &nbsp;&nbsp; 52845493 | &nbsp;&nbsp; - | &nbsp;&nbsp; 54181129 |
| **Total Investments** | &nbsp;&nbsp; $1164517624 | &nbsp;&nbsp; $52845493 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1217363117 |
| Dividend Achievers<sup>TM</sup> ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $672950636 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $672950636 |
| Money Market Funds | &nbsp;&nbsp; 766849 | &nbsp;&nbsp; 13491245 | &nbsp;&nbsp; - | &nbsp;&nbsp; 14258094 |
| **Total Investments** | &nbsp;&nbsp; $673717485 | &nbsp;&nbsp; $13491245 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $687208730 |
| Financial Preferred ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Preferred Stocks | &nbsp;&nbsp; $789222577 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $789222577 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 61434282 | &nbsp;&nbsp; - | &nbsp;&nbsp; 61434282 |
| **Total Investments** | &nbsp;&nbsp; $789222577 | &nbsp;&nbsp; $61434282 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $850656859 |
| High Yield Equity Dividend Achievers<sup>TM</sup> ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $1086866987 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1086866987 |
| Money Market Funds | &nbsp;&nbsp; 1989509 | &nbsp;&nbsp; 130256075 | &nbsp;&nbsp; - | &nbsp;&nbsp; 132245584 |
| **Total Investments** | &nbsp;&nbsp; $1088856496 | &nbsp;&nbsp; $130256075 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1219112571 |
| International Dividend Achievers<sup>TM</sup> ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $821257428 | &nbsp;&nbsp; $2667118 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $823924546 |
| Money Market Funds | &nbsp;&nbsp; 216653 | &nbsp;&nbsp; 145233596 | &nbsp;&nbsp; - | &nbsp;&nbsp; 145450249 |
| **Total Investments** | &nbsp;&nbsp; $821474081 | &nbsp;&nbsp; $147900714 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $969374795 |

---

**NOTE 5—Distributions to Shareholders and Tax Components of Net Assets**

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **Ordinary** <br>**Income\***<br>| **Ordinary** <br>**Income\***<br>|
| BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; $10394393 | &nbsp;&nbsp; $14614994 |
| Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 11102400 | &nbsp;&nbsp; 12115568 |
| Dow Jones Industrial Average Dividend ETF | &nbsp;&nbsp; 9084082 | &nbsp;&nbsp; 10533869 |
| Financial Preferred ETF | &nbsp;&nbsp; 52749697 | &nbsp;&nbsp; 61652534 |
| High Yield Equity Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 52752911 | &nbsp;&nbsp; 64958488 |
| International Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 31395702 | &nbsp;&nbsp; 34564408 |

---

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

Tax Components of Net Assets at Fiscal Year-End:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary** <br>**Income**<br>| **Temporary** <br>**Book/Tax** <br>**Differences**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)-** <br>**Investments**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)-** <br>**Foreign** <br>**Currencies**<br>| **Capital Loss** <br>**Carryforwards**<br>| **Shares of** <br>**Beneficial** <br>**Interest**<br>| **Total** <br>**Net Assets**<br>|
| BuyBack Achievers<sup>TM</sup> ETF | $1253471 | $(227893)<br>| $(25329836)<br>| $- | $(564202622)<br>| $1751506739 | $1162999859 |
| Dividend Achievers<sup>TM</sup> ETF | 764041 | (1842654)<br>| 152524863 | - | (19878797)<br>| 542007935 | 673575388 |
| Dow Jones Industrial Average <br> Dividend ETF<br>| 864133 | - | 11237855 | - | (32158181)<br>| 353673017 | 333616824 |
| Financial Preferred ETF | - | (322201)<br>| (152627351)<br>| - | (186606094)<br>| 1128086441 | 788530795 |

---

------

**38**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br> **Ordinary**<br> **Income**<br>| **Temporary**<br> **Book/Tax**<br> **Differences**<br>| **Net**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)-**<br> **Investments**<br>| **Net**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)-**<br> **Foreign**<br> **Currencies**<br>| **Capital Loss**<br> **Carryforwards**<br>| **Shares of**<br> **Beneficial**<br> **Interest**<br>| **Total**<br> **Net Assets**<br>|
| High Yield Equity Dividend <br> Achievers<sup>TM</sup> ETF<br>| $- | $(136240)<br>| $(74599892)<br>| $(1)<br>| $(342613625)<br>| $1506711017 | $1089361259 |
| International Dividend Achievers<sup>TM</sup> <br> ETF<br>| 1877977 | (10727052)<br>| 43165904 | 10 | (396118927)<br>| 1188505281 | 826703193 |

---

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

The Funds have capital loss carryforwards as of April 30, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total\*** |
| BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; $362159645 | &nbsp;&nbsp; $202042977 | &nbsp;&nbsp; $564202622 |
| Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 528223 | &nbsp;&nbsp; 19350574 | &nbsp;&nbsp; 19878797 |
| Dow Jones Industrial Average Dividend ETF | &nbsp;&nbsp; 6826888 | &nbsp;&nbsp; 25331293 | &nbsp;&nbsp; 32158181 |
| Financial Preferred ETF | &nbsp;&nbsp; 12929794 | &nbsp;&nbsp; 173676300 | &nbsp;&nbsp; 186606094 |
| High Yield Equity Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 60479893 | &nbsp;&nbsp; 282133732 | &nbsp;&nbsp; 342613625 |
| International Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 168301007 | &nbsp;&nbsp; 227817920 | &nbsp;&nbsp; 396118927 |

---

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

**NOTE 6—Investment Transactions**

For the fiscal year ended April 30, 2025, 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 | &nbsp;&nbsp; $703231730 | &nbsp;&nbsp; $706027896 |
| Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 50847366 | &nbsp;&nbsp; 51300157 |
| Dow Jones Industrial Average Dividend ETF | &nbsp;&nbsp; 73987026 | &nbsp;&nbsp; 75174236 |
| Financial Preferred ETF | &nbsp;&nbsp; 188799063 | &nbsp;&nbsp; 188704156 |
| High Yield Equity Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 693147213 | &nbsp;&nbsp; 693922387 |
| International Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 356330379 | &nbsp;&nbsp; 354810690 |

---

For the fiscal year ended April 30, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-kind** <br>**Purchases**<br>| **In-kind** <br>**Sales**<br>|
| BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; $466114453 | &nbsp;&nbsp; $460618561 |
| Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 41323877 | &nbsp;&nbsp; 67885226 |
| Dow Jones Industrial Average Dividend ETF | &nbsp;&nbsp; 97798864 | &nbsp;&nbsp; 79724723 |
| Financial Preferred ETF | &nbsp;&nbsp; 26712860 | &nbsp;&nbsp; 103338799 |
| High Yield Equity Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 417348897 | &nbsp;&nbsp; 509692091 |
| International Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 3051765 | &nbsp;&nbsp; 135084948 |

---

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

------

**39**

------

As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross** <br>**Unrealized** <br>**Appreciation**<br>| **Gross** <br>**Unrealized** <br>**(Depreciation)**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Cost** |
| BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; $85644203 | &nbsp;&nbsp; $(110974039)<br>| &nbsp;&nbsp; $(25329836)<br>| &nbsp;&nbsp; $1242692953 |
| Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 181159843 | &nbsp;&nbsp; (28634980)<br>| &nbsp;&nbsp; 152524863 | &nbsp;&nbsp; 534683867 |
| Dow Jones Industrial Average Dividend ETF | &nbsp;&nbsp; 32358155 | &nbsp;&nbsp; (21120300)<br>| &nbsp;&nbsp; 11237855 | &nbsp;&nbsp; 321657121 |
| Financial Preferred ETF | &nbsp;&nbsp; 1817107 | &nbsp;&nbsp; (154444458)<br>| &nbsp;&nbsp; (152627351)<br>| &nbsp;&nbsp; 1003284210 |
| High Yield Equity Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 50507649 | &nbsp;&nbsp; (125107541)<br>| &nbsp;&nbsp; (74599892)<br>| &nbsp;&nbsp; 1293712463 |
| International Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 108927383 | &nbsp;&nbsp; (65761479)<br>| &nbsp;&nbsp; 43165904 | &nbsp;&nbsp; 926208891 |

---

**NOTE 7—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of distributions and redemption in-kind, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2025, the reclassifications were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed Net** <br>**Investment Income (Loss)**<br>| **Undistributed Net** <br>**Realized Gain (Loss)**<br>| **Shares of** <br>**Beneficial Interest**<br>|
| BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; $804918 | &nbsp;&nbsp; $(148089814)<br>| &nbsp;&nbsp; $147284896 |
| Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 9932 | &nbsp;&nbsp; (24074471)<br>| &nbsp;&nbsp; 24064539 |
| Dow Jones Industrial Average Dividend ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (21057703)<br>| &nbsp;&nbsp; 21057703 |
| Financial Preferred ETF | &nbsp;&nbsp; 2027630 | &nbsp;&nbsp; 9767028 | &nbsp;&nbsp; (11794658)<br>|
| High Yield Equity Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 2318014 | &nbsp;&nbsp; (105921856)<br>| &nbsp;&nbsp; 103603842 |
| International Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; (913991)<br>| &nbsp;&nbsp; (20788621)<br>| &nbsp;&nbsp; 21702612 |

---

**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. Interested Trustees do 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 as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Funds.

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.

------

**40**

------

**Report of Independent Registered Public Accounting Firm** 

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

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco BuyBack Achievers ETF, Invesco Dividend Achievers ETF, Invesco Dow Jones Industrial Average Dividend ETF, Invesco Financial Preferred ETF, Invesco High Yield Equity Dividend Achievers ETF and Invesco International Dividend Achievers ETF (six of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the "Funds") as of April 30, 2025, the related statements of operations for the year ended April 30, 2025, the statements of changes in net assets for each of the two years in the period ended April 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2025, and each of the financial highlights for each of the five years in the period ended April 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

June 26, 2025

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

------

**41**

------

**Tax Information**

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

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

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Qualified** <br>**Business** <br>**Income\***<br>| **Qualified** <br>**Dividend** <br>**Income\***<br>| **Corporate** <br>**Dividends** <br>**Received** <br>**Deduction\***<br>| **U.S.** <br>**Treasury** <br>**Obligations\***<br>| **Business** <br>**Interest** <br>**Income\***<br>|
| Invesco BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco Dow Jones Industrial Average Dividend ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco Financial Preferred ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 93<br> %<br>| &nbsp;&nbsp; 85<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco High Yield Equity Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 97<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco International Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Foreign Taxes** <br>**Per Share**<br>| **Foreign Source** <br>**Income Per Share**<br>|
| Invesco International Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; $0.0554 | &nbsp;&nbsp; $0.9403 |

---

------

**42**

------

**Approval of Investment Advisory Contracts**

At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the "Trust"), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the "Adviser") and the Trust for the following series (each, a "Fund" and collectively, the "Funds"):

Invesco Bloomberg Analyst Rating Improvers ETF

Invesco Bloomberg MVP Multi-factor ETF

Invesco Dow Jones Industrial Average Dividend ETF

Invesco NASDAQ Internet ETF

Invesco Next Gen Connectivity ETF

Invesco S&P 500 BuyWrite ETF

Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF

Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF

Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF

Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF

Invesco S&P 500<sup>®</sup> Equal Weight ETF

Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF

Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF

Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF

Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF

Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF

Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF

Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF

Invesco S&P 500<sup>®</sup> Pure Growth ETF

Invesco S&P 500<sup>®</sup> Pure Value ETF

Invesco S&P 500<sup>®</sup> Top 50 ETF

Invesco S&P MidCap 400<sup>®</sup> GARP ETF

Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF

Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF

Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF

Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF

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

*Nature, Extent and Quality of Services.* In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. ("Invesco"), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser's execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2024, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund's performance and the performance of its underlying index, as well as the Adviser's analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco's independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds ("ETFs") business of Guggenheim Capital LLC ("Guggenheim") (the "Transaction") and that each such Fund's performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust's registration statement. The Board concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund's particular circumstances.

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

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

*Fees, Expenses and Profitability.* The Trustees reviewed and discussed the information provided by the Adviser on each Fund's net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays

------

**43**

------

**Approval of Investment Advisory Contracts—(continued)**

its brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses

&nbsp;&nbsp;&nbsp;&nbsp;● 0.07% of the Fund's average daily net assets for Invesco Dow Jones Industrial Average Dividend ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.20% of the Fund's average daily net assets for each of Invesco S&P 500® Equal Weight ETF and Invesco S&P 500® Top 50 ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.29% of the Fund's average daily net assets for each of Invesco S&P 500 BuyWrite ETF and Invesco Bloomberg MVP Multi-factor ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.35% of the Fund's average daily net assets for each of Invesco S&P 500® Pure Growth ETF, Invesco S&P 500® Pure Value ETF, Invesco S&P MidCap 400® GARP ETF, Invesco S&P MidCap 400® Pure Growth ETF, Invesco S&P MidCap 400® Pure Value ETF, Invesco S&P SmallCap 600® Pure Growth ETF and Invesco S&P SmallCap 600® Pure Value ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.60% of the Fund's average daily net assets for Invesco NASDAQ Internet ETF; and

&nbsp;&nbsp;&nbsp;&nbsp;● 0.40% of the Fund's average daily net assets for each other Fund.

The Trustees compared each Fund's net expense ratio to information compiled by the Adviser from Lipper Inc. ("Lipper") databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund's operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal** <br>**to/Lower** <br>**than ETF** <br>**Peer Median**<br>| **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median\***<br>| **Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco Bloomberg Analyst Rating Improvers ETF |  |  | X |
| Invesco Bloomberg MVP Multi-factor ETF | X |  | X |
| Invesco Dow Jones Industrial Average Dividend ETF | X | X | X |
| Invesco NASDAQ Internet ETF |  |  | X |
| Invesco Next Gen Connectivity ETF | X | N/A | X |
| Invesco S&P 500 BuyWrite ETF | X | N/A | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF | X | X | X |
| Invesco S&P 500<sup>®</sup> Pure Growth ETF | X | X | X |
| Invesco S&P 500<sup>®</sup> Pure Value ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Top 50 ETF |  |  | X |
| Invesco S&P MidCap 400<sup>®</sup> GARP ETF |  |  | X |
| Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF |  |  | X |
| Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF |  | X | X |

---

------

**44**

------

**Approval of Investment Advisory Contracts—(continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal**<br> **to/Lower**<br> **than ETF**<br> **Peer Median**<br>| **Equal to/Lower**<br> **than Open-End**<br> **Index Fund**<br> **Peer Median\***<br>| **Lower than**<br> **Open-End**<br> **Active Fund**<br> **Peer Median**<br>|
| Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF |  |  | X |
| Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF |  | X | X |

---

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

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco S&P 500® Equal Weight ETF. The Trustees considered the Adviser's explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser's statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all of the information provided, the Board concluded that each Fund's unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. With respect to the Adviser's profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser's. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees reviewed each Fund's asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.

*Fall-out Benefits.* The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds' securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund's distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund's unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

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

------

**45**

------

**Approval of Investment Advisory Contracts**

At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the "Trust"), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the "Adviser") and the Trust for the following series (each, a "Fund" and collectively, the "Funds"):

Invesco Aerospace & Defense ETF

Invesco AI and Next Gen Software ETF

Invesco Biotechnology & Genome ETF

Invesco Building & Construction ETF

Invesco BuyBack Achievers<sup>TM</sup> ETF

Invesco Dividend Achievers<sup>TM</sup> ETF

Invesco Dorsey Wright Basic Materials Momentum ETF

Invesco Dorsey Wright Consumer Cyclicals Momentum ETF

Invesco Dorsey Wright Consumer Staples Momentum ETF

Invesco Dorsey Wright Energy Momentum ETF

Invesco Dorsey Wright Financial Momentum ETF

Invesco Dorsey Wright Healthcare Momentum ETF

Invesco Dorsey Wright Industrials Momentum ETF

Invesco Dorsey Wright Momentum ETF

Invesco Dorsey Wright Technology Momentum ETF

Invesco Dorsey Wright Utilities Momentum ETF

Invesco Energy Exploration & Production ETF

Invesco Financial Preferred ETF

Invesco Food & Beverage ETF

Invesco Global Listed Private Equity ETF

Invesco Golden Dragon China ETF

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

Invesco International Dividend Achievers<sup>TM</sup> ETF

Invesco Large Cap Growth ETF

Invesco Large Cap Value ETF

Invesco Leisure and Entertainment ETF

Invesco MSCI Sustainable Future ETF

Invesco Next Gen Media and Gaming ETF

Invesco Oil & Gas Services ETF

Invesco Pharmaceuticals ETF

Invesco RAFI US 1000 ETF

Invesco RAFI US 1500 Small-Mid ETF

Invesco S&P 100 Equal Weight ETF

Invesco S&P 500 GARP ETF

Invesco S&P 500<sup>®</sup> Quality ETF

Invesco S&P 500 Value with Momentum ETF

Invesco S&P MidCap Momentum ETF

Invesco S&P MidCap Quality ETF

Invesco S&P MidCap Value with Momentum ETF

Invesco S&P SmallCap Momentum ETF

Invesco S&P SmallCap Value with Momentum ETF

Invesco S&P Spin-Off ETF

Invesco Semiconductors ETF

Invesco Water Resources ETF

Invesco WilderHill Clean Energy ETF

Invesco Zacks Mid-Cap ETF

Invesco Zacks Multi-Asset Income ETF

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

*Nature, Extent and Quality of Services.* In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. ("Invesco"), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser's execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2024, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund's performance and the performance of its underlying index, as well as the Adviser's analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco's independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds ("ETFs") business of Guggenheim Capital LLC ("Guggenheim") (the "Transaction") and that each such Fund's performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust's registration

------

**46**

------

**Approval of Investment Advisory Contracts—(continued)**

statement. The Board concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund's particular circumstances.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;● 0.15% of the Fund's average daily net assets for Invesco S&P 500® Quality ETF;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;● 0.50% of the Fund's average daily net assets for each other Fund.

The Trustees noted that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an "Expense Cap") to the extent necessary to prevent the annual operating expenses of each Fund from exceeding the percentage of that Fund's average daily net assets, at least until August 31, 2027, as set forth below:

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;● 0.60%, excluding interest expenses, licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Aerospace & Defense ETF, Invesco AI and Next Gen Software ETF, Invesco Biotechnology & Genome ETF, Invesco Building & Construction ETF, Invesco BuyBack AchieversTM ETF, Invesco Dorsey Wright Momentum ETF, Invesco Energy Exploration & Production ETF, Invesco Financial Preferred ETF, Invesco Food & Beverage ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco Large Cap Growth ETF, Invesco Large Cap Value ETF, Invesco Leisure and Entertainment ETF, Invesco MSCI

------

**47**

------

**Approval of Investment Advisory Contracts—(continued)**

Sustainable Future ETF, Invesco Next Gen Media and Gaming ETF, Invesco Oil & Gas Services ETF, Invesco Pharmaceuticals ETF, Invesco Semiconductors ETF, Invesco S&P Spin-Off ETF, Invesco Water Resources ETF, Invesco WilderHill Clean Energy ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF.

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

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal** <br>**to/Lower** <br>**than ETF Peer Median**<br>| **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median\***<br>| **Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco Aerospace & Defense ETF |  |  | X |
| Invesco AI and Next Gen Software ETF | X | N/A | X |
| Invesco Biotechnology & Genome ETF |  |  | X |
| Invesco Building & Construction ETF |  |  | X |
| Invesco BuyBack Achievers<sup>TM</sup> ETF |  |  | X |
| Invesco Dividend Achievers<sup>TM</sup> ETF |  |  | X |
| Invesco Dorsey Wright Basic Materials Momentum ETF |  |  | X |
| Invesco Dorsey Wright Consumer Cyclicals Momentum ETF |  |  | X |
| Invesco Dorsey Wright Consumer Staples Momentum ETF |  |  | X |
| Invesco Dorsey Wright Energy Momentum ETF |  |  | X |
| Invesco Dorsey Wright Financial Momentum ETF |  |  | X |
| Invesco Dorsey Wright Healthcare Momentum ETF |  |  | X |
| Invesco Dorsey Wright Industrials Momentum ETF |  |  | X |
| Invesco Dorsey Wright Momentum ETF |  | X | X |
| Invesco Dorsey Wright Technology Momentum ETF |  |  | X |
| Invesco Dorsey Wright Utilities Momentum ETF |  |  | X |
| Invesco Energy Exploration & Production ETF |  |  | X |
| Invesco Financial Preferred ETF |  |  | X |
| Invesco Food & Beverage ETF |  |  | X |
| Invesco Global Listed Private Equity ETF |  | N/A | X |
| Invesco Golden Dragon China ETF | X | N/A | X |
| Invesco High Yield Equity Dividend Achievers<sup>TM</sup> ETF |  |  | X |
| Invesco International Dividend Achievers<sup>TM</sup> ETF | X |  | X |
| Invesco Large Cap Growth ETF |  |  | X |
| Invesco Large Cap Value ETF |  |  | X |
| Invesco Leisure and Entertainment ETF |  |  | X |
| Invesco MSCI Sustainable Future ETF |  |  | X |
| Invesco Next Gen Media and Gaming ETF |  |  | X |
| Invesco Oil & Gas Services ETF |  |  | X |
| Invesco Pharmaceuticals ETF |  |  | X |
| Invesco RAFI US 1000 ETF |  |  | X |
| Invesco RAFI US 1500 Small-Mid ETF |  |  | X |
| Invesco S&P 100 Equal Weight ETF |  | X | X |
| Invesco S&P 500 GARP ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Quality ETF | X |  | X |
| Invesco S&P 500 Value with Momentum ETF |  |  | X |

---

------

**48**

------

**Approval of Investment Advisory Contracts—(continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal**<br> **to/Lower**<br> **than ETF Peer Median**<br>| **Equal to/Lower**<br> **than Open-End**<br> **Index Fund**<br> **Peer Median\***<br>| **Lower than**<br> **Open-End**<br> **Active Fund**<br> **Peer Median**<br>|
| Invesco S&P MidCap Momentum ETF |  |  | X |
| Invesco S&P MidCap Quality ETF |  |  | X |
| Invesco S&P MidCap Value with Momentum ETF |  |  | X |
| Invesco S&P SmallCap Momentum ETF |  |  | X |
| Invesco S&P SmallCap Value with Momentum ETF |  | X | X |
| Invesco S&P Spin-Off ETF |  |  | X |
| Invesco Semiconductors ETF |  |  | X |
| Invesco Water Resources ETF | X | X | X |
| Invesco WilderHill Clean Energy ETF |  | X | X |
| Invesco Zacks Mid-Cap ETF |  |  | X |
| Invesco Zacks Multi-Asset Income ETF |  |  | X |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal** <br>**to/Lower** <br>**than ETF Peer Median**<br>| **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median\***<br>| **Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco Aerospace & Defense ETF |  |  | X |
| Invesco AI and Next Gen Software ETF | X | N/A | X |
| Invesco Biotechnology & Genome ETF |  |  | X |
| Invesco Building & Construction ETF |  |  | X |
| Invesco BuyBack Achievers<sup>TM</sup> ETF |  |  | X |
| Invesco Dividend Achievers<sup>TM</sup> ETF |  | X | X |
| Invesco Dorsey Wright Basic Materials Momentum ETF |  |  | X |
| Invesco Dorsey Wright Consumer Cyclicals Momentum ETF |  |  | X |
| Invesco Dorsey Wright Consumer Staples Momentum ETF |  |  | X |
| Invesco Dorsey Wright Energy Momentum ETF |  |  | X |
| Invesco Dorsey Wright Financial Momentum ETF |  |  | X |
| Invesco Dorsey Wright Healthcare Momentum ETF |  |  | X |
| Invesco Dorsey Wright Industrials Momentum ETF |  |  | X |
| Invesco Dorsey Wright Momentum ETF |  | X | X |
| Invesco Dorsey Wright Technology Momentum ETF |  |  | X |
| Invesco Dorsey Wright Utilities Momentum ETF |  |  | X |
| Invesco Energy Exploration & Production ETF |  |  | X |
| Invesco Financial Preferred ETF |  |  | X |
| Invesco Food & Beverage ETF |  |  | X |
| Invesco Global Listed Private Equity ETF |  | N/A | X |
| Invesco Golden Dragon China ETF |  | N/A | X |
| Invesco High Yield Equity Dividend Achievers<sup>TM</sup> ETF |  | X | X |
| Invesco International Dividend Achievers<sup>TM</sup> ETF |  |  | X |
| Invesco Large Cap Growth ETF |  |  | X |

---

------

**49**

------

**Approval of Investment Advisory Contracts—(continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal**<br> **to/Lower**<br> **than ETF Peer Median**<br>| **Equal to/Lower**<br> **than Open-End**<br> **Index Fund**<br> **Peer Median\***<br>| **Lower than**<br> **Open-End**<br> **Active Fund**<br> **Peer Median**<br>|
| Invesco Large Cap Value ETF |  | X | X |
| Invesco Leisure and Entertainment ETF |  |  | X |
| Invesco MSCI Sustainable Future ETF |  |  | X |
| Invesco Next Gen Media and Gaming ETF |  |  | X |
| Invesco Oil & Gas Services ETF |  |  | X |
| Invesco Pharmaceuticals ETF |  |  | X |
| Invesco RAFI US 1000 ETF |  |  | X |
| Invesco RAFI US 1500 Small-Mid ETF |  |  | X |
| Invesco S&P 100 Equal Weight ETF |  | X | X |
| Invesco S&P 500 GARP ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Quality ETF | X |  | X |
| Invesco S&P 500 Value with Momentum ETF |  |  | X |
| Invesco S&P MidCap Momentum ETF |  |  | X |
| Invesco S&P MidCap Quality ETF |  |  | X |
| Invesco S&P MidCap Value with Momentum ETF |  |  | X |
| Invesco S&P SmallCap Momentum ETF |  |  | X |
| Invesco S&P SmallCap Value with Momentum ETF |  | X | X |
| Invesco S&P Spin-Off ETF |  |  | X |
| Invesco Semiconductors ETF |  |  | X |
| Invesco Water Resources ETF |  | X | X |
| Invesco WilderHill Clean Energy ETF |  | X | X |
| Invesco Zacks Mid-Cap ETF |  |  | X |
| Invesco Zacks Multi-Asset Income ETF |  |  | X |

---

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

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Global Listed Private Equity ETF's, Invesco Zacks Multi-Asset Income ETF's, Invesco Oil & Gas Services ETF's and Invesco Energy Exploration & Production ETF's advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser's statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco RAFI US 1000 ETF. The Trustees considered the Adviser's explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser's statement that the management and oversight of the Funds requires substantially more labor and expense.

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

In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds, as well as the fees waived and expenses reimbursed by the Adviser for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. With respect to the Adviser's profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose.

------

**50**

------

**Approval of Investment Advisory Contracts—(continued)**

Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser's. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees reviewed each Fund's asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser. The Trustees noted that the Expense Cap agreement with the Trust provides that the Adviser is entitled to be reimbursed by each Fund for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in a Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the flat advisory fee rates were reasonable and appropriate.

*Fall-out Benefits.* The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds' securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund's distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund's advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

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

------

**51**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

Remuneration paid to the Funds' trustees or officers and others, if any, is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory Contracts section of this report.

------

**52**

------

**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-DI-NCSR

invesco.com/ETFs

------

![](img2dfe433b1.jpg)

------

**Invesco Annual Financial Statements and Other Information**

April 30, 2025

---

| | |
|:---|:---|
| **IGPT** | Invesco AI and Next Gen Software ETF |
| **PBE** | Invesco Biotechnology & Genome ETF |
| **PKB** | Invesco Building & Construction ETF |
| **PXE** | Invesco Energy Exploration & Production ETF |
| **PBJ** | Invesco Food & Beverage ETF |
| **PEJ** | Invesco Leisure and Entertainment ETF |
| **KNCT** | Invesco Next Gen Connectivity ETF |
| **GGME** | Invesco Next Gen Media and Gaming ETF |
| **PXJ** | Invesco Oil & Gas Services ETF |
| **PJP** | Invesco Pharmaceuticals ETF |
| **PSI** | Invesco Semiconductors ETF |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments |  |
| [Invesco AI and Next Gen Software ETF (IGPT)](#xx_76146aa5-87e0-4baa-846a-f9362e8141f5_SOI-Continued-426_1) | **3** |
| [Invesco Biotechnology & Genome ETF (PBE)](#xx_76146aa5-87e0-4baa-846a-f9362e8141f5_SOI-Continued-426_4) | **6** |
| [Invesco Building & Construction ETF (PKB)](#xx_76146aa5-87e0-4baa-846a-f9362e8141f5_SOI-Continued-426_6) | **8** |
| [Invesco Energy Exploration & Production ETF (PXE)](#xx_76146aa5-87e0-4baa-846a-f9362e8141f5_SOI-Continued-426_8) | **10** |
| [Invesco Food & Beverage ETF (PBJ)](#xx_76146aa5-87e0-4baa-846a-f9362e8141f5_SOI-Continued-426_10) | **12** |
| [Invesco Leisure and Entertainment ETF (PEJ)](#xx_76146aa5-87e0-4baa-846a-f9362e8141f5_SOI-Continued-426_12) | **14** |
| [Invesco Next Gen Connectivity ETF (KNCT)](#xx_76146aa5-87e0-4baa-846a-f9362e8141f5_SOI-Continued-426_14) | **16** |
| [Invesco Next Gen Media and Gaming ETF (GGME)](#xx_76146aa5-87e0-4baa-846a-f9362e8141f5_SOI-Continued-426_17) | **19** |
| [Invesco Oil & Gas Services ETF (PXJ)](#xx_76146aa5-87e0-4baa-846a-f9362e8141f5_SOI-Continued-426_19) | **21** |
| [Invesco Pharmaceuticals ETF (PJP)](#xx_76146aa5-87e0-4baa-846a-f9362e8141f5_SOI-Continued-426_21) | **23** |
| [Invesco Semiconductors ETF (PSI)](#xx_76146aa5-87e0-4baa-846a-f9362e8141f5_SOI-Continued-426_23) | **25** |
| [Statements of Assets and Liabilities](#xx_76146aa5-87e0-4baa-846a-f9362e8141f5_FS-Continued-426_2) | **28** |
| [Statements of Operations](#xx_76146aa5-87e0-4baa-846a-f9362e8141f5_FS-Continued-426_4) | **30** |
| [Statements of Changes in Net Assets](#xx_76146aa5-87e0-4baa-846a-f9362e8141f5_FS-Continued-426_6) | **32** |
| [Financial Highlights](#xx_76146aa5-87e0-4baa-846a-f9362e8141f5_FIHI-Continued-426_1) | **36** |
| [Notes to Financial Statements](#xx_76146aa5-87e0-4baa-846a-f9362e8141f5_NTF-Continued-426_1) | **45** |
| [Report of Independent Registered Public Accounting Firm](#xx_76146aa5-87e0-4baa-846a-f9362e8141f5_AR-Continued-426_1) | **59** |
| [Tax Information](#xx_76146aa5-87e0-4baa-846a-f9362e8141f5_TI-Continued-426_1) | **60** |
| [Approval of Investment Advisory Contracts](#xx_76146aa5-87e0-4baa-846a-f9362e8141f5_BCRC-Continued_1) | **61** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_76146aa5-87e0-4baa-846a-f9362e8141f5_OIRSR-Continued_1) | **70** |

---

------

**2**

------

**Invesco AI and Next Gen Software ETF (IGPT)**

April 30, 2025

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%** |
| **Advertising-0.99%** | **Advertising-0.99%** | **Advertising-0.99%** |
| Magnite, Inc.<sup>(b)(c)</sup> | 20715 | &nbsp;&nbsp; $246301 |
| Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 66097 | &nbsp;&nbsp; 3544782 |
|  |  | &nbsp;&nbsp; 3791083 |
| **Alternative Carriers-0.09%** | **Alternative Carriers-0.09%** | **Alternative Carriers-0.09%** |
| Cogent Communications Holdings, Inc.<sup>(c)</sup> | 6314 | &nbsp;&nbsp; 343166 |
| **Application Software-22.83%** | **Application Software-22.83%** | **Application Software-22.83%** |
| Adobe, Inc.<sup>(b)</sup> | 63678 | &nbsp;&nbsp; 23877976 |
| ANSYS, Inc.<sup>(b)</sup> | 12850 | &nbsp;&nbsp; 4136158 |
| Autodesk, Inc.<sup>(b)</sup> | 31621 | &nbsp;&nbsp; 8672059 |
| Bentley Systems, Inc., Class B<sup>(c)</sup> | 26268 | &nbsp;&nbsp; 1129261 |
| Braze, Inc., Class A<sup>(b)(c)</sup> | 11314 | &nbsp;&nbsp; 352205 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 35441 | &nbsp;&nbsp; 10552203 |
| Dassault Systemes SE (France) | 106544 | &nbsp;&nbsp; 4006604 |
| DocuSign, Inc.<sup>(b)</sup> | 29853 | &nbsp;&nbsp; 2440483 |
| DoubleVerify Holdings, Inc.<sup>(b)(c)</sup> | 21082 | &nbsp;&nbsp; 279547 |
| Elastic N.V.<sup>(b)</sup> | 12828 | &nbsp;&nbsp; 1105774 |
| Five9, Inc.<sup>(b)(c)</sup> | 10987 | &nbsp;&nbsp; 276213 |
| HubSpot, Inc.<sup>(b)</sup> | 7553 | &nbsp;&nbsp; 4618660 |
| Informatica, Inc., Class A<sup>(b)</sup> | 19742 | &nbsp;&nbsp; 371742 |
| MicroStrategy, Inc., Class A<sup>(b)(c)</sup> | 34968 | &nbsp;&nbsp; 13291687 |
| Nemetschek SE (Germany) | 5186 | &nbsp;&nbsp; 691513 |
| Nice Ltd. (Israel)<sup>(b)</sup> | 7680 | &nbsp;&nbsp; 1199801 |
| Pegasystems, Inc.<sup>(c)</sup> | 6379 | &nbsp;&nbsp; 587378 |
| Samsara, Inc., Class A<sup>(b)(c)</sup> | 38868 | &nbsp;&nbsp; 1541505 |
| Sinch AB<sup>(b)(d)</sup> | 95166 | &nbsp;&nbsp; 221712 |
| Sprinklr, Inc., Class A<sup>(b)(c)</sup> | 18704 | &nbsp;&nbsp; 143834 |
| Synopsys, Inc.<sup>(b)</sup> | 14214 | &nbsp;&nbsp; 6524368 |
| Unity Software, Inc.<sup>(b)(c)</sup> | 48587 | &nbsp;&nbsp; 1023728 |
| Verint Systems, Inc.<sup>(b)(c)</sup> | 9063 | &nbsp;&nbsp; 159871 |
|  |  | &nbsp;&nbsp; 87204282 |
| **Communications Equipment-0.03%** | **Communications Equipment-0.03%** | **Communications Equipment-0.03%** |
| Harmonic, Inc.<sup>(b)(c)</sup> | 10866 | &nbsp;&nbsp; 97577 |
| **Consumer Electronics-0.65%** | **Consumer Electronics-0.65%** | **Consumer Electronics-0.65%** |
| Garmin Ltd. | 13248 | &nbsp;&nbsp; 2475654 |
| **Data Center REITs-5.17%** | **Data Center REITs-5.17%** | **Data Center REITs-5.17%** |
| Digital Realty Trust, Inc. | 46272 | &nbsp;&nbsp; 7428507 |
| Equinix, Inc. | 14320 | &nbsp;&nbsp; 12325940 |
|  |  | &nbsp;&nbsp; 19754447 |
| **Electrical Components & Equipment-1.61%** | **Electrical Components & Equipment-1.61%** | **Electrical Components & Equipment-1.61%** |
| AMETEK, Inc. | 24011 | &nbsp;&nbsp; 4071785 |
| Nidec Corp. (Japan) | 116902 | &nbsp;&nbsp; 2082457 |
|  |  | &nbsp;&nbsp; 6154242 |
| **Electronic Components-0.30%** | **Electronic Components-0.30%** | **Electronic Components-0.30%** |
| Largan Precision Co. Ltd. (Taiwan) | 15873 | &nbsp;&nbsp; 1131613 |
| **Electronic Equipment & Instruments-4.98%** | **Electronic Equipment & Instruments-4.98%** | **Electronic Equipment & Instruments-4.98%** |
| Cognex Corp.<sup>(c)</sup> | 25224 | &nbsp;&nbsp; 688615 |
| Comet Holding AG (Switzerland) | 582 | &nbsp;&nbsp; 150918 |
| Halma PLC (United Kingdom) | 39081 | &nbsp;&nbsp; 1445791 |
| Hexagon AB, Class B (Sweden)<sup>(c)</sup> | 312446 | &nbsp;&nbsp; 3047397 |
| INFICON HOLDING AG (Switzerland) | 2570 | &nbsp;&nbsp; 273892 |
| Jenoptik AG (Germany) | 6624 | &nbsp;&nbsp; 132703 |
| Keyence Corp. (Japan) | 30327 | &nbsp;&nbsp; 12709688 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Electronic Equipment & Instruments-(continued)** | **Electronic Equipment & Instruments-(continued)** | **Electronic Equipment & Instruments-(continued)** |
| Novanta, Inc.<sup>(b)(c)</sup> | 3328 | &nbsp;&nbsp; $395566 |
| Spectris PLC (United Kingdom) | 7478 | &nbsp;&nbsp; 200639 |
|  |  | &nbsp;&nbsp; 19045209 |
| **Electronic Manufacturing Services-0.07%** | **Electronic Manufacturing Services-0.07%** | **Electronic Manufacturing Services-0.07%** |
| IPG Photonics Corp.<sup>(b)(c)</sup> | 4719 | &nbsp;&nbsp; 282621 |
| **Health Care Equipment-6.93%** | **Health Care Equipment-6.93%** | **Health Care Equipment-6.93%** |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 51309 | &nbsp;&nbsp; 26465182 |
| **Health Care Services-0.12%** | **Health Care Services-0.12%** | **Health Care Services-0.12%** |
| RadNet, Inc.<sup>(b)(c)</sup> | 8971 | &nbsp;&nbsp; 469901 |
| **Industrial Machinery & Supplies & Components-1.31%** | **Industrial Machinery & Supplies & Components-1.31%** | **Industrial Machinery & Supplies & Components-1.31%** |
| ATS Corp. (Canada)<sup>(b)</sup> | 10971 | &nbsp;&nbsp; 275923 |
| AutoStore Holdings Ltd. (Norway)<sup>(b)(d)</sup> | 170348 | &nbsp;&nbsp; 77018 |
| Duerr AG (Germany) | 6417 | &nbsp;&nbsp; 152438 |
| Fortive Corp. | 39155 | &nbsp;&nbsp; 2728712 |
| Harmonic Drive Systems, Inc. (Japan) | 9177 | &nbsp;&nbsp; 216244 |
| Hiwin Technologies Corp. (Taiwan) | 39056 | &nbsp;&nbsp; 269597 |
| MINEBEA MITSUMI, Inc. (Japan) | 38547 | &nbsp;&nbsp; 566293 |
| Yaskawa Electric Corp. (Japan)<sup>(c)</sup> | 33633 | &nbsp;&nbsp; 710313 |
|  |  | &nbsp;&nbsp; 4996538 |
| **Interactive Home Entertainment-0.82%** | **Interactive Home Entertainment-0.82%** | **Interactive Home Entertainment-0.82%** |
| Electronic Arts, Inc. | 21552 | &nbsp;&nbsp; 3126980 |
| **Interactive Media & Services-16.59%** | **Interactive Media & Services-16.59%** | **Interactive Media & Services-16.59%** |
| Alphabet, Inc., Class A | 190525 | &nbsp;&nbsp; 30255370 |
| Baidu, Inc., A Shares (China)<sup>(b)</sup> | 186137 | &nbsp;&nbsp; 2052774 |
| Meta Platforms, Inc., Class A | 52501 | &nbsp;&nbsp; 28823049 |
| Pinterest, Inc., Class A<sup>(b)</sup> | 88774 | &nbsp;&nbsp; 2247758 |
|  |  | &nbsp;&nbsp; 63378951 |
| **Internet Services & Infrastructure-2.24%** | **Internet Services & Infrastructure-2.24%** | **Internet Services & Infrastructure-2.24%** |
| NEXTDC Ltd. (Australia)<sup>(b)(c)</sup> | 94320 | &nbsp;&nbsp; 715326 |
| Snowflake, Inc., Class A<sup>(b)(c)</sup> | 49299 | &nbsp;&nbsp; 7862698 |
|  |  | &nbsp;&nbsp; 8578024 |
| **IT Consulting & Other Services-0.02%** | **IT Consulting & Other Services-0.02%** | **IT Consulting & Other Services-0.02%** |
| Addnode Group AB (Sweden)<sup>(c)</sup> | 10952 | &nbsp;&nbsp; 94489 |
| **Movies & Entertainment-0.29%** | **Movies & Entertainment-0.29%** | **Movies & Entertainment-0.29%** |
| Roku, Inc., Class A<sup>(b)</sup> | 16098 | &nbsp;&nbsp; 1097562 |
| **Research & Consulting Services-0.05%** | **Research & Consulting Services-0.05%** | **Research & Consulting Services-0.05%** |
| Clarivate PLC<sup>(b)(c)</sup> | 43829 | &nbsp;&nbsp; 188903 |
| **Semiconductors-31.14%** | **Semiconductors-31.14%** | **Semiconductors-31.14%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 234125 | &nbsp;&nbsp; 22792069 |
| Alchip Technologies Ltd. (Taiwan) | 11215 | &nbsp;&nbsp; 749451 |
| Ambarella, Inc.<sup>(b)</sup> | 6115 | &nbsp;&nbsp; 293459 |
| AP Memory Technology Corp. (Taiwan) | 20170 | &nbsp;&nbsp; 150635 |
| ARM Holdings PLC, ADR<sup>(b)(c)</sup> | 19297 | &nbsp;&nbsp; 2200823 |
| ASMedia Technology, Inc. (Taiwan) | 4509 | &nbsp;&nbsp; 238409 |
| Credo Technology Group Holding Ltd.<sup>(b)</sup> | 19053 | &nbsp;&nbsp; 820232 |
| Faraday Technology Corp. (Taiwan) | 29511 | &nbsp;&nbsp; 167599 |
| Global Unichip Corp. (Taiwan) | 9583 | &nbsp;&nbsp; 307856 |
| Hygon Information Technology Co. Ltd., A <br> Shares (China)<br>| 20443 | &nbsp;&nbsp; 419073 |
| Intel Corp. | 592545 | &nbsp;&nbsp; 11910154 |
| Lattice Semiconductor Corp.<sup>(b)(c)</sup> | 20260 | &nbsp;&nbsp; 991322 |
| Macronix International Co. Ltd. (Taiwan) | 167557 | &nbsp;&nbsp; 104140 |
| Marvell Technology, Inc. | 76132 | &nbsp;&nbsp; 4443825 |

---

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

------

**3**

------

**Invesco AI and Next Gen Software ETF (IGPT)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Semiconductors-(continued)** | **Semiconductors-(continued)** | **Semiconductors-(continued)** |
| MaxLinear, Inc.<sup>(b)</sup> | 6380 | &nbsp;&nbsp; $63736 |
| Microchip Technology, Inc. | 56691 | &nbsp;&nbsp; 2612321 |
| Micron Technology, Inc.<sup>(c)</sup> | 163097 | &nbsp;&nbsp; 12550314 |
| Nanya Technology Corp. (Taiwan)<sup>(b)</sup> | 173947 | &nbsp;&nbsp; 196394 |
| NVIDIA Corp. | 268296 | &nbsp;&nbsp; 29222800 |
| QUALCOMM, Inc. | 114806 | &nbsp;&nbsp; 17044099 |
| Renesas Electronics Corp. (Japan) | 144699 | &nbsp;&nbsp; 1702128 |
| Silicon Laboratories, Inc.<sup>(b)(c)</sup> | 4750 | &nbsp;&nbsp; 483360 |
| SK hynix, Inc. (South Korea) | 74149 | &nbsp;&nbsp; 9251800 |
| Winbond Electronics Corp. (Taiwan)<sup>(b)</sup> | 473344 | &nbsp;&nbsp; 234637 |
|  |  | &nbsp;&nbsp; 118950636 |
| **Systems Software-0.29%** | **Systems Software-0.29%** | **Systems Software-0.29%** |
| Adeia, Inc. | 14081 | &nbsp;&nbsp; 173337 |
| Dolby Laboratories, Inc., Class A | 8086 | &nbsp;&nbsp; 620924 |
| Teradata Corp.<sup>(b)(c)</sup> | 14103 | &nbsp;&nbsp; 303214 |
|  |  | &nbsp;&nbsp; 1097475 |
| **Technology Hardware, Storage & Peripherals-3.51%** | **Technology Hardware, Storage & Peripherals-3.51%** | **Technology Hardware, Storage & Peripherals-3.51%** |
| Hewlett Packard Enterprise Co.<sup>(c)</sup> | 101296 | &nbsp;&nbsp; 1643021 |
| MiTAC Holdings Corp. (Taiwan)<sup>(b)</sup> | 122921 | &nbsp;&nbsp; 204714 |
| NetApp, Inc.<sup>(c)</sup> | 21609 | &nbsp;&nbsp; 1939408 |
| Pure Storage, Inc., Class A<sup>(b)</sup> | 27639 | &nbsp;&nbsp; 1253705 |
| Seagate Technology Holdings PLC | 30960 | &nbsp;&nbsp; 2818289 |
| Super Micro Computer, Inc.<sup>(b)(c)</sup> | 71234 | &nbsp;&nbsp; 2269515 |
| Western Digital Corp.<sup>(b)(c)</sup> | 50516 | &nbsp;&nbsp; 2215632 |
| Wiwynn Corp. (Taiwan) | 17849 | &nbsp;&nbsp; 1074176 |
|  |  | &nbsp;&nbsp; 13418460 |
| Total Common Stocks & Other Equity Interests <br>(Cost $372,706,657) | Total Common Stocks & Other Equity Interests <br>(Cost $372,706,657) | &nbsp;&nbsp; 382142995 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.03%** | **Money Market Funds-0.03%** | **Money Market Funds-0.03%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(e)(f)</sup> <br>(Cost $130,743)<br>| 130743 | &nbsp;&nbsp; $130743 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.06% <br>(Cost $372,837,400) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.06% <br>(Cost $372,837,400) | &nbsp;&nbsp; 382273738 |
| **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-9.26%** | **Money Market Funds-9.26%** | **Money Market Funds-9.26%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(e)(f)(g)</sup><br>| 9825361 | &nbsp;&nbsp; 9825361 |
| Invesco Private Prime Fund, 4.46%<sup>(e)(f)(g)</sup> | 25556484 | &nbsp;&nbsp; 25561595 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $35,386,956) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $35,386,956) | &nbsp;&nbsp; 35386956 |
| TOTAL INVESTMENTS IN SECURITIES-109.32% <br>(Cost $408,224,356) | TOTAL INVESTMENTS IN SECURITIES-109.32% <br>(Cost $408,224,356) | &nbsp;&nbsp; 417660694 |
| OTHER ASSETS LESS LIABILITIES-(9.32)% | OTHER ASSETS LESS LIABILITIES-(9.32)% | &nbsp;&nbsp; (35617081)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $382043613 |

---

Investment Abbreviations: <br> ADR -American Depositary Receipt <br> REIT -Real Estate Investment Trust

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $298,730, which represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $122755 | &nbsp;&nbsp; $9687017 | &nbsp;&nbsp; $(9679029)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $130743 | &nbsp;&nbsp; $11660 |

---

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

------

**4**

------

**Invesco AI and Next Gen Software ETF (IGPT)—(continued)**

April 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; $3521877 | &nbsp;&nbsp; $112681746 | &nbsp;&nbsp; $(106378262)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9825361 | &nbsp;&nbsp; $226,103<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 9067590 | &nbsp;&nbsp; 251192686 | &nbsp;&nbsp; (234697727)<br>| &nbsp;&nbsp; 696 | &nbsp;&nbsp; (1650)<br>| &nbsp;&nbsp; 25561595 | &nbsp;&nbsp; 608,979<br> \*<br>|
| Total | &nbsp;&nbsp; $12712222 | &nbsp;&nbsp; $373561449 | &nbsp;&nbsp; $(350755018)<br>| &nbsp;&nbsp; $696 | &nbsp;&nbsp; $(1650)<br>| &nbsp;&nbsp; $35517699 | &nbsp;&nbsp; $846742 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**5**

------

**Invesco Biotechnology & Genome ETF (PBE)**

April 30, 2025

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%** |
| **Biotechnology-84.71%** | **Biotechnology-84.71%** | **Biotechnology-84.71%** |
| Acadia Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 339519 | &nbsp;&nbsp; $4956977 |
| Amgen, Inc. | 37524 | &nbsp;&nbsp; 10916482 |
| BioCryst Pharmaceuticals, Inc.<sup>(b)</sup> | 779510 | &nbsp;&nbsp; 6898663 |
| Biogen, Inc.<sup>(b)</sup> | 82559 | &nbsp;&nbsp; 9996244 |
| BioMarin Pharmaceutical, Inc.<sup>(b)</sup> | 90700 | &nbsp;&nbsp; 5776683 |
| Blueprint Medicines Corp.<sup>(b)(c)</sup> | 70799 | &nbsp;&nbsp; 6336510 |
| CareDx, Inc.<sup>(b)(c)</sup> | 308964 | &nbsp;&nbsp; 5215312 |
| Catalyst Pharmaceuticals, Inc.<sup>(b)</sup> | 310607 | &nbsp;&nbsp; 7544644 |
| Dynavax Technologies Corp.<sup>(b)(c)</sup> | 481349 | &nbsp;&nbsp; 5655851 |
| Exact Sciences Corp.<sup>(b)(c)</sup> | 128620 | &nbsp;&nbsp; 5870217 |
| Exelixis, Inc.<sup>(b)</sup> | 174838 | &nbsp;&nbsp; 6844908 |
| Gilead Sciences, Inc. | 106203 | &nbsp;&nbsp; 11314868 |
| Halozyme Therapeutics, Inc.<sup>(b)</sup> | 111408 | &nbsp;&nbsp; 6842679 |
| Incyte Corp.<sup>(b)</sup> | 86742 | &nbsp;&nbsp; 5435254 |
| MannKind Corp.<sup>(b)(c)</sup> | 1142366 | &nbsp;&nbsp; 5757525 |
| Myriad Genetics, Inc.<sup>(b)</sup> | 549717 | &nbsp;&nbsp; 4073403 |
| Natera, Inc.<sup>(b)</sup> | 75925 | &nbsp;&nbsp; 11459360 |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> | 102195 | &nbsp;&nbsp; 11005380 |
| Protagonist Therapeutics, Inc.<sup>(b)(c)</sup> | 184113 | &nbsp;&nbsp; 8436058 |
| PTC Therapeutics, Inc.<sup>(b)</sup> | 128294 | &nbsp;&nbsp; 6394173 |
| Regeneron Pharmaceuticals, Inc. | 16373 | &nbsp;&nbsp; 9803497 |
| TG Therapeutics, Inc.<sup>(b)(c)</sup> | 221180 | &nbsp;&nbsp; 10065902 |
| United Therapeutics Corp.<sup>(b)</sup> | 33135 | &nbsp;&nbsp; 10042887 |
| Veracyte, Inc.<sup>(b)(c)</sup> | 192906 | &nbsp;&nbsp; 5883633 |
| Xencor, Inc.<sup>(b)</sup> | 446673 | &nbsp;&nbsp; 4922336 |
|  |  | &nbsp;&nbsp; 187449446 |
| **Life Sciences Tools & Services-9.76%** | **Life Sciences Tools & Services-9.76%** | **Life Sciences Tools & Services-9.76%** |
| Bio-Techne Corp. | 100507 | &nbsp;&nbsp; 5060528 |
| Illumina, Inc.<sup>(b)</sup> | 123695 | &nbsp;&nbsp; 9598732 |
| QIAGEN N.V.<sup>(b)</sup> | 162590 | &nbsp;&nbsp; 6950728 |
|  |  | &nbsp;&nbsp; 21609988 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Pharmaceuticals-5.58%** | **Pharmaceuticals-5.58%** | **Pharmaceuticals-5.58%** |
| Collegium Pharmaceutical, Inc.<sup>(b)(c)</sup> | 224177 | &nbsp;&nbsp; $6051658 |
| Royalty Pharma PLC, Class A | 191591 | &nbsp;&nbsp; 6288017 |
|  |  | &nbsp;&nbsp; 12339675 |
| Total Common Stocks & Other Equity Interests <br>(Cost $222,562,871) | Total Common Stocks & Other Equity Interests <br>(Cost $222,562,871) | &nbsp;&nbsp; 221399109 |
| **Money Market Funds-0.06%** | **Money Market Funds-0.06%** | **Money Market Funds-0.06%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $138,392)<br>| 138392 | &nbsp;&nbsp; 138392 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.11% <br>(Cost $222,701,263) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.11% <br>(Cost $222,701,263) | &nbsp;&nbsp; 221537501 |
| **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-10.23%** | **Money Market Funds-10.23%** | **Money Market Funds-10.23%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 6312059 | &nbsp;&nbsp; 6312059 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 16309855 | &nbsp;&nbsp; 16313117 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $22,625,861) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $22,625,861) | &nbsp;&nbsp; 22625176 |
| TOTAL INVESTMENTS IN SECURITIES-110.34% <br>(Cost $245,327,124) | TOTAL INVESTMENTS IN SECURITIES-110.34% <br>(Cost $245,327,124) | &nbsp;&nbsp; 244162677 |
| OTHER ASSETS LESS LIABILITIES-(10.34)% | OTHER ASSETS LESS LIABILITIES-(10.34)% | &nbsp;&nbsp; (22879010)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $221283667 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $103539 | &nbsp;&nbsp; $5016705 | &nbsp;&nbsp; $(4981852)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $138392 | &nbsp;&nbsp; $12748 |

---

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

------

**6**

------

**Invesco Biotechnology & Genome ETF (PBE)—(continued)**

April 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; $13218169 | &nbsp;&nbsp; $122255714 | &nbsp;&nbsp; $(129161824)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $6312059 | &nbsp;&nbsp; $551,298<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 33997267 | &nbsp;&nbsp; 272358785 | &nbsp;&nbsp; (290039928)<br>| &nbsp;&nbsp; 4239 | &nbsp;&nbsp; (7246)<br>| &nbsp;&nbsp; 16313117 | &nbsp;&nbsp; 1,472,319<br> \*<br>|
| Total | &nbsp;&nbsp; $47318975 | &nbsp;&nbsp; $399631204 | &nbsp;&nbsp; $(424183604)<br>| &nbsp;&nbsp; $4239 | &nbsp;&nbsp; $(7246)<br>| &nbsp;&nbsp; $22763568 | &nbsp;&nbsp; $2036365 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**7**

------

**Invesco Building & Construction ETF (PKB)**

April 30, 2025

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%** |
| **Building Products-18.31%** | **Building Products-18.31%** | **Building Products-18.31%** |
| Gibraltar Industries, Inc.<sup>(b)</sup> | 84758 | &nbsp;&nbsp; $4487936 |
| Griffon Corp.<sup>(c)</sup> | 78109 | &nbsp;&nbsp; 5320004 |
| Johnson Controls International PLC | 124115 | &nbsp;&nbsp; 10413249 |
| Tecnoglass, Inc.<sup>(c)</sup> | 82641 | &nbsp;&nbsp; 5889824 |
| Trane Technologies PLC<sup>(c)</sup> | 29865 | &nbsp;&nbsp; 11447553 |
|  |  | &nbsp;&nbsp; 37558566 |
| **Construction & Engineering-30.65%** | **Construction & Engineering-30.65%** | **Construction & Engineering-30.65%** |
| AECOM | 58254 | &nbsp;&nbsp; 5746757 |
| Argan, Inc.<sup>(c)</sup> | 45229 | &nbsp;&nbsp; 6925917 |
| Comfort Systems USA, Inc. | 15448 | &nbsp;&nbsp; 6141352 |
| EMCOR Group, Inc. | 26146 | &nbsp;&nbsp; 10476702 |
| Granite Construction, Inc.<sup>(c)</sup> | 69350 | &nbsp;&nbsp; 5637461 |
| MasTec, Inc.<sup>(b)</sup> | 44238 | &nbsp;&nbsp; 5632382 |
| Primoris Services Corp.<sup>(c)</sup> | 80549 | &nbsp;&nbsp; 4830524 |
| Sterling Infrastructure, Inc.<sup>(b)(c)</sup> | 48981 | &nbsp;&nbsp; 7319231 |
| Tutor Perini Corp.<sup>(b)(c)</sup> | 250885 | &nbsp;&nbsp; 5383992 |
| Valmont Industries, Inc. | 16344 | &nbsp;&nbsp; 4792388 |
|  |  | &nbsp;&nbsp; 62886706 |
| **Construction Materials-23.83%** | **Construction Materials-23.83%** | **Construction Materials-23.83%** |
| CRH PLC | 103814 | &nbsp;&nbsp; 9905932 |
| Eagle Materials, Inc. | 24953 | &nbsp;&nbsp; 5649110 |
| Knife River Corp.<sup>(b)</sup> | 60917 | &nbsp;&nbsp; 5688429 |
| Martin Marietta Materials, Inc. | 21228 | &nbsp;&nbsp; 11123047 |
| United States Lime & Minerals, Inc.<sup>(c)</sup> | 59729 | &nbsp;&nbsp; 5585259 |
| Vulcan Materials Co. | 41678 | &nbsp;&nbsp; 10933390 |
|  |  | &nbsp;&nbsp; 48885167 |
| **Electrical Components & Equipment-2.46%** | **Electrical Components & Equipment-2.46%** | **Electrical Components & Equipment-2.46%** |
| Thermon Group Holdings, Inc.<sup>(b)</sup> | 192283 | &nbsp;&nbsp; 5043583 |
| **Forest Products-2.37%** | **Forest Products-2.37%** | **Forest Products-2.37%** |
| Louisiana-Pacific Corp. | 56315 | &nbsp;&nbsp; 4860548 |
| **Gas Utilities-5.41%** | **Gas Utilities-5.41%** | **Gas Utilities-5.41%** |
| MDU Resources Group, Inc.<sup>(c)</sup> | 337893 | &nbsp;&nbsp; 5791486 |
| Southwest Gas Holdings, Inc. | 73486 | &nbsp;&nbsp; 5306424 |
|  |  | &nbsp;&nbsp; 11097910 |
| **Home Improvement Retail-9.33%** | **Home Improvement Retail-9.33%** | **Home Improvement Retail-9.33%** |
| Home Depot, Inc. (The) | 26464 | &nbsp;&nbsp; 9540007 |
| Lowe's Cos., Inc. | 42965 | &nbsp;&nbsp; 9605256 |
|  |  | &nbsp;&nbsp; 19145263 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Homebuilding-4.85%** | **Homebuilding-4.85%** | **Homebuilding-4.85%** |
| Cavco Industries, Inc.<sup>(b)(c)</sup> | 10547 | &nbsp;&nbsp; $5208636 |
| Champion Homes, Inc.<sup>(b)(c)</sup> | 54972 | &nbsp;&nbsp; 4755078 |
|  |  | &nbsp;&nbsp; 9963714 |
| **Office Services & Supplies-2.76%** | **Office Services & Supplies-2.76%** | **Office Services & Supplies-2.76%** |
| Interface, Inc.<sup>(c)</sup> | 300994 | &nbsp;&nbsp; 5658687 |
| Total Common Stocks & Other Equity Interests <br>(Cost $209,582,410) | Total Common Stocks & Other Equity Interests <br>(Cost $209,582,410) | &nbsp;&nbsp; 205100144 |
| **Money Market Funds-0.12%** | **Money Market Funds-0.12%** | **Money Market Funds-0.12%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $236,618)<br>| 236618 | &nbsp;&nbsp; 236618 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.09% <br>(Cost $209,819,028) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.09% <br>(Cost $209,819,028) | &nbsp;&nbsp; 205336762 |
| **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-9.46%** | **Money Market Funds-9.46%** | **Money Market Funds-9.46%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 5653855 | &nbsp;&nbsp; 5653855 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 13749386 | &nbsp;&nbsp; 13752136 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $19,406,726) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $19,406,726) | &nbsp;&nbsp; 19405991 |
| TOTAL INVESTMENTS IN SECURITIES-109.55% <br>(Cost $229,225,754) | TOTAL INVESTMENTS IN SECURITIES-109.55% <br>(Cost $229,225,754) | &nbsp;&nbsp; 224742753 |
| OTHER ASSETS LESS LIABILITIES-(9.55)% | OTHER ASSETS LESS LIABILITIES-(9.55)% | &nbsp;&nbsp; (19584115)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $205158638 |

---

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

------

**8**

------

**Invesco Building & Construction ETF (PKB)—(continued)**

April 30, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp; $135160 | &nbsp;&nbsp; $4500552 | &nbsp;&nbsp; $(4399094)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $236618 | &nbsp;&nbsp; $10929 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 5258530 | &nbsp;&nbsp; 82843736 | &nbsp;&nbsp; (82448411)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5653855 | &nbsp;&nbsp; 165,201<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 13523415 | &nbsp;&nbsp; 194482065 | &nbsp;&nbsp; (194252387)<br>| &nbsp;&nbsp; (22)<br>| &nbsp;&nbsp; (935)<br>| &nbsp;&nbsp; 13752136 | &nbsp;&nbsp; 439,689<br> \*<br>|
| Total | &nbsp;&nbsp; $18917105 | &nbsp;&nbsp; $281826353 | &nbsp;&nbsp; $(281099892)<br>| &nbsp;&nbsp; $(22)<br>| &nbsp;&nbsp; $(935)<br>| &nbsp;&nbsp; $19642609 | &nbsp;&nbsp; $615819 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**9**

------

**Invesco Energy Exploration & Production ETF (PXE)**

April 30, 2025

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%** |
| **Gas Utilities-3.39%** | **Gas Utilities-3.39%** | **Gas Utilities-3.39%** |
| National Fuel Gas Co. | 31494 | &nbsp;&nbsp; $2418109 |
| **Oil & Gas Exploration & Production-77.97%** | **Oil & Gas Exploration & Production-77.97%** | **Oil & Gas Exploration & Production-77.97%** |
| APA Corp. | 104247 | &nbsp;&nbsp; 1619998 |
| California Resources Corp. | 51253 | &nbsp;&nbsp; 1768741 |
| Chord Energy Corp.<sup>(b)</sup> | 21491 | &nbsp;&nbsp; 1939133 |
| Civitas Resources, Inc.<sup>(b)</sup> | 57820 | &nbsp;&nbsp; 1575595 |
| CNX Resources Corp.<sup>(b)(c)</sup> | 77126 | &nbsp;&nbsp; 2269818 |
| Coterra Energy, Inc. | 156218 | &nbsp;&nbsp; 3836714 |
| Crescent Energy Co., Class A<sup>(b)</sup> | 170420 | &nbsp;&nbsp; 1411078 |
| Devon Energy Corp. | 119210 | &nbsp;&nbsp; 3625176 |
| EOG Resources, Inc. | 32571 | &nbsp;&nbsp; 3593558 |
| EQT Corp. | 87577 | &nbsp;&nbsp; 4329807 |
| Expand Energy Corp. | 41571 | &nbsp;&nbsp; 4319227 |
| Gulfport Energy Corp.<sup>(b)(c)</sup> | 13108 | &nbsp;&nbsp; 2261130 |
| HighPeak Energy, Inc.<sup>(b)</sup> | 181702 | &nbsp;&nbsp; 1455433 |
| Kosmos Energy Ltd. (Ghana)<sup>(c)</sup> | 877087 | &nbsp;&nbsp; 1350714 |
| Mach Natural Resources L.P. | 148130 | &nbsp;&nbsp; 1989386 |
| Magnolia Oil & Gas Corp., Class A<sup>(b)</sup> | 100174 | &nbsp;&nbsp; 2056572 |
| Matador Resources Co. | 44473 | &nbsp;&nbsp; 1758462 |
| Murphy Oil Corp.<sup>(b)</sup> | 84348 | &nbsp;&nbsp; 1731665 |
| Northern Oil and Gas, Inc.<sup>(b)</sup> | 72477 | &nbsp;&nbsp; 1761191 |
| Ovintiv, Inc.<sup>(b)</sup> | 55155 | &nbsp;&nbsp; 1852105 |
| Permian Resources Corp. | 170669 | &nbsp;&nbsp; 2013894 |
| Range Resources Corp. | 62215 | &nbsp;&nbsp; 2110955 |
| Sable Offshore Corp.<sup>(b)(c)</sup> | 79981 | &nbsp;&nbsp; 1492446 |
| SM Energy Co.<sup>(b)</sup> | 70527 | &nbsp;&nbsp; 1607310 |
| Talos Energy, Inc.<sup>(b)(c)</sup> | 270970 | &nbsp;&nbsp; 1864274 |
|  |  | &nbsp;&nbsp; 55594382 |
| **Oil & Gas Refining & Marketing-18.64%** | **Oil & Gas Refining & Marketing-18.64%** | **Oil & Gas Refining & Marketing-18.64%** |
| CVR Energy, Inc. | 113586 | &nbsp;&nbsp; 2142232 |
| Marathon Petroleum Corp. | 28403 | &nbsp;&nbsp; 3902856 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Oil & Gas Refining & Marketing-(continued)** | **Oil & Gas Refining & Marketing-(continued)** | **Oil & Gas Refining & Marketing-(continued)** |
| Phillips 66 | 33877 | &nbsp;&nbsp; $3525241 |
| Valero Energy Corp. | 32001 | &nbsp;&nbsp; 3714996 |
|  |  | &nbsp;&nbsp; 13285325 |
| Total Common Stocks & Other Equity Interests <br>(Cost $85,621,421) | Total Common Stocks & Other Equity Interests <br>(Cost $85,621,421) | &nbsp;&nbsp; 71297816 |
| **Money Market Funds-0.15%** | **Money Market Funds-0.15%** | **Money Market Funds-0.15%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $109,484)<br>| 109484 | &nbsp;&nbsp; 109484 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.15% <br>(Cost $85,730,905) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.15% <br>(Cost $85,730,905) | &nbsp;&nbsp; 71407300 |
| **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-25.26%** | **Money Market Funds-25.26%** | **Money Market Funds-25.26%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 4995382 | &nbsp;&nbsp; 4995382 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 13012049 | &nbsp;&nbsp; 13014651 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $18,010,545) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $18,010,545) | &nbsp;&nbsp; 18010033 |
| TOTAL INVESTMENTS IN SECURITIES-125.41% <br>(Cost $103,741,450) | TOTAL INVESTMENTS IN SECURITIES-125.41% <br>(Cost $103,741,450) | &nbsp;&nbsp; 89417333 |
| OTHER ASSETS LESS LIABILITIES-(25.41)% | OTHER ASSETS LESS LIABILITIES-(25.41)% | &nbsp;&nbsp; (18117383)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $71299950 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $174555 | &nbsp;&nbsp; $4435357 | &nbsp;&nbsp; $(4500428)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $109484 | &nbsp;&nbsp; $7332 |

---

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

------

**10**

------

**Invesco Energy Exploration & Production ETF (PXE)—(continued)**

April 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; $7869909 | &nbsp;&nbsp; $105101979 | &nbsp;&nbsp; $(107976506)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4995382 | &nbsp;&nbsp; $320,713<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 20256110 | &nbsp;&nbsp; 201371896 | &nbsp;&nbsp; (208612358)<br>| &nbsp;&nbsp; 2128 | &nbsp;&nbsp; (3125)<br>| &nbsp;&nbsp; 13014651 | &nbsp;&nbsp; 852,074<br> \*<br>|
| Total | &nbsp;&nbsp; $28300574 | &nbsp;&nbsp; $310909232 | &nbsp;&nbsp; $(321089292)<br>| &nbsp;&nbsp; $2128 | &nbsp;&nbsp; $(3125)<br>| &nbsp;&nbsp; $18119517 | &nbsp;&nbsp; $1180119 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**11**

------

**Invesco Food & Beverage ETF (PBJ)**

April 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.80%** | **Common Stocks & Other Equity Interests-99.80%** | **Common Stocks & Other Equity Interests-99.80%** |
| **Agricultural Products & Services-3.04%** | **Agricultural Products & Services-3.04%** | **Agricultural Products & Services-3.04%** |
| Fresh Del Monte Produce, Inc. | 90942 | &nbsp;&nbsp; $3092938 |
| **Brewers-2.56%** | **Brewers-2.56%** | **Brewers-2.56%** |
| Molson Coors Beverage Co., Class B<sup>(b)</sup> | 45142 | &nbsp;&nbsp; 2597019 |
| **Fertilizers & Agricultural Chemicals-4.88%** | **Fertilizers & Agricultural Chemicals-4.88%** | **Fertilizers & Agricultural Chemicals-4.88%** |
| Corteva, Inc. | 79911 | &nbsp;&nbsp; 4953683 |
| **Food Distributors-11.92%** | **Food Distributors-11.92%** | **Food Distributors-11.92%** |
| Chefs' Warehouse, Inc. (The)<sup>(b)(c)</sup> | 43126 | &nbsp;&nbsp; 2456888 |
| Sysco Corp. | 67597 | &nbsp;&nbsp; 4826426 |
| United Natural Foods, Inc.<sup>(c)</sup> | 84577 | &nbsp;&nbsp; 2259052 |
| US Foods Holding Corp.<sup>(c)</sup> | 39101 | &nbsp;&nbsp; 2567371 |
|  |  | &nbsp;&nbsp; 12109737 |
| **Food Retail-20.09%** | **Food Retail-20.09%** | **Food Retail-20.09%** |
| Albertson's Cos., Inc., Class A | 132951 | &nbsp;&nbsp; 2922263 |
| Kroger Co. (The) | 76870 | &nbsp;&nbsp; 5550783 |
| Maplebear, Inc.<sup>(c)</sup> | 56286 | &nbsp;&nbsp; 2245248 |
| Natural Grocers by Vitamin Cottage, Inc. | 65167 | &nbsp;&nbsp; 3268777 |
| Sprouts Farmers Market, Inc.<sup>(c)</sup> | 18962 | &nbsp;&nbsp; 3242502 |
| Weis Markets, Inc.<sup>(b)</sup> | 36925 | &nbsp;&nbsp; 3175181 |
|  |  | &nbsp;&nbsp; 20404754 |
| **Packaged Foods & Meats-24.46%** | **Packaged Foods & Meats-24.46%** | **Packaged Foods & Meats-24.46%** |
| Cal-Maine Foods, Inc. | 31174 | &nbsp;&nbsp; 2910716 |
| Dole PLC | 195413 | &nbsp;&nbsp; 2968324 |
| General Mills, Inc. | 81707 | &nbsp;&nbsp; 4636055 |
| J.M. Smucker Co. (The) | 24416 | &nbsp;&nbsp; 2838848 |
| Pilgrim's Pride Corp. | 57330 | &nbsp;&nbsp; 3129071 |
| Post Holdings, Inc.<sup>(b)(c)</sup> | 23797 | &nbsp;&nbsp; 2693107 |
| Tyson Foods, Inc., Class A | 44757 | &nbsp;&nbsp; 2740919 |
| Vital Farms, Inc.<sup>(b)(c)</sup> | 85634 | &nbsp;&nbsp; 2932108 |
|  |  | &nbsp;&nbsp; 24849148 |
| **Passenger Ground Transportation-2.89%** | **Passenger Ground Transportation-2.89%** | **Passenger Ground Transportation-2.89%** |
| Grab Holdings Ltd., Class A (Singapore)<sup>(c)</sup> | 601041 | &nbsp;&nbsp; 2933080 |
| **Restaurants-9.35%** | **Restaurants-9.35%** | **Restaurants-9.35%** |
| DoorDash, Inc., Class A<sup>(c)</sup> | 26309 | &nbsp;&nbsp; 5074743 |
| Dutch Bros, Inc., Class A<sup>(c)</sup> | 37542 | &nbsp;&nbsp; 2242759 |
| Shake Shack, Inc., Class A<sup>(c)</sup> | 24798 | &nbsp;&nbsp; 2175777 |
|  |  | &nbsp;&nbsp; 9493279 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Soft Drinks & Non-alcoholic Beverages-20.61%** | **Soft Drinks & Non-alcoholic Beverages-20.61%** | **Soft Drinks & Non-alcoholic Beverages-20.61%** |
| Coca-Cola Co. (The) | 70391 | &nbsp;&nbsp; $5106867 |
| Keurig Dr Pepper, Inc. | 144027 | &nbsp;&nbsp; 4981894 |
| Monster Beverage Corp.<sup>(c)</sup> | 96529 | &nbsp;&nbsp; 5803323 |
| Primo Brands Corp.<sup>(b)</sup> | 81470 | &nbsp;&nbsp; 2661625 |
| Vita Coco Co., Inc. (The)<sup>(b)(c)</sup> | 71952 | &nbsp;&nbsp; 2378014 |
|  |  | &nbsp;&nbsp; 20931723 |
| Total Common Stocks & Other Equity Interests <br>(Cost $94,943,952) | Total Common Stocks & Other Equity Interests <br>(Cost $94,943,952) | &nbsp;&nbsp; 101365361 |
| **Money Market Funds-0.20%** | **Money Market Funds-0.20%** | **Money Market Funds-0.20%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $201,332)<br>| 201332 | &nbsp;&nbsp; 201332 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.00% <br>(Cost $95,145,284) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.00% <br>(Cost $95,145,284) | &nbsp;&nbsp; 101566693 |
| **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-11.65%** | **Money Market Funds-11.65%** | **Money Market Funds-11.65%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 3285869 | &nbsp;&nbsp; 3285869 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 8542122 | &nbsp;&nbsp; 8543830 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $11,829,699) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $11,829,699) | &nbsp;&nbsp; 11829699 |
| TOTAL INVESTMENTS IN SECURITIES-111.65% <br>(Cost $106,974,983) | TOTAL INVESTMENTS IN SECURITIES-111.65% <br>(Cost $106,974,983) | &nbsp;&nbsp; 113396392 |
| OTHER ASSETS LESS LIABILITIES-(11.65)% | OTHER ASSETS LESS LIABILITIES-(11.65)% | &nbsp;&nbsp; (11830052)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $101566340 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $278201 | &nbsp;&nbsp; $3390673 | &nbsp;&nbsp; $(3467542)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $201332 | &nbsp;&nbsp; $8372 |

---

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

------

**12**

------

**Invesco Food & Beverage ETF (PBJ)—(continued)**

April 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; $1586758 | &nbsp;&nbsp; $82949090 | &nbsp;&nbsp; $(81249979)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3285869 | &nbsp;&nbsp; $196,085<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 4078883 | &nbsp;&nbsp; 181488746 | &nbsp;&nbsp; (177024014)<br>| &nbsp;&nbsp; 232 | &nbsp;&nbsp; (17)<br>| &nbsp;&nbsp; 8543830 | &nbsp;&nbsp; 531,607<br> \*<br>|
| Total | &nbsp;&nbsp; $5943842 | &nbsp;&nbsp; $267828509 | &nbsp;&nbsp; $(261741535)<br>| &nbsp;&nbsp; $232 | &nbsp;&nbsp; $(17)<br>| &nbsp;&nbsp; $12031031 | &nbsp;&nbsp; $736064 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**13**

------

**Invesco Leisure and Entertainment ETF (PEJ)**

April 30, 2025

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%** |
| **Broadcasting-2.71%** | **Broadcasting-2.71%** | **Broadcasting-2.71%** |
| Fox Corp., Class A | 170742 | &nbsp;&nbsp; $8501244 |
| **Casinos & Gaming-15.04%** | **Casinos & Gaming-15.04%** | **Casinos & Gaming-15.04%** |
| Accel Entertainment, Inc.<sup>(b)(c)</sup> | 822716 | &nbsp;&nbsp; 8473975 |
| Boyd Gaming Corp.<sup>(c)</sup> | 128897 | &nbsp;&nbsp; 8911939 |
| Monarch Casino & Resort, Inc.<sup>(c)</sup> | 107152 | &nbsp;&nbsp; 8378215 |
| Sportradar Group AG (Switzerland)<sup>(b)(c)</sup> | 472603 | &nbsp;&nbsp; 10921855 |
| Super Group (SGHC) Ltd. (Guernsey) | 1288528 | &nbsp;&nbsp; 10462847 |
|  |  | &nbsp;&nbsp; 47148831 |
| **Food Distributors-8.34%** | **Food Distributors-8.34%** | **Food Distributors-8.34%** |
| Sysco Corp. | 239290 | &nbsp;&nbsp; 17085306 |
| US Foods Holding Corp.<sup>(b)</sup> | 138334 | &nbsp;&nbsp; 9083010 |
|  |  | &nbsp;&nbsp; 26168316 |
| **Food Retail-2.53%** | **Food Retail-2.53%** | **Food Retail-2.53%** |
| Maplebear, Inc.<sup>(b)</sup> | 199103 | &nbsp;&nbsp; 7942219 |
| **Hotels, Resorts & Cruise Lines-24.08%** | **Hotels, Resorts & Cruise Lines-24.08%** | **Hotels, Resorts & Cruise Lines-24.08%** |
| Carnival Corp.<sup>(b)(c)</sup> | 750354 | &nbsp;&nbsp; 13761492 |
| Choice Hotels International, Inc.<sup>(c)</sup> | 65645 | &nbsp;&nbsp; 8278491 |
| Expedia Group, Inc. | 48703 | &nbsp;&nbsp; 7642962 |
| Hilton Worldwide Holdings, Inc. | 69074 | &nbsp;&nbsp; 15574806 |
| Norwegian Cruise Line Holdings Ltd.<sup>(b)(c)</sup> | 395117 | &nbsp;&nbsp; 6333726 |
| Royal Caribbean Cruises Ltd.<sup>(c)</sup> | 74986 | &nbsp;&nbsp; 16115241 |
| Wyndham Hotels & Resorts, Inc. | 91378 | &nbsp;&nbsp; 7794543 |
|  |  | &nbsp;&nbsp; 75501261 |
| **Leisure Facilities-3.08%** | **Leisure Facilities-3.08%** | **Leisure Facilities-3.08%** |
| Life Time Group Holdings, Inc.<sup>(b)(c)</sup> | 314786 | &nbsp;&nbsp; 9651339 |
| **Movies & Entertainment-10.80%** | **Movies & Entertainment-10.80%** | **Movies & Entertainment-10.80%** |
| Madison Square Garden Sports Corp., <br> Class A<sup>(b)(c)</sup><br>| 48143 | &nbsp;&nbsp; 9270898 |
| TKO Group Holdings, Inc.<sup>(c)</sup> | 62351 | &nbsp;&nbsp; 10157601 |
| Warner Bros. Discovery, Inc.<sup>(b)(c)</sup> | 1666329 | &nbsp;&nbsp; 14447072 |
|  |  | &nbsp;&nbsp; 33875571 |
| **Passenger Airlines-10.70%** | **Passenger Airlines-10.70%** | **Passenger Airlines-10.70%** |
| Delta Air Lines, Inc. | 288254 | &nbsp;&nbsp; 12000014 |
| SkyWest, Inc.<sup>(b)</sup> | 99234 | &nbsp;&nbsp; 8848696 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 184446 | &nbsp;&nbsp; 12693573 |
|  |  | &nbsp;&nbsp; 33542283 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Passenger Ground Transportation-3.31%** | **Passenger Ground Transportation-3.31%** | **Passenger Ground Transportation-3.31%** |
| Grab Holdings Ltd., Class A (Singapore)<sup>(b)</sup> | 2126919 | &nbsp;&nbsp; $10379365 |
| **Restaurants-19.40%** | **Restaurants-19.40%** | **Restaurants-19.40%** |
| Brinker International, Inc.<sup>(b)</sup> | 62410 | &nbsp;&nbsp; 8381663 |
| Cheesecake Factory, Inc. (The)<sup>(c)</sup> | 178581 | &nbsp;&nbsp; 8995125 |
| Darden Restaurants, Inc.<sup>(c)</sup> | 49088 | &nbsp;&nbsp; 9849016 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 93157 | &nbsp;&nbsp; 17969054 |
| Dutch Bros, Inc., Class A<sup>(b)</sup> | 132877 | &nbsp;&nbsp; 7938072 |
| Shake Shack, Inc., Class A<sup>(b)(c)</sup> | 87828 | &nbsp;&nbsp; 7706029 |
|  |  | &nbsp;&nbsp; 60838959 |
| Total Common Stocks & Other Equity Interests <br>(Cost $324,644,364) | Total Common Stocks & Other Equity Interests <br>(Cost $324,644,364) | &nbsp;&nbsp; 313549388 |
| **Money Market Funds-0.08%** | **Money Market Funds-0.08%** | **Money Market Funds-0.08%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $265,533)<br>| 265533 | &nbsp;&nbsp; 265533 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.07% <br>(Cost $324,909,897) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.07% <br>(Cost $324,909,897) | &nbsp;&nbsp; 313814921 |
| **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-25.70%** | **Money Market Funds-25.70%** | **Money Market Funds-25.70%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 28133782 | &nbsp;&nbsp; 28133782 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 52457373 | &nbsp;&nbsp; 52467864 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $80,601,963) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $80,601,963) | &nbsp;&nbsp; 80601646 |
| TOTAL INVESTMENTS IN SECURITIES-125.77% <br>(Cost $405,511,860) | TOTAL INVESTMENTS IN SECURITIES-125.77% <br>(Cost $405,511,860) | &nbsp;&nbsp; 394416567 |
| OTHER ASSETS LESS LIABILITIES-(25.77)% | OTHER ASSETS LESS LIABILITIES-(25.77)% | &nbsp;&nbsp; (80822463)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $313594104 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $254757 | &nbsp;&nbsp; $3808754 | &nbsp;&nbsp; $(3797978)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $265533 | &nbsp;&nbsp; $13408 |

---

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

------

**14**

------

**Invesco Leisure and Entertainment ETF (PEJ)—(continued)**

April 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; $20495133 | &nbsp;&nbsp; $276913578 | &nbsp;&nbsp; $(269274929)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $28133782 | &nbsp;&nbsp; $714,584<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 52522306 | &nbsp;&nbsp; 445888153 | &nbsp;&nbsp; (445938790)<br>| &nbsp;&nbsp; 5664 | &nbsp;&nbsp; (9469)<br>| &nbsp;&nbsp; 52467864 | &nbsp;&nbsp; 1,909,851<br> \*<br>|
| Total | &nbsp;&nbsp; $73272196 | &nbsp;&nbsp; $726610485 | &nbsp;&nbsp; $(719011697)<br>| &nbsp;&nbsp; $5664 | &nbsp;&nbsp; $(9469)<br>| &nbsp;&nbsp; $80867179 | &nbsp;&nbsp; $2637843 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**15**

------

**Invesco Next Gen Connectivity ETF (KNCT)**

April 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.79%** | **Common Stocks & Other Equity Interests-99.79%** | **Common Stocks & Other Equity Interests-99.79%** |
| **Application Software-4.76%** | **Application Software-4.76%** | **Application Software-4.76%** |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 1600 | &nbsp;&nbsp; $476384 |
| Confluent, Inc., Class A<sup>(b)(c)</sup> | 1661 | &nbsp;&nbsp; 39548 |
| Datadog, Inc., Class A<sup>(b)</sup> | 2066 | &nbsp;&nbsp; 211062 |
| DocuSign, Inc.<sup>(b)</sup> | 1348 | &nbsp;&nbsp; 110199 |
| Dynatrace, Inc.<sup>(b)</sup> | 1979 | &nbsp;&nbsp; 92954 |
| Nutanix, Inc., Class A<sup>(b)</sup> | 1761 | &nbsp;&nbsp; 120981 |
| Synopsys, Inc.<sup>(b)</sup> | 911 | &nbsp;&nbsp; 418158 |
|  |  | &nbsp;&nbsp; 1469286 |
| **Cable & Satellite-2.77%** | **Cable & Satellite-2.77%** | **Cable & Satellite-2.77%** |
| Charter Communications, Inc., Class A<sup>(b)</sup> | 627 | &nbsp;&nbsp; 245696 |
| Comcast Corp., Class A | 15652 | &nbsp;&nbsp; 535298 |
| Liberty Broadband Corp., Class C<sup>(b)(c)</sup> | 814 | &nbsp;&nbsp; 73578 |
|  |  | &nbsp;&nbsp; 854572 |
| **Communications Equipment-9.52%** | **Communications Equipment-9.52%** | **Communications Equipment-9.52%** |
| Accton Technology Corp. (Taiwan) | 3427 | &nbsp;&nbsp; 63833 |
| Arista Networks, Inc.<sup>(b)</sup> | 7159 | &nbsp;&nbsp; 588971 |
| Ciena Corp.<sup>(b)(c)</sup> | 959 | &nbsp;&nbsp; 64406 |
| Cisco Systems, Inc. | 22180 | &nbsp;&nbsp; 1280451 |
| F5, Inc.<sup>(b)</sup> | 387 | &nbsp;&nbsp; 102454 |
| Juniper Networks, Inc. | 2186 | &nbsp;&nbsp; 79396 |
| Motorola Solutions, Inc. | 960 | &nbsp;&nbsp; 422774 |
| Nokia OYJ (Finland) | 35073 | &nbsp;&nbsp; 175940 |
| Telefonaktiebolaget LM Ericsson, Class B <br> (Sweden)<sup>(c)</sup><br>| 19233 | &nbsp;&nbsp; 162816 |
|  |  | &nbsp;&nbsp; 2941041 |
| **Construction & Engineering-0.09%** | **Construction & Engineering-0.09%** | **Construction & Engineering-0.09%** |
| Dycom Industries, Inc.<sup>(b)</sup> | 173 | &nbsp;&nbsp; 28986 |
| **Data Center REITs-2.89%** | **Data Center REITs-2.89%** | **Data Center REITs-2.89%** |
| Digital Realty Trust, Inc. | 2089 | &nbsp;&nbsp; 335368 |
| Equinix, Inc. | 648 | &nbsp;&nbsp; 557766 |
|  |  | &nbsp;&nbsp; 893134 |
| **Data Processing & Outsourced Services-0.09%** | **Data Processing & Outsourced Services-0.09%** | **Data Processing & Outsourced Services-0.09%** |
| Genpact Ltd. | 575 | &nbsp;&nbsp; 28899 |
| **Electronic Components-1.61%** | **Electronic Components-1.61%** | **Electronic Components-1.61%** |
| Amphenol Corp., Class A | 4959 | &nbsp;&nbsp; 381595 |
| Coherent Corp.<sup>(b)</sup> | 1026 | &nbsp;&nbsp; 65992 |
| Largan Precision Co. Ltd. (Taiwan) | 708 | &nbsp;&nbsp; 50475 |
|  |  | &nbsp;&nbsp; 498062 |
| **Electronic Equipment & Instruments-0.37%** | **Electronic Equipment & Instruments-0.37%** | **Electronic Equipment & Instruments-0.37%** |
| Keysight Technologies, Inc.<sup>(b)</sup> | 774 | &nbsp;&nbsp; 112540 |
| **Electronic Manufacturing Services-0.77%** | **Electronic Manufacturing Services-0.77%** | **Electronic Manufacturing Services-0.77%** |
| TE Connectivity PLC (Switzerland) | 1619 | &nbsp;&nbsp; 236989 |
| **Integrated Telecommunication Services-14.20%** | **Integrated Telecommunication Services-14.20%** | **Integrated Telecommunication Services-14.20%** |
| AT&T, Inc. | 47158 | &nbsp;&nbsp; 1306277 |
| BCE, Inc. (Canada)<sup>(c)</sup> | 2537 | &nbsp;&nbsp; 56276 |
| BT Group PLC (United Kingdom)<sup>(c)</sup> | 26803 | &nbsp;&nbsp; 62349 |
| Cellnex Telecom S.A. (Spain)<sup>(d)</sup> | 3031 | &nbsp;&nbsp; 123085 |
| China Tower Corp. Ltd., H Shares (China)<sup>(d)</sup> | 27561 | &nbsp;&nbsp; 39926 |
| Chunghwa Telecom Co. Ltd. (Taiwan) | 14591 | &nbsp;&nbsp; 58990 |
| Deutsche Telekom AG (Germany) | 15449 | &nbsp;&nbsp; 556800 |
| Elisa OYJ (Finland)<sup>(c)</sup> | 1000 | &nbsp;&nbsp; 53532 |
| Emirates Telecommunications Group Co. PJSC <br> (United Arab Emirates)<br>| 18748 | &nbsp;&nbsp; 88842 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Integrated Telecommunication Services-(continued)** | **Integrated Telecommunication Services-(continued)** | **Integrated Telecommunication Services-(continued)** |
| Frontier Communications Parent, Inc.<sup>(b)</sup> | 1564 | &nbsp;&nbsp; $56695 |
| Indus Towers Ltd. (India)<sup>(b)</sup> | 8759 | &nbsp;&nbsp; 42211 |
| Nippon Telegraph & Telephone Corp. (Japan) | 84659 | &nbsp;&nbsp; 88703 |
| Orange S.A. (France) | 8790 | &nbsp;&nbsp; 127965 |
| PT Telkom Indonesia (Persero) Tbk (Indonesia) | 295620 | &nbsp;&nbsp; 46595 |
| Swisscom AG (Switzerland)<sup>(c)</sup> | 95 | &nbsp;&nbsp; 63631 |
| Telefonica S.A. (Spain) | 26377 | &nbsp;&nbsp; 135971 |
| Telenor ASA (Norway) | 3623 | &nbsp;&nbsp; 54593 |
| Telia Co. AB (Sweden) | 12923 | &nbsp;&nbsp; 48649 |
| Telstra Group Ltd. (Australia) | 24275 | &nbsp;&nbsp; 69983 |
| TELUS Corp. (Canada) | 4696 | &nbsp;&nbsp; 72142 |
| Verizon Communications, Inc. | 27999 | &nbsp;&nbsp; 1233636 |
|  |  | &nbsp;&nbsp; 4386851 |
| **Internet Services & Infrastructure-1.82%** | **Internet Services & Infrastructure-1.82%** | **Internet Services & Infrastructure-1.82%** |
| Akamai Technologies, Inc.<sup>(b)</sup> | 998 | &nbsp;&nbsp; 80419 |
| Cloudflare, Inc., Class A<sup>(b)</sup> | 2017 | &nbsp;&nbsp; 243613 |
| MongoDB, Inc.<sup>(b)</sup> | 491 | &nbsp;&nbsp; 84536 |
| NEXTDC Ltd. (Australia)<sup>(b)(c)</sup> | 4259 | &nbsp;&nbsp; 32300 |
| Okta, Inc.<sup>(b)</sup> | 1079 | &nbsp;&nbsp; 121021 |
|  |  | &nbsp;&nbsp; 561889 |
| **IT Consulting & Other Services-4.01%** | **IT Consulting & Other Services-4.01%** | **IT Consulting & Other Services-4.01%** |
| Accenture PLC, Class A (Ireland) | 2559 | &nbsp;&nbsp; 765525 |
| Fujitsu Ltd. (Japan) | 8545 | &nbsp;&nbsp; 190283 |
| Kyndryl Holdings, Inc.<sup>(b)</sup> | 1385 | &nbsp;&nbsp; 44902 |
| NEC Corp. (Japan) | 4865 | &nbsp;&nbsp; 118710 |
| Tech Mahindra Ltd. (India) | 3552 | &nbsp;&nbsp; 63178 |
| Wipro Ltd. (India) | 19191 | &nbsp;&nbsp; 54811 |
|  |  | &nbsp;&nbsp; 1237409 |
| **Research & Consulting Services-0.38%** | **Research & Consulting Services-0.38%** | **Research & Consulting Services-0.38%** |
| Booz Allen Hamilton Holding Corp. | 451 | &nbsp;&nbsp; 54129 |
| CACI International, Inc., Class A<sup>(b)(c)</sup> | 140 | &nbsp;&nbsp; 64102 |
|  |  | &nbsp;&nbsp; 118231 |
| **Security & Alarm Services-0.22%** | **Security & Alarm Services-0.22%** | **Security & Alarm Services-0.22%** |
| SECOM Co. Ltd. (Japan) | 1823 | &nbsp;&nbsp; 67192 |
| **Semiconductors-25.68%** | **Semiconductors-25.68%** | **Semiconductors-25.68%** |
| ARM Holdings PLC, ADR<sup>(b)(c)</sup> | 872 | &nbsp;&nbsp; 99451 |
| Broadcom, Inc. | 12653 | &nbsp;&nbsp; 2435323 |
| Intel Corp. | 27253 | &nbsp;&nbsp; 547785 |
| Lattice Semiconductor Corp.<sup>(b)</sup> | 915 | &nbsp;&nbsp; 44771 |
| Marvell Technology, Inc. | 5753 | &nbsp;&nbsp; 335803 |
| Microchip Technology, Inc. | 2560 | &nbsp;&nbsp; 117965 |
| Micron Technology, Inc.<sup>(c)</sup> | 6155 | &nbsp;&nbsp; 473627 |
| QUALCOMM, Inc. | 7406 | &nbsp;&nbsp; 1099495 |
| Rambus, Inc.<sup>(b)</sup> | 715 | &nbsp;&nbsp; 34885 |
| SK hynix, Inc. (South Korea) | 2286 | &nbsp;&nbsp; 285231 |
| Taiwan Semiconductor Manufacturing Co. Ltd. <br> (Taiwan)<br>| 82741 | &nbsp;&nbsp; 2344429 |
| United Microelectronics Corp. (Taiwan) | 79382 | &nbsp;&nbsp; 111393 |
|  |  | &nbsp;&nbsp; 7930158 |
| **Systems Software-7.66%** | **Systems Software-7.66%** | **Systems Software-7.66%** |
| Check Point Software Technologies Ltd. <br> (Israel)<sup>(b)</sup><br>| 565 | &nbsp;&nbsp; 124051 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 1546 | &nbsp;&nbsp; 663033 |
| CyberArk Software Ltd.<sup>(b)</sup> | 327 | &nbsp;&nbsp; 115156 |

---

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

------

**16**

------

**Invesco Next Gen Connectivity ETF (KNCT)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Systems Software-(continued)** | **Systems Software-(continued)** | **Systems Software-(continued)** |
| Fortinet, Inc.<sup>(b)</sup> | 4197 | &nbsp;&nbsp; $435481 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 4406 | &nbsp;&nbsp; 823614 |
| Qualys, Inc.<sup>(b)</sup> | 244 | &nbsp;&nbsp; 30673 |
| Tenable Holdings, Inc.<sup>(b)</sup> | 791 | &nbsp;&nbsp; 24181 |
| Zscaler, Inc.<sup>(b)(c)</sup> | 658 | &nbsp;&nbsp; 148820 |
|  |  | &nbsp;&nbsp; 2365009 |
| **Technology Hardware, Storage & Peripherals-12.71%** | **Technology Hardware, Storage & Peripherals-12.71%** | **Technology Hardware, Storage & Peripherals-12.71%** |
| Apple, Inc. | 11548 | &nbsp;&nbsp; 2453950 |
| Lite-On Technology Corp. (Taiwan) | 8669 | &nbsp;&nbsp; 26217 |
| NetApp, Inc.<sup>(c)</sup> | 1360 | &nbsp;&nbsp; 122060 |
| Samsung Electronics Co. Ltd. (South Korea) | 21322 | &nbsp;&nbsp; 831932 |
| Xiaomi Corp., B Shares (China)<sup>(b)(d)</sup> | 76890 | &nbsp;&nbsp; 492323 |
|  |  | &nbsp;&nbsp; 3926482 |
| **Telecom Tower REITs-3.51%** | **Telecom Tower REITs-3.51%** | **Telecom Tower REITs-3.51%** |
| American Tower Corp. | 3112 | &nbsp;&nbsp; 701476 |
| Crown Castle, Inc. | 1957 | &nbsp;&nbsp; 206972 |
| SBA Communications Corp., Class A | 715 | &nbsp;&nbsp; 174031 |
|  |  | &nbsp;&nbsp; 1082479 |
| **Wireless Telecommunication Services-6.73%** | **Wireless Telecommunication Services-6.73%** | **Wireless Telecommunication Services-6.73%** |
| America Movil S.A.B. de C.V., Class B (Mexico) | 150346 | &nbsp;&nbsp; 129954 |
| Bharti Airtel Ltd. (India) | 16341 | &nbsp;&nbsp; 360454 |
| KDDI Corp. (Japan) | 16198 | &nbsp;&nbsp; 287772 |
| Rogers Communications, Inc., Class B (Canada) | 1166 | &nbsp;&nbsp; 30338 |
| SoftBank Corp. (Japan) | 103053 | &nbsp;&nbsp; 156316 |
| SoftBank Group Corp. (Japan) | 3816 | &nbsp;&nbsp; 193434 |
| Tele2 AB, Class B (Sweden) | 2865 | &nbsp;&nbsp; 42361 |
| T-Mobile US, Inc. | 3114 | &nbsp;&nbsp; 769002 |
| Vodafone Group PLC (United Kingdom) | 110157 | &nbsp;&nbsp; 108495 |
|  |  | &nbsp;&nbsp; 2078126 |
| Total Common Stocks & Other Equity Interests <br>(Cost $23,866,243) | Total Common Stocks & Other Equity Interests <br>(Cost $23,866,243) | &nbsp;&nbsp; 30817335 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.04%** | **Money Market Funds-0.04%** | **Money Market Funds-0.04%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(e)(f)</sup> <br>(Cost $13,591)<br>| 13591 | &nbsp;&nbsp; $13591 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.83% <br>(Cost $23,879,834) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.83% <br>(Cost $23,879,834) | &nbsp;&nbsp; 30830926 |
| **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-4.74%** | **Money Market Funds-4.74%** | **Money Market Funds-4.74%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(e)(f)(g)</sup><br>| 406458 | &nbsp;&nbsp; 406458 |
| Invesco Private Prime Fund, 4.46%<sup>(e)(f)(g)</sup> | 1057640 | &nbsp;&nbsp; 1057852 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $1,464,310) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $1,464,310) | &nbsp;&nbsp; 1464310 |
| TOTAL INVESTMENTS IN SECURITIES-104.57% <br>(Cost $25,344,144) | TOTAL INVESTMENTS IN SECURITIES-104.57% <br>(Cost $25,344,144) | &nbsp;&nbsp; 32295236 |
| OTHER ASSETS LESS LIABILITIES-(4.57)% | OTHER ASSETS LESS LIABILITIES-(4.57)% | &nbsp;&nbsp; (1411283)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $30883953 |

---

Investment Abbreviations: <br> ADR -American Depositary Receipt <br> REIT -Real Estate Investment Trust

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $655,334, which represented 2.12% of the Fund's Net Assets.<br>|
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $895394 | &nbsp;&nbsp; $(881803)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $13591 | &nbsp;&nbsp; $1063 |

---

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

------

**17**

------

**Invesco Next Gen Connectivity ETF (KNCT)—(continued)**

April 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased with** <br> **Cash Collateral from Securities** <br> **on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | &nbsp;&nbsp; $280801 | &nbsp;&nbsp; $12477502 | &nbsp;&nbsp; $(12351845)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $406458 | &nbsp;&nbsp; $20,829<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 721774 | &nbsp;&nbsp; 24789333 | &nbsp;&nbsp; (24453258)<br>| &nbsp;&nbsp; 103 | &nbsp;&nbsp; (100)<br>| &nbsp;&nbsp; 1057852 | &nbsp;&nbsp; 55,822<br> \*<br>|
| Total | &nbsp;&nbsp; $1002575 | &nbsp;&nbsp; $38162229 | &nbsp;&nbsp; $(37686906)<br>| &nbsp;&nbsp; $103 | &nbsp;&nbsp; $(100)<br>| &nbsp;&nbsp; $1477901 | &nbsp;&nbsp; $77714 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**18**

------

**Invesco Next Gen Media and Gaming ETF (GGME)**

April 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.80%** | **Common Stocks & Other Equity Interests-99.80%** | **Common Stocks & Other Equity Interests-99.80%** |
| **Advertising-1.54%** | **Advertising-1.54%** | **Advertising-1.54%** |
| Integral Ad Science Holding Corp.<sup>(b)(c)</sup> | 5109 | &nbsp;&nbsp; $36120 |
| Magnite, Inc.<sup>(b)(c)</sup> | 10266 | &nbsp;&nbsp; 122063 |
| Trade Desk, Inc. (The), Class A<sup>(b)(c)</sup> | 32822 | &nbsp;&nbsp; 1760244 |
|  |  | &nbsp;&nbsp; 1918427 |
| **Application Software-13.57%** | **Application Software-13.57%** | **Application Software-13.57%** |
| Adobe, Inc.<sup>(b)</sup> | 14368 | &nbsp;&nbsp; 5387712 |
| ANSYS, Inc.<sup>(b)</sup> | 6384 | &nbsp;&nbsp; 2054882 |
| Autodesk, Inc.<sup>(b)</sup> | 15476 | &nbsp;&nbsp; 4244293 |
| Beijing Kingsoft Office Software, Inc., A Shares <br> (China)<br>| 1975 | &nbsp;&nbsp; 80230 |
| Bentley Systems, Inc., Class B<sup>(c)</sup> | 12990 | &nbsp;&nbsp; 558440 |
| Dassault Systemes SE (France) | 52916 | &nbsp;&nbsp; 1989915 |
| DoubleVerify Holdings, Inc.<sup>(b)(c)</sup> | 10446 | &nbsp;&nbsp; 138514 |
| Iflytek Co. Ltd., A Shares (China) | 6748 | &nbsp;&nbsp; 43791 |
| Nemetschek SE (Germany) | 2567 | &nbsp;&nbsp; 342290 |
| Riskified Ltd., Class A<sup>(b)</sup> | 8295 | &nbsp;&nbsp; 38074 |
| Unity Software, Inc.<sup>(b)(c)</sup> | 24028 | &nbsp;&nbsp; 506270 |
| Zoom Communications, Inc., Class A<sup>(b)</sup> | 19157 | &nbsp;&nbsp; 1485434 |
|  |  | &nbsp;&nbsp; 16869845 |
| **Casinos & Gaming-3.81%** | **Casinos & Gaming-3.81%** | **Casinos & Gaming-3.81%** |
| Aristocrat Leisure Ltd. (Australia) | 45689 | &nbsp;&nbsp; 1949201 |
| DraftKings, Inc., Class A<sup>(b)</sup> | 35478 | &nbsp;&nbsp; 1181063 |
| Everi Holdings, Inc.<sup>(b)(c)</sup> | 3325 | &nbsp;&nbsp; 46716 |
| Evolution AB (Sweden)<sup>(c)(d)</sup> | 12281 | &nbsp;&nbsp; 852578 |
| Light & Wonder, Inc.<sup>(b)(c)</sup> | 4252 | &nbsp;&nbsp; 363036 |
| Playtech PLC (United Kingdom)<sup>(b)</sup> | 21289 | &nbsp;&nbsp; 216535 |
| Sportradar Group AG (Switzerland)<sup>(b)(c)</sup> | 5844 | &nbsp;&nbsp; 135055 |
|  |  | &nbsp;&nbsp; 4744184 |
| **Communications Equipment-0.04%** | **Communications Equipment-0.04%** | **Communications Equipment-0.04%** |
| Harmonic, Inc.<sup>(b)(c)</sup> | 5407 | &nbsp;&nbsp; 48555 |
| **Consumer Electronics-0.17%** | **Consumer Electronics-0.17%** | **Consumer Electronics-0.17%** |
| Merry Electronics Co. Ltd. (Taiwan) | 18362 | &nbsp;&nbsp; 65018 |
| Sonos, Inc.<sup>(b)</sup> | 8801 | &nbsp;&nbsp; 81057 |
| TCL Electronics Holdings Ltd. (China) | 47582 | &nbsp;&nbsp; 60112 |
|  |  | &nbsp;&nbsp; 206187 |
| **Electronic Manufacturing Services-0.04%** | **Electronic Manufacturing Services-0.04%** | **Electronic Manufacturing Services-0.04%** |
| Primax Electronics Ltd. (Taiwan) | 21216 | &nbsp;&nbsp; 49569 |
| **Interactive Home Entertainment-17.41%** | **Interactive Home Entertainment-17.41%** | **Interactive Home Entertainment-17.41%** |
| Capcom Co. Ltd. (Japan) | 23863 | &nbsp;&nbsp; 692493 |
| CD Projekt S.A. (Poland)<sup>(c)</sup> | 4144 | &nbsp;&nbsp; 257767 |
| DeNA Co. Ltd. (Japan) | 4579 | &nbsp;&nbsp; 124092 |
| Electronic Arts, Inc. | 17474 | &nbsp;&nbsp; 2535303 |
| Embracer Group AB, Class A (Sweden)<sup>(b)(c)</sup> | 9417 | &nbsp;&nbsp; 119094 |
| GungHo Online Entertainment, Inc. (Japan) | 3381 | &nbsp;&nbsp; 71715 |
| Kakao Games Corp. (South Korea)<sup>(b)</sup> | 3117 | &nbsp;&nbsp; 31128 |
| Kingsoft Corp. Ltd. (China)<sup>(c)</sup> | 69622 | &nbsp;&nbsp; 346925 |
| Koei Tecmo Holdings Co. Ltd. (Japan) | 7794 | &nbsp;&nbsp; 134027 |
| Konami Group Corp. (Japan) | 6399 | &nbsp;&nbsp; 916058 |
| Krafton, Inc. (South Korea)<sup>(b)</sup> | 2260 | &nbsp;&nbsp; 591673 |
| Mixi, Inc. (Japan) | 2528 | &nbsp;&nbsp; 56305 |
| Modern Times Group MTG AB, Class B <br> (Sweden)<sup>(b)</sup><br>| 6656 | &nbsp;&nbsp; 79917 |
| NCSoft Corp. (South Korea) | 938 | &nbsp;&nbsp; 96553 |
| NetEase, Inc. (China) | 114867 | &nbsp;&nbsp; 2469508 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Interactive Home Entertainment-(continued)** | **Interactive Home Entertainment-(continued)** | **Interactive Home Entertainment-(continued)** |
| Netmarble Corp. (South Korea)<sup>(d)</sup> | 2545 | &nbsp;&nbsp; $80055 |
| Nexon Co. Ltd. (Japan) | 23524 | &nbsp;&nbsp; 369964 |
| Nintendo Co. Ltd. (Japan) | 78770 | &nbsp;&nbsp; 6555074 |
| Pearl Abyss Corp. (South Korea)<sup>(b)</sup> | 2662 | &nbsp;&nbsp; 66318 |
| Roblox Corp., Class A<sup>(b)</sup> | 42587 | &nbsp;&nbsp; 2855458 |
| Square Enix Holdings Co. Ltd. (Japan) | 4794 | &nbsp;&nbsp; 277864 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 11971 | &nbsp;&nbsp; 2793074 |
| Ubisoft Entertainment S.A. (France)<sup>(b)(c)</sup> | 7157 | &nbsp;&nbsp; 84616 |
| Wemade Co. Ltd. (South Korea)<sup>(b)</sup> | 1468 | &nbsp;&nbsp; 29623 |
| ZX, Inc. (China)<sup>(b)(d)</sup> | 14062 | &nbsp;&nbsp; 15465 |
|  |  | &nbsp;&nbsp; 21650069 |
| **Interactive Media & Services-8.85%** | **Interactive Media & Services-8.85%** | **Interactive Media & Services-8.85%** |
| Bumble, Inc., Class A<sup>(b)(c)</sup> | 7869 | &nbsp;&nbsp; 33207 |
| Meitu, Inc. (China)<sup>(b)(d)</sup> | 212107 | &nbsp;&nbsp; 149640 |
| Meta Platforms, Inc., Class A | 16339 | &nbsp;&nbsp; 8970111 |
| Pinterest, Inc., Class A<sup>(b)</sup> | 44118 | &nbsp;&nbsp; 1117068 |
| Snap, Inc., Class A<sup>(b)(c)</sup> | 88410 | &nbsp;&nbsp; 703744 |
| Soop Co. Ltd. (South Korea) | 481 | &nbsp;&nbsp; 27753 |
|  |  | &nbsp;&nbsp; 11001523 |
| **Internet Services & Infrastructure-2.15%** | **Internet Services & Infrastructure-2.15%** | **Internet Services & Infrastructure-2.15%** |
| Cloudflare, Inc., Class A<sup>(b)</sup> | 22181 | &nbsp;&nbsp; 2679021 |
| **IT Consulting & Other Services-0.04%** | **IT Consulting & Other Services-0.04%** | **IT Consulting & Other Services-0.04%** |
| Addnode Group AB (Sweden)<sup>(c)</sup> | 5452 | &nbsp;&nbsp; 47038 |
| **Leisure Products-0.47%** | **Leisure Products-0.47%** | **Leisure Products-0.47%** |
| Peloton Interactive, Inc., Class A<sup>(b)(c)</sup> | 15542 | &nbsp;&nbsp; 107085 |
| Sankyo Co. Ltd. (Japan) | 15957 | &nbsp;&nbsp; 243453 |
| Sega Sammy Holdings, Inc. (Japan) | 11330 | &nbsp;&nbsp; 238366 |
|  |  | &nbsp;&nbsp; 588904 |
| **Movies & Entertainment-15.31%** | **Movies & Entertainment-15.31%** | **Movies & Entertainment-15.31%** |
| NetEase Cloud Music, Inc. (China)<sup>(b)(d)</sup> | 5303 | &nbsp;&nbsp; 124035 |
| Netflix, Inc.<sup>(b)</sup> | 10842 | &nbsp;&nbsp; 12270108 |
| Roku, Inc., Class A<sup>(b)</sup> | 9263 | &nbsp;&nbsp; 631551 |
| Spotify Technology S.A. (Sweden)<sup>(b)</sup> | 9799 | &nbsp;&nbsp; 6016390 |
|  |  | &nbsp;&nbsp; 19042084 |
| **Semiconductors-23.29%** | **Semiconductors-23.29%** | **Semiconductors-23.29%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 55337 | &nbsp;&nbsp; 5387057 |
| Ambarella, Inc.<sup>(b)</sup> | 3034 | &nbsp;&nbsp; 145602 |
| Cambricon Technologies Corp. Ltd. (China)<sup>(b)</sup> | 1805 | &nbsp;&nbsp; 175219 |
| MediaTek, Inc. (Taiwan) | 116463 | &nbsp;&nbsp; 4948874 |
| NVIDIA Corp. | 83503 | &nbsp;&nbsp; 9095147 |
| QUALCOMM, Inc. | 62055 | &nbsp;&nbsp; 9212685 |
|  |  | &nbsp;&nbsp; 28964584 |
| **Systems Software-0.32%** | **Systems Software-0.32%** | **Systems Software-0.32%** |
| Adeia, Inc. | 6997 | &nbsp;&nbsp; 86133 |
| Dolby Laboratories, Inc., Class A | 4001 | &nbsp;&nbsp; 307237 |
|  |  | &nbsp;&nbsp; 393370 |
| **Technology Hardware, Storage & Peripherals-12.72%** | **Technology Hardware, Storage & Peripherals-12.72%** | **Technology Hardware, Storage & Peripherals-12.72%** |
| Apple, Inc. | 46027 | &nbsp;&nbsp; 9780737 |
| Clevo Co. (Taiwan) | 28494 | &nbsp;&nbsp; 42701 |
| HTC Corp. (Taiwan)<sup>(b)</sup> | 52007 | &nbsp;&nbsp; 62956 |
| Kinpo Electronics (Taiwan) | 98558 | &nbsp;&nbsp; 61548 |
| Lenovo Group Ltd. (China)<sup>(c)</sup> | 464497 | &nbsp;&nbsp; 537289 |
| Logitech International S.A., Class R <br> (Switzerland)<sup>(c)</sup><br>| 9196 | &nbsp;&nbsp; 701866 |

---

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

------

**19**

------

**Invesco Next Gen Media and Gaming ETF (GGME)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Technology Hardware, Storage & Peripherals-(continued)** | **Technology Hardware, Storage & Peripherals-(continued)** | **Technology Hardware, Storage & Peripherals-(continued)** |
| Shenzhen Transsion Holdings Co. Ltd., A <br> Shares (China)<br>| 5079 | &nbsp;&nbsp; $52500 |
| Wacom Co. Ltd. (Japan) | 9459 | &nbsp;&nbsp; 36297 |
| Xiaomi Corp., B Shares (China)<sup>(b)(d)</sup> | 709481 | &nbsp;&nbsp; 4542770 |
|  |  | &nbsp;&nbsp; 15818664 |
| **Trading Companies & Distributors-0.07%** | **Trading Companies & Distributors-0.07%** | **Trading Companies & Distributors-0.07%** |
| Xometry, Inc., Class A<sup>(b)(c)</sup> | 3208 | &nbsp;&nbsp; 82253 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.80% <br>(Cost $123,255,089) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.80% <br>(Cost $123,255,089) | &nbsp;&nbsp; 124104277 |
| **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-4.56%** | **Money Market Funds-4.56%** | **Money Market Funds-4.56%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(e)(f)(g)</sup><br>| 1571040 | &nbsp;&nbsp; 1571040 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 4.46%<sup>(e)(f)(g)</sup> | 4090716 | &nbsp;&nbsp; $4091534 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $5,662,663) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $5,662,663) | &nbsp;&nbsp; 5662574 |
| TOTAL INVESTMENTS IN SECURITIES-104.36% <br>(Cost $128,917,752) | TOTAL INVESTMENTS IN SECURITIES-104.36% <br>(Cost $128,917,752) | &nbsp;&nbsp; 129766851 |
| OTHER ASSETS LESS LIABILITIES-(4.36)% | OTHER ASSETS LESS LIABILITIES-(4.36)% | &nbsp;&nbsp; (5416502)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $124350349 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $5,764,543, which represented 4.64% of the Fund's Net Assets.<br>|
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $72318 | &nbsp;&nbsp; $8500655 | &nbsp;&nbsp; $(8572973)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $8374 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 261121 | &nbsp;&nbsp; 20697532 | &nbsp;&nbsp; (19387613)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1571040 | &nbsp;&nbsp; 31,151<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 677907 | &nbsp;&nbsp; 44268700 | &nbsp;&nbsp; (40854845)<br>| &nbsp;&nbsp; (45)<br>| &nbsp;&nbsp; (183)<br>| &nbsp;&nbsp; 4091534 | &nbsp;&nbsp; 84,211<br> \*<br>|
| Total | &nbsp;&nbsp; $1011346 | &nbsp;&nbsp; $73466887 | &nbsp;&nbsp; $(68815431)<br>| &nbsp;&nbsp; $(45)<br>| &nbsp;&nbsp; $(183)<br>| &nbsp;&nbsp; $5662574 | &nbsp;&nbsp; $123736 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**20**

------

**Invesco Oil & Gas Services ETF (PXJ)**

April 30, 2025

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%** |
| **Oil & Gas Drilling-12.00%** | **Oil & Gas Drilling-12.00%** | **Oil & Gas Drilling-12.00%** |
| Helmerich & Payne, Inc. | 31214 | &nbsp;&nbsp; $589632 |
| Noble Corp. PLC<sup>(b)</sup> | 57379 | &nbsp;&nbsp; 1247420 |
| Patterson-UTI Energy, Inc. | 103572 | &nbsp;&nbsp; 584146 |
| Seadrill Ltd. (Norway)<sup>(b)(c)</sup> | 29840 | &nbsp;&nbsp; 612914 |
|  |  | &nbsp;&nbsp; 3034112 |
| **Oil & Gas Equipment & Services-65.11%** | **Oil & Gas Equipment & Services-65.11%** | **Oil & Gas Equipment & Services-65.11%** |
| Archrock, Inc. | 58308 | &nbsp;&nbsp; 1371987 |
| Baker Hughes Co., Class A | 34959 | &nbsp;&nbsp; 1237549 |
| Bristow Group, Inc.<sup>(c)</sup> | 23679 | &nbsp;&nbsp; 687638 |
| Cactus, Inc., Class A | 14623 | &nbsp;&nbsp; 554797 |
| Halliburton Co. | 58708 | &nbsp;&nbsp; 1163593 |
| Helix Energy Solutions Group, Inc.<sup>(b)(c)</sup> | 97670 | &nbsp;&nbsp; 594810 |
| Innovex International, Inc.<sup>(b)(c)</sup> | 52045 | &nbsp;&nbsp; 785879 |
| Kodiak Gas Services, Inc. | 19984 | &nbsp;&nbsp; 679656 |
| Liberty Energy, Inc., Class A | 48140 | &nbsp;&nbsp; 553610 |
| NOV, Inc.<sup>(b)</sup> | 102824 | &nbsp;&nbsp; 1193787 |
| Oceaneering International, Inc.<sup>(b)(c)</sup> | 37840 | &nbsp;&nbsp; 671660 |
| ProFrac Holding Corp., Class A<sup>(b)(c)</sup> | 121205 | &nbsp;&nbsp; 503001 |
| RPC, Inc. | 148139 | &nbsp;&nbsp; 700697 |
| Schlumberger N.V. | 37530 | &nbsp;&nbsp; 1247872 |
| Select Water Solutions, Inc., Class A | 68683 | &nbsp;&nbsp; 585179 |
| TechnipFMC PLC (United Kingdom) | 55278 | &nbsp;&nbsp; 1557181 |
| Tidewater, Inc.<sup>(b)(c)</sup> | 17557 | &nbsp;&nbsp; 635388 |
| USA Compression Partners L.P. | 30745 | &nbsp;&nbsp; 750178 |
| Weatherford International PLC | 24080 | &nbsp;&nbsp; 996912 |
|  |  | &nbsp;&nbsp; 16471374 |
| **Oil & Gas Storage & Transportation-22.86%** | **Oil & Gas Storage & Transportation-22.86%** | **Oil & Gas Storage & Transportation-22.86%** |
| DHT Holdings, Inc. | 79390 | &nbsp;&nbsp; 848679 |
| Dorian LPG Ltd. | 39659 | &nbsp;&nbsp; 849496 |
| Golar LNG Ltd. (Cameroon)<sup>(b)</sup> | 21947 | &nbsp;&nbsp; 932857 |
| International Seaways, Inc.<sup>(b)</sup> | 23591 | &nbsp;&nbsp; 801150 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Oil & Gas Storage & Transportation-(continued)** | **Oil & Gas Storage & Transportation-(continued)** | **Oil & Gas Storage & Transportation-(continued)** |
| Navigator Holdings Ltd. | 54332 | &nbsp;&nbsp; $689473 |
| Scorpio Tankers, Inc. (Monaco) | 20404 | &nbsp;&nbsp; 769027 |
| Teekay Tankers Ltd., Class A (Canada)<sup>(b)</sup> | 20949 | &nbsp;&nbsp; 891799 |
|  |  | &nbsp;&nbsp; 5782481 |
| Total Common Stocks & Other Equity Interests <br>(Cost $37,317,997) | Total Common Stocks & Other Equity Interests <br>(Cost $37,317,997) | &nbsp;&nbsp; 25287967 |
| **Money Market Funds-0.50%** | **Money Market Funds-0.50%** | **Money Market Funds-0.50%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $128,164)<br>| 128164 | &nbsp;&nbsp; 128164 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.47% <br>(Cost $37,446,161) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.47% <br>(Cost $37,446,161) | &nbsp;&nbsp; 25416131 |
| **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-31.78%** | **Money Market Funds-31.78%** | **Money Market Funds-31.78%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 2072755 | &nbsp;&nbsp; 2072755 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 5964546 | &nbsp;&nbsp; 5965739 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $8,038,802) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $8,038,802) | &nbsp;&nbsp; 8038494 |
| TOTAL INVESTMENTS IN SECURITIES-132.25% <br>(Cost $45,484,963) | TOTAL INVESTMENTS IN SECURITIES-132.25% <br>(Cost $45,484,963) | &nbsp;&nbsp; 33454625 |
| OTHER ASSETS LESS LIABILITIES-(32.25)% | OTHER ASSETS LESS LIABILITIES-(32.25)% | &nbsp;&nbsp; (8158395)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $25296230 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $88783 | &nbsp;&nbsp; $3316485 | &nbsp;&nbsp; $(3277104)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $128164 | &nbsp;&nbsp; $6581 |

---

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

------

**21**

------

**Invesco Oil & Gas Services ETF (PXJ)—(continued)**

April 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; $6710879 | &nbsp;&nbsp; $45051188 | &nbsp;&nbsp; $(49689312)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2072755 | &nbsp;&nbsp; $194,006<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 17260527 | &nbsp;&nbsp; 98047160 | &nbsp;&nbsp; (109342305)<br>| &nbsp;&nbsp; 984 | &nbsp;&nbsp; (627)<br>| &nbsp;&nbsp; 5965739 | &nbsp;&nbsp; 521,765<br> \*<br>|
| Total | &nbsp;&nbsp; $24060189 | &nbsp;&nbsp; $146414833 | &nbsp;&nbsp; $(162308721)<br>| &nbsp;&nbsp; $984 | &nbsp;&nbsp; $(627)<br>| &nbsp;&nbsp; $8166658 | &nbsp;&nbsp; $722352 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**22**

------

**Invesco Pharmaceuticals ETF (PJP)**

April 30, 2025

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%** |
| **Biotechnology-27.01%** | **Biotechnology-27.01%** | **Biotechnology-27.01%** |
| AbbVie, Inc. | 63477 | &nbsp;&nbsp; $12384363 |
| Amgen, Inc. | 41058 | &nbsp;&nbsp; 11944593 |
| Biogen, Inc.<sup>(b)</sup> | 49263 | &nbsp;&nbsp; 5964764 |
| Geron Corp.<sup>(b)(c)</sup> | 2981732 | &nbsp;&nbsp; 4204242 |
| Gilead Sciences, Inc. | 116189 | &nbsp;&nbsp; 12378776 |
| OmniAb Operations, Inc., Rts., expiring <br> 11/02/2027<sup>(b)(c)(d)</sup><br>| 39023 | &nbsp;&nbsp; 0 |
| OmniAb Operations, Inc., Rts., expiring <br> 11/02/2027<sup>(b)(c)(d)</sup><br>| 39023 | &nbsp;&nbsp; 0 |
| Regeneron Pharmaceuticals, Inc. | 9771 | &nbsp;&nbsp; 5850484 |
| Travere Therapeutics, Inc.<sup>(b)(c)</sup> | 342340 | &nbsp;&nbsp; 7124095 |
| United Therapeutics Corp.<sup>(b)(c)</sup> | 19772 | &nbsp;&nbsp; 5992696 |
|  |  | &nbsp;&nbsp; 65844013 |
| **Health Care Equipment-5.12%** | **Health Care Equipment-5.12%** | **Health Care Equipment-5.12%** |
| Abbott Laboratories | 95410 | &nbsp;&nbsp; 12474857 |
| **Pharmaceuticals-67.79%** | **Pharmaceuticals-67.79%** | **Pharmaceuticals-67.79%** |
| Amneal Pharmaceuticals, Inc.<sup>(b)</sup> | 831470 | &nbsp;&nbsp; 6369060 |
| Amphastar Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 220915 | &nbsp;&nbsp; 5392535 |
| ANI Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 129656 | &nbsp;&nbsp; 9182238 |
| Bristol-Myers Squibb Co. | 121412 | &nbsp;&nbsp; 6094882 |
| Collegium Pharmaceutical, Inc.<sup>(b)(c)</sup> | 245226 | &nbsp;&nbsp; 6619876 |
| Corcept Therapeutics, Inc.<sup>(b)(c)</sup> | 115420 | &nbsp;&nbsp; 8296390 |
| Eli Lilly and Co. | 14374 | &nbsp;&nbsp; 12921507 |
| Harmony Biosciences Holdings, Inc.<sup>(b)(c)</sup> | 191161 | &nbsp;&nbsp; 5633515 |
| Innoviva, Inc.<sup>(b)(c)</sup> | 392090 | &nbsp;&nbsp; 7328162 |
| Jazz Pharmaceuticals PLC<sup>(b)(c)</sup> | 50617 | &nbsp;&nbsp; 5920164 |
| Johnson & Johnson | 78031 | &nbsp;&nbsp; 12197026 |
| Ligand Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 59553 | &nbsp;&nbsp; 6542493 |
| Liquidia Corp.<sup>(b)(c)</sup> | 457562 | &nbsp;&nbsp; 6392141 |
| Merck & Co., Inc. | 141755 | &nbsp;&nbsp; 12077526 |
| Pacira BioSciences, Inc.<sup>(b)(c)</sup> | 281650 | &nbsp;&nbsp; 7576385 |
| Perrigo Co. PLC<sup>(c)</sup> | 280307 | &nbsp;&nbsp; 7209496 |
| Pfizer, Inc. | 484686 | &nbsp;&nbsp; 11831185 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** |
| Prestige Consumer Healthcare, Inc.<sup>(b)(c)</sup> | 80925 | &nbsp;&nbsp; $6573538 |
| Supernus Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 215467 | &nbsp;&nbsp; 6998368 |
| Tarsus Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 171215 | &nbsp;&nbsp; 8887771 |
| Viatris, Inc. | 615800 | &nbsp;&nbsp; 5185036 |
|  |  | &nbsp;&nbsp; 165229294 |
| Total Common Stocks & Other Equity Interests <br>(Cost $225,474,207) | Total Common Stocks & Other Equity Interests <br>(Cost $225,474,207) | &nbsp;&nbsp; 243548164 |
| **Money Market Funds-0.11%** | **Money Market Funds-0.11%** | **Money Market Funds-0.11%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(e)(f)</sup> <br>(Cost $272,687)<br>| 272687 | &nbsp;&nbsp; 272687 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.03% <br>(Cost $225,746,894) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.03% <br>(Cost $225,746,894) | &nbsp;&nbsp; 243820851 |
| **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-22.40%** | **Money Market Funds-22.40%** | **Money Market Funds-22.40%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(e)(f)(g)</sup><br>| 15157839 | &nbsp;&nbsp; 15157839 |
| Invesco Private Prime Fund, 4.46%<sup>(e)(f)(g)</sup> | 39424279 | &nbsp;&nbsp; 39432164 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $54,592,013) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $54,592,013) | &nbsp;&nbsp; 54590003 |
| TOTAL INVESTMENTS IN SECURITIES-122.43% <br>(Cost $280,338,907) | TOTAL INVESTMENTS IN SECURITIES-122.43% <br>(Cost $280,338,907) | &nbsp;&nbsp; 298410854 |
| OTHER ASSETS LESS LIABILITIES-(22.43)% | OTHER ASSETS LESS LIABILITIES-(22.43)% | &nbsp;&nbsp; (54672914)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $243737940 |

---

Investment Abbreviations: <br> Rts. -Rights

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 4. |
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $237609 | &nbsp;&nbsp; $7795240 | &nbsp;&nbsp; $(7760162)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $272687 | &nbsp;&nbsp; $11803 |

---

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

------

**23**

------

**Invesco Pharmaceuticals ETF (PJP)—(continued)**

April 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; $12771041 | &nbsp;&nbsp; $138716180 | &nbsp;&nbsp; $(136329382)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $15157839 | &nbsp;&nbsp; $696,457<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 32847744 | &nbsp;&nbsp; 295325542 | &nbsp;&nbsp; (288737687)<br>| &nbsp;&nbsp; 4181 | &nbsp;&nbsp; (7616)<br>| &nbsp;&nbsp; 39432164 | &nbsp;&nbsp; 1,848,896<br> \*<br>|
| Total | &nbsp;&nbsp; $45856394 | &nbsp;&nbsp; $441836962 | &nbsp;&nbsp; $(432827231)<br>| &nbsp;&nbsp; $4181 | &nbsp;&nbsp; $(7616)<br>| &nbsp;&nbsp; $54862690 | &nbsp;&nbsp; $2557156 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**24**

------

**Invesco Semiconductors ETF (PSI)**

April 30, 2025

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%** |
| **Semiconductor Materials & Equipment-37.96%** | **Semiconductor Materials & Equipment-37.96%** | **Semiconductor Materials & Equipment-37.96%** |
| ACM Research, Inc., Class A<sup>(b)(c)</sup> | 823789 | &nbsp;&nbsp; $16039172 |
| Amkor Technology, Inc. | 870063 | &nbsp;&nbsp; 15182599 |
| Applied Materials, Inc. | 209293 | &nbsp;&nbsp; 31542548 |
| Camtek Ltd. (Israel)<sup>(c)</sup> | 245807 | &nbsp;&nbsp; 16061030 |
| FormFactor, Inc.<sup>(b)(c)</sup> | 555983 | &nbsp;&nbsp; 15645362 |
| Ichor Holdings Ltd.<sup>(b)(c)</sup> | 628876 | &nbsp;&nbsp; 12439167 |
| KLA Corp. | 47794 | &nbsp;&nbsp; 33584366 |
| Kulicke & Soffa Industries, Inc. (Singapore)<sup>(c)</sup> | 475179 | &nbsp;&nbsp; 15315019 |
| Lam Research Corp. | 431511 | &nbsp;&nbsp; 30926393 |
| Nova Ltd. (Israel)<sup>(b)</sup> | 75458 | &nbsp;&nbsp; 14805614 |
| Photronics, Inc.<sup>(b)</sup> | 912938 | &nbsp;&nbsp; 16679377 |
|  |  | &nbsp;&nbsp; 218220647 |
| **Semiconductors-61.99%** | **Semiconductors-61.99%** | **Semiconductors-61.99%** |
| Alpha & Omega Semiconductor Ltd.<sup>(b)(c)</sup> | 607063 | &nbsp;&nbsp; 11430996 |
| Ambarella, Inc.<sup>(b)(c)</sup> | 256662 | &nbsp;&nbsp; 12317209 |
| Analog Devices, Inc. | 147246 | &nbsp;&nbsp; 28701190 |
| Broadcom, Inc. | 171055 | &nbsp;&nbsp; 32922956 |
| Cirrus Logic, Inc.<sup>(b)</sup> | 175830 | &nbsp;&nbsp; 16886713 |
| Credo Technology Group Holding Ltd.<sup>(b)(c)</sup> | 331713 | &nbsp;&nbsp; 14280245 |
| Lattice Semiconductor Corp.<sup>(b)</sup> | 289220 | &nbsp;&nbsp; 14151535 |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup><br>| 162476 | &nbsp;&nbsp; 16856885 |
| Marvell Technology, Inc. | 203206 | &nbsp;&nbsp; 11861134 |
| MaxLinear, Inc.<sup>(b)</sup> | 1326158 | &nbsp;&nbsp; 13248318 |
| Monolithic Power Systems, Inc. | 29018 | &nbsp;&nbsp; 17210576 |
| NVIDIA Corp. | 273599 | &nbsp;&nbsp; 29800403 |
| Power Integrations, Inc. | 297210 | &nbsp;&nbsp; 14598955 |
| QUALCOMM, Inc. | 214898 | &nbsp;&nbsp; 31903757 |
| Semtech Corp.<sup>(b)(c)</sup> | 513246 | &nbsp;&nbsp; 16038938 |
| Silicon Laboratories, Inc.<sup>(b)(c)</sup> | 130974 | &nbsp;&nbsp; 13327914 |
| SiTime Corp.<sup>(b)</sup> | 117954 | &nbsp;&nbsp; 17322725 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Semiconductors-(continued)** | **Semiconductors-(continued)** | **Semiconductors-(continued)** |
| Texas Instruments, Inc. | 173250 | &nbsp;&nbsp; $27728663 |
| Tower Semiconductor Ltd. (Israel)<sup>(b)</sup> | 439077 | &nbsp;&nbsp; 15710175 |
|  |  | &nbsp;&nbsp; 356299287 |
| Total Common Stocks & Other Equity Interests <br>(Cost $597,876,404) | Total Common Stocks & Other Equity Interests <br>(Cost $597,876,404) | &nbsp;&nbsp; 574519934 |
| **Money Market Funds-0.08%** | **Money Market Funds-0.08%** | **Money Market Funds-0.08%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $458,979)<br>| 458979 | &nbsp;&nbsp; 458979 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.03% <br>(Cost $598,335,383) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.03% <br>(Cost $598,335,383) | &nbsp;&nbsp; 574978913 |
| **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-4.95%** | **Money Market Funds-4.95%** | **Money Market Funds-4.95%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 7907068 | &nbsp;&nbsp; 7907068 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 20573806 | &nbsp;&nbsp; 20577921 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $28,486,225) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $28,486,225) | &nbsp;&nbsp; 28484989 |
| TOTAL INVESTMENTS IN SECURITIES-104.98% <br>(Cost $626,821,608) | TOTAL INVESTMENTS IN SECURITIES-104.98% <br>(Cost $626,821,608) | &nbsp;&nbsp; 603463902 |
| OTHER ASSETS LESS LIABILITIES-(4.98)% | OTHER ASSETS LESS LIABILITIES-(4.98)% | &nbsp;&nbsp; (28643445)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $574820457 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $422840 | &nbsp;&nbsp; $10007830 | &nbsp;&nbsp; $(9971691)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $458979 | &nbsp;&nbsp; $22445 |

---

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

------

**25**

------

**Invesco Semiconductors ETF (PSI)—(continued)**

April 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; $10403079 | &nbsp;&nbsp; $225654254 | &nbsp;&nbsp; $(228150265)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7907068 | &nbsp;&nbsp; $970,530<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 26750820 | &nbsp;&nbsp; 457843801 | &nbsp;&nbsp; (464015864)<br>| &nbsp;&nbsp; 3184 | &nbsp;&nbsp; (4020)<br>| &nbsp;&nbsp; 20577921 | &nbsp;&nbsp; 2,597,183<br> \*<br>|
| Total | &nbsp;&nbsp; $37576739 | &nbsp;&nbsp; $693505885 | &nbsp;&nbsp; $(702137820)<br>| &nbsp;&nbsp; $3184 | &nbsp;&nbsp; $(4020)<br>| &nbsp;&nbsp; $28943968 | &nbsp;&nbsp; $3590158 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**26**

------

**27**

------

**Statements of Assets and Liabilities**

April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco** <br>**AI and Next Gen** <br>**Software** <br>**ETF (IGPT)**<br>| **Invesco** <br>**Biotechnology &** <br>**Genome** <br>**ETF (PBE)**<br>| **Invesco** <br>**Building &** <br>**Construction** <br>**ETF (PKB)**<br>| **Invesco** <br>**Energy** <br>**Exploration &** <br>**Production** <br>**ETF (PXE)**<br>|
| **Assets:** |  |  |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $382142995 | &nbsp;&nbsp;&nbsp; $221399109 | &nbsp;&nbsp;&nbsp; $205100144 | &nbsp;&nbsp;&nbsp; $71297816 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 35517699 | &nbsp;&nbsp;&nbsp; 22763568 | &nbsp;&nbsp;&nbsp; 19642609 | &nbsp;&nbsp;&nbsp; 18119517 |
| Cash | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5728 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2993 |
| Foreign currencies, at value | &nbsp;&nbsp; 14221 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Receivable for: |  |  |  |  |
| Dividends | &nbsp;&nbsp; 67699 | &nbsp;&nbsp;&nbsp; 771 | &nbsp;&nbsp;&nbsp; 51539 | &nbsp;&nbsp;&nbsp; 40612 |
| Securities lending | &nbsp;&nbsp; 2255 | &nbsp;&nbsp;&nbsp; 2008 | &nbsp;&nbsp;&nbsp; 2080 | &nbsp;&nbsp;&nbsp; 6203 |
| Investments sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Investments sold - affiliated broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Fund shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Expenses absorbed | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Foreign tax reclaims | &nbsp;&nbsp; 1711 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Other assets | &nbsp;&nbsp; 4456 | &nbsp;&nbsp;&nbsp; 4566 | &nbsp;&nbsp;&nbsp; 4617 | &nbsp;&nbsp;&nbsp; 4415 |
| **Total assets** | &nbsp;&nbsp; 417751036 | &nbsp;&nbsp;&nbsp; 244175750 | &nbsp;&nbsp;&nbsp; 224800989 | &nbsp;&nbsp;&nbsp; 89471556 |
| **Liabilities:** |  |  |  |  |
| Due to custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Due to foreign custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Payable for: |  |  |  |  |
| Investments purchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 35386956 | &nbsp;&nbsp;&nbsp; 22625861 | &nbsp;&nbsp;&nbsp; 19406726 | &nbsp;&nbsp;&nbsp; 18010545 |
| Fund shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Expenses recaptured | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2896 |
| Accrued advisory fees | &nbsp;&nbsp; 148841 | &nbsp;&nbsp;&nbsp; 88615 | &nbsp;&nbsp;&nbsp; 83691 | &nbsp;&nbsp;&nbsp; 30157 |
| Accrued trustees' and officer's fees | &nbsp;&nbsp; 74884 | &nbsp;&nbsp;&nbsp; 107194 | &nbsp;&nbsp;&nbsp; 74817 | &nbsp;&nbsp;&nbsp; 77003 |
| Accrued expenses | &nbsp;&nbsp; 96742 | &nbsp;&nbsp;&nbsp; 70413 | &nbsp;&nbsp;&nbsp; 77117 | &nbsp;&nbsp;&nbsp; 50939 |
| Accrued tax expenses | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 66 |
| **Total liabilities** | &nbsp;&nbsp; 35707423 | &nbsp;&nbsp;&nbsp; 22892083 | &nbsp;&nbsp;&nbsp; 19642351 | &nbsp;&nbsp;&nbsp; 18171606 |
| **Net Assets** | &nbsp;&nbsp; $382043613 | &nbsp;&nbsp;&nbsp; $221283667 | &nbsp;&nbsp;&nbsp; $205158638 | &nbsp;&nbsp;&nbsp; $71299950 |
| **Net assets consist of:** |  |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $554010920 | &nbsp;&nbsp;&nbsp; $538096497 | &nbsp;&nbsp;&nbsp; $343322469 | &nbsp;&nbsp;&nbsp; $245163486 |
| Distributable earnings (loss) | &nbsp;&nbsp; (171967307)<br>| &nbsp;&nbsp;&nbsp; (316812830)<br>| &nbsp;&nbsp;&nbsp; (138163831)<br>| &nbsp;&nbsp;&nbsp; (173863536)<br>|
| **Net Assets** | &nbsp;&nbsp; $382043613 | &nbsp;&nbsp;&nbsp; $221283667 | &nbsp;&nbsp;&nbsp; $205158638 | &nbsp;&nbsp;&nbsp; $71299950 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 9380000 | &nbsp;&nbsp;&nbsp; 3550000 | &nbsp;&nbsp;&nbsp; 2920000 | &nbsp;&nbsp;&nbsp; 2910000 |
| Net asset value | &nbsp;&nbsp; $40.73 | &nbsp;&nbsp;&nbsp; $62.33 | &nbsp;&nbsp;&nbsp; $70.26 | &nbsp;&nbsp;&nbsp; $24.50 |
| Market price | &nbsp;&nbsp; $40.67 | &nbsp;&nbsp;&nbsp; $62.31 | &nbsp;&nbsp;&nbsp; $70.22 | &nbsp;&nbsp;&nbsp; $24.48 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $372706657 | &nbsp;&nbsp;&nbsp; $222562871 | &nbsp;&nbsp;&nbsp; $209582410 | &nbsp;&nbsp;&nbsp; $85621421 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $35517699 | &nbsp;&nbsp;&nbsp; $22764253 | &nbsp;&nbsp;&nbsp; $19643344 | &nbsp;&nbsp;&nbsp; $18120029 |
| Foreign currencies (due to foreign custodian), at cost | &nbsp;&nbsp; $13735 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $34493414 | &nbsp;&nbsp;&nbsp; $22533528 | &nbsp;&nbsp;&nbsp; $19131199 | &nbsp;&nbsp;&nbsp; $16964321 |

---

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

------

**28**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Invesco** <br>**Food & Beverage** <br>**ETF (PBJ)**<br>| **Invesco** <br>**Leisure and** <br>**Entertainment** <br>**ETF (PEJ)**<br>| **Invesco** <br>**Next Gen** <br>**Connectivity** <br>**ETF (KNCT)**<br>| **Invesco** <br>**Next Gen Media** <br>**and Gaming** <br>**ETF (GGME)**<br>| **Invesco** <br>**Oil & Gas** <br>**Services** <br>**ETF (PXJ)**<br>| **Invesco** <br>**Pharmaceuticals** <br>**ETF (PJP)**<br>| **Invesco** <br>**Semiconductors** <br>**ETF (PSI)**<br>|
| $101365361 | &nbsp;&nbsp;&nbsp;&nbsp; $313549388 | &nbsp;&nbsp;&nbsp;&nbsp; $30817335 | &nbsp;&nbsp;&nbsp;&nbsp; $124104277 | &nbsp;&nbsp;&nbsp;&nbsp; $25287967 | &nbsp;&nbsp;&nbsp;&nbsp; $243548164 | &nbsp;&nbsp;&nbsp;&nbsp; $574519934 |
| 12031031 | &nbsp;&nbsp;&nbsp;&nbsp; 80867179 | &nbsp;&nbsp;&nbsp;&nbsp; 1477901 | &nbsp;&nbsp;&nbsp;&nbsp; 5662574 | &nbsp;&nbsp;&nbsp;&nbsp; 8166658 | &nbsp;&nbsp;&nbsp;&nbsp; 54862690 | &nbsp;&nbsp;&nbsp;&nbsp; 28943968 |
| - | &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; 6360 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 173712 | &nbsp;&nbsp;&nbsp;&nbsp; 69997 | &nbsp;&nbsp;&nbsp;&nbsp; 55103 | &nbsp;&nbsp;&nbsp;&nbsp; 62982 | &nbsp;&nbsp;&nbsp;&nbsp; 498 | &nbsp;&nbsp;&nbsp;&nbsp; 240075 | &nbsp;&nbsp;&nbsp;&nbsp; 249910 |
| 1187 | &nbsp;&nbsp;&nbsp;&nbsp; 7416 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp; 825 | &nbsp;&nbsp;&nbsp;&nbsp; 1710 | &nbsp;&nbsp;&nbsp;&nbsp; 4893 | &nbsp;&nbsp;&nbsp;&nbsp; 21641 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 505445 | &nbsp;&nbsp;&nbsp;&nbsp; 16141 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 180503 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 1355 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 8 | &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; 936 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 4390 | &nbsp;&nbsp;&nbsp;&nbsp; 4543 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 4047 | &nbsp;&nbsp;&nbsp;&nbsp; 4373 | &nbsp;&nbsp;&nbsp;&nbsp; 4583 | &nbsp;&nbsp;&nbsp;&nbsp; 3665 |
| 113575689 | &nbsp;&nbsp;&nbsp;&nbsp; 394498523 | &nbsp;&nbsp;&nbsp;&nbsp; 32357820 | &nbsp;&nbsp;&nbsp;&nbsp; 130522008 | &nbsp;&nbsp;&nbsp;&nbsp; 33477347 | &nbsp;&nbsp;&nbsp;&nbsp; 298660405 | &nbsp;&nbsp;&nbsp;&nbsp; 603739118 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 59440 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 1702 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 578 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 11829699 | &nbsp;&nbsp;&nbsp;&nbsp; 80601963 | &nbsp;&nbsp;&nbsp;&nbsp; 1464310 | &nbsp;&nbsp;&nbsp;&nbsp; 5662663 | &nbsp;&nbsp;&nbsp;&nbsp; 8038802 | &nbsp;&nbsp;&nbsp;&nbsp; 54592013 | &nbsp;&nbsp;&nbsp;&nbsp; 28486225 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 269829 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; 13831 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 5465 | &nbsp;&nbsp;&nbsp;&nbsp; 979 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 38619 | &nbsp;&nbsp;&nbsp;&nbsp; 123700 | &nbsp;&nbsp;&nbsp;&nbsp; 9557 | &nbsp;&nbsp;&nbsp;&nbsp; 48295 | &nbsp;&nbsp;&nbsp;&nbsp; 11047 | &nbsp;&nbsp;&nbsp;&nbsp; 97185 | &nbsp;&nbsp;&nbsp;&nbsp; 221657 |
| 88895 | &nbsp;&nbsp;&nbsp;&nbsp; 80845 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 78577 | &nbsp;&nbsp;&nbsp;&nbsp; 90045 | &nbsp;&nbsp;&nbsp;&nbsp; 163839 | &nbsp;&nbsp;&nbsp;&nbsp; 76088 |
| 52136 | &nbsp;&nbsp;&nbsp;&nbsp; 84080 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 45110 | &nbsp;&nbsp;&nbsp;&nbsp; 40244 | &nbsp;&nbsp;&nbsp;&nbsp; 69428 | &nbsp;&nbsp;&nbsp;&nbsp; 134691 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 12009349 | &nbsp;&nbsp;&nbsp;&nbsp; 80904419 | &nbsp;&nbsp;&nbsp;&nbsp; 1473867 | &nbsp;&nbsp;&nbsp;&nbsp; 6171659 | &nbsp;&nbsp;&nbsp;&nbsp; 8181117 | &nbsp;&nbsp;&nbsp;&nbsp; 54922465 | &nbsp;&nbsp;&nbsp;&nbsp; 28918661 |
| $101566340 | &nbsp;&nbsp;&nbsp;&nbsp; $313594104 | &nbsp;&nbsp;&nbsp;&nbsp; $30883953 | &nbsp;&nbsp;&nbsp;&nbsp; $124350349 | &nbsp;&nbsp;&nbsp;&nbsp; $25296230 | &nbsp;&nbsp;&nbsp;&nbsp; $243737940 | &nbsp;&nbsp;&nbsp;&nbsp; $574820457 |
| $217618947 | &nbsp;&nbsp;&nbsp;&nbsp; $864224761 | &nbsp;&nbsp;&nbsp;&nbsp; $75416170 | &nbsp;&nbsp;&nbsp;&nbsp; $233501862 | &nbsp;&nbsp;&nbsp;&nbsp; $151440540 | &nbsp;&nbsp;&nbsp;&nbsp; $690283844 | &nbsp;&nbsp;&nbsp;&nbsp; $781514397 |
| (116052607)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (550630657)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (44532217)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (109151513)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (126144310)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (446545904)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (206693940)<br>|
| $101566340 | &nbsp;&nbsp;&nbsp;&nbsp; $313594104 | &nbsp;&nbsp;&nbsp;&nbsp; $30883953 | &nbsp;&nbsp;&nbsp;&nbsp; $124350349 | &nbsp;&nbsp;&nbsp;&nbsp; $25296230 | &nbsp;&nbsp;&nbsp;&nbsp; $243737940 | &nbsp;&nbsp;&nbsp;&nbsp; $574820457 |
| 2150000 | &nbsp;&nbsp;&nbsp;&nbsp; 6520000 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2420000 | &nbsp;&nbsp;&nbsp;&nbsp; 1155978 | &nbsp;&nbsp;&nbsp;&nbsp; 2970000 | &nbsp;&nbsp;&nbsp;&nbsp; 12430000 |
| $47.24 | &nbsp;&nbsp;&nbsp;&nbsp; $48.10 | &nbsp;&nbsp;&nbsp;&nbsp; $102.95 | &nbsp;&nbsp;&nbsp;&nbsp; $51.38 | &nbsp;&nbsp;&nbsp;&nbsp; $21.88 | &nbsp;&nbsp;&nbsp;&nbsp; $82.07 | &nbsp;&nbsp;&nbsp;&nbsp; $46.24 |
| $47.20 | &nbsp;&nbsp;&nbsp;&nbsp; $48.10 | &nbsp;&nbsp;&nbsp;&nbsp; $102.91 | &nbsp;&nbsp;&nbsp;&nbsp; $51.26 | &nbsp;&nbsp;&nbsp;&nbsp; $21.86 | &nbsp;&nbsp;&nbsp;&nbsp; $81.96 | &nbsp;&nbsp;&nbsp;&nbsp; $46.21 |
| $94943952 | &nbsp;&nbsp;&nbsp;&nbsp; $324644364 | &nbsp;&nbsp;&nbsp;&nbsp; $23866243 | &nbsp;&nbsp;&nbsp;&nbsp; $123255089 | &nbsp;&nbsp;&nbsp;&nbsp; $37317997 | &nbsp;&nbsp;&nbsp;&nbsp; $225474207 | &nbsp;&nbsp;&nbsp;&nbsp; $597876404 |
| $12031031 | &nbsp;&nbsp;&nbsp;&nbsp; $80867496 | &nbsp;&nbsp;&nbsp;&nbsp; $1477901 | &nbsp;&nbsp;&nbsp;&nbsp; $5662663 | &nbsp;&nbsp;&nbsp;&nbsp; $8166966 | &nbsp;&nbsp;&nbsp;&nbsp; $54864700 | &nbsp;&nbsp;&nbsp;&nbsp; $28945204 |
| $- | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $5789 | &nbsp;&nbsp;&nbsp;&nbsp; $(1674)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $- |
| $11784664 | &nbsp;&nbsp;&nbsp;&nbsp; $77780381 | &nbsp;&nbsp;&nbsp;&nbsp; $1395258 | &nbsp;&nbsp;&nbsp;&nbsp; $5177287 | &nbsp;&nbsp;&nbsp;&nbsp; $7598952 | &nbsp;&nbsp;&nbsp;&nbsp; $53344497 | &nbsp;&nbsp;&nbsp;&nbsp; $28148541 |

---

------

**29**

------

**Statements of Operations**

For the year ended April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco** <br>**AI and Next Gen** <br>**Software** <br>**ETF (IGPT)**<br>| **Invesco** <br>**Biotechnology &** <br>**Genome** <br>**ETF (PBE)**<br>| **Invesco** <br>**Building &** <br>**Construction** <br>**ETF (PKB)**<br>| **Invesco** <br>**Energy** <br>**Exploration &** <br>**Production** <br>**ETF (PXE)**<br>|
| **Investment income:** |  |  |  |  |
| Unaffiliated dividend income | &nbsp;&nbsp; $2028338 | &nbsp;&nbsp;&nbsp; $1054708 | &nbsp;&nbsp;&nbsp; $2465350 | &nbsp;&nbsp;&nbsp; $3339341 |
| Affiliated dividend income | &nbsp;&nbsp; 11660 | &nbsp;&nbsp;&nbsp; 12748 | &nbsp;&nbsp;&nbsp; 10929 | &nbsp;&nbsp;&nbsp; 7332 |
| Non-cash dividend income | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Securities lending income, net | &nbsp;&nbsp; 28204 | &nbsp;&nbsp;&nbsp; 169098 | &nbsp;&nbsp;&nbsp; 14352 | &nbsp;&nbsp;&nbsp; 154021 |
| Foreign withholding tax | &nbsp;&nbsp; (53371)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total investment income | &nbsp;&nbsp; 2014831 | &nbsp;&nbsp;&nbsp; 1236554 | &nbsp;&nbsp;&nbsp; 2490631 | &nbsp;&nbsp;&nbsp; 3500694 |
| **Expenses:** |  |  |  |  |
| Advisory fees | &nbsp;&nbsp; 1949207 | &nbsp;&nbsp;&nbsp; 1272736 | &nbsp;&nbsp;&nbsp; 1715014 | &nbsp;&nbsp;&nbsp; 570062 |
| Sub-licensing fees | &nbsp;&nbsp; 92314 | &nbsp;&nbsp;&nbsp; 76131 | &nbsp;&nbsp;&nbsp; 102622 | &nbsp;&nbsp;&nbsp; 34057 |
| Accounting & administration fees | &nbsp;&nbsp; 38268 | &nbsp;&nbsp;&nbsp; 28597 | &nbsp;&nbsp;&nbsp; 36700 | &nbsp;&nbsp;&nbsp; 18036 |
| Professional fees | &nbsp;&nbsp; 40236 | &nbsp;&nbsp;&nbsp; 33052 | &nbsp;&nbsp;&nbsp; 33646 | &nbsp;&nbsp;&nbsp; 32507 |
| Custodian & transfer agent fees | &nbsp;&nbsp; 26119 | &nbsp;&nbsp;&nbsp; 20299 | &nbsp;&nbsp;&nbsp; 9360 | &nbsp;&nbsp;&nbsp; 6878 |
| Trustees' and officer's fees | &nbsp;&nbsp; 12567 | &nbsp;&nbsp;&nbsp; 12807 | &nbsp;&nbsp;&nbsp; 12320 | &nbsp;&nbsp;&nbsp; 10647 |
| Other expenses | &nbsp;&nbsp; 43759 | &nbsp;&nbsp;&nbsp; 39104 | &nbsp;&nbsp;&nbsp; 39659 | &nbsp;&nbsp;&nbsp; 27163 |
| Total expenses | &nbsp;&nbsp; 2202470 | &nbsp;&nbsp;&nbsp; 1482726 | &nbsp;&nbsp;&nbsp; 1949321 | &nbsp;&nbsp;&nbsp; 699350 |
| Less: Waivers | &nbsp;&nbsp; (220)<br>| &nbsp;&nbsp;&nbsp; (242)<br>| &nbsp;&nbsp;&nbsp; (214)<br>| &nbsp;&nbsp;&nbsp; (142)<br>|
| Net expenses | &nbsp;&nbsp; 2202250 | &nbsp;&nbsp;&nbsp; 1482484 | &nbsp;&nbsp;&nbsp; 1949107 | &nbsp;&nbsp;&nbsp; 699208 |
| Net investment income (loss) | &nbsp;&nbsp; (187419)<br>| &nbsp;&nbsp;&nbsp; (245930)<br>| &nbsp;&nbsp;&nbsp; 541524 | &nbsp;&nbsp;&nbsp; 2801486 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 1259568 | &nbsp;&nbsp;&nbsp; (4318842)<br>| &nbsp;&nbsp;&nbsp; (31900941)<br>| &nbsp;&nbsp;&nbsp; (9337817)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (1650)<br>| &nbsp;&nbsp;&nbsp; (7246)<br>| &nbsp;&nbsp;&nbsp; (935)<br>| &nbsp;&nbsp;&nbsp; (3125)<br>|
| In-kind redemptions | &nbsp;&nbsp; 2927911 | &nbsp;&nbsp;&nbsp; 22385190 | &nbsp;&nbsp;&nbsp; 68306036 | &nbsp;&nbsp;&nbsp; 4752799 |
| Foreign currencies | &nbsp;&nbsp; 4028 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net realized gain (loss) | &nbsp;&nbsp; 4189857 | &nbsp;&nbsp;&nbsp; 18059102 | &nbsp;&nbsp;&nbsp; 36404160 | &nbsp;&nbsp;&nbsp; (4588143)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (28443039)<br>| &nbsp;&nbsp;&nbsp; (11451224)<br>| &nbsp;&nbsp;&nbsp; (52608416)<br>| &nbsp;&nbsp;&nbsp; (30168719)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 696 | &nbsp;&nbsp;&nbsp; 4239 | &nbsp;&nbsp;&nbsp; (22)<br>| &nbsp;&nbsp;&nbsp; 2128 |
| Foreign currencies | &nbsp;&nbsp; 5259 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (28437084)<br>| &nbsp;&nbsp;&nbsp; (11446985)<br>| &nbsp;&nbsp;&nbsp; (52608438)<br>| &nbsp;&nbsp;&nbsp; (30166591)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (24247227)<br>| &nbsp;&nbsp;&nbsp; 6612117 | &nbsp;&nbsp;&nbsp; (16204278)<br>| &nbsp;&nbsp;&nbsp; (34754734)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $(24434646)<br>| &nbsp;&nbsp;&nbsp; $6366187 | &nbsp;&nbsp;&nbsp; $(15662754)<br>| &nbsp;&nbsp;&nbsp; $(31953248)<br>|

---

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

------

**30**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Invesco** <br>**Food & Beverage** <br>**ETF (PBJ)**<br>| **Invesco** <br>**Leisure and** <br>**Entertainment** <br>**ETF (PEJ)**<br>| **Invesco** <br>**Next Gen** <br>**Connectivity** <br>**ETF (KNCT)**<br>| **Invesco** <br>**Next Gen Media** <br>**and Gaming** <br>**ETF (GGME)**<br>| **Invesco** <br>**Oil & Gas** <br>**Services** <br>**ETF (PXJ)**<br>| **Invesco** <br>**Pharmaceuticals** <br>**ETF (PJP)**<br>| **Invesco** <br>**Semiconductors** <br>**ETF (PSI)**<br>|
| $2523996 | &nbsp;&nbsp;&nbsp;&nbsp; $1476872 | &nbsp;&nbsp;&nbsp;&nbsp; $705668 | &nbsp;&nbsp;&nbsp;&nbsp; $338419 | &nbsp;&nbsp;&nbsp;&nbsp; $1871590 | &nbsp;&nbsp;&nbsp;&nbsp; $4446060 | &nbsp;&nbsp;&nbsp;&nbsp; $5040507 |
| 8372 | &nbsp;&nbsp;&nbsp;&nbsp; 13408 | &nbsp;&nbsp;&nbsp;&nbsp; 1063 | &nbsp;&nbsp;&nbsp;&nbsp; 8374 | &nbsp;&nbsp;&nbsp;&nbsp; 6581 | &nbsp;&nbsp;&nbsp;&nbsp; 11803 | &nbsp;&nbsp;&nbsp;&nbsp; 22445 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 46128 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 18267 | &nbsp;&nbsp;&nbsp;&nbsp; 228182 | &nbsp;&nbsp;&nbsp;&nbsp; 4271 | &nbsp;&nbsp;&nbsp;&nbsp; 4974 | &nbsp;&nbsp;&nbsp;&nbsp; 40822 | &nbsp;&nbsp;&nbsp;&nbsp; 61647 | &nbsp;&nbsp;&nbsp;&nbsp; 448393 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (37239)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25074)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (10116)<br>|
| 2550635 | &nbsp;&nbsp;&nbsp;&nbsp; 1718462 | &nbsp;&nbsp;&nbsp;&nbsp; 673763 | &nbsp;&nbsp;&nbsp;&nbsp; 372821 | &nbsp;&nbsp;&nbsp;&nbsp; 1918993 | &nbsp;&nbsp;&nbsp;&nbsp; 4519510 | &nbsp;&nbsp;&nbsp;&nbsp; 5501229 |
| 546949 | &nbsp;&nbsp;&nbsp;&nbsp; 1341264 | &nbsp;&nbsp;&nbsp;&nbsp; 155925 | &nbsp;&nbsp;&nbsp;&nbsp; 278565 | &nbsp;&nbsp;&nbsp;&nbsp; 301439 | &nbsp;&nbsp;&nbsp;&nbsp; 1359207 | &nbsp;&nbsp;&nbsp;&nbsp; 3800574 |
| 32628 | &nbsp;&nbsp;&nbsp;&nbsp; 80175 | &nbsp;&nbsp;&nbsp;&nbsp; 1961 | &nbsp;&nbsp;&nbsp;&nbsp; 11172 | &nbsp;&nbsp;&nbsp;&nbsp; 18038 | &nbsp;&nbsp;&nbsp;&nbsp; 81288 | &nbsp;&nbsp;&nbsp;&nbsp; 227368 |
| 16509 | &nbsp;&nbsp;&nbsp;&nbsp; 27166 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 14388 | &nbsp;&nbsp;&nbsp;&nbsp; 16487 | &nbsp;&nbsp;&nbsp;&nbsp; 29209 | &nbsp;&nbsp;&nbsp;&nbsp; 65109 |
| 32160 | &nbsp;&nbsp;&nbsp;&nbsp; 32845 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 39072 | &nbsp;&nbsp;&nbsp;&nbsp; 32798 | &nbsp;&nbsp;&nbsp;&nbsp; 33088 | &nbsp;&nbsp;&nbsp;&nbsp; 35417 |
| 5665 | &nbsp;&nbsp;&nbsp;&nbsp; 9175 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 17178 | &nbsp;&nbsp;&nbsp;&nbsp; (1566)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3373 | &nbsp;&nbsp;&nbsp;&nbsp; 3295 |
| 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11774 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 10310 | &nbsp;&nbsp;&nbsp;&nbsp; 11017 | &nbsp;&nbsp;&nbsp;&nbsp; 14710 | &nbsp;&nbsp;&nbsp;&nbsp; 15046 |
| 24940 | &nbsp;&nbsp;&nbsp;&nbsp; 33529 | &nbsp;&nbsp;&nbsp;&nbsp; (500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22993 | &nbsp;&nbsp;&nbsp;&nbsp; 24374 | &nbsp;&nbsp;&nbsp;&nbsp; 31835 | &nbsp;&nbsp;&nbsp;&nbsp; 80520 |
| 669851 | &nbsp;&nbsp;&nbsp;&nbsp; 1535928 | &nbsp;&nbsp;&nbsp;&nbsp; 157386 | &nbsp;&nbsp;&nbsp;&nbsp; 393678 | &nbsp;&nbsp;&nbsp;&nbsp; 402587 | &nbsp;&nbsp;&nbsp;&nbsp; 1552710 | &nbsp;&nbsp;&nbsp;&nbsp; 4227329 |
| (152)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (258)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (48398)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22946)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (229)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (444)<br>|
| 669699 | &nbsp;&nbsp;&nbsp;&nbsp; 1535670 | &nbsp;&nbsp;&nbsp;&nbsp; 157366 | &nbsp;&nbsp;&nbsp;&nbsp; 345280 | &nbsp;&nbsp;&nbsp;&nbsp; 379641 | &nbsp;&nbsp;&nbsp;&nbsp; 1552481 | &nbsp;&nbsp;&nbsp;&nbsp; 4226885 |
| 1880936 | &nbsp;&nbsp;&nbsp;&nbsp; 182792 | &nbsp;&nbsp;&nbsp;&nbsp; 516397 | &nbsp;&nbsp;&nbsp;&nbsp; 27541 | &nbsp;&nbsp;&nbsp;&nbsp; 1539352 | &nbsp;&nbsp;&nbsp;&nbsp; 2967029 | &nbsp;&nbsp;&nbsp;&nbsp; 1274344 |
| (6120980)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23441059 | &nbsp;&nbsp;&nbsp;&nbsp; 1491921 | &nbsp;&nbsp;&nbsp;&nbsp; (120098)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1573643)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5013558 | &nbsp;&nbsp;&nbsp;&nbsp; (37715071)<br>|
| (17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9469)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (100)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (183)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (627)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7616)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4020)<br>|
| 8612720 | &nbsp;&nbsp;&nbsp;&nbsp; 25384686 | &nbsp;&nbsp;&nbsp;&nbsp; 3671232 | &nbsp;&nbsp;&nbsp;&nbsp; 6005713 | &nbsp;&nbsp;&nbsp;&nbsp; 2782960 | &nbsp;&nbsp;&nbsp;&nbsp; 15817941 | &nbsp;&nbsp;&nbsp;&nbsp; 155821585 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 3011 | &nbsp;&nbsp;&nbsp;&nbsp; (18219)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 2491723 | &nbsp;&nbsp;&nbsp;&nbsp; 48816276 | &nbsp;&nbsp;&nbsp;&nbsp; 5166064 | &nbsp;&nbsp;&nbsp;&nbsp; 5867213 | &nbsp;&nbsp;&nbsp;&nbsp; 1208690 | &nbsp;&nbsp;&nbsp;&nbsp; 20823883 | &nbsp;&nbsp;&nbsp;&nbsp; 118102494 |
| (3494244)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27871064)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1375231 | &nbsp;&nbsp;&nbsp;&nbsp; (4319467)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15088174)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3186307)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (217845198)<br>|
| 232 | &nbsp;&nbsp;&nbsp;&nbsp; 5664 | &nbsp;&nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp; (45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 984 | &nbsp;&nbsp;&nbsp;&nbsp; 4181 | &nbsp;&nbsp;&nbsp;&nbsp; 3184 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 2356 | &nbsp;&nbsp;&nbsp;&nbsp; 4385 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| (3494012)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27865400)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1377690 | &nbsp;&nbsp;&nbsp;&nbsp; (4315127)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15087190)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3182126)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (217842014)<br>|
| (1002289)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20950876 | &nbsp;&nbsp;&nbsp;&nbsp; 6543754 | &nbsp;&nbsp;&nbsp;&nbsp; 1552086 | &nbsp;&nbsp;&nbsp;&nbsp; (13878500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17641757 | &nbsp;&nbsp;&nbsp;&nbsp; (99739520)<br>|
| $878647 | &nbsp;&nbsp;&nbsp;&nbsp; $21133668 | &nbsp;&nbsp;&nbsp;&nbsp; $7060151 | &nbsp;&nbsp;&nbsp;&nbsp; $1579627 | &nbsp;&nbsp;&nbsp;&nbsp; $(12339148)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $20608786 | &nbsp;&nbsp;&nbsp;&nbsp; $(98465176)<br>|

---

------

**31**

------

**Statements of Changes in Net Assets**

For the years ended April 30, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco AI and Next Gen** <br>**Software ETF (IGPT)** | **Invesco AI and Next Gen** <br>**Software ETF (IGPT)** | **Invesco Biotechnology &** <br>**Genome ETF (PBE)** | **Invesco Biotechnology &** <br>**Genome ETF (PBE)** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operations:** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(187419)<br>| &nbsp;&nbsp;&nbsp; $(429364)<br>| &nbsp;&nbsp;&nbsp; $(245930)<br>| &nbsp;&nbsp;&nbsp; $(375417)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 4189857 | &nbsp;&nbsp;&nbsp; 11662036 | &nbsp;&nbsp;&nbsp; 18059102 | &nbsp;&nbsp;&nbsp; (2748211)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (28437084)<br>| &nbsp;&nbsp;&nbsp; 34367857 | &nbsp;&nbsp;&nbsp; (11446985)<br>| &nbsp;&nbsp;&nbsp; (2932883)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (24434646)<br>| &nbsp;&nbsp;&nbsp; 45600529 | &nbsp;&nbsp;&nbsp; 6366187 | &nbsp;&nbsp;&nbsp; (6056511)<br>|
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (156987)<br>| &nbsp;&nbsp;&nbsp; (147538)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 142806648 | &nbsp;&nbsp;&nbsp; 82953904 | &nbsp;&nbsp;&nbsp; 72421443 | &nbsp;&nbsp;&nbsp; 39674463 |
| Value of shares repurchased | &nbsp;&nbsp; (11894219)<br>| &nbsp;&nbsp;&nbsp; (33046464)<br>| &nbsp;&nbsp;&nbsp; (103152345)<br>| &nbsp;&nbsp;&nbsp; (39322066)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 130912429 | &nbsp;&nbsp;&nbsp; 49907440 | &nbsp;&nbsp;&nbsp; (30730902)<br>| &nbsp;&nbsp;&nbsp; 352397 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; 106477783 | &nbsp;&nbsp;&nbsp; 95507969 | &nbsp;&nbsp;&nbsp; (24521702)<br>| &nbsp;&nbsp;&nbsp; (5851652)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 275565830 | &nbsp;&nbsp;&nbsp; 180057861 | &nbsp;&nbsp;&nbsp; 245805369 | &nbsp;&nbsp;&nbsp; 251657021 |
| End of year | &nbsp;&nbsp; $382043613 | &nbsp;&nbsp;&nbsp; $275565830 | &nbsp;&nbsp;&nbsp; $221283667 | &nbsp;&nbsp;&nbsp; $245805369 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3090000 | &nbsp;&nbsp;&nbsp; 1940000 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1010000 | &nbsp;&nbsp;&nbsp; 650000 |
| Shares repurchased | &nbsp;&nbsp; (280000)<br>| &nbsp;&nbsp;&nbsp; (950000 )<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; (1500000)<br>| &nbsp;&nbsp;&nbsp; (630000)<br>|
| Shares outstanding, beginning of year | &nbsp;&nbsp; 6570000 | &nbsp;&nbsp;&nbsp; 5580000 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 4040000 | &nbsp;&nbsp;&nbsp; 4020000 |
| Shares outstanding, end of year | &nbsp;&nbsp; 9380000 | &nbsp;&nbsp;&nbsp; 6570000 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 3550000 | &nbsp;&nbsp;&nbsp; 4040000 |

---

<sup>(a)</sup> Changes in shares outstanding have been restated to reflect a three-for-one stock split effective after the close of business on July 14, 2023.

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

------

**32**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco Building &** <br>**Construction ETF (PKB)** | **Invesco Building &** <br>**Construction ETF (PKB)** | **Invesco Energy Exploration &** <br>**Production ETF (PXE)** | **Invesco Energy Exploration &** <br>**Production ETF (PXE)** | **Invesco Food &** <br>**Beverage ETF (PBJ)** | **Invesco Food &** <br>**Beverage ETF (PBJ)** | **Invesco Leisure and** <br>**Entertainment ETF (PEJ)** | **Invesco Leisure and** <br>**Entertainment ETF (PEJ)** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $541524 | &nbsp;&nbsp;&nbsp; $702027 | &nbsp;&nbsp;&nbsp; $2801486 | &nbsp;&nbsp;&nbsp; $3733620 | &nbsp;&nbsp;&nbsp; $1880936 | &nbsp;&nbsp;&nbsp; $2545573 | &nbsp;&nbsp;&nbsp; $182792 | &nbsp;&nbsp;&nbsp; $1691587 |
| 36404160 | &nbsp;&nbsp;&nbsp; 50934353 | &nbsp;&nbsp;&nbsp; (4588143)<br>| &nbsp;&nbsp;&nbsp; (10732825)<br>| &nbsp;&nbsp;&nbsp; 2491723 | &nbsp;&nbsp;&nbsp; 1973908 | &nbsp;&nbsp;&nbsp; 48816276 | &nbsp;&nbsp;&nbsp; 7975750 |
| (52608438)<br>| &nbsp;&nbsp;&nbsp; 31493744 | &nbsp;&nbsp;&nbsp; (30166591)<br>| &nbsp;&nbsp;&nbsp; 45929718 | &nbsp;&nbsp;&nbsp; (3494012)<br>| &nbsp;&nbsp;&nbsp; (11272278)<br>| &nbsp;&nbsp;&nbsp; (27865400)<br>| &nbsp;&nbsp;&nbsp; 7758160 |
| (15662754)<br>| &nbsp;&nbsp;&nbsp; 83130124 | &nbsp;&nbsp;&nbsp; (31953248)<br>| &nbsp;&nbsp;&nbsp; 38930513 | &nbsp;&nbsp;&nbsp; 878647 | &nbsp;&nbsp;&nbsp; (6752797)<br>| &nbsp;&nbsp;&nbsp; 21133668 | &nbsp;&nbsp;&nbsp; 17425497 |
| (707412)<br>| &nbsp;&nbsp;&nbsp; (826953)<br>| &nbsp;&nbsp;&nbsp; (2778494)<br>| &nbsp;&nbsp;&nbsp; (3746933)<br>| &nbsp;&nbsp;&nbsp; (1491296)<br>| &nbsp;&nbsp;&nbsp; (3378196)<br>| &nbsp;&nbsp;&nbsp; (353724)<br>| &nbsp;&nbsp;&nbsp; (1642821)<br>|
| 455284734 | &nbsp;&nbsp;&nbsp; 266324608 | &nbsp;&nbsp;&nbsp; 11219988 | &nbsp;&nbsp;&nbsp; 38573971 | &nbsp;&nbsp;&nbsp; 38868668 | &nbsp;&nbsp;&nbsp; 10883322 | &nbsp;&nbsp;&nbsp; 214494098 | &nbsp;&nbsp;&nbsp; 121216832 |
| (517820601)<br>| &nbsp;&nbsp;&nbsp; (248183880)<br>| &nbsp;&nbsp;&nbsp; (55337461)<br>| &nbsp;&nbsp;&nbsp; (86181100)<br>| &nbsp;&nbsp;&nbsp; (65224464)<br>| &nbsp;&nbsp;&nbsp; (208264374)<br>| &nbsp;&nbsp;&nbsp; (197156695)<br>| &nbsp;&nbsp;&nbsp; (315143720)<br>|
| (62535867)<br>| &nbsp;&nbsp;&nbsp; 18140728 | &nbsp;&nbsp;&nbsp; (44117473)<br>| &nbsp;&nbsp;&nbsp; (47607129)<br>| &nbsp;&nbsp;&nbsp; (26355796)<br>| &nbsp;&nbsp;&nbsp; (197381052)<br>| &nbsp;&nbsp;&nbsp; 17337403 | &nbsp;&nbsp;&nbsp; (193926888)<br>|
| (78906033)<br>| &nbsp;&nbsp;&nbsp; 100443899 | &nbsp;&nbsp;&nbsp; (78849215)<br>| &nbsp;&nbsp;&nbsp; (12423549)<br>| &nbsp;&nbsp;&nbsp; (26968445)<br>| &nbsp;&nbsp;&nbsp; (207512045)<br>| &nbsp;&nbsp;&nbsp; 38117347 | &nbsp;&nbsp;&nbsp; (178144212)<br>|
| 284064671 | &nbsp;&nbsp;&nbsp; 183620772 | &nbsp;&nbsp;&nbsp; 150149165 | &nbsp;&nbsp;&nbsp; 162572714 | &nbsp;&nbsp;&nbsp; 128534785 | &nbsp;&nbsp;&nbsp; 336046830 | &nbsp;&nbsp;&nbsp; 275476757 | &nbsp;&nbsp;&nbsp; 453620969 |
| $205158638 | &nbsp;&nbsp;&nbsp; $284064671 | &nbsp;&nbsp;&nbsp; $71299950 | &nbsp;&nbsp;&nbsp; $150149165 | &nbsp;&nbsp;&nbsp; $101566340 | &nbsp;&nbsp;&nbsp; $128534785 | &nbsp;&nbsp;&nbsp; $313594104 | &nbsp;&nbsp;&nbsp; $275476757 |
| 5950000 | &nbsp;&nbsp;&nbsp; 4480000 | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp; 4450000 | &nbsp;&nbsp;&nbsp; 2890000 |
| (7140000)<br>| &nbsp;&nbsp;&nbsp; (4230000)<br>| &nbsp;&nbsp;&nbsp; (1800000)<br>| &nbsp;&nbsp;&nbsp; (2880000)<br>| &nbsp;&nbsp;&nbsp; (1360000)<br>| &nbsp;&nbsp;&nbsp; (4660000)<br>| &nbsp;&nbsp;&nbsp; (4160000)<br>| &nbsp;&nbsp;&nbsp; (7610000)<br>|
| 4110000 | &nbsp;&nbsp;&nbsp; 3860000 | &nbsp;&nbsp;&nbsp; 4360000 | &nbsp;&nbsp;&nbsp; 6090000 | &nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp; 7120000 | &nbsp;&nbsp;&nbsp; 6230000 | &nbsp;&nbsp;&nbsp; 10950000 |
| 2920000 | &nbsp;&nbsp;&nbsp; 4110000 | &nbsp;&nbsp;&nbsp; 2910000 | &nbsp;&nbsp;&nbsp; 4360000 | &nbsp;&nbsp;&nbsp; 2150000 | &nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp; 6520000 | &nbsp;&nbsp;&nbsp; 6230000 |

---

------

**33**

------

**Statements of Changes in Net Assets—(continued)**

For the years ended April 30, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco Next Gen** <br>**Connectivity ETF (KNCT)** | **Invesco Next Gen** <br>**Connectivity ETF (KNCT)** | **Invesco Next Gen Media** <br>**and Gaming ETF (GGME)** | **Invesco Next Gen Media** <br>**and Gaming ETF (GGME)** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $516397 | &nbsp;&nbsp;&nbsp; $509778 | &nbsp;&nbsp;&nbsp; $27541 | &nbsp;&nbsp;&nbsp; $145244 |
| Net realized gain (loss) | &nbsp;&nbsp; 5166064 | &nbsp;&nbsp;&nbsp; 3386726 | &nbsp;&nbsp;&nbsp; 5867213 | &nbsp;&nbsp;&nbsp; (4322955)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 1377690 | &nbsp;&nbsp;&nbsp; 4647005 | &nbsp;&nbsp;&nbsp; (4315127)<br>| &nbsp;&nbsp;&nbsp; 10308282 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 7060151 | &nbsp;&nbsp;&nbsp; 8543509 | &nbsp;&nbsp;&nbsp; 1579627 | &nbsp;&nbsp;&nbsp; 6130571 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (548003)<br>| &nbsp;&nbsp;&nbsp; (383425)<br>| &nbsp;&nbsp;&nbsp; (92892)<br>| &nbsp;&nbsp;&nbsp; (341459)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 972 | &nbsp;&nbsp;&nbsp; 111380291 | &nbsp;&nbsp;&nbsp; 646109 |
| Value of shares repurchased | &nbsp;&nbsp; (13912250)<br>| &nbsp;&nbsp;&nbsp; (6765775)<br>| &nbsp;&nbsp;&nbsp; (18220139)<br>| &nbsp;&nbsp;&nbsp; (8593685)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (13912250)<br>| &nbsp;&nbsp;&nbsp; (6764803)<br>| &nbsp;&nbsp;&nbsp; 93160152 | &nbsp;&nbsp;&nbsp; (7947576)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (7400102)<br>| &nbsp;&nbsp;&nbsp; 1395281 | &nbsp;&nbsp;&nbsp; 94646887 | &nbsp;&nbsp;&nbsp; (2158464)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 38284055 | &nbsp;&nbsp;&nbsp; 36888774 | &nbsp;&nbsp;&nbsp; 29703462 | &nbsp;&nbsp;&nbsp; 31861926 |
| End of year | &nbsp;&nbsp; $30883953 | &nbsp;&nbsp;&nbsp; $38284055 | &nbsp;&nbsp;&nbsp; $124350349 | &nbsp;&nbsp;&nbsp; $29703462 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2070000 | &nbsp;&nbsp;&nbsp; 20000 |
| Shares repurchased | &nbsp;&nbsp; (130000)<br>| &nbsp;&nbsp;&nbsp; (80000)<br>| &nbsp;&nbsp;&nbsp; (370000)<br>| &nbsp;&nbsp;&nbsp; (230000)<br>|
| Shares outstanding, beginning of year | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp; 930000 |
| Shares outstanding, end of year | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp; 2420000 | &nbsp;&nbsp;&nbsp; 720000 |

---

<sup>(a)</sup> Changes in shares outstanding have been restated to reflect a three-for-one stock split effective after the close of business on July 14, 2023.

<sup>(b)</sup> Changes in shares outstanding have been restated to reflect a one-for-five reverse stock split effective after the close of business on July 14, 2023.

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

------

**34**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Invesco Oil & Gas** <br>**Services ETF (PXJ)** | **Invesco Oil & Gas** <br>**Services ETF (PXJ)** | **Invesco** <br>**Pharmaceuticals ETF (PJP)** | **Invesco** <br>**Pharmaceuticals ETF (PJP)** | **Invesco** <br>**Semiconductors ETF (PSI)** | **Invesco** <br>**Semiconductors ETF (PSI)** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $1539352 | &nbsp;&nbsp;&nbsp; $1217841 | &nbsp;&nbsp;&nbsp; $2967029 | &nbsp;&nbsp;&nbsp; $2713568 | &nbsp;&nbsp;&nbsp; $1274344 | &nbsp;&nbsp;&nbsp; $1676196 |
| 1208690 | &nbsp;&nbsp;&nbsp; (5736193)<br>| &nbsp;&nbsp;&nbsp; 20823883 | &nbsp;&nbsp;&nbsp; 22418808 | &nbsp;&nbsp;&nbsp; 118102494 | &nbsp;&nbsp;&nbsp; 43561915 |
| (15087190)<br>| &nbsp;&nbsp;&nbsp; 11830341 | &nbsp;&nbsp;&nbsp; (3182126)<br>| &nbsp;&nbsp;&nbsp; (25056014)<br>| &nbsp;&nbsp;&nbsp; (217842014)<br>| &nbsp;&nbsp;&nbsp; 188749632 |
| (12339148)<br>| &nbsp;&nbsp;&nbsp; 7311989 | &nbsp;&nbsp;&nbsp; 20608786 | &nbsp;&nbsp;&nbsp; 76362 | &nbsp;&nbsp;&nbsp; (98465176)<br>| &nbsp;&nbsp;&nbsp; 233987743 |
| (2004684)<br>| &nbsp;&nbsp;&nbsp; (1168441)<br>| &nbsp;&nbsp;&nbsp; (2915949)<br>| &nbsp;&nbsp;&nbsp; (2721344)<br>| &nbsp;&nbsp;&nbsp; (1227411)<br>| &nbsp;&nbsp;&nbsp; (1955418)<br>|
| 24457037 | &nbsp;&nbsp;&nbsp; 84666249 | &nbsp;&nbsp;&nbsp; 20193044 | &nbsp;&nbsp;&nbsp; 35576332 | &nbsp;&nbsp;&nbsp; 390355792 | &nbsp;&nbsp;&nbsp; 200263341 |
| (75382975)<br>| &nbsp;&nbsp;&nbsp; (82970999)<br>| &nbsp;&nbsp;&nbsp; (58183173)<br>| &nbsp;&nbsp;&nbsp; (74496708)<br>| &nbsp;&nbsp;&nbsp; (478499007)<br>| &nbsp;&nbsp;&nbsp; (180652259)<br>|
| (50925938)<br>| &nbsp;&nbsp;&nbsp; 1695250 | &nbsp;&nbsp;&nbsp; (37990129)<br>| &nbsp;&nbsp;&nbsp; (38920376)<br>| &nbsp;&nbsp;&nbsp; (88143215)<br>| &nbsp;&nbsp;&nbsp; 19611082 |
| (65269770)<br>| &nbsp;&nbsp;&nbsp; 7838798 | &nbsp;&nbsp;&nbsp; (20297292)<br>| &nbsp;&nbsp;&nbsp; (41565358)<br>| &nbsp;&nbsp;&nbsp; (187835802)<br>| &nbsp;&nbsp;&nbsp; 251643407 |
| 90566000 | &nbsp;&nbsp;&nbsp; 82727202 | &nbsp;&nbsp;&nbsp; 264035232 | &nbsp;&nbsp;&nbsp; 305600590 | &nbsp;&nbsp;&nbsp; 762656259 | &nbsp;&nbsp;&nbsp; 511012852 |
| $25296230 | &nbsp;&nbsp;&nbsp; $90566000 | &nbsp;&nbsp;&nbsp; $243737940 | &nbsp;&nbsp;&nbsp; $264035232 | &nbsp;&nbsp;&nbsp; $574820457 | &nbsp;&nbsp;&nbsp; $762656259 |
| 790000 | &nbsp;&nbsp;&nbsp; 2830000 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp; 6810000 | &nbsp;&nbsp;&nbsp; 4100000 <br><sup>(a)</sup><br>|
| (2580000)<br>| &nbsp;&nbsp;&nbsp; (3296022 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (690000)<br>| &nbsp;&nbsp;&nbsp; (980000)<br>| &nbsp;&nbsp;&nbsp; (8550000)<br>| &nbsp;&nbsp;&nbsp; (3700000 )<sup>(a)</sup><br>|
| 2945978 | &nbsp;&nbsp;&nbsp; 3412000 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 3420000 | &nbsp;&nbsp;&nbsp; 3940000 | &nbsp;&nbsp;&nbsp; 14170000 | &nbsp;&nbsp;&nbsp; 13770000 <br><sup>(a)</sup><br>|
| 1155978 | &nbsp;&nbsp;&nbsp; 2945978 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 2970000 | &nbsp;&nbsp;&nbsp; 3420000 | &nbsp;&nbsp;&nbsp; 12430000 | &nbsp;&nbsp;&nbsp; 14170000 <br><sup>(a)</sup><br>|

---

------

**35**

------

**Financial Highlights**

Invesco AI and Next Gen Software ETF (IGPT)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024**<sup>(a)</sup> <br>| **2023**<sup>(a)</sup> <br>| **2022**<sup>(a)</sup> <br>| **2021**<sup>(a)</sup> <br>|
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $41.94 | &nbsp;&nbsp;&nbsp; $32.27 | &nbsp;&nbsp;&nbsp; $32.95 | &nbsp;&nbsp;&nbsp; $54.43 | &nbsp;&nbsp;&nbsp; $32.95 |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp; 0.21 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (0.14)<br>|
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.75 | &nbsp;&nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp; (19.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.62 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.67 | &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (18.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.48 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; - |
| Net realized gains | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (2.41)<br>| &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp;&nbsp; - |
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $40.73 | &nbsp;&nbsp;&nbsp; $41.94 | &nbsp;&nbsp;&nbsp; $32.27 | &nbsp;&nbsp;&nbsp; $32.95 | &nbsp;&nbsp;&nbsp; $54.43 |
| Market price at end of year<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $40.67 | &nbsp;&nbsp;&nbsp; $41.93 | &nbsp;&nbsp;&nbsp; $32.26 | &nbsp;&nbsp;&nbsp; $32.93 | &nbsp;&nbsp;&nbsp; $54.41 |
| **Net Asset Value Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; (2.88)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.97<br> %<br>| &nbsp;&nbsp;&nbsp; (0.71)%<br>| &nbsp;&nbsp;&nbsp; (35.58)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 65.17<br> %<br>|
| **Market Price Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; (3.00)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.97<br> %<br>| &nbsp;&nbsp;&nbsp; (0.67)%<br>| &nbsp;&nbsp;&nbsp; (35.59)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 65.21<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $382044 | &nbsp;&nbsp;&nbsp; $275566 | &nbsp;&nbsp;&nbsp; $180058 | &nbsp;&nbsp;&nbsp; $240238 | &nbsp;&nbsp;&nbsp; $622085 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; (0.05)%<br>| &nbsp;&nbsp;&nbsp; (0.22)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (0.31)%<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 143<br> %<br>| &nbsp;&nbsp;&nbsp; 190<br> %<br>| &nbsp;&nbsp;&nbsp; 209<br> %<br>| &nbsp;&nbsp;&nbsp; 176<br> %<br>|

---

<sup>(a)</sup> Per share amounts have been adjusted to reflect a three-for-one stock split effective after the close of business on July 14, 2023.

<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 $(0.36) and (0.26)%, 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> 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, 2024, 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.

------

**36**

------

**Financial Highlights—(continued)**

Invesco Biotechnology & Genome ETF (PBE)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $60.84 | &nbsp;&nbsp;&nbsp; $62.60 | &nbsp;&nbsp;&nbsp; $56.27 | &nbsp;&nbsp;&nbsp; $75.35 | &nbsp;&nbsp;&nbsp; $53.16 |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.39 | &nbsp;&nbsp;&nbsp; (18.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.38 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.33 | &nbsp;&nbsp;&nbsp; (19.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.19 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $62.33 | &nbsp;&nbsp;&nbsp; $60.84 | &nbsp;&nbsp;&nbsp; $62.60 | &nbsp;&nbsp;&nbsp; $56.27 | &nbsp;&nbsp;&nbsp; $75.35 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $62.31 | &nbsp;&nbsp;&nbsp; $60.87 | &nbsp;&nbsp;&nbsp; $62.59 | &nbsp;&nbsp;&nbsp; $56.24 | &nbsp;&nbsp;&nbsp; $75.31 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.51<br> %<br>| &nbsp;&nbsp;&nbsp; (2.75)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.25<br> %<br>| &nbsp;&nbsp;&nbsp; (25.32)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41.74<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.43<br> %<br>| &nbsp;&nbsp;&nbsp; (2.69)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.29<br> %<br>| &nbsp;&nbsp;&nbsp; (25.32)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41.37<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $221284 | &nbsp;&nbsp;&nbsp; $245805 | &nbsp;&nbsp;&nbsp; $251657 | &nbsp;&nbsp;&nbsp; $208191 | &nbsp;&nbsp;&nbsp; $287833 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; (0.10)%<br>| &nbsp;&nbsp;&nbsp; (0.15)%<br>| &nbsp;&nbsp;&nbsp; (0.10)%<br>| &nbsp;&nbsp;&nbsp; (0.14)%<br>| &nbsp;&nbsp;&nbsp; (0.30)%<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 94<br> %<br>| &nbsp;&nbsp;&nbsp; 109<br> %<br>| &nbsp;&nbsp;&nbsp; 71<br> %<br>| &nbsp;&nbsp;&nbsp; 121<br> %<br>| &nbsp;&nbsp;&nbsp; 151<br> %<br>|

---

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

Invesco Building & Construction ETF (PKB)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $69.12 | &nbsp;&nbsp;&nbsp; $47.57 | &nbsp;&nbsp;&nbsp; $41.38 | &nbsp;&nbsp;&nbsp; $51.43 | &nbsp;&nbsp;&nbsp; $25.83 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 1.17 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;21.57 | &nbsp;&nbsp;&nbsp;&nbsp;6.18 | &nbsp;&nbsp;&nbsp; (10.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.62 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;21.74 | &nbsp;&nbsp;&nbsp;&nbsp;6.39 | &nbsp;&nbsp;&nbsp; (9.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.72 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $70.26 | &nbsp;&nbsp;&nbsp; $69.12 | &nbsp;&nbsp;&nbsp; $47.57 | &nbsp;&nbsp;&nbsp; $41.38 | &nbsp;&nbsp;&nbsp; $51.43 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $70.22 | &nbsp;&nbsp;&nbsp; $69.15 | &nbsp;&nbsp;&nbsp; $47.56 | &nbsp;&nbsp;&nbsp; $41.38 | &nbsp;&nbsp;&nbsp; $51.48 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.53<br> %<br>| &nbsp;&nbsp;&nbsp; (19.31)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 99.81<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.50<br> %<br>| &nbsp;&nbsp;&nbsp; (19.39)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 99.54<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $205159 | &nbsp;&nbsp;&nbsp; $284065 | &nbsp;&nbsp;&nbsp; $183621 | &nbsp;&nbsp;&nbsp; $147322 | &nbsp;&nbsp;&nbsp; $279793 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 151<br> %<br>| &nbsp;&nbsp;&nbsp; 105<br> %<br>| &nbsp;&nbsp;&nbsp; 118<br> %<br>| &nbsp;&nbsp;&nbsp; 151<br> %<br>| &nbsp;&nbsp;&nbsp; 136<br> %<br>|

---

<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> 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**

------

**Financial Highlights—(continued)**

Invesco 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $34.44 | &nbsp;&nbsp;&nbsp; $26.70 | &nbsp;&nbsp;&nbsp; $27.84 | &nbsp;&nbsp;&nbsp; $15.09 | &nbsp;&nbsp;&nbsp; $10.12 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (9.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.76 | &nbsp;&nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.68 | &nbsp;&nbsp;&nbsp;&nbsp;5.22 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (9.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.52 | &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.19 | &nbsp;&nbsp;&nbsp;&nbsp;5.37 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $24.50 | &nbsp;&nbsp;&nbsp; $34.44 | &nbsp;&nbsp;&nbsp; $26.70 | &nbsp;&nbsp;&nbsp; $27.84 | &nbsp;&nbsp;&nbsp; $15.09 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $24.48 | &nbsp;&nbsp;&nbsp; $34.44 | &nbsp;&nbsp;&nbsp; $26.70 | &nbsp;&nbsp;&nbsp; $27.79 | &nbsp;&nbsp;&nbsp; $15.12 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (27.01)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.29<br> %<br>| &nbsp;&nbsp;&nbsp; (0.52)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 88.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55.47<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (27.07)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.28<br> %<br>| &nbsp;&nbsp;&nbsp; (0.34)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 88.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55.94<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $71300 | &nbsp;&nbsp;&nbsp; $150149 | &nbsp;&nbsp;&nbsp; $162573 | &nbsp;&nbsp;&nbsp; $264216 | &nbsp;&nbsp;&nbsp; $59593 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 75<br> %<br>| &nbsp;&nbsp;&nbsp; 106<br> %<br>| &nbsp;&nbsp;&nbsp; 94<br> %<br>| &nbsp;&nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp;&nbsp; 73<br> %<br>|

---

<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> 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**

------

**Financial Highlights—(continued)**

Invesco Food & Beverage ETF (PBJ)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $47.61 | &nbsp;&nbsp;&nbsp; $47.20 | &nbsp;&nbsp;&nbsp; $46.66 | &nbsp;&nbsp;&nbsp; $41.25 | &nbsp;&nbsp;&nbsp; $30.36 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp; 1.07 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;5.46 | &nbsp;&nbsp;&nbsp;&nbsp;10.87 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;5.80 | &nbsp;&nbsp;&nbsp;&nbsp;11.34 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $47.24 | &nbsp;&nbsp;&nbsp; $47.61 | &nbsp;&nbsp;&nbsp; $47.20 | &nbsp;&nbsp;&nbsp; $46.66 | &nbsp;&nbsp;&nbsp; $41.25 |
| Market price at end of year<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $47.20 | &nbsp;&nbsp;&nbsp; $47.61 | &nbsp;&nbsp;&nbsp; $47.21 | &nbsp;&nbsp;&nbsp; $46.70 | &nbsp;&nbsp;&nbsp; $41.27 |
| **Net Asset Value Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.65<br> %<br>|
| **Market Price Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.63<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $101566 | &nbsp;&nbsp;&nbsp; $128535 | &nbsp;&nbsp;&nbsp; $336047 | &nbsp;&nbsp;&nbsp; $302853 | &nbsp;&nbsp;&nbsp; $83735 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 139<br> %<br>| &nbsp;&nbsp;&nbsp; 118<br> %<br>| &nbsp;&nbsp;&nbsp; 95<br> %<br>| &nbsp;&nbsp;&nbsp; 98<br> %<br>| &nbsp;&nbsp;&nbsp; 116<br> %<br>|

---

<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 $0.66 and 1.44%, respectively. 

<sup>(c)</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>(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> 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.

------

**39**

------

**Financial Highlights—(continued)**

Invesco 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $44.22 | &nbsp;&nbsp;&nbsp; $41.43 | &nbsp;&nbsp;&nbsp; $43.29 | &nbsp;&nbsp;&nbsp; $46.00 | &nbsp;&nbsp;&nbsp; $27.39 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp; 0.31 <br><sup>(b)</sup><br>|
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.62 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp;&nbsp; (2.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.93 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $48.10 | &nbsp;&nbsp;&nbsp; $44.22 | &nbsp;&nbsp;&nbsp; $41.43 | &nbsp;&nbsp;&nbsp; $43.29 | &nbsp;&nbsp;&nbsp; $46.00 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $48.10 | &nbsp;&nbsp;&nbsp; $44.21 | &nbsp;&nbsp;&nbsp; $41.41 | &nbsp;&nbsp;&nbsp; $43.29 | &nbsp;&nbsp;&nbsp; $45.93 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.28<br> %<br>| &nbsp;&nbsp;&nbsp; (3.71)%<br>| &nbsp;&nbsp;&nbsp; (5.47)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 69.34<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.31<br> %<br>| &nbsp;&nbsp;&nbsp; (3.75)%<br>| &nbsp;&nbsp;&nbsp; (5.32)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 68.53<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $313594 | &nbsp;&nbsp;&nbsp; $275477 | &nbsp;&nbsp;&nbsp; $453621 | &nbsp;&nbsp;&nbsp; $1349422 | &nbsp;&nbsp;&nbsp; $1787267 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76 %<sup>(b)</sup><br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 157<br> %<br>| &nbsp;&nbsp;&nbsp; 163<br> %<br>| &nbsp;&nbsp;&nbsp; 165<br> %<br>| &nbsp;&nbsp;&nbsp; 153<br> %<br>| &nbsp;&nbsp;&nbsp; 126<br> %<br>|

---

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

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

------

**40**

------

**Financial Highlights—(continued)**

Invesco Next Gen Connectivity ETF (KNCT)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $89.03 | &nbsp;&nbsp;&nbsp; $72.33 | &nbsp;&nbsp;&nbsp; $80.50 | &nbsp;&nbsp;&nbsp; $85.40 | &nbsp;&nbsp;&nbsp; $57.59 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp; 2.23 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;13.95 | &nbsp;&nbsp;&nbsp;&nbsp;16.47 | &nbsp;&nbsp;&nbsp; (7.12)<br>| &nbsp;&nbsp;&nbsp; (6.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;27.86 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;15.29 | &nbsp;&nbsp;&nbsp;&nbsp;17.54 | &nbsp;&nbsp;&nbsp; (7.06)<br>| &nbsp;&nbsp;&nbsp; (3.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;27.94 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $102.95 | &nbsp;&nbsp;&nbsp; $89.03 | &nbsp;&nbsp;&nbsp; $72.33 | &nbsp;&nbsp;&nbsp; $80.50 | &nbsp;&nbsp;&nbsp; $85.40 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $102.91 | &nbsp;&nbsp;&nbsp; $88.86 | &nbsp;&nbsp;&nbsp; $72.28 | &nbsp;&nbsp;&nbsp; $80.36 | &nbsp;&nbsp;&nbsp; $85.46 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 17.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.28<br> %<br>| &nbsp;&nbsp;&nbsp; (8.77)%<br>| &nbsp;&nbsp;&nbsp; (4.67)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48.59<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 17.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.12<br> %<br>| &nbsp;&nbsp;&nbsp; (8.66)%<br>| &nbsp;&nbsp;&nbsp; (4.91)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48.90<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $30884 | &nbsp;&nbsp;&nbsp; $38284 | &nbsp;&nbsp;&nbsp; $36889 | &nbsp;&nbsp;&nbsp; $45082 | &nbsp;&nbsp;&nbsp; $41848 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 119<br> %<br>| &nbsp;&nbsp;&nbsp; 109<br> %<br>| &nbsp;&nbsp;&nbsp; 109<br> %<br>| &nbsp;&nbsp;&nbsp; 103<br> %<br>|

---

<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> 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, 2024, 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.

------

**41**

------

**Financial Highlights—(continued)**

Invesco Next Gen Media and Gaming ETF (GGME)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $41.25 | &nbsp;&nbsp;&nbsp; $34.26 | &nbsp;&nbsp;&nbsp; $40.47 | &nbsp;&nbsp;&nbsp; $52.00 | &nbsp;&nbsp;&nbsp; $27.88 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp; 0.40 <br><sup>(b)</sup><br>|
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;10.18 | &nbsp;&nbsp;&nbsp;&nbsp;7.19 | &nbsp;&nbsp;&nbsp; (6.30)<br>| &nbsp;&nbsp;&nbsp; (11.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.96 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;10.20 | &nbsp;&nbsp;&nbsp;&nbsp;7.36 | &nbsp;&nbsp;&nbsp; (5.52)<br>| &nbsp;&nbsp;&nbsp; (11.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.36 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $51.38 | &nbsp;&nbsp;&nbsp; $41.25 | &nbsp;&nbsp;&nbsp; $34.26 | &nbsp;&nbsp;&nbsp; $40.47 | &nbsp;&nbsp;&nbsp; $52.00 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $51.26 | &nbsp;&nbsp;&nbsp; $41.09 | &nbsp;&nbsp;&nbsp; $34.24 | &nbsp;&nbsp;&nbsp; $40.43 | &nbsp;&nbsp;&nbsp; $51.96 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.70<br> %<br>| &nbsp;&nbsp;&nbsp; (13.54)%<br>| &nbsp;&nbsp;&nbsp; (21.90)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 87.47<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.30<br> %<br>| &nbsp;&nbsp;&nbsp; (13.50)%<br>| &nbsp;&nbsp;&nbsp; (21.92)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 87.53<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $124350 | &nbsp;&nbsp;&nbsp; $29703 | &nbsp;&nbsp;&nbsp; $31862 | &nbsp;&nbsp;&nbsp; $38450 | &nbsp;&nbsp;&nbsp; $82685 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94 %<sup>(b)</sup><br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 147<br> %<br>| &nbsp;&nbsp;&nbsp; 91<br> %<br>| &nbsp;&nbsp;&nbsp; 99<br> %<br>| &nbsp;&nbsp;&nbsp; 99<br> %<br>|

---

<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> 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, 2024, 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.

------

**42**

------

**Financial Highlights—(continued)**

Invesco Oil & Gas Services ETF (PXJ)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024**<sup>(a)</sup> <br>| **2023**<sup>(a)</sup> <br>| **2022**<sup>(a)</sup> <br>| **2021**<sup>(a)</sup> <br>|
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $30.74 | &nbsp;&nbsp;&nbsp; $24.25 | &nbsp;&nbsp;&nbsp; $21.65 | &nbsp;&nbsp;&nbsp; $16.30 | &nbsp;&nbsp;&nbsp; $11.95 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp; 0.35 <br><sup>(c)</sup><br>|
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (8.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.57 | &nbsp;&nbsp;&nbsp;&nbsp; 2.55 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;5.43 | &nbsp;&nbsp;&nbsp;&nbsp; 4.70 <br><sup>(d)</sup><br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp; (7.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;5.45 | &nbsp;&nbsp;&nbsp;&nbsp;5.05 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.70)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $21.88 | &nbsp;&nbsp;&nbsp; $30.74 | &nbsp;&nbsp;&nbsp; $24.25 | &nbsp;&nbsp;&nbsp; $21.65 | &nbsp;&nbsp;&nbsp; $16.30 |
| Market price at end of year<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; $21.86 | &nbsp;&nbsp;&nbsp; $30.76 | &nbsp;&nbsp;&nbsp; $24.25 | &nbsp;&nbsp;&nbsp; $21.65 | &nbsp;&nbsp;&nbsp; $16.35 |
| **Net Asset Value Total Return**<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; (26.48)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43.34<br> %<br>|
| **Market Price Total Return**<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; (26.60)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43.19<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $25296 | &nbsp;&nbsp;&nbsp; $90566 | &nbsp;&nbsp;&nbsp; $82727 | &nbsp;&nbsp;&nbsp; $67946 | &nbsp;&nbsp;&nbsp; $55918 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.32 %<sup>(c)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 71<br> %<br>| &nbsp;&nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp;&nbsp; 109<br> %<br>| &nbsp;&nbsp;&nbsp; 63<br> %<br>|

---

<sup>(a)</sup> Per share amounts have been adjusted to reflect a one-for-five reverse stock split effective after the close of business on July 14, 2023.

<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 $0.03 and 1.07%, 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> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

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

------

**43**

------

**Financial Highlights—(continued)**

Invesco Pharmaceuticals ETF (PJP)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $77.20 | &nbsp;&nbsp;&nbsp; $77.56 | &nbsp;&nbsp;&nbsp; $75.94 | &nbsp;&nbsp;&nbsp; $78.11 | &nbsp;&nbsp;&nbsp; $62.54 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.60 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;5.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.13 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $82.07 | &nbsp;&nbsp;&nbsp; $77.20 | &nbsp;&nbsp;&nbsp; $77.56 | &nbsp;&nbsp;&nbsp; $75.94 | &nbsp;&nbsp;&nbsp; $78.11 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $81.96 | &nbsp;&nbsp;&nbsp; $77.23 | &nbsp;&nbsp;&nbsp; $77.54 | &nbsp;&nbsp;&nbsp; $75.97 | &nbsp;&nbsp;&nbsp; $78.17 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.17<br> %<br>| &nbsp;&nbsp;&nbsp; (1.91)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.91<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.10<br> %<br>| &nbsp;&nbsp;&nbsp; (1.94)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.10<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $243738 | &nbsp;&nbsp;&nbsp; $264035 | &nbsp;&nbsp;&nbsp; $305601 | &nbsp;&nbsp;&nbsp; $320482 | &nbsp;&nbsp;&nbsp; $358503 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp; 48<br> %<br>|

---

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

<sup>(b)</sup> Includes litigation proceeds received during the period. Had these litigation proceeds not been received, Net realized and unrealized gain (loss) on investments per share would have been $1.58. Total returns would have been lower. 

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

Invesco Semiconductors ETF (PSI)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024**<sup>(a)</sup> <br>| **2023**<sup>(a)</sup> <br>| **2022**<sup>(a)</sup> <br>| **2021**<sup>(a)</sup> <br>|
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $53.82 | &nbsp;&nbsp;&nbsp; $37.11 | &nbsp;&nbsp;&nbsp; $36.44 | &nbsp;&nbsp;&nbsp; $40.36 | &nbsp;&nbsp;&nbsp; $21.20 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (7.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp; (3.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.16 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (7.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp; (3.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.22 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $46.24 | &nbsp;&nbsp;&nbsp; $53.82 | &nbsp;&nbsp;&nbsp; $37.11 | &nbsp;&nbsp;&nbsp; $36.44 | &nbsp;&nbsp;&nbsp; $40.36 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $46.21 | &nbsp;&nbsp;&nbsp; $53.82 | &nbsp;&nbsp;&nbsp; $37.10 | &nbsp;&nbsp;&nbsp; $36.44 | &nbsp;&nbsp;&nbsp; $40.32 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (13.95)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.49<br> %<br>| &nbsp;&nbsp;&nbsp; (9.50)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 90.85<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (14.01)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.48<br> %<br>| &nbsp;&nbsp;&nbsp; (9.41)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 90.32<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $574820 | &nbsp;&nbsp;&nbsp; $762656 | &nbsp;&nbsp;&nbsp; $511013 | &nbsp;&nbsp;&nbsp; $590310 | &nbsp;&nbsp;&nbsp; $633276 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 78<br> %<br>| &nbsp;&nbsp;&nbsp; 105<br> %<br>| &nbsp;&nbsp;&nbsp; 108<br> %<br>| &nbsp;&nbsp;&nbsp; 84<br> %<br>| &nbsp;&nbsp;&nbsp; 95<br> %<br>|

---

<sup>(a)</sup> Per share amounts have been adjusted to reflect a three-for-one stock split effective after the close of business on July 14, 2023.

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

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

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

------

**44**

------

**Notes to Financial Statements**

Invesco Exchange-Traded Fund Trust

April 30, 2025

**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 AI and Next Gen Software ETF (IGPT) | "AI and Next Gen Software ETF" |
| Invesco Biotechnology & Genome ETF (PBE) | "Biotechnology & Genome ETF" |
| Invesco Building & Construction ETF (PKB) | "Building & Construction ETF" |
| Invesco Energy Exploration & Production ETF (PXE) | "Energy Exploration & Production ETF" |
| Invesco Food & Beverage ETF (PBJ) | "Food & Beverage ETF" |
| Invesco Leisure and Entertainment ETF (PEJ) | "Leisure and Entertainment ETF" |
| Invesco Next Gen Connectivity ETF (KNCT) | "Next Gen Connectivity ETF" |
| Invesco Next Gen Media and Gaming ETF (GGME) | "Next Gen Media and Gaming ETF" |
| Invesco Oil & Gas Services ETF (PXJ) | "Oil & Gas Services ETF" |
| Invesco Pharmaceuticals ETF (PJP) | "Pharmaceuticals ETF" |
| Invesco Semiconductors ETF (PSI) | "Semiconductors 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", as set forth in each Fund's prospectus Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities ("Deposit Securities"), though each Fund reserves the right to issue and redeem Creation Units in exchange for cash. 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** |
| AI and Next Gen Software ETF | STOXX World AC NexGen Software Development Index |
| Biotechnology & Genome ETF | Dynamic Biotech & Genome Intellidex<sup>®</sup> Index |
| Building & Construction ETF | Dynamic Building & Construction Intellidex<sup>®</sup> Index |
| Energy Exploration & Production ETF | Dynamic Energy Exploration & Production Intellidex<sup>®</sup> Index |
| Food & Beverage ETF | Dynamic Food & Beverage Intellidex<sup>®</sup> Index |
| Leisure and Entertainment ETF | Dynamic Leisure & Entertainment Intellidex<sup>®</sup> Index |
| Next Gen Connectivity ETF | STOXX World AC NexGen Connectivity Index |
| Next Gen Media and Gaming ETF | STOXX World AC NexGen Media Index |
| Oil & Gas Services ETF | Dynamic Oil Services Intellidex<sup>®</sup> Index |
| Pharmaceuticals ETF | Dynamic Pharmaceutical Intellidex<sup>®</sup> Index |
| Semiconductors ETF | Dynamic Semiconductor Intellidex<sup>®</sup> 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 ("FASB") 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,

------

**45**

------

the security may be valued at the closing bid or ask 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. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask 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/ask 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

------

**46**

------

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, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, 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. 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.

------

**47**

------

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.** **Foreign Withholding Taxes** - Certain Funds are subject to foreign withholding tax imposed by certain foreign countries in which the Funds may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Certain Funds may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. Certain Funds will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for *Foreign tax reclaims* on the Statements of Assets and Liabilities. There is no guarantee that a Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as *Foreign withholding tax claims* in the Statements of Operations, and any related interest is included in *Unaffiliated interest income*. Certain Funds may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as *Professional fees*, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the fiscal year ended April 30, 2025, the Funds did not enter into any closing agreements.

**G.** **Expenses** - Next Gen Connectivity ETF has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays 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 the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).

Each Fund (except for Next Gen Connectivity ETF) is responsible for all of its own 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 and officers who are not "interested persons" (as defined in the 1940 Act) of the Trust or the Adviser (the "Independent Trustees"), 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 an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

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

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

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

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

------

**48**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**J.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds' chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements. Adoption of the new standard impacted the Funds' financial statement note disclosures only and did not affect the Funds' financial position or the results of its operations.

**K.** **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, net* 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 securities 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 fiscal year ended April 30, 2025, 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, net* on the Statements of Operations, were incurred by each Fund as listed below:

---

| | |
|:---|:---|
|  | **Amount** |
| AI and Next Gen Software ETF | $1748  |
| Biotechnology & Genome ETF | 11665 |
| Building & Construction ETF | 1278 |
| Energy Exploration & Production ETF | 12855 |
| Food & Beverage ETF | 1576 |
| Leisure and Entertainment ETF | 17559 |
| Next Gen Connectivity ETF | 213 |
| Next Gen Media and Gaming ETF | 287 |
| Oil & Gas Services ETF | 3562 |
| Pharmaceuticals ETF | 5452 |
| Semiconductors ETF | 41324 |

---

**L.** **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

------

**49**

------

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.

The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

**M.** **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. Additionally, to the extent that a Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that a Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.

*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 market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information, including financial information, about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund's index provider selects securities for inclusion in the Fund's Underlying Index or rebalances the Underlying Index.

*Equity Risk*. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability,

------

**50**

------

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. To the extent 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. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.

*Index Risk*. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective 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. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security's current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. 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. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund's performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

*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, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund's NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.

During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value.

------

**51**

------

*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.

*Valuation Time Risk*. Because foreign exchanges may be open on days when a Fund does not price its Shares, the value of the non-U.S. securities in a Fund's portfolio may change on days when you will not be able to purchase or sell your Shares. As a result, trading spreads and the resulting premium or discount on the Shares may widen, and, therefore, increase the difference between the market price of the Shares and the NAV of such Shares.

**NOTE 3—Investment Advisory Agreements and Other Agreements**

The Trust has entered into Investment Advisory Agreements 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 an Investment Advisory Agreement, each Fund (except for Next Gen Connectivity 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, Next Gen Connectivity ETF accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.40% of the Fund's average daily net assets. Out of the unitary management fee, the Adviser pays 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 an Interested Trustee, 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 Next Gen Connectivity 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 an Interested Trustee, or (iii) any other matters that directly benefit the Adviser)) of each Fund (except Next Gen Connectivity ETF) from exceeding 0.60% of the Fund's average daily net assets per year (the "Expense Cap"), through at least August 31, 2027. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2027. 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.

The Adviser did not waive fees and/or pay Fund expenses during the period under the Expense Cap for AI and Next Gen Software ETF, Biotechnology & Genome ETF, Building & Construction ETF, Energy Exploration & Production ETF, Food & Beverage ETF, Leisure and Entertainment ETF, Pharmaceuticals ETF and Semiconductors ETF.

Further, through at least August 31, 2027, 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 waiver is not subject to recapture by the Adviser.

------

**52**

------

For the fiscal year ended April 30, 2025, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

---

| | |
|:---|:---|
| AI and Next Gen Software ETF | &nbsp;&nbsp;&nbsp; $220 |
| Biotechnology & Genome ETF | &nbsp;&nbsp;&nbsp; 242 |
| Building & Construction ETF | &nbsp;&nbsp;&nbsp; 214 |
| Energy Exploration & Production ETF | &nbsp;&nbsp;&nbsp; 142 |
| Food & Beverage ETF | &nbsp;&nbsp;&nbsp; 152 |
| Leisure and Entertainment ETF | &nbsp;&nbsp;&nbsp; 258 |
| Next Gen Connectivity ETF | &nbsp;&nbsp;&nbsp; 20 |
| Next Gen Media and Gaming ETF | &nbsp;&nbsp;&nbsp; 48398 |
| Oil & Gas Services ETF | &nbsp;&nbsp;&nbsp; 22946 |
| Pharmaceuticals ETF | &nbsp;&nbsp;&nbsp; 229 |
| Semiconductors ETF | &nbsp;&nbsp;&nbsp; 444 |

---

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

For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule as of April 30, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Potential** <br>**Recapture** <br>**Amounts** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** |
|  | **Total** <br>**Potential** <br>**Recapture** <br>**Amounts** | **4/30/26** | **4/30/27** | **4/30/28** |
| Next Gen Media and Gaming ETF | &nbsp;&nbsp; $175955 | &nbsp;&nbsp; $58501 | &nbsp;&nbsp; $69227 | &nbsp;&nbsp; $48227 |
| Oil & Gas Services ETF | &nbsp;&nbsp; 96109 | &nbsp;&nbsp; 33302 | &nbsp;&nbsp; 39985 | &nbsp;&nbsp; 22822 |

---

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 on behalf of each Fund with the following entities (each, a "Licensor"):

---

| | |
|:---|:---|
| **Fund** | **Licensor** |
| AI and Next Gen Software ETF | STOXX Ltd. |
| Biotechnology & Genome ETF | ICE Data Indices, LLC |
| Building & Construction ETF | ICE Data Indices, LLC |
| Energy Exploration & Production ETF | ICE Data Indices, LLC |
| Food & Beverage ETF | ICE Data Indices, LLC |
| Leisure and Entertainment ETF | ICE Data Indices, LLC |
| Next Gen Connectivity ETF | STOXX Ltd. |
| Next Gen Media and Gaming ETF | STOXX Ltd. |
| Oil & Gas Services ETF | ICE Data Indices, LLC |
| Pharmaceuticals ETF | ICE Data Indices, LLC |
| Semiconductors ETF | ICE Data Indices, LLC |

---

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

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

------

**53**

------

For the fiscal year ended April 30, 2025, the 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:

---

| | |
|:---|:---|
| AI and Next Gen Software ETF | &nbsp;&nbsp;&nbsp; $6786 |
| Biotechnology & Genome ETF | &nbsp;&nbsp;&nbsp; 43392 |
| Building & Construction ETF | &nbsp;&nbsp;&nbsp; 15285 |
| Energy Exploration & Production ETF | &nbsp;&nbsp;&nbsp; 31867 |
| Food & Beverage ETF | &nbsp;&nbsp;&nbsp; 31028 |
| Leisure and Entertainment ETF | &nbsp;&nbsp;&nbsp; 79689 |
| Next Gen Connectivity ETF | &nbsp;&nbsp;&nbsp; 790 |
| Next Gen Media and Gaming ETF | &nbsp;&nbsp;&nbsp; 1347 |
| Oil & Gas Services ETF | &nbsp;&nbsp;&nbsp; 20993 |
| Pharmaceuticals ETF | &nbsp;&nbsp;&nbsp; 36482 |
| Semiconductors ETF | &nbsp;&nbsp;&nbsp; 46924 |

---

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:

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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 April 30, 2025. 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** |
| AI and Next Gen Software ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $335192763 | &nbsp;&nbsp; $46950232 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $382142995 |
| Money Market Funds | &nbsp;&nbsp; 130743 | &nbsp;&nbsp; 35386956 | &nbsp;&nbsp; - | &nbsp;&nbsp; 35517699 |
| **Total Investments** | &nbsp;&nbsp; $335323506 | &nbsp;&nbsp; $82337188 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $417660694 |
| Biotechnology & Genome ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $221399109 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $221399109 |
| Money Market Funds | &nbsp;&nbsp; 138392 | &nbsp;&nbsp; 22625176 | &nbsp;&nbsp; - | &nbsp;&nbsp; 22763568 |
| **Total Investments** | &nbsp;&nbsp; $221537501 | &nbsp;&nbsp; $22625176 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $244162677 |
| Building & Construction ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $205100144 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $205100144 |
| Money Market Funds | &nbsp;&nbsp; 236618 | &nbsp;&nbsp; 19405991 | &nbsp;&nbsp; - | &nbsp;&nbsp; 19642609 |
| **Total Investments** | &nbsp;&nbsp; $205336762 | &nbsp;&nbsp; $19405991 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $224742753 |

---

------

**54**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Energy Exploration & Production ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $71297816 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $71297816 |
| Money Market Funds | &nbsp;&nbsp; 109484 | &nbsp;&nbsp; 18010033 | &nbsp;&nbsp; - | &nbsp;&nbsp; 18119517 |
| **Total Investments** | &nbsp;&nbsp; $71407300 | &nbsp;&nbsp; $18010033 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $89417333 |
| Food & Beverage ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $101365361 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $101365361 |
| Money Market Funds | &nbsp;&nbsp; 201332 | &nbsp;&nbsp; 11829699 | &nbsp;&nbsp; - | &nbsp;&nbsp; 12031031 |
| **Total Investments** | &nbsp;&nbsp; $101566693 | &nbsp;&nbsp; $11829699 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $113396392 |
| Leisure and Entertainment ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $313549388 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $313549388 |
| Money Market Funds | &nbsp;&nbsp; 265533 | &nbsp;&nbsp; 80601646 | &nbsp;&nbsp; - | &nbsp;&nbsp; 80867179 |
| **Total Investments** | &nbsp;&nbsp; $313814921 | &nbsp;&nbsp; $80601646 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $394416567 |
| Next Gen Connectivity ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $22935615 | &nbsp;&nbsp; $7881720 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $30817335 |
| Money Market Funds | &nbsp;&nbsp; 13591 | &nbsp;&nbsp; 1464310 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1477901 |
| **Total Investments** | &nbsp;&nbsp; $22949206 | &nbsp;&nbsp; $9346030 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $32295236 |
| Next Gen Media and Gaming ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $92996499 | &nbsp;&nbsp; $31107778 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $124104277 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 5662574 | &nbsp;&nbsp; - | &nbsp;&nbsp; 5662574 |
| **Total Investments** | &nbsp;&nbsp; $92996499 | &nbsp;&nbsp; $36770352 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $129766851 |
| Oil & Gas Services ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $25287967 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $25287967 |
| Money Market Funds | &nbsp;&nbsp; 128164 | &nbsp;&nbsp; 8038494 | &nbsp;&nbsp; - | &nbsp;&nbsp; 8166658 |
| **Total Investments** | &nbsp;&nbsp; $25416131 | &nbsp;&nbsp; $8038494 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $33454625 |
| Pharmaceuticals ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $243548164 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $243548164 |
| Money Market Funds | &nbsp;&nbsp; 272687 | &nbsp;&nbsp; 54590003 | &nbsp;&nbsp; - | &nbsp;&nbsp; 54862690 |
| **Total Investments** | &nbsp;&nbsp; $243820851 | &nbsp;&nbsp; $54590003 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $298410854 |
| Semiconductors ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $574519934 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $574519934 |
| Money Market Funds | &nbsp;&nbsp; 458979 | &nbsp;&nbsp; 28484989 | &nbsp;&nbsp; - | &nbsp;&nbsp; 28943968 |
| **Total Investments** | &nbsp;&nbsp; $559268738 | &nbsp;&nbsp; $44195164 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $603463902 |

---

**NOTE 5—Distributions to Shareholders and Tax Components of Net Assets**

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **Ordinary** <br>**Income\***<br>| **Ordinary** <br>**Income\***<br>|
| AI and Next Gen Software ETF | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| Biotechnology & Genome ETF | &nbsp;&nbsp; 156987 | &nbsp;&nbsp; 147538 |
| Building & Construction ETF | &nbsp;&nbsp; 707412 | &nbsp;&nbsp; 826953 |
| Energy Exploration & Production ETF | &nbsp;&nbsp; 2778494 | &nbsp;&nbsp; 3746933 |
| Food & Beverage ETF | &nbsp;&nbsp; 1491296 | &nbsp;&nbsp; 3378196 |
| Leisure and Entertainment ETF | &nbsp;&nbsp; 353724 | &nbsp;&nbsp; 1642821 |
| Next Gen Connectivity ETF | &nbsp;&nbsp; 548003 | &nbsp;&nbsp; 383425 |

---

------

**55**

------

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **Ordinary**<br> **Income\***<br>| **Ordinary**<br> **Income\***<br>|
| Next Gen Media and Gaming ETF | &nbsp;&nbsp; $92892 | &nbsp;&nbsp; $341459 |
| Oil & Gas Services ETF | &nbsp;&nbsp; 2004684 | &nbsp;&nbsp; 1168441 |
| Pharmaceuticals ETF | &nbsp;&nbsp; 2915949 | &nbsp;&nbsp; 2721344 |
| Semiconductors ETF | &nbsp;&nbsp; 1227411 | &nbsp;&nbsp; 1955418 |

---

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

Tax Components of Net Assets at Fiscal Year-End:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary** <br>**Income**<br>| **Temporary** <br>**Book/Tax** <br>**Differences**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)-** <br>**Investments**<br>| **Net** <br>**Unrealized** <br>**Appreciation-** <br>**Foreign** <br>**Currencies**<br>| **Capital Loss** <br>**Carryforwards**<br>| **Late-Year** <br>**Ordinary** <br>**Loss** <br>**Deferral**<br>| **Shares of** <br>**Beneficial** <br>**Interest**<br>| **Total** <br>**Net Assets**<br>|
| AI and Next Gen Software ETF | $- | $(74744)<br>| $6998210 | $3496 | $(178709449)<br>| $(184820)<br>| $554010920 | $382043613 |
| Biotechnology & Genome ETF | 1292084 | (107037)<br>| (2830324)<br>| - | (315167553)<br>| - | 538096497 | 221283667 |
| Building & Construction ETF | - | (74675)<br>| (6149521)<br>| - | (131939635)<br>| - | 343322469 | 205158638 |
| Energy Exploration & <br> Production ETF<br>| 298359 | (234428)<br>| (15126315)<br>| - | (158801152)<br>| - | 245163486 | 71299950 |
| Food & Beverage ETF | 452565 | (88771)<br>| 6082662 | - | (122499063)<br>| - | 217618947 | 101566340 |
| Leisure and Entertainment ETF | - | (80729)<br>| (11396790)<br>| - | (539153138)<br>| - | 864224761 | 313594104 |
| Next Gen Connectivity ETF | 53540 | - | 6920987 | 1287 | (51508031)<br>| - | 75416170 | 30883953 |
| Next Gen Media and Gaming <br> ETF<br>| - | (78450)<br>| (329241)<br>| 3430 | (108747252)<br>| - | 233501862 | 124350349 |
| Oil & Gas Services ETF | 213399 | (1128139)<br>| (12500234)<br>| - | (112729336)<br>| - | 151440540 | 25296230 |
| Pharmaceuticals ETF | 201827 | (163668)<br>| 16323329 | - | (462907392)<br>| - | 690283844 | 243737940 |
| Semiconductors ETF | 53279 | (75897)<br>| (26754693)<br>| - | (179916629)<br>| - | 781514397 | 574820457 |

---

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

The Funds have capital loss carryforwards as of April 30, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total\*** |
| AI and Next Gen Software ETF | &nbsp;&nbsp; $160242810 | &nbsp;&nbsp; $18466639 | &nbsp;&nbsp; $178709449 |
| Biotechnology & Genome ETF | &nbsp;&nbsp; 276250552 | &nbsp;&nbsp; 38917001 | &nbsp;&nbsp; 315167553 |
| Building & Construction ETF | &nbsp;&nbsp; 125303291 | &nbsp;&nbsp; 6636344 | &nbsp;&nbsp; 131939635 |
| Energy Exploration & Production ETF | &nbsp;&nbsp; 109396438 | &nbsp;&nbsp; 49404714 | &nbsp;&nbsp; 158801152 |
| Food & Beverage ETF | &nbsp;&nbsp; 108827734 | &nbsp;&nbsp; 13671329 | &nbsp;&nbsp; 122499063 |
| Leisure and Entertainment ETF | &nbsp;&nbsp; 446635002 | &nbsp;&nbsp; 92518136 | &nbsp;&nbsp; 539153138 |
| Next Gen Connectivity ETF | &nbsp;&nbsp; 44716679 | &nbsp;&nbsp; 6791352 | &nbsp;&nbsp; 51508031 |
| Next Gen Media and Gaming ETF | &nbsp;&nbsp; 91227446 | &nbsp;&nbsp; 17519806 | &nbsp;&nbsp; 108747252 |
| Oil & Gas Services ETF | &nbsp;&nbsp; 62213998 | &nbsp;&nbsp; 50515338 | &nbsp;&nbsp; 112729336 |
| Pharmaceuticals ETF | &nbsp;&nbsp; 185752894 | &nbsp;&nbsp; 277154498 | &nbsp;&nbsp; 462907392 |
| Semiconductors ETF | &nbsp;&nbsp; 175999426 | &nbsp;&nbsp; 3917203 | &nbsp;&nbsp; 179916629 |

---

\* 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. 

------

**56**

------

**NOTE 6—Investment Transactions**

For the fiscal year ended April 30, 2025, 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** |
| AI and Next Gen Software ETF | &nbsp;&nbsp; $76498812 | &nbsp;&nbsp; $70882867 |
| Biotechnology & Genome ETF | &nbsp;&nbsp; 239781485 | &nbsp;&nbsp; 238667240 |
| Building & Construction ETF | &nbsp;&nbsp; 517334134 | &nbsp;&nbsp; 513284399 |
| Energy Exploration & Production ETF | &nbsp;&nbsp; 85398423 | &nbsp;&nbsp; 85177649 |
| Food & Beverage ETF | &nbsp;&nbsp; 154140734 | &nbsp;&nbsp; 153486291 |
| Leisure and Entertainment ETF | &nbsp;&nbsp; 424530422 | &nbsp;&nbsp; 424749067 |
| Next Gen Connectivity ETF | &nbsp;&nbsp; 5482869 | &nbsp;&nbsp; 7653286 |
| Next Gen Media and Gaming ETF | &nbsp;&nbsp; 29012365 | &nbsp;&nbsp; 18654806 |
| Oil & Gas Services ETF | &nbsp;&nbsp; 42957092 | &nbsp;&nbsp; 43243322 |
| Pharmaceuticals ETF | &nbsp;&nbsp; 132082209 | &nbsp;&nbsp; 130274918 |
| Semiconductors ETF | &nbsp;&nbsp; 589640092 | &nbsp;&nbsp; 582301246 |

---

For the fiscal year ended April 30, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-kind** <br>**Purchases**<br>| **In-kind** <br>**Sales**<br>|
| AI and Next Gen Software ETF | &nbsp;&nbsp; $136678933 | &nbsp;&nbsp; $11401636 |
| Biotechnology & Genome ETF | &nbsp;&nbsp; 72383659 | &nbsp;&nbsp; 104442874 |
| Building & Construction ETF | &nbsp;&nbsp; 454548659 | &nbsp;&nbsp; 521176099 |
| Energy Exploration & Production ETF | &nbsp;&nbsp; 11216599 | &nbsp;&nbsp; 55278174 |
| Food & Beverage ETF | &nbsp;&nbsp; 38846323 | &nbsp;&nbsp; 65568370 |
| Leisure and Entertainment ETF | &nbsp;&nbsp; 214497704 | &nbsp;&nbsp; 197267738 |
| Next Gen Connectivity ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; 11684868 |
| Next Gen Media and Gaming ETF | &nbsp;&nbsp; 99164936 | &nbsp;&nbsp; 16693345 |
| Oil & Gas Services ETF | &nbsp;&nbsp; 24447203 | &nbsp;&nbsp; 75325682 |
| Pharmaceuticals ETF | &nbsp;&nbsp; 20195281 | &nbsp;&nbsp; 58078021 |
| Semiconductors ETF | &nbsp;&nbsp; 390496822 | &nbsp;&nbsp; 486414550 |

---

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

As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross** <br>**Unrealized** <br>**Appreciation**<br>| **Gross** <br>**Unrealized** <br>**(Depreciation)**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Cost** |
| AI and Next Gen Software ETF | &nbsp;&nbsp; $51619212 | &nbsp;&nbsp; $(44621002)<br>| &nbsp;&nbsp; $6998210 | &nbsp;&nbsp; $410662484 |
| Biotechnology & Genome ETF | &nbsp;&nbsp; 29501194 | &nbsp;&nbsp; (32331518)<br>| &nbsp;&nbsp; (2830324)<br>| &nbsp;&nbsp; 246993001 |
| Building & Construction ETF | &nbsp;&nbsp; 8071586 | &nbsp;&nbsp; (14221107)<br>| &nbsp;&nbsp; (6149521)<br>| &nbsp;&nbsp; 230892274 |
| Energy Exploration & Production ETF | &nbsp;&nbsp; 3413653 | &nbsp;&nbsp; (18539968)<br>| &nbsp;&nbsp; (15126315)<br>| &nbsp;&nbsp; 104543648 |
| Food & Beverage ETF | &nbsp;&nbsp; 10389742 | &nbsp;&nbsp; (4307080)<br>| &nbsp;&nbsp; 6082662 | &nbsp;&nbsp; 107313730 |
| Leisure and Entertainment ETF | &nbsp;&nbsp; 18461928 | &nbsp;&nbsp; (29858718)<br>| &nbsp;&nbsp; (11396790)<br>| &nbsp;&nbsp; 405813357 |
| Next Gen Connectivity ETF | &nbsp;&nbsp; 8346515 | &nbsp;&nbsp; (1425528)<br>| &nbsp;&nbsp; 6920987 | &nbsp;&nbsp; 25374249 |
| Next Gen Media and Gaming ETF | &nbsp;&nbsp; 9789091 | &nbsp;&nbsp; (10118332)<br>| &nbsp;&nbsp; (329241)<br>| &nbsp;&nbsp; 130096092 |
| Oil & Gas Services ETF | &nbsp;&nbsp; 835390 | &nbsp;&nbsp; (13335624)<br>| &nbsp;&nbsp; (12500234)<br>| &nbsp;&nbsp; 45954859 |
| Pharmaceuticals ETF | &nbsp;&nbsp; 44571402 | &nbsp;&nbsp; (28248073)<br>| &nbsp;&nbsp; 16323329 | &nbsp;&nbsp; 282087525 |
| Semiconductors ETF | &nbsp;&nbsp; 61985910 | &nbsp;&nbsp; (88740603)<br>| &nbsp;&nbsp; (26754693)<br>| &nbsp;&nbsp; 630218595 |

---

------

**57**

------

**NOTE 7—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2025, the reclassifications were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed Net** <br>**Investment Income (Loss)**<br>| **Undistributed Net** <br>**Realized Gain (Loss)**<br>| **Shares of** <br>**Beneficial Interest**<br>|
| AI and Next Gen Software ETF | &nbsp;&nbsp; $96813 | &nbsp;&nbsp; $(2773376)<br>| &nbsp;&nbsp; $2676563 |
| Biotechnology & Genome ETF | &nbsp;&nbsp; 448621 | &nbsp;&nbsp; (22435402)<br>| &nbsp;&nbsp; 21986781 |
| Building & Construction ETF | &nbsp;&nbsp; 160445 | &nbsp;&nbsp; (66886027)<br>| &nbsp;&nbsp; 66725582 |
| Energy Exploration & Production ETF | &nbsp;&nbsp; 264432 | &nbsp;&nbsp; (4224528)<br>| &nbsp;&nbsp; 3960096 |
| Food & Beverage ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (8091953)<br>| &nbsp;&nbsp; 8091953 |
| Leisure and Entertainment ETF | &nbsp;&nbsp; 99299 | &nbsp;&nbsp; (24959296)<br>| &nbsp;&nbsp; 24859997 |
| Next Gen Connectivity ETF | &nbsp;&nbsp; 14910 | &nbsp;&nbsp; (3661705)<br>| &nbsp;&nbsp; 3646795 |
| Next Gen Media and Gaming ETF | &nbsp;&nbsp; (14509)<br>| &nbsp;&nbsp; (5680563)<br>| &nbsp;&nbsp; 5695072 |
| Oil & Gas Services ETF | &nbsp;&nbsp; (149312)<br>| &nbsp;&nbsp; (2258300)<br>| &nbsp;&nbsp; 2407612 |
| Pharmaceuticals ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (15426542)<br>| &nbsp;&nbsp; 15426542 |
| Semiconductors ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (153187686)<br>| &nbsp;&nbsp; 153187686 |

---

**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 Next Gen Connectivity ETF. Interested Trustees do 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 as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Funds.

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.

------

**58**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco AI and Next Gen Software ETF, Invesco Biotechnology & Genome ETF, Invesco Building & Construction ETF, Invesco Energy Exploration & Production ETF, Invesco Food & Beverage ETF, Invesco Leisure and Entertainment ETF, Invesco Next Gen Connectivity ETF, Invesco Next Gen Media and Gaming ETF, Invesco Oil & Gas Services ETF, Invesco Pharmaceuticals ETF and Invesco Semiconductors ETF

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco AI and Next Gen Software ETF, Invesco Biotechnology & Genome ETF, Invesco Building & Construction ETF, Invesco Energy Exploration & Production ETF, Invesco Food & Beverage ETF, Invesco Leisure and Entertainment ETF, Invesco Next Gen Connectivity ETF, Invesco Next Gen Media and Gaming ETF, Invesco Oil & Gas Services ETF, Invesco Pharmaceuticals ETF and Invesco Semiconductors ETF (eleven of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the "Funds") as of April 30, 2025, the related statements of operations for the year ended April 30, 2025, the statements of changes in net assets for each of the two years in the period ended April 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2025, and each of the financial highlights for each of the five years in the period ended April 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

June 26, 2025

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

------

**59**

------

**Tax Information**

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

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

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Qualified** <br>**Business** <br>**Income\***<br>| **Qualified** <br>**Dividend** <br>**Income\***<br>| **Corporate** <br>**Dividends** <br>**Received** <br>**Deduction\***<br>| **U.S.** <br>**Treasury** <br>**Obligations\***<br>| **Business** <br>**Interest** <br>**Income\***<br>| **Qualified** <br>**Interest** <br>**Income\***<br>|
| Invesco AI and Next Gen Software ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco Biotechnology & Genome ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp; 54<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco Building & Construction ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco Energy Exploration & Production ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco Food & Beverage ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco Leisure and Entertainment ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 97<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco Next Gen Connectivity ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 71<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco Next Gen Media and Gaming ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 2<br> %<br>|
| Invesco Oil & Gas Services ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 78<br> %<br>| &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco Pharmaceuticals ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco Semiconductors ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|

---

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

------

**60**

------

**Approval of Investment Advisory Contracts**

At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the "Trust"), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the "Adviser") and the Trust for the following series (each, a "Fund" and collectively, the "Funds"):

Invesco Bloomberg Analyst Rating Improvers ETF

Invesco Bloomberg MVP Multi-factor ETF

Invesco Dow Jones Industrial Average Dividend ETF

Invesco NASDAQ Internet ETF

Invesco Next Gen Connectivity ETF

Invesco S&P 500 BuyWrite ETF

Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF

Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF

Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF

Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF

Invesco S&P 500<sup>®</sup> Equal Weight ETF

Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF

Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF

Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF

Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF

Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF

Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF

Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF

Invesco S&P 500<sup>®</sup> Pure Growth ETF

Invesco S&P 500<sup>®</sup> Pure Value ETF

Invesco S&P 500<sup>®</sup> Top 50 ETF

Invesco S&P MidCap 400<sup>®</sup> GARP ETF

Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF

Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF

Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF

Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF

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

*Nature, Extent and Quality of Services.* In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. ("Invesco"), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser's execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2024, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund's performance and the performance of its underlying index, as well as the Adviser's analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco's independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds ("ETFs") business of Guggenheim Capital LLC ("Guggenheim") (the "Transaction") and that each such Fund's performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust's registration statement. The Board concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund's particular circumstances.

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

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

*Fees, Expenses and Profitability.* The Trustees reviewed and discussed the information provided by the Adviser on each Fund's net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays

------

**61**

------

**Approval of Investment Advisory Contracts—(continued)**

its brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses

&nbsp;&nbsp;&nbsp;&nbsp;● 0.07% of the Fund's average daily net assets for Invesco Dow Jones Industrial Average Dividend ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.20% of the Fund's average daily net assets for each of Invesco S&P 500® Equal Weight ETF and Invesco S&P 500® Top 50 ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.29% of the Fund's average daily net assets for each of Invesco S&P 500 BuyWrite ETF and Invesco Bloomberg MVP Multi-factor ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.35% of the Fund's average daily net assets for each of Invesco S&P 500® Pure Growth ETF, Invesco S&P 500® Pure Value ETF, Invesco S&P MidCap 400® GARP ETF, Invesco S&P MidCap 400® Pure Growth ETF, Invesco S&P MidCap 400® Pure Value ETF, Invesco S&P SmallCap 600® Pure Growth ETF and Invesco S&P SmallCap 600® Pure Value ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.60% of the Fund's average daily net assets for Invesco NASDAQ Internet ETF; and

&nbsp;&nbsp;&nbsp;&nbsp;● 0.40% of the Fund's average daily net assets for each other Fund.

The Trustees compared each Fund's net expense ratio to information compiled by the Adviser from Lipper Inc. ("Lipper") databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund's operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal** <br>**to/Lower** <br>**than ETF** <br>**Peer Median**<br>| **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median\***<br>| **Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco Bloomberg Analyst Rating Improvers ETF |  |  | X |
| Invesco Bloomberg MVP Multi-factor ETF | X |  | X |
| Invesco Dow Jones Industrial Average Dividend ETF | X | X | X |
| Invesco NASDAQ Internet ETF |  |  | X |
| Invesco Next Gen Connectivity ETF | X | N/A | X |
| Invesco S&P 500 BuyWrite ETF | X | N/A | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF | X | X | X |
| Invesco S&P 500<sup>®</sup> Pure Growth ETF | X | X | X |
| Invesco S&P 500<sup>®</sup> Pure Value ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Top 50 ETF |  |  | X |
| Invesco S&P MidCap 400<sup>®</sup> GARP ETF |  |  | X |
| Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF |  |  | X |
| Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF |  | X | X |

---

------

**62**

------

**Approval of Investment Advisory Contracts—(continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal**<br> **to/Lower**<br> **than ETF**<br> **Peer Median**<br>| **Equal to/Lower**<br> **than Open-End**<br> **Index Fund**<br> **Peer Median\***<br>| **Lower than**<br> **Open-End**<br> **Active Fund**<br> **Peer Median**<br>|
| Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF |  |  | X |
| Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF |  | X | X |

---

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

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco S&P 500® Equal Weight ETF. The Trustees considered the Adviser's explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser's statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all of the information provided, the Board concluded that each Fund's unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. With respect to the Adviser's profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser's. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees reviewed each Fund's asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.

*Fall-out Benefits.* The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds' securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund's distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund's unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

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

------

**63**

------

**Approval of Investment Advisory Contracts**

At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the "Trust"), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the "Adviser") and the Trust for the following series (each, a "Fund" and collectively, the "Funds"):

Invesco Aerospace & Defense ETF

Invesco AI and Next Gen Software ETF

Invesco Biotechnology & Genome ETF

Invesco Building & Construction ETF

Invesco BuyBack Achievers<sup>TM</sup> ETF

Invesco Dividend Achievers<sup>TM</sup> ETF

Invesco Dorsey Wright Basic Materials Momentum ETF

Invesco Dorsey Wright Consumer Cyclicals Momentum ETF

Invesco Dorsey Wright Consumer Staples Momentum ETF

Invesco Dorsey Wright Energy Momentum ETF

Invesco Dorsey Wright Financial Momentum ETF

Invesco Dorsey Wright Healthcare Momentum ETF

Invesco Dorsey Wright Industrials Momentum ETF

Invesco Dorsey Wright Momentum ETF

Invesco Dorsey Wright Technology Momentum ETF

Invesco Dorsey Wright Utilities Momentum ETF

Invesco Energy Exploration & Production ETF

Invesco Financial Preferred ETF

Invesco Food & Beverage ETF

Invesco Global Listed Private Equity ETF

Invesco Golden Dragon China ETF

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

Invesco International Dividend Achievers<sup>TM</sup> ETF

Invesco Large Cap Growth ETF

Invesco Large Cap Value ETF

Invesco Leisure and Entertainment ETF

Invesco MSCI Sustainable Future ETF

Invesco Next Gen Media and Gaming ETF

Invesco Oil & Gas Services ETF

Invesco Pharmaceuticals ETF

Invesco RAFI US 1000 ETF

Invesco RAFI US 1500 Small-Mid ETF

Invesco S&P 100 Equal Weight ETF

Invesco S&P 500 GARP ETF

Invesco S&P 500<sup>®</sup> Quality ETF

Invesco S&P 500 Value with Momentum ETF

Invesco S&P MidCap Momentum ETF

Invesco S&P MidCap Quality ETF

Invesco S&P MidCap Value with Momentum ETF

Invesco S&P SmallCap Momentum ETF

Invesco S&P SmallCap Value with Momentum ETF

Invesco S&P Spin-Off ETF

Invesco Semiconductors ETF

Invesco Water Resources ETF

Invesco WilderHill Clean Energy ETF

Invesco Zacks Mid-Cap ETF

Invesco Zacks Multi-Asset Income ETF

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

*Nature, Extent and Quality of Services.* In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. ("Invesco"), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser's execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2024, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund's performance and the performance of its underlying index, as well as the Adviser's analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco's independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds ("ETFs") business of Guggenheim Capital LLC ("Guggenheim") (the "Transaction") and that each such Fund's performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust's registration

------

**64**

------

**Approval of Investment Advisory Contracts—(continued)**

statement. The Board concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund's particular circumstances.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;● 0.15% of the Fund's average daily net assets for Invesco S&P 500® Quality ETF;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;● 0.50% of the Fund's average daily net assets for each other Fund.

The Trustees noted that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an "Expense Cap") to the extent necessary to prevent the annual operating expenses of each Fund from exceeding the percentage of that Fund's average daily net assets, at least until August 31, 2027, as set forth below:

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;● 0.60%, excluding interest expenses, licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Aerospace & Defense ETF, Invesco AI and Next Gen Software ETF, Invesco Biotechnology & Genome ETF, Invesco Building & Construction ETF, Invesco BuyBack AchieversTM ETF, Invesco Dorsey Wright Momentum ETF, Invesco Energy Exploration & Production ETF, Invesco Financial Preferred ETF, Invesco Food & Beverage ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco Large Cap Growth ETF, Invesco Large Cap Value ETF, Invesco Leisure and Entertainment ETF, Invesco MSCI

------

**65**

------

**Approval of Investment Advisory Contracts—(continued)**

Sustainable Future ETF, Invesco Next Gen Media and Gaming ETF, Invesco Oil & Gas Services ETF, Invesco Pharmaceuticals ETF, Invesco Semiconductors ETF, Invesco S&P Spin-Off ETF, Invesco Water Resources ETF, Invesco WilderHill Clean Energy ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF.

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

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal** <br>**to/Lower** <br>**than ETF Peer Median**<br>| **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median\***<br>| **Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco Aerospace & Defense ETF |  |  | X |
| Invesco AI and Next Gen Software ETF | X | N/A | X |
| Invesco Biotechnology & Genome ETF |  |  | X |
| Invesco Building & Construction ETF |  |  | X |
| Invesco BuyBack Achievers<sup>TM</sup> ETF |  |  | X |
| Invesco Dividend Achievers<sup>TM</sup> ETF |  |  | X |
| Invesco Dorsey Wright Basic Materials Momentum ETF |  |  | X |
| Invesco Dorsey Wright Consumer Cyclicals Momentum ETF |  |  | X |
| Invesco Dorsey Wright Consumer Staples Momentum ETF |  |  | X |
| Invesco Dorsey Wright Energy Momentum ETF |  |  | X |
| Invesco Dorsey Wright Financial Momentum ETF |  |  | X |
| Invesco Dorsey Wright Healthcare Momentum ETF |  |  | X |
| Invesco Dorsey Wright Industrials Momentum ETF |  |  | X |
| Invesco Dorsey Wright Momentum ETF |  | X | X |
| Invesco Dorsey Wright Technology Momentum ETF |  |  | X |
| Invesco Dorsey Wright Utilities Momentum ETF |  |  | X |
| Invesco Energy Exploration & Production ETF |  |  | X |
| Invesco Financial Preferred ETF |  |  | X |
| Invesco Food & Beverage ETF |  |  | X |
| Invesco Global Listed Private Equity ETF |  | N/A | X |
| Invesco Golden Dragon China ETF | X | N/A | X |
| Invesco High Yield Equity Dividend Achievers<sup>TM</sup> ETF |  |  | X |
| Invesco International Dividend Achievers<sup>TM</sup> ETF | X |  | X |
| Invesco Large Cap Growth ETF |  |  | X |
| Invesco Large Cap Value ETF |  |  | X |
| Invesco Leisure and Entertainment ETF |  |  | X |
| Invesco MSCI Sustainable Future ETF |  |  | X |
| Invesco Next Gen Media and Gaming ETF |  |  | X |
| Invesco Oil & Gas Services ETF |  |  | X |
| Invesco Pharmaceuticals ETF |  |  | X |
| Invesco RAFI US 1000 ETF |  |  | X |
| Invesco RAFI US 1500 Small-Mid ETF |  |  | X |
| Invesco S&P 100 Equal Weight ETF |  | X | X |
| Invesco S&P 500 GARP ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Quality ETF | X |  | X |
| Invesco S&P 500 Value with Momentum ETF |  |  | X |

---

------

**66**

------

**Approval of Investment Advisory Contracts—(continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal**<br> **to/Lower**<br> **than ETF Peer Median**<br>| **Equal to/Lower**<br> **than Open-End**<br> **Index Fund**<br> **Peer Median\***<br>| **Lower than**<br> **Open-End**<br> **Active Fund**<br> **Peer Median**<br>|
| Invesco S&P MidCap Momentum ETF |  |  | X |
| Invesco S&P MidCap Quality ETF |  |  | X |
| Invesco S&P MidCap Value with Momentum ETF |  |  | X |
| Invesco S&P SmallCap Momentum ETF |  |  | X |
| Invesco S&P SmallCap Value with Momentum ETF |  | X | X |
| Invesco S&P Spin-Off ETF |  |  | X |
| Invesco Semiconductors ETF |  |  | X |
| Invesco Water Resources ETF | X | X | X |
| Invesco WilderHill Clean Energy ETF |  | X | X |
| Invesco Zacks Mid-Cap ETF |  |  | X |
| Invesco Zacks Multi-Asset Income ETF |  |  | X |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal** <br>**to/Lower** <br>**than ETF Peer Median**<br>| **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median\***<br>| **Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco Aerospace & Defense ETF |  |  | X |
| Invesco AI and Next Gen Software ETF | X | N/A | X |
| Invesco Biotechnology & Genome ETF |  |  | X |
| Invesco Building & Construction ETF |  |  | X |
| Invesco BuyBack Achievers<sup>TM</sup> ETF |  |  | X |
| Invesco Dividend Achievers<sup>TM</sup> ETF |  | X | X |
| Invesco Dorsey Wright Basic Materials Momentum ETF |  |  | X |
| Invesco Dorsey Wright Consumer Cyclicals Momentum ETF |  |  | X |
| Invesco Dorsey Wright Consumer Staples Momentum ETF |  |  | X |
| Invesco Dorsey Wright Energy Momentum ETF |  |  | X |
| Invesco Dorsey Wright Financial Momentum ETF |  |  | X |
| Invesco Dorsey Wright Healthcare Momentum ETF |  |  | X |
| Invesco Dorsey Wright Industrials Momentum ETF |  |  | X |
| Invesco Dorsey Wright Momentum ETF |  | X | X |
| Invesco Dorsey Wright Technology Momentum ETF |  |  | X |
| Invesco Dorsey Wright Utilities Momentum ETF |  |  | X |
| Invesco Energy Exploration & Production ETF |  |  | X |
| Invesco Financial Preferred ETF |  |  | X |
| Invesco Food & Beverage ETF |  |  | X |
| Invesco Global Listed Private Equity ETF |  | N/A | X |
| Invesco Golden Dragon China ETF |  | N/A | X |
| Invesco High Yield Equity Dividend Achievers<sup>TM</sup> ETF |  | X | X |
| Invesco International Dividend Achievers<sup>TM</sup> ETF |  |  | X |
| Invesco Large Cap Growth ETF |  |  | X |

---

------

**67**

------

**Approval of Investment Advisory Contracts—(continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal**<br> **to/Lower**<br> **than ETF Peer Median**<br>| **Equal to/Lower**<br> **than Open-End**<br> **Index Fund**<br> **Peer Median\***<br>| **Lower than**<br> **Open-End**<br> **Active Fund**<br> **Peer Median**<br>|
| Invesco Large Cap Value ETF |  | X | X |
| Invesco Leisure and Entertainment ETF |  |  | X |
| Invesco MSCI Sustainable Future ETF |  |  | X |
| Invesco Next Gen Media and Gaming ETF |  |  | X |
| Invesco Oil & Gas Services ETF |  |  | X |
| Invesco Pharmaceuticals ETF |  |  | X |
| Invesco RAFI US 1000 ETF |  |  | X |
| Invesco RAFI US 1500 Small-Mid ETF |  |  | X |
| Invesco S&P 100 Equal Weight ETF |  | X | X |
| Invesco S&P 500 GARP ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Quality ETF | X |  | X |
| Invesco S&P 500 Value with Momentum ETF |  |  | X |
| Invesco S&P MidCap Momentum ETF |  |  | X |
| Invesco S&P MidCap Quality ETF |  |  | X |
| Invesco S&P MidCap Value with Momentum ETF |  |  | X |
| Invesco S&P SmallCap Momentum ETF |  |  | X |
| Invesco S&P SmallCap Value with Momentum ETF |  | X | X |
| Invesco S&P Spin-Off ETF |  |  | X |
| Invesco Semiconductors ETF |  |  | X |
| Invesco Water Resources ETF |  | X | X |
| Invesco WilderHill Clean Energy ETF |  | X | X |
| Invesco Zacks Mid-Cap ETF |  |  | X |
| Invesco Zacks Multi-Asset Income ETF |  |  | X |

---

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

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Global Listed Private Equity ETF's, Invesco Zacks Multi-Asset Income ETF's, Invesco Oil & Gas Services ETF's and Invesco Energy Exploration & Production ETF's advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser's statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco RAFI US 1000 ETF. The Trustees considered the Adviser's explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser's statement that the management and oversight of the Funds requires substantially more labor and expense.

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

In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds, as well as the fees waived and expenses reimbursed by the Adviser for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. With respect to the Adviser's profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose.

------

**68**

------

**Approval of Investment Advisory Contracts—(continued)**

Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser's. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees reviewed each Fund's asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser. The Trustees noted that the Expense Cap agreement with the Trust provides that the Adviser is entitled to be reimbursed by each Fund for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in a Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the flat advisory fee rates were reasonable and appropriate.

*Fall-out Benefits.* The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds' securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund's distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund's advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

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

------

**69**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

Remuneration paid to the Funds' trustees or officers and others, if any, is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory Contracts section of this report.

------

**70**

------

**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-IND-NCSR

invesco.com/ETFs

------

![](img6dce1dad1.jpg)

------

**Invesco Annual Financial Statements and Other Information**

April 30, 2025

---

| |
|:---|
| **RSP** |
| **RSPC**<br> Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF |
| **RSPD**<br> Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF |
| **RSPS**<br> Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF |
| **RSPG**<br> Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF |
| **RSPF**<br> Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF |
| **RSPH**<br> Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF |
| **RSPN**<br> Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF |
| **RSPM**<br> Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF |
| **RSPR**<br> Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF |
| **RSPT**<br> Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF |
| **RSPU**<br> Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF |
| **GRPM**<br> Invesco S&P MidCap 400<sup>®</sup> GARP ETF |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments |  |
| [Invesco S&P 500](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_SOI-Continued-512_1)<sup>®</sup>[Equal Weight ETF (RSP)](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_SOI-Continued-512_1) | **3** |
| [Invesco S&P 500](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_SOI-Continued-512_7)<sup>®</sup>[Equal Weight Communication Services ETF (RSPC)](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_SOI-Continued-512_7) | **9** |
| [Invesco S&P 500](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_SOI-Continued-512_9)<sup>®</sup>[Equal Weight Consumer Discretionary ETF (RSPD)](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_SOI-Continued-512_9) | **11** |
| [Invesco S&P 500](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_SOI-Continued-512_11)<sup>®</sup>[Equal Weight Consumer Staples ETF (RSPS)](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_SOI-Continued-512_11) | **13** |
| [Invesco S&P 500](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_SOI-Continued-512_13)<sup>®</sup>[Equal Weight Energy ETF (RSPG)](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_SOI-Continued-512_13) | **15** |
| [Invesco S&P 500](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_SOI-Continued-512_15)<sup>®</sup>[Equal Weight Financials ETF (RSPF)](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_SOI-Continued-512_15) | **17** |
| [Invesco S&P 500](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_SOI-Continued-512_17)<sup>®</sup>[Equal Weight Health Care ETF (RSPH)](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_SOI-Continued-512_17) | **19** |
| [Invesco S&P 500](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_SOI-Continued-512_19)<sup>®</sup>[Equal Weight Industrials ETF (RSPN)](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_SOI-Continued-512_19) | **21** |
| [Invesco S&P 500](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_SOI-Continued-512_21)<sup>®</sup>[Equal Weight Materials ETF (RSPM)](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_SOI-Continued-512_21) | **23** |
| [Invesco S&P 500](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_SOI-Continued-512_23)<sup>®</sup>[Equal Weight Real Estate ETF (RSPR)](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_SOI-Continued-512_23) | **25** |
| [Invesco S&P 500](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_SOI-Continued-512_25)<sup>®</sup>[Equal Weight Technology ETF (RSPT)](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_SOI-Continued-512_25) | **27** |
| [Invesco S&P 500](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_SOI-Continued-512_27)<sup>®</sup>[Equal Weight Utilities ETF (RSPU)](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_SOI-Continued-512_27) | **29** |
| [Invesco S&P MidCap 400](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_SOI-Continued-512_29)<sup>®</sup>[GARP ETF (GRPM)](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_SOI-Continued-512_29) | **31** |
| [Statements of Assets and Liabilities](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_FS-Continued-512_2) | **34** |
| [Statements of Operations](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_FS-Continued-512_6) | **38** |
| [Statements of Changes in Net Assets](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_FS-Continued-512_10) | **42** |
| [Financial Highlights](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_FIHI-Continued-512_1) | **48** |
| [Notes to Financial Statements](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_NTF-Continued-512_1) | **55** |
| [Report of Independent Registered Public Accounting Firm](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_AR-Continued-584_1) | **70** |
| [Tax Information](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_TI-Continued-512_1) | **71** |
| [Approval of Investment Advisory Contracts](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_BCRC-Continued_1) | **72** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_367bb9c2-4838-4183-a2cc-8f9c384a8416_OIRSR-Continued_1) | **75** |

---

------

**2**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight ETF (RSP)**

April 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.81%** | **Common Stocks & Other Equity Interests-99.81%** | **Common Stocks & Other Equity Interests-99.81%** |
| **Communication Services-4.07%** | **Communication Services-4.07%** | **Communication Services-4.07%** |
| Alphabet, Inc., Class A | 461504 | &nbsp;&nbsp; $73286835 |
| Alphabet, Inc., Class C | 374008 | &nbsp;&nbsp; 60174147 |
| AT&T, Inc. | 5459272 | &nbsp;&nbsp; 151221834 |
| Charter Communications, Inc., <br> Class A<sup>(b)(c)</sup><br>| 401411 | &nbsp;&nbsp; 157296915 |
| Comcast Corp., Class A | 3993118 | &nbsp;&nbsp; 136564636 |
| Electronic Arts, Inc. | 1031524 | &nbsp;&nbsp; 149663817 |
| Fox Corp., Class A<sup>(c)</sup> | 1718807 | &nbsp;&nbsp; 85579401 |
| Fox Corp., Class B | 1041006 | &nbsp;&nbsp; 48136117 |
| Interpublic Group of Cos., Inc. (The)<sup>(c)</sup> | 5325155 | &nbsp;&nbsp; 133767894 |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup> | 1142225 | &nbsp;&nbsp; 151287701 |
| Match Group, Inc.<sup>(c)</sup> | 4567982 | &nbsp;&nbsp; 135486346 |
| Meta Platforms, Inc., Class A | 226730 | &nbsp;&nbsp; 124474770 |
| Netflix, Inc.<sup>(b)</sup> | 152696 | &nbsp;&nbsp; 172809117 |
| News Corp., Class A | 3918893 | &nbsp;&nbsp; 106280378 |
| News Corp., Class B<sup>(c)</sup> | 1156828 | &nbsp;&nbsp; 36347536 |
| Omnicom Group, Inc.<sup>(c)</sup> | 1754925 | &nbsp;&nbsp; 133655088 |
| Paramount Global, Class B<sup>(c)</sup> | 12132827 | &nbsp;&nbsp; 142439389 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 683959 | &nbsp;&nbsp; 159581314 |
| TKO Group Holdings, Inc.<sup>(c)</sup> | 953488 | &nbsp;&nbsp; 155332730 |
| T-Mobile US, Inc. | 549657 | &nbsp;&nbsp; 135737796 |
| Verizon Communications, Inc. | 3296833 | &nbsp;&nbsp; 145258462 |
| Walt Disney Co. (The) | 1420889 | &nbsp;&nbsp; 129229855 |
| Warner Bros. Discovery, Inc.<sup>(b)(c)</sup> | 13466003 | &nbsp;&nbsp; 116750246 |
|  |  | &nbsp;&nbsp; 2840362324 |
| **Consumer Discretionary-10.04%** | **Consumer Discretionary-10.04%** | **Consumer Discretionary-10.04%** |
| Airbnb, Inc., Class A<sup>(b)</sup> | 1108761 | &nbsp;&nbsp; 135180141 |
| Amazon.com, Inc.<sup>(b)</sup> | 705533 | &nbsp;&nbsp; 130114396 |
| Aptiv PLC (Jersey)<sup>(b)(c)</sup> | 2200787 | &nbsp;&nbsp; 125576906 |
| AutoZone, Inc.<sup>(b)(c)</sup> | 39602 | &nbsp;&nbsp; 149006485 |
| Best Buy Co., Inc. | 1931642 | &nbsp;&nbsp; 128821205 |
| Booking Holdings, Inc. | 31880 | &nbsp;&nbsp; 162565046 |
| Caesars Entertainment, Inc.<sup>(b)(c)</sup> | 5143318 | &nbsp;&nbsp; 139178185 |
| CarMax, Inc.<sup>(b)(c)</sup> | 1934323 | &nbsp;&nbsp; 125092668 |
| Carnival Corp.<sup>(b)(c)</sup> | 7205000 | &nbsp;&nbsp; 132139700 |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 2807640 | &nbsp;&nbsp; 141841973 |
| D.R. Horton, Inc. | 1091416 | &nbsp;&nbsp; 137889498 |
| Darden Restaurants, Inc.<sup>(c)</sup> | 739695 | &nbsp;&nbsp; 148412405 |
| Deckers Outdoor Corp.<sup>(b)</sup> | 1154114 | &nbsp;&nbsp; 127910455 |
| Domino's Pizza, Inc.<sup>(c)</sup> | 320202 | &nbsp;&nbsp; 157017455 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 748144 | &nbsp;&nbsp; 144309496 |
| eBay, Inc.<sup>(c)</sup> | 2155989 | &nbsp;&nbsp; 146952210 |
| Expedia Group, Inc. | 864643 | &nbsp;&nbsp; 135688426 |
| Ford Motor Co. | 14651848 | &nbsp;&nbsp; 146664999 |
| Garmin Ltd. | 650734 | &nbsp;&nbsp; 121602663 |
| General Motors Co. | 2931565 | &nbsp;&nbsp; 132624001 |
| Genuine Parts Co.<sup>(c)</sup> | 1156508 | &nbsp;&nbsp; 135947515 |
| Hasbro, Inc. | 2268311 | &nbsp;&nbsp; 140408451 |
| Hilton Worldwide Holdings, Inc. | 614786 | &nbsp;&nbsp; 138621947 |
| Home Depot, Inc. (The) | 385200 | &nbsp;&nbsp; 138860748 |
| Las Vegas Sands Corp. | 3279084 | &nbsp;&nbsp; 120244010 |
| Lennar Corp., Class A | 1179728 | &nbsp;&nbsp; 128130258 |
| LKQ Corp.<sup>(c)</sup> | 3303197 | &nbsp;&nbsp; 126215157 |
| Lowe's Cos., Inc. | 614965 | &nbsp;&nbsp; 137481575 |
| lululemon athletica, inc.<sup>(b)(c)</sup> | 443288 | &nbsp;&nbsp; 120029092 |
| Marriott International, Inc., Class A | 575940 | &nbsp;&nbsp; 137407765 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| McDonald's Corp. | 469182 | &nbsp;&nbsp; $149974026 |
| MGM Resorts International<sup>(b)(c)</sup> | 4534224 | &nbsp;&nbsp; 142646687 |
| Mohawk Industries, Inc.<sup>(b)</sup> | 1237260 | &nbsp;&nbsp; 131582601 |
| NIKE, Inc., Class B | 1907046 | &nbsp;&nbsp; 107557394 |
| Norwegian Cruise Line Holdings <br> Ltd.<sup>(b)(c)</sup><br>| 7381223 | &nbsp;&nbsp; 118321005 |
| NVR, Inc.<sup>(b)</sup> | 19201 | &nbsp;&nbsp; 136821526 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 107244 | &nbsp;&nbsp; 151771709 |
| Pool Corp.<sup>(c)</sup> | 421001 | &nbsp;&nbsp; 123412233 |
| PulteGroup, Inc. | 1357262 | &nbsp;&nbsp; 139227936 |
| Ralph Lauren Corp. | 622943 | &nbsp;&nbsp; 140131028 |
| Ross Stores, Inc. | 1109912 | &nbsp;&nbsp; 154277768 |
| Royal Caribbean Cruises Ltd.<sup>(c)</sup> | 677588 | &nbsp;&nbsp; 145620437 |
| Starbucks Corp. | 1421904 | &nbsp;&nbsp; 113823415 |
| Tapestry, Inc. | 1957381 | &nbsp;&nbsp; 138288968 |
| Tesla, Inc.<sup>(b)</sup> | 566104 | &nbsp;&nbsp; 159731905 |
| TJX Cos., Inc. (The) | 1217394 | &nbsp;&nbsp; 156654260 |
| Tractor Supply Co.<sup>(c)</sup> | 2683761 | &nbsp;&nbsp; 135851982 |
| Ulta Beauty, Inc.<sup>(b)</sup> | 426685 | &nbsp;&nbsp; 168813653 |
| Williams-Sonoma, Inc. | 802369 | &nbsp;&nbsp; 123941939 |
| Wynn Resorts Ltd.<sup>(c)</sup> | 1637808 | &nbsp;&nbsp; 131532361 |
| Yum! Brands, Inc. | 908803 | &nbsp;&nbsp; 136720323 |
|  |  | &nbsp;&nbsp; 6998637987 |
| **Consumer Staples-7.80%** | **Consumer Staples-7.80%** | **Consumer Staples-7.80%** |
| Altria Group, Inc. | 2428921 | &nbsp;&nbsp; 143670677 |
| Archer-Daniels-Midland Co.<sup>(c)</sup> | 2984621 | &nbsp;&nbsp; 142515653 |
| Brown-Forman Corp., Class B<sup>(c)</sup> | 4108512 | &nbsp;&nbsp; 143140558 |
| Bunge Global S.A. | 1919926 | &nbsp;&nbsp; 151136575 |
| Church & Dwight Co., Inc. | 1287020 | &nbsp;&nbsp; 127852567 |
| Clorox Co. (The) | 951325 | &nbsp;&nbsp; 135373547 |
| Coca-Cola Co. (The) | 2007554 | &nbsp;&nbsp; 145648043 |
| Colgate-Palmolive Co. | 1545909 | &nbsp;&nbsp; 142517351 |
| Conagra Brands, Inc. | 5422586 | &nbsp;&nbsp; 133992100 |
| Constellation Brands, Inc., Class A | 763628 | &nbsp;&nbsp; 143210795 |
| Costco Wholesale Corp. | 151470 | &nbsp;&nbsp; 150636915 |
| Dollar General Corp.<sup>(c)</sup> | 1875568 | &nbsp;&nbsp; 175721966 |
| Dollar Tree, Inc.<sup>(b)(c)</sup> | 2268884 | &nbsp;&nbsp; 185526645 |
| Estee Lauder Cos., Inc. (The), <br> Class A<sup>(c)</sup><br>| 2111975 | &nbsp;&nbsp; 126634021 |
| General Mills, Inc.<sup>(c)</sup> | 2339131 | &nbsp;&nbsp; 132722293 |
| Hershey Co. (The)<sup>(c)</sup> | 821428 | &nbsp;&nbsp; 137334547 |
| Hormel Foods Corp. | 4805121 | &nbsp;&nbsp; 143673118 |
| J.M. Smucker Co. (The) | 1264545 | &nbsp;&nbsp; 147028647 |
| Kellanova | 1706442 | &nbsp;&nbsp; 141242204 |
| Kenvue, Inc. | 6086482 | &nbsp;&nbsp; 143640975 |
| Keurig Dr Pepper, Inc. | 4279532 | &nbsp;&nbsp; 148029012 |
| Kimberly-Clark Corp. | 1003275 | &nbsp;&nbsp; 132211579 |
| Kraft Heinz Co. (The)<sup>(c)</sup> | 4637458 | &nbsp;&nbsp; 134950028 |
| Kroger Co. (The) | 2160602 | &nbsp;&nbsp; 156017070 |
| Lamb Weston Holdings, Inc. | 2736591 | &nbsp;&nbsp; 144519371 |
| McCormick & Co., Inc. | 1720558 | &nbsp;&nbsp; 131897976 |
| Molson Coors Beverage Co., Class B<sup>(c)</sup> | 2364779 | &nbsp;&nbsp; 136045736 |
| Mondelez International, Inc., Class A | 2160960 | &nbsp;&nbsp; 147226205 |
| Monster Beverage Corp.<sup>(b)</sup> | 2581216 | &nbsp;&nbsp; 155182706 |
| PepsiCo, Inc. | 947695 | &nbsp;&nbsp; 128488488 |
| Philip Morris International, Inc. | 927541 | &nbsp;&nbsp; 158943426 |
| Procter & Gamble Co. (The) | 834039 | &nbsp;&nbsp; 135589720 |

---

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

------

**3**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight ETF (RSP)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples-(continued)** | **Consumer Staples-(continued)** | **Consumer Staples-(continued)** |
| Sysco Corp. | 1908239 | &nbsp;&nbsp; $136248265 |
| Target Corp. | 1307880 | &nbsp;&nbsp; 126471996 |
| The Campbell's Company<sup>(c)</sup> | 3639767 | &nbsp;&nbsp; 132705905 |
| Tyson Foods, Inc., Class A | 2334708 | &nbsp;&nbsp; 142977518 |
| Walgreens Boots Alliance, Inc. | 12546444 | &nbsp;&nbsp; 137634491 |
| Walmart, Inc. | 1648133 | &nbsp;&nbsp; 160280934 |
|  |  | &nbsp;&nbsp; 5438639623 |
| **Energy-4.21%** | **Energy-4.21%** | **Energy-4.21%** |
| APA Corp. | 7140862 | &nbsp;&nbsp; 110968995 |
| Baker Hughes Co., Class A | 3303145 | &nbsp;&nbsp; 116931333 |
| Chevron Corp.<sup>(c)</sup> | 919169 | &nbsp;&nbsp; 125062134 |
| ConocoPhillips | 1435423 | &nbsp;&nbsp; 127924898 |
| Coterra Energy, Inc. | 5153013 | &nbsp;&nbsp; 126557999 |
| Devon Energy Corp. | 4037867 | &nbsp;&nbsp; 122791535 |
| Diamondback Energy, Inc. | 957532 | &nbsp;&nbsp; 126403799 |
| EOG Resources, Inc. | 1129211 | &nbsp;&nbsp; 124585850 |
| EQT Corp. | 2868388 | &nbsp;&nbsp; 141813103 |
| Expand Energy Corp. | 1392655 | &nbsp;&nbsp; 144696855 |
| Exxon Mobil Corp. | 1287694 | &nbsp;&nbsp; 136019117 |
| Halliburton Co. | 5678467 | &nbsp;&nbsp; 112547216 |
| Hess Corp. | 974123 | &nbsp;&nbsp; 125710573 |
| Kinder Morgan, Inc. | 5294740 | &nbsp;&nbsp; 139251662 |
| Marathon Petroleum Corp. | 1024752 | &nbsp;&nbsp; 140811172 |
| Occidental Petroleum Corp.<sup>(c)</sup> | 3043714 | &nbsp;&nbsp; 119952769 |
| ONEOK, Inc. | 1509169 | &nbsp;&nbsp; 123993325 |
| Phillips 66<sup>(c)</sup> | 1131869 | &nbsp;&nbsp; 117782288 |
| Schlumberger N.V.<sup>(c)</sup> | 3503522 | &nbsp;&nbsp; 116492107 |
| Targa Resources Corp. | 750253 | &nbsp;&nbsp; 128218238 |
| Texas Pacific Land Corp.<sup>(c)</sup> | 104127 | &nbsp;&nbsp; 134206166 |
| Valero Energy Corp.<sup>(c)</sup> | 1120976 | &nbsp;&nbsp; 130134104 |
| Williams Cos., Inc. (The) | 2493916 | &nbsp;&nbsp; 146068660 |
|  |  | &nbsp;&nbsp; 2938923898 |
| **Financials-14.67%** | **Financials-14.67%** | **Financials-14.67%** |
| Aflac, Inc.<sup>(c)</sup> | 1341106 | &nbsp;&nbsp; 145751400 |
| Allstate Corp. (The) | 708339 | &nbsp;&nbsp; 140527374 |
| American Express Co. | 538532 | &nbsp;&nbsp; 143470310 |
| American International Group, Inc. | 1746961 | &nbsp;&nbsp; 142412261 |
| Ameriprise Financial, Inc. | 292334 | &nbsp;&nbsp; 137695161 |
| Aon PLC, Class A | 352572 | &nbsp;&nbsp; 125089020 |
| Apollo Global Management, Inc.<sup>(c)</sup> | 1040066 | &nbsp;&nbsp; 141948208 |
| Arch Capital Group Ltd. | 1574900 | &nbsp;&nbsp; 142811932 |
| Arthur J. Gallagher & Co. | 432387 | &nbsp;&nbsp; 138662187 |
| Assurant, Inc. | 696920 | &nbsp;&nbsp; 134324361 |
| Bank of America Corp. | 3521005 | &nbsp;&nbsp; 140417679 |
| Bank of New York Mellon Corp. (The) | 1737500 | &nbsp;&nbsp; 139712375 |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 283274 | &nbsp;&nbsp; 151055860 |
| BlackRock, Inc. | 154339 | &nbsp;&nbsp; 141105974 |
| Blackstone, Inc., Class A | 998475 | &nbsp;&nbsp; 131509142 |
| Brown & Brown, Inc. | 1197273 | &nbsp;&nbsp; 132418394 |
| Capital One Financial Corp.<sup>(c)</sup> | 823819 | &nbsp;&nbsp; 148501613 |
| Cboe Global Markets, Inc. | 673561 | &nbsp;&nbsp; 149395830 |
| Charles Schwab Corp. (The) | 1891817 | &nbsp;&nbsp; 153993904 |
| Chubb Ltd. | 494457 | &nbsp;&nbsp; 141454259 |
| Cincinnati Financial Corp. | 1002640 | &nbsp;&nbsp; 139577514 |
| Citigroup, Inc. | 2068016 | &nbsp;&nbsp; 141410934 |
| Citizens Financial Group, Inc. | 3467194 | &nbsp;&nbsp; 127904787 |
| CME Group, Inc., Class A | 547043 | &nbsp;&nbsp; 151574674 |
| Corpay, Inc.<sup>(b)(c)</sup> | 420265 | &nbsp;&nbsp; 136741623 |
| Discover Financial Services | 857940 | &nbsp;&nbsp; 156719900 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Erie Indemnity Co., Class A<sup>(c)</sup> | 335166 | &nbsp;&nbsp; $120197231 |
| Everest Group Ltd. | 403729 | &nbsp;&nbsp; 144870077 |
| FactSet Research Systems, Inc.<sup>(c)</sup> | 326625 | &nbsp;&nbsp; 141173858 |
| Fidelity National Information Services, <br> Inc.<br>| 2061273 | &nbsp;&nbsp; 162593214 |
| Fifth Third Bancorp | 3641832 | &nbsp;&nbsp; 130887442 |
| Fiserv, Inc.<sup>(b)</sup> | 664471 | &nbsp;&nbsp; 122641412 |
| Franklin Resources, Inc.<sup>(c)</sup> | 7304412 | &nbsp;&nbsp; 137030769 |
| Global Payments, Inc. | 1510314 | &nbsp;&nbsp; 115252061 |
| Globe Life, Inc. | 1147617 | &nbsp;&nbsp; 141547081 |
| Goldman Sachs Group, Inc. (The) | 262526 | &nbsp;&nbsp; 143746111 |
| Hartford Insurance Group, Inc. (The) | 1212865 | &nbsp;&nbsp; 148782150 |
| Huntington Bancshares, Inc. | 9657777 | &nbsp;&nbsp; 140327500 |
| Intercontinental Exchange, Inc. | 830219 | &nbsp;&nbsp; 139451885 |
| Invesco Ltd.<sup>(d)</sup> | 9201133 | &nbsp;&nbsp; 128171783 |
| Jack Henry & Associates, Inc.<sup>(c)</sup> | 810909 | &nbsp;&nbsp; 140635948 |
| JPMorgan Chase & Co. | 616339 | &nbsp;&nbsp; 150768846 |
| KeyCorp | 9064365 | &nbsp;&nbsp; 134515177 |
| KKR & Co., Inc., Class A | 1227737 | &nbsp;&nbsp; 140293507 |
| Loews Corp.<sup>(c)</sup> | 1671675 | &nbsp;&nbsp; 145151540 |
| M&T Bank Corp. | 816609 | &nbsp;&nbsp; 138627544 |
| MarketAxess Holdings, Inc. | 679076 | &nbsp;&nbsp; 150476451 |
| Marsh & McLennan Cos., Inc. | 610958 | &nbsp;&nbsp; 137752700 |
| Mastercard, Inc., Class A | 267980 | &nbsp;&nbsp; 146869119 |
| MetLife, Inc. | 1772127 | &nbsp;&nbsp; 133565212 |
| Moody's Corp. | 317637 | &nbsp;&nbsp; 143927677 |
| Morgan Stanley | 1231175 | &nbsp;&nbsp; 142102218 |
| MSCI, Inc. | 257772 | &nbsp;&nbsp; 140514095 |
| Nasdaq, Inc. | 1923951 | &nbsp;&nbsp; 146624306 |
| Northern Trust Corp. | 1428362 | &nbsp;&nbsp; 134237461 |
| PayPal Holdings, Inc.<sup>(b)</sup> | 2044738 | &nbsp;&nbsp; 134625550 |
| PNC Financial Services Group, Inc. <br> (The)<br>| 820495 | &nbsp;&nbsp; 131845342 |
| Principal Financial Group, Inc. | 1710667 | &nbsp;&nbsp; 126845958 |
| Progressive Corp. (The) | 506014 | &nbsp;&nbsp; 142564384 |
| Prudential Financial, Inc. | 1322648 | &nbsp;&nbsp; 135849176 |
| Raymond James Financial, Inc. | 993565 | &nbsp;&nbsp; 136158148 |
| Regions Financial Corp. | 6667607 | &nbsp;&nbsp; 136085859 |
| S&P Global, Inc. | 293593 | &nbsp;&nbsp; 146811180 |
| State Street Corp. | 1638395 | &nbsp;&nbsp; 144342599 |
| Synchrony Financial | 2617478 | &nbsp;&nbsp; 135977982 |
| T. Rowe Price Group, Inc.<sup>(c)</sup> | 1504365 | &nbsp;&nbsp; 133211521 |
| Travelers Cos., Inc. (The) | 557304 | &nbsp;&nbsp; 147200706 |
| Truist Financial Corp. | 3522111 | &nbsp;&nbsp; 135037736 |
| U.S. Bancorp | 3368977 | &nbsp;&nbsp; 135904532 |
| Visa, Inc., Class A<sup>(c)</sup> | 421959 | &nbsp;&nbsp; 145786834 |
| W.R. Berkley Corp. | 2281612 | &nbsp;&nbsp; 163568764 |
| Wells Fargo & Co. | 2038645 | &nbsp;&nbsp; 144764181 |
| Willis Towers Watson PLC | 437492 | &nbsp;&nbsp; 134660038 |
|  |  | &nbsp;&nbsp; 10230161541 |
| **Health Care-11.71%** | **Health Care-11.71%** | **Health Care-11.71%** |
| Abbott Laboratories | 1078621 | &nbsp;&nbsp; 141029696 |
| AbbVie, Inc. | 661701 | &nbsp;&nbsp; 129097865 |
| Agilent Technologies, Inc. | 1170855 | &nbsp;&nbsp; 125983998 |
| Align Technology, Inc.<sup>(b)(c)</sup> | 853153 | &nbsp;&nbsp; 147851415 |
| Amgen, Inc. | 449325 | &nbsp;&nbsp; 130717629 |
| Baxter International, Inc.<sup>(c)</sup> | 4077756 | &nbsp;&nbsp; 127103654 |
| Becton, Dickinson and Co. | 626977 | &nbsp;&nbsp; 129840667 |
| Biogen, Inc.<sup>(b)</sup> | 1000984 | &nbsp;&nbsp; 121199143 |

---

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

------

**4**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight ETF (RSP)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Bio-Techne Corp.<sup>(c)</sup> | 2329364 | &nbsp;&nbsp; $117283477 |
| Boston Scientific Corp.<sup>(b)</sup> | 1456387 | &nbsp;&nbsp; 149818531 |
| Bristol-Myers Squibb Co. | 2346026 | &nbsp;&nbsp; 117770505 |
| Cardinal Health, Inc. | 1107042 | &nbsp;&nbsp; 156413964 |
| Cencora, Inc. | 552982 | &nbsp;&nbsp; 161841242 |
| Centene Corp.<sup>(b)</sup> | 2402280 | &nbsp;&nbsp; 143776458 |
| Charles River Laboratories <br> International, Inc.<sup>(b)(c)</sup><br>| 822528 | &nbsp;&nbsp; 97568271 |
| Cigna Group (The) | 451549 | &nbsp;&nbsp; 153544722 |
| Cooper Cos., Inc. (The)<sup>(b)</sup> | 1777078 | &nbsp;&nbsp; 145133960 |
| CVS Health Corp. | 2165238 | &nbsp;&nbsp; 144443027 |
| Danaher Corp. | 685028 | &nbsp;&nbsp; 136546631 |
| DaVita, Inc.<sup>(b)(c)</sup> | 984432 | &nbsp;&nbsp; 139346350 |
| DexCom, Inc.<sup>(b)</sup> | 1983031 | &nbsp;&nbsp; 141548753 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 2050464 | &nbsp;&nbsp; 154789527 |
| Elevance Health, Inc. | 341799 | &nbsp;&nbsp; 143753823 |
| Eli Lilly and Co. | 170976 | &nbsp;&nbsp; 153698875 |
| GE HealthCare Technologies, Inc. | 1674528 | &nbsp;&nbsp; 117769554 |
| Gilead Sciences, Inc. | 1230924 | &nbsp;&nbsp; 131142643 |
| HCA Healthcare, Inc. | 448899 | &nbsp;&nbsp; 154906067 |
| Henry Schein, Inc.<sup>(b)(c)</sup> | 2006162 | &nbsp;&nbsp; 130340345 |
| Hologic, Inc.<sup>(b)(c)</sup> | 2298166 | &nbsp;&nbsp; 133753261 |
| Humana, Inc. | 563880 | &nbsp;&nbsp; 147871891 |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 340701 | &nbsp;&nbsp; 147404288 |
| Incyte Corp.<sup>(b)</sup> | 2071757 | &nbsp;&nbsp; 129816294 |
| Insulet Corp.<sup>(b)</sup> | 565434 | &nbsp;&nbsp; 142653344 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 282321 | &nbsp;&nbsp; 145621172 |
| IQVIA Holdings, Inc.<sup>(b)</sup> | 756851 | &nbsp;&nbsp; 117364885 |
| Johnson & Johnson | 862255 | &nbsp;&nbsp; 134779079 |
| Labcorp Holdings, Inc.<sup>(c)</sup> | 593269 | &nbsp;&nbsp; 142983762 |
| McKesson Corp. | 219521 | &nbsp;&nbsp; 156472374 |
| Medtronic PLC | 1533408 | &nbsp;&nbsp; 129971662 |
| Merck & Co., Inc. | 1503229 | &nbsp;&nbsp; 128075111 |
| Mettler-Toledo International, Inc.<sup>(b)</sup> | 115455 | &nbsp;&nbsp; 123602659 |
| Moderna, Inc.<sup>(b)(c)</sup> | 4007953 | &nbsp;&nbsp; 114386979 |
| Molina Healthcare, Inc.<sup>(b)</sup> | 445889 | &nbsp;&nbsp; 145810162 |
| Pfizer, Inc. | 5457772 | &nbsp;&nbsp; 133224214 |
| Quest Diagnostics, Inc. | 844177 | &nbsp;&nbsp; 150449225 |
| Regeneron Pharmaceuticals, Inc. | 203489 | &nbsp;&nbsp; 121841074 |
| ResMed, Inc. | 637993 | &nbsp;&nbsp; 150942764 |
| Revvity, Inc.<sup>(c)</sup> | 1258095 | &nbsp;&nbsp; 117543816 |
| Solventum Corp.<sup>(b)</sup> | 1895921 | &nbsp;&nbsp; 125358297 |
| STERIS PLC | 626094 | &nbsp;&nbsp; 140708366 |
| Stryker Corp. | 386160 | &nbsp;&nbsp; 144392947 |
| Thermo Fisher Scientific, Inc. | 273839 | &nbsp;&nbsp; 117476931 |
| UnitedHealth Group, Inc.<sup>(c)</sup> | 291853 | &nbsp;&nbsp; 120079998 |
| Universal Health Services, Inc., <br> Class B<br>| 843147 | &nbsp;&nbsp; 149296039 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 283494 | &nbsp;&nbsp; 144440193 |
| Viatris, Inc. | 15185874 | &nbsp;&nbsp; 127865059 |
| Waters Corp.<sup>(b)(c)</sup> | 376088 | &nbsp;&nbsp; 130777080 |
| West Pharmaceutical Services, Inc. | 625823 | &nbsp;&nbsp; 132230142 |
| Zimmer Biomet Holdings, Inc. | 1350748 | &nbsp;&nbsp; 139194581 |
| Zoetis, Inc. | 867885 | &nbsp;&nbsp; 135737214 |
|  |  | &nbsp;&nbsp; 8166385655 |
| **Industrials-15.77%** | **Industrials-15.77%** | **Industrials-15.77%** |
| 3M Co. | 933861 | &nbsp;&nbsp; 129722632 |
| A.O. Smith Corp. | 2140757 | &nbsp;&nbsp; 145271770 |
| Allegion PLC<sup>(c)</sup> | 1133083 | &nbsp;&nbsp; 157725154 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| AMETEK, Inc. | 791870 | &nbsp;&nbsp; $134285315 |
| Automatic Data Processing, Inc. | 477364 | &nbsp;&nbsp; 143495618 |
| Axon Enterprise, Inc.<sup>(b)</sup> | 251715 | &nbsp;&nbsp; 154376810 |
| Boeing Co. (The)<sup>(b)</sup> | 884396 | &nbsp;&nbsp; 162056723 |
| Broadridge Financial Solutions, Inc. | 623785 | &nbsp;&nbsp; 151205484 |
| Builders FirstSource, Inc.<sup>(b)(c)</sup> | 1083946 | &nbsp;&nbsp; 129672460 |
| C.H. Robinson Worldwide, Inc. | 1458981 | &nbsp;&nbsp; 130170285 |
| Carrier Global Corp. | 2144547 | &nbsp;&nbsp; 134119969 |
| Caterpillar, Inc. | 414998 | &nbsp;&nbsp; 128346431 |
| Cintas Corp. | 730903 | &nbsp;&nbsp; 154717547 |
| Copart, Inc.<sup>(b)</sup> | 2648828 | &nbsp;&nbsp; 161657973 |
| CSX Corp. | 4748494 | &nbsp;&nbsp; 133290227 |
| Cummins, Inc. | 424743 | &nbsp;&nbsp; 124806483 |
| Dayforce, Inc.<sup>(b)(c)</sup> | 2632858 | &nbsp;&nbsp; 152363492 |
| Deere & Co. | 298132 | &nbsp;&nbsp; 138202070 |
| Delta Air Lines, Inc. | 3097522 | &nbsp;&nbsp; 128949841 |
| Dover Corp. | 771961 | &nbsp;&nbsp; 131735145 |
| Eaton Corp. PLC | 480740 | &nbsp;&nbsp; 141515434 |
| Emerson Electric Co.<sup>(c)</sup> | 1265865 | &nbsp;&nbsp; 133055070 |
| Equifax, Inc. | 587024 | &nbsp;&nbsp; 152702553 |
| Expeditors International of <br> Washington, Inc.<br>| 1198287 | &nbsp;&nbsp; 131703724 |
| Fastenal Co. | 1847882 | &nbsp;&nbsp; 149623006 |
| FedEx Corp. | 576222 | &nbsp;&nbsp; 121196773 |
| Fortive Corp.<sup>(c)</sup> | 1899279 | &nbsp;&nbsp; 132360754 |
| GE Vernova, Inc. | 470375 | &nbsp;&nbsp; 174424457 |
| Generac Holdings, Inc.<sup>(b)</sup> | 1068902 | &nbsp;&nbsp; 122261011 |
| General Dynamics Corp. | 540047 | &nbsp;&nbsp; 146957590 |
| General Electric Co. | 720545 | &nbsp;&nbsp; 145218639 |
| Honeywell International, Inc. | 680178 | &nbsp;&nbsp; 143177469 |
| Howmet Aerospace, Inc. | 1097525 | &nbsp;&nbsp; 152095015 |
| Hubbell, Inc. | 419599 | &nbsp;&nbsp; 152389965 |
| Huntington Ingalls Industries, Inc. | 732699 | &nbsp;&nbsp; 168769888 |
| IDEX Corp. | 771915 | &nbsp;&nbsp; 134290053 |
| Illinois Tool Works, Inc. | 558674 | &nbsp;&nbsp; 134031479 |
| Ingersoll Rand, Inc. | 1721833 | &nbsp;&nbsp; 129877863 |
| J.B. Hunt Transport Services, Inc. | 908507 | &nbsp;&nbsp; 118632844 |
| Jacobs Solutions, Inc. | 1153724 | &nbsp;&nbsp; 142831031 |
| Johnson Controls International PLC | 1784707 | &nbsp;&nbsp; 149736917 |
| L3Harris Technologies, Inc. | 672105 | &nbsp;&nbsp; 147876542 |
| Leidos Holdings, Inc. | 1051148 | &nbsp;&nbsp; 154707963 |
| Lennox International, Inc. | 246499 | &nbsp;&nbsp; 134773328 |
| Lockheed Martin Corp. | 304483 | &nbsp;&nbsp; 145466753 |
| Masco Corp. | 1972648 | &nbsp;&nbsp; 119562195 |
| Nordson Corp. | 686277 | &nbsp;&nbsp; 130097531 |
| Norfolk Southern Corp. | 607927 | &nbsp;&nbsp; 136206044 |
| Northrop Grumman Corp. | 295690 | &nbsp;&nbsp; 143853185 |
| Old Dominion Freight Line, Inc. | 853354 | &nbsp;&nbsp; 130802101 |
| Otis Worldwide Corp. | 1405468 | &nbsp;&nbsp; 135304404 |
| PACCAR, Inc. | 1371295 | &nbsp;&nbsp; 123704522 |
| Parker-Hannifin Corp. | 229080 | &nbsp;&nbsp; 138607145 |
| Paychex, Inc.<sup>(c)</sup> | 968469 | &nbsp;&nbsp; 142481159 |
| Paycom Software, Inc.<sup>(c)</sup> | 680138 | &nbsp;&nbsp; 153976442 |
| Pentair PLC | 1641529 | &nbsp;&nbsp; 148935926 |
| Quanta Services, Inc. | 563939 | &nbsp;&nbsp; 165059306 |
| Republic Services, Inc. | 608955 | &nbsp;&nbsp; 152695466 |
| Rockwell Automation, Inc. | 535601 | &nbsp;&nbsp; 132657656 |
| Rollins, Inc. | 2777410 | &nbsp;&nbsp; 158673433 |
| RTX Corp. | 1097240 | &nbsp;&nbsp; 138394881 |
| Snap-on, Inc.<sup>(c)</sup> | 431675 | &nbsp;&nbsp; 135463932 |

---

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

------

**5**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight ETF (RSP)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Southwest Airlines Co.<sup>(c)</sup> | 4661699 | &nbsp;&nbsp; $130341104 |
| Stanley Black & Decker, Inc.<sup>(c)</sup> | 1728881 | &nbsp;&nbsp; 103767438 |
| Textron, Inc. | 1929503 | &nbsp;&nbsp; 135779126 |
| Trane Technologies PLC | 413763 | &nbsp;&nbsp; 158599496 |
| TransDigm Group, Inc. | 105903 | &nbsp;&nbsp; 149648352 |
| Uber Technologies, Inc.<sup>(b)</sup> | 1972047 | &nbsp;&nbsp; 159755527 |
| Union Pacific Corp. | 591403 | &nbsp;&nbsp; 127541971 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 1936473 | &nbsp;&nbsp; 133268072 |
| United Parcel Service, Inc., Class B | 1217271 | &nbsp;&nbsp; 116005926 |
| United Rentals, Inc. | 230496 | &nbsp;&nbsp; 145546699 |
| Veralto Corp. | 1471385 | &nbsp;&nbsp; 141105822 |
| Verisk Analytics, Inc. | 487451 | &nbsp;&nbsp; 144495100 |
| W.W. Grainger, Inc. | 144981 | &nbsp;&nbsp; 148505488 |
| Wabtec Corp. | 798426 | &nbsp;&nbsp; 147501219 |
| Waste Management, Inc. | 630154 | &nbsp;&nbsp; 147052737 |
| Xylem, Inc. | 1142104 | &nbsp;&nbsp; 137703479 |
|  |  | &nbsp;&nbsp; 10998940434 |
| **Information Technology-13.79%** | **Information Technology-13.79%** | **Information Technology-13.79%** |
| Accenture PLC, Class A (Ireland) | 432854 | &nbsp;&nbsp; 129488274 |
| Adobe, Inc.<sup>(b)</sup> | 319856 | &nbsp;&nbsp; 119939603 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 1392113 | &nbsp;&nbsp; 135522201 |
| Akamai Technologies, Inc.<sup>(b)</sup> | 1763695 | &nbsp;&nbsp; 142118543 |
| Amphenol Corp., Class A | 2234826 | &nbsp;&nbsp; 171969861 |
| Analog Devices, Inc. | 680091 | &nbsp;&nbsp; 132563338 |
| ANSYS, Inc.<sup>(b)(c)</sup> | 442211 | &nbsp;&nbsp; 142338877 |
| Apple, Inc. | 647093 | &nbsp;&nbsp; 137507262 |
| Applied Materials, Inc. | 941991 | &nbsp;&nbsp; 141967464 |
| Arista Networks, Inc.<sup>(b)</sup> | 1748587 | &nbsp;&nbsp; 143856252 |
| Autodesk, Inc.<sup>(b)</sup> | 557768 | &nbsp;&nbsp; 152967874 |
| Broadcom, Inc. | 722858 | &nbsp;&nbsp; 139128479 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 587052 | &nbsp;&nbsp; 174788862 |
| CDW Corp. | 842025 | &nbsp;&nbsp; 135195534 |
| Cisco Systems, Inc. | 2320882 | &nbsp;&nbsp; 133984518 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 1765059 | &nbsp;&nbsp; 129855391 |
| Corning, Inc. | 3090682 | &nbsp;&nbsp; 137164467 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 405111 | &nbsp;&nbsp; 173739955 |
| Dell Technologies, Inc., Class C | 1483580 | &nbsp;&nbsp; 136133301 |
| Enphase Energy, Inc.<sup>(b)</sup> | 2399434 | &nbsp;&nbsp; 106990762 |
| EPAM Systems, Inc.<sup>(b)(c)</sup> | 741593 | &nbsp;&nbsp; 116363358 |
| F5, Inc.<sup>(b)</sup> | 527712 | &nbsp;&nbsp; 139706475 |
| Fair Isaac Corp.<sup>(b)</sup> | 78955 | &nbsp;&nbsp; 157095184 |
| First Solar, Inc.<sup>(b)(c)</sup> | 1032210 | &nbsp;&nbsp; 129872662 |
| Fortinet, Inc.<sup>(b)</sup> | 1433775 | &nbsp;&nbsp; 148768494 |
| Gartner, Inc.<sup>(b)</sup> | 305695 | &nbsp;&nbsp; 128722051 |
| Gen Digital, Inc. | 5255433 | &nbsp;&nbsp; 135958052 |
| GoDaddy, Inc., Class A<sup>(b)(c)</sup> | 805244 | &nbsp;&nbsp; 151651603 |
| Hewlett Packard Enterprise Co. | 9305211 | &nbsp;&nbsp; 150930522 |
| HP, Inc. | 4928482 | &nbsp;&nbsp; 126021285 |
| Intel Corp. | 6794669 | &nbsp;&nbsp; 136572847 |
| International Business Machines Corp. | 562417 | &nbsp;&nbsp; 136003679 |
| Intuit, Inc. | 237638 | &nbsp;&nbsp; 149110716 |
| Jabil, Inc.<sup>(c)</sup> | 1047177 | &nbsp;&nbsp; 153474261 |
| Juniper Networks, Inc. | 3945947 | &nbsp;&nbsp; 143316795 |
| Keysight Technologies, Inc.<sup>(b)</sup> | 939744 | &nbsp;&nbsp; 136638778 |
| KLA Corp. | 206379 | &nbsp;&nbsp; 145020459 |
| Lam Research Corp. | 1832150 | &nbsp;&nbsp; 131310190 |
| Microchip Technology, Inc. | 2703496 | &nbsp;&nbsp; 124577096 |
| Micron Technology, Inc.<sup>(c)</sup> | 1467029 | &nbsp;&nbsp; 112887882 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Microsoft Corp. | 366332 | &nbsp;&nbsp; $144796386 |
| Monolithic Power Systems, Inc.<sup>(c)</sup> | 240826 | &nbsp;&nbsp; 142833901 |
| Motorola Solutions, Inc. | 340311 | &nbsp;&nbsp; 149869561 |
| NetApp, Inc.<sup>(c)</sup> | 1533746 | &nbsp;&nbsp; 137653703 |
| NVIDIA Corp.<sup>(c)</sup> | 1213323 | &nbsp;&nbsp; 132155141 |
| NXP Semiconductors N.V. <br> (Netherlands)<br>| 687349 | &nbsp;&nbsp; 126685294 |
| ON Semiconductor Corp.<sup>(b)</sup> | 3274707 | &nbsp;&nbsp; 130005868 |
| Oracle Corp. | 929811 | &nbsp;&nbsp; 130843004 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 1679382 | &nbsp;&nbsp; 198906004 |
| Palo Alto Networks, Inc.<sup>(b)(c)</sup> | 782366 | &nbsp;&nbsp; 146247676 |
| PTC, Inc.<sup>(b)(c)</sup> | 894334 | &nbsp;&nbsp; 138594940 |
| QUALCOMM, Inc. | 918382 | &nbsp;&nbsp; 136342992 |
| Roper Technologies, Inc. | 247905 | &nbsp;&nbsp; 138846632 |
| Salesforce, Inc. | 493057 | &nbsp;&nbsp; 132489346 |
| Seagate Technology Holdings PLC<sup>(c)</sup> | 1617930 | &nbsp;&nbsp; 147280168 |
| ServiceNow, Inc.<sup>(b)</sup> | 166586 | &nbsp;&nbsp; 159091296 |
| Skyworks Solutions, Inc.<sup>(c)</sup> | 2068097 | &nbsp;&nbsp; 132937275 |
| Super Micro Computer, Inc.<sup>(b)(c)</sup> | 3303927 | &nbsp;&nbsp; 105263114 |
| Synopsys, Inc.<sup>(b)</sup> | 324663 | &nbsp;&nbsp; 149023564 |
| TE Connectivity PLC (Switzerland) | 981396 | &nbsp;&nbsp; 143656746 |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 289079 | &nbsp;&nbsp; 134719486 |
| Teradyne, Inc. | 1617743 | &nbsp;&nbsp; 120052708 |
| Texas Instruments, Inc. | 798720 | &nbsp;&nbsp; 127835136 |
| Trimble, Inc.<sup>(b)</sup> | 2082968 | &nbsp;&nbsp; 129435632 |
| Tyler Technologies, Inc.<sup>(b)</sup> | 246902 | &nbsp;&nbsp; 134141857 |
| VeriSign, Inc.<sup>(b)</sup> | 596520 | &nbsp;&nbsp; 168290222 |
| Western Digital Corp.<sup>(b)(c)</sup> | 3266266 | &nbsp;&nbsp; 143258427 |
| Workday, Inc., Class A<sup>(b)</sup> | 580638 | &nbsp;&nbsp; 142256310 |
| Zebra Technologies Corp., Class A<sup>(b)</sup> | 502657 | &nbsp;&nbsp; 125825100 |
|  |  | &nbsp;&nbsp; 9620560696 |
| **Materials-5.13%** | **Materials-5.13%** | **Materials-5.13%** |
| Air Products and Chemicals, Inc. | 476472 | &nbsp;&nbsp; 129166794 |
| Albemarle Corp.<sup>(c)</sup> | 1927102 | &nbsp;&nbsp; 112831822 |
| Amcor PLC<sup>(c)</sup> | 14141069 | &nbsp;&nbsp; 130097835 |
| Avery Dennison Corp. | 792545 | &nbsp;&nbsp; 135612375 |
| Ball Corp. | 2736909 | &nbsp;&nbsp; 142155053 |
| CF Industries Holdings, Inc. | 1808238 | &nbsp;&nbsp; 141711612 |
| Corteva, Inc. | 2379850 | &nbsp;&nbsp; 147526901 |
| Dow, Inc.<sup>(c)</sup> | 3924989 | &nbsp;&nbsp; 120065414 |
| DuPont de Nemours, Inc. | 1858530 | &nbsp;&nbsp; 122644395 |
| Eastman Chemical Co.<sup>(c)</sup> | 1518376 | &nbsp;&nbsp; 116914952 |
| Ecolab, Inc. | 550414 | &nbsp;&nbsp; 138390592 |
| Freeport-McMoRan, Inc. | 3820562 | &nbsp;&nbsp; 137654849 |
| International Flavors & Fragrances, <br> Inc.<br>| 1765151 | &nbsp;&nbsp; 138493747 |
| International Paper Co. | 2774001 | &nbsp;&nbsp; 126716366 |
| Linde PLC | 311327 | &nbsp;&nbsp; 141102736 |
| LyondellBasell Industries N.V., Class A | 1943763 | &nbsp;&nbsp; 113146444 |
| Martin Marietta Materials, Inc. | 302393 | &nbsp;&nbsp; 158447884 |
| Mosaic Co. (The) | 5686887 | &nbsp;&nbsp; 172881365 |
| Newmont Corp. | 3219742 | &nbsp;&nbsp; 169616009 |
| Nucor Corp. | 1072273 | &nbsp;&nbsp; 127997228 |
| Packaging Corp. of America | 711256 | &nbsp;&nbsp; 132016226 |
| PPG Industries, Inc. | 1264258 | &nbsp;&nbsp; 137627126 |
| Sherwin-Williams Co. (The) | 401325 | &nbsp;&nbsp; 141635619 |
| Smurfit WestRock PLC<sup>(c)</sup> | 3170991 | &nbsp;&nbsp; 133245042 |

---

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

------

**6**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight ETF (RSP)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-(continued)** | **Materials-(continued)** | **Materials-(continued)** |
| Steel Dynamics, Inc. | 1136621 | &nbsp;&nbsp; $147431110 |
| Vulcan Materials Co. | 618284 | &nbsp;&nbsp; 162194442 |
|  |  | &nbsp;&nbsp; 3577323938 |
| **Real Estate-6.15%** | **Real Estate-6.15%** | **Real Estate-6.15%** |
| Alexandria Real Estate Equities, Inc.<sup>(c)</sup> | 1424129 | &nbsp;&nbsp; 103477213 |
| American Tower Corp. | 679964 | &nbsp;&nbsp; 153270685 |
| AvalonBay Communities, Inc. | 668582 | &nbsp;&nbsp; 140388848 |
| BXP, Inc.<sup>(c)</sup> | 2124562 | &nbsp;&nbsp; 135398336 |
| Camden Property Trust | 1186788 | &nbsp;&nbsp; 135056474 |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 1104333 | &nbsp;&nbsp; 134927406 |
| CoStar Group, Inc.<sup>(b)</sup> | 1833328 | &nbsp;&nbsp; 135977938 |
| Crown Castle, Inc. | 1473448 | &nbsp;&nbsp; 155831861 |
| Digital Realty Trust, Inc. | 925980 | &nbsp;&nbsp; 148656829 |
| Equinix, Inc. | 164265 | &nbsp;&nbsp; 141391099 |
| Equity Residential | 2037403 | &nbsp;&nbsp; 143147935 |
| Essex Property Trust, Inc. | 479358 | &nbsp;&nbsp; 133812786 |
| Extra Space Storage, Inc. | 941699 | &nbsp;&nbsp; 137977737 |
| Federal Realty Investment Trust | 1446906 | &nbsp;&nbsp; 136038102 |
| Healthpeak Properties, Inc. | 6946461 | &nbsp;&nbsp; 123924864 |
| Host Hotels & Resorts, Inc.<sup>(c)</sup> | 9286403 | &nbsp;&nbsp; 131124010 |
| Invitation Homes, Inc. | 4240833 | &nbsp;&nbsp; 144994080 |
| Iron Mountain, Inc. | 1625543 | &nbsp;&nbsp; 145762441 |
| Kimco Realty Corp. | 6733122 | &nbsp;&nbsp; 134527778 |
| Mid-America Apartment Communities, <br> Inc.<br>| 868025 | &nbsp;&nbsp; 138580191 |
| Prologis, Inc. | 1212538 | &nbsp;&nbsp; 123921384 |
| Public Storage | 462466 | &nbsp;&nbsp; 138938660 |
| Realty Income Corp. | 2491050 | &nbsp;&nbsp; 144132153 |
| Regency Centers Corp.<sup>(c)</sup> | 1951685 | &nbsp;&nbsp; 140872623 |
| SBA Communications Corp., Class A | 648769 | &nbsp;&nbsp; 157910375 |
| Simon Property Group, Inc. | 847317 | &nbsp;&nbsp; 133350749 |
| UDR, Inc.<sup>(c)</sup> | 3267895 | &nbsp;&nbsp; 136859443 |
| Ventas, Inc.<sup>(c)</sup> | 2116334 | &nbsp;&nbsp; 148312687 |
| VICI Properties, Inc.<sup>(c)</sup> | 4375729 | &nbsp;&nbsp; 140110843 |
| Welltower, Inc. | 952786 | &nbsp;&nbsp; 145385616 |
| Weyerhaeuser Co.<sup>(c)</sup> | 4793946 | &nbsp;&nbsp; 124211141 |
|  |  | &nbsp;&nbsp; 4288272287 |
| **Utilities-6.47%** | **Utilities-6.47%** | **Utilities-6.47%** |
| AES Corp. (The) | 11861039 | &nbsp;&nbsp; 118610390 |
| Alliant Energy Corp. | 2258183 | &nbsp;&nbsp; 137839490 |
| Ameren Corp. | 1440881 | &nbsp;&nbsp; 142993030 |
| American Electric Power Co., Inc. | 1363786 | &nbsp;&nbsp; 147752575 |
| American Water Works Co., Inc. | 996873 | &nbsp;&nbsp; 146550300 |
| Atmos Energy Corp.<sup>(c)</sup> | 954177 | &nbsp;&nbsp; 153269452 |
| CenterPoint Energy, Inc. | 4063992 | &nbsp;&nbsp; 157601610 |
| CMS Energy Corp. | 1972628 | &nbsp;&nbsp; 145284052 |
| Consolidated Edison, Inc. | 1368020 | &nbsp;&nbsp; 154244255 |
| Constellation Energy Corp. | 652005 | &nbsp;&nbsp; 145683997 |
| Dominion Energy, Inc.<sup>(c)</sup> | 2613946 | &nbsp;&nbsp; 142146383 |
| DTE Energy Co. | 1068917 | &nbsp;&nbsp; 146441629 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities-(continued)** | **Utilities-(continued)** | **Utilities-(continued)** |
| Duke Energy Corp. | 1203874 | &nbsp;&nbsp; $146896706 |
| Edison International | 2530976 | &nbsp;&nbsp; 135432526 |
| Entergy Corp. | 1699184 | &nbsp;&nbsp; 141321133 |
| Evergy, Inc. | 2117937 | &nbsp;&nbsp; 146349447 |
| Eversource Energy<sup>(c)</sup> | 2363755 | &nbsp;&nbsp; 140596147 |
| Exelon Corp. | 3295500 | &nbsp;&nbsp; 154558950 |
| FirstEnergy Corp. | 3674698 | &nbsp;&nbsp; 157571050 |
| NextEra Energy, Inc. | 1924176 | &nbsp;&nbsp; 128688891 |
| NiSource, Inc. | 3596750 | &nbsp;&nbsp; 140668893 |
| NRG Energy, Inc. | 1518414 | &nbsp;&nbsp; 166387806 |
| PG&E Corp. | 8656641 | &nbsp;&nbsp; 143007709 |
| Pinnacle West Capital Corp.<sup>(c)</sup> | 1539178 | &nbsp;&nbsp; 146498962 |
| PPL Corp.<sup>(c)</sup> | 4133478 | &nbsp;&nbsp; 150871947 |
| Public Service Enterprise Group, Inc. | 1764573 | &nbsp;&nbsp; 141042320 |
| Sempra | 2036554 | &nbsp;&nbsp; 151254866 |
| Southern Co. (The) | 1583463 | &nbsp;&nbsp; 145504415 |
| Vistra Corp. | 1152531 | &nbsp;&nbsp; 149402594 |
| WEC Energy Group, Inc. | 1339896 | &nbsp;&nbsp; 146745410 |
| Xcel Energy, Inc.<sup>(c)</sup> | 2039529 | &nbsp;&nbsp; 144194700 |
|  |  | &nbsp;&nbsp; 4515411635 |
| Total Common Stocks & Other Equity Interests <br>(Cost $69,391,461,596) | Total Common Stocks & Other Equity Interests <br>(Cost $69,391,461,596) | &nbsp;&nbsp; 69613620018 |
| **Money Market Funds-0.12%** | **Money Market Funds-0.12%** | **Money Market Funds-0.12%** |
| Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.26%<sup>(d)(e)</sup> <br>(Cost $85,360,814)<br>| 85360814 | &nbsp;&nbsp; 85360814 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.93% <br>(Cost $69,476,822,410) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.93% <br>(Cost $69,476,822,410) | &nbsp;&nbsp; 69698980832 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-4.52%** | **Money Market Funds-4.52%** | **Money Market Funds-4.52%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 864508230 | &nbsp;&nbsp; 864508230 |
| Invesco Private Prime Fund, <br> 4.46%<sup>(d)(e)(f)</sup><br>| 2287601030 | &nbsp;&nbsp; 2288058550 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $3,152,735,441) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $3,152,735,441) | &nbsp;&nbsp; 3152566780 |
| TOTAL INVESTMENTS IN SECURITIES-104.45% <br>(Cost $72,629,557,851) | TOTAL INVESTMENTS IN SECURITIES-104.45% <br>(Cost $72,629,557,851) | &nbsp;&nbsp; 72851547612 |
| OTHER ASSETS LESS LIABILITIES-(4.45)% | OTHER ASSETS LESS LIABILITIES-(4.45)% | &nbsp;&nbsp; (3101053049)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $69750494563 |

---

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

------

**7**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight ETF (RSP)—(continued)**

April 30, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| Invesco Ltd. | &nbsp;&nbsp; $98740712 | &nbsp;&nbsp; $97680312 | &nbsp;&nbsp; $(60611370)<br>| &nbsp;&nbsp; $(1409698)<br>| &nbsp;&nbsp; $(6228173)<br>| &nbsp;&nbsp; $128171783 | &nbsp;&nbsp; $6457527 |
| **Investments** <br> **in Affiliated** <br> **Money** <br> **Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco <br> Government & <br> Agency <br> Portfolio, <br> Institutional <br> Class<br>| &nbsp;&nbsp; 13969194 | &nbsp;&nbsp; 1371107408 | &nbsp;&nbsp; (1299715788)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 85360814 | &nbsp;&nbsp; 1881273 |
| **Investments** <br> **Purchased** <br> **with Cash** <br> **Collateral** <br> **from** <br> **Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco <br> Private <br> Government <br> Fund<br>| &nbsp;&nbsp; 594742327 | &nbsp;&nbsp; 8460855732 | &nbsp;&nbsp; (8191089829)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 864508230 | &nbsp;&nbsp; 37,981,466<br> \*<br>|
| Invesco <br> Private Prime <br> Fund<br>| &nbsp;&nbsp; 1528068108 | &nbsp;&nbsp; 17150504957 | &nbsp;&nbsp; (16390324690)<br>| &nbsp;&nbsp; (10671)<br>| &nbsp;&nbsp; (179154)<br>| &nbsp;&nbsp; 2288058550 | &nbsp;&nbsp; 102,139,697<br> \*<br>|
| Total | &nbsp;&nbsp; $2235520341 | &nbsp;&nbsp; $27080148409 | &nbsp;&nbsp; $(25941741677)<br>| &nbsp;&nbsp; $(1420369)<br>| &nbsp;&nbsp; $(6407327)<br>| &nbsp;&nbsp; $3366099377 | &nbsp;&nbsp; $148459963 |

---

\* 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 April 30, 2025.

<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 2J. 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  |
| **Long Futures Contracts** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Notional**<br> **Value**<br>| **Value** | **Unrealized**<br> **Appreciation**<br>|
| **Equity Risk** |  |  |  |  |  |
| E-mini S&P 500 Equal Weight | &nbsp;&nbsp; 835 | June-2025 | &nbsp;&nbsp; $114854250 | &nbsp;&nbsp; $1186939 | &nbsp;&nbsp; $1186939 |

---

<sup>(a)</sup> Futures contracts collateralized by $19,505,695 cash held with Morgan Stanley & Co. LLC, the futures commission merchant.

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

------

**8**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Communication Services ETF (RSPC)**

April 30, 2025

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%** |
| **Diversified Telecommunication Services-13.98%** | **Diversified Telecommunication Services-13.98%** | **Diversified Telecommunication Services-13.98%** |
| AT&T, Inc. | 105362 | &nbsp;&nbsp; $2918527 |
| Frontier Communications Parent, Inc.<sup>(b)(c)</sup> | 75596 | &nbsp;&nbsp; 2740355 |
| Verizon Communications, Inc. | 63635 | &nbsp;&nbsp; 2803758 |
|  |  | &nbsp;&nbsp; 8462640 |
| **Entertainment-32.98%** | **Entertainment-32.98%** | **Entertainment-32.98%** |
| Electronic Arts, Inc. | 19909 | &nbsp;&nbsp; 2888597 |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup> | 22034 | &nbsp;&nbsp; 2918403 |
| Netflix, Inc.<sup>(b)</sup> | 2946 | &nbsp;&nbsp; 3334047 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 13188 | &nbsp;&nbsp; 3077024 |
| TKO Group Holdings, Inc.<sup>(c)</sup> | 18390 | &nbsp;&nbsp; 2995915 |
| Walt Disney Co. (The) | 27455 | &nbsp;&nbsp; 2497032 |
| Warner Bros. Discovery, Inc.<sup>(b)(c)</sup> | 259729 | &nbsp;&nbsp; 2251851 |
|  |  | &nbsp;&nbsp; 19962869 |
| **Interactive Media & Services-12.52%** | **Interactive Media & Services-12.52%** | **Interactive Media & Services-12.52%** |
| Alphabet, Inc., Class A | 8883 | &nbsp;&nbsp; 1410621 |
| Alphabet, Inc., Class C | 7226 | &nbsp;&nbsp; 1162591 |
| Match Group, Inc. | 88049 | &nbsp;&nbsp; 2611533 |
| Meta Platforms, Inc., Class A | 4366 | &nbsp;&nbsp; 2396934 |
|  |  | &nbsp;&nbsp; 7581679 |
| **Media-36.08%** | **Media-36.08%** | **Media-36.08%** |
| Charter Communications, Inc., Class A<sup>(b)</sup> | 7749 | &nbsp;&nbsp; 3036523 |
| Comcast Corp., Class A | 76929 | &nbsp;&nbsp; 2630972 |
| Fox Corp., Class A | 33169 | &nbsp;&nbsp; 1651485 |
| Fox Corp., Class B | 20076 | &nbsp;&nbsp; 928314 |
| Interpublic Group of Cos., Inc. (The) | 102726 | &nbsp;&nbsp; 2580477 |
| New York Times Co. (The), Class A<sup>(c)</sup> | 56510 | &nbsp;&nbsp; 2941911 |
| News Corp., Class A | 75490 | &nbsp;&nbsp; 2047289 |
| News Corp., Class B<sup>(c)</sup> | 22313 | &nbsp;&nbsp; 701074 |
| Omnicom Group, Inc.<sup>(c)</sup> | 33846 | &nbsp;&nbsp; 2577711 |
| Paramount Global, Class B<sup>(c)</sup> | 233725 | &nbsp;&nbsp; 2743932 |
|  |  | &nbsp;&nbsp; 21839688 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Wireless Telecommunication Services-4.32%** | **Wireless Telecommunication Services-4.32%** | **Wireless Telecommunication Services-4.32%** |
| T-Mobile US, Inc. | 10594 | &nbsp;&nbsp; $2616188 |
| Total Common Stocks & Other Equity Interests <br>(Cost $56,642,647) | Total Common Stocks & Other Equity Interests <br>(Cost $56,642,647) | &nbsp;&nbsp; 60463064 |
| **Money Market Funds-0.04%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $26,689)<br>| 26689 | &nbsp;&nbsp; 26689 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.92% <br>(Cost $56,669,336) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.92% <br>(Cost $56,669,336) | &nbsp;&nbsp; 60489753 |
| **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-14.12%** | **Money Market Funds-14.12%** | **Money Market Funds-14.12%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 2364647 | &nbsp;&nbsp; 2364647 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 6179282 | &nbsp;&nbsp; 6180518 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $8,545,171) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $8,545,171) | &nbsp;&nbsp; 8545165 |
| TOTAL INVESTMENTS IN SECURITIES-114.04% <br>(Cost $65,214,507) | TOTAL INVESTMENTS IN SECURITIES-114.04% <br>(Cost $65,214,507) | &nbsp;&nbsp; 69034918 |
| OTHER ASSETS LESS LIABILITIES-(14.04)% | OTHER ASSETS LESS LIABILITIES-(14.04)% | &nbsp;&nbsp; (8501228)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $60533690 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $907215 | &nbsp;&nbsp; $(880526)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $26689 | &nbsp;&nbsp; $1461 |

---

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

------

**9**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Communication Services ETF (RSPC)—(continued)**

April 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; $2841711 | &nbsp;&nbsp; $69919356 | &nbsp;&nbsp; $(70396420)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2364647 | &nbsp;&nbsp; $122,643<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 7440000 | &nbsp;&nbsp; 146133754 | &nbsp;&nbsp; (147393122)<br>| &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; (108)<br>| &nbsp;&nbsp; 6180518 | &nbsp;&nbsp; 323,682<br> \*<br>|
| Total | &nbsp;&nbsp; $10281711 | &nbsp;&nbsp; $216960325 | &nbsp;&nbsp; $(218670068)<br>| &nbsp;&nbsp; $(6)<br>| &nbsp;&nbsp; $(108)<br>| &nbsp;&nbsp; $8571854 | &nbsp;&nbsp; $447786 |

---

\* 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 April 30, 2025.

<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 2J. 

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

------

**10**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Consumer Discretionary ETF (RSPD)**

April 30, 2025

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%** |
| **Automobile Components-1.79%** | **Automobile Components-1.79%** | **Automobile Components-1.79%** |
| Aptiv PLC (Jersey)<sup>(b)</sup> | 60481 | &nbsp;&nbsp; $3451046 |
| **Automobiles-6.27%** | **Automobiles-6.27%** | **Automobiles-6.27%** |
| Ford Motor Co. | 402123 | &nbsp;&nbsp; 4025251 |
| General Motors Co. | 80507 | &nbsp;&nbsp; 3642137 |
| Tesla, Inc.<sup>(b)</sup> | 15540 | &nbsp;&nbsp; 4384766 |
|  |  | &nbsp;&nbsp; 12052154 |
| **Broadline Retail-3.96%** | **Broadline Retail-3.96%** | **Broadline Retail-3.96%** |
| Amazon.com, Inc.<sup>(b)</sup> | 19392 | &nbsp;&nbsp; 3576273 |
| eBay, Inc. | 59207 | &nbsp;&nbsp; 4035549 |
|  |  | &nbsp;&nbsp; 7611822 |
| **Distributors-5.51%** | **Distributors-5.51%** | **Distributors-5.51%** |
| Genuine Parts Co. | 31783 | &nbsp;&nbsp; 3736092 |
| LKQ Corp. | 90649 | &nbsp;&nbsp; 3463698 |
| Pool Corp.<sup>(c)</sup> | 11573 | &nbsp;&nbsp; 3392509 |
|  |  | &nbsp;&nbsp; 10592299 |
| **Hotels, Restaurants & Leisure-37.59%** | **Hotels, Restaurants & Leisure-37.59%** | **Hotels, Restaurants & Leisure-37.59%** |
| Airbnb, Inc., Class A<sup>(b)</sup> | 30469 | &nbsp;&nbsp; 3714781 |
| Booking Holdings, Inc. | 878 | &nbsp;&nbsp; 4477168 |
| Caesars Entertainment, Inc.<sup>(b)</sup> | 141156 | &nbsp;&nbsp; 3819681 |
| Carnival Corp.<sup>(b)(c)</sup> | 197763 | &nbsp;&nbsp; 3626973 |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 77050 | &nbsp;&nbsp; 3892566 |
| Darden Restaurants, Inc. | 20313 | &nbsp;&nbsp; 4075600 |
| Domino's Pizza, Inc. | 8793 | &nbsp;&nbsp; 4311823 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 20548 | &nbsp;&nbsp; 3963504 |
| Expedia Group, Inc. | 23732 | &nbsp;&nbsp; 3724263 |
| Hilton Worldwide Holdings, Inc. | 16884 | &nbsp;&nbsp; 3807005 |
| Las Vegas Sands Corp. | 90125 | &nbsp;&nbsp; 3304883 |
| Marriott International, Inc., Class A | 15819 | &nbsp;&nbsp; 3774097 |
| McDonald's Corp. | 12878 | &nbsp;&nbsp; 4116453 |
| MGM Resorts International<sup>(b)(c)</sup> | 124435 | &nbsp;&nbsp; 3914725 |
| Norwegian Cruise Line Holdings Ltd.<sup>(b)</sup> | 202860 | &nbsp;&nbsp; 3251846 |
| Royal Caribbean Cruises Ltd. | 18600 | &nbsp;&nbsp; 3997326 |
| Starbucks Corp. | 39079 | &nbsp;&nbsp; 3128274 |
| Wynn Resorts Ltd. | 45010 | &nbsp;&nbsp; 3614753 |
| Yum! Brands, Inc. | 24972 | &nbsp;&nbsp; 3756788 |
|  |  | &nbsp;&nbsp; 72272509 |
| **Household Durables-11.36%** | **Household Durables-11.36%** | **Household Durables-11.36%** |
| D.R. Horton, Inc. | 29973 | &nbsp;&nbsp; 3786789 |
| Garmin Ltd. | 17879 | &nbsp;&nbsp; 3341049 |
| Lennar Corp., Class A | 32419 | &nbsp;&nbsp; 3521027 |
| Mohawk Industries, Inc.<sup>(b)</sup> | 33999 | &nbsp;&nbsp; 3615794 |
| NVR, Inc.<sup>(b)</sup> | 528 | &nbsp;&nbsp; 3762396 |
| PulteGroup, Inc. | 37247 | &nbsp;&nbsp; 3820797 |
|  |  | &nbsp;&nbsp; 21847852 |
| **Leisure Products-2.01%** | **Leisure Products-2.01%** | **Leisure Products-2.01%** |
| Hasbro, Inc. | 62336 | &nbsp;&nbsp; 3858599 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Specialty Retail-22.43%** | **Specialty Retail-22.43%** | **Specialty Retail-22.43%** |
| AutoZone, Inc.<sup>(b)</sup> | 1085 | &nbsp;&nbsp; $4082421 |
| Best Buy Co., Inc. | 53089 | &nbsp;&nbsp; 3540505 |
| CarMax, Inc.<sup>(b)</sup> | 53164 | &nbsp;&nbsp; 3438116 |
| Home Depot, Inc. (The) | 10572 | &nbsp;&nbsp; 3811100 |
| Lowe's Cos., Inc. | 16889 | &nbsp;&nbsp; 3775705 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 2952 | &nbsp;&nbsp; 4177670 |
| Ross Stores, Inc. | 30476 | &nbsp;&nbsp; 4236164 |
| TJX Cos., Inc. (The) | 33435 | &nbsp;&nbsp; 4302416 |
| Tractor Supply Co.<sup>(c)</sup> | 73654 | &nbsp;&nbsp; 3728366 |
| Ulta Beauty, Inc.<sup>(b)</sup> | 11711 | &nbsp;&nbsp; 4633340 |
| Williams-Sonoma, Inc. | 22050 | &nbsp;&nbsp; 3406064 |
|  |  | &nbsp;&nbsp; 43131867 |
| **Textiles, Apparel & Luxury Goods-9.06%** | **Textiles, Apparel & Luxury Goods-9.06%** | **Textiles, Apparel & Luxury Goods-9.06%** |
| Deckers Outdoor Corp.<sup>(b)</sup> | 31716 | &nbsp;&nbsp; 3515084 |
| lululemon athletica, inc.<sup>(b)</sup> | 12185 | &nbsp;&nbsp; 3299333 |
| NIKE, Inc., Class B | 52413 | &nbsp;&nbsp; 2956093 |
| Ralph Lauren Corp. | 17116 | &nbsp;&nbsp; 3850244 |
| Tapestry, Inc. | 53791 | &nbsp;&nbsp; 3800334 |
|  |  | &nbsp;&nbsp; 17421088 |
| Total Common Stocks & Other Equity Interests <br>(Cost $215,980,698) | Total Common Stocks & Other Equity Interests <br>(Cost $215,980,698) | &nbsp;&nbsp; 192239236 |
| **Money Market Funds-0.01%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $14,183)<br>| 14183 | &nbsp;&nbsp; 14183 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.99% <br>(Cost $215,994,881) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.99% <br>(Cost $215,994,881) | &nbsp;&nbsp; 192253419 |
| **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-7.16%** | **Money Market Funds-7.16%** | **Money Market Funds-7.16%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 3832009 | &nbsp;&nbsp; 3832009 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 9937510 | &nbsp;&nbsp; 9939498 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $13,771,508) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $13,771,508) | &nbsp;&nbsp; 13771507 |
| TOTAL INVESTMENTS IN SECURITIES-107.15% <br>(Cost $229,766,389) | TOTAL INVESTMENTS IN SECURITIES-107.15% <br>(Cost $229,766,389) | &nbsp;&nbsp; 206024926 |
| OTHER ASSETS LESS LIABILITIES-(7.15)% | OTHER ASSETS LESS LIABILITIES-(7.15)% | &nbsp;&nbsp; (13749977)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $192274949 |

---

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

------

**11**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Consumer Discretionary ETF (RSPD)—(continued)**

April 30, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $63198 | &nbsp;&nbsp; $4355756 | &nbsp;&nbsp; $(4404771)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $14183 | &nbsp;&nbsp; $6929 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 6387148 | &nbsp;&nbsp; 137165029 | &nbsp;&nbsp; (139720168)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 3832009 | &nbsp;&nbsp; 230,254<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 17261864 | &nbsp;&nbsp; 230630939 | &nbsp;&nbsp; (237951006)<br>| &nbsp;&nbsp; 1527 | &nbsp;&nbsp; (3826)<br>| &nbsp;&nbsp; 9939498 | &nbsp;&nbsp; 610,834<br> \*<br>|
| Total | &nbsp;&nbsp; $23712210 | &nbsp;&nbsp; $372151724 | &nbsp;&nbsp; $(382075945)<br>| &nbsp;&nbsp; $1527 | &nbsp;&nbsp; $(3826)<br>| &nbsp;&nbsp; $13785690 | &nbsp;&nbsp; $848017 |

---

\* 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 April 30, 2025.

<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 2J. 

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

------

**12**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Consumer Staples ETF (RSPS)**

April 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.87%** | **Common Stocks & Other Equity Interests-99.87%** | **Common Stocks & Other Equity Interests-99.87%** |
| **Beverages-18.36%** | **Beverages-18.36%** | **Beverages-18.36%** |
| Brown-Forman Corp., Class B<sup>(b)</sup> | 204006 | &nbsp;&nbsp; $7107569 |
| Coca-Cola Co. (The) | 99748 | &nbsp;&nbsp; 7236718 |
| Constellation Brands, Inc., Class A<sup>(b)</sup> | 37919 | &nbsp;&nbsp; 7111329 |
| Keurig Dr Pepper, Inc. | 212617 | &nbsp;&nbsp; 7354422 |
| Molson Coors Beverage Co., Class B | 117189 | &nbsp;&nbsp; 6741883 |
| Monster Beverage Corp.<sup>(c)</sup> | 128228 | &nbsp;&nbsp; 7709067 |
| PepsiCo, Inc. | 46964 | &nbsp;&nbsp; 6367379 |
|  |  | &nbsp;&nbsp; 49628367 |
| **Consumer Staples Distribution & Retail-22.56%** | **Consumer Staples Distribution & Retail-22.56%** | **Consumer Staples Distribution & Retail-22.56%** |
| Costco Wholesale Corp. | 7505 | &nbsp;&nbsp; 7463723 |
| Dollar General Corp. | 93102 | &nbsp;&nbsp; 8722726 |
| Dollar Tree, Inc.<sup>(c)</sup> | 112546 | &nbsp;&nbsp; 9202886 |
| Kroger Co. (The) | 107255 | &nbsp;&nbsp; 7744884 |
| Sysco Corp. | 94670 | &nbsp;&nbsp; 6759438 |
| Target Corp. | 64864 | &nbsp;&nbsp; 6272349 |
| Walgreens Boots Alliance, Inc. | 622960 | &nbsp;&nbsp; 6833871 |
| Walmart, Inc. | 81864 | &nbsp;&nbsp; 7961274 |
|  |  | &nbsp;&nbsp; 60961151 |
| **Food Products-36.06%** | **Food Products-36.06%** | **Food Products-36.06%** |
| Archer-Daniels-Midland Co. | 148182 | &nbsp;&nbsp; 7075691 |
| Bunge Global S.A. | 95378 | &nbsp;&nbsp; 7508156 |
| Conagra Brands, Inc. | 268573 | &nbsp;&nbsp; 6636439 |
| General Mills, Inc. | 115921 | &nbsp;&nbsp; 6577358 |
| Hershey Co. (The)<sup>(b)</sup> | 40734 | &nbsp;&nbsp; 6810317 |
| Hormel Foods Corp. | 238175 | &nbsp;&nbsp; 7121432 |
| J.M. Smucker Co. (The) | 62782 | &nbsp;&nbsp; 7299663 |
| Kellanova | 84781 | &nbsp;&nbsp; 7017323 |
| Kraft Heinz Co. (The) | 230275 | &nbsp;&nbsp; 6701003 |
| Lamb Weston Holdings, Inc. | 135710 | &nbsp;&nbsp; 7166845 |
| McCormick & Co., Inc. | 85330 | &nbsp;&nbsp; 6541398 |
| Mondelez International, Inc., Class A | 107369 | &nbsp;&nbsp; 7315050 |
| The Campbell's Company<sup>(b)</sup> | 180370 | &nbsp;&nbsp; 6576290 |
| Tyson Foods, Inc., Class A | 116005 | &nbsp;&nbsp; 7104146 |
|  |  | &nbsp;&nbsp; 97451111 |
| **Household Products-12.37%** | **Household Products-12.37%** | **Household Products-12.37%** |
| Church & Dwight Co., Inc. | 63824 | &nbsp;&nbsp; 6340276 |
| Clorox Co. (The) | 47177 | &nbsp;&nbsp; 6713287 |
| Colgate-Palmolive Co. | 76815 | &nbsp;&nbsp; 7081575 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Household Products-(continued)** | **Household Products-(continued)** | **Household Products-(continued)** |
| Kimberly-Clark Corp. | 49716 | &nbsp;&nbsp; $6551575 |
| Procter & Gamble Co. (The) | 41406 | &nbsp;&nbsp; 6731373 |
|  |  | &nbsp;&nbsp; 33418086 |
| **Personal Care Products-4.96%** | **Personal Care Products-4.96%** | **Personal Care Products-4.96%** |
| Estee Lauder Cos., Inc. (The), Class A | 104736 | &nbsp;&nbsp; 6279971 |
| Kenvue, Inc. | 302437 | &nbsp;&nbsp; 7137513 |
|  |  | &nbsp;&nbsp; 13417484 |
| **Tobacco-5.56%** | **Tobacco-5.56%** | **Tobacco-5.56%** |
| Altria Group, Inc. | 120683 | &nbsp;&nbsp; 7138400 |
| Philip Morris International, Inc. | 46067 | &nbsp;&nbsp; 7894041 |
|  |  | &nbsp;&nbsp; 15032441 |
| Total Common Stocks & Other Equity Interests <br>(Cost $331,054,825) | Total Common Stocks & Other Equity Interests <br>(Cost $331,054,825) | &nbsp;&nbsp; 269908640 |
| **Money Market Funds-0.01%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $29,276)<br>| 29276 | &nbsp;&nbsp; 29276 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.88% <br>(Cost $331,084,101) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.88% <br>(Cost $331,084,101) | &nbsp;&nbsp; 269937916 |
| **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-8.20%** | **Money Market Funds-8.20%** | **Money Market Funds-8.20%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 6166076 | &nbsp;&nbsp; 6166076 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 15993990 | &nbsp;&nbsp; 15997189 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $22,163,872) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $22,163,872) | &nbsp;&nbsp; 22163265 |
| TOTAL INVESTMENTS IN SECURITIES-108.08% <br>(Cost $353,247,973) | TOTAL INVESTMENTS IN SECURITIES-108.08% <br>(Cost $353,247,973) | &nbsp;&nbsp; 292101181 |
| OTHER ASSETS LESS LIABILITIES-(8.08)% | OTHER ASSETS LESS LIABILITIES-(8.08)% | &nbsp;&nbsp; (21843564)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $270257617 |

---

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

------

**13**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Consumer Staples ETF (RSPS)—(continued)**

April 30, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp; $135035 | &nbsp;&nbsp; $9438246 | &nbsp;&nbsp; $(9544005)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $29276 | &nbsp;&nbsp; $9989 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 1840643 | &nbsp;&nbsp; 116472077 | &nbsp;&nbsp; (112146644)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 6166076 | &nbsp;&nbsp; 287,224<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 4729763 | &nbsp;&nbsp; 251664381 | &nbsp;&nbsp; (240397495)<br>| &nbsp;&nbsp; (139)<br>| &nbsp;&nbsp; 679 | &nbsp;&nbsp; 15997189 | &nbsp;&nbsp; 768,905<br> \*<br>|
| Total | &nbsp;&nbsp; $6705441 | &nbsp;&nbsp; $377574704 | &nbsp;&nbsp; $(362088144)<br>| &nbsp;&nbsp; $(139)<br>| &nbsp;&nbsp; $679 | &nbsp;&nbsp; $22192541 | &nbsp;&nbsp; $1066118 |

---

\* 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 April 30, 2025.

<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 2J. 

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

------

**14**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Energy ETF (RSPG)**

April 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.85%** | **Common Stocks & Other Equity Interests-99.85%** | **Common Stocks & Other Equity Interests-99.85%** |
| **Energy Equipment & Services-12.36%** | **Energy Equipment & Services-12.36%** | **Energy Equipment & Services-12.36%** |
| Baker Hughes Co., Class A | 490567 | &nbsp;&nbsp; $17366073 |
| Halliburton Co. | 843335 | &nbsp;&nbsp; 16714900 |
| Schlumberger N.V. | 520326 | &nbsp;&nbsp; 17300839 |
|  |  | &nbsp;&nbsp; 51381812 |
| **Oil, Gas & Consumable Fuels-87.49%** | **Oil, Gas & Consumable Fuels-87.49%** | **Oil, Gas & Consumable Fuels-87.49%** |
| APA Corp. | 1060552 | &nbsp;&nbsp; 16480978 |
| Chevron Corp. | 136550 | &nbsp;&nbsp; 18578993 |
| ConocoPhillips | 213269 | &nbsp;&nbsp; 19006533 |
| Coterra Energy, Inc. | 765560 | &nbsp;&nbsp; 18802154 |
| Devon Energy Corp. | 599920 | &nbsp;&nbsp; 18243567 |
| Diamondback Energy, Inc. | 142216 | &nbsp;&nbsp; 18773934 |
| EOG Resources, Inc. | 167702 | &nbsp;&nbsp; 18502562 |
| EQT Corp. | 425943 | &nbsp;&nbsp; 21058622 |
| Exxon Mobil Corp. | 191035 | &nbsp;&nbsp; 20179027 |
| Hess Corp. | 144736 | &nbsp;&nbsp; 18678181 |
| Kinder Morgan, Inc. | 786171 | &nbsp;&nbsp; 20676297 |
| Marathon Petroleum Corp. | 152055 | &nbsp;&nbsp; 20893877 |
| Occidental Petroleum Corp. | 452046 | &nbsp;&nbsp; 17815132 |
| ONEOK, Inc. | 224169 | &nbsp;&nbsp; 18417725 |
| Phillips 66 | 168082 | &nbsp;&nbsp; 17490613 |
| Targa Resources Corp. | 111462 | &nbsp;&nbsp; 19048856 |
| Texas Pacific Land Corp.<sup>(b)</sup> | 15469 | &nbsp;&nbsp; 19937530 |
| Valero Energy Corp. | 166485 | &nbsp;&nbsp; 19327244 |
| Williams Cos., Inc. (The) | 370334 | &nbsp;&nbsp; 21690462 |
|  |  | &nbsp;&nbsp; 363602287 |
| Total Common Stocks & Other Equity Interests <br>(Cost $457,045,306) | Total Common Stocks & Other Equity Interests <br>(Cost $457,045,306) | &nbsp;&nbsp; 414984099 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.04%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)(d)</sup> <br>(Cost $164,089)<br>| 164089 | &nbsp;&nbsp; $164089 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.89% <br>(Cost $457,209,395) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.89% <br>(Cost $457,209,395) | &nbsp;&nbsp; 415148188 |
| **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-5.01%** | **Money Market Funds-5.01%** | **Money Market Funds-5.01%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(c)(d)(e)</sup><br>| 5780543 | &nbsp;&nbsp; 5780543 |
| Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup> | 15046705 | &nbsp;&nbsp; 15049714 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $20,831,309) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $20,831,309) | &nbsp;&nbsp; 20830257 |
| TOTAL INVESTMENTS IN SECURITIES-104.90% <br>(Cost $478,040,704) | TOTAL INVESTMENTS IN SECURITIES-104.90% <br>(Cost $478,040,704) | &nbsp;&nbsp; 435978445 |
| OTHER ASSETS LESS LIABILITIES-(4.90)% | OTHER ASSETS LESS LIABILITIES-(4.90)% | &nbsp;&nbsp; (20361033)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $415617412 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp; $228551 | &nbsp;&nbsp; $17581631 | &nbsp;&nbsp; $(17646093)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $164089 | &nbsp;&nbsp; $10925 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 2988164 | &nbsp;&nbsp; 178641574 | &nbsp;&nbsp; (175849195)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5780543 | &nbsp;&nbsp; 246,464<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 7685814 | &nbsp;&nbsp; 402284146 | &nbsp;&nbsp; (394917248)<br>| &nbsp;&nbsp; (323)<br>| &nbsp;&nbsp; (2675)<br>| &nbsp;&nbsp; 15049714 | &nbsp;&nbsp; 661,845<br> \*<br>|
| Total | &nbsp;&nbsp; $10902529 | &nbsp;&nbsp; $598507351 | &nbsp;&nbsp; $(588412536)<br>| &nbsp;&nbsp; $(323)<br>| &nbsp;&nbsp; $(2675)<br>| &nbsp;&nbsp; $20994346 | &nbsp;&nbsp; $919234 |

---

\* 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.

------

**15**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Energy ETF (RSPG)—(continued)**

April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

<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 2J. 

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

------

**16**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Financials ETF (RSPF)**

April 30, 2025

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%** |
| **Banks-17.46%** | **Banks-17.46%** | **Banks-17.46%** |
| Bank of America Corp. | 101963 | &nbsp;&nbsp; $4066284 |
| Citigroup, Inc. | 59886 | &nbsp;&nbsp; 4095005 |
| Citizens Financial Group, Inc. | 100551 | &nbsp;&nbsp; 3709326 |
| Fifth Third Bancorp | 105614 | &nbsp;&nbsp; 3795767 |
| Huntington Bancshares, Inc. | 279677 | &nbsp;&nbsp; 4063707 |
| JPMorgan Chase & Co. | 17856 | &nbsp;&nbsp; 4367935 |
| KeyCorp | 262876 | &nbsp;&nbsp; 3901080 |
| M&T Bank Corp. | 23648 | &nbsp;&nbsp; 4014484 |
| PNC Financial Services Group, Inc. (The) | 23795 | &nbsp;&nbsp; 3823619 |
| Regions Financial Corp. | 193224 | &nbsp;&nbsp; 3943702 |
| Truist Financial Corp. | 102141 | &nbsp;&nbsp; 3916086 |
| U.S. Bancorp | 97633 | &nbsp;&nbsp; 3938515 |
| Wells Fargo & Co. | 59035 | &nbsp;&nbsp; 4192075 |
|  |  | &nbsp;&nbsp; 51827585 |
| **Capital Markets-31.77%** | **Capital Markets-31.77%** | **Capital Markets-31.77%** |
| Ameriprise Financial, Inc. | 8469 | &nbsp;&nbsp; 3989068 |
| Bank of New York Mellon Corp. (The) | 50388 | &nbsp;&nbsp; 4051699 |
| BlackRock, Inc. | 4472 | &nbsp;&nbsp; 4088571 |
| Blackstone, Inc., Class A | 28955 | &nbsp;&nbsp; 3813663 |
| Cboe Global Markets, Inc. | 19517 | &nbsp;&nbsp; 4328871 |
| Charles Schwab Corp. (The) | 54827 | &nbsp;&nbsp; 4462918 |
| CME Group, Inc., Class A | 15852 | &nbsp;&nbsp; 4392272 |
| FactSet Research Systems, Inc. | 9467 | &nbsp;&nbsp; 4091827 |
| Franklin Resources, Inc.<sup>(b)</sup> | 211834 | &nbsp;&nbsp; 3974006 |
| Goldman Sachs Group, Inc. (The) | 7596 | &nbsp;&nbsp; 4159190 |
| Intercontinental Exchange, Inc. | 24075 | &nbsp;&nbsp; 4043878 |
| Invesco Ltd.<sup>(c)</sup> | 266841 | &nbsp;&nbsp; 3717095 |
| KKR & Co., Inc., Class A | 35579 | &nbsp;&nbsp; 4065612 |
| MarketAxess Holdings, Inc. | 19664 | &nbsp;&nbsp; 4357346 |
| Moody's Corp. | 9203 | &nbsp;&nbsp; 4170063 |
| Morgan Stanley | 35695 | &nbsp;&nbsp; 4119917 |
| MSCI, Inc. | 7465 | &nbsp;&nbsp; 4069246 |
| Nasdaq, Inc. | 55759 | &nbsp;&nbsp; 4249393 |
| Northern Trust Corp.<sup>(b)</sup> | 41427 | &nbsp;&nbsp; 3893310 |
| Raymond James Financial, Inc. | 28813 | &nbsp;&nbsp; 3948534 |
| S&P Global, Inc. | 8509 | &nbsp;&nbsp; 4254925 |
| State Street Corp. | 47451 | &nbsp;&nbsp; 4180433 |
| T. Rowe Price Group, Inc.<sup>(b)</sup> | 43626 | &nbsp;&nbsp; 3863082 |
|  |  | &nbsp;&nbsp; 94284919 |
| **Consumer Finance-5.71%** | **Consumer Finance-5.71%** | **Consumer Finance-5.71%** |
| American Express Co. | 15605 | &nbsp;&nbsp; 4157328 |
| Capital One Financial Corp. | 23874 | &nbsp;&nbsp; 4303527 |
| Discover Financial Services | 24865 | &nbsp;&nbsp; 4542089 |
| Synchrony Financial | 75906 | &nbsp;&nbsp; 3943317 |
|  |  | &nbsp;&nbsp; 16946261 |
| **Financial Services-13.66%** | **Financial Services-13.66%** | **Financial Services-13.66%** |
| Apollo Global Management, Inc. | 30161 | &nbsp;&nbsp; 4116373 |
| Berkshire Hathaway, Inc., Class B<sup>(d)</sup> | 8206 | &nbsp;&nbsp; 4375850 |
| Corpay, Inc.<sup>(d)</sup> | 12186 | &nbsp;&nbsp; 3964959 |
| Fidelity National Information Services, Inc. | 59738 | &nbsp;&nbsp; 4712133 |
| Fiserv, Inc.<sup>(d)</sup> | 19256 | &nbsp;&nbsp; 3554080 |
| Global Payments, Inc. | 43803 | &nbsp;&nbsp; 3342607 |
| Jack Henry & Associates, Inc. | 23503 | &nbsp;&nbsp; 4076125 |
| Mastercard, Inc., Class A | 7757 | &nbsp;&nbsp; 4251301 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financial Services-(continued)** | **Financial Services-(continued)** | **Financial Services-(continued)** |
| PayPal Holdings, Inc.<sup>(d)</sup> | 59303 | &nbsp;&nbsp; $3904510 |
| Visa, Inc., Class A | 12225 | &nbsp;&nbsp; 4223738 |
|  |  | &nbsp;&nbsp; 40521676 |
| **Insurance-31.31%** | **Insurance-31.31%** | **Insurance-31.31%** |
| Aflac, Inc.<sup>(b)</sup> | 38871 | &nbsp;&nbsp; 4224500 |
| Allstate Corp. (The) | 20527 | &nbsp;&nbsp; 4072352 |
| American International Group, Inc. | 50626 | &nbsp;&nbsp; 4127032 |
| Aon PLC, Class A | 10217 | &nbsp;&nbsp; 3624889 |
| Arch Capital Group Ltd. | 45641 | &nbsp;&nbsp; 4138726 |
| Arthur J. Gallagher & Co. | 12519 | &nbsp;&nbsp; 4014718 |
| Assurant, Inc. | 20188 | &nbsp;&nbsp; 3891035 |
| Brown & Brown, Inc. | 34698 | &nbsp;&nbsp; 3837599 |
| Chubb Ltd. | 14329 | &nbsp;&nbsp; 4099240 |
| Cincinnati Financial Corp. | 29075 | &nbsp;&nbsp; 4047531 |
| Erie Indemnity Co., Class A | 9712 | &nbsp;&nbsp; 3482917 |
| Everest Group Ltd. | 11703 | &nbsp;&nbsp; 4199388 |
| Globe Life, Inc. | 33260 | &nbsp;&nbsp; 4102288 |
| Hartford Insurance Group, Inc. (The) | 35146 | &nbsp;&nbsp; 4311360 |
| Loews Corp. | 48449 | &nbsp;&nbsp; 4206827 |
| Marsh & McLennan Cos., Inc. | 17706 | &nbsp;&nbsp; 3992172 |
| MetLife, Inc. | 51392 | &nbsp;&nbsp; 3873415 |
| Principal Financial Group, Inc. | 49609 | &nbsp;&nbsp; 3678507 |
| Progressive Corp. (The) | 14662 | &nbsp;&nbsp; 4130872 |
| Prudential Financial, Inc. | 38357 | &nbsp;&nbsp; 3939648 |
| Travelers Cos., Inc. (The) | 16149 | &nbsp;&nbsp; 4265435 |
| W.R. Berkley Corp. | 66114 | &nbsp;&nbsp; 4739713 |
| Willis Towers Watson PLC | 12673 | &nbsp;&nbsp; 3900749 |
|  |  | &nbsp;&nbsp; 92900913 |
| Total Common Stocks & Other Equity Interests <br>(Cost $257,980,125) | Total Common Stocks & Other Equity Interests <br>(Cost $257,980,125) | &nbsp;&nbsp; 296481354 |
| **Money Market Funds-0.05%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)(e)</sup> <br>(Cost $157,209)<br>| 157209 | &nbsp;&nbsp; 157209 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.96% <br>(Cost $258,137,334) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.96% <br>(Cost $258,137,334) | &nbsp;&nbsp; 296638563 |
| **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-3.43%** | **Money Market Funds-3.43%** | **Money Market Funds-3.43%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(c)(e)(f)</sup><br>| 2814765 | &nbsp;&nbsp; 2814765 |
| Invesco Private Prime Fund, 4.46%<sup>(c)(e)(f)</sup> | 7362509 | &nbsp;&nbsp; 7363982 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $10,178,747) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $10,178,747) | &nbsp;&nbsp; 10178747 |
| TOTAL INVESTMENTS IN SECURITIES-103.39% <br>(Cost $268,316,081) | TOTAL INVESTMENTS IN SECURITIES-103.39% <br>(Cost $268,316,081) | &nbsp;&nbsp; 306817310 |
| OTHER ASSETS LESS LIABILITIES-(3.39)% | OTHER ASSETS LESS LIABILITIES-(3.39)% | &nbsp;&nbsp; (10066113)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $296751197 |

---

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

------

**17**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Financials ETF (RSPF)—(continued)**

April 30, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| Invesco Ltd. | &nbsp;&nbsp; $3322369 | &nbsp;&nbsp; $1382846 | &nbsp;&nbsp; $(879673)<br>| &nbsp;&nbsp; $(27140)<br>| &nbsp;&nbsp; $(81307)<br>| &nbsp;&nbsp; $3717095 | &nbsp;&nbsp; $195012 |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; 203950 | &nbsp;&nbsp; 6483682 | &nbsp;&nbsp; (6530423)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 157209 | &nbsp;&nbsp; 7263 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 866161 | &nbsp;&nbsp; 53216918 | &nbsp;&nbsp; (51268314)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2814765 | &nbsp;&nbsp; 70,051<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 2227385 | &nbsp;&nbsp; 121345323 | &nbsp;&nbsp; (116207157)<br>| &nbsp;&nbsp; 431 | &nbsp;&nbsp; (2000)<br>| &nbsp;&nbsp; 7363982 | &nbsp;&nbsp; 184,580<br> \*<br>|
| Total | &nbsp;&nbsp; $6619865 | &nbsp;&nbsp; $182428769 | &nbsp;&nbsp; $(174885567)<br>| &nbsp;&nbsp; $(26709)<br>| &nbsp;&nbsp; $(83307)<br>| &nbsp;&nbsp; $14053051 | &nbsp;&nbsp; $456906 |

---

\* 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> Non-income producing security.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

<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 2J. 

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

------

**18**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Health Care ETF (RSPH)**

April 30, 2025

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%** |
| **Biotechnology-12.52%** | **Biotechnology-12.52%** | **Biotechnology-12.52%** |
| AbbVie, Inc. | 61532 | &nbsp;&nbsp; $12004893 |
| Amgen, Inc. | 41743 | &nbsp;&nbsp; 12143874 |
| Biogen, Inc.<sup>(b)</sup> | 93070 | &nbsp;&nbsp; 11268916 |
| Gilead Sciences, Inc. | 114463 | &nbsp;&nbsp; 12194888 |
| Incyte Corp.<sup>(b)</sup> | 192623 | &nbsp;&nbsp; 12069757 |
| Moderna, Inc.<sup>(b)(c)</sup> | 372653 | &nbsp;&nbsp; 10635517 |
| Regeneron Pharmaceuticals, Inc. | 18927 | &nbsp;&nbsp; 11332730 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 26333 | &nbsp;&nbsp; 13416663 |
|  |  | &nbsp;&nbsp; 95067238 |
| **Health Care Equipment & Supplies-32.49%** | **Health Care Equipment & Supplies-32.49%** | **Health Care Equipment & Supplies-32.49%** |
| Abbott Laboratories | 100139 | &nbsp;&nbsp; 13093174 |
| Align Technology, Inc.<sup>(b)</sup> | 79277 | &nbsp;&nbsp; 13738704 |
| Baxter International, Inc. | 379165 | &nbsp;&nbsp; 11818573 |
| Becton, Dickinson and Co. | 58292 | &nbsp;&nbsp; 12071690 |
| Boston Scientific Corp.<sup>(b)</sup> | 135316 | &nbsp;&nbsp; 13919957 |
| Cooper Cos., Inc. (The)<sup>(b)</sup> | 165014 | &nbsp;&nbsp; 13476693 |
| DexCom, Inc.<sup>(b)</sup> | 184370 | &nbsp;&nbsp; 13160331 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 190435 | &nbsp;&nbsp; 14375938 |
| GE HealthCare Technologies, Inc. | 155703 | &nbsp;&nbsp; 10950592 |
| Hologic, Inc.<sup>(b)</sup> | 213522 | &nbsp;&nbsp; 12426980 |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 31635 | &nbsp;&nbsp; 13686883 |
| Insulet Corp.<sup>(b)</sup> | 52523 | &nbsp;&nbsp; 13251028 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 26233 | &nbsp;&nbsp; 13530982 |
| Medtronic PLC | 142568 | &nbsp;&nbsp; 12084064 |
| ResMed, Inc. | 59256 | &nbsp;&nbsp; 14019377 |
| Solventum Corp.<sup>(b)</sup> | 176272 | &nbsp;&nbsp; 11655105 |
| STERIS PLC | 58127 | &nbsp;&nbsp; 13063462 |
| Stryker Corp. | 35845 | &nbsp;&nbsp; 13403162 |
| Zimmer Biomet Holdings, Inc. | 125426 | &nbsp;&nbsp; 12925149 |
|  |  | &nbsp;&nbsp; 246651844 |
| **Health Care Providers & Services-28.65%** | **Health Care Providers & Services-28.65%** | **Health Care Providers & Services-28.65%** |
| Cardinal Health, Inc. | 102864 | &nbsp;&nbsp; 14533655 |
| Cencora, Inc. | 51378 | &nbsp;&nbsp; 15036799 |
| Centene Corp.<sup>(b)</sup> | 223223 | &nbsp;&nbsp; 13359897 |
| Cigna Group (The) | 41940 | &nbsp;&nbsp; 14261278 |
| CVS Health Corp. | 201216 | &nbsp;&nbsp; 13423119 |
| DaVita, Inc.<sup>(b)(c)</sup> | 91459 | &nbsp;&nbsp; 12946021 |
| Elevance Health, Inc. | 31741 | &nbsp;&nbsp; 13349630 |
| HCA Healthcare, Inc. | 41693 | &nbsp;&nbsp; 14387420 |
| Henry Schein, Inc.<sup>(b)</sup> | 186558 | &nbsp;&nbsp; 12120673 |
| Humana, Inc. | 52367 | &nbsp;&nbsp; 13732722 |
| Labcorp Holdings, Inc. | 55084 | &nbsp;&nbsp; 13275795 |
| McKesson Corp. | 20355 | &nbsp;&nbsp; 14508840 |
| Molina Healthcare, Inc.<sup>(b)</sup> | 41412 | &nbsp;&nbsp; 13542138 |
| Quest Diagnostics, Inc. | 78385 | &nbsp;&nbsp; 13969775 |
| UnitedHealth Group, Inc. | 27126 | &nbsp;&nbsp; 11160721 |
| Universal Health Services, Inc., Class B | 78295 | &nbsp;&nbsp; 13863696 |
|  |  | &nbsp;&nbsp; 217472179 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Life Sciences Tools & Services-14.89%** | **Life Sciences Tools & Services-14.89%** | **Life Sciences Tools & Services-14.89%** |
| Agilent Technologies, Inc. | 108863 | &nbsp;&nbsp; $11713659 |
| Bio-Techne Corp.<sup>(c)</sup> | 216593 | &nbsp;&nbsp; 10905457 |
| Charles River Laboratories International, <br> Inc.<sup>(b)(c)</sup><br>| 76477 | &nbsp;&nbsp; 9071702 |
| Danaher Corp. | 63657 | &nbsp;&nbsp; 12688750 |
| IQVIA Holdings, Inc.<sup>(b)</sup> | 70351 | &nbsp;&nbsp; 10909330 |
| Mettler-Toledo International, Inc.<sup>(b)</sup> | 10731 | &nbsp;&nbsp; 11488287 |
| Revvity, Inc.<sup>(c)</sup> | 116997 | &nbsp;&nbsp; 10931030 |
| Thermo Fisher Scientific, Inc. | 25438 | &nbsp;&nbsp; 10912902 |
| Waters Corp.<sup>(b)</sup> | 34972 | &nbsp;&nbsp; 12160813 |
| West Pharmaceutical Services, Inc. | 58184 | &nbsp;&nbsp; 12293697 |
|  |  | &nbsp;&nbsp; 113075627 |
| **Pharmaceuticals-11.40%** | **Pharmaceuticals-11.40%** | **Pharmaceuticals-11.40%** |
| Bristol-Myers Squibb Co. | 218150 | &nbsp;&nbsp; 10951130 |
| Eli Lilly and Co. | 15875 | &nbsp;&nbsp; 14270831 |
| Johnson & Johnson | 80124 | &nbsp;&nbsp; 12524183 |
| Merck & Co., Inc. | 139756 | &nbsp;&nbsp; 11907211 |
| Pfizer, Inc. | 507476 | &nbsp;&nbsp; 12387489 |
| Viatris, Inc. | 1412006 | &nbsp;&nbsp; 11889091 |
| Zoetis, Inc. | 80710 | &nbsp;&nbsp; 12623044 |
|  |  | &nbsp;&nbsp; 86552979 |
| Total Common Stocks & Other Equity Interests <br>(Cost $715,208,717) | Total Common Stocks & Other Equity Interests <br>(Cost $715,208,717) | &nbsp;&nbsp; 758819867 |
| **Money Market Funds-0.02%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $131,946)<br>| 131946 | &nbsp;&nbsp; 131946 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.97% <br>(Cost $715,340,663) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.97% <br>(Cost $715,340,663) | &nbsp;&nbsp; 758951813 |
| **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-3.09%** | **Money Market Funds-3.09%** | **Money Market Funds-3.09%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 6536937 | &nbsp;&nbsp; 6536937 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 16932425 | &nbsp;&nbsp; 16935811 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $23,473,260) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $23,473,260) | &nbsp;&nbsp; 23472748 |
| TOTAL INVESTMENTS IN SECURITIES-103.06% <br>(Cost $738,813,923) | TOTAL INVESTMENTS IN SECURITIES-103.06% <br>(Cost $738,813,923) | &nbsp;&nbsp; 782424561 |
| OTHER ASSETS LESS LIABILITIES-(3.06)% | OTHER ASSETS LESS LIABILITIES-(3.06)% | &nbsp;&nbsp; (23220208)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $759204353 |

---

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

------

**19**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Health Care ETF (RSPH)—(continued)**

April 30, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $122875 | &nbsp;&nbsp; $25753432 | &nbsp;&nbsp; $(25744361)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $131946 | &nbsp;&nbsp; $24455 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 8012925 | &nbsp;&nbsp; 157277028 | &nbsp;&nbsp; (158753016)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 6536937 | &nbsp;&nbsp; 275,121<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 20609844 | &nbsp;&nbsp; 385469720 | &nbsp;&nbsp; (389141079)<br>| &nbsp;&nbsp; 1441 | &nbsp;&nbsp; (4115)<br>| &nbsp;&nbsp; 16935811 | &nbsp;&nbsp; 747,896<br> \*<br>|
| Total | &nbsp;&nbsp; $28745644 | &nbsp;&nbsp; $568500180 | &nbsp;&nbsp; $(573638456)<br>| &nbsp;&nbsp; $1441 | &nbsp;&nbsp; $(4115)<br>| &nbsp;&nbsp; $23604694 | &nbsp;&nbsp; $1047472 |

---

\* 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 April 30, 2025.

<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 2J. 

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

------

**20**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Industrials ETF (RSPN)**

April 30, 2025

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%** |
| **Aerospace & Defense-16.26%** | **Aerospace & Defense-16.26%** | **Aerospace & Defense-16.26%** |
| Axon Enterprise, Inc.<sup>(b)</sup> | 13171 | &nbsp;&nbsp; $8077774 |
| Boeing Co. (The)<sup>(b)</sup> | 46388 | &nbsp;&nbsp; 8500137 |
| General Dynamics Corp. | 28308 | &nbsp;&nbsp; 7703173 |
| General Electric Co. | 37746 | &nbsp;&nbsp; 7607329 |
| Howmet Aerospace, Inc. | 57507 | &nbsp;&nbsp; 7969320 |
| Huntington Ingalls Industries, Inc. | 38340 | &nbsp;&nbsp; 8831236 |
| L3Harris Technologies, Inc. | 35209 | &nbsp;&nbsp; 7746684 |
| Lockheed Martin Corp. | 15919 | &nbsp;&nbsp; 7605302 |
| Northrop Grumman Corp. | 15509 | &nbsp;&nbsp; 7545128 |
| RTX Corp. | 57492 | &nbsp;&nbsp; 7251466 |
| Textron, Inc. | 101318 | &nbsp;&nbsp; 7129748 |
| TransDigm Group, Inc. | 5543 | &nbsp;&nbsp; 7832647 |
|  |  | &nbsp;&nbsp; 93799944 |
| **Air Freight & Logistics-4.54%** | **Air Freight & Logistics-4.54%** | **Air Freight & Logistics-4.54%** |
| C.H. Robinson Worldwide, Inc. | 76513 | &nbsp;&nbsp; 6826490 |
| Expeditors International of Washington, Inc. | 62892 | &nbsp;&nbsp; 6912460 |
| FedEx Corp. | 30204 | &nbsp;&nbsp; 6352807 |
| United Parcel Service, Inc., Class B | 63877 | &nbsp;&nbsp; 6087478 |
|  |  | &nbsp;&nbsp; 26179235 |
| **Building Products-10.26%** | **Building Products-10.26%** | **Building Products-10.26%** |
| A.O. Smith Corp. | 112142 | &nbsp;&nbsp; 7609956 |
| Allegion PLC | 59431 | &nbsp;&nbsp; 8272795 |
| Builders FirstSource, Inc.<sup>(b)</sup> | 56880 | &nbsp;&nbsp; 6804554 |
| Carrier Global Corp. | 112540 | &nbsp;&nbsp; 7038252 |
| Johnson Controls International PLC | 93588 | &nbsp;&nbsp; 7852033 |
| Lennox International, Inc. | 12916 | &nbsp;&nbsp; 7061823 |
| Masco Corp. | 103570 | &nbsp;&nbsp; 6277378 |
| Trane Technologies PLC | 21647 | &nbsp;&nbsp; 8297512 |
|  |  | &nbsp;&nbsp; 59214303 |
| **Commercial Services & Supplies-8.32%** | **Commercial Services & Supplies-8.32%** | **Commercial Services & Supplies-8.32%** |
| Cintas Corp. | 38235 | &nbsp;&nbsp; 8093585 |
| Copart, Inc.<sup>(b)</sup> | 138853 | &nbsp;&nbsp; 8474199 |
| Republic Services, Inc. | 31922 | &nbsp;&nbsp; 8004441 |
| Rollins, Inc. | 145631 | &nbsp;&nbsp; 8319899 |
| Veralto Corp. | 77178 | &nbsp;&nbsp; 7401370 |
| Waste Management, Inc. | 33027 | &nbsp;&nbsp; 7707181 |
|  |  | &nbsp;&nbsp; 48000675 |
| **Construction & Engineering-1.50%** | **Construction & Engineering-1.50%** | **Construction & Engineering-1.50%** |
| Quanta Services, Inc. | 29555 | &nbsp;&nbsp; 8650453 |
| **Electrical Equipment-9.00%** | **Electrical Equipment-9.00%** | **Electrical Equipment-9.00%** |
| AMETEK, Inc. | 41562 | &nbsp;&nbsp; 7048084 |
| Eaton Corp. PLC | 25164 | &nbsp;&nbsp; 7407527 |
| Emerson Electric Co. | 66444 | &nbsp;&nbsp; 6983929 |
| GE Vernova, Inc. | 24630 | &nbsp;&nbsp; 9133297 |
| Generac Holdings, Inc.<sup>(b)</sup> | 56138 | &nbsp;&nbsp; 6421064 |
| Hubbell, Inc. | 21947 | &nbsp;&nbsp; 7970711 |
| Rockwell Automation, Inc. | 28073 | &nbsp;&nbsp; 6953121 |
|  |  | &nbsp;&nbsp; 51917733 |
| **Ground Transportation-7.33%** | **Ground Transportation-7.33%** | **Ground Transportation-7.33%** |
| CSX Corp. | 249232 | &nbsp;&nbsp; 6995942 |
| J.B. Hunt Transport Services, Inc. | 47706 | &nbsp;&nbsp; 6229449 |
| Norfolk Southern Corp. | 31871 | &nbsp;&nbsp; 7140697 |
| Old Dominion Freight Line, Inc. | 44724 | &nbsp;&nbsp; 6855295 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Ground Transportation-(continued)** | **Ground Transportation-(continued)** | **Ground Transportation-(continued)** |
| Uber Technologies, Inc.<sup>(b)</sup> | 103458 | &nbsp;&nbsp; $8381133 |
| Union Pacific Corp. | 31027 | &nbsp;&nbsp; 6691283 |
|  |  | &nbsp;&nbsp; 42293799 |
| **Industrial Conglomerates-2.48%** | **Industrial Conglomerates-2.48%** | **Industrial Conglomerates-2.48%** |
| 3M Co. | 49058 | &nbsp;&nbsp; 6814647 |
| Honeywell International, Inc. | 35700 | &nbsp;&nbsp; 7514850 |
|  |  | &nbsp;&nbsp; 14329497 |
| **Machinery-20.49%** | **Machinery-20.49%** | **Machinery-20.49%** |
| Caterpillar, Inc. | 21727 | &nbsp;&nbsp; 6719509 |
| Cummins, Inc. | 22240 | &nbsp;&nbsp; 6535002 |
| Deere & Co. | 15585 | &nbsp;&nbsp; 7224583 |
| Dover Corp. | 40539 | &nbsp;&nbsp; 6917980 |
| Fortive Corp. | 99685 | &nbsp;&nbsp; 6947048 |
| IDEX Corp. | 40503 | &nbsp;&nbsp; 7046307 |
| Illinois Tool Works, Inc. | 29269 | &nbsp;&nbsp; 7021926 |
| Ingersoll Rand, Inc. | 90396 | &nbsp;&nbsp; 6818570 |
| Nordson Corp. | 35868 | &nbsp;&nbsp; 6799497 |
| Otis Worldwide Corp. | 73728 | &nbsp;&nbsp; 7097794 |
| PACCAR, Inc. | 71926 | &nbsp;&nbsp; 6488444 |
| Parker-Hannifin Corp. | 11984 | &nbsp;&nbsp; 7251039 |
| Pentair PLC | 86041 | &nbsp;&nbsp; 7806500 |
| Snap-on, Inc. | 22626 | &nbsp;&nbsp; 7100265 |
| Stanley Black & Decker, Inc. | 90677 | &nbsp;&nbsp; 5442433 |
| Wabtec Corp. | 41878 | &nbsp;&nbsp; 7736542 |
| Xylem, Inc. | 59889 | &nbsp;&nbsp; 7220817 |
|  |  | &nbsp;&nbsp; 118174256 |
| **Passenger Airlines-3.57%** | **Passenger Airlines-3.57%** | **Passenger Airlines-3.57%** |
| Delta Air Lines, Inc. | 162577 | &nbsp;&nbsp; 6768080 |
| Southwest Airlines Co.<sup>(c)</sup> | 244698 | &nbsp;&nbsp; 6841756 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 101595 | &nbsp;&nbsp; 6991768 |
|  |  | &nbsp;&nbsp; 20601604 |
| **Professional Services-12.16%** | **Professional Services-12.16%** | **Professional Services-12.16%** |
| Automatic Data Processing, Inc. | 25047 | &nbsp;&nbsp; 7529128 |
| Broadridge Financial Solutions, Inc. | 32662 | &nbsp;&nbsp; 7917269 |
| Dayforce, Inc.<sup>(b)(c)</sup> | 138043 | &nbsp;&nbsp; 7988548 |
| Equifax, Inc. | 30760 | &nbsp;&nbsp; 8001599 |
| Jacobs Solutions, Inc. | 60509 | &nbsp;&nbsp; 7491014 |
| Leidos Holdings, Inc. | 55085 | &nbsp;&nbsp; 8107410 |
| Paychex, Inc. | 50762 | &nbsp;&nbsp; 7468106 |
| Paycom Software, Inc.<sup>(c)</sup> | 35660 | &nbsp;&nbsp; 8073067 |
| Verisk Analytics, Inc. | 25513 | &nbsp;&nbsp; 7562819 |
|  |  | &nbsp;&nbsp; 70138960 |
| **Trading Companies & Distributors-4.03%** | **Trading Companies & Distributors-4.03%** | **Trading Companies & Distributors-4.03%** |
| Fastenal Co. | 96876 | &nbsp;&nbsp; 7844050 |
| United Rentals, Inc. | 12060 | &nbsp;&nbsp; 7615287 |
| W.W. Grainger, Inc. | 7587 | &nbsp;&nbsp; 7771440 |
|  |  | &nbsp;&nbsp; 23230777 |
| Total Common Stocks & Other Equity Interests <br>(Cost $524,179,890) | Total Common Stocks & Other Equity Interests <br>(Cost $524,179,890) | &nbsp;&nbsp; 576531236 |

---

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

------

**21**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Industrials ETF (RSPN)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.05%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $291,867)<br>| 291867 | &nbsp;&nbsp; $291867 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.99% <br>(Cost $524,471,757) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.99% <br>(Cost $524,471,757) | &nbsp;&nbsp; 576823103 |
| **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-2.22%** | **Money Market Funds-2.22%** | **Money Market Funds-2.22%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 3556521 | &nbsp;&nbsp; 3556521 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 9249063 | &nbsp;&nbsp; $9250913 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $12,807,519) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $12,807,519) | &nbsp;&nbsp; 12807434 |
| TOTAL INVESTMENTS IN SECURITIES-102.21% <br>(Cost $537,279,276) | TOTAL INVESTMENTS IN SECURITIES-102.21% <br>(Cost $537,279,276) | &nbsp;&nbsp; 589630537 |
| OTHER ASSETS LESS LIABILITIES-(2.21)% | OTHER ASSETS LESS LIABILITIES-(2.21)% | &nbsp;&nbsp; (12769939)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $576860598 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $308666 | &nbsp;&nbsp; $9643403 | &nbsp;&nbsp; $(9660202)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $291867 | &nbsp;&nbsp; $14409 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 3915608 | &nbsp;&nbsp; 144251892 | &nbsp;&nbsp; (144610979)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 3556521 | &nbsp;&nbsp; 247,315<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 10067693 | &nbsp;&nbsp; 269658644 | &nbsp;&nbsp; (270472542)<br>| &nbsp;&nbsp; 872 | &nbsp;&nbsp; (3754)<br>| &nbsp;&nbsp; 9250913 | &nbsp;&nbsp; 682,792<br> \*<br>|
| Total | &nbsp;&nbsp; $14291967 | &nbsp;&nbsp; $423553939 | &nbsp;&nbsp; $(424743723)<br>| &nbsp;&nbsp; $872 | &nbsp;&nbsp; $(3754)<br>| &nbsp;&nbsp; $13099301 | &nbsp;&nbsp; $944516 |

---

\* 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 April 30, 2025.

<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 2J. 

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

------

**22**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Materials ETF (RSPM)**

April 30, 2025

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%** |
| **Chemicals-52.37%** | **Chemicals-52.37%** | **Chemicals-52.37%** |
| Air Products and Chemicals, Inc.<sup>(b)</sup> | 22973 | &nbsp;&nbsp; $6227751 |
| Albemarle Corp.<sup>(b)</sup> | 92964 | &nbsp;&nbsp; 5443042 |
| CF Industries Holdings, Inc. | 87243 | &nbsp;&nbsp; 6837234 |
| Corteva, Inc. | 114899 | &nbsp;&nbsp; 7122590 |
| Dow, Inc. | 189337 | &nbsp;&nbsp; 5791819 |
| DuPont de Nemours, Inc. | 89654 | &nbsp;&nbsp; 5916267 |
| Eastman Chemical Co.<sup>(b)</sup> | 73242 | &nbsp;&nbsp; 5639634 |
| Ecolab, Inc. | 26534 | &nbsp;&nbsp; 6671444 |
| International Flavors & Fragrances, Inc.<sup>(b)</sup> | 85239 | &nbsp;&nbsp; 6687852 |
| Linde PLC | 15021 | &nbsp;&nbsp; 6807968 |
| LyondellBasell Industries N.V., Class A | 93772 | &nbsp;&nbsp; 5458468 |
| Mosaic Co. (The) | 274601 | &nbsp;&nbsp; 8347870 |
| PPG Industries, Inc. | 60988 | &nbsp;&nbsp; 6639154 |
| Sherwin-Williams Co. (The) | 19372 | &nbsp;&nbsp; 6836766 |
|  |  | &nbsp;&nbsp; 90427859 |
| **Construction Materials-8.96%** | **Construction Materials-8.96%** | **Construction Materials-8.96%** |
| Martin Marietta Materials, Inc. | 14590 | &nbsp;&nbsp; 7644868 |
| Vulcan Materials Co. | 29850 | &nbsp;&nbsp; 7830551 |
|  |  | &nbsp;&nbsp; 15475419 |
| **Containers & Packaging-22.36%** | **Containers & Packaging-22.36%** | **Containers & Packaging-22.36%** |
| Amcor PLC<sup>(b)</sup> | 682684 | &nbsp;&nbsp; 6280693 |
| Avery Dennison Corp. | 38301 | &nbsp;&nbsp; 6553684 |
| Ball Corp. | 132249 | &nbsp;&nbsp; 6869013 |
| International Paper Co. | 133925 | &nbsp;&nbsp; 6117694 |
| Packaging Corp. of America | 34313 | &nbsp;&nbsp; 6368836 |
| Smurfit WestRock PLC | 152969 | &nbsp;&nbsp; 6427757 |
|  |  | &nbsp;&nbsp; 38617677 |
| **Metals & Mining-16.27%** | **Metals & Mining-16.27%** | **Metals & Mining-16.27%** |
| Freeport-McMoRan, Inc. | 184024 | &nbsp;&nbsp; 6630385 |
| Newmont Corp. | 155370 | &nbsp;&nbsp; 8184891 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Metals & Mining-(continued)** | **Metals & Mining-(continued)** | **Metals & Mining-(continued)** |
| Nucor Corp.<sup>(b)</sup> | 51733 | &nbsp;&nbsp; $6175368 |
| Steel Dynamics, Inc. | 54790 | &nbsp;&nbsp; 7106811 |
|  |  | &nbsp;&nbsp; 28097455 |
| Total Common Stocks & Other Equity Interests <br>(Cost $204,639,672) | Total Common Stocks & Other Equity Interests <br>(Cost $204,639,672) | &nbsp;&nbsp; 172618410 |
| **Money Market Funds-0.01%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)(d)</sup> <br>(Cost $12,716)<br>| 12716 | &nbsp;&nbsp; 12716 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.97% <br>(Cost $204,652,388) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.97% <br>(Cost $204,652,388) | &nbsp;&nbsp; 172631126 |
| **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%** | **Money Market Funds-14.00%** | **Money Market Funds-14.00%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(c)(d)(e)</sup><br>| 6713390 | &nbsp;&nbsp; 6713390 |
| Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup> | 17457837 | &nbsp;&nbsp; 17461329 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $24,175,156) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $24,175,156) | &nbsp;&nbsp; 24174719 |
| TOTAL INVESTMENTS IN SECURITIES-113.97% <br>(Cost $228,827,544) | TOTAL INVESTMENTS IN SECURITIES-113.97% <br>(Cost $228,827,544) | &nbsp;&nbsp; 196805845 |
| OTHER ASSETS LESS LIABILITIES-(13.97)% | OTHER ASSETS LESS LIABILITIES-(13.97)% | &nbsp;&nbsp; (24127825)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $172678020 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $84381 | &nbsp;&nbsp; $6593582 | &nbsp;&nbsp; $(6665247)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $12716 | &nbsp;&nbsp; $6839 |

---

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

------

**23**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Materials ETF (RSPM)—(continued)**

April 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; $4702520 | &nbsp;&nbsp; $162601942 | &nbsp;&nbsp; $(160591072)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $6713390 | &nbsp;&nbsp; $296,675<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 12095179 | &nbsp;&nbsp; 334623946 | &nbsp;&nbsp; (329256162)<br>| &nbsp;&nbsp; 1599 | &nbsp;&nbsp; (3233)<br>| &nbsp;&nbsp; 17461329 | &nbsp;&nbsp; 792,948<br> \*<br>|
| Total | &nbsp;&nbsp; $16882080 | &nbsp;&nbsp; $503819470 | &nbsp;&nbsp; $(496512481)<br>| &nbsp;&nbsp; $1599 | &nbsp;&nbsp; $(3233)<br>| &nbsp;&nbsp; $24187435 | &nbsp;&nbsp; $1096462 |

---

\* 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 April 30, 2025.

<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 2J. 

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

------

**24**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Real Estate ETF (RSPR)**

April 30, 2025

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%** |
| **Health Care REITs-12.15%** | **Health Care REITs-12.15%** | **Health Care REITs-12.15%** |
| Alexandria Real Estate Equities, Inc.<sup>(b)</sup> | 36761 | &nbsp;&nbsp; $2671054 |
| Healthpeak Properties, Inc. | 179362 | &nbsp;&nbsp; 3199818 |
| Ventas, Inc. | 54582 | &nbsp;&nbsp; 3825107 |
| Welltower, Inc. | 24582 | &nbsp;&nbsp; 3750967 |
|  |  | &nbsp;&nbsp; 13446946 |
| **Hotel & Resort REITs-3.06%** | **Hotel & Resort REITs-3.06%** | **Hotel & Resort REITs-3.06%** |
| Host Hotels & Resorts, Inc. | 239595 | &nbsp;&nbsp; 3383081 |
| **Industrial REITs-2.89%** | **Industrial REITs-2.89%** | **Industrial REITs-2.89%** |
| Prologis, Inc. | 31294 | &nbsp;&nbsp; 3198247 |
| **Office REITs-3.16%** | **Office REITs-3.16%** | **Office REITs-3.16%** |
| BXP, Inc.<sup>(b)</sup> | 54806 | &nbsp;&nbsp; 3492786 |
| **Real Estate Management & Development-6.30%** | **Real Estate Management & Development-6.30%** | **Real Estate Management & Development-6.30%** |
| CBRE Group, Inc., Class A<sup>(c)</sup> | 28474 | &nbsp;&nbsp; 3478953 |
| CoStar Group, Inc.<sup>(c)</sup> | 47127 | &nbsp;&nbsp; 3495410 |
|  |  | &nbsp;&nbsp; 6974363 |
| **Residential REITs-22.66%** | **Residential REITs-22.66%** | **Residential REITs-22.66%** |
| AvalonBay Communities, Inc. | 17248 | &nbsp;&nbsp; 3621735 |
| Camden Property Trust | 30588 | &nbsp;&nbsp; 3480915 |
| Equity Residential | 52533 | &nbsp;&nbsp; 3690969 |
| Essex Property Trust, Inc. | 12368 | &nbsp;&nbsp; 3452527 |
| Invitation Homes, Inc. | 109422 | &nbsp;&nbsp; 3741138 |
| Mid-America Apartment Communities, Inc.<sup>(b)</sup> | 22379 | &nbsp;&nbsp; 3572807 |
| UDR, Inc. | 84309 | &nbsp;&nbsp; 3530861 |
|  |  | &nbsp;&nbsp; 25090952 |
| **Retail REITs-16.04%** | **Retail REITs-16.04%** | **Retail REITs-16.04%** |
| Federal Realty Investment Trust | 37301 | &nbsp;&nbsp; 3507040 |
| Kimco Realty Corp. | 173585 | &nbsp;&nbsp; 3468228 |
| Realty Income Corp. | 64260 | &nbsp;&nbsp; 3718084 |
| Regency Centers Corp. | 50303 | &nbsp;&nbsp; 3630870 |
| Simon Property Group, Inc. | 21844 | &nbsp;&nbsp; 3437809 |
|  |  | &nbsp;&nbsp; 17762031 |
| **Specialized REITs-33.64%** | **Specialized REITs-33.64%** | **Specialized REITs-33.64%** |
| American Tower Corp. | 17529 | &nbsp;&nbsp; 3951212 |
| Crown Castle, Inc. | 38018 | &nbsp;&nbsp; 4020784 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Specialized REITs-(continued)** | **Specialized REITs-(continued)** | **Specialized REITs-(continued)** |
| Digital Realty Trust, Inc. | 23887 | &nbsp;&nbsp; $3834819 |
| Equinix, Inc. | 4237 | &nbsp;&nbsp; 3646998 |
| Extra Space Storage, Inc. | 24278 | &nbsp;&nbsp; 3557212 |
| Iron Mountain, Inc. | 41910 | &nbsp;&nbsp; 3758070 |
| Public Storage<sup>(b)</sup> | 11935 | &nbsp;&nbsp; 3585632 |
| SBA Communications Corp., Class A | 16735 | &nbsp;&nbsp; 4073299 |
| VICI Properties, Inc.<sup>(b)</sup> | 112822 | &nbsp;&nbsp; 3612560 |
| Weyerhaeuser Co. | 123680 | &nbsp;&nbsp; 3204549 |
|  |  | &nbsp;&nbsp; 37245135 |
| Total Common Stocks & Other Equity Interests <br>(Cost $122,595,149) | Total Common Stocks & Other Equity Interests <br>(Cost $122,595,149) | &nbsp;&nbsp; 110593541 |
| **Money Market Funds-0.13%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $144,180)<br>| 144180 | &nbsp;&nbsp; 144180 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.03% <br>(Cost $122,739,329) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.03% <br>(Cost $122,739,329) | &nbsp;&nbsp; 110737721 |
| **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-8.98%** | **Money Market Funds-8.98%** | **Money Market Funds-8.98%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 2756205 | &nbsp;&nbsp; 2756205 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 7186860 | &nbsp;&nbsp; 7188297 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $9,944,502) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $9,944,502) | &nbsp;&nbsp; 9944502 |
| TOTAL INVESTMENTS IN SECURITIES-109.01% <br>(Cost $132,683,831) | TOTAL INVESTMENTS IN SECURITIES-109.01% <br>(Cost $132,683,831) | &nbsp;&nbsp; 120682223 |
| OTHER ASSETS LESS LIABILITIES-(9.01)% | OTHER ASSETS LESS LIABILITIES-(9.01)% | &nbsp;&nbsp; (9975156)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $110707067 |

---

Investment Abbreviations: <br> REIT -Real Estate Investment Trust

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

------

**25**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Real Estate ETF (RSPR)—(continued)**

April 30, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $2608294 | &nbsp;&nbsp; $(2464114)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $144180 | &nbsp;&nbsp; $2509 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 75888 | &nbsp;&nbsp; 60487279 | &nbsp;&nbsp; (57806962)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2756205 | &nbsp;&nbsp; 70,876<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 195068 | &nbsp;&nbsp; 134942643 | &nbsp;&nbsp; (127948265)<br>| &nbsp;&nbsp; 37 | &nbsp;&nbsp; (1186)<br>| &nbsp;&nbsp; 7188297 | &nbsp;&nbsp; 187,696<br> \*<br>|
| Total | &nbsp;&nbsp; $270956 | &nbsp;&nbsp; $198038216 | &nbsp;&nbsp; $(188219341)<br>| &nbsp;&nbsp; $37 | &nbsp;&nbsp; $(1186)<br>| &nbsp;&nbsp; $10088682 | &nbsp;&nbsp; $261081 |

---

\* 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 April 30, 2025.

<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 2J. 

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

------

**26**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Technology ETF (RSPT)**

April 30, 2025

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%** |
| **Communications Equipment-7.39%** | **Communications Equipment-7.39%** | **Communications Equipment-7.39%** |
| Arista Networks, Inc.<sup>(b)</sup> | 559198 | &nbsp;&nbsp; $46005220 |
| Cisco Systems, Inc. | 742291 | &nbsp;&nbsp; 42852458 |
| F5, Inc.<sup>(b)</sup> | 168668 | &nbsp;&nbsp; 44653166 |
| Juniper Networks, Inc. | 1260196 | &nbsp;&nbsp; 45770319 |
| Motorola Solutions, Inc. | 108710 | &nbsp;&nbsp; 47874797 |
|  |  | &nbsp;&nbsp; 227155960 |
| **Electronic Equipment, Instruments & Components-13.17%** | **Electronic Equipment, Instruments & Components-13.17%** | **Electronic Equipment, Instruments & Components-13.17%** |
| Amphenol Corp., Class A | 714280 | &nbsp;&nbsp; 54963846 |
| CDW Corp. | 269294 | &nbsp;&nbsp; 43237845 |
| Corning, Inc. | 988482 | &nbsp;&nbsp; 43868831 |
| Jabil, Inc. | 334618 | &nbsp;&nbsp; 49041614 |
| Keysight Technologies, Inc.<sup>(b)</sup> | 299267 | &nbsp;&nbsp; 43513422 |
| TE Connectivity PLC (Switzerland)<sup>(c)</sup> | 313448 | &nbsp;&nbsp; 45882518 |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 92487 | &nbsp;&nbsp; 43101717 |
| Trimble, Inc.<sup>(b)</sup> | 666211 | &nbsp;&nbsp; 41398351 |
| Zebra Technologies Corp., Class A<sup>(b)</sup> | 160750 | &nbsp;&nbsp; 40238940 |
|  |  | &nbsp;&nbsp; 405247084 |
| **IT Services-11.45%** | **IT Services-11.45%** | **IT Services-11.45%** |
| Accenture PLC, Class A (Ireland)<sup>(c)</sup> | 138329 | &nbsp;&nbsp; 41381120 |
| Akamai Technologies, Inc.<sup>(b)</sup> | 563380 | &nbsp;&nbsp; 45397160 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 564561 | &nbsp;&nbsp; 41534753 |
| EPAM Systems, Inc.<sup>(b)</sup> | 237150 | &nbsp;&nbsp; 37211206 |
| Gartner, Inc.<sup>(b)</sup> | 97611 | &nbsp;&nbsp; 41102040 |
| GoDaddy, Inc., Class A<sup>(b)</sup> | 257388 | &nbsp;&nbsp; 48473882 |
| International Business Machines Corp. | 179790 | &nbsp;&nbsp; 43476818 |
| VeriSign, Inc.<sup>(b)</sup> | 190513 | &nbsp;&nbsp; 53747528 |
|  |  | &nbsp;&nbsp; 352324507 |
| **Semiconductors & Semiconductor Equipment-25.82%** | **Semiconductors & Semiconductor Equipment-25.82%** | **Semiconductors & Semiconductor Equipment-25.82%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 445253 | &nbsp;&nbsp; 43345380 |
| Analog Devices, Inc. | 217230 | &nbsp;&nbsp; 42342472 |
| Applied Materials, Inc. | 301051 | &nbsp;&nbsp; 45371396 |
| Broadcom, Inc. | 231047 | &nbsp;&nbsp; 44469616 |
| Enphase Energy, Inc.<sup>(b)</sup> | 767407 | &nbsp;&nbsp; 34218678 |
| First Solar, Inc.<sup>(b)(c)</sup> | 329885 | &nbsp;&nbsp; 41506131 |
| Intel Corp. | 2170044 | &nbsp;&nbsp; 43617884 |
| KLA Corp. | 65993 | &nbsp;&nbsp; 46372621 |
| Lam Research Corp. | 585922 | &nbsp;&nbsp; 41993030 |
| Microchip Technology, Inc. | 864692 | &nbsp;&nbsp; 39845007 |
| Micron Technology, Inc.<sup>(c)</sup> | 469203 | &nbsp;&nbsp; 36105171 |
| Monolithic Power Systems, Inc.<sup>(c)</sup> | 76947 | &nbsp;&nbsp; 45637266 |
| NVIDIA Corp. | 387701 | &nbsp;&nbsp; 42228393 |
| NXP Semiconductors N.V. (Netherlands) | 219471 | &nbsp;&nbsp; 40450700 |
| ON Semiconductor Corp.<sup>(b)(c)</sup> | 1047272 | &nbsp;&nbsp; 41576698 |
| QUALCOMM, Inc. | 293696 | &nbsp;&nbsp; 43602108 |
| Skyworks Solutions, Inc.<sup>(c)</sup> | 661439 | &nbsp;&nbsp; 42517299 |
| Teradyne, Inc. | 517383 | &nbsp;&nbsp; 38394992 |
| Texas Instruments, Inc. | 255391 | &nbsp;&nbsp; 40875330 |
|  |  | &nbsp;&nbsp; 794470172 |
| **Software-30.85%** | **Software-30.85%** | **Software-30.85%** |
| Adobe, Inc.<sup>(b)</sup> | 102361 | &nbsp;&nbsp; 38383328 |
| ANSYS, Inc.<sup>(b)</sup> | 141339 | &nbsp;&nbsp; 45494197 |
| Autodesk, Inc.<sup>(b)</sup> | 178191 | &nbsp;&nbsp; 48868882 |
| Cadence Design Systems, Inc.<sup>(b)(c)</sup> | 187603 | &nbsp;&nbsp; 55856917 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Software-(continued)** | **Software-(continued)** | **Software-(continued)** |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 129378 | &nbsp;&nbsp; $55486343 |
| Fair Isaac Corp.<sup>(b)</sup> | 25212 | &nbsp;&nbsp; 50163812 |
| Fortinet, Inc.<sup>(b)</sup> | 458296 | &nbsp;&nbsp; 47552793 |
| Gen Digital, Inc.<sup>(c)</sup> | 1680767 | &nbsp;&nbsp; 43481442 |
| Intuit, Inc. | 75875 | &nbsp;&nbsp; 47609286 |
| Microsoft Corp. | 117103 | &nbsp;&nbsp; 46286132 |
| Oracle Corp. | 297450 | &nbsp;&nbsp; 41857164 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 536507 | &nbsp;&nbsp; 63543889 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 250046 | &nbsp;&nbsp; 46741099 |
| PTC, Inc.<sup>(b)(c)</sup> | 285850 | &nbsp;&nbsp; 44298175 |
| Roper Technologies, Inc. | 79220 | &nbsp;&nbsp; 44369538 |
| Salesforce, Inc. | 157671 | &nbsp;&nbsp; 42367774 |
| ServiceNow, Inc.<sup>(b)</sup> | 53224 | &nbsp;&nbsp; 50829452 |
| Synopsys, Inc.<sup>(b)</sup> | 103742 | &nbsp;&nbsp; 47618616 |
| Tyler Technologies, Inc.<sup>(b)</sup> | 78900 | &nbsp;&nbsp; 42866370 |
| Workday, Inc., Class A<sup>(b)</sup> | 185683 | &nbsp;&nbsp; 45492335 |
|  |  | &nbsp;&nbsp; 949167544 |
| **Technology Hardware, Storage & Peripherals-11.27%** | **Technology Hardware, Storage & Peripherals-11.27%** | **Technology Hardware, Storage & Peripherals-11.27%** |
| Apple, Inc. | 206845 | &nbsp;&nbsp; 43954562 |
| Dell Technologies, Inc., Class C<sup>(c)</sup> | 474512 | &nbsp;&nbsp; 43541221 |
| Hewlett Packard Enterprise Co.<sup>(c)</sup> | 2973958 | &nbsp;&nbsp; 48237599 |
| HP, Inc.<sup>(c)</sup> | 1576294 | &nbsp;&nbsp; 40305838 |
| NetApp, Inc.<sup>(c)</sup> | 490520 | &nbsp;&nbsp; 44024170 |
| Seagate Technology Holdings PLC<sup>(c)</sup> | 517443 | &nbsp;&nbsp; 47102836 |
| Super Micro Computer, Inc.<sup>(b)(c)</sup> | 1056648 | &nbsp;&nbsp; 33664805 |
| Western Digital Corp.<sup>(b)(c)</sup> | 1044651 | &nbsp;&nbsp; 45818393 |
|  |  | &nbsp;&nbsp; 346649424 |
| Total Common Stocks & Other Equity Interests <br>(Cost $2,875,814,927) | Total Common Stocks & Other Equity Interests <br>(Cost $2,875,814,927) | &nbsp;&nbsp; 3075014691 |
| **Money Market Funds-0.06%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $1,671,599)<br>| 1671599 | &nbsp;&nbsp; 1671599 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.01% <br>(Cost $2,877,486,526) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.01% <br>(Cost $2,877,486,526) | &nbsp;&nbsp; 3076686290 |
| **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-8.53%** | **Money Market Funds-8.53%** | **Money Market Funds-8.53%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 58209365 | &nbsp;&nbsp; 58209365 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 204307872 | &nbsp;&nbsp; 204348734 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $262,558,896) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $262,558,896) | &nbsp;&nbsp; 262558099 |
| TOTAL INVESTMENTS IN SECURITIES-108.54% <br>(Cost $3,140,045,422) | TOTAL INVESTMENTS IN SECURITIES-108.54% <br>(Cost $3,140,045,422) | &nbsp;&nbsp; 3339244389 |
| OTHER ASSETS LESS LIABILITIES-(8.54)% | OTHER ASSETS LESS LIABILITIES-(8.54)% | &nbsp;&nbsp; (262687210)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $3076557179 |

---

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

------

**27**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Technology ETF (RSPT)—(continued)**

April 30, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $1025816 | &nbsp;&nbsp; $35070004 | &nbsp;&nbsp; $(34424221)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1671599 | &nbsp;&nbsp; $62201 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 20104207 | &nbsp;&nbsp; 935748229 | &nbsp;&nbsp; (897643071)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 58209365 | &nbsp;&nbsp; 1,254,210<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 49293154 | &nbsp;&nbsp; 1738243353 | &nbsp;&nbsp; (1583171715)<br>| &nbsp;&nbsp; 671 | &nbsp;&nbsp; (16729)<br>| &nbsp;&nbsp; 204348734 | &nbsp;&nbsp; 3,418,880<br> \*<br>|
| Total | &nbsp;&nbsp; $70423177 | &nbsp;&nbsp; $2709061586 | &nbsp;&nbsp; $(2515239007)<br>| &nbsp;&nbsp; $671 | &nbsp;&nbsp; $(16729)<br>| &nbsp;&nbsp; $264229698 | &nbsp;&nbsp; $4735291 |

---

\* 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 April 30, 2025.

<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 2J. 

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

------

**28**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Utilities ETF (RSPU)**

April 30, 2025

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%** |
| **Electric Utilities-54.85%** | **Electric Utilities-54.85%** | **Electric Utilities-54.85%** |
| Alliant Energy Corp. | 217696 | &nbsp;&nbsp; $13288164 |
| American Electric Power Co., Inc. | 131462 | &nbsp;&nbsp; 14242593 |
| Constellation Energy Corp. | 62828 | &nbsp;&nbsp; 14038288 |
| Duke Energy Corp. | 116021 | &nbsp;&nbsp; 14156882 |
| Edison International | 243984 | &nbsp;&nbsp; 13055584 |
| Entergy Corp. | 163809 | &nbsp;&nbsp; 13623995 |
| Evergy, Inc. | 204145 | &nbsp;&nbsp; 14106420 |
| Eversource Energy | 227694 | &nbsp;&nbsp; 13543239 |
| Exelon Corp. | 317629 | &nbsp;&nbsp; 14896800 |
| FirstEnergy Corp. | 354243 | &nbsp;&nbsp; 15189940 |
| NextEra Energy, Inc. | 185648 | &nbsp;&nbsp; 12416138 |
| NRG Energy, Inc. | 146386 | &nbsp;&nbsp; 16040978 |
| PG&E Corp. | 834481 | &nbsp;&nbsp; 13785626 |
| Pinnacle West Capital Corp.<sup>(b)</sup> | 148365 | &nbsp;&nbsp; 14121381 |
| PPL Corp. | 398480 | &nbsp;&nbsp; 14544520 |
| Southern Co. (The) | 152642 | &nbsp;&nbsp; 14026273 |
| Xcel Energy, Inc.<sup>(b)</sup> | 196589 | &nbsp;&nbsp; 13898842 |
|  |  | &nbsp;&nbsp; 238975663 |
| **Gas Utilities-3.39%** | **Gas Utilities-3.39%** | **Gas Utilities-3.39%** |
| Atmos Energy Corp. | 91981 | &nbsp;&nbsp; 14774908 |
| **Independent Power and Renewable Electricity Producers-5.93%** | **Independent Power and Renewable Electricity Producers-5.93%** | **Independent Power and Renewable Electricity Producers-5.93%** |
| AES Corp. (The) | 1144169 | &nbsp;&nbsp; 11441690 |
| Vistra Corp. | 110997 | &nbsp;&nbsp; 14388541 |
|  |  | &nbsp;&nbsp; 25830231 |
| **Multi-Utilities-32.49%** | **Multi-Utilities-32.49%** | **Multi-Utilities-32.49%** |
| Ameren Corp. | 138903 | &nbsp;&nbsp; 13784734 |
| CenterPoint Energy, Inc. | 391772 | &nbsp;&nbsp; 15192918 |
| CMS Energy Corp. | 190171 | &nbsp;&nbsp; 14006094 |
| Consolidated Edison, Inc. | 131893 | &nbsp;&nbsp; 14870936 |
| Dominion Energy, Inc. | 251930 | &nbsp;&nbsp; 13699953 |
| DTE Energy Co. | 103064 | &nbsp;&nbsp; 14119768 |
| NiSource, Inc. | 346714 | &nbsp;&nbsp; 13559985 |
| Public Service Enterprise Group, Inc. | 170122 | &nbsp;&nbsp; 13597851 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Multi-Utilities-(continued)** | **Multi-Utilities-(continued)** | **Multi-Utilities-(continued)** |
| Sempra | 196331 | &nbsp;&nbsp; $14581503 |
| WEC Energy Group, Inc. | 129201 | &nbsp;&nbsp; 14150094 |
|  |  | &nbsp;&nbsp; 141563836 |
| **Water Utilities-3.24%** | **Water Utilities-3.24%** | **Water Utilities-3.24%** |
| American Water Works Co., Inc. | 96060 | &nbsp;&nbsp; 14121781 |
| Total Common Stocks & Other Equity Interests <br>(Cost $405,694,315) | Total Common Stocks & Other Equity Interests <br>(Cost $405,694,315) | &nbsp;&nbsp; 435266419 |
| **Money Market Funds-0.08%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)(d)</sup> <br>(Cost $368,784)<br>| 368784 | &nbsp;&nbsp; 368784 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.98% <br>(Cost $406,063,099) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.98% <br>(Cost $406,063,099) | &nbsp;&nbsp; 435635203 |
| **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-3.37%** | **Money Market Funds-3.37%** | **Money Market Funds-3.37%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(c)(d)(e)</sup><br>| 4071590 | &nbsp;&nbsp; 4071590 |
| Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup> | 10592909 | &nbsp;&nbsp; 10595028 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $14,666,758) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $14,666,758) | &nbsp;&nbsp; 14666618 |
| TOTAL INVESTMENTS IN SECURITIES-103.35% <br>(Cost $420,729,857) | TOTAL INVESTMENTS IN SECURITIES-103.35% <br>(Cost $420,729,857) | &nbsp;&nbsp; 450301821 |
| OTHER ASSETS LESS LIABILITIES-(3.35)% | OTHER ASSETS LESS LIABILITIES-(3.35)% | &nbsp;&nbsp; (14590130)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $435711691 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp; $121358 | &nbsp;&nbsp; $9398878 | &nbsp;&nbsp; $(9151452)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $368784 | &nbsp;&nbsp; $11881 |

---

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

------

**29**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Utilities ETF (RSPU)—(continued)**

April 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; $121244 | &nbsp;&nbsp; $132239206 | &nbsp;&nbsp; $(128288860)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4071590 | &nbsp;&nbsp; $271,741<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 311248 | &nbsp;&nbsp; 245171089 | &nbsp;&nbsp; (234884763)<br>| &nbsp;&nbsp; (123)<br>| &nbsp;&nbsp; (2423)<br>| &nbsp;&nbsp; 10595028 | &nbsp;&nbsp; 719,617<br> \*<br>|
| Total | &nbsp;&nbsp; $553850 | &nbsp;&nbsp; $386809173 | &nbsp;&nbsp; $(372325075)<br>| &nbsp;&nbsp; $(123)<br>| &nbsp;&nbsp; $(2423)<br>| &nbsp;&nbsp; $15035402 | &nbsp;&nbsp; $1003239 |

---

\* 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 April 30, 2025.

<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 2J. 

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

------

**30**

------

**Invesco S&P MidCap 400**<sup>®</sup> **GARP ETF (GRPM)**

April 30, 2025

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%** |
| **Consumer Discretionary-25.76%** | **Consumer Discretionary-25.76%** | **Consumer Discretionary-25.76%** |
| Abercrombie & Fitch Co., Class A<sup>(b)</sup> | 60731 | &nbsp;&nbsp; $4215946 |
| Boyd Gaming Corp.<sup>(c)</sup> | 131270 | &nbsp;&nbsp; 9076008 |
| Crocs, Inc.<sup>(b)(c)</sup> | 109011 | &nbsp;&nbsp; 10510840 |
| Grand Canyon Education, Inc.<sup>(b)</sup> | 36332 | &nbsp;&nbsp; 6480539 |
| Harley-Davidson, Inc.<sup>(c)</sup> | 275397 | &nbsp;&nbsp; 6174401 |
| Hyatt Hotels Corp., Class A<sup>(c)</sup> | 78679 | &nbsp;&nbsp; 8865550 |
| KB Home | 90492 | &nbsp;&nbsp; 4889283 |
| Lear Corp.<sup>(c)</sup> | 60043 | &nbsp;&nbsp; 5148687 |
| Murphy USA, Inc. | 19202 | &nbsp;&nbsp; 9573541 |
| Penske Automotive Group, Inc. | 41334 | &nbsp;&nbsp; 6434464 |
| PVH Corp. | 55005 | &nbsp;&nbsp; 3794245 |
| Skechers U.S.A., Inc., Class A<sup>(b)</sup> | 119269 | &nbsp;&nbsp; 5727297 |
| Taylor Morrison Home Corp., Class A<sup>(b)</sup> | 92097 | &nbsp;&nbsp; 5281763 |
| Texas Roadhouse, Inc. | 57858 | &nbsp;&nbsp; 9602114 |
| Toll Brothers, Inc. | 51691 | &nbsp;&nbsp; 5214071 |
| TopBuild Corp.<sup>(b)</sup> | 22312 | &nbsp;&nbsp; 6598997 |
| Visteon Corp.<sup>(b)</sup> | 97817 | &nbsp;&nbsp; 7746128 |
|  |  | &nbsp;&nbsp; 115333874 |
| **Consumer Staples-5.73%** | **Consumer Staples-5.73%** | **Consumer Staples-5.73%** |
| Celsius Holdings, Inc.<sup>(b)(c)</sup> | 532928 | &nbsp;&nbsp; 18631163 |
| Pilgrim's Pride Corp. | 128941 | &nbsp;&nbsp; 7037600 |
|  |  | &nbsp;&nbsp; 25668763 |
| **Energy-17.18%** | **Energy-17.18%** | **Energy-17.18%** |
| Chord Energy Corp. | 113573 | &nbsp;&nbsp; 10247692 |
| Civitas Resources, Inc.<sup>(c)</sup> | 253578 | &nbsp;&nbsp; 6910001 |
| CNX Resources Corp.<sup>(b)(c)</sup> | 213401 | &nbsp;&nbsp; 6280391 |
| Matador Resources Co. | 213467 | &nbsp;&nbsp; 8440485 |
| Murphy Oil Corp.<sup>(c)</sup> | 230647 | &nbsp;&nbsp; 4735183 |
| Ovintiv, Inc. | 183692 | &nbsp;&nbsp; 6168377 |
| Permian Resources Corp. | 853094 | &nbsp;&nbsp; 10066509 |
| Range Resources Corp. | 169874 | &nbsp;&nbsp; 5763825 |
| Valaris Ltd.<sup>(b)(c)</sup> | 279312 | &nbsp;&nbsp; 9024571 |
| Viper Energy, Inc. | 230122 | &nbsp;&nbsp; 9280820 |
|  |  | &nbsp;&nbsp; 76917854 |
| **Financials-11.32%** | **Financials-11.32%** | **Financials-11.32%** |
| Bank OZK<sup>(c)</sup> | 170649 | &nbsp;&nbsp; 7269647 |
| East West Bancorp, Inc. | 65870 | &nbsp;&nbsp; 5635179 |
| Hancock Whitney Corp. | 192421 | &nbsp;&nbsp; 10023210 |
| International Bancshares Corp.<sup>(c)</sup> | 93747 | &nbsp;&nbsp; 5722317 |
| Kinsale Capital Group, Inc. | 21273 | &nbsp;&nbsp; 9259286 |
| RenaissanceRe Holdings Ltd. (Bermuda) | 28445 | &nbsp;&nbsp; 6881699 |
| Western Alliance Bancorporation | 84168 | &nbsp;&nbsp; 5867351 |
|  |  | &nbsp;&nbsp; 50658689 |
| **Health Care-14.03%** | **Health Care-14.03%** | **Health Care-14.03%** |
| Exelixis, Inc.<sup>(b)</sup> | 191796 | &nbsp;&nbsp; 7508813 |
| Halozyme Therapeutics, Inc.<sup>(b)(c)</sup> | 257756 | &nbsp;&nbsp; 15831373 |
| Lantheus Holdings, Inc.<sup>(b)(c)</sup> | 162705 | &nbsp;&nbsp; 16976640 |
| Medpace Holdings, Inc.<sup>(b)(c)</sup> | 27617 | &nbsp;&nbsp; 8516807 |
| Roivant Sciences Ltd.<sup>(b)(c)</sup> | 1200843 | &nbsp;&nbsp; 13953796 |
|  |  | &nbsp;&nbsp; 62787429 |
| **Industrials-12.96%** | **Industrials-12.96%** | **Industrials-12.96%** |
| AAON, Inc.<sup>(c)</sup> | 65394 | &nbsp;&nbsp; 5968510 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Comfort Systems USA, Inc. | 15557 | &nbsp;&nbsp; $6184685 |
| EMCOR Group, Inc. | 17086 | &nbsp;&nbsp; 6846360 |
| ITT, Inc. | 45851 | &nbsp;&nbsp; 6282504 |
| Lincoln Electric Holdings, Inc. | 32123 | &nbsp;&nbsp; 5660073 |
| Mueller Industries, Inc. | 77444 | &nbsp;&nbsp; 5696781 |
| Owens Corning | 41400 | &nbsp;&nbsp; 6019974 |
| Saia, Inc.<sup>(b)</sup> | 11820 | &nbsp;&nbsp; 2884080 |
| Simpson Manufacturing Co., Inc. | 36001 | &nbsp;&nbsp; 5532994 |
| Terex Corp.<sup>(c)</sup> | 197520 | &nbsp;&nbsp; 6952704 |
|  |  | &nbsp;&nbsp; 58028665 |
| **Information Technology-8.35%** | **Information Technology-8.35%** | **Information Technology-8.35%** |
| Arrow Electronics, Inc.<sup>(b)(c)</sup> | 49533 | &nbsp;&nbsp; 5515995 |
| Commvault Systems, Inc.<sup>(b)</sup> | 38880 | &nbsp;&nbsp; 6498014 |
| DocuSign, Inc.<sup>(b)</sup> | 71978 | &nbsp;&nbsp; 5884202 |
| Lattice Semiconductor Corp.<sup>(b)(c)</sup> | 137496 | &nbsp;&nbsp; 6727679 |
| Manhattan Associates, Inc.<sup>(b)</sup> | 20647 | &nbsp;&nbsp; 3662571 |
| Rambus, Inc.<sup>(b)</sup> | 186719 | &nbsp;&nbsp; 9110020 |
|  |  | &nbsp;&nbsp; 37398481 |
| **Materials-2.86%** | **Materials-2.86%** | **Materials-2.86%** |
| Eagle Materials, Inc. | 21669 | &nbsp;&nbsp; 4905645 |
| Reliance, Inc. | 27352 | &nbsp;&nbsp; 7883667 |
|  |  | &nbsp;&nbsp; 12789312 |
| **Real Estate-1.79%** | **Real Estate-1.79%** | **Real Estate-1.79%** |
| Park Hotels & Resorts, Inc.<sup>(c)</sup> | 804293 | &nbsp;&nbsp; 7994672 |
| Total Common Stocks & Other Equity Interests <br>(Cost $511,952,953) | Total Common Stocks & Other Equity Interests <br>(Cost $511,952,953) | &nbsp;&nbsp; 447577739 |
| **Money Market Funds-0.05%** | **Money Market Funds-0.05%** | **Money Market Funds-0.05%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $201,173)<br>| 201173 | &nbsp;&nbsp; 201173 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.03% <br>(Cost $512,154,126) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.03% <br>(Cost $512,154,126) | &nbsp;&nbsp; 447778912 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-24.96%** | **Money Market Funds-24.96%** | **Money Market Funds-24.96%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 31002233 | &nbsp;&nbsp; 31002233 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 80712648 | &nbsp;&nbsp; 80728791 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $111,734,539) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $111,734,539) | &nbsp;&nbsp; 111731024 |
| TOTAL INVESTMENTS IN SECURITIES-124.99% <br>(Cost $623,888,665) | TOTAL INVESTMENTS IN SECURITIES-124.99% <br>(Cost $623,888,665) | &nbsp;&nbsp; 559509936 |
| OTHER ASSETS LESS LIABILITIES-(24.99)% | OTHER ASSETS LESS LIABILITIES-(24.99)% | &nbsp;&nbsp; (111856700)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $447653236 |

---

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

------

**31**

------

**Invesco S&P MidCap 400**<sup>®</sup> **GARP ETF (GRPM)—(continued)**

April 30, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp; $81314 | &nbsp;&nbsp; $7184501 | &nbsp;&nbsp; $(7064642)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $201173 | &nbsp;&nbsp; $14079 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 12602345 | &nbsp;&nbsp; 281587515 | &nbsp;&nbsp; (263187627)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 31002233 | &nbsp;&nbsp; 1,017,574<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 32391587 | &nbsp;&nbsp; 555501567 | &nbsp;&nbsp; (507156526)<br>| &nbsp;&nbsp; (1472)<br>| &nbsp;&nbsp; (6365)<br>| &nbsp;&nbsp; 80728791 | &nbsp;&nbsp; 2,740,818<br> \*<br>|
| Total | &nbsp;&nbsp; $45075246 | &nbsp;&nbsp; $844273583 | &nbsp;&nbsp; $(777408795)<br>| &nbsp;&nbsp; $(1472)<br>| &nbsp;&nbsp; $(6365)<br>| &nbsp;&nbsp; $111932197 | &nbsp;&nbsp; $3772471 |

---

\* 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 April 30, 2025.

<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 2J. 

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

------

**32**

------

**33**

------

**Statements of Assets and Liabilities**

April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P 500**<sup>®</sup> <br>**Equal Weight** <br>**ETF (RSP)**<br>| **Invesco S&P 500**<sup>®</sup> <br>**Equal Weight** <br>**Communication** <br>**Services** <br>**ETF (RSPC)**<br>| **Invesco S&P 500**<sup>®</sup> <br>**Equal Weight** <br>**Consumer** <br>**Discretionary** <br>**ETF (RSPD)**<br>| **Invesco S&P 500**<sup>®</sup> <br>**Equal Weight** <br>**Consumer Staples** <br>**ETF (RSPS)**<br>|
| **Assets:** |  |  |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $69485448235 | &nbsp;&nbsp;&nbsp; $60463064 | &nbsp;&nbsp;&nbsp; $192239236 | &nbsp;&nbsp;&nbsp; $269908640 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 3366099377 | &nbsp;&nbsp;&nbsp; 8571854 | &nbsp;&nbsp;&nbsp; 13785690 | &nbsp;&nbsp;&nbsp; 22192541 |
| Deposits with brokers: |  |  |  |  |
| Cash collateral-futures contracts | &nbsp;&nbsp; 19505695 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Receivable for: |  |  |  |  |
| Dividends and interest | &nbsp;&nbsp; 43241959 | &nbsp;&nbsp;&nbsp; 59340 | &nbsp;&nbsp;&nbsp; 79664 | &nbsp;&nbsp;&nbsp; 404706 |
| Securities lending | &nbsp;&nbsp; 346828 | &nbsp;&nbsp;&nbsp; 1557 | &nbsp;&nbsp;&nbsp; 883 | &nbsp;&nbsp;&nbsp; 1630 |
| Investments sold | &nbsp;&nbsp; 157161055 | &nbsp;&nbsp;&nbsp; 349275 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Fund shares sold | &nbsp;&nbsp; 42301570 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2787 | &nbsp;&nbsp;&nbsp; - |
| **Total assets** | &nbsp;&nbsp; 73114104719 | &nbsp;&nbsp;&nbsp; 69445090 | &nbsp;&nbsp;&nbsp; 206108260 | &nbsp;&nbsp;&nbsp; 292507517 |
| **Liabilities:** |  |  |  |  |
| Due to custodian | &nbsp;&nbsp; 11938 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Payable for: |  |  |  |  |
| Investments purchased | &nbsp;&nbsp; 42247595 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 3152735441 | &nbsp;&nbsp;&nbsp; 8545171 | &nbsp;&nbsp;&nbsp; 13771508 | &nbsp;&nbsp;&nbsp; 22163872 |
| Fund shares repurchased | &nbsp;&nbsp; 157361840 | &nbsp;&nbsp;&nbsp; 349905 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Accrued unitary management fees | &nbsp;&nbsp; 11253342 | &nbsp;&nbsp;&nbsp; 16324 | &nbsp;&nbsp;&nbsp; 61803 | &nbsp;&nbsp;&nbsp; 86028 |
| **Total liabilities** | &nbsp;&nbsp; 3363610156 | &nbsp;&nbsp;&nbsp; 8911400 | &nbsp;&nbsp;&nbsp; 13833311 | &nbsp;&nbsp;&nbsp; 22249900 |
| **Net Assets** | &nbsp;&nbsp; $69750494563 | &nbsp;&nbsp;&nbsp; $60533690 | &nbsp;&nbsp;&nbsp; $192274949 | &nbsp;&nbsp;&nbsp; $270257617 |
| **Net assets consist of:** |  |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $75350576048 | &nbsp;&nbsp;&nbsp; $68291230 | &nbsp;&nbsp;&nbsp; $349750261 | &nbsp;&nbsp;&nbsp; $431124293 |
| Distributable earnings (loss) | &nbsp;&nbsp; (5600081485)<br>| &nbsp;&nbsp;&nbsp; (7757540)<br>| &nbsp;&nbsp;&nbsp; (157475312)<br>| &nbsp;&nbsp;&nbsp; (160866676)<br>|
| **Net Assets** | &nbsp;&nbsp; $69750494563 | &nbsp;&nbsp;&nbsp; $60533690 | &nbsp;&nbsp;&nbsp; $192274949 | &nbsp;&nbsp;&nbsp; $270257617 |
| Shares outstanding (unlimited amount authorized, $0.01 par <br> value)<br>| &nbsp;&nbsp; 412222663 | &nbsp;&nbsp;&nbsp; 1730001 | &nbsp;&nbsp;&nbsp; 3930000 | &nbsp;&nbsp;&nbsp; 8870000 |
| Net asset value | &nbsp;&nbsp; $169.21 | &nbsp;&nbsp;&nbsp; $34.99 | &nbsp;&nbsp;&nbsp; $48.92 | &nbsp;&nbsp;&nbsp; $30.47 |
| Market price | &nbsp;&nbsp; $169.06 | &nbsp;&nbsp;&nbsp; $34.95 | &nbsp;&nbsp;&nbsp; $48.89 | &nbsp;&nbsp;&nbsp; $30.45 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $69226371719 | &nbsp;&nbsp;&nbsp; $56642647 | &nbsp;&nbsp;&nbsp; $215980698 | &nbsp;&nbsp;&nbsp; $331054825 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $3403186132 | &nbsp;&nbsp;&nbsp; $8571860 | &nbsp;&nbsp;&nbsp; $13785691 | &nbsp;&nbsp;&nbsp; $22193148 |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $3082510311 | &nbsp;&nbsp;&nbsp; $8335070 | &nbsp;&nbsp;&nbsp; $13399541 | &nbsp;&nbsp;&nbsp; $21955628 |

---

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

------

**34**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Invesco S&P 500**<sup>®</sup> <br>**Equal Weight** <br>**Energy** <br>**ETF (RSPG)**<br>| **Invesco S&P 500**<sup>®</sup> <br>**Equal Weight** <br>**Financials** <br>**ETF (RSPF)**<br>| **Invesco S&P 500**<sup>®</sup> <br>**Equal Weight** <br>**Health Care** <br>**ETF (RSPH)**<br>| **Invesco S&P 500**<sup>®</sup> <br>**Equal Weight** <br>**Industrials** <br>**ETF (RSPN)**<br>| **Invesco S&P 500**<sup>®</sup> <br>**Equal Weight** <br>**Materials** <br>**ETF (RSPM)**<br>| **Invesco S&P 500**<sup>®</sup> <br>**Equal Weight** <br>**Real Estate** <br>**ETF (RSPR)**<br>| **Invesco S&P 500**<sup>®</sup> <br>**Equal Weight** <br>**Technology** <br>**ETF (RSPT)**<br>|
| $414984099 | &nbsp;&nbsp;&nbsp; $292764259 | &nbsp;&nbsp;&nbsp; $758819867 | &nbsp;&nbsp;&nbsp; $576531236 | &nbsp;&nbsp;&nbsp; $172618410 | &nbsp;&nbsp;&nbsp; $110593541 | &nbsp;&nbsp;&nbsp; $3075014691 |
| 20994346 | &nbsp;&nbsp;&nbsp; 14053051 | &nbsp;&nbsp;&nbsp; 23604694 | &nbsp;&nbsp;&nbsp; 13099301 | &nbsp;&nbsp;&nbsp; 24187435 | &nbsp;&nbsp;&nbsp; 10088682 | &nbsp;&nbsp;&nbsp; 264229698 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 614451 | &nbsp;&nbsp;&nbsp; 206455 | &nbsp;&nbsp;&nbsp; 496647 | &nbsp;&nbsp;&nbsp; 231961 | &nbsp;&nbsp;&nbsp; 100303 | &nbsp;&nbsp;&nbsp; 4870 | &nbsp;&nbsp;&nbsp; 804734 |
| 2868 | &nbsp;&nbsp;&nbsp; 1088 | &nbsp;&nbsp;&nbsp; 1008 | &nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp; 2743 | &nbsp;&nbsp;&nbsp; 501 | &nbsp;&nbsp;&nbsp; 15990 |
| 2095710 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1383980 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 438691474 | &nbsp;&nbsp;&nbsp; 307024853 | &nbsp;&nbsp;&nbsp; 782922216 | &nbsp;&nbsp;&nbsp; 589863188 | &nbsp;&nbsp;&nbsp; 196908891 | &nbsp;&nbsp;&nbsp; 120687594 | &nbsp;&nbsp;&nbsp; 3341449093 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 272 | &nbsp;&nbsp;&nbsp; 1319 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 128 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 20831309 | &nbsp;&nbsp;&nbsp; 10178747 | &nbsp;&nbsp;&nbsp; 23473260 | &nbsp;&nbsp;&nbsp; 12807519 | &nbsp;&nbsp;&nbsp; 24175156 | &nbsp;&nbsp;&nbsp; 9944502 | &nbsp;&nbsp;&nbsp; 262558896 |
| 2099081 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1381946 |
| 143672 | &nbsp;&nbsp;&nbsp; 94909 | &nbsp;&nbsp;&nbsp; 244331 | &nbsp;&nbsp;&nbsp; 193752 | &nbsp;&nbsp;&nbsp; 55715 | &nbsp;&nbsp;&nbsp; 36025 | &nbsp;&nbsp;&nbsp; 950944 |
| 23074062 | &nbsp;&nbsp;&nbsp; 10273656 | &nbsp;&nbsp;&nbsp; 23717863 | &nbsp;&nbsp;&nbsp; 13002590 | &nbsp;&nbsp;&nbsp; 24230871 | &nbsp;&nbsp;&nbsp; 9980527 | &nbsp;&nbsp;&nbsp; 264891914 |
| $415617412 | &nbsp;&nbsp;&nbsp; $296751197 | &nbsp;&nbsp;&nbsp; $759204353 | &nbsp;&nbsp;&nbsp; $576860598 | &nbsp;&nbsp;&nbsp; $172678020 | &nbsp;&nbsp;&nbsp; $110707067 | &nbsp;&nbsp;&nbsp; $3076557179 |
| $626396870 | &nbsp;&nbsp;&nbsp; $346920287 | &nbsp;&nbsp;&nbsp; $850207650 | &nbsp;&nbsp;&nbsp; $588777240 | &nbsp;&nbsp;&nbsp; $276328581 | &nbsp;&nbsp;&nbsp; $132343514 | &nbsp;&nbsp;&nbsp; $3252098722 |
| (210779458)<br>| &nbsp;&nbsp;&nbsp; (50169090)<br>| &nbsp;&nbsp;&nbsp; (91003297)<br>| &nbsp;&nbsp;&nbsp; (11916642)<br>| &nbsp;&nbsp;&nbsp; (103650561)<br>| &nbsp;&nbsp;&nbsp; (21636447)<br>| &nbsp;&nbsp;&nbsp; (175541543)<br>|
| $415617412 | &nbsp;&nbsp;&nbsp; $296751197 | &nbsp;&nbsp;&nbsp; $759204353 | &nbsp;&nbsp;&nbsp; $576860598 | &nbsp;&nbsp;&nbsp; $172678020 | &nbsp;&nbsp;&nbsp; $110707067 | &nbsp;&nbsp;&nbsp; $3076557179 |
| 5940005 | &nbsp;&nbsp;&nbsp; 4260000 | &nbsp;&nbsp;&nbsp; 26500000 | &nbsp;&nbsp;&nbsp; 11850000 | &nbsp;&nbsp;&nbsp; 5600000 | &nbsp;&nbsp;&nbsp; 3190000 | &nbsp;&nbsp;&nbsp; 89050000 |
| $69.97 | &nbsp;&nbsp;&nbsp; $69.66 | &nbsp;&nbsp;&nbsp; $28.65 | &nbsp;&nbsp;&nbsp; $48.68 | &nbsp;&nbsp;&nbsp; $30.84 | &nbsp;&nbsp;&nbsp; $34.70 | &nbsp;&nbsp;&nbsp; $34.55 |
| $69.93 | &nbsp;&nbsp;&nbsp; $69.61 | &nbsp;&nbsp;&nbsp; $28.61 | &nbsp;&nbsp;&nbsp; $48.64 | &nbsp;&nbsp;&nbsp; $30.82 | &nbsp;&nbsp;&nbsp; $34.72 | &nbsp;&nbsp;&nbsp; $34.52 |
| $457045306 | &nbsp;&nbsp;&nbsp; $252054452 | &nbsp;&nbsp;&nbsp; $715208717 | &nbsp;&nbsp;&nbsp; $524179890 | &nbsp;&nbsp;&nbsp; $204639672 | &nbsp;&nbsp;&nbsp; $122595149 | &nbsp;&nbsp;&nbsp; $2875814927 |
| $20995398 | &nbsp;&nbsp;&nbsp; $16261629 | &nbsp;&nbsp;&nbsp; $23605206 | &nbsp;&nbsp;&nbsp; $13099386 | &nbsp;&nbsp;&nbsp; $24187872 | &nbsp;&nbsp;&nbsp; $10088682 | &nbsp;&nbsp;&nbsp; $264230495 |
| $19788021 | &nbsp;&nbsp;&nbsp; $9940458 | &nbsp;&nbsp;&nbsp; $23030510 | &nbsp;&nbsp;&nbsp; $12705344 | &nbsp;&nbsp;&nbsp; $23481665 | &nbsp;&nbsp;&nbsp; $9777394 | &nbsp;&nbsp;&nbsp; $260639367 |

---

------

**35**

------

**Statements of Assets and Liabilities—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Invesco S&P 500**<sup>®</sup> <br>**Equal Weight** <br>**Utilities** <br>**ETF (RSPU)**<br>| **Invesco S&P** <br>**MidCap 400**<sup>®</sup> <br>**GARP** <br>**ETF (GRPM)**<br>|
| **Assets:** |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $435266419 | &nbsp;&nbsp;&nbsp; $447577739 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 15035402 | &nbsp;&nbsp;&nbsp; 111932197 |
| Receivable for: |  |  |
| Dividends and interest | &nbsp;&nbsp; 206841 | &nbsp;&nbsp;&nbsp; 488 |
| Securities lending | &nbsp;&nbsp; 2297 | &nbsp;&nbsp;&nbsp; 9284 |
| Fund shares sold | &nbsp;&nbsp; 2088076 | &nbsp;&nbsp;&nbsp; - |
| **Total assets** | &nbsp;&nbsp; 452599035 | &nbsp;&nbsp;&nbsp; 559519708 |
| **Liabilities:** |  |  |
| Due to custodian | &nbsp;&nbsp; 639 | &nbsp;&nbsp;&nbsp; - |
| Payable for: |  |  |
| Investments purchased | &nbsp;&nbsp; 2085972 | &nbsp;&nbsp;&nbsp; - |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 14666758 | &nbsp;&nbsp;&nbsp; 111734539 |
| Accrued unitary management fees | &nbsp;&nbsp; 133975 | &nbsp;&nbsp;&nbsp; 131933 |
| **Total liabilities** | &nbsp;&nbsp; 16887344 | &nbsp;&nbsp;&nbsp; 111866472 |
| **Net Assets** | &nbsp;&nbsp; $435711691 | &nbsp;&nbsp;&nbsp; $447653236 |
| **Net assets consist of:** |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $443322814 | &nbsp;&nbsp;&nbsp; $561792219 |
| Distributable earnings (loss) | &nbsp;&nbsp; (7611123)<br>| &nbsp;&nbsp;&nbsp; (114138983)<br>|
| **Net Assets** | &nbsp;&nbsp; $435711691 | &nbsp;&nbsp;&nbsp; $447653236 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 6260000 | &nbsp;&nbsp;&nbsp; 4460000 |
| Net asset value | &nbsp;&nbsp; $69.60 | &nbsp;&nbsp;&nbsp; $100.37 |
| Market price | &nbsp;&nbsp; $69.58 | &nbsp;&nbsp;&nbsp; $100.31 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $405694315 | &nbsp;&nbsp;&nbsp; $511952953 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $15035542 | &nbsp;&nbsp;&nbsp; $111935712 |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $14354362 | &nbsp;&nbsp;&nbsp; $108200765 |

---

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

------

**36**

------

**37**

------

**Statements of Operations**

For the year ended April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P 500**<sup>®</sup> <br>**Equal Weight** <br>**ETF (RSP)**<br>| **Invesco S&P 500**<sup>®</sup> <br>**Equal Weight** <br>**Communication** <br>**Services** <br>**ETF (RSPC)**<br>| **Invesco S&P 500**<sup>®</sup> <br>**Equal Weight** <br>**Consumer** <br>**Discretionary** <br>**ETF (RSPD)**<br>| **Invesco S&P 500**<sup>®</sup> <br>**Equal Weight** <br>**Consumer Staples** <br>**ETF (RSPS)**<br>|
| **Investment income:** |  |  |  |  |
| Unaffiliated interest income | &nbsp;&nbsp; $120714 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |
| Unaffiliated dividend income | &nbsp;&nbsp; 1200638296 | &nbsp;&nbsp;&nbsp; 820920 | &nbsp;&nbsp;&nbsp; 3931485 | &nbsp;&nbsp;&nbsp; 9868739 |
| Affiliated dividend income | &nbsp;&nbsp; 8338800 | &nbsp;&nbsp;&nbsp; 1461 | &nbsp;&nbsp;&nbsp; 6929 | &nbsp;&nbsp;&nbsp; 9989 |
| Non-cash dividend income | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 247213 | &nbsp;&nbsp;&nbsp; - |
| Securities lending income, net | &nbsp;&nbsp; 3487177 | &nbsp;&nbsp;&nbsp; 12592 | &nbsp;&nbsp;&nbsp; 20608 | &nbsp;&nbsp;&nbsp; 28238 |
| Foreign withholding tax | &nbsp;&nbsp; (329481)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total investment income | &nbsp;&nbsp; 1212255506 | &nbsp;&nbsp;&nbsp; 834973 | &nbsp;&nbsp;&nbsp; 4206235 | &nbsp;&nbsp;&nbsp; 9906966 |
| **Expenses:** |  |  |  |  |
| Unitary management fees | &nbsp;&nbsp; 131224977 | &nbsp;&nbsp;&nbsp; 222644 | &nbsp;&nbsp;&nbsp; 1229113 | &nbsp;&nbsp;&nbsp; 1322323 |
| Less: Waivers | &nbsp;&nbsp; (38680)<br>| &nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp; (132)<br>| &nbsp;&nbsp;&nbsp; (188)<br>|
| Net expenses | &nbsp;&nbsp; 131186297 | &nbsp;&nbsp;&nbsp; 222617 | &nbsp;&nbsp;&nbsp; 1228981 | &nbsp;&nbsp;&nbsp; 1322135 |
| Net investment income | &nbsp;&nbsp; 1081069209 | &nbsp;&nbsp;&nbsp; 612356 | &nbsp;&nbsp;&nbsp; 2977254 | &nbsp;&nbsp;&nbsp; 8584831 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (901771853)<br>| &nbsp;&nbsp;&nbsp; (72840)<br>| &nbsp;&nbsp;&nbsp; (7193562)<br>| &nbsp;&nbsp;&nbsp; (7650961)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (8363865)<br>| &nbsp;&nbsp;&nbsp; (108)<br>| &nbsp;&nbsp;&nbsp; (3826)<br>| &nbsp;&nbsp;&nbsp; 679 |
| Unaffiliated in-kind redemptions | &nbsp;&nbsp; 4639816783 | &nbsp;&nbsp;&nbsp; 7203320 | &nbsp;&nbsp;&nbsp; 41727423 | &nbsp;&nbsp;&nbsp; 716642 |
| Affiliated in-kind redemptions | &nbsp;&nbsp; 1956538 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Futures contracts | &nbsp;&nbsp; (7301958)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net realized gain (loss) | &nbsp;&nbsp; 3724335645 | &nbsp;&nbsp;&nbsp; 7130372 | &nbsp;&nbsp;&nbsp; 34530035 | &nbsp;&nbsp;&nbsp; (6933640)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (1967398245)<br>| &nbsp;&nbsp;&nbsp; 6554300 | &nbsp;&nbsp;&nbsp; (25501483)<br>| &nbsp;&nbsp;&nbsp; (10313185)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (1420369)<br>| &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; 1527 | &nbsp;&nbsp;&nbsp; (139)<br>|
| Futures contracts | &nbsp;&nbsp; 1186939 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (1967631675)<br>| &nbsp;&nbsp;&nbsp; 6554294 | &nbsp;&nbsp;&nbsp; (25499956)<br>| &nbsp;&nbsp;&nbsp; (10313324)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 1756703970 | &nbsp;&nbsp;&nbsp; 13684666 | &nbsp;&nbsp;&nbsp; 9030079 | &nbsp;&nbsp;&nbsp; (17246964)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $2837773179 | &nbsp;&nbsp;&nbsp; $14297022 | &nbsp;&nbsp;&nbsp; $12007333 | &nbsp;&nbsp;&nbsp; $(8662133)<br>|

---

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

------

**38**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Invesco S&P 500**<sup>®</sup> <br>**Equal Weight** <br>**Energy** <br>**ETF (RSPG)**<br>| **Invesco S&P 500**<sup>®</sup> <br>**Equal Weight** <br>**Financials** <br>**ETF (RSPF)**<br>| **Invesco S&P 500**<sup>®</sup> <br>**Equal Weight** <br>**Health Care** <br>**ETF (RSPH)**<br>| **Invesco S&P 500**<sup>®</sup> <br>**Equal Weight** <br>**Industrials** <br>**ETF (RSPN)**<br>| **Invesco S&P 500**<sup>®</sup> <br>**Equal Weight** <br>**Materials** <br>**ETF (RSPM)**<br>| **Invesco S&P 500**<sup>®</sup> <br>**Equal Weight** <br>**Real Estate** <br>**ETF (RSPR)**<br>| **Invesco S&P 500**<sup>®</sup> <br>**Equal Weight** <br>**Technology** <br>**ETF (RSPT)**<br>|
| $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |
| 15106837 | &nbsp;&nbsp;&nbsp; 6108120 | &nbsp;&nbsp;&nbsp; 9722988 | &nbsp;&nbsp;&nbsp; 8875615 | &nbsp;&nbsp;&nbsp; 5829157 | &nbsp;&nbsp;&nbsp; 3340967 | &nbsp;&nbsp;&nbsp; 30833204 |
| 10925 | &nbsp;&nbsp;&nbsp; 202275 | &nbsp;&nbsp;&nbsp; 24455 | &nbsp;&nbsp;&nbsp; 14409 | &nbsp;&nbsp;&nbsp; 6839 | &nbsp;&nbsp;&nbsp; 2509 | &nbsp;&nbsp;&nbsp; 62201 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 23150 | &nbsp;&nbsp;&nbsp; 6952 | &nbsp;&nbsp;&nbsp; 25461 | &nbsp;&nbsp;&nbsp; 24567 | &nbsp;&nbsp;&nbsp; 29193 | &nbsp;&nbsp;&nbsp; 6360 | &nbsp;&nbsp;&nbsp; 136534 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (132357)<br>|
| 15140912 | &nbsp;&nbsp;&nbsp; 6317347 | &nbsp;&nbsp;&nbsp; 9772904 | &nbsp;&nbsp;&nbsp; 8914591 | &nbsp;&nbsp;&nbsp; 5865189 | &nbsp;&nbsp;&nbsp; 3349836 | &nbsp;&nbsp;&nbsp; 30899582 |
| 2146677 | &nbsp;&nbsp;&nbsp; 1162399 | &nbsp;&nbsp;&nbsp; 3549242 | &nbsp;&nbsp;&nbsp; 2575096 | &nbsp;&nbsp;&nbsp; 999241 | &nbsp;&nbsp;&nbsp; 450237 | &nbsp;&nbsp;&nbsp; 14173507 |
| (210)<br>| &nbsp;&nbsp;&nbsp; (139)<br>| &nbsp;&nbsp;&nbsp; (436)<br>| &nbsp;&nbsp;&nbsp; (271)<br>| &nbsp;&nbsp;&nbsp; (131)<br>| &nbsp;&nbsp;&nbsp; (48)<br>| &nbsp;&nbsp;&nbsp; (1235)<br>|
| 2146467 | &nbsp;&nbsp;&nbsp; 1162260 | &nbsp;&nbsp;&nbsp; 3548806 | &nbsp;&nbsp;&nbsp; 2574825 | &nbsp;&nbsp;&nbsp; 999110 | &nbsp;&nbsp;&nbsp; 450189 | &nbsp;&nbsp;&nbsp; 14172272 |
| 12994445 | &nbsp;&nbsp;&nbsp; 5155087 | &nbsp;&nbsp;&nbsp; 6224098 | &nbsp;&nbsp;&nbsp; 6339766 | &nbsp;&nbsp;&nbsp; 4866079 | &nbsp;&nbsp;&nbsp; 2899647 | &nbsp;&nbsp;&nbsp; 16727310 |
| 3496642 | &nbsp;&nbsp;&nbsp; 745882 | &nbsp;&nbsp;&nbsp; (15216589)<br>| &nbsp;&nbsp;&nbsp; (10173231)<br>| &nbsp;&nbsp;&nbsp; (20202236)<br>| &nbsp;&nbsp;&nbsp; (1543191)<br>| &nbsp;&nbsp;&nbsp; (1990897)<br>|
| (2675)<br>| &nbsp;&nbsp;&nbsp; (110089)<br>| &nbsp;&nbsp;&nbsp; (4115)<br>| &nbsp;&nbsp;&nbsp; (3754)<br>| &nbsp;&nbsp;&nbsp; (3233)<br>| &nbsp;&nbsp;&nbsp; (1186)<br>| &nbsp;&nbsp;&nbsp; (16729)<br>|
| 39900702 | &nbsp;&nbsp;&nbsp; 10515544 | &nbsp;&nbsp;&nbsp; 61212256 | &nbsp;&nbsp;&nbsp; 70452723 | &nbsp;&nbsp;&nbsp; 11151216 | &nbsp;&nbsp;&nbsp; 4772400 | &nbsp;&nbsp;&nbsp; 583447672 |
| - | &nbsp;&nbsp;&nbsp; 26782 | &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; - |
| 43394669 | &nbsp;&nbsp;&nbsp; 11178119 | &nbsp;&nbsp;&nbsp; 45991552 | &nbsp;&nbsp;&nbsp; 60275738 | &nbsp;&nbsp;&nbsp; (9054253)<br>| &nbsp;&nbsp;&nbsp; 3228023 | &nbsp;&nbsp;&nbsp; 581440046 |
| (118186761)<br>| &nbsp;&nbsp;&nbsp; 25776532 | &nbsp;&nbsp;&nbsp; (71258349)<br>| &nbsp;&nbsp;&nbsp; (27207774)<br>| &nbsp;&nbsp;&nbsp; (12482018)<br>| &nbsp;&nbsp;&nbsp; 8367824 | &nbsp;&nbsp;&nbsp; (410642118)<br>|
| (323)<br>| &nbsp;&nbsp;&nbsp; (26709)<br>| &nbsp;&nbsp;&nbsp; 1441 | &nbsp;&nbsp;&nbsp; 872 | &nbsp;&nbsp;&nbsp; 1599 | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 671 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| (118187084)<br>| &nbsp;&nbsp;&nbsp; 25749823 | &nbsp;&nbsp;&nbsp; (71256908)<br>| &nbsp;&nbsp;&nbsp; (27206902)<br>| &nbsp;&nbsp;&nbsp; (12480419)<br>| &nbsp;&nbsp;&nbsp; 8367861 | &nbsp;&nbsp;&nbsp; (410641447)<br>|
| (74792415)<br>| &nbsp;&nbsp;&nbsp; 36927942 | &nbsp;&nbsp;&nbsp; (25265356)<br>| &nbsp;&nbsp;&nbsp; 33068836 | &nbsp;&nbsp;&nbsp; (21534672)<br>| &nbsp;&nbsp;&nbsp; 11595884 | &nbsp;&nbsp;&nbsp; 170798599 |
| $(61797970)<br>| &nbsp;&nbsp;&nbsp; $42083029 | &nbsp;&nbsp;&nbsp; $(19041258)<br>| &nbsp;&nbsp;&nbsp; $39408602 | &nbsp;&nbsp;&nbsp; $(16668593)<br>| &nbsp;&nbsp;&nbsp; $14495531 | &nbsp;&nbsp;&nbsp; $187525909 |

---

------

**39**

------

**Statements of Operations—(continued)**

For the year ended April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Invesco S&P 500**<sup>®</sup> <br>**Equal Weight** <br>**Utilities** <br>**ETF (RSPU)**<br>| **Invesco S&P** <br>**MidCap 400**<sup>®</sup> <br>**GARP** <br>**ETF (GRPM)**<br>|
| **Investment income:** |  |  |
| Unaffiliated dividend income | &nbsp;&nbsp; $10327637 | &nbsp;&nbsp;&nbsp; $8015065 |
| Affiliated dividend income | &nbsp;&nbsp; 11881 | &nbsp;&nbsp;&nbsp; 14079 |
| Securities lending income, net | &nbsp;&nbsp; 24732 | &nbsp;&nbsp;&nbsp; 94479 |
| Total investment income | &nbsp;&nbsp; 10364250 | &nbsp;&nbsp;&nbsp; 8123623 |
| **Expenses:** |  |  |
| Unitary management fees | &nbsp;&nbsp; 1354463 | &nbsp;&nbsp;&nbsp; 1812140 |
| Less: Waivers | &nbsp;&nbsp; (232)<br>| &nbsp;&nbsp;&nbsp; (276)<br>|
| Net expenses | &nbsp;&nbsp; 1354231 | &nbsp;&nbsp;&nbsp; 1811864 |
| Net investment income | &nbsp;&nbsp; 9010019 | &nbsp;&nbsp;&nbsp; 6311759 |
| **Realized and unrealized gain (loss) from:** |  |  |
| Net realized gain (loss) from: |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 285889 | &nbsp;&nbsp;&nbsp; (22576947)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (2423)<br>| &nbsp;&nbsp;&nbsp; (6365)<br>|
| In-kind redemptions | &nbsp;&nbsp; 7918184 | &nbsp;&nbsp;&nbsp; 47108381 |
| Net realized gain | &nbsp;&nbsp; 8201650 | &nbsp;&nbsp;&nbsp; 24525069 |
| Change in net unrealized appreciation (depreciation) of: |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 50631167 | &nbsp;&nbsp;&nbsp; (100825562)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (123)<br>| &nbsp;&nbsp;&nbsp; (1472)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 50631044 | &nbsp;&nbsp;&nbsp; (100827034)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 58832694 | &nbsp;&nbsp;&nbsp; (76301965)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $67842713 | &nbsp;&nbsp;&nbsp; $(69990206)<br>|

---

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

------

**40**

------

**41**

------

**Statements of Changes in Net Assets**

For the years ended April 30, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 (RSPC)** | **Invesco S&P 500**<sup>®</sup> **Equal Weight** <br>**Communication Services ETF (RSPC)** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $1081069209 | &nbsp;&nbsp;&nbsp; $777433081 | &nbsp;&nbsp;&nbsp; $612356 | &nbsp;&nbsp;&nbsp; $694146 |
| Net realized gain (loss) | &nbsp;&nbsp; 3724335645 | &nbsp;&nbsp;&nbsp; 1929198376 | &nbsp;&nbsp;&nbsp; 7130372 | &nbsp;&nbsp;&nbsp; 4278402 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (1967631675)<br>| &nbsp;&nbsp;&nbsp; 2384905305 | &nbsp;&nbsp;&nbsp; 6554294 | &nbsp;&nbsp;&nbsp; (812043)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 2837773179 | &nbsp;&nbsp;&nbsp; 5091536762 | &nbsp;&nbsp;&nbsp; 14297022 | &nbsp;&nbsp;&nbsp; 4160505 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (1065603915)<br>| &nbsp;&nbsp;&nbsp; (744638740)<br>| &nbsp;&nbsp;&nbsp; (632395)<br>| &nbsp;&nbsp;&nbsp; (658392)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 35498629375 | &nbsp;&nbsp;&nbsp; 34202609762 | &nbsp;&nbsp;&nbsp; 23299684 | &nbsp;&nbsp;&nbsp; 38263038 |
| Value of shares repurchased | &nbsp;&nbsp; (21602230545)<br>| &nbsp;&nbsp;&nbsp; (18219890902)<br>| &nbsp;&nbsp;&nbsp; (40199527)<br>| &nbsp;&nbsp;&nbsp; (100379978)<br>|
| Net increase (decrease) in net assets resulting from share <br> transactions<br>| &nbsp;&nbsp; 13896398830 | &nbsp;&nbsp;&nbsp; 15982718860 | &nbsp;&nbsp;&nbsp; (16899843)<br>| &nbsp;&nbsp;&nbsp; (62116940)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 15668568094 | &nbsp;&nbsp;&nbsp; 20329616882 | &nbsp;&nbsp;&nbsp; (3235216)<br>| &nbsp;&nbsp;&nbsp; (58614827)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 54081926469 | &nbsp;&nbsp;&nbsp; 33752309587 | &nbsp;&nbsp;&nbsp; 63768906 | &nbsp;&nbsp;&nbsp; 122383733 |
| End of period | &nbsp;&nbsp; $69750494563 | &nbsp;&nbsp;&nbsp; $54081926469 | &nbsp;&nbsp;&nbsp; $60533690 | &nbsp;&nbsp;&nbsp; $63768906 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 202570000 | &nbsp;&nbsp;&nbsp; 224970000 | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 1350000 |
| Shares repurchased | &nbsp;&nbsp; (125860000)<br>| &nbsp;&nbsp;&nbsp; (122060000)<br>| &nbsp;&nbsp;&nbsp; (1260000)<br>| &nbsp;&nbsp;&nbsp; (3540000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 335512663 | &nbsp;&nbsp;&nbsp; 232602663 | &nbsp;&nbsp;&nbsp; 2290001 | &nbsp;&nbsp;&nbsp; 4480001 |
| Shares outstanding, end of period | &nbsp;&nbsp; 412222663 | &nbsp;&nbsp;&nbsp; 335512663 | &nbsp;&nbsp;&nbsp; 1730001 | &nbsp;&nbsp;&nbsp; 2290001 |

---

<sup>(a)</sup> Changes in shares outstanding have been restated to reflect a three-for-one stock split effective after the close of business on July 14, 2023.

<sup>(b)</sup> Changes in shares outstanding have been restated to reflect a five-for-one stock split effective after the close of business on July 14, 2023.

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

------

**42**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Invesco S&P 500**<sup>®</sup> **Equal Weight** <br>**Consumer Discretionary ETF (RSPD)** | **Invesco S&P 500**<sup>®</sup> **Equal Weight** <br>**Consumer Discretionary ETF (RSPD)** | **Invesco S&P 500**<sup>®</sup> **Equal Weight** <br>**Consumer Staples ETF (RSPS)** | **Invesco S&P 500**<sup>®</sup> **Equal Weight** <br>**Consumer Staples ETF (RSPS)** | **Invesco S&P 500**<sup>®</sup> **Equal Weight** <br>**Energy ETF (RSPG)** | **Invesco S&P 500**<sup>®</sup> **Equal Weight** <br>**Energy ETF (RSPG)** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $2977254 | &nbsp;&nbsp;&nbsp; $4660738 | &nbsp;&nbsp;&nbsp; $8584831 | &nbsp;&nbsp;&nbsp; $15765786 | &nbsp;&nbsp;&nbsp; $12994445 | &nbsp;&nbsp;&nbsp; $14994148 |
| 34530035 | &nbsp;&nbsp;&nbsp; (32883923)<br>| &nbsp;&nbsp;&nbsp; (6933640)<br>| &nbsp;&nbsp;&nbsp; 38895669 | &nbsp;&nbsp;&nbsp; 43394669 | &nbsp;&nbsp;&nbsp; 46424561 |
| (25499956)<br>| &nbsp;&nbsp;&nbsp; 58756448 | &nbsp;&nbsp;&nbsp; (10313324)<br>| &nbsp;&nbsp;&nbsp; (131829781)<br>| &nbsp;&nbsp;&nbsp; (118187084)<br>| &nbsp;&nbsp;&nbsp; 31209462 |
| 12007333 | &nbsp;&nbsp;&nbsp; 30533263 | &nbsp;&nbsp;&nbsp; (8662133)<br>| &nbsp;&nbsp;&nbsp; (77168326)<br>| &nbsp;&nbsp;&nbsp; (61797970)<br>| &nbsp;&nbsp;&nbsp; 92628171 |
| (2693420)<br>| &nbsp;&nbsp;&nbsp; (5100846)<br>| &nbsp;&nbsp;&nbsp; (8981608)<br>| &nbsp;&nbsp;&nbsp; (16238493)<br>| &nbsp;&nbsp;&nbsp; (13090321)<br>| &nbsp;&nbsp;&nbsp; (14294580)<br>|
| 94041376 | &nbsp;&nbsp;&nbsp; 162798282 | &nbsp;&nbsp;&nbsp; 22213735 | &nbsp;&nbsp;&nbsp; 78902823 | &nbsp;&nbsp;&nbsp; 88729825 | &nbsp;&nbsp;&nbsp; 200208152 |
| (318033666)<br>| &nbsp;&nbsp;&nbsp; (273029887)<br>| &nbsp;&nbsp;&nbsp; (164819218)<br>| &nbsp;&nbsp;&nbsp; (655464835)<br>| &nbsp;&nbsp;&nbsp; (199743709)<br>| &nbsp;&nbsp;&nbsp; (207356031)<br>|
| (223992290)<br>| &nbsp;&nbsp;&nbsp; (110231605)<br>| &nbsp;&nbsp;&nbsp; (142605483)<br>| &nbsp;&nbsp;&nbsp; (576562012)<br>| &nbsp;&nbsp;&nbsp; (111013884)<br>| &nbsp;&nbsp;&nbsp; (7147879)<br>|
| (214678377)<br>| &nbsp;&nbsp;&nbsp; (84799188)<br>| &nbsp;&nbsp;&nbsp; (160249224)<br>| &nbsp;&nbsp;&nbsp; (669968831)<br>| &nbsp;&nbsp;&nbsp; (185902175)<br>| &nbsp;&nbsp;&nbsp; 71185712 |
| 406953326 | &nbsp;&nbsp;&nbsp; 491752514 | &nbsp;&nbsp;&nbsp; 430506841 | &nbsp;&nbsp;&nbsp; 1100475672 | &nbsp;&nbsp;&nbsp; 601519587 | &nbsp;&nbsp;&nbsp; 530333875 |
| $192274949 | &nbsp;&nbsp;&nbsp; $406953326 | &nbsp;&nbsp;&nbsp; $270257617 | &nbsp;&nbsp;&nbsp; $430506841 | &nbsp;&nbsp;&nbsp; $415617412 | &nbsp;&nbsp;&nbsp; $601519587 |
| 1800000 | &nbsp;&nbsp;&nbsp; 3740000 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp; 2280000 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 2640000 |
| (6460000)<br>| &nbsp;&nbsp;&nbsp; (6520000 )<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; (5300000)<br>| &nbsp;&nbsp;&nbsp; (20090000 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (2580000)<br>| &nbsp;&nbsp;&nbsp; (2880000)<br>|
| 8590000 | &nbsp;&nbsp;&nbsp; 11370000 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 13440000 | &nbsp;&nbsp;&nbsp; 31250000 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 7370005 | &nbsp;&nbsp;&nbsp; 7610005 |
| 3930000 | &nbsp;&nbsp;&nbsp; 8590000 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 8870000 | &nbsp;&nbsp;&nbsp; 13440000 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 5940005 | &nbsp;&nbsp;&nbsp; 7370005 |

---

------

**43**

------

**Statements of Changes in Net Assets—(continued)**

For the years ended April 30, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P 500**<sup>®</sup> **Equal Weight** <br>**Financials ETF (RSPF)** | **Invesco S&P 500**<sup>®</sup> **Equal Weight** <br>**Financials ETF (RSPF)** | **Invesco S&P 500**<sup>®</sup> **Equal Weight** <br>**Health Care ETF (RSPH)** | **Invesco S&P 500**<sup>®</sup> **Equal Weight** <br>**Health Care ETF (RSPH)** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $5155087 | &nbsp;&nbsp;&nbsp; $5830269 | &nbsp;&nbsp;&nbsp; $6224098 | &nbsp;&nbsp;&nbsp; $6749311 |
| Net realized gain (loss) | &nbsp;&nbsp; 11178119 | &nbsp;&nbsp;&nbsp; (7644600)<br>| &nbsp;&nbsp;&nbsp; 45991552 | &nbsp;&nbsp;&nbsp; 35442935 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 25749823 | &nbsp;&nbsp;&nbsp; 50650248 | &nbsp;&nbsp;&nbsp; (71256908)<br>| &nbsp;&nbsp;&nbsp; (47322118)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 42083029 | &nbsp;&nbsp;&nbsp; 48835917 | &nbsp;&nbsp;&nbsp; (19041258)<br>| &nbsp;&nbsp;&nbsp; (5129872)<br>|
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (5136873)<br>| &nbsp;&nbsp;&nbsp; (6109368)<br>| &nbsp;&nbsp;&nbsp; (6281881)<br>| &nbsp;&nbsp;&nbsp; (6490288)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 49144624 | &nbsp;&nbsp;&nbsp; 18822339 | &nbsp;&nbsp;&nbsp; 26438069 | &nbsp;&nbsp;&nbsp; 95911368 |
| Value of shares repurchased | &nbsp;&nbsp; (48846779)<br>| &nbsp;&nbsp;&nbsp; (110692959)<br>| &nbsp;&nbsp;&nbsp; (192860953)<br>| &nbsp;&nbsp;&nbsp; (157523718)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 297845 | &nbsp;&nbsp;&nbsp; (91870620)<br>| &nbsp;&nbsp;&nbsp; (166422884)<br>| &nbsp;&nbsp;&nbsp; (61612350)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 37244001 | &nbsp;&nbsp;&nbsp; (49144071)<br>| &nbsp;&nbsp;&nbsp; (191746023)<br>| &nbsp;&nbsp;&nbsp; (73232510)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 259507196 | &nbsp;&nbsp;&nbsp; 308651267 | &nbsp;&nbsp;&nbsp; 950950376 | &nbsp;&nbsp;&nbsp; 1024182886 |
| End of period | &nbsp;&nbsp; $296751197 | &nbsp;&nbsp;&nbsp; $259507196 | &nbsp;&nbsp;&nbsp; $759204353 | &nbsp;&nbsp;&nbsp; $950950376 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp; 3280000 <br><sup>(a)</sup><br>|
| Shares repurchased | &nbsp;&nbsp; (750000)<br>| &nbsp;&nbsp;&nbsp; (2080000)<br>| &nbsp;&nbsp;&nbsp; (6310000)<br>| &nbsp;&nbsp;&nbsp; (5510000 )<sup>(a)</sup><br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 4290000 | &nbsp;&nbsp;&nbsp; 6040000 | &nbsp;&nbsp;&nbsp; 31970000 | &nbsp;&nbsp;&nbsp; 34200000 <br><sup>(a)</sup><br>|
| Shares outstanding, end of period | &nbsp;&nbsp; 4260000 | &nbsp;&nbsp;&nbsp; 4290000 | &nbsp;&nbsp;&nbsp; 26500000 | &nbsp;&nbsp;&nbsp; 31970000 <br><sup>(a)</sup><br>|

---

<sup>(a)</sup> Changes in shares outstanding have been restated to reflect a ten-for-one stock split effective after the close of business on July 14, 2023.

<sup>(b)</sup> Changes in shares outstanding have been restated to reflect a five-for-one stock split effective after the close of business on July 14, 2023.

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

------

**44**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Invesco S&P 500**<sup>®</sup> **Equal Weight** <br>**Industrials ETF (RSPN)** | **Invesco S&P 500**<sup>®</sup> **Equal Weight** <br>**Industrials ETF (RSPN)** | **Invesco S&P 500**<sup>®</sup> **Equal Weight** <br>**Materials ETF (RSPM)** | **Invesco S&P 500**<sup>®</sup> **Equal Weight** <br>**Materials ETF (RSPM)** | **Invesco S&P 500**<sup>®</sup> **Equal Weight** <br>**Real Estate ETF (RSPR)** | **Invesco S&P 500**<sup>®</sup> **Equal Weight** <br>**Real Estate ETF (RSPR)** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $6339766 | &nbsp;&nbsp;&nbsp; $6286405 | &nbsp;&nbsp;&nbsp; $4866079 | &nbsp;&nbsp;&nbsp; $6129623 | &nbsp;&nbsp;&nbsp; $2899647 | &nbsp;&nbsp;&nbsp; $2840284 |
| 60275738 | &nbsp;&nbsp;&nbsp; 34902459 | &nbsp;&nbsp;&nbsp; (9054253)<br>| &nbsp;&nbsp;&nbsp; (5207632)<br>| &nbsp;&nbsp;&nbsp; 3228023 | &nbsp;&nbsp;&nbsp; (4205274)<br>|
| (27206902)<br>| &nbsp;&nbsp;&nbsp; 75485986 | &nbsp;&nbsp;&nbsp; (12480419)<br>| &nbsp;&nbsp;&nbsp; 24716810 | &nbsp;&nbsp;&nbsp; 8367861 | &nbsp;&nbsp;&nbsp; 4788537 |
| 39408602 | &nbsp;&nbsp;&nbsp; 116674850 | &nbsp;&nbsp;&nbsp; (16668593)<br>| &nbsp;&nbsp;&nbsp; 25638801 | &nbsp;&nbsp;&nbsp; 14495531 | &nbsp;&nbsp;&nbsp; 3423547 |
| (6361638)<br>| &nbsp;&nbsp;&nbsp; (6341364)<br>| &nbsp;&nbsp;&nbsp; (4899284)<br>| &nbsp;&nbsp;&nbsp; (6191494)<br>| &nbsp;&nbsp;&nbsp; (2929695)<br>| &nbsp;&nbsp;&nbsp; (3467036)<br>|
| 129589263 | &nbsp;&nbsp;&nbsp; 371645674 | &nbsp;&nbsp;&nbsp; 17562988 | &nbsp;&nbsp;&nbsp; 11701316 | &nbsp;&nbsp;&nbsp; 31346645 | &nbsp;&nbsp;&nbsp; 49610158 |
| (277278711)<br>| &nbsp;&nbsp;&nbsp; (161360070)<br>| &nbsp;&nbsp;&nbsp; (107033210)<br>| &nbsp;&nbsp;&nbsp; (86462332)<br>| &nbsp;&nbsp;&nbsp; (41286936)<br>| &nbsp;&nbsp;&nbsp; (43303217)<br>|
| (147689448)<br>| &nbsp;&nbsp;&nbsp; 210285604 | &nbsp;&nbsp;&nbsp; (89470222)<br>| &nbsp;&nbsp;&nbsp; (74761016)<br>| &nbsp;&nbsp;&nbsp; (9940291)<br>| &nbsp;&nbsp;&nbsp; 6306941 |
| (114642484)<br>| &nbsp;&nbsp;&nbsp; 320619090 | &nbsp;&nbsp;&nbsp; (111038099)<br>| &nbsp;&nbsp;&nbsp; (55313709)<br>| &nbsp;&nbsp;&nbsp; 1625545 | &nbsp;&nbsp;&nbsp; 6263452 |
| 691503082 | &nbsp;&nbsp;&nbsp; 370883992 | &nbsp;&nbsp;&nbsp; 283716119 | &nbsp;&nbsp;&nbsp; 339029828 | &nbsp;&nbsp;&nbsp; 109081522 | &nbsp;&nbsp;&nbsp; 102818070 |
| $576860598 | &nbsp;&nbsp;&nbsp; $691503082 | &nbsp;&nbsp;&nbsp; $172678020 | &nbsp;&nbsp;&nbsp; $283716119 | &nbsp;&nbsp;&nbsp; $110707067 | &nbsp;&nbsp;&nbsp; $109081522 |
| 2590000 | &nbsp;&nbsp;&nbsp; 8900000 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp; 340000 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 890000 | &nbsp;&nbsp;&nbsp; 1610000 |
| (5900000)<br>| &nbsp;&nbsp;&nbsp; (3690000 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (3130000)<br>| &nbsp;&nbsp;&nbsp; (2680000 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (1210000)<br>| &nbsp;&nbsp;&nbsp; (1400000)<br>|
| 15160000 | &nbsp;&nbsp;&nbsp; 9950000 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 8210000 | &nbsp;&nbsp;&nbsp; 10550000 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 3510000 | &nbsp;&nbsp;&nbsp; 3300000 |
| 11850000 | &nbsp;&nbsp;&nbsp; 15160000 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 5600000 | &nbsp;&nbsp;&nbsp; 8210000 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 3190000 | &nbsp;&nbsp;&nbsp; 3510000 |

---

------

**45**

------

**Statements of Changes in Net Assets—(continued)**

For the years ended April 30, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P 500**<sup>®</sup> **Equal Weight** <br>**Technology ETF (RSPT)** | **Invesco S&P 500**<sup>®</sup> **Equal Weight** <br>**Technology ETF (RSPT)** | **Invesco S&P 500**<sup>®</sup> **Equal Weight** <br>**Utilities ETF (RSPU)** | **Invesco S&P 500**<sup>®</sup> **Equal Weight** <br>**Utilities ETF (RSPU)** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $16727310 | &nbsp;&nbsp;&nbsp; $18753917 | &nbsp;&nbsp;&nbsp; $9010019 | &nbsp;&nbsp;&nbsp; $8542051 |
| Net realized gain | &nbsp;&nbsp; 581440046 | &nbsp;&nbsp;&nbsp; 190996846 | &nbsp;&nbsp;&nbsp; 8201650 | &nbsp;&nbsp;&nbsp; 1265152 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (410641447)<br>| &nbsp;&nbsp;&nbsp; 549441066 | &nbsp;&nbsp;&nbsp; 50631044 | &nbsp;&nbsp;&nbsp; (14485783)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 187525909 | &nbsp;&nbsp;&nbsp; 759191829 | &nbsp;&nbsp;&nbsp; 67842713 | &nbsp;&nbsp;&nbsp; (4678580)<br>|
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (15891677)<br>| &nbsp;&nbsp;&nbsp; (19157231)<br>| &nbsp;&nbsp;&nbsp; (8919734)<br>| &nbsp;&nbsp;&nbsp; (8958979)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 876563777 | &nbsp;&nbsp;&nbsp; 1215945884 | &nbsp;&nbsp;&nbsp; 171355192 | &nbsp;&nbsp;&nbsp; 43610322 |
| Value of shares repurchased | &nbsp;&nbsp; (1729450399)<br>| &nbsp;&nbsp;&nbsp; (680976590)<br>| &nbsp;&nbsp;&nbsp; (46284894)<br>| &nbsp;&nbsp;&nbsp; (153796161)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (852886622)<br>| &nbsp;&nbsp;&nbsp; 534969294 | &nbsp;&nbsp;&nbsp; 125070298 | &nbsp;&nbsp;&nbsp; (110185839)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (681252390)<br>| &nbsp;&nbsp;&nbsp; 1275003892 | &nbsp;&nbsp;&nbsp; 183993277 | &nbsp;&nbsp;&nbsp; (123823398)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 3757809569 | &nbsp;&nbsp;&nbsp; 2482805677 | &nbsp;&nbsp;&nbsp; 251718414 | &nbsp;&nbsp;&nbsp; 375541812 |
| End of period | &nbsp;&nbsp; $3076557179 | &nbsp;&nbsp;&nbsp; $3757809569 | &nbsp;&nbsp;&nbsp; $435711691 | &nbsp;&nbsp;&nbsp; $251718414 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 23900000 | &nbsp;&nbsp;&nbsp; 41410000 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 2570000 | &nbsp;&nbsp;&nbsp; 780000 <br><sup>(b)</sup><br>|
| Shares repurchased | &nbsp;&nbsp; (48160000)<br>| &nbsp;&nbsp;&nbsp; (22800000 )<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; (710000)<br>| &nbsp;&nbsp;&nbsp; (2880000 )<sup>(b)</sup><br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 113310000 | &nbsp;&nbsp;&nbsp; 94700000 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp; 6500000 <br><sup>(b)</sup><br>|
| Shares outstanding, end of period | &nbsp;&nbsp; 89050000 | &nbsp;&nbsp;&nbsp; 113310000 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 6260000 | &nbsp;&nbsp;&nbsp; 4400000 <br><sup>(b)</sup><br>|

---

<sup>(a)</sup> Changes in shares outstanding have been restated to reflect a ten-for-one stock split effective after the close of business on July 14, 2023.

<sup>(b)</sup> Changes in shares outstanding have been restated to reflect a two-for-one stock split effective after the close of business on July 14, 2023.

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

------

**46**

------

---

| | |
|:---|:---|
| **Invesco S&P MidCap 400**<sup>®</sup> <br>**GARP ETF (GRPM)** | **Invesco S&P MidCap 400**<sup>®</sup> <br>**GARP ETF (GRPM)** |
| **2025** | **2024** |
| $6311759 | &nbsp;&nbsp;&nbsp; $2341564 |
| 24525069 | &nbsp;&nbsp;&nbsp; 38558660 |
| (100827034)<br>| &nbsp;&nbsp;&nbsp; 29940030 |
| (69990206)<br>| &nbsp;&nbsp;&nbsp; 70840254 |
| (5517030)<br>| &nbsp;&nbsp;&nbsp; (2384684)<br>|
| 505141588 | &nbsp;&nbsp;&nbsp; 322594529 |
| (370054988)<br>| &nbsp;&nbsp;&nbsp; (190219253)<br>|
| 135086600 | &nbsp;&nbsp;&nbsp; 132375276 |
| 59579364 | &nbsp;&nbsp;&nbsp; 200830846 |
| 388073872 | &nbsp;&nbsp;&nbsp; 187243026 |
| $447653236 | &nbsp;&nbsp;&nbsp; $388073872 |
| 4380000 | &nbsp;&nbsp;&nbsp; 3350000 |
| (3350000)<br>| &nbsp;&nbsp;&nbsp; (2090000)<br>|
| 3430000 | &nbsp;&nbsp;&nbsp; 2170000 |
| 4460000 | &nbsp;&nbsp;&nbsp; 3430000 |

---

------

**47**

------

**Financial Highlights**

Invesco S&P 500<sup>®</sup> Equal Weight ETF (RSP)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $161.19 | &nbsp;&nbsp;&nbsp; $145.11 | &nbsp;&nbsp;&nbsp; $147.48 | &nbsp;&nbsp;&nbsp; $148.18 | &nbsp;&nbsp;&nbsp; $96.17 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;7.97 | &nbsp;&nbsp;&nbsp;&nbsp;15.95 | &nbsp;&nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;52.09 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;10.83 | &nbsp;&nbsp;&nbsp;&nbsp;18.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;54.02 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (2.81)<br>| &nbsp;&nbsp;&nbsp; (2.57)<br>| &nbsp;&nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp;&nbsp; (2.01)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $169.21 | &nbsp;&nbsp;&nbsp; $161.19 | &nbsp;&nbsp;&nbsp; $145.11 | &nbsp;&nbsp;&nbsp; $147.48 | &nbsp;&nbsp;&nbsp; $148.18 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $169.06 | &nbsp;&nbsp;&nbsp; $161.23 | &nbsp;&nbsp;&nbsp; $145.10 | &nbsp;&nbsp;&nbsp; $147.45 | &nbsp;&nbsp;&nbsp; $148.23 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 56.72<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 56.53<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $69750495 | &nbsp;&nbsp;&nbsp; $54081926 | &nbsp;&nbsp;&nbsp; $33752310 | &nbsp;&nbsp;&nbsp; $32314898 | &nbsp;&nbsp;&nbsp; $26605504 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>|

---

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

Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF (RSPC)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $27.85 | &nbsp;&nbsp;&nbsp; $27.32 | &nbsp;&nbsp;&nbsp; $30.04 | &nbsp;&nbsp;&nbsp; $38.39 | &nbsp;&nbsp;&nbsp; $22.73 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;7.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp; (2.73 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (8.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.60 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;7.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp;&nbsp; (7.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.01 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $34.99 | &nbsp;&nbsp;&nbsp; $27.85 | &nbsp;&nbsp;&nbsp; $27.32 | &nbsp;&nbsp;&nbsp; $30.04 | &nbsp;&nbsp;&nbsp; $38.39 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $34.95 | &nbsp;&nbsp;&nbsp; $27.84 | &nbsp;&nbsp;&nbsp; $27.33 | &nbsp;&nbsp;&nbsp; $30.04 | &nbsp;&nbsp;&nbsp; $38.43 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 27.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.07<br> %<br>| &nbsp;&nbsp;&nbsp; (7.91)%<br>| &nbsp;&nbsp;&nbsp; (20.90)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 70.90<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 26.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.00<br> %<br>| &nbsp;&nbsp;&nbsp; (7.88)%<br>| &nbsp;&nbsp;&nbsp; (20.98)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 71.00<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $60534 | &nbsp;&nbsp;&nbsp; $63769 | &nbsp;&nbsp;&nbsp; $122384 | &nbsp;&nbsp;&nbsp; $38151 | &nbsp;&nbsp;&nbsp; $43000 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>|

---

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

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

------

**48**

------

**Financial Highlights—(continued)**

Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF (RSPD)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024**<sup>(a)</sup> <br>| **2023**<sup>(a)</sup> <br>| **2022**<sup>(a)</sup> <br>| **2021**<sup>(a)</sup> <br>|
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $47.38 | &nbsp;&nbsp;&nbsp; $43.25 | &nbsp;&nbsp;&nbsp; $42.68 | &nbsp;&nbsp;&nbsp; $49.62 | &nbsp;&nbsp;&nbsp; $27.24 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; (6.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.39 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;4.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp; (6.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.58 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $48.92 | &nbsp;&nbsp;&nbsp; $47.38 | &nbsp;&nbsp;&nbsp; $43.25 | &nbsp;&nbsp;&nbsp; $42.68 | &nbsp;&nbsp;&nbsp; $49.62 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $48.89 | &nbsp;&nbsp;&nbsp; $47.38 | &nbsp;&nbsp;&nbsp; $43.24 | &nbsp;&nbsp;&nbsp; $42.64 | &nbsp;&nbsp;&nbsp; $49.60 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.52<br> %<br>| &nbsp;&nbsp;&nbsp; (13.40)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 83.19<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.59<br> %<br>| &nbsp;&nbsp;&nbsp; (13.44)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 83.29<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $192275 | &nbsp;&nbsp;&nbsp; $406953 | &nbsp;&nbsp;&nbsp; $491753 | &nbsp;&nbsp;&nbsp; $366164 | &nbsp;&nbsp;&nbsp; $973455 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>|

---

<sup>(a)</sup> Per share amounts have been adjusted to reflect a three-for-one stock split effective after the close of business on July 14, 2023.

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

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

Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF (RSPS)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024**<sup>(a)</sup> <br>| **2023**<sup>(a)</sup> <br>| **2022**<sup>(a)</sup> <br>| **2021**<sup>(a)</sup> <br>|
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $32.03 | &nbsp;&nbsp;&nbsp; $35.22 | &nbsp;&nbsp;&nbsp; $34.90 | &nbsp;&nbsp;&nbsp; $32.24 | &nbsp;&nbsp;&nbsp; $26.73 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp;&nbsp; (3.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;5.60 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (2.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;6.16 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $30.47 | &nbsp;&nbsp;&nbsp; $32.03 | &nbsp;&nbsp;&nbsp; $35.22 | &nbsp;&nbsp;&nbsp; $34.90 | &nbsp;&nbsp;&nbsp; $32.24 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $30.45 | &nbsp;&nbsp;&nbsp; $32.03 | &nbsp;&nbsp;&nbsp; $35.21 | &nbsp;&nbsp;&nbsp; $34.90 | &nbsp;&nbsp;&nbsp; $32.22 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (2.21)%<br>| &nbsp;&nbsp;&nbsp; (6.50)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.34<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (2.27)%<br>| &nbsp;&nbsp;&nbsp; (6.49)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.31<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $270258 | &nbsp;&nbsp;&nbsp; $430507 | &nbsp;&nbsp;&nbsp; $1100476 | &nbsp;&nbsp;&nbsp; $584627 | &nbsp;&nbsp;&nbsp; $477173 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>|

---

<sup>(a)</sup> Per share amounts have been adjusted to reflect a five-for-one stock split effective after the close of business on July 14, 2023.

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

<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> 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.

------

**49**

------

**Financial Highlights—(continued)**

Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF (RSPG)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $81.62 | &nbsp;&nbsp;&nbsp; $69.69 | &nbsp;&nbsp;&nbsp; $65.80 | &nbsp;&nbsp;&nbsp; $40.75 | &nbsp;&nbsp;&nbsp; $28.05 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (11.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.86 | &nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;24.84 | &nbsp;&nbsp;&nbsp;&nbsp;12.80 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (9.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.87 | &nbsp;&nbsp;&nbsp;&nbsp;6.54 | &nbsp;&nbsp;&nbsp;&nbsp;26.38 | &nbsp;&nbsp;&nbsp;&nbsp;13.66 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp;&nbsp; (0.96)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $69.97 | &nbsp;&nbsp;&nbsp; $81.62 | &nbsp;&nbsp;&nbsp; $69.69 | &nbsp;&nbsp;&nbsp; $65.80 | &nbsp;&nbsp;&nbsp; $40.75 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $69.93 | &nbsp;&nbsp;&nbsp; $81.60 | &nbsp;&nbsp;&nbsp; $69.70 | &nbsp;&nbsp;&nbsp; $65.79 | &nbsp;&nbsp;&nbsp; $40.80 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (12.14)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 65.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50.01<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (12.17)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 65.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50.15<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $415617 | &nbsp;&nbsp;&nbsp; $601520 | &nbsp;&nbsp;&nbsp; $530334 | &nbsp;&nbsp;&nbsp; $544185 | &nbsp;&nbsp;&nbsp; $156466 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>|

---

<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> 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. 

Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF (RSPF)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $60.49 | &nbsp;&nbsp;&nbsp; $51.10 | &nbsp;&nbsp;&nbsp; $57.58 | &nbsp;&nbsp;&nbsp; $59.67 | &nbsp;&nbsp;&nbsp; $35.43 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;9.17 | &nbsp;&nbsp;&nbsp;&nbsp;9.46 | &nbsp;&nbsp;&nbsp; (6.47)<br>| &nbsp;&nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.25 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;10.39 | &nbsp;&nbsp;&nbsp;&nbsp;10.65 | &nbsp;&nbsp;&nbsp; (5.33)<br>| &nbsp;&nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.30 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp; (1.06)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $69.66 | &nbsp;&nbsp;&nbsp; $60.49 | &nbsp;&nbsp;&nbsp; $51.10 | &nbsp;&nbsp;&nbsp; $57.58 | &nbsp;&nbsp;&nbsp; $59.67 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $69.61 | &nbsp;&nbsp;&nbsp; $60.50 | &nbsp;&nbsp;&nbsp; $51.09 | &nbsp;&nbsp;&nbsp; $57.53 | &nbsp;&nbsp;&nbsp; $59.73 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 17.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.08<br> %<br>| &nbsp;&nbsp;&nbsp; (9.31)%<br>| &nbsp;&nbsp;&nbsp; (1.90)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 72.61<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 17.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.13<br> %<br>| &nbsp;&nbsp;&nbsp; (9.25)%<br>| &nbsp;&nbsp;&nbsp; (2.08)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 72.30<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $296751 | &nbsp;&nbsp;&nbsp; $259507 | &nbsp;&nbsp;&nbsp; $308651 | &nbsp;&nbsp;&nbsp; $483651 | &nbsp;&nbsp;&nbsp; $375901 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.33<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>|

---

<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> 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.

------

**50**

------

**Financial Highlights—(continued)**

Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF (RSPH)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024**<sup>(a)</sup> <br>| **2023**<sup>(a)</sup> <br>| **2022**<sup>(a)</sup> <br>| **2021**<sup>(a)</sup> <br>|
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $29.75 | &nbsp;&nbsp;&nbsp; $29.95 | &nbsp;&nbsp;&nbsp; $28.17 | &nbsp;&nbsp;&nbsp; $28.05 | &nbsp;&nbsp;&nbsp; $21.41 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp; 0.12 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;6.64 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;6.77 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $28.65 | &nbsp;&nbsp;&nbsp; $29.75 | &nbsp;&nbsp;&nbsp; $29.95 | &nbsp;&nbsp;&nbsp; $28.17 | &nbsp;&nbsp;&nbsp; $28.05 |
| Market price at end of year<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $28.61 | &nbsp;&nbsp;&nbsp; $29.76 | &nbsp;&nbsp;&nbsp; $29.95 | &nbsp;&nbsp;&nbsp; $28.16 | &nbsp;&nbsp;&nbsp; $28.07 |
| **Net Asset Value Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; (2.99)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.76<br> %<br>|
| **Market Price Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; (3.16)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.66<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $759204 | &nbsp;&nbsp;&nbsp; $950950 | &nbsp;&nbsp;&nbsp; $1024183 | &nbsp;&nbsp;&nbsp; $901310 | &nbsp;&nbsp;&nbsp; $813540 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>|

---

<sup>(a)</sup> Per share amounts have been adjusted to reflect a ten-for-one stock split effective after the close of business July 14, 2023.

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

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

Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF (RSPN)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024**<sup>(a)</sup> <br>| **2023**<sup>(a)</sup> <br>| **2022**<sup>(a)</sup> <br>| **2021**<sup>(a)</sup> <br>|
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $45.61 | &nbsp;&nbsp;&nbsp; $37.27 | &nbsp;&nbsp;&nbsp; $35.40 | &nbsp;&nbsp;&nbsp; $37.05 | &nbsp;&nbsp;&nbsp; $21.89 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;8.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.17 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;8.80 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.43 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $48.68 | &nbsp;&nbsp;&nbsp; $45.61 | &nbsp;&nbsp;&nbsp; $37.27 | &nbsp;&nbsp;&nbsp; $35.40 | &nbsp;&nbsp;&nbsp; $37.05 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $48.64 | &nbsp;&nbsp;&nbsp; $45.63 | &nbsp;&nbsp;&nbsp; $37.28 | &nbsp;&nbsp;&nbsp; $35.39 | &nbsp;&nbsp;&nbsp; $37.03 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.55<br> %<br>| &nbsp;&nbsp;&nbsp; (3.70)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 70.89<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.61<br> %<br>| &nbsp;&nbsp;&nbsp; (3.71)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 70.73<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $576861 | &nbsp;&nbsp;&nbsp; $691503 | &nbsp;&nbsp;&nbsp; $370884 | &nbsp;&nbsp;&nbsp; $410685 | &nbsp;&nbsp;&nbsp; $557591 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>|

---

<sup>(a)</sup> Per share amounts have been adjusted to reflect a five-for-one stock split effective after the close of business on July 14, 2023.

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

<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> 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.

------

**51**

------

**Financial Highlights—(continued)**

Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF (RSPM)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024**<sup>(a)</sup> <br>| **2023**<sup>(a)</sup> <br>| **2022**<sup>(a)</sup> <br>| **2021**<sup>(a)</sup> <br>|
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $34.56 | &nbsp;&nbsp;&nbsp; $32.14 | &nbsp;&nbsp;&nbsp; $35.85 | &nbsp;&nbsp;&nbsp; $33.07 | &nbsp;&nbsp;&nbsp; $18.87 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp; (3.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;14.15 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (3.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp; (2.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;14.65 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $30.84 | &nbsp;&nbsp;&nbsp; $34.56 | &nbsp;&nbsp;&nbsp; $32.14 | &nbsp;&nbsp;&nbsp; $35.85 | &nbsp;&nbsp;&nbsp; $33.07 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $30.82 | &nbsp;&nbsp;&nbsp; $34.56 | &nbsp;&nbsp;&nbsp; $32.12 | &nbsp;&nbsp;&nbsp; $35.85 | &nbsp;&nbsp;&nbsp; $33.08 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (8.96)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.81<br> %<br>| &nbsp;&nbsp;&nbsp; (8.32)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 78.45<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (9.02)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.85<br> %<br>| &nbsp;&nbsp;&nbsp; (8.34)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 78.24<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $172678 | &nbsp;&nbsp;&nbsp; $283716 | &nbsp;&nbsp;&nbsp; $339030 | &nbsp;&nbsp;&nbsp; $573653 | &nbsp;&nbsp;&nbsp; $613416 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>|

---

<sup>(a)</sup> Per share amounts have been adjusted to reflect a five-for-one stock split effective after the close of business on July 14, 2023.

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

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

Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF (RSPR)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $31.08 | &nbsp;&nbsp;&nbsp; $31.16 | &nbsp;&nbsp;&nbsp; $38.79 | &nbsp;&nbsp;&nbsp; $35.09 | &nbsp;&nbsp;&nbsp; $25.65 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp; 0.67 <br><sup>(b)</sup><br>|
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp; (7.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;9.93 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp; (6.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.61 | &nbsp;&nbsp;&nbsp;&nbsp;10.60 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp;&nbsp; (1.16)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $34.70 | &nbsp;&nbsp;&nbsp; $31.08 | &nbsp;&nbsp;&nbsp; $31.16 | &nbsp;&nbsp;&nbsp; $38.79 | &nbsp;&nbsp;&nbsp; $35.09 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $34.72 | &nbsp;&nbsp;&nbsp; $31.08 | &nbsp;&nbsp;&nbsp; $31.16 | &nbsp;&nbsp;&nbsp; $38.88 | &nbsp;&nbsp;&nbsp; $35.12 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.43<br> %<br>| &nbsp;&nbsp;&nbsp; (17.78)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42.37<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.43<br> %<br>| &nbsp;&nbsp;&nbsp; (17.98)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42.50<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $110707 | &nbsp;&nbsp;&nbsp; $109082 | &nbsp;&nbsp;&nbsp; $102818 | &nbsp;&nbsp;&nbsp; $172210 | &nbsp;&nbsp;&nbsp; $45263 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36 %<sup>(b)</sup><br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>|

---

<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> 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.

------

**52**

------

**Financial Highlights—(continued)**

Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF (RSPT)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024**<sup>(a)</sup> <br>| **2023**<sup>(a)</sup> <br>| **2022**<sup>(a)</sup> <br>| **2021**<sup>(a)</sup> <br>|
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $33.16 | &nbsp;&nbsp;&nbsp; $26.22 | &nbsp;&nbsp;&nbsp; $25.90 | &nbsp;&nbsp;&nbsp; $27.73 | &nbsp;&nbsp;&nbsp; $18.32 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;6.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp; (1.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.51 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;7.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.70 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $34.55 | &nbsp;&nbsp;&nbsp; $33.16 | &nbsp;&nbsp;&nbsp; $26.22 | &nbsp;&nbsp;&nbsp; $25.90 | &nbsp;&nbsp;&nbsp; $27.73 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $34.52 | &nbsp;&nbsp;&nbsp; $33.16 | &nbsp;&nbsp;&nbsp; $26.21 | &nbsp;&nbsp;&nbsp; $25.90 | &nbsp;&nbsp;&nbsp; $27.72 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp; (6.10)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 53.40<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp; (6.08)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 53.12<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $3076557 | &nbsp;&nbsp;&nbsp; $3757810 | &nbsp;&nbsp;&nbsp; $2482806 | &nbsp;&nbsp;&nbsp; $2175314 | &nbsp;&nbsp;&nbsp; $2590019 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>|

---

<sup>(a)</sup> Per share amounts have been adjusted to reflect a ten-for-one stock split effective after the close of business July 14, 2023.

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

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

Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF (RSPU)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024**<sup>(a)</sup> <br>| **2023**<sup>(a)</sup> <br>| **2022**<sup>(a)</sup> <br>| **2021**<sup>(a)</sup> <br>|
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $57.21 | &nbsp;&nbsp;&nbsp; $57.78 | &nbsp;&nbsp;&nbsp; $58.48 | &nbsp;&nbsp;&nbsp; $54.03 | &nbsp;&nbsp;&nbsp; $46.16 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;12.35 | &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.37 | &nbsp;&nbsp;&nbsp;&nbsp;8.02 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;14.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;5.78 | &nbsp;&nbsp;&nbsp;&nbsp;9.37 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp;&nbsp; (1.50)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $69.60 | &nbsp;&nbsp;&nbsp; $57.21 | &nbsp;&nbsp;&nbsp; $57.78 | &nbsp;&nbsp;&nbsp; $58.48 | &nbsp;&nbsp;&nbsp; $54.03 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $69.58 | &nbsp;&nbsp;&nbsp; $57.20 | &nbsp;&nbsp;&nbsp; $57.79 | &nbsp;&nbsp;&nbsp; $58.48 | &nbsp;&nbsp;&nbsp; $53.92 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.80<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.28<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $435712 | &nbsp;&nbsp;&nbsp; $251718 | &nbsp;&nbsp;&nbsp; $375542 | &nbsp;&nbsp;&nbsp; $333333 | &nbsp;&nbsp;&nbsp; $208557 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.77<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>|

---

<sup>(a)</sup> Per share amounts have been adjusted to reflect a two-for-one stock split effective after the close of business on July 14, 2023.

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

<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> 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.

------

**53**

------

**Financial Highlights—(continued)**

Invesco S&P MidCap 400<sup>®</sup> GARP ETF (GRPM)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $113.14 | &nbsp;&nbsp;&nbsp; $86.29 | &nbsp;&nbsp;&nbsp; $85.55 | &nbsp;&nbsp;&nbsp; $92.63 | &nbsp;&nbsp;&nbsp; $53.10 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (12.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp; (7.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;39.56 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (11.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;27.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp; (6.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;40.31 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $100.37 | &nbsp;&nbsp;&nbsp; $113.14 | &nbsp;&nbsp;&nbsp; $86.29 | &nbsp;&nbsp;&nbsp; $85.55 | &nbsp;&nbsp;&nbsp; $92.63 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $100.31 | &nbsp;&nbsp;&nbsp; $113.19 | &nbsp;&nbsp;&nbsp; $86.28 | &nbsp;&nbsp;&nbsp; $85.47 | &nbsp;&nbsp;&nbsp; $92.64 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (10.33)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23<br> %<br>| &nbsp;&nbsp;&nbsp; (6.72)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 76.41<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (10.42)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.31<br> %<br>| &nbsp;&nbsp;&nbsp; (6.81)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 77.20<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $447653 | &nbsp;&nbsp;&nbsp; $388074 | &nbsp;&nbsp;&nbsp; $187243 | &nbsp;&nbsp;&nbsp; $123195 | &nbsp;&nbsp;&nbsp; $113933 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 70<br> %<br>| &nbsp;&nbsp;&nbsp; 114<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>|

---

<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> 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 period ended April 30, 2024, 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.

------

**54**

------

**Notes to Financial Statements**

Invesco Exchange-Traded Fund Trust

April 30, 2025

**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** |
| Invesco S&P 500<sup>®</sup> Equal Weight ETF (RSP)<br> "S&P 500<sup>®</sup> Equal Weight ETF" |
| Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF (RSPC)<br> "S&P 500<sup>®</sup> Equal Weight Communication Services ETF" |
| Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF (RSPD)<br> "S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF" |
| Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF (RSPS)<br> "S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF" |
| Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF (RSPG)<br> "S&P 500<sup>®</sup> Equal Weight Energy ETF" |
| Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF (RSPF)<br> "S&P 500<sup>®</sup> Equal Weight Financials ETF" |
| Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF (RSPH)<br> "S&P 500<sup>®</sup> Equal Weight Health Care ETF" |
| Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF (RSPN)<br> "S&P 500<sup>®</sup> Equal Weight Industrials ETF" |
| Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF (RSPM)<br> "S&P 500<sup>®</sup> Equal Weight Materials ETF" |
| Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF (RSPR)<br> "S&P 500<sup>®</sup> Equal Weight Real Estate ETF" |
| Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF (RSPT)<br> "S&P 500<sup>®</sup> Equal Weight Technology ETF" |
| Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF (RSPU)<br> "S&P 500<sup>®</sup> Equal Weight Utilities ETF" |
| Invesco S&P MidCap 400<sup>®</sup> GARP ETF (GRPM)<br> "S&P MidCap 400<sup>®</sup> GARP 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", as set forth in each Fund's prospectus. Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities ("Deposit Securities"), though each Fund reserves the right to issue and redeem Creation Units in exchange for cash. 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"):

---

| |
|:---|
| **Fund** |
| S&P 500<sup>®</sup> Equal Weight ETF<br> S&P 500<sup>®</sup> Equal Weight Index |
| S&P 500<sup>®</sup> Equal Weight Communication Services ETF<br> S&P 500<sup>®</sup> Equal Weight Communication Services Plus Index |
| S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF<br> S&P 500<sup>®</sup> Equal Weight Consumer Discretionary Index |
| S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF<br> S&P 500<sup>®</sup> Equal Weight Consumer Staples Index |
| S&P 500<sup>®</sup> Equal Weight Energy ETF<br> S&P 500<sup>®</sup> Equal Weight Energy Plus Index |
| S&P 500<sup>®</sup> Equal Weight Financials ETF<br> S&P 500<sup>®</sup> Equal Weight Financials Index |
| S&P 500<sup>®</sup> Equal Weight Health Care ETF<br> S&P 500<sup>®</sup> Equal Weight Health Care Index |
| S&P 500<sup>®</sup> Equal Weight Industrials ETF<br> S&P 500<sup>®</sup> Equal Weight Industrials Index |
| S&P 500<sup>®</sup> Equal Weight Materials ETF<br> S&P 500<sup>®</sup> Equal Weight Materials Index |
| S&P 500<sup>®</sup> Equal Weight Real Estate ETF<br> S&P 500<sup>®</sup> Equal Weight Real Estate Index |
| S&P 500<sup>®</sup> Equal Weight Technology ETF<br> S&P 500<sup>®</sup> Equal Weight Information Technology Index |
| S&P 500<sup>®</sup> Equal Weight Utilities ETF<br> S&P 500<sup>®</sup> Equal Weight Utilities Plus Index |
| S&P MidCap 400<sup>®</sup> GARP ETF<br> S&P MidCap 400<sup>®</sup> GARP 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.

------

**55**

------

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") 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 or ask 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. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask 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/ask 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.

------

**56**

------

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, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, 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.

------

**57**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**E.** **Federal Income Taxes** - Each Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

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

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

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

**F.** **Expenses** - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays 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 the Adviser (an "Interested Trustee"), 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 or the Adviser (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.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds' chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements. Adoption of the new standard impacted the Funds' financial statement note disclosures only and did not affect the Funds' financial position or the results of its operations.

**J.** **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,

------

**58**

------

"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, net* 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 securities 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 fiscal year ended April 30, 2025, 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, net* on the Statements of Operations, were incurred by each Fund as listed below:

---

| | |
|:---|:---|
|  | **Amount** |
| S&P 500<sup>®</sup> Equal Weight ETF | $182260  |
| S&P 500<sup>®</sup> Equal Weight Communication Services ETF | 1345 |
| S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | 1745 |
| S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | 2171 |
| S&P 500<sup>®</sup> Equal Weight Energy ETF | 1567 |
| S&P 500<sup>®</sup> Equal Weight Financials ETF | 750 |
| S&P 500<sup>®</sup> Equal Weight Health Care ETF | 1431 |
| S&P 500<sup>®</sup> Equal Weight Industrials ETF | 2232 |
| S&P 500<sup>®</sup> Equal Weight Materials ETF | 2866 |
| S&P 500<sup>®</sup> Equal Weight Real Estate ETF | 709 |
| S&P 500<sup>®</sup> Equal Weight Technology ETF | 9076 |
| S&P 500<sup>®</sup> Equal Weight Utilities ETF | 2441 |
| S&P MidCap 400<sup>®</sup> GARP ETF | 6755 |

---

**K.** **Futures Contracts** - The Funds may enter into futures contracts to simulate full investment in securities or manage exposure to equity and market price movements and/or currency risks and provide exposure to markets and indexes.

A futures contract is an agreement between two parties ("Counterparties") to purchase or sell a specified underlying security or index for a specified price at a future date. Certain Funds will only enter into exchange-traded futures contracts that are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant broker. During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as a receivable or payable on the Statements of Assets and Liabilities. The Fund may utilize excess cash or otherwise transfer cash to the broker to satisfy variation margin requirements. When the contracts are closed or expire, each Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statements of Operations.

The primary risks associated with futures contracts are market risk, leverage risk and the absence of a liquid secondary market. If a Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and may be required to continue to maintain the margin deposits on the futures contracts until the position expired or matured. Unlike equities, which typically

------

**59**

------

entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for delivery of the underlying asset for settlement in cash based on the level of the underlying asset. As futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as "rolling." If the market for these contracts is in "contango," meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to "roll" the futures contract. The actual realization of a potential roll cost will depend on the difference in price of the near and distant contracts. In addition, futures contracts may be subject to contractual or other restrictions on resale and may lack readily available markets for resale. Futures have minimal Counterparty risk since the exchange's clearinghouse, as Counterparty to all exchange-traded futures contracts, guarantees the futures against default. Risks may exceed amounts recognized in the Statements of Assets and Liabilities.

**L.** **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. Additionally, to the extent that a Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that a Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or 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 Investing 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 that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective 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. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security's current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. 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. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund's performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

*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,

------

**60**

------

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*. For certain Funds, investing in other investment companies, including ETFs and closed-end funds, subjects such Funds 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 ETF's or closed-end 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, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund's NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.

During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value.

*Mid-Capitalization Company Risk*. Investing in securities of mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies and 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. Mid-capitalization companies tend to have less experienced management as well as limited product and market diversification and financial resources compared to larger capitalization companies. Often 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.

*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 methodology 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 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.

*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.

*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.

**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.

------

**61**

------

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 pays 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 an Interested Trustee, 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)**<br>|
| S&P 500<sup>®</sup> Equal Weight ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| S&P 500<sup>®</sup> Equal Weight Communication Services ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| S&P 500<sup>®</sup> Equal Weight Energy ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| S&P 500<sup>®</sup> Equal Weight Financials ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| S&P 500<sup>®</sup> Equal Weight Health Care ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| S&P 500<sup>®</sup> Equal Weight Industrials ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| S&P 500<sup>®</sup> Equal Weight Materials ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| S&P 500<sup>®</sup> Equal Weight Real Estate ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| S&P 500<sup>®</sup> Equal Weight Technology ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| S&P 500<sup>®</sup> Equal Weight Utilities ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| S&P MidCap 400<sup>®</sup> GARP ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|

---

Through at least August 31, 2027, 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 fiscal year ended April 30, 2025, the Adviser waived fees for each Fund in the following amounts:

---

| | |
|:---|:---|
| S&P 500<sup>®</sup> Equal Weight ETF | &nbsp;&nbsp;&nbsp; $38680 |
| S&P 500<sup>®</sup> Equal Weight Communication Services ETF | &nbsp;&nbsp;&nbsp; 27 |
| S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | &nbsp;&nbsp;&nbsp; 132 |
| S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | &nbsp;&nbsp;&nbsp; 188 |
| S&P 500<sup>®</sup> Equal Weight Energy ETF | &nbsp;&nbsp;&nbsp; 210 |
| S&P 500<sup>®</sup> Equal Weight Financials ETF | &nbsp;&nbsp;&nbsp; 139 |
| S&P 500<sup>®</sup> Equal Weight Health Care ETF | &nbsp;&nbsp;&nbsp; 436 |
| S&P 500<sup>®</sup> Equal Weight Industrials ETF | &nbsp;&nbsp;&nbsp; 271 |
| S&P 500<sup>®</sup> Equal Weight Materials ETF | &nbsp;&nbsp;&nbsp; 131 |
| S&P 500<sup>®</sup> Equal Weight Real Estate ETF | &nbsp;&nbsp;&nbsp; 48 |
| S&P 500<sup>®</sup> Equal Weight Technology ETF | &nbsp;&nbsp;&nbsp; 1235 |
| S&P 500<sup>®</sup> Equal Weight Utilities ETF | &nbsp;&nbsp;&nbsp; 232 |
| S&P MidCap 400<sup>®</sup> GARP ETF | &nbsp;&nbsp;&nbsp; 276 |

---

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.

------

**62**

------

For the fiscal year ended April 30, 2025, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

---

| | |
|:---|:---|
| S&P 500<sup>®</sup> Equal Weight ETF | &nbsp;&nbsp;&nbsp; $1359699 |
| S&P 500<sup>®</sup> Equal Weight Communication Services ETF | &nbsp;&nbsp;&nbsp; 2845 |
| S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | &nbsp;&nbsp;&nbsp; 6097 |
| S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | &nbsp;&nbsp;&nbsp; 8076 |
| S&P 500<sup>®</sup> Equal Weight Energy ETF | &nbsp;&nbsp;&nbsp; 19188 |
| S&P 500<sup>®</sup> Equal Weight Financials ETF | &nbsp;&nbsp;&nbsp; 4304 |
| S&P 500<sup>®</sup> Equal Weight Health Care ETF | &nbsp;&nbsp;&nbsp; 10181 |
| S&P 500<sup>®</sup> Equal Weight Industrials ETF | &nbsp;&nbsp;&nbsp; 7955 |
| S&P 500<sup>®</sup> Equal Weight Materials ETF | &nbsp;&nbsp;&nbsp; 5539 |
| S&P 500<sup>®</sup> Equal Weight Real Estate ETF | &nbsp;&nbsp;&nbsp; 1696 |
| S&P 500<sup>®</sup> Equal Weight Technology ETF | &nbsp;&nbsp;&nbsp; 58809 |
| S&P 500<sup>®</sup> Equal Weight Utilities ETF | &nbsp;&nbsp;&nbsp; 8403 |
| S&P MidCap 400<sup>®</sup> GARP ETF | &nbsp;&nbsp;&nbsp; 45911 |

---

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 fiscal year ended April 30, 2025, the following Funds engaged in transactions with affiliates as listed below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Securities Purchases** | **Securities Sales** | **Net Realized Gains\*** |
| S&P 500<sup>®</sup> Equal Weight ETF | &nbsp;&nbsp; $118104491 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| S&P 500<sup>®</sup> Equal Weight Utilities ETF | &nbsp;&nbsp; 8145064 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |

---

\* 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 April 30, 2025. 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

------

**63**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| S&P 500<sup>®</sup> Equal Weight ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $69613620018 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $69613620018 |
| Money Market Funds | &nbsp;&nbsp; 85360814 | &nbsp;&nbsp; 3152566780 | &nbsp;&nbsp; - | &nbsp;&nbsp; 3237927594 |
| **Total Investments in Securities** | &nbsp;&nbsp; 69698980832 | &nbsp;&nbsp; 3152566780 | &nbsp;&nbsp; - | &nbsp;&nbsp; 72851547612 |
| **Other Investments - Assets**<sup>(a)</sup> <br>|  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; 1186939 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1186939 |
| **Total Investments** | &nbsp;&nbsp; $69700167771 | &nbsp;&nbsp; $3152566780 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $72852734551 |
| S&P 500<sup>®</sup> Equal Weight Communication Services ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $60463064 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $60463064 |
| Money Market Funds | &nbsp;&nbsp; 26689 | &nbsp;&nbsp; 8545165 | &nbsp;&nbsp; - | &nbsp;&nbsp; 8571854 |
| **Total Investments** | &nbsp;&nbsp; $60489753 | &nbsp;&nbsp; $8545165 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $69034918 |
| S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $192239236 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $192239236 |
| Money Market Funds | &nbsp;&nbsp; 14183 | &nbsp;&nbsp; 13771507 | &nbsp;&nbsp; - | &nbsp;&nbsp; 13785690 |
| **Total Investments** | &nbsp;&nbsp; $192253419 | &nbsp;&nbsp; $13771507 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $206024926 |
| S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $269908640 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $269908640 |
| Money Market Funds | &nbsp;&nbsp; 29276 | &nbsp;&nbsp; 22163265 | &nbsp;&nbsp; - | &nbsp;&nbsp; 22192541 |
| **Total Investments** | &nbsp;&nbsp; $269937916 | &nbsp;&nbsp; $22163265 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $292101181 |
| S&P 500<sup>®</sup> Equal Weight Energy ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $414984099 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $414984099 |
| Money Market Funds | &nbsp;&nbsp; 164089 | &nbsp;&nbsp; 20830257 | &nbsp;&nbsp; - | &nbsp;&nbsp; 20994346 |
| **Total Investments** | &nbsp;&nbsp; $415148188 | &nbsp;&nbsp; $20830257 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $435978445 |
| S&P 500<sup>®</sup> Equal Weight Financials ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $296481354 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $296481354 |
| Money Market Funds | &nbsp;&nbsp; 157209 | &nbsp;&nbsp; 10178747 | &nbsp;&nbsp; - | &nbsp;&nbsp; 10335956 |
| **Total Investments** | &nbsp;&nbsp; $296638563 | &nbsp;&nbsp; $10178747 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $306817310 |
| S&P 500<sup>®</sup> Equal Weight Health Care ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $758819867 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $758819867 |
| Money Market Funds | &nbsp;&nbsp; 131946 | &nbsp;&nbsp; 23472748 | &nbsp;&nbsp; - | &nbsp;&nbsp; 23604694 |
| **Total Investments** | &nbsp;&nbsp; $758951813 | &nbsp;&nbsp; $23472748 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $782424561 |
| S&P 500<sup>®</sup> Equal Weight Industrials ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $576531236 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $576531236 |
| Money Market Funds | &nbsp;&nbsp; 291867 | &nbsp;&nbsp; 12807434 | &nbsp;&nbsp; - | &nbsp;&nbsp; 13099301 |
| **Total Investments** | &nbsp;&nbsp; $576823103 | &nbsp;&nbsp; $12807434 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $589630537 |
| S&P 500<sup>®</sup> Equal Weight Materials ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $172618410 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $172618410 |
| Money Market Funds | &nbsp;&nbsp; 12716 | &nbsp;&nbsp; 24174719 | &nbsp;&nbsp; - | &nbsp;&nbsp; 24187435 |
| **Total Investments** | &nbsp;&nbsp; $172631126 | &nbsp;&nbsp; $24174719 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $196805845 |

---

------

**64**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| S&P 500<sup>®</sup> Equal Weight Real Estate ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $110593541 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $110593541 |
| Money Market Funds | &nbsp;&nbsp; 144180 | &nbsp;&nbsp; 9944502 | &nbsp;&nbsp; - | &nbsp;&nbsp; 10088682 |
| **Total Investments** | &nbsp;&nbsp; $110737721 | &nbsp;&nbsp; $9944502 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $120682223 |
| S&P 500<sup>®</sup> Equal Weight Technology ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $3075014691 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3075014691 |
| Money Market Funds | &nbsp;&nbsp; 1671599 | &nbsp;&nbsp; 262558099 | &nbsp;&nbsp; - | &nbsp;&nbsp; 264229698 |
| **Total Investments** | &nbsp;&nbsp; $3076686290 | &nbsp;&nbsp; $262558099 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3339244389 |
| S&P 500<sup>®</sup> Equal Weight Utilities ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $435266419 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $435266419 |
| Money Market Funds | &nbsp;&nbsp; 368784 | &nbsp;&nbsp; 14666618 | &nbsp;&nbsp; - | &nbsp;&nbsp; 15035402 |
| **Total Investments** | &nbsp;&nbsp; $435635203 | &nbsp;&nbsp; $14666618 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $450301821 |
| S&P MidCap 400<sup>®</sup> GARP ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $447577739 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $447577739 |
| Money Market Funds | &nbsp;&nbsp; 201173 | &nbsp;&nbsp; 111731024 | &nbsp;&nbsp; - | &nbsp;&nbsp; 111932197 |
| **Total Investments** | &nbsp;&nbsp; $447778912 | &nbsp;&nbsp; $111731024 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $559509936 |

---

<sup>(a)</sup> Unrealized appreciation (depreciation).

**NOTE 6—Derivative Investments**

The Funds may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Funds do not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statements of Assets and Liabilities.

**Value of Derivative Investments at Period-End**

The table below summarizes the value of each Fund's derivative investments, detailed by primary risk exposure, held as of April 30, 2025:

---

| | |
|:---|:---|
|  | **Value** |
|  | **S&P 500**<sup>®</sup> **Equal Weight ETF** |
| **Derivative Assets** | **Equity** <br>**Risk**<br>|
| Unrealized appreciation on futures contracts—Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp; $1186939 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp; (1186939)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp; $- |

---

<sup>(a)</sup> Includes cumulative appreciation (depreciation) of futures contracts. Only the current day's variation margin receivable (payable) is reported in the Statement of Assets and Liabilities, if any.

**Effect of Derivative Investments for the Fiscal Year Ended April 30, 2025**

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** |
|  | **S&P 500**<sup>®</sup> **Equal Weight ETF** |
|  | **Equity** <br>**Risk**<br>|
| Realized Gain (Loss): |  |
| Futures contracts | &nbsp;&nbsp; $(7301958)<br>|

---

------

**65**

------

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on Statements of Operations** |
|  | **S&P 500**<sup>®</sup> **Equal Weight ETF** |
|  | **Equity**<br> **Risk**<br>|
| Change in Net Unrealized Appreciation: |  |
| Futures contracts | &nbsp;&nbsp; $1186939 |
| Total | &nbsp;&nbsp; $(6115019)<br>|

---

The table below summarizes the average notional value of derivatives held during the period.

---

| | |
|:---|:---|
|  | **Average Notional Value** |
|  | **S&P 500**<sup>®</sup> **Equal Weight ETF** |
| Futures contracts | &nbsp;&nbsp; $103941958 |

---

**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets**

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **Ordinary** <br>**Income\***<br>| **Ordinary** <br>**Income\***<br>|
| S&P 500<sup>®</sup> Equal Weight ETF | &nbsp;&nbsp; $1065603915 | &nbsp;&nbsp; $744638739 |
| S&P 500<sup>®</sup> Equal Weight Communication Services ETF | &nbsp;&nbsp; 632396 | &nbsp;&nbsp; 658392 |
| S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | &nbsp;&nbsp; 2693420 | &nbsp;&nbsp; 5100846 |
| S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | &nbsp;&nbsp; 8981608 | &nbsp;&nbsp; 16238493 |
| S&P 500<sup>®</sup> Equal Weight Energy ETF | &nbsp;&nbsp; 13090321 | &nbsp;&nbsp; 14294580 |
| S&P 500<sup>®</sup> Equal Weight Financials ETF | &nbsp;&nbsp; 5136873 | &nbsp;&nbsp; 6109368 |
| S&P 500<sup>®</sup> Equal Weight Health Care ETF | &nbsp;&nbsp; 6281881 | &nbsp;&nbsp; 6490288 |
| S&P 500<sup>®</sup> Equal Weight Industrials ETF | &nbsp;&nbsp; 6361638 | &nbsp;&nbsp; 6341364 |
| S&P 500<sup>®</sup> Equal Weight Materials ETF | &nbsp;&nbsp; 4899284 | &nbsp;&nbsp; 6191494 |
| S&P 500<sup>®</sup> Equal Weight Real Estate ETF | &nbsp;&nbsp; 2929696 | &nbsp;&nbsp; 3467036 |
| S&P 500<sup>®</sup> Equal Weight Technology ETF | &nbsp;&nbsp; 15891677 | &nbsp;&nbsp; 19157231 |
| S&P 500<sup>®</sup> Equal Weight Utilities ETF | &nbsp;&nbsp; 8919734 | &nbsp;&nbsp; 8958979 |
| S&P MidCap 400<sup>®</sup> GARP ETF | &nbsp;&nbsp; 5517030 | &nbsp;&nbsp; 2384684 |

---

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

Tax Components of Net Assets at Fiscal Year-End:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary** <br>**Income**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)-** <br>**Investments**<br>| **Net** <br>**Unrealized** <br>**Appreciation-** <br>**Other** <br>**Investments**<br>| **Capital Loss** <br>**Carryforwards**<br>| **Shares of** <br>**Beneficial** <br>**Interest**<br>| **Total** <br>**Net Assets**<br>|
| S&P 500<sup>®</sup> Equal Weight ETF | &nbsp;&nbsp; $48781681 | &nbsp;&nbsp; $176891235 | &nbsp;&nbsp; $1186939 | &nbsp;&nbsp; $(5826941340)<br>| &nbsp;&nbsp; $75350576048 | &nbsp;&nbsp; $69750494563 |
| S&P 500<sup>®</sup> Equal Weight Communication <br> Services ETF<br>| &nbsp;&nbsp; 84461 | &nbsp;&nbsp; 1154402 | &nbsp;&nbsp; - | &nbsp;&nbsp; (8996403)<br>| &nbsp;&nbsp; 68291230 | &nbsp;&nbsp; 60533690 |
| S&P 500<sup>®</sup> Equal Weight Consumer <br> Discretionary ETF<br>| &nbsp;&nbsp; 374345 | &nbsp;&nbsp; (24477705)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (133371952)<br>| &nbsp;&nbsp; 349750261 | &nbsp;&nbsp; 192274949 |
| S&P 500<sup>®</sup> Equal Weight Consumer Staples <br> ETF<br>| &nbsp;&nbsp; 515203 | &nbsp;&nbsp; (61878973)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (99502906)<br>| &nbsp;&nbsp; 431124293 | &nbsp;&nbsp; 270257617 |
| S&P 500<sup>®</sup> Equal Weight Energy ETF | &nbsp;&nbsp; 603692 | &nbsp;&nbsp; (44366377)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (167016773)<br>| &nbsp;&nbsp; 626396870 | &nbsp;&nbsp; 415617412 |
| S&P 500<sup>®</sup> Equal Weight Financials ETF | &nbsp;&nbsp; 199274 | &nbsp;&nbsp; 38206671 | &nbsp;&nbsp; - | &nbsp;&nbsp; (88575035)<br>| &nbsp;&nbsp; 346920287 | &nbsp;&nbsp; 296751197 |
| S&P 500<sup>®</sup> Equal Weight Health Care ETF | &nbsp;&nbsp; 369148 | &nbsp;&nbsp; 38954897 | &nbsp;&nbsp; - | &nbsp;&nbsp; (130327342)<br>| &nbsp;&nbsp; 850207650 | &nbsp;&nbsp; 759204353 |
| S&P 500<sup>®</sup> Equal Weight Industrials ETF | &nbsp;&nbsp; 6712 | &nbsp;&nbsp; 51127472 | &nbsp;&nbsp; - | &nbsp;&nbsp; (63050826)<br>| &nbsp;&nbsp; 588777240 | &nbsp;&nbsp; 576860598 |
| S&P 500<sup>®</sup> Equal Weight Materials ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (32657276)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (70993285)<br>| &nbsp;&nbsp; 276328581 | &nbsp;&nbsp; 172678020 |
| S&P 500<sup>®</sup> Equal Weight Real Estate ETF | &nbsp;&nbsp; 5536 | &nbsp;&nbsp; (14993546)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (6648437)<br>| &nbsp;&nbsp; 132343514 | &nbsp;&nbsp; 110707067 |
| S&P 500<sup>®</sup> Equal Weight Technology ETF | &nbsp;&nbsp; 861218 | &nbsp;&nbsp; 194255995 | &nbsp;&nbsp; - | &nbsp;&nbsp; (370658756)<br>| &nbsp;&nbsp; 3252098722 | &nbsp;&nbsp; 3076557179 |
| S&P 500<sup>®</sup> Equal Weight Utilities ETF | &nbsp;&nbsp; 168121 | &nbsp;&nbsp; 28603697 | &nbsp;&nbsp; - | &nbsp;&nbsp; (36382941)<br>| &nbsp;&nbsp; 443322814 | &nbsp;&nbsp; 435711691 |
| S&P MidCap 400<sup>®</sup> GARP ETF | &nbsp;&nbsp; 846147 | &nbsp;&nbsp; (64778887)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (50206243)<br>| &nbsp;&nbsp; 561792219 | &nbsp;&nbsp; 447653236 |

---

------

**66**

------

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

The Funds have capital loss carryforwards as of April 30, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total\*** |
| S&P 500<sup>®</sup> Equal Weight ETF | &nbsp;&nbsp; $795845665 | &nbsp;&nbsp; $5031095675 | &nbsp;&nbsp; $5826941340 |
| S&P 500<sup>®</sup> Equal Weight Communication Services ETF | &nbsp;&nbsp; 3258217 | &nbsp;&nbsp; 5738186 | &nbsp;&nbsp; 8996403 |
| S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | &nbsp;&nbsp; 22778926 | &nbsp;&nbsp; 110593026 | &nbsp;&nbsp; 133371952 |
| S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | &nbsp;&nbsp; 17860356 | &nbsp;&nbsp; 81642550 | &nbsp;&nbsp; 99502906 |
| S&P 500<sup>®</sup> Equal Weight Energy ETF | &nbsp;&nbsp; 29927273 | &nbsp;&nbsp; 137089500 | &nbsp;&nbsp; 167016773 |
| S&P 500<sup>®</sup> Equal Weight Financials ETF | &nbsp;&nbsp; 18363492 | &nbsp;&nbsp; 70211543 | &nbsp;&nbsp; 88575035 |
| S&P 500<sup>®</sup> Equal Weight Health Care ETF | &nbsp;&nbsp; 7216664 | &nbsp;&nbsp; 123110678 | &nbsp;&nbsp; 130327342 |
| S&P 500<sup>®</sup> Equal Weight Industrials ETF | &nbsp;&nbsp; 13321017 | &nbsp;&nbsp; 49729809 | &nbsp;&nbsp; 63050826 |
| S&P 500<sup>®</sup> Equal Weight Materials ETF | &nbsp;&nbsp; 18129274 | &nbsp;&nbsp; 52864011 | &nbsp;&nbsp; 70993285 |
| S&P 500<sup>®</sup> Equal Weight Real Estate ETF | &nbsp;&nbsp; 3353725 | &nbsp;&nbsp; 3294712 | &nbsp;&nbsp; 6648437 |
| S&P 500<sup>®</sup> Equal Weight Technology ETF | &nbsp;&nbsp; 91492227 | &nbsp;&nbsp; 279166529 | &nbsp;&nbsp; 370658756 |
| S&P 500<sup>®</sup> Equal Weight Utilities ETF | &nbsp;&nbsp; 14125264 | &nbsp;&nbsp; 22257677 | &nbsp;&nbsp; 36382941 |
| S&P MidCap 400<sup>®</sup> GARP ETF | &nbsp;&nbsp; 15729026 | &nbsp;&nbsp; 34477217 | &nbsp;&nbsp; 50206243 |

---

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

**NOTE 8—Investment Transactions**

For the fiscal year ended April 30, 2025, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| S&P 500<sup>®</sup> Equal Weight ETF | &nbsp;&nbsp; $16066789460 | &nbsp;&nbsp; $16104217325 |
| S&P 500<sup>®</sup> Equal Weight Communication Services ETF | &nbsp;&nbsp; 12595906 | &nbsp;&nbsp; 12639831 |
| S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | &nbsp;&nbsp; 82817582 | &nbsp;&nbsp; 83907650 |
| S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | &nbsp;&nbsp; 66408216 | &nbsp;&nbsp; 67094977 |
| S&P 500<sup>®</sup> Equal Weight Energy ETF | &nbsp;&nbsp; 128139314 | &nbsp;&nbsp; 120898666 |
| S&P 500<sup>®</sup> Equal Weight Financials ETF | &nbsp;&nbsp; 55174738 | &nbsp;&nbsp; 55033034 |
| S&P 500<sup>®</sup> Equal Weight Health Care ETF | &nbsp;&nbsp; 204204345 | &nbsp;&nbsp; 204287572 |
| S&P 500<sup>®</sup> Equal Weight Industrials ETF | &nbsp;&nbsp; 133998426 | &nbsp;&nbsp; 133657364 |
| S&P 500<sup>®</sup> Equal Weight Materials ETF | &nbsp;&nbsp; 65123686 | &nbsp;&nbsp; 65177449 |
| S&P 500<sup>®</sup> Equal Weight Real Estate ETF | &nbsp;&nbsp; 16444467 | &nbsp;&nbsp; 15753446 |
| S&P 500<sup>®</sup> Equal Weight Technology ETF | &nbsp;&nbsp; 908001140 | &nbsp;&nbsp; 921987451 |
| S&P 500<sup>®</sup> Equal Weight Utilities ETF | &nbsp;&nbsp; 63971354 | &nbsp;&nbsp; 63611467 |
| S&P MidCap 400<sup>®</sup> GARP ETF | &nbsp;&nbsp; 360821909 | &nbsp;&nbsp; 358685369 |

---

For the fiscal year ended April 30, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-kind** <br>**Purchases**<br>| **In-kind** <br>**Sales**<br>|
| S&P 500<sup>®</sup> Equal Weight ETF | &nbsp;&nbsp; $35443488546 | &nbsp;&nbsp; $21556152321 |
| S&P 500<sup>®</sup> Equal Weight Communication Services ETF | &nbsp;&nbsp; 23273240 | &nbsp;&nbsp; 40191598 |
| S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | &nbsp;&nbsp; 93375488 | &nbsp;&nbsp; 315870933 |
| S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | &nbsp;&nbsp; 22149870 | &nbsp;&nbsp; 164440451 |
| S&P 500<sup>®</sup> Equal Weight Energy ETF | &nbsp;&nbsp; 72983615 | &nbsp;&nbsp; 190889596 |
| S&P 500<sup>®</sup> Equal Weight Financials ETF | &nbsp;&nbsp; 48866010 | &nbsp;&nbsp; 48742444 |
| S&P 500<sup>®</sup> Equal Weight Health Care ETF | &nbsp;&nbsp; 26397302 | &nbsp;&nbsp; 192645428 |
| S&P 500<sup>®</sup> Equal Weight Industrials ETF | &nbsp;&nbsp; 129431764 | &nbsp;&nbsp; 277281806 |
| S&P 500<sup>®</sup> Equal Weight Materials ETF | &nbsp;&nbsp; 17547842 | &nbsp;&nbsp; 106872227 |
| S&P 500<sup>®</sup> Equal Weight Real Estate ETF | &nbsp;&nbsp; 31311002 | &nbsp;&nbsp; 41236314 |

---

------

**67**

------

---

| | | |
|:---|:---|:---|
|  | **In-kind**<br> **Purchases**<br>| **In-kind**<br> **Sales**<br>|
| S&P 500<sup>®</sup> Equal Weight Technology ETF | &nbsp;&nbsp; $875168788 | &nbsp;&nbsp; $1714811855 |
| S&P 500<sup>®</sup> Equal Weight Utilities ETF | &nbsp;&nbsp; 171020400 | &nbsp;&nbsp; 46215589 |
| S&P MidCap 400<sup>®</sup> GARP ETF | &nbsp;&nbsp; 504028987 | &nbsp;&nbsp; 370276653 |

---

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

As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross** <br>**Unrealized** <br>**Appreciation**<br>| **Gross** <br>**Unrealized** <br>**(Depreciation)**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Cost** |
| S&P 500<sup>®</sup> Equal Weight ETF | &nbsp;&nbsp; $6612556259 | &nbsp;&nbsp; $(6434478085)<br>| &nbsp;&nbsp; $178078174 | &nbsp;&nbsp; $72674656377 |
| S&P 500<sup>®</sup> Equal Weight Communication Services ETF | &nbsp;&nbsp; 8369800 | &nbsp;&nbsp; (7215398)<br>| &nbsp;&nbsp; 1154402 | &nbsp;&nbsp; 67880516 |
| S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | &nbsp;&nbsp; 14285948 | &nbsp;&nbsp; (38763653)<br>| &nbsp;&nbsp; (24477705)<br>| &nbsp;&nbsp; 230502631 |
| S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | &nbsp;&nbsp; 19279417 | &nbsp;&nbsp; (81158390)<br>| &nbsp;&nbsp; (61878973)<br>| &nbsp;&nbsp; 353980154 |
| S&P 500<sup>®</sup> Equal Weight Energy ETF | &nbsp;&nbsp; 38752875 | &nbsp;&nbsp; (83119252)<br>| &nbsp;&nbsp; (44366377)<br>| &nbsp;&nbsp; 480344822 |
| S&P 500<sup>®</sup> Equal Weight Financials ETF | &nbsp;&nbsp; 57545362 | &nbsp;&nbsp; (19338691)<br>| &nbsp;&nbsp; 38206671 | &nbsp;&nbsp; 268610639 |
| S&P 500<sup>®</sup> Equal Weight Health Care ETF | &nbsp;&nbsp; 135733332 | &nbsp;&nbsp; (96778435)<br>| &nbsp;&nbsp; 38954897 | &nbsp;&nbsp; 743469664 |
| S&P 500<sup>®</sup> Equal Weight Industrials ETF | &nbsp;&nbsp; 82069066 | &nbsp;&nbsp; (30941594)<br>| &nbsp;&nbsp; 51127472 | &nbsp;&nbsp; 538503065 |
| S&P 500<sup>®</sup> Equal Weight Materials ETF | &nbsp;&nbsp; 11014613 | &nbsp;&nbsp; (43671889)<br>| &nbsp;&nbsp; (32657276)<br>| &nbsp;&nbsp; 229463121 |
| S&P 500<sup>®</sup> Equal Weight Real Estate ETF | &nbsp;&nbsp; 5219071 | &nbsp;&nbsp; (20212617)<br>| &nbsp;&nbsp; (14993546)<br>| &nbsp;&nbsp; 135675769 |
| S&P 500<sup>®</sup> Equal Weight Technology ETF | &nbsp;&nbsp; 491898409 | &nbsp;&nbsp; (297642414)<br>| &nbsp;&nbsp; 194255995 | &nbsp;&nbsp; 3144988394 |
| S&P 500<sup>®</sup> Equal Weight Utilities ETF | &nbsp;&nbsp; 51138366 | &nbsp;&nbsp; (22534669)<br>| &nbsp;&nbsp; 28603697 | &nbsp;&nbsp; 421698124 |
| S&P MidCap 400<sup>®</sup> GARP ETF | &nbsp;&nbsp; 21391611 | &nbsp;&nbsp; (86170498)<br>| &nbsp;&nbsp; (64778887)<br>| &nbsp;&nbsp; 624288823 |

---

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of redemption in-kind, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2025, the reclassifications were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed Net** <br>**Investment Income**<br>| **Undistributed Net** <br>**Realized Gain (Loss)**<br>| **Shares of** <br>**Beneficial Interest**<br>|
| S&P 500<sup>®</sup> Equal Weight ETF | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(4630314833)<br>| &nbsp;&nbsp; $4630314833 |
| S&P 500<sup>®</sup> Equal Weight Communication Services ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (5708498)<br>| &nbsp;&nbsp; 5708498 |
| S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (41078223)<br>| &nbsp;&nbsp; 41078223 |
| S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; 69069 | &nbsp;&nbsp; (69069)<br>|
| S&P 500<sup>®</sup> Equal Weight Energy ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (38683478)<br>| &nbsp;&nbsp; 38683478 |
| S&P 500<sup>®</sup> Equal Weight Financials ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (10476711)<br>| &nbsp;&nbsp; 10476711 |
| S&P 500<sup>®</sup> Equal Weight Health Care ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (60108914)<br>| &nbsp;&nbsp; 60108914 |
| S&P 500<sup>®</sup> Equal Weight Industrials ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (68859027)<br>| &nbsp;&nbsp; 68859027 |
| S&P 500<sup>®</sup> Equal Weight Materials ETF | &nbsp;&nbsp; 22163 | &nbsp;&nbsp; (10981245)<br>| &nbsp;&nbsp; 10959082 |
| S&P 500<sup>®</sup> Equal Weight Real Estate ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (3724486)<br>| &nbsp;&nbsp; 3724486 |
| S&P 500<sup>®</sup> Equal Weight Technology ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (579502618)<br>| &nbsp;&nbsp; 579502618 |
| S&P 500<sup>®</sup> Equal Weight Utilities ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (7830310)<br>| &nbsp;&nbsp; 7830310 |
| S&P MidCap 400<sup>®</sup> GARP ETF | &nbsp;&nbsp; 58 | &nbsp;&nbsp; (46718767)<br>| &nbsp;&nbsp; 46718709 |

---

**NOTE 10—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. Interested Trustees do 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

------

**68**

------

contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

**NOTE 11—Capital**

Shares are issued and redeemed by each Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Funds.

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.

------

**69**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco S&P 500 Equal Weight ETF, Invesco S&P 500 Equal Weight Communication Services ETF, Invesco S&P 500 Equal Weight Consumer Discretionary ETF, Invesco S&P 500 Equal Weight Consumer Staples ETF, Invesco S&P 500 Equal Weight Energy ETF, Invesco S&P 500 Equal Weight Financials ETF, Invesco S&P 500 Equal Weight Health Care ETF, Invesco S&P 500 Equal Weight Industrials ETF, Invesco S&P 500 Equal Weight Materials ETF, Invesco S&P 500 Equal Weight Real Estate ETF, Invesco S&P 500 Equal Weight Technology ETF, Invesco S&P 500 Equal Weight Utilities ETF and Invesco S&P MidCap 400 GARP ETF

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco S&P 500 Equal Weight ETF, Invesco S&P 500 Equal Weight Communication Services ETF, Invesco S&P 500 Equal Weight Consumer Discretionary ETF, Invesco S&P 500 Equal Weight Consumer Staples ETF, Invesco S&P 500 Equal Weight Energy ETF, Invesco S&P 500 Equal Weight Financials ETF, Invesco S&P 500 Equal Weight Health Care ETF, Invesco S&P 500 Equal Weight Industrials ETF, Invesco S&P 500 Equal Weight Materials ETF, Invesco S&P 500 Equal Weight Real Estate ETF, Invesco S&P 500 Equal Weight Technology ETF, Invesco S&P 500 Equal Weight Utilities ETF and Invesco S&P MidCap 400 GARP ETF (thirteen of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the "Funds") as of April 30, 2025, the related statements of operations for the year ended April 30, 2025, the statements of changes in net assets for each of the two years in the period ended April 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2025, and each of the financial highlights for each of the five years in the period ended April 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

June 26, 2025

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

------

**70**

------

**Tax Information**

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

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

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Qualified** <br>**Business** <br>**Income\***<br>| **Qualified** <br>**Dividend** <br>**Income\***<br>| **Corporate** <br>**Dividends** <br>**Received** <br>**Deduction\***<br>| **U.S.** <br>**Treasury** <br>**Obligations\***<br>| **Business** <br>**Interest** <br>**Income\***<br>|
| Invesco S&P 500<sup>®</sup> Equal Weight ETF | &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 90<br> %<br>| &nbsp;&nbsp; 86<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 91<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF | &nbsp;&nbsp; 93<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco S&P MidCap 400<sup>®</sup> GARP ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|

---

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

------

**71**

------

**Approval of Investment Advisory Contracts**

At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the "Trust"), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the "Adviser") and the Trust for the following series (each, a "Fund" and collectively, the "Funds"):

Invesco Bloomberg Analyst Rating Improvers ETF

Invesco Bloomberg MVP Multi-factor ETF

Invesco Dow Jones Industrial Average Dividend ETF

Invesco NASDAQ Internet ETF

Invesco Next Gen Connectivity ETF

Invesco S&P 500 BuyWrite ETF

Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF

Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF

Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF

Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF

Invesco S&P 500<sup>®</sup> Equal Weight ETF

Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF

Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF

Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF

Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF

Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF

Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF

Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF

Invesco S&P 500<sup>®</sup> Pure Growth ETF

Invesco S&P 500<sup>®</sup> Pure Value ETF

Invesco S&P 500<sup>®</sup> Top 50 ETF

Invesco S&P MidCap 400<sup>®</sup> GARP ETF

Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF

Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF

Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF

Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF

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

*Nature, Extent and Quality of Services.* In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. ("Invesco"), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser's execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2024, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund's performance and the performance of its underlying index, as well as the Adviser's analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco's independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds ("ETFs") business of Guggenheim Capital LLC ("Guggenheim") (the "Transaction") and that each such Fund's performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust's registration statement. The Board concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund's particular circumstances.

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

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

*Fees, Expenses and Profitability.* The Trustees reviewed and discussed the information provided by the Adviser on each Fund's net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays

------

**72**

------

**Approval of Investment Advisory Contracts—(continued)**

its brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses

&nbsp;&nbsp;&nbsp;&nbsp;● 0.07% of the Fund's average daily net assets for Invesco Dow Jones Industrial Average Dividend ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.20% of the Fund's average daily net assets for each of Invesco S&P 500® Equal Weight ETF and Invesco S&P 500® Top 50 ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.29% of the Fund's average daily net assets for each of Invesco S&P 500 BuyWrite ETF and Invesco Bloomberg MVP Multi-factor ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.35% of the Fund's average daily net assets for each of Invesco S&P 500® Pure Growth ETF, Invesco S&P 500® Pure Value ETF, Invesco S&P MidCap 400® GARP ETF, Invesco S&P MidCap 400® Pure Growth ETF, Invesco S&P MidCap 400® Pure Value ETF, Invesco S&P SmallCap 600® Pure Growth ETF and Invesco S&P SmallCap 600® Pure Value ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.60% of the Fund's average daily net assets for Invesco NASDAQ Internet ETF; and

&nbsp;&nbsp;&nbsp;&nbsp;● 0.40% of the Fund's average daily net assets for each other Fund.

The Trustees compared each Fund's net expense ratio to information compiled by the Adviser from Lipper Inc. ("Lipper") databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund's operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal** <br>**to/Lower** <br>**than ETF** <br>**Peer Median**<br>| **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median\***<br>| **Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco Bloomberg Analyst Rating Improvers ETF |  |  | X |
| Invesco Bloomberg MVP Multi-factor ETF | X |  | X |
| Invesco Dow Jones Industrial Average Dividend ETF | X | X | X |
| Invesco NASDAQ Internet ETF |  |  | X |
| Invesco Next Gen Connectivity ETF | X | N/A | X |
| Invesco S&P 500 BuyWrite ETF | X | N/A | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF | X | X | X |
| Invesco S&P 500<sup>®</sup> Pure Growth ETF | X | X | X |
| Invesco S&P 500<sup>®</sup> Pure Value ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Top 50 ETF |  |  | X |
| Invesco S&P MidCap 400<sup>®</sup> GARP ETF |  |  | X |
| Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF |  |  | X |
| Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF |  | X | X |

---

------

**73**

------

**Approval of Investment Advisory Contracts—(continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal**<br> **to/Lower**<br> **than ETF**<br> **Peer Median**<br>| **Equal to/Lower**<br> **than Open-End**<br> **Index Fund**<br> **Peer Median\***<br>| **Lower than**<br> **Open-End**<br> **Active Fund**<br> **Peer Median**<br>|
| Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF |  |  | X |
| Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF |  | X | X |

---

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

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco S&P 500® Equal Weight ETF. The Trustees considered the Adviser's explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser's statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all of the information provided, the Board concluded that each Fund's unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. With respect to the Adviser's profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser's. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees reviewed each Fund's asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.

*Fall-out Benefits.* The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds' securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund's distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund's unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

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

------

**74**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

Remuneration paid to the Funds' trustees or officers and others, if any, is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory Contracts section of this report.

------

**75**

------

**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-SPE-NCSR

invesco.com/ETFs

------

![](img3e7040411.jpg)

------

**Invesco Annual Financial Statements and Other Information**

April 30, 2025

---

| |
|:---|
| **RPG** |
| **RPV**<br> Invesco S&P 500<sup>®</sup> Pure Value ETF |
| **XLG**<br> Invesco S&P 500<sup>®</sup> Top 50 ETF |
| **RFG**<br> Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF |
| **RFV**<br> Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF |
| **RZG**<br> Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF |
| **RZV**<br> Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments |  |
| [Invesco S&P 500](#xx_43ed3d32-5437-4264-a29f-6239c0c64cb6_SOI-Continued-524_1)<sup>®</sup>[Pure Growth ETF (RPG)](#xx_43ed3d32-5437-4264-a29f-6239c0c64cb6_SOI-Continued-524_1) | **3** |
| [Invesco S&P 500](#xx_43ed3d32-5437-4264-a29f-6239c0c64cb6_SOI-Continued-524_3)<sup>®</sup>[Pure Value ETF (RPV)](#xx_43ed3d32-5437-4264-a29f-6239c0c64cb6_SOI-Continued-524_3) | **5** |
| [Invesco S&P 500](#xx_43ed3d32-5437-4264-a29f-6239c0c64cb6_SOI-Continued-524_6)<sup>®</sup>[Top 50 ETF (XLG)](#xx_43ed3d32-5437-4264-a29f-6239c0c64cb6_SOI-Continued-524_6) | **8** |
| [Invesco S&P MidCap 400](#xx_43ed3d32-5437-4264-a29f-6239c0c64cb6_SOI-Continued-524_8)<sup>®</sup>[Pure Growth ETF (RFG)](#xx_43ed3d32-5437-4264-a29f-6239c0c64cb6_SOI-Continued-524_8) | **10** |
| [Invesco S&P MidCap 400](#xx_43ed3d32-5437-4264-a29f-6239c0c64cb6_SOI-Continued-524_10)<sup>®</sup>[Pure Value ETF (RFV)](#xx_43ed3d32-5437-4264-a29f-6239c0c64cb6_SOI-Continued-524_10) | **12** |
| [Invesco S&P SmallCap 600](#xx_43ed3d32-5437-4264-a29f-6239c0c64cb6_SOI-Continued-524_12)<sup>®</sup>[Pure Growth ETF (RZG)](#xx_43ed3d32-5437-4264-a29f-6239c0c64cb6_SOI-Continued-524_12) | **14** |
| [Invesco S&P SmallCap 600](#xx_43ed3d32-5437-4264-a29f-6239c0c64cb6_SOI-Continued-524_15)<sup>®</sup>[Pure Value ETF (RZV)](#xx_43ed3d32-5437-4264-a29f-6239c0c64cb6_SOI-Continued-524_15) | **17** |
| [Statements of Assets and Liabilities](#xx_43ed3d32-5437-4264-a29f-6239c0c64cb6_FS-Continued-524_1) | **20** |
| [Statements of Operations](#xx_43ed3d32-5437-4264-a29f-6239c0c64cb6_FS-Continued-524_3) | **22** |
| [Statements of Changes in Net Assets](#xx_43ed3d32-5437-4264-a29f-6239c0c64cb6_FS-Continued-524_5) | **24** |
| [Financial Highlights](#xx_43ed3d32-5437-4264-a29f-6239c0c64cb6_FIHI-Continued-524_1) | **28** |
| [Notes to Financial Statements](#xx_43ed3d32-5437-4264-a29f-6239c0c64cb6_NTF-Continued-524_1) | **32** |
| [Report of Independent Registered Public Accounting Firm](#xx_43ed3d32-5437-4264-a29f-6239c0c64cb6_AR-Continued-524_1) | **43** |
| [Tax Information](#xx_43ed3d32-5437-4264-a29f-6239c0c64cb6_TI-Continued-524_1) | **44** |
| [Approval of Investment Advisory Contracts](#xx_43ed3d32-5437-4264-a29f-6239c0c64cb6_BCRC-Continued_1) | **45** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_43ed3d32-5437-4264-a29f-6239c0c64cb6_OIRSR-Continued_1) | **48** |

---

------

**2**

------

**Invesco S&P 500**<sup>®</sup> **Pure Growth ETF (RPG)**

April 30, 2025

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-5.97%** | **Communication Services-5.97%** | **Communication Services-5.97%** |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup> | 196043 | &nbsp;&nbsp; $25965895 |
| Meta Platforms, Inc., Class A | 27951 | &nbsp;&nbsp; 15345099 |
| Netflix, Inc.<sup>(b)</sup> | 16679 | &nbsp;&nbsp; 18875958 |
| TKO Group Holdings, Inc.<sup>(c)</sup> | 170281 | &nbsp;&nbsp; 27740478 |
|  |  | &nbsp;&nbsp; 87927430 |
| **Consumer Discretionary-21.56%** | **Consumer Discretionary-21.56%** | **Consumer Discretionary-21.56%** |
| Airbnb, Inc., Class A<sup>(b)(c)</sup> | 71965 | &nbsp;&nbsp; 8773973 |
| Booking Holdings, Inc. | 4992 | &nbsp;&nbsp; 25455606 |
| Carnival Corp.<sup>(b)</sup> | 1385339 | &nbsp;&nbsp; 25407117 |
| Chipotle Mexican Grill, Inc.<sup>(b)(c)</sup> | 166982 | &nbsp;&nbsp; 8435931 |
| Deckers Outdoor Corp.<sup>(b)(c)</sup> | 118520 | &nbsp;&nbsp; 13135572 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 111246 | &nbsp;&nbsp; 21458241 |
| Expedia Group, Inc. | 111672 | &nbsp;&nbsp; 17524687 |
| Garmin Ltd. | 46425 | &nbsp;&nbsp; 8675440 |
| Hilton Worldwide Holdings, Inc. | 89721 | &nbsp;&nbsp; 20230290 |
| Las Vegas Sands Corp. | 309768 | &nbsp;&nbsp; 11359192 |
| Marriott International, Inc., Class A | 73257 | &nbsp;&nbsp; 17477655 |
| Norwegian Cruise Line Holdings Ltd.<sup>(b)(c)</sup> | 1487580 | &nbsp;&nbsp; 23845907 |
| PulteGroup, Inc. | 147349 | &nbsp;&nbsp; 15115060 |
| Ralph Lauren Corp. | 68299 | &nbsp;&nbsp; 15363860 |
| Royal Caribbean Cruises Ltd. | 143257 | &nbsp;&nbsp; 30787362 |
| Tapestry, Inc. | 275482 | &nbsp;&nbsp; 19462803 |
| Tesla, Inc.<sup>(b)</sup> | 43794 | &nbsp;&nbsp; 12356915 |
| Williams-Sonoma, Inc.<sup>(c)</sup> | 44019 | &nbsp;&nbsp; 6799615 |
| Wynn Resorts Ltd.<sup>(c)</sup> | 197486 | &nbsp;&nbsp; 15860101 |
|  |  | &nbsp;&nbsp; 317525327 |
| **Consumer Staples-0.61%** | **Consumer Staples-0.61%** | **Consumer Staples-0.61%** |
| Costco Wholesale Corp. | 9014 | &nbsp;&nbsp; 8964423 |
| **Energy-3.82%** | **Energy-3.82%** | **Energy-3.82%** |
| Hess Corp. | 98031 | &nbsp;&nbsp; 12650901 |
| Targa Resources Corp. | 76388 | &nbsp;&nbsp; 13054709 |
| Texas Pacific Land Corp.<sup>(c)</sup> | 23737 | &nbsp;&nbsp; 30593907 |
|  |  | &nbsp;&nbsp; 56299517 |
| **Financials-13.55%** | **Financials-13.55%** | **Financials-13.55%** |
| American Express Co. | 68561 | &nbsp;&nbsp; 18265336 |
| Ameriprise Financial, Inc. | 30029 | &nbsp;&nbsp; 14144260 |
| Apollo Global Management, Inc.<sup>(c)</sup> | 172391 | &nbsp;&nbsp; 23527924 |
| Arch Capital Group Ltd. | 192106 | &nbsp;&nbsp; 17420172 |
| Brown & Brown, Inc. | 128493 | &nbsp;&nbsp; 14211326 |
| Corpay, Inc.<sup>(b)</sup> | 51329 | &nbsp;&nbsp; 16700917 |
| Discover Financial Services | 78574 | &nbsp;&nbsp; 14353113 |
| Erie Indemnity Co., Class A<sup>(c)</sup> | 36073 | &nbsp;&nbsp; 12936499 |
| Fiserv, Inc.<sup>(b)</sup> | 72882 | &nbsp;&nbsp; 13451831 |
| Mastercard, Inc., Class A | 19407 | &nbsp;&nbsp; 10636200 |
| Progressive Corp. (The) | 66049 | &nbsp;&nbsp; 18608645 |
| Synchrony Financial | 272247 | &nbsp;&nbsp; 14143232 |
| Visa, Inc., Class A | 32407 | &nbsp;&nbsp; 11196618 |
|  |  | &nbsp;&nbsp; 199596073 |
| **Health Care-4.93%** | **Health Care-4.93%** | **Health Care-4.93%** |
| Boston Scientific Corp.<sup>(b)</sup> | 117926 | &nbsp;&nbsp; 12131048 |
| DaVita, Inc.<sup>(b)(c)</sup> | 74205 | &nbsp;&nbsp; 10503718 |
| Eli Lilly and Co. | 9553 | &nbsp;&nbsp; 8587669 |
| Insulet Corp.<sup>(b)(c)</sup> | 64115 | &nbsp;&nbsp; 16175573 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 27777 | &nbsp;&nbsp; $14327377 |
| ResMed, Inc. | 46116 | &nbsp;&nbsp; 10910584 |
|  |  | &nbsp;&nbsp; 72635969 |
| **Industrials-23.86%** | **Industrials-23.86%** | **Industrials-23.86%** |
| Axon Enterprise, Inc.<sup>(b)</sup> | 47254 | &nbsp;&nbsp; 28980878 |
| Caterpillar, Inc. | 38167 | &nbsp;&nbsp; 11803908 |
| Cintas Corp. | 56323 | &nbsp;&nbsp; 11922453 |
| Cummins, Inc. | 39892 | &nbsp;&nbsp; 11721865 |
| Dayforce, Inc.<sup>(b)(c)</sup> | 102529 | &nbsp;&nbsp; 5933353 |
| Delta Air Lines, Inc. | 479112 | &nbsp;&nbsp; 19945433 |
| Eaton Corp. PLC | 26345 | &nbsp;&nbsp; 7755178 |
| GE Vernova, Inc. | 41107 | &nbsp;&nbsp; 15243298 |
| Howmet Aerospace, Inc. | 194024 | &nbsp;&nbsp; 26887846 |
| Hubbell, Inc. | 32183 | &nbsp;&nbsp; 11688222 |
| Ingersoll Rand, Inc. | 111027 | &nbsp;&nbsp; 8374767 |
| Lennox International, Inc. | 15666 | &nbsp;&nbsp; 8565385 |
| Parker-Hannifin Corp. | 16181 | &nbsp;&nbsp; 9790476 |
| Paycom Software, Inc.<sup>(c)</sup> | 65983 | &nbsp;&nbsp; 14937891 |
| Quanta Services, Inc. | 79659 | &nbsp;&nbsp; 23315393 |
| Republic Services, Inc. | 37824 | &nbsp;&nbsp; 9484368 |
| Trane Technologies PLC | 48023 | &nbsp;&nbsp; 18407696 |
| TransDigm Group, Inc.<sup>(c)</sup> | 9284 | &nbsp;&nbsp; 13118942 |
| Uber Technologies, Inc.<sup>(b)</sup> | 304106 | &nbsp;&nbsp; 24635627 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 372466 | &nbsp;&nbsp; 25633110 |
| United Rentals, Inc. | 30945 | &nbsp;&nbsp; 19540220 |
| W.W. Grainger, Inc. | 9774 | &nbsp;&nbsp; 10011606 |
| Wabtec Corp. | 74391 | &nbsp;&nbsp; 13742993 |
|  |  | &nbsp;&nbsp; 351440908 |
| **Information Technology-19.57%** | **Information Technology-19.57%** | **Information Technology-19.57%** |
| Amphenol Corp., Class A | 150672 | &nbsp;&nbsp; 11594210 |
| Arista Networks, Inc.<sup>(b)</sup> | 279898 | &nbsp;&nbsp; 23027209 |
| Broadcom, Inc. | 94233 | &nbsp;&nbsp; 18137026 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 59845 | &nbsp;&nbsp; 25665725 |
| Fair Isaac Corp.<sup>(b)</sup> | 9683 | &nbsp;&nbsp; 19266071 |
| Fortinet, Inc.<sup>(b)</sup> | 282967 | &nbsp;&nbsp; 29360656 |
| GoDaddy, Inc., Class A<sup>(b)</sup> | 102379 | &nbsp;&nbsp; 19281037 |
| International Business Machines Corp. | 40122 | &nbsp;&nbsp; 9702302 |
| Motorola Solutions, Inc. | 18713 | &nbsp;&nbsp; 8241018 |
| NVIDIA Corp. | 230492 | &nbsp;&nbsp; 25105189 |
| Oracle Corp. | 57372 | &nbsp;&nbsp; 8073388 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 305472 | &nbsp;&nbsp; 36180104 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 58611 | &nbsp;&nbsp; 10956154 |
| Salesforce, Inc. | 22907 | &nbsp;&nbsp; 6155340 |
| ServiceNow, Inc.<sup>(b)</sup> | 16846 | &nbsp;&nbsp; 16088098 |
| Super Micro Computer, Inc.<sup>(b)(c)</sup> | 416220 | &nbsp;&nbsp; 13260769 |
| Tyler Technologies, Inc.<sup>(b)</sup> | 15170 | &nbsp;&nbsp; 8241861 |
|  |  | &nbsp;&nbsp; 288336157 |
| **Real Estate-1.83%** | **Real Estate-1.83%** | **Real Estate-1.83%** |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 111222 | &nbsp;&nbsp; 13589104 |
| Iron Mountain, Inc. | 148869 | &nbsp;&nbsp; 13349083 |
|  |  | &nbsp;&nbsp; 26938187 |
| **Utilities-4.28%** | **Utilities-4.28%** | **Utilities-4.28%** |
| Constellation Energy Corp. | 52923 | &nbsp;&nbsp; 11825115 |

---

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

------

**3**

------

**Invesco S&P 500**<sup>®</sup> **Pure Growth ETF (RPG)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities-(continued)** | **Utilities-(continued)** | **Utilities-(continued)** |
| NRG Energy, Inc. | 197688 | &nbsp;&nbsp; $21662651 |
| Vistra Corp. | 227897 | &nbsp;&nbsp; 29542288 |
|  |  | &nbsp;&nbsp; 63030054 |
| Total Common Stocks & Other Equity Interests <br>(Cost $1,415,029,699) | Total Common Stocks & Other Equity Interests <br>(Cost $1,415,029,699) | &nbsp;&nbsp; 1472694045 |
| **Money Market Funds-0.03%** | **Money Market Funds-0.03%** | **Money Market Funds-0.03%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $493,940)<br>| 493940 | &nbsp;&nbsp; 493940 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.01% <br>(Cost $1,415,523,639) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.01% <br>(Cost $1,415,523,639) | &nbsp;&nbsp; 1473187985 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-11.52%** | **Money Market Funds-11.52%** | **Money Market Funds-11.52%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 47213890 | &nbsp;&nbsp; $47213890 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 122518990 | &nbsp;&nbsp; 122543494 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $169,759,737) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $169,759,737) | &nbsp;&nbsp; 169757384 |
| TOTAL INVESTMENTS IN SECURITIES-111.53% <br>(Cost $1,585,283,376) | TOTAL INVESTMENTS IN SECURITIES-111.53% <br>(Cost $1,585,283,376) | &nbsp;&nbsp; 1642945369 |
| OTHER ASSETS LESS LIABILITIES-(11.53)% | OTHER ASSETS LESS LIABILITIES-(11.53)% | &nbsp;&nbsp; (169887660)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1473057709 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $146705 | &nbsp;&nbsp; $20401951 | &nbsp;&nbsp; $(20054716)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $493940 | &nbsp;&nbsp; $30525 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 29575383 | &nbsp;&nbsp; 541342060 | &nbsp;&nbsp; (523703553)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 47213890 | &nbsp;&nbsp; 903,869<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 76068511 | &nbsp;&nbsp; 1055703948 | &nbsp;&nbsp; (1009221638)<br>| &nbsp;&nbsp; 4067 | &nbsp;&nbsp; (11394)<br>| &nbsp;&nbsp; 122543494 | &nbsp;&nbsp; 2,450,348<br> \*<br>|
| Total | &nbsp;&nbsp; $105790599 | &nbsp;&nbsp; $1617447959 | &nbsp;&nbsp; $(1552979907)<br>| &nbsp;&nbsp; $4067 | &nbsp;&nbsp; $(11394)<br>| &nbsp;&nbsp; $170251324 | &nbsp;&nbsp; $3384742 |

---

\* 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 April 30, 2025.

<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 2J. 

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

------

**4**

------

**Invesco S&P 500**<sup>®</sup> **Pure Value ETF (RPV)**

April 30, 2025

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-5.60%** | **Communication Services-5.60%** | **Communication Services-5.60%** |
| AT&T, Inc. | 363916 | &nbsp;&nbsp; $10080473 |
| Comcast Corp., Class A | 183135 | &nbsp;&nbsp; 6263217 |
| Fox Corp., Class A<sup>(b)</sup> | 93204 | &nbsp;&nbsp; 4640627 |
| Fox Corp., Class B | 55566 | &nbsp;&nbsp; 2569372 |
| Paramount Global, Class B<sup>(b)</sup> | 2176680 | &nbsp;&nbsp; 25554223 |
| Verizon Communications, Inc. | 159461 | &nbsp;&nbsp; 7025852 |
| Warner Bros. Discovery, Inc.<sup>(c)</sup> | 1766478 | &nbsp;&nbsp; 15315364 |
|  |  | &nbsp;&nbsp; 71449128 |
| **Consumer Discretionary-12.61%** | **Consumer Discretionary-12.61%** | **Consumer Discretionary-12.61%** |
| Aptiv PLC (Jersey)<sup>(b)(c)</sup> | 253853 | &nbsp;&nbsp; 14484852 |
| Best Buy Co., Inc. | 145013 | &nbsp;&nbsp; 9670917 |
| Caesars Entertainment, Inc.<sup>(b)(c)</sup> | 271446 | &nbsp;&nbsp; 7345329 |
| CarMax, Inc.<sup>(b)(c)</sup> | 192723 | &nbsp;&nbsp; 12463396 |
| D.R. Horton, Inc. | 37842 | &nbsp;&nbsp; 4780958 |
| Ford Motor Co. | 3296446 | &nbsp;&nbsp; 32997424 |
| General Motors Co. | 675016 | &nbsp;&nbsp; 30537724 |
| Genuine Parts Co. | 60536 | &nbsp;&nbsp; 7116007 |
| Lennar Corp., Class A | 54504 | &nbsp;&nbsp; 5919679 |
| LKQ Corp. | 362979 | &nbsp;&nbsp; 13869428 |
| MGM Resorts International<sup>(b)(c)</sup> | 237110 | &nbsp;&nbsp; 7459481 |
| Mohawk Industries, Inc.<sup>(c)</sup> | 134010 | &nbsp;&nbsp; 14251964 |
|  |  | &nbsp;&nbsp; 160897159 |
| **Consumer Staples-18.29%** | **Consumer Staples-18.29%** | **Consumer Staples-18.29%** |
| Archer-Daniels-Midland Co. | 591620 | &nbsp;&nbsp; 28249855 |
| Bunge Global S.A. | 365545 | &nbsp;&nbsp; 28775702 |
| Conagra Brands, Inc. | 376620 | &nbsp;&nbsp; 9306280 |
| Dollar General Corp. | 235899 | &nbsp;&nbsp; 22101377 |
| Dollar Tree, Inc.<sup>(c)</sup> | 199572 | &nbsp;&nbsp; 16319002 |
| J.M. Smucker Co. (The) | 70739 | &nbsp;&nbsp; 8224824 |
| Kraft Heinz Co. (The)<sup>(b)</sup> | 597013 | &nbsp;&nbsp; 17373078 |
| Kroger Co. (The) | 352792 | &nbsp;&nbsp; 25475110 |
| Molson Coors Beverage Co., Class B<sup>(b)</sup> | 285339 | &nbsp;&nbsp; 16415553 |
| Sysco Corp. | 122089 | &nbsp;&nbsp; 8717155 |
| Target Corp. | 78943 | &nbsp;&nbsp; 7633788 |
| Tyson Foods, Inc., Class A | 394591 | &nbsp;&nbsp; 24164753 |
| Walgreens Boots Alliance, Inc. | 1883352 | &nbsp;&nbsp; 20660372 |
|  |  | &nbsp;&nbsp; 233416849 |
| **Energy-8.54%** | **Energy-8.54%** | **Energy-8.54%** |
| APA Corp. | 558308 | &nbsp;&nbsp; 8676106 |
| Chevron Corp. | 41847 | &nbsp;&nbsp; 5693703 |
| Coterra Energy, Inc. | 229162 | &nbsp;&nbsp; 5628219 |
| Devon Energy Corp. | 208900 | &nbsp;&nbsp; 6352649 |
| Diamondback Energy, Inc. | 43483 | &nbsp;&nbsp; 5740191 |
| EQT Corp. | 131598 | &nbsp;&nbsp; 6506205 |
| Exxon Mobil Corp. | 60947 | &nbsp;&nbsp; 6437832 |
| Marathon Petroleum Corp. | 130683 | &nbsp;&nbsp; 17957151 |
| Occidental Petroleum Corp. | 141817 | &nbsp;&nbsp; 5589008 |
| Phillips 66 | 175998 | &nbsp;&nbsp; 18314352 |
| Valero Energy Corp. | 190404 | &nbsp;&nbsp; 22104000 |
|  |  | &nbsp;&nbsp; 108999416 |
| **Financials-16.99%** | **Financials-16.99%** | **Financials-16.99%** |
| Allstate Corp. (The) | 39224 | &nbsp;&nbsp; 7781649 |
| American International Group, Inc. | 210767 | &nbsp;&nbsp; 17181726 |
| Assurant, Inc. | 36452 | &nbsp;&nbsp; 7025759 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Bank of America Corp. | 150756 | &nbsp;&nbsp; $6012149 |
| Capital One Financial Corp. | 46280 | &nbsp;&nbsp; 8342433 |
| Chubb Ltd. | 21709 | &nbsp;&nbsp; 6210511 |
| Citigroup, Inc. | 279057 | &nbsp;&nbsp; 19081918 |
| Citizens Financial Group, Inc. | 279855 | &nbsp;&nbsp; 10323851 |
| Everest Group Ltd. | 45228 | &nbsp;&nbsp; 16229163 |
| Franklin Resources, Inc.<sup>(b)</sup> | 701286 | &nbsp;&nbsp; 13156125 |
| Global Payments, Inc. | 63870 | &nbsp;&nbsp; 4873920 |
| Huntington Bancshares, Inc. | 353514 | &nbsp;&nbsp; 5136558 |
| Invesco Ltd.<sup>(d)</sup> | 1013011 | &nbsp;&nbsp; 14111243 |
| KeyCorp | 327205 | &nbsp;&nbsp; 4855722 |
| Loews Corp. | 182569 | &nbsp;&nbsp; 15852466 |
| M&T Bank Corp. | 32216 | &nbsp;&nbsp; 5468988 |
| MetLife, Inc. | 123046 | &nbsp;&nbsp; 9273977 |
| Principal Financial Group, Inc. | 76710 | &nbsp;&nbsp; 5688047 |
| Prudential Financial, Inc. | 138201 | &nbsp;&nbsp; 14194625 |
| Regions Financial Corp. | 240045 | &nbsp;&nbsp; 4899319 |
| State Street Corp. | 93737 | &nbsp;&nbsp; 8258230 |
| Travelers Cos., Inc. (The) | 25833 | &nbsp;&nbsp; 6823270 |
| Truist Financial Corp. | 155054 | &nbsp;&nbsp; 5944770 |
|  |  | &nbsp;&nbsp; 216726419 |
| **Health Care-20.22%** | **Health Care-20.22%** | **Health Care-20.22%** |
| Baxter International, Inc. | 199138 | &nbsp;&nbsp; 6207132 |
| Biogen, Inc.<sup>(c)</sup> | 48655 | &nbsp;&nbsp; 5891147 |
| Cardinal Health, Inc. | 142445 | &nbsp;&nbsp; 20126054 |
| Cencora, Inc. | 71111 | &nbsp;&nbsp; 20812056 |
| Centene Corp.<sup>(c)</sup> | 569819 | &nbsp;&nbsp; 34103667 |
| Cigna Group (The) | 63694 | &nbsp;&nbsp; 21658508 |
| CVS Health Corp. | 656176 | &nbsp;&nbsp; 43773501 |
| Elevance Health, Inc. | 39381 | &nbsp;&nbsp; 16562861 |
| Henry Schein, Inc.<sup>(c)</sup> | 105964 | &nbsp;&nbsp; 6884481 |
| Humana, Inc. | 89083 | &nbsp;&nbsp; 23361126 |
| McKesson Corp. | 28619 | &nbsp;&nbsp; 20399337 |
| Molina Healthcare, Inc.<sup>(c)</sup> | 49325 | &nbsp;&nbsp; 16129768 |
| Universal Health Services, Inc., Class B | 51872 | &nbsp;&nbsp; 9184975 |
| Viatris, Inc. | 1537918 | &nbsp;&nbsp; 12949270 |
|  |  | &nbsp;&nbsp; 258043883 |
| **Industrials-3.60%** | **Industrials-3.60%** | **Industrials-3.60%** |
| FedEx Corp. | 28041 | &nbsp;&nbsp; 5897863 |
| Huntington Ingalls Industries, Inc. | 72911 | &nbsp;&nbsp; 16794320 |
| Southwest Airlines Co.<sup>(b)</sup> | 348953 | &nbsp;&nbsp; 9756726 |
| Stanley Black & Decker, Inc. | 132791 | &nbsp;&nbsp; 7970116 |
| Textron, Inc. | 78864 | &nbsp;&nbsp; 5549660 |
|  |  | &nbsp;&nbsp; 45968685 |
| **Information Technology-2.28%** | **Information Technology-2.28%** | **Information Technology-2.28%** |
| Hewlett Packard Enterprise Co. | 663766 | &nbsp;&nbsp; 10766285 |
| Intel Corp. | 448794 | &nbsp;&nbsp; 9020759 |
| Jabil, Inc.<sup>(b)</sup> | 63708 | &nbsp;&nbsp; 9337044 |
|  |  | &nbsp;&nbsp; 29124088 |
| **Materials-6.74%** | **Materials-6.74%** | **Materials-6.74%** |
| Dow, Inc. | 315592 | &nbsp;&nbsp; 9653959 |
| DuPont de Nemours, Inc. | 73583 | &nbsp;&nbsp; 4855742 |
| Eastman Chemical Co. | 65814 | &nbsp;&nbsp; 5067678 |
| International Paper Co. | 111737 | &nbsp;&nbsp; 5104146 |
| LyondellBasell Industries N.V., Class A | 175309 | &nbsp;&nbsp; 10204737 |

---

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

------

**5**

------

**Invesco S&P 500**<sup>®</sup> **Pure Value ETF (RPV)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-(continued)** | **Materials-(continued)** | **Materials-(continued)** |
| Mosaic Co. (The) | 997975 | &nbsp;&nbsp; $30338440 |
| Nucor Corp. | 63362 | &nbsp;&nbsp; 7563522 |
| Smurfit WestRock PLC | 180492 | &nbsp;&nbsp; 7584274 |
| Steel Dynamics, Inc. | 43410 | &nbsp;&nbsp; 5630711 |
|  |  | &nbsp;&nbsp; 86003209 |
| **Real Estate-1.03%** | **Real Estate-1.03%** | **Real Estate-1.03%** |
| Alexandria Real Estate Equities, Inc. | 88374 | &nbsp;&nbsp; 6421255 |
| VICI Properties, Inc. | 209011 | &nbsp;&nbsp; 6692532 |
|  |  | &nbsp;&nbsp; 13113787 |
| **Utilities-4.01%** | **Utilities-4.01%** | **Utilities-4.01%** |
| AES Corp. (The) | 705171 | &nbsp;&nbsp; 7051710 |
| Consolidated Edison, Inc. | 68275 | &nbsp;&nbsp; 7698006 |
| Evergy, Inc. | 109769 | &nbsp;&nbsp; 7585038 |
| Eversource Energy | 96186 | &nbsp;&nbsp; 5721143 |
| Exelon Corp. | 227840 | &nbsp;&nbsp; 10685696 |
| PG&E Corp. | 326455 | &nbsp;&nbsp; 5393037 |
| Pinnacle West Capital Corp.<sup>(b)</sup> | 74324 | &nbsp;&nbsp; 7074158 |
|  |  | &nbsp;&nbsp; 51208788 |
| Total Common Stocks & Other Equity Interests <br>(Cost $1,434,841,424) | Total Common Stocks & Other Equity Interests <br>(Cost $1,434,841,424) | &nbsp;&nbsp; 1274951411 |
| **Money Market Funds-0.03%** | **Money Market Funds-0.03%** | **Money Market Funds-0.03%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $417,307)<br>| 417307 | &nbsp;&nbsp; 417307 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.94% <br>(Cost $1,435,258,731) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.94% <br>(Cost $1,435,258,731) | &nbsp;&nbsp; 1275368718 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-4.68%** | **Money Market Funds-4.68%** | **Money Market Funds-4.68%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 16575638 | &nbsp;&nbsp; $16575638 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 43086252 | &nbsp;&nbsp; 43094869 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $59,673,560) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $59,673,560) | &nbsp;&nbsp; 59670507 |
| TOTAL INVESTMENTS IN SECURITIES-104.62% <br>(Cost $1,494,932,291) | TOTAL INVESTMENTS IN SECURITIES-104.62% <br>(Cost $1,494,932,291) | &nbsp;&nbsp; 1335039225 |
| OTHER ASSETS LESS LIABILITIES-(4.62)% | OTHER ASSETS LESS LIABILITIES-(4.62)% | &nbsp;&nbsp; (58918919)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1276120306 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| Invesco Ltd. | &nbsp;&nbsp; $32396772 | &nbsp;&nbsp; $15644442 | &nbsp;&nbsp; $(37996998)<br>| &nbsp;&nbsp; $11723088 | &nbsp;&nbsp; $(7656061)<br>| &nbsp;&nbsp; $14111243 | &nbsp;&nbsp; $1559905 |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; 1100284 | &nbsp;&nbsp; 52901648 | &nbsp;&nbsp; (53584625)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 417307 | &nbsp;&nbsp; 71813 |

---

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

------

**6**

------

**Invesco S&P 500**<sup>®</sup> **Pure Value ETF (RPV)—(continued)**

April 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $25838779 | &nbsp;&nbsp; $373953503 | &nbsp;&nbsp; $(383216644)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $16575638 | &nbsp;&nbsp; $1,186,270<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 66459960 | &nbsp;&nbsp; 845178240 | &nbsp;&nbsp; (868533653)<br>| &nbsp;&nbsp; 5670 | &nbsp;&nbsp; (15348)<br>| &nbsp;&nbsp; 43094869 | &nbsp;&nbsp; 3,149,949<br> \*<br>|
| Total | &nbsp;&nbsp; $125795795 | &nbsp;&nbsp; $1287677833 | &nbsp;&nbsp; $(1343331920)<br>| &nbsp;&nbsp; $11728758 | &nbsp;&nbsp; $(7671409)<br>| &nbsp;&nbsp; $74199057 | &nbsp;&nbsp; $5967937 |

---

\* 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 April 30, 2025.

<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 2J. 

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

------

**7**

------

**Invesco S&P 500**<sup>®</sup> **Top 50 ETF (XLG)**

April 30, 2025

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-13.95%** | **Communication Services-13.95%** | **Communication Services-13.95%** |
| Alphabet, Inc., Class A | 1728750 | &nbsp;&nbsp; $274525500 |
| Alphabet, Inc., Class C | 1401190 | &nbsp;&nbsp; 225437459 |
| Comcast Corp., Class A | 1117875 | &nbsp;&nbsp; 38231325 |
| Meta Platforms, Inc., Class A | 648915 | &nbsp;&nbsp; 356254335 |
| Netflix, Inc.<sup>(b)</sup> | 126745 | &nbsp;&nbsp; 143439851 |
| Verizon Communications, Inc. | 1247646 | &nbsp;&nbsp; 54971283 |
| Walt Disney Co. (The) | 535765 | &nbsp;&nbsp; 48727827 |
|  |  | &nbsp;&nbsp; 1141587580 |
| **Consumer Discretionary-11.29%** | **Consumer Discretionary-11.29%** | **Consumer Discretionary-11.29%** |
| Amazon.com, Inc.<sup>(b)</sup> | 2795435 | &nbsp;&nbsp; 515534123 |
| Home Depot, Inc. (The) | 293948 | &nbsp;&nbsp; 105965315 |
| McDonald's Corp. | 212410 | &nbsp;&nbsp; 67896856 |
| Tesla, Inc.<sup>(b)</sup> | 829207 | &nbsp;&nbsp; 233969047 |
|  |  | &nbsp;&nbsp; 923365341 |
| **Consumer Staples-7.16%** | **Consumer Staples-7.16%** | **Consumer Staples-7.16%** |
| Coca-Cola Co. (The) | 1147395 | &nbsp;&nbsp; 83243507 |
| Costco Wholesale Corp. | 131456 | &nbsp;&nbsp; 130732992 |
| PepsiCo, Inc. | 406530 | &nbsp;&nbsp; 55117338 |
| Philip Morris International, Inc. | 460859 | &nbsp;&nbsp; 78972798 |
| Procter & Gamble Co. (The) | 694955 | &nbsp;&nbsp; 112978834 |
| Walmart, Inc. | 1285641 | &nbsp;&nbsp; 125028587 |
|  |  | &nbsp;&nbsp; 586074056 |
| **Energy-2.49%** | **Energy-2.49%** | **Energy-2.49%** |
| Chevron Corp.<sup>(c)</sup> | 495385 | &nbsp;&nbsp; 67402083 |
| Exxon Mobil Corp. | 1290010 | &nbsp;&nbsp; 136263756 |
|  |  | &nbsp;&nbsp; 203665839 |
| **Financials-11.59%** | **Financials-11.59%** | **Financials-11.59%** |
| Bank of America Corp. | 1962395 | &nbsp;&nbsp; 78260313 |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 543097 | &nbsp;&nbsp; 289606475 |
| JPMorgan Chase & Co. | 828225 | &nbsp;&nbsp; 202600399 |
| Mastercard, Inc., Class A | 240346 | &nbsp;&nbsp; 131724029 |
| Visa, Inc., Class A | 510853 | &nbsp;&nbsp; 176499712 |
| Wells Fargo & Co. | 974829 | &nbsp;&nbsp; 69222607 |
|  |  | &nbsp;&nbsp; 947913535 |
| **Health Care-9.71%** | **Health Care-9.71%** | **Health Care-9.71%** |
| Abbott Laboratories | 514090 | &nbsp;&nbsp; 67217268 |
| AbbVie, Inc. | 523108 | &nbsp;&nbsp; 102058371 |
| Danaher Corp. | 189777 | &nbsp;&nbsp; 37828249 |
| Eli Lilly and Co. | 233494 | &nbsp;&nbsp; 209899431 |
| Johnson & Johnson | 713545 | &nbsp;&nbsp; 111534219 |
| Merck & Co., Inc. | 749700 | &nbsp;&nbsp; 63874440 |
| Pfizer, Inc. | 1679483 | &nbsp;&nbsp; 40996180 |
| Thermo Fisher Scientific, Inc. | 113264 | &nbsp;&nbsp; 48590256 |
| UnitedHealth Group, Inc.<sup>(c)</sup> | 272665 | &nbsp;&nbsp; 112185288 |
|  |  | &nbsp;&nbsp; 794183702 |
| **Industrials-1.32%** | **Industrials-1.32%** | **Industrials-1.32%** |
| Caterpillar, Inc. | 141661 | &nbsp;&nbsp; 43811497 |
| General Electric Co. | 318137 | &nbsp;&nbsp; 64117331 |
|  |  | &nbsp;&nbsp; 107928828 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-41.14%** | **Information Technology-41.14%** | **Information Technology-41.14%** |
| Accenture PLC, Class A (Ireland) | 185266 | &nbsp;&nbsp; $55422324 |
| Adobe, Inc.<sup>(b)</sup> | 128949 | &nbsp;&nbsp; 48353296 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 480282 | &nbsp;&nbsp; 46755453 |
| Apple, Inc. | 4452205 | &nbsp;&nbsp; 946093563 |
| Applied Materials, Inc. | 240416 | &nbsp;&nbsp; 36233095 |
| Broadcom, Inc. | 1389225 | &nbsp;&nbsp; 267384136 |
| Cisco Systems, Inc. | 1180323 | &nbsp;&nbsp; 68140047 |
| Microsoft Corp. | 2203059 | &nbsp;&nbsp; 870781100 |
| NVIDIA Corp. | 7258120 | &nbsp;&nbsp; 790554430 |
| Oracle Corp. | 480795 | &nbsp;&nbsp; 67657472 |
| QUALCOMM, Inc. | 327682 | &nbsp;&nbsp; 48647670 |
| Salesforce, Inc. | 283653 | &nbsp;&nbsp; 76220398 |
| Texas Instruments, Inc. | 269761 | &nbsp;&nbsp; 43175248 |
|  |  | &nbsp;&nbsp; 3365418232 |
| **Materials-0.78%** | **Materials-0.78%** | **Materials-0.78%** |
| Linde PLC | 141143 | &nbsp;&nbsp; 63970242 |
| **Utilities-0.50%** | **Utilities-0.50%** | **Utilities-0.50%** |
| NextEra Energy, Inc. | 609411 | &nbsp;&nbsp; 40757408 |
| Total Common Stocks & Other Equity Interests <br>(Cost $7,894,809,084) | Total Common Stocks & Other Equity Interests <br>(Cost $7,894,809,084) | &nbsp;&nbsp; 8174864763 |
| **Money Market Funds-0.04%** | **Money Market Funds-0.04%** | **Money Market Funds-0.04%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $3,450,520)<br>| 3450520 | &nbsp;&nbsp; 3450520 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.97% <br>(Cost $7,898,259,604) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.97% <br>(Cost $7,898,259,604) | &nbsp;&nbsp; 8178315283 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-0.08%** | **Money Market Funds-0.08%** | **Money Market Funds-0.08%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 1987552 | &nbsp;&nbsp; 1987552 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 4447040 | &nbsp;&nbsp; 4447929 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $6,435,851) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $6,435,851) | &nbsp;&nbsp; 6435481 |
| TOTAL INVESTMENTS IN SECURITIES-100.05% <br>(Cost $7,904,695,455) | TOTAL INVESTMENTS IN SECURITIES-100.05% <br>(Cost $7,904,695,455) | &nbsp;&nbsp; 8184750764 |
| OTHER ASSETS LESS LIABILITIES-(0.05)% | OTHER ASSETS LESS LIABILITIES-(0.05)% | &nbsp;&nbsp; (3903591)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $8180847173 |

---

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

------

**8**

------

**Invesco S&P 500**<sup>®</sup> **Top 50 ETF (XLG)—(continued)**

April 30, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $1656502 | &nbsp;&nbsp; $84408888 | &nbsp;&nbsp; $(82614870)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3450520 | &nbsp;&nbsp; $115633 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 16448791 | &nbsp;&nbsp; 151254402 | &nbsp;&nbsp; (165715641)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1987552 | &nbsp;&nbsp; 260,883<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 42307255 | &nbsp;&nbsp; 404757843 | &nbsp;&nbsp; (442619066)<br>| &nbsp;&nbsp; 7872 | &nbsp;&nbsp; (5975)<br>| &nbsp;&nbsp; 4447929 | &nbsp;&nbsp; 710,033<br> \*<br>|
| Total | &nbsp;&nbsp; $60412548 | &nbsp;&nbsp; $640421133 | &nbsp;&nbsp; $(690949577)<br>| &nbsp;&nbsp; $7872 | &nbsp;&nbsp; $(5975)<br>| &nbsp;&nbsp; $9886001 | &nbsp;&nbsp; $1086549 |

---

\* 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 April 30, 2025.

<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 2J. 

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

------

**9**

------

**Invesco S&P MidCap 400**<sup>®</sup> **Pure Growth ETF (RFG)**

April 30, 2025

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%** |
| **Consumer Discretionary-17.12%** | **Consumer Discretionary-17.12%** | **Consumer Discretionary-17.12%** |
| Abercrombie & Fitch Co., Class A<sup>(b)</sup> | 33992 | &nbsp;&nbsp; $2359725 |
| Chewy, Inc., Class A<sup>(b)</sup> | 89461 | &nbsp;&nbsp; 3354788 |
| Choice Hotels International, Inc.<sup>(c)</sup> | 11378 | &nbsp;&nbsp; 1434880 |
| Churchill Downs, Inc.<sup>(c)</sup> | 19778 | &nbsp;&nbsp; 1788129 |
| Crocs, Inc.<sup>(b)</sup> | 21102 | &nbsp;&nbsp; 2034655 |
| Grand Canyon Education, Inc.<sup>(b)</sup> | 13613 | &nbsp;&nbsp; 2428151 |
| H&R Block, Inc. | 49422 | &nbsp;&nbsp; 2983606 |
| Hilton Grand Vacations, Inc.<sup>(b)(c)</sup> | 81672 | &nbsp;&nbsp; 2746629 |
| Hyatt Hotels Corp., Class A | 27708 | &nbsp;&nbsp; 3122137 |
| Murphy USA, Inc. | 6372 | &nbsp;&nbsp; 3176888 |
| Planet Fitness, Inc., Class A<sup>(b)</sup> | 42644 | &nbsp;&nbsp; 4033696 |
| Texas Roadhouse, Inc. | 23007 | &nbsp;&nbsp; 3818242 |
| Toll Brothers, Inc. | 26928 | &nbsp;&nbsp; 2716227 |
| TopBuild Corp.<sup>(b)</sup> | 7761 | &nbsp;&nbsp; 2295393 |
| Travel + Leisure Co. | 57980 | &nbsp;&nbsp; 2547061 |
| Valvoline, Inc.<sup>(b)</sup> | 74203 | &nbsp;&nbsp; 2542195 |
| Wingstop, Inc.<sup>(c)</sup> | 11718 | &nbsp;&nbsp; 3092263 |
|  |  | &nbsp;&nbsp; 46474665 |
| **Consumer Staples-4.47%** | **Consumer Staples-4.47%** | **Consumer Staples-4.47%** |
| Coca-Cola Consolidated, Inc. | 1979 | &nbsp;&nbsp; 2683148 |
| e.l.f. Beauty, Inc.<sup>(b)(c)</sup> | 19153 | &nbsp;&nbsp; 1184996 |
| Pilgrim's Pride Corp. | 75591 | &nbsp;&nbsp; 4125757 |
| Sprouts Farmers Market, Inc.<sup>(b)</sup> | 24165 | &nbsp;&nbsp; 4132215 |
|  |  | &nbsp;&nbsp; 12126116 |
| **Energy-5.47%** | **Energy-5.47%** | **Energy-5.47%** |
| CNX Resources Corp.<sup>(b)(c)</sup> | 84144 | &nbsp;&nbsp; 2476358 |
| DT Midstream, Inc. | 22413 | &nbsp;&nbsp; 2178544 |
| Permian Resources Corp. | 255741 | &nbsp;&nbsp; 3017744 |
| Valaris Ltd.<sup>(b)(c)</sup> | 135717 | &nbsp;&nbsp; 4385016 |
| Viper Energy, Inc. | 69401 | &nbsp;&nbsp; 2798942 |
|  |  | &nbsp;&nbsp; 14856604 |
| **Financials-12.77%** | **Financials-12.77%** | **Financials-12.77%** |
| East West Bancorp, Inc. | 31399 | &nbsp;&nbsp; 2686184 |
| Equitable Holdings, Inc. | 38909 | &nbsp;&nbsp; 1924050 |
| Hamilton Lane, Inc., Class A<sup>(c)</sup> | 26985 | &nbsp;&nbsp; 4168913 |
| Houlihan Lokey, Inc. | 8516 | &nbsp;&nbsp; 1380273 |
| Interactive Brokers Group, Inc., Class A | 23922 | &nbsp;&nbsp; 4110996 |
| Kinsale Capital Group, Inc. | 8466 | &nbsp;&nbsp; 3684911 |
| RenaissanceRe Holdings Ltd. (Bermuda) | 18786 | &nbsp;&nbsp; 4544897 |
| Ryan Specialty Holdings, Inc., Class A | 46644 | &nbsp;&nbsp; 3055648 |
| Shift4 Payments, Inc., Class A<sup>(b)(c)</sup> | 53547 | &nbsp;&nbsp; 4380145 |
| SLM Corp. | 70639 | &nbsp;&nbsp; 2042173 |
| Western Alliance Bancorporation | 38405 | &nbsp;&nbsp; 2677213 |
|  |  | &nbsp;&nbsp; 34655403 |
| **Health Care-19.07%** | **Health Care-19.07%** | **Health Care-19.07%** |
| Doximity, Inc., Class A<sup>(b)</sup> | 41659 | &nbsp;&nbsp; 2369564 |
| Ensign Group, Inc. (The) | 12659 | &nbsp;&nbsp; 1632884 |
| Exelixis, Inc.<sup>(b)</sup> | 124868 | &nbsp;&nbsp; 4888582 |
| Globus Medical, Inc., Class A<sup>(b)</sup> | 70703 | &nbsp;&nbsp; 5074354 |
| Halozyme Therapeutics, Inc.<sup>(b)(c)</sup> | 69685 | &nbsp;&nbsp; 4280053 |
| HealthEquity, Inc.<sup>(b)</sup> | 19818 | &nbsp;&nbsp; 1698799 |
| Hims & Hers Health, Inc.<sup>(b)(c)</sup> | 170735 | &nbsp;&nbsp; 5651328 |
| Lantheus Holdings, Inc.<sup>(b)(c)</sup> | 41491 | &nbsp;&nbsp; 4329171 |
| Masimo Corp.<sup>(b)(c)</sup> | 27132 | &nbsp;&nbsp; 4367167 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Medpace Holdings, Inc.<sup>(b)</sup> | 9944 | &nbsp;&nbsp; $3066630 |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> | 20785 | &nbsp;&nbsp; 2238337 |
| Roivant Sciences Ltd.<sup>(b)(c)</sup> | 576201 | &nbsp;&nbsp; 6695455 |
| Sarepta Therapeutics, Inc.<sup>(b)(c)</sup> | 42572 | &nbsp;&nbsp; 2656493 |
| United Therapeutics Corp.<sup>(b)</sup> | 9307 | &nbsp;&nbsp; 2820859 |
|  |  | &nbsp;&nbsp; 51769676 |
| **Industrials-26.79%** | **Industrials-26.79%** | **Industrials-26.79%** |
| AAON, Inc. | 47865 | &nbsp;&nbsp; 4368639 |
| Acuity, Inc. | 8247 | &nbsp;&nbsp; 2009052 |
| Alaska Air Group, Inc.<sup>(b)</sup> | 68430 | &nbsp;&nbsp; 3029396 |
| American Airlines Group, Inc.<sup>(b)(c)</sup> | 290432 | &nbsp;&nbsp; 2889798 |
| Applied Industrial Technologies, Inc. | 9632 | &nbsp;&nbsp; 2343273 |
| BWX Technologies, Inc. | 18666 | &nbsp;&nbsp; 2036834 |
| Carlisle Cos., Inc. | 4452 | &nbsp;&nbsp; 1689445 |
| Chart Industries, Inc.<sup>(b)(c)</sup> | 22810 | &nbsp;&nbsp; 3078894 |
| Clean Harbors, Inc.<sup>(b)</sup> | 14458 | &nbsp;&nbsp; 3093145 |
| Comfort Systems USA, Inc. | 13505 | &nbsp;&nbsp; 5368913 |
| Curtiss-Wright Corp. | 6893 | &nbsp;&nbsp; 2377327 |
| EMCOR Group, Inc. | 11000 | &nbsp;&nbsp; 4407700 |
| ESAB Corp. | 20261 | &nbsp;&nbsp; 2433751 |
| ExlService Holdings, Inc.<sup>(b)</sup> | 81099 | &nbsp;&nbsp; 3931679 |
| Kirby Corp.<sup>(b)(c)</sup> | 30593 | &nbsp;&nbsp; 2948247 |
| MasTec, Inc.<sup>(b)</sup> | 27042 | &nbsp;&nbsp; 3442987 |
| Mueller Industries, Inc. | 24294 | &nbsp;&nbsp; 1787067 |
| nVent Electric PLC | 33108 | &nbsp;&nbsp; 1817960 |
| Owens Corning | 12261 | &nbsp;&nbsp; 1782872 |
| Parsons Corp.<sup>(b)(c)</sup> | 34819 | &nbsp;&nbsp; 2327998 |
| Paylocity Holding Corp.<sup>(b)</sup> | 18336 | &nbsp;&nbsp; 3522346 |
| RB Global, Inc. (Canada) | 36421 | &nbsp;&nbsp; 3667595 |
| RBC Bearings, Inc.<sup>(b)</sup> | 10833 | &nbsp;&nbsp; 3559399 |
| Saia, Inc.<sup>(b)</sup> | 3702 | &nbsp;&nbsp; 903288 |
| Tetra Tech, Inc. | 56306 | &nbsp;&nbsp; 1756184 |
| Woodward, Inc. | 11458 | &nbsp;&nbsp; 2149177 |
|  |  | &nbsp;&nbsp; 72722966 |
| **Information Technology-8.47%** | **Information Technology-8.47%** | **Information Technology-8.47%** |
| AppFolio, Inc., Class A<sup>(b)(c)</sup> | 14412 | &nbsp;&nbsp; 2976366 |
| Belden, Inc. | 17775 | &nbsp;&nbsp; 1832780 |
| Coherent Corp.<sup>(b)</sup> | 18848 | &nbsp;&nbsp; 1212304 |
| Commvault Systems, Inc.<sup>(b)</sup> | 18584 | &nbsp;&nbsp; 3105944 |
| DocuSign, Inc.<sup>(b)</sup> | 35839 | &nbsp;&nbsp; 2929838 |
| Dynatrace, Inc.<sup>(b)</sup> | 31094 | &nbsp;&nbsp; 1460485 |
| Fabrinet (Thailand)<sup>(b)(c)</sup> | 9049 | &nbsp;&nbsp; 1855588 |
| Guidewire Software, Inc.<sup>(b)</sup> | 20493 | &nbsp;&nbsp; 4196352 |
| Manhattan Associates, Inc.<sup>(b)</sup> | 6513 | &nbsp;&nbsp; 1155341 |
| Okta, Inc.<sup>(b)</sup> | 20076 | &nbsp;&nbsp; 2251724 |
|  |  | &nbsp;&nbsp; 22976722 |
| **Materials-5.84%** | **Materials-5.84%** | **Materials-5.84%** |
| ATI, Inc.<sup>(b)</sup> | 60395 | &nbsp;&nbsp; 3284280 |
| Carpenter Technology Corp. | 31854 | &nbsp;&nbsp; 6230961 |
| Eagle Materials, Inc. | 13156 | &nbsp;&nbsp; 2978387 |
| Knife River Corp.<sup>(b)</sup> | 23214 | &nbsp;&nbsp; 2167723 |
| Louisiana-Pacific Corp. | 13652 | &nbsp;&nbsp; 1178304 |
|  |  | &nbsp;&nbsp; 15839655 |
| Total Common Stocks & Other Equity Interests <br>(Cost $270,197,412) | Total Common Stocks & Other Equity Interests <br>(Cost $270,197,412) | &nbsp;&nbsp; 271421807 |

---

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

------

**10**

------

**Invesco S&P MidCap 400**<sup>®</sup> **Pure Growth ETF (RFG)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.02%** | **Money Market Funds-0.02%** | **Money Market Funds-0.02%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $44,577)<br>| 44577 | &nbsp;&nbsp; $44577 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.02% <br>(Cost $270,241,989) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.02% <br>(Cost $270,241,989) | &nbsp;&nbsp; 271466384 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-20.62%** | **Money Market Funds-20.62%** | **Money Market Funds-20.62%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 15622482 | &nbsp;&nbsp; 15622482 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 40353306 | &nbsp;&nbsp; $40361377 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $55,985,929) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $55,985,929) | &nbsp;&nbsp; 55983859 |
| TOTAL INVESTMENTS IN SECURITIES-120.64% <br>(Cost $326,227,918) | TOTAL INVESTMENTS IN SECURITIES-120.64% <br>(Cost $326,227,918) | &nbsp;&nbsp; 327450243 |
| OTHER ASSETS LESS LIABILITIES-(20.64)% | OTHER ASSETS LESS LIABILITIES-(20.64)% | &nbsp;&nbsp; (56016439)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $271433804 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp; $318883 | &nbsp;&nbsp; $2733350 | &nbsp;&nbsp; $(3007656)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $44577 | &nbsp;&nbsp; $4655 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 13034642 | &nbsp;&nbsp; 176359264 | &nbsp;&nbsp; (173771424)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 15622482 | &nbsp;&nbsp; 706,797<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 33519846 | &nbsp;&nbsp; 347976433 | &nbsp;&nbsp; (341132159)<br>| &nbsp;&nbsp; (306)<br>| &nbsp;&nbsp; (2437)<br>| &nbsp;&nbsp; 40361377 | &nbsp;&nbsp; 1,904,715<br> \*<br>|
| Total | &nbsp;&nbsp; $46873371 | &nbsp;&nbsp; $527069047 | &nbsp;&nbsp; $(517911239)<br>| &nbsp;&nbsp; $(306)<br>| &nbsp;&nbsp; $(2437)<br>| &nbsp;&nbsp; $56028436 | &nbsp;&nbsp; $2616167 |

---

\* 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 April 30, 2025.

<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 2J. 

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

------

**11**

------

**Invesco S&P MidCap 400**<sup>®</sup> **Pure Value ETF (RFV)**

April 30, 2025

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%** |
| **Consumer Discretionary-27.58%** | **Consumer Discretionary-27.58%** | **Consumer Discretionary-27.58%** |
| Aramark | 38062 | &nbsp;&nbsp; $1272413 |
| AutoNation, Inc.<sup>(b)</sup> | 26518 | &nbsp;&nbsp; 4618110 |
| Capri Holdings Ltd.<sup>(b)(c)</sup> | 102442 | &nbsp;&nbsp; 1540728 |
| Gap, Inc. (The) | 83971 | &nbsp;&nbsp; 1838965 |
| Goodyear Tire & Rubber Co. (The)<sup>(b)(c)</sup> | 806423 | &nbsp;&nbsp; 8773882 |
| Graham Holdings Co., Class B | 3794 | &nbsp;&nbsp; 3490670 |
| Harley-Davidson, Inc.<sup>(c)</sup> | 93561 | &nbsp;&nbsp; 2097638 |
| Lear Corp.<sup>(c)</sup> | 67694 | &nbsp;&nbsp; 5804760 |
| Lithia Motors, Inc., Class A | 15419 | &nbsp;&nbsp; 4514066 |
| Macy's, Inc.<sup>(c)</sup> | 421148 | &nbsp;&nbsp; 4809510 |
| Marriott Vacations Worldwide Corp.<sup>(c)</sup> | 20842 | &nbsp;&nbsp; 1142350 |
| Nordstrom, Inc.<sup>(c)</sup> | 188377 | &nbsp;&nbsp; 4547421 |
| Penske Automotive Group, Inc.<sup>(c)</sup> | 27792 | &nbsp;&nbsp; 4326381 |
| Polaris, Inc.<sup>(c)</sup> | 40442 | &nbsp;&nbsp; 1373410 |
| PVH Corp.<sup>(c)</sup> | 33552 | &nbsp;&nbsp; 2314417 |
| Taylor Morrison Home Corp., Class A<sup>(b)</sup> | 36527 | &nbsp;&nbsp; 2094823 |
| Thor Industries, Inc.<sup>(c)</sup> | 31987 | &nbsp;&nbsp; 2316498 |
| Under Armour, Inc., Class A<sup>(b)(c)</sup> | 91895 | &nbsp;&nbsp; 525639 |
| Under Armour, Inc., Class C<sup>(b)(c)</sup> | 63943 | &nbsp;&nbsp; 347850 |
| Visteon Corp.<sup>(b)</sup> | 24532 | &nbsp;&nbsp; 1942689 |
| Whirlpool Corp. | 40113 | &nbsp;&nbsp; 3059820 |
|  |  | &nbsp;&nbsp; 62752040 |
| **Consumer Staples-5.89%** | **Consumer Staples-5.89%** | **Consumer Staples-5.89%** |
| Albertson's Cos., Inc., Class A | 190065 | &nbsp;&nbsp; 4177629 |
| Coty, Inc., Class A<sup>(b)(c)</sup> | 218175 | &nbsp;&nbsp; 1101784 |
| Darling Ingredients, Inc.<sup>(b)(c)</sup> | 52819 | &nbsp;&nbsp; 1700244 |
| Performance Food Group Co.<sup>(b)</sup> | 48799 | &nbsp;&nbsp; 3936127 |
| US Foods Holding Corp.<sup>(b)</sup> | 37952 | &nbsp;&nbsp; 2491928 |
|  |  | &nbsp;&nbsp; 13407712 |
| **Energy-10.46%** | **Energy-10.46%** | **Energy-10.46%** |
| Chord Energy Corp. | 28816 | &nbsp;&nbsp; 2600068 |
| Civitas Resources, Inc.<sup>(c)</sup> | 98175 | &nbsp;&nbsp; 2675269 |
| HF Sinclair Corp. | 209519 | &nbsp;&nbsp; 6300236 |
| Murphy Oil Corp.<sup>(c)</sup> | 105742 | &nbsp;&nbsp; 2170883 |
| NOV, Inc.<sup>(c)</sup> | 286847 | &nbsp;&nbsp; 3330294 |
| Ovintiv, Inc.<sup>(c)</sup> | 63380 | &nbsp;&nbsp; 2128300 |
| PBF Energy, Inc., Class A<sup>(c)</sup> | 267985 | &nbsp;&nbsp; 4603982 |
|  |  | &nbsp;&nbsp; 23809032 |
| **Financials-14.24%** | **Financials-14.24%** | **Financials-14.24%** |
| Ally Financial, Inc. | 68599 | &nbsp;&nbsp; 2240443 |
| Associated Banc-Corp | 82394 | &nbsp;&nbsp; 1817612 |
| Bank OZK | 37351 | &nbsp;&nbsp; 1591153 |
| Brighthouse Financial, Inc.<sup>(b)(c)</sup> | 81494 | &nbsp;&nbsp; 4744581 |
| CNO Financial Group, Inc. | 54572 | &nbsp;&nbsp; 2070462 |
| Essent Group Ltd. | 29302 | &nbsp;&nbsp; 1668163 |
| F.N.B. Corp. | 124559 | &nbsp;&nbsp; 1630477 |
| First American Financial Corp. | 25049 | &nbsp;&nbsp; 1523230 |
| Hanover Insurance Group, Inc. (The) | 9069 | &nbsp;&nbsp; 1506361 |
| Kemper Corp. | 26925 | &nbsp;&nbsp; 1591806 |
| Old Republic International Corp. | 46448 | &nbsp;&nbsp; 1746445 |
| Prosperity Bancshares, Inc. | 17693 | &nbsp;&nbsp; 1201355 |
| Reinsurance Group of America, Inc. | 14943 | &nbsp;&nbsp; 2798973 |
| Starwood Property Trust, Inc.<sup>(c)</sup> | 70902 | &nbsp;&nbsp; 1360609 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Unum Group | 31808 | &nbsp;&nbsp; $2470209 |
| Valley National Bancorp<sup>(c)</sup> | 283112 | &nbsp;&nbsp; 2434763 |
|  |  | &nbsp;&nbsp; 32396642 |
| **Health Care-2.24%** | **Health Care-2.24%** | **Health Care-2.24%** |
| Acadia Healthcare Co., Inc.<sup>(b)(c)</sup> | 60473 | &nbsp;&nbsp; 1415068 |
| Perrigo Co. PLC | 143355 | &nbsp;&nbsp; 3687091 |
|  |  | &nbsp;&nbsp; 5102159 |
| **Industrials-15.15%** | **Industrials-15.15%** | **Industrials-15.15%** |
| AGCO Corp. | 27274 | &nbsp;&nbsp; 2313653 |
| Avis Budget Group, Inc.<sup>(b)(c)</sup> | 34069 | &nbsp;&nbsp; 3155811 |
| CNH Industrial N.V. | 175349 | &nbsp;&nbsp; 2028788 |
| Concentrix Corp.<sup>(c)</sup> | 200799 | &nbsp;&nbsp; 10252797 |
| Fluor Corp.<sup>(b)</sup> | 25420 | &nbsp;&nbsp; 886904 |
| GXO Logistics, Inc.<sup>(b)(c)</sup> | 38427 | &nbsp;&nbsp; 1392595 |
| Insperity, Inc. | 21145 | &nbsp;&nbsp; 1374636 |
| Knight-Swift Transportation Holdings, Inc. | 29388 | &nbsp;&nbsp; 1151128 |
| ManpowerGroup, Inc. | 96607 | &nbsp;&nbsp; 4160864 |
| Maximus, Inc. | 19320 | &nbsp;&nbsp; 1293667 |
| Oshkosh Corp. | 24268 | &nbsp;&nbsp; 2032688 |
| Terex Corp.<sup>(c)</sup> | 46900 | &nbsp;&nbsp; 1650880 |
| WESCO International, Inc. | 16985 | &nbsp;&nbsp; 2767876 |
|  |  | &nbsp;&nbsp; 34462287 |
| **Information Technology-10.32%** | **Information Technology-10.32%** | **Information Technology-10.32%** |
| Amkor Technology, Inc. | 71518 | &nbsp;&nbsp; 1247989 |
| Arrow Electronics, Inc.<sup>(b)(c)</sup> | 57549 | &nbsp;&nbsp; 6408657 |
| Avnet, Inc.<sup>(c)</sup> | 138601 | &nbsp;&nbsp; 6512861 |
| BILL Holdings, Inc.<sup>(b)(c)</sup> | 40444 | &nbsp;&nbsp; 1843033 |
| Flex Ltd.<sup>(b)</sup> | 46689 | &nbsp;&nbsp; 1603300 |
| TD SYNNEX Corp.<sup>(c)</sup> | 52941 | &nbsp;&nbsp; 5865863 |
|  |  | &nbsp;&nbsp; 23481703 |
| **Materials-8.71%** | **Materials-8.71%** | **Materials-8.71%** |
| Amcor PLC | 0 | &nbsp;&nbsp; 2 |
| Ashland, Inc.<sup>(c)</sup> | 21845 | &nbsp;&nbsp; 1188149 |
| Cleveland-Cliffs, Inc.<sup>(b)(c)</sup> | 626358 | &nbsp;&nbsp; 5161190 |
| Commercial Metals Co. | 33668 | &nbsp;&nbsp; 1499573 |
| Greif, Inc., Class A<sup>(c)</sup> | 44838 | &nbsp;&nbsp; 2353098 |
| Olin Corp.<sup>(c)</sup> | 37808 | &nbsp;&nbsp; 817409 |
| Sonoco Products Co. | 35732 | &nbsp;&nbsp; 1465012 |
| United States Steel Corp.<sup>(c)</sup> | 167684 | &nbsp;&nbsp; 7329468 |
|  |  | &nbsp;&nbsp; 19813901 |
| **Real Estate-0.76%** | **Real Estate-0.76%** | **Real Estate-0.76%** |
| Kilroy Realty Corp. | 54828 | &nbsp;&nbsp; 1727630 |
| **Utilities-4.67%** | **Utilities-4.67%** | **Utilities-4.67%** |
| Black Hills Corp. | 23021 | &nbsp;&nbsp; 1401979 |
| NorthWestern Energy Group, Inc. | 32374 | &nbsp;&nbsp; 1885138 |
| Portland General Electric Co. | 37704 | &nbsp;&nbsp; 1588092 |
| Southwest Gas Holdings, Inc. | 21295 | &nbsp;&nbsp; 1537712 |
| Spire, Inc. | 22004 | &nbsp;&nbsp; 1684186 |
| UGI Corp.<sup>(c)</sup> | 77316 | &nbsp;&nbsp; 2535192 |
|  |  | &nbsp;&nbsp; 10632299 |
| Total Common Stocks & Other Equity Interests <br>(Cost $256,295,166) | Total Common Stocks & Other Equity Interests <br>(Cost $256,295,166) | &nbsp;&nbsp; 227585405 |

---

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

------

**12**

------

**Invesco S&P MidCap 400**<sup>®</sup> **Pure Value ETF (RFV)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.06%** | **Money Market Funds-0.06%** | **Money Market Funds-0.06%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $129,494)<br>| 129494 | &nbsp;&nbsp; $129494 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.08% <br>(Cost $256,424,660) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.08% <br>(Cost $256,424,660) | &nbsp;&nbsp; 227714899 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-31.48%** | **Money Market Funds-31.48%** | **Money Market Funds-31.48%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 20672156 | &nbsp;&nbsp; 20672156 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 50954082 | &nbsp;&nbsp; $50964273 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $71,639,058) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $71,639,058) | &nbsp;&nbsp; 71636429 |
| TOTAL INVESTMENTS IN SECURITIES-131.56% <br>(Cost $328,063,718) | TOTAL INVESTMENTS IN SECURITIES-131.56% <br>(Cost $328,063,718) | &nbsp;&nbsp; 299351328 |
| OTHER ASSETS LESS LIABILITIES-(31.56)% | OTHER ASSETS LESS LIABILITIES-(31.56)% | &nbsp;&nbsp; (71810218)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $227541110 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $194319 | &nbsp;&nbsp; $7960793 | &nbsp;&nbsp; $(8025618)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $129494 | &nbsp;&nbsp; $8276 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 10569449 | &nbsp;&nbsp; 182549079 | &nbsp;&nbsp; (172446372)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 20672156 | &nbsp;&nbsp; 679,647<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 27186409 | &nbsp;&nbsp; 384412328 | &nbsp;&nbsp; (360628589)<br>| &nbsp;&nbsp; 1007 | &nbsp;&nbsp; (6882)<br>| &nbsp;&nbsp; 50964273 | &nbsp;&nbsp; 1,802,247<br> \*<br>|
| Total | &nbsp;&nbsp; $37950177 | &nbsp;&nbsp; $574922200 | &nbsp;&nbsp; $(541100579)<br>| &nbsp;&nbsp; $1007 | &nbsp;&nbsp; $(6882)<br>| &nbsp;&nbsp; $71765923 | &nbsp;&nbsp; $2490170 |

---

\* 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 April 30, 2025.

<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 2J. 

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

------

**13**

------

**Invesco S&P SmallCap 600**<sup>®</sup> **Pure Growth ETF (RZG)**

April 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.93%**<sup>(a)</sup>  | **Common Stocks & Other Equity Interests-99.93%**<sup>(a)</sup>  | **Common Stocks & Other Equity Interests-99.93%**<sup>(a)</sup>  |
| **Communication Services-3.90%** | **Communication Services-3.90%** | **Communication Services-3.90%** |
| CarGurus, Inc.<sup>(b)</sup> | 14255 | &nbsp;&nbsp; $398570 |
| Cinemark Holdings, Inc.<sup>(c)</sup> | 54212 | &nbsp;&nbsp; 1621481 |
| Cogent Communications Holdings, Inc.<sup>(c)</sup> | 7644 | &nbsp;&nbsp; 415451 |
| Madison Square Garden Sports Corp., <br> Class A<sup>(b)</sup><br>| 4252 | &nbsp;&nbsp; 818808 |
| QuinStreet, Inc.<sup>(b)(c)</sup> | 33691 | &nbsp;&nbsp; 590266 |
|  |  | &nbsp;&nbsp; 3844576 |
| **Consumer Discretionary-12.70%** | **Consumer Discretionary-12.70%** | **Consumer Discretionary-12.70%** |
| Adtalem Global Education, Inc.<sup>(b)</sup> | 14006 | &nbsp;&nbsp; 1487437 |
| Boot Barn Holdings, Inc.<sup>(b)(c)</sup> | 6184 | &nbsp;&nbsp; 645239 |
| Brinker International, Inc.<sup>(b)</sup> | 6824 | &nbsp;&nbsp; 916463 |
| Cavco Industries, Inc.<sup>(b)</sup> | 2064 | &nbsp;&nbsp; 1019306 |
| Champion Homes, Inc.<sup>(b)</sup> | 4886 | &nbsp;&nbsp; 422639 |
| Dave & Buster's Entertainment, Inc.<sup>(b)(c)</sup> | 22111 | &nbsp;&nbsp; 424310 |
| Dorman Products, Inc.<sup>(b)</sup> | 8338 | &nbsp;&nbsp; 944695 |
| Dream Finders Homes, Inc., Class A<sup>(b)(c)</sup> | 33298 | &nbsp;&nbsp; 754533 |
| Frontdoor, Inc.<sup>(b)</sup> | 10129 | &nbsp;&nbsp; 416403 |
| Green Brick Partners, Inc.<sup>(b)</sup> | 15804 | &nbsp;&nbsp; 932278 |
| Installed Building Products, Inc.<sup>(c)</sup> | 3706 | &nbsp;&nbsp; 614566 |
| Kontoor Brands, Inc. | 4106 | &nbsp;&nbsp; 246976 |
| Monarch Casino & Resort, Inc. | 5059 | &nbsp;&nbsp; 395563 |
| Sabre Corp.<sup>(b)(c)</sup> | 293985 | &nbsp;&nbsp; 696745 |
| Shake Shack, Inc., Class A<sup>(b)</sup> | 9099 | &nbsp;&nbsp; 798346 |
| Six Flags Entertainment Corp.<sup>(c)</sup> | 18825 | &nbsp;&nbsp; 647768 |
| Stride, Inc.<sup>(b)(c)</sup> | 6563 | &nbsp;&nbsp; 933587 |
| XPEL, Inc.<sup>(b)(c)(d)</sup> | 8109 | &nbsp;&nbsp; 232242 |
|  |  | &nbsp;&nbsp; 12529096 |
| **Consumer Staples-4.23%** | **Consumer Staples-4.23%** | **Consumer Staples-4.23%** |
| Cal-Maine Foods, Inc. | 14458 | &nbsp;&nbsp; 1349944 |
| Chefs' Warehouse, Inc. (The)<sup>(b)(c)</sup> | 26794 | &nbsp;&nbsp; 1526454 |
| Freshpet, Inc.<sup>(b)(c)</sup> | 13256 | &nbsp;&nbsp; 974846 |
| Interparfums, Inc. | 2917 | &nbsp;&nbsp; 318536 |
|  |  | &nbsp;&nbsp; 4169780 |
| **Energy-4.02%** | **Energy-4.02%** | **Energy-4.02%** |
| Archrock, Inc. | 28205 | &nbsp;&nbsp; 663664 |
| Atlas Energy Solutions, Inc.<sup>(c)</sup> | 45400 | &nbsp;&nbsp; 614262 |
| Cactus, Inc., Class A | 19364 | &nbsp;&nbsp; 734670 |
| Core Natural Resources, Inc.<sup>(c)</sup> | 8692 | &nbsp;&nbsp; 627649 |
| Northern Oil and Gas, Inc.<sup>(c)</sup> | 20757 | &nbsp;&nbsp; 504395 |
| Oceaneering International, Inc.<sup>(b)</sup> | 19222 | &nbsp;&nbsp; 341191 |
| Tidewater, Inc.<sup>(b)(c)</sup> | 13205 | &nbsp;&nbsp; 477889 |
|  |  | &nbsp;&nbsp; 3963720 |
| **Financials-15.50%** | **Financials-15.50%** | **Financials-15.50%** |
| Acadian Asset Management, Inc. | 43050 | &nbsp;&nbsp; 1159767 |
| Axos Financial, Inc.<sup>(b)</sup> | 18080 | &nbsp;&nbsp; 1147718 |
| BancFirst Corp. | 2743 | &nbsp;&nbsp; 323180 |
| Bancorp, Inc. (The)<sup>(b)</sup> | 15301 | &nbsp;&nbsp; 739191 |
| City Holding Co.<sup>(c)</sup> | 2742 | &nbsp;&nbsp; 317716 |
| Enova International, Inc.<sup>(b)</sup> | 11128 | &nbsp;&nbsp; 1021439 |
| Goosehead Insurance, Inc., Class A<sup>(c)</sup> | 6723 | &nbsp;&nbsp; 653543 |
| HCI Group, Inc. | 7301 | &nbsp;&nbsp; 1068136 |
| Mercury General Corp. | 12906 | &nbsp;&nbsp; 715251 |
| NMI Holdings, Inc., Class A<sup>(b)</sup> | 14802 | &nbsp;&nbsp; 535388 |
| Palomar Holdings, Inc.<sup>(b)</sup> | 13568 | &nbsp;&nbsp; 1967631 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Pathward Financial, Inc. | 13827 | &nbsp;&nbsp; $1097449 |
| Payoneer Global, Inc.<sup>(b)</sup> | 39719 | &nbsp;&nbsp; 279225 |
| PJT Partners, Inc., Class A<sup>(c)</sup> | 4977 | &nbsp;&nbsp; 705291 |
| Preferred Bank<sup>(c)</sup> | 8329 | &nbsp;&nbsp; 665154 |
| PROG Holdings, Inc. | 16884 | &nbsp;&nbsp; 445062 |
| ServisFirst Bancshares, Inc. | 5905 | &nbsp;&nbsp; 420554 |
| Trupanion, Inc.<sup>(b)(c)</sup> | 24721 | &nbsp;&nbsp; 904789 |
| Virtu Financial, Inc., Class A | 12409 | &nbsp;&nbsp; 485812 |
| WisdomTree, Inc.<sup>(c)</sup> | 73517 | &nbsp;&nbsp; 639598 |
|  |  | &nbsp;&nbsp; 15291894 |
| **Health Care-22.77%** | **Health Care-22.77%** | **Health Care-22.77%** |
| ADMA Biologics, Inc.<sup>(b)(c)</sup> | 80476 | &nbsp;&nbsp; 1915329 |
| ANI Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 7677 | &nbsp;&nbsp; 543685 |
| Arcus Biosciences, Inc.<sup>(b)(c)</sup> | 41801 | &nbsp;&nbsp; 365759 |
| Artivion, Inc.<sup>(b)(c)</sup> | 17474 | &nbsp;&nbsp; 413959 |
| Astrana Health, Inc.<sup>(b)(c)</sup> | 22968 | &nbsp;&nbsp; 715913 |
| BioLife Solutions, Inc.<sup>(b)</sup> | 26018 | &nbsp;&nbsp; 627294 |
| Catalyst Pharmaceuticals, Inc.<sup>(b)</sup> | 55046 | &nbsp;&nbsp; 1337067 |
| Collegium Pharmaceutical, Inc.<sup>(b)(c)</sup> | 26003 | &nbsp;&nbsp; 701951 |
| Corcept Therapeutics, Inc.<sup>(b)(c)</sup> | 25524 | &nbsp;&nbsp; 1834665 |
| CorVel Corp.<sup>(b)</sup> | 7078 | &nbsp;&nbsp; 769803 |
| Glaukos Corp.<sup>(b)</sup> | 4291 | &nbsp;&nbsp; 404427 |
| Harmony Biosciences Holdings, Inc.<sup>(b)</sup> | 26484 | &nbsp;&nbsp; 780483 |
| ICU Medical, Inc.<sup>(b)</sup> | 6180 | &nbsp;&nbsp; 844126 |
| Inspire Medical Systems, Inc.<sup>(b)(c)</sup> | 4959 | &nbsp;&nbsp; 785406 |
| Integer Holdings Corp.<sup>(b)(c)</sup> | 4598 | &nbsp;&nbsp; 580773 |
| Krystal Biotech, Inc.<sup>(b)(c)</sup> | 8295 | &nbsp;&nbsp; 1409155 |
| LeMaitre Vascular, Inc. | 8235 | &nbsp;&nbsp; 747244 |
| OmniAb Operations, Inc., Rts., expiring <br> 11/02/2027<sup>(b)(c)(e)</sup><br>| 2881 | &nbsp;&nbsp; 0 |
| OmniAb Operations, Inc., Rts., expiring <br> 11/02/2027<sup>(b)(c)(e)</sup><br>| 2881 | &nbsp;&nbsp; 0 |
| Phibro Animal Health Corp., Class A | 29801 | &nbsp;&nbsp; 554597 |
| Protagonist Therapeutics, Inc.<sup>(b)(c)</sup> | 40702 | &nbsp;&nbsp; 1864966 |
| RadNet, Inc.<sup>(b)(c)</sup> | 6327 | &nbsp;&nbsp; 331408 |
| TG Therapeutics, Inc.<sup>(b)(c)</sup> | 50945 | &nbsp;&nbsp; 2318507 |
| TransMedics Group, Inc.<sup>(b)(c)</sup> | 12337 | &nbsp;&nbsp; 1135127 |
| UFP Technologies, Inc.<sup>(b)(c)</sup> | 4998 | &nbsp;&nbsp; 1042283 |
| Vericel Corp.<sup>(b)(c)</sup> | 11279 | &nbsp;&nbsp; 428828 |
|  |  | &nbsp;&nbsp; 22452755 |
| **Industrials-20.60%** | **Industrials-20.60%** | **Industrials-20.60%** |
| AeroVironment, Inc.<sup>(b)(c)</sup> | 3784 | &nbsp;&nbsp; 573352 |
| Apogee Enterprises, Inc. | 9762 | &nbsp;&nbsp; 387258 |
| Armstrong World Industries, Inc. | 5912 | &nbsp;&nbsp; 857358 |
| AZZ, Inc. | 15646 | &nbsp;&nbsp; 1357447 |
| CSW Industrials, Inc. | 2731 | &nbsp;&nbsp; 853383 |
| DXP Enterprises, Inc.<sup>(b)</sup> | 19034 | &nbsp;&nbsp; 1683748 |
| Dycom Industries, Inc.<sup>(b)</sup> | 5458 | &nbsp;&nbsp; 914488 |
| Enerpac Tool Group Corp.<sup>(c)</sup> | 12525 | &nbsp;&nbsp; 505634 |
| ESCO Technologies, Inc. | 3520 | &nbsp;&nbsp; 550704 |
| Federal Signal Corp. | 5902 | &nbsp;&nbsp; 480600 |
| GEO Group, Inc. (The)<sup>(b)</sup> | 17622 | &nbsp;&nbsp; 551216 |
| Granite Construction, Inc.<sup>(c)</sup> | 8178 | &nbsp;&nbsp; 664790 |
| Greenbrier Cos., Inc. (The)<sup>(c)</sup> | 21878 | &nbsp;&nbsp; 928065 |
| Griffon Corp. | 8694 | &nbsp;&nbsp; 592148 |
| Interface, Inc. | 26918 | &nbsp;&nbsp; 506058 |
| Kadant, Inc.<sup>(c)</sup> | 1475 | &nbsp;&nbsp; 435125 |

---

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

------

**14**

------

**Invesco S&P SmallCap 600**<sup>®</sup> **Pure Growth ETF (RZG)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Moog, Inc., Class A | 2222 | &nbsp;&nbsp; $371629 |
| Mueller Water Products, Inc., Class A | 21944 | &nbsp;&nbsp; 575811 |
| OPENLANE, Inc.<sup>(b)(c)</sup> | 48173 | &nbsp;&nbsp; 891682 |
| Powell Industries, Inc.<sup>(c)</sup> | 5854 | &nbsp;&nbsp; 1071926 |
| Pursuit Attractions and Hospitality, Inc.<sup>(b)(c)</sup> | 25369 | &nbsp;&nbsp; 743058 |
| SkyWest, Inc.<sup>(b)</sup> | 11281 | &nbsp;&nbsp; 1005927 |
| SPX Technologies, Inc.<sup>(b)</sup> | 6844 | &nbsp;&nbsp; 918123 |
| Sterling Infrastructure, Inc.<sup>(b)(c)</sup> | 4683 | &nbsp;&nbsp; 699781 |
| Trinity Industries, Inc. | 32705 | &nbsp;&nbsp; 820895 |
| Verra Mobility Corp., Class A<sup>(b)</sup> | 25431 | &nbsp;&nbsp; 554396 |
| Zurn Elkay Water Solutions Corp. | 24093 | &nbsp;&nbsp; 818198 |
|  |  | &nbsp;&nbsp; 20312800 |
| **Information Technology-9.18%** | **Information Technology-9.18%** | **Information Technology-9.18%** |
| ACI Worldwide, Inc.<sup>(b)</sup> | 16912 | &nbsp;&nbsp; 902424 |
| Agilysys, Inc.<sup>(b)(c)</sup> | 5566 | &nbsp;&nbsp; 413832 |
| Badger Meter, Inc. | 3179 | &nbsp;&nbsp; 701987 |
| Box, Inc., Class A<sup>(b)</sup> | 11898 | &nbsp;&nbsp; 371456 |
| CleanSpark, Inc.<sup>(b)(c)</sup> | 76002 | &nbsp;&nbsp; 620936 |
| Clear Secure, Inc., Class A<sup>(c)</sup> | 31433 | &nbsp;&nbsp; 775766 |
| DigitalOcean Holdings, Inc.<sup>(b)</sup> | 13677 | &nbsp;&nbsp; 422619 |
| Impinj, Inc.<sup>(b)(c)</sup> | 7984 | &nbsp;&nbsp; 735566 |
| InterDigital, Inc.<sup>(c)</sup> | 8120 | &nbsp;&nbsp; 1632120 |
| Itron, Inc.<sup>(b)</sup> | 4873 | &nbsp;&nbsp; 542316 |
| MARA Holdings, Inc.<sup>(b)(c)</sup> | 67386 | &nbsp;&nbsp; 900951 |
| OSI Systems, Inc.<sup>(b)(c)</sup> | 2790 | &nbsp;&nbsp; 571225 |
| Semtech Corp.<sup>(b)</sup> | 6283 | &nbsp;&nbsp; 196344 |
| SPS Commerce, Inc.<sup>(b)</sup> | 1870 | &nbsp;&nbsp; 268364 |
|  |  | &nbsp;&nbsp; 9055906 |
| **Materials-2.82%** | **Materials-2.82%** | **Materials-2.82%** |
| Century Aluminum Co.<sup>(b)</sup> | 41879 | &nbsp;&nbsp; 687234 |
| Hawkins, Inc. | 6965 | &nbsp;&nbsp; 848198 |
| Sylvamo Corp. | 9876 | &nbsp;&nbsp; 588807 |
| Warrior Met Coal, Inc. | 13757 | &nbsp;&nbsp; 657860 |
|  |  | &nbsp;&nbsp; 2782099 |
| **Real Estate-4.21%** | **Real Estate-4.21%** | **Real Estate-4.21%** |
| Curbline Properties Corp. | 14942 | &nbsp;&nbsp; 342022 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
| DiamondRock Hospitality Co. | 105796 | &nbsp;&nbsp; $776543 |
| Essential Properties Realty Trust, Inc. | 13631 | &nbsp;&nbsp; 438509 |
| NexPoint Residential Trust, Inc. | 9595 | &nbsp;&nbsp; 357702 |
| Outfront Media, Inc.<sup>(c)</sup> | 23214 | &nbsp;&nbsp; 351228 |
| Ryman Hospitality Properties, Inc.<sup>(c)</sup> | 7457 | &nbsp;&nbsp; 655843 |
| Sunstone Hotel Investors, Inc. | 72308 | &nbsp;&nbsp; 603049 |
| Xenia Hotels & Resorts, Inc. | 59015 | &nbsp;&nbsp; 630280 |
|  |  | &nbsp;&nbsp; 4155176 |
| Total Common Stocks & Other Equity Interests <br>(Cost $96,435,761) | Total Common Stocks & Other Equity Interests <br>(Cost $96,435,761) | &nbsp;&nbsp; 98557802 |
| **Money Market Funds-0.04%** | **Money Market Funds-0.04%** | **Money Market Funds-0.04%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(f)(g)</sup> <br>(Cost $36,638)<br>| 36638 | &nbsp;&nbsp; 36638 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.97% <br>(Cost $96,472,399) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.97% <br>(Cost $96,472,399) | &nbsp;&nbsp; 98594440 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-33.17%** | **Money Market Funds-33.17%** | **Money Market Funds-33.17%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(f)(g)(h)</sup><br>| 9081744 | &nbsp;&nbsp; 9081744 |
| Invesco Private Prime Fund, 4.46%<sup>(f)(g)(h)</sup> | 23631197 | &nbsp;&nbsp; 23635923 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $32,719,486) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $32,719,486) | &nbsp;&nbsp; 32717667 |
| TOTAL INVESTMENTS IN SECURITIES-133.14% <br>(Cost $129,191,885) | TOTAL INVESTMENTS IN SECURITIES-133.14% <br>(Cost $129,191,885) | &nbsp;&nbsp; 131312107 |
| OTHER ASSETS LESS LIABILITIES-(33.14)% | OTHER ASSETS LESS LIABILITIES-(33.14)% | &nbsp;&nbsp; (32683147)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $98628960 |

---

Investment Abbreviations: <br> Rts. -Rights

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

------

**15**

------

**Invesco S&P SmallCap 600**<sup>®</sup> **Pure Growth ETF (RZG)—(continued)**

April 30, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2025 <br> represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(e)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 5. |
| <sup>(f)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $2957452 | &nbsp;&nbsp; $(2920814)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $36638 | &nbsp;&nbsp; $2410 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 8098838 | &nbsp;&nbsp; 71785149 | &nbsp;&nbsp; (70802243)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 9081744 | &nbsp;&nbsp; 410,305<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 20867053 | &nbsp;&nbsp; 133140487 | &nbsp;&nbsp; (130369507)<br>| &nbsp;&nbsp; 1299 | &nbsp;&nbsp; (3409)<br>| &nbsp;&nbsp; 23635923 | &nbsp;&nbsp; 1,094,861<br> \*<br>|
| Total | &nbsp;&nbsp; $28965891 | &nbsp;&nbsp; $207883088 | &nbsp;&nbsp; $(204092564)<br>| &nbsp;&nbsp; $1299 | &nbsp;&nbsp; $(3409)<br>| &nbsp;&nbsp; $32754305 | &nbsp;&nbsp; $1507576 |

---

\* 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 April 30, 2025.

<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 2J. 

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

------

**16**

------

**Invesco S&P SmallCap 600**<sup>®</sup> **Pure Value ETF (RZV)**

April 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.84%** | **Common Stocks & Other Equity Interests-99.84%** | **Common Stocks & Other Equity Interests-99.84%** |
| **Communication Services-4.09%** | **Communication Services-4.09%** | **Communication Services-4.09%** |
| Angi, Inc.<sup>(b)(c)</sup> | 113465 | &nbsp;&nbsp; $1300309 |
| IAC, Inc.<sup>(b)</sup> | 39220 | &nbsp;&nbsp; 1370347 |
| Scholastic Corp. | 103341 | &nbsp;&nbsp; 1863238 |
| Shenandoah Telecommunications Co.<sup>(c)</sup> | 79887 | &nbsp;&nbsp; 889941 |
| TEGNA, Inc. | 56168 | &nbsp;&nbsp; 911607 |
| Telephone and Data Systems, Inc.<sup>(c)</sup> | 32540 | &nbsp;&nbsp; 1219925 |
|  |  | &nbsp;&nbsp; 7555367 |
| **Consumer Discretionary-23.19%** | **Consumer Discretionary-23.19%** | **Consumer Discretionary-23.19%** |
| Academy Sports & Outdoors, Inc. | 18806 | &nbsp;&nbsp; 708610 |
| Adient PLC<sup>(b)</sup> | 181485 | &nbsp;&nbsp; 2295785 |
| Advance Auto Parts, Inc.<sup>(c)</sup> | 67305 | &nbsp;&nbsp; 2202220 |
| American Axle & Manufacturing Holdings, <br> Inc.<sup>(b)(c)</sup><br>| 376681 | &nbsp;&nbsp; 1438921 |
| Asbury Automotive Group, Inc.<sup>(b)(c)</sup> | 9403 | &nbsp;&nbsp; 2051170 |
| Bloomin' Brands, Inc.<sup>(c)</sup> | 109100 | &nbsp;&nbsp; 874982 |
| BorgWarner, Inc.<sup>(c)</sup> | 69582 | &nbsp;&nbsp; 1974737 |
| Caleres, Inc.<sup>(c)</sup> | 72774 | &nbsp;&nbsp; 1109076 |
| Century Communities, Inc. | 17946 | &nbsp;&nbsp; 978775 |
| Cracker Barrel Old Country Store, Inc.<sup>(c)</sup> | 29986 | &nbsp;&nbsp; 1280402 |
| Dana, Inc. | 225536 | &nbsp;&nbsp; 3098865 |
| Foot Locker, Inc.<sup>(b)(c)</sup> | 137724 | &nbsp;&nbsp; 1689874 |
| Fox Factory Holding Corp.<sup>(b)</sup> | 27324 | &nbsp;&nbsp; 554951 |
| G-III Apparel Group Ltd.<sup>(b)</sup> | 77511 | &nbsp;&nbsp; 1954827 |
| Guess?, Inc.<sup>(c)</sup> | 140153 | &nbsp;&nbsp; 1576721 |
| Helen of Troy Ltd.<sup>(b)(c)</sup> | 17633 | &nbsp;&nbsp; 491255 |
| Kohl's Corp.<sup>(c)</sup> | 258777 | &nbsp;&nbsp; 1733806 |
| LGI Homes, Inc.<sup>(b)(c)</sup> | 6697 | &nbsp;&nbsp; 365723 |
| MarineMax, Inc.<sup>(b)(c)</sup> | 113148 | &nbsp;&nbsp; 2428156 |
| Meritage Homes Corp. | 7345 | &nbsp;&nbsp; 500488 |
| Monro, Inc.<sup>(c)</sup> | 40628 | &nbsp;&nbsp; 566354 |
| National Vision Holdings, Inc.<sup>(b)</sup> | 155987 | &nbsp;&nbsp; 1926440 |
| Newell Brands, Inc. | 110979 | &nbsp;&nbsp; 530480 |
| PENN Entertainment, Inc.<sup>(b)(c)</sup> | 76860 | &nbsp;&nbsp; 1169809 |
| Sally Beauty Holdings, Inc.<sup>(b)(c)</sup> | 125706 | &nbsp;&nbsp; 1023247 |
| Shoe Carnival, Inc.<sup>(c)</sup> | 27039 | &nbsp;&nbsp; 469938 |
| Signet Jewelers Ltd.<sup>(c)</sup> | 7683 | &nbsp;&nbsp; 455602 |
| Sonic Automotive, Inc., Class A | 29547 | &nbsp;&nbsp; 1794094 |
| Standard Motor Products, Inc. | 56149 | &nbsp;&nbsp; 1521638 |
| Topgolf Callaway Brands Corp.<sup>(b)(c)</sup> | 408222 | &nbsp;&nbsp; 2698347 |
| Upbound Group, Inc. | 30761 | &nbsp;&nbsp; 612144 |
| Winnebago Industries, Inc.<sup>(c)</sup> | 22871 | &nbsp;&nbsp; 727755 |
|  |  | &nbsp;&nbsp; 42805192 |
| **Consumer Staples-12.57%** | **Consumer Staples-12.57%** | **Consumer Staples-12.57%** |
| Andersons, Inc. (The) | 58734 | &nbsp;&nbsp; 2214859 |
| B&G Foods, Inc.<sup>(c)</sup> | 464966 | &nbsp;&nbsp; 3203616 |
| Central Garden & Pet Co.<sup>(b)(c)</sup> | 4226 | &nbsp;&nbsp; 141824 |
| Central Garden & Pet Co., Class A<sup>(b)</sup> | 23511 | &nbsp;&nbsp; 695220 |
| Edgewell Personal Care Co. | 33963 | &nbsp;&nbsp; 1037570 |
| Fresh Del Monte Produce, Inc. | 89344 | &nbsp;&nbsp; 3038589 |
| Grocery Outlet Holding Corp.<sup>(b)</sup> | 69148 | &nbsp;&nbsp; 1160995 |
| MGP Ingredients, Inc.<sup>(c)</sup> | 17896 | &nbsp;&nbsp; 527395 |
| PriceSmart, Inc. | 8517 | &nbsp;&nbsp; 864390 |
| SpartanNash Co. | 178556 | &nbsp;&nbsp; 3542551 |
| TreeHouse Foods, Inc.<sup>(b)(c)</sup> | 46351 | &nbsp;&nbsp; 1079515 |
| United Natural Foods, Inc.<sup>(b)</sup> | 105860 | &nbsp;&nbsp; 2827521 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples-(continued)** | **Consumer Staples-(continued)** | **Consumer Staples-(continued)** |
| Universal Corp. | 38174 | &nbsp;&nbsp; $2224399 |
| USANA Health Sciences, Inc.<sup>(b)</sup> | 23040 | &nbsp;&nbsp; 647194 |
|  |  | &nbsp;&nbsp; 23205638 |
| **Energy-9.92%** | **Energy-9.92%** | **Energy-9.92%** |
| Bristow Group, Inc.<sup>(b)</sup> | 29717 | &nbsp;&nbsp; 862982 |
| Crescent Energy Co., Class A<sup>(c)</sup> | 141777 | &nbsp;&nbsp; 1173913 |
| CVR Energy, Inc. | 87508 | &nbsp;&nbsp; 1650401 |
| Dorian LPG Ltd. | 35849 | &nbsp;&nbsp; 767886 |
| Innovex International, Inc.<sup>(b)(c)</sup> | 118660 | &nbsp;&nbsp; 1791766 |
| Par Pacific Holdings, Inc.<sup>(b)</sup> | 216680 | &nbsp;&nbsp; 3102858 |
| Patterson-UTI Energy, Inc. | 177778 | &nbsp;&nbsp; 1002668 |
| Peabody Energy Corp.<sup>(c)</sup> | 95989 | &nbsp;&nbsp; 1184504 |
| ProPetro Holding Corp.<sup>(b)(c)</sup> | 131963 | &nbsp;&nbsp; 657176 |
| REX American Resources Corp.<sup>(b)(c)</sup> | 15524 | &nbsp;&nbsp; 616613 |
| Talos Energy, Inc.<sup>(b)(c)</sup> | 189896 | &nbsp;&nbsp; 1306484 |
| Vital Energy, Inc.<sup>(b)(c)</sup> | 82213 | &nbsp;&nbsp; 1165780 |
| World Kinect Corp.<sup>(c)</sup> | 121163 | &nbsp;&nbsp; 3039980 |
|  |  | &nbsp;&nbsp; 18323011 |
| **Financials-18.36%** | **Financials-18.36%** | **Financials-18.36%** |
| Apollo Commercial Real Estate Finance, <br> Inc.<sup>(c)</sup><br>| 91665 | &nbsp;&nbsp; 858901 |
| ARMOUR Residential REIT, Inc.<sup>(c)</sup> | 52724 | &nbsp;&nbsp; 868364 |
| Bread Financial Holdings, Inc. | 18624 | &nbsp;&nbsp; 883709 |
| Brookline Bancorp, Inc. | 60949 | &nbsp;&nbsp; 636308 |
| Capitol Federal Financial, Inc. | 123426 | &nbsp;&nbsp; 699825 |
| Eagle Bancorp, Inc.<sup>(c)</sup> | 36467 | &nbsp;&nbsp; 654583 |
| Ellington Financial, Inc. | 67404 | &nbsp;&nbsp; 878274 |
| Encore Capital Group, Inc.<sup>(b)(c)</sup> | 14224 | &nbsp;&nbsp; 489306 |
| EZCORP, Inc., Class A<sup>(b)(c)</sup> | 173028 | &nbsp;&nbsp; 2832468 |
| Franklin BSP Realty Trust, Inc.<sup>(c)</sup> | 58205 | &nbsp;&nbsp; 662373 |
| Genworth Financial, Inc., Class A<sup>(b)</sup> | 395520 | &nbsp;&nbsp; 2713267 |
| Hilltop Holdings, Inc. | 28528 | &nbsp;&nbsp; 842432 |
| Hope Bancorp, Inc. | 88252 | &nbsp;&nbsp; 879872 |
| Horace Mann Educators Corp. | 16126 | &nbsp;&nbsp; 669874 |
| Jackson Financial, Inc., Class A | 12106 | &nbsp;&nbsp; 943178 |
| KKR Real Estate Finance Trust, Inc. | 66668 | &nbsp;&nbsp; 616679 |
| Lincoln National Corp. | 88572 | &nbsp;&nbsp; 2822790 |
| Navient Corp.<sup>(c)</sup> | 103789 | &nbsp;&nbsp; 1284908 |
| New York Mortgage Trust, Inc.<sup>(c)</sup> | 190600 | &nbsp;&nbsp; 1118822 |
| PennyMac Mortgage Investment Trust | 97531 | &nbsp;&nbsp; 1252298 |
| PRA Group, Inc.<sup>(b)</sup> | 101199 | &nbsp;&nbsp; 1851942 |
| ProAssurance Corp.<sup>(b)</sup> | 135156 | &nbsp;&nbsp; 3136971 |
| Ready Capital Corp.<sup>(c)</sup> | 120509 | &nbsp;&nbsp; 536265 |
| Redwood Trust, Inc.<sup>(c)</sup> | 147385 | &nbsp;&nbsp; 915261 |
| Renasant Corp. | 22890 | &nbsp;&nbsp; 734082 |
| Simmons First National Corp., Class A | 31620 | &nbsp;&nbsp; 590029 |
| SiriusPoint Ltd. (Sweden)<sup>(b)</sup> | 79871 | &nbsp;&nbsp; 1341833 |
| Stewart Information Services Corp. | 9233 | &nbsp;&nbsp; 604577 |
| United Fire Group, Inc., (Acquired <br> 12/15/2021 - 04/16/2025; <br> Cost $1,351,180)<sup>(d)</sup><br>| 56859 | &nbsp;&nbsp; 1573289 |
|  |  | &nbsp;&nbsp; 33892480 |
| **Health Care-6.12%** | **Health Care-6.12%** | **Health Care-6.12%** |
| AdaptHealth Corp.<sup>(b)(c)</sup> | 241236 | &nbsp;&nbsp; 2052918 |
| AMN Healthcare Services, Inc.<sup>(b)</sup> | 105098 | &nbsp;&nbsp; 2147152 |
| Avanos Medical, Inc.<sup>(b)</sup> | 90009 | &nbsp;&nbsp; 1129613 |

---

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

------

**17**

------

**Invesco S&P SmallCap 600**<sup>®</sup> **Pure Value ETF (RZV)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Enovis Corp.<sup>(b)(c)</sup> | 33114 | &nbsp;&nbsp; $1145413 |
| Fortrea Holdings, Inc.<sup>(b)(c)</sup> | 50734 | &nbsp;&nbsp; 316073 |
| Neogen Corp.<sup>(b)(c)</sup> | 73108 | &nbsp;&nbsp; 369195 |
| Owens & Minor, Inc.<sup>(b)(c)</sup> | 174297 | &nbsp;&nbsp; 1230537 |
| Pacira BioSciences, Inc.<sup>(b)(c)</sup> | 33466 | &nbsp;&nbsp; 900236 |
| Select Medical Holdings Corp. | 110467 | &nbsp;&nbsp; 2014918 |
|  |  | &nbsp;&nbsp; 11306055 |
| **Industrials-10.13%** | **Industrials-10.13%** | **Industrials-10.13%** |
| ABM Industries, Inc. | 24468 | &nbsp;&nbsp; 1192570 |
| Air Lease Corp., Class A | 29181 | &nbsp;&nbsp; 1364504 |
| Allegiant Travel Co.<sup>(c)</sup> | 17162 | &nbsp;&nbsp; 805413 |
| American Woodmark Corp.<sup>(b)</sup> | 9681 | &nbsp;&nbsp; 571179 |
| ArcBest Corp. | 6751 | &nbsp;&nbsp; 395068 |
| Astec Industries, Inc. | 25123 | &nbsp;&nbsp; 910206 |
| Deluxe Corp. | 59443 | &nbsp;&nbsp; 867868 |
| Enviri Corp.<sup>(b)(c)</sup> | 310297 | &nbsp;&nbsp; 2131740 |
| Healthcare Services Group, Inc.<sup>(b)</sup> | 86909 | &nbsp;&nbsp; 1234977 |
| Heartland Express, Inc. | 64394 | &nbsp;&nbsp; 489394 |
| JetBlue Airways Corp.<sup>(b)(c)</sup> | 345475 | &nbsp;&nbsp; 1506271 |
| MasterBrand, Inc.<sup>(b)(c)</sup> | 39087 | &nbsp;&nbsp; 474907 |
| Matthews International Corp., Class A<sup>(c)</sup> | 26046 | &nbsp;&nbsp; 532641 |
| MillerKnoll, Inc. | 63722 | &nbsp;&nbsp; 1045041 |
| Resideo Technologies, Inc.<sup>(b)(c)</sup> | 44795 | &nbsp;&nbsp; 751660 |
| Sun Country Airlines Holdings, Inc.<sup>(b)(c)</sup> | 65642 | &nbsp;&nbsp; 643292 |
| Sunrun, Inc.<sup>(b)(c)</sup> | 128961 | &nbsp;&nbsp; 888541 |
| Titan International, Inc.<sup>(b)(c)</sup> | 394125 | &nbsp;&nbsp; 2896819 |
|  |  | &nbsp;&nbsp; 18702091 |
| **Information Technology-4.67%** | **Information Technology-4.67%** | **Information Technology-4.67%** |
| Corsair Gaming, Inc.<sup>(b)(c)</sup> | 140613 | &nbsp;&nbsp; 995540 |
| DXC Technology Co.<sup>(b)</sup> | 112001 | &nbsp;&nbsp; 1738255 |
| Insight Enterprises, Inc.<sup>(b)(c)</sup> | 3993 | &nbsp;&nbsp; 552152 |
| ScanSource, Inc.<sup>(b)</sup> | 40438 | &nbsp;&nbsp; 1334050 |
| Viasat, Inc.<sup>(b)(c)</sup> | 314671 | &nbsp;&nbsp; 2917000 |
| Vishay Intertechnology, Inc.<sup>(c)</sup> | 54000 | &nbsp;&nbsp; 701460 |
| Xerox Holdings Corp.<sup>(c)</sup> | 84902 | &nbsp;&nbsp; 374418 |
|  |  | &nbsp;&nbsp; 8612875 |
| **Materials-6.29%** | **Materials-6.29%** | **Materials-6.29%** |
| AdvanSix, Inc. | 53436 | &nbsp;&nbsp; 1144599 |
| Celanese Corp.<sup>(c)</sup> | 32971 | &nbsp;&nbsp; 1467539 |
| Chemours Co. (The)<sup>(c)</sup> | 44127 | &nbsp;&nbsp; 546292 |
| FMC Corp. | 18384 | &nbsp;&nbsp; 770657 |
| Kaiser Aluminum Corp. | 17595 | &nbsp;&nbsp; 1134174 |
| Koppers Holdings, Inc.<sup>(c)</sup> | 61859 | &nbsp;&nbsp; 1550187 |
| Metallus, Inc.<sup>(b)(c)</sup> | 104195 | &nbsp;&nbsp; 1318067 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-(continued)** | **Materials-(continued)** | **Materials-(continued)** |
| O-I Glass, Inc.<sup>(b)(c)</sup> | 171474 | &nbsp;&nbsp; $2170861 |
| Stepan Co. | 10616 | &nbsp;&nbsp; 536745 |
| SunCoke Energy, Inc. | 107890 | &nbsp;&nbsp; 977483 |
|  |  | &nbsp;&nbsp; 11616604 |
| **Real Estate-4.09%** | **Real Estate-4.09%** | **Real Estate-4.09%** |
| Cushman & Wakefield PLC<sup>(b)</sup> | 109496 | &nbsp;&nbsp; 1025978 |
| Global Net Lease, Inc.<sup>(c)</sup> | 139476 | &nbsp;&nbsp; 1053044 |
| JBG SMITH Properties, (Acquired <br> 03/17/2023 - 04/16/2025; <br> Cost $855,436)<sup>(c)(d)</sup><br>| 58138 | &nbsp;&nbsp; 812769 |
| Millrose Properties, Inc.<sup>(b)(c)</sup> | 95729 | &nbsp;&nbsp; 2397054 |
| Safehold, Inc.<sup>(c)</sup> | 65075 | &nbsp;&nbsp; 1024931 |
| SITE Centers Corp.<sup>(c)</sup> | 104875 | &nbsp;&nbsp; 1241720 |
|  |  | &nbsp;&nbsp; 7555496 |
| **Utilities-0.41%** | **Utilities-0.41%** | **Utilities-0.41%** |
| MDU Resources Group, Inc. | 44643 | &nbsp;&nbsp; 765181 |
| Total Common Stocks & Other Equity Interests <br>(Cost $221,421,665) | Total Common Stocks & Other Equity Interests <br>(Cost $221,421,665) | &nbsp;&nbsp; 184339990 |
| **Money Market Funds-0.09%** | **Money Market Funds-0.09%** | **Money Market Funds-0.09%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(e)(f)</sup> <br>(Cost $161,678)<br>| 161678 | &nbsp;&nbsp; 161678 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.93% <br>(Cost $221,583,343) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.93% <br>(Cost $221,583,343) | &nbsp;&nbsp; 184501668 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-30.99%** | **Money Market Funds-30.99%** | **Money Market Funds-30.99%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(e)(f)(g)</sup><br>| 15876033 | &nbsp;&nbsp; 15876033 |
| Invesco Private Prime Fund, 4.46%<sup>(e)(f)(g)</sup> | 41328590 | &nbsp;&nbsp; 41336856 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $57,215,435) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $57,215,435) | &nbsp;&nbsp; 57212889 |
| TOTAL INVESTMENTS IN SECURITIES-130.92% <br>(Cost $278,798,778) | TOTAL INVESTMENTS IN SECURITIES-130.92% <br>(Cost $278,798,778) | &nbsp;&nbsp; 241714557 |
| OTHER ASSETS LESS LIABILITIES-(30.92)% | OTHER ASSETS LESS LIABILITIES-(30.92)% | &nbsp;&nbsp; (57087507)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $184627050 |

---

Investment Abbreviations: <br> REIT -Real Estate Investment Trust

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

------

**18**

------

**Invesco S&P SmallCap 600**<sup>®</sup> **Pure Value ETF (RZV)—(continued)**

April 30, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Restricted security. The aggregate value of these securities at April 30, 2025 was $2,386,058, which represented 1.29% of the Fund's Net Assets. |
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $4216325 | &nbsp;&nbsp; $(4054647)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $161678 | &nbsp;&nbsp; $2301 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 17483639 | &nbsp;&nbsp; 116481228 | &nbsp;&nbsp; (118088834)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 15876033 | &nbsp;&nbsp; 794,442<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 44969201 | &nbsp;&nbsp; 257564762 | &nbsp;&nbsp; (261194500)<br>| &nbsp;&nbsp; 2961 | &nbsp;&nbsp; (5568)<br>| &nbsp;&nbsp; 41336856 | &nbsp;&nbsp; 2,137,228<br> \*<br>|
| Total | &nbsp;&nbsp; $62452840 | &nbsp;&nbsp; $378262315 | &nbsp;&nbsp; $(383337981)<br>| &nbsp;&nbsp; $2961 | &nbsp;&nbsp; $(5568)<br>| &nbsp;&nbsp; $57374567 | &nbsp;&nbsp; $2933971 |

---

\* 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 April 30, 2025.

<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 2J. 

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

------

**19**

------

**Statements of Assets and Liabilities**

April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco S&P 500**<sup>®</sup> <br>**Pure Growth** <br>**ETF (RPG)**<br>| **Invesco S&P 500**<sup>®</sup> <br>**Pure Value** <br>**ETF (RPV)**<br>| **Invesco S&P 500**<sup>®</sup> <br>**Top 50 ETF (XLG)**<br>|
| **Assets:** |  |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $1472694045 | &nbsp;&nbsp;&nbsp; $1260840168 | &nbsp;&nbsp;&nbsp; $8174864763 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 170251324 | &nbsp;&nbsp;&nbsp; 74199057 | &nbsp;&nbsp;&nbsp; 9886001 |
| Cash | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2880 | &nbsp;&nbsp;&nbsp; 161 |
| Receivable for: |  |  |  |
| Dividends | &nbsp;&nbsp; 256871 | &nbsp;&nbsp;&nbsp; 1102277 | &nbsp;&nbsp;&nbsp; 3714219 |
| Securities lending | &nbsp;&nbsp; 12237 | &nbsp;&nbsp;&nbsp; 11841 | &nbsp;&nbsp;&nbsp; 555 |
| Investments sold | &nbsp;&nbsp; 2729130 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Fund shares sold | &nbsp;&nbsp; 1961909 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 18339845 |
| Foreign tax reclaims | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Total assets** | &nbsp;&nbsp; 1647905516 | &nbsp;&nbsp;&nbsp; 1336156223 | &nbsp;&nbsp;&nbsp; 8206805544 |
| **Liabilities:** |  |  |  |
| Payable for: |  |  |  |
| Investments purchased | &nbsp;&nbsp; 1949378 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 18255954 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 169759737 | &nbsp;&nbsp;&nbsp; 59673560 | &nbsp;&nbsp;&nbsp; 6435851 |
| Fund shares repurchased | &nbsp;&nbsp; 2746673 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Accrued unitary management fees | &nbsp;&nbsp; 392019 | &nbsp;&nbsp;&nbsp; 362357 | &nbsp;&nbsp;&nbsp; 1266566 |
| **Total liabilities** | &nbsp;&nbsp; 174847807 | &nbsp;&nbsp;&nbsp; 60035917 | &nbsp;&nbsp;&nbsp; 25958371 |
| **Net Assets** | &nbsp;&nbsp; $1473057709 | &nbsp;&nbsp;&nbsp; $1276120306 | &nbsp;&nbsp;&nbsp; $8180847173 |
| **Net assets consist of:** |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2183299192 | &nbsp;&nbsp;&nbsp; $2205146413 | &nbsp;&nbsp;&nbsp; $8055733232 |
| Distributable earnings (loss) | &nbsp;&nbsp; (710241483)<br>| &nbsp;&nbsp;&nbsp; (929026107)<br>| &nbsp;&nbsp;&nbsp; 125113941 |
| **Net Assets** | &nbsp;&nbsp; $1473057709 | &nbsp;&nbsp;&nbsp; $1276120306 | &nbsp;&nbsp;&nbsp; $8180847173 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 37541495 | &nbsp;&nbsp;&nbsp; 14422836 | &nbsp;&nbsp;&nbsp; 178427850 |
| Net asset value | &nbsp;&nbsp; $39.24 | &nbsp;&nbsp;&nbsp; $88.48 | &nbsp;&nbsp;&nbsp; $45.85 |
| Market price | &nbsp;&nbsp; $39.20 | &nbsp;&nbsp;&nbsp; $88.40 | &nbsp;&nbsp;&nbsp; $45.77 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $1415029699 | &nbsp;&nbsp;&nbsp; $1416660214 | &nbsp;&nbsp;&nbsp; $7894809084 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $170253677 | &nbsp;&nbsp;&nbsp; $78272077 | &nbsp;&nbsp;&nbsp; $9886371 |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $163065721 | &nbsp;&nbsp;&nbsp; $58474350 | &nbsp;&nbsp;&nbsp; $6183183 |

---

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

------

**20**

------

---

| | | | |
|:---|:---|:---|:---|
| **Invesco S&P** <br>**MidCap 400**<sup>®</sup> **Pure** <br>**Growth ETF (RFG)**<br>| **Invesco S&P** <br>**MidCap 400**<sup>®</sup>**Pure** <br>**Value ETF (RFV)**<br>| **Invesco S&P** <br>**SmallCap 600**<sup>®</sup> <br>**Pure Growth** <br>**ETF (RZG)**<br>| **Invesco S&P** <br>**SmallCap 600**<sup>®</sup> <br>**Pure Value** <br>**ETF (RZV)**<br>|
| $271421807 | &nbsp;&nbsp;&nbsp; $227585405 | &nbsp;&nbsp;&nbsp; $98557802 | &nbsp;&nbsp;&nbsp; $184339990 |
| 56028436 | &nbsp;&nbsp;&nbsp; 71765923 | &nbsp;&nbsp;&nbsp; 32754305 | &nbsp;&nbsp;&nbsp; 57374567 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 19924 | &nbsp;&nbsp;&nbsp; 115224 | &nbsp;&nbsp;&nbsp; 60913 | &nbsp;&nbsp;&nbsp; 173191 |
| 4884 | &nbsp;&nbsp;&nbsp; 6426 | &nbsp;&nbsp;&nbsp; 3203 | &nbsp;&nbsp;&nbsp; 6901 |
| 2270871 | &nbsp;&nbsp;&nbsp; 1953464 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 1116 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 329747038 | &nbsp;&nbsp;&nbsp; 301426442 | &nbsp;&nbsp;&nbsp; 131376223 | &nbsp;&nbsp;&nbsp; 241894649 |
| 2251855 | &nbsp;&nbsp;&nbsp; 2181812 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 55985929 | &nbsp;&nbsp;&nbsp; 71639058 | &nbsp;&nbsp;&nbsp; 32719486 | &nbsp;&nbsp;&nbsp; 57215435 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 75450 | &nbsp;&nbsp;&nbsp; 64462 | &nbsp;&nbsp;&nbsp; 27777 | &nbsp;&nbsp;&nbsp; 52164 |
| 58313234 | &nbsp;&nbsp;&nbsp; 73885332 | &nbsp;&nbsp;&nbsp; 32747263 | &nbsp;&nbsp;&nbsp; 57267599 |
| $271433804 | &nbsp;&nbsp;&nbsp; $227541110 | &nbsp;&nbsp;&nbsp; $98628960 | &nbsp;&nbsp;&nbsp; $184627050 |
| $489624706 | &nbsp;&nbsp;&nbsp; $346212285 | &nbsp;&nbsp;&nbsp; $228113281 | &nbsp;&nbsp;&nbsp; $426061046 |
| (218190902)<br>| &nbsp;&nbsp;&nbsp; (118671175)<br>| &nbsp;&nbsp;&nbsp; (129484321)<br>| &nbsp;&nbsp;&nbsp; (241433996)<br>|
| $271433804 | &nbsp;&nbsp;&nbsp; $227541110 | &nbsp;&nbsp;&nbsp; $98628960 | &nbsp;&nbsp;&nbsp; $184627050 |
| 6130105 | &nbsp;&nbsp;&nbsp; 2090499 | &nbsp;&nbsp;&nbsp; 2140012 | &nbsp;&nbsp;&nbsp; 2000040 |
| $44.28 | &nbsp;&nbsp;&nbsp; $108.85 | &nbsp;&nbsp;&nbsp; $46.09 | &nbsp;&nbsp;&nbsp; $92.31 |
| $44.26 | &nbsp;&nbsp;&nbsp; $108.78 | &nbsp;&nbsp;&nbsp; $46.07 | &nbsp;&nbsp;&nbsp; $92.27 |
| $270197412 | &nbsp;&nbsp;&nbsp; $256295166 | &nbsp;&nbsp;&nbsp; $96435761 | &nbsp;&nbsp;&nbsp; $221421665 |
| $56030506 | &nbsp;&nbsp;&nbsp; $71768552 | &nbsp;&nbsp;&nbsp; $32756124 | &nbsp;&nbsp;&nbsp; $57377113 |
| $54076115 | &nbsp;&nbsp;&nbsp; $69349768 | &nbsp;&nbsp;&nbsp; $31745251 | &nbsp;&nbsp;&nbsp; $54736953 |

---

------

**21**

------

**Statements of Operations**

For the year ended April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco S&P 500**<sup>®</sup> <br>**Pure Growth** <br>**ETF (RPG)**<br>| **Invesco S&P 500**<sup>®</sup> <br>**Pure Value** <br>**ETF (RPV)**<br>| **Invesco S&P 500**<sup>®</sup> <br>**Top 50 ETF (XLG)**<br>|
| **Investment income:** |  |  |  |
| Unaffiliated dividend income | &nbsp;&nbsp; $9825826 | &nbsp;&nbsp;&nbsp; $47552979 | &nbsp;&nbsp;&nbsp; $68740293 |
| Affiliated dividend income | &nbsp;&nbsp; 30525 | &nbsp;&nbsp;&nbsp; 1631718 | &nbsp;&nbsp;&nbsp; 115633 |
| Securities lending income, net | &nbsp;&nbsp; 97948 | &nbsp;&nbsp;&nbsp; 128749 | &nbsp;&nbsp;&nbsp; 27024 |
| Foreign withholding tax | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total investment income | &nbsp;&nbsp; 9954299 | &nbsp;&nbsp;&nbsp; 49313446 | &nbsp;&nbsp;&nbsp; 68882950 |
| **Expenses:** |  |  |  |
| Unitary management fees | &nbsp;&nbsp; 5458350 | &nbsp;&nbsp;&nbsp; 6469016 | &nbsp;&nbsp;&nbsp; 13565917 |
| Less: Waivers | &nbsp;&nbsp; (571)<br>| &nbsp;&nbsp;&nbsp; (1370)<br>| &nbsp;&nbsp;&nbsp; (2252)<br>|
| Net expenses | &nbsp;&nbsp; 5457779 | &nbsp;&nbsp;&nbsp; 6467646 | &nbsp;&nbsp;&nbsp; 13563665 |
| Net investment income | &nbsp;&nbsp; 4496520 | &nbsp;&nbsp;&nbsp; 42845800 | &nbsp;&nbsp;&nbsp; 55319285 |
| **Realized and unrealized gain (loss) from:** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 13531229 | &nbsp;&nbsp;&nbsp; (91250236)<br>| &nbsp;&nbsp;&nbsp; (34752258)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (11394)<br>| &nbsp;&nbsp;&nbsp; (8813242)<br>| &nbsp;&nbsp;&nbsp; (5975)<br>|
| Unaffiliated in-kind redemptions | &nbsp;&nbsp; 325219969 | &nbsp;&nbsp;&nbsp; 292669894 | &nbsp;&nbsp;&nbsp; 896488150 |
| Affiliated in-kind redemptions | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1141833 | &nbsp;&nbsp;&nbsp; - |
| Net realized gain | &nbsp;&nbsp; 338739804 | &nbsp;&nbsp;&nbsp; 193748249 | &nbsp;&nbsp;&nbsp; 861729917 |
| Change in net unrealized appreciation (depreciation) of: |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (140654405)<br>| &nbsp;&nbsp;&nbsp; (48085195)<br>| &nbsp;&nbsp;&nbsp; (494864434)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 4067 | &nbsp;&nbsp;&nbsp; 11728758 | &nbsp;&nbsp;&nbsp; 7872 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (140650338)<br>| &nbsp;&nbsp;&nbsp; (36356437)<br>| &nbsp;&nbsp;&nbsp; (494856562)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 198089466 | &nbsp;&nbsp;&nbsp; 157391812 | &nbsp;&nbsp;&nbsp; 366873355 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $202585986 | &nbsp;&nbsp;&nbsp; $200237612 | &nbsp;&nbsp;&nbsp; $422192640 |

---

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

------

**22**

------

---

| | | | |
|:---|:---|:---|:---|
| **Invesco S&P** <br>**MidCap 400**<sup>®</sup> **Pure** <br>**Growth ETF (RFG)**<br>| **Invesco S&P** <br>**MidCap 400**<sup>®</sup>**Pure** <br>**Value ETF (RFV)**<br>| **Invesco S&P** <br>**SmallCap 600**<sup>®</sup> <br>**Pure Growth** <br>**ETF (RZG)**<br>| **Invesco S&P** <br>**SmallCap 600**<sup>®</sup> <br>**Pure Value** <br>**ETF (RZV)**<br>|
| $2663703 | &nbsp;&nbsp;&nbsp; $5515024 | &nbsp;&nbsp;&nbsp; $1171294 | &nbsp;&nbsp;&nbsp; $3994874 |
| 4655 | &nbsp;&nbsp;&nbsp; 8276 | &nbsp;&nbsp;&nbsp; 2410 | &nbsp;&nbsp;&nbsp; 2301 |
| 63663 | &nbsp;&nbsp;&nbsp; 65540 | &nbsp;&nbsp;&nbsp; 41702 | &nbsp;&nbsp;&nbsp; 114423 |
| (4881)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (4882)<br>| &nbsp;&nbsp;&nbsp; - |
| 2727140 | &nbsp;&nbsp;&nbsp; 5588840 | &nbsp;&nbsp;&nbsp; 1210524 | &nbsp;&nbsp;&nbsp; 4111598 |
| 1142868 | &nbsp;&nbsp;&nbsp; 962052 | &nbsp;&nbsp;&nbsp; 377932 | &nbsp;&nbsp;&nbsp; 830416 |
| (87)<br>| &nbsp;&nbsp;&nbsp; (158)<br>| &nbsp;&nbsp;&nbsp; (42)<br>| &nbsp;&nbsp;&nbsp; (44)<br>|
| 1142781 | &nbsp;&nbsp;&nbsp; 961894 | &nbsp;&nbsp;&nbsp; 377890 | &nbsp;&nbsp;&nbsp; 830372 |
| 1584359 | &nbsp;&nbsp;&nbsp; 4626946 | &nbsp;&nbsp;&nbsp; 832634 | &nbsp;&nbsp;&nbsp; 3281226 |
| 10574857 | &nbsp;&nbsp;&nbsp; (9961000)<br>| &nbsp;&nbsp;&nbsp; 4680534 | &nbsp;&nbsp;&nbsp; (20239396)<br>|
| (2437)<br>| &nbsp;&nbsp;&nbsp; (6882)<br>| &nbsp;&nbsp;&nbsp; (3409)<br>| &nbsp;&nbsp;&nbsp; (5568)<br>|
| 10489590 | &nbsp;&nbsp;&nbsp; 34524682 | &nbsp;&nbsp;&nbsp; 3473777 | &nbsp;&nbsp;&nbsp; 33278834 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 21062010 | &nbsp;&nbsp;&nbsp; 24556800 | &nbsp;&nbsp;&nbsp; 8150902 | &nbsp;&nbsp;&nbsp; 13033870 |
| (41157685)<br>| &nbsp;&nbsp;&nbsp; (25010391)<br>| &nbsp;&nbsp;&nbsp; (8885738)<br>| &nbsp;&nbsp;&nbsp; (25072639)<br>|
| (306)<br>| &nbsp;&nbsp;&nbsp; 1007 | &nbsp;&nbsp;&nbsp; 1299 | &nbsp;&nbsp;&nbsp; 2961 |
| (41157991)<br>| &nbsp;&nbsp;&nbsp; (25009384)<br>| &nbsp;&nbsp;&nbsp; (8884439)<br>| &nbsp;&nbsp;&nbsp; (25069678)<br>|
| (20095981)<br>| &nbsp;&nbsp;&nbsp; (452584)<br>| &nbsp;&nbsp;&nbsp; (733537)<br>| &nbsp;&nbsp;&nbsp; (12035808)<br>|
| $(18511622)<br>| &nbsp;&nbsp;&nbsp; $4174362 | &nbsp;&nbsp;&nbsp; $99097 | &nbsp;&nbsp;&nbsp; $(8754582)<br>|

---

------

**23**

------

**Statements of Changes in Net Assets**

For the years ended April 30, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P 500**<sup>®</sup> <br>**Pure Growth ETF (RPG)** | **Invesco S&P 500**<sup>®</sup> <br>**Pure Growth ETF (RPG)** | **Invesco S&P 500**<sup>®</sup> <br>**Pure Value ETF (RPV)** | **Invesco S&P 500**<sup>®</sup> <br>**Pure Value ETF (RPV)** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $4496520 | &nbsp;&nbsp;&nbsp; $16871290 | &nbsp;&nbsp;&nbsp; $42845800 | &nbsp;&nbsp;&nbsp; $42352016 |
| Net realized gain (loss) | &nbsp;&nbsp; 338739804 | &nbsp;&nbsp;&nbsp; 110672330 | &nbsp;&nbsp;&nbsp; 193748249 | &nbsp;&nbsp;&nbsp; (95105548)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (140650338)<br>| &nbsp;&nbsp;&nbsp; 114526934 | &nbsp;&nbsp;&nbsp; (36356437)<br>| &nbsp;&nbsp;&nbsp; 213521700 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 202585986 | &nbsp;&nbsp;&nbsp; 242070554 | &nbsp;&nbsp;&nbsp; 200237612 | &nbsp;&nbsp;&nbsp; 160768168 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (4461943)<br>| &nbsp;&nbsp;&nbsp; (18998910)<br>| &nbsp;&nbsp;&nbsp; (41551692)<br>| &nbsp;&nbsp;&nbsp; (47768532)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 783145918 | &nbsp;&nbsp;&nbsp; 141988497 | &nbsp;&nbsp;&nbsp; 796206482 | &nbsp;&nbsp;&nbsp; 569834367 |
| Value of shares repurchased | &nbsp;&nbsp; (1024773054)<br>| &nbsp;&nbsp;&nbsp; (802545036)<br>| &nbsp;&nbsp;&nbsp; (1705666420)<br>| &nbsp;&nbsp;&nbsp; (1375093997)<br>|
| Net increase (decrease) in net assets resulting from share <br> transactions<br>| &nbsp;&nbsp; (241627136)<br>| &nbsp;&nbsp;&nbsp; (660556539)<br>| &nbsp;&nbsp;&nbsp; (909459938)<br>| &nbsp;&nbsp;&nbsp; (805259630)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (43503093)<br>| &nbsp;&nbsp;&nbsp; (437484895)<br>| &nbsp;&nbsp;&nbsp; (750774018)<br>| &nbsp;&nbsp;&nbsp; (692259994)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 1516560802 | &nbsp;&nbsp;&nbsp; 1954045697 | &nbsp;&nbsp;&nbsp; 2026894324 | &nbsp;&nbsp;&nbsp; 2719154318 |
| End of year | &nbsp;&nbsp; $1473057709 | &nbsp;&nbsp;&nbsp; $1516560802 | &nbsp;&nbsp;&nbsp; $1276120306 | &nbsp;&nbsp;&nbsp; $2026894324 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 18820000 | &nbsp;&nbsp;&nbsp; 4260000 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 8950000 | &nbsp;&nbsp;&nbsp; 6900000 |
| Shares repurchased | &nbsp;&nbsp; (25330000)<br>| &nbsp;&nbsp;&nbsp; (24310000 )<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; (18800000)<br>| &nbsp;&nbsp;&nbsp; (18400000)<br>|
| Shares outstanding, beginning of year | &nbsp;&nbsp; 44051495 | &nbsp;&nbsp;&nbsp; 64101495 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 24272836 | &nbsp;&nbsp;&nbsp; 35772836 |
| Shares outstanding, end of year | &nbsp;&nbsp; 37541495 | &nbsp;&nbsp;&nbsp; 44051495 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 14422836 | &nbsp;&nbsp;&nbsp; 24272836 |

---

<sup>(a)</sup> Changes in shares outstanding have been restated to reflect a five-for-one stock split effective after the close of business on July 14, 2023.

<sup>(b)</sup> Changes in shares outstanding have been restated to reflect a ten-for-one stock split effective after the close of business on July 14, 2023.

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

------

**24**

------

---

| | | | |
|:---|:---|:---|:---|
| **Invesco S&P 500**<sup>®</sup> <br>**Top 50 ETF (XLG)** | **Invesco S&P 500**<sup>®</sup> <br>**Top 50 ETF (XLG)** | **Invesco S&P Midcap 400**<sup>®</sup> <br>**Pure Growth ETF (RFG)** | **Invesco S&P Midcap 400**<sup>®</sup> <br>**Pure Growth ETF (RFG)** |
| **2025** | **2024** | **2025** | **2024** |
| $55319285 | &nbsp;&nbsp;&nbsp; $29395182 | &nbsp;&nbsp;&nbsp; $1584359 | &nbsp;&nbsp;&nbsp; $2244119 |
| 861729917 | &nbsp;&nbsp;&nbsp; 195783227 | &nbsp;&nbsp;&nbsp; 21062010 | &nbsp;&nbsp;&nbsp; 31704097 |
| (494856562)<br>| &nbsp;&nbsp;&nbsp; 483463250 | &nbsp;&nbsp;&nbsp; (41157991)<br>| &nbsp;&nbsp;&nbsp; 34565807 |
| 422192640 | &nbsp;&nbsp;&nbsp; 708641659 | &nbsp;&nbsp;&nbsp; (18511622)<br>| &nbsp;&nbsp;&nbsp; 68514023 |
| (52316387)<br>| &nbsp;&nbsp;&nbsp; (28946952)<br>| &nbsp;&nbsp;&nbsp; (1004258)<br>| &nbsp;&nbsp;&nbsp; (2300627)<br>|
| 5820944698 | &nbsp;&nbsp;&nbsp; 1576782039 | &nbsp;&nbsp;&nbsp; 13866830 | &nbsp;&nbsp;&nbsp; 57723449 |
| (1967644715)<br>| &nbsp;&nbsp;&nbsp; (492191421)<br>| &nbsp;&nbsp;&nbsp; (61841083)<br>| &nbsp;&nbsp;&nbsp; (29522383)<br>|
| 3853299983 | &nbsp;&nbsp;&nbsp; 1084590618 | &nbsp;&nbsp;&nbsp; (47974253)<br>| &nbsp;&nbsp;&nbsp; 28201066 |
| 4223176236 | &nbsp;&nbsp;&nbsp; 1764285325 | &nbsp;&nbsp;&nbsp; (67490133)<br>| &nbsp;&nbsp;&nbsp; 94414462 |
| 3957670937 | &nbsp;&nbsp;&nbsp; 2193385612 | &nbsp;&nbsp;&nbsp; 338923937 | &nbsp;&nbsp;&nbsp; 244509475 |
| $8180847173 | &nbsp;&nbsp;&nbsp; $3957670937 | &nbsp;&nbsp;&nbsp; $271433804 | &nbsp;&nbsp;&nbsp; $338923937 |
| 122300000 | &nbsp;&nbsp;&nbsp; 42680000 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp; 1190000 <br><sup>(a)</sup><br>|
| (41430000)<br>| &nbsp;&nbsp;&nbsp; (14030000 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (1290000)<br>| &nbsp;&nbsp;&nbsp; (750000 )<sup>(a)</sup><br>|
| 97557850 | &nbsp;&nbsp;&nbsp; 68907850 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 7140105 | &nbsp;&nbsp;&nbsp; 6700105 <br><sup>(a)</sup><br>|
| 178427850 | &nbsp;&nbsp;&nbsp; 97557850 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 6130105 | &nbsp;&nbsp;&nbsp; 7140105 <br><sup>(a)</sup><br>|

---

------

**25**

------

**Statements of Changes in Net Assets—(continued)**

For the years ended April 30, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P MidCap 400**<sup>®</sup> <br>**Pure Value ETF (RFV)** | **Invesco S&P MidCap 400**<sup>®</sup> <br>**Pure Value ETF (RFV)** | **Invesco S&P SmallCap 600**<sup>®</sup> <br>**Pure Growth ETF (RZG)** | **Invesco S&P SmallCap 600**<sup>®</sup> <br>**Pure Growth ETF (RZG)** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $4626946 | &nbsp;&nbsp;&nbsp; $3597349 | &nbsp;&nbsp;&nbsp; $832634 | &nbsp;&nbsp;&nbsp; $1145552 |
| Net realized gain | &nbsp;&nbsp; 24556800 | &nbsp;&nbsp;&nbsp; 20528125 | &nbsp;&nbsp;&nbsp; 8150902 | &nbsp;&nbsp;&nbsp; 3327790 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (25009384)<br>| &nbsp;&nbsp;&nbsp; 17685898 | &nbsp;&nbsp;&nbsp; (8884439)<br>| &nbsp;&nbsp;&nbsp; 14303945 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 4174362 | &nbsp;&nbsp;&nbsp; 41811372 | &nbsp;&nbsp;&nbsp; 99097 | &nbsp;&nbsp;&nbsp; 18777287 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (4344442)<br>| &nbsp;&nbsp;&nbsp; (3672032)<br>| &nbsp;&nbsp;&nbsp; (810046)<br>| &nbsp;&nbsp;&nbsp; (1339610)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 92869200 | &nbsp;&nbsp;&nbsp; 200317735 | &nbsp;&nbsp;&nbsp; 18003825 | &nbsp;&nbsp;&nbsp; 466959 |
| Value of shares repurchased | &nbsp;&nbsp; (164266511)<br>| &nbsp;&nbsp;&nbsp; (189453936)<br>| &nbsp;&nbsp;&nbsp; (17575838)<br>| &nbsp;&nbsp;&nbsp; (6544962)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (71397311)<br>| &nbsp;&nbsp;&nbsp; 10863799 | &nbsp;&nbsp;&nbsp; 427987 | &nbsp;&nbsp;&nbsp; (6078003)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (71567391)<br>| &nbsp;&nbsp;&nbsp; 49003139 | &nbsp;&nbsp;&nbsp; (282962)<br>| &nbsp;&nbsp;&nbsp; 11359674 |
| **Net assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 299108501 | &nbsp;&nbsp;&nbsp; 250105362 | &nbsp;&nbsp;&nbsp; 98911922 | &nbsp;&nbsp;&nbsp; 87552248 |
| End of year | &nbsp;&nbsp; $227541110 | &nbsp;&nbsp;&nbsp; $299108501 | &nbsp;&nbsp;&nbsp; $98628960 | &nbsp;&nbsp;&nbsp; $98911922 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp; 1830000 | &nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp; 10000 <br><sup>(a)</sup><br>|
| Shares repurchased | &nbsp;&nbsp; (1400000)<br>| &nbsp;&nbsp;&nbsp; (1790000)<br>| &nbsp;&nbsp;&nbsp; (360000)<br>| &nbsp;&nbsp;&nbsp; (150000 )<sup>(a)</sup><br>|
| Shares outstanding, beginning of year | &nbsp;&nbsp; 2710499 | &nbsp;&nbsp;&nbsp; 2670499 | &nbsp;&nbsp;&nbsp; 2140012 | &nbsp;&nbsp;&nbsp; 2280012 <br><sup>(a)</sup><br>|
| Shares outstanding, end of year | &nbsp;&nbsp; 2090499 | &nbsp;&nbsp;&nbsp; 2710499 | &nbsp;&nbsp;&nbsp; 2140012 | &nbsp;&nbsp;&nbsp; 2140012 <br><sup>(a)</sup><br>|

---

<sup>(a)</sup> Changes in shares outstanding have been restated to reflect a three-for-one stock split effective after the close of business on July 14, 2023.

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

------

**26**

------

---

| | |
|:---|:---|
| **Invesco S&P SmallCap 600**<sup>®</sup> <br>**Pure Value ETF (RZV)** | **Invesco S&P SmallCap 600**<sup>®</sup> <br>**Pure Value ETF (RZV)** |
| **2025** | **2024** |
| $3281226 | &nbsp;&nbsp;&nbsp; $2816700 |
| 13033870 | &nbsp;&nbsp;&nbsp; 17926340 |
| (25069678)<br>| &nbsp;&nbsp;&nbsp; 8763315 |
| (8754582)<br>| &nbsp;&nbsp;&nbsp; 29506355 |
| (3224473)<br>| &nbsp;&nbsp;&nbsp; (3018693)<br>|
| 105512263 | &nbsp;&nbsp;&nbsp; 73553737 |
| (131148821)<br>| &nbsp;&nbsp;&nbsp; (148406608)<br>|
| (25636558)<br>| &nbsp;&nbsp;&nbsp; (74852871)<br>|
| (37615613)<br>| &nbsp;&nbsp;&nbsp; (48365209)<br>|
| 222242663 | &nbsp;&nbsp;&nbsp; 270607872 |
| $184627050 | &nbsp;&nbsp;&nbsp; $222242663 |
| 960000 | &nbsp;&nbsp;&nbsp; 720000 |
| (1200000)<br>| &nbsp;&nbsp;&nbsp; (1540000)<br>|
| 2240040 | &nbsp;&nbsp;&nbsp; 3060040 |
| 2000040 | &nbsp;&nbsp;&nbsp; 2240040 |

---

------

**27**

------

**Financial Highlights**

Invesco S&P 500<sup>®</sup> Pure Growth ETF (RPG)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024**<sup>(a)</sup> <br>| **2023**<sup>(a)</sup> <br>| **2022**<sup>(a)</sup> <br>| **2021**<sup>(a)</sup> <br>|
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $34.43 | &nbsp;&nbsp;&nbsp; $30.48 | &nbsp;&nbsp;&nbsp; $31.74 | &nbsp;&nbsp;&nbsp; $34.53 | &nbsp;&nbsp;&nbsp; $23.35 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;3.98 | &nbsp;&nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp;&nbsp; (2.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.20 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.27 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (0.09)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $39.24 | &nbsp;&nbsp;&nbsp; $34.43 | &nbsp;&nbsp;&nbsp; $30.48 | &nbsp;&nbsp;&nbsp; $31.74 | &nbsp;&nbsp;&nbsp; $34.53 |
| Market price at end of year<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $39.20 | &nbsp;&nbsp;&nbsp; $34.43 | &nbsp;&nbsp;&nbsp; $30.48 | &nbsp;&nbsp;&nbsp; $31.75 | &nbsp;&nbsp;&nbsp; $34.54 |
| **Net Asset Value Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.15<br> %<br>| &nbsp;&nbsp;&nbsp; (2.74)%<br>| &nbsp;&nbsp;&nbsp; (8.08)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48.37<br> %<br>|
| **Market Price Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.17<br> %<br>| &nbsp;&nbsp;&nbsp; (2.77)%<br>| &nbsp;&nbsp;&nbsp; (8.10)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48.40<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $1473058 | &nbsp;&nbsp;&nbsp; $1516561 | &nbsp;&nbsp;&nbsp; $1954046 | &nbsp;&nbsp;&nbsp; $2282336 | &nbsp;&nbsp;&nbsp; $2650386 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp;&nbsp; 86<br> %<br>| &nbsp;&nbsp;&nbsp; 78<br> %<br>| &nbsp;&nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp; 56<br> %<br>|

---

<sup>(a)</sup> Per share amounts have been adjusted to reflect a five-for-one stock split effective after the close of business on July 14, 2023.

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

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

Invesco S&P 500<sup>®</sup> Pure Value ETF (RPV)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $83.50 | &nbsp;&nbsp;&nbsp; $76.01 | &nbsp;&nbsp;&nbsp; $81.61 | &nbsp;&nbsp;&nbsp; $76.85 | &nbsp;&nbsp;&nbsp; $45.75 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;5.01 | &nbsp;&nbsp;&nbsp;&nbsp;7.70 | &nbsp;&nbsp;&nbsp; (5.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;&nbsp;31.03 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;7.07 | &nbsp;&nbsp;&nbsp;&nbsp;9.48 | &nbsp;&nbsp;&nbsp; (3.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.15 | &nbsp;&nbsp;&nbsp;&nbsp;32.34 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp;&nbsp; (1.24)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $88.48 | &nbsp;&nbsp;&nbsp; $83.50 | &nbsp;&nbsp;&nbsp; $76.01 | &nbsp;&nbsp;&nbsp; $81.61 | &nbsp;&nbsp;&nbsp; $76.85 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $88.40 | &nbsp;&nbsp;&nbsp; $83.53 | &nbsp;&nbsp;&nbsp; $76.00 | &nbsp;&nbsp;&nbsp; $81.60 | &nbsp;&nbsp;&nbsp; $76.88 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.63<br> %<br>| &nbsp;&nbsp;&nbsp; (4.31)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 71.67<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.69<br> %<br>| &nbsp;&nbsp;&nbsp; (4.31)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 71.32<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $1276120 | &nbsp;&nbsp;&nbsp; $2026894 | &nbsp;&nbsp;&nbsp; $2719154 | &nbsp;&nbsp;&nbsp; $3773241 | &nbsp;&nbsp;&nbsp; $2238854 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.16<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 46<br> %<br>|

---

<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> 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**

------

**Financial Highlights—(continued)**

Invesco S&P 500<sup>®</sup> Top 50 ETF (XLG)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024**<sup>(a)</sup> <br>| **2023**<sup>(a)</sup> <br>| **2022**<sup>(a)</sup> <br>| **2021**<sup>(a)</sup> <br>|
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $40.57 | &nbsp;&nbsp;&nbsp; $31.83 | &nbsp;&nbsp;&nbsp; $31.41 | &nbsp;&nbsp;&nbsp; $31.36 | &nbsp;&nbsp;&nbsp; $22.23 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;5.25 | &nbsp;&nbsp;&nbsp;&nbsp;8.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;9.11 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;5.64 | &nbsp;&nbsp;&nbsp;&nbsp;9.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;9.48 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $45.85 | &nbsp;&nbsp;&nbsp; $40.57 | &nbsp;&nbsp;&nbsp; $31.83 | &nbsp;&nbsp;&nbsp; $31.41 | &nbsp;&nbsp;&nbsp; $31.36 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $45.77 | &nbsp;&nbsp;&nbsp; $40.57 | &nbsp;&nbsp;&nbsp; $31.82 | &nbsp;&nbsp;&nbsp; $31.38 | &nbsp;&nbsp;&nbsp; $31.36 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42.97<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42.85<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $8180847 | &nbsp;&nbsp;&nbsp; $3957671 | &nbsp;&nbsp;&nbsp; $2193386 | &nbsp;&nbsp;&nbsp; $2139342 | &nbsp;&nbsp;&nbsp; $1812843 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>|

---

<sup>(a)</sup> Per share amounts have been adjusted to reflect a ten-for-one stock split effective after the close of business July 14, 2023.

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

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

Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF (RFG)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024**<sup>(a)</sup> <br>| **2023**<sup>(a)</sup> <br>| **2022**<sup>(a)</sup> <br>| **2021**<sup>(a)</sup> <br>|
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $47.47 | &nbsp;&nbsp;&nbsp; $36.49 | &nbsp;&nbsp;&nbsp; $37.33 | &nbsp;&nbsp;&nbsp; $45.65 | &nbsp;&nbsp;&nbsp; $26.40 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>|
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (3.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.99 | &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp; (8.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.32 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (3.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.34 | &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (8.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.32 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $44.28 | &nbsp;&nbsp;&nbsp; $47.47 | &nbsp;&nbsp;&nbsp; $36.49 | &nbsp;&nbsp;&nbsp; $37.33 | &nbsp;&nbsp;&nbsp; $45.65 |
| Market price at end of year<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $44.26 | &nbsp;&nbsp;&nbsp; $47.46 | &nbsp;&nbsp;&nbsp; $36.48 | &nbsp;&nbsp;&nbsp; $37.30 | &nbsp;&nbsp;&nbsp; $45.65 |
| **Net Asset Value Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; (6.46)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.21<br> %<br>| &nbsp;&nbsp;&nbsp; (1.27)%<br>| &nbsp;&nbsp;&nbsp; (18.15)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 73.26<br> %<br>|
| **Market Price Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; (6.48)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.23<br> %<br>| &nbsp;&nbsp;&nbsp; (1.18)%<br>| &nbsp;&nbsp;&nbsp; (18.21)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 72.95<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $271434 | &nbsp;&nbsp;&nbsp; $338924 | &nbsp;&nbsp;&nbsp; $244509 | &nbsp;&nbsp;&nbsp; $283734 | &nbsp;&nbsp;&nbsp; $403991 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 77<br> %<br>| &nbsp;&nbsp;&nbsp; 89<br> %<br>| &nbsp;&nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp;&nbsp; 83<br> %<br>| &nbsp;&nbsp;&nbsp; 73<br> %<br>|

---

<sup>(a)</sup> Per share amounts have been adjusted to reflect a five-for-one stock split effective after the close of business on July 14, 2023.

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

<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> 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**

------

**Financial Highlights—(continued)**

Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF (RFV)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $110.35 | &nbsp;&nbsp;&nbsp; $93.65 | &nbsp;&nbsp;&nbsp; $89.82 | &nbsp;&nbsp;&nbsp; $93.56 | &nbsp;&nbsp;&nbsp; $46.79 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.77 | &nbsp;&nbsp;&nbsp;&nbsp; 3.98 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (3.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;47.07 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;18.15 | &nbsp;&nbsp;&nbsp;&nbsp;5.67 | &nbsp;&nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;47.79 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp;&nbsp; (1.84)<br>| &nbsp;&nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp;&nbsp; (1.02)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $108.85 | &nbsp;&nbsp;&nbsp; $110.35 | &nbsp;&nbsp;&nbsp; $93.65 | &nbsp;&nbsp;&nbsp; $89.82 | &nbsp;&nbsp;&nbsp; $93.56 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $108.78 | &nbsp;&nbsp;&nbsp; $110.40 | &nbsp;&nbsp;&nbsp; $93.60 | &nbsp;&nbsp;&nbsp; $89.63 | &nbsp;&nbsp;&nbsp; $93.64 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.50<br> %<br>| &nbsp;&nbsp;&nbsp; (2.28)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 103.18<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.67<br> %<br>| &nbsp;&nbsp;&nbsp; (2.56)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 103.05<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $227541 | &nbsp;&nbsp;&nbsp; $299109 | &nbsp;&nbsp;&nbsp; $250105 | &nbsp;&nbsp;&nbsp; $140168 | &nbsp;&nbsp;&nbsp; $163779 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp;&nbsp; 65<br> %<br>|

---

<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> 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**

------

**Financial Highlights—(continued)**

Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF (RZG)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024**<sup>(a)</sup> <br>| **2023**<sup>(a)</sup> <br>| **2022**<sup>(a)</sup> <br>| **2021**<sup>(a)</sup> <br>|
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $46.22 | &nbsp;&nbsp;&nbsp; $38.40 | &nbsp;&nbsp;&nbsp; $41.35 | &nbsp;&nbsp;&nbsp; $52.95 | &nbsp;&nbsp;&nbsp; $29.27 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp; 0.69 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.91 | &nbsp;&nbsp;&nbsp; (2.91)<br>| &nbsp;&nbsp;&nbsp; (11.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.68 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;8.43 | &nbsp;&nbsp;&nbsp; (2.22)<br>| &nbsp;&nbsp;&nbsp; (11.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.84 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $46.09 | &nbsp;&nbsp;&nbsp; $46.22 | &nbsp;&nbsp;&nbsp; $38.40 | &nbsp;&nbsp;&nbsp; $41.35 | &nbsp;&nbsp;&nbsp; $52.95 |
| Market price at end of year<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $46.07 | &nbsp;&nbsp;&nbsp; $46.25 | &nbsp;&nbsp;&nbsp; $38.39 | &nbsp;&nbsp;&nbsp; $41.29 | &nbsp;&nbsp;&nbsp; $52.91 |
| **Net Asset Value Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.08<br> %<br>| &nbsp;&nbsp;&nbsp; (5.36)%<br>| &nbsp;&nbsp;&nbsp; (21.63)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 81.63<br> %<br>|
| **Market Price Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.17<br> %<br>| &nbsp;&nbsp;&nbsp; (5.26)%<br>| &nbsp;&nbsp;&nbsp; (21.68)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 81.22<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $98629 | &nbsp;&nbsp;&nbsp; $98912 | &nbsp;&nbsp;&nbsp; $87552 | &nbsp;&nbsp;&nbsp; $109161 | &nbsp;&nbsp;&nbsp; $138188 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 70<br> %<br>| &nbsp;&nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp;&nbsp; 72<br> %<br>| &nbsp;&nbsp;&nbsp; 80<br> %<br>| &nbsp;&nbsp;&nbsp; 79<br> %<br>|

---

<sup>(a)</sup> Per share amounts have been adjusted to reflect a three-for-one stock split effective after the close of business on July 14, 2023.

<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 $0.58 and 1.43%, 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> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF (RZV)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $99.21 | &nbsp;&nbsp;&nbsp; $88.43 | &nbsp;&nbsp;&nbsp; $91.58 | &nbsp;&nbsp;&nbsp; $88.82 | &nbsp;&nbsp;&nbsp; $43.07 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (6.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.88 | &nbsp;&nbsp;&nbsp; (3.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;45.63 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (5.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.00 | &nbsp;&nbsp;&nbsp; (1.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;46.20 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $92.31 | &nbsp;&nbsp;&nbsp; $99.21 | &nbsp;&nbsp;&nbsp; $88.43 | &nbsp;&nbsp;&nbsp; $91.58 | &nbsp;&nbsp;&nbsp; $88.82 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $92.27 | &nbsp;&nbsp;&nbsp; $99.27 | &nbsp;&nbsp;&nbsp; $88.38 | &nbsp;&nbsp;&nbsp; $91.61 | &nbsp;&nbsp;&nbsp; $88.87 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (5.65)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.62<br> %<br>| &nbsp;&nbsp;&nbsp; (1.92)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 107.66<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (5.75)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.75<br> %<br>| &nbsp;&nbsp;&nbsp; (2.02)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 107.44<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $184627 | &nbsp;&nbsp;&nbsp; $222243 | &nbsp;&nbsp;&nbsp; $270608 | &nbsp;&nbsp;&nbsp; $285718 | &nbsp;&nbsp;&nbsp; $337507 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 73<br> %<br>| &nbsp;&nbsp;&nbsp; 72<br> %<br>| &nbsp;&nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp;&nbsp; 54<br> %<br>| &nbsp;&nbsp;&nbsp; 74<br> %<br>|

---

<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> 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**

------

**Notes to Financial Statements**

Invesco Exchange-Traded Fund Trust

April 30, 2025

**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** |
| Invesco S&P 500<sup>®</sup> Pure Growth ETF (RPG)<br> "S&P 500<sup>®</sup> Pure Growth ETF" |
| Invesco S&P 500<sup>®</sup> Pure Value ETF (RPV)<br> "S&P 500<sup>®</sup> Pure Value ETF" |
| Invesco S&P 500<sup>®</sup> Top 50 ETF (XLG)<br> "S&P 500<sup>®</sup> Top 50 ETF" |
| Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF (RFG)<br> "S&P MidCap 400<sup>®</sup> Pure Growth ETF" |
| Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF (RFV)<br> "S&P MidCap 400<sup>®</sup> Pure Value ETF" |
| Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF (RZG)<br> "S&P SmallCap 600<sup>®</sup> Pure Growth ETF" |
| Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF (RZV)<br> "S&P SmallCap 600<sup>®</sup> Pure Value ETF" |

---

Each portfolio (each, a "Fund", and collectively, the "Funds") represents a separate series of the Trust. The shares of the Funds are referred to herein as "Shares" or "Fund's Shares." Each Fund's Shares are listed and traded on NYSE Arca, Inc.

The market price of each Share may differ to some degree from a Fund's net asset value ("NAV"). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a "Creation Unit", as set forth in each Fund's prospectus. Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities ("Deposit Securities"), though each Fund reserves the right to issue and redeem Creation Units in exchange for cash. 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):

---

| |
|:---|
| **Fund** |
| S&P 500<sup>®</sup> Pure Growth ETF<br> S&P 500<sup>®</sup> Pure Growth Index |
| S&P 500<sup>®</sup> Pure Value ETF<br> S&P 500<sup>®</sup> Pure Value Index |
| S&P 500<sup>®</sup> Top 50 ETF<br> S&P 500<sup>®</sup> Top 50 Index |
| S&P MidCap 400<sup>®</sup> Pure Growth ETF<br> S&P MidCap 400<sup>®</sup> Pure Growth Index |
| S&P MidCap 400<sup>®</sup> Pure Value ETF<br> S&P MidCap 400<sup>®</sup> Pure Value Index |
| S&P SmallCap 600<sup>®</sup> Pure Growth ETF<br> S&P SmallCap 600<sup>®</sup> Pure Growth Index |
| S&P SmallCap 600<sup>®</sup> Pure Value ETF<br> S&P SmallCap 600<sup>®</sup> Pure Value Index |

---

**NOTE 2—Significant Accounting Policies**

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

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") 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 or ask 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. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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.

------

**32**

------

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask 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/ask 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, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, 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

------

**33**

------

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 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 pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund

------

**34**

------

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 the Adviser (an "Interested Trustee"), 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 or the Adviser (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.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds' chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements. Adoption of the new standard impacted the Funds' financial statement note disclosures only and did not affect the Funds' financial position or the results of its operations.

**J.** **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

------

**35**

------

received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Securities lending income, net* 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 securities 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 fiscal year ended April 30, 2025, 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, net* on the Statements of Operations, were incurred by each Fund as listed below:

---

| | |
|:---|:---|
|  | **Amount** |
| S&P 500<sup>®</sup> Pure Growth ETF | $8377 |
| S&P 500<sup>®</sup> Pure Value ETF | 6444 |
| S&P 500<sup>®</sup> Top 50 ETF | 1842 |
| S&P MidCap 400<sup>®</sup> Pure Growth ETF | 5005 |
| S&P MidCap 400<sup>®</sup> Pure Value ETF | 5978 |
| S&P SmallCap 600<sup>®</sup> Pure Growth ETF | 3529 |
| S&P SmallCap 600<sup>®</sup> Pure Value ETF | 9366 |

---

**K.** **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. Additionally, to the extent that a Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that a Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or 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 Investing 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 that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective 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. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security's current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index's

------

**36**

------

rebalance schedule will result in corresponding changes to each Fund's rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund's performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

*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, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund's NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.

During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value.

*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 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*. For certain Funds, 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.

**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 pays 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

------

**37**

------

of an Interested Trustee, 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)**<br>|
| S&P 500<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| S&P 500<sup>®</sup> Pure Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| S&P 500<sup>®</sup> Top 50 ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| S&P MidCap 400<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| S&P MidCap 400<sup>®</sup> Pure Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| S&P SmallCap 600<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| S&P SmallCap 600<sup>®</sup> Pure Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|

---

Through at least August 31, 2027, 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 fiscal year ended April 30, 2025, the Adviser waived fees for each Fund in the following amounts:

---

| | |
|:---|:---|
| S&P 500<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp;&nbsp; $571 |
| S&P 500<sup>®</sup> Pure Value ETF | &nbsp;&nbsp;&nbsp; 1370 |
| S&P 500<sup>®</sup> Top 50 ETF | &nbsp;&nbsp;&nbsp; 2252 |
| S&P MidCap 400<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp;&nbsp; 87 |
| S&P MidCap 400<sup>®</sup> Pure Value ETF | &nbsp;&nbsp;&nbsp; 158 |
| S&P SmallCap 600<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp;&nbsp; 42 |
| S&P SmallCap 600<sup>®</sup> Pure Value ETF | &nbsp;&nbsp;&nbsp; 44 |

---

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

The Adviser has entered into licensing agreements on behalf of each Fund with S&P Dow Jones Indices LLC (the "Licensor").

Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust's sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.

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

For the fiscal year ended April 30, 2025, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

---

| | |
|:---|:---|
| S&P 500<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp;&nbsp; $37166 |
| S&P 500<sup>®</sup> Pure Value ETF | &nbsp;&nbsp;&nbsp; 100205 |
| S&P 500<sup>®</sup> Top 50 ETF | &nbsp;&nbsp;&nbsp; 21544 |
| S&P MidCap 400<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp;&nbsp; 33932 |
| S&P MidCap 400<sup>®</sup> Pure Value ETF | &nbsp;&nbsp;&nbsp; 58184 |
| S&P SmallCap 600<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp;&nbsp; 24335 |
| S&P SmallCap 600<sup>®</sup> Pure Value ETF | &nbsp;&nbsp;&nbsp; 74073 |

---

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

------

**38**

------

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 fiscal year ended April 30, 2025, the following Funds engaged in transactions with affiliates as listed below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Securities Purchases** | **Securities Sales** | **Net Realized Gains\*** |
| S&P 500<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; $25185320 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| S&P MidCap 400<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; 9472522 | &nbsp;&nbsp; 4485652 |

---

\* 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 April 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| S&P 500<sup>®</sup> Pure Growth ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $1472694045 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1472694045 |
| Money Market Funds | &nbsp;&nbsp; 493940 | &nbsp;&nbsp; 169757384 | &nbsp;&nbsp; - | &nbsp;&nbsp; 170251324 |
| **Total Investments** | &nbsp;&nbsp; $1473187985 | &nbsp;&nbsp; $169757384 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1642945369 |
| S&P 500<sup>®</sup> Pure Value ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $1274951411 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1274951411 |
| Money Market Funds | &nbsp;&nbsp; 417307 | &nbsp;&nbsp; 59670507 | &nbsp;&nbsp; - | &nbsp;&nbsp; 60087814 |
| **Total Investments** | &nbsp;&nbsp; $1275368718 | &nbsp;&nbsp; $59670507 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1335039225 |
| S&P 500<sup>®</sup> Top 50 ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $8174864763 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $8174864763 |
| Money Market Funds | &nbsp;&nbsp; 3450520 | &nbsp;&nbsp; 6435481 | &nbsp;&nbsp; - | &nbsp;&nbsp; 9886001 |
| **Total Investments** | &nbsp;&nbsp; $8178315283 | &nbsp;&nbsp; $6435481 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $8184750764 |
| S&P MidCap 400<sup>®</sup> Pure Growth ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $271421807 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $271421807 |
| Money Market Funds | &nbsp;&nbsp; 44577 | &nbsp;&nbsp; 55983859 | &nbsp;&nbsp; - | &nbsp;&nbsp; 56028436 |
| **Total Investments** | &nbsp;&nbsp; $271466384 | &nbsp;&nbsp; $55983859 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $327450243 |

---

------

**39**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| S&P MidCap 400<sup>®</sup> Pure Value ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $227585405 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $227585405 |
| Money Market Funds | &nbsp;&nbsp; 129494 | &nbsp;&nbsp; 71636429 | &nbsp;&nbsp; - | &nbsp;&nbsp; 71765923 |
| **Total Investments** | &nbsp;&nbsp; $227714899 | &nbsp;&nbsp; $71636429 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $299351328 |
| S&P SmallCap 600<sup>®</sup> Pure Growth ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $98557802 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $98557802 |
| Money Market Funds | &nbsp;&nbsp; 36638 | &nbsp;&nbsp; 32717667 | &nbsp;&nbsp; - | &nbsp;&nbsp; 32754305 |
| **Total Investments** | &nbsp;&nbsp; $98594440 | &nbsp;&nbsp; $32717667 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $131312107 |
| S&P SmallCap 600<sup>®</sup> Pure Value ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $184339990 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $184339990 |
| Money Market Funds | &nbsp;&nbsp; 161678 | &nbsp;&nbsp; 57212889 | &nbsp;&nbsp; - | &nbsp;&nbsp; 57374567 |
| **Total Investments** | &nbsp;&nbsp; $184501668 | &nbsp;&nbsp; $57212889 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $241714557 |

---

**NOTE 6—Distributions to Shareholders and Tax Components of Net Assets**

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **Ordinary** <br>**Income\***<br>| **Ordinary** <br>**Income\***<br>|
| S&P 500<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; $4461943 | &nbsp;&nbsp; $18998910 |
| S&P 500<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 41551692 | &nbsp;&nbsp; 47768532 |
| S&P 500<sup>®</sup> Top 50 ETF | &nbsp;&nbsp; 52316387 | &nbsp;&nbsp; 28946952 |
| S&P MidCap 400<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; 1004258 | &nbsp;&nbsp; 2300627 |
| S&P MidCap 400<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 4344442 | &nbsp;&nbsp; 3672032 |
| S&P SmallCap 600<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; 810046 | &nbsp;&nbsp; 1339610 |
| S&P SmallCap 600<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 3224473 | &nbsp;&nbsp; 3018693 |

---

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

Tax Components of Net Assets at Fiscal Year-End:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary** <br>**Income**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)-** <br>**Investments**<br>| **Capital Loss** <br>**Carryforwards**<br>| **Shares of** <br>**Beneficial** <br>**Interest**<br>| **Total** <br>**Net Assets**<br>|
| S&P 500<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; $34577 | &nbsp;&nbsp; $57641068 | &nbsp;&nbsp; $(767917128)<br>| &nbsp;&nbsp; $2183299192 | &nbsp;&nbsp; $1473057709 |
| S&P 500<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 1294108 | &nbsp;&nbsp; (160948809)<br>| &nbsp;&nbsp; (769371406)<br>| &nbsp;&nbsp; 2205146413 | &nbsp;&nbsp; 1276120306 |
| S&P 500<sup>®</sup> Top 50 ETF | &nbsp;&nbsp; 5249646 | &nbsp;&nbsp; 278787365 | &nbsp;&nbsp; (158923070)<br>| &nbsp;&nbsp; 8055733232 | &nbsp;&nbsp; 8180847173 |
| S&P MidCap 400<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; 580101 | &nbsp;&nbsp; 1034941 | &nbsp;&nbsp; (219805944)<br>| &nbsp;&nbsp; 489624706 | &nbsp;&nbsp; 271433804 |
| S&P MidCap 400<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 282504 | &nbsp;&nbsp; (30308666)<br>| &nbsp;&nbsp; (88645013)<br>| &nbsp;&nbsp; 346212285 | &nbsp;&nbsp; 227541110 |
| S&P SmallCap 600<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; 14624 | &nbsp;&nbsp; 2067437 | &nbsp;&nbsp; (131566382)<br>| &nbsp;&nbsp; 228113281 | &nbsp;&nbsp; 98628960 |
| S&P SmallCap 600<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 63723 | &nbsp;&nbsp; (38324389)<br>| &nbsp;&nbsp; (203173330)<br>| &nbsp;&nbsp; 426061046 | &nbsp;&nbsp; 184627050 |

---

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

The Funds have capital loss carryforwards as of April 30, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total\*** |
| S&P 500<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; $434176054 | &nbsp;&nbsp; $333741074 | &nbsp;&nbsp; $767917128 |
| S&P 500<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 316511937 | &nbsp;&nbsp; 452859469 | &nbsp;&nbsp; 769371406 |
| S&P 500<sup>®</sup> Top 50 ETF | &nbsp;&nbsp; 58240197 | &nbsp;&nbsp; 100682873 | &nbsp;&nbsp; 158923070 |

---

------

**40**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total\*** |
| S&P MidCap 400<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; $159431103 | &nbsp;&nbsp; $60374841 | &nbsp;&nbsp; $219805944 |
| S&P MidCap 400<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 47369016 | &nbsp;&nbsp; 41275997 | &nbsp;&nbsp; 88645013 |
| S&P SmallCap 600<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; 99409674 | &nbsp;&nbsp; 32156708 | &nbsp;&nbsp; 131566382 |
| S&P SmallCap 600<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 97768441 | &nbsp;&nbsp; 105404889 | &nbsp;&nbsp; 203173330 |

---

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

**NOTE 7—Investment Transactions**

For the fiscal year ended April 30, 2025, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| S&P 500<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; $996602552 | &nbsp;&nbsp; $1001461672 |
| S&P 500<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 772974366 | &nbsp;&nbsp; 769634763 |
| S&P 500<sup>®</sup> Top 50 ETF | &nbsp;&nbsp; 220697757 | &nbsp;&nbsp; 204827236 |
| S&P MidCap 400<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; 251010427 | &nbsp;&nbsp; 250244826 |
| S&P MidCap 400<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 137215675 | &nbsp;&nbsp; 136090464 |
| S&P SmallCap 600<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; 75818030 | &nbsp;&nbsp; 75644370 |
| S&P SmallCap 600<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 172242254 | &nbsp;&nbsp; 171740260 |

---

For the fiscal year ended April 30, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-kind** <br>**Purchases**<br>| **In-kind** <br>**Sales**<br>|
| S&P 500<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; $789402492 | &nbsp;&nbsp; $1025806774 |
| S&P 500<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 793323823 | &nbsp;&nbsp; 1703200610 |
| S&P 500<sup>®</sup> Top 50 ETF | &nbsp;&nbsp; 5798210545 | &nbsp;&nbsp; 1960763634 |
| S&P MidCap 400<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; 13876144 | &nbsp;&nbsp; 61841191 |
| S&P MidCap 400<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 92579288 | &nbsp;&nbsp; 164485325 |
| S&P SmallCap 600<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; 18002224 | &nbsp;&nbsp; 17567260 |
| S&P SmallCap 600<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 105352341 | &nbsp;&nbsp; 131142798 |

---

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

As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross** <br>**Unrealized** <br>**Appreciation**<br>| **Gross** <br>**Unrealized** <br>**(Depreciation)**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Cost** |
| S&P 500<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; $179297100 | &nbsp;&nbsp; $(121656032)<br>| &nbsp;&nbsp; $57641068 | &nbsp;&nbsp; $1585304301 |
| S&P 500<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 64216394 | &nbsp;&nbsp; (225165203)<br>| &nbsp;&nbsp; (160948809)<br>| &nbsp;&nbsp; 1495988034 |
| S&P 500<sup>®</sup> Top 50 ETF | &nbsp;&nbsp; 513703239 | &nbsp;&nbsp; (234915874)<br>| &nbsp;&nbsp; 278787365 | &nbsp;&nbsp; 7905963399 |
| S&P MidCap 400<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; 29841529 | &nbsp;&nbsp; (28806588)<br>| &nbsp;&nbsp; 1034941 | &nbsp;&nbsp; 326415302 |
| S&P MidCap 400<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 13641584 | &nbsp;&nbsp; (43950250)<br>| &nbsp;&nbsp; (30308666)<br>| &nbsp;&nbsp; 329659994 |
| S&P SmallCap 600<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; 13390870 | &nbsp;&nbsp; (11323433)<br>| &nbsp;&nbsp; 2067437 | &nbsp;&nbsp; 129244670 |
| S&P SmallCap 600<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 7112028 | &nbsp;&nbsp; (45436417)<br>| &nbsp;&nbsp; (38324389)<br>| &nbsp;&nbsp; 280038946 |

---

------

**41**

------

**NOTE 8—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2025, the reclassifications were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed Net** <br>**Investment Income (Loss)**<br>| **Undistributed Net** <br>**Realized Gain (Loss)**<br>| **Shares of** <br>**Beneficial Interest**<br>|
| S&P 500<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(325179792)<br>| &nbsp;&nbsp; $325179792 |
| S&P 500<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (292424570)<br>| &nbsp;&nbsp; 292424570 |
| S&P 500<sup>®</sup> Top 50 ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (895226351)<br>| &nbsp;&nbsp; 895226351 |
| S&P MidCap 400<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (9496976)<br>| &nbsp;&nbsp; 9496976 |
| S&P MidCap 400<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (33246818)<br>| &nbsp;&nbsp; 33246818 |
| S&P SmallCap 600<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; (984)<br>| &nbsp;&nbsp; (3440202)<br>| &nbsp;&nbsp; 3441186 |
| S&P SmallCap 600<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 751 | &nbsp;&nbsp; (32473502)<br>| &nbsp;&nbsp; 32472751 |

---

**NOTE 9—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. Interested Trustees do not receive any Trustees' fees.

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

**NOTE 10—Capital**

Shares are issued and redeemed by each Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Funds.

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.

------

**42**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco S&P 500 Pure Growth ETF, Invesco S&P 500 Pure Value ETF, Invesco S&P 500 Top 50 ETF, Invesco S&P MidCap 400 Pure Growth ETF, Invesco S&P MidCap 400 Pure Value ETF, Invesco S&P SmallCap 600 Pure Growth ETF and Invesco S&P SmallCap 600 Pure Value ETF

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco S&P 500 Pure Growth ETF, Invesco S&P 500 Pure Value ETF, Invesco S&P 500 Top 50 ETF, Invesco S&P MidCap 400 Pure Growth ETF, Invesco S&P MidCap 400 Pure Value ETF, Invesco S&P SmallCap 600 Pure Growth ETF and Invesco S&P SmallCap 600 Pure Value ETF (seven of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the "Funds") as of April 30, 2025, the related statements of operations for the year ended April 30, 2025, the statements of changes in net assets for each of the two years in the period ended April 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2025 and each of the financial highlights for each of the five years in the period ended April 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

June 26, 2025

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

------

**43**

------

**Tax Information**

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

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

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Qualified** <br>**Business** <br>**Income\***<br>| **Qualified** <br>**Dividend** <br>**Income\***<br>| **Corporate** <br>**Dividends** <br>**Received** <br>**Deduction\***<br>| **U.S.** <br>**Treasury** <br>**Obligations\***<br>| **Business** <br>**Interest** <br>**Income\***<br>|
| Invesco S&P 500<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco S&P 500<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco S&P 500<sup>®</sup> Top 50 ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 92<br> %<br>| &nbsp;&nbsp; 84<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 95<br> %<br>| &nbsp;&nbsp; 94<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|

---

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

------

**44**

------

**Approval of Investment Advisory Contracts**

At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the "Trust"), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the "Adviser") and the Trust for the following series (each, a "Fund" and collectively, the "Funds"):

Invesco Bloomberg Analyst Rating Improvers ETF

Invesco Bloomberg MVP Multi-factor ETF

Invesco Dow Jones Industrial Average Dividend ETF

Invesco NASDAQ Internet ETF

Invesco Next Gen Connectivity ETF

Invesco S&P 500 BuyWrite ETF

Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF

Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF

Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF

Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF

Invesco S&P 500<sup>®</sup> Equal Weight ETF

Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF

Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF

Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF

Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF

Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF

Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF

Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF

Invesco S&P 500<sup>®</sup> Pure Growth ETF

Invesco S&P 500<sup>®</sup> Pure Value ETF

Invesco S&P 500<sup>®</sup> Top 50 ETF

Invesco S&P MidCap 400<sup>®</sup> GARP ETF

Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF

Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF

Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF

Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF

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

*Nature, Extent and Quality of Services.* In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. ("Invesco"), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser's execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2024, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund's performance and the performance of its underlying index, as well as the Adviser's analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco's independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds ("ETFs") business of Guggenheim Capital LLC ("Guggenheim") (the "Transaction") and that each such Fund's performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust's registration statement. The Board concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund's particular circumstances.

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

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

*Fees, Expenses and Profitability.* The Trustees reviewed and discussed the information provided by the Adviser on each Fund's net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays

------

**45**

------

**Approval of Investment Advisory Contracts—(continued)**

its brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses

&nbsp;&nbsp;&nbsp;&nbsp;● 0.07% of the Fund's average daily net assets for Invesco Dow Jones Industrial Average Dividend ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.20% of the Fund's average daily net assets for each of Invesco S&P 500® Equal Weight ETF and Invesco S&P 500® Top 50 ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.29% of the Fund's average daily net assets for each of Invesco S&P 500 BuyWrite ETF and Invesco Bloomberg MVP Multi-factor ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.35% of the Fund's average daily net assets for each of Invesco S&P 500® Pure Growth ETF, Invesco S&P 500® Pure Value ETF, Invesco S&P MidCap 400® GARP ETF, Invesco S&P MidCap 400® Pure Growth ETF, Invesco S&P MidCap 400® Pure Value ETF, Invesco S&P SmallCap 600® Pure Growth ETF and Invesco S&P SmallCap 600® Pure Value ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.60% of the Fund's average daily net assets for Invesco NASDAQ Internet ETF; and

&nbsp;&nbsp;&nbsp;&nbsp;● 0.40% of the Fund's average daily net assets for each other Fund.

The Trustees compared each Fund's net expense ratio to information compiled by the Adviser from Lipper Inc. ("Lipper") databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund's operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal** <br>**to/Lower** <br>**than ETF** <br>**Peer Median**<br>| **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median\***<br>| **Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco Bloomberg Analyst Rating Improvers ETF |  |  | X |
| Invesco Bloomberg MVP Multi-factor ETF | X |  | X |
| Invesco Dow Jones Industrial Average Dividend ETF | X | X | X |
| Invesco NASDAQ Internet ETF |  |  | X |
| Invesco Next Gen Connectivity ETF | X | N/A | X |
| Invesco S&P 500 BuyWrite ETF | X | N/A | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF | X | X | X |
| Invesco S&P 500<sup>®</sup> Pure Growth ETF | X | X | X |
| Invesco S&P 500<sup>®</sup> Pure Value ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Top 50 ETF |  |  | X |
| Invesco S&P MidCap 400<sup>®</sup> GARP ETF |  |  | X |
| Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF |  |  | X |
| Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF |  | X | X |

---

------

**46**

------

**Approval of Investment Advisory Contracts—(continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal**<br> **to/Lower**<br> **than ETF**<br> **Peer Median**<br>| **Equal to/Lower**<br> **than Open-End**<br> **Index Fund**<br> **Peer Median\***<br>| **Lower than**<br> **Open-End**<br> **Active Fund**<br> **Peer Median**<br>|
| Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF |  |  | X |
| Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF |  | X | X |

---

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

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco S&P 500® Equal Weight ETF. The Trustees considered the Adviser's explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser's statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all of the information provided, the Board concluded that each Fund's unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. With respect to the Adviser's profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser's. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees reviewed each Fund's asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.

*Fall-out Benefits.* The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds' securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund's distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund's unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

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

------

**47**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

Remuneration paid to the Funds' trustees or officers and others, if any, is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory Contracts section of this report.

------

**48**

------

**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-SPS-NCSR

invesco.com/ETFs

------

![](img57bf1c4f1.jpg)

------

**Invesco Annual Financial Statements and Other Information**

April 30, 2025

---

| | |
|:---|:---|
| **PYZ** | Invesco Dorsey Wright Basic Materials Momentum ETF |
| **PEZ** | Invesco Dorsey Wright Consumer Cyclicals Momentum ETF |
| **PSL** | Invesco Dorsey Wright Consumer Staples Momentum ETF |
| **PXI** | Invesco Dorsey Wright Energy Momentum ETF |
| **PFI** | Invesco Dorsey Wright Financial Momentum ETF |
| **PTH** | Invesco Dorsey Wright Healthcare Momentum ETF |
| **PRN** | Invesco Dorsey Wright Industrials Momentum ETF |
| **PTF** | Invesco Dorsey Wright Technology Momentum ETF |
| **PUI** | Invesco Dorsey Wright Utilities Momentum ETF |
| **PNQI** | Invesco NASDAQ Internet ETF |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments |  |
| [Invesco Dorsey Wright Basic Materials Momentum ETF (PYZ)](#xx_b199cd22-1561-4dae-9024-fe1706fddd22_SOI-Continued-396_1) | **3** |
| [Invesco Dorsey Wright Consumer Cyclicals Momentum ETF (PEZ)](#xx_b199cd22-1561-4dae-9024-fe1706fddd22_SOI-Continued-396_3) | **5** |
| [Invesco Dorsey Wright Consumer Staples Momentum ETF (PSL)](#xx_b199cd22-1561-4dae-9024-fe1706fddd22_SOI-Continued-396_5) | **7** |
| [Invesco Dorsey Wright Energy Momentum ETF (PXI)](#xx_b199cd22-1561-4dae-9024-fe1706fddd22_SOI-Continued-396_7) | **9** |
| [Invesco Dorsey Wright Financial Momentum ETF (PFI)](#xx_b199cd22-1561-4dae-9024-fe1706fddd22_SOI-Continued-396_9) | **11** |
| [Invesco Dorsey Wright Healthcare Momentum ETF (PTH)](#xx_b199cd22-1561-4dae-9024-fe1706fddd22_SOI-Continued-396_11) | **13** |
| [Invesco Dorsey Wright Industrials Momentum ETF (PRN)](#xx_b199cd22-1561-4dae-9024-fe1706fddd22_SOI-Continued-396_13) | **15** |
| [Invesco Dorsey Wright Technology Momentum ETF (PTF)](#xx_b199cd22-1561-4dae-9024-fe1706fddd22_SOI-Continued-396_15) | **17** |
| [Invesco Dorsey Wright Utilities Momentum ETF (PUI)](#xx_b199cd22-1561-4dae-9024-fe1706fddd22_SOI-Continued-396_17) | **19** |
| [Invesco NASDAQ Internet ETF (PNQI)](#xx_b199cd22-1561-4dae-9024-fe1706fddd22_SOI-Continued-396_19) | **21** |
| [Statements of Assets and Liabilities](#xx_b199cd22-1561-4dae-9024-fe1706fddd22_FS-Continued-396_2) | **24** |
| [Statements of Operations](#xx_b199cd22-1561-4dae-9024-fe1706fddd22_FS-Continued-396_4) | **26** |
| [Statements of Changes in Net Assets](#xx_b199cd22-1561-4dae-9024-fe1706fddd22_FS-Continued-396_6) | **28** |
| [Financial Highlights](#xx_b199cd22-1561-4dae-9024-fe1706fddd22_FIHI-Continued-396_1) | **32** |
| [Notes to Financial Statements](#xx_b199cd22-1561-4dae-9024-fe1706fddd22_NTF-Continued-396_1) | **40** |
| [Report of Independent Registered Public Accounting Firm](#xx_b199cd22-1561-4dae-9024-fe1706fddd22_AR-Continued-396_1) | **53** |
| [Tax Information](#xx_b199cd22-1561-4dae-9024-fe1706fddd22_TI-Continued-396_1) | **54** |
| [Approval of Investment Advisory Contracts](#xx_b199cd22-1561-4dae-9024-fe1706fddd22_BCRC-Continued_1) | **55** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_b199cd22-1561-4dae-9024-fe1706fddd22_OIRSR-Continued_1) | **64** |

---

------

**2**

------

**Invesco Dorsey Wright Basic Materials Momentum ETF (PYZ)**

April 30, 2025

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-3.82%** | **Aluminum-3.82%** | **Aluminum-3.82%** |
| Alcoa Corp.<sup>(b)</sup> | 30772 | &nbsp;&nbsp; $754837 |
| Century Aluminum Co.<sup>(b)(c)</sup> | 61763 | &nbsp;&nbsp; 1013531 |
|  |  | &nbsp;&nbsp; 1768368 |
| **Automotive Retail-1.68%** | **Automotive Retail-1.68%** | **Automotive Retail-1.68%** |
| Valvoline, Inc.<sup>(c)</sup> | 22678 | &nbsp;&nbsp; 776948 |
| **Coal & Consumable Fuels-1.88%** | **Coal & Consumable Fuels-1.88%** | **Coal & Consumable Fuels-1.88%** |
| Uranium Energy Corp.<sup>(b)(c)</sup> | 166020 | &nbsp;&nbsp; 871605 |
| **Commodity Chemicals-3.75%** | **Commodity Chemicals-3.75%** | **Commodity Chemicals-3.75%** |
| Cabot Corp. | 10558 | &nbsp;&nbsp; 829225 |
| Hawkins, Inc. | 7443 | &nbsp;&nbsp; 906409 |
|  |  | &nbsp;&nbsp; 1735634 |
| **Diversified Metals & Mining-2.32%** | **Diversified Metals & Mining-2.32%** | **Diversified Metals & Mining-2.32%** |
| MP Materials Corp.<sup>(b)(c)</sup> | 43913 | &nbsp;&nbsp; 1074112 |
| **Fertilizers & Agricultural Chemicals-13.13%** | **Fertilizers & Agricultural Chemicals-13.13%** | **Fertilizers & Agricultural Chemicals-13.13%** |
| CF Industries Holdings, Inc. | 20328 | &nbsp;&nbsp; 1593105 |
| Corteva, Inc. | 29153 | &nbsp;&nbsp; 1807194 |
| FMC Corp. | 23427 | &nbsp;&nbsp; 982060 |
| Mosaic Co. (The) | 36322 | &nbsp;&nbsp; 1104189 |
| Scotts Miracle-Gro Co. (The) | 11770 | &nbsp;&nbsp; 592973 |
|  |  | &nbsp;&nbsp; 6079521 |
| **Forest Products-2.05%** | **Forest Products-2.05%** | **Forest Products-2.05%** |
| Louisiana-Pacific Corp. | 10990 | &nbsp;&nbsp; 948547 |
| **Gold-7.37%** | **Gold-7.37%** | **Gold-7.37%** |
| Coeur Mining, Inc.<sup>(b)(c)</sup> | 160886 | &nbsp;&nbsp; 892917 |
| Newmont Corp. | 25448 | &nbsp;&nbsp; 1340601 |
| Royal Gold, Inc. | 6453 | &nbsp;&nbsp; 1179028 |
|  |  | &nbsp;&nbsp; 3412546 |
| **Industrial Gases-6.92%** | **Industrial Gases-6.92%** | **Industrial Gases-6.92%** |
| Air Products and Chemicals, Inc. | 3635 | &nbsp;&nbsp; 985412 |
| Linde PLC | 4894 | &nbsp;&nbsp; 2218108 |
|  |  | &nbsp;&nbsp; 3203520 |
| **Industrial Machinery & Supplies & Components-1.61%** | **Industrial Machinery & Supplies & Components-1.61%** | **Industrial Machinery & Supplies & Components-1.61%** |
| Worthington Enterprises, Inc.<sup>(b)</sup> | 14720 | &nbsp;&nbsp; 745274 |
| **Paper & Plastic Packaging Products & Materials-7.18%** | **Paper & Plastic Packaging Products & Materials-7.18%** | **Paper & Plastic Packaging Products & Materials-7.18%** |
| Avery Dennison Corp. | 13119 | &nbsp;&nbsp; 2244792 |
| International Paper Co. | 23677 | &nbsp;&nbsp; 1081565 |
|  |  | &nbsp;&nbsp; 3326357 |
| **Paper Products-1.87%** | **Paper Products-1.87%** | **Paper Products-1.87%** |
| Sylvamo Corp. | 14562 | &nbsp;&nbsp; 868186 |
| **Silver-2.64%** | **Silver-2.64%** | **Silver-2.64%** |
| Hecla Mining Co.<sup>(b)</sup> | 214254 | &nbsp;&nbsp; 1225533 |
| **Specialty Chemicals-24.79%** | **Specialty Chemicals-24.79%** | **Specialty Chemicals-24.79%** |
| Avient Corp.<sup>(b)</sup> | 26381 | &nbsp;&nbsp; 878751 |
| Balchem Corp. | 5684 | &nbsp;&nbsp; 889830 |
| Celanese Corp.<sup>(b)</sup> | 17330 | &nbsp;&nbsp; 771358 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Specialty Chemicals-(continued)** | **Specialty Chemicals-(continued)** | **Specialty Chemicals-(continued)** |
| DuPont de Nemours, Inc. | 13159 | &nbsp;&nbsp; $868362 |
| Eastman Chemical Co.<sup>(b)</sup> | 17743 | &nbsp;&nbsp; 1366211 |
| Ecolab, Inc. | 4711 | &nbsp;&nbsp; 1184487 |
| Element Solutions, Inc. | 42151 | &nbsp;&nbsp; 860302 |
| Ingevity Corp.<sup>(b)(c)</sup> | 13179 | &nbsp;&nbsp; 434643 |
| International Flavors & Fragrances, Inc. | 12514 | &nbsp;&nbsp; 981849 |
| Minerals Technologies, Inc. | 8063 | &nbsp;&nbsp; 415970 |
| NewMarket Corp. | 1572 | &nbsp;&nbsp; 967252 |
| RPM International, Inc. | 10895 | &nbsp;&nbsp; 1163041 |
| Sensient Technologies Corp. | 7465 | &nbsp;&nbsp; 701337 |
|  |  | &nbsp;&nbsp; 11483393 |
| **Steel-17.99%** | **Steel-17.99%** | **Steel-17.99%** |
| ATI, Inc.<sup>(c)</sup> | 21739 | &nbsp;&nbsp; 1182167 |
| Carpenter Technology Corp. | 12880 | &nbsp;&nbsp; 2519457 |
| Nucor Corp. | 11671 | &nbsp;&nbsp; 1393167 |
| Reliance, Inc.<sup>(b)</sup> | 5814 | &nbsp;&nbsp; 1675769 |
| Steel Dynamics, Inc. | 7948 | &nbsp;&nbsp; 1030935 |
| SunCoke Energy, Inc.<sup>(b)</sup> | 58776 | &nbsp;&nbsp; 532511 |
|  |  | &nbsp;&nbsp; 8334006 |
| **Timber REITs-0.99%** | **Timber REITs-0.99%** | **Timber REITs-0.99%** |
| PotlatchDeltic Corp. | 11922 | &nbsp;&nbsp; 457686 |
| Total Common Stocks & Other Equity Interests <br>(Cost $42,749,237) | Total Common Stocks & Other Equity Interests <br>(Cost $42,749,237) | &nbsp;&nbsp; 46311236 |
| **Money Market Funds-0.28%** | **Money Market Funds-0.28%** | **Money Market Funds-0.28%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $130,424)<br>| 130424 | &nbsp;&nbsp; 130424 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.27% <br>(Cost $42,879,661) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.27% <br>(Cost $42,879,661) | &nbsp;&nbsp; 46441660 |
| **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-15.73%** | **Money Market Funds-15.73%** | **Money Market Funds-15.73%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 2023918 | &nbsp;&nbsp; 2023918 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 5261167 | &nbsp;&nbsp; 5262219 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $7,286,243) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $7,286,243) | &nbsp;&nbsp; 7286137 |
| TOTAL INVESTMENTS IN SECURITIES-116.00% <br>(Cost $50,165,904) | TOTAL INVESTMENTS IN SECURITIES-116.00% <br>(Cost $50,165,904) | &nbsp;&nbsp; 53727797 |
| OTHER ASSETS LESS LIABILITIES-(16.00)% | OTHER ASSETS LESS LIABILITIES-(16.00)% | &nbsp;&nbsp; (7412022)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $46315775 |

---

Investment Abbreviations: <br> REIT -Real Estate Investment Trust

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

------

**3**

------

**Invesco Dorsey Wright Basic Materials Momentum ETF (PYZ)—(continued)**

April 30, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $115756 | &nbsp;&nbsp; $1304830 | &nbsp;&nbsp; $(1290162)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $130424 | &nbsp;&nbsp; $7405 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 2643560 | &nbsp;&nbsp; 36663605 | &nbsp;&nbsp; (37283247)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2023918 | &nbsp;&nbsp; 99,295<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 4474692 | &nbsp;&nbsp; 80991937 | &nbsp;&nbsp; (80204065)<br>| &nbsp;&nbsp; 331 | &nbsp;&nbsp; (676)<br>| &nbsp;&nbsp; 5262219 | &nbsp;&nbsp; 266,216<br> \*<br>|
| Total | &nbsp;&nbsp; $7234008 | &nbsp;&nbsp; $118960372 | &nbsp;&nbsp; $(118777474)<br>| &nbsp;&nbsp; $331 | &nbsp;&nbsp; $(676)<br>| &nbsp;&nbsp; $7416561 | &nbsp;&nbsp; $372916 |

---

\* 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 April 30, 2025.

<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 2J. 

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

------

**4**

------

**Invesco Dorsey Wright Consumer Cyclicals Momentum ETF (PEZ)**

April 30, 2025

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%** |
| **Apparel Retail-3.09%** | **Apparel Retail-3.09%** | **Apparel Retail-3.09%** |
| Urban Outfitters, Inc.<sup>(b)(c)</sup> | 29861 | &nbsp;&nbsp; $1576064 |
| **Apparel, Accessories & Luxury Goods-6.77%** | **Apparel, Accessories & Luxury Goods-6.77%** | **Apparel, Accessories & Luxury Goods-6.77%** |
| Ralph Lauren Corp. | 7581 | &nbsp;&nbsp; 1705346 |
| Tapestry, Inc. | 24721 | &nbsp;&nbsp; 1746539 |
|  |  | &nbsp;&nbsp; 3451885 |
| **Automotive Parts & Equipment-0.89%** | **Automotive Parts & Equipment-0.89%** | **Automotive Parts & Equipment-0.89%** |
| Luminar Technologies, Inc.<sup>(b)(c)</sup> | 116338 | &nbsp;&nbsp; 454882 |
| **Automotive Retail-10.16%** | **Automotive Retail-10.16%** | **Automotive Retail-10.16%** |
| Asbury Automotive Group, Inc.<sup>(b)(c)</sup> | 4123 | &nbsp;&nbsp; 899391 |
| Group 1 Automotive, Inc.<sup>(c)</sup> | 3768 | &nbsp;&nbsp; 1520878 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 1951 | &nbsp;&nbsp; 2761055 |
|  |  | &nbsp;&nbsp; 5181324 |
| **Broadline Retail-5.33%** | **Broadline Retail-5.33%** | **Broadline Retail-5.33%** |
| Amazon.com, Inc.<sup>(b)</sup> | 9502 | &nbsp;&nbsp; 1752359 |
| Groupon, Inc.<sup>(b)(c)</sup> | 53144 | &nbsp;&nbsp; 967752 |
|  |  | &nbsp;&nbsp; 2720111 |
| **Cable & Satellite-1.77%** | **Cable & Satellite-1.77%** | **Cable & Satellite-1.77%** |
| EchoStar Corp., Class A<sup>(b)(c)</sup> | 40259 | &nbsp;&nbsp; 905022 |
| **Casinos & Gaming-1.65%** | **Casinos & Gaming-1.65%** | **Casinos & Gaming-1.65%** |
| Light & Wonder, Inc.<sup>(b)(c)</sup> | 9854 | &nbsp;&nbsp; 841334 |
| **Consumer Electronics-3.21%** | **Consumer Electronics-3.21%** | **Consumer Electronics-3.21%** |
| Garmin Ltd. | 8756 | &nbsp;&nbsp; 1636234 |
| **Consumer Staples Merchandise Retail-3.24%** | **Consumer Staples Merchandise Retail-3.24%** | **Consumer Staples Merchandise Retail-3.24%** |
| Walmart, Inc. | 16989 | &nbsp;&nbsp; 1652180 |
| **Diversified Support Services-1.41%** | **Diversified Support Services-1.41%** | **Diversified Support Services-1.41%** |
| OPENLANE, Inc.<sup>(b)</sup> | 38730 | &nbsp;&nbsp; 716892 |
| **Education Services-1.55%** | **Education Services-1.55%** | **Education Services-1.55%** |
| Graham Holdings Co., Class B | 859 | &nbsp;&nbsp; 790323 |
| **Health Care Distributors-7.33%** | **Health Care Distributors-7.33%** | **Health Care Distributors-7.33%** |
| Cardinal Health, Inc. | 14245 | &nbsp;&nbsp; 2012676 |
| McKesson Corp. | 2423 | &nbsp;&nbsp; 1727090 |
|  |  | &nbsp;&nbsp; 3739766 |
| **Home Furnishings-3.83%** | **Home Furnishings-3.83%** | **Home Furnishings-3.83%** |
| Somnigroup International, Inc.<sup>(c)</sup> | 31985 | &nbsp;&nbsp; 1953004 |
| **Homebuilding-4.52%** | **Homebuilding-4.52%** | **Homebuilding-4.52%** |
| Cavco Industries, Inc.<sup>(b)</sup> | 2183 | &nbsp;&nbsp; 1078075 |
| Champion Homes, Inc.<sup>(b)</sup> | 14211 | &nbsp;&nbsp; 1229251 |
|  |  | &nbsp;&nbsp; 2307326 |
| **Homefurnishing Retail-2.90%** | **Homefurnishing Retail-2.90%** | **Homefurnishing Retail-2.90%** |
| Williams-Sonoma, Inc. | 9591 | &nbsp;&nbsp; 1481522 |
| **Hotels, Resorts & Cruise Lines-15.03%** | **Hotels, Resorts & Cruise Lines-15.03%** | **Hotels, Resorts & Cruise Lines-15.03%** |
| Booking Holdings, Inc. | 331 | &nbsp;&nbsp; 1687862 |
| Expedia Group, Inc. | 7277 | &nbsp;&nbsp; 1141980 |
| Hilton Worldwide Holdings, Inc. | 6461 | &nbsp;&nbsp; 1456826 |
| Marriott International, Inc., Class A | 5871 | &nbsp;&nbsp; 1400703 |
| Royal Caribbean Cruises Ltd.<sup>(c)</sup> | 9212 | &nbsp;&nbsp; 1979751 |
|  |  | &nbsp;&nbsp; 7667122 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Interactive Home Entertainment-2.75%** | **Interactive Home Entertainment-2.75%** | **Interactive Home Entertainment-2.75%** |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 6015 | &nbsp;&nbsp; $1403420 |
| **Leisure Facilities-4.80%** | **Leisure Facilities-4.80%** | **Leisure Facilities-4.80%** |
| Life Time Group Holdings, Inc.<sup>(b)(c)</sup> | 37089 | &nbsp;&nbsp; 1137149 |
| Planet Fitness, Inc., Class A<sup>(b)</sup> | 13840 | &nbsp;&nbsp; 1309125 |
|  |  | &nbsp;&nbsp; 2446274 |
| **Movies & Entertainment-9.15%** | **Movies & Entertainment-9.15%** | **Movies & Entertainment-9.15%** |
| Liberty Media Corp.-Liberty Formula One<sup>(b)</sup> | 17404 | &nbsp;&nbsp; 1543213 |
| Netflix, Inc.<sup>(b)</sup> | 1877 | &nbsp;&nbsp; 2124238 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 115506 | &nbsp;&nbsp; 1001437 |
|  |  | &nbsp;&nbsp; 4668888 |
| **Other Specialty Retail-3.27%** | **Other Specialty Retail-3.27%** | **Other Specialty Retail-3.27%** |
| Chewy, Inc., Class A<sup>(b)</sup> | 44526 | &nbsp;&nbsp; 1669725 |
| **Restaurants-7.29%** | **Restaurants-7.29%** | **Restaurants-7.29%** |
| Cheesecake Factory, Inc. (The)<sup>(c)</sup> | 20001 | &nbsp;&nbsp; 1007450 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 9802 | &nbsp;&nbsp; 1890708 |
| Portillo's, Inc., Class A<sup>(b)(c)</sup> | 79623 | &nbsp;&nbsp; 823302 |
|  |  | &nbsp;&nbsp; 3721460 |
| Total Common Stocks & Other Equity Interests <br>(Cost $49,371,174) | Total Common Stocks & Other Equity Interests <br>(Cost $49,371,174) | &nbsp;&nbsp; 50984758 |
| **Money Market Funds-0.27%** | **Money Market Funds-0.27%** | **Money Market Funds-0.27%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $136,511)<br>| 136511 | &nbsp;&nbsp; 136511 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.21% <br>(Cost $49,507,685) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.21% <br>(Cost $49,507,685) | &nbsp;&nbsp; 51121269 |
| **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-24.47%** | **Money Market Funds-24.47%** | **Money Market Funds-24.47%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 4487712 | &nbsp;&nbsp; 4487712 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 7996981 | &nbsp;&nbsp; 7998580 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $12,486,524) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $12,486,524) | &nbsp;&nbsp; 12486292 |
| TOTAL INVESTMENTS IN SECURITIES-124.68% <br>(Cost $61,994,209) | TOTAL INVESTMENTS IN SECURITIES-124.68% <br>(Cost $61,994,209) | &nbsp;&nbsp; 63607561 |
| OTHER ASSETS LESS LIABILITIES-(24.68)% | OTHER ASSETS LESS LIABILITIES-(24.68)% | &nbsp;&nbsp; (12591081)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $51016480 |

---

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

------

**5**

------

**Invesco Dorsey Wright Consumer Cyclicals Momentum ETF (PEZ)—(continued)**

April 30, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $105604 | &nbsp;&nbsp; $937970 | &nbsp;&nbsp; $(907063)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $136511 | &nbsp;&nbsp; $6059 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 3783981 | &nbsp;&nbsp; 58063826 | &nbsp;&nbsp; (57360095)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4487712 | &nbsp;&nbsp; 131,067<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 9731710 | &nbsp;&nbsp; 109346427 | &nbsp;&nbsp; (111079014)<br>| &nbsp;&nbsp; 225 | &nbsp;&nbsp; (768)<br>| &nbsp;&nbsp; 7998580 | &nbsp;&nbsp; 345,870<br> \*<br>|
| Total | &nbsp;&nbsp; $13621295 | &nbsp;&nbsp; $168348223 | &nbsp;&nbsp; $(169346172)<br>| &nbsp;&nbsp; $225 | &nbsp;&nbsp; $(768)<br>| &nbsp;&nbsp; $12622803 | &nbsp;&nbsp; $482996 |

---

\* 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 April 30, 2025.

<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 2J. 

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

------

**6**

------

**Invesco Dorsey Wright Consumer Staples Momentum ETF (PSL)**

April 30, 2025

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%** |
| **Agricultural Products & Services-3.26%** | **Agricultural Products & Services-3.26%** | **Agricultural Products & Services-3.26%** |
| Fresh Del Monte Produce, Inc. | 39177 | &nbsp;&nbsp; $1332410 |
| Ingredion, Inc. | 12484 | &nbsp;&nbsp; 1658125 |
|  |  | &nbsp;&nbsp; 2990535 |
| **Brewers-2.34%** | **Brewers-2.34%** | **Brewers-2.34%** |
| Molson Coors Beverage Co., Class B<sup>(b)</sup> | 37323 | &nbsp;&nbsp; 2147192 |
| **Consumer Staples Merchandise Retail-7.15%** | **Consumer Staples Merchandise Retail-7.15%** | **Consumer Staples Merchandise Retail-7.15%** |
| BJ's Wholesale Club Holdings, Inc.<sup>(c)</sup> | 26756 | &nbsp;&nbsp; 3145435 |
| Costco Wholesale Corp. | 3426 | &nbsp;&nbsp; 3407157 |
|  |  | &nbsp;&nbsp; 6552592 |
| **Education Services-15.69%** | **Education Services-15.69%** | **Education Services-15.69%** |
| Adtalem Global Education, Inc.<sup>(b)(c)</sup> | 19081 | &nbsp;&nbsp; 2026402 |
| Bright Horizons Family Solutions, Inc.<sup>(c)</sup> | 11108 | &nbsp;&nbsp; 1393165 |
| Grand Canyon Education, Inc.<sup>(c)</sup> | 10704 | &nbsp;&nbsp; 1909273 |
| Laureate Education, Inc., Class A<sup>(c)</sup> | 77478 | &nbsp;&nbsp; 1554984 |
| Perdoceo Education Corp. | 60358 | &nbsp;&nbsp; 1516193 |
| Strategic Education, Inc. | 14785 | &nbsp;&nbsp; 1206160 |
| Stride, Inc.<sup>(b)(c)</sup> | 22666 | &nbsp;&nbsp; 3224239 |
| Universal Technical Institute, Inc.<sup>(b)(c)</sup> | 55204 | &nbsp;&nbsp; 1549024 |
|  |  | &nbsp;&nbsp; 14379440 |
| **Food Distributors-9.38%** | **Food Distributors-9.38%** | **Food Distributors-9.38%** |
| Andersons, Inc. (The) | 29905 | &nbsp;&nbsp; 1127718 |
| Chefs' Warehouse, Inc. (The)<sup>(b)(c)</sup> | 37103 | &nbsp;&nbsp; 2113758 |
| Performance Food Group Co.<sup>(b)(c)</sup> | 17841 | &nbsp;&nbsp; 1439055 |
| United Natural Foods, Inc.<sup>(c)</sup> | 49574 | &nbsp;&nbsp; 1324121 |
| US Foods Holding Corp.<sup>(c)</sup> | 39432 | &nbsp;&nbsp; 2589105 |
|  |  | &nbsp;&nbsp; 8593757 |
| **Food Retail-10.50%** | **Food Retail-10.50%** | **Food Retail-10.50%** |
| Casey's General Stores, Inc. | 7183 | &nbsp;&nbsp; 3322784 |
| Kroger Co. (The) | 42446 | &nbsp;&nbsp; 3065026 |
| Sprouts Farmers Market, Inc.<sup>(c)</sup> | 18902 | &nbsp;&nbsp; 3232242 |
|  |  | &nbsp;&nbsp; 9620052 |
| **Household Products-8.69%** | **Household Products-8.69%** | **Household Products-8.69%** |
| Church & Dwight Co., Inc. | 29728 | &nbsp;&nbsp; 2953179 |
| Procter & Gamble Co. (The) | 15874 | &nbsp;&nbsp; 2580636 |
| Spectrum Brands Holdings, Inc.<sup>(b)</sup> | 18837 | &nbsp;&nbsp; 1188615 |
| WD-40 Co. | 5463 | &nbsp;&nbsp; 1247531 |
|  |  | &nbsp;&nbsp; 7969961 |
| **Packaged Foods & Meats-13.19%** | **Packaged Foods & Meats-13.19%** | **Packaged Foods & Meats-13.19%** |
| B&G Foods, Inc.<sup>(b)</sup> | 163286 | &nbsp;&nbsp; 1125041 |
| Cal-Maine Foods, Inc. | 17255 | &nbsp;&nbsp; 1611099 |
| Freshpet, Inc.<sup>(b)(c)</sup> | 20786 | &nbsp;&nbsp; 1528602 |
| Lancaster Colony Corp. | 7418 | &nbsp;&nbsp; 1207502 |
| Post Holdings, Inc.<sup>(c)</sup> | 14503 | &nbsp;&nbsp; 1641305 |
| Tyson Foods, Inc., Class A | 24827 | &nbsp;&nbsp; 1520406 |
| Vital Farms, Inc.<sup>(b)(c)</sup> | 54901 | &nbsp;&nbsp; 1879810 |
| WK Kellogg Co.<sup>(b)</sup> | 87686 | &nbsp;&nbsp; 1572210 |
|  |  | &nbsp;&nbsp; 12085975 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Personal Care Products-3.27%** | **Personal Care Products-3.27%** | **Personal Care Products-3.27%** |
| BellRing Brands, Inc.<sup>(b)(c)</sup> | 22988 | &nbsp;&nbsp; $1773294 |
| Herbalife Ltd.<sup>(b)(c)</sup> | 170645 | &nbsp;&nbsp; 1228644 |
|  |  | &nbsp;&nbsp; 3001938 |
| **Soft Drinks & Non-alcoholic Beverages-13.96%** | **Soft Drinks & Non-alcoholic Beverages-13.96%** | **Soft Drinks & Non-alcoholic Beverages-13.96%** |
| Celsius Holdings, Inc.<sup>(b)(c)</sup> | 51119 | &nbsp;&nbsp; 1787120 |
| Coca-Cola Co. (The) | 21816 | &nbsp;&nbsp; 1582751 |
| Coca-Cola Consolidated, Inc. | 1679 | &nbsp;&nbsp; 2276405 |
| Keurig Dr Pepper, Inc. | 77917 | &nbsp;&nbsp; 2695149 |
| Monster Beverage Corp.<sup>(c)</sup> | 50066 | &nbsp;&nbsp; 3009968 |
| PepsiCo, Inc. | 10633 | &nbsp;&nbsp; 1441622 |
|  |  | &nbsp;&nbsp; 12793015 |
| **Specialized Consumer Services-5.37%** | **Specialized Consumer Services-5.37%** | **Specialized Consumer Services-5.37%** |
| H&R Block, Inc. | 31565 | &nbsp;&nbsp; 1905579 |
| Service Corp. International<sup>(b)</sup> | 37729 | &nbsp;&nbsp; 3014547 |
|  |  | &nbsp;&nbsp; 4920126 |
| **Tobacco-7.08%** | **Tobacco-7.08%** | **Tobacco-7.08%** |
| Altria Group, Inc. | 38678 | &nbsp;&nbsp; 2287804 |
| Philip Morris International, Inc. | 16452 | &nbsp;&nbsp; 2819215 |
| Turning Point Brands, Inc.<sup>(b)</sup> | 22517 | &nbsp;&nbsp; 1382093 |
|  |  | &nbsp;&nbsp; 6489112 |
| Total Common Stocks & Other Equity Interests <br>(Cost $75,144,875) | Total Common Stocks & Other Equity Interests <br>(Cost $75,144,875) | &nbsp;&nbsp; 91543695 |
| **Money Market Funds-0.23%** | **Money Market Funds-0.23%** | **Money Market Funds-0.23%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $208,916)<br>| 208916 | &nbsp;&nbsp; 208916 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.11% <br>(Cost $75,353,791) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.11% <br>(Cost $75,353,791) | &nbsp;&nbsp; 91752611 |
| **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-18.97%** | **Money Market Funds-18.97%** | **Money Market Funds-18.97%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 4827252 | &nbsp;&nbsp; 4827252 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 12562976 | &nbsp;&nbsp; 12565489 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $17,393,036) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $17,393,036) | &nbsp;&nbsp; 17392741 |
| TOTAL INVESTMENTS IN SECURITIES-119.08% <br>(Cost $92,746,827) | TOTAL INVESTMENTS IN SECURITIES-119.08% <br>(Cost $92,746,827) | &nbsp;&nbsp; 109145352 |
| OTHER ASSETS LESS LIABILITIES-(19.08)% | OTHER ASSETS LESS LIABILITIES-(19.08)% | &nbsp;&nbsp; (17489241)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $91656111 |

---

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

------

**7**

------

**Invesco Dorsey Wright Consumer Staples Momentum ETF (PSL)—(continued)**

April 30, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $131677 | &nbsp;&nbsp; $1577413 | &nbsp;&nbsp; $(1500174)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $208916 | &nbsp;&nbsp; $8440 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 3924052 | &nbsp;&nbsp; 73022153 | &nbsp;&nbsp; (72118953)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4827252 | &nbsp;&nbsp; 172,312<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 10090933 | &nbsp;&nbsp; 170114656 | &nbsp;&nbsp; (167639008)<br>| &nbsp;&nbsp; 372 | &nbsp;&nbsp; (1464)<br>| &nbsp;&nbsp; 12565489 | &nbsp;&nbsp; 461,877<br> \*<br>|
| Total | &nbsp;&nbsp; $14146662 | &nbsp;&nbsp; $244714222 | &nbsp;&nbsp; $(241258135)<br>| &nbsp;&nbsp; $372 | &nbsp;&nbsp; $(1464)<br>| &nbsp;&nbsp; $17601657 | &nbsp;&nbsp; $642629 |

---

\* 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 April 30, 2025.

<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 2J. 

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

------

**8**

------

**Invesco Dorsey Wright Energy Momentum ETF (PXI)**

April 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.85%** | **Common Stocks & Other Equity Interests-99.85%** | **Common Stocks & Other Equity Interests-99.85%** |
| **Coal & Consumable Fuels-1.97%** | **Coal & Consumable Fuels-1.97%** | **Coal & Consumable Fuels-1.97%** |
| Centrus Energy Corp., Class A<sup>(b)(c)</sup> | 13097 | &nbsp;&nbsp; $907491 |
| **Integrated Oil & Gas-6.96%** | **Integrated Oil & Gas-6.96%** | **Integrated Oil & Gas-6.96%** |
| Chevron Corp. | 7557 | &nbsp;&nbsp; 1028205 |
| Exxon Mobil Corp. | 12012 | &nbsp;&nbsp; 1268828 |
| Occidental Petroleum Corp. | 23056 | &nbsp;&nbsp; 908637 |
|  |  | &nbsp;&nbsp; 3205670 |
| **Oil & Gas Equipment & Services-14.33%** | **Oil & Gas Equipment & Services-14.33%** | **Oil & Gas Equipment & Services-14.33%** |
| Archrock, Inc. | 43512 | &nbsp;&nbsp; 1023837 |
| Baker Hughes Co., Class A | 33793 | &nbsp;&nbsp; 1196272 |
| Helix Energy Solutions Group, Inc.<sup>(b)(c)</sup> | 104482 | &nbsp;&nbsp; 636295 |
| Innovex International, Inc.<sup>(b)(c)</sup> | 45566 | &nbsp;&nbsp; 688047 |
| Kodiak Gas Services, Inc. | 26491 | &nbsp;&nbsp; 900959 |
| Select Water Solutions, Inc., Class A | 84909 | &nbsp;&nbsp; 723425 |
| Weatherford International PLC | 34451 | &nbsp;&nbsp; 1426272 |
|  |  | &nbsp;&nbsp; 6595107 |
| **Oil & Gas Exploration & Production-42.94%** | **Oil & Gas Exploration & Production-42.94%** | **Oil & Gas Exploration & Production-42.94%** |
| Antero Resources Corp.<sup>(b)</sup> | 36381 | &nbsp;&nbsp; 1267150 |
| CNX Resources Corp.<sup>(b)(c)</sup> | 35997 | &nbsp;&nbsp; 1059392 |
| Comstock Resources, Inc.<sup>(b)(c)</sup> | 64442 | &nbsp;&nbsp; 1177355 |
| ConocoPhillips | 12636 | &nbsp;&nbsp; 1126120 |
| Coterra Energy, Inc. | 35453 | &nbsp;&nbsp; 870726 |
| Devon Energy Corp. | 32854 | &nbsp;&nbsp; 999090 |
| Diamondback Energy, Inc. | 8549 | &nbsp;&nbsp; 1128553 |
| EOG Resources, Inc. | 10596 | &nbsp;&nbsp; 1169057 |
| Expand Energy Corp. | 10000 | &nbsp;&nbsp; 1039000 |
| Gulfport Energy Corp.<sup>(b)</sup> | 7167 | &nbsp;&nbsp; 1236308 |
| Magnolia Oil & Gas Corp., Class A<sup>(c)</sup> | 39987 | &nbsp;&nbsp; 820933 |
| Northern Oil and Gas, Inc.<sup>(c)</sup> | 35315 | &nbsp;&nbsp; 858155 |
| Permian Resources Corp. | 84204 | &nbsp;&nbsp; 993607 |
| Range Resources Corp. | 35568 | &nbsp;&nbsp; 1206822 |
| Texas Pacific Land Corp.<sup>(c)</sup> | 2999 | &nbsp;&nbsp; 3865321 |
| Viper Energy, Inc. | 23642 | &nbsp;&nbsp; 953482 |
|  |  | &nbsp;&nbsp; 19771071 |
| **Oil & Gas Refining & Marketing-8.21%** | **Oil & Gas Refining & Marketing-8.21%** | **Oil & Gas Refining & Marketing-8.21%** |
| CVR Energy, Inc. | 42207 | &nbsp;&nbsp; 796024 |
| Marathon Petroleum Corp. | 8817 | &nbsp;&nbsp; 1211544 |
| Phillips 66 | 8238 | &nbsp;&nbsp; 857246 |
| Valero Energy Corp. | 7886 | &nbsp;&nbsp; 915486 |
|  |  | &nbsp;&nbsp; 3780300 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Oil & Gas Storage & Transportation-25.44%** | **Oil & Gas Storage & Transportation-25.44%** | **Oil & Gas Storage & Transportation-25.44%** |
| Antero Midstream Corp. | 66447 | &nbsp;&nbsp; $1099698 |
| Cheniere Energy, Inc. | 6231 | &nbsp;&nbsp; 1440046 |
| DT Midstream, Inc. | 11997 | &nbsp;&nbsp; 1166108 |
| Kinder Morgan, Inc. | 53349 | &nbsp;&nbsp; 1403079 |
| Kinetik Holdings, Inc., Class A | 18238 | &nbsp;&nbsp; 753959 |
| NextDecade Corp.<sup>(b)(c)</sup> | 108623 | &nbsp;&nbsp; 812500 |
| Targa Resources Corp. | 20029 | &nbsp;&nbsp; 3422956 |
| Williams Cos., Inc. (The) | 27514 | &nbsp;&nbsp; 1611495 |
|  |  | &nbsp;&nbsp; 11709841 |
| Total Common Stocks & Other Equity Interests <br>(Cost $46,963,889) | Total Common Stocks & Other Equity Interests <br>(Cost $46,963,889) | &nbsp;&nbsp; 45969480 |
| **Money Market Funds-0.34%** | **Money Market Funds-0.34%** | **Money Market Funds-0.34%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $156,950)<br>| 156950 | &nbsp;&nbsp; 156950 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.19% <br>(Cost $47,120,839) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.19% <br>(Cost $47,120,839) | &nbsp;&nbsp; 46126430 |
| **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-21.38%** | **Money Market Funds-21.38%** | **Money Market Funds-21.38%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 2734661 | &nbsp;&nbsp; 2734661 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 7107916 | &nbsp;&nbsp; 7109338 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $9,843,999) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $9,843,999) | &nbsp;&nbsp; 9843999 |
| TOTAL INVESTMENTS IN SECURITIES-121.57% <br>(Cost $56,964,838) | TOTAL INVESTMENTS IN SECURITIES-121.57% <br>(Cost $56,964,838) | &nbsp;&nbsp; 55970429 |
| OTHER ASSETS LESS LIABILITIES-(21.57)% | OTHER ASSETS LESS LIABILITIES-(21.57)% | &nbsp;&nbsp; (9930836)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $46039593 |

---

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

------

**9**

------

**Invesco Dorsey Wright Energy Momentum ETF (PXI)—(continued)**

April 30, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $150295 | &nbsp;&nbsp; $2248286 | &nbsp;&nbsp; $(2241631)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $156950 | &nbsp;&nbsp; $7652 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 3616301 | &nbsp;&nbsp; 56888655 | &nbsp;&nbsp; (57770295)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2734661 | &nbsp;&nbsp; 190,837<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 9291389 | &nbsp;&nbsp; 119947992 | &nbsp;&nbsp; (122129563)<br>| &nbsp;&nbsp; 788 | &nbsp;&nbsp; (1268)<br>| &nbsp;&nbsp; 7109338 | &nbsp;&nbsp; 506,548<br> \*<br>|
| Total | &nbsp;&nbsp; $13057985 | &nbsp;&nbsp; $179084933 | &nbsp;&nbsp; $(182141489)<br>| &nbsp;&nbsp; $788 | &nbsp;&nbsp; $(1268)<br>| &nbsp;&nbsp; $10000949 | &nbsp;&nbsp; $705037 |

---

\* 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 April 30, 2025.

<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 2J. 

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

------

**10**

------

**Invesco Dorsey Wright Financial Momentum ETF (PFI)**

April 30, 2025

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%** |
| **Asset Management & Custody Banks-8.66%** | **Asset Management & Custody Banks-8.66%** | **Asset Management & Custody Banks-8.66%** |
| Ameriprise Financial, Inc. | 6681 | &nbsp;&nbsp; $3146885 |
| BlackRock, Inc. | 1319 | &nbsp;&nbsp; 1205909 |
| Victory Capital Holdings, Inc., Class A<sup>(b)</sup> | 16670 | &nbsp;&nbsp; 955024 |
|  |  | &nbsp;&nbsp; 5307818 |
| **Commercial & Residential Mortgage Finance-5.13%** | **Commercial & Residential Mortgage Finance-5.13%** | **Commercial & Residential Mortgage Finance-5.13%** |
| MGIC Investment Corp. | 40869 | &nbsp;&nbsp; 1018047 |
| Mr. Cooper Group, Inc.<sup>(c)</sup> | 17880 | &nbsp;&nbsp; 2127899 |
|  |  | &nbsp;&nbsp; 3145946 |
| **Consumer Finance-6.33%** | **Consumer Finance-6.33%** | **Consumer Finance-6.33%** |
| American Express Co. | 6369 | &nbsp;&nbsp; 1696765 |
| Capital One Financial Corp. | 7262 | &nbsp;&nbsp; 1309048 |
| SLM Corp. | 30215 | &nbsp;&nbsp; 873516 |
|  |  | &nbsp;&nbsp; 3879329 |
| **Diversified Banks-6.86%** | **Diversified Banks-6.86%** | **Diversified Banks-6.86%** |
| JPMorgan Chase & Co. | 12134 | &nbsp;&nbsp; 2968219 |
| Wells Fargo & Co. | 17401 | &nbsp;&nbsp; 1235645 |
|  |  | &nbsp;&nbsp; 4203864 |
| **Diversified Financial Services-2.15%** | **Diversified Financial Services-2.15%** | **Diversified Financial Services-2.15%** |
| Equitable Holdings, Inc. | 26706 | &nbsp;&nbsp; 1320612 |
| **Financial Exchanges & Data-2.22%** | **Financial Exchanges & Data-2.22%** | **Financial Exchanges & Data-2.22%** |
| Intercontinental Exchange, Inc. | 8088 | &nbsp;&nbsp; 1358541 |
| **Health Care REITs-2.15%** | **Health Care REITs-2.15%** | **Health Care REITs-2.15%** |
| Welltower, Inc. | 8620 | &nbsp;&nbsp; 1315326 |
| **Insurance Brokers-4.14%** | **Insurance Brokers-4.14%** | **Insurance Brokers-4.14%** |
| Brown & Brown, Inc. | 15737 | &nbsp;&nbsp; 1740512 |
| Goosehead Insurance, Inc., Class A<sup>(b)</sup> | 8185 | &nbsp;&nbsp; 795664 |
|  |  | &nbsp;&nbsp; 2536176 |
| **Investment Banking & Brokerage-11.20%** | **Investment Banking & Brokerage-11.20%** | **Investment Banking & Brokerage-11.20%** |
| Goldman Sachs Group, Inc. (The) | 2219 | &nbsp;&nbsp; 1215013 |
| Houlihan Lokey, Inc. | 7452 | &nbsp;&nbsp; 1207820 |
| PJT Partners, Inc., Class A<sup>(b)</sup> | 6653 | &nbsp;&nbsp; 942797 |
| Raymond James Financial, Inc. | 11400 | &nbsp;&nbsp; 1562256 |
| Stifel Financial Corp. | 9187 | &nbsp;&nbsp; 787234 |
| StoneX Group, Inc.<sup>(c)</sup> | 13005 | &nbsp;&nbsp; 1151788 |
|  |  | &nbsp;&nbsp; 6866908 |
| **Life & Health Insurance-5.79%** | **Life & Health Insurance-5.79%** | **Life & Health Insurance-5.79%** |
| CNO Financial Group, Inc. | 22056 | &nbsp;&nbsp; 836805 |
| Primerica, Inc. | 3218 | &nbsp;&nbsp; 843341 |
| Unum Group | 24083 | &nbsp;&nbsp; 1870286 |
|  |  | &nbsp;&nbsp; 3550432 |
| **Multi-Sector Holdings-1.98%** | **Multi-Sector Holdings-1.98%** | **Multi-Sector Holdings-1.98%** |
| Berkshire Hathaway, Inc., Class B<sup>(c)</sup> | 2280 | &nbsp;&nbsp; 1215810 |
| **Office REITs-1.26%** | **Office REITs-1.26%** | **Office REITs-1.26%** |
| Vornado Realty Trust | 21923 | &nbsp;&nbsp; 773444 |
| **Property & Casualty Insurance-17.48%** | **Property & Casualty Insurance-17.48%** | **Property & Casualty Insurance-17.48%** |
| AXIS Capital Holdings Ltd. | 9632 | &nbsp;&nbsp; 927754 |
| Fidelity National Financial, Inc. | 12949 | &nbsp;&nbsp; 829383 |
| HCI Group, Inc. | 6500 | &nbsp;&nbsp; 950950 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Property & Casualty Insurance-(continued)** | **Property & Casualty Insurance-(continued)** | **Property & Casualty Insurance-(continued)** |
| Old Republic International Corp. | 24452 | &nbsp;&nbsp; $919395 |
| Palomar Holdings, Inc.<sup>(c)</sup> | 7628 | &nbsp;&nbsp; 1106213 |
| Progressive Corp. (The) | 13988 | &nbsp;&nbsp; 3940979 |
| Root, Inc., Class A<sup>(b)(c)</sup> | 8806 | &nbsp;&nbsp; 1229934 |
| Skyward Specialty Insurance Group, Inc.<sup>(c)</sup> | 15242 | &nbsp;&nbsp; 809198 |
|  |  | &nbsp;&nbsp; 10713806 |
| **Real Estate Services-2.04%** | **Real Estate Services-2.04%** | **Real Estate Services-2.04%** |
| CBRE Group, Inc., Class A<sup>(c)</sup> | 10219 | &nbsp;&nbsp; 1248557 |
| **Regional Banks-6.83%** | **Regional Banks-6.83%** | **Regional Banks-6.83%** |
| Berkshire Hills Bancorp, Inc. | 26937 | &nbsp;&nbsp; 668846 |
| Coastal Financial Corp.<sup>(b)(c)</sup> | 8851 | &nbsp;&nbsp; 727110 |
| Pathward Financial, Inc.<sup>(b)</sup> | 10470 | &nbsp;&nbsp; 831003 |
| Pinnacle Financial Partners, Inc. | 10427 | &nbsp;&nbsp; 1045202 |
| ServisFirst Bancshares, Inc.<sup>(b)</sup> | 12837 | &nbsp;&nbsp; 914251 |
|  |  | &nbsp;&nbsp; 4186412 |
| **Retail REITs-3.48%** | **Retail REITs-3.48%** | **Retail REITs-3.48%** |
| Simon Property Group, Inc. | 7959 | &nbsp;&nbsp; 1252587 |
| Tanger, Inc. | 28021 | &nbsp;&nbsp; 882942 |
|  |  | &nbsp;&nbsp; 2135529 |
| **Transaction & Payment Processing Services-12.29%** | **Transaction & Payment Processing Services-12.29%** | **Transaction & Payment Processing Services-12.29%** |
| Mastercard, Inc., Class A | 7451 | &nbsp;&nbsp; 4083595 |
| Paymentus Holdings, Inc., Class A<sup>(b)(c)</sup> | 29687 | &nbsp;&nbsp; 963640 |
| Visa, Inc., Class A | 7194 | &nbsp;&nbsp; 2485527 |
|  |  | &nbsp;&nbsp; 7532762 |
| Total Common Stocks & Other Equity Interests <br>(Cost $57,725,622) | Total Common Stocks & Other Equity Interests <br>(Cost $57,725,622) | &nbsp;&nbsp; 61291272 |
| **Money Market Funds-0.18%** | **Money Market Funds-0.18%** | **Money Market Funds-0.18%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $111,055)<br>| 111055 | &nbsp;&nbsp; 111055 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.17% <br>(Cost $57,836,677) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.17% <br>(Cost $57,836,677) | &nbsp;&nbsp; 61402327 |
| **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-8.44%** | **Money Market Funds-8.44%** | **Money Market Funds-8.44%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 1434044 | &nbsp;&nbsp; 1434044 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 3739644 | &nbsp;&nbsp; 3740392 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $5,174,526) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $5,174,526) | &nbsp;&nbsp; 5174436 |
| TOTAL INVESTMENTS IN SECURITIES-108.61% <br>(Cost $63,011,203) | TOTAL INVESTMENTS IN SECURITIES-108.61% <br>(Cost $63,011,203) | &nbsp;&nbsp; 66576763 |
| OTHER ASSETS LESS LIABILITIES-(8.61)% | OTHER ASSETS LESS LIABILITIES-(8.61)% | &nbsp;&nbsp; (5280453)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $61296310 |

---

Investment Abbreviations: <br> REIT -Real Estate Investment Trust

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

------

**11**

------

**Invesco Dorsey Wright Financial Momentum ETF (PFI)—(continued)**

April 30, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $118992 | &nbsp;&nbsp; $3028317 | &nbsp;&nbsp; $(3036254)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $111055 | &nbsp;&nbsp; $6875 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 1722539 | &nbsp;&nbsp; 45231013 | &nbsp;&nbsp; (45519508)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1434044 | &nbsp;&nbsp; 94,106<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 7042486 | &nbsp;&nbsp; 87421161 | &nbsp;&nbsp; (90723694)<br>| &nbsp;&nbsp; 385 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 3740392 | &nbsp;&nbsp; 249,891<br> \*<br>|
| Total | &nbsp;&nbsp; $8884017 | &nbsp;&nbsp; $135680491 | &nbsp;&nbsp; $(139279456)<br>| &nbsp;&nbsp; $385 | &nbsp;&nbsp; $54 | &nbsp;&nbsp; $5285491 | &nbsp;&nbsp; $350872 |

---

\* 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 April 30, 2025.

<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 2J. 

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

------

**12**

------

**Invesco Dorsey Wright Healthcare Momentum ETF (PTH)**

April 30, 2025

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%** |
| **Biotechnology-45.59%** | **Biotechnology-45.59%** | **Biotechnology-45.59%** |
| AbbVie, Inc. | 17457 | &nbsp;&nbsp; $3405861 |
| Anavex Life Sciences Corp.<sup>(b)(c)</sup> | 245545 | &nbsp;&nbsp; 2332677 |
| Arcutis Biotherapeutics, Inc.<sup>(b)(c)</sup> | 176977 | &nbsp;&nbsp; 2638727 |
| BridgeBio Pharma, Inc.<sup>(b)(c)</sup> | 98763 | &nbsp;&nbsp; 3788549 |
| Catalyst Pharmaceuticals, Inc.<sup>(b)</sup> | 117101 | &nbsp;&nbsp; 2844383 |
| Exelixis, Inc.<sup>(b)</sup> | 112750 | &nbsp;&nbsp; 4414162 |
| Halozyme Therapeutics, Inc.<sup>(b)</sup> | 38197 | &nbsp;&nbsp; 2346060 |
| Insmed, Inc.<sup>(b)(c)</sup> | 47875 | &nbsp;&nbsp; 3447000 |
| Krystal Biotech, Inc.<sup>(b)(c)</sup> | 21179 | &nbsp;&nbsp; 3597889 |
| Madrigal Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 10699 | &nbsp;&nbsp; 3572503 |
| Mineralys Therapeutics, Inc.<sup>(b)(c)</sup> | 140029 | &nbsp;&nbsp; 1989812 |
| Organogenesis Holdings, Inc.<sup>(b)(c)</sup> | 446741 | &nbsp;&nbsp; 2193498 |
| Protagonist Therapeutics, Inc.<sup>(b)(c)</sup> | 64510 | &nbsp;&nbsp; 2955848 |
| PTC Therapeutics, Inc.<sup>(b)</sup> | 55529 | &nbsp;&nbsp; 2767565 |
| TG Therapeutics, Inc.<sup>(b)(c)</sup> | 98264 | &nbsp;&nbsp; 4471995 |
| uniQure N.V. (Netherlands)<sup>(b)</sup> | 190447 | &nbsp;&nbsp; 2810998 |
|  |  | &nbsp;&nbsp; 49577527 |
| **Electronic Equipment & Instruments-2.69%** | **Electronic Equipment & Instruments-2.69%** | **Electronic Equipment & Instruments-2.69%** |
| 908 Devices, Inc.<sup>(b)(c)</sup> | 538908 | &nbsp;&nbsp; 2926270 |
| **Health Care Distributors-4.28%** | **Health Care Distributors-4.28%** | **Health Care Distributors-4.28%** |
| Cencora, Inc. | 15892 | &nbsp;&nbsp; 4651112 |
| **Health Care Equipment-11.66%** | **Health Care Equipment-11.66%** | **Health Care Equipment-11.66%** |
| Axogen, Inc.<sup>(b)</sup> | 156421 | &nbsp;&nbsp; 2544970 |
| Boston Scientific Corp.<sup>(b)</sup> | 38756 | &nbsp;&nbsp; 3986830 |
| Masimo Corp.<sup>(b)(c)</sup> | 16211 | &nbsp;&nbsp; 2609322 |
| ResMed, Inc. | 14971 | &nbsp;&nbsp; 3541989 |
|  |  | &nbsp;&nbsp; 12683111 |
| **Health Care Services-5.61%** | **Health Care Services-5.61%** | **Health Care Services-5.61%** |
| agilon health, inc.<sup>(b)(c)</sup> | 551528 | &nbsp;&nbsp; 2349509 |
| Guardant Health, Inc.<sup>(b)</sup> | 79520 | &nbsp;&nbsp; 3755730 |
|  |  | &nbsp;&nbsp; 6105239 |
| **Health Care Supplies-5.79%** | **Health Care Supplies-5.79%** | **Health Care Supplies-5.79%** |
| Lantheus Holdings, Inc.<sup>(b)</sup> | 30140 | &nbsp;&nbsp; 3144808 |
| Merit Medical Systems, Inc.<sup>(b)</sup> | 33351 | &nbsp;&nbsp; 3150002 |
|  |  | &nbsp;&nbsp; 6294810 |
| **Health Care Technology-1.76%** | **Health Care Technology-1.76%** | **Health Care Technology-1.76%** |
| Phreesia, Inc.<sup>(b)(c)</sup> | 76448 | &nbsp;&nbsp; 1908142 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Managed Health Care-3.52%** | **Managed Health Care-3.52%** | **Managed Health Care-3.52%** |
| Alignment Healthcare, Inc.<sup>(b)(c)</sup> | 216273 | &nbsp;&nbsp; $3832358 |
| **Pharmaceuticals-19.02%** | **Pharmaceuticals-19.02%** | **Pharmaceuticals-19.02%** |
| Amneal Pharmaceuticals, Inc.<sup>(b)</sup> | 329608 | &nbsp;&nbsp; 2524797 |
| Axsome Therapeutics, Inc.<sup>(b)</sup> | 32050 | &nbsp;&nbsp; 3598894 |
| Eli Lilly and Co. | 5160 | &nbsp;&nbsp; 4638582 |
| Liquidia Corp.<sup>(b)(c)</sup> | 145098 | &nbsp;&nbsp; 2027019 |
| Ocular Therapeutix, Inc.<sup>(b)(c)</sup> | 335069 | &nbsp;&nbsp; 2781073 |
| Trevi Therapeutics, Inc.<sup>(b)(c)</sup> | 431965 | &nbsp;&nbsp; 2984878 |
| Xeris Biopharma Holdings, Inc.<sup>(b)(c)</sup> | 464966 | &nbsp;&nbsp; 2124895 |
|  |  | &nbsp;&nbsp; 20680138 |
| Total Common Stocks & Other Equity Interests <br>(Cost $104,470,241) | Total Common Stocks & Other Equity Interests <br>(Cost $104,470,241) | &nbsp;&nbsp; 108658707 |
| **Money Market Funds-0.23%** | **Money Market Funds-0.23%** | **Money Market Funds-0.23%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $249,261)<br>| 249261 | &nbsp;&nbsp; 249261 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.15% <br>(Cost $104,719,502) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.15% <br>(Cost $104,719,502) | &nbsp;&nbsp; 108907968 |
| **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-32.50%** | **Money Market Funds-32.50%** | **Money Market Funds-32.50%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 9815269 | &nbsp;&nbsp; 9815269 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 25526093 | &nbsp;&nbsp; 25531198 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $35,348,247) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $35,348,247) | &nbsp;&nbsp; 35346467 |
| TOTAL INVESTMENTS IN SECURITIES-132.65% <br>(Cost $140,067,749) | TOTAL INVESTMENTS IN SECURITIES-132.65% <br>(Cost $140,067,749) | &nbsp;&nbsp; 144254435 |
| OTHER ASSETS LESS LIABILITIES-(32.65)% | OTHER ASSETS LESS LIABILITIES-(32.65)% | &nbsp;&nbsp; (35503544)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $108750891 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $212644 | &nbsp;&nbsp; $2888965 | &nbsp;&nbsp; $(2852348)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $249261 | &nbsp;&nbsp; $10922 |

---

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

------

**13**

------

**Invesco Dorsey Wright Healthcare Momentum ETF (PTH)—(continued)**

April 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; $11325294 | &nbsp;&nbsp; $113389358 | &nbsp;&nbsp; $(114899383)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9815269 | &nbsp;&nbsp; $521,253<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 29079720 | &nbsp;&nbsp; 227039627 | &nbsp;&nbsp; (230585258)<br>| &nbsp;&nbsp; 547 | &nbsp;&nbsp; (3438)<br>| &nbsp;&nbsp; 25531198 | &nbsp;&nbsp; 1,393,017<br> \*<br>|
| Total | &nbsp;&nbsp; $40617658 | &nbsp;&nbsp; $343317950 | &nbsp;&nbsp; $(348336989)<br>| &nbsp;&nbsp; $547 | &nbsp;&nbsp; $(3438)<br>| &nbsp;&nbsp; $35595728 | &nbsp;&nbsp; $1925192 |

---

\* 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 April 30, 2025.

<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 2J. 

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

------

**14**

------

**Invesco Dorsey Wright Industrials Momentum ETF (PRN)**

April 30, 2025

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%** |
| **Aerospace & Defense-20.79%** | **Aerospace & Defense-20.79%** | **Aerospace & Defense-20.79%** |
| Curtiss-Wright Corp. | 22843 | &nbsp;&nbsp; $7878322 |
| General Electric Co. | 46802 | &nbsp;&nbsp; 9432475 |
| HEICO Corp.<sup>(b)</sup> | 51694 | &nbsp;&nbsp; 12962788 |
| Howmet Aerospace, Inc. | 84005 | &nbsp;&nbsp; 11641413 |
| Kratos Defense & Security Solutions, Inc.<sup>(b)(c)</sup> | 171613 | &nbsp;&nbsp; 5797945 |
| Leonardo DRS, Inc.<sup>(b)</sup> | 179009 | &nbsp;&nbsp; 6616173 |
| TransDigm Group, Inc.<sup>(b)</sup> | 8549 | &nbsp;&nbsp; 12080335 |
|  |  | &nbsp;&nbsp; 66409451 |
| **Building Products-10.93%** | **Building Products-10.93%** | **Building Products-10.93%** |
| AZZ, Inc.<sup>(b)</sup> | 42603 | &nbsp;&nbsp; 3696236 |
| Griffon Corp. | 92030 | &nbsp;&nbsp; 6268164 |
| Lennox International, Inc. | 12351 | &nbsp;&nbsp; 6752909 |
| Trane Technologies PLC | 35859 | &nbsp;&nbsp; 13745113 |
| Zurn Elkay Water Solutions Corp. | 130971 | &nbsp;&nbsp; 4447775 |
|  |  | &nbsp;&nbsp; 34910197 |
| **Cargo Ground Transportation-1.79%** | **Cargo Ground Transportation-1.79%** | **Cargo Ground Transportation-1.79%** |
| Ryder System, Inc. | 41599 | &nbsp;&nbsp; 5726934 |
| **Construction & Engineering-1.20%** | **Construction & Engineering-1.20%** | **Construction & Engineering-1.20%** |
| Tutor Perini Corp.<sup>(c)</sup> | 178833 | &nbsp;&nbsp; 3837756 |
| **Construction Machinery & Heavy Transportation Equipment-4.67%** | **Construction Machinery & Heavy Transportation Equipment-4.67%** | **Construction Machinery & Heavy Transportation Equipment-4.67%** |
| Allison Transmission Holdings, Inc. | 53883 | &nbsp;&nbsp; 4970168 |
| Cummins, Inc. | 19501 | &nbsp;&nbsp; 5730174 |
| REV Group, Inc.<sup>(b)</sup> | 129038 | &nbsp;&nbsp; 4219542 |
|  |  | &nbsp;&nbsp; 14919884 |
| **Data Processing & Outsourced Services-2.07%** | **Data Processing & Outsourced Services-2.07%** | **Data Processing & Outsourced Services-2.07%** |
| ExlService Holdings, Inc.<sup>(c)</sup> | 136126 | &nbsp;&nbsp; 6599389 |
| **Diversified Support Services-3.14%** | **Diversified Support Services-3.14%** | **Diversified Support Services-3.14%** |
| Liquidity Services, Inc.<sup>(b)(c)</sup> | 116618 | &nbsp;&nbsp; 3706120 |
| VSE Corp. | 55287 | &nbsp;&nbsp; 6331467 |
|  |  | &nbsp;&nbsp; 10037587 |
| **Electrical Components & Equipment-1.30%** | **Electrical Components & Equipment-1.30%** | **Electrical Components & Equipment-1.30%** |
| Acuity, Inc. | 17022 | &nbsp;&nbsp; 4146730 |
| **Electronic Equipment & Instruments-3.18%** | **Electronic Equipment & Instruments-3.18%** | **Electronic Equipment & Instruments-3.18%** |
| Badger Meter, Inc. | 23542 | &nbsp;&nbsp; 5198545 |
| OSI Systems, Inc.<sup>(b)(c)</sup> | 24210 | &nbsp;&nbsp; 4956755 |
|  |  | &nbsp;&nbsp; 10155300 |
| **Electronic Manufacturing Services-4.71%** | **Electronic Manufacturing Services-4.71%** | **Electronic Manufacturing Services-4.71%** |
| Jabil, Inc.<sup>(b)</sup> | 71740 | &nbsp;&nbsp; 10514214 |
| Sanmina Corp.<sup>(b)(c)</sup> | 58921 | &nbsp;&nbsp; 4524544 |
|  |  | &nbsp;&nbsp; 15038758 |
| **Environmental & Facilities Services-3.09%** | **Environmental & Facilities Services-3.09%** | **Environmental & Facilities Services-3.09%** |
| Republic Services, Inc. | 39338 | &nbsp;&nbsp; 9864004 |
| **Heavy Electrical Equipment-2.08%** | **Heavy Electrical Equipment-2.08%** | **Heavy Electrical Equipment-2.08%** |
| Bloom Energy Corp., Class A<sup>(b)(c)</sup> | 362747 | &nbsp;&nbsp; 6645525 |
| **Industrial Machinery & Supplies & Components-15.30%** | **Industrial Machinery & Supplies & Components-15.30%** | **Industrial Machinery & Supplies & Components-15.30%** |
| Crane Co. | 28812 | &nbsp;&nbsp; 4638156 |
| Enerpac Tool Group Corp.<sup>(b)</sup> | 82879 | &nbsp;&nbsp; 3345825 |
| Enpro, Inc. | 21906 | &nbsp;&nbsp; 3272756 |
| ESAB Corp. | 42724 | &nbsp;&nbsp; 5132007 |
| ESCO Technologies, Inc.<sup>(b)</sup> | 22323 | &nbsp;&nbsp; 3492433 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrial Machinery & Supplies & Components-(continued)** | **Industrial Machinery & Supplies & Components-(continued)** | **Industrial Machinery & Supplies & Components-(continued)** |
| ITT, Inc.<sup>(b)</sup> | 37926 | &nbsp;&nbsp; $5196620 |
| Kadant, Inc.<sup>(b)</sup> | 15984 | &nbsp;&nbsp; 4715280 |
| Mueller Water Products, Inc., Class A | 172266 | &nbsp;&nbsp; 4520260 |
| Parker-Hannifin Corp. | 19110 | &nbsp;&nbsp; 11562697 |
| Standex International Corp.<sup>(b)</sup> | 21030 | &nbsp;&nbsp; 2974063 |
|  |  | &nbsp;&nbsp; 48850097 |
| **Office Services & Supplies-1.63%** | **Office Services & Supplies-1.63%** | **Office Services & Supplies-1.63%** |
| Pitney Bowes, Inc. | 597560 | &nbsp;&nbsp; 5186821 |
| **Oil & Gas Equipment & Services-1.69%** | **Oil & Gas Equipment & Services-1.69%** | **Oil & Gas Equipment & Services-1.69%** |
| Aris Water Solutions, Inc., Class A<sup>(b)</sup> | 216676 | &nbsp;&nbsp; 5408233 |
| **Paper & Plastic Packaging Products & Materials-3.16%** | **Paper & Plastic Packaging Products & Materials-3.16%** | **Paper & Plastic Packaging Products & Materials-3.16%** |
| Packaging Corp. of America | 54405 | &nbsp;&nbsp; 10098112 |
| **Research & Consulting Services-1.15%** | **Research & Consulting Services-1.15%** | **Research & Consulting Services-1.15%** |
| Huron Consulting Group, Inc.<sup>(b)(c)</sup> | 27203 | &nbsp;&nbsp; 3666692 |
| **Trading Companies & Distributors-14.81%** | **Trading Companies & Distributors-14.81%** | **Trading Companies & Distributors-14.81%** |
| Applied Industrial Technologies, Inc. | 26120 | &nbsp;&nbsp; 6354474 |
| Core & Main, Inc., Class A<sup>(c)</sup> | 95602 | &nbsp;&nbsp; 5036313 |
| Fastenal Co. | 97783 | &nbsp;&nbsp; 7917490 |
| Rush Enterprises, Inc., Class A<sup>(b)</sup> | 76478 | &nbsp;&nbsp; 3899613 |
| W.W. Grainger, Inc. | 13323 | &nbsp;&nbsp; 13646882 |
| Watsco, Inc. | 22731 | &nbsp;&nbsp; 10452623 |
|  |  | &nbsp;&nbsp; 47307395 |
| **Transaction & Payment Processing Services-3.23%** | **Transaction & Payment Processing Services-3.23%** | **Transaction & Payment Processing Services-3.23%** |
| Fiserv, Inc.<sup>(c)</sup> | 55845 | &nbsp;&nbsp; 10307312 |
| Total Common Stocks & Other Equity Interests <br>(Cost $302,289,625) | Total Common Stocks & Other Equity Interests <br>(Cost $302,289,625) | &nbsp;&nbsp; 319116177 |
| **Money Market Funds-0.18%** | **Money Market Funds-0.18%** | **Money Market Funds-0.18%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $576,679)<br>| 576679 | &nbsp;&nbsp; 576679 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.10% <br>(Cost $302,866,304) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.10% <br>(Cost $302,866,304) | &nbsp;&nbsp; 319692856 |
| **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-21.89%** | **Money Market Funds-21.89%** | **Money Market Funds-21.89%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 19440781 | &nbsp;&nbsp; 19440781 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 50451823 | &nbsp;&nbsp; 50461913 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $69,903,549) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $69,903,549) | &nbsp;&nbsp; 69902694 |
| TOTAL INVESTMENTS IN SECURITIES-121.99% <br>(Cost $372,769,853) | TOTAL INVESTMENTS IN SECURITIES-121.99% <br>(Cost $372,769,853) | &nbsp;&nbsp; 389595550 |
| OTHER ASSETS LESS LIABILITIES-(21.99)% | OTHER ASSETS LESS LIABILITIES-(21.99)% | &nbsp;&nbsp; (70219389)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $319376161 |

---

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

------

**15**

------

**Invesco Dorsey Wright Industrials Momentum ETF (PRN)—(continued)**

April 30, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp; $151020 | &nbsp;&nbsp; $5515891 | &nbsp;&nbsp; $(5090232)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $576679 | &nbsp;&nbsp; $19753 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 2599120 | &nbsp;&nbsp; 190152312 | &nbsp;&nbsp; (173310651)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 19440781 | &nbsp;&nbsp; 646,706<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 7188530 | &nbsp;&nbsp; 401155627 | &nbsp;&nbsp; (357880519)<br>| &nbsp;&nbsp; (446)<br>| &nbsp;&nbsp; (1279)<br>| &nbsp;&nbsp; 50461913 | &nbsp;&nbsp; 1,741,829<br> \*<br>|
| Total | &nbsp;&nbsp; $9938670 | &nbsp;&nbsp; $596823830 | &nbsp;&nbsp; $(536281402)<br>| &nbsp;&nbsp; $(446)<br>| &nbsp;&nbsp; $(1279)<br>| &nbsp;&nbsp; $70479373 | &nbsp;&nbsp; $2408288 |

---

\* 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 April 30, 2025.

<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 2J. 

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

------

**16**

------

**Invesco Dorsey Wright Technology Momentum ETF (PTF)**

April 30, 2025

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%** |
| **Application Software-21.63%** | **Application Software-21.63%** | **Application Software-21.63%** |
| ACI Worldwide, Inc.<sup>(b)</sup> | 156370 | &nbsp;&nbsp; $8343903 |
| Clear Secure, Inc., Class A<sup>(c)</sup> | 284896 | &nbsp;&nbsp; 7031233 |
| Guidewire Software, Inc.<sup>(b)</sup> | 63952 | &nbsp;&nbsp; 13095451 |
| Intapp, Inc.<sup>(b)(c)</sup> | 159181 | &nbsp;&nbsp; 8637161 |
| InterDigital, Inc.<sup>(c)</sup> | 45763 | &nbsp;&nbsp; 9198363 |
| NextNav, Inc.<sup>(b)(c)</sup> | 546295 | &nbsp;&nbsp; 6784984 |
| Nutanix, Inc., Class A<sup>(b)</sup> | 213351 | &nbsp;&nbsp; 14657214 |
| Porch Group, Inc.<sup>(b)(c)</sup> | 1534937 | &nbsp;&nbsp; 8902635 |
|  |  | &nbsp;&nbsp; 76650944 |
| **Communications Equipment-4.67%** | **Communications Equipment-4.67%** | **Communications Equipment-4.67%** |
| ADTRAN Holdings, Inc.<sup>(b)</sup> | 723879 | &nbsp;&nbsp; 5544913 |
| Motorola Solutions, Inc. | 24977 | &nbsp;&nbsp; 10999621 |
|  |  | &nbsp;&nbsp; 16544534 |
| **Electronic Components-5.34%** | **Electronic Components-5.34%** | **Electronic Components-5.34%** |
| Amphenol Corp., Class A | 146052 | &nbsp;&nbsp; 11238701 |
| Belden, Inc. | 74582 | &nbsp;&nbsp; 7690150 |
|  |  | &nbsp;&nbsp; 18928851 |
| **Electronic Equipment & Instruments-2.41%** | **Electronic Equipment & Instruments-2.41%** | **Electronic Equipment & Instruments-2.41%** |
| Trimble, Inc.<sup>(b)</sup> | 137209 | &nbsp;&nbsp; 8526167 |
| **Health Care Technology-2.30%** | **Health Care Technology-2.30%** | **Health Care Technology-2.30%** |
| Waystar Holding Corp.<sup>(b)(c)</sup> | 219611 | &nbsp;&nbsp; 8162941 |
| **Interactive Media & Services-6.99%** | **Interactive Media & Services-6.99%** | **Interactive Media & Services-6.99%** |
| Alphabet, Inc., Class A | 55118 | &nbsp;&nbsp; 8752738 |
| Meta Platforms, Inc., Class A | 29164 | &nbsp;&nbsp; 16011036 |
|  |  | &nbsp;&nbsp; 24763774 |
| **IT Consulting & Other Services-5.14%** | **IT Consulting & Other Services-5.14%** | **IT Consulting & Other Services-5.14%** |
| International Business Machines Corp. | 41563 | &nbsp;&nbsp; 10050765 |
| Kyndryl Holdings, Inc.<sup>(b)</sup> | 252270 | &nbsp;&nbsp; 8178593 |
|  |  | &nbsp;&nbsp; 18229358 |
| **Real Estate Services-2.90%** | **Real Estate Services-2.90%** | **Real Estate Services-2.90%** |
| Zillow Group, Inc., Class C<sup>(b)</sup> | 152525 | &nbsp;&nbsp; 10269508 |
| **Semiconductor Materials & Equipment-1.63%** | **Semiconductor Materials & Equipment-1.63%** | **Semiconductor Materials & Equipment-1.63%** |
| ACM Research, Inc., Class A<sup>(b)(c)</sup> | 297138 | &nbsp;&nbsp; 5785277 |
| **Semiconductors-2.81%** | **Semiconductors-2.81%** | **Semiconductors-2.81%** |
| Semtech Corp.<sup>(b)(c)</sup> | 318082 | &nbsp;&nbsp; 9940063 |
| **Systems Software-23.26%** | **Systems Software-23.26%** | **Systems Software-23.26%** |
| A10 Networks, Inc. | 346423 | &nbsp;&nbsp; 5709051 |
| Adeia, Inc. | 438128 | &nbsp;&nbsp; 5393356 |
| Commvault Systems, Inc.<sup>(b)</sup> | 50454 | &nbsp;&nbsp; 8432377 |
| Fortinet, Inc.<sup>(b)</sup> | 110607 | &nbsp;&nbsp; 11476582 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Systems Software-(continued)** | **Systems Software-(continued)** | **Systems Software-(continued)** |
| Microsoft Corp. | 30994 | &nbsp;&nbsp; $12250688 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 76279 | &nbsp;&nbsp; 14258834 |
| Rubrik, Inc., Class A<sup>(b)</sup> | 190125 | &nbsp;&nbsp; 13409516 |
| Zscaler, Inc.<sup>(b)(c)</sup> | 50815 | &nbsp;&nbsp; 11492829 |
|  |  | &nbsp;&nbsp; 82423233 |
| **Technology Hardware, Storage & Peripherals-10.91%** | **Technology Hardware, Storage & Peripherals-10.91%** | **Technology Hardware, Storage & Peripherals-10.91%** |
| Apple, Inc. | 148469 | &nbsp;&nbsp; 31549663 |
| CompoSecure, Inc., Class A<sup>(c)</sup> | 645761 | &nbsp;&nbsp; 7096913 |
|  |  | &nbsp;&nbsp; 38646576 |
| **Transaction & Payment Processing Services-3.41%** | **Transaction & Payment Processing Services-3.41%** | **Transaction & Payment Processing Services-3.41%** |
| Toast, Inc., Class A<sup>(b)(c)</sup> | 340084 | &nbsp;&nbsp; 12100189 |
| **Wireless Telecommunication Services-6.65%** | **Wireless Telecommunication Services-6.65%** | **Wireless Telecommunication Services-6.65%** |
| Telephone and Data Systems, Inc. | 338585 | &nbsp;&nbsp; 12693552 |
| T-Mobile US, Inc. | 43998 | &nbsp;&nbsp; 10865306 |
|  |  | &nbsp;&nbsp; 23558858 |
| Total Common Stocks & Other Equity Interests <br>(Cost $355,171,377) | Total Common Stocks & Other Equity Interests <br>(Cost $355,171,377) | &nbsp;&nbsp; 354530273 |
| **Money Market Funds-0.08%** | **Money Market Funds-0.08%** | **Money Market Funds-0.08%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $285,703)<br>| 285703 | &nbsp;&nbsp; 285703 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.13% <br>(Cost $355,457,080) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.13% <br>(Cost $355,457,080) | &nbsp;&nbsp; 354815976 |
| **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-17.26%** | **Money Market Funds-17.26%** | **Money Market Funds-17.26%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 16989874 | &nbsp;&nbsp; 16989874 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 44147122 | &nbsp;&nbsp; 44155951 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $61,147,626) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $61,147,626) | &nbsp;&nbsp; 61145825 |
| TOTAL INVESTMENTS IN SECURITIES-117.39% <br>(Cost $416,604,706) | TOTAL INVESTMENTS IN SECURITIES-117.39% <br>(Cost $416,604,706) | &nbsp;&nbsp; 415961801 |
| OTHER ASSETS LESS LIABILITIES-(17.39)% | OTHER ASSETS LESS LIABILITIES-(17.39)% | &nbsp;&nbsp; (61618217)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $354343584 |

---

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

------

**17**

------

**Invesco Dorsey Wright Technology Momentum ETF (PTF)—(continued)**

April 30, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp; $231847 | &nbsp;&nbsp; $15369884 | &nbsp;&nbsp; $(15316028)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $285703 | &nbsp;&nbsp; $17865 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 9387310 | &nbsp;&nbsp; 288765151 | &nbsp;&nbsp; (281162587)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 16989874 | &nbsp;&nbsp; 936,611<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 23150857 | &nbsp;&nbsp; 572654730 | &nbsp;&nbsp; (551650083)<br>| &nbsp;&nbsp; (106)<br>| &nbsp;&nbsp; 553 | &nbsp;&nbsp; 44155951 | &nbsp;&nbsp; 2,516,487<br> \*<br>|
| Total | &nbsp;&nbsp; $32770014 | &nbsp;&nbsp; $876789765 | &nbsp;&nbsp; $(848128698)<br>| &nbsp;&nbsp; $(106)<br>| &nbsp;&nbsp; $553 | &nbsp;&nbsp; $61431528 | &nbsp;&nbsp; $3470963 |

---

\* 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 April 30, 2025.

<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 2J. 

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

------

**18**

------

**Invesco Dorsey Wright Utilities Momentum ETF (PUI)**

April 30, 2025

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%** |
| **Electric Utilities-41.08%** | **Electric Utilities-41.08%** | **Electric Utilities-41.08%** |
| Alliant Energy Corp. | 31094 | &nbsp;&nbsp; $1897978 |
| American Electric Power Co., Inc. | 16495 | &nbsp;&nbsp; 1787068 |
| Duke Energy Corp. | 22046 | &nbsp;&nbsp; 2690053 |
| Entergy Corp. | 27567 | &nbsp;&nbsp; 2292747 |
| Evergy, Inc. | 28373 | &nbsp;&nbsp; 1960574 |
| Eversource Energy | 26287 | &nbsp;&nbsp; 1563551 |
| Exelon Corp. | 36976 | &nbsp;&nbsp; 1734174 |
| NextEra Energy, Inc. | 38216 | &nbsp;&nbsp; 2555886 |
| NRG Energy, Inc. | 21856 | &nbsp;&nbsp; 2394981 |
| Otter Tail Corp.<sup>(b)</sup> | 15352 | &nbsp;&nbsp; 1218642 |
| PG&E Corp. | 102192 | &nbsp;&nbsp; 1688212 |
| Pinnacle West Capital Corp.<sup>(b)</sup> | 19051 | &nbsp;&nbsp; 1813274 |
| Southern Co. (The) | 31333 | &nbsp;&nbsp; 2879189 |
| Xcel Energy, Inc.<sup>(b)</sup> | 33315 | &nbsp;&nbsp; 2355371 |
|  |  | &nbsp;&nbsp; 28831700 |
| **Gas Utilities-12.65%** | **Gas Utilities-12.65%** | **Gas Utilities-12.65%** |
| Atmos Energy Corp.<sup>(b)</sup> | 18573 | &nbsp;&nbsp; 2983381 |
| MDU Resources Group, Inc.<sup>(b)</sup> | 81231 | &nbsp;&nbsp; 1392299 |
| National Fuel Gas Co. | 22865 | &nbsp;&nbsp; 1755575 |
| New Jersey Resources Corp.<sup>(b)</sup> | 28181 | &nbsp;&nbsp; 1379178 |
| UGI Corp.<sup>(b)</sup> | 41745 | &nbsp;&nbsp; 1368819 |
|  |  | &nbsp;&nbsp; 8879252 |
| **Heavy Electrical Equipment-4.37%** | **Heavy Electrical Equipment-4.37%** | **Heavy Electrical Equipment-4.37%** |
| GE Vernova, Inc. | 8264 | &nbsp;&nbsp; 3064456 |
| **Integrated Telecommunication Services-3.52%** | **Integrated Telecommunication Services-3.52%** | **Integrated Telecommunication Services-3.52%** |
| AT&T, Inc. | 89266 | &nbsp;&nbsp; 2472668 |
| **Multi-Utilities-28.43%** | **Multi-Utilities-28.43%** | **Multi-Utilities-28.43%** |
| Ameren Corp. | 17070 | &nbsp;&nbsp; 1694027 |
| CenterPoint Energy, Inc. | 52096 | &nbsp;&nbsp; 2020283 |
| CMS Energy Corp. | 29552 | &nbsp;&nbsp; 2176505 |
| Consolidated Edison, Inc. | 14982 | &nbsp;&nbsp; 1689220 |
| DTE Energy Co. | 18087 | &nbsp;&nbsp; 2477919 |
| NiSource, Inc. | 68941 | &nbsp;&nbsp; 2696282 |
| Public Service Enterprise Group, Inc. | 27844 | &nbsp;&nbsp; 2225571 |
| Sempra | 31006 | &nbsp;&nbsp; 2302816 |
| WEC Energy Group, Inc. | 24380 | &nbsp;&nbsp; 2670098 |
|  |  | &nbsp;&nbsp; 19952721 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Oil & Gas Exploration & Production-3.04%** | **Oil & Gas Exploration & Production-3.04%** | **Oil & Gas Exploration & Production-3.04%** |
| EQT Corp. | 43198 | &nbsp;&nbsp; $2135709 |
| **Oil & Gas Storage & Transportation-3.39%** | **Oil & Gas Storage & Transportation-3.39%** | **Oil & Gas Storage & Transportation-3.39%** |
| ONEOK, Inc. | 28935 | &nbsp;&nbsp; 2377300 |
| **Water Utilities-3.49%** | **Water Utilities-3.49%** | **Water Utilities-3.49%** |
| American Water Works Co., Inc. | 16681 | &nbsp;&nbsp; 2452274 |
| Total Common Stocks & Other Equity Interests <br>(Cost $64,605,021) | Total Common Stocks & Other Equity Interests <br>(Cost $64,605,021) | &nbsp;&nbsp; 70166080 |
| **Money Market Funds-0.14%** | **Money Market Funds-0.14%** | **Money Market Funds-0.14%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)(d)</sup> <br>(Cost $94,565)<br>| 94565 | &nbsp;&nbsp; 94565 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.11% <br>(Cost $64,699,586) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.11% <br>(Cost $64,699,586) | &nbsp;&nbsp; 70260645 |
| **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-12.90%** | **Money Market Funds-12.90%** | **Money Market Funds-12.90%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(c)(d)(e)</sup><br>| 2519060 | &nbsp;&nbsp; 2519060 |
| Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup> | 6534095 | &nbsp;&nbsp; 6535402 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $9,054,618) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $9,054,618) | &nbsp;&nbsp; 9054462 |
| TOTAL INVESTMENTS IN SECURITIES-113.01% <br>(Cost $73,754,204) | TOTAL INVESTMENTS IN SECURITIES-113.01% <br>(Cost $73,754,204) | &nbsp;&nbsp; 79315107 |
| OTHER ASSETS LESS LIABILITIES-(13.01)% | OTHER ASSETS LESS LIABILITIES-(13.01)% | &nbsp;&nbsp; (9130891)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $70184216 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $86926 | &nbsp;&nbsp; $2221103 | &nbsp;&nbsp; $(2213464)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $94565 | &nbsp;&nbsp; $5093 |

---

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

------

**19**

------

**Invesco Dorsey Wright Utilities Momentum ETF (PUI)—(continued)**

April 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; $629664 | &nbsp;&nbsp; $35759569 | &nbsp;&nbsp; $(33870173)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2519060 | &nbsp;&nbsp; $85,160<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 1619545 | &nbsp;&nbsp; 79175581 | &nbsp;&nbsp; (74258735)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (989)<br>| &nbsp;&nbsp; 6535402 | &nbsp;&nbsp; 229,484<br> \*<br>|
| Total | &nbsp;&nbsp; $2336135 | &nbsp;&nbsp; $117156253 | &nbsp;&nbsp; $(110342372)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $(989)<br>| &nbsp;&nbsp; $9149027 | &nbsp;&nbsp; $319737 |

---

\* 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 April 30, 2025.

<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 2J. 

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

------

**20**

------

**Invesco NASDAQ Internet ETF (PNQI)**

April 30, 2025

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%** |
| **Advertising-0.05%** | **Advertising-0.05%** | **Advertising-0.05%** |
| Criteo S.A., ADR (France)<sup>(b)</sup> | 12136 | &nbsp;&nbsp; $413352 |
| **Apparel Retail-0.02%** | **Apparel Retail-0.02%** | **Apparel Retail-0.02%** |
| Lands' End, Inc.<sup>(b)(c)</sup> | 6743 | &nbsp;&nbsp; 59878 |
| Stitch Fix, Inc., Class A<sup>(b)(c)</sup> | 22800 | &nbsp;&nbsp; 74556 |
|  |  | &nbsp;&nbsp; 134434 |
| **Application Software-9.52%** | **Application Software-9.52%** | **Application Software-9.52%** |
| Adobe, Inc.<sup>(b)</sup> | 77119 | &nbsp;&nbsp; 28918083 |
| Alarm.com Holdings, Inc.<sup>(b)(c)</sup> | 10833 | &nbsp;&nbsp; 580649 |
| Box, Inc., Class A<sup>(b)(c)</sup> | 31343 | &nbsp;&nbsp; 978528 |
| Consensus Cloud Solutions, Inc.<sup>(b)(c)</sup> | 4268 | &nbsp;&nbsp; 84763 |
| DocuSign, Inc.<sup>(b)</sup> | 44069 | &nbsp;&nbsp; 3602641 |
| Dropbox, Inc., Class A<sup>(b)(c)</sup> | 49039 | &nbsp;&nbsp; 1400063 |
| Open Text Corp. (Canada) | 57582 | &nbsp;&nbsp; 1560472 |
| PROS Holdings, Inc.<sup>(b)(c)</sup> | 10374 | &nbsp;&nbsp; 177188 |
| Salesforce, Inc. | 113554 | &nbsp;&nbsp; 30513095 |
| SPS Commerce, Inc.<sup>(b)(c)</sup> | 8300 | &nbsp;&nbsp; 1191133 |
| Unity Software, Inc.<sup>(b)(c)</sup> | 89358 | &nbsp;&nbsp; 1882773 |
| Zoom Communications, Inc., Class A<sup>(b)</sup> | 57307 | &nbsp;&nbsp; 4443585 |
|  |  | &nbsp;&nbsp; 75332973 |
| **Broadline Retail-15.90%** | **Broadline Retail-15.90%** | **Broadline Retail-15.90%** |
| Alibaba Group Holding Ltd., ADR (China)<sup>(c)</sup> | 159599 | &nbsp;&nbsp; 19060909 |
| Amazon.com, Inc.<sup>(b)</sup> | 318708 | &nbsp;&nbsp; 58776129 |
| Coupang, Inc. (South Korea)<sup>(b)</sup> | 359403 | &nbsp;&nbsp; 8399248 |
| eBay, Inc. | 101646 | &nbsp;&nbsp; 6928191 |
| Etsy, Inc.<sup>(b)</sup> | 23362 | &nbsp;&nbsp; 1015780 |
| Global-e Online Ltd. (Israel)<sup>(b)</sup> | 36420 | &nbsp;&nbsp; 1307842 |
| JD.com, Inc., ADR (China) | 104377 | &nbsp;&nbsp; 3404778 |
| MercadoLibre, Inc. (Brazil)<sup>(b)</sup> | 11046 | &nbsp;&nbsp; 25746569 |
| Vipshop Holdings Ltd., ADR (China) | 89310 | &nbsp;&nbsp; 1216402 |
|  |  | &nbsp;&nbsp; 125855848 |
| **Casinos & Gaming-0.45%** | **Casinos & Gaming-0.45%** | **Casinos & Gaming-0.45%** |
| DraftKings, Inc., Class A<sup>(b)(c)</sup> | 106871 | &nbsp;&nbsp; 3557736 |
| **Commercial Printing-0.03%** | **Commercial Printing-0.03%** | **Commercial Printing-0.03%** |
| Cimpress PLC (Ireland)<sup>(b)</sup> | 5416 | &nbsp;&nbsp; 227580 |
| **Financial Exchanges & Data-1.17%** | **Financial Exchanges & Data-1.17%** | **Financial Exchanges & Data-1.17%** |
| Coinbase Global, Inc., Class A<sup>(b)(c)</sup> | 45844 | &nbsp;&nbsp; 9301289 |
| **Health Care Technology-0.05%** | **Health Care Technology-0.05%** | **Health Care Technology-0.05%** |
| GoodRx Holdings, Inc., Class A<sup>(b)(c)</sup> | 23289 | &nbsp;&nbsp; 107828 |
| Teladoc Health, Inc.<sup>(b)(c)</sup> | 37874 | &nbsp;&nbsp; 272314 |
|  |  | &nbsp;&nbsp; 380142 |
| **Homefurnishing Retail-0.09%** | **Homefurnishing Retail-0.09%** | **Homefurnishing Retail-0.09%** |
| Beyond, Inc.<sup>(b)(c)</sup> | 11584 | &nbsp;&nbsp; 47147 |
| Wayfair, Inc., Class A<sup>(b)(c)</sup> | 22296 | &nbsp;&nbsp; 672447 |
|  |  | &nbsp;&nbsp; 719594 |
| **Hotels, Resorts & Cruise Lines-7.10%** | **Hotels, Resorts & Cruise Lines-7.10%** | **Hotels, Resorts & Cruise Lines-7.10%** |
| Airbnb, Inc., Class A<sup>(b)(c)</sup> | 94418 | &nbsp;&nbsp; 11511443 |
| Booking Holdings, Inc. | 6746 | &nbsp;&nbsp; 34399743 |
| Expedia Group, Inc. | 26910 | &nbsp;&nbsp; 4222986 |
| MakeMyTrip Ltd. (India)<sup>(b)(c)</sup> | 15288 | &nbsp;&nbsp; 1602488 |
| Trip.com Group Ltd., ADR (China)<sup>(c)</sup> | 76548 | &nbsp;&nbsp; 4515567 |
|  |  | &nbsp;&nbsp; 56252227 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Human Resource & Employment Services-0.29%** | **Human Resource & Employment Services-0.29%** | **Human Resource & Employment Services-0.29%** |
| Paylocity Holding Corp.<sup>(b)</sup> | 12189 | &nbsp;&nbsp; $2341507 |
| **Interactive Home Entertainment-4.01%** | **Interactive Home Entertainment-4.01%** | **Interactive Home Entertainment-4.01%** |
| Electronic Arts, Inc. | 56857 | &nbsp;&nbsp; 8249382 |
| NetEase, Inc., ADR (China) | 22843 | &nbsp;&nbsp; 2445572 |
| Roblox Corp., Class A<sup>(b)(c)</sup> | 135020 | &nbsp;&nbsp; 9053091 |
| Sea Ltd., ADR (Singapore)<sup>(b)</sup> | 89404 | &nbsp;&nbsp; 11984606 |
|  |  | &nbsp;&nbsp; 31732651 |
| **Interactive Media & Services-16.77%** | **Interactive Media & Services-16.77%** | **Interactive Media & Services-16.77%** |
| Alphabet, Inc., Class C | 392851 | &nbsp;&nbsp; 63205797 |
| Autohome, Inc., ADR (China) | 14743 | &nbsp;&nbsp; 402189 |
| Baidu, Inc., ADR (China)<sup>(b)(c)</sup> | 30954 | &nbsp;&nbsp; 2718380 |
| Bilibili, Inc., ADR (China)<sup>(b)(c)</sup> | 25670 | &nbsp;&nbsp; 449225 |
| Bumble, Inc., Class A<sup>(b)(c)</sup> | 23025 | &nbsp;&nbsp; 97165 |
| Cars.com, Inc.<sup>(b)(c)</sup> | 13926 | &nbsp;&nbsp; 162099 |
| Meta Platforms, Inc., Class A | 101253 | &nbsp;&nbsp; 55587897 |
| Pinterest, Inc., Class A<sup>(b)(c)</sup> | 129806 | &nbsp;&nbsp; 3286688 |
| Reddit, Inc., Class A<sup>(b)(c)</sup> | 27373 | &nbsp;&nbsp; 3190871 |
| Snap, Inc., Class A<sup>(b)(c)</sup> | 314593 | &nbsp;&nbsp; 2504160 |
| TripAdvisor, Inc.<sup>(b)(c)</sup> | 27826 | &nbsp;&nbsp; 346434 |
| Yelp, Inc.<sup>(b)(c)</sup> | 14187 | &nbsp;&nbsp; 497680 |
| Ziff Davis, Inc.<sup>(b)(c)</sup> | 9353 | &nbsp;&nbsp; 276194 |
|  |  | &nbsp;&nbsp; 132724779 |
| **Internet Services & Infrastructure-5.77%** | **Internet Services & Infrastructure-5.77%** | **Internet Services & Infrastructure-5.77%** |
| Akamai Technologies, Inc.<sup>(b)(c)</sup> | 32782 | &nbsp;&nbsp; 2641573 |
| Fastly, Inc., Class A<sup>(b)(c)</sup> | 31033 | &nbsp;&nbsp; 178440 |
| GoDaddy, Inc., Class A<sup>(b)</sup> | 30824 | &nbsp;&nbsp; 5805084 |
| Okta, Inc.<sup>(b)(c)</sup> | 35694 | &nbsp;&nbsp; 4003439 |
| Shopify, Inc., Class A (Canada)<sup>(b)</sup> | 264963 | &nbsp;&nbsp; 25171485 |
| VeriSign, Inc.<sup>(b)</sup> | 20630 | &nbsp;&nbsp; 5820136 |
| Wix.com Ltd. (Israel)<sup>(b)</sup> | 11954 | &nbsp;&nbsp; 2027279 |
|  |  | &nbsp;&nbsp; 45647436 |
| **Movies & Entertainment-12.05%** | **Movies & Entertainment-12.05%** | **Movies & Entertainment-12.05%** |
| Netflix, Inc.<sup>(b)</sup> | 34502 | &nbsp;&nbsp; 39046603 |
| Roku, Inc., Class A<sup>(b)(c)</sup> | 28082 | &nbsp;&nbsp; 1914631 |
| Spotify Technology S.A. (Sweden)<sup>(b)</sup> | 44609 | &nbsp;&nbsp; 27389034 |
| Walt Disney Co. (The) | 297193 | &nbsp;&nbsp; 27029703 |
|  |  | &nbsp;&nbsp; 95379971 |
| **Other Specialty Retail-0.20%** | **Other Specialty Retail-0.20%** | **Other Specialty Retail-0.20%** |
| 1-800-Flowers.com, Inc., Class A<sup>(b)(c)</sup> | 7959 | &nbsp;&nbsp; 44013 |
| Chewy, Inc., Class A<sup>(b)</sup> | 42248 | &nbsp;&nbsp; 1584300 |
|  |  | &nbsp;&nbsp; 1628313 |
| **Passenger Ground Transportation-5.22%** | **Passenger Ground Transportation-5.22%** | **Passenger Ground Transportation-5.22%** |
| Grab Holdings Ltd., Class A (Singapore)<sup>(b)</sup> | 852662 | &nbsp;&nbsp; 4160991 |
| Lyft, Inc., Class A<sup>(b)</sup> | 89317 | &nbsp;&nbsp; 1107531 |
| Uber Technologies, Inc.<sup>(b)</sup> | 444950 | &nbsp;&nbsp; 36045399 |
|  |  | &nbsp;&nbsp; 41313921 |
| **Real Estate Services-1.21%** | **Real Estate Services-1.21%** | **Real Estate Services-1.21%** |
| CoStar Group, Inc.<sup>(b)(c)</sup> | 89460 | &nbsp;&nbsp; 6635248 |
| Redfin Corp.<sup>(b)(c)</sup> | 27563 | &nbsp;&nbsp; 262124 |
| Zillow Group, Inc., Class C<sup>(b)(c)</sup> | 39693 | &nbsp;&nbsp; 2672530 |
|  |  | &nbsp;&nbsp; 9569902 |
| **Restaurants-2.09%** | **Restaurants-2.09%** | **Restaurants-2.09%** |
| DoorDash, Inc., Class A<sup>(b)</sup> | 85995 | &nbsp;&nbsp; 16587576 |

---

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

------

**21**

------

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Systems Software-8.69%** | **Systems Software-8.69%** | **Systems Software-8.69%** |
| GitLab, Inc., Class A<sup>(b)(c)</sup> | 30790 | &nbsp;&nbsp; $1436969 |
| Microsoft Corp. | 170422 | &nbsp;&nbsp; 67361000 |
|  |  | &nbsp;&nbsp; 68797969 |
| **Technology Hardware, Storage & Peripherals-7.51%** | **Technology Hardware, Storage & Peripherals-7.51%** | **Technology Hardware, Storage & Peripherals-7.51%** |
| Apple, Inc. | 279747 | &nbsp;&nbsp; 59446238 |
| **Transaction & Payment Processing Services-1.83%** | **Transaction & Payment Processing Services-1.83%** | **Transaction & Payment Processing Services-1.83%** |
| Dlocal Ltd. (Uruguay)<sup>(b)(c)</sup> | 32880 | &nbsp;&nbsp; 290988 |
| PayPal Holdings, Inc.<sup>(b)</sup> | 215781 | &nbsp;&nbsp; 14207021 |
|  |  | &nbsp;&nbsp; 14498009 |
| Total Common Stocks & Other Equity Interests <br>(Cost $638,128,596) | Total Common Stocks & Other Equity Interests <br>(Cost $638,128,596) | &nbsp;&nbsp; 791843447 |
| **Money Market Funds-0.02%** | **Money Market Funds-0.02%** | **Money Market Funds-0.02%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $160,647)<br>| 160647 | &nbsp;&nbsp; 160647 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.04% <br>(Cost $638,289,243) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.04% <br>(Cost $638,289,243) | &nbsp;&nbsp; 792004094 |

---

---

| | | |
|:---|:---|:---|
|  | **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-7.33%** | **Money Market Funds-7.33%** | **Money Market Funds-7.33%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 16131440 | &nbsp;&nbsp; $16131440 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 41861817 | &nbsp;&nbsp; 41870189 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $58,001,980) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $58,001,980) | &nbsp;&nbsp; 58001629 |
| TOTAL INVESTMENTS IN SECURITIES-107.37% <br>(Cost $696,291,223) | TOTAL INVESTMENTS IN SECURITIES-107.37% <br>(Cost $696,291,223) | &nbsp;&nbsp; 850005723 |
| OTHER ASSETS LESS LIABILITIES-(7.37)% | OTHER ASSETS LESS LIABILITIES-(7.37)% | &nbsp;&nbsp; (58364805)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $791640918 |

---

Investment Abbreviations: <br> ADR -American Depositary Receipt

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $4286901 | &nbsp;&nbsp; $(4126254)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $160647 | &nbsp;&nbsp; $6022 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 10499267 | &nbsp;&nbsp; 325892601 | &nbsp;&nbsp; (320260428)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 16131440 | &nbsp;&nbsp; 651,049<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 26136829 | &nbsp;&nbsp; 681302826 | &nbsp;&nbsp; (665569296)<br>| &nbsp;&nbsp; 1867 | &nbsp;&nbsp; (2037)<br>| &nbsp;&nbsp; 41870189 | &nbsp;&nbsp; 1,725,940<br> \*<br>|
| Total | &nbsp;&nbsp; $36636096 | &nbsp;&nbsp; $1011482328 | &nbsp;&nbsp; $(989955978)<br>| &nbsp;&nbsp; $1867 | &nbsp;&nbsp; $(2037)<br>| &nbsp;&nbsp; $58162276 | &nbsp;&nbsp; $2383011 |

---

\* 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 April 30, 2025.

<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 2J. 

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

------

**22**

------

**23**

------

**Statements of Assets and Liabilities**

April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco** <br>**Dorsey Wright** <br>**Basic Materials** <br>**Momentum** <br>**ETF (PYZ)**<br>| **Invesco** <br>**Dorsey Wright** <br>**Consumer Cyclicals** <br>**Momentum** <br>**ETF (PEZ)**<br>| **Invesco** <br>**Dorsey Wright** <br>**Consumer Staples** <br>**Momentum** <br>**ETF (PSL)**<br>| **Invesco** <br>**Dorsey Wright** <br>**Energy** <br>**Momentum** <br>**ETF (PXI)**<br>|
| **Assets:** |  |  |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $46311236 | &nbsp;&nbsp;&nbsp; $50984758 | &nbsp;&nbsp;&nbsp; $91543695 | &nbsp;&nbsp;&nbsp; $45969480 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 7416561 | &nbsp;&nbsp;&nbsp; 12622803 | &nbsp;&nbsp;&nbsp; 17601657 | &nbsp;&nbsp;&nbsp; 10000949 |
| Receivable for: |  |  |  |  |
| Dividends | &nbsp;&nbsp; 16241 | &nbsp;&nbsp;&nbsp; 8480 | &nbsp;&nbsp;&nbsp; 81102 | &nbsp;&nbsp;&nbsp; 65809 |
| Securities lending | &nbsp;&nbsp; 747 | &nbsp;&nbsp;&nbsp; 26693 | &nbsp;&nbsp;&nbsp; 1405 | &nbsp;&nbsp;&nbsp; 961 |
| Investments sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 385937 |
| Expenses absorbed | &nbsp;&nbsp; 6661 | &nbsp;&nbsp;&nbsp; 8003 | &nbsp;&nbsp;&nbsp; 7714 | &nbsp;&nbsp;&nbsp; 6178 |
| Other assets | &nbsp;&nbsp; 2759 | &nbsp;&nbsp;&nbsp; 2771 | &nbsp;&nbsp;&nbsp; 2784 | &nbsp;&nbsp;&nbsp; 2774 |
| **Total assets** | &nbsp;&nbsp; 53754205 | &nbsp;&nbsp;&nbsp; 63653508 | &nbsp;&nbsp;&nbsp; 109238357 | &nbsp;&nbsp;&nbsp; 56432088 |
| **Liabilities:** |  |  |  |  |
| Payable for: |  |  |  |  |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 7286243 | &nbsp;&nbsp;&nbsp; 12486524 | &nbsp;&nbsp;&nbsp; 17393036 | &nbsp;&nbsp;&nbsp; 9843999 |
| Fund shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 386904 |
| Accrued unitary management fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Accrued advisory fees | &nbsp;&nbsp; 18702 | &nbsp;&nbsp;&nbsp; 20578 | &nbsp;&nbsp;&nbsp; 37147 | &nbsp;&nbsp;&nbsp; 19355 |
| Accrued trustees' and officer's fees | &nbsp;&nbsp; 70813 | &nbsp;&nbsp;&nbsp; 67121 | &nbsp;&nbsp;&nbsp; 72908 | &nbsp;&nbsp;&nbsp; 79105 |
| Accrued expenses | &nbsp;&nbsp; 62672 | &nbsp;&nbsp;&nbsp; 62805 | &nbsp;&nbsp;&nbsp; 79155 | &nbsp;&nbsp;&nbsp; 63132 |
| **Total liabilities** | &nbsp;&nbsp; 7438430 | &nbsp;&nbsp;&nbsp; 12637028 | &nbsp;&nbsp;&nbsp; 17582246 | &nbsp;&nbsp;&nbsp; 10392495 |
| **Net Assets** | &nbsp;&nbsp; $46315775 | &nbsp;&nbsp;&nbsp; $51016480 | &nbsp;&nbsp;&nbsp; $91656111 | &nbsp;&nbsp;&nbsp; $46039593 |
| **Net assets consist of:** |  |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $147681107 | &nbsp;&nbsp;&nbsp; $136989098 | &nbsp;&nbsp;&nbsp; $196714224 | &nbsp;&nbsp;&nbsp; $259302642 |
| Distributable earnings (loss) | &nbsp;&nbsp; (101365332)<br>| &nbsp;&nbsp;&nbsp; (85972618)<br>| &nbsp;&nbsp;&nbsp; (105058113)<br>| &nbsp;&nbsp;&nbsp; (213263049)<br>|
| **Net Assets** | &nbsp;&nbsp; $46315775 | &nbsp;&nbsp;&nbsp; $51016480 | &nbsp;&nbsp;&nbsp; $91656111 | &nbsp;&nbsp;&nbsp; $46039593 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp; 1190000 |
| Net asset value | &nbsp;&nbsp; $82.71 | &nbsp;&nbsp;&nbsp; $86.47 | &nbsp;&nbsp;&nbsp; $109.11 | &nbsp;&nbsp;&nbsp; $38.69 |
| Market price | &nbsp;&nbsp; $82.70 | &nbsp;&nbsp;&nbsp; $86.35 | &nbsp;&nbsp;&nbsp; $109.05 | &nbsp;&nbsp;&nbsp; $38.65 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $42749237 | &nbsp;&nbsp;&nbsp; $49371174 | &nbsp;&nbsp;&nbsp; $75144875 | &nbsp;&nbsp;&nbsp; $46963889 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $7416667 | &nbsp;&nbsp;&nbsp; $12623035 | &nbsp;&nbsp;&nbsp; $17601952 | &nbsp;&nbsp;&nbsp; $10000949 |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $7043555 | &nbsp;&nbsp;&nbsp; $12131099 | &nbsp;&nbsp;&nbsp; $17174864 | &nbsp;&nbsp;&nbsp; $9330986 |

---

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

------

**24**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Invesco** <br>**Dorsey Wright** <br>**Financial** <br>**Momentum** <br>**ETF (PFI)**<br>| **Invesco** <br>**Dorsey Wright** <br>**Healthcare** <br>**Momentum** <br>**ETF (PTH)**<br>| **Invesco** <br>**Dorsey Wright** <br>**Industrials** <br>**Momentum** <br>**ETF (PRN)**<br>| **Invesco** <br>**Dorsey Wright** <br>**Technology** <br>**Momentum** <br>**ETF (PTF)**<br>| **Invesco** <br>**Dorsey Wright** <br>**Utilities** <br>**Momentum** <br>**ETF (PUI)**<br>| **Invesco** <br>**NASDAQ** <br>**Internet** <br>**ETF (PNQI)**<br>|
| $61291272 | &nbsp;&nbsp;&nbsp; $108658707 | &nbsp;&nbsp;&nbsp; $319116177 | &nbsp;&nbsp;&nbsp; $354530273 | &nbsp;&nbsp;&nbsp; $70166080 | &nbsp;&nbsp;&nbsp; $791843447 |
| 5285491 | &nbsp;&nbsp;&nbsp; 35595728 | &nbsp;&nbsp;&nbsp; 70479373 | &nbsp;&nbsp;&nbsp; 61431528 | &nbsp;&nbsp;&nbsp; 9149027 | &nbsp;&nbsp;&nbsp; 58162276 |
| 29678 | &nbsp;&nbsp;&nbsp; 30099 | &nbsp;&nbsp;&nbsp; 74864 | &nbsp;&nbsp;&nbsp; 1695 | &nbsp;&nbsp;&nbsp; 61322 | &nbsp;&nbsp;&nbsp; 334 |
| 578 | &nbsp;&nbsp;&nbsp; 22301 | &nbsp;&nbsp;&nbsp; 4081 | &nbsp;&nbsp;&nbsp; 8941 | &nbsp;&nbsp;&nbsp; 954 | &nbsp;&nbsp;&nbsp; 4081 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1174746 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 7306 | &nbsp;&nbsp;&nbsp; 10748 | &nbsp;&nbsp;&nbsp; 28147 | &nbsp;&nbsp;&nbsp; 33452 | &nbsp;&nbsp;&nbsp; 7835 | &nbsp;&nbsp;&nbsp; - |
| 2759 | &nbsp;&nbsp;&nbsp; 2854 | &nbsp;&nbsp;&nbsp; 2960 | &nbsp;&nbsp;&nbsp; 3180 | &nbsp;&nbsp;&nbsp; 2749 | &nbsp;&nbsp;&nbsp; - |
| 66617084 | &nbsp;&nbsp;&nbsp; 144320437 | &nbsp;&nbsp;&nbsp; 389705602 | &nbsp;&nbsp;&nbsp; 417183815 | &nbsp;&nbsp;&nbsp; 79387967 | &nbsp;&nbsp;&nbsp; 850010138 |
| 5174526 | &nbsp;&nbsp;&nbsp; 35348247 | &nbsp;&nbsp;&nbsp; 69903549 | &nbsp;&nbsp;&nbsp; 61147626 | &nbsp;&nbsp;&nbsp; 9054618 | &nbsp;&nbsp;&nbsp; 58001980 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1175275 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 367240 |
| 24710 | &nbsp;&nbsp;&nbsp; 42331 | &nbsp;&nbsp;&nbsp; 129556 | &nbsp;&nbsp;&nbsp; 149441 | &nbsp;&nbsp;&nbsp; 25387 | &nbsp;&nbsp;&nbsp; - |
| 64224 | &nbsp;&nbsp;&nbsp; 81571 | &nbsp;&nbsp;&nbsp; 73690 | &nbsp;&nbsp;&nbsp; 73941 | &nbsp;&nbsp;&nbsp; 67813 | &nbsp;&nbsp;&nbsp; - |
| 57314 | &nbsp;&nbsp;&nbsp; 97397 | &nbsp;&nbsp;&nbsp; 222646 | &nbsp;&nbsp;&nbsp; 293948 | &nbsp;&nbsp;&nbsp; 55933 | &nbsp;&nbsp;&nbsp; - |
| 5320774 | &nbsp;&nbsp;&nbsp; 35569546 | &nbsp;&nbsp;&nbsp; 70329441 | &nbsp;&nbsp;&nbsp; 62840231 | &nbsp;&nbsp;&nbsp; 9203751 | &nbsp;&nbsp;&nbsp; 58369220 |
| $61296310 | &nbsp;&nbsp;&nbsp; $108750891 | &nbsp;&nbsp;&nbsp; $319376161 | &nbsp;&nbsp;&nbsp; $354343584 | &nbsp;&nbsp;&nbsp; $70184216 | &nbsp;&nbsp;&nbsp; $791640918 |
| $105640294 | &nbsp;&nbsp;&nbsp; $435895310 | &nbsp;&nbsp;&nbsp; $446682835 | &nbsp;&nbsp;&nbsp; $678516358 | &nbsp;&nbsp;&nbsp; $97367334 | &nbsp;&nbsp;&nbsp; $829043521 |
| (44343984)<br>| &nbsp;&nbsp;&nbsp; (327144419)<br>| &nbsp;&nbsp;&nbsp; (127306674)<br>| &nbsp;&nbsp;&nbsp; (324172774)<br>| &nbsp;&nbsp;&nbsp; (27183118)<br>| &nbsp;&nbsp;&nbsp; (37402603)<br>|
| $61296310 | &nbsp;&nbsp;&nbsp; $108750891 | &nbsp;&nbsp;&nbsp; $319376161 | &nbsp;&nbsp;&nbsp; $354343584 | &nbsp;&nbsp;&nbsp; $70184216 | &nbsp;&nbsp;&nbsp; $791640918 |
| 1170000 | &nbsp;&nbsp;&nbsp; 2710000 | &nbsp;&nbsp;&nbsp; 2330000 | &nbsp;&nbsp;&nbsp; 6030000 | &nbsp;&nbsp;&nbsp; 1720000 | &nbsp;&nbsp;&nbsp; 17560000 |
| $52.39 | &nbsp;&nbsp;&nbsp; $40.13 | &nbsp;&nbsp;&nbsp; $137.07 | &nbsp;&nbsp;&nbsp; $58.76 | &nbsp;&nbsp;&nbsp; $40.80 | &nbsp;&nbsp;&nbsp; $45.08 |
| $52.36 | &nbsp;&nbsp;&nbsp; $40.08 | &nbsp;&nbsp;&nbsp; $136.97 | &nbsp;&nbsp;&nbsp; $58.72 | &nbsp;&nbsp;&nbsp; $40.78 | &nbsp;&nbsp;&nbsp; $45.01 |
| $57725622 | &nbsp;&nbsp;&nbsp; $104470241 | &nbsp;&nbsp;&nbsp; $302289625 | &nbsp;&nbsp;&nbsp; $355171377 | &nbsp;&nbsp;&nbsp; $64605021 | &nbsp;&nbsp;&nbsp; $638128596 |
| $5285581 | &nbsp;&nbsp;&nbsp; $35597508 | &nbsp;&nbsp;&nbsp; $70480228 | &nbsp;&nbsp;&nbsp; $61433329 | &nbsp;&nbsp;&nbsp; $9149183 | &nbsp;&nbsp;&nbsp; $58162627 |
| $4922538 | &nbsp;&nbsp;&nbsp; $35121502 | &nbsp;&nbsp;&nbsp; $67857156 | &nbsp;&nbsp;&nbsp; $58661529 | &nbsp;&nbsp;&nbsp; $8895473 | &nbsp;&nbsp;&nbsp; $55817936 |

---

------

**25**

------

**Statements of Operations**

For the year ended April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco** <br>**Dorsey Wright** <br>**Basic Materials** <br>**Momentum** <br>**ETF (PYZ)**<br>| **Invesco** <br>**Dorsey Wright** <br>**Consumer Cyclicals** <br>**Momentum** <br>**ETF (PEZ)**<br>| **Invesco** <br>**Dorsey Wright** <br>**Consumer Staples** <br>**Momentum** <br>**ETF (PSL)**<br>| **Invesco** <br>**Dorsey Wright** <br>**Energy** <br>**Momentum** <br>**ETF (PXI)**<br>|
| **Investment income:** |  |  |  |  |
| Unaffiliated dividend income | &nbsp;&nbsp; $818358 | &nbsp;&nbsp;&nbsp; $326034 | &nbsp;&nbsp;&nbsp; $1091683 | &nbsp;&nbsp;&nbsp; $1501722 |
| Affiliated dividend income | &nbsp;&nbsp; 7405 | &nbsp;&nbsp;&nbsp; 6059 | &nbsp;&nbsp;&nbsp; 8440 | &nbsp;&nbsp;&nbsp; 7652 |
| Securities lending income, net | &nbsp;&nbsp; 53503 | &nbsp;&nbsp;&nbsp; 65606 | &nbsp;&nbsp;&nbsp; 16151 | &nbsp;&nbsp;&nbsp; 17541 |
| Foreign withholding tax | &nbsp;&nbsp; (83)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total investment income | &nbsp;&nbsp; 879183 | &nbsp;&nbsp;&nbsp; 397699 | &nbsp;&nbsp;&nbsp; 1116274 | &nbsp;&nbsp;&nbsp; 1526915 |
| **Expenses:** |  |  |  |  |
| Unitary management fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Advisory fees | &nbsp;&nbsp; 288875 | &nbsp;&nbsp;&nbsp; 336632 | &nbsp;&nbsp;&nbsp; 446645 | &nbsp;&nbsp;&nbsp; 326748 |
| Sub-licensing fees | &nbsp;&nbsp; 86663 | &nbsp;&nbsp;&nbsp; 100990 | &nbsp;&nbsp;&nbsp; 133994 | &nbsp;&nbsp;&nbsp; 98024 |
| Accounting & administration fees | &nbsp;&nbsp; 13095 | &nbsp;&nbsp;&nbsp; 16565 | &nbsp;&nbsp;&nbsp; 16766 | &nbsp;&nbsp;&nbsp; 14645 |
| Professional fees | &nbsp;&nbsp; 32206 | &nbsp;&nbsp;&nbsp; 32571 | &nbsp;&nbsp;&nbsp; 32733 | &nbsp;&nbsp;&nbsp; 32427 |
| Custodian & transfer agent fees | &nbsp;&nbsp; 4888 | &nbsp;&nbsp;&nbsp; 4929 | &nbsp;&nbsp;&nbsp; 4425 | &nbsp;&nbsp;&nbsp; 8624 |
| Trustees' and officer's fees | &nbsp;&nbsp; 9601 | &nbsp;&nbsp;&nbsp; 10308 | &nbsp;&nbsp;&nbsp; 10625 | &nbsp;&nbsp;&nbsp; 10454 |
| Other expenses | &nbsp;&nbsp; 16304 | &nbsp;&nbsp;&nbsp; 21564 | &nbsp;&nbsp;&nbsp; 15328 | &nbsp;&nbsp;&nbsp; 16931 |
| Total expenses | &nbsp;&nbsp; 451632 | &nbsp;&nbsp;&nbsp; 523559 | &nbsp;&nbsp;&nbsp; 660516 | &nbsp;&nbsp;&nbsp; 507853 |
| Less: Waivers | &nbsp;&nbsp; (105123)<br>| &nbsp;&nbsp;&nbsp; (119716)<br>| &nbsp;&nbsp;&nbsp; (124703)<br>| &nbsp;&nbsp;&nbsp; (115902)<br>|
| Net expenses | &nbsp;&nbsp; 346509 | &nbsp;&nbsp;&nbsp; 403843 | &nbsp;&nbsp;&nbsp; 535813 | &nbsp;&nbsp;&nbsp; 391951 |
| Net investment income (loss) | &nbsp;&nbsp; 532674 | &nbsp;&nbsp;&nbsp; (6144)<br>| &nbsp;&nbsp;&nbsp; 580461 | &nbsp;&nbsp;&nbsp; 1134964 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (1474589)<br>| &nbsp;&nbsp;&nbsp; (5583964)<br>| &nbsp;&nbsp;&nbsp; (1673306)<br>| &nbsp;&nbsp;&nbsp; (8269818)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (676)<br>| &nbsp;&nbsp;&nbsp; (768)<br>| &nbsp;&nbsp;&nbsp; (1464)<br>| &nbsp;&nbsp;&nbsp; (1268)<br>|
| In-kind redemptions | &nbsp;&nbsp; 3241308 | &nbsp;&nbsp;&nbsp; 8376139 | &nbsp;&nbsp;&nbsp; 10789891 | &nbsp;&nbsp;&nbsp; 2059706 |
| Net realized gain (loss) | &nbsp;&nbsp; 1766043 | &nbsp;&nbsp;&nbsp; 2791407 | &nbsp;&nbsp;&nbsp; 9115121 | &nbsp;&nbsp;&nbsp; (6211380)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (3788830)<br>| &nbsp;&nbsp;&nbsp; (6372054)<br>| &nbsp;&nbsp;&nbsp; 4323943 | &nbsp;&nbsp;&nbsp; (6104276)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 331 | &nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp; 372 | &nbsp;&nbsp;&nbsp; 788 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (3788499)<br>| &nbsp;&nbsp;&nbsp; (6371829)<br>| &nbsp;&nbsp;&nbsp; 4324315 | &nbsp;&nbsp;&nbsp; (6103488)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (2022456)<br>| &nbsp;&nbsp;&nbsp; (3580422)<br>| &nbsp;&nbsp;&nbsp; 13439436 | &nbsp;&nbsp;&nbsp; (12314868)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $(1489782)<br>| &nbsp;&nbsp;&nbsp; $(3586566)<br>| &nbsp;&nbsp;&nbsp; $14019897 | &nbsp;&nbsp;&nbsp; $(11179904)<br>|

---

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

------

**26**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Invesco** <br>**Dorsey Wright** <br>**Financial** <br>**Momentum** <br>**ETF (PFI)**<br>| **Invesco** <br>**Dorsey Wright** <br>**Healthcare** <br>**Momentum** <br>**ETF (PTH)**<br>| **Invesco** <br>**Dorsey Wright** <br>**Industrials** <br>**Momentum** <br>**ETF (PRN)**<br>| **Invesco** <br>**Dorsey Wright** <br>**Technology** <br>**Momentum** <br>**ETF (PTF)**<br>| **Invesco** <br>**Dorsey Wright** <br>**Utilities** <br>**Momentum** <br>**ETF (PUI)**<br>| **Invesco** <br>**NASDAQ** <br>**Internet** <br>**ETF (PNQI)**<br>|
| $941231 | &nbsp;&nbsp;&nbsp; $176380 | &nbsp;&nbsp;&nbsp; $2355871 | &nbsp;&nbsp;&nbsp; $881705 | &nbsp;&nbsp;&nbsp; $1415169 | &nbsp;&nbsp;&nbsp; $2933363 |
| 6875 | &nbsp;&nbsp;&nbsp; 10922 | &nbsp;&nbsp;&nbsp; 19753 | &nbsp;&nbsp;&nbsp; 17865 | &nbsp;&nbsp;&nbsp; 5093 | &nbsp;&nbsp;&nbsp; 6022 |
| 13735 | &nbsp;&nbsp;&nbsp; 473350 | &nbsp;&nbsp;&nbsp; 475301 | &nbsp;&nbsp;&nbsp; 624628 | &nbsp;&nbsp;&nbsp; 8232 | &nbsp;&nbsp;&nbsp; 63962 |
| (4081)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (10589)<br>|
| 957760 | &nbsp;&nbsp;&nbsp; 660652 | &nbsp;&nbsp;&nbsp; 2850925 | &nbsp;&nbsp;&nbsp; 1524198 | &nbsp;&nbsp;&nbsp; 1428494 | &nbsp;&nbsp;&nbsp; 2992758 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 4804899 |
| 335255 | &nbsp;&nbsp;&nbsp; 667388 | &nbsp;&nbsp;&nbsp; 1598549 | &nbsp;&nbsp;&nbsp; 2374026 | &nbsp;&nbsp;&nbsp; 253095 | &nbsp;&nbsp;&nbsp; - |
| 70588 | &nbsp;&nbsp;&nbsp; 200217 | &nbsp;&nbsp;&nbsp; 491419 | &nbsp;&nbsp;&nbsp; 712210 | &nbsp;&nbsp;&nbsp; 75929 | &nbsp;&nbsp;&nbsp; - |
| 15740 | &nbsp;&nbsp;&nbsp; 20909 | &nbsp;&nbsp;&nbsp; 32063 | &nbsp;&nbsp;&nbsp; 42619 | &nbsp;&nbsp;&nbsp; 14462 | &nbsp;&nbsp;&nbsp; - |
| 33014 | &nbsp;&nbsp;&nbsp; 32595 | &nbsp;&nbsp;&nbsp; 33523 | &nbsp;&nbsp;&nbsp; 34387 | &nbsp;&nbsp;&nbsp; 32360 | &nbsp;&nbsp;&nbsp; - |
| 6231 | &nbsp;&nbsp;&nbsp; 14786 | &nbsp;&nbsp;&nbsp; 7039 | &nbsp;&nbsp;&nbsp; 5909 | &nbsp;&nbsp;&nbsp; 6087 | &nbsp;&nbsp;&nbsp; - |
| 10223 | &nbsp;&nbsp;&nbsp; 11318 | &nbsp;&nbsp;&nbsp; 11990 | &nbsp;&nbsp;&nbsp; 13060 | &nbsp;&nbsp;&nbsp; 10212 | &nbsp;&nbsp;&nbsp; - |
| 20339 | &nbsp;&nbsp;&nbsp; 20383 | &nbsp;&nbsp;&nbsp; 35429 | &nbsp;&nbsp;&nbsp; 51881 | &nbsp;&nbsp;&nbsp; 15607 | &nbsp;&nbsp;&nbsp; - |
| 491390 | &nbsp;&nbsp;&nbsp; 967596 | &nbsp;&nbsp;&nbsp; 2210012 | &nbsp;&nbsp;&nbsp; 3234092 | &nbsp;&nbsp;&nbsp; 407752 | &nbsp;&nbsp;&nbsp; 4804899 |
| (89215)<br>| &nbsp;&nbsp;&nbsp; (166942)<br>| &nbsp;&nbsp;&nbsp; (292139)<br>| &nbsp;&nbsp;&nbsp; (385597)<br>| &nbsp;&nbsp;&nbsp; (104135)<br>| &nbsp;&nbsp;&nbsp; (115)<br>|
| 402175 | &nbsp;&nbsp;&nbsp; 800654 | &nbsp;&nbsp;&nbsp; 1917873 | &nbsp;&nbsp;&nbsp; 2848495 | &nbsp;&nbsp;&nbsp; 303617 | &nbsp;&nbsp;&nbsp; 4804784 |
| 555585 | &nbsp;&nbsp;&nbsp; (140002)<br>| &nbsp;&nbsp;&nbsp; 933052 | &nbsp;&nbsp;&nbsp; (1324297)<br>| &nbsp;&nbsp;&nbsp; 1124877 | &nbsp;&nbsp;&nbsp; (1812026)<br>|
| (1047012)<br>| &nbsp;&nbsp;&nbsp; (2165833)<br>| &nbsp;&nbsp;&nbsp; (24961998)<br>| &nbsp;&nbsp;&nbsp; (90158777)<br>| &nbsp;&nbsp;&nbsp; 303200 | &nbsp;&nbsp;&nbsp; (8184280)<br>|
| 54 | &nbsp;&nbsp;&nbsp; (3438)<br>| &nbsp;&nbsp;&nbsp; (1279)<br>| &nbsp;&nbsp;&nbsp; 553 | &nbsp;&nbsp;&nbsp; (989)<br>| &nbsp;&nbsp;&nbsp; (2037)<br>|
| 8839844 | &nbsp;&nbsp;&nbsp; 3372597 | &nbsp;&nbsp;&nbsp; 37452792 | &nbsp;&nbsp;&nbsp; 126161310 | &nbsp;&nbsp;&nbsp; 5348234 | &nbsp;&nbsp;&nbsp; 65568433 |
| 7792886 | &nbsp;&nbsp;&nbsp; 1203326 | &nbsp;&nbsp;&nbsp; 12489515 | &nbsp;&nbsp;&nbsp; 36003086 | &nbsp;&nbsp;&nbsp; 5650445 | &nbsp;&nbsp;&nbsp; 57382116 |
| (1032942)<br>| &nbsp;&nbsp;&nbsp; (1676921)<br>| &nbsp;&nbsp;&nbsp; (20277692)<br>| &nbsp;&nbsp;&nbsp; (23129484)<br>| &nbsp;&nbsp;&nbsp; 5052931 | &nbsp;&nbsp;&nbsp; 72644282 |
| 385 | &nbsp;&nbsp;&nbsp; 547 | &nbsp;&nbsp;&nbsp; (446)<br>| &nbsp;&nbsp;&nbsp; (106)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1867 |
| (1032557)<br>| &nbsp;&nbsp;&nbsp; (1676374)<br>| &nbsp;&nbsp;&nbsp; (20278138)<br>| &nbsp;&nbsp;&nbsp; (23129590)<br>| &nbsp;&nbsp;&nbsp; 5052931 | &nbsp;&nbsp;&nbsp; 72646149 |
| 6760329 | &nbsp;&nbsp;&nbsp; (473048)<br>| &nbsp;&nbsp;&nbsp; (7788623)<br>| &nbsp;&nbsp;&nbsp; 12873496 | &nbsp;&nbsp;&nbsp; 10703376 | &nbsp;&nbsp;&nbsp; 130028265 |
| $7315914 | &nbsp;&nbsp;&nbsp; $(613050)<br>| &nbsp;&nbsp;&nbsp; $(6855571)<br>| &nbsp;&nbsp;&nbsp; $11549199 | &nbsp;&nbsp;&nbsp; $11828253 | &nbsp;&nbsp;&nbsp; $128216239 |

---

------

**27**

------

**Statements of Changes in Net Assets**

For the years ended April 30, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco Dorsey Wright** <br>**Basic Materials** <br>**Momentum ETF (PYZ)** | **Invesco Dorsey Wright** <br>**Basic Materials** <br>**Momentum ETF (PYZ)** | **Invesco Dorsey Wright** <br>**Consumer Cyclicals** <br>**Momentum ETF (PEZ)** | **Invesco Dorsey Wright** <br>**Consumer Cyclicals** <br>**Momentum ETF (PEZ)** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operations:** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $532674 | &nbsp;&nbsp;&nbsp; $1279281 | &nbsp;&nbsp;&nbsp; $(6144)<br>| &nbsp;&nbsp;&nbsp; $126374 |
| Net realized gain (loss) | &nbsp;&nbsp; 1766043 | &nbsp;&nbsp;&nbsp; 4388352 | &nbsp;&nbsp;&nbsp; 2791407 | &nbsp;&nbsp;&nbsp; 5037716 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (3788499)<br>| &nbsp;&nbsp;&nbsp; (4778941)<br>| &nbsp;&nbsp;&nbsp; (6371829)<br>| &nbsp;&nbsp;&nbsp; 6164517 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (1489782)<br>| &nbsp;&nbsp;&nbsp; 888692 | &nbsp;&nbsp;&nbsp; (3586566)<br>| &nbsp;&nbsp;&nbsp; 11328607 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (636031)<br>| &nbsp;&nbsp;&nbsp; (1272105)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (166069)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 49661662 | &nbsp;&nbsp;&nbsp; 32978539 |
| Value of shares repurchased | &nbsp;&nbsp; (15471384)<br>| &nbsp;&nbsp;&nbsp; (92240073)<br>| &nbsp;&nbsp;&nbsp; (53670659)<br>| &nbsp;&nbsp;&nbsp; (8294058)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (15471384)<br>| &nbsp;&nbsp;&nbsp; (92240073)<br>| &nbsp;&nbsp;&nbsp; (4008997)<br>| &nbsp;&nbsp;&nbsp; 24684481 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; (17597197)<br>| &nbsp;&nbsp;&nbsp; (92623486)<br>| &nbsp;&nbsp;&nbsp; (7595563)<br>| &nbsp;&nbsp;&nbsp; 35847019 |
| **Net assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 63912972 | &nbsp;&nbsp;&nbsp; 156536458 | &nbsp;&nbsp;&nbsp; 58612043 | &nbsp;&nbsp;&nbsp; 22765024 |
| End of year | &nbsp;&nbsp; $46315775 | &nbsp;&nbsp;&nbsp; $63912972 | &nbsp;&nbsp;&nbsp; $51016480 | &nbsp;&nbsp;&nbsp; $58612043 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp; 430000 |
| Shares repurchased | &nbsp;&nbsp; (170000)<br>| &nbsp;&nbsp;&nbsp; (1180000)<br>| &nbsp;&nbsp;&nbsp; (550000)<br>| &nbsp;&nbsp;&nbsp; (110000)<br>|
| Shares outstanding, beginning of year | &nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp; 1910000 | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 330000 |
| Shares outstanding, end of year | &nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp; 650000 |

---

<sup>(a)</sup> Changes in shares outstanding have been restated to reflect a three-for-one stock split effective after the close of business on July 14, 2023.

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

------

**28**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco Dorsey Wright** <br>**Consumer Staples** <br>**Momentum ETF (PSL)** | **Invesco Dorsey Wright** <br>**Consumer Staples** <br>**Momentum ETF (PSL)** | **Invesco Dorsey Wright Energy** <br>**Momentum ETF (PXI)** | **Invesco Dorsey Wright Energy** <br>**Momentum ETF (PXI)** | **Invesco Dorsey Wright Financial** <br>**Momentum ETF (PFI)** | **Invesco Dorsey Wright Financial** <br>**Momentum ETF (PFI)** | **Invesco Dorsey Wright Healthcare** <br>**Momentum ETF (PTH)** | **Invesco Dorsey Wright Healthcare** <br>**Momentum ETF (PTH)** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $580461 | &nbsp;&nbsp;&nbsp; $969281 | &nbsp;&nbsp;&nbsp; $1134964 | &nbsp;&nbsp;&nbsp; $1323085 | &nbsp;&nbsp;&nbsp; $555585 | &nbsp;&nbsp;&nbsp; $420713 | &nbsp;&nbsp;&nbsp; $(140002)<br>| &nbsp;&nbsp;&nbsp; $(273945)<br>|
| 9115121 | &nbsp;&nbsp;&nbsp; 4877350 | &nbsp;&nbsp;&nbsp; (6211380)<br>| &nbsp;&nbsp;&nbsp; 9027004 | &nbsp;&nbsp;&nbsp; 7792886 | &nbsp;&nbsp;&nbsp; 1563816 | &nbsp;&nbsp;&nbsp; 1203326 | &nbsp;&nbsp;&nbsp; 15140112 |
| 4324315 | &nbsp;&nbsp;&nbsp; (1298496)<br>| &nbsp;&nbsp;&nbsp; (6103488)<br>| &nbsp;&nbsp;&nbsp; 3459808 | &nbsp;&nbsp;&nbsp; (1032557)<br>| &nbsp;&nbsp;&nbsp; 3331339 | &nbsp;&nbsp;&nbsp; (1676374)<br>| &nbsp;&nbsp;&nbsp; (17504425)<br>|
| 14019897 | &nbsp;&nbsp;&nbsp; 4548135 | &nbsp;&nbsp;&nbsp; (11179904)<br>| &nbsp;&nbsp;&nbsp; 13809897 | &nbsp;&nbsp;&nbsp; 7315914 | &nbsp;&nbsp;&nbsp; 5315868 | &nbsp;&nbsp;&nbsp; (613050)<br>| &nbsp;&nbsp;&nbsp; (2638258)<br>|
| (574678)<br>| &nbsp;&nbsp;&nbsp; (1240892)<br>| &nbsp;&nbsp;&nbsp; (1081146)<br>| &nbsp;&nbsp;&nbsp; (1476198)<br>| &nbsp;&nbsp;&nbsp; (1981604)<br>| &nbsp;&nbsp;&nbsp; (574350)<br>| &nbsp;&nbsp;&nbsp; (83222)<br>| &nbsp;&nbsp;&nbsp; - |
| 26510276 | &nbsp;&nbsp;&nbsp; 1768846 | &nbsp;&nbsp;&nbsp; 8667258 | &nbsp;&nbsp;&nbsp; 44693219 | &nbsp;&nbsp;&nbsp; 48860970 | &nbsp;&nbsp;&nbsp; 26570956 | &nbsp;&nbsp;&nbsp; 5603971 | &nbsp;&nbsp;&nbsp; 14846691 |
| (30838334)<br>| &nbsp;&nbsp;&nbsp; (44034598)<br>| &nbsp;&nbsp;&nbsp; (20088358)<br>| &nbsp;&nbsp;&nbsp; (82630533)<br>| &nbsp;&nbsp;&nbsp; (46656196)<br>| &nbsp;&nbsp;&nbsp; (6427663)<br>| &nbsp;&nbsp;&nbsp; (33059908)<br>| &nbsp;&nbsp;&nbsp; (56449189)<br>|
| (4328058)<br>| &nbsp;&nbsp;&nbsp; (42265752)<br>| &nbsp;&nbsp;&nbsp; (11421100)<br>| &nbsp;&nbsp;&nbsp; (37937314)<br>| &nbsp;&nbsp;&nbsp; 2204774 | &nbsp;&nbsp;&nbsp; 20143293 | &nbsp;&nbsp;&nbsp; (27455937)<br>| &nbsp;&nbsp;&nbsp; (41602498)<br>|
| 9117161 | &nbsp;&nbsp;&nbsp; (38958509)<br>| &nbsp;&nbsp;&nbsp; (23682150)<br>| &nbsp;&nbsp;&nbsp; (25603615)<br>| &nbsp;&nbsp;&nbsp; 7539084 | &nbsp;&nbsp;&nbsp; 24884811 | &nbsp;&nbsp;&nbsp; (28152209)<br>| &nbsp;&nbsp;&nbsp; (44240756)<br>|
| 82538950 | &nbsp;&nbsp;&nbsp; 121497459 | &nbsp;&nbsp;&nbsp; 69721743 | &nbsp;&nbsp;&nbsp; 95325358 | &nbsp;&nbsp;&nbsp; 53757226 | &nbsp;&nbsp;&nbsp; 28872415 | &nbsp;&nbsp;&nbsp; 136903100 | &nbsp;&nbsp;&nbsp; 181143856 |
| $91656111 | &nbsp;&nbsp;&nbsp; $82538950 | &nbsp;&nbsp;&nbsp; $46039593 | &nbsp;&nbsp;&nbsp; $69721743 | &nbsp;&nbsp;&nbsp; $61296310 | &nbsp;&nbsp;&nbsp; $53757226 | &nbsp;&nbsp;&nbsp; $108750891 | &nbsp;&nbsp;&nbsp; $136903100 |
| 260000 | &nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp; 980000 | &nbsp;&nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp; 360000 <br><sup>(a)</sup><br>|
| (300000)<br>| &nbsp;&nbsp;&nbsp; (510000)<br>| &nbsp;&nbsp;&nbsp; (450000)<br>| &nbsp;&nbsp;&nbsp; (1980000)<br>| &nbsp;&nbsp;&nbsp; (860000)<br>| &nbsp;&nbsp;&nbsp; (150000)<br>| &nbsp;&nbsp;&nbsp; (790000)<br>| &nbsp;&nbsp;&nbsp; (1510000 )<sup>(a)</sup><br>|
| 880000 | &nbsp;&nbsp;&nbsp; 1370000 | &nbsp;&nbsp;&nbsp; 1460000 | &nbsp;&nbsp;&nbsp; 2460000 | &nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp; 3380000 | &nbsp;&nbsp;&nbsp; 4530000 <br><sup>(a)</sup><br>|
| 840000 | &nbsp;&nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp; 1190000 | &nbsp;&nbsp;&nbsp; 1460000 | &nbsp;&nbsp;&nbsp; 1170000 | &nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 2710000 | &nbsp;&nbsp;&nbsp; 3380000 <br><sup>(a)</sup><br>|

---

------

**29**

------

**Statements of Changes in Net Assets—(continued)**

For the years ended April 30, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco Dorsey Wright Industrials** <br>**Momentum ETF (PRN)** | **Invesco Dorsey Wright Industrials** <br>**Momentum ETF (PRN)** | **Invesco Dorsey Wright Technology** <br>**Momentum ETF (PTF)** | **Invesco Dorsey Wright Technology** <br>**Momentum ETF (PTF)** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operations:** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $933052 | &nbsp;&nbsp;&nbsp; $559613 | &nbsp;&nbsp;&nbsp; $(1324297)<br>| &nbsp;&nbsp;&nbsp; $(419523)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 12489515 | &nbsp;&nbsp;&nbsp; 26874047 | &nbsp;&nbsp;&nbsp; 36003086 | &nbsp;&nbsp;&nbsp; 78183467 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (20278138)<br>| &nbsp;&nbsp;&nbsp; 24823696 | &nbsp;&nbsp;&nbsp; (23129590)<br>| &nbsp;&nbsp;&nbsp; 5465472 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (6855571)<br>| &nbsp;&nbsp;&nbsp; 52257356 | &nbsp;&nbsp;&nbsp; 11549199 | &nbsp;&nbsp;&nbsp; 83229416 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (1198981)<br>| &nbsp;&nbsp;&nbsp; (686510)<br>| &nbsp;&nbsp;&nbsp; (1111988)<br>| &nbsp;&nbsp;&nbsp; (221495)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 303167388 | &nbsp;&nbsp;&nbsp; 148235572 | &nbsp;&nbsp;&nbsp; 432528386 | &nbsp;&nbsp;&nbsp; 421158134 |
| Value of shares repurchased | &nbsp;&nbsp; (195558519)<br>| &nbsp;&nbsp;&nbsp; (108428015)<br>| &nbsp;&nbsp;&nbsp; (463936513)<br>| &nbsp;&nbsp;&nbsp; (359148422)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 107608869 | &nbsp;&nbsp;&nbsp; 39807557 | &nbsp;&nbsp;&nbsp; (31408127)<br>| &nbsp;&nbsp;&nbsp; 62009712 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; 99554317 | &nbsp;&nbsp;&nbsp; 91378403 | &nbsp;&nbsp;&nbsp; (20970916)<br>| &nbsp;&nbsp;&nbsp; 145017633 |
| **Net assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 219821844 | &nbsp;&nbsp;&nbsp; 128443441 | &nbsp;&nbsp;&nbsp; 375314500 | &nbsp;&nbsp;&nbsp; 230296867 |
| End of year | &nbsp;&nbsp; $319376161 | &nbsp;&nbsp;&nbsp; $219821844 | &nbsp;&nbsp;&nbsp; $354343584 | &nbsp;&nbsp;&nbsp; $375314500 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2010000 | &nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 6260000 | &nbsp;&nbsp;&nbsp; 8150000 <br><sup>(a)</sup><br>|
| Shares repurchased | &nbsp;&nbsp; (1350000)<br>| &nbsp;&nbsp;&nbsp; (890000)<br>| &nbsp;&nbsp;&nbsp; (7200000)<br>| &nbsp;&nbsp;&nbsp; (6910000 )<sup>(a)</sup><br>|
| Shares outstanding, beginning of year | &nbsp;&nbsp; 1670000 | &nbsp;&nbsp;&nbsp; 1360000 | &nbsp;&nbsp;&nbsp; 6970000 | &nbsp;&nbsp;&nbsp; 5730000 <br><sup>(a)</sup><br>|
| Shares outstanding, end of year | &nbsp;&nbsp; 2330000 | &nbsp;&nbsp;&nbsp; 1670000 | &nbsp;&nbsp;&nbsp; 6030000 | &nbsp;&nbsp;&nbsp; 6970000 <br><sup>(a)</sup><br>|

---

<sup>(a)</sup> Changes in shares outstanding have been restated to reflect a three-for-one stock split effective after the close of business on July 14, 2023.

<sup>(b)</sup> Changes in shares outstanding have been restated to reflect a five-for-one stock split effective after the close of business on July 14, 2023.

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

------

**30**

------

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Dorsey Wright Utilities** <br>**Momentum ETF (PUI)** | **Invesco Dorsey Wright Utilities** <br>**Momentum ETF (PUI)** | **Invesco NASDAQ** <br>**Internet ETF (PNQI)** | **Invesco NASDAQ** <br>**Internet ETF (PNQI)** |
| **2025** | **2024** | **2025** | **2024** |
| $1124877 | &nbsp;&nbsp;&nbsp; $933967 | &nbsp;&nbsp;&nbsp; $(1812026)<br>| &nbsp;&nbsp;&nbsp; $(2305036)<br>|
| 5650445 | &nbsp;&nbsp;&nbsp; (1880430)<br>| &nbsp;&nbsp;&nbsp; 57382116 | &nbsp;&nbsp;&nbsp; 41353450 |
| 5052931 | &nbsp;&nbsp;&nbsp; 2145336 | &nbsp;&nbsp;&nbsp; 72646149 | &nbsp;&nbsp;&nbsp; 148852755 |
| 11828253 | &nbsp;&nbsp;&nbsp; 1198873 | &nbsp;&nbsp;&nbsp; 128216239 | &nbsp;&nbsp;&nbsp; 187901169 |
| (1169663)<br>| &nbsp;&nbsp;&nbsp; (926651)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 49271895 | &nbsp;&nbsp;&nbsp; 4036574 | &nbsp;&nbsp;&nbsp; 94449331 | &nbsp;&nbsp;&nbsp; 173209510 |
| (28438671)<br>| &nbsp;&nbsp;&nbsp; (8925892)<br>| &nbsp;&nbsp;&nbsp; (155911587)<br>| &nbsp;&nbsp;&nbsp; (164508320)<br>|
| 20833224 | &nbsp;&nbsp;&nbsp; (4889318)<br>| &nbsp;&nbsp;&nbsp; (61462256)<br>| &nbsp;&nbsp;&nbsp; 8701190 |
| 31491814 | &nbsp;&nbsp;&nbsp; (4617096)<br>| &nbsp;&nbsp;&nbsp; 66753983 | &nbsp;&nbsp;&nbsp; 196602359 |
| 38692402 | &nbsp;&nbsp;&nbsp; 43309498 | &nbsp;&nbsp;&nbsp; 724886935 | &nbsp;&nbsp;&nbsp; 528284576 |
| $70184216 | &nbsp;&nbsp;&nbsp; $38692402 | &nbsp;&nbsp;&nbsp; $791640918 | &nbsp;&nbsp;&nbsp; $724886935 |
| 1310000 | &nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp; 2040000 | &nbsp;&nbsp;&nbsp; 4840000 <br><sup>(b)</sup><br>|
| (730000)<br>| &nbsp;&nbsp;&nbsp; (280000)<br>| &nbsp;&nbsp;&nbsp; (3500000)<br>| &nbsp;&nbsp;&nbsp; (4620000 )<sup>(b)</sup><br>|
| 1140000 | &nbsp;&nbsp;&nbsp; 1290000 | &nbsp;&nbsp;&nbsp; 19020000 | &nbsp;&nbsp;&nbsp; 18800000 <br><sup>(b)</sup><br>|
| 1720000 | &nbsp;&nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp; 17560000 | &nbsp;&nbsp;&nbsp; 19020000 <br><sup>(b)</sup><br>|

---

------

**31**

------

**Financial Highlights**

Invesco Dorsey Wright 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $87.55 | &nbsp;&nbsp;&nbsp; $81.96 | &nbsp;&nbsp;&nbsp; $91.81 | &nbsp;&nbsp;&nbsp; $85.67 | &nbsp;&nbsp;&nbsp; $47.51 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (4.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.69 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (9.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.16 | &nbsp;&nbsp;&nbsp;&nbsp;38.31 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (3.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.64 | &nbsp;&nbsp;&nbsp; (8.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.51 | &nbsp;&nbsp;&nbsp;&nbsp;38.78 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $82.71 | &nbsp;&nbsp;&nbsp; $87.55 | &nbsp;&nbsp;&nbsp; $81.96 | &nbsp;&nbsp;&nbsp; $91.81 | &nbsp;&nbsp;&nbsp; $85.67 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $82.70 | &nbsp;&nbsp;&nbsp; $87.56 | &nbsp;&nbsp;&nbsp; $81.92 | &nbsp;&nbsp;&nbsp; $91.90 | &nbsp;&nbsp;&nbsp; $85.68 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (4.47)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.16<br> %<br>| &nbsp;&nbsp;&nbsp; (9.61)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 82.25<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (4.49)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.22<br> %<br>| &nbsp;&nbsp;&nbsp; (9.74)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 81.80<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $46316 | &nbsp;&nbsp;&nbsp; $63913 | &nbsp;&nbsp;&nbsp; $156536 | &nbsp;&nbsp;&nbsp; $187288 | &nbsp;&nbsp;&nbsp; $114802 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 69<br> %<br>| &nbsp;&nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp;&nbsp; 86<br> %<br>| &nbsp;&nbsp;&nbsp; 125<br> %<br>| &nbsp;&nbsp;&nbsp; 132<br> %<br>|

---

<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> 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**

------

**Financial Highlights—(continued)**

Invesco Dorsey Wright 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $90.17 | &nbsp;&nbsp;&nbsp; $68.98 | &nbsp;&nbsp;&nbsp; $70.40 | &nbsp;&nbsp;&nbsp; $89.43 | &nbsp;&nbsp;&nbsp; $41.64 |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(b)</sup><br>|
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (3.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.28 | &nbsp;&nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp; (19.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;47.98 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (3.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.57 | &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (18.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;47.98 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $86.47 | &nbsp;&nbsp;&nbsp; $90.17 | &nbsp;&nbsp;&nbsp; $68.98 | &nbsp;&nbsp;&nbsp; $70.40 | &nbsp;&nbsp;&nbsp; $89.43 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $86.35 | &nbsp;&nbsp;&nbsp; $90.15 | &nbsp;&nbsp;&nbsp; $69.03 | &nbsp;&nbsp;&nbsp; $70.54 | &nbsp;&nbsp;&nbsp; $89.37 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (4.10)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.40<br> %<br>| &nbsp;&nbsp;&nbsp; (1.27)%<br>| &nbsp;&nbsp;&nbsp; (21.10)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 115.43<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (4.21)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.27<br> %<br>| &nbsp;&nbsp;&nbsp; (1.40)%<br>| &nbsp;&nbsp;&nbsp; (20.90)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 115.13<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $51016 | &nbsp;&nbsp;&nbsp; $58612 | &nbsp;&nbsp;&nbsp; $22765 | &nbsp;&nbsp;&nbsp; $38718 | &nbsp;&nbsp;&nbsp; $126992 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; (0.01)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp; (0.00 )%<sup>(e)</sup><br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 189<br> %<br>| &nbsp;&nbsp;&nbsp; 186<br> %<br>| &nbsp;&nbsp;&nbsp; 192<br> %<br>| &nbsp;&nbsp;&nbsp; 227<br> %<br>| &nbsp;&nbsp;&nbsp; 163<br> %<br>|

---

<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> Amount represents 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.

------

**33**

------

**Financial Highlights—(continued)**

Invesco Dorsey Wright 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $93.79 | &nbsp;&nbsp;&nbsp; $88.68 | &nbsp;&nbsp;&nbsp; $84.36 | &nbsp;&nbsp;&nbsp; $94.26 | &nbsp;&nbsp;&nbsp; $60.84 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp; 1.68 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;15.31 | &nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp; (9.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;33.35 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;15.98 | &nbsp;&nbsp;&nbsp;&nbsp;6.28 | &nbsp;&nbsp;&nbsp;&nbsp;6.02 | &nbsp;&nbsp;&nbsp; (8.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;34.08 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp;&nbsp; (0.66)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $109.11 | &nbsp;&nbsp;&nbsp; $93.79 | &nbsp;&nbsp;&nbsp; $88.68 | &nbsp;&nbsp;&nbsp; $84.36 | &nbsp;&nbsp;&nbsp; $94.26 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $109.05 | &nbsp;&nbsp;&nbsp; $93.81 | &nbsp;&nbsp;&nbsp; $88.68 | &nbsp;&nbsp;&nbsp; $84.28 | &nbsp;&nbsp;&nbsp; $94.31 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 17.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.34<br> %<br>| &nbsp;&nbsp;&nbsp; (9.27)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 56.25<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 17.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.44<br> %<br>| &nbsp;&nbsp;&nbsp; (9.41)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 56.42<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $91656 | &nbsp;&nbsp;&nbsp; $82539 | &nbsp;&nbsp;&nbsp; $121497 | &nbsp;&nbsp;&nbsp; $99540 | &nbsp;&nbsp;&nbsp; $111221 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 104<br> %<br>| &nbsp;&nbsp;&nbsp; 102<br> %<br>| &nbsp;&nbsp;&nbsp; 135<br> %<br>| &nbsp;&nbsp;&nbsp; 94<br> %<br>| &nbsp;&nbsp;&nbsp; 97<br> %<br>|

---

<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 $1.24 and 1.51%, 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> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

Invesco Dorsey Wright Energy Momentum ETF (PXI)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $47.75 | &nbsp;&nbsp;&nbsp; $38.75 | &nbsp;&nbsp;&nbsp; $42.01 | &nbsp;&nbsp;&nbsp; $24.49 | &nbsp;&nbsp;&nbsp; $15.20 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (9.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.03 | &nbsp;&nbsp;&nbsp; (3.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.47 | &nbsp;&nbsp;&nbsp;&nbsp;9.33 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (8.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.66 | &nbsp;&nbsp;&nbsp; (1.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.79 | &nbsp;&nbsp;&nbsp;&nbsp;9.50 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $38.69 | &nbsp;&nbsp;&nbsp; $47.75 | &nbsp;&nbsp;&nbsp; $38.75 | &nbsp;&nbsp;&nbsp; $42.01 | &nbsp;&nbsp;&nbsp; $24.49 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $38.65 | &nbsp;&nbsp;&nbsp; $47.77 | &nbsp;&nbsp;&nbsp; $38.73 | &nbsp;&nbsp;&nbsp; $42.02 | &nbsp;&nbsp;&nbsp; $24.51 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (17.60)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.14<br> %<br>| &nbsp;&nbsp;&nbsp; (4.42)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 72.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 63.39<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (17.72)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.26<br> %<br>| &nbsp;&nbsp;&nbsp; (4.50)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 72.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 63.10<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $46040 | &nbsp;&nbsp;&nbsp; $69722 | &nbsp;&nbsp;&nbsp; $95325 | &nbsp;&nbsp;&nbsp; $240703 | &nbsp;&nbsp;&nbsp; $139581 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 96<br> %<br>| &nbsp;&nbsp;&nbsp; 171<br> %<br>| &nbsp;&nbsp;&nbsp; 147<br> %<br>| &nbsp;&nbsp;&nbsp; 115<br> %<br>| &nbsp;&nbsp;&nbsp; 196<br> %<br>|

---

<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> 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**

------

**Financial Highlights—(continued)**

Invesco Dorsey Wright Financial Momentum ETF (PFI)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $46.75 | &nbsp;&nbsp;&nbsp; $40.67 | &nbsp;&nbsp;&nbsp; $45.50 | &nbsp;&nbsp;&nbsp; $51.11 | &nbsp;&nbsp;&nbsp; $31.88 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;6.77 | &nbsp;&nbsp;&nbsp;&nbsp;6.32 | &nbsp;&nbsp;&nbsp; (4.74)<br>| &nbsp;&nbsp;&nbsp; (5.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.34 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;7.22 | &nbsp;&nbsp;&nbsp;&nbsp;6.88 | &nbsp;&nbsp;&nbsp; (4.14)<br>| &nbsp;&nbsp;&nbsp; (4.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.81 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (0.58)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $52.39 | &nbsp;&nbsp;&nbsp; $46.75 | &nbsp;&nbsp;&nbsp; $40.67 | &nbsp;&nbsp;&nbsp; $45.50 | &nbsp;&nbsp;&nbsp; $51.11 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $52.36 | &nbsp;&nbsp;&nbsp; $46.78 | &nbsp;&nbsp;&nbsp; $40.63 | &nbsp;&nbsp;&nbsp; $45.43 | &nbsp;&nbsp;&nbsp; $51.16 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 15.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.05<br> %<br>| &nbsp;&nbsp;&nbsp; (9.05)%<br>| &nbsp;&nbsp;&nbsp; (9.63)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 62.64<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 15.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.24<br> %<br>| &nbsp;&nbsp;&nbsp; (9.00)%<br>| &nbsp;&nbsp;&nbsp; (9.85)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 62.90<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $61296 | &nbsp;&nbsp;&nbsp; $53757 | &nbsp;&nbsp;&nbsp; $28872 | &nbsp;&nbsp;&nbsp; $84170 | &nbsp;&nbsp;&nbsp; $55708 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 127<br> %<br>| &nbsp;&nbsp;&nbsp; 138<br> %<br>| &nbsp;&nbsp;&nbsp; 144<br> %<br>| &nbsp;&nbsp;&nbsp; 153<br> %<br>| &nbsp;&nbsp;&nbsp; 167<br> %<br>|

---

<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> 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**

------

**Financial Highlights—(continued)**

Invesco Dorsey Wright Healthcare Momentum ETF (PTH)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024**<sup>(a)</sup> <br>| **2023**<sup>(a)</sup> <br>| **2022**<sup>(a)</sup> <br>| **2021**<sup>(a)</sup> <br>|
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $40.50 | &nbsp;&nbsp;&nbsp; $39.99 | &nbsp;&nbsp;&nbsp; $40.53 | &nbsp;&nbsp;&nbsp; $52.12 | &nbsp;&nbsp;&nbsp; $32.77 |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>|
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; (11.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.51 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (11.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.35 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $40.13 | &nbsp;&nbsp;&nbsp; $40.50 | &nbsp;&nbsp;&nbsp; $39.99 | &nbsp;&nbsp;&nbsp; $40.53 | &nbsp;&nbsp;&nbsp; $52.12 |
| Market price at end of year<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $40.08 | &nbsp;&nbsp;&nbsp; $40.50 | &nbsp;&nbsp;&nbsp; $39.97 | &nbsp;&nbsp;&nbsp; $40.50 | &nbsp;&nbsp;&nbsp; $52.05 |
| **Net Asset Value Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; (0.86)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp; (1.34)%<br>| &nbsp;&nbsp;&nbsp; (22.24)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59.04<br> %<br>|
| **Market Price Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; (0.98)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp; (1.31)%<br>| &nbsp;&nbsp;&nbsp; (22.18)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58.54<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $108751 | &nbsp;&nbsp;&nbsp; $136903 | &nbsp;&nbsp;&nbsp; $181144 | &nbsp;&nbsp;&nbsp; $273584 | &nbsp;&nbsp;&nbsp; $558234 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; (0.10)%<br>| &nbsp;&nbsp;&nbsp; (0.18)%<br>| &nbsp;&nbsp;&nbsp; (0.02)%<br>| &nbsp;&nbsp;&nbsp; (0.47)%<br>| &nbsp;&nbsp;&nbsp; (0.32)%<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 221<br> %<br>| &nbsp;&nbsp;&nbsp; 265<br> %<br>| &nbsp;&nbsp;&nbsp; 219<br> %<br>| &nbsp;&nbsp;&nbsp; 204<br> %<br>| &nbsp;&nbsp;&nbsp; 217<br> %<br>|

---

<sup>(a)</sup> Per share amounts have been adjusted to reflect a three-for-one stock split effective after the close of business on July 14, 2023.

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

<sup>(c)</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>(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> 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**

------

**Financial Highlights—(continued)**

Invesco Dorsey Wright Industrials Momentum ETF (PRN)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $131.63 | &nbsp;&nbsp;&nbsp; $94.44 | &nbsp;&nbsp;&nbsp; $90.58 | &nbsp;&nbsp;&nbsp; $102.57 | &nbsp;&nbsp;&nbsp; $61.51 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 5.54 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;37.29 | &nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp; (11.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;41.11 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;5.97 | &nbsp;&nbsp;&nbsp;&nbsp;37.68 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp; (11.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;41.16 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $137.07 | &nbsp;&nbsp;&nbsp; $131.63 | &nbsp;&nbsp;&nbsp; $94.44 | &nbsp;&nbsp;&nbsp; $90.58 | &nbsp;&nbsp;&nbsp; $102.57 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $136.97 | &nbsp;&nbsp;&nbsp; $131.74 | &nbsp;&nbsp;&nbsp; $94.45 | &nbsp;&nbsp;&nbsp; $90.42 | &nbsp;&nbsp;&nbsp; $102.49 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.32<br> %<br>| &nbsp;&nbsp;&nbsp; (11.56)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 66.98<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.52<br> %<br>| &nbsp;&nbsp;&nbsp; (11.64)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 66.28<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $319376 | &nbsp;&nbsp;&nbsp; $219822 | &nbsp;&nbsp;&nbsp; $128443 | &nbsp;&nbsp;&nbsp; $173908 | &nbsp;&nbsp;&nbsp; $314886 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 152<br> %<br>| &nbsp;&nbsp;&nbsp; 78<br> %<br>| &nbsp;&nbsp;&nbsp; 142<br> %<br>| &nbsp;&nbsp;&nbsp; 152<br> %<br>| &nbsp;&nbsp;&nbsp; 169<br> %<br>|

---

<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> 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**

------

**Financial Highlights—(continued)**

Invesco Dorsey Wright Technology Momentum ETF (PTF)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024**<sup>(a)</sup> <br>| **2023**<sup>(a)</sup> <br>| **2022**<sup>(a)</sup> <br>| **2021**<sup>(a)</sup> <br>|
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $53.85 | &nbsp;&nbsp;&nbsp; $40.19 | &nbsp;&nbsp;&nbsp; $39.36 | &nbsp;&nbsp;&nbsp; $47.63 | &nbsp;&nbsp;&nbsp; $25.54 |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>|
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;5.24 | &nbsp;&nbsp;&nbsp;&nbsp;13.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp; (8.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.24 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;5.06 | &nbsp;&nbsp;&nbsp;&nbsp;13.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp; (8.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.09 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $58.76 | &nbsp;&nbsp;&nbsp; $53.85 | &nbsp;&nbsp;&nbsp; $40.19 | &nbsp;&nbsp;&nbsp; $39.36 | &nbsp;&nbsp;&nbsp; $47.63 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $58.72 | &nbsp;&nbsp;&nbsp; $53.85 | &nbsp;&nbsp;&nbsp; $40.18 | &nbsp;&nbsp;&nbsp; $39.37 | &nbsp;&nbsp;&nbsp; $47.62 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.13<br> %<br>| &nbsp;&nbsp;&nbsp; (17.37)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 86.48<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05<br> %<br>| &nbsp;&nbsp;&nbsp; (17.33)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 86.28<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $354344 | &nbsp;&nbsp;&nbsp; $375315 | &nbsp;&nbsp;&nbsp; $230297 | &nbsp;&nbsp;&nbsp; $205439 | &nbsp;&nbsp;&nbsp; $297237 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; (0.28)%<br>| &nbsp;&nbsp;&nbsp; (0.13)%<br>| &nbsp;&nbsp;&nbsp; (0.16)%<br>| &nbsp;&nbsp;&nbsp; (0.31)%<br>| &nbsp;&nbsp;&nbsp; (0.37)%<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 222<br> %<br>| &nbsp;&nbsp;&nbsp; 181<br> %<br>| &nbsp;&nbsp;&nbsp; 158<br> %<br>| &nbsp;&nbsp;&nbsp; 207<br> %<br>| &nbsp;&nbsp;&nbsp; 172<br> %<br>|

---

<sup>(a)</sup> Per share amounts have been adjusted to reflect a three-for-one stock split effective after the close of business on July 14, 2023.

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

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

Invesco Dorsey Wright Utilities Momentum ETF (PUI)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $33.94 | &nbsp;&nbsp;&nbsp; $33.57 | &nbsp;&nbsp;&nbsp; $35.29 | &nbsp;&nbsp;&nbsp; $34.30 | &nbsp;&nbsp;&nbsp; $30.19 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;6.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp; (1.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;4.27 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;7.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;4.91 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (0.80)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $40.80 | &nbsp;&nbsp;&nbsp; $33.94 | &nbsp;&nbsp;&nbsp; $33.57 | &nbsp;&nbsp;&nbsp; $35.29 | &nbsp;&nbsp;&nbsp; $34.30 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $40.78 | &nbsp;&nbsp;&nbsp; $33.94 | &nbsp;&nbsp;&nbsp; $33.57 | &nbsp;&nbsp;&nbsp; $35.27 | &nbsp;&nbsp;&nbsp; $34.24 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 23.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.64<br> %<br>| &nbsp;&nbsp;&nbsp; (3.00)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.63<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 22.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.64<br> %<br>| &nbsp;&nbsp;&nbsp; (2.95)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.05<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $70184 | &nbsp;&nbsp;&nbsp; $38692 | &nbsp;&nbsp;&nbsp; $43309 | &nbsp;&nbsp;&nbsp; $55762 | &nbsp;&nbsp;&nbsp; $49728 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp;&nbsp; 60<br> %<br>| &nbsp;&nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp;&nbsp; 64<br> %<br>|

---

<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> 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**

------

**Financial Highlights—(continued)**

Invesco NASDAQ Internet ETF (PNQI)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024**<sup>(a)</sup> <br>| **2023**<sup>(a)</sup> <br>| **2022**<sup>(a)</sup> <br>| **2021**<sup>(a)</sup> <br>|
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $38.11 | &nbsp;&nbsp;&nbsp; $28.10 | &nbsp;&nbsp;&nbsp; $27.99 | &nbsp;&nbsp;&nbsp; $48.83 | &nbsp;&nbsp;&nbsp; $29.36 |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>|
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;7.07 | &nbsp;&nbsp;&nbsp;&nbsp;10.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp; (20.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.70 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;6.97 | &nbsp;&nbsp;&nbsp;&nbsp;10.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp; (20.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.47 |
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $45.08 | &nbsp;&nbsp;&nbsp; $38.11 | &nbsp;&nbsp;&nbsp; $28.10 | &nbsp;&nbsp;&nbsp; $27.99 | &nbsp;&nbsp;&nbsp; $48.83 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $45.01 | &nbsp;&nbsp;&nbsp; $38.11 | &nbsp;&nbsp;&nbsp; $28.10 | &nbsp;&nbsp;&nbsp; $27.95 | &nbsp;&nbsp;&nbsp; $48.87 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 18.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp; (42.68)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 66.30<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 18.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp; (42.81)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 66.50<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $791641 | &nbsp;&nbsp;&nbsp; $724887 | &nbsp;&nbsp;&nbsp; $528285 | &nbsp;&nbsp;&nbsp; $556918 | &nbsp;&nbsp;&nbsp; $1069442 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; (0.23)%<br>| &nbsp;&nbsp;&nbsp; (0.36)%<br>| &nbsp;&nbsp;&nbsp; (0.36)%<br>| &nbsp;&nbsp;&nbsp; (0.55)%<br>| &nbsp;&nbsp;&nbsp; (0.54)%<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>|

---

<sup>(a)</sup> Per share amounts have been adjusted to reflect a five-for-one stock split effective after the close of business on July 14, 2023.

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

<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> 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.

------

**39**

------

**Notes to Financial Statements**

Invesco Exchange-Traded Fund Trust

April 30, 2025

**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 Dorsey Wright Basic Materials Momentum ETF (PYZ) | "Dorsey Wright Basic Materials Momentum ETF" |
| Invesco Dorsey Wright Consumer Cyclicals Momentum ETF (PEZ) | "Dorsey Wright Consumer Cyclicals Momentum ETF" |
| Invesco Dorsey Wright Consumer Staples Momentum ETF (PSL) | "Dorsey Wright Consumer Staples Momentum ETF" |
| Invesco Dorsey Wright Energy Momentum ETF (PXI) | "Dorsey Wright Energy Momentum ETF" |
| Invesco Dorsey Wright Financial Momentum ETF (PFI) | "Dorsey Wright Financial Momentum ETF" |
| Invesco Dorsey Wright Healthcare Momentum ETF (PTH) | "Dorsey Wright Healthcare Momentum ETF" |
| Invesco Dorsey Wright Industrials Momentum ETF (PRN) | "Dorsey Wright Industrials Momentum ETF" |
| Invesco Dorsey Wright Technology Momentum ETF (PTF) | "Dorsey Wright Technology Momentum ETF" |
| Invesco Dorsey Wright Utilities Momentum ETF (PUI) | "Dorsey Wright Utilities Momentum ETF" |
| Invesco NASDAQ Internet ETF (PNQI) | "NASDAQ Internet ETF" |

---

Each portfolio (each, a "Fund", and collectively, the "Funds") represents a separate series of the Trust. The shares of the Funds are referred to herein as "Shares" or "Fund's Shares." Each Fund's Shares are listed and traded on The Nasdaq Stock Market LLC.

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", as set forth in each Fund's prospectus. Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities ("Deposit Securities"), though each Fund reserves the right to issue and redeem Creation Units in exchange for cash. 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** |
| Dorsey Wright Basic Materials Momentum ETF | Dorsey Wright<sup>®</sup> Basic Materials Technical Leaders<sup>TM</sup> Index |
| Dorsey Wright Consumer Cyclicals Momentum ETF | Dorsey Wright<sup>®</sup> Consumer Cyclicals Technical Leaders<sup>TM</sup> Index |
| Dorsey Wright Consumer Staples Momentum ETF | Dorsey Wright<sup>®</sup> Consumer Staples Technical Leaders<sup>TM</sup> Index |
| Dorsey Wright Energy Momentum ETF | Dorsey Wright<sup>®</sup> Energy Technical Leaders<sup>TM</sup> Index |
| Dorsey Wright Financial Momentum ETF | Dorsey Wright<sup>®</sup> Financials Technical Leaders<sup>TM</sup> Index |
| Dorsey Wright Healthcare Momentum ETF | Dorsey Wright<sup>®</sup> Healthcare Technical Leaders<sup>TM</sup> Index |
| Dorsey Wright Industrials Momentum ETF | Dorsey Wright<sup>®</sup> Industrials Technical Leaders<sup>TM</sup> Index |
| Dorsey Wright Technology Momentum ETF | Dorsey Wright<sup>®</sup> Technology Technical Leaders<sup>TM</sup> Index |
| Dorsey Wright Utilities Momentum ETF | Dorsey Wright<sup>®</sup> Utilities Technical Leaders<sup>TM</sup> Index |
| NASDAQ Internet ETF | NASDAQ CTA Internet Index<sup>SM</sup> |

---

**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 ("FASB") 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 or ask 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

------

**40**

------

settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask 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/ask 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, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant

------

**41**

------

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. 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.

------

**42**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**F.** **Expenses** - Each Fund (except for NASDAQ Internet ETF) is responsible for all of its own 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 and officers who are not "interested persons" (as defined in the 1940 Act) of the Trust or the Adviser (the "Independent Trustees"), 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 the Adviser (an "Interested Trustee"), 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 pays 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 an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are directly identifiable to a specific Fund, including expenses that are excluded from a Fund's unitary management fee (if applicable), are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund, including expenses that are excluded from a Fund's unitary management fee (if applicable), 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.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds' chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements. Adoption of the new standard impacted the Funds' financial statement note disclosures only and did not affect the Funds' financial position or the results of its operations.

**J.** **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

------

**43**

------

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, net* 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 securities 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 fiscal year ended April 30, 2025, 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, net* on the Statements of Operations, were incurred by each Fund as listed below:

---

| | |
|:---|:---|
|  | **Amount** |
| Dorsey Wright Basic Material Momentum ETF | $5891  |
| Dorsey Wright Consumer Cyclicals Momentum ETF | 7006 |
| Dorsey Wright Consumer Staples Momentum ETF | 1450 |
| Dorsey Wright Energy Momentum ETF | 1514 |
| Dorsey Wright Financial Momentum ETF | 1445 |
| Dorsey Wright Healthcare Momentum ETF | 44299 |
| Dorsey Wright Industrials Momentum ETF | 44618 |
| Dorsey Wright Technology Momentum ETF | 47625 |
| Dorsey Wright Utilities Momentum ETF | 885 |
| NASDAQ Internet ETF | 5248 |

---

**K.** **Foreign Currency Translations** - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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.

The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the

------

**44**

------

investments. 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.

**L.** **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. Additionally, to the extent that a Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that a Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or 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 that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective 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. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security's current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. 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. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund's performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

*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, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund's NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.

------

**45**

------

During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value.

*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.

**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 pays for substantially all expenses of NASDAQ Internet ETF, 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 an Interested Trustee, 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 an Interested Trustee, 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, 2027. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2027. 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, 2027, 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 waiver is not subject to recapture by the Adviser.

------

**46**

------

For the fiscal year ended April 30, 2025, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

---

| | |
|:---|:---|
| Dorsey Wright Basic Materials Momentum ETF | &nbsp;&nbsp;&nbsp; $105123 |
| Dorsey Wright Consumer Cyclicals Momentum ETF | &nbsp;&nbsp;&nbsp; 119716 |
| Dorsey Wright Consumer Staples Momentum ETF | &nbsp;&nbsp;&nbsp; 124703 |
| Dorsey Wright Energy Momentum ETF | &nbsp;&nbsp;&nbsp; 115902 |
| Dorsey Wright Financial Momentum ETF | &nbsp;&nbsp;&nbsp; 89215 |
| Dorsey Wright Healthcare Momentum ETF | &nbsp;&nbsp;&nbsp; 166942 |
| Dorsey Wright Industrials Momentum ETF | &nbsp;&nbsp;&nbsp; 292139 |
| Dorsey Wright Technology Momentum ETF | &nbsp;&nbsp;&nbsp; 385597 |
| Dorsey Wright Utilities Momentum ETF | &nbsp;&nbsp;&nbsp; 104135 |
| NASDAQ Internet ETF | &nbsp;&nbsp;&nbsp; 115 |

---

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

For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule at April 30, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Potential** <br>**Recapture** <br>**Amounts** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** |
|  | **Total** <br>**Potential** <br>**Recapture** <br>**Amounts** | **4/30/26** | **4/30/27** | **4/30/28** |
| Dorsey Wright Basic Materials Momentum ETF | &nbsp;&nbsp; $433405 | &nbsp;&nbsp; $191801 | &nbsp;&nbsp; $136622 | &nbsp;&nbsp; $104982 |
| Dorsey Wright Consumer Cyclicals Momentum ETF | &nbsp;&nbsp; 301590 | &nbsp;&nbsp; 108291 | &nbsp;&nbsp; 73699 | &nbsp;&nbsp; 119600 |
| Dorsey Wright Consumer Staples Momentum ETF | &nbsp;&nbsp; 407789 | &nbsp;&nbsp; 160546 | &nbsp;&nbsp; 122702 | &nbsp;&nbsp; 124541 |
| Dorsey Wright Energy Momentum ETF | &nbsp;&nbsp; 472608 | &nbsp;&nbsp; 218338 | &nbsp;&nbsp; 138515 | &nbsp;&nbsp; 115755 |
| Dorsey Wright Financial Momentum ETF | &nbsp;&nbsp; 230720 | &nbsp;&nbsp; 103352 | &nbsp;&nbsp; 38285 | &nbsp;&nbsp; 89083 |
| Dorsey Wright Healthcare Momentum ETF | &nbsp;&nbsp; 582007 | &nbsp;&nbsp; 257024 | &nbsp;&nbsp; 158255 | &nbsp;&nbsp; 166728 |
| Dorsey Wright Industrials Momentum ETF | &nbsp;&nbsp; 381246 | &nbsp;&nbsp; 59111 | &nbsp;&nbsp; 30385 | &nbsp;&nbsp; 291750 |
| Dorsey Wright Technology Momentum ETF | &nbsp;&nbsp; 882689 | &nbsp;&nbsp; 232413 | &nbsp;&nbsp; 265022 | &nbsp;&nbsp; 385254 |
| Dorsey Wright Utilities Momentum ETF | &nbsp;&nbsp; 305092 | &nbsp;&nbsp; 110535 | &nbsp;&nbsp; 90519 | &nbsp;&nbsp; 104038 |

---

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 on behalf of each Fund with the following entities (each, a "Licensor"):

---

| | |
|:---|:---|
| **Fund** | **Licensor** |
| Dorsey Wright Basic Materials Momentum ETF | Dorsey Wright & Associates, LLC |
| Dorsey Wright Consumer Cyclicals Momentum ETF | Dorsey Wright & Associates, LLC |
| Dorsey Wright Consumer Staples Momentum ETF | Dorsey Wright & Associates, LLC |
| Dorsey Wright Energy Momentum ETF | Dorsey Wright & Associates, LLC |
| Dorsey Wright Financial Momentum ETF | Dorsey Wright & Associates, LLC |
| Dorsey Wright Healthcare Momentum ETF | Dorsey Wright & Associates, LLC |
| Dorsey Wright Industrials Momentum ETF | Dorsey Wright & Associates, LLC |
| Dorsey Wright Technology Momentum ETF | Dorsey Wright & Associates, LLC |
| Dorsey Wright Utilities Momentum ETF | Dorsey Wright & Associates, LLC |
| NASDAQ Internet ETF | Nasdaq, Inc. |

---

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

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

------

**47**

------

For the fiscal year ended April 30, 2025, the 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:

---

| | |
|:---|:---|
| Dorsey Wright Basic Materials Momentum ETF | &nbsp;&nbsp;&nbsp; $15787 |
| Dorsey Wright Consumer Cyclicals Momentum ETF | &nbsp;&nbsp;&nbsp; 31168 |
| Dorsey Wright Consumer Staples Momentum ETF | &nbsp;&nbsp;&nbsp; 23000 |
| Dorsey Wright Energy Momentum ETF | &nbsp;&nbsp;&nbsp; 27717 |
| Dorsey Wright Financial Momentum ETF | &nbsp;&nbsp;&nbsp; 21554 |
| Dorsey Wright Healthcare Momentum ETF | &nbsp;&nbsp;&nbsp; 88116 |
| Dorsey Wright Industrials Momentum ETF | &nbsp;&nbsp;&nbsp; 51770 |
| Dorsey Wright Technology Momentum ETF | &nbsp;&nbsp;&nbsp; 155643 |
| Dorsey Wright Utilities Momentum ETF | &nbsp;&nbsp;&nbsp; 11532 |
| NASDAQ Internet ETF | &nbsp;&nbsp;&nbsp; 7076 |

---

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:

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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 April 30, 2025. 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** |
| Dorsey Wright Basic Materials Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $46311236 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $46311236 |
| Money Market Funds | &nbsp;&nbsp; 130424 | &nbsp;&nbsp; 7286137 | &nbsp;&nbsp; - | &nbsp;&nbsp; 7416561 |
| **Total Investments** | &nbsp;&nbsp; $46441660 | &nbsp;&nbsp; $7286137 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $53727797 |
| Dorsey Wright Consumer Cyclicals Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $50984758 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $50984758 |
| Money Market Funds | &nbsp;&nbsp; 136511 | &nbsp;&nbsp; 12486292 | &nbsp;&nbsp; - | &nbsp;&nbsp; 12622803 |
| **Total Investments** | &nbsp;&nbsp; $51121269 | &nbsp;&nbsp; $12486292 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $63607561 |
| Dorsey Wright Consumer Staples Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $91543695 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $91543695 |
| Money Market Funds | &nbsp;&nbsp; 208916 | &nbsp;&nbsp; 17392741 | &nbsp;&nbsp; - | &nbsp;&nbsp; 17601657 |
| **Total Investments** | &nbsp;&nbsp; $91752611 | &nbsp;&nbsp; $17392741 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $109145352 |

---

------

**48**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Dorsey Wright Energy Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $45969480 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $45969480 |
| Money Market Funds | &nbsp;&nbsp; 156950 | &nbsp;&nbsp; 9843999 | &nbsp;&nbsp; - | &nbsp;&nbsp; 10000949 |
| **Total Investments** | &nbsp;&nbsp; $46126430 | &nbsp;&nbsp; $9843999 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $55970429 |
| Dorsey Wright Financial Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $61291272 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $61291272 |
| Money Market Funds | &nbsp;&nbsp; 111055 | &nbsp;&nbsp; 5174436 | &nbsp;&nbsp; - | &nbsp;&nbsp; 5285491 |
| **Total Investments** | &nbsp;&nbsp; $61402327 | &nbsp;&nbsp; $5174436 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $66576763 |
| Dorsey Wright Healthcare Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $108658707 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $108658707 |
| Money Market Funds | &nbsp;&nbsp; 249261 | &nbsp;&nbsp; 35346467 | &nbsp;&nbsp; - | &nbsp;&nbsp; 35595728 |
| **Total Investments** | &nbsp;&nbsp; $108907968 | &nbsp;&nbsp; $35346467 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $144254435 |
| Dorsey Wright Industrials Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $319116177 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $319116177 |
| Money Market Funds | &nbsp;&nbsp; 576679 | &nbsp;&nbsp; 69902694 | &nbsp;&nbsp; - | &nbsp;&nbsp; 70479373 |
| **Total Investments** | &nbsp;&nbsp; $319692856 | &nbsp;&nbsp; $69902694 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $389595550 |
| Dorsey Wright Technology Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $354530273 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $354530273 |
| Money Market Funds | &nbsp;&nbsp; 285703 | &nbsp;&nbsp; 61145825 | &nbsp;&nbsp; - | &nbsp;&nbsp; 61431528 |
| **Total Investments** | &nbsp;&nbsp; $354815976 | &nbsp;&nbsp; $61145825 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $415961801 |
| Dorsey Wright Utilities Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $70166080 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $70166080 |
| Money Market Funds | &nbsp;&nbsp; 94565 | &nbsp;&nbsp; 9054462 | &nbsp;&nbsp; - | &nbsp;&nbsp; 9149027 |
| **Total Investments** | &nbsp;&nbsp; $70260645 | &nbsp;&nbsp; $9054462 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $79315107 |
| NASDAQ Internet ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $791843447 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $791843447 |
| Money Market Funds | &nbsp;&nbsp; 160647 | &nbsp;&nbsp; 58001629 | &nbsp;&nbsp; - | &nbsp;&nbsp; 58162276 |
| **Total Investments** | &nbsp;&nbsp; $792004094 | &nbsp;&nbsp; $58001629 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $850005723 |

---

**NOTE 5—Distributions to Shareholders and Tax Components of Net Assets**

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **Ordinary** <br>**Income\***<br>| **Ordinary** <br>**Income\***<br>|
| Dorsey Wright Basic Materials Momentum ETF | &nbsp;&nbsp; $636031 | &nbsp;&nbsp; $1272105 |
| Dorsey Wright Consumer Cyclicals Momentum ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; 166069 |
| Dorsey Wright Consumer Staples Momentum ETF | &nbsp;&nbsp; 574678 | &nbsp;&nbsp; 1240892 |
| Dorsey Wright Energy Momentum ETF | &nbsp;&nbsp; 1081146 | &nbsp;&nbsp; 1476198 |
| Dorsey Wright Financial Momentum ETF | &nbsp;&nbsp; 1981604 | &nbsp;&nbsp; 574350 |
| Dorsey Wright Healthcare Momentum ETF | &nbsp;&nbsp; 83222 | &nbsp;&nbsp; - |
| Dorsey Wright Industrials Momentum ETF | &nbsp;&nbsp; 1198981 | &nbsp;&nbsp; 686510 |
| Dorsey Wright Technology Momentum ETF | &nbsp;&nbsp; 1111988 | &nbsp;&nbsp; 221495 |
| Dorsey Wright Utilities Momentum ETF | &nbsp;&nbsp; 1169663 | &nbsp;&nbsp; 926651 |
| NASDAQ Internet ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; - |

---

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

------

**49**

------

Tax Components of Net Assets at Fiscal Year-End:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary** <br>**Income**<br>| **Temporary** <br>**Book/Tax** <br>**Differences**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)-** <br>**Investments**<br>| **Capital Loss** <br>**Carryforwards**<br>| **Late-Year** <br>**Ordinary** <br>**Loss** <br>**Deferral**<br>| **Shares of** <br>**Beneficial** <br>**Interest**<br>| **Total** <br>**Net Assets**<br>|
| Dorsey Wright Basic Materials Momentum ETF | $- | $(70685)<br>| $3447110 | $(104741757)<br>| $- | $147681107 | $46315775 |
| Dorsey Wright Consumer Cyclicals Momentum <br> ETF<br>| - | (66996)<br>| 1590363 | (87495985)<br>| - | 136989098 | 51016480 |
| Dorsey Wright Consumer Staples Momentum <br> ETF<br>| 41472 | (72784)<br>| 16106684 | (121133485)<br>| - | 196714224 | 91656111 |
| Dorsey Wright Energy Momentum ETF | 58791 | (78978)<br>| (1020180)<br>| (212222682)<br>| - | 259302642 | 46039593 |
| Dorsey Wright Financial Momentum ETF | - | (64110)<br>| 3279259 | (47559133)<br>| - | 105640294 | 61296310 |
| Dorsey Wright Healthcare Momentum ETF | - | (81412)<br>| 4181999 | (331245006)<br>| - | 435895310 | 108750891 |
| Dorsey Wright Industrials Momentum ETF | - | (73597)<br>| 16466880 | (143699957)<br>| - | 446682835 | 319376161 |
| Dorsey Wright Technology Momentum ETF | - | (73898)<br>| (2553401)<br>| (321545475)<br>| - | 678516358 | 354343584 |
| Dorsey Wright Utilities Momentum ETF | 22429 | (67678)<br>| 5208933 | (32346802)<br>| - | 97367334 | 70184216 |
| NASDAQ Internet ETF | - | - | 137742415 | (174258142)<br>| (886876)<br>| 829043521 | 791640918 |

---

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

The Funds have capital loss carryforwards as of April 30, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total\*** |
| Dorsey Wright Basic Materials Momentum ETF | &nbsp;&nbsp; $90734270 | &nbsp;&nbsp; $14007487 | &nbsp;&nbsp; $104741757 |
| Dorsey Wright Consumer Cyclicals Momentum ETF | &nbsp;&nbsp; 87495985 | &nbsp;&nbsp; - | &nbsp;&nbsp; 87495985 |
| Dorsey Wright Consumer Staples Momentum ETF | &nbsp;&nbsp; 116383593 | &nbsp;&nbsp; 4749892 | &nbsp;&nbsp; 121133485 |
| Dorsey Wright Energy Momentum ETF | &nbsp;&nbsp; 178286226 | &nbsp;&nbsp; 33936456 | &nbsp;&nbsp; 212222682 |
| Dorsey Wright Financial Momentum ETF | &nbsp;&nbsp; 47559133 | &nbsp;&nbsp; - | &nbsp;&nbsp; 47559133 |
| Dorsey Wright Healthcare Momentum ETF | &nbsp;&nbsp; 331245006 | &nbsp;&nbsp; - | &nbsp;&nbsp; 331245006 |
| Dorsey Wright Industrials Momentum ETF | &nbsp;&nbsp; 143699957 | &nbsp;&nbsp; - | &nbsp;&nbsp; 143699957 |
| Dorsey Wright Technology Momentum ETF | &nbsp;&nbsp; 321545475 | &nbsp;&nbsp; - | &nbsp;&nbsp; 321545475 |
| Dorsey Wright Utilities Momentum ETF | &nbsp;&nbsp; 27861033 | &nbsp;&nbsp; 4485769 | &nbsp;&nbsp; 32346802 |
| NASDAQ Internet ETF | &nbsp;&nbsp; 68045802 | &nbsp;&nbsp; 106212340 | &nbsp;&nbsp; 174258142 |

---

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

**NOTE 6—Investment Transactions**

For the fiscal year ended April 30, 2025, 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** |
| Dorsey Wright Basic Materials Momentum ETF | &nbsp;&nbsp; $39923513 | &nbsp;&nbsp; $39944381 |
| Dorsey Wright Consumer Cyclicals Momentum ETF | &nbsp;&nbsp; 129847235 | &nbsp;&nbsp; 130362388 |
| Dorsey Wright Consumer Staples Momentum ETF | &nbsp;&nbsp; 94438380 | &nbsp;&nbsp; 94425464 |
| Dorsey Wright Energy Momentum ETF | &nbsp;&nbsp; 62661346 | &nbsp;&nbsp; 62650004 |
| Dorsey Wright Financial Momentum ETF | &nbsp;&nbsp; 87994919 | &nbsp;&nbsp; 87874352 |
| Dorsey Wright Healthcare Momentum ETF | &nbsp;&nbsp; 293383057 | &nbsp;&nbsp; 294512995 |
| Dorsey Wright Industrials Momentum ETF | &nbsp;&nbsp; 495087326 | &nbsp;&nbsp; 494633631 |
| Dorsey Wright Technology Momentum ETF | &nbsp;&nbsp; 1084595928 | &nbsp;&nbsp; 1083694389 |
| Dorsey Wright Utilities Momentum ETF | &nbsp;&nbsp; 26770680 | &nbsp;&nbsp; 26755261 |
| NASDAQ Internet ETF | &nbsp;&nbsp; 121523219 | &nbsp;&nbsp; 121949397 |

---

------

**50**

------

For the fiscal year ended April 30, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-kind** <br>**Purchases**<br>| **In-kind** <br>**Sales**<br>|
| Dorsey Wright Basic Materials Momentum ETF | &nbsp;&nbsp; $- | &nbsp;&nbsp; $15461011 |
| Dorsey Wright Consumer Cyclicals Momentum ETF | &nbsp;&nbsp; 49770636 | &nbsp;&nbsp; 53320806 |
| Dorsey Wright Consumer Staples Momentum ETF | &nbsp;&nbsp; 26499466 | &nbsp;&nbsp; 30882625 |
| Dorsey Wright Energy Momentum ETF | &nbsp;&nbsp; 8666588 | &nbsp;&nbsp; 20059344 |
| Dorsey Wright Financial Momentum ETF | &nbsp;&nbsp; 47569872 | &nbsp;&nbsp; 46765784 |
| Dorsey Wright Healthcare Momentum ETF | &nbsp;&nbsp; 5605648 | &nbsp;&nbsp; 31893303 |
| Dorsey Wright Industrials Momentum ETF | &nbsp;&nbsp; 303010179 | &nbsp;&nbsp; 196162557 |
| Dorsey Wright Technology Momentum ETF | &nbsp;&nbsp; 432644969 | &nbsp;&nbsp; 465680438 |
| Dorsey Wright Utilities Momentum ETF | &nbsp;&nbsp; 49243276 | &nbsp;&nbsp; 28423965 |
| NASDAQ Internet ETF | &nbsp;&nbsp; 94656871 | &nbsp;&nbsp; 156112411 |

---

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

As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross** <br>**Unrealized** <br>**Appreciation**<br>| **Gross** <br>**Unrealized** <br>**(Depreciation)**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Cost** |
| Dorsey Wright Basic Materials Momentum ETF | &nbsp;&nbsp; $6547493 | &nbsp;&nbsp; $(3100383)<br>| &nbsp;&nbsp; $3447110 | &nbsp;&nbsp; $50280687 |
| Dorsey Wright Consumer Cyclicals Momentum ETF | &nbsp;&nbsp; 3438477 | &nbsp;&nbsp; (1848114)<br>| &nbsp;&nbsp; 1590363 | &nbsp;&nbsp; 62017198 |
| Dorsey Wright Consumer Staples Momentum ETF | &nbsp;&nbsp; 18152340 | &nbsp;&nbsp; (2045656)<br>| &nbsp;&nbsp; 16106684 | &nbsp;&nbsp; 93038668 |
| Dorsey Wright Energy Momentum ETF | &nbsp;&nbsp; 5089418 | &nbsp;&nbsp; (6109598)<br>| &nbsp;&nbsp; (1020180)<br>| &nbsp;&nbsp; 56990609 |
| Dorsey Wright Financial Momentum ETF | &nbsp;&nbsp; 5107992 | &nbsp;&nbsp; (1828733)<br>| &nbsp;&nbsp; 3279259 | &nbsp;&nbsp; 63297504 |
| Dorsey Wright Healthcare Momentum ETF | &nbsp;&nbsp; 7834478 | &nbsp;&nbsp; (3652479)<br>| &nbsp;&nbsp; 4181999 | &nbsp;&nbsp; 140072436 |
| Dorsey Wright Industrials Momentum ETF | &nbsp;&nbsp; 24340847 | &nbsp;&nbsp; (7873967)<br>| &nbsp;&nbsp; 16466880 | &nbsp;&nbsp; 373128670 |
| Dorsey Wright Technology Momentum ETF | &nbsp;&nbsp; 16107703 | &nbsp;&nbsp; (18661104)<br>| &nbsp;&nbsp; (2553401)<br>| &nbsp;&nbsp; 418515202 |
| Dorsey Wright Utilities Momentum ETF | &nbsp;&nbsp; 6013107 | &nbsp;&nbsp; (804174)<br>| &nbsp;&nbsp; 5208933 | &nbsp;&nbsp; 74106174 |
| NASDAQ Internet ETF | &nbsp;&nbsp; 226097759 | &nbsp;&nbsp; (88355344)<br>| &nbsp;&nbsp; 137742415 | &nbsp;&nbsp; 712263308 |

---

**NOTE 7—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of distributions and redemption in-kind, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2025, the reclassifications were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed Net** <br>**Investment Income**<br>| **Undistributed Net** <br>**Realized Gain (Loss)**<br>| **Shares of** <br>**Beneficial Interest**<br>|
| Dorsey Wright Basic Materials Momentum ETF | &nbsp;&nbsp; $76677 | &nbsp;&nbsp; $(3222091)<br>| &nbsp;&nbsp; $3145414 |
| Dorsey Wright Consumer Cyclicals Momentum ETF | &nbsp;&nbsp; 1489 | &nbsp;&nbsp; (8310168)<br>| &nbsp;&nbsp; 8308679 |
| Dorsey Wright Consumer Staples Momentum ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (10683299)<br>| &nbsp;&nbsp; 10683299 |
| Dorsey Wright Energy Momentum ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (1981944)<br>| &nbsp;&nbsp; 1981944 |
| Dorsey Wright Financial Momentum ETF | &nbsp;&nbsp; 1502267 | &nbsp;&nbsp; (9139235)<br>| &nbsp;&nbsp; 7636968 |
| Dorsey Wright Healthcare Momentum ETF | &nbsp;&nbsp; 217913 | &nbsp;&nbsp; (3551560)<br>| &nbsp;&nbsp; 3333647 |
| Dorsey Wright Industrials Momentum ETF | &nbsp;&nbsp; 260548 | &nbsp;&nbsp; (36963302)<br>| &nbsp;&nbsp; 36702754 |
| Dorsey Wright Technology Momentum ETF | &nbsp;&nbsp; 2787361 | &nbsp;&nbsp; (127006259)<br>| &nbsp;&nbsp; 124218898 |
| Dorsey Wright Utilities Momentum ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (5183796)<br>| &nbsp;&nbsp; 5183796 |
| NASDAQ Internet ETF | &nbsp;&nbsp; 1846882 | &nbsp;&nbsp; (56520463)<br>| &nbsp;&nbsp; 54673581 |

---

**NOTE 8—Trustees' and Officer's Fees**

Trustees' and Officer's Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for NASDAQ Internet ETF. Interested Trustees do not receive any Trustees' fees.

------

**51**

------

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 as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Funds.

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**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco Dorsey Wright Basic Materials Momentum ETF, Invesco Dorsey Wright Consumer Cyclicals Momentum ETF, Invesco Dorsey Wright Consumer Staples Momentum ETF, Invesco Dorsey Wright Energy Momentum ETF, Invesco Dorsey Wright Financial Momentum ETF, Invesco Dorsey Wright Healthcare Momentum ETF, Invesco Dorsey Wright Industrials Momentum ETF, Invesco Dorsey Wright Technology Momentum ETF, Invesco Dorsey Wright Utilities Momentum ETF and Invesco NASDAQ Internet ETF

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Dorsey Wright Basic Materials Momentum ETF, Invesco Dorsey Wright Consumer Cyclicals Momentum ETF, Invesco Dorsey Wright Consumer Staples Momentum ETF, Invesco Dorsey Wright Energy Momentum ETF, Invesco Dorsey Wright Financial Momentum ETF, Invesco Dorsey Wright Healthcare Momentum ETF, Invesco Dorsey Wright Industrials Momentum ETF, Invesco Dorsey Wright Technology Momentum ETF, Invesco Dorsey Wright Utilities Momentum ETF and Invesco NASDAQ Internet ETF (ten of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the "Funds") as of April 30, 2025, the related statements of operations for the year ended April 30, 2025, the statements of changes in net assets for each of the two years in the period ended April 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2025 and each of the financial highlights for each of the five years in the period ended April 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

June 26, 2025

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

------

**53**

------

**Tax Information**

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

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

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Qualified** <br>**Business** <br>**Income\***<br>| **Qualified** <br>**Dividend** <br>**Income\***<br>| **Corporate** <br>**Dividends** <br>**Received** <br>**Deduction\***<br>| **U.S.** <br>**Treasury** <br>**Obligations\***<br>| **Business** <br>**Interest** <br>**Income\***<br>|
| Invesco Dorsey Wright Basic Materials Momentum ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco Dorsey Wright Consumer Cyclicals Momentum ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco Dorsey Wright Consumer Staples Momentum ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco Dorsey Wright Energy Momentum ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco Dorsey Wright Financial Momentum ETF | &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco Dorsey Wright Healthcare Momentum ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco Dorsey Wright Industrials Momentum ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco Dorsey Wright Technology Momentum ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco Dorsey Wright Utilities Momentum ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco NASDAQ Internet ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|

---

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

------

**54**

------

**Approval of Investment Advisory Contracts**

At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the "Trust"), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the "Adviser") and the Trust for the following series (each, a "Fund" and collectively, the "Funds"):

Invesco Bloomberg Analyst Rating Improvers ETF

Invesco Bloomberg MVP Multi-factor ETF

Invesco Dow Jones Industrial Average Dividend ETF

Invesco NASDAQ Internet ETF

Invesco Next Gen Connectivity ETF

Invesco S&P 500 BuyWrite ETF

Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF

Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF

Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF

Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF

Invesco S&P 500<sup>®</sup> Equal Weight ETF

Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF

Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF

Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF

Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF

Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF

Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF

Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF

Invesco S&P 500<sup>®</sup> Pure Growth ETF

Invesco S&P 500<sup>®</sup> Pure Value ETF

Invesco S&P 500<sup>®</sup> Top 50 ETF

Invesco S&P MidCap 400<sup>®</sup> GARP ETF

Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF

Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF

Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF

Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF

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

*Nature, Extent and Quality of Services.* In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. ("Invesco"), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser's execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2024, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund's performance and the performance of its underlying index, as well as the Adviser's analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco's independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds ("ETFs") business of Guggenheim Capital LLC ("Guggenheim") (the "Transaction") and that each such Fund's performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust's registration statement. The Board concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund's particular circumstances.

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

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

*Fees, Expenses and Profitability.* The Trustees reviewed and discussed the information provided by the Adviser on each Fund's net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays

------

**55**

------

**Approval of Investment Advisory Contracts—(continued)**

its brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses

&nbsp;&nbsp;&nbsp;&nbsp;● 0.07% of the Fund's average daily net assets for Invesco Dow Jones Industrial Average Dividend ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.20% of the Fund's average daily net assets for each of Invesco S&P 500® Equal Weight ETF and Invesco S&P 500® Top 50 ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.29% of the Fund's average daily net assets for each of Invesco S&P 500 BuyWrite ETF and Invesco Bloomberg MVP Multi-factor ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.35% of the Fund's average daily net assets for each of Invesco S&P 500® Pure Growth ETF, Invesco S&P 500® Pure Value ETF, Invesco S&P MidCap 400® GARP ETF, Invesco S&P MidCap 400® Pure Growth ETF, Invesco S&P MidCap 400® Pure Value ETF, Invesco S&P SmallCap 600® Pure Growth ETF and Invesco S&P SmallCap 600® Pure Value ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.60% of the Fund's average daily net assets for Invesco NASDAQ Internet ETF; and

&nbsp;&nbsp;&nbsp;&nbsp;● 0.40% of the Fund's average daily net assets for each other Fund.

The Trustees compared each Fund's net expense ratio to information compiled by the Adviser from Lipper Inc. ("Lipper") databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund's operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal** <br>**to/Lower** <br>**than ETF** <br>**Peer Median**<br>| **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median\***<br>| **Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco Bloomberg Analyst Rating Improvers ETF |  |  | X |
| Invesco Bloomberg MVP Multi-factor ETF | X |  | X |
| Invesco Dow Jones Industrial Average Dividend ETF | X | X | X |
| Invesco NASDAQ Internet ETF |  |  | X |
| Invesco Next Gen Connectivity ETF | X | N/A | X |
| Invesco S&P 500 BuyWrite ETF | X | N/A | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF | X | X | X |
| Invesco S&P 500<sup>®</sup> Pure Growth ETF | X | X | X |
| Invesco S&P 500<sup>®</sup> Pure Value ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Top 50 ETF |  |  | X |
| Invesco S&P MidCap 400<sup>®</sup> GARP ETF |  |  | X |
| Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF |  |  | X |
| Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF |  | X | X |

---

------

**56**

------

**Approval of Investment Advisory Contracts—(continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal**<br> **to/Lower**<br> **than ETF**<br> **Peer Median**<br>| **Equal to/Lower**<br> **than Open-End**<br> **Index Fund**<br> **Peer Median\***<br>| **Lower than**<br> **Open-End**<br> **Active Fund**<br> **Peer Median**<br>|
| Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF |  |  | X |
| Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF |  | X | X |

---

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

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco S&P 500® Equal Weight ETF. The Trustees considered the Adviser's explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser's statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all of the information provided, the Board concluded that each Fund's unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. With respect to the Adviser's profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser's. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees reviewed each Fund's asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.

*Fall-out Benefits.* The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds' securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund's distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund's unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

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

------

**57**

------

**Approval of Investment Advisory Contracts**

At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the "Trust"), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the "Adviser") and the Trust for the following series (each, a "Fund" and collectively, the "Funds"):

Invesco Aerospace & Defense ETF

Invesco AI and Next Gen Software ETF

Invesco Biotechnology & Genome ETF

Invesco Building & Construction ETF

Invesco BuyBack Achievers<sup>TM</sup> ETF

Invesco Dividend Achievers<sup>TM</sup> ETF

Invesco Dorsey Wright Basic Materials Momentum ETF

Invesco Dorsey Wright Consumer Cyclicals Momentum ETF

Invesco Dorsey Wright Consumer Staples Momentum ETF

Invesco Dorsey Wright Energy Momentum ETF

Invesco Dorsey Wright Financial Momentum ETF

Invesco Dorsey Wright Healthcare Momentum ETF

Invesco Dorsey Wright Industrials Momentum ETF

Invesco Dorsey Wright Momentum ETF

Invesco Dorsey Wright Technology Momentum ETF

Invesco Dorsey Wright Utilities Momentum ETF

Invesco Energy Exploration & Production ETF

Invesco Financial Preferred ETF

Invesco Food & Beverage ETF

Invesco Global Listed Private Equity ETF

Invesco Golden Dragon China ETF

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

Invesco International Dividend Achievers<sup>TM</sup> ETF

Invesco Large Cap Growth ETF

Invesco Large Cap Value ETF

Invesco Leisure and Entertainment ETF

Invesco MSCI Sustainable Future ETF

Invesco Next Gen Media and Gaming ETF

Invesco Oil & Gas Services ETF

Invesco Pharmaceuticals ETF

Invesco RAFI US 1000 ETF

Invesco RAFI US 1500 Small-Mid ETF

Invesco S&P 100 Equal Weight ETF

Invesco S&P 500 GARP ETF

Invesco S&P 500<sup>®</sup> Quality ETF

Invesco S&P 500 Value with Momentum ETF

Invesco S&P MidCap Momentum ETF

Invesco S&P MidCap Quality ETF

Invesco S&P MidCap Value with Momentum ETF

Invesco S&P SmallCap Momentum ETF

Invesco S&P SmallCap Value with Momentum ETF

Invesco S&P Spin-Off ETF

Invesco Semiconductors ETF

Invesco Water Resources ETF

Invesco WilderHill Clean Energy ETF

Invesco Zacks Mid-Cap ETF

Invesco Zacks Multi-Asset Income ETF

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

*Nature, Extent and Quality of Services.* In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. ("Invesco"), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser's execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2024, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund's performance and the performance of its underlying index, as well as the Adviser's analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco's independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds ("ETFs") business of Guggenheim Capital LLC ("Guggenheim") (the "Transaction") and that each such Fund's performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust's registration

------

**58**

------

**Approval of Investment Advisory Contracts—(continued)**

statement. The Board concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund's particular circumstances.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;● 0.15% of the Fund's average daily net assets for Invesco S&P 500® Quality ETF;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;● 0.50% of the Fund's average daily net assets for each other Fund.

The Trustees noted that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an "Expense Cap") to the extent necessary to prevent the annual operating expenses of each Fund from exceeding the percentage of that Fund's average daily net assets, at least until August 31, 2027, as set forth below:

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;● 0.60%, excluding interest expenses, licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Aerospace & Defense ETF, Invesco AI and Next Gen Software ETF, Invesco Biotechnology & Genome ETF, Invesco Building & Construction ETF, Invesco BuyBack AchieversTM ETF, Invesco Dorsey Wright Momentum ETF, Invesco Energy Exploration & Production ETF, Invesco Financial Preferred ETF, Invesco Food & Beverage ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco Large Cap Growth ETF, Invesco Large Cap Value ETF, Invesco Leisure and Entertainment ETF, Invesco MSCI

------

**59**

------

**Approval of Investment Advisory Contracts—(continued)**

Sustainable Future ETF, Invesco Next Gen Media and Gaming ETF, Invesco Oil & Gas Services ETF, Invesco Pharmaceuticals ETF, Invesco Semiconductors ETF, Invesco S&P Spin-Off ETF, Invesco Water Resources ETF, Invesco WilderHill Clean Energy ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF.

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

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal** <br>**to/Lower** <br>**than ETF Peer Median**<br>| **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median\***<br>| **Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco Aerospace & Defense ETF |  |  | X |
| Invesco AI and Next Gen Software ETF | X | N/A | X |
| Invesco Biotechnology & Genome ETF |  |  | X |
| Invesco Building & Construction ETF |  |  | X |
| Invesco BuyBack Achievers<sup>TM</sup> ETF |  |  | X |
| Invesco Dividend Achievers<sup>TM</sup> ETF |  |  | X |
| Invesco Dorsey Wright Basic Materials Momentum ETF |  |  | X |
| Invesco Dorsey Wright Consumer Cyclicals Momentum ETF |  |  | X |
| Invesco Dorsey Wright Consumer Staples Momentum ETF |  |  | X |
| Invesco Dorsey Wright Energy Momentum ETF |  |  | X |
| Invesco Dorsey Wright Financial Momentum ETF |  |  | X |
| Invesco Dorsey Wright Healthcare Momentum ETF |  |  | X |
| Invesco Dorsey Wright Industrials Momentum ETF |  |  | X |
| Invesco Dorsey Wright Momentum ETF |  | X | X |
| Invesco Dorsey Wright Technology Momentum ETF |  |  | X |
| Invesco Dorsey Wright Utilities Momentum ETF |  |  | X |
| Invesco Energy Exploration & Production ETF |  |  | X |
| Invesco Financial Preferred ETF |  |  | X |
| Invesco Food & Beverage ETF |  |  | X |
| Invesco Global Listed Private Equity ETF |  | N/A | X |
| Invesco Golden Dragon China ETF | X | N/A | X |
| Invesco High Yield Equity Dividend Achievers<sup>TM</sup> ETF |  |  | X |
| Invesco International Dividend Achievers<sup>TM</sup> ETF | X |  | X |
| Invesco Large Cap Growth ETF |  |  | X |
| Invesco Large Cap Value ETF |  |  | X |
| Invesco Leisure and Entertainment ETF |  |  | X |
| Invesco MSCI Sustainable Future ETF |  |  | X |
| Invesco Next Gen Media and Gaming ETF |  |  | X |
| Invesco Oil & Gas Services ETF |  |  | X |
| Invesco Pharmaceuticals ETF |  |  | X |
| Invesco RAFI US 1000 ETF |  |  | X |
| Invesco RAFI US 1500 Small-Mid ETF |  |  | X |
| Invesco S&P 100 Equal Weight ETF |  | X | X |
| Invesco S&P 500 GARP ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Quality ETF | X |  | X |
| Invesco S&P 500 Value with Momentum ETF |  |  | X |

---

------

**60**

------

**Approval of Investment Advisory Contracts—(continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal**<br> **to/Lower**<br> **than ETF Peer Median**<br>| **Equal to/Lower**<br> **than Open-End**<br> **Index Fund**<br> **Peer Median\***<br>| **Lower than**<br> **Open-End**<br> **Active Fund**<br> **Peer Median**<br>|
| Invesco S&P MidCap Momentum ETF |  |  | X |
| Invesco S&P MidCap Quality ETF |  |  | X |
| Invesco S&P MidCap Value with Momentum ETF |  |  | X |
| Invesco S&P SmallCap Momentum ETF |  |  | X |
| Invesco S&P SmallCap Value with Momentum ETF |  | X | X |
| Invesco S&P Spin-Off ETF |  |  | X |
| Invesco Semiconductors ETF |  |  | X |
| Invesco Water Resources ETF | X | X | X |
| Invesco WilderHill Clean Energy ETF |  | X | X |
| Invesco Zacks Mid-Cap ETF |  |  | X |
| Invesco Zacks Multi-Asset Income ETF |  |  | X |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal** <br>**to/Lower** <br>**than ETF Peer Median**<br>| **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median\***<br>| **Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco Aerospace & Defense ETF |  |  | X |
| Invesco AI and Next Gen Software ETF | X | N/A | X |
| Invesco Biotechnology & Genome ETF |  |  | X |
| Invesco Building & Construction ETF |  |  | X |
| Invesco BuyBack Achievers<sup>TM</sup> ETF |  |  | X |
| Invesco Dividend Achievers<sup>TM</sup> ETF |  | X | X |
| Invesco Dorsey Wright Basic Materials Momentum ETF |  |  | X |
| Invesco Dorsey Wright Consumer Cyclicals Momentum ETF |  |  | X |
| Invesco Dorsey Wright Consumer Staples Momentum ETF |  |  | X |
| Invesco Dorsey Wright Energy Momentum ETF |  |  | X |
| Invesco Dorsey Wright Financial Momentum ETF |  |  | X |
| Invesco Dorsey Wright Healthcare Momentum ETF |  |  | X |
| Invesco Dorsey Wright Industrials Momentum ETF |  |  | X |
| Invesco Dorsey Wright Momentum ETF |  | X | X |
| Invesco Dorsey Wright Technology Momentum ETF |  |  | X |
| Invesco Dorsey Wright Utilities Momentum ETF |  |  | X |
| Invesco Energy Exploration & Production ETF |  |  | X |
| Invesco Financial Preferred ETF |  |  | X |
| Invesco Food & Beverage ETF |  |  | X |
| Invesco Global Listed Private Equity ETF |  | N/A | X |
| Invesco Golden Dragon China ETF |  | N/A | X |
| Invesco High Yield Equity Dividend Achievers<sup>TM</sup> ETF |  | X | X |
| Invesco International Dividend Achievers<sup>TM</sup> ETF |  |  | X |
| Invesco Large Cap Growth ETF |  |  | X |

---

------

**61**

------

**Approval of Investment Advisory Contracts—(continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal**<br> **to/Lower**<br> **than ETF Peer Median**<br>| **Equal to/Lower**<br> **than Open-End**<br> **Index Fund**<br> **Peer Median\***<br>| **Lower than**<br> **Open-End**<br> **Active Fund**<br> **Peer Median**<br>|
| Invesco Large Cap Value ETF |  | X | X |
| Invesco Leisure and Entertainment ETF |  |  | X |
| Invesco MSCI Sustainable Future ETF |  |  | X |
| Invesco Next Gen Media and Gaming ETF |  |  | X |
| Invesco Oil & Gas Services ETF |  |  | X |
| Invesco Pharmaceuticals ETF |  |  | X |
| Invesco RAFI US 1000 ETF |  |  | X |
| Invesco RAFI US 1500 Small-Mid ETF |  |  | X |
| Invesco S&P 100 Equal Weight ETF |  | X | X |
| Invesco S&P 500 GARP ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Quality ETF | X |  | X |
| Invesco S&P 500 Value with Momentum ETF |  |  | X |
| Invesco S&P MidCap Momentum ETF |  |  | X |
| Invesco S&P MidCap Quality ETF |  |  | X |
| Invesco S&P MidCap Value with Momentum ETF |  |  | X |
| Invesco S&P SmallCap Momentum ETF |  |  | X |
| Invesco S&P SmallCap Value with Momentum ETF |  | X | X |
| Invesco S&P Spin-Off ETF |  |  | X |
| Invesco Semiconductors ETF |  |  | X |
| Invesco Water Resources ETF |  | X | X |
| Invesco WilderHill Clean Energy ETF |  | X | X |
| Invesco Zacks Mid-Cap ETF |  |  | X |
| Invesco Zacks Multi-Asset Income ETF |  |  | X |

---

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

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Global Listed Private Equity ETF's, Invesco Zacks Multi-Asset Income ETF's, Invesco Oil & Gas Services ETF's and Invesco Energy Exploration & Production ETF's advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser's statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco RAFI US 1000 ETF. The Trustees considered the Adviser's explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser's statement that the management and oversight of the Funds requires substantially more labor and expense.

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

In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds, as well as the fees waived and expenses reimbursed by the Adviser for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. With respect to the Adviser's profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose.

------

**62**

------

**Approval of Investment Advisory Contracts—(continued)**

Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser's. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees reviewed each Fund's asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser. The Trustees noted that the Expense Cap agreement with the Trust provides that the Adviser is entitled to be reimbursed by each Fund for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in a Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the flat advisory fee rates were reasonable and appropriate.

*Fall-out Benefits.* The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds' securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund's distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund's advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

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

------

**63**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

Remuneration paid to the Funds' trustees or officers and others, if any, is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory Contracts section of this report.

------

**64**

------

**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-SEC-NCSR

invesco.com/ETFs

------

![](img9ef26f981.jpg)

------

**Invesco Annual Financial Statements and Other Information**

April 30, 2025

---

| | |
|:---|:---|
| **PPA** | Invesco Aerospace & Defense ETF |
| **UPGD** | Invesco Bloomberg Analyst Rating Improvers ETF |
| **PDP** | Invesco Dorsey Wright Momentum ETF |
| **PSP** | Invesco Global Listed Private Equity ETF |
| **PGJ** | Invesco Golden Dragon China ETF |
| **ERTH** | Invesco MSCI Sustainable Future 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 |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments |  |
| [Invesco Aerospace & Defense ETF (PPA)](#xx_38d3fb37-f74b-4585-97f2-8144479c87cc_SOI-Continued-354_1) | **3** |
| [Invesco Bloomberg Analyst Rating Improvers ETF (UPGD)](#xx_38d3fb37-f74b-4585-97f2-8144479c87cc_SOI-Continued-354_3) | **5** |
| [Invesco Dorsey Wright Momentum ETF (PDP)](#xx_38d3fb37-f74b-4585-97f2-8144479c87cc_SOI-Continued-354_5) | **7** |
| [Invesco Global Listed Private Equity ETF (PSP)](#xx_38d3fb37-f74b-4585-97f2-8144479c87cc_SOI-Continued-354_7) | **9** |
| [Invesco Golden Dragon China ETF (PGJ)](#xx_38d3fb37-f74b-4585-97f2-8144479c87cc_SOI-Continued-354_9) | **11** |
| [Invesco MSCI Sustainable Future ETF (ERTH)](#xx_38d3fb37-f74b-4585-97f2-8144479c87cc_SOI-Continued-354_11) | **13** |
| [Invesco S&P 500 BuyWrite ETF (PBP)](#xx_38d3fb37-f74b-4585-97f2-8144479c87cc_SOI-Continued-354_15) | **17** |
| [Invesco S&P 500](#xx_38d3fb37-f74b-4585-97f2-8144479c87cc_SOI-Continued-354_21)<sup>®</sup>[Quality ETF (SPHQ)](#xx_38d3fb37-f74b-4585-97f2-8144479c87cc_SOI-Continued-354_21) | **23** |
| [Invesco S&P Spin-Off ETF (CSD)](#xx_38d3fb37-f74b-4585-97f2-8144479c87cc_SOI-Continued-354_23) | **25** |
| [Invesco Water Resources ETF (PHO)](#xx_38d3fb37-f74b-4585-97f2-8144479c87cc_SOI-Continued-354_25) | **27** |
| [Invesco WilderHill Clean Energy ETF (PBW)](#xx_38d3fb37-f74b-4585-97f2-8144479c87cc_SOI-Continued-354_27) | **29** |
| [Statements of Assets and Liabilities](#xx_38d3fb37-f74b-4585-97f2-8144479c87cc_FS-Continued-354_2) | **32** |
| [Statements of Operations](#xx_38d3fb37-f74b-4585-97f2-8144479c87cc_FS-Continued-354_4) | **34** |
| [Statements of Changes in Net Assets](#xx_38d3fb37-f74b-4585-97f2-8144479c87cc_FS-Continued-354_6) | **36** |
| [Financial Highlights](#xx_38d3fb37-f74b-4585-97f2-8144479c87cc_FIHI-Continued-354_1) | **40** |
| [Notes to Financial Statements](#xx_38d3fb37-f74b-4585-97f2-8144479c87cc_NTF-Continued-354_1) | **49** |
| [Report of Independent Registered Public Accounting Firm](#xx_38d3fb37-f74b-4585-97f2-8144479c87cc_AR-Continued-354_1) | **68** |
| [Tax Information](#xx_38d3fb37-f74b-4585-97f2-8144479c87cc_TI-Continued-354_1) | **69** |
| [Approval of Investment Advisory Contracts](#xx_38d3fb37-f74b-4585-97f2-8144479c87cc_BCRC-Continued_1) | **70** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_38d3fb37-f74b-4585-97f2-8144479c87cc_OIRSR-Continued_1) | **79** |

---

------

**2**

------

**Invesco Aerospace & Defense ETF (PPA)**

April 30, 2025

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%** |
| **Aerospace & Defense-75.46%** | **Aerospace & Defense-75.46%** | **Aerospace & Defense-75.46%** |
| AAR Corp.<sup>(b)</sup> | 236009 | &nbsp;&nbsp; $12617041 |
| AeroVironment, Inc.<sup>(b)(c)</sup> | 185434 | &nbsp;&nbsp; 28096960 |
| Axon Enterprise, Inc.<sup>(b)</sup> | 276544 | &nbsp;&nbsp; 169604435 |
| Boeing Co. (The)<sup>(b)</sup> | 1942521 | &nbsp;&nbsp; 355947548 |
| BWX Technologies, Inc. | 478836 | &nbsp;&nbsp; 52250584 |
| Cadre Holdings, Inc. | 213488 | &nbsp;&nbsp; 6223175 |
| CAE, Inc. (Canada)<sup>(b)</sup> | 2101494 | &nbsp;&nbsp; 52579380 |
| Curtiss-Wright Corp. | 172085 | &nbsp;&nbsp; 59350396 |
| Ducommun, Inc.<sup>(b)</sup> | 97684 | &nbsp;&nbsp; 5599247 |
| Elbit Systems Ltd. (Israel) | 293080 | &nbsp;&nbsp; 116496369 |
| General Dynamics Corp. | 799109 | &nbsp;&nbsp; 217453541 |
| General Electric Co. | 1694945 | &nbsp;&nbsp; 341599215 |
| HEICO Corp.<sup>(c)</sup> | 321527 | &nbsp;&nbsp; 80626111 |
| Hexcel Corp. | 495833 | &nbsp;&nbsp; 24033026 |
| Howmet Aerospace, Inc. | 1392765 | &nbsp;&nbsp; 193009374 |
| Huntington Ingalls Industries, Inc.<sup>(c)</sup> | 246213 | &nbsp;&nbsp; 56712702 |
| Karman Holdings, Inc.<sup>(b)(c)</sup> | 868592 | &nbsp;&nbsp; 31052164 |
| Kratos Defense & Security Solutions, <br> Inc.<sup>(b)(c)</sup><br>| 1004413 | &nbsp;&nbsp; 33934093 |
| L3Harris Technologies, Inc. | 876200 | &nbsp;&nbsp; 192781524 |
| Leonardo DRS, Inc.<sup>(c)</sup> | 1603070 | &nbsp;&nbsp; 59249467 |
| Loar Holdings, Inc.<sup>(b)(c)</sup> | 317148 | &nbsp;&nbsp; 29995858 |
| Lockheed Martin Corp. | 786876 | &nbsp;&nbsp; 375930009 |
| Mercury Systems, Inc.<sup>(b)(c)</sup> | 392204 | &nbsp;&nbsp; 19610200 |
| Moog, Inc., Class A | 139605 | &nbsp;&nbsp; 23348936 |
| Northrop Grumman Corp. | 510763 | &nbsp;&nbsp; 248486199 |
| Rocket Lab USA, Inc.<sup>(b)(c)</sup> | 1601021 | &nbsp;&nbsp; 34886248 |
| RTX Corp. | 2613850 | &nbsp;&nbsp; 329684900 |
| Spirit AeroSystems Holdings, Inc., <br> Class A<sup>(b)(c)</sup><br>| 770608 | &nbsp;&nbsp; 27741888 |
| StandardAero, Inc.<sup>(b)(c)</sup> | 2131986 | &nbsp;&nbsp; 57606262 |
| Textron, Inc. | 881351 | &nbsp;&nbsp; 62020670 |
| TransDigm Group, Inc.<sup>(c)</sup> | 135372 | &nbsp;&nbsp; 191290112 |
| Triumph Group, Inc.<sup>(b)</sup> | 486194 | &nbsp;&nbsp; 12349328 |
| V2X, Inc.<sup>(b)</sup> | 180463 | &nbsp;&nbsp; 8979839 |
| Woodward, Inc.<sup>(c)</sup> | 249361 | &nbsp;&nbsp; 46772643 |
|  |  | &nbsp;&nbsp; 3557919444 |
| **Communications Equipment-0.14%** | **Communications Equipment-0.14%** | **Communications Equipment-0.14%** |
| Viasat, Inc.<sup>(b)(c)</sup> | 708599 | &nbsp;&nbsp; 6568713 |
| **Diversified Telecommunication Services-0.13%** | **Diversified Telecommunication Services-0.13%** | **Diversified Telecommunication Services-0.13%** |
| Iridium Communications, Inc.<sup>(c)</sup> | 264650 | &nbsp;&nbsp; 6386004 |
| **Electrical Equipment-2.41%** | **Electrical Equipment-2.41%** | **Electrical Equipment-2.41%** |
| Eaton Corp. PLC | 386161 | &nbsp;&nbsp; 113674214 |
| **Electronic Equipment, Instruments & Components-4.16%** | **Electronic Equipment, Instruments & Components-4.16%** | **Electronic Equipment, Instruments & Components-4.16%** |
| Amphenol Corp., Class A | 1352971 | &nbsp;&nbsp; 104111118 |
| Keysight Technologies, Inc.<sup>(b)</sup> | 182844 | &nbsp;&nbsp; 26585518 |
| OSI Systems, Inc.<sup>(b)(c)</sup> | 79687 | &nbsp;&nbsp; 16315116 |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 92330 | &nbsp;&nbsp; 43028550 |
| TTM Technologies, Inc.<sup>(b)</sup> | 307202 | &nbsp;&nbsp; 6150184 |
|  |  | &nbsp;&nbsp; 196190486 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrial Conglomerates-4.36%** | **Industrial Conglomerates-4.36%** | **Industrial Conglomerates-4.36%** |
| Honeywell International, Inc. | 975670 | &nbsp;&nbsp; $205378535 |
| **Machinery-3.80%** | **Machinery-3.80%** | **Machinery-3.80%** |
| Oshkosh Corp. | 120592 | &nbsp;&nbsp; 10100786 |
| Parker-Hannifin Corp. | 279241 | &nbsp;&nbsp; 168957559 |
|  |  | &nbsp;&nbsp; 179058345 |
| **Metals & Mining-0.87%** | **Metals & Mining-0.87%** | **Metals & Mining-0.87%** |
| ATI, Inc.<sup>(b)</sup> | 752710 | &nbsp;&nbsp; 40932370 |
| **Professional Services-6.63%** | **Professional Services-6.63%** | **Professional Services-6.63%** |
| Amentum Holdings, Inc.<sup>(b)</sup> | 1043761 | &nbsp;&nbsp; 22774865 |
| BlackSky Technology, Inc.<sup>(b)(c)</sup> | 207907 | &nbsp;&nbsp; 1738103 |
| Booz Allen Hamilton Holding Corp. | 553164 | &nbsp;&nbsp; 66390743 |
| CACI International, Inc., Class A<sup>(b)(c)</sup> | 131863 | &nbsp;&nbsp; 60376112 |
| KBR, Inc. | 660020 | &nbsp;&nbsp; 34855656 |
| Leidos Holdings, Inc. | 520919 | &nbsp;&nbsp; 76668858 |
| Parsons Corp.<sup>(b)(c)</sup> | 301719 | &nbsp;&nbsp; 20172932 |
| Science Applications International Corp.<sup>(c)</sup> | 244696 | &nbsp;&nbsp; 29615557 |
|  |  | &nbsp;&nbsp; 312592826 |
| **Software-2.03%** | **Software-2.03%** | **Software-2.03%** |
| C3.ai, Inc., Class A<sup>(b)(c)</sup> | 208922 | &nbsp;&nbsp; 4598373 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 770113 | &nbsp;&nbsp; 91212184 |
|  |  | &nbsp;&nbsp; 95810557 |
| Total Common Stocks & Other Equity Interests <br>(Cost $3,883,665,048) | Total Common Stocks & Other Equity Interests <br>(Cost $3,883,665,048) | &nbsp;&nbsp; 4714511494 |
| **Money Market Funds-0.04%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $2,020,998)<br>| 2020998 | &nbsp;&nbsp; 2020998 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.03% <br>(Cost $3,885,686,046) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.03% <br>(Cost $3,885,686,046) | &nbsp;&nbsp; 4716532492 |
| **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-7.28%** | **Money Market Funds-7.28%** | **Money Market Funds-7.28%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 96657557 | &nbsp;&nbsp; 96657557 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 246324910 | &nbsp;&nbsp; 246374175 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $343,049,449) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $343,049,449) | &nbsp;&nbsp; 343031732 |
| TOTAL INVESTMENTS IN SECURITIES-107.31% <br>(Cost $4,228,735,495) | TOTAL INVESTMENTS IN SECURITIES-107.31% <br>(Cost $4,228,735,495) | &nbsp;&nbsp; 5059564224 |
| OTHER ASSETS LESS LIABILITIES-(7.31)% | OTHER ASSETS LESS LIABILITIES-(7.31)% | &nbsp;&nbsp; (344666130)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $4714898094 |

---

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

------

**3**

------

**Invesco Aerospace & Defense ETF (PPA)—(continued)**

April 30, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $48194790 | &nbsp;&nbsp; $(46173792)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2020998 | &nbsp;&nbsp; $86705 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 37845661 | &nbsp;&nbsp; 527146215 | &nbsp;&nbsp; (468334319)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 96657557 | &nbsp;&nbsp; 2,754,691<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 97337606 | &nbsp;&nbsp; 964354620 | &nbsp;&nbsp; (815293208)<br>| &nbsp;&nbsp; 242 | &nbsp;&nbsp; (25085)<br>| &nbsp;&nbsp; 246374175 | &nbsp;&nbsp; 7,352,834<br> \*<br>|
| Total | &nbsp;&nbsp; $135183267 | &nbsp;&nbsp; $1539695625 | &nbsp;&nbsp; $(1329801319)<br>| &nbsp;&nbsp; $242 | &nbsp;&nbsp; $(25085)<br>| &nbsp;&nbsp; $345052730 | &nbsp;&nbsp; $10194230 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**4**

------

**Invesco Bloomberg Analyst Rating Improvers ETF (UPGD)**

April 30, 2025

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-2.23%** | **Communication Services-2.23%** | **Communication Services-2.23%** |
| Verizon Communications, Inc. | 52490 | &nbsp;&nbsp; $2312710 |
| **Consumer Discretionary-6.99%** | **Consumer Discretionary-6.99%** | **Consumer Discretionary-6.99%** |
| Best Buy Co., Inc. | 24174 | &nbsp;&nbsp; 1612164 |
| Carvana Co.<sup>(b)</sup> | 7814 | &nbsp;&nbsp; 1909351 |
| Lowe's Cos., Inc. | 8928 | &nbsp;&nbsp; 1995944 |
| Tesla, Inc.<sup>(b)</sup> | 6107 | &nbsp;&nbsp; 1723151 |
|  |  | &nbsp;&nbsp; 7240610 |
| **Consumer Staples-17.15%** | **Consumer Staples-17.15%** | **Consumer Staples-17.15%** |
| Albertson's Cos., Inc., Class A<sup>(c)</sup> | 107407 | &nbsp;&nbsp; 2360806 |
| Clorox Co. (The) | 14597 | &nbsp;&nbsp; 2077153 |
| Conagra Brands, Inc. | 90779 | &nbsp;&nbsp; 2243149 |
| Hormel Foods Corp.<sup>(c)</sup> | 77208 | &nbsp;&nbsp; 2308519 |
| Kimberly-Clark Corp. | 15988 | &nbsp;&nbsp; 2106899 |
| Kroger Co. (The) | 33692 | &nbsp;&nbsp; 2432899 |
| McCormick & Co., Inc.<sup>(c)</sup> | 28037 | &nbsp;&nbsp; 2149316 |
| The Campbell's Company<sup>(c)</sup> | 57071 | &nbsp;&nbsp; 2080809 |
|  |  | &nbsp;&nbsp; 17759550 |
| **Energy-6.06%** | **Energy-6.06%** | **Energy-6.06%** |
| Hess Corp. | 14775 | &nbsp;&nbsp; 1906714 |
| Kinder Morgan, Inc. | 82013 | &nbsp;&nbsp; 2156942 |
| Williams Cos., Inc. (The) | 37834 | &nbsp;&nbsp; 2215937 |
|  |  | &nbsp;&nbsp; 6279593 |
| **Financials-1.79%** | **Financials-1.79%** | **Financials-1.79%** |
| PayPal Holdings, Inc.<sup>(b)</sup> | 28104 | &nbsp;&nbsp; 1850367 |
| **Health Care-7.42%** | **Health Care-7.42%** | **Health Care-7.42%** |
| Illumina, Inc.<sup>(b)(c)</sup> | 21381 | &nbsp;&nbsp; 1659165 |
| Johnson & Johnson | 13967 | &nbsp;&nbsp; 2183182 |
| Mettler-Toledo International, Inc.<sup>(b)</sup> | 1690 | &nbsp;&nbsp; 1809263 |
| Waters Corp.<sup>(b)</sup> | 5827 | &nbsp;&nbsp; 2026223 |
|  |  | &nbsp;&nbsp; 7677833 |
| **Industrials-27.23%** | **Industrials-27.23%** | **Industrials-27.23%** |
| 3M Co. | 14662 | &nbsp;&nbsp; 2036698 |
| Automatic Data Processing, Inc. | 7041 | &nbsp;&nbsp; 2116525 |
| C.H. Robinson Worldwide, Inc. | 22273 | &nbsp;&nbsp; 1987197 |
| Cummins, Inc. | 5704 | &nbsp;&nbsp; 1676063 |
| Expeditors International of Washington, Inc. | 18968 | &nbsp;&nbsp; 2084773 |
| Graco, Inc. | 25258 | &nbsp;&nbsp; 2061305 |
| Illinois Tool Works, Inc.<sup>(c)</sup> | 8339 | &nbsp;&nbsp; 2000609 |
| Lockheed Martin Corp. | 5094 | &nbsp;&nbsp; 2433659 |
| Northrop Grumman Corp. | 5087 | &nbsp;&nbsp; 2474826 |
| Rockwell Automation, Inc. | 7357 | &nbsp;&nbsp; 1822182 |
| RTX Corp. | 17584 | &nbsp;&nbsp; 2217870 |
| Stanley Black & Decker, Inc. | 24944 | &nbsp;&nbsp; 1497139 |
| United Parcel Service, Inc., Class B | 19150 | &nbsp;&nbsp; 1824995 |
| United Rentals, Inc. | 3105 | &nbsp;&nbsp; 1960652 |
|  |  | &nbsp;&nbsp; 28194493 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-16.00%** | **Information Technology-16.00%** | **Information Technology-16.00%** |
| Cisco Systems, Inc. | 33964 | &nbsp;&nbsp; $1960742 |
| Fair Isaac Corp.<sup>(b)</sup> | 1256 | &nbsp;&nbsp; 2499038 |
| Juniper Networks, Inc. | 61191 | &nbsp;&nbsp; 2222457 |
| NetApp, Inc. | 17685 | &nbsp;&nbsp; 1587229 |
| Okta, Inc.<sup>(b)</sup> | 22739 | &nbsp;&nbsp; 2550406 |
| Seagate Technology Holdings PLC | 21381 | &nbsp;&nbsp; 1946312 |
| Texas Instruments, Inc. | 11218 | &nbsp;&nbsp; 1795441 |
| Zoom Communications, Inc., Class A<sup>(b)</sup> | 25857 | &nbsp;&nbsp; 2004952 |
|  |  | &nbsp;&nbsp; 16566577 |
| **Materials-7.79%** | **Materials-7.79%** | **Materials-7.79%** |
| Amcor PLC<sup>(c)</sup> | 215906 | &nbsp;&nbsp; 1986335 |
| Ecolab, Inc. | 8272 | &nbsp;&nbsp; 2079829 |
| RPM International, Inc. | 17900 | &nbsp;&nbsp; 1910825 |
| Steel Dynamics, Inc. | 16103 | &nbsp;&nbsp; 2088720 |
|  |  | &nbsp;&nbsp; 8065709 |
| **Utilities-7.11%** | **Utilities-7.11%** | **Utilities-7.11%** |
| Consolidated Edison, Inc. | 23146 | &nbsp;&nbsp; 2609712 |
| Exelon Corp. | 51701 | &nbsp;&nbsp; 2424777 |
| WEC Energy Group, Inc. | 21289 | &nbsp;&nbsp; 2331571 |
|  |  | &nbsp;&nbsp; 7366060 |
| Total Common Stocks & Other Equity Interests <br>(Cost $105,085,524) | Total Common Stocks & Other Equity Interests <br>(Cost $105,085,524) | &nbsp;&nbsp; 103313502 |
| **Money Market Funds-0.09%** | **Money Market Funds-0.09%** | **Money Market Funds-0.09%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $99,437)<br>| 99437 | &nbsp;&nbsp; 99437 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.86% <br>(Cost $105,184,961) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.86% <br>(Cost $105,184,961) | &nbsp;&nbsp; 103412939 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-7.61%** | **Money Market Funds-7.61%** | **Money Market Funds-7.61%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 2821775 | &nbsp;&nbsp; 2821775 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 5058732 | &nbsp;&nbsp; 5059744 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $7,881,519) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $7,881,519) | &nbsp;&nbsp; 7881519 |
| TOTAL INVESTMENTS IN SECURITIES-107.47% <br>(Cost $113,066,480) | TOTAL INVESTMENTS IN SECURITIES-107.47% <br>(Cost $113,066,480) | &nbsp;&nbsp; 111294458 |
| OTHER ASSETS LESS LIABILITIES-(7.47)% | OTHER ASSETS LESS LIABILITIES-(7.47)% | &nbsp;&nbsp; (7740271)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $103554187 |

---

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

------

**5**

------

**Invesco Bloomberg Analyst Rating Improvers ETF (UPGD)—(continued)**

April 30, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $2987161 | &nbsp;&nbsp; $(2887724)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $99437 | &nbsp;&nbsp; $2440 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 80022952 | &nbsp;&nbsp; (77201177)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2821775 | &nbsp;&nbsp; 137,077<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; - | &nbsp;&nbsp; 163123542 | &nbsp;&nbsp; (158062551)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (1247)<br>| &nbsp;&nbsp; 5059744 | &nbsp;&nbsp; 364,363<br> \*<br>|
| Total | &nbsp;&nbsp; $- | &nbsp;&nbsp; $246133655 | &nbsp;&nbsp; $(238151452)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $(1247)<br>| &nbsp;&nbsp; $7980956 | &nbsp;&nbsp; $503880 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**6**

------

**Invesco Dorsey Wright Momentum ETF (PDP)**

April 30, 2025

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-4.85%** | **Communication Services-4.85%** | **Communication Services-4.85%** |
| Alphabet, Inc., Class A | 75167 | &nbsp;&nbsp; $11936520 |
| Meta Platforms, Inc., Class A | 24863 | &nbsp;&nbsp; 13649787 |
| Netflix, Inc.<sup>(b)</sup> | 14580 | &nbsp;&nbsp; 16500478 |
| T-Mobile US, Inc. | 62591 | &nbsp;&nbsp; 15456847 |
|  |  | &nbsp;&nbsp; 57543632 |
| **Consumer Discretionary-13.72%** | **Consumer Discretionary-13.72%** | **Consumer Discretionary-13.72%** |
| AutoZone, Inc.<sup>(b)</sup> | 2239 | &nbsp;&nbsp; 8424461 |
| Booking Holdings, Inc. | 1584 | &nbsp;&nbsp; 8077260 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 59156 | &nbsp;&nbsp; 11410601 |
| Garmin Ltd. | 39684 | &nbsp;&nbsp; 7415749 |
| Hilton Worldwide Holdings, Inc. | 30972 | &nbsp;&nbsp; 6983567 |
| Marriott International, Inc., Class A | 29004 | &nbsp;&nbsp; 6919774 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 25890 | &nbsp;&nbsp; 36639528 |
| Planet Fitness, Inc., Class A<sup>(b)</sup> | 68182 | &nbsp;&nbsp; 6449335 |
| Ralph Lauren Corp. | 33699 | &nbsp;&nbsp; 7580590 |
| Royal Caribbean Cruises Ltd.<sup>(c)</sup> | 70244 | &nbsp;&nbsp; 15096138 |
| Tapestry, Inc. | 105084 | &nbsp;&nbsp; 7424185 |
| Taylor Morrison Home Corp., Class A<sup>(b)(c)</sup> | 122086 | &nbsp;&nbsp; 7001632 |
| Texas Roadhouse, Inc. | 49798 | &nbsp;&nbsp; 8264476 |
| TJX Cos., Inc. (The) | 135069 | &nbsp;&nbsp; 17380679 |
| Williams-Sonoma, Inc. | 48864 | &nbsp;&nbsp; 7548022 |
|  |  | &nbsp;&nbsp; 162615997 |
| **Consumer Staples-9.18%** | **Consumer Staples-9.18%** | **Consumer Staples-9.18%** |
| BellRing Brands, Inc.<sup>(b)</sup> | 132048 | &nbsp;&nbsp; 10186183 |
| BJ's Wholesale Club Holdings, Inc.<sup>(b)</sup> | 107096 | &nbsp;&nbsp; 12590206 |
| Casey's General Stores, Inc. | 19067 | &nbsp;&nbsp; 8820204 |
| Coca-Cola Consolidated, Inc. | 9936 | &nbsp;&nbsp; 13471328 |
| Costco Wholesale Corp. | 21741 | &nbsp;&nbsp; 21621424 |
| Performance Food Group Co.<sup>(b)</sup> | 136819 | &nbsp;&nbsp; 11035821 |
| Sprouts Farmers Market, Inc.<sup>(b)</sup> | 121104 | &nbsp;&nbsp; 20708784 |
| US Foods Holding Corp.<sup>(b)</sup> | 157114 | &nbsp;&nbsp; 10316105 |
|  |  | &nbsp;&nbsp; 108750055 |
| **Energy-5.25%** | **Energy-5.25%** | **Energy-5.25%** |
| Antero Midstream Corp. | 754392 | &nbsp;&nbsp; 12485188 |
| Antero Resources Corp.<sup>(b)</sup> | 166222 | &nbsp;&nbsp; 5789512 |
| Targa Resources Corp. | 148217 | &nbsp;&nbsp; 25330285 |
| Texas Pacific Land Corp.<sup>(c)</sup> | 6895 | &nbsp;&nbsp; 8886759 |
| Williams Cos., Inc. (The) | 166409 | &nbsp;&nbsp; 9746575 |
|  |  | &nbsp;&nbsp; 62238319 |
| **Financials-22.26%** | **Financials-22.26%** | **Financials-22.26%** |
| Aflac, Inc. | 65970 | &nbsp;&nbsp; 7169620 |
| American Express Co. | 25161 | &nbsp;&nbsp; 6703142 |
| American International Group, Inc. | 85209 | &nbsp;&nbsp; 6946238 |
| Ameriprise Financial, Inc. | 17154 | &nbsp;&nbsp; 8079877 |
| Aon PLC, Class A | 35491 | &nbsp;&nbsp; 12591852 |
| Arthur J. Gallagher & Co. | 39999 | &nbsp;&nbsp; 12827279 |
| Brown & Brown, Inc. | 105969 | &nbsp;&nbsp; 11720171 |
| Equitable Holdings, Inc. | 142506 | &nbsp;&nbsp; 7046922 |
| Fiserv, Inc.<sup>(b)</sup> | 123695 | &nbsp;&nbsp; 22830386 |
| Goldman Sachs Group, Inc. (The) | 12375 | &nbsp;&nbsp; 6775931 |
| Houlihan Lokey, Inc. | 61682 | &nbsp;&nbsp; 9997417 |
| Intercontinental Exchange, Inc. | 55903 | &nbsp;&nbsp; 9390027 |
| Mastercard, Inc., Class A | 62108 | &nbsp;&nbsp; 34038910 |
| MGIC Investment Corp. | 325321 | &nbsp;&nbsp; 8103746 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Pinnacle Financial Partners, Inc. | 64467 | &nbsp;&nbsp; $6462172 |
| Primerica, Inc. | 42610 | &nbsp;&nbsp; 11166803 |
| Progressive Corp. (The) | 32532 | &nbsp;&nbsp; 9165566 |
| Raymond James Financial, Inc. | 48341 | &nbsp;&nbsp; 6624651 |
| Ryan Specialty Holdings, Inc., Class A<sup>(c)</sup> | 110872 | &nbsp;&nbsp; 7263225 |
| Stifel Financial Corp. | 73768 | &nbsp;&nbsp; 6321180 |
| Toast, Inc., Class A<sup>(b)</sup> | 212905 | &nbsp;&nbsp; 7575160 |
| Tradeweb Markets, Inc., Class A | 49025 | &nbsp;&nbsp; 6780157 |
| Unum Group | 148113 | &nbsp;&nbsp; 11502456 |
| Visa, Inc., Class A | 50165 | &nbsp;&nbsp; 17332007 |
| Western Alliance Bancorporation | 135622 | &nbsp;&nbsp; 9454210 |
|  |  | &nbsp;&nbsp; 263869105 |
| **Health Care-8.49%** | **Health Care-8.49%** | **Health Care-8.49%** |
| Boston Scientific Corp.<sup>(b)</sup> | 77265 | &nbsp;&nbsp; 7948251 |
| Cardinal Health, Inc. | 62097 | &nbsp;&nbsp; 8773685 |
| Eli Lilly and Co. | 19833 | &nbsp;&nbsp; 17828875 |
| Exelixis, Inc.<sup>(b)</sup> | 185602 | &nbsp;&nbsp; 7266318 |
| Halozyme Therapeutics, Inc.<sup>(b)</sup> | 106576 | &nbsp;&nbsp; 6545898 |
| Insmed, Inc.<sup>(b)(c)</sup> | 162728 | &nbsp;&nbsp; 11716416 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 28803 | &nbsp;&nbsp; 14856587 |
| Lantheus Holdings, Inc.<sup>(b)(c)</sup> | 67346 | &nbsp;&nbsp; 7026882 |
| McKesson Corp. | 16302 | &nbsp;&nbsp; 11619903 |
| Stryker Corp. | 18786 | &nbsp;&nbsp; 7024461 |
|  |  | &nbsp;&nbsp; 100607276 |
| **Industrials-18.26%** | **Industrials-18.26%** | **Industrials-18.26%** |
| AECOM | 71993 | &nbsp;&nbsp; 7102109 |
| Applied Industrial Technologies, Inc.<sup>(c)</sup> | 47961 | &nbsp;&nbsp; 11667952 |
| Automatic Data Processing, Inc. | 26475 | &nbsp;&nbsp; 7958385 |
| Copart, Inc.<sup>(b)</sup> | 569629 | &nbsp;&nbsp; 34764458 |
| Curtiss-Wright Corp. | 25302 | &nbsp;&nbsp; 8726407 |
| Fastenal Co. | 88924 | &nbsp;&nbsp; 7200176 |
| General Electric Co. | 45756 | &nbsp;&nbsp; 9221664 |
| HEICO Corp.<sup>(c)</sup> | 26239 | &nbsp;&nbsp; 6579692 |
| Howmet Aerospace, Inc. | 134200 | &nbsp;&nbsp; 18597436 |
| Lennox International, Inc. | 13266 | &nbsp;&nbsp; 7253185 |
| Parker-Hannifin Corp. | 14505 | &nbsp;&nbsp; 8776395 |
| RBC Bearings, Inc.<sup>(b)</sup> | 20419 | &nbsp;&nbsp; 6709071 |
| Republic Services, Inc. | 36956 | &nbsp;&nbsp; 9266717 |
| Snap-on, Inc. | 40905 | &nbsp;&nbsp; 12836398 |
| Trane Technologies PLC | 55980 | &nbsp;&nbsp; 21457694 |
| W.W. Grainger, Inc. | 24148 | &nbsp;&nbsp; 24735038 |
| Wabtec Corp. | 39412 | &nbsp;&nbsp; 7280973 |
| Watsco, Inc. | 13795 | &nbsp;&nbsp; 6343493 |
|  |  | &nbsp;&nbsp; 216477243 |
| **Information Technology-14.75%** | **Information Technology-14.75%** | **Information Technology-14.75%** |
| Amphenol Corp., Class A | 420488 | &nbsp;&nbsp; 32356552 |
| Apple, Inc. | 168071 | &nbsp;&nbsp; 35715087 |
| AppLovin Corp., Class A<sup>(b)</sup> | 107595 | &nbsp;&nbsp; 28976409 |
| Commvault Systems, Inc.<sup>(b)</sup> | 54472 | &nbsp;&nbsp; 9103905 |
| Guidewire Software, Inc.<sup>(b)</sup> | 44710 | &nbsp;&nbsp; 9155267 |
| International Business Machines Corp. | 27724 | &nbsp;&nbsp; 6704218 |
| Jabil, Inc. | 82620 | &nbsp;&nbsp; 12108787 |
| Microsoft Corp. | 34473 | &nbsp;&nbsp; 13625798 |
| Motorola Solutions, Inc. | 16574 | &nbsp;&nbsp; 7299024 |

---

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

------

**7**

------

**Invesco Dorsey Wright Momentum ETF (PDP)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Nutanix, Inc., Class A<sup>(b)</sup> | 180358 | &nbsp;&nbsp; $12390595 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 39407 | &nbsp;&nbsp; 7366350 |
|  |  | &nbsp;&nbsp; 174801992 |
| **Materials-1.47%** | **Materials-1.47%** | **Materials-1.47%** |
| Carpenter Technology Corp. | 88806 | &nbsp;&nbsp; 17371342 |
| **Real Estate-1.76%** | **Real Estate-1.76%** | **Real Estate-1.76%** |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 54813 | &nbsp;&nbsp; 6697052 |
| Simon Property Group, Inc. | 41442 | &nbsp;&nbsp; 6522142 |
| Welltower, Inc. | 49951 | &nbsp;&nbsp; 7622023 |
|  |  | &nbsp;&nbsp; 20841217 |
| Total Common Stocks & Other Equity Interests <br>(Cost $1,022,609,979) | Total Common Stocks & Other Equity Interests <br>(Cost $1,022,609,979) | &nbsp;&nbsp; 1185116178 |
| **Money Market Funds-0.06%** | **Money Market Funds-0.06%** | **Money Market Funds-0.06%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $688,015)<br>| 688015 | &nbsp;&nbsp; 688015 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.05% <br>(Cost $1,023,297,994) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.05% <br>(Cost $1,023,297,994) | &nbsp;&nbsp; 1185804193 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-3.02%** | **Money Market Funds-3.02%** | **Money Market Funds-3.02%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 9934378 | &nbsp;&nbsp; $9934378 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 25837298 | &nbsp;&nbsp; 25842465 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $35,777,183) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $35,777,183) | &nbsp;&nbsp; 35776843 |
| TOTAL INVESTMENTS IN SECURITIES-103.07% <br>(Cost $1,059,075,177) | TOTAL INVESTMENTS IN SECURITIES-103.07% <br>(Cost $1,059,075,177) | &nbsp;&nbsp; 1221581036 |
| OTHER ASSETS LESS LIABILITIES-(3.07)% | OTHER ASSETS LESS LIABILITIES-(3.07)% | &nbsp;&nbsp; (36412348)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1185168688 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $876359 | &nbsp;&nbsp; $21775563 | &nbsp;&nbsp; $(21963907)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $688015 | &nbsp;&nbsp; $58408 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 18239550 | &nbsp;&nbsp; 259068452 | &nbsp;&nbsp; (267373624)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 9934378 | &nbsp;&nbsp; 503,779<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 46900594 | &nbsp;&nbsp; 483281030 | &nbsp;&nbsp; (504339950)<br>| &nbsp;&nbsp; 3319 | &nbsp;&nbsp; (2528)<br>| &nbsp;&nbsp; 25842465 | &nbsp;&nbsp; 1,341,262<br> \*<br>|
| Total | &nbsp;&nbsp; $66016503 | &nbsp;&nbsp; $764125045 | &nbsp;&nbsp; $(793677481)<br>| &nbsp;&nbsp; $3319 | &nbsp;&nbsp; $(2528)<br>| &nbsp;&nbsp; $36464858 | &nbsp;&nbsp; $1903449 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**8**

------

**Invesco Global Listed Private Equity ETF (PSP)**

April 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-91.43%** | **Common Stocks & Other Equity Interests-91.43%** | **Common Stocks & Other Equity Interests-91.43%** |
| **Capital Markets-68.41%** | **Capital Markets-68.41%** | **Capital Markets-68.41%** |
| 3i Group PLC (United Kingdom) | 244266 | &nbsp;&nbsp; $13878868 |
| Alaris Equity Partners Income (Canada) | 92554 | &nbsp;&nbsp; 1298557 |
| Ares Capital Corp.<sup>(b)</sup> | 317407 | &nbsp;&nbsp; 6557629 |
| Bain Capital Specialty Finance, Inc., BDC<sup>(b)</sup> | 34659 | &nbsp;&nbsp; 530283 |
| Blackstone Secured Lending Fund<sup>(b)</sup> | 73173 | &nbsp;&nbsp; 2143969 |
| Blackstone, Inc., Class A | 79667 | &nbsp;&nbsp; 10492940 |
| Blue Owl Capital Corp., BDC<sup>(b)</sup> | 203018 | &nbsp;&nbsp; 2844282 |
| Blue Owl Capital, Inc. | 595463 | &nbsp;&nbsp; 11033929 |
| Bridgepoint Group PLC (United Kingdom)<sup>(b)(c)</sup> | 1360330 | &nbsp;&nbsp; 4887526 |
| Capital Southwest Corp., BDC<sup>(b)</sup> | 26473 | &nbsp;&nbsp; 539520 |
| Carlyle Group, Inc. (The)<sup>(b)</sup> | 169849 | &nbsp;&nbsp; 6562965 |
| Chrysalis Investments Ltd. (Guernsey)<sup>(d)</sup> | 975045 | &nbsp;&nbsp; 1236240 |
| CVC Capital Partners PLC <br> (Luxembourg)<sup>(b)(c)(d)</sup><br>| 495501 | &nbsp;&nbsp; 8871611 |
| EQT AB (Sweden)<sup>(b)</sup> | 373966 | &nbsp;&nbsp; 10829777 |
| Fairfax India Holdings Corp. (India)<sup>(c)(d)</sup> | 133032 | &nbsp;&nbsp; 2268196 |
| FS KKR Capital Corp., BDC<sup>(b)</sup> | 106403 | &nbsp;&nbsp; 2116356 |
| Gimv N.V. (Belgium)<sup>(b)</sup> | 75561 | &nbsp;&nbsp; 3414207 |
| Goldman Sachs BDC, Inc., BDC<sup>(b)</sup> | 49083 | &nbsp;&nbsp; 520771 |
| Golub Capital BDC, Inc.<sup>(b)</sup> | 80995 | &nbsp;&nbsp; 1159848 |
| Hamilton Lane, Inc., Class A<sup>(b)</sup> | 37531 | &nbsp;&nbsp; 5798164 |
| Hercules Capital, Inc.<sup>(b)</sup> | 64404 | &nbsp;&nbsp; 1152832 |
| Integral Corp. (Japan)<sup>(b)</sup> | 55840 | &nbsp;&nbsp; 1068491 |
| IP Group PLC (United Kingdom)<sup>(d)</sup> | 2443304 | &nbsp;&nbsp; 1387881 |
| JAFCO Group Co. Ltd. (Japan) | 124057 | &nbsp;&nbsp; 2093980 |
| Kayne Anderson BDC, Inc.<sup>(b)</sup> | 37135 | &nbsp;&nbsp; 589332 |
| KKR & Co., Inc., Class A | 100321 | &nbsp;&nbsp; 11463681 |
| Main Street Capital Corp.<sup>(b)</sup> | 20760 | &nbsp;&nbsp; 1111906 |
| Molten Ventures PLC (United Kingdom)<sup>(d)</sup> | 344384 | &nbsp;&nbsp; 1224152 |
| Morgan Stanley Direct Lending Fund | 30072 | &nbsp;&nbsp; 585802 |
| Mutares SE & Co. KGaA (Germany)<sup>(b)</sup> | 37017 | &nbsp;&nbsp; 1358122 |
| New Mountain Finance Corp., BDC<sup>(b)</sup> | 53482 | &nbsp;&nbsp; 531611 |
| Oaktree Specialty Lending Corp.<sup>(b)</sup> | 37779 | &nbsp;&nbsp; 544018 |
| Onex Corp. (Canada) | 95001 | &nbsp;&nbsp; 6713276 |
| P10, Inc., Class A<sup>(b)</sup> | 52287 | &nbsp;&nbsp; 578817 |
| Partners Group Holding AG (Switzerland) | 7672 | &nbsp;&nbsp; 10096443 |
| Patria Investments Ltd., Class A (Cayman <br> Islands)<sup>(b)</sup><br>| 53764 | &nbsp;&nbsp; 563447 |
| Petershill Partners PLC (United <br> Kingdom)<sup>(b)(c)</sup><br>| 1507028 | &nbsp;&nbsp; 4383065 |
| Ratos AB, Class B (Sweden) | 506724 | &nbsp;&nbsp; 1733039 |
| Sixth Street Specialty Lending, Inc.<sup>(b)</sup> | 26905 | &nbsp;&nbsp; 558548 |
| SLR Investment Corp., BDC<sup>(b)</sup> | 34153 | &nbsp;&nbsp; 530738 |
| StepStone Group, Inc., Class A | 93171 | &nbsp;&nbsp; 4659482 |
| TPG, Inc.<sup>(b)</sup> | 223212 | &nbsp;&nbsp; 10368197 |
| Woori Technology Investment Co. Ltd. (South <br> Korea)<sup>(d)</sup><br>| 139718 | &nbsp;&nbsp; 650313 |
|  |  | &nbsp;&nbsp; 160932811 |
| **Consumer Staples Distribution & Retail-1.20%**  | **Consumer Staples Distribution & Retail-1.20%**  | **Consumer Staples Distribution & Retail-1.20%**  |
| Sonae SGPS S.A. (Portugal) | 2213105 | &nbsp;&nbsp; 2820176 |
| **Diversified Consumer Services-1.27%** | **Diversified Consumer Services-1.27%** | **Diversified Consumer Services-1.27%** |
| Graham Holdings Co., Class B | 3258 | &nbsp;&nbsp; 2997523 |
| **Financial Services-17.51%** | **Financial Services-17.51%** | **Financial Services-17.51%** |
| Cannae Holdings, Inc.<sup>(b)</sup> | 34210 | &nbsp;&nbsp; 605859 |
| Compass Diversified Holdings | 91936 | &nbsp;&nbsp; 1580380 |
| Eurazeo SE (France) | 129771 | &nbsp;&nbsp; 9521466 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financial Services-(continued)** | **Financial Services-(continued)** | **Financial Services-(continued)** |
| HAL Trust (Netherlands)<sup>(b)</sup> | 71900 | &nbsp;&nbsp; $9494285 |
| Kinnevik AB, Class B (Sweden)<sup>(b)(d)</sup> | 546467 | &nbsp;&nbsp; 4383129 |
| Sofina S.A. (Belgium)<sup>(b)</sup> | 40958 | &nbsp;&nbsp; 11482746 |
| Wendel SE (France) | 41720 | &nbsp;&nbsp; 4116290 |
|  |  | &nbsp;&nbsp; 41184155 |
| **Industrial Conglomerates-1.28%** | **Industrial Conglomerates-1.28%** | **Industrial Conglomerates-1.28%** |
| Brookfield Business Corp., Class A (Canada) | 67888 | &nbsp;&nbsp; 1777188 |
| Italmobiliare S.p.A. (Italy)<sup>(b)</sup> | 44002 | &nbsp;&nbsp; 1229304 |
|  |  | &nbsp;&nbsp; 3006492 |
| **Interactive Media & Services-0.96%** | **Interactive Media & Services-0.96%** | **Interactive Media & Services-0.96%** |
| Angi, Inc.<sup>(b)(d)</sup> | 28994 | &nbsp;&nbsp; 332272 |
| IAC, Inc.<sup>(b)(d)</sup> | 55218 | &nbsp;&nbsp; 1929317 |
|  |  | &nbsp;&nbsp; 2261589 |
| **IT Services-0.80%** | **IT Services-0.80%** | **IT Services-0.80%** |
| Digital Garage, Inc. (Japan) | 59478 | &nbsp;&nbsp; 1874272 |
| Total Common Stocks & Other Equity Interests <br>(Cost $189,758,176) | Total Common Stocks & Other Equity Interests <br>(Cost $189,758,176) | &nbsp;&nbsp; 215077018 |
| **Closed-End Funds-8.26%** | **Closed-End Funds-8.26%** | **Closed-End Funds-8.26%** |
| Apax Global Alpha Ltd. (Guernsey)<sup>(b)(c)</sup> | 1063885 | &nbsp;&nbsp; 1682011 |
| Destiny Tech100, Inc.<sup>(b)(d)</sup> | 18826 | &nbsp;&nbsp; 698256 |
| HBM Healthcare Investments AG <br> (Switzerland), Class A<sup>(d)</sup><br>| 8279 | &nbsp;&nbsp; 1804119 |
| HgCapital Trust PLC (United Kingdom)<sup>(b)</sup> | 979282 | &nbsp;&nbsp; 6656934 |
| NB Private Equity Partners Ltd. <br> (Guernsey)<sup>(b)</sup><br>| 59993 | &nbsp;&nbsp; 1140094 |
| Oakley Capital Investments Ltd. (Bermuda) | 395752 | &nbsp;&nbsp; 2455006 |
| Pantheon International PLC (United <br> Kingdom)<sup>(b)(d)</sup><br>| 876182 | &nbsp;&nbsp; 3223014 |
| Partners Group Private Equity Ltd. <br> (Guernsey)<sup>(b)</sup><br>| 163876 | &nbsp;&nbsp; 1782546 |
| Total Closed-End Funds <br>(Cost $18,997,178) | Total Closed-End Funds <br>(Cost $18,997,178) | &nbsp;&nbsp; 19441980 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.69% <br>(Cost $208,755,354) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.69% <br>(Cost $208,755,354) | &nbsp;&nbsp; 234518998 |
| **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-30.30%** | **Money Market Funds-30.30%** | **Money Market Funds-30.30%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(e)(f)(g)</sup><br>| 19792924 | &nbsp;&nbsp; 19792924 |
| Invesco Private Prime Fund, 4.46%<sup>(e)(f)(g)</sup> | 51470117 | &nbsp;&nbsp; 51480411 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $71,276,043) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $71,276,043) | &nbsp;&nbsp; 71273335 |
| TOTAL INVESTMENTS IN SECURITIES-129.99% <br>(Cost $280,031,397) | TOTAL INVESTMENTS IN SECURITIES-129.99% <br>(Cost $280,031,397) | &nbsp;&nbsp; 305792333 |
| OTHER ASSETS LESS LIABILITIES-(29.99)% | OTHER ASSETS LESS LIABILITIES-(29.99)% | &nbsp;&nbsp; (70555866)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $235236467 |

---

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

------

**9**

------

**Invesco Global Listed Private Equity ETF (PSP)—(continued)**

April 30, 2025

Investment Abbreviations: <br> BDC -Business Development Company

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $22,092,409, which represented 9.39% of the Fund's Net Assets.<br>|
| <sup>(d)</sup> | Non-income producing security. |
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $2162867 | &nbsp;&nbsp; $39494471 | &nbsp;&nbsp; $(41657338)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $35717 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 14815050 | &nbsp;&nbsp; 182541320 | &nbsp;&nbsp; (177563446)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 19792924 | &nbsp;&nbsp; 748,429<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 38101734 | &nbsp;&nbsp; 353232053 | &nbsp;&nbsp; (339846874)<br>| &nbsp;&nbsp; 2743 | &nbsp;&nbsp; (9245)<br>| &nbsp;&nbsp; 51480411 | &nbsp;&nbsp; 2,008,321<br> \*<br>|
| Total | &nbsp;&nbsp; $55079651 | &nbsp;&nbsp; $575267844 | &nbsp;&nbsp; $(559067658)<br>| &nbsp;&nbsp; $2743 | &nbsp;&nbsp; $(9245)<br>| &nbsp;&nbsp; $71273335 | &nbsp;&nbsp; $2792467 |

---

\* 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 April 30, 2025.

<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 2K. 

---

| | |
|:---|:---|
| This Fund has holdings greater than 10% of net assets in the following country: | This Fund has holdings greater than 10% of net assets in the following country: |
| United Kingdom | 15.15% |

---

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

------

**10**

------

**Invesco Golden Dragon China ETF (PGJ)**

April 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.96%**<sup>(b)</sup>  | **Common Stocks & Other Equity Interests-99.96%**<sup>(b)</sup>  | **Common Stocks & Other Equity Interests-99.96%**<sup>(b)</sup>  |
| **Communication Services-23.92%** | **Communication Services-23.92%** | **Communication Services-23.92%** |
| Autohome, Inc., ADR | 56305 | &nbsp;&nbsp; $1536001 |
| Baidu, Inc., ADR<sup>(c)</sup> | 115537 | &nbsp;&nbsp; 10146459 |
| Bilibili, Inc., ADR<sup>(c)(d)</sup> | 98120 | &nbsp;&nbsp; 1717100 |
| DouYu International Holdings Ltd., ADR | 11195 | &nbsp;&nbsp; 83403 |
| Hello Group, Inc., ADR | 144665 | &nbsp;&nbsp; 826037 |
| HUYA, Inc., ADR | 78736 | &nbsp;&nbsp; 296047 |
| iQIYI, Inc., ADR<sup>(c)(d)</sup> | 437255 | &nbsp;&nbsp; 804549 |
| Kanzhun Ltd., ADR<sup>(c)</sup> | 285037 | &nbsp;&nbsp; 4361066 |
| NetEase, Inc., ADR | 63555 | &nbsp;&nbsp; 6804198 |
| Sohu.com Ltd., ADR<sup>(c)</sup> | 25657 | &nbsp;&nbsp; 281971 |
| Tencent Music Entertainment Group, ADR | 467177 | &nbsp;&nbsp; 6269515 |
| Weibo Corp., ADR | 84495 | &nbsp;&nbsp; 684410 |
| Zhihu, Inc., ADR<sup>(c)</sup> | 34924 | &nbsp;&nbsp; 134807 |
|  |  | &nbsp;&nbsp; 33945563 |
| **Consumer Discretionary-46.91%** | **Consumer Discretionary-46.91%** | **Consumer Discretionary-46.91%** |
| Alibaba Group Holding Ltd., ADR<sup>(d)</sup> | 95674 | &nbsp;&nbsp; 11426346 |
| Atour Lifestyle Holdings Ltd., ADR | 78648 | &nbsp;&nbsp; 1922157 |
| ATRenew, Inc., ADR<sup>(c)</sup> | 108565 | &nbsp;&nbsp; 268156 |
| Baozun, Inc., ADR<sup>(c)</sup> | 38288 | &nbsp;&nbsp; 99932 |
| Cango, Inc., ADR<sup>(c)(d)</sup> | 90373 | &nbsp;&nbsp; 366011 |
| Dogness (International) Corp., Class A (Virgin <br> Islands (British))<sup>(c)(d)</sup><br>| 3030 | &nbsp;&nbsp; 48389 |
| ECARX Holdings, Inc.<sup>(c)(d)</sup> | 270596 | &nbsp;&nbsp; 351775 |
| Gaotu Techedu, Inc., ADR<sup>(c)</sup> | 126081 | &nbsp;&nbsp; 392112 |
| H World Group Ltd., ADR | 129039 | &nbsp;&nbsp; 4418295 |
| Hesai Group, ADR<sup>(c)(d)</sup> | 8380 | &nbsp;&nbsp; 157628 |
| JD.com, Inc., ADR | 302574 | &nbsp;&nbsp; 9869964 |
| Li Auto, Inc., ADR<sup>(c)(d)</sup> | 171344 | &nbsp;&nbsp; 4179080 |
| MINISO Group Holding Ltd., ADR<sup>(d)</sup> | 27918 | &nbsp;&nbsp; 503362 |
| New Oriental Education & Technology Group, <br> Inc., ADR<sup>(d)</sup><br>| 85895 | &nbsp;&nbsp; 4195971 |
| NIO, Inc., ADR<sup>(c)(d)</sup> | 1090026 | &nbsp;&nbsp; 4414605 |
| Niu Technologies, ADR<sup>(c)</sup> | 42023 | &nbsp;&nbsp; 141197 |
| SunCar Technology Group, Inc., Class A (Hong <br> Kong)<sup>(c)(d)</sup><br>| 48822 | &nbsp;&nbsp; 133772 |
| TAL Education Group, ADR<sup>(c)(d)</sup> | 341391 | &nbsp;&nbsp; 2987171 |
| Vipshop Holdings Ltd., ADR | 341281 | &nbsp;&nbsp; 4648247 |
| XPeng, Inc., ADR<sup>(c)(d)</sup> | 210452 | &nbsp;&nbsp; 3914407 |
| Youdao, Inc., ADR<sup>(c)(d)</sup> | 31108 | &nbsp;&nbsp; 276550 |
| Yum China Holdings, Inc. | 256595 | &nbsp;&nbsp; 11113129 |
| ZEEKR Intelligent Technology Holding Ltd., <br> ADR<sup>(c)(d)</sup><br>| 34349 | &nbsp;&nbsp; 738504 |
|  |  | &nbsp;&nbsp; 66566760 |
| **Consumer Staples-1.28%** | **Consumer Staples-1.28%** | **Consumer Staples-1.28%** |
| Dada Nexus Ltd., ADR<sup>(c)</sup> | 97007 | &nbsp;&nbsp; 185283 |
| DingDong (Cayman) Ltd., ADR<sup>(c)</sup> | 116749 | &nbsp;&nbsp; 290705 |
| RLX Technology, Inc., ADR | 586875 | &nbsp;&nbsp; 1091588 |
| Yatsen Holding Ltd., ADR<sup>(c)</sup> | 59729 | &nbsp;&nbsp; 255640 |
|  |  | &nbsp;&nbsp; 1823216 |
| **Financials-6.42%** | **Financials-6.42%** | **Financials-6.42%** |
| FinVolution Group, ADR | 161299 | &nbsp;&nbsp; 1275875 |
| Jiayin Group, Inc., ADR<sup>(d)</sup> | 12131 | &nbsp;&nbsp; 133926 |
| LexinFintech Holdings Ltd., ADR | 119373 | &nbsp;&nbsp; 937078 |
| Lufax Holding Ltd., ADR | 212600 | &nbsp;&nbsp; 616540 |
| Noah Holdings Ltd., ADR | 30840 | &nbsp;&nbsp; 283420 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Qifu Technology, Inc., ADR | 106652 | &nbsp;&nbsp; $4375931 |
| Qudian, Inc., ADR<sup>(c)</sup> | 166443 | &nbsp;&nbsp; 452725 |
| Up Fintech Holding Ltd., ADR<sup>(c)</sup> | 113120 | &nbsp;&nbsp; 933240 |
| Yiren Digital Ltd., ADR | 15055 | &nbsp;&nbsp; 98460 |
|  |  | &nbsp;&nbsp; 9107195 |
| **Health Care-1.75%** | **Health Care-1.75%** | **Health Care-1.75%** |
| BGM Group Ltd.<sup>(c)(d)</sup> | 64365 | &nbsp;&nbsp; 715739 |
| Jin Medical International Ltd.<sup>(c)(d)</sup> | 129570 | &nbsp;&nbsp; 117908 |
| Zai Lab Ltd., ADR<sup>(c)</sup> | 52126 | &nbsp;&nbsp; 1651873 |
|  |  | &nbsp;&nbsp; 2485520 |
| **Industrials-7.73%** | **Industrials-7.73%** | **Industrials-7.73%** |
| EHang Holdings Ltd., ADR<sup>(c)(d)</sup> | 41420 | &nbsp;&nbsp; 693785 |
| Full Truck Alliance Co. Ltd., ADR | 539842 | &nbsp;&nbsp; 6132605 |
| Jayud Global Logistics Ltd.<sup>(c)</sup> | 69498 | &nbsp;&nbsp; 14998 |
| ZJK Industrial Co. Ltd.<sup>(c)(d)</sup> | 50758 | &nbsp;&nbsp; 212676 |
| ZTO Express (Cayman), Inc., ADR | 211693 | &nbsp;&nbsp; 3916320 |
|  |  | &nbsp;&nbsp; 10970384 |
| **Information Technology-4.46%** | **Information Technology-4.46%** | **Information Technology-4.46%** |
| Agora, Inc., ADR<sup>(c)</sup> | 58243 | &nbsp;&nbsp; 191037 |
| Canadian Solar, Inc. (Canada)<sup>(c)(d)</sup> | 55022 | &nbsp;&nbsp; 496298 |
| Daqo New Energy Corp., ADR<sup>(c)</sup> | 61675 | &nbsp;&nbsp; 785740 |
| GDS Holdings Ltd., ADR<sup>(c)</sup> | 90609 | &nbsp;&nbsp; 2284253 |
| JinkoSolar Holding Co. Ltd., ADR<sup>(d)</sup> | 32402 | &nbsp;&nbsp; 556018 |
| Kingsoft Cloud Holdings Ltd., ADR<sup>(c)(d)</sup> | 32230 | &nbsp;&nbsp; 438006 |
| Mercurity Fintech Holding, Inc.<sup>(c)(d)</sup> | 50513 | &nbsp;&nbsp; 363188 |
| Tuya, Inc., ADR | 115939 | &nbsp;&nbsp; 272457 |
| Vnet Group, Inc., ADR<sup>(c)</sup> | 119378 | &nbsp;&nbsp; 750888 |
| Xunlei Ltd., ADR<sup>(c)</sup> | 43652 | &nbsp;&nbsp; 184211 |
|  |  | &nbsp;&nbsp; 6322096 |
| **Real Estate-7.49%** | **Real Estate-7.49%** | **Real Estate-7.49%** |
| KE Holdings, Inc., ADR | 523289 | &nbsp;&nbsp; 10622767 |
| Total Common Stocks & Other Equity Interests <br>(Cost $197,903,433) | Total Common Stocks & Other Equity Interests <br>(Cost $197,903,433) | &nbsp;&nbsp; 141843501 |
| **Money Market Funds-0.07%** | **Money Market Funds-0.07%** | **Money Market Funds-0.07%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(e)(f)</sup> <br>(Cost $106,162)<br>| 106162 | &nbsp;&nbsp; 106162 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.03% <br>(Cost $198,009,595) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.03% <br>(Cost $198,009,595) | &nbsp;&nbsp; 141949663 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-9.62%** | **Money Market Funds-9.62%** | **Money Market Funds-9.62%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(e)(f)(g)</sup><br>| 3756612 | &nbsp;&nbsp; 3756612 |

---

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

------

**11**

------

**Invesco Golden Dragon China ETF (PGJ)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 4.46%<sup>(e)(f)(g)</sup> | 9891233 | &nbsp;&nbsp; $9893211 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $13,649,823) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $13,649,823) | &nbsp;&nbsp; 13649823 |
| TOTAL INVESTMENTS IN SECURITIES-109.65% <br>(Cost $211,659,418) | TOTAL INVESTMENTS IN SECURITIES-109.65% <br>(Cost $211,659,418) | &nbsp;&nbsp; 155599486 |
| OTHER ASSETS LESS LIABILITIES-(9.65)% | OTHER ASSETS LESS LIABILITIES-(9.65)% | &nbsp;&nbsp; (13692169)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $141907317 |

---

Investment Abbreviations: <br> ADR-American Depositary Receipt

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <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> | Non-income producing security. |
| <sup>(d)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $119141 | &nbsp;&nbsp; $9346421 | &nbsp;&nbsp; $(9359400)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $106162 | &nbsp;&nbsp; $12014 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 13882289 | &nbsp;&nbsp; 79623867 | &nbsp;&nbsp; (89749544)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 3756612 | &nbsp;&nbsp; 478,140<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 36215873 | &nbsp;&nbsp; 141040612 | &nbsp;&nbsp; (167360483)<br>| &nbsp;&nbsp; 3303 | &nbsp;&nbsp; (6094)<br>| &nbsp;&nbsp; 9893211 | &nbsp;&nbsp; 1,279,138<br> \*<br>|
| Total | &nbsp;&nbsp; $50217303 | &nbsp;&nbsp; $230010900 | &nbsp;&nbsp; $(266469427)<br>| &nbsp;&nbsp; $3303 | &nbsp;&nbsp; $(6094)<br>| &nbsp;&nbsp; $13755985 | &nbsp;&nbsp; $1769292 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**12**

------

**Invesco MSCI Sustainable Future ETF (ERTH)**

April 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.83%** | **Common Stocks & Other Equity Interests-99.83%** | **Common Stocks & Other Equity Interests-99.83%** |
| **Automobile Components-0.06%** | **Automobile Components-0.06%** | **Automobile Components-0.06%** |
| TYC Brother Industrial Co. Ltd. (Taiwan) | 50000 | &nbsp;&nbsp; $75693 |
| **Automobiles-23.59%** | **Automobiles-23.59%** | **Automobiles-23.59%** |
| BYD Co. Ltd., A Shares (China) | 34400 | &nbsp;&nbsp; 1674199 |
| BYD Co. Ltd., H Shares (China) | 181417 | &nbsp;&nbsp; 8617627 |
| Li Auto, Inc., A Shares (China)<sup>(b)(c)</sup> | 392551 | &nbsp;&nbsp; 4783662 |
| Lucid Group, Inc.<sup>(b)(c)</sup> | 382121 | &nbsp;&nbsp; 959124 |
| NIO, Inc., A shares (China)<sup>(b)</sup> | 495263 | &nbsp;&nbsp; 1983978 |
| Polestar Automotive Holding UK PLC, ADR <br> (Hong Kong)<sup>(b)(c)</sup><br>| 132131 | &nbsp;&nbsp; 137416 |
| Rivian Automotive, Inc., Class A<sup>(b)(c)</sup> | 241024 | &nbsp;&nbsp; 3292388 |
| Seres Group Co. Ltd. (China) | 28800 | &nbsp;&nbsp; 517669 |
| Tesla, Inc.<sup>(b)</sup> | 20434 | &nbsp;&nbsp; 5765657 |
| XPeng, Inc. (China)<sup>(b)(c)</sup> | 394161 | &nbsp;&nbsp; 3669677 |
| Zhejiang Leapmotor Technology Co. Ltd. <br> (China)<sup>(b)(d)</sup><br>| 158986 | &nbsp;&nbsp; 1137883 |
|  |  | &nbsp;&nbsp; 32539280 |
| **Building Products-6.04%** | **Building Products-6.04%** | **Building Products-6.04%** |
| Advanced Drainage Systems, Inc. | 23362 | &nbsp;&nbsp; 2651353 |
| Kingspan Group PLC (Ireland) | 49067 | &nbsp;&nbsp; 4154748 |
| Recticel S.A. (Belgium)<sup>(c)</sup> | 13613 | &nbsp;&nbsp; 165410 |
| Rockwool A/S (Denmark) | 29755 | &nbsp;&nbsp; 1363193 |
|  |  | &nbsp;&nbsp; 8334704 |
| **Chemicals-0.53%** | **Chemicals-0.53%** | **Chemicals-0.53%** |
| Finolex Industries Ltd. (India) | 79579 | &nbsp;&nbsp; 164176 |
| Umicore S.A. (Belgium)<sup>(c)</sup> | 62527 | &nbsp;&nbsp; 570330 |
|  |  | &nbsp;&nbsp; 734506 |
| **Commercial Services & Supplies-0.46%** | **Commercial Services & Supplies-0.46%** | **Commercial Services & Supplies-0.46%** |
| China Everbright Environment Group Ltd. <br> (China)<br>| 1168514 | &nbsp;&nbsp; 539985 |
| Zhejiang Weiming Environment Protection <br> Co. Ltd. (China)<br>| 32700 | &nbsp;&nbsp; 87670 |
|  |  | &nbsp;&nbsp; 627655 |
| **Construction & Engineering-0.59%** | **Construction & Engineering-0.59%** | **Construction & Engineering-0.59%** |
| China Conch Venture Holdings Ltd. (China) | 454542 | &nbsp;&nbsp; 466582 |
| Inox Green Energy Services Ltd. (India)<sup>(b)</sup> | 35304 | &nbsp;&nbsp; 58171 |
| Sterling and Wilson Renewable Energy Ltd. <br> (India)<sup>(b)(d)</sup><br>| 37433 | &nbsp;&nbsp; 120557 |
| Waaree Renewable Technologies Ltd. (India) | 8358 | &nbsp;&nbsp; 94889 |
| West Holdings Corp. (Japan)<sup>(c)</sup> | 6663 | &nbsp;&nbsp; 73950 |
|  |  | &nbsp;&nbsp; 814149 |
| **Diversified REITs-1.78%** | **Diversified REITs-1.78%** | **Diversified REITs-1.78%** |
| American Assets Trust, Inc.<sup>(c)</sup> | 15402 | &nbsp;&nbsp; 288480 |
| Merlin Properties SOCIMI S.A. (Spain)<sup>(c)</sup> | 125192 | &nbsp;&nbsp; 1424600 |
| Sekisui House Reit, Inc. (Japan)<sup>(c)</sup> | 1384 | &nbsp;&nbsp; 748419 |
|  |  | &nbsp;&nbsp; 2461499 |
| **Electrical Equipment-12.03%** | **Electrical Equipment-12.03%** | **Electrical Equipment-12.03%** |
| Array Technologies, Inc.<sup>(b)(c)</sup> | 48719 | &nbsp;&nbsp; 232877 |
| ChargePoint Holdings, Inc.<sup>(b)(c)</sup> | 120556 | &nbsp;&nbsp; 75082 |
| Contemporary Amperex Technology Co. Ltd., <br> A Shares (China)<br>| 83800 | &nbsp;&nbsp; 2679389 |
| CS Wind Corp. (South Korea) | 8113 | &nbsp;&nbsp; 221468 |
| Energiekontor AG (Germany) | 2242 | &nbsp;&nbsp; 108373 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Electrical Equipment-(continued)** | **Electrical Equipment-(continued)** | **Electrical Equipment-(continued)** |
| Goldwind Science & Technology Co. Ltd., A <br> Shares (China)<br>| 66500 | &nbsp;&nbsp; $80119 |
| Inox Wind Energy Ltd. (India)<sup>(b)</sup> | 773 | &nbsp;&nbsp; 89736 |
| Inox Wind Ltd. (India)<sup>(b)</sup> | 185698 | &nbsp;&nbsp; 371523 |
| Kempower OYJ (Finland)<sup>(b)(c)</sup> | 7123 | &nbsp;&nbsp; 88842 |
| LG Energy Solution Ltd. (South Korea)<sup>(b)</sup> | 14850 | &nbsp;&nbsp; 3388046 |
| Nextracker, Inc., Class A<sup>(b)</sup> | 45545 | &nbsp;&nbsp; 1849582 |
| Nordex SE (Germany)<sup>(b)(c)</sup> | 37500 | &nbsp;&nbsp; 704542 |
| Olectra Greentech Ltd. (India) | 13159 | &nbsp;&nbsp; 181108 |
| Plug Power, Inc.<sup>(b)(c)</sup> | 245674 | &nbsp;&nbsp; 214375 |
| PNE AG (Germany) | 9826 | &nbsp;&nbsp; 172444 |
| Shoals Technologies Group, Inc., Class A<sup>(b)(c)</sup> | 53449 | &nbsp;&nbsp; 192951 |
| Signify N.V.<sup>(c)</sup> | 40559 | &nbsp;&nbsp; 843645 |
| Sungrow Power Supply Co. Ltd., A Shares <br> (China)<br>| 39320 | &nbsp;&nbsp; 328280 |
| Sunrun, Inc.<sup>(b)(c)</sup> | 71159 | &nbsp;&nbsp; 490286 |
| Vestas Wind Systems A/S (Denmark)<sup>(c)</sup> | 320558 | &nbsp;&nbsp; 4289076 |
|  |  | &nbsp;&nbsp; 16601744 |
| **Electronic Equipment, Instruments & Components-1.49%** | **Electronic Equipment, Instruments & Components-1.49%** | **Electronic Equipment, Instruments & Components-1.49%** |
| Badger Meter, Inc. | 9323 | &nbsp;&nbsp; 2058705 |
| **Food Products-2.15%** | **Food Products-2.15%** | **Food Products-2.15%** |
| Darling Ingredients, Inc.<sup>(b)(c)</sup> | 50452 | &nbsp;&nbsp; 1624050 |
| Grieg Seafood ASA (Norway)<sup>(c)</sup> | 16369 | &nbsp;&nbsp; 103619 |
| SalMar ASA (Norway) | 20900 | &nbsp;&nbsp; 1036107 |
| SLC Agricola S.A. (Brazil) | 56890 | &nbsp;&nbsp; 198865 |
|  |  | &nbsp;&nbsp; 2962641 |
| **Ground Transportation-1.77%** | **Ground Transportation-1.77%** | **Ground Transportation-1.77%** |
| Beijing-Shanghai High Speed Railway Co. <br> Ltd., A Shares (China)<br>| 931300 | &nbsp;&nbsp; 744189 |
| BTS Group Holdings PCL, Wts., expiring <br> 11/20/2026 (Thailand)<sup>(b)</sup><br>| 1 | &nbsp;&nbsp; 0 |
| MTR Corp. Ltd. (Hong Kong)<sup>(c)</sup> | 493449 | &nbsp;&nbsp; 1703746 |
|  |  | &nbsp;&nbsp; 2447935 |
| **Household Durables-3.47%** | **Household Durables-3.47%** | **Household Durables-3.47%** |
| Beazer Homes USA, Inc.<sup>(b)</sup> | 9504 | &nbsp;&nbsp; 185898 |
| Berkeley Group Holdings PLC (The) (United <br> Kingdom)<br>| 31995 | &nbsp;&nbsp; 1787522 |
| KB Home | 23210 | &nbsp;&nbsp; 1254036 |
| Meritage Homes Corp.<sup>(c)</sup> | 22939 | &nbsp;&nbsp; 1563064 |
|  |  | &nbsp;&nbsp; 4790520 |
| **Independent Power and Renewable Electricity Producers-5.33%** | **Independent Power and Renewable Electricity Producers-5.33%** | **Independent Power and Renewable Electricity Producers-5.33%** |
| ACEN Corp. (Philippines) | 3181100 | &nbsp;&nbsp; 152064 |
| Akfen Yenilenebilir Enerji A.S. (Turkey)<sup>(b)</sup> | 115137 | &nbsp;&nbsp; 53874 |
| Audax Renovables S.A. (Spain) | 50885 | &nbsp;&nbsp; 87712 |
| BCPG PCL, NVDR (Thailand) | 432264 | &nbsp;&nbsp; 88633 |
| Boralex, Inc., Class A (Canada)<sup>(c)</sup> | 27708 | &nbsp;&nbsp; 614218 |
| Canvest Environmental Protection Group Co. <br> Ltd. (Hong Kong)<sup>(d)</sup><br>| 156457 | &nbsp;&nbsp; 95954 |
| China Datang Corp. Renewable Power Co. <br> Ltd., H Shares (China)<br>| 722243 | &nbsp;&nbsp; 201852 |
| China Longyuan Power Group Corp. Ltd., H <br> Shares (China)<br>| 994792 | &nbsp;&nbsp; 785956 |
| China Three Gorges Renewables (Group) Co. <br> Ltd., A Shares (China)<br>| 542300 | &nbsp;&nbsp; 318119 |

---

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

------

**13**

------

**Invesco MSCI Sustainable Future ETF (ERTH)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Independent Power and Renewable Electricity Producers-(continued)** | **Independent Power and Renewable Electricity Producers-(continued)** | **Independent Power and Renewable Electricity Producers-(continued)** |
| Concord New Energy Group Ltd. (Hong <br> Kong)<br>| 1670929 | &nbsp;&nbsp; $101208 |
| EDP Renovaveis S.A. (Spain)<sup>(c)</sup> | 98587 | &nbsp;&nbsp; 926422 |
| EDP Renovaveis S.A., Rts., expiring <br> 05/05/2025 (Spain)<sup>(b)(c)</sup><br>| 99995 | &nbsp;&nbsp; 10230 |
| Energix-Renewable Energies Ltd. (Israel) | 88092 | &nbsp;&nbsp; 260894 |
| Enlight Renewable Energy Ltd. (Israel)<sup>(b)</sup> | 37610 | &nbsp;&nbsp; 609156 |
| Grenergy Renovables S.A. (Spain)<sup>(b)</sup> | 4228 | &nbsp;&nbsp; 243725 |
| HD Renewable Energy Co. Ltd. (Taiwan) | 21000 | &nbsp;&nbsp; 131559 |
| KPI Green Energy Ltd. (India)<sup>(d)</sup> | 28409 | &nbsp;&nbsp; 128201 |
| Montauk Renewables, Inc.<sup>(b)(c)</sup> | 16089 | &nbsp;&nbsp; 33787 |
| Ormat Technologies, Inc.<sup>(c)</sup> | 18235 | &nbsp;&nbsp; 1323861 |
| Scatec ASA (South Africa)<sup>(b)(d)</sup> | 40173 | &nbsp;&nbsp; 307575 |
| Serena Energia S.A. (Brazil)<sup>(b)</sup> | 89791 | &nbsp;&nbsp; 155430 |
| Shinfox Energy Co. Ltd., Class C (Taiwan) | 41410 | &nbsp;&nbsp; 112421 |
| Solaria Energia y Medio Ambiente S.A. <br> (Spain)<sup>(b)(c)</sup><br>| 24039 | &nbsp;&nbsp; 181819 |
| Voltalia S.A. (France)<sup>(b)(c)</sup> | 12633 | &nbsp;&nbsp; 105054 |
| Xinyi Energy Holdings Ltd. (China)<sup>(c)</sup> | 670548 | &nbsp;&nbsp; 79415 |
| XPLR Infrastructure L.P. | 29512 | &nbsp;&nbsp; 243179 |
|  |  | &nbsp;&nbsp; 7352318 |
| **Industrial REITs-2.25%** | **Industrial REITs-2.25%** | **Industrial REITs-2.25%** |
| CRE Logistics REIT, Inc. (Japan) | 181 | &nbsp;&nbsp; 182104 |
| Mitsubishi Estate Logistics REIT Investment <br> Corp. (Japan)<br>| 454 | &nbsp;&nbsp; 371569 |
| Nippon Prologis REIT, Inc. (Japan) | 718 | &nbsp;&nbsp; 1190277 |
| Tritax Big Box REIT PLC (United Kingdom) | 706821 | &nbsp;&nbsp; 1355113 |
|  |  | &nbsp;&nbsp; 3099063 |
| **IT Services-1.21%** | **IT Services-1.21%** | **IT Services-1.21%** |
| GDS Holdings Ltd., A Shares (China)<sup>(b)</sup> | 335014 | &nbsp;&nbsp; 1062824 |
| Kingsoft Cloud Holdings Ltd., H shares <br> (China)<sup>(b)(c)</sup><br>| 659502 | &nbsp;&nbsp; 609840 |
|  |  | &nbsp;&nbsp; 1672664 |
| **Machinery-2.47%** | **Machinery-2.47%** | **Machinery-2.47%** |
| Alstom S.A. (France)<sup>(b)</sup> | 109812 | &nbsp;&nbsp; 2660999 |
| Energy Recovery, Inc.<sup>(b)</sup> | 18294 | &nbsp;&nbsp; 282642 |
| Stadler Rail AG (Switzerland)<sup>(c)</sup> | 17446 | &nbsp;&nbsp; 462189 |
|  |  | &nbsp;&nbsp; 3405830 |
| **Metals & Mining-0.57%** | **Metals & Mining-0.57%** | **Metals & Mining-0.57%** |
| Sigma Lithium Corp. (Brazil)<sup>(b)(c)</sup> | 19720 | &nbsp;&nbsp; 158549 |
| Sims Ltd. | 52092 | &nbsp;&nbsp; 485695 |
| Vulcan Energy Resources Ltd. (Australia)<sup>(b)</sup> | 45061 | &nbsp;&nbsp; 140336 |
|  |  | &nbsp;&nbsp; 784580 |
| **Office REITs-7.62%** | **Office REITs-7.62%** | **Office REITs-7.62%** |
| Brandywine Realty Trust<sup>(c)</sup> | 55363 | &nbsp;&nbsp; 219237 |
| Centuria Office REIT (Australia) | 124494 | &nbsp;&nbsp; 97738 |
| Cousins Properties, Inc. | 53101 | &nbsp;&nbsp; 1462402 |
| Covivio S.A. (France) | 17653 | &nbsp;&nbsp; 993298 |
| Douglas Emmett, Inc.<sup>(c)</sup> | 52845 | &nbsp;&nbsp; 730846 |
| Embassy Office Parks REIT (India) | 270615 | &nbsp;&nbsp; 1222582 |
| Gecina S.A. (France) | 14608 | &nbsp;&nbsp; 1504800 |
| Global One Real Estate Investment Corp. <br> (Japan)<br>| 322 | &nbsp;&nbsp; 269511 |
| Inmobiliaria Colonial SOCIMI S.A. (Spain) | 99496 | &nbsp;&nbsp; 647064 |
| Japan Excellent, Inc. (Japan)<sup>(c)</sup> | 382 | &nbsp;&nbsp; 345964 |
| Keppel REIT (Singapore) | 792523 | &nbsp;&nbsp; 519348 |
| Mori Hills REIT Investment Corp. (Japan) | 487 | &nbsp;&nbsp; 449342 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Office REITs-(continued)** | **Office REITs-(continued)** | **Office REITs-(continued)** |
| Paramount Group, Inc.<sup>(c)</sup> | 54817 | &nbsp;&nbsp; $235165 |
| Vornado Realty Trust<sup>(c)</sup> | 51365 | &nbsp;&nbsp; 1812157 |
|  |  | &nbsp;&nbsp; 10509454 |
| **Oil, Gas & Consumable Fuels-0.21%** | **Oil, Gas & Consumable Fuels-0.21%** | **Oil, Gas & Consumable Fuels-0.21%** |
| REX American Resources Corp.<sup>(b)(c)</sup> | 5070 | &nbsp;&nbsp; 201380 |
| Verbio SE (Germany)<sup>(c)</sup> | 7150 | &nbsp;&nbsp; 84678 |
|  |  | &nbsp;&nbsp; 286058 |
| **Paper & Forest Products-2.48%** | **Paper & Forest Products-2.48%** | **Paper & Forest Products-2.48%** |
| Canfor Corp. (Canada)<sup>(b)</sup> | 18983 | &nbsp;&nbsp; 180993 |
| Suzano S.A. (Brazil) | 220500 | &nbsp;&nbsp; 1950514 |
| West Fraser Timber Co. Ltd. (Canada) | 17357 | &nbsp;&nbsp; 1282581 |
|  |  | &nbsp;&nbsp; 3414088 |
| **Real Estate Management & Development-0.10%** | **Real Estate Management & Development-0.10%** | **Real Estate Management & Development-0.10%** |
| Platzer Fastigheter Holding AB, Class B <br> (Sweden)<sup>(c)</sup><br>| 17623 | &nbsp;&nbsp; 138791 |
| **Retail REITs-7.86%** | **Retail REITs-7.86%** | **Retail REITs-7.86%** |
| AEON REIT Investment Corp. (Japan) | 539 | &nbsp;&nbsp; 472847 |
| CapitaLand Integrated Commercial Trust <br> (Singapore)<br>| 1852250 | &nbsp;&nbsp; 3049183 |
| Eurocommercial Properties N.V. <br> (Netherlands)<br>| 13809 | &nbsp;&nbsp; 400404 |
| First Capital REIT (Canada) | 32930 | &nbsp;&nbsp; 407185 |
| Frasers Centrepoint Trust (Singapore) | 425309 | &nbsp;&nbsp; 737032 |
| Japan Metropolitan Fund Investment Corp. <br> (Japan)<br>| 2287 | &nbsp;&nbsp; 1527414 |
| Klepierre S.A. (France) | 68226 | &nbsp;&nbsp; 2505886 |
| Lendlease Global Commercial REIT <br> (Singapore)<br>| 543791 | &nbsp;&nbsp; 214603 |
| Mapletree Pan Asia Commercial Trust <br> (Singapore)<br>| 751376 | &nbsp;&nbsp; 703894 |
| Mercialys S.A. (France) | 29702 | &nbsp;&nbsp; 398993 |
| SmartCentres REIT (Canada)<sup>(c)</sup> | 22944 | &nbsp;&nbsp; 423400 |
|  |  | &nbsp;&nbsp; 10840841 |
| **Semiconductors & Semiconductor Equipment-9.82%** | **Semiconductors & Semiconductor Equipment-9.82%** | **Semiconductors & Semiconductor Equipment-9.82%** |
| Duk San Neolux Co. Ltd. (South Korea)<sup>(b)</sup> | 4379 | &nbsp;&nbsp; 91757 |
| Enphase Energy, Inc.<sup>(b)(c)</sup> | 42856 | &nbsp;&nbsp; 1910949 |
| First Solar, Inc.<sup>(b)(c)</sup> | 32279 | &nbsp;&nbsp; 4061344 |
| Flat Glass Group Co. Ltd., A Shares (China) | 36600 | &nbsp;&nbsp; 75748 |
| JA Solar Technology Co. Ltd., A Shares <br> (China)<br>| 63708 | &nbsp;&nbsp; 83797 |
| Jinko Solar Co. Ltd., A Shares (China) | 192400 | &nbsp;&nbsp; 145235 |
| JinkoSolar Holding Co. Ltd., ADR (China)<sup>(c)</sup> | 11078 | &nbsp;&nbsp; 190098 |
| LONGi Green Energy Technology Co. Ltd., A <br> Shares (China)<br>| 143872 | &nbsp;&nbsp; 291306 |
| NVIDIA Corp. | 51911 | &nbsp;&nbsp; 5654146 |
| SMA Solar Technology AG (Germany)<sup>(c)</sup> | 5006 | &nbsp;&nbsp; 87119 |
| Smart Gunes Enerjisi Teknolojileri ArGE <br> Uretim Sanayi ve Tic (Turkey)<sup>(b)</sup><br>| 58280 | &nbsp;&nbsp; 46229 |
| SolarEdge Technologies, Inc.<sup>(b)(c)</sup> | 18276 | &nbsp;&nbsp; 223607 |
| TCL Zhonghuan Renewable Energy <br> Technology Co. Ltd., A Shares (China)<br>| 77800 | &nbsp;&nbsp; 82080 |
| United Renewable Energy Co. Ltd. <br> (Taiwan)<sup>(b)</sup><br>| 444075 | &nbsp;&nbsp; 119445 |
| Xinyi Solar Holdings Ltd. (China)<sup>(c)</sup> | 1441650 | &nbsp;&nbsp; 479492 |
|  |  | &nbsp;&nbsp; 13542352 |

---

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

------

**14**

------

**Invesco MSCI Sustainable Future ETF (ERTH)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Software-0.12%** | **Software-0.12%** | **Software-0.12%** |
| Tuya, Inc., ADR (China) | 70651 | &nbsp;&nbsp; $166030 |
| **Specialized REITs-5.08%** | **Specialized REITs-5.08%** | **Specialized REITs-5.08%** |
| Digital Realty Trust, Inc. | 43682 | &nbsp;&nbsp; 7012708 |
| **Specialty Retail-0.08%** | **Specialty Retail-0.08%** | **Specialty Retail-0.08%** |
| EVgo, Inc.<sup>(b)(c)</sup> | 39809 | &nbsp;&nbsp; 109873 |
| **Transportation Infrastructure-0.38%** | **Transportation Infrastructure-0.38%** | **Transportation Infrastructure-0.38%** |
| Taiwan High Speed Rail Corp. (Taiwan) | 625000 | &nbsp;&nbsp; 530602 |
| **Water Utilities-0.29%** | **Water Utilities-0.29%** | **Water Utilities-0.29%** |
| Beijing Enterprises Water Group Ltd. (China) | 1276060 | &nbsp;&nbsp; 403091 |
| Total Common Stocks & Other Equity Interests <br>(Cost $184,379,597) | Total Common Stocks & Other Equity Interests <br>(Cost $184,379,597) | &nbsp;&nbsp; 137717374 |
| **Money Market Funds-0.15%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(e)(f)</sup> <br>(Cost $201,797)<br>| 201797 | &nbsp;&nbsp; 201797 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.98% <br>(Cost $184,581,394) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.98% <br>(Cost $184,581,394) | &nbsp;&nbsp; 137919171 |

---

---

| | | |
|:---|:---|:---|
|  | **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-22.52%** | **Money Market Funds-22.52%** | **Money Market Funds-22.52%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(e)(f)(g)</sup><br>| 8622213 | &nbsp;&nbsp; $8622213 |
| Invesco Private Prime Fund, 4.46%<sup>(e)(f)(g)</sup> | 22446583 | &nbsp;&nbsp; 22451072 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $31,074,886) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $31,074,886) | &nbsp;&nbsp; 31073285 |
| TOTAL INVESTMENTS IN SECURITIES-122.50% <br>(Cost $215,656,280) | TOTAL INVESTMENTS IN SECURITIES-122.50% <br>(Cost $215,656,280) | &nbsp;&nbsp; 168992456 |
| OTHER ASSETS LESS LIABILITIES-(22.50)% | OTHER ASSETS LESS LIABILITIES-(22.50)% | &nbsp;&nbsp; (31039183)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $137953273 |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ADR | -American Depositary Receipt |
| NVDR | -Non-Voting Depositary Receipt |
| REIT | -Real Estate Investment Trust |
| Rts. | -Rights |
| Wts. | -Warrants |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $1,790,170, which represented 1.30% of the Fund's Net Assets.<br>|
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $66389 | &nbsp;&nbsp; $13228864 | &nbsp;&nbsp; $(13093456)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $201797 | &nbsp;&nbsp; $10242 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 10149603 | &nbsp;&nbsp; 75988033 | &nbsp;&nbsp; (77515423)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 8622213 | &nbsp;&nbsp; 437,252<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 26746528 | &nbsp;&nbsp; 148570486 | &nbsp;&nbsp; (152863838)<br>| &nbsp;&nbsp; 2930 | &nbsp;&nbsp; (5034)<br>| &nbsp;&nbsp; 22451072 | &nbsp;&nbsp; 1,169,920<br> \*<br>|
| Total | &nbsp;&nbsp; $36962520 | &nbsp;&nbsp; $237787383 | &nbsp;&nbsp; $(243472717)<br>| &nbsp;&nbsp; $2930 | &nbsp;&nbsp; $(5034)<br>| &nbsp;&nbsp; $31275082 | &nbsp;&nbsp; $1617414 |

---

\* 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.

------

**15**

------

**Invesco MSCI Sustainable Future ETF (ERTH)—(continued)**

April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

<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 2K. 

---

| | |
|:---|:---|
| This Fund has holdings greater than 10% of net assets in the following country: |  |
| China | 23.40% |

---

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

------

**16**

------

**Invesco S&P 500 BuyWrite ETF (PBP)**

April 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-106.14%** | **Common Stocks & Other Equity Interests-106.14%** | **Common Stocks & Other Equity Interests-106.14%** |
| **Communication Services-9.90%** | **Communication Services-9.90%** | **Communication Services-9.90%** |
| Alphabet, Inc., Class A | 17580 | &nbsp;&nbsp; $2791704 |
| Alphabet, Inc., Class C | 14249 | &nbsp;&nbsp; 2292522 |
| AT&T, Inc. | 21636 | &nbsp;&nbsp; 599317 |
| Charter Communications, Inc., Class A<sup>(b)</sup> | 291 | &nbsp;&nbsp; 114031 |
| Comcast Corp., Class A | 11367 | &nbsp;&nbsp; 388751 |
| Electronic Arts, Inc. | 714 | &nbsp;&nbsp; 103594 |
| Fox Corp., Class A | 657 | &nbsp;&nbsp; 32712 |
| Fox Corp., Class B | 398 | &nbsp;&nbsp; 18403 |
| Interpublic Group of Cos., Inc. (The) | 1122 | &nbsp;&nbsp; 28185 |
| Live Nation Entertainment, Inc.<sup>(b)</sup> | 473 | &nbsp;&nbsp; 62649 |
| Match Group, Inc. | 757 | &nbsp;&nbsp; 22453 |
| Meta Platforms, Inc., Class A | 6601 | &nbsp;&nbsp; 3623949 |
| Netflix, Inc.<sup>(b)</sup> | 1290 | &nbsp;&nbsp; 1459919 |
| News Corp., Class A | 1139 | &nbsp;&nbsp; 30890 |
| News Corp., Class B | 336 | &nbsp;&nbsp; 10557 |
| Omnicom Group, Inc. | 591 | &nbsp;&nbsp; 45011 |
| Paramount Global, Class B | 1794 | &nbsp;&nbsp; 21062 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 494 | &nbsp;&nbsp; 115260 |
| TKO Group Holdings, Inc. | 200 | &nbsp;&nbsp; 32582 |
| T-Mobile US, Inc. | 1445 | &nbsp;&nbsp; 356843 |
| Verizon Communications, Inc. | 12689 | &nbsp;&nbsp; 559077 |
| Walt Disney Co. (The) | 5449 | &nbsp;&nbsp; 495586 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 6729 | &nbsp;&nbsp; 58340 |
|  |  | &nbsp;&nbsp; 13263397 |
| **Consumer Discretionary-10.99%** | **Consumer Discretionary-10.99%** | **Consumer Discretionary-10.99%** |
| Airbnb, Inc., Class A<sup>(b)</sup> | 1305 | &nbsp;&nbsp; 159106 |
| Amazon.com, Inc.<sup>(b)</sup> | 28430 | &nbsp;&nbsp; 5243061 |
| Aptiv PLC (Jersey)<sup>(b)</sup> | 691 | &nbsp;&nbsp; 39428 |
| AutoZone, Inc.<sup>(b)</sup> | 52 | &nbsp;&nbsp; 195655 |
| Best Buy Co., Inc. | 586 | &nbsp;&nbsp; 39080 |
| Booking Holdings, Inc. | 100 | &nbsp;&nbsp; 509928 |
| Caesars Entertainment, Inc.<sup>(b)</sup> | 641 | &nbsp;&nbsp; 17345 |
| CarMax, Inc.<sup>(b)</sup> | 463 | &nbsp;&nbsp; 29942 |
| Carnival Corp.<sup>(b)</sup> | 3158 | &nbsp;&nbsp; 57918 |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 4085 | &nbsp;&nbsp; 206374 |
| D.R. Horton, Inc. | 854 | &nbsp;&nbsp; 107894 |
| Darden Restaurants, Inc. | 354 | &nbsp;&nbsp; 71027 |
| Deckers Outdoor Corp.<sup>(b)</sup> | 457 | &nbsp;&nbsp; 50649 |
| Domino's Pizza, Inc. | 104 | &nbsp;&nbsp; 50998 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 1022 | &nbsp;&nbsp; 197134 |
| eBay, Inc. | 1442 | &nbsp;&nbsp; 98287 |
| Expedia Group, Inc. | 372 | &nbsp;&nbsp; 58378 |
| Ford Motor Co. | 11732 | &nbsp;&nbsp; 117437 |
| Garmin Ltd. | 462 | &nbsp;&nbsp; 86334 |
| General Motors Co. | 2999 | &nbsp;&nbsp; 135675 |
| Genuine Parts Co. | 420 | &nbsp;&nbsp; 49371 |
| Hasbro, Inc. | 395 | &nbsp;&nbsp; 24450 |
| Hilton Worldwide Holdings, Inc. | 724 | &nbsp;&nbsp; 163248 |
| Home Depot, Inc. (The) | 2994 | &nbsp;&nbsp; 1079307 |
| Las Vegas Sands Corp. | 1036 | &nbsp;&nbsp; 37990 |
| Lennar Corp., Class A | 703 | &nbsp;&nbsp; 76353 |
| LKQ Corp. | 785 | &nbsp;&nbsp; 29995 |
| Lowe's Cos., Inc. | 1702 | &nbsp;&nbsp; 380499 |
| lululemon athletica, inc.<sup>(b)</sup> | 337 | &nbsp;&nbsp; 91249 |
| Marriott International, Inc., Class A | 690 | &nbsp;&nbsp; 164620 |
| McDonald's Corp. | 2160 | &nbsp;&nbsp; 690444 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| MGM Resorts International<sup>(b)</sup> | 676 | &nbsp;&nbsp; $21267 |
| Mohawk Industries, Inc.<sup>(b)</sup> | 159 | &nbsp;&nbsp; 16910 |
| NIKE, Inc., Class B | 3559 | &nbsp;&nbsp; 200728 |
| Norwegian Cruise Line Holdings Ltd.<sup>(b)</sup> | 1325 | &nbsp;&nbsp; 21240 |
| NVR, Inc.<sup>(b)</sup> | 10 | &nbsp;&nbsp; 71257 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 174 | &nbsp;&nbsp; 246245 |
| Pool Corp. | 115 | &nbsp;&nbsp; 33711 |
| PulteGroup, Inc. | 609 | &nbsp;&nbsp; 62471 |
| Ralph Lauren Corp. | 121 | &nbsp;&nbsp; 27219 |
| Ross Stores, Inc. | 994 | &nbsp;&nbsp; 138166 |
| Royal Caribbean Cruises Ltd. | 746 | &nbsp;&nbsp; 160323 |
| Starbucks Corp. | 3422 | &nbsp;&nbsp; 273931 |
| Tapestry, Inc. | 624 | &nbsp;&nbsp; 44086 |
| Tesla, Inc.<sup>(b)</sup> | 8435 | &nbsp;&nbsp; 2380020 |
| TJX Cos., Inc. (The) | 3388 | &nbsp;&nbsp; 435968 |
| Tractor Supply Co. | 1610 | &nbsp;&nbsp; 81498 |
| Ulta Beauty, Inc.<sup>(b)</sup> | 140 | &nbsp;&nbsp; 55390 |
| Williams-Sonoma, Inc. | 371 | &nbsp;&nbsp; 57308 |
| Wynn Resorts Ltd. | 270 | &nbsp;&nbsp; 21684 |
| Yum! Brands, Inc. | 840 | &nbsp;&nbsp; 126370 |
|  |  | &nbsp;&nbsp; 14734968 |
| **Consumer Staples-6.54%** | **Consumer Staples-6.54%** | **Consumer Staples-6.54%** |
| Altria Group, Inc. | 5109 | &nbsp;&nbsp; 302197 |
| Archer-Daniels-Midland Co. | 1441 | &nbsp;&nbsp; 68808 |
| Brown-Forman Corp., Class B | 550 | &nbsp;&nbsp; 19162 |
| Bunge Global S.A. | 402 | &nbsp;&nbsp; 31645 |
| Church & Dwight Co., Inc. | 741 | &nbsp;&nbsp; 73611 |
| Clorox Co. (The) | 372 | &nbsp;&nbsp; 52936 |
| Coca-Cola Co. (The) | 11669 | &nbsp;&nbsp; 846586 |
| Colgate-Palmolive Co. | 2445 | &nbsp;&nbsp; 225404 |
| Conagra Brands, Inc. | 1437 | &nbsp;&nbsp; 35508 |
| Constellation Brands, Inc., Class A | 469 | &nbsp;&nbsp; 87956 |
| Costco Wholesale Corp. | 1336 | &nbsp;&nbsp; 1328652 |
| Dollar General Corp. | 664 | &nbsp;&nbsp; 62210 |
| Dollar Tree, Inc.<sup>(b)</sup> | 608 | &nbsp;&nbsp; 49716 |
| Estee Lauder Cos., Inc. (The), Class A | 705 | &nbsp;&nbsp; 42272 |
| General Mills, Inc. | 1662 | &nbsp;&nbsp; 94302 |
| Hershey Co. (The) | 445 | &nbsp;&nbsp; 74399 |
| Hormel Foods Corp. | 877 | &nbsp;&nbsp; 26222 |
| J.M. Smucker Co. (The) | 321 | &nbsp;&nbsp; 37323 |
| Kellanova | 809 | &nbsp;&nbsp; 66961 |
| Kenvue, Inc. | 5779 | &nbsp;&nbsp; 136384 |
| Keurig Dr Pepper, Inc. | 3598 | &nbsp;&nbsp; 124455 |
| Kimberly-Clark Corp. | 1000 | &nbsp;&nbsp; 131780 |
| Kraft Heinz Co. (The) | 2629 | &nbsp;&nbsp; 76504 |
| Kroger Co. (The) | 2006 | &nbsp;&nbsp; 144853 |
| Lamb Weston Holdings, Inc. | 431 | &nbsp;&nbsp; 22761 |
| McCormick & Co., Inc. | 761 | &nbsp;&nbsp; 58338 |
| Molson Coors Beverage Co., Class B | 520 | &nbsp;&nbsp; 29916 |
| Mondelez International, Inc., Class A | 3899 | &nbsp;&nbsp; 265639 |
| Monster Beverage Corp.<sup>(b)</sup> | 2110 | &nbsp;&nbsp; 126853 |
| PepsiCo, Inc. | 4134 | &nbsp;&nbsp; 560488 |
| Philip Morris International, Inc. | 4685 | &nbsp;&nbsp; 802822 |
| Procter & Gamble Co. (The) | 7066 | &nbsp;&nbsp; 1148720 |
| Sysco Corp. | 1474 | &nbsp;&nbsp; 105244 |
| Target Corp. | 1381 | &nbsp;&nbsp; 133543 |
| The Campbell's Company | 592 | &nbsp;&nbsp; 21584 |

---

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

------

**17**

------

**Invesco S&P 500 BuyWrite ETF (PBP)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples-(continued)** | **Consumer Staples-(continued)** | **Consumer Staples-(continued)** |
| Tyson Foods, Inc., Class A | 862 | &nbsp;&nbsp; $52789 |
| Walgreens Boots Alliance, Inc. | 2163 | &nbsp;&nbsp; 23728 |
| Walmart, Inc. | 13075 | &nbsp;&nbsp; 1271544 |
|  |  | &nbsp;&nbsp; 8763815 |
| **Energy-3.38%** | **Energy-3.38%** | **Energy-3.38%** |
| APA Corp. | 1115 | &nbsp;&nbsp; 17327 |
| Baker Hughes Co., Class A | 2984 | &nbsp;&nbsp; 105634 |
| Chevron Corp. | 5037 | &nbsp;&nbsp; 685334 |
| ConocoPhillips | 3846 | &nbsp;&nbsp; 342755 |
| Coterra Energy, Inc. | 2219 | &nbsp;&nbsp; 54499 |
| Devon Energy Corp. | 1979 | &nbsp;&nbsp; 60181 |
| Diamondback Energy, Inc. | 563 | &nbsp;&nbsp; 74322 |
| EOG Resources, Inc. | 1694 | &nbsp;&nbsp; 186899 |
| EQT Corp. | 1799 | &nbsp;&nbsp; 88943 |
| Expand Energy Corp. | 633 | &nbsp;&nbsp; 65769 |
| Exxon Mobil Corp. | 13118 | &nbsp;&nbsp; 1385654 |
| Halliburton Co. | 2616 | &nbsp;&nbsp; 51849 |
| Hess Corp. | 832 | &nbsp;&nbsp; 107370 |
| Kinder Morgan, Inc. | 5826 | &nbsp;&nbsp; 153224 |
| Marathon Petroleum Corp. | 952 | &nbsp;&nbsp; 130814 |
| Occidental Petroleum Corp. | 2037 | &nbsp;&nbsp; 80278 |
| ONEOK, Inc. | 1869 | &nbsp;&nbsp; 153557 |
| Phillips 66 | 1244 | &nbsp;&nbsp; 129451 |
| Schlumberger N.V. | 4222 | &nbsp;&nbsp; 140381 |
| Targa Resources Corp. | 658 | &nbsp;&nbsp; 112452 |
| Texas Pacific Land Corp. | 57 | &nbsp;&nbsp; 73466 |
| Valero Energy Corp. | 954 | &nbsp;&nbsp; 110750 |
| Williams Cos., Inc. (The) | 3672 | &nbsp;&nbsp; 215069 |
|  |  | &nbsp;&nbsp; 4525978 |
| **Financials-15.35%** | **Financials-15.35%** | **Financials-15.35%** |
| Aflac, Inc. | 1492 | &nbsp;&nbsp; 162151 |
| Allstate Corp. (The) | 799 | &nbsp;&nbsp; 158514 |
| American Express Co. | 1674 | &nbsp;&nbsp; 445970 |
| American International Group, Inc. | 1788 | &nbsp;&nbsp; 145758 |
| Ameriprise Financial, Inc. | 290 | &nbsp;&nbsp; 136596 |
| Aon PLC, Class A | 652 | &nbsp;&nbsp; 231323 |
| Apollo Global Management, Inc. | 1347 | &nbsp;&nbsp; 183839 |
| Arch Capital Group Ltd. | 1130 | &nbsp;&nbsp; 102468 |
| Arthur J. Gallagher & Co. | 767 | &nbsp;&nbsp; 245969 |
| Assurant, Inc. | 156 | &nbsp;&nbsp; 30067 |
| Bank of America Corp. | 19957 | &nbsp;&nbsp; 795885 |
| Bank of New York Mellon Corp. (The) | 2164 | &nbsp;&nbsp; 174007 |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 5523 | &nbsp;&nbsp; 2945140 |
| BlackRock, Inc. | 438 | &nbsp;&nbsp; 400446 |
| Blackstone, Inc., Class A | 2206 | &nbsp;&nbsp; 290552 |
| Brown & Brown, Inc. | 714 | &nbsp;&nbsp; 78968 |
| Capital One Financial Corp. | 1148 | &nbsp;&nbsp; 206939 |
| Cboe Global Markets, Inc. | 314 | &nbsp;&nbsp; 69645 |
| Charles Schwab Corp. (The) | 5138 | &nbsp;&nbsp; 418233 |
| Chubb Ltd. | 1123 | &nbsp;&nbsp; 321268 |
| Cincinnati Financial Corp. | 472 | &nbsp;&nbsp; 65707 |
| Citigroup, Inc. | 5658 | &nbsp;&nbsp; 386894 |
| Citizens Financial Group, Inc. | 1317 | &nbsp;&nbsp; 48584 |
| CME Group, Inc., Class A | 1085 | &nbsp;&nbsp; 300632 |
| Corpay, Inc.<sup>(b)</sup> | 210 | &nbsp;&nbsp; 68328 |
| Discover Financial Services | 757 | &nbsp;&nbsp; 138281 |
| Erie Indemnity Co., Class A | 74 | &nbsp;&nbsp; 26538 |
| Everest Group Ltd. | 130 | &nbsp;&nbsp; 46648 |
| FactSet Research Systems, Inc. | 114 | &nbsp;&nbsp; 49273 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Fidelity National Information Services, Inc. | 1595 | &nbsp;&nbsp; $125814 |
| Fifth Third Bancorp | 2019 | &nbsp;&nbsp; 72563 |
| Fiserv, Inc.<sup>(b)</sup> | 1715 | &nbsp;&nbsp; 316538 |
| Franklin Resources, Inc. | 933 | &nbsp;&nbsp; 17503 |
| Global Payments, Inc. | 746 | &nbsp;&nbsp; 56927 |
| Globe Life, Inc. | 253 | &nbsp;&nbsp; 31205 |
| Goldman Sachs Group, Inc. (The) | 940 | &nbsp;&nbsp; 514697 |
| Hartford Insurance Group, Inc. (The) | 866 | &nbsp;&nbsp; 106232 |
| Huntington Bancshares, Inc. | 4383 | &nbsp;&nbsp; 63685 |
| Intercontinental Exchange, Inc. | 1731 | &nbsp;&nbsp; 290756 |
| Invesco Ltd.<sup>(c)</sup> | 1350 | &nbsp;&nbsp; 18806 |
| Jack Henry & Associates, Inc. | 220 | &nbsp;&nbsp; 38155 |
| JPMorgan Chase & Co. | 8428 | &nbsp;&nbsp; 2061657 |
| KeyCorp | 3002 | &nbsp;&nbsp; 44550 |
| KKR & Co., Inc., Class A | 2035 | &nbsp;&nbsp; 232539 |
| Loews Corp. | 533 | &nbsp;&nbsp; 46280 |
| M&T Bank Corp. | 500 | &nbsp;&nbsp; 84880 |
| MarketAxess Holdings, Inc. | 113 | &nbsp;&nbsp; 25040 |
| Marsh & McLennan Cos., Inc. | 1479 | &nbsp;&nbsp; 333470 |
| Mastercard, Inc., Class A | 2454 | &nbsp;&nbsp; 1344939 |
| MetLife, Inc. | 1745 | &nbsp;&nbsp; 131521 |
| Moody's Corp. | 466 | &nbsp;&nbsp; 211154 |
| Morgan Stanley | 3730 | &nbsp;&nbsp; 430517 |
| MSCI, Inc. | 235 | &nbsp;&nbsp; 128101 |
| Nasdaq, Inc. | 1247 | &nbsp;&nbsp; 95034 |
| Northern Trust Corp. | 590 | &nbsp;&nbsp; 55448 |
| PayPal Holdings, Inc.<sup>(b)</sup> | 2982 | &nbsp;&nbsp; 196335 |
| PNC Financial Services Group, Inc. (The) | 1193 | &nbsp;&nbsp; 191703 |
| Principal Financial Group, Inc. | 635 | &nbsp;&nbsp; 47085 |
| Progressive Corp. (The) | 1765 | &nbsp;&nbsp; 497271 |
| Prudential Financial, Inc. | 1066 | &nbsp;&nbsp; 109489 |
| Raymond James Financial, Inc. | 557 | &nbsp;&nbsp; 76331 |
| Regions Financial Corp. | 2739 | &nbsp;&nbsp; 55903 |
| S&P Global, Inc. | 949 | &nbsp;&nbsp; 474547 |
| State Street Corp. | 869 | &nbsp;&nbsp; 76559 |
| Synchrony Financial | 1173 | &nbsp;&nbsp; 60937 |
| T. Rowe Price Group, Inc. | 672 | &nbsp;&nbsp; 59506 |
| Travelers Cos., Inc. (The) | 683 | &nbsp;&nbsp; 180401 |
| Truist Financial Corp. | 3966 | &nbsp;&nbsp; 152056 |
| U.S. Bancorp | 4702 | &nbsp;&nbsp; 189679 |
| Visa, Inc., Class A | 5194 | &nbsp;&nbsp; 1794527 |
| W.R. Berkley Corp. | 905 | &nbsp;&nbsp; 64879 |
| Wells Fargo & Co. | 9913 | &nbsp;&nbsp; 703922 |
| Willis Towers Watson PLC | 302 | &nbsp;&nbsp; 92956 |
|  |  | &nbsp;&nbsp; 20576720 |
| **Health Care-11.49%** | **Health Care-11.49%** | **Health Care-11.49%** |
| Abbott Laboratories | 5228 | &nbsp;&nbsp; 683561 |
| AbbVie, Inc. | 5320 | &nbsp;&nbsp; 1037932 |
| Agilent Technologies, Inc. | 859 | &nbsp;&nbsp; 92428 |
| Align Technology, Inc.<sup>(b)</sup> | 211 | &nbsp;&nbsp; 36566 |
| Amgen, Inc. | 1619 | &nbsp;&nbsp; 470999 |
| Baxter International, Inc. | 1540 | &nbsp;&nbsp; 48002 |
| Becton, Dickinson and Co. | 865 | &nbsp;&nbsp; 179133 |
| Biogen, Inc.<sup>(b)</sup> | 441 | &nbsp;&nbsp; 53396 |
| Bio-Techne Corp. | 477 | &nbsp;&nbsp; 24017 |
| Boston Scientific Corp.<sup>(b)</sup> | 4442 | &nbsp;&nbsp; 456949 |
| Bristol-Myers Squibb Co. | 6116 | &nbsp;&nbsp; 307023 |
| Cardinal Health, Inc. | 727 | &nbsp;&nbsp; 102718 |
| Cencora, Inc. | 521 | &nbsp;&nbsp; 152481 |

---

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

------

**18**

------

**Invesco S&P 500 BuyWrite ETF (PBP)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Centene Corp.<sup>(b)</sup> | 1495 | &nbsp;&nbsp; $89476 |
| Charles River Laboratories International, Inc.<sup>(b)</sup> | 156 | &nbsp;&nbsp; 18505 |
| Cigna Group (The) | 824 | &nbsp;&nbsp; 280193 |
| Cooper Cos., Inc. (The)<sup>(b)</sup> | 601 | &nbsp;&nbsp; 49084 |
| CVS Health Corp. | 3799 | &nbsp;&nbsp; 253431 |
| Danaher Corp. | 1929 | &nbsp;&nbsp; 384508 |
| DaVita, Inc.<sup>(b)</sup> | 133 | &nbsp;&nbsp; 18826 |
| DexCom, Inc.<sup>(b)</sup> | 1179 | &nbsp;&nbsp; 84157 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 1778 | &nbsp;&nbsp; 134221 |
| Elevance Health, Inc. | 698 | &nbsp;&nbsp; 293565 |
| Eli Lilly and Co. | 2375 | &nbsp;&nbsp; 2135006 |
| GE HealthCare Technologies, Inc. | 1378 | &nbsp;&nbsp; 96915 |
| Gilead Sciences, Inc. | 3757 | &nbsp;&nbsp; 400271 |
| HCA Healthcare, Inc. | 540 | &nbsp;&nbsp; 186343 |
| Henry Schein, Inc.<sup>(b)</sup> | 375 | &nbsp;&nbsp; 24364 |
| Hologic, Inc.<sup>(b)</sup> | 678 | &nbsp;&nbsp; 39460 |
| Humana, Inc. | 364 | &nbsp;&nbsp; 95455 |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 247 | &nbsp;&nbsp; 106865 |
| Incyte Corp.<sup>(b)</sup> | 483 | &nbsp;&nbsp; 30265 |
| Insulet Corp.<sup>(b)</sup> | 211 | &nbsp;&nbsp; 53233 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 1074 | &nbsp;&nbsp; 553969 |
| IQVIA Holdings, Inc.<sup>(b)</sup> | 504 | &nbsp;&nbsp; 78155 |
| Johnson & Johnson | 7256 | &nbsp;&nbsp; 1134185 |
| Labcorp Holdings, Inc. | 252 | &nbsp;&nbsp; 60735 |
| McKesson Corp. | 377 | &nbsp;&nbsp; 268722 |
| Medtronic PLC | 3866 | &nbsp;&nbsp; 327682 |
| Merck & Co., Inc. | 7625 | &nbsp;&nbsp; 649650 |
| Mettler-Toledo International, Inc.<sup>(b)</sup> | 62 | &nbsp;&nbsp; 66375 |
| Moderna, Inc.<sup>(b)</sup> | 1020 | &nbsp;&nbsp; 29111 |
| Molina Healthcare, Inc.<sup>(b)</sup> | 168 | &nbsp;&nbsp; 54938 |
| Pfizer, Inc. | 17079 | &nbsp;&nbsp; 416898 |
| Quest Diagnostics, Inc. | 334 | &nbsp;&nbsp; 59525 |
| Regeneron Pharmaceuticals, Inc. | 316 | &nbsp;&nbsp; 189208 |
| ResMed, Inc. | 442 | &nbsp;&nbsp; 104573 |
| Revvity, Inc. | 367 | &nbsp;&nbsp; 34289 |
| Solventum Corp.<sup>(b)</sup> | 417 | &nbsp;&nbsp; 27572 |
| STERIS PLC | 297 | &nbsp;&nbsp; 66748 |
| Stryker Corp. | 1036 | &nbsp;&nbsp; 387381 |
| Thermo Fisher Scientific, Inc. | 1153 | &nbsp;&nbsp; 494637 |
| UnitedHealth Group, Inc. | 2774 | &nbsp;&nbsp; 1141335 |
| Universal Health Services, Inc., Class B | 178 | &nbsp;&nbsp; 31518 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 775 | &nbsp;&nbsp; 394862 |
| Viatris, Inc. | 3597 | &nbsp;&nbsp; 30287 |
| Waters Corp.<sup>(b)</sup> | 180 | &nbsp;&nbsp; 62591 |
| West Pharmaceutical Services, Inc. | 218 | &nbsp;&nbsp; 46061 |
| Zimmer Biomet Holdings, Inc. | 599 | &nbsp;&nbsp; 61727 |
| Zoetis, Inc. | 1349 | &nbsp;&nbsp; 210984 |
|  |  | &nbsp;&nbsp; 15403066 |
| **Industrials-9.07%** | **Industrials-9.07%** | **Industrials-9.07%** |
| 3M Co. | 1637 | &nbsp;&nbsp; 227396 |
| A.O. Smith Corp. | 356 | &nbsp;&nbsp; 24158 |
| Allegion PLC | 262 | &nbsp;&nbsp; 36470 |
| AMETEK, Inc. | 696 | &nbsp;&nbsp; 118028 |
| Automatic Data Processing, Inc. | 1225 | &nbsp;&nbsp; 368235 |
| Axon Enterprise, Inc.<sup>(b)</sup> | 218 | &nbsp;&nbsp; 133699 |
| Boeing Co. (The)<sup>(b)</sup> | 2261 | &nbsp;&nbsp; 414306 |
| Broadridge Financial Solutions, Inc. | 353 | &nbsp;&nbsp; 85567 |
| Builders FirstSource, Inc.<sup>(b)</sup> | 346 | &nbsp;&nbsp; 41392 |
| C.H. Robinson Worldwide, Inc. | 358 | &nbsp;&nbsp; 31941 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Carrier Global Corp. | 2433 | &nbsp;&nbsp; $152160 |
| Caterpillar, Inc. | 1439 | &nbsp;&nbsp; 445040 |
| Cintas Corp. | 1034 | &nbsp;&nbsp; 218877 |
| Copart, Inc.<sup>(b)</sup> | 2643 | &nbsp;&nbsp; 161302 |
| CSX Corp. | 5812 | &nbsp;&nbsp; 163143 |
| Cummins, Inc. | 415 | &nbsp;&nbsp; 121944 |
| Dayforce, Inc.<sup>(b)</sup> | 478 | &nbsp;&nbsp; 27662 |
| Deere & Co. | 764 | &nbsp;&nbsp; 354160 |
| Delta Air Lines, Inc. | 1932 | &nbsp;&nbsp; 80429 |
| Dover Corp. | 414 | &nbsp;&nbsp; 70649 |
| Eaton Corp. PLC | 1190 | &nbsp;&nbsp; 350300 |
| Emerson Electric Co. | 1700 | &nbsp;&nbsp; 178687 |
| Equifax, Inc. | 373 | &nbsp;&nbsp; 97029 |
| Expeditors International of Washington, Inc. | 423 | &nbsp;&nbsp; 46492 |
| Fastenal Co. | 1728 | &nbsp;&nbsp; 139916 |
| FedEx Corp. | 669 | &nbsp;&nbsp; 140711 |
| Fortive Corp. | 1028 | &nbsp;&nbsp; 71641 |
| GE Vernova, Inc. | 830 | &nbsp;&nbsp; 307781 |
| Generac Holdings, Inc.<sup>(b)</sup> | 181 | &nbsp;&nbsp; 20703 |
| General Dynamics Corp. | 765 | &nbsp;&nbsp; 208172 |
| General Electric Co. | 3235 | &nbsp;&nbsp; 651982 |
| Honeywell International, Inc. | 1960 | &nbsp;&nbsp; 412580 |
| Howmet Aerospace, Inc. | 1220 | &nbsp;&nbsp; 169068 |
| Hubbell, Inc. | 162 | &nbsp;&nbsp; 58835 |
| Huntington Ingalls Industries, Inc. | 119 | &nbsp;&nbsp; 27410 |
| IDEX Corp. | 228 | &nbsp;&nbsp; 39665 |
| Illinois Tool Works, Inc. | 806 | &nbsp;&nbsp; 193367 |
| Ingersoll Rand, Inc. | 1214 | &nbsp;&nbsp; 91572 |
| J.B. Hunt Transport Services, Inc. | 240 | &nbsp;&nbsp; 31339 |
| Jacobs Solutions, Inc. | 370 | &nbsp;&nbsp; 45806 |
| Johnson Controls International PLC | 1989 | &nbsp;&nbsp; 166877 |
| L3Harris Technologies, Inc. | 567 | &nbsp;&nbsp; 124751 |
| Leidos Holdings, Inc. | 395 | &nbsp;&nbsp; 58136 |
| Lennox International, Inc. | 97 | &nbsp;&nbsp; 53035 |
| Lockheed Martin Corp. | 631 | &nbsp;&nbsp; 301460 |
| Masco Corp. | 640 | &nbsp;&nbsp; 38790 |
| Nordson Corp. | 164 | &nbsp;&nbsp; 31089 |
| Norfolk Southern Corp. | 682 | &nbsp;&nbsp; 152802 |
| Northrop Grumman Corp. | 411 | &nbsp;&nbsp; 199952 |
| Old Dominion Freight Line, Inc. | 566 | &nbsp;&nbsp; 86756 |
| Otis Worldwide Corp. | 1195 | &nbsp;&nbsp; 115043 |
| PACCAR, Inc. | 1580 | &nbsp;&nbsp; 142532 |
| Parker-Hannifin Corp. | 388 | &nbsp;&nbsp; 234763 |
| Paychex, Inc. | 965 | &nbsp;&nbsp; 141971 |
| Paycom Software, Inc. | 142 | &nbsp;&nbsp; 32147 |
| Pentair PLC | 498 | &nbsp;&nbsp; 45184 |
| Quanta Services, Inc. | 444 | &nbsp;&nbsp; 129954 |
| Republic Services, Inc. | 611 | &nbsp;&nbsp; 153208 |
| Rockwell Automation, Inc. | 340 | &nbsp;&nbsp; 84211 |
| Rollins, Inc. | 846 | &nbsp;&nbsp; 48332 |
| RTX Corp. | 4016 | &nbsp;&nbsp; 506538 |
| Snap-on, Inc. | 159 | &nbsp;&nbsp; 49896 |
| Southwest Airlines Co. | 1786 | &nbsp;&nbsp; 49937 |
| Stanley Black & Decker, Inc. | 464 | &nbsp;&nbsp; 27849 |
| Textron, Inc. | 552 | &nbsp;&nbsp; 38844 |
| Trane Technologies PLC | 677 | &nbsp;&nbsp; 259501 |
| TransDigm Group, Inc. | 169 | &nbsp;&nbsp; 238809 |
| Uber Technologies, Inc.<sup>(b)</sup> | 6296 | &nbsp;&nbsp; 510039 |
| Union Pacific Corp. | 1821 | &nbsp;&nbsp; 392717 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 991 | &nbsp;&nbsp; 68201 |

---

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

------

**19**

------

**Invesco S&P 500 BuyWrite ETF (PBP)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| United Parcel Service, Inc., Class B | 2204 | &nbsp;&nbsp; $210041 |
| United Rentals, Inc. | 196 | &nbsp;&nbsp; 123764 |
| Veralto Corp. | 745 | &nbsp;&nbsp; 71446 |
| Verisk Analytics, Inc. | 426 | &nbsp;&nbsp; 126279 |
| W.W. Grainger, Inc. | 134 | &nbsp;&nbsp; 137258 |
| Wabtec Corp. | 515 | &nbsp;&nbsp; 95141 |
| Waste Management, Inc. | 1101 | &nbsp;&nbsp; 256929 |
| Xylem, Inc. | 732 | &nbsp;&nbsp; 88257 |
|  |  | &nbsp;&nbsp; 12152053 |
| **Information Technology-32.18%** | **Information Technology-32.18%** | **Information Technology-32.18%** |
| Accenture PLC, Class A (Ireland) | 1885 | &nbsp;&nbsp; 563898 |
| Adobe, Inc.<sup>(b)</sup> | 1312 | &nbsp;&nbsp; 491974 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 4885 | &nbsp;&nbsp; 475555 |
| Akamai Technologies, Inc.<sup>(b)</sup> | 452 | &nbsp;&nbsp; 36422 |
| Amphenol Corp., Class A | 3652 | &nbsp;&nbsp; 281021 |
| Analog Devices, Inc. | 1495 | &nbsp;&nbsp; 291405 |
| ANSYS, Inc.<sup>(b)</sup> | 265 | &nbsp;&nbsp; 85298 |
| Apple, Inc. | 45277 | &nbsp;&nbsp; 9621362 |
| Applied Materials, Inc. | 2449 | &nbsp;&nbsp; 369089 |
| Arista Networks, Inc.<sup>(b)</sup> | 3114 | &nbsp;&nbsp; 256189 |
| Autodesk, Inc.<sup>(b)</sup> | 649 | &nbsp;&nbsp; 177988 |
| Broadcom, Inc. | 14128 | &nbsp;&nbsp; 2719216 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 825 | &nbsp;&nbsp; 245635 |
| CDW Corp. | 402 | &nbsp;&nbsp; 64545 |
| Cisco Systems, Inc. | 12003 | &nbsp;&nbsp; 692933 |
| Cognizant Technology Solutions Corp., Class A | 1491 | &nbsp;&nbsp; 109693 |
| Corning, Inc. | 2323 | &nbsp;&nbsp; 103095 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 742 | &nbsp;&nbsp; 318222 |
| Dell Technologies, Inc., Class C | 940 | &nbsp;&nbsp; 86254 |
| Enphase Energy, Inc.<sup>(b)</sup> | 399 | &nbsp;&nbsp; 17791 |
| EPAM Systems, Inc.<sup>(b)</sup> | 171 | &nbsp;&nbsp; 26832 |
| F5, Inc.<sup>(b)</sup> | 174 | &nbsp;&nbsp; 46065 |
| Fair Isaac Corp.<sup>(b)</sup> | 73 | &nbsp;&nbsp; 145247 |
| First Solar, Inc.<sup>(b)</sup> | 322 | &nbsp;&nbsp; 40514 |
| Fortinet, Inc.<sup>(b)</sup> | 1918 | &nbsp;&nbsp; 199012 |
| Gartner, Inc.<sup>(b)</sup> | 231 | &nbsp;&nbsp; 97269 |
| Gen Digital, Inc. | 1635 | &nbsp;&nbsp; 42297 |
| GoDaddy, Inc., Class A<sup>(b)</sup> | 426 | &nbsp;&nbsp; 80229 |
| Hewlett Packard Enterprise Co. | 3959 | &nbsp;&nbsp; 64215 |
| HP, Inc. | 2826 | &nbsp;&nbsp; 72261 |
| Intel Corp. | 13051 | &nbsp;&nbsp; 262325 |
| International Business Machines Corp. | 2788 | &nbsp;&nbsp; 674194 |
| Intuit, Inc. | 843 | &nbsp;&nbsp; 528957 |
| Jabil, Inc. | 330 | &nbsp;&nbsp; 48365 |
| Juniper Networks, Inc. | 998 | &nbsp;&nbsp; 36247 |
| Keysight Technologies, Inc.<sup>(b)</sup> | 522 | &nbsp;&nbsp; 75899 |
| KLA Corp. | 401 | &nbsp;&nbsp; 281779 |
| Lam Research Corp. | 3870 | &nbsp;&nbsp; 277363 |
| Microchip Technology, Inc. | 1621 | &nbsp;&nbsp; 74696 |
| Micron Technology, Inc. | 3358 | &nbsp;&nbsp; 258398 |
| Microsoft Corp. | 22406 | &nbsp;&nbsp; 8856196 |
| Monolithic Power Systems, Inc. | 145 | &nbsp;&nbsp; 85999 |
| Motorola Solutions, Inc. | 504 | &nbsp;&nbsp; 221957 |
| NetApp, Inc. | 612 | &nbsp;&nbsp; 54927 |
| NVIDIA Corp. | 73815 | &nbsp;&nbsp; 8039930 |
| NXP Semiconductors N.V. (Netherlands) | 766 | &nbsp;&nbsp; 141181 |
| ON Semiconductor Corp.<sup>(b)</sup> | 1270 | &nbsp;&nbsp; 50419 |
| Oracle Corp. | 4890 | &nbsp;&nbsp; 688121 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 6178 | &nbsp;&nbsp; 731722 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 1996 | &nbsp;&nbsp; $373112 |
| PTC, Inc.<sup>(b)</sup> | 363 | &nbsp;&nbsp; 56254 |
| QUALCOMM, Inc. | 3334 | &nbsp;&nbsp; 494966 |
| Roper Technologies, Inc. | 323 | &nbsp;&nbsp; 180906 |
| Salesforce, Inc. | 2884 | &nbsp;&nbsp; 774960 |
| Seagate Technology Holdings PLC | 639 | &nbsp;&nbsp; 58168 |
| ServiceNow, Inc.<sup>(b)</sup> | 621 | &nbsp;&nbsp; 593061 |
| Skyworks Solutions, Inc. | 484 | &nbsp;&nbsp; 31112 |
| Super Micro Computer, Inc.<sup>(b)</sup> | 1519 | &nbsp;&nbsp; 48395 |
| Synopsys, Inc.<sup>(b)</sup> | 465 | &nbsp;&nbsp; 213440 |
| TE Connectivity PLC (Switzerland) | 900 | &nbsp;&nbsp; 131742 |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 141 | &nbsp;&nbsp; 65710 |
| Teradyne, Inc. | 490 | &nbsp;&nbsp; 36363 |
| Texas Instruments, Inc. | 2743 | &nbsp;&nbsp; 439017 |
| Trimble, Inc.<sup>(b)</sup> | 740 | &nbsp;&nbsp; 45984 |
| Tyler Technologies, Inc.<sup>(b)</sup> | 130 | &nbsp;&nbsp; 70629 |
| VeriSign, Inc.<sup>(b)</sup> | 246 | &nbsp;&nbsp; 69401 |
| Western Digital Corp.<sup>(b)</sup> | 1049 | &nbsp;&nbsp; 46009 |
| Workday, Inc., Class A<sup>(b)</sup> | 646 | &nbsp;&nbsp; 158270 |
| Zebra Technologies Corp., Class A<sup>(b)</sup> | 156 | &nbsp;&nbsp; 39050 |
|  |  | &nbsp;&nbsp; 43136750 |
| **Materials-2.13%** | **Materials-2.13%** | **Materials-2.13%** |
| Air Products and Chemicals, Inc. | 672 | &nbsp;&nbsp; 182173 |
| Albemarle Corp. | 355 | &nbsp;&nbsp; 20785 |
| Amcor PLC | 6872 | &nbsp;&nbsp; 63222 |
| Avery Dennison Corp. | 243 | &nbsp;&nbsp; 41580 |
| Ball Corp. | 900 | &nbsp;&nbsp; 46746 |
| CF Industries Holdings, Inc. | 525 | &nbsp;&nbsp; 41144 |
| Corteva, Inc. | 2067 | &nbsp;&nbsp; 128133 |
| Dow, Inc. | 2121 | &nbsp;&nbsp; 64881 |
| DuPont de Nemours, Inc. | 1259 | &nbsp;&nbsp; 83082 |
| Eastman Chemical Co. | 347 | &nbsp;&nbsp; 26719 |
| Ecolab, Inc. | 760 | &nbsp;&nbsp; 191087 |
| Freeport-McMoRan, Inc. | 4331 | &nbsp;&nbsp; 156046 |
| International Flavors & Fragrances, Inc. | 771 | &nbsp;&nbsp; 60493 |
| International Paper Co. | 1589 | &nbsp;&nbsp; 72586 |
| Linde PLC | 1434 | &nbsp;&nbsp; 649932 |
| LyondellBasell Industries N.V., Class A | 782 | &nbsp;&nbsp; 45520 |
| Martin Marietta Materials, Inc. | 185 | &nbsp;&nbsp; 96936 |
| Mosaic Co. (The) | 957 | &nbsp;&nbsp; 29093 |
| Newmont Corp. | 3431 | &nbsp;&nbsp; 180745 |
| Nucor Corp. | 707 | &nbsp;&nbsp; 84395 |
| Packaging Corp. of America | 269 | &nbsp;&nbsp; 49929 |
| PPG Industries, Inc. | 698 | &nbsp;&nbsp; 75984 |
| Sherwin-Williams Co. (The) | 697 | &nbsp;&nbsp; 245985 |
| Smurfit WestRock PLC | 1490 | &nbsp;&nbsp; 62610 |
| Steel Dynamics, Inc. | 427 | &nbsp;&nbsp; 55386 |
| Vulcan Materials Co. | 398 | &nbsp;&nbsp; 104407 |
|  |  | &nbsp;&nbsp; 2859599 |
| **Real Estate-2.39%** | **Real Estate-2.39%** | **Real Estate-2.39%** |
| Alexandria Real Estate Equities, Inc. | 464 | &nbsp;&nbsp; 33714 |
| American Tower Corp. | 1409 | &nbsp;&nbsp; 317603 |
| AvalonBay Communities, Inc. | 429 | &nbsp;&nbsp; 90081 |
| BXP, Inc. | 438 | &nbsp;&nbsp; 27914 |
| Camden Property Trust | 320 | &nbsp;&nbsp; 36416 |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 891 | &nbsp;&nbsp; 108862 |
| CoStar Group, Inc.<sup>(b)</sup> | 1270 | &nbsp;&nbsp; 94196 |
| Crown Castle, Inc. | 1310 | &nbsp;&nbsp; 138546 |
| Digital Realty Trust, Inc. | 953 | &nbsp;&nbsp; 152995 |

---

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

------

**20**

------

**Invesco S&P 500 BuyWrite ETF (PBP)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
| Equinix, Inc. | 294 | &nbsp;&nbsp; $253060 |
| Equity Residential | 1031 | &nbsp;&nbsp; 72438 |
| Essex Property Trust, Inc. | 193 | &nbsp;&nbsp; 53876 |
| Extra Space Storage, Inc. | 640 | &nbsp;&nbsp; 93773 |
| Federal Realty Investment Trust | 232 | &nbsp;&nbsp; 21813 |
| Healthpeak Properties, Inc. | 2108 | &nbsp;&nbsp; 37607 |
| Host Hotels & Resorts, Inc. | 2107 | &nbsp;&nbsp; 29751 |
| Invitation Homes, Inc. | 1717 | &nbsp;&nbsp; 58704 |
| Iron Mountain, Inc. | 885 | &nbsp;&nbsp; 79358 |
| Kimco Realty Corp. | 2046 | &nbsp;&nbsp; 40879 |
| Mid-America Apartment Communities, Inc. | 353 | &nbsp;&nbsp; 56356 |
| Prologis, Inc. | 2793 | &nbsp;&nbsp; 285445 |
| Public Storage | 475 | &nbsp;&nbsp; 142704 |
| Realty Income Corp. | 2637 | &nbsp;&nbsp; 152577 |
| Regency Centers Corp. | 491 | &nbsp;&nbsp; 35440 |
| SBA Communications Corp., Class A | 324 | &nbsp;&nbsp; 78862 |
| Simon Property Group, Inc. | 925 | &nbsp;&nbsp; 145577 |
| UDR, Inc. | 907 | &nbsp;&nbsp; 37985 |
| Ventas, Inc. | 1317 | &nbsp;&nbsp; 92295 |
| VICI Properties, Inc. | 3176 | &nbsp;&nbsp; 101696 |
| Welltower, Inc. | 1836 | &nbsp;&nbsp; 280155 |
| Weyerhaeuser Co. | 2186 | &nbsp;&nbsp; 56639 |
|  |  | &nbsp;&nbsp; 3207317 |
| **Utilities-2.72%** | **Utilities-2.72%** | **Utilities-2.72%** |
| AES Corp. (The) | 2144 | &nbsp;&nbsp; 21440 |
| Alliant Energy Corp. | 775 | &nbsp;&nbsp; 47306 |
| Ameren Corp. | 812 | &nbsp;&nbsp; 80583 |
| American Electric Power Co., Inc. | 1607 | &nbsp;&nbsp; 174102 |
| American Water Works Co., Inc. | 587 | &nbsp;&nbsp; 86295 |
| Atmos Energy Corp. | 478 | &nbsp;&nbsp; 76781 |
| CenterPoint Energy, Inc. | 1965 | &nbsp;&nbsp; 76203 |
| CMS Energy Corp. | 902 | &nbsp;&nbsp; 66432 |
| Consolidated Edison, Inc. | 1045 | &nbsp;&nbsp; 117824 |
| Constellation Energy Corp. | 942 | &nbsp;&nbsp; 210480 |
| Dominion Energy, Inc. | 2532 | &nbsp;&nbsp; 137690 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities-(continued)** | **Utilities-(continued)** | **Utilities-(continued)** |
| DTE Energy Co. | 624 | &nbsp;&nbsp; $85488 |
| Duke Energy Corp. | 2338 | &nbsp;&nbsp; 285283 |
| Edison International | 1168 | &nbsp;&nbsp; 62500 |
| Entergy Corp. | 1293 | &nbsp;&nbsp; 107539 |
| Evergy, Inc. | 692 | &nbsp;&nbsp; 47817 |
| Eversource Energy | 1105 | &nbsp;&nbsp; 65725 |
| Exelon Corp. | 3029 | &nbsp;&nbsp; 142060 |
| FirstEnergy Corp. | 1546 | &nbsp;&nbsp; 66292 |
| NextEra Energy, Inc. | 6198 | &nbsp;&nbsp; 414522 |
| NiSource, Inc. | 1417 | &nbsp;&nbsp; 55419 |
| NRG Energy, Inc. | 609 | &nbsp;&nbsp; 66734 |
| PG&E Corp. | 6612 | &nbsp;&nbsp; 109230 |
| Pinnacle West Capital Corp. | 342 | &nbsp;&nbsp; 32552 |
| PPL Corp. | 2225 | &nbsp;&nbsp; 81213 |
| Public Service Enterprise Group, Inc. | 1502 | &nbsp;&nbsp; 120055 |
| Sempra | 1910 | &nbsp;&nbsp; 141856 |
| Southern Co. (The) | 3301 | &nbsp;&nbsp; 303329 |
| Vistra Corp. | 1026 | &nbsp;&nbsp; 133000 |
| WEC Energy Group, Inc. | 957 | &nbsp;&nbsp; 104811 |
| Xcel Energy, Inc. | 1730 | &nbsp;&nbsp; 122311 |
|  |  | &nbsp;&nbsp; 3642872 |
| Total Common Stocks & Other Equity Interests <br>(Cost $123,938,062) | Total Common Stocks & Other Equity Interests <br>(Cost $123,938,062) | &nbsp;&nbsp; 142266535 |
| **Money Market Funds-0.06%** | **Money Market Funds-0.06%** | **Money Market Funds-0.06%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)(d)</sup> <br>(Cost $80,166)<br>| 80166 | &nbsp;&nbsp; 80166 |
| TOTAL INVESTMENTS IN SECURITIES-106.20% <br>(Cost $124,018,228) | TOTAL INVESTMENTS IN SECURITIES-106.20% <br>(Cost $124,018,228) | &nbsp;&nbsp; 142346701 |
| OTHER ASSETS LESS LIABILITIES-(6.20)% | OTHER ASSETS LESS LIABILITIES-(6.20)% | &nbsp;&nbsp; (8305226)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $134041475 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| Invesco Ltd. | &nbsp;&nbsp; $14864 | &nbsp;&nbsp; $10776 | &nbsp;&nbsp; $(5497)<br>| &nbsp;&nbsp; $1103 | &nbsp;&nbsp; $(2440)<br>| &nbsp;&nbsp; $18806 | &nbsp;&nbsp; $822 |
| **Investments in Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; 12284 | &nbsp;&nbsp; 11088534 | &nbsp;&nbsp; (11020652)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 80166 | &nbsp;&nbsp; 5369 |
| Total | &nbsp;&nbsp; $27148 | &nbsp;&nbsp; $11099310 | &nbsp;&nbsp; $(11026149)<br>| &nbsp;&nbsp; $1103 | &nbsp;&nbsp; $(2440)<br>| &nbsp;&nbsp; $98972 | &nbsp;&nbsp; $6191 |

---

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

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

------

**21**

------

**Invesco S&P 500 BuyWrite ETF (PBP)—(continued)**

April 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Exercise** <br>**Price** | **Notional** <br>**Value\*\*** | **Value** |
| **Equity Risk** | **Equity Risk** |  |  |  |  |
| S&P 500 Index<br> &nbsp;&nbsp; Call | 05/16/2025 | &nbsp;&nbsp; 255 | $5270 | $(134385000)<br>| &nbsp;&nbsp; $(8330850)<br>|

---

\*\* Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

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

------

**22**

------

**Invesco S&P 500**<sup>®</sup> **Quality ETF (SPHQ)**

April 30, 2025

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-10.62%** | **Communication Services-10.62%** | **Communication Services-10.62%** |
| Electronic Arts, Inc. | 302420 | &nbsp;&nbsp; $43878118 |
| Meta Platforms, Inc., Class A | 1035434 | &nbsp;&nbsp; 568453266 |
| Netflix, Inc.<sup>(b)</sup> | 622923 | &nbsp;&nbsp; 704974417 |
|  |  | &nbsp;&nbsp; 1317305801 |
| **Consumer Discretionary-5.10%** | **Consumer Discretionary-5.10%** | **Consumer Discretionary-5.10%** |
| Deckers Outdoor Corp.<sup>(b)(c)</sup> | 260311 | &nbsp;&nbsp; 28850268 |
| eBay, Inc.<sup>(c)</sup> | 591580 | &nbsp;&nbsp; 40322093 |
| Expedia Group, Inc. | 166642 | &nbsp;&nbsp; 26151129 |
| Lennar Corp., Class A | 330859 | &nbsp;&nbsp; 35934596 |
| lululemon athletica, inc.<sup>(b)(c)</sup> | 117107 | &nbsp;&nbsp; 31709062 |
| Mohawk Industries, Inc.<sup>(b)</sup> | 70380 | &nbsp;&nbsp; 7484913 |
| NIKE, Inc., Class B | 1970159 | &nbsp;&nbsp; 111116968 |
| NVR, Inc.<sup>(b)</sup> | 3799 | &nbsp;&nbsp; 27070724 |
| Pool Corp.<sup>(c)</sup> | 61235 | &nbsp;&nbsp; 17950428 |
| Ralph Lauren Corp. | 57531 | &nbsp;&nbsp; 12941599 |
| Ross Stores, Inc. | 429353 | &nbsp;&nbsp; 59680067 |
| TJX Cos., Inc. (The) | 1635821 | &nbsp;&nbsp; 210497446 |
| Ulta Beauty, Inc.<sup>(b)</sup> | 56667 | &nbsp;&nbsp; 22419732 |
|  |  | &nbsp;&nbsp; 632129025 |
| **Consumer Staples-13.38%** | **Consumer Staples-13.38%** | **Consumer Staples-13.38%** |
| Archer-Daniels-Midland Co.<sup>(c)</sup> | 561221 | &nbsp;&nbsp; 26798303 |
| Costco Wholesale Corp. | 547374 | &nbsp;&nbsp; 544363443 |
| Kellanova<sup>(c)</sup> | 409047 | &nbsp;&nbsp; 33856820 |
| Kenvue, Inc. | 2319068 | &nbsp;&nbsp; 54730005 |
| Kimberly-Clark Corp. | 650230 | &nbsp;&nbsp; 85687309 |
| Mondelez International, Inc., Class A<sup>(c)</sup> | 1664345 | &nbsp;&nbsp; 113391825 |
| Monster Beverage Corp.<sup>(b)</sup> | 925733 | &nbsp;&nbsp; 55655068 |
| PepsiCo, Inc. | 1671098 | &nbsp;&nbsp; 226567467 |
| Procter & Gamble Co. (The) | 3187350 | &nbsp;&nbsp; 518167489 |
|  |  | &nbsp;&nbsp; 1659217729 |
| **Energy-0.35%** | **Energy-0.35%** | **Energy-0.35%** |
| Texas Pacific Land Corp.<sup>(c)</sup> | 34261 | &nbsp;&nbsp; 44157975 |
| **Financials-16.07%** | **Financials-16.07%** | **Financials-16.07%** |
| Ameriprise Financial, Inc. | 160409 | &nbsp;&nbsp; 75555847 |
| Arch Capital Group Ltd. | 532400 | &nbsp;&nbsp; 48278032 |
| Cincinnati Financial Corp. | 208313 | &nbsp;&nbsp; 28999253 |
| Erie Indemnity Co., Class A<sup>(c)</sup> | 39863 | &nbsp;&nbsp; 14295669 |
| Everest Group Ltd. | 53013 | &nbsp;&nbsp; 19022655 |
| FactSet Research Systems, Inc.<sup>(c)</sup> | 44358 | &nbsp;&nbsp; 19172415 |
| Jack Henry & Associates, Inc.<sup>(c)</sup> | 88587 | &nbsp;&nbsp; 15363643 |
| MarketAxess Holdings, Inc.<sup>(c)</sup> | 51429 | &nbsp;&nbsp; 11396152 |
| Mastercard, Inc., Class A | 1226464 | &nbsp;&nbsp; 672175860 |
| Moody's Corp. | 206982 | &nbsp;&nbsp; 93787684 |
| Progressive Corp. (The) | 886461 | &nbsp;&nbsp; 249751522 |
| T. Rowe Price Group, Inc.<sup>(c)</sup> | 278061 | &nbsp;&nbsp; 24622302 |
| Visa, Inc., Class A | 2088053 | &nbsp;&nbsp; 721422311 |
|  |  | &nbsp;&nbsp; 1993843345 |
| **Health Care-11.68%** | **Health Care-11.68%** | **Health Care-11.68%** |
| Agilent Technologies, Inc. | 359891 | &nbsp;&nbsp; 38724272 |
| Cencora, Inc. | 258757 | &nbsp;&nbsp; 75730411 |
| Centene Corp.<sup>(b)</sup> | 770092 | &nbsp;&nbsp; 46090006 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 767579 | &nbsp;&nbsp; 57944539 |
| GE HealthCare Technologies, Inc. | 638300 | &nbsp;&nbsp; 44891639 |
| Hologic, Inc.<sup>(b)</sup> | 305999 | &nbsp;&nbsp; 17809142 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 113819 | &nbsp;&nbsp; $49243790 |
| Johnson & Johnson | 4469889 | &nbsp;&nbsp; 698688349 |
| Labcorp Holdings, Inc.<sup>(c)</sup> | 132882 | &nbsp;&nbsp; 32025891 |
| Merck & Co., Inc. | 3046193 | &nbsp;&nbsp; 259535644 |
| ResMed, Inc. | 190247 | &nbsp;&nbsp; 45010538 |
| Zoetis, Inc. | 529835 | &nbsp;&nbsp; 82866194 |
|  |  | &nbsp;&nbsp; 1448560415 |
| **Industrials-17.41%** | **Industrials-17.41%** | **Industrials-17.41%** |
| 3M Co. | 1319854 | &nbsp;&nbsp; 183340919 |
| A.O. Smith Corp. | 183069 | &nbsp;&nbsp; 12423062 |
| Automatic Data Processing, Inc. | 685271 | &nbsp;&nbsp; 205992463 |
| Broadridge Financial Solutions, Inc. | 146301 | &nbsp;&nbsp; 35463362 |
| Builders FirstSource, Inc.<sup>(b)</sup> | 153006 | &nbsp;&nbsp; 18304108 |
| C.H. Robinson Worldwide, Inc. | 150201 | &nbsp;&nbsp; 13400933 |
| Carrier Global Corp. | 1099011 | &nbsp;&nbsp; 68732148 |
| Caterpillar, Inc. | 596092 | &nbsp;&nbsp; 184353373 |
| Cintas Corp. | 486717 | &nbsp;&nbsp; 103028255 |
| Cummins, Inc. | 192324 | &nbsp;&nbsp; 56512484 |
| Expeditors International of Washington, <br> Inc.<br>| 224129 | &nbsp;&nbsp; 24634018 |
| Fastenal Co. | 919920 | &nbsp;&nbsp; 74485922 |
| GE Vernova, Inc. | 391257 | &nbsp;&nbsp; 145085921 |
| General Electric Co. | 1753918 | &nbsp;&nbsp; 353484634 |
| Illinois Tool Works, Inc.<sup>(c)</sup> | 538649 | &nbsp;&nbsp; 129227282 |
| Leidos Holdings, Inc. | 203177 | &nbsp;&nbsp; 29903591 |
| Lockheed Martin Corp. | 362938 | &nbsp;&nbsp; 173393630 |
| Parker-Hannifin Corp. | 162057 | &nbsp;&nbsp; 98054208 |
| Paychex, Inc.<sup>(c)</sup> | 517383 | &nbsp;&nbsp; 76117387 |
| Paycom Software, Inc.<sup>(c)</sup> | 55481 | &nbsp;&nbsp; 12560344 |
| Veralto Corp. | 329120 | &nbsp;&nbsp; 31562608 |
| Verisk Analytics, Inc. | 224963 | &nbsp;&nbsp; 66685782 |
| W.W. Grainger, Inc. | 61462 | &nbsp;&nbsp; 62956141 |
|  |  | &nbsp;&nbsp; 2159702575 |
| **Information Technology-22.92%** | **Information Technology-22.92%** | **Information Technology-22.92%** |
| Adobe, Inc.<sup>(b)</sup> | 667845 | &nbsp;&nbsp; 250428518 |
| Apple, Inc. | 2659006 | &nbsp;&nbsp; 565038775 |
| Applied Materials, Inc. | 1241458 | &nbsp;&nbsp; 187100135 |
| CDW Corp. | 163130 | &nbsp;&nbsp; 26192153 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 564445 | &nbsp;&nbsp; 41526219 |
| F5, Inc.<sup>(b)</sup> | 69875 | &nbsp;&nbsp; 18498708 |
| Fortinet, Inc.<sup>(b)</sup> | 1427378 | &nbsp;&nbsp; 148104741 |
| Gartner, Inc.<sup>(b)</sup> | 154547 | &nbsp;&nbsp; 65076651 |
| Intuit, Inc. | 305411 | &nbsp;&nbsp; 191636240 |
| Jabil, Inc.<sup>(c)</sup> | 230557 | &nbsp;&nbsp; 33790434 |
| Keysight Technologies, Inc.<sup>(b)</sup> | 205888 | &nbsp;&nbsp; 29936115 |
| KLA Corp. | 194469 | &nbsp;&nbsp; 136651422 |
| Lam Research Corp. | 1977833 | &nbsp;&nbsp; 141751291 |
| Microchip Technology, Inc. | 667360 | &nbsp;&nbsp; 30751949 |
| Motorola Solutions, Inc. | 283998 | &nbsp;&nbsp; 125069879 |
| NetApp, Inc. | 387156 | &nbsp;&nbsp; 34747251 |
| NVIDIA Corp. | 4704023 | &nbsp;&nbsp; 512362185 |
| Salesforce, Inc. | 1075406 | &nbsp;&nbsp; 288972346 |
| Skyworks Solutions, Inc.<sup>(c)</sup> | 235693 | &nbsp;&nbsp; 15150346 |
|  |  | &nbsp;&nbsp; 2842785358 |

---

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

------

**23**

------

**Invesco S&P 500**<sup>®</sup> **Quality ETF (SPHQ)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-2.38%** | **Materials-2.38%** | **Materials-2.38%** |
| Ball Corp. | 567454 | &nbsp;&nbsp; $29473561 |
| DuPont de Nemours, Inc. | 493807 | &nbsp;&nbsp; 32586324 |
| LyondellBasell Industries N.V., Class A | 344691 | &nbsp;&nbsp; 20064463 |
| Martin Marietta Materials, Inc. | 95475 | &nbsp;&nbsp; 50026990 |
| Sherwin-Williams Co. (The) | 338794 | &nbsp;&nbsp; 119567178 |
| Vulcan Materials Co. | 164426 | &nbsp;&nbsp; 43133873 |
|  |  | &nbsp;&nbsp; 294852389 |
| Total Common Stocks & Other Equity Interests <br>(Cost $11,717,505,489) | Total Common Stocks & Other Equity Interests <br>(Cost $11,717,505,489) | &nbsp;&nbsp; 12392554612 |
| **Money Market Funds-0.07%** | **Money Market Funds-0.07%** | **Money Market Funds-0.07%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $9,446,281)<br>| 9446281 | &nbsp;&nbsp; 9446281 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.98% <br>(Cost $11,726,951,770) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.98% <br>(Cost $11,726,951,770) | &nbsp;&nbsp; 12402000893 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-1.47%** | **Money Market Funds-1.47%** | **Money Market Funds-1.47%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 50597862 | &nbsp;&nbsp; $50597862 |
| Invesco Private Prime Fund, <br> 4.46%<sup>(d)(e)(f)</sup><br>| 131291762 | &nbsp;&nbsp; 131318020 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $181,920,208) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $181,920,208) | &nbsp;&nbsp; 181915882 |
| TOTAL INVESTMENTS IN SECURITIES-101.45% <br>(Cost $11,908,871,978) | TOTAL INVESTMENTS IN SECURITIES-101.45% <br>(Cost $11,908,871,978) | &nbsp;&nbsp; 12583916775 |
| OTHER ASSETS LESS LIABILITIES-(1.45)% | OTHER ASSETS LESS LIABILITIES-(1.45)% | &nbsp;&nbsp; (179923167)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $12403993608 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $3644731 | &nbsp;&nbsp; $217484976 | &nbsp;&nbsp; $(211683426)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9446281 | &nbsp;&nbsp; $328450 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 68394960 | &nbsp;&nbsp; 876216221 | &nbsp;&nbsp; (894013319)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 50597862 | &nbsp;&nbsp; 2,112,772<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 175871563 | &nbsp;&nbsp; 1991450446 | &nbsp;&nbsp; (2035993901)<br>| &nbsp;&nbsp; 28923 | &nbsp;&nbsp; (39011)<br>| &nbsp;&nbsp; 131318020 | &nbsp;&nbsp; 5,705,762<br> \*<br>|
| Total | &nbsp;&nbsp; $247911254 | &nbsp;&nbsp; $3085151643 | &nbsp;&nbsp; $(3141690646)<br>| &nbsp;&nbsp; $28923 | &nbsp;&nbsp; $(39011)<br>| &nbsp;&nbsp; $191362163 | &nbsp;&nbsp; $8146984 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**24**

------

**Invesco S&P Spin-Off ETF (CSD)**

April 30, 2025

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-3.99%** | **Communication Services-3.99%** | **Communication Services-3.99%** |
| Liberty Media Corp.-Liberty Live, <br> Series C<sup>(b)(c)</sup><br>| 28489 | &nbsp;&nbsp; $2037249 |
| Vimeo, Inc.<sup>(b)(c)</sup> | 84630 | &nbsp;&nbsp; 426535 |
|  |  | &nbsp;&nbsp; 2463784 |
| **Consumer Discretionary-2.88%** | **Consumer Discretionary-2.88%** | **Consumer Discretionary-2.88%** |
| PHINIA, Inc.<sup>(c)</sup> | 23338 | &nbsp;&nbsp; 937021 |
| Victoria's Secret & Co.<sup>(b)(c)</sup> | 44725 | &nbsp;&nbsp; 840830 |
|  |  | &nbsp;&nbsp; 1777851 |
| **Energy-6.26%** | **Energy-6.26%** | **Energy-6.26%** |
| DT Midstream, Inc. | 39706 | &nbsp;&nbsp; 3859423 |
| **Financials-2.10%** | **Financials-2.10%** | **Financials-2.10%** |
| NCR Atleos Corp.<sup>(b)(c)</sup> | 46510 | &nbsp;&nbsp; 1298559 |
| **Health Care-16.45%** | **Health Care-16.45%** | **Health Care-16.45%** |
| Embecta Corp.<sup>(c)</sup> | 34271 | &nbsp;&nbsp; 417763 |
| Enhabit, Inc.<sup>(b)(c)</sup> | 25187 | &nbsp;&nbsp; 201244 |
| Fortrea Holdings, Inc.<sup>(b)(c)</sup> | 45239 | &nbsp;&nbsp; 281839 |
| GE HealthCare Technologies, Inc. | 68917 | &nbsp;&nbsp; 4846933 |
| Organon & Co.<sup>(c)</sup> | 139895 | &nbsp;&nbsp; 1808842 |
| Solventum Corp.<sup>(b)</sup> | 39180 | &nbsp;&nbsp; 2590582 |
|  |  | &nbsp;&nbsp; 10147203 |
| **Industrials-42.55%** | **Industrials-42.55%** | **Industrials-42.55%** |
| Amentum Holdings, Inc.<sup>(b)</sup> | 78465 | &nbsp;&nbsp; 1712106 |
| Crane Co. | 18157 | &nbsp;&nbsp; 2922914 |
| ESAB Corp. | 22852 | &nbsp;&nbsp; 2744982 |
| Everus Construction Group, Inc.<sup>(b)(c)</sup> | 31635 | &nbsp;&nbsp; 1272992 |
| GE Vernova, Inc. | 13703 | &nbsp;&nbsp; 5081347 |
| GXO Logistics, Inc.<sup>(b)(c)</sup> | 65541 | &nbsp;&nbsp; 2375206 |
| MasterBrand, Inc.<sup>(b)(c)</sup> | 79803 | &nbsp;&nbsp; 969606 |
| RXO, Inc.<sup>(b)(c)</sup> | 83650 | &nbsp;&nbsp; 1178629 |
| U-Haul Holding Co., Series N<sup>(c)</sup> | 46941 | &nbsp;&nbsp; 2572367 |
| Veralto Corp. | 49140 | &nbsp;&nbsp; 4712526 |
| Vestis Corp.<sup>(c)</sup> | 81197 | &nbsp;&nbsp; 711286 |
|  |  | &nbsp;&nbsp; 26253961 |
| **Information Technology-8.73%** | **Information Technology-8.73%** | **Information Technology-8.73%** |
| Consensus Cloud Solutions, Inc.<sup>(b)</sup> | 9503 | &nbsp;&nbsp; 188729 |
| Kyndryl Holdings, Inc.<sup>(b)</sup> | 93066 | &nbsp;&nbsp; 3017200 |
| Sandisk Corp.<sup>(b)(c)</sup> | 67902 | &nbsp;&nbsp; 2180333 |
|  |  | &nbsp;&nbsp; 5386262 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-4.43%** | **Materials-4.43%** | **Materials-4.43%** |
| Knife River Corp.<sup>(b)</sup> | 29261 | &nbsp;&nbsp; $2732392 |
| **Real Estate-5.11%** | **Real Estate-5.11%** | **Real Estate-5.11%** |
| Curbline Properties Corp. | 57269 | &nbsp;&nbsp; 1310887 |
| Millrose Properties, Inc.<sup>(b)(c)</sup> | 71848 | &nbsp;&nbsp; 1799074 |
| Orion Properties, Inc.<sup>(c)</sup> | 24621 | &nbsp;&nbsp; 45057 |
|  |  | &nbsp;&nbsp; 3155018 |
| **Utilities-7.53%** | **Utilities-7.53%** | **Utilities-7.53%** |
| Constellation Energy Corp. | 20786 | &nbsp;&nbsp; 4644424 |
| Total Common Stocks & Other Equity Interests <br>(Cost $53,824,272) | Total Common Stocks & Other Equity Interests <br>(Cost $53,824,272) | &nbsp;&nbsp; 61718877 |
| **Money Market Funds-0.03%** | **Money Market Funds-0.03%** | **Money Market Funds-0.03%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $18,848)<br>| 18848 | &nbsp;&nbsp; 18848 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.06% <br>(Cost $53,843,120) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.06% <br>(Cost $53,843,120) | &nbsp;&nbsp; 61737725 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-26.37%** | **Money Market Funds-26.37%** | **Money Market Funds-26.37%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 4518892 | &nbsp;&nbsp; 4518892 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 11748355 | &nbsp;&nbsp; 11750705 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $16,269,989) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $16,269,989) | &nbsp;&nbsp; 16269597 |
| TOTAL INVESTMENTS IN SECURITIES-126.43% <br>(Cost $70,113,109) | TOTAL INVESTMENTS IN SECURITIES-126.43% <br>(Cost $70,113,109) | &nbsp;&nbsp; 78007322 |
| OTHER ASSETS LESS LIABILITIES-(26.43)% | OTHER ASSETS LESS LIABILITIES-(26.43)% | &nbsp;&nbsp; (16306399)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $61700923 |

---

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

------

**25**

------

**Invesco S&P Spin-Off ETF (CSD)—(continued)**

April 30, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp; $70755 | &nbsp;&nbsp; $683202 | &nbsp;&nbsp; $(735109)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $18848 | &nbsp;&nbsp; $1458 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 1165401 | &nbsp;&nbsp; 40197611 | &nbsp;&nbsp; (36844120)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4518892 | &nbsp;&nbsp; 116,951<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 2997649 | &nbsp;&nbsp; 91289610 | &nbsp;&nbsp; (82536017)<br>| &nbsp;&nbsp; (197)<br>| &nbsp;&nbsp; (340)<br>| &nbsp;&nbsp; 11750705 | &nbsp;&nbsp; 318,540<br> \*<br>|
| Total | &nbsp;&nbsp; $4233805 | &nbsp;&nbsp; $132170423 | &nbsp;&nbsp; $(120115246)<br>| &nbsp;&nbsp; $(197)<br>| &nbsp;&nbsp; $(340)<br>| &nbsp;&nbsp; $16288445 | &nbsp;&nbsp; $436949 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**26**

------

**Invesco Water Resources ETF (PHO)**

April 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.98%**<sup>(a)</sup>  | **Common Stocks & Other Equity Interests-99.98%**<sup>(a)</sup>  | **Common Stocks & Other Equity Interests-99.98%**<sup>(a)</sup>  |
| **Building Products-9.67%** | **Building Products-9.67%** | **Building Products-9.67%** |
| A.O. Smith Corp. | 1273004 | &nbsp;&nbsp; $86386052 |
| Advanced Drainage Systems, Inc. | 688713 | &nbsp;&nbsp; 78162038 |
| Zurn Elkay Water Solutions Corp.<sup>(b)</sup> | 1011570 | &nbsp;&nbsp; 34352917 |
|  |  | &nbsp;&nbsp; 198901007 |
| **Chemicals-7.69%** | **Chemicals-7.69%** | **Chemicals-7.69%** |
| Ecolab, Inc. | 629204 | &nbsp;&nbsp; 158200762 |
| **Commercial Services & Supplies-8.35%** | **Commercial Services & Supplies-8.35%** | **Commercial Services & Supplies-8.35%** |
| Tetra Tech, Inc.<sup>(b)</sup> | 2899287 | &nbsp;&nbsp; 90428761 |
| Veralto Corp. | 848321 | &nbsp;&nbsp; 81353984 |
|  |  | &nbsp;&nbsp; 171782745 |
| **Construction & Engineering-6.42%** | **Construction & Engineering-6.42%** | **Construction & Engineering-6.42%** |
| AECOM | 845879 | &nbsp;&nbsp; 83445964 |
| Northwest Pipe Co.<sup>(b)(c)</sup> | 79003 | &nbsp;&nbsp; 3346567 |
| Stantec, Inc. (Canada)<sup>(b)</sup> | 125095 | &nbsp;&nbsp; 10983341 |
| Valmont Industries, Inc. | 117278 | &nbsp;&nbsp; 34388255 |
|  |  | &nbsp;&nbsp; 132164127 |
| **Electronic Equipment, Instruments & Components-5.16%** | **Electronic Equipment, Instruments & Components-5.16%** | **Electronic Equipment, Instruments & Components-5.16%** |
| Badger Meter, Inc. | 212677 | &nbsp;&nbsp; 46963335 |
| Itron, Inc.<sup>(b)(c)</sup> | 532394 | &nbsp;&nbsp; 59250128 |
|  |  | &nbsp;&nbsp; 106213463 |
| **Life Sciences Tools & Services-6.57%** | **Life Sciences Tools & Services-6.57%** | **Life Sciences Tools & Services-6.57%** |
| Waters Corp.<sup>(c)</sup> | 389058 | &nbsp;&nbsp; 135287138 |
| **Machinery-25.04%** | **Machinery-25.04%** | **Machinery-25.04%** |
| Energy Recovery, Inc.<sup>(c)</sup> | 314607 | &nbsp;&nbsp; 4860678 |
| Franklin Electric Co., Inc. | 188367 | &nbsp;&nbsp; 16003660 |
| Gorman-Rupp Co. (The) | 65540 | &nbsp;&nbsp; 2350264 |
| IDEX Corp.<sup>(b)</sup> | 435533 | &nbsp;&nbsp; 75769676 |
| Lindsay Corp. | 72692 | &nbsp;&nbsp; 9381630 |
| Mueller Industries, Inc. | 880063 | &nbsp;&nbsp; 64737434 |
| Mueller Water Products, Inc., Class A<sup>(b)</sup> | 1194239 | &nbsp;&nbsp; 31336831 |
| Pentair PLC | 898386 | &nbsp;&nbsp; 81510562 |
| Toro Co. (The) | 962077 | &nbsp;&nbsp; 65690618 |
| Watts Water Technologies, Inc., Class A | 163113 | &nbsp;&nbsp; 33886726 |
| Xylem, Inc. | 1077050 | &nbsp;&nbsp; 129859919 |
|  |  | &nbsp;&nbsp; 515387998 |
| **Software-7.88%** | **Software-7.88%** | **Software-7.88%** |
| Roper Technologies, Inc. | 289588 | &nbsp;&nbsp; 162192447 |
| **Trading Companies & Distributors-12.11%** | **Trading Companies & Distributors-12.11%** | **Trading Companies & Distributors-12.11%** |
| Core & Main, Inc., Class A<sup>(b)(c)</sup> | 1659135 | &nbsp;&nbsp; 87403232 |
| Ferguson Enterprises, Inc. | 953600 | &nbsp;&nbsp; 161787776 |
|  |  | &nbsp;&nbsp; 249191008 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Water Utilities-11.09%** | **Water Utilities-11.09%** | **Water Utilities-11.09%** |
| American States Water Co. | 199885 | &nbsp;&nbsp; $16212672 |
| American Water Works Co., Inc. | 622413 | &nbsp;&nbsp; 91500935 |
| Artesian Resources Corp., Class A | 40624 | &nbsp;&nbsp; 1442964 |
| California Water Service Group | 356347 | &nbsp;&nbsp; 18048976 |
| Cia de Saneamento Basico do Estado de <br> Sao Paulo SABESP, ADR (Brazil)<sup>(b)(c)</sup><br>| 788801 | &nbsp;&nbsp; 16036324 |
| Consolidated Water Co. Ltd.<sup>(b)</sup> | 84649 | &nbsp;&nbsp; 1967243 |
| Essential Utilities, Inc. | 1381776 | &nbsp;&nbsp; 56832447 |
| Global Water Resources, Inc. | 32602 | &nbsp;&nbsp; 340039 |
| Middlesex Water Co. | 136516 | &nbsp;&nbsp; 8616890 |
| SJW Group | 261121 | &nbsp;&nbsp; 14816006 |
| York Water Co. (The) | 66296 | &nbsp;&nbsp; 2333619 |
|  |  | &nbsp;&nbsp; 228148115 |
| Total Common Stocks & Other Equity Interests <br>(Cost $1,693,729,419) | Total Common Stocks & Other Equity Interests <br>(Cost $1,693,729,419) | &nbsp;&nbsp; 2057468810 |
| **Money Market Funds-0.06%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $1,261,782)<br>| 1261782 | &nbsp;&nbsp; 1261782 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.04% <br>(Cost $1,694,991,201) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.04% <br>(Cost $1,694,991,201) | &nbsp;&nbsp; 2058730592 |
| **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-2.34%** | **Money Market Funds-2.34%** | **Money Market Funds-2.34%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 13670601 | &nbsp;&nbsp; 13670601 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 34431108 | &nbsp;&nbsp; 34437994 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $48,110,460) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $48,110,460) | &nbsp;&nbsp; 48108595 |
| TOTAL INVESTMENTS IN SECURITIES-102.38% <br>(Cost $1,743,101,661) | TOTAL INVESTMENTS IN SECURITIES-102.38% <br>(Cost $1,743,101,661) | &nbsp;&nbsp; 2106839187 |
| OTHER ASSETS LESS LIABILITIES-(2.38)% | OTHER ASSETS LESS LIABILITIES-(2.38)% | &nbsp;&nbsp; (48939434)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $2057899753 |

---

Investment Abbreviations: <br> ADR -American Depositary Receipt

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

------

**27**

------

**Invesco Water Resources ETF (PHO)—(continued)**

April 30, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $1231808 | &nbsp;&nbsp; $29354436 | &nbsp;&nbsp; $(29324462)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1261782 | &nbsp;&nbsp; $80256 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 14367978 | &nbsp;&nbsp; 359080831 | &nbsp;&nbsp; (359778208)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 13670601 | &nbsp;&nbsp; 878,597<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 36957371 | &nbsp;&nbsp; 677575567 | &nbsp;&nbsp; (680091449)<br>| &nbsp;&nbsp; 1154 | &nbsp;&nbsp; (4649)<br>| &nbsp;&nbsp; 34437994 | &nbsp;&nbsp; 2,349,414<br> \*<br>|
| Total | &nbsp;&nbsp; $52557157 | &nbsp;&nbsp; $1066010834 | &nbsp;&nbsp; $(1069194119)<br>| &nbsp;&nbsp; $1154 | &nbsp;&nbsp; $(4649)<br>| &nbsp;&nbsp; $49370377 | &nbsp;&nbsp; $3308267 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**28**

------

**Invesco WilderHill Clean Energy ETF (PBW)**

April 30, 2025

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%** |
| **Aerospace & Defense-1.78%** | **Aerospace & Defense-1.78%** | **Aerospace & Defense-1.78%** |
| Archer Aviation, Inc., Class A<sup>(b)(c)</sup> | 471602 | &nbsp;&nbsp; $3928445 |
| **Automobile Components-4.79%** | **Automobile Components-4.79%** | **Automobile Components-4.79%** |
| Gentherm, Inc.<sup>(b)</sup> | 136746 | &nbsp;&nbsp; 3556764 |
| QuantumScape Corp.<sup>(b)(c)</sup> | 838553 | &nbsp;&nbsp; 3278742 |
| Solid Power, Inc.<sup>(b)(c)</sup> | 3429744 | &nbsp;&nbsp; 3738421 |
|  |  | &nbsp;&nbsp; 10573927 |
| **Automobiles-7.01%** | **Automobiles-7.01%** | **Automobiles-7.01%** |
| NIO, Inc., ADR (China)<sup>(b)(c)</sup> | 846056 | &nbsp;&nbsp; 3426527 |
| Rivian Automotive, Inc., Class A<sup>(b)</sup> | 328212 | &nbsp;&nbsp; 4483376 |
| Tesla, Inc.<sup>(b)</sup> | 15324 | &nbsp;&nbsp; 4323820 |
| XPeng, Inc., ADR (China)<sup>(b)(c)</sup> | 174615 | &nbsp;&nbsp; 3247839 |
|  |  | &nbsp;&nbsp; 15481562 |
| **Chemicals-4.49%** | **Chemicals-4.49%** | **Chemicals-4.49%** |
| Albemarle Corp. | 49108 | &nbsp;&nbsp; 2875273 |
| Corteva, Inc. | 65597 | &nbsp;&nbsp; 4066358 |
| Sociedad Quimica y Minera de Chile S.A., <br> ADR (Chile)<sup>(c)</sup><br>| 86799 | &nbsp;&nbsp; 2968526 |
|  |  | &nbsp;&nbsp; 9910157 |
| **Commercial Services & Supplies-0.34%** | **Commercial Services & Supplies-0.34%** | **Commercial Services & Supplies-0.34%** |
| LanzaTech Global, Inc.<sup>(b)(c)</sup> | 3057385 | &nbsp;&nbsp; 748448 |
| **Construction & Engineering-6.14%** | **Construction & Engineering-6.14%** | **Construction & Engineering-6.14%** |
| Ameresco, Inc., Class A<sup>(b)</sup> | 317124 | &nbsp;&nbsp; 3371028 |
| Emeren Group Ltd., ADR (China)<sup>(b)(c)</sup> | 731952 | &nbsp;&nbsp; 988135 |
| MYR Group, Inc.<sup>(b)</sup> | 33500 | &nbsp;&nbsp; 4097720 |
| Quanta Services, Inc. | 17449 | &nbsp;&nbsp; 5107148 |
|  |  | &nbsp;&nbsp; 13564031 |
| **Electrical Equipment-27.03%** | **Electrical Equipment-27.03%** | **Electrical Equipment-27.03%** |
| American Superconductor Corp.<sup>(b)</sup> | 236230 | &nbsp;&nbsp; 4689166 |
| Amprius Technologies, Inc.<sup>(b)(c)</sup> | 1224179 | &nbsp;&nbsp; 2644227 |
| Array Technologies, Inc.<sup>(b)</sup> | 747394 | &nbsp;&nbsp; 3572543 |
| Ballard Power Systems, Inc. (Canada)<sup>(b)(c)</sup> | 3163387 | &nbsp;&nbsp; 3859332 |
| Blink Charging Co.<sup>(b)(c)</sup> | 1227083 | &nbsp;&nbsp; 898348 |
| Bloom Energy Corp., Class A<sup>(b)</sup> | 171689 | &nbsp;&nbsp; 3145343 |
| Energy Vault Holdings, Inc.<sup>(b)(c)</sup> | 1274543 | &nbsp;&nbsp; 953613 |
| Enovix Corp.<sup>(b)(c)</sup> | 450532 | &nbsp;&nbsp; 3018564 |
| Eos Energy Enterprises, Inc.<sup>(b)(c)</sup> | 1067555 | &nbsp;&nbsp; 5572637 |
| Fluence Energy, Inc.<sup>(b)(c)</sup> | 871092 | &nbsp;&nbsp; 3562766 |
| FuelCell Energy, Inc.<sup>(b)(c)</sup> | 236390 | &nbsp;&nbsp; 969199 |
| Hyliion Holdings Corp.<sup>(b)</sup> | 2531334 | &nbsp;&nbsp; 3822314 |
| Nextracker, Inc., Class A<sup>(b)</sup> | 96071 | &nbsp;&nbsp; 3901443 |
| Plug Power, Inc.<sup>(b)(c)</sup> | 2687834 | &nbsp;&nbsp; 2345404 |
| Preformed Line Products Co. | 29966 | &nbsp;&nbsp; 4116429 |
| Shoals Technologies Group, Inc., Class A<sup>(b)</sup> | 1284752 | &nbsp;&nbsp; 4637955 |
| Sunrun, Inc.<sup>(b)(c)</sup> | 711144 | &nbsp;&nbsp; 4899782 |
| T1 Energy, Inc. (Norway)<sup>(b)(c)</sup> | 2555132 | &nbsp;&nbsp; 3091710 |
|  |  | &nbsp;&nbsp; 59700775 |
| **Electronic Equipment, Instruments & Components-5.42%** | **Electronic Equipment, Instruments & Components-5.42%** | **Electronic Equipment, Instruments & Components-5.42%** |
| Advanced Energy Industries, Inc. | 39097 | &nbsp;&nbsp; 3808439 |
| Bel Fuse, Inc., Class B | 56020 | &nbsp;&nbsp; 3684435 |
| Itron, Inc.<sup>(b)</sup> | 40183 | &nbsp;&nbsp; 4471966 |
|  |  | &nbsp;&nbsp; 11964840 |
| **Food Products-1.98%** | **Food Products-1.98%** | **Food Products-1.98%** |
| Darling Ingredients, Inc.<sup>(b)</sup> | 135824 | &nbsp;&nbsp; 4372175 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Independent Power and Renewable Electricity Producers-6.20%** | **Independent Power and Renewable Electricity Producers-6.20%** | **Independent Power and Renewable Electricity Producers-6.20%** |
| Brookfield Renewable Corp. (Canada) | 159590 | &nbsp;&nbsp; $4541931 |
| Ormat Technologies, Inc. | 59366 | &nbsp;&nbsp; 4309972 |
| ReNew Energy Global PLC, Class A (India)<sup>(b)</sup> | 758369 | &nbsp;&nbsp; 4838394 |
|  |  | &nbsp;&nbsp; 13690297 |
| **Machinery-1.83%** | **Machinery-1.83%** | **Machinery-1.83%** |
| ESCO Technologies, Inc. | 25779 | &nbsp;&nbsp; 4033125 |
| **Metals & Mining-10.00%** | **Metals & Mining-10.00%** | **Metals & Mining-10.00%** |
| Atlas Lithium Corp. (Poland)<sup>(b)(c)</sup> | 213195 | &nbsp;&nbsp; 918871 |
| Lifezone Metals Ltd. (Isle of Man)<sup>(b)(c)</sup> | 941082 | &nbsp;&nbsp; 3369074 |
| Lithium Americas Corp. (Canada)<sup>(b)(c)</sup> | 1264799 | &nbsp;&nbsp; 3629973 |
| Lithium Argentina AG (Canada)<sup>(b)(c)</sup> | 1626964 | &nbsp;&nbsp; 3335276 |
| MP Materials Corp.<sup>(b)(c)</sup> | 158772 | &nbsp;&nbsp; 3883563 |
| Sigma Lithium Corp. (Brazil)<sup>(b)(c)</sup> | 325936 | &nbsp;&nbsp; 2620525 |
| Standard Lithium Ltd. (Canada)<sup>(b)(c)</sup> | 2928521 | &nbsp;&nbsp; 4334211 |
|  |  | &nbsp;&nbsp; 22091493 |
| **Oil, Gas & Consumable Fuels-5.19%** | **Oil, Gas & Consumable Fuels-5.19%** | **Oil, Gas & Consumable Fuels-5.19%** |
| Gevo, Inc.<sup>(b)(c)</sup> | 3091718 | &nbsp;&nbsp; 3400890 |
| OPAL Fuels, Inc., Class A<sup>(b)(c)</sup> | 2131671 | &nbsp;&nbsp; 3687791 |
| REX American Resources Corp.<sup>(b)</sup> | 110333 | &nbsp;&nbsp; 4382426 |
|  |  | &nbsp;&nbsp; 11471107 |
| **Passenger Airlines-1.77%** | **Passenger Airlines-1.77%** | **Passenger Airlines-1.77%** |
| Joby Aviation, Inc.<sup>(b)(c)</sup> | 619313 | &nbsp;&nbsp; 3901672 |
| **Semiconductors & Semiconductor Equipment-13.98%** | **Semiconductors & Semiconductor Equipment-13.98%** | **Semiconductors & Semiconductor Equipment-13.98%** |
| Canadian Solar, Inc. (Canada)<sup>(b)(c)</sup> | 426999 | &nbsp;&nbsp; 3851531 |
| Enphase Energy, Inc.<sup>(b)</sup> | 66812 | &nbsp;&nbsp; 2979147 |
| First Solar, Inc.<sup>(b)</sup> | 32392 | &nbsp;&nbsp; 4075562 |
| JinkoSolar Holding Co. Ltd., ADR (China) | 188414 | &nbsp;&nbsp; 3233184 |
| Monolithic Power Systems, Inc. | 7190 | &nbsp;&nbsp; 4264389 |
| Navitas Semiconductor Corp.<sup>(b)</sup> | 1825155 | &nbsp;&nbsp; 3522549 |
| SolarEdge Technologies, Inc.<sup>(b)(c)</sup> | 241512 | &nbsp;&nbsp; 2954899 |
| Universal Display Corp. | 28622 | &nbsp;&nbsp; 3595782 |
| Wolfspeed, Inc.<sup>(b)(c)</sup> | 675968 | &nbsp;&nbsp; 2399686 |
|  |  | &nbsp;&nbsp; 30876729 |
| **Specialty Retail-1.93%** | **Specialty Retail-1.93%** | **Specialty Retail-1.93%** |
| EVgo, Inc.<sup>(b)</sup> | 1540790 | &nbsp;&nbsp; 4252580 |
| Total Common Stocks & Other Equity Interests <br>(Cost $386,188,324) | Total Common Stocks & Other Equity Interests <br>(Cost $386,188,324) | &nbsp;&nbsp; 220561363 |
| **Money Market Funds-0.20%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $453,923)<br>| 453923 | &nbsp;&nbsp; 453923 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.08% <br>(Cost $386,642,247) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.08% <br>(Cost $386,642,247) | &nbsp;&nbsp; 221015286 |
| **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-27.42%** | **Money Market Funds-27.42%** | **Money Market Funds-27.42%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 17006372 | &nbsp;&nbsp; 17006372 |

---

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

------

**29**

------

**Invesco WilderHill Clean Energy ETF (PBW)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 43532567 | &nbsp;&nbsp; $43541274 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $60,550,178) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $60,550,178) | &nbsp;&nbsp; 60547646 |
| TOTAL INVESTMENTS IN SECURITIES-127.50% <br>(Cost $447,192,425) | TOTAL INVESTMENTS IN SECURITIES-127.50% <br>(Cost $447,192,425) | &nbsp;&nbsp; 281562932 |
| OTHER ASSETS LESS LIABILITIES-(27.50)% | OTHER ASSETS LESS LIABILITIES-(27.50)% | &nbsp;&nbsp; (60737649)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $220825283 |

---

Investment Abbreviations: <br> ADR -American Depositary Receipt

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $131482 | &nbsp;&nbsp; $12124479 | &nbsp;&nbsp; $(11802038)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $453923 | &nbsp;&nbsp; $17961 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 25307573 | &nbsp;&nbsp; 152854606 | &nbsp;&nbsp; (161155807)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 17006372 | &nbsp;&nbsp; 974,265<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 64624886 | &nbsp;&nbsp; 289459364 | &nbsp;&nbsp; (310537955)<br>| &nbsp;&nbsp; 11163 | &nbsp;&nbsp; (16184)<br>| &nbsp;&nbsp; 43541274 | &nbsp;&nbsp; 2,582,165<br> \*<br>|
| **Investments in Other** <br> **Affiliates:**<br>|  |  |  |  |  |  |  |
| American <br> Superconductor Corp.\*\*<br>| &nbsp;&nbsp; 4275311 | &nbsp;&nbsp; 6192314 | &nbsp;&nbsp; (9121191)<br>| &nbsp;&nbsp; (1500728)<br>| &nbsp;&nbsp; 4843460 | &nbsp;&nbsp; 4689166 | &nbsp;&nbsp; - |
| Total | &nbsp;&nbsp; $94339252 | &nbsp;&nbsp; $460630763 | &nbsp;&nbsp; $(492616991)<br>| &nbsp;&nbsp; $(1489565)<br>| &nbsp;&nbsp; $4827276 | &nbsp;&nbsp; $65690735 | &nbsp;&nbsp; $3574391 |

---

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

\*\* As of April 30, 2025, 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 April 30, 2025.

<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 2K. 

---

| | |
|:---|:---|
| This Fund has holdings greater than 10% of net assets in the following country: | This Fund has holdings greater than 10% of net assets in the following country: |
| Canada | 10.66% |

---

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

------

**30**

------

**31**

------

**Statements of Assets and Liabilities**

April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco** <br>**Aerospace &** <br>**Defense** <br>**ETF (PPA)**<br>| **Invesco** <br>**Bloomberg** <br>**Analyst Rating** <br>**Improvers ETF** <br>**(UPGD)**<br>| **Invesco** <br>**Dorsey Wright** <br>**Momentum** <br>**ETF (PDP)**<br>| **Invesco** <br>**Global Listed** <br>**Private Equity** <br>**ETF (PSP)**<br>|
| **Assets:** |  |  |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $4714511494 | &nbsp;&nbsp;&nbsp; $103313502 | &nbsp;&nbsp;&nbsp; $1185116178 | &nbsp;&nbsp;&nbsp; $234518998 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 345052730 | &nbsp;&nbsp;&nbsp; 7980956 | &nbsp;&nbsp;&nbsp; 36464858 | &nbsp;&nbsp;&nbsp; 71273335 |
| Cash | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1064 | &nbsp;&nbsp;&nbsp; - |
| Foreign currencies, at value | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 332282 |
| Receivable for: |  |  |  |  |
| Dividends | &nbsp;&nbsp; 1341539 | &nbsp;&nbsp;&nbsp; 180309 | &nbsp;&nbsp;&nbsp; 582506 | &nbsp;&nbsp;&nbsp; 497774 |
| Securities lending | &nbsp;&nbsp; 57611 | &nbsp;&nbsp;&nbsp; 1020 | &nbsp;&nbsp;&nbsp; 1810 | &nbsp;&nbsp;&nbsp; 15370 |
| Investments sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1996383 | &nbsp;&nbsp;&nbsp; - |
| Fund shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 27199 |
| Expenses absorbed | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Foreign tax reclaims | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 754 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 302816 |
| Other assets | &nbsp;&nbsp; 11715 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 348477 | &nbsp;&nbsp;&nbsp; 4547 |
| **Total assets** | &nbsp;&nbsp; 5060975089 | &nbsp;&nbsp;&nbsp; 111476541 | &nbsp;&nbsp;&nbsp; 1224511276 | &nbsp;&nbsp;&nbsp; 306972321 |
| **Liabilities:** |  |  |  |  |
| Other investments: |  |  |  |  |
| Open written options, at value | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Due to custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 7664 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 109387 |
| Due to foreign custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Payable for: |  |  |  |  |
| Investments purchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 21 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 343049449 | &nbsp;&nbsp;&nbsp; 7881519 | &nbsp;&nbsp;&nbsp; 35777183 | &nbsp;&nbsp;&nbsp; 71276043 |
| Fund shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2003667 | &nbsp;&nbsp;&nbsp; - |
| Expenses recaptured | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 172 |
| Accrued unitary management fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 33171 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Accrued advisory fees | &nbsp;&nbsp; 1835749 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 475763 | &nbsp;&nbsp;&nbsp; 94148 |
| Accrued trustees' and officer's fees | &nbsp;&nbsp; 117232 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 226958 | &nbsp;&nbsp;&nbsp; 115317 |
| Accrued expenses | &nbsp;&nbsp; 1074565 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 859017 | &nbsp;&nbsp;&nbsp; 140766 |
| **Total liabilities** | &nbsp;&nbsp; 346076995 | &nbsp;&nbsp;&nbsp; 7922354 | &nbsp;&nbsp;&nbsp; 39342588 | &nbsp;&nbsp;&nbsp; 71735854 |
| **Net Assets** | &nbsp;&nbsp; $4714898094 | &nbsp;&nbsp;&nbsp; $103554187 | &nbsp;&nbsp;&nbsp; $1185168688 | &nbsp;&nbsp;&nbsp; $235236467 |
| **Net assets consist of:** |  |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $4016385522 | &nbsp;&nbsp;&nbsp; $178042776 | &nbsp;&nbsp;&nbsp; $2027087902 | &nbsp;&nbsp;&nbsp; $358414759 |
| Distributable earnings (loss) | &nbsp;&nbsp; 698512572 | &nbsp;&nbsp;&nbsp; (74488589)<br>| &nbsp;&nbsp;&nbsp; (841919214)<br>| &nbsp;&nbsp;&nbsp; (123178292)<br>|
| **Net Assets** | &nbsp;&nbsp; $4714898094 | &nbsp;&nbsp;&nbsp; $103554187 | &nbsp;&nbsp;&nbsp; $1185168688 | &nbsp;&nbsp;&nbsp; $235236467 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 38730000 | &nbsp;&nbsp;&nbsp; 1522822 | &nbsp;&nbsp;&nbsp; 11830000 | &nbsp;&nbsp;&nbsp; 3689963 |
| Net asset value | &nbsp;&nbsp; $121.74 | &nbsp;&nbsp;&nbsp; $68.00 | &nbsp;&nbsp;&nbsp; $100.18 | &nbsp;&nbsp;&nbsp; $63.75 |
| Market price | &nbsp;&nbsp; $121.74 | &nbsp;&nbsp;&nbsp; $67.94 | &nbsp;&nbsp;&nbsp; $100.02 | &nbsp;&nbsp;&nbsp; $63.54 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $3883665048 | &nbsp;&nbsp;&nbsp; $105085524 | &nbsp;&nbsp;&nbsp; $1022609979 | &nbsp;&nbsp;&nbsp; $208755354 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $345070447 | &nbsp;&nbsp;&nbsp; $7980956 | &nbsp;&nbsp;&nbsp; $36465198 | &nbsp;&nbsp;&nbsp; $71276043 |
| Foreign currencies (due to foreign custodian), at cost | &nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $321087 |
| Premium received on written options | &nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $334113724 | &nbsp;&nbsp;&nbsp; $7657046 | &nbsp;&nbsp;&nbsp; $34771494 | &nbsp;&nbsp;&nbsp; $68743729 |

---

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

------

**32**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Invesco** <br>**Golden** <br>**Dragon China** <br>**ETF (PGJ)**<br>| **Invesco MSCI** <br>**Sustainable Future** <br>**ETF (ERTH)**<br>| **Invesco** <br>**S&P 500** <br>**BuyWrite** <br>**ETF (PBP)**<br>| **Invesco** <br>**S&P 500**<sup>®</sup> <br>**Quality** <br>**ETF (SPHQ)**<br>| **Invesco** <br>**S&P Spin-Off** <br>**ETF (CSD)**<br>| **Invesco** <br>**Water** <br>**Resources** <br>**ETF (PHO)**<br>| **Invesco** <br>**WilderHill Clean** <br>**Energy** <br>**ETF (PBW)**<br>|
| $141843501 | &nbsp;&nbsp;&nbsp;&nbsp; $137717374 | &nbsp;&nbsp;&nbsp;&nbsp; $142247729 | &nbsp;&nbsp;&nbsp;&nbsp; $12392554612 | &nbsp;&nbsp;&nbsp;&nbsp; $61718877 | &nbsp;&nbsp;&nbsp;&nbsp; $2057468810 | &nbsp;&nbsp;&nbsp;&nbsp; $220561363 |
| 13755985 | &nbsp;&nbsp;&nbsp;&nbsp; 31275082 | &nbsp;&nbsp;&nbsp;&nbsp; 98972 | &nbsp;&nbsp;&nbsp;&nbsp; 191362163 | &nbsp;&nbsp;&nbsp;&nbsp; 16288445 | &nbsp;&nbsp;&nbsp;&nbsp; 49370377 | &nbsp;&nbsp;&nbsp;&nbsp; 61001569 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &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; - |
| 195403 | &nbsp;&nbsp;&nbsp;&nbsp; 241996 | &nbsp;&nbsp;&nbsp;&nbsp; 80584 | &nbsp;&nbsp;&nbsp;&nbsp; 6106565 | &nbsp;&nbsp;&nbsp;&nbsp; 6509 | &nbsp;&nbsp;&nbsp;&nbsp; 1372109 | &nbsp;&nbsp;&nbsp;&nbsp; 4762 |
| 55198 | &nbsp;&nbsp;&nbsp;&nbsp; 16082 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 19057 | &nbsp;&nbsp;&nbsp;&nbsp; 1115 | &nbsp;&nbsp;&nbsp;&nbsp; 4938 | &nbsp;&nbsp;&nbsp;&nbsp; 219773 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 654163 | &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; 5926893 |
| 17568 | &nbsp;&nbsp;&nbsp;&nbsp; 9312 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 685435 | &nbsp;&nbsp;&nbsp;&nbsp; 9711 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; 12635 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 2828 | &nbsp;&nbsp;&nbsp;&nbsp; 4458 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 24599 | &nbsp;&nbsp;&nbsp;&nbsp; 4320 | &nbsp;&nbsp;&nbsp;&nbsp; 5319 | &nbsp;&nbsp;&nbsp;&nbsp; 4656 |
| 155870483 | &nbsp;&nbsp;&nbsp;&nbsp; 169277189 | &nbsp;&nbsp;&nbsp;&nbsp; 142427285 | &nbsp;&nbsp;&nbsp;&nbsp; 12590752431 | &nbsp;&nbsp;&nbsp;&nbsp; 78028977 | &nbsp;&nbsp;&nbsp;&nbsp; 2108875716 | &nbsp;&nbsp;&nbsp;&nbsp; 287719016 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 8330850 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 2272 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 12512 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; 21839 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 23154 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 5916379 |
| 13649823 | &nbsp;&nbsp;&nbsp;&nbsp; 31074886 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 181920208 | &nbsp;&nbsp;&nbsp;&nbsp; 16269989 | &nbsp;&nbsp;&nbsp;&nbsp; 48110460 | &nbsp;&nbsp;&nbsp;&nbsp; 60550178 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 654133 | &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; 25957 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 31806 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 57249 | &nbsp;&nbsp;&nbsp;&nbsp; 55218 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 1432602 | &nbsp;&nbsp;&nbsp;&nbsp; 24463 | &nbsp;&nbsp;&nbsp;&nbsp; 814877 | &nbsp;&nbsp;&nbsp;&nbsp; 80537 |
| 121786 | &nbsp;&nbsp;&nbsp;&nbsp; 81475 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 173755 | &nbsp;&nbsp;&nbsp;&nbsp; 11680 | &nbsp;&nbsp;&nbsp;&nbsp; 298664 | &nbsp;&nbsp;&nbsp;&nbsp; 157424 |
| 132036 | &nbsp;&nbsp;&nbsp;&nbsp; 90496 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 3219746 | &nbsp;&nbsp;&nbsp;&nbsp; 21922 | &nbsp;&nbsp;&nbsp;&nbsp; 1097829 | &nbsp;&nbsp;&nbsp;&nbsp; 163258 |
| 13963166 | &nbsp;&nbsp;&nbsp;&nbsp; 31323916 | &nbsp;&nbsp;&nbsp;&nbsp; 8385810 | &nbsp;&nbsp;&nbsp;&nbsp; 186758823 | &nbsp;&nbsp;&nbsp;&nbsp; 16328054 | &nbsp;&nbsp;&nbsp;&nbsp; 50975963 | &nbsp;&nbsp;&nbsp;&nbsp; 66893733 |
| $141907317 | &nbsp;&nbsp;&nbsp;&nbsp; $137953273 | &nbsp;&nbsp;&nbsp;&nbsp; $134041475 | &nbsp;&nbsp;&nbsp;&nbsp; $12403993608 | &nbsp;&nbsp;&nbsp;&nbsp; $61700923 | &nbsp;&nbsp;&nbsp;&nbsp; $2057899753 | &nbsp;&nbsp;&nbsp;&nbsp; $220825283 |
| $539373321 | &nbsp;&nbsp;&nbsp;&nbsp; $272311082 | &nbsp;&nbsp;&nbsp;&nbsp; $135769007 | &nbsp;&nbsp;&nbsp;&nbsp; $12464427101 | &nbsp;&nbsp;&nbsp;&nbsp; $212678671 | &nbsp;&nbsp;&nbsp;&nbsp; $2045363265 | &nbsp;&nbsp;&nbsp;&nbsp; $2068968443 |
| (397466004)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (134357809)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1727532)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (60433493)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (150977748)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12536488 | &nbsp;&nbsp;&nbsp;&nbsp; (1848143160)<br>|
| $141907317 | &nbsp;&nbsp;&nbsp;&nbsp; $137953273 | &nbsp;&nbsp;&nbsp;&nbsp; $134041475 | &nbsp;&nbsp;&nbsp;&nbsp; $12403993608 | &nbsp;&nbsp;&nbsp;&nbsp; $61700923 | &nbsp;&nbsp;&nbsp;&nbsp; $2057899753 | &nbsp;&nbsp;&nbsp;&nbsp; $220825283 |
| 5270000 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6200000 | &nbsp;&nbsp;&nbsp;&nbsp; 187360000 | &nbsp;&nbsp;&nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp;&nbsp; 31460000 | &nbsp;&nbsp;&nbsp;&nbsp; 14158273 |
| $26.93 | &nbsp;&nbsp;&nbsp;&nbsp; $39.42 | &nbsp;&nbsp;&nbsp;&nbsp; $21.62 | &nbsp;&nbsp;&nbsp;&nbsp; $66.20 | &nbsp;&nbsp;&nbsp;&nbsp; $73.45 | &nbsp;&nbsp;&nbsp;&nbsp; $65.41 | &nbsp;&nbsp;&nbsp;&nbsp; $15.60 |
| $26.93 | &nbsp;&nbsp;&nbsp;&nbsp; $39.24 | &nbsp;&nbsp;&nbsp;&nbsp; $21.59 | &nbsp;&nbsp;&nbsp;&nbsp; $66.12 | &nbsp;&nbsp;&nbsp;&nbsp; $73.45 | &nbsp;&nbsp;&nbsp;&nbsp; $65.39 | &nbsp;&nbsp;&nbsp;&nbsp; $15.58 |
| $197903433 | &nbsp;&nbsp;&nbsp;&nbsp; $184379597 | &nbsp;&nbsp;&nbsp;&nbsp; $123905581 | &nbsp;&nbsp;&nbsp;&nbsp; $11717505489 | &nbsp;&nbsp;&nbsp;&nbsp; $53824272 | &nbsp;&nbsp;&nbsp;&nbsp; $1693729419 | &nbsp;&nbsp;&nbsp;&nbsp; $386188324 |
| $13755985 | &nbsp;&nbsp;&nbsp;&nbsp; $31276683 | &nbsp;&nbsp;&nbsp;&nbsp; $112647 | &nbsp;&nbsp;&nbsp;&nbsp; $191366489 | &nbsp;&nbsp;&nbsp;&nbsp; $16288837 | &nbsp;&nbsp;&nbsp;&nbsp; $49372242 | &nbsp;&nbsp;&nbsp;&nbsp; $61004101 |
| $- | &nbsp;&nbsp;&nbsp;&nbsp; $(21843)<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; $- | &nbsp;&nbsp;&nbsp;&nbsp; $4675397 | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $- |
| $13046049 | &nbsp;&nbsp;&nbsp;&nbsp; $29133429 | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $179020602 | &nbsp;&nbsp;&nbsp;&nbsp; $15800453 | &nbsp;&nbsp;&nbsp;&nbsp; $46968081 | &nbsp;&nbsp;&nbsp;&nbsp; $56454931 |

---

------

**33**

------

**Statements of Operations**

For the year ended April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco** <br>**Aerospace &** <br>**Defense** <br>**ETF (PPA)**<br>| **Invesco** <br>**Bloomberg** <br>**Analyst Rating** <br>**Improvers ETF** <br>**(UPGD)**<br>| **Invesco** <br>**Dorsey Wright** <br>**Momentum** <br>**ETF (PDP)**<br>| **Invesco** <br>**Global Listed** <br>**Private Equity** <br>**ETF (PSP)**<br>|
| **Investment income:** |  |  |  |  |
| Unaffiliated dividend income | &nbsp;&nbsp; $46554779 | &nbsp;&nbsp;&nbsp; $2764708 | &nbsp;&nbsp;&nbsp; $8884644 | &nbsp;&nbsp;&nbsp; $7896641 |
| Affiliated dividend income | &nbsp;&nbsp; 86705 | &nbsp;&nbsp;&nbsp; 2440 | &nbsp;&nbsp;&nbsp; 58408 | &nbsp;&nbsp;&nbsp; 35717 |
| Securities lending income, net | &nbsp;&nbsp; 328499 | &nbsp;&nbsp;&nbsp; 719740 | &nbsp;&nbsp;&nbsp; 44265 | &nbsp;&nbsp;&nbsp; 410588 |
| Foreign withholding tax | &nbsp;&nbsp; (97739)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (264083)<br>|
| Total investment income | &nbsp;&nbsp; 46872244 | &nbsp;&nbsp;&nbsp; 3486888 | &nbsp;&nbsp;&nbsp; 8987317 | &nbsp;&nbsp;&nbsp; 8078863 |
| **Expenses:** |  |  |  |  |
| Unitary management fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 442871 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Advisory fees | &nbsp;&nbsp; 20769905 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 6455865 | &nbsp;&nbsp;&nbsp; 1300508 |
| Sub-licensing fees | &nbsp;&nbsp; 2490796 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1291173 | &nbsp;&nbsp;&nbsp; 260101 |
| Accounting & administration fees | &nbsp;&nbsp; 297531 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 97721 | &nbsp;&nbsp;&nbsp; 29742 |
| Professional fees | &nbsp;&nbsp; 48300 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 37393 | &nbsp;&nbsp;&nbsp; 39472 |
| Custodian & transfer agent fees | &nbsp;&nbsp; 93372 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 9055 | &nbsp;&nbsp;&nbsp; 7906 |
| Trustees' and officer's fees | &nbsp;&nbsp; 37667 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 23233 | &nbsp;&nbsp;&nbsp; 13060 |
| Recapture (Note 3) | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Other expenses | &nbsp;&nbsp; 309933 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 55197 | &nbsp;&nbsp;&nbsp; 45712 |
| Total expenses | &nbsp;&nbsp; 24047504 | &nbsp;&nbsp;&nbsp; 442871 | &nbsp;&nbsp;&nbsp; 7969637 | &nbsp;&nbsp;&nbsp; 1696501 |
| Less: Waivers | &nbsp;&nbsp; (1696)<br>| &nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp; (1149)<br>| &nbsp;&nbsp;&nbsp; (651)<br>|
| Net expenses | &nbsp;&nbsp; 24045808 | &nbsp;&nbsp;&nbsp; 442822 | &nbsp;&nbsp;&nbsp; 7968488 | &nbsp;&nbsp;&nbsp; 1695850 |
| Net investment income | &nbsp;&nbsp; 22826436 | &nbsp;&nbsp;&nbsp; 3044066 | &nbsp;&nbsp;&nbsp; 1018829 | &nbsp;&nbsp;&nbsp; 6383013 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (64570465)<br>| &nbsp;&nbsp;&nbsp; (8987319)<br>| &nbsp;&nbsp;&nbsp; (133579743)<br>| &nbsp;&nbsp;&nbsp; (12069637)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (25085)<br>| &nbsp;&nbsp;&nbsp; (1247)<br>| &nbsp;&nbsp;&nbsp; (2528)<br>| &nbsp;&nbsp;&nbsp; (9245)<br>|
| Unaffiliated in-kind redemptions | &nbsp;&nbsp; 502673657 | &nbsp;&nbsp;&nbsp; 12842299 | &nbsp;&nbsp;&nbsp; 323847363 | &nbsp;&nbsp;&nbsp; 8193168 |
| Affiliated in-kind redemptions | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Short Sales | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Foreign currencies | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (20398)<br>|
| Swap agreements | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (122364)<br>|
| Written options | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net realized gain (loss) | &nbsp;&nbsp; 438078107 | &nbsp;&nbsp;&nbsp; 3853733 | &nbsp;&nbsp;&nbsp; 190265092 | &nbsp;&nbsp;&nbsp; (4028476)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 278870777 | &nbsp;&nbsp;&nbsp; 508621 | &nbsp;&nbsp;&nbsp; (102701835)<br>| &nbsp;&nbsp;&nbsp; 16872047 |
| Affiliated investment securities | &nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3319 | &nbsp;&nbsp;&nbsp; 2743 |
| Foreign currencies | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 44426 |
| Swap agreements | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 25344 |
| Written options | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 278871019 | &nbsp;&nbsp;&nbsp; 508621 | &nbsp;&nbsp;&nbsp; (102698516)<br>| &nbsp;&nbsp;&nbsp; 16944560 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 716949126 | &nbsp;&nbsp;&nbsp; 4362354 | &nbsp;&nbsp;&nbsp; 87566576 | &nbsp;&nbsp;&nbsp; 12916084 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $739775562 | &nbsp;&nbsp;&nbsp; $7406420 | &nbsp;&nbsp;&nbsp; $88585405 | &nbsp;&nbsp;&nbsp; $19299097 |

---

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

------

**34**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Invesco** <br>**Golden** <br>**Dragon China** <br>**ETF (PGJ)**<br>| **Invesco MSCI** <br>**Sustainable Future** <br>**ETF (ERTH)**<br>| **Invesco** <br>**S&P 500** <br>**BuyWrite** <br>**ETF (PBP)**<br>| **Invesco** <br>**S&P 500**<sup>®</sup> <br>**Quality** <br>**ETF (SPHQ)**<br>| **Invesco** <br>**S&P Spin-Off** <br>**ETF (CSD)**<br>| **Invesco** <br>**Water** <br>**Resources** <br>**ETF (PHO)**<br>| **Invesco** <br>**WilderHill Clean** <br>**Energy** <br>**ETF (PBW)**<br>|
| $3292445 | &nbsp;&nbsp;&nbsp;&nbsp; $2846829 | &nbsp;&nbsp;&nbsp;&nbsp; $1431336 | &nbsp;&nbsp;&nbsp;&nbsp; $143983965 | &nbsp;&nbsp;&nbsp;&nbsp; $546513 | &nbsp;&nbsp;&nbsp;&nbsp; $23363680 | &nbsp;&nbsp;&nbsp;&nbsp; $869556 |
| 12014 | &nbsp;&nbsp;&nbsp;&nbsp; 10242 | &nbsp;&nbsp;&nbsp;&nbsp; 6191 | &nbsp;&nbsp;&nbsp;&nbsp; 328450 | &nbsp;&nbsp;&nbsp;&nbsp; 1458 | &nbsp;&nbsp;&nbsp;&nbsp; 80256 | &nbsp;&nbsp;&nbsp;&nbsp; 17961 |
| 1226663 | &nbsp;&nbsp;&nbsp;&nbsp; 234045 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 192062 | &nbsp;&nbsp;&nbsp;&nbsp; 10820 | &nbsp;&nbsp;&nbsp;&nbsp; 80707 | &nbsp;&nbsp;&nbsp;&nbsp; 5660648 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; (232986)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (12926)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31388)<br>|
| 4531122 | &nbsp;&nbsp;&nbsp;&nbsp; 2858130 | &nbsp;&nbsp;&nbsp;&nbsp; 1437527 | &nbsp;&nbsp;&nbsp;&nbsp; 144504477 | &nbsp;&nbsp;&nbsp;&nbsp; 558791 | &nbsp;&nbsp;&nbsp;&nbsp; 23511717 | &nbsp;&nbsp;&nbsp;&nbsp; 6516777 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 305378 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 726710 | &nbsp;&nbsp;&nbsp;&nbsp; 815207 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 16700170 | &nbsp;&nbsp;&nbsp;&nbsp; 332135 | &nbsp;&nbsp;&nbsp;&nbsp; 10911448 | &nbsp;&nbsp;&nbsp;&nbsp; 1467784 |
| 145343 | &nbsp;&nbsp;&nbsp;&nbsp; 88549 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 4447181 | &nbsp;&nbsp;&nbsp;&nbsp; 32748 | &nbsp;&nbsp;&nbsp;&nbsp; 1636718 | &nbsp;&nbsp;&nbsp;&nbsp; 293556 |
| 21101 | &nbsp;&nbsp;&nbsp;&nbsp; 23163 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 765988 | &nbsp;&nbsp;&nbsp;&nbsp; 15392 | &nbsp;&nbsp;&nbsp;&nbsp; 162727 | &nbsp;&nbsp;&nbsp;&nbsp; 27625 |
| 38840 | &nbsp;&nbsp;&nbsp;&nbsp; 43921 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 78188 | &nbsp;&nbsp;&nbsp;&nbsp; 32434 | &nbsp;&nbsp;&nbsp;&nbsp; 40360 | &nbsp;&nbsp;&nbsp;&nbsp; 32886 |
| (37791)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34978 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 125676 | &nbsp;&nbsp;&nbsp;&nbsp; 5609 | &nbsp;&nbsp;&nbsp;&nbsp; 19887 | &nbsp;&nbsp;&nbsp;&nbsp; (24087)<br>|
| 13129 | &nbsp;&nbsp;&nbsp;&nbsp; 11224 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 81360 | &nbsp;&nbsp;&nbsp;&nbsp; 8364 | &nbsp;&nbsp;&nbsp;&nbsp; 30906 | &nbsp;&nbsp;&nbsp;&nbsp; 14440 |
| 84779 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 25286 | &nbsp;&nbsp;&nbsp;&nbsp; 76330 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 843993 | &nbsp;&nbsp;&nbsp;&nbsp; 20236 | &nbsp;&nbsp;&nbsp;&nbsp; 137201 | &nbsp;&nbsp;&nbsp;&nbsp; 63470 |
| 1017397 | &nbsp;&nbsp;&nbsp;&nbsp; 1093372 | &nbsp;&nbsp;&nbsp;&nbsp; 305378 | &nbsp;&nbsp;&nbsp;&nbsp; 23042556 | &nbsp;&nbsp;&nbsp;&nbsp; 446918 | &nbsp;&nbsp;&nbsp;&nbsp; 12939247 | &nbsp;&nbsp;&nbsp;&nbsp; 1875674 |
| (228)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (26796)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (107)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6348668)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15634)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1545)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (350)<br>|
| 1017169 | &nbsp;&nbsp;&nbsp;&nbsp; 1066576 | &nbsp;&nbsp;&nbsp;&nbsp; 305271 | &nbsp;&nbsp;&nbsp;&nbsp; 16693888 | &nbsp;&nbsp;&nbsp;&nbsp; 431284 | &nbsp;&nbsp;&nbsp;&nbsp; 12937702 | &nbsp;&nbsp;&nbsp;&nbsp; 1875324 |
| 3513953 | &nbsp;&nbsp;&nbsp;&nbsp; 1791554 | &nbsp;&nbsp;&nbsp;&nbsp; 1132256 | &nbsp;&nbsp;&nbsp;&nbsp; 127810589 | &nbsp;&nbsp;&nbsp;&nbsp; 127507 | &nbsp;&nbsp;&nbsp;&nbsp; 10574015 | &nbsp;&nbsp;&nbsp;&nbsp; 4641453 |
| (11423263)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27273967)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (287400)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (81337972)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (437162)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1977833)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (301016975)<br>|
| (6094)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5034)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2457)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (39011)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (340)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4649)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4827276 |
| 5429478 | &nbsp;&nbsp;&nbsp;&nbsp; (2004882)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9068525 | &nbsp;&nbsp;&nbsp;&nbsp; 2015489798 | &nbsp;&nbsp;&nbsp;&nbsp; 7057850 | &nbsp;&nbsp;&nbsp;&nbsp; 129440727 | &nbsp;&nbsp;&nbsp;&nbsp; 18060132 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 19013 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; (3236)<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; - | &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; 993490 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| (5999879)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29287119)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9791188 | &nbsp;&nbsp;&nbsp;&nbsp; 1934112815 | &nbsp;&nbsp;&nbsp;&nbsp; 6620348 | &nbsp;&nbsp;&nbsp;&nbsp; 127458245 | &nbsp;&nbsp;&nbsp;&nbsp; (278129567)<br>|
| 13884179 | &nbsp;&nbsp;&nbsp;&nbsp; 25459723 | &nbsp;&nbsp;&nbsp;&nbsp; (1230606)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (692858914)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3729457)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (92149497)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 203790683 |
| 3303 | &nbsp;&nbsp;&nbsp;&nbsp; 2930 | &nbsp;&nbsp;&nbsp;&nbsp; 1103 | &nbsp;&nbsp;&nbsp;&nbsp; 28923 | &nbsp;&nbsp;&nbsp;&nbsp; (197)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1154 | &nbsp;&nbsp;&nbsp;&nbsp; 11163 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; 11547 | &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; (3654437)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 13887482 | &nbsp;&nbsp;&nbsp;&nbsp; 25474200 | &nbsp;&nbsp;&nbsp;&nbsp; (4883940)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (692829991)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3729654)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (92148343)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 203801846 |
| 7887603 | &nbsp;&nbsp;&nbsp;&nbsp; (3812919)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4907248 | &nbsp;&nbsp;&nbsp;&nbsp; 1241282824 | &nbsp;&nbsp;&nbsp;&nbsp; 2890694 | &nbsp;&nbsp;&nbsp;&nbsp; 35309902 | &nbsp;&nbsp;&nbsp;&nbsp; (74327721)<br>|
| $11401556 | &nbsp;&nbsp;&nbsp;&nbsp; $(2021365)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6039504 | &nbsp;&nbsp;&nbsp;&nbsp; $1369093413 | &nbsp;&nbsp;&nbsp;&nbsp; $3018201 | &nbsp;&nbsp;&nbsp;&nbsp; $45883917 | &nbsp;&nbsp;&nbsp;&nbsp; $(69686268)<br>|

---

------

**35**

------

**Statements of Changes in Net Assets**

For the years ended April 30, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco Aerospace & Defense** <br>**ETF (PPA)** | **Invesco Aerospace & Defense** <br>**ETF (PPA)** | **Invesco Bloomberg Analyst Rating Improvers ETF (UPGD)** | **Invesco Bloomberg Analyst Rating Improvers ETF (UPGD)** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $22826436 | &nbsp;&nbsp;&nbsp; $16108168 | &nbsp;&nbsp;&nbsp; $3044066 | &nbsp;&nbsp;&nbsp; $1495114 |
| Net realized gain (loss) | &nbsp;&nbsp; 438078107 | &nbsp;&nbsp;&nbsp; 155729081 | &nbsp;&nbsp;&nbsp; 3853733 | &nbsp;&nbsp;&nbsp; 32189053 |
| Change in net unrealized appreciation <br> (depreciation)<br>| &nbsp;&nbsp; 278871019 | &nbsp;&nbsp;&nbsp; 429450572 | &nbsp;&nbsp;&nbsp; 508621 | &nbsp;&nbsp;&nbsp; (13842971)<br>|
| Net increase (decrease) in net assets resulting <br> from operations<br>| &nbsp;&nbsp; 739775562 | &nbsp;&nbsp;&nbsp; 601287821 | &nbsp;&nbsp;&nbsp; 7406420 | &nbsp;&nbsp;&nbsp; 19841196 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (23576409)<br>| &nbsp;&nbsp;&nbsp; (16570318)<br>| &nbsp;&nbsp;&nbsp; (1377581)<br>| &nbsp;&nbsp;&nbsp; (1727464)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 1855830446 | &nbsp;&nbsp;&nbsp; 1044684980 | &nbsp;&nbsp;&nbsp; 72437051 | &nbsp;&nbsp;&nbsp; 35561227 |
| Value of shares repurchased | &nbsp;&nbsp; (976292704)<br>| &nbsp;&nbsp;&nbsp; (389737176)<br>| &nbsp;&nbsp;&nbsp; (85617012)<br>| &nbsp;&nbsp;&nbsp; (61878320)<br>|
| Net increase (decrease) in net assets resulting <br> from share transactions<br>| &nbsp;&nbsp; 879537742 | &nbsp;&nbsp;&nbsp; 654947804 | &nbsp;&nbsp;&nbsp; (13179961)<br>| &nbsp;&nbsp;&nbsp; (26317093)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 1595736895 | &nbsp;&nbsp;&nbsp; 1239665307 | &nbsp;&nbsp;&nbsp; (7151122)<br>| &nbsp;&nbsp;&nbsp; (8203361)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 3119161199 | &nbsp;&nbsp;&nbsp; 1879495892 | &nbsp;&nbsp;&nbsp; 110705309 | &nbsp;&nbsp;&nbsp; 118908670 |
| End of year | &nbsp;&nbsp; $4714898094 | &nbsp;&nbsp;&nbsp; $3119161199 | &nbsp;&nbsp;&nbsp; $103554187 | &nbsp;&nbsp;&nbsp; $110705309 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 16370000 | &nbsp;&nbsp;&nbsp; 11680000 | &nbsp;&nbsp;&nbsp; 1010000 | &nbsp;&nbsp;&nbsp; 540000 |
| Shares repurchased | &nbsp;&nbsp; (8480000)<br>| &nbsp;&nbsp;&nbsp; (4250000)<br>| &nbsp;&nbsp;&nbsp; (1210000)<br>| &nbsp;&nbsp;&nbsp; (970000)<br>|
| Shares outstanding, beginning of year | &nbsp;&nbsp; 30840000 | &nbsp;&nbsp;&nbsp; 23410000 | &nbsp;&nbsp;&nbsp; 1722822 | &nbsp;&nbsp;&nbsp; 2152822 |
| Shares outstanding, end of year | &nbsp;&nbsp; 38730000 | &nbsp;&nbsp;&nbsp; 30840000 | &nbsp;&nbsp;&nbsp; 1522822 | &nbsp;&nbsp;&nbsp; 1722822 |

---

<sup>(a)</sup> Changes in shares outstanding have been restated to reflect a one-for-five reverse stock split effective after the close of business on July 14, 2023.

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

------

**36**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco Dorsey Wright Momentum** <br>**ETF (PDP)** | **Invesco Dorsey Wright Momentum** <br>**ETF (PDP)** | **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** <br>**Future ETF (ERTH)** | **Invesco MSCI Sustainable** <br>**Future ETF (ERTH)** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $1018829 | &nbsp;&nbsp;&nbsp; $2191454 | &nbsp;&nbsp;&nbsp; $6383013 | &nbsp;&nbsp;&nbsp; $5239606 | &nbsp;&nbsp;&nbsp; $3513953 | &nbsp;&nbsp;&nbsp; $2828476 | &nbsp;&nbsp;&nbsp; $1791554 | &nbsp;&nbsp;&nbsp; $2189018 |
| 190265092 | &nbsp;&nbsp;&nbsp; 69254449 | &nbsp;&nbsp;&nbsp; (4028476)<br>| &nbsp;&nbsp;&nbsp; (4051021)<br>| &nbsp;&nbsp;&nbsp; (5999879)<br>| &nbsp;&nbsp;&nbsp; (34629646)<br>| &nbsp;&nbsp;&nbsp; (29287119)<br>| &nbsp;&nbsp;&nbsp; (31514183)<br>|
| (102698516)<br>| &nbsp;&nbsp;&nbsp; 161970417 | &nbsp;&nbsp;&nbsp; 16944560 | &nbsp;&nbsp;&nbsp; 43198842 | &nbsp;&nbsp;&nbsp; 13887482 | &nbsp;&nbsp;&nbsp; 21465336 | &nbsp;&nbsp;&nbsp; 25474200 | &nbsp;&nbsp;&nbsp; 2589427 |
| 88585405 | &nbsp;&nbsp;&nbsp; 233416320 | &nbsp;&nbsp;&nbsp; 19299097 | &nbsp;&nbsp;&nbsp; 44387427 | &nbsp;&nbsp;&nbsp; 11401556 | &nbsp;&nbsp;&nbsp; (10335834)<br>| &nbsp;&nbsp;&nbsp; (2021365)<br>| &nbsp;&nbsp;&nbsp; (26735738)<br>|
| (2211301)<br>| &nbsp;&nbsp;&nbsp; (3447778)<br>| &nbsp;&nbsp;&nbsp; (21054416)<br>| &nbsp;&nbsp;&nbsp; (11291655)<br>| &nbsp;&nbsp;&nbsp; (7683520)<br>| &nbsp;&nbsp;&nbsp; (3918490)<br>| &nbsp;&nbsp;&nbsp; (1537286)<br>| &nbsp;&nbsp;&nbsp; (2570872)<br>|
| 1091754696 | &nbsp;&nbsp;&nbsp; 265213270 | &nbsp;&nbsp;&nbsp; 50922891 | &nbsp;&nbsp;&nbsp; 115324485 | &nbsp;&nbsp;&nbsp; 47731342 | &nbsp;&nbsp;&nbsp; 33818214 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 9198702 |
| (1180877913)<br>| &nbsp;&nbsp;&nbsp; (322074156)<br>| &nbsp;&nbsp;&nbsp; (50901124)<br>| &nbsp;&nbsp;&nbsp; (84597744)<br>| &nbsp;&nbsp;&nbsp; (56944540)<br>| &nbsp;&nbsp;&nbsp; (72701971)<br>| &nbsp;&nbsp;&nbsp; (39293300)<br>| &nbsp;&nbsp;&nbsp; (78366640)<br>|
| (89123217)<br>| &nbsp;&nbsp;&nbsp; (56860886)<br>| &nbsp;&nbsp;&nbsp; 21767 | &nbsp;&nbsp;&nbsp; 30726741 | &nbsp;&nbsp;&nbsp; (9213198)<br>| &nbsp;&nbsp;&nbsp; (38883757)<br>| &nbsp;&nbsp;&nbsp; (39293300)<br>| &nbsp;&nbsp;&nbsp; (69167938)<br>|
| (2749113)<br>| &nbsp;&nbsp;&nbsp; 173107656 | &nbsp;&nbsp;&nbsp; (1733552)<br>| &nbsp;&nbsp;&nbsp; 63822513 | &nbsp;&nbsp;&nbsp; (5495162)<br>| &nbsp;&nbsp;&nbsp; (53138081)<br>| &nbsp;&nbsp;&nbsp; (42851951)<br>| &nbsp;&nbsp;&nbsp; (98474548)<br>|
| 1187917801 | &nbsp;&nbsp;&nbsp; 1014810145 | &nbsp;&nbsp;&nbsp; 236970019 | &nbsp;&nbsp;&nbsp; 173147506 | &nbsp;&nbsp;&nbsp; 147402479 | &nbsp;&nbsp;&nbsp; 200540560 | &nbsp;&nbsp;&nbsp; 180805224 | &nbsp;&nbsp;&nbsp; 279279772 |
| $1185168688 | &nbsp;&nbsp;&nbsp; $1187917801 | &nbsp;&nbsp;&nbsp; $235236467 | &nbsp;&nbsp;&nbsp; $236970019 | &nbsp;&nbsp;&nbsp; $141907317 | &nbsp;&nbsp;&nbsp; $147402479 | &nbsp;&nbsp;&nbsp; $137953273 | &nbsp;&nbsp;&nbsp; $180805224 |
| 10590000 | &nbsp;&nbsp;&nbsp; 2930000 | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 2040000 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp; 1280000 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 200000 |
| (11580000)<br>| &nbsp;&nbsp;&nbsp; (3600000)<br>| &nbsp;&nbsp;&nbsp; (800000)<br>| &nbsp;&nbsp;&nbsp; (1620037 )<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; (2300000)<br>| &nbsp;&nbsp;&nbsp; (2840000)<br>| &nbsp;&nbsp;&nbsp; (950000)<br>| &nbsp;&nbsp;&nbsp; (1750000)<br>|
| 12820000 | &nbsp;&nbsp;&nbsp; 13490000 | &nbsp;&nbsp;&nbsp; 3739963 | &nbsp;&nbsp;&nbsp; 3320000 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 5920000 | &nbsp;&nbsp;&nbsp; 7480000 | &nbsp;&nbsp;&nbsp; 4450000 | &nbsp;&nbsp;&nbsp; 6000000 |
| 11830000 | &nbsp;&nbsp;&nbsp; 12820000 | &nbsp;&nbsp;&nbsp; 3689963 | &nbsp;&nbsp;&nbsp; 3739963 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 5270000 | &nbsp;&nbsp;&nbsp; 5920000 | &nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 4450000 |

---

------

**37**

------

**Statements of Changes in Net Assets—(continued)**

For the years ended April 30, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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)** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $1132256 | &nbsp;&nbsp;&nbsp; $1083073 | &nbsp;&nbsp;&nbsp; $127810589 | &nbsp;&nbsp;&nbsp; $98048452 |
| Net realized gain (loss) | &nbsp;&nbsp; 9791188 | &nbsp;&nbsp;&nbsp; (5292200)<br>| &nbsp;&nbsp;&nbsp; 1934112815 | &nbsp;&nbsp;&nbsp; 395298231 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (4883940)<br>| &nbsp;&nbsp;&nbsp; 11826830 | &nbsp;&nbsp;&nbsp; (692829991)<br>| &nbsp;&nbsp;&nbsp; 874871039 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 6039504 | &nbsp;&nbsp;&nbsp; 7617703 | &nbsp;&nbsp;&nbsp; 1369093413 | &nbsp;&nbsp;&nbsp; 1368217722 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (4755594)<br>| &nbsp;&nbsp;&nbsp; (1120086)<br>| &nbsp;&nbsp;&nbsp; (129366396)<br>| &nbsp;&nbsp;&nbsp; (95208287)<br>|
| Return of capital | &nbsp;&nbsp; (6116501)<br>| &nbsp;&nbsp;&nbsp; (4625989)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total distributions to shareholders | &nbsp;&nbsp; (10872095)<br>| &nbsp;&nbsp;&nbsp; (5746075)<br>| &nbsp;&nbsp;&nbsp; (129366396)<br>| &nbsp;&nbsp;&nbsp; (95208287)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 62227637 | &nbsp;&nbsp;&nbsp; 20747528 | &nbsp;&nbsp;&nbsp; 9296703199 | &nbsp;&nbsp;&nbsp; 4366337306 |
| Value of shares repurchased | &nbsp;&nbsp; (21053983)<br>| &nbsp;&nbsp;&nbsp; (18338204)<br>| &nbsp;&nbsp;&nbsp; (6750762992)<br>| &nbsp;&nbsp;&nbsp; (1838511150)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 41173654 | &nbsp;&nbsp;&nbsp; 2409324 | &nbsp;&nbsp;&nbsp; 2545940207 | &nbsp;&nbsp;&nbsp; 2527826156 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; 36341063 | &nbsp;&nbsp;&nbsp; 4280952 | &nbsp;&nbsp;&nbsp; 3785667224 | &nbsp;&nbsp;&nbsp; 3800835591 |
| **Net assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 97700412 | &nbsp;&nbsp;&nbsp; 93419460 | &nbsp;&nbsp;&nbsp; 8618326384 | &nbsp;&nbsp;&nbsp; 4817490793 |
| End of year | &nbsp;&nbsp; $134041475 | &nbsp;&nbsp;&nbsp; $97700412 | &nbsp;&nbsp;&nbsp; $12403993608 | &nbsp;&nbsp;&nbsp; $8618326384 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 141210000 | &nbsp;&nbsp;&nbsp; 84130000 |
| Shares repurchased | &nbsp;&nbsp; (950000)<br>| &nbsp;&nbsp;&nbsp; (850000)<br>| &nbsp;&nbsp;&nbsp; (101660000)<br>| &nbsp;&nbsp;&nbsp; (36460000)<br>|
| Shares outstanding, beginning of year | &nbsp;&nbsp; 4450000 | &nbsp;&nbsp;&nbsp; 4350000 | &nbsp;&nbsp;&nbsp; 147810000 | &nbsp;&nbsp;&nbsp; 100140000 |
| Shares outstanding, end of year | &nbsp;&nbsp; 6200000 | &nbsp;&nbsp;&nbsp; 4450000 | &nbsp;&nbsp;&nbsp; 187360000 | &nbsp;&nbsp;&nbsp; 147810000 |

---

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

------

**38**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $127507 | &nbsp;&nbsp;&nbsp; $272395 | &nbsp;&nbsp;&nbsp; $10574015 | &nbsp;&nbsp;&nbsp; $11061029 | &nbsp;&nbsp;&nbsp; $4641453 | &nbsp;&nbsp;&nbsp; $13408948 |
| 6620348 | &nbsp;&nbsp;&nbsp; 6543431 | &nbsp;&nbsp;&nbsp; 127458245 | &nbsp;&nbsp;&nbsp; 159080768 | &nbsp;&nbsp;&nbsp; (278129567)<br>| &nbsp;&nbsp;&nbsp; (419940359)<br>|
| (3729654)<br>| &nbsp;&nbsp;&nbsp; 4441384 | &nbsp;&nbsp;&nbsp; (92148343)<br>| &nbsp;&nbsp;&nbsp; 215259312 | &nbsp;&nbsp;&nbsp; 203801846 | &nbsp;&nbsp;&nbsp; 181289926 |
| 3018201 | &nbsp;&nbsp;&nbsp; 11257210 | &nbsp;&nbsp;&nbsp; 45883917 | &nbsp;&nbsp;&nbsp; 385401109 | &nbsp;&nbsp;&nbsp; (69686268)<br>| &nbsp;&nbsp;&nbsp; (225241485)<br>|
| (130426)<br>| &nbsp;&nbsp;&nbsp; (285236)<br>| &nbsp;&nbsp;&nbsp; (10778801)<br>| &nbsp;&nbsp;&nbsp; (11212867)<br>| &nbsp;&nbsp;&nbsp; (6224546)<br>| &nbsp;&nbsp;&nbsp; (13076618)<br>|
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| (130426)<br>| &nbsp;&nbsp;&nbsp; (285236)<br>| &nbsp;&nbsp;&nbsp; (10778801)<br>| &nbsp;&nbsp;&nbsp; (11212867)<br>| &nbsp;&nbsp;&nbsp; (6224546)<br>| &nbsp;&nbsp;&nbsp; (13076618)<br>|
| 23452998 | &nbsp;&nbsp;&nbsp; 8769967 | &nbsp;&nbsp;&nbsp; 408693901 | &nbsp;&nbsp;&nbsp; 419529569 | &nbsp;&nbsp;&nbsp; 284162773 | &nbsp;&nbsp;&nbsp; 310339087 |
| (20653272)<br>| &nbsp;&nbsp;&nbsp; (16472175)<br>| &nbsp;&nbsp;&nbsp; (445952061)<br>| &nbsp;&nbsp;&nbsp; (475855488)<br>| &nbsp;&nbsp;&nbsp; (289149886)<br>| &nbsp;&nbsp;&nbsp; (421131551)<br>|
| 2799726 | &nbsp;&nbsp;&nbsp; (7702208)<br>| &nbsp;&nbsp;&nbsp; (37258160)<br>| &nbsp;&nbsp;&nbsp; (56325919)<br>| &nbsp;&nbsp;&nbsp; (4987113)<br>| &nbsp;&nbsp;&nbsp; (110792464)<br>|
| 5687501 | &nbsp;&nbsp;&nbsp; 3269766 | &nbsp;&nbsp;&nbsp; (2153044)<br>| &nbsp;&nbsp;&nbsp; 317862323 | &nbsp;&nbsp;&nbsp; (80897927)<br>| &nbsp;&nbsp;&nbsp; (349110567)<br>|
| 56013422 | &nbsp;&nbsp;&nbsp; 52743656 | &nbsp;&nbsp;&nbsp; 2060052797 | &nbsp;&nbsp;&nbsp; 1742190474 | &nbsp;&nbsp;&nbsp; 301723210 | &nbsp;&nbsp;&nbsp; 650833777 |
| $61700923 | &nbsp;&nbsp;&nbsp; $56013422 | &nbsp;&nbsp;&nbsp; $2057899753 | &nbsp;&nbsp;&nbsp; $2060052797 | &nbsp;&nbsp;&nbsp; $220825283 | &nbsp;&nbsp;&nbsp; $301723210 |
| 290000 | &nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp; 6060000 | &nbsp;&nbsp;&nbsp; 7170000 | &nbsp;&nbsp;&nbsp; 14280000 | &nbsp;&nbsp;&nbsp; 10250000 |
| (270000)<br>| &nbsp;&nbsp;&nbsp; (260000)<br>| &nbsp;&nbsp;&nbsp; (6680000)<br>| &nbsp;&nbsp;&nbsp; (8210000)<br>| &nbsp;&nbsp;&nbsp; (14950000)<br>| &nbsp;&nbsp;&nbsp; (13790000)<br>|
| 820000 | &nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 32080000 | &nbsp;&nbsp;&nbsp; 33120000 | &nbsp;&nbsp;&nbsp; 14828273 | &nbsp;&nbsp;&nbsp; 18368273 |
| 840000 | &nbsp;&nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp; 31460000 | &nbsp;&nbsp;&nbsp; 32080000 | &nbsp;&nbsp;&nbsp; 14158273 | &nbsp;&nbsp;&nbsp; 14828273 |

---

------

**39**

------

**Financial Highlights**

Invesco Aerospace & Defense ETF (PPA)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $101.14 | &nbsp;&nbsp;&nbsp; $80.29 | &nbsp;&nbsp;&nbsp; $72.68 | &nbsp;&nbsp;&nbsp; $75.01 | &nbsp;&nbsp;&nbsp; $53.88 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;20.61 | &nbsp;&nbsp;&nbsp;&nbsp;20.86 | &nbsp;&nbsp;&nbsp;&nbsp;7.66 | &nbsp;&nbsp;&nbsp; (2.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.13 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;21.23 | &nbsp;&nbsp;&nbsp;&nbsp;21.47 | &nbsp;&nbsp;&nbsp;&nbsp;8.27 | &nbsp;&nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.57 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $121.74 | &nbsp;&nbsp;&nbsp; $101.14 | &nbsp;&nbsp;&nbsp; $80.29 | &nbsp;&nbsp;&nbsp; $72.68 | &nbsp;&nbsp;&nbsp; $75.01 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $121.74 | &nbsp;&nbsp;&nbsp; $101.16 | &nbsp;&nbsp;&nbsp; $80.29 | &nbsp;&nbsp;&nbsp; $72.65 | &nbsp;&nbsp;&nbsp; $74.97 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 21.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.51<br> %<br>| &nbsp;&nbsp;&nbsp; (2.59)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.21<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 21.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.55<br> %<br>| &nbsp;&nbsp;&nbsp; (2.58)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39.87<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $4714898 | &nbsp;&nbsp;&nbsp; $3119161 | &nbsp;&nbsp;&nbsp; $1879496 | &nbsp;&nbsp;&nbsp; $1456410 | &nbsp;&nbsp;&nbsp; $743395 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>|

---

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

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

------

**40**

------

**Financial Highlights—(continued)**

Invesco Bloomberg Analyst Rating Improvers ETF (UPGD)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $64.26 | &nbsp;&nbsp;&nbsp; $55.23 | &nbsp;&nbsp;&nbsp; $56.37 | &nbsp;&nbsp;&nbsp; $60.80 | &nbsp;&nbsp;&nbsp; $34.18 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;9.15 | &nbsp;&nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp;&nbsp; (4.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.53 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.62 | &nbsp;&nbsp;&nbsp;&nbsp;9.89 | &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (4.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.76 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $68.00 | &nbsp;&nbsp;&nbsp; $64.26 | &nbsp;&nbsp;&nbsp; $55.23 | &nbsp;&nbsp;&nbsp; $56.37 | &nbsp;&nbsp;&nbsp; $60.80 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $67.94 | &nbsp;&nbsp;&nbsp; $64.23 | &nbsp;&nbsp;&nbsp; $55.22 | &nbsp;&nbsp;&nbsp; $56.30 | &nbsp;&nbsp;&nbsp; $60.81 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.01<br> %<br>| &nbsp;&nbsp;&nbsp; (1.30)%<br>| &nbsp;&nbsp;&nbsp; (6.78)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 78.39<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.97<br> %<br>| &nbsp;&nbsp;&nbsp; (1.19)%<br>| &nbsp;&nbsp;&nbsp; (6.90)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 78.21<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $103554 | &nbsp;&nbsp;&nbsp; $110705 | &nbsp;&nbsp;&nbsp; $118909 | &nbsp;&nbsp;&nbsp; $121354 | &nbsp;&nbsp;&nbsp; $141230 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75 %<sup>(d)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 191<br> %<br>| &nbsp;&nbsp;&nbsp; 196<br> %<br>| &nbsp;&nbsp;&nbsp; 104<br> %<br>| &nbsp;&nbsp;&nbsp; 92<br> %<br>| &nbsp;&nbsp;&nbsp; 110<br> %<br>|

---

<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> 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>(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, 2024, 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.

------

**41**

------

**Financial Highlights—(continued)**

Invesco Dorsey Wright Momentum ETF (PDP)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $92.66 | &nbsp;&nbsp;&nbsp; $75.23 | &nbsp;&nbsp;&nbsp; $74.56 | &nbsp;&nbsp;&nbsp; $87.48 | &nbsp;&nbsp;&nbsp; $60.60 |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>|
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;7.62 | &nbsp;&nbsp;&nbsp;&nbsp;17.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp; (12.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;27.05 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;7.70 | &nbsp;&nbsp;&nbsp;&nbsp;17.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp; (12.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.90 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.02)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $100.18 | &nbsp;&nbsp;&nbsp; $92.66 | &nbsp;&nbsp;&nbsp; $75.23 | &nbsp;&nbsp;&nbsp; $74.56 | &nbsp;&nbsp;&nbsp; $87.48 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $100.02 | &nbsp;&nbsp;&nbsp; $92.63 | &nbsp;&nbsp;&nbsp; $75.20 | &nbsp;&nbsp;&nbsp; $74.53 | &nbsp;&nbsp;&nbsp; $87.44 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>| &nbsp;&nbsp;&nbsp; (14.77)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44.41<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>| &nbsp;&nbsp;&nbsp; (14.77)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44.15<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $1185169 | &nbsp;&nbsp;&nbsp; $1187918 | &nbsp;&nbsp;&nbsp; $1014810 | &nbsp;&nbsp;&nbsp; $1226528 | &nbsp;&nbsp;&nbsp; $1789037 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp; (0.14)%<br>| &nbsp;&nbsp;&nbsp; (0.18)%<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 109<br> %<br>| &nbsp;&nbsp;&nbsp; 97<br> %<br>| &nbsp;&nbsp;&nbsp; 140<br> %<br>| &nbsp;&nbsp;&nbsp; 173<br> %<br>| &nbsp;&nbsp;&nbsp; 124<br> %<br>|

---

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

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

------

**42**

------

**Financial Highlights—(continued)**

Invesco Global Listed Private Equity ETF (PSP)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023**<sup>(a)</sup> <br>| **2022**<sup>(a)</sup> <br>| **2021**<sup>(a)</sup> <br>|
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $63.36 | &nbsp;&nbsp;&nbsp; $52.15 | &nbsp;&nbsp;&nbsp; $56.25 | &nbsp;&nbsp;&nbsp; $78.10 | &nbsp;&nbsp;&nbsp; $46.55 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;12.76 | &nbsp;&nbsp;&nbsp; (4.65)<br>| &nbsp;&nbsp;&nbsp; (15.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;32.65 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;5.83 | &nbsp;&nbsp;&nbsp;&nbsp;14.21 | &nbsp;&nbsp;&nbsp; (3.25)<br>| &nbsp;&nbsp;&nbsp; (13.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;34.15 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (5.44)<br>| &nbsp;&nbsp;&nbsp; (3.00)<br>| &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (8.05)<br>| &nbsp;&nbsp;&nbsp; (2.60)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $63.75 | &nbsp;&nbsp;&nbsp; $63.36 | &nbsp;&nbsp;&nbsp; $52.15 | &nbsp;&nbsp;&nbsp; $56.25 | &nbsp;&nbsp;&nbsp; $78.10 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $63.54 | &nbsp;&nbsp;&nbsp; $63.19 | &nbsp;&nbsp;&nbsp; $52.20 | &nbsp;&nbsp;&nbsp; $56.35 | &nbsp;&nbsp;&nbsp; $78.00 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.08<br> %<br>| &nbsp;&nbsp;&nbsp; (5.65)%<br>| &nbsp;&nbsp;&nbsp; (19.85)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 75.17<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.62<br> %<br>| &nbsp;&nbsp;&nbsp; (5.73)%<br>| &nbsp;&nbsp;&nbsp; (19.61)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 74.76<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $235236 | &nbsp;&nbsp;&nbsp; $236970 | &nbsp;&nbsp;&nbsp; $173148 | &nbsp;&nbsp;&nbsp; $195125 | &nbsp;&nbsp;&nbsp; $234353 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>|
| Expenses, prior to Waivers<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42<br> %<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp;&nbsp; 47<br> %<br>|

---

<sup>(a)</sup> Per share amounts have been adjusted to reflect a one-for-five reverse stock split effective after the close of business on July 14, 2023.

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

<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> 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.

------

**43**

------

**Financial Highlights—(continued)**

Invesco Golden Dragon China ETF (PGJ)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $24.90 | &nbsp;&nbsp;&nbsp; $26.81 | &nbsp;&nbsp;&nbsp; $27.54 | &nbsp;&nbsp;&nbsp; $63.49 | &nbsp;&nbsp;&nbsp; $40.36 |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; (0.12)<br>|
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (36.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.36 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (35.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.24 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.11)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $26.93 | &nbsp;&nbsp;&nbsp; $24.90 | &nbsp;&nbsp;&nbsp; $26.81 | &nbsp;&nbsp;&nbsp; $27.54 | &nbsp;&nbsp;&nbsp; $63.49 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $26.93 | &nbsp;&nbsp;&nbsp; $24.92 | &nbsp;&nbsp;&nbsp; $26.82 | &nbsp;&nbsp;&nbsp; $27.57 | &nbsp;&nbsp;&nbsp; $63.52 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14.17<br> %<br>| &nbsp;&nbsp;&nbsp; (4.85)%<br>| &nbsp;&nbsp;&nbsp; (1.80)%<br>| &nbsp;&nbsp;&nbsp; (56.62)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 57.61<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14.08<br> %<br>| &nbsp;&nbsp;&nbsp; (4.81)%<br>| &nbsp;&nbsp;&nbsp; (1.88)%<br>| &nbsp;&nbsp;&nbsp; (56.60)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 57.84<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $141907 | &nbsp;&nbsp;&nbsp; $147402 | &nbsp;&nbsp;&nbsp; $200541 | &nbsp;&nbsp;&nbsp; $239006 | &nbsp;&nbsp;&nbsp; $274295 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 2.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp; (0.20)%<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>|

---

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

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

------

**44**

------

**Financial Highlights—(continued)**

Invesco MSCI Sustainable Future ETF (ERTH)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $40.63 | &nbsp;&nbsp;&nbsp; $46.55 | &nbsp;&nbsp;&nbsp; $54.86 | &nbsp;&nbsp;&nbsp; $74.89 | &nbsp;&nbsp;&nbsp; $42.68 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp; (5.88)<br>| &nbsp;&nbsp;&nbsp; (8.25)<br>| &nbsp;&nbsp;&nbsp; (10.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;32.29 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (5.46)<br>| &nbsp;&nbsp;&nbsp; (7.72)<br>| &nbsp;&nbsp;&nbsp; (9.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;32.39 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>|
| Net realized gains | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (9.65)<br>| &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (10.17)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $39.42 | &nbsp;&nbsp;&nbsp; $40.63 | &nbsp;&nbsp;&nbsp; $46.55 | &nbsp;&nbsp;&nbsp; $54.86 | &nbsp;&nbsp;&nbsp; $74.89 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $39.24 | &nbsp;&nbsp;&nbsp; $40.36 | &nbsp;&nbsp;&nbsp; $46.53 | &nbsp;&nbsp;&nbsp; $54.67 | &nbsp;&nbsp;&nbsp; $74.75 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (2.08)%<br>| &nbsp;&nbsp;&nbsp; (11.86)%<br>| &nbsp;&nbsp;&nbsp; (14.22)%<br>| &nbsp;&nbsp;&nbsp; (15.38)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 75.99<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (1.88)%<br>| &nbsp;&nbsp;&nbsp; (12.40)%<br>| &nbsp;&nbsp;&nbsp; (13.95)%<br>| &nbsp;&nbsp;&nbsp; (15.57)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 75.42<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $137953 | &nbsp;&nbsp;&nbsp; $180805 | &nbsp;&nbsp;&nbsp; $279280 | &nbsp;&nbsp;&nbsp; $386737 | &nbsp;&nbsp;&nbsp; $486807 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 140<br> %<br>|

---

<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> 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>(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.

------

**45**

------

**Financial Highlights—(continued)**

Invesco S&P 500 BuyWrite ETF (PBP)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $21.96 | &nbsp;&nbsp;&nbsp; $21.48 | &nbsp;&nbsp;&nbsp; $22.09 | &nbsp;&nbsp;&nbsp; $21.79 | &nbsp;&nbsp;&nbsp; $17.45 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;4.35 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;4.58 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>|
| Net realized gains | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp;&nbsp; - |
| Return of capital | &nbsp;&nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $21.62 | &nbsp;&nbsp;&nbsp; $21.96 | &nbsp;&nbsp;&nbsp; $21.48 | &nbsp;&nbsp;&nbsp; $22.09 | &nbsp;&nbsp;&nbsp; $21.79 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $21.59 | &nbsp;&nbsp;&nbsp; $21.96 | &nbsp;&nbsp;&nbsp; $21.47 | &nbsp;&nbsp;&nbsp; $22.02 | &nbsp;&nbsp;&nbsp; $21.76 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.70<br> %<br>| &nbsp;&nbsp;&nbsp; (1.47)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.40<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.75<br> %<br>| &nbsp;&nbsp;&nbsp; (1.21)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.59<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $134041 | &nbsp;&nbsp;&nbsp; $97700 | &nbsp;&nbsp;&nbsp; $93419 | &nbsp;&nbsp;&nbsp; $138047 | &nbsp;&nbsp;&nbsp; $167818 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>|

---

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

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

------

**46**

------

**Financial Highlights—(continued)**

Invesco S&P 500<sup>®</sup> Quality ETF (SPHQ)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $58.31 | &nbsp;&nbsp;&nbsp; $48.11 | &nbsp;&nbsp;&nbsp; $46.37 | &nbsp;&nbsp;&nbsp; $45.73 | &nbsp;&nbsp;&nbsp; $33.61 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;7.90 | &nbsp;&nbsp;&nbsp;&nbsp;10.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;12.11 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;8.66 | &nbsp;&nbsp;&nbsp;&nbsp;10.98 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;12.74 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $66.20 | &nbsp;&nbsp;&nbsp; $58.31 | &nbsp;&nbsp;&nbsp; $48.11 | &nbsp;&nbsp;&nbsp; $46.37 | &nbsp;&nbsp;&nbsp; $45.73 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $66.12 | &nbsp;&nbsp;&nbsp; $58.30 | &nbsp;&nbsp;&nbsp; $48.11 | &nbsp;&nbsp;&nbsp; $46.36 | &nbsp;&nbsp;&nbsp; $45.75 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.23<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.26<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $12403994 | &nbsp;&nbsp;&nbsp; $8618326 | &nbsp;&nbsp;&nbsp; $4817491 | &nbsp;&nbsp;&nbsp; $3657788 | &nbsp;&nbsp;&nbsp; $2670218 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp;&nbsp; 65<br> %<br>| &nbsp;&nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp;&nbsp; 57<br> %<br>|

---

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

Invesco S&P Spin-Off ETF (CSD)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $68.31 | &nbsp;&nbsp;&nbsp; $55.52 | &nbsp;&nbsp;&nbsp; $56.87 | &nbsp;&nbsp;&nbsp; $64.57 | &nbsp;&nbsp;&nbsp; $34.38 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;5.13 | &nbsp;&nbsp;&nbsp;&nbsp;12.81 | &nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp; (7.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.41 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;5.28 | &nbsp;&nbsp;&nbsp;&nbsp;13.12 | &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (7.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.74 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.55)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $73.45 | &nbsp;&nbsp;&nbsp; $68.31 | &nbsp;&nbsp;&nbsp; $55.52 | &nbsp;&nbsp;&nbsp; $56.87 | &nbsp;&nbsp;&nbsp; $64.57 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $73.45 | &nbsp;&nbsp;&nbsp; $68.35 | &nbsp;&nbsp;&nbsp; $55.50 | &nbsp;&nbsp;&nbsp; $56.92 | &nbsp;&nbsp;&nbsp; $64.57 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.69<br> %<br>| &nbsp;&nbsp;&nbsp; (1.53)%<br>| &nbsp;&nbsp;&nbsp; (11.24)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 89.69<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.80<br> %<br>| &nbsp;&nbsp;&nbsp; (1.65)%<br>| &nbsp;&nbsp;&nbsp; (11.16)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 89.53<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $61701 | &nbsp;&nbsp;&nbsp; $56013 | &nbsp;&nbsp;&nbsp; $52744 | &nbsp;&nbsp;&nbsp; $64836 | &nbsp;&nbsp;&nbsp; $75548 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 74<br> %<br>| &nbsp;&nbsp;&nbsp; 84<br> %<br>| &nbsp;&nbsp;&nbsp; 106<br> %<br>| &nbsp;&nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp;&nbsp; 57<br> %<br>|

---

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

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

------

**47**

------

**Financial Highlights—(continued)**

Invesco Water Resources ETF (PHO)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $64.22 | &nbsp;&nbsp;&nbsp; $52.60 | &nbsp;&nbsp;&nbsp; $48.78 | &nbsp;&nbsp;&nbsp; $52.18 | &nbsp;&nbsp;&nbsp; $34.44 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;11.62 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.74 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;11.96 | &nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp; (3.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.91 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $65.41 | &nbsp;&nbsp;&nbsp; $64.22 | &nbsp;&nbsp;&nbsp; $52.60 | &nbsp;&nbsp;&nbsp; $48.78 | &nbsp;&nbsp;&nbsp; $52.18 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $65.39 | &nbsp;&nbsp;&nbsp; $64.23 | &nbsp;&nbsp;&nbsp; $52.58 | &nbsp;&nbsp;&nbsp; $48.78 | &nbsp;&nbsp;&nbsp; $52.17 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.46<br> %<br>| &nbsp;&nbsp;&nbsp; (6.29)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52.15<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.42<br> %<br>| &nbsp;&nbsp;&nbsp; (6.27)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51.90<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $2057900 | &nbsp;&nbsp;&nbsp; $2060053 | &nbsp;&nbsp;&nbsp; $1742190 | &nbsp;&nbsp;&nbsp; $1658077 | &nbsp;&nbsp;&nbsp; $1604412 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>|

---

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

Invesco WilderHill Clean Energy ETF (PBW)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $20.35 | &nbsp;&nbsp;&nbsp; $35.43 | &nbsp;&nbsp;&nbsp; $50.99 | &nbsp;&nbsp;&nbsp; $87.86 | &nbsp;&nbsp;&nbsp; $31.91 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (4.64 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (15.10)<br>| &nbsp;&nbsp;&nbsp; (15.53)<br>| &nbsp;&nbsp;&nbsp; (36.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;55.82 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (4.33)<br>| &nbsp;&nbsp;&nbsp; (14.29)<br>| &nbsp;&nbsp;&nbsp; (13.76)<br>| &nbsp;&nbsp;&nbsp; (35.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;56.43 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $15.60 | &nbsp;&nbsp;&nbsp; $20.35 | &nbsp;&nbsp;&nbsp; $35.43 | &nbsp;&nbsp;&nbsp; $50.99 | &nbsp;&nbsp;&nbsp; $87.86 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $15.58 | &nbsp;&nbsp;&nbsp; $20.34 | &nbsp;&nbsp;&nbsp; $35.41 | &nbsp;&nbsp;&nbsp; $50.92 | &nbsp;&nbsp;&nbsp; $87.72 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (21.73 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (41.06)%<br>| &nbsp;&nbsp;&nbsp; (27.59)%<br>| &nbsp;&nbsp;&nbsp; (40.88)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 176.87<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (21.79 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (41.06)%<br>| &nbsp;&nbsp;&nbsp; (27.52)%<br>| &nbsp;&nbsp;&nbsp; (40.86)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 176.26<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $220825 | &nbsp;&nbsp;&nbsp; $301723 | &nbsp;&nbsp;&nbsp; $650834 | &nbsp;&nbsp;&nbsp; $1070268 | &nbsp;&nbsp;&nbsp; $2196396 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp;&nbsp; 55<br> %<br>| &nbsp;&nbsp;&nbsp; 60<br> %<br>| &nbsp;&nbsp;&nbsp; 81<br> %<br>|

---

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

<sup>(b)</sup> Includes litigation proceeds received during the period. Had these litigation proceeds not been received, Net realized and unrealized gain (loss) on investments per share would have been $(4.70). Total returns would have been lower. 

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

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

------

**48**

------

**Notes to Financial Statements**

Invesco Exchange-Traded Fund Trust

April 30, 2025

**NOTE 1—Organization**

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

---

| | |
|:---|:---|
| **Full Name** | **Short Name** |
| Invesco Aerospace & Defense ETF (PPA) | "Aerospace & Defense ETF" |
| Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) | "Bloomberg Analyst Rating Improvers ETF" |
| Invesco Dorsey Wright Momentum ETF (PDP) | "Dorsey Wright Momentum ETF" |
| Invesco Global Listed Private Equity ETF (PSP) | "Global Listed Private Equity ETF" |
| Invesco Golden Dragon China ETF (PGJ) | "Golden Dragon China ETF" |
| Invesco MSCI Sustainable Future ETF (ERTH) | "MSCI Sustainable Future ETF" |
| Invesco S&P 500 BuyWrite ETF (PBP) | "S&P 500 BuyWrite ETF" |
| Invesco S&P 500<sup>®</sup> Quality ETF (SPHQ) | "S&P 500<sup>®</sup> Quality ETF" |
| Invesco S&P Spin-Off ETF (CSD) | "S&P Spin-Off ETF" |
| Invesco Water Resources ETF (PHO) | "Water Resources ETF" |
| Invesco WilderHill Clean Energy ETF (PBW) | "WilderHill Clean Energy ETF" |

---

Each portfolio (each, a "Fund", and collectively, the "Funds") represents a separate series of the Trust. The shares of the Funds are referred to herein as "Shares" or "Fund's Shares." Each Fund's Shares are listed and traded on the following exchanges:

---

| | |
|:---|:---|
| **Fund** | **Exchange** |
| Aerospace & Defense ETF | NYSE Arca, Inc. |
| Bloomberg Analyst Rating Improvers ETF | NYSE Arca, Inc. |
| Dorsey Wright Momentum ETF | The Nasdaq Stock Market LLC |
| Global Listed Private Equity ETF | NYSE Arca, Inc. |
| Golden Dragon China ETF | The Nasdaq Stock Market LLC |
| MSCI Sustainable Future ETF | NYSE Arca, Inc. |
| S&P 500 BuyWrite ETF | Cboe BZX Exchange, Inc. |
| S&P 500<sup>®</sup> Quality ETF | NYSE Arca, Inc. |
| S&P Spin-Off ETF | NYSE Arca, Inc. |
| Water Resources ETF | The Nasdaq Stock Market LLC |
| WilderHill Clean Energy ETF | 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", as set forth in each Fund's prospectus. Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities ("Deposit Securities"), though each Fund reserves the right to issue and redeem Creation Units in exchange for cash. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.

------

**49**

------

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

---

| | |
|:---|:---|
| **Fund** | **Underlying Index** |
| Aerospace & Defense ETF | SPADE<sup>®</sup> Defense Index |
| Bloomberg Analyst Rating Improvers ETF | Bloomberg ANR Improvers Index |
| Dorsey Wright Momentum ETF | Dorsey Wright<sup>®</sup> Technical Leaders Index |
| Global Listed Private Equity ETF | Red Rocks Global Listed Private Equity Index |
| Golden Dragon China ETF | NASDAQ Golden Dragon China Index |
| MSCI Sustainable Future ETF | MSCI Global Environment Select Index |
| S&P 500 BuyWrite ETF | CBOE S&P 500 BuyWrite Index<sup>SM</sup> |
| S&P 500<sup>®</sup> Quality ETF | S&P 500<sup>®</sup> Quality Index |
| S&P Spin-Off ETF | S&P U.S. Spin-Off Index |
| Water Resources ETF | NASDAQ OMX US Water Index<sup>SM</sup> |
| 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 ("FASB") 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 or ask 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. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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

------

**50**

------

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.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask 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/ask 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, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, 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.

------

**51**

------

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 Bloomberg Analyst Rating Improvers ETF, S&P 500 BuyWrite 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. Bloomberg Analyst Rating Improvers 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. S&P 500 BuyWrite ETF declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund's financial statements as a tax return of capital at fiscal year-end.

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

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

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

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

**F.** **Foreign Withholding Taxes** - Certain Funds are subject to foreign withholding tax imposed by certain foreign countries in which the Funds may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Certain Funds may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. Certain Funds will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for *Foreign tax reclaims* on the Statements of Assets and Liabilities. There is no guarantee that a Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as *Foreign withholding tax claims* in the Statements of Operations, and any related interest is included in *Unaffiliated interest income*. Certain Funds may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as *Professional fees*, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the fiscal year ended April 30, 2025, the Funds did not enter into any closing agreements.

------

**52**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**G.** **Expenses** - Each Fund (except for Bloomberg Analyst Rating Improvers ETF and S&P 500 BuyWrite ETF) is responsible for all of its own 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 and officers who are not "interested persons" (as defined in the 1940 Act) of the Trust or the Adviser (the "Independent Trustees"), 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 the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).

Bloomberg Analyst Rating Improvers ETF and S&P 500 BuyWrite ETF have agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays 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 an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

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

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

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

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

**J.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds' chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements. Adoption of the new standard impacted the Funds' financial statement note disclosures only and did not affect the Funds' financial position or the results of its operations.

**K.** **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

------

**53**

------

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, net* 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 securities 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 fiscal year ended April 30, 2025, 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, net* on the Statements of Operations, were incurred by each applicable Fund as listed below:

---

| | |
|:---|:---|
|  | **Amount** |
| Aerospace & Defense ETF | $14215 |
| Bloomberg Analyst Rating Improvers ETF | 86947 |
| Dorsey Wright Momentum ETF | 2936 |
| Global Listed Private Equity ETF | 36408 |
| Golden Dragon China ETF | 115088 |
| MSCI Sustainable Future ETF | 9601 |
| S&P 500<sup>®</sup> Quality ETF | 13453 |
| S&P Spin-Off ETF | 1132 |
| Water Resources ETF | 4798 |
| WilderHill Clean Energy ETF | 496438 |

---

**L.** **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.

The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the

------

**54**

------

investments. 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.

**M.** **Call Options Written** - Certain Funds may write call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. An uncovered call option exists without the ownership of the underlying security. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Statements of Assets and Liabilities. The amount of the liability is subsequently "marked-to-market" to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Statements of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing an uncovered call option is that the Fund may incur significant losses if the value of the written security exceeds the exercise price of the option.

**N.** **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, which could result in the Fund accruing additional expenses. 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

------

**55**

------

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.

**O.** **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. Additionally, to the extent that a Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that a Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or 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; lack of willingness or ability of the Chinese government to support the economies and markets of the Greater China region; lack of publicly available information and 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 and the risk of war, either internal or with other countries; public health emergencies resulting in market closures, travel restrictions, quarantines or other interventions; 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, sanctions, capital controls, embargoes, trade wars 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 may cause uncertainty and volatility in the Chinese economy, especially in the consumer discretionary (leisure, retail, gaming, tourism), industrials, and commodities sectors. Additionally, any difficulties 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.

*Clean Energy Industry Risk*. For certain Funds, the risks of investing in the clean energy industry include the risks of focusing investments in the water, energy and environmental sectors, and adverse developments in these sectors may significantly affect the value of the Shares. Securities of companies in the clean energy industry are subject to swift price and supply fluctuations caused by events relating to international politics, the success of project development and tax and other governmental regulatory policies. Weak demand for the companies' products or services or for clean energy products and services in general, may adversely affect a Fund's performance. Obsolescence of existing technology, short product cycles, falling prices and profits, the supply of, and demand for, oil and gas, the price of oil and gas, competition from new market entrants and general economic conditions can significantly affect the clean energy industry. The clean energy industry is an emerging growth industry, and therefore shares of such companies may be more volatile and, historically, have been more volatile than shares of companies operating in other, more established industries. In addition, certain methods used to value companies involved in the alternative power and power technology sectors, particularly those companies that have not yet

------

**56**

------

traded profitably, have not been in widespread use for a significant period of time. As a result, the use of these valuation methods may serve to increase further the volatility of certain alternative power and power technology company share prices.

*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 market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information, including financial information, about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund's index provider selects securities for inclusion in the Fund's Underlying Index or rebalances the Underlying Index.

*Equity Risk*. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company's common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company's common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its 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. To the extent 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. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.

*Index Risk*. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective 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. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security's current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each

------

**57**

------

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. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund's performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

*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.

*Investments in Business Development Companies ("BDCs") Risk.* Certain Funds invest in BDCs. There are certain risks inherent in investing in BDCs, whose principal business is to invest in, and lend capital or provide services to, privately held companies. BDCs generally invest in less mature private companies, which involve greater risk than well-established publicly traded 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 evaluation of a BDC and its portfolio of investments. In addition, investments made by BDCs generally are subject to legal and other restrictions on resale and otherwise are less liquid than publicly traded securities. With respect to a BDC's investment in debt instruments, there is a risk that the issuer may default on its payments or declare bankruptcy. Investment advisers to BDCs may be entitled to compensation based on the BDC's performance, which may result in riskier or more speculative investments in an effort to maximize incentive compensation and higher fees. In addition, to the extent that a Fund invests a portion of its assets in BDCs, a shareholder in the Fund not only will bear his or her proportionate share of the expenses of the Fund, but also will bear indirectly the expenses of the BDCs.

*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, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund's NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.

During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value.

*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.

------

**58**

------

*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.

**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 Bloomberg Analyst Rating Improvers 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, Bloomberg Analyst Rating Improvers ETF and S&P 500 BuyWrite ETF accrue daily and pay monthly to the Adviser an annual unitary management fee of 0.40% and 0.29%, respectively, of the Fund's average daily net assets. Out of the unitary management fee, the Adviser pays for substantially all expenses of Bloomberg Analyst Rating Improvers ETF and S&P 500 BuyWrite ETF, 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 an Interested Trustee, 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 Bloomberg Analyst Rating Improvers 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 an Interested Trustee, or (iii) any other matters that directly benefit the Adviser)) of each Fund (except for Bloomberg Analyst Rating Improvers 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, 2027. The Expense Cap (including sub-licensing fees) for S&P 500<sup>®</sup> Quality ETF is 0.15% of the Fund's average

------

**59**

------

daily net assets per year through at least August 31, 2027. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2027. 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, Dorsey Wright Momentum ETF, Global Listed Private Equity ETF, Golden Dragon China ETF, Water Resources ETF and WilderHill Clean Energy ETF.

Further, through at least August 31, 2027, 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 waiver is not subject to recapture by the Adviser.

For the fiscal year ended April 30, 2025, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

---

| | |
|:---|:---|
| Aerospace & Defense ETF | &nbsp;&nbsp;&nbsp; $1696 |
| Bloomberg Analyst Rating Improvers ETF | &nbsp;&nbsp;&nbsp; 49 |
| Dorsey Wright Momentum ETF | &nbsp;&nbsp;&nbsp; 1149 |
| Global Listed Private Equity ETF | &nbsp;&nbsp;&nbsp; 651 |
| Golden Dragon China ETF | &nbsp;&nbsp;&nbsp; 228 |
| MSCI Sustainable Future ETF | &nbsp;&nbsp;&nbsp; 26796 |
| S&P 500 BuyWrite ETF | &nbsp;&nbsp;&nbsp; 107 |
| S&P 500<sup>®</sup> Quality ETF | &nbsp;&nbsp;&nbsp; 6348668 |
| S&P Spin-Off ETF | &nbsp;&nbsp;&nbsp; 15634 |
| Water Resources ETF | &nbsp;&nbsp;&nbsp; 1545 |
| WilderHill Clean Energy ETF | &nbsp;&nbsp;&nbsp; 350 |

---

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

For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule at April 30, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Potential** <br>**Recapture** <br>**Amounts** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** |
|  | **Total** <br>**Potential** <br>**Recapture** <br>**Amounts** | **4/30/26** | **4/30/27** | **4/30/28** |
| Golden Dragon China ETF | &nbsp;&nbsp; $15075 | &nbsp;&nbsp; $13900 | &nbsp;&nbsp; $1175 | &nbsp;&nbsp; $- |
| MSCI Sustainable Future ETF | &nbsp;&nbsp; 26573 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 26573 |
| S&P 500<sup>®</sup> Quality ETF | &nbsp;&nbsp; 13153982 | &nbsp;&nbsp; 1633585 | &nbsp;&nbsp; 5177966 | &nbsp;&nbsp; 6342431 |
| S&P Spin-Off ETF | &nbsp;&nbsp; 29261 | &nbsp;&nbsp; 409 | &nbsp;&nbsp; 13246 | &nbsp;&nbsp; 15606 |

---

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 on behalf of each Fund with the following entities (each, a "Licensor"):

---

| | |
|:---|:---|
| **Fund** | **Licensor** |
| Aerospace & Defense ETF | SPADE Indexes |
| Bloomberg Analyst Rating Improvers ETF | Bloomberg Index Services Limited |
| Dorsey Wright Momentum ETF | Dorsey Wright & Associates, LLC |
| Global Listed Private Equity ETF | Red Rocks Capital, LLC |
| Golden Dragon China ETF | Nasdaq, Inc. |
| MSCI Sustainable Future ETF | MSCI, Inc. |
| S&P 500 BuyWrite ETF | S&P Dow Jones Indices LLC |
| S&P 500<sup>®</sup> Quality ETF | S&P Dow Jones Indices LLC |
| S&P Spin-Off ETF | S&P Dow Jones Indices LLC |
| Water Resources ETF | Nasdaq, Inc. |
| WilderHill Clean Energy ETF | WilderHill |

---

------

**60**

------

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 Bloomberg Analyst Rating Improvers ETF and S&P 500 BuyWrite ETF) are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

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

For the fiscal year ended April 30, 2025, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

---

| | |
|:---|:---|
| Aerospace & Defense ETF | &nbsp;&nbsp;&nbsp; $47938 |
| Bloomberg Analyst Rating Improvers ETF | &nbsp;&nbsp;&nbsp; 28633 |
| Dorsey Wright Momentum ETF | &nbsp;&nbsp;&nbsp; 116275 |
| Global Listed Private Equity ETF | &nbsp;&nbsp;&nbsp; 17326 |
| Golden Dragon China ETF | &nbsp;&nbsp;&nbsp; 21202 |
| MSCI Sustainable Future ETF | &nbsp;&nbsp;&nbsp; 13320 |
| S&P 500 BuyWrite ETF | &nbsp;&nbsp;&nbsp; 29 |
| S&P 500<sup>®</sup> Quality ETF | &nbsp;&nbsp;&nbsp; 211819 |
| S&P Spin-Off ETF | &nbsp;&nbsp;&nbsp; 14391 |
| Water Resources ETF | &nbsp;&nbsp;&nbsp; 7161 |
| WilderHill Clean Energy ETF | &nbsp;&nbsp;&nbsp; 278182 |

---

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 fiscal year ended April 30, 2025, the following Fund engaged in transactions with affiliates as listed below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Securities Purchases** | **Securities Sales** | **Net Realized Gains\*** |
| S&P 500 BuyWrite ETF | &nbsp;&nbsp; $63022 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |

---

\* 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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.

------

**61**

------

The following is a summary of the tiered valuation input levels, as of April 30, 2025, for each Fund (except for S&P 500 BuyWrite ETF). As of April 30, 2025, all of the securities in S&P 500 BuyWrite ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The value of options held in S&P 500 BuyWrite ETF was based on Level 1 inputs. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Aerospace & Defense ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $4714511494 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4714511494 |
| Money Market Funds | &nbsp;&nbsp; 2020998 | &nbsp;&nbsp; 343031732 | &nbsp;&nbsp; - | &nbsp;&nbsp; 345052730 |
| **Total Investments** | &nbsp;&nbsp; $4716532492 | &nbsp;&nbsp; $343031732 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5059564224 |
| Bloomberg Analyst Rating Improvers ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $103313502 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $103313502 |
| Money Market Funds | &nbsp;&nbsp; 99437 | &nbsp;&nbsp; 7881519 | &nbsp;&nbsp; - | &nbsp;&nbsp; 7980956 |
| **Total Investments** | &nbsp;&nbsp; $103412939 | &nbsp;&nbsp; $7881519 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $111294458 |
| Dorsey Wright Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $1185116178 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1185116178 |
| Money Market Funds | &nbsp;&nbsp; 688015 | &nbsp;&nbsp; 35776843 | &nbsp;&nbsp; - | &nbsp;&nbsp; 36464858 |
| **Total Investments** | &nbsp;&nbsp; $1185804193 | &nbsp;&nbsp; $35776843 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1221581036 |
| Global Listed Private Equity ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $103041635 | &nbsp;&nbsp; $112035383 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $215077018 |
| Closed-End Funds | &nbsp;&nbsp; 698256 | &nbsp;&nbsp; 18743724 | &nbsp;&nbsp; - | &nbsp;&nbsp; 19441980 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 71273335 | &nbsp;&nbsp; - | &nbsp;&nbsp; 71273335 |
| **Total Investments** | &nbsp;&nbsp; $103739891 | &nbsp;&nbsp; $202052442 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $305792333 |
| Golden Dragon China ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $141843501 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $141843501 |
| Money Market Funds | &nbsp;&nbsp; 106162 | &nbsp;&nbsp; 13649823 | &nbsp;&nbsp; - | &nbsp;&nbsp; 13755985 |
| **Total Investments** | &nbsp;&nbsp; $141949663 | &nbsp;&nbsp; $13649823 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $155599486 |
| MSCI Sustainable Future ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $54090700 | &nbsp;&nbsp; $83626674 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $137717374 |
| Money Market Funds | &nbsp;&nbsp; 201797 | &nbsp;&nbsp; 31073285 | &nbsp;&nbsp; - | &nbsp;&nbsp; 31275082 |
| **Total Investments** | &nbsp;&nbsp; $54292497 | &nbsp;&nbsp; $114699959 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $168992456 |
| S&P 500<sup>®</sup> Quality ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $12392554612 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $12392554612 |
| Money Market Funds | &nbsp;&nbsp; 9446281 | &nbsp;&nbsp; 181915882 | &nbsp;&nbsp; - | &nbsp;&nbsp; 191362163 |
| **Total Investments** | &nbsp;&nbsp; $12402000893 | &nbsp;&nbsp; $181915882 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $12583916775 |
| S&P Spin-Off ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $61718877 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $61718877 |
| Money Market Funds | &nbsp;&nbsp; 18848 | &nbsp;&nbsp; 16269597 | &nbsp;&nbsp; - | &nbsp;&nbsp; 16288445 |
| **Total Investments** | &nbsp;&nbsp; $61737725 | &nbsp;&nbsp; $16269597 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $78007322 |
| Water Resources ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $2057468810 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2057468810 |
| Money Market Funds | &nbsp;&nbsp; 1261782 | &nbsp;&nbsp; 48108595 | &nbsp;&nbsp; - | &nbsp;&nbsp; 49370377 |
| **Total Investments** | &nbsp;&nbsp; $2058730592 | &nbsp;&nbsp; $48108595 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2106839187 |

---

------

**62**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| WilderHill Clean Energy ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $220561363 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $220561363 |
| Money Market Funds | &nbsp;&nbsp; 453923 | &nbsp;&nbsp; 60547646 | &nbsp;&nbsp; - | &nbsp;&nbsp; 61001569 |
| **Total Investments** | &nbsp;&nbsp; $221015286 | &nbsp;&nbsp; $60547646 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $281562932 |

---

**NOTE 6—Derivative Investments**

The Funds may enter into an ISDA Master Agreement under which a Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Funds do not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statements of Assets and Liabilities.

**Value of Derivative Investments at Period-End**

The table below summarizes the value of each Fund's derivative investments, detailed by primary risk exposure, held as of April 30, 2025:

---

| | |
|:---|:---|
| **Derivative Liabilities** | **Equity** <br>**Risk**<br>|
| Options written, at value - Exchange-Traded | &nbsp;&nbsp; $(8330850)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp; 8330850 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp; $- |

---

**Effect of Derivative Investments for the Fiscal Year Ended April 30, 2025**

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**<br>| **S&P 500** <br>**BuyWrite ETF**<br>|
|  | **Equity** <br>**Risk** | **Equity** <br>**Risk** |
| Realized Gain (Loss): |  |  |
| Options written | &nbsp;&nbsp; $- | &nbsp;&nbsp; $993490 |
| Swap agreements | &nbsp;&nbsp; (122364)<br>| &nbsp;&nbsp; - |
| Change in Net Unrealized Appreciation (Depreciation): |  |  |
| Options written | &nbsp;&nbsp; - | &nbsp;&nbsp; (3654437)<br>|
| Swap agreements | &nbsp;&nbsp; 25344 | &nbsp;&nbsp; - |
| Total | &nbsp;&nbsp; $(97020)<br>| &nbsp;&nbsp; $(2660947)<br>|

---

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**<br>| **S&P 500** <br>**BuyWrite ETF**<br>|
| Options written | &nbsp;&nbsp; $- | &nbsp;&nbsp; $107505115 |
| Swap agreements | &nbsp;&nbsp; 544673 | &nbsp;&nbsp; - |

---

------

**63**

------

**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets**

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Ordinary** <br>**Income\***<br>| **Return of** <br>**Capital**<br>| **Ordinary** <br>**Income\***<br>| **Return of** <br>**Capital**<br>|
| Aerospace & Defense ETF | &nbsp;&nbsp; $23576409 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $16570318 | &nbsp;&nbsp; $- |
| Bloomberg Analyst Rating Improvers ETF | &nbsp;&nbsp; 1377581 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1727464 | &nbsp;&nbsp; - |
| Dorsey Wright Momentum ETF | &nbsp;&nbsp; 2211301 | &nbsp;&nbsp; - | &nbsp;&nbsp; 3447778 | &nbsp;&nbsp; - |
| Global Listed Private Equity ETF | &nbsp;&nbsp; 21054416 | &nbsp;&nbsp; - | &nbsp;&nbsp; 11291655 | &nbsp;&nbsp; - |
| Golden Dragon China ETF | &nbsp;&nbsp; 7683520 | &nbsp;&nbsp; - | &nbsp;&nbsp; 3918490 | &nbsp;&nbsp; - |
| MSCI Sustainable Future ETF | &nbsp;&nbsp; 1537286 | &nbsp;&nbsp; - | &nbsp;&nbsp; 2570872 | &nbsp;&nbsp; - |
| S&P 500 BuyWrite ETF | &nbsp;&nbsp; 4755594 | &nbsp;&nbsp; 6116501 | &nbsp;&nbsp; 1120086 | &nbsp;&nbsp; 4625989 |
| S&P 500<sup>®</sup> Quality ETF | &nbsp;&nbsp; 129366396 | &nbsp;&nbsp; - | &nbsp;&nbsp; 95208287 | &nbsp;&nbsp; - |
| S&P Spin-Off ETF | &nbsp;&nbsp; 130426 | &nbsp;&nbsp; - | &nbsp;&nbsp; 285236 | &nbsp;&nbsp; - |
| Water Resources ETF | &nbsp;&nbsp; 10778801 | &nbsp;&nbsp; - | &nbsp;&nbsp; 11212867 | &nbsp;&nbsp; - |
| WilderHill Clean Energy ETF | &nbsp;&nbsp; 6224546 | &nbsp;&nbsp; - | &nbsp;&nbsp; 13076618 | &nbsp;&nbsp; - |

---

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

Tax Components of Net Assets at Fiscal Year-End:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary** <br>**Income**<br>| **Temporary** <br>**Book/Tax** <br>**Differences**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)-** <br>**Investments**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)-** <br>**Other** <br>**Investments**<br>| **Net** <br>**Unrealized** <br>**Appreciation-** <br>**Foreign** <br>**Currencies**<br>| **Capital Loss** <br>**Carryforwards**<br>| **Post-October** <br>**Capital** <br>**Losses** <br>**Deferrals**<br>| **Shares of** <br>**Beneficial** <br>**Interest**<br>| **Total** <br>**Net Assets**<br>|
| Aerospace <br> & <br> Defense <br> ETF<br>| $- | $(116731)<br>| $746997891 | $- | $- | $(48368588)<br>| $- | $4016385522 | $4714898094 |
| Bloomberg <br> Analyst <br> Rating <br> Improvers <br> ETF<br>| 1673847 | - | (1947491)<br>| - | - | (74214945)<br>| - | 178042776 | 103554187 |
| Dorsey <br> Wright <br> Momentum <br> ETF<br>| - | (226771)<br>| 159424629 | - | - | (1001117072)<br>| - | 2027087902 | 1185168688 |
| Global <br> Listed <br> Private <br> Equity <br> ETF<br>| 7218492 | (115205)<br>| (901800)<br>| - | 22122 | (129401901)<br>| - | 358414759 | 235236467 |
| Golden <br> Dragon <br> China <br> ETF<br>| 2373986 | (121612)<br>| (70060108)<br>| - | - | (329658270)<br>| - | 539373321 | 141907317 |
| MSCI <br> Sustainable <br> Future <br> ETF<br>| 774412 | (788715)<br>| (51864771)<br>| - | 4159 | (82482894)<br>| - | 272311082 | 137953273 |
| S&P 500 <br> BuyWrite <br> ETF<br>| - | - | 3655453 | (3655452)<br>| - | - | (1727533)<br>| 135769007 | 134041475 |
| S&P 500<sup>®</sup> <br> Quality <br> ETF<br>| 4746004 | (172435)<br>| 552102755 | - | - | (617109817)<br>| - | 12464427101 | 12403993608 |
| S&P <br> Spin-<br> Off <br> ETF<br>| 88761 | (11579)<br>| 2708886 | - | - | (153763816)<br>| - | 212678671 | 61700923 |

---

------

**64**

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br> **Ordinary**<br> **Income**<br>| **Temporary**<br> **Book/Tax**<br> **Differences**<br>| **Net**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)-**<br> **Investments**<br>| **Net**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)-**<br> **Other**<br> **Investments**<br>| **Net**<br> **Unrealized**<br> **Appreciation-**<br> **Foreign**<br> **Currencies**<br>| **Capital Loss**<br> **Carryforwards**<br>| **Post-October**<br> **Capital**<br> **Losses**<br> **Deferrals**<br>| **Shares of**<br> **Beneficial**<br> **Interest**<br>| **Total**<br> **Net Assets**<br>|
| Water <br> Resources <br> ETF<br>| $194483 | $(298128)<br>| $345376033 | $- | $- | $(332735900)<br>| $- | $2045363265 | $2057899753 |
| WilderHill <br> Clean <br> Energy <br> ETF<br>| - | (157263)<br>| (220895337)<br>| - | - | (1627090560)<br>| - | 2068968443 | 220825283 |

---

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

The Funds have capital loss carryforwards as of April 30, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total\*** |
| Aerospace & Defense ETF | &nbsp;&nbsp; $28695986 | &nbsp;&nbsp; $19672602 | &nbsp;&nbsp; $48368588 |
| Bloomberg Analyst Rating Improvers ETF | &nbsp;&nbsp; 42610692 | &nbsp;&nbsp; 31604253 | &nbsp;&nbsp; 74214945 |
| Dorsey Wright Momentum ETF | &nbsp;&nbsp; 1001117072 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1001117072 |
| Global Listed Private Equity ETF | &nbsp;&nbsp; 37820659 | &nbsp;&nbsp; 91581242 | &nbsp;&nbsp; 129401901 |
| Golden Dragon China ETF | &nbsp;&nbsp; 57491337 | &nbsp;&nbsp; 272166933 | &nbsp;&nbsp; 329658270 |
| MSCI Sustainable Future ETF | &nbsp;&nbsp; 12250459 | &nbsp;&nbsp; 70232435 | &nbsp;&nbsp; 82482894 |
| S&P 500 BuyWrite ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| S&P 500<sup>®</sup> Quality ETF | &nbsp;&nbsp; 490918815 | &nbsp;&nbsp; 126191002 | &nbsp;&nbsp; 617109817 |
| S&P Spin-Off ETF | &nbsp;&nbsp; 57946273 | &nbsp;&nbsp; 95817543 | &nbsp;&nbsp; 153763816 |
| Water Resources ETF | &nbsp;&nbsp; 189728509 | &nbsp;&nbsp; 143007391 | &nbsp;&nbsp; 332735900 |
| WilderHill Clean Energy ETF | &nbsp;&nbsp; 544905493 | &nbsp;&nbsp; 1082185067 | &nbsp;&nbsp; 1627090560 |

---

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

**NOTE 8—Investment Transactions**

For the fiscal year ended April 30, 2025, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Aerospace & Defense ETF | &nbsp;&nbsp; $639101058 | &nbsp;&nbsp; $632795498 |
| Bloomberg Analyst Rating Improvers ETF | &nbsp;&nbsp; 212692688 | &nbsp;&nbsp; 210086803 |
| Dorsey Wright Momentum ETF | &nbsp;&nbsp; 1474582784 | &nbsp;&nbsp; 1470322267 |
| Global Listed Private Equity ETF | &nbsp;&nbsp; 100139663 | &nbsp;&nbsp; 112084061 |
| Golden Dragon China ETF | &nbsp;&nbsp; 35875287 | &nbsp;&nbsp; 40159884 |
| MSCI Sustainable Future ETF | &nbsp;&nbsp; 50715652 | &nbsp;&nbsp; 57279392 |
| S&P 500 BuyWrite ETF | &nbsp;&nbsp; 43987129 | &nbsp;&nbsp; 50192048 |
| S&P 500<sup>®</sup> Quality ETF | &nbsp;&nbsp; 6268209788 | &nbsp;&nbsp; 6270432930 |
| S&P Spin-Off ETF | &nbsp;&nbsp; 49661995 | &nbsp;&nbsp; 49529226 |
| Water Resources ETF | &nbsp;&nbsp; 556484261 | &nbsp;&nbsp; 552531716 |
| WilderHill Clean Energy ETF | &nbsp;&nbsp; 181542820 | &nbsp;&nbsp; 182254916 |

---

------

**65**

------

For the fiscal year ended April 30, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-kind** <br>**Purchases**<br>| **In-kind** <br>**Sales**<br>|
| Aerospace & Defense ETF | &nbsp;&nbsp; $1852424437 | &nbsp;&nbsp; $975988986 |
| Bloomberg Analyst Rating Improvers ETF | &nbsp;&nbsp; 72200148 | &nbsp;&nbsp; 86391344 |
| Dorsey Wright Momentum ETF | &nbsp;&nbsp; 1090382825 | &nbsp;&nbsp; 1183620828 |
| Global Listed Private Equity ETF | &nbsp;&nbsp; 42993933 | &nbsp;&nbsp; 41027197 |
| Golden Dragon China ETF | &nbsp;&nbsp; 47746193 | &nbsp;&nbsp; 56918191 |
| MSCI Sustainable Future ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; 32024601 |
| S&P 500 BuyWrite ETF | &nbsp;&nbsp; 62767389 | &nbsp;&nbsp; 21220653 |
| S&P 500<sup>®</sup> Quality ETF | &nbsp;&nbsp; 9250550273 | &nbsp;&nbsp; 6708402834 |
| S&P Spin-Off ETF | &nbsp;&nbsp; 23436209 | &nbsp;&nbsp; 20656680 |
| Water Resources ETF | &nbsp;&nbsp; 408596619 | &nbsp;&nbsp; 449643458 |
| WilderHill Clean Energy ETF | &nbsp;&nbsp; 283745699 | &nbsp;&nbsp; 288607676 |

---

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

As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross** <br>**Unrealized** <br>**Appreciation**<br>| **Gross** <br>**Unrealized** <br>**(Depreciation)**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Cost** |
| Aerospace & Defense ETF | &nbsp;&nbsp; $852469124 | &nbsp;&nbsp; $(105471233)<br>| &nbsp;&nbsp; $746997891 | &nbsp;&nbsp; $4312566333 |
| Bloomberg Analyst Rating Improvers ETF | &nbsp;&nbsp; 3860008 | &nbsp;&nbsp; (5807499)<br>| &nbsp;&nbsp; (1947491)<br>| &nbsp;&nbsp; 113241949 |
| Dorsey Wright Momentum ETF | &nbsp;&nbsp; 185108753 | &nbsp;&nbsp; (25684124)<br>| &nbsp;&nbsp; 159424629 | &nbsp;&nbsp; 1062156407 |
| Global Listed Private Equity ETF | &nbsp;&nbsp; 34305689 | &nbsp;&nbsp; (35207489)<br>| &nbsp;&nbsp; (901800)<br>| &nbsp;&nbsp; 306694133 |
| Golden Dragon China ETF | &nbsp;&nbsp; 7807060 | &nbsp;&nbsp; (77867168)<br>| &nbsp;&nbsp; (70060108)<br>| &nbsp;&nbsp; 225659594 |
| MSCI Sustainable Future ETF | &nbsp;&nbsp; 14522939 | &nbsp;&nbsp; (66387710)<br>| &nbsp;&nbsp; (51864771)<br>| &nbsp;&nbsp; 220857227 |
| S&P 500 BuyWrite ETF | &nbsp;&nbsp; 23433939 | &nbsp;&nbsp; (23433939)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 134015851 |
| S&P 500<sup>®</sup> Quality ETF | &nbsp;&nbsp; 1390281647 | &nbsp;&nbsp; (838178892)<br>| &nbsp;&nbsp; 552102755 | &nbsp;&nbsp; 12031814020 |
| S&P Spin-Off ETF | &nbsp;&nbsp; 13361468 | &nbsp;&nbsp; (10652582)<br>| &nbsp;&nbsp; 2708886 | &nbsp;&nbsp; 75298436 |
| Water Resources ETF | &nbsp;&nbsp; 394493464 | &nbsp;&nbsp; (49117431)<br>| &nbsp;&nbsp; 345376033 | &nbsp;&nbsp; 1761463154 |
| WilderHill Clean Energy ETF | &nbsp;&nbsp; 6613706 | &nbsp;&nbsp; (227509043)<br>| &nbsp;&nbsp; (220895337)<br>| &nbsp;&nbsp; 502458269 |

---

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of in-kind transactions, passive foreign investment companies and return of capital, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2025, the reclassifications were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed Net** <br>**Investment Income**<br>| **Undistributed Net** <br>**Realized Gain (Loss)**<br>| **Shares of** <br>**Beneficial Interest**<br>|
| Aerospace & Defense ETF | &nbsp;&nbsp; $736184 | &nbsp;&nbsp; $(490259807)<br>| &nbsp;&nbsp; $489523623 |
| Bloomberg Analyst Rating Improvers ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (12778157)<br>| &nbsp;&nbsp; 12778157 |
| Dorsey Wright Momentum ETF | &nbsp;&nbsp; 1180824 | &nbsp;&nbsp; (322610817)<br>| &nbsp;&nbsp; 321429993 |
| Global Listed Private Equity ETF | &nbsp;&nbsp; 6652089 | &nbsp;&nbsp; (11165057)<br>| &nbsp;&nbsp; 4512968 |
| Golden Dragon China ETF | &nbsp;&nbsp; 2659445 | &nbsp;&nbsp; 2094585 | &nbsp;&nbsp; (4754030)<br>|
| MSCI Sustainable Future ETF | &nbsp;&nbsp; 96638 | &nbsp;&nbsp; 3847030 | &nbsp;&nbsp; (3943668)<br>|
| S&P 500 BuyWrite ETF | &nbsp;&nbsp; 3623338 | &nbsp;&nbsp; (3623338)<br>| &nbsp;&nbsp; - |
| S&P 500<sup>®</sup> Quality ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (1960549108)<br>| &nbsp;&nbsp; 1960549108 |
| S&P Spin-Off ETF | &nbsp;&nbsp; 2 | &nbsp;&nbsp; (6029455)<br>| &nbsp;&nbsp; 6029453 |
| Water Resources ETF | &nbsp;&nbsp; 45 | &nbsp;&nbsp; (124507226)<br>| &nbsp;&nbsp; 124507181 |
| WilderHill Clean Energy ETF | &nbsp;&nbsp; 3052145 | &nbsp;&nbsp; 28912375 | &nbsp;&nbsp; (31964520)<br>|

---

------

**66**

------

**NOTE 10—Trustees' and Officer's Fees**

Trustees' and Officer's Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for Bloomberg Analyst Rating Improvers ETF and S&P 500 BuyWrite ETF. Interested Trustees do 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 the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

**NOTE 11—Capital**

Shares are issued and redeemed by each Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Funds.

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.

------

**67**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco Aerospace & Defense ETF, Invesco Bloomberg Analyst Rating Improvers ETF, Invesco Dorsey Wright Momentum ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco MSCI Sustainable Future ETF, Invesco S&P 500 BuyWrite ETF, Invesco S&P 500 Quality ETF, Invesco S&P Spin-Off ETF, Invesco Water Resources ETF and Invesco WilderHill Clean Energy ETF

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Aerospace & Defense ETF, Invesco Bloomberg Analyst Rating Improvers ETF, Invesco Dorsey Wright Momentum ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco MSCI Sustainable Future ETF, Invesco S&P 500 BuyWrite ETF, Invesco S&P 500 Quality ETF, Invesco S&P Spin-Off ETF, Invesco Water Resources ETF and Invesco WilderHill Clean Energy ETF (eleven of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the "Funds") as of April 30, 2025, the related statements of operations for the year ended April 30, 2025, the statements of changes in net assets for each of the two years in the period ended April 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2025 and each of the financial highlights for each of the five years in the period ended April 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

June 26, 2025

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

------

**68**

------

**Tax Information**

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

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

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Qualified** <br>**Business** <br>**Income\***<br>| **Qualified** <br>**Dividend** <br>**Income\***<br>| **Corporate** <br>**Dividends** <br>**Received** <br>**Deduction\***<br>| **U.S.** <br>**Treasury** <br>**Obligations\***<br>| **Business** <br>**Interest** <br>**Income\***<br>| **Qualified** <br>**Short** <br>**Term** <br>**Gains**<br>|
| Invesco Aerospace & Defense ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; $- |
| Invesco Bloomberg Analyst Rating Improvers ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 83<br> %<br>| &nbsp;&nbsp; 82<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - |
| Invesco Dorsey Wright Momentum ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - |
| Invesco Global Listed Private Equity ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - |
| Invesco Golden Dragon China ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - |
| Invesco MSCI Sustainable Future ETF | &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - |
| Invesco S&P 500 BuyWrite ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 3623256 |
| Invesco S&P 500<sup>®</sup> Quality ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - |
| Invesco S&P Spin-Off ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - |
| Invesco Water Resources ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - |
| Invesco WilderHill Clean Energy ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Foreign Taxes** <br>**Per Share**<br>| **Foreign Source** <br>**Income Per Share**<br>|
| Invesco Global Listed Private Equity ETF | &nbsp;&nbsp; $0.0307 | &nbsp;&nbsp; $1.4460 |
| Invesco MSCI Sustainable Future ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.0393 | &nbsp;&nbsp;&nbsp;&nbsp;0.6892 |

---

------

**69**

------

**Approval of Investment Advisory Contracts**

At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the "Trust"), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the "Adviser") and the Trust for the following series (each, a "Fund" and collectively, the "Funds"):

Invesco Bloomberg Analyst Rating Improvers ETF

Invesco Bloomberg MVP Multi-factor ETF

Invesco Dow Jones Industrial Average Dividend ETF

Invesco NASDAQ Internet ETF

Invesco Next Gen Connectivity ETF

Invesco S&P 500 BuyWrite ETF

Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF

Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF

Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF

Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF

Invesco S&P 500<sup>®</sup> Equal Weight ETF

Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF

Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF

Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF

Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF

Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF

Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF

Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF

Invesco S&P 500<sup>®</sup> Pure Growth ETF

Invesco S&P 500<sup>®</sup> Pure Value ETF

Invesco S&P 500<sup>®</sup> Top 50 ETF

Invesco S&P MidCap 400<sup>®</sup> GARP ETF

Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF

Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF

Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF

Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF

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

*Nature, Extent and Quality of Services.* In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. ("Invesco"), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser's execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2024, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund's performance and the performance of its underlying index, as well as the Adviser's analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco's independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds ("ETFs") business of Guggenheim Capital LLC ("Guggenheim") (the "Transaction") and that each such Fund's performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust's registration statement. The Board concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund's particular circumstances.

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

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

*Fees, Expenses and Profitability.* The Trustees reviewed and discussed the information provided by the Adviser on each Fund's net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays

------

**70**

------

**Approval of Investment Advisory Contracts—(continued)**

its brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses

&nbsp;&nbsp;&nbsp;&nbsp;● 0.07% of the Fund's average daily net assets for Invesco Dow Jones Industrial Average Dividend ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.20% of the Fund's average daily net assets for each of Invesco S&P 500® Equal Weight ETF and Invesco S&P 500® Top 50 ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.29% of the Fund's average daily net assets for each of Invesco S&P 500 BuyWrite ETF and Invesco Bloomberg MVP Multi-factor ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.35% of the Fund's average daily net assets for each of Invesco S&P 500® Pure Growth ETF, Invesco S&P 500® Pure Value ETF, Invesco S&P MidCap 400® GARP ETF, Invesco S&P MidCap 400® Pure Growth ETF, Invesco S&P MidCap 400® Pure Value ETF, Invesco S&P SmallCap 600® Pure Growth ETF and Invesco S&P SmallCap 600® Pure Value ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.60% of the Fund's average daily net assets for Invesco NASDAQ Internet ETF; and

&nbsp;&nbsp;&nbsp;&nbsp;● 0.40% of the Fund's average daily net assets for each other Fund.

The Trustees compared each Fund's net expense ratio to information compiled by the Adviser from Lipper Inc. ("Lipper") databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund's operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal** <br>**to/Lower** <br>**than ETF** <br>**Peer Median**<br>| **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median\***<br>| **Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco Bloomberg Analyst Rating Improvers ETF |  |  | X |
| Invesco Bloomberg MVP Multi-factor ETF | X |  | X |
| Invesco Dow Jones Industrial Average Dividend ETF | X | X | X |
| Invesco NASDAQ Internet ETF |  |  | X |
| Invesco Next Gen Connectivity ETF | X | N/A | X |
| Invesco S&P 500 BuyWrite ETF | X | N/A | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF | X | X | X |
| Invesco S&P 500<sup>®</sup> Pure Growth ETF | X | X | X |
| Invesco S&P 500<sup>®</sup> Pure Value ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Top 50 ETF |  |  | X |
| Invesco S&P MidCap 400<sup>®</sup> GARP ETF |  |  | X |
| Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF |  |  | X |
| Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF |  | X | X |

---

------

**71**

------

**Approval of Investment Advisory Contracts—(continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal**<br> **to/Lower**<br> **than ETF**<br> **Peer Median**<br>| **Equal to/Lower**<br> **than Open-End**<br> **Index Fund**<br> **Peer Median\***<br>| **Lower than**<br> **Open-End**<br> **Active Fund**<br> **Peer Median**<br>|
| Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF |  |  | X |
| Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF |  | X | X |

---

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

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco S&P 500® Equal Weight ETF. The Trustees considered the Adviser's explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser's statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all of the information provided, the Board concluded that each Fund's unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. With respect to the Adviser's profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser's. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees reviewed each Fund's asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.

*Fall-out Benefits.* The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds' securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund's distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund's unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

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

------

**72**

------

**Approval of Investment Advisory Contracts**

At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the "Trust"), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the "Adviser") and the Trust for the following series (each, a "Fund" and collectively, the "Funds"):

Invesco Aerospace & Defense ETF

Invesco AI and Next Gen Software ETF

Invesco Biotechnology & Genome ETF

Invesco Building & Construction ETF

Invesco BuyBack Achievers<sup>TM</sup> ETF

Invesco Dividend Achievers<sup>TM</sup> ETF

Invesco Dorsey Wright Basic Materials Momentum ETF

Invesco Dorsey Wright Consumer Cyclicals Momentum ETF

Invesco Dorsey Wright Consumer Staples Momentum ETF

Invesco Dorsey Wright Energy Momentum ETF

Invesco Dorsey Wright Financial Momentum ETF

Invesco Dorsey Wright Healthcare Momentum ETF

Invesco Dorsey Wright Industrials Momentum ETF

Invesco Dorsey Wright Momentum ETF

Invesco Dorsey Wright Technology Momentum ETF

Invesco Dorsey Wright Utilities Momentum ETF

Invesco Energy Exploration & Production ETF

Invesco Financial Preferred ETF

Invesco Food & Beverage ETF

Invesco Global Listed Private Equity ETF

Invesco Golden Dragon China ETF

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

Invesco International Dividend Achievers<sup>TM</sup> ETF

Invesco Large Cap Growth ETF

Invesco Large Cap Value ETF

Invesco Leisure and Entertainment ETF

Invesco MSCI Sustainable Future ETF

Invesco Next Gen Media and Gaming ETF

Invesco Oil & Gas Services ETF

Invesco Pharmaceuticals ETF

Invesco RAFI US 1000 ETF

Invesco RAFI US 1500 Small-Mid ETF

Invesco S&P 100 Equal Weight ETF

Invesco S&P 500 GARP ETF

Invesco S&P 500<sup>®</sup> Quality ETF

Invesco S&P 500 Value with Momentum ETF

Invesco S&P MidCap Momentum ETF

Invesco S&P MidCap Quality ETF

Invesco S&P MidCap Value with Momentum ETF

Invesco S&P SmallCap Momentum ETF

Invesco S&P SmallCap Value with Momentum ETF

Invesco S&P Spin-Off ETF

Invesco Semiconductors ETF

Invesco Water Resources ETF

Invesco WilderHill Clean Energy ETF

Invesco Zacks Mid-Cap ETF

Invesco Zacks Multi-Asset Income ETF

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

*Nature, Extent and Quality of Services.* In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. ("Invesco"), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser's execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2024, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund's performance and the performance of its underlying index, as well as the Adviser's analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco's independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds ("ETFs") business of Guggenheim Capital LLC ("Guggenheim") (the "Transaction") and that each such Fund's performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust's registration

------

**73**

------

**Approval of Investment Advisory Contracts—(continued)**

statement. The Board concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund's particular circumstances.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;● 0.15% of the Fund's average daily net assets for Invesco S&P 500® Quality ETF;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;● 0.50% of the Fund's average daily net assets for each other Fund.

The Trustees noted that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an "Expense Cap") to the extent necessary to prevent the annual operating expenses of each Fund from exceeding the percentage of that Fund's average daily net assets, at least until August 31, 2027, as set forth below:

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;● 0.60%, excluding interest expenses, licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Aerospace & Defense ETF, Invesco AI and Next Gen Software ETF, Invesco Biotechnology & Genome ETF, Invesco Building & Construction ETF, Invesco BuyBack AchieversTM ETF, Invesco Dorsey Wright Momentum ETF, Invesco Energy Exploration & Production ETF, Invesco Financial Preferred ETF, Invesco Food & Beverage ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco Large Cap Growth ETF, Invesco Large Cap Value ETF, Invesco Leisure and Entertainment ETF, Invesco MSCI

------

**74**

------

**Approval of Investment Advisory Contracts—(continued)**

Sustainable Future ETF, Invesco Next Gen Media and Gaming ETF, Invesco Oil & Gas Services ETF, Invesco Pharmaceuticals ETF, Invesco Semiconductors ETF, Invesco S&P Spin-Off ETF, Invesco Water Resources ETF, Invesco WilderHill Clean Energy ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF.

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

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal** <br>**to/Lower** <br>**than ETF Peer Median**<br>| **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median\***<br>| **Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco Aerospace & Defense ETF |  |  | X |
| Invesco AI and Next Gen Software ETF | X | N/A | X |
| Invesco Biotechnology & Genome ETF |  |  | X |
| Invesco Building & Construction ETF |  |  | X |
| Invesco BuyBack Achievers<sup>TM</sup> ETF |  |  | X |
| Invesco Dividend Achievers<sup>TM</sup> ETF |  |  | X |
| Invesco Dorsey Wright Basic Materials Momentum ETF |  |  | X |
| Invesco Dorsey Wright Consumer Cyclicals Momentum ETF |  |  | X |
| Invesco Dorsey Wright Consumer Staples Momentum ETF |  |  | X |
| Invesco Dorsey Wright Energy Momentum ETF |  |  | X |
| Invesco Dorsey Wright Financial Momentum ETF |  |  | X |
| Invesco Dorsey Wright Healthcare Momentum ETF |  |  | X |
| Invesco Dorsey Wright Industrials Momentum ETF |  |  | X |
| Invesco Dorsey Wright Momentum ETF |  | X | X |
| Invesco Dorsey Wright Technology Momentum ETF |  |  | X |
| Invesco Dorsey Wright Utilities Momentum ETF |  |  | X |
| Invesco Energy Exploration & Production ETF |  |  | X |
| Invesco Financial Preferred ETF |  |  | X |
| Invesco Food & Beverage ETF |  |  | X |
| Invesco Global Listed Private Equity ETF |  | N/A | X |
| Invesco Golden Dragon China ETF | X | N/A | X |
| Invesco High Yield Equity Dividend Achievers<sup>TM</sup> ETF |  |  | X |
| Invesco International Dividend Achievers<sup>TM</sup> ETF | X |  | X |
| Invesco Large Cap Growth ETF |  |  | X |
| Invesco Large Cap Value ETF |  |  | X |
| Invesco Leisure and Entertainment ETF |  |  | X |
| Invesco MSCI Sustainable Future ETF |  |  | X |
| Invesco Next Gen Media and Gaming ETF |  |  | X |
| Invesco Oil & Gas Services ETF |  |  | X |
| Invesco Pharmaceuticals ETF |  |  | X |
| Invesco RAFI US 1000 ETF |  |  | X |
| Invesco RAFI US 1500 Small-Mid ETF |  |  | X |
| Invesco S&P 100 Equal Weight ETF |  | X | X |
| Invesco S&P 500 GARP ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Quality ETF | X |  | X |
| Invesco S&P 500 Value with Momentum ETF |  |  | X |

---

------

**75**

------

**Approval of Investment Advisory Contracts—(continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal**<br> **to/Lower**<br> **than ETF Peer Median**<br>| **Equal to/Lower**<br> **than Open-End**<br> **Index Fund**<br> **Peer Median\***<br>| **Lower than**<br> **Open-End**<br> **Active Fund**<br> **Peer Median**<br>|
| Invesco S&P MidCap Momentum ETF |  |  | X |
| Invesco S&P MidCap Quality ETF |  |  | X |
| Invesco S&P MidCap Value with Momentum ETF |  |  | X |
| Invesco S&P SmallCap Momentum ETF |  |  | X |
| Invesco S&P SmallCap Value with Momentum ETF |  | X | X |
| Invesco S&P Spin-Off ETF |  |  | X |
| Invesco Semiconductors ETF |  |  | X |
| Invesco Water Resources ETF | X | X | X |
| Invesco WilderHill Clean Energy ETF |  | X | X |
| Invesco Zacks Mid-Cap ETF |  |  | X |
| Invesco Zacks Multi-Asset Income ETF |  |  | X |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal** <br>**to/Lower** <br>**than ETF Peer Median**<br>| **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median\***<br>| **Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco Aerospace & Defense ETF |  |  | X |
| Invesco AI and Next Gen Software ETF | X | N/A | X |
| Invesco Biotechnology & Genome ETF |  |  | X |
| Invesco Building & Construction ETF |  |  | X |
| Invesco BuyBack Achievers<sup>TM</sup> ETF |  |  | X |
| Invesco Dividend Achievers<sup>TM</sup> ETF |  | X | X |
| Invesco Dorsey Wright Basic Materials Momentum ETF |  |  | X |
| Invesco Dorsey Wright Consumer Cyclicals Momentum ETF |  |  | X |
| Invesco Dorsey Wright Consumer Staples Momentum ETF |  |  | X |
| Invesco Dorsey Wright Energy Momentum ETF |  |  | X |
| Invesco Dorsey Wright Financial Momentum ETF |  |  | X |
| Invesco Dorsey Wright Healthcare Momentum ETF |  |  | X |
| Invesco Dorsey Wright Industrials Momentum ETF |  |  | X |
| Invesco Dorsey Wright Momentum ETF |  | X | X |
| Invesco Dorsey Wright Technology Momentum ETF |  |  | X |
| Invesco Dorsey Wright Utilities Momentum ETF |  |  | X |
| Invesco Energy Exploration & Production ETF |  |  | X |
| Invesco Financial Preferred ETF |  |  | X |
| Invesco Food & Beverage ETF |  |  | X |
| Invesco Global Listed Private Equity ETF |  | N/A | X |
| Invesco Golden Dragon China ETF |  | N/A | X |
| Invesco High Yield Equity Dividend Achievers<sup>TM</sup> ETF |  | X | X |
| Invesco International Dividend Achievers<sup>TM</sup> ETF |  |  | X |
| Invesco Large Cap Growth ETF |  |  | X |

---

------

**76**

------

**Approval of Investment Advisory Contracts—(continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal**<br> **to/Lower**<br> **than ETF Peer Median**<br>| **Equal to/Lower**<br> **than Open-End**<br> **Index Fund**<br> **Peer Median\***<br>| **Lower than**<br> **Open-End**<br> **Active Fund**<br> **Peer Median**<br>|
| Invesco Large Cap Value ETF |  | X | X |
| Invesco Leisure and Entertainment ETF |  |  | X |
| Invesco MSCI Sustainable Future ETF |  |  | X |
| Invesco Next Gen Media and Gaming ETF |  |  | X |
| Invesco Oil & Gas Services ETF |  |  | X |
| Invesco Pharmaceuticals ETF |  |  | X |
| Invesco RAFI US 1000 ETF |  |  | X |
| Invesco RAFI US 1500 Small-Mid ETF |  |  | X |
| Invesco S&P 100 Equal Weight ETF |  | X | X |
| Invesco S&P 500 GARP ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Quality ETF | X |  | X |
| Invesco S&P 500 Value with Momentum ETF |  |  | X |
| Invesco S&P MidCap Momentum ETF |  |  | X |
| Invesco S&P MidCap Quality ETF |  |  | X |
| Invesco S&P MidCap Value with Momentum ETF |  |  | X |
| Invesco S&P SmallCap Momentum ETF |  |  | X |
| Invesco S&P SmallCap Value with Momentum ETF |  | X | X |
| Invesco S&P Spin-Off ETF |  |  | X |
| Invesco Semiconductors ETF |  |  | X |
| Invesco Water Resources ETF |  | X | X |
| Invesco WilderHill Clean Energy ETF |  | X | X |
| Invesco Zacks Mid-Cap ETF |  |  | X |
| Invesco Zacks Multi-Asset Income ETF |  |  | X |

---

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

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Global Listed Private Equity ETF's, Invesco Zacks Multi-Asset Income ETF's, Invesco Oil & Gas Services ETF's and Invesco Energy Exploration & Production ETF's advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser's statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco RAFI US 1000 ETF. The Trustees considered the Adviser's explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser's statement that the management and oversight of the Funds requires substantially more labor and expense.

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

In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds, as well as the fees waived and expenses reimbursed by the Adviser for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. With respect to the Adviser's profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose.

------

**77**

------

**Approval of Investment Advisory Contracts—(continued)**

Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser's. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees reviewed each Fund's asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser. The Trustees noted that the Expense Cap agreement with the Trust provides that the Adviser is entitled to be reimbursed by each Fund for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in a Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the flat advisory fee rates were reasonable and appropriate.

*Fall-out Benefits.* The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds' securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund's distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund's advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

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

------

**78**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

Remuneration paid to the Funds' trustees or officers and others, if any, is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory Contracts section of this report.

------

**79**

------

**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-SPEC-NCSR

invesco.com/ETFs

------

![](imgd78cee4e1.jpg)

------

**Invesco Annual Financial Statements and Other Information**

April 30, 2025

---

| | |
|:---|:---|
| **PWB** | Invesco Large Cap Growth ETF |
| **PWV** | Invesco Large Cap Value ETF |
| **EQWL** | Invesco S&P 100 Equal Weight ETF |
| **SPGP** | Invesco S&P 500 GARP ETF |
| **SPVM** | Invesco S&P 500 Value with Momentum ETF |
| **XMMO** | Invesco S&P MidCap Momentum ETF |
| **XMHQ** | Invesco S&P MidCap Quality ETF |
| **XMVM** | Invesco S&P MidCap Value with Momentum ETF |
| **XSMO** | Invesco S&P SmallCap Momentum ETF |
| **XSVM** | Invesco S&P SmallCap Value with Momentum ETF |
| **CZA** | Invesco Zacks Mid-Cap ETF |
| **CVY** | Invesco Zacks Multi-Asset Income ETF |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments |  |
| [Invesco Large Cap Growth ETF (PWB)](#xx_305400ad-4776-4815-b509-cd7063b45a95_SOI-Continued-417_1) | **3** |
| [Invesco Large Cap Value ETF (PWV)](#xx_305400ad-4776-4815-b509-cd7063b45a95_SOI-Continued-417_3) | **5** |
| [Invesco S&P 100 Equal Weight ETF (EQWL)](#xx_305400ad-4776-4815-b509-cd7063b45a95_SOI-Continued-417_5) | **7** |
| [Invesco S&P 500 GARP ETF (SPGP)](#xx_305400ad-4776-4815-b509-cd7063b45a95_SOI-Continued-417_7) | **9** |
| [Invesco S&P 500 Value with Momentum ETF (SPVM)](#xx_305400ad-4776-4815-b509-cd7063b45a95_SOI-Continued-417_9) | **11** |
| [Invesco S&P MidCap Momentum ETF (XMMO)](#xx_305400ad-4776-4815-b509-cd7063b45a95_SOI-Continued-417_11) | **13** |
| [Invesco S&P MidCap Quality ETF (XMHQ)](#xx_305400ad-4776-4815-b509-cd7063b45a95_SOI-Continued-417_13) | **15** |
| [Invesco S&P MidCap Value with Momentum ETF (XMVM)](#xx_305400ad-4776-4815-b509-cd7063b45a95_SOI-Continued-417_15) | **17** |
| [Invesco S&P SmallCap Momentum ETF (XSMO)](#xx_305400ad-4776-4815-b509-cd7063b45a95_SOI-Continued-417_17) | **19** |
| [Invesco S&P SmallCap Value with Momentum ETF (XSVM)](#xx_305400ad-4776-4815-b509-cd7063b45a95_SOI-Continued-417_20) | **22** |
| [Invesco Zacks Mid-Cap ETF (CZA)](#xx_305400ad-4776-4815-b509-cd7063b45a95_SOI-Continued-417_23) | **25** |
| [Invesco Zacks Multi-Asset Income ETF (CVY)](#xx_305400ad-4776-4815-b509-cd7063b45a95_SOI-Continued-417_25) | **27** |
| [Statements of Assets and Liabilities](#xx_305400ad-4776-4815-b509-cd7063b45a95_FS-Continued-417_1) | **30** |
| [Statements of Operations](#xx_305400ad-4776-4815-b509-cd7063b45a95_FS-Continued-417_3) | **32** |
| [Statements of Changes in Net Assets](#xx_305400ad-4776-4815-b509-cd7063b45a95_FS-Continued-417_5) | **34** |
| [Financial Highlights](#xx_305400ad-4776-4815-b509-cd7063b45a95_FIHI-Continued-417_1) | **39** |
| [Notes to Financial Statements](#xx_305400ad-4776-4815-b509-cd7063b45a95_NTF-Continued-417_1) | **48** |
| [Report of Independent Registered Public Accounting Firm](#xx_305400ad-4776-4815-b509-cd7063b45a95_AR-Continued-417_1) | **63** |
| [Tax Information](#xx_305400ad-4776-4815-b509-cd7063b45a95_TI-Continued-417_1) | **64** |
| [Approval of Investment Advisory Contracts](#xx_305400ad-4776-4815-b509-cd7063b45a95_BCRC-Continued_1) | **65** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_305400ad-4776-4815-b509-cd7063b45a95_OIRSR-Continued_1) | **71** |

---

------

**2**

------

**Invesco Large Cap Growth ETF (PWB)**

April 30, 2025

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-11.65%** | **Communication Services-11.65%** | **Communication Services-11.65%** |
| Alphabet, Inc., Class A | 193751 | &nbsp;&nbsp; $30767659 |
| Meta Platforms, Inc., Class A | 51695 | &nbsp;&nbsp; 28380555 |
| Netflix, Inc.<sup>(b)</sup> | 34787 | &nbsp;&nbsp; 39369144 |
| Spotify Technology S.A. (Sweden)<sup>(b)</sup> | 24744 | &nbsp;&nbsp; 15192321 |
|  |  | &nbsp;&nbsp; 113709679 |
| **Consumer Discretionary-14.82%** | **Consumer Discretionary-14.82%** | **Consumer Discretionary-14.82%** |
| Amazon.com, Inc.<sup>(b)(c)</sup> | 159714 | &nbsp;&nbsp; 29454456 |
| AutoZone, Inc.<sup>(b)</sup> | 4247 | &nbsp;&nbsp; 15979762 |
| Booking Holdings, Inc. | 2895 | &nbsp;&nbsp; 14762416 |
| Coupang, Inc. (South Korea)<sup>(b)</sup> | 602659 | &nbsp;&nbsp; 14084141 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 76158 | &nbsp;&nbsp; 14690117 |
| Garmin Ltd. | 64443 | &nbsp;&nbsp; 12042463 |
| Hilton Worldwide Holdings, Inc. | 56473 | &nbsp;&nbsp; 12733532 |
| MercadoLibre, Inc. (Brazil)<sup>(b)</sup> | 6718 | &nbsp;&nbsp; 15658650 |
| TJX Cos., Inc. (The) | 118710 | &nbsp;&nbsp; 15275603 |
|  |  | &nbsp;&nbsp; 144681140 |
| **Consumer Staples-6.75%** | **Consumer Staples-6.75%** | **Consumer Staples-6.75%** |
| Costco Wholesale Corp. | 32197 | &nbsp;&nbsp; 32019916 |
| Walmart, Inc. | 347923 | &nbsp;&nbsp; 33835512 |
|  |  | &nbsp;&nbsp; 65855428 |
| **Energy-1.31%** | **Energy-1.31%** | **Energy-1.31%** |
| Targa Resources Corp. | 74724 | &nbsp;&nbsp; 12770332 |
| **Financials-20.00%** | **Financials-20.00%** | **Financials-20.00%** |
| American Express Co. | 115859 | &nbsp;&nbsp; 30865996 |
| Charles Schwab Corp. (The) | 184392 | &nbsp;&nbsp; 15009509 |
| Fiserv, Inc.<sup>(b)</sup> | 62681 | &nbsp;&nbsp; 11569032 |
| Intercontinental Exchange, Inc.<sup>(c)</sup> | 85078 | &nbsp;&nbsp; 14290552 |
| Mastercard, Inc., Class A | 60266 | &nbsp;&nbsp; 33029384 |
| Moody's Corp. | 29027 | &nbsp;&nbsp; 13152714 |
| Progressive Corp. (The) | 52293 | &nbsp;&nbsp; 14733030 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup> | 317207 | &nbsp;&nbsp; 15578036 |
| S&P Global, Inc. | 27311 | &nbsp;&nbsp; 13656865 |
| Visa, Inc., Class A | 96538 | &nbsp;&nbsp; 33353879 |
|  |  | &nbsp;&nbsp; 195238997 |
| **Health Care-2.87%** | **Health Care-2.87%** | **Health Care-2.87%** |
| Boston Scientific Corp.<sup>(b)</sup> | 144624 | &nbsp;&nbsp; 14877471 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 25389 | &nbsp;&nbsp; 13095646 |
|  |  | &nbsp;&nbsp; 27973117 |
| **Industrials-12.93%** | **Industrials-12.93%** | **Industrials-12.93%** |
| Cintas Corp. | 70767 | &nbsp;&nbsp; 14979959 |
| General Electric Co.<sup>(c)</sup> | 170557 | &nbsp;&nbsp; 34374058 |
| Howmet Aerospace, Inc. | 111845 | &nbsp;&nbsp; 15499480 |
| Quanta Services, Inc. | 55089 | &nbsp;&nbsp; 16123999 |
| Trane Technologies PLC | 41768 | &nbsp;&nbsp; 16010092 |
| Uber Technologies, Inc.<sup>(b)(c)</sup> | 194351 | &nbsp;&nbsp; 15744374 |
| Vertiv Holdings Co., Class A | 158502 | &nbsp;&nbsp; 13532901 |
|  |  | &nbsp;&nbsp; 126264863 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-25.59%** | **Information Technology-25.59%** | **Information Technology-25.59%** |
| Adobe, Inc.<sup>(b)</sup> | 32857 | &nbsp;&nbsp; $12320718 |
| Amphenol Corp., Class A<sup>(c)</sup> | 224061 | &nbsp;&nbsp; 17241494 |
| Apple, Inc. | 137586 | &nbsp;&nbsp; 29237025 |
| AppLovin Corp., Class A<sup>(b)</sup> | 38618 | &nbsp;&nbsp; 10400214 |
| Arista Networks, Inc.<sup>(b)</sup> | 156825 | &nbsp;&nbsp; 12901993 |
| Broadcom, Inc. | 167816 | &nbsp;&nbsp; 32299545 |
| Fair Isaac Corp.<sup>(b)</sup> | 8015 | &nbsp;&nbsp; 15947285 |
| Fortinet, Inc.<sup>(b)</sup> | 134801 | &nbsp;&nbsp; 13986952 |
| KLA Corp. | 20099 | &nbsp;&nbsp; 14123366 |
| Microsoft Corp. | 85414 | &nbsp;&nbsp; 33760738 |
| NVIDIA Corp. | 268399 | &nbsp;&nbsp; 29234019 |
| Oracle Corp. | 201659 | &nbsp;&nbsp; 28377454 |
|  |  | &nbsp;&nbsp; 249830803 |
| **Materials-1.41%** | **Materials-1.41%** | **Materials-1.41%** |
| Ecolab, Inc. | 54824 | &nbsp;&nbsp; 13784398 |
| **Utilities-2.66%** | **Utilities-2.66%** | **Utilities-2.66%** |
| Constellation Energy Corp.<sup>(c)</sup> | 55106 | &nbsp;&nbsp; 12312884 |
| Vistra Corp.<sup>(c)</sup> | 105614 | &nbsp;&nbsp; 13690743 |
|  |  | &nbsp;&nbsp; 26003627 |
| Total Common Stocks & Other Equity Interests <br>(Cost $815,705,646) | Total Common Stocks & Other Equity Interests <br>(Cost $815,705,646) | &nbsp;&nbsp; 976112384 |
| **Money Market Funds-0.06%** | **Money Market Funds-0.06%** | **Money Market Funds-0.06%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $582,888)<br>| 582888 | &nbsp;&nbsp; 582888 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.05% <br>(Cost $816,288,534) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.05% <br>(Cost $816,288,534) | &nbsp;&nbsp; 976695272 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-3.33%** | **Money Market Funds-3.33%** | **Money Market Funds-3.33%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 9023694 | &nbsp;&nbsp; 9023694 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 23478814 | &nbsp;&nbsp; 23483510 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $32,507,324) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $32,507,324) | &nbsp;&nbsp; 32507204 |
| TOTAL INVESTMENTS IN SECURITIES-103.38% <br>(Cost $848,795,858) | TOTAL INVESTMENTS IN SECURITIES-103.38% <br>(Cost $848,795,858) | &nbsp;&nbsp; 1009202476 |
| OTHER ASSETS LESS LIABILITIES-(3.38)% | OTHER ASSETS LESS LIABILITIES-(3.38)% | &nbsp;&nbsp; (32949642)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $976252834 |

---

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

------

**3**

------

**Invesco Large Cap Growth ETF (PWB)—(continued)**

April 30, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $471270 | &nbsp;&nbsp; $9208497 | &nbsp;&nbsp; $(9096879)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $582888 | &nbsp;&nbsp; $24969 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 7632833 | &nbsp;&nbsp; 241683429 | &nbsp;&nbsp; (240292568)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 9023694 | &nbsp;&nbsp; 262,881<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 19628040 | &nbsp;&nbsp; 579163344 | &nbsp;&nbsp; (575302232)<br>| &nbsp;&nbsp; 820 | &nbsp;&nbsp; (6462)<br>| &nbsp;&nbsp; 23483510 | &nbsp;&nbsp; 700,538<br> \*<br>|
| Total | &nbsp;&nbsp; $27732143 | &nbsp;&nbsp; $830055270 | &nbsp;&nbsp; $(824691679)<br>| &nbsp;&nbsp; $820 | &nbsp;&nbsp; $(6462)<br>| &nbsp;&nbsp; $33090092 | &nbsp;&nbsp; $988388 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**4**

------

**Invesco Large Cap Value ETF (PWV)**

April 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.84%** | **Common Stocks & Other Equity Interests-99.84%** | **Common Stocks & Other Equity Interests-99.84%** |
| **Communication Services-3.22%** | **Communication Services-3.22%** | **Communication Services-3.22%** |
| AT&T, Inc. | 568009 | &nbsp;&nbsp; $15733849 |
| Charter Communications, Inc., Class A<sup>(b)</sup> | 42195 | &nbsp;&nbsp; 16534533 |
|  |  | &nbsp;&nbsp; 32268382 |
| **Consumer Discretionary-6.10%** | **Consumer Discretionary-6.10%** | **Consumer Discretionary-6.10%** |
| General Motors Co. | 324068 | &nbsp;&nbsp; 14660837 |
| Home Depot, Inc. (The) | 89919 | &nbsp;&nbsp; 32414900 |
| Lowe's Cos., Inc. | 62454 | &nbsp;&nbsp; 13962216 |
|  |  | &nbsp;&nbsp; 61037953 |
| **Consumer Staples-10.44%** | **Consumer Staples-10.44%** | **Consumer Staples-10.44%** |
| Altria Group, Inc.<sup>(c)</sup> | 270315 | &nbsp;&nbsp; 15989132 |
| Kroger Co. (The) | 231208 | &nbsp;&nbsp; 16695530 |
| Philip Morris International, Inc. | 224659 | &nbsp;&nbsp; 38497566 |
| Procter & Gamble Co. (The) | 204851 | &nbsp;&nbsp; 33302627 |
|  |  | &nbsp;&nbsp; 104484855 |
| **Energy-17.78%** | **Energy-17.78%** | **Energy-17.78%** |
| Cheniere Energy, Inc. | 70066 | &nbsp;&nbsp; 16192953 |
| Chevron Corp.<sup>(c)</sup> | 226118 | &nbsp;&nbsp; 30765615 |
| Energy Transfer L.P. | 800066 | &nbsp;&nbsp; 13233092 |
| EOG Resources, Inc. | 115271 | &nbsp;&nbsp; 12717849 |
| Exxon Mobil Corp. | 322302 | &nbsp;&nbsp; 34044760 |
| Kinder Morgan, Inc. | 579980 | &nbsp;&nbsp; 15253474 |
| Marathon Petroleum Corp. | 100515 | &nbsp;&nbsp; 13811766 |
| ONEOK, Inc. | 158055 | &nbsp;&nbsp; 12985799 |
| Valero Energy Corp.<sup>(c)</sup> | 113255 | &nbsp;&nbsp; 13147773 |
| Williams Cos., Inc. (The) | 269443 | &nbsp;&nbsp; 15781277 |
|  |  | &nbsp;&nbsp; 177934358 |
| **Financials-31.54%** | **Financials-31.54%** | **Financials-31.54%** |
| Aflac, Inc.<sup>(c)</sup> | 141827 | &nbsp;&nbsp; 15413758 |
| Bank of America Corp. | 804725 | &nbsp;&nbsp; 32092433 |
| Bank of New York Mellon Corp. (The)<sup>(c)</sup> | 174497 | &nbsp;&nbsp; 14031304 |
| Capital One Financial Corp. | 78067 | &nbsp;&nbsp; 14072357 |
| Citigroup, Inc. | 193723 | &nbsp;&nbsp; 13246779 |
| CME Group, Inc., Class A | 60357 | &nbsp;&nbsp; 16723718 |
| Goldman Sachs Group, Inc. (The) | 57442 | &nbsp;&nbsp; 31452367 |
| JPMorgan Chase & Co. | 137385 | &nbsp;&nbsp; 33607119 |
| MetLife, Inc. | 184149 | &nbsp;&nbsp; 13879310 |
| Morgan Stanley | 272537 | &nbsp;&nbsp; 31456221 |
| PayPal Holdings, Inc.<sup>(b)</sup> | 204367 | &nbsp;&nbsp; 13455523 |
| PNC Financial Services Group, Inc. (The) | 81174 | &nbsp;&nbsp; 13043850 |
| Prudential Financial, Inc. | 136250 | &nbsp;&nbsp; 13994237 |
| Truist Financial Corp. | 335271 | &nbsp;&nbsp; 12854290 |
| U.S. Bancorp | 329723 | &nbsp;&nbsp; 13301026 |
| Wells Fargo & Co. | 465265 | &nbsp;&nbsp; 33038468 |
|  |  | &nbsp;&nbsp; 315662760 |
| **Health Care-14.49%** | **Health Care-14.49%** | **Health Care-14.49%** |
| AbbVie, Inc. | 173238 | &nbsp;&nbsp; 33798734 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Cencora, Inc. | 60426 | &nbsp;&nbsp; $17684877 |
| CVS Health Corp. | 237784 | &nbsp;&nbsp; 15862571 |
| Gilead Sciences, Inc.<sup>(c)</sup> | 135729 | &nbsp;&nbsp; 14460568 |
| HCA Healthcare, Inc.<sup>(c)</sup> | 45447 | &nbsp;&nbsp; 15682851 |
| Johnson & Johnson | 212937 | &nbsp;&nbsp; 33284182 |
| Medtronic PLC | 167304 | &nbsp;&nbsp; 14180687 |
|  |  | &nbsp;&nbsp; 144954470 |
| **Industrials-5.20%** | **Industrials-5.20%** | **Industrials-5.20%** |
| 3M Co. | 103298 | &nbsp;&nbsp; 14349125 |
| Cummins, Inc. | 41927 | &nbsp;&nbsp; 12319830 |
| Delta Air Lines, Inc. | 244979 | &nbsp;&nbsp; 10198476 |
| Johnson Controls International PLC | 180418 | &nbsp;&nbsp; 15137070 |
|  |  | &nbsp;&nbsp; 52004501 |
| **Information Technology-9.74%** | **Information Technology-9.74%** | **Information Technology-9.74%** |
| Cisco Systems, Inc. | 549563 | &nbsp;&nbsp; 31726272 |
| International Business Machines Corp. | 137206 | &nbsp;&nbsp; 33179155 |
| QUALCOMM, Inc. | 219386 | &nbsp;&nbsp; 32570045 |
|  |  | &nbsp;&nbsp; 97475472 |
| **Real Estate-1.33%** | **Real Estate-1.33%** | **Real Estate-1.33%** |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 109133 | &nbsp;&nbsp; 13333870 |
| Total Common Stocks & Other Equity Interests <br>(Cost $930,166,172) | Total Common Stocks & Other Equity Interests <br>(Cost $930,166,172) | &nbsp;&nbsp; 999156621 |
| **Money Market Funds-0.08%** | **Money Market Funds-0.08%** | **Money Market Funds-0.08%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $785,842)<br>| 785842 | &nbsp;&nbsp; 785842 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.92% <br>(Cost $930,952,014) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.92% <br>(Cost $930,952,014) | &nbsp;&nbsp; 999942463 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-4.45%** | **Money Market Funds-4.45%** | **Money Market Funds-4.45%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 12347453 | &nbsp;&nbsp; 12347453 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 32172959 | &nbsp;&nbsp; 32179394 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $44,526,847) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $44,526,847) | &nbsp;&nbsp; 44526847 |
| TOTAL INVESTMENTS IN SECURITIES-104.37% <br>(Cost $975,478,861) | TOTAL INVESTMENTS IN SECURITIES-104.37% <br>(Cost $975,478,861) | &nbsp;&nbsp; 1044469310 |
| OTHER ASSETS LESS LIABILITIES-(4.37)% | OTHER ASSETS LESS LIABILITIES-(4.37)% | &nbsp;&nbsp; (43734467)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1000734843 |

---

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

------

**5**

------

**Invesco Large Cap Value ETF (PWV)—(continued)**

April 30, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $342537 | &nbsp;&nbsp; $36150765 | &nbsp;&nbsp; $(35707460)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $785842 | &nbsp;&nbsp; $27086 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 2875620 | &nbsp;&nbsp; 340487592 | &nbsp;&nbsp; (331015759)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 12347453 | &nbsp;&nbsp; 324,237<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 7391824 | &nbsp;&nbsp; 782942885 | &nbsp;&nbsp; (758153084)<br>| &nbsp;&nbsp; 733 | &nbsp;&nbsp; (2964)<br>| &nbsp;&nbsp; 32179394 | &nbsp;&nbsp; 880,353<br> \*<br>|
| Total | &nbsp;&nbsp; $10609981 | &nbsp;&nbsp; $1159581242 | &nbsp;&nbsp; $(1124876303)<br>| &nbsp;&nbsp; $733 | &nbsp;&nbsp; $(2964)<br>| &nbsp;&nbsp; $45312689 | &nbsp;&nbsp; $1231676 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**6**

------

**Invesco S&P 100 Equal Weight ETF (EQWL)**

April 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.86%** | **Common Stocks & Other Equity Interests-99.86%** | **Common Stocks & Other Equity Interests-99.86%** |
| **Communication Services-9.22%** | **Communication Services-9.22%** | **Communication Services-9.22%** |
| Alphabet, Inc., Class A | 39196 | &nbsp;&nbsp; $6224325 |
| Alphabet, Inc., Class C | 31791 | &nbsp;&nbsp; 5114854 |
| AT&T, Inc. | 463866 | &nbsp;&nbsp; 12849088 |
| Charter Communications, Inc., Class A<sup>(b)(c)</sup> | 34107 | &nbsp;&nbsp; 13365169 |
| Comcast Corp., Class A | 339061 | &nbsp;&nbsp; 11595886 |
| Meta Platforms, Inc., Class A | 19219 | &nbsp;&nbsp; 10551231 |
| Netflix, Inc.<sup>(b)</sup> | 12968 | &nbsp;&nbsp; 14676145 |
| T-Mobile US, Inc. | 46609 | &nbsp;&nbsp; 11510093 |
| Verizon Communications, Inc. | 280169 | &nbsp;&nbsp; 12344246 |
| Walt Disney Co. (The) | 120816 | &nbsp;&nbsp; 10988215 |
|  |  | &nbsp;&nbsp; 109219252 |
| **Consumer Discretionary-8.84%** | **Consumer Discretionary-8.84%** | **Consumer Discretionary-8.84%** |
| Amazon.com, Inc.<sup>(b)</sup> | 59978 | &nbsp;&nbsp; 11061143 |
| Booking Holdings, Inc. | 2690 | &nbsp;&nbsp; 13717063 |
| General Motors Co. | 249063 | &nbsp;&nbsp; 11267610 |
| Home Depot, Inc. (The) | 32724 | &nbsp;&nbsp; 11796675 |
| Lowe's Cos., Inc. | 52299 | &nbsp;&nbsp; 11691964 |
| McDonald's Corp. | 39855 | &nbsp;&nbsp; 12739651 |
| NIKE, Inc., Class B | 162137 | &nbsp;&nbsp; 9144527 |
| Starbucks Corp. | 120895 | &nbsp;&nbsp; 9677645 |
| Tesla, Inc.<sup>(b)</sup> | 48094 | &nbsp;&nbsp; 13570203 |
|  |  | &nbsp;&nbsp; 104666481 |
| **Consumer Staples-10.33%** | **Consumer Staples-10.33%** | **Consumer Staples-10.33%** |
| Altria Group, Inc. | 206410 | &nbsp;&nbsp; 12209152 |
| Coca-Cola Co. (The) | 170221 | &nbsp;&nbsp; 12349534 |
| Colgate-Palmolive Co. | 131378 | &nbsp;&nbsp; 12111738 |
| Costco Wholesale Corp. | 12873 | &nbsp;&nbsp; 12802198 |
| Mondelez International, Inc., Class A<sup>(c)</sup> | 183665 | &nbsp;&nbsp; 12513096 |
| PepsiCo, Inc. | 80561 | &nbsp;&nbsp; 10922460 |
| Philip Morris International, Inc. | 78830 | &nbsp;&nbsp; 13508309 |
| Procter & Gamble Co. (The) | 70827 | &nbsp;&nbsp; 11514345 |
| Target Corp. | 111238 | &nbsp;&nbsp; 10756715 |
| Walmart, Inc. | 140007 | &nbsp;&nbsp; 13615681 |
|  |  | &nbsp;&nbsp; 122303228 |
| **Energy-2.79%** | **Energy-2.79%** | **Energy-2.79%** |
| Chevron Corp.<sup>(c)</sup> | 77953 | &nbsp;&nbsp; 10606285 |
| ConocoPhillips | 122058 | &nbsp;&nbsp; 10877809 |
| Exxon Mobil Corp. | 109315 | &nbsp;&nbsp; 11546944 |
|  |  | &nbsp;&nbsp; 33031038 |
| **Financials-18.50%** | **Financials-18.50%** | **Financials-18.50%** |
| American Express Co. | 45758 | &nbsp;&nbsp; 12190389 |
| American International Group, Inc. | 148164 | &nbsp;&nbsp; 12078329 |
| Bank of America Corp. | 298978 | &nbsp;&nbsp; 11923243 |
| Bank of New York Mellon Corp. (The) | 147748 | &nbsp;&nbsp; 11880417 |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 23991 | &nbsp;&nbsp; 12793201 |
| BlackRock, Inc. | 13094 | &nbsp;&nbsp; 11971320 |
| Capital One Financial Corp.<sup>(c)</sup> | 70032 | &nbsp;&nbsp; 12623968 |
| Charles Schwab Corp. (The) | 160757 | &nbsp;&nbsp; 13085620 |
| Citigroup, Inc. | 175625 | &nbsp;&nbsp; 12009237 |
| Goldman Sachs Group, Inc. (The) | 22274 | &nbsp;&nbsp; 12196129 |
| JPMorgan Chase & Co. | 52390 | &nbsp;&nbsp; 12815642 |
| Mastercard, Inc., Class A | 22706 | &nbsp;&nbsp; 12444250 |
| MetLife, Inc. | 150647 | &nbsp;&nbsp; 11354264 |
| Morgan Stanley | 104643 | &nbsp;&nbsp; 12077895 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| PayPal Holdings, Inc.<sup>(b)</sup> | 173859 | &nbsp;&nbsp; $11446877 |
| U.S. Bancorp | 286265 | &nbsp;&nbsp; 11547930 |
| Visa, Inc., Class A | 35890 | &nbsp;&nbsp; 12399995 |
| Wells Fargo & Co. | 173140 | &nbsp;&nbsp; 12294671 |
|  |  | &nbsp;&nbsp; 219133377 |
| **Health Care-14.30%** | **Health Care-14.30%** | **Health Care-14.30%** |
| Abbott Laboratories | 91434 | &nbsp;&nbsp; 11954996 |
| AbbVie, Inc. | 56157 | &nbsp;&nbsp; 10956231 |
| Amgen, Inc. | 38092 | &nbsp;&nbsp; 11081725 |
| Bristol-Myers Squibb Co. | 199487 | &nbsp;&nbsp; 10014247 |
| CVS Health Corp. | 183679 | &nbsp;&nbsp; 12253226 |
| Danaher Corp. | 58250 | &nbsp;&nbsp; 11610973 |
| Eli Lilly and Co. | 14482 | &nbsp;&nbsp; 13018594 |
| Gilead Sciences, Inc. | 104663 | &nbsp;&nbsp; 11150796 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 23950 | &nbsp;&nbsp; 12353410 |
| Johnson & Johnson | 73224 | &nbsp;&nbsp; 11445643 |
| Medtronic PLC | 130372 | &nbsp;&nbsp; 11050331 |
| Merck & Co., Inc. | 127820 | &nbsp;&nbsp; 10890264 |
| Pfizer, Inc. | 464123 | &nbsp;&nbsp; 11329242 |
| Thermo Fisher Scientific, Inc. | 23290 | &nbsp;&nbsp; 9991410 |
| UnitedHealth Group, Inc. | 24787 | &nbsp;&nbsp; 10198363 |
|  |  | &nbsp;&nbsp; 169299451 |
| **Industrials-12.73%** | **Industrials-12.73%** | **Industrials-12.73%** |
| 3M Co. | 79450 | &nbsp;&nbsp; 11036399 |
| Boeing Co. (The)<sup>(b)</sup> | 74998 | &nbsp;&nbsp; 13742634 |
| Caterpillar, Inc. | 35280 | &nbsp;&nbsp; 10911046 |
| Deere & Co. | 25353 | &nbsp;&nbsp; 11752637 |
| Emerson Electric Co. | 107670 | &nbsp;&nbsp; 11317194 |
| FedEx Corp. | 49021 | &nbsp;&nbsp; 10310587 |
| General Dynamics Corp. | 45878 | &nbsp;&nbsp; 12484321 |
| General Electric Co. | 61045 | &nbsp;&nbsp; 12303009 |
| Honeywell International, Inc. | 57795 | &nbsp;&nbsp; 12165847 |
| Lockheed Martin Corp. | 25850 | &nbsp;&nbsp; 12349837 |
| RTX Corp. | 93024 | &nbsp;&nbsp; 11733117 |
| Union Pacific Corp. | 50257 | &nbsp;&nbsp; 10838425 |
| United Parcel Service, Inc., Class B | 103496 | &nbsp;&nbsp; 9863169 |
|  |  | &nbsp;&nbsp; 150808222 |
| **Information Technology-17.07%** | **Information Technology-17.07%** | **Information Technology-17.07%** |
| Accenture PLC, Class A (Ireland) | 36754 | &nbsp;&nbsp; 10994959 |
| Adobe, Inc.<sup>(b)</sup> | 27186 | &nbsp;&nbsp; 10194206 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 118073 | &nbsp;&nbsp; 11494407 |
| Apple, Inc. | 55001 | &nbsp;&nbsp; 11687712 |
| Broadcom, Inc. | 61396 | &nbsp;&nbsp; 11816888 |
| Cisco Systems, Inc. | 197326 | &nbsp;&nbsp; 11391630 |
| Intel Corp. | 575971 | &nbsp;&nbsp; 11577017 |
| International Business Machines Corp. | 47822 | &nbsp;&nbsp; 11564316 |
| Intuit, Inc. | 20165 | &nbsp;&nbsp; 12652933 |
| Microsoft Corp. | 31175 | &nbsp;&nbsp; 12322230 |
| NVIDIA Corp. | 103102 | &nbsp;&nbsp; 11229870 |
| Oracle Corp. | 79037 | &nbsp;&nbsp; 11122087 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 142327 | &nbsp;&nbsp; 16857210 |
| QUALCOMM, Inc. | 78128 | &nbsp;&nbsp; 11598883 |
| Salesforce, Inc. | 41952 | &nbsp;&nbsp; 11272922 |
| ServiceNow, Inc.<sup>(b)</sup> | 14145 | &nbsp;&nbsp; 13508616 |
| Texas Instruments, Inc. | 67920 | &nbsp;&nbsp; 10870596 |
|  |  | &nbsp;&nbsp; 202156482 |

---

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

------

**7**

------

**Invesco S&P 100 Equal Weight ETF (EQWL)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-1.01%** | **Materials-1.01%** | **Materials-1.01%** |
| Linde PLC | 26489 | &nbsp;&nbsp; $12005609 |
| **Real Estate-2.05%** | **Real Estate-2.05%** | **Real Estate-2.05%** |
| American Tower Corp. | 57707 | &nbsp;&nbsp; 13007735 |
| Simon Property Group, Inc. | 71919 | &nbsp;&nbsp; 11318612 |
|  |  | &nbsp;&nbsp; 24326347 |
| **Utilities-3.02%** | **Utilities-3.02%** | **Utilities-3.02%** |
| Duke Energy Corp. | 102276 | &nbsp;&nbsp; 12479717 |
| NextEra Energy, Inc. | 163581 | &nbsp;&nbsp; 10940297 |
| Southern Co. (The) | 134576 | &nbsp;&nbsp; 12366189 |
|  |  | &nbsp;&nbsp; 35786203 |
| Total Common Stocks & Other Equity Interests <br>(Cost $1,131,535,451) | Total Common Stocks & Other Equity Interests <br>(Cost $1,131,535,451) | &nbsp;&nbsp; 1182735690 |
| **Money Market Funds-0.06%** | **Money Market Funds-0.06%** | **Money Market Funds-0.06%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $660,360)<br>| 660360 | &nbsp;&nbsp; 660360 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.92% <br>(Cost $1,132,195,811) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.92% <br>(Cost $1,132,195,811) | &nbsp;&nbsp; 1183396050 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-2.97%** | **Money Market Funds-2.97%** | **Money Market Funds-2.97%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 9777174 | &nbsp;&nbsp; $9777174 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 25437550 | &nbsp;&nbsp; 25442638 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $35,219,812) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $35,219,812) | &nbsp;&nbsp; 35219812 |
| TOTAL INVESTMENTS IN SECURITIES-102.89% <br>(Cost $1,167,415,623) | TOTAL INVESTMENTS IN SECURITIES-102.89% <br>(Cost $1,167,415,623) | &nbsp;&nbsp; 1218615862 |
| OTHER ASSETS LESS LIABILITIES-(2.89)% | OTHER ASSETS LESS LIABILITIES-(2.89)% | &nbsp;&nbsp; (34263905)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1184351957 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $20455743 | &nbsp;&nbsp; $(19795383)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $660360 | &nbsp;&nbsp; $17272 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 4551231 | &nbsp;&nbsp; 228256392 | &nbsp;&nbsp; (223030449)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 9777174 | &nbsp;&nbsp; 215,605<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 11704960 | &nbsp;&nbsp; 515628826 | &nbsp;&nbsp; (501886723)<br>| &nbsp;&nbsp; 225 | &nbsp;&nbsp; (4650)<br>| &nbsp;&nbsp; 25442638 | &nbsp;&nbsp; 585,259<br> \*<br>|
| Total | &nbsp;&nbsp; $16256191 | &nbsp;&nbsp; $764340961 | &nbsp;&nbsp; $(744712555)<br>| &nbsp;&nbsp; $225 | &nbsp;&nbsp; $(4650)<br>| &nbsp;&nbsp; $35880172 | &nbsp;&nbsp; $818136 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**8**

------

**Invesco S&P 500 GARP ETF (SPGP)**

April 30, 2025

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-2.04%** | **Communication Services-2.04%** | **Communication Services-2.04%** |
| Alphabet, Inc., Class C | 183196 | &nbsp;&nbsp; $29474404 |
| Meta Platforms, Inc., Class A | 49717 | &nbsp;&nbsp; 27294633 |
|  |  | &nbsp;&nbsp; 56769037 |
| **Consumer Discretionary-15.57%** | **Consumer Discretionary-15.57%** | **Consumer Discretionary-15.57%** |
| Darden Restaurants, Inc.<sup>(b)</sup> | 194213 | &nbsp;&nbsp; 38966896 |
| Deckers Outdoor Corp.<sup>(c)</sup> | 180312 | &nbsp;&nbsp; 19983979 |
| Genuine Parts Co. | 423535 | &nbsp;&nbsp; 49786539 |
| Lennar Corp., Class A | 195320 | &nbsp;&nbsp; 21213705 |
| lululemon athletica, inc.<sup>(c)</sup> | 121964 | &nbsp;&nbsp; 33024192 |
| NVR, Inc.<sup>(c)</sup> | 3033 | &nbsp;&nbsp; 21612400 |
| PulteGroup, Inc. | 297842 | &nbsp;&nbsp; 30552633 |
| Ralph Lauren Corp. | 214455 | &nbsp;&nbsp; 48241652 |
| Ross Stores, Inc. | 386638 | &nbsp;&nbsp; 53742682 |
| TJX Cos., Inc. (The) | 480350 | &nbsp;&nbsp; 61811438 |
| Ulta Beauty, Inc.<sup>(c)</sup> | 136859 | &nbsp;&nbsp; 54146895 |
|  |  | &nbsp;&nbsp; 433083011 |
| **Consumer Staples-2.99%** | **Consumer Staples-2.99%** | **Consumer Staples-2.99%** |
| Archer-Daniels-Midland Co. | 534227 | &nbsp;&nbsp; 25509339 |
| Lamb Weston Holdings, Inc. | 485750 | &nbsp;&nbsp; 25652458 |
| Sysco Corp. | 449972 | &nbsp;&nbsp; 32128001 |
|  |  | &nbsp;&nbsp; 83289798 |
| **Energy-22.91%** | **Energy-22.91%** | **Energy-22.91%** |
| APA Corp.<sup>(b)</sup> | 2191799 | &nbsp;&nbsp; 34060556 |
| Chevron Corp. | 342769 | &nbsp;&nbsp; 46637150 |
| ConocoPhillips | 645958 | &nbsp;&nbsp; 57567777 |
| Coterra Energy, Inc. | 2018812 | &nbsp;&nbsp; 49582023 |
| Devon Energy Corp. | 1133512 | &nbsp;&nbsp; 34470100 |
| Diamondback Energy, Inc. | 330741 | &nbsp;&nbsp; 43661119 |
| EOG Resources, Inc. | 572184 | &nbsp;&nbsp; 63129061 |
| Exxon Mobil Corp. | 412009 | &nbsp;&nbsp; 43520511 |
| Halliburton Co.<sup>(b)</sup> | 1126268 | &nbsp;&nbsp; 22322632 |
| Marathon Petroleum Corp. | 456618 | &nbsp;&nbsp; 62743879 |
| Occidental Petroleum Corp.<sup>(b)</sup> | 673054 | &nbsp;&nbsp; 26525058 |
| Phillips 66 | 414596 | &nbsp;&nbsp; 43142860 |
| Texas Pacific Land Corp.<sup>(b)</sup> | 36680 | &nbsp;&nbsp; 47275752 |
| Valero Energy Corp.<sup>(b)</sup> | 540939 | &nbsp;&nbsp; 62797608 |
|  |  | &nbsp;&nbsp; 637436086 |
| **Financials-18.22%** | **Financials-18.22%** | **Financials-18.22%** |
| American Express Co. | 141705 | &nbsp;&nbsp; 37751629 |
| Ameriprise Financial, Inc. | 53912 | &nbsp;&nbsp; 25393630 |
| Arch Capital Group Ltd.<sup>(b)</sup> | 424602 | &nbsp;&nbsp; 38502909 |
| Berkshire Hathaway, Inc., Class B<sup>(c)</sup> | 72373 | &nbsp;&nbsp; 38592902 |
| Capital One Financial Corp. | 188797 | &nbsp;&nbsp; 34032547 |
| Chubb Ltd. | 111886 | &nbsp;&nbsp; 32008347 |
| Discover Financial Services | 250624 | &nbsp;&nbsp; 45781486 |
| Everest Group Ltd.<sup>(b)</sup> | 99532 | &nbsp;&nbsp; 35715068 |
| Loews Corp. | 425206 | &nbsp;&nbsp; 36920637 |
| Mastercard, Inc., Class A | 63001 | &nbsp;&nbsp; 34528328 |
| Prudential Financial, Inc. | 250629 | &nbsp;&nbsp; 25742105 |
| Regions Financial Corp. | 1045811 | &nbsp;&nbsp; 21345003 |
| Synchrony Financial | 548376 | &nbsp;&nbsp; 28488133 |
| Visa, Inc., Class A | 99975 | &nbsp;&nbsp; 34541363 |
| W.R. Berkley Corp. | 525328 | &nbsp;&nbsp; 37660764 |
|  |  | &nbsp;&nbsp; 507004851 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-2.30%** | **Health Care-2.30%** | **Health Care-2.30%** |
| Molina Healthcare, Inc.<sup>(c)</sup> | 116330 | &nbsp;&nbsp; $38041073 |
| ResMed, Inc. | 109208 | &nbsp;&nbsp; 25837521 |
|  |  | &nbsp;&nbsp; 63878594 |
| **Industrials-12.47%** | **Industrials-12.47%** | **Industrials-12.47%** |
| Builders FirstSource, Inc.<sup>(c)</sup> | 259940 | &nbsp;&nbsp; 31096622 |
| Caterpillar, Inc. | 101611 | &nbsp;&nbsp; 31425234 |
| CSX Corp. | 827660 | &nbsp;&nbsp; 23232416 |
| Delta Air Lines, Inc. | 1027126 | &nbsp;&nbsp; 42759256 |
| Old Dominion Freight Line, Inc.<sup>(b)</sup> | 145476 | &nbsp;&nbsp; 22298561 |
| PACCAR, Inc. | 368311 | &nbsp;&nbsp; 33225335 |
| Paycom Software, Inc.<sup>(b)</sup> | 175811 | &nbsp;&nbsp; 39801852 |
| Textron, Inc. | 345332 | &nbsp;&nbsp; 24301013 |
| Trane Technologies PLC | 74168 | &nbsp;&nbsp; 28429336 |
| United Airlines Holdings, Inc.<sup>(c)</sup> | 620492 | &nbsp;&nbsp; 42702260 |
| W.W. Grainger, Inc. | 26881 | &nbsp;&nbsp; 27534477 |
|  |  | &nbsp;&nbsp; 346806362 |
| **Information Technology-13.93%** | **Information Technology-13.93%** | **Information Technology-13.93%** |
| Arista Networks, Inc.<sup>(c)</sup> | 518661 | &nbsp;&nbsp; 42670240 |
| Fortinet, Inc.<sup>(c)</sup> | 469383 | &nbsp;&nbsp; 48703180 |
| Gartner, Inc.<sup>(c)</sup> | 72364 | &nbsp;&nbsp; 30471033 |
| GoDaddy, Inc., Class A<sup>(c)</sup> | 175721 | &nbsp;&nbsp; 33093536 |
| Hewlett Packard Enterprise Co. | 1402427 | &nbsp;&nbsp; 22747366 |
| KLA Corp. | 43898 | &nbsp;&nbsp; 30846686 |
| NVIDIA Corp. | 556099 | &nbsp;&nbsp; 60570303 |
| NXP Semiconductors N.V. (Netherlands) | 265864 | &nbsp;&nbsp; 49001394 |
| ON Semiconductor Corp.<sup>(c)</sup> | 663016 | &nbsp;&nbsp; 26321735 |
| Palo Alto Networks, Inc.<sup>(b)(c)</sup> | 230291 | &nbsp;&nbsp; 43048297 |
|  |  | &nbsp;&nbsp; 387473770 |
| **Materials-7.76%** | **Materials-7.76%** | **Materials-7.76%** |
| CF Industries Holdings, Inc. | 509918 | &nbsp;&nbsp; 39962274 |
| Martin Marietta Materials, Inc. | 48467 | &nbsp;&nbsp; 25395739 |
| Mosaic Co. (The) | 1337828 | &nbsp;&nbsp; 40669971 |
| Nucor Corp. | 416715 | &nbsp;&nbsp; 49743270 |
| Steel Dynamics, Inc. | 463357 | &nbsp;&nbsp; 60102036 |
|  |  | &nbsp;&nbsp; 215873290 |
| **Real Estate-1.81%** | **Real Estate-1.81%** | **Real Estate-1.81%** |
| Host Hotels & Resorts, Inc.<sup>(b)</sup> | 3568711 | &nbsp;&nbsp; 50390199 |
| Total Common Stocks & Other Equity Interests <br>(Cost $2,984,305,035) | Total Common Stocks & Other Equity Interests <br>(Cost $2,984,305,035) | &nbsp;&nbsp; 2782004998 |
| **Money Market Funds-0.01%** | **Money Market Funds-0.01%** | **Money Market Funds-0.01%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $371,281)<br>| 371281 | &nbsp;&nbsp; 371281 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.01% <br>(Cost $2,984,676,316) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.01% <br>(Cost $2,984,676,316) | &nbsp;&nbsp; 2782376279 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-3.44%** | **Money Market Funds-3.44%** | **Money Market Funds-3.44%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 26556829 | &nbsp;&nbsp; 26556829 |

---

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

------

**9**

------

**Invesco S&P 500 GARP ETF (SPGP)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 69156139 | &nbsp;&nbsp; $69169970 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $95,729,794) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $95,729,794) | &nbsp;&nbsp; 95726799 |
| TOTAL INVESTMENTS IN SECURITIES-103.45% <br>(Cost $3,080,406,110) | TOTAL INVESTMENTS IN SECURITIES-103.45% <br>(Cost $3,080,406,110) | &nbsp;&nbsp; 2878103078 |
| OTHER ASSETS LESS LIABILITIES-(3.45)% | OTHER ASSETS LESS LIABILITIES-(3.45)% | &nbsp;&nbsp; (96026837)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $2782076241 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $816383 | &nbsp;&nbsp; $94024572 | &nbsp;&nbsp; $(94469674)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $371281 | &nbsp;&nbsp; $128923 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 90700379 | &nbsp;&nbsp; 914554424 | &nbsp;&nbsp; (978697974)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 26556829 | &nbsp;&nbsp; 1,583,497<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 204571930 | &nbsp;&nbsp; 2016531400 | &nbsp;&nbsp; (2151917861)<br>| &nbsp;&nbsp; 17441 | &nbsp;&nbsp; (32940)<br>| &nbsp;&nbsp; 69169970 | &nbsp;&nbsp; 4,320,501<br> \*<br>|
| Total | &nbsp;&nbsp; $296088692 | &nbsp;&nbsp; $3025110396 | &nbsp;&nbsp; $(3225085509)<br>| &nbsp;&nbsp; $17441 | &nbsp;&nbsp; $(32940)<br>| &nbsp;&nbsp; $96098080 | &nbsp;&nbsp; $6032921 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**10**

------

**Invesco S&P 500 Value with Momentum ETF (SPVM)**

April 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.87%** | **Common Stocks & Other Equity Interests-99.87%** | **Common Stocks & Other Equity Interests-99.87%** |
| **Communication Services-5.37%** | **Communication Services-5.37%** | **Communication Services-5.37%** |
| AT&T, Inc. | 24633 | &nbsp;&nbsp; $682335 |
| Fox Corp., Class A<sup>(b)</sup> | 14093 | &nbsp;&nbsp; 701691 |
| News Corp., Class A | 12882 | &nbsp;&nbsp; 349360 |
| Omnicom Group, Inc.<sup>(b)</sup> | 4984 | &nbsp;&nbsp; 379581 |
| Verizon Communications, Inc. | 12545 | &nbsp;&nbsp; 552733 |
|  |  | &nbsp;&nbsp; 2665700 |
| **Consumer Discretionary-10.40%** | **Consumer Discretionary-10.40%** | **Consumer Discretionary-10.40%** |
| Best Buy Co., Inc. | 8168 | &nbsp;&nbsp; 544724 |
| Carnival Corp.<sup>(c)</sup> | 15259 | &nbsp;&nbsp; 279850 |
| D.R. Horton, Inc. | 4069 | &nbsp;&nbsp; 514077 |
| eBay, Inc.<sup>(b)</sup> | 5360 | &nbsp;&nbsp; 365338 |
| General Motors Co. | 25444 | &nbsp;&nbsp; 1151086 |
| Lennar Corp., Class A | 4404 | &nbsp;&nbsp; 478318 |
| Mohawk Industries, Inc.<sup>(b)(c)</sup> | 6420 | &nbsp;&nbsp; 682767 |
| Norwegian Cruise Line Holdings Ltd.<sup>(c)</sup> | 12263 | &nbsp;&nbsp; 196576 |
| PulteGroup, Inc. | 5310 | &nbsp;&nbsp; 544700 |
| Tapestry, Inc. | 5644 | &nbsp;&nbsp; 398749 |
|  |  | &nbsp;&nbsp; 5156185 |
| **Consumer Staples-4.63%** | **Consumer Staples-4.63%** | **Consumer Staples-4.63%** |
| Altria Group, Inc.<sup>(b)</sup> | 6856 | &nbsp;&nbsp; 405532 |
| Kroger Co. (The) | 13696 | &nbsp;&nbsp; 988988 |
| Tyson Foods, Inc., Class A | 14712 | &nbsp;&nbsp; 900963 |
|  |  | &nbsp;&nbsp; 2295483 |
| **Energy-2.99%** | **Energy-2.99%** | **Energy-2.99%** |
| Diamondback Energy, Inc. | 4307 | &nbsp;&nbsp; 568567 |
| Exxon Mobil Corp. | 5223 | &nbsp;&nbsp; 551705 |
| Kinder Morgan, Inc. | 13745 | &nbsp;&nbsp; 361494 |
|  |  | &nbsp;&nbsp; 1481766 |
| **Financials-35.56%** | **Financials-35.56%** | **Financials-35.56%** |
| Aflac, Inc.<sup>(b)</sup> | 3889 | &nbsp;&nbsp; 422657 |
| Allstate Corp. (The) | 3226 | &nbsp;&nbsp; 640006 |
| American International Group, Inc. | 5031 | &nbsp;&nbsp; 410127 |
| Assurant, Inc. | 2718 | &nbsp;&nbsp; 523867 |
| Bank of America Corp. | 12068 | &nbsp;&nbsp; 481272 |
| Bank of New York Mellon Corp. (The)<sup>(b)</sup> | 6269 | &nbsp;&nbsp; 504090 |
| Berkshire Hathaway, Inc., Class B<sup>(c)</sup> | 1494 | &nbsp;&nbsp; 796676 |
| Capital One Financial Corp.<sup>(b)</sup> | 3166 | &nbsp;&nbsp; 570703 |
| Chubb Ltd. | 2263 | &nbsp;&nbsp; 647399 |
| Cincinnati Financial Corp. | 4769 | &nbsp;&nbsp; 663893 |
| Citigroup, Inc. | 9313 | &nbsp;&nbsp; 636823 |
| Citizens Financial Group, Inc. | 13961 | &nbsp;&nbsp; 515021 |
| Fifth Third Bancorp | 10860 | &nbsp;&nbsp; 390308 |
| Goldman Sachs Group, Inc. (The) | 773 | &nbsp;&nbsp; 423256 |
| Hartford Insurance Group, Inc. (The) | 5438 | &nbsp;&nbsp; 667080 |
| Huntington Bancshares, Inc. | 30668 | &nbsp;&nbsp; 445606 |
| Invesco Ltd.<sup>(d)</sup> | 19072 | &nbsp;&nbsp; 265673 |
| JPMorgan Chase & Co. | 1979 | &nbsp;&nbsp; 484103 |
| KeyCorp | 18282 | &nbsp;&nbsp; 271305 |
| Loews Corp. | 10311 | &nbsp;&nbsp; 895304 |
| M&T Bank Corp. | 2760 | &nbsp;&nbsp; 468538 |
| MetLife, Inc. | 7689 | &nbsp;&nbsp; 579520 |
| Morgan Stanley | 3114 | &nbsp;&nbsp; 359418 |
| Northern Trust Corp.<sup>(b)</sup> | 5129 | &nbsp;&nbsp; 482023 |
| PNC Financial Services Group, Inc. (The) | 2312 | &nbsp;&nbsp; 371515 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Prudential Financial, Inc. | 7482 | &nbsp;&nbsp; $768476 |
| Raymond James Financial, Inc. | 2275 | &nbsp;&nbsp; 311766 |
| Regions Financial Corp. | 22017 | &nbsp;&nbsp; 449367 |
| State Street Corp. | 6408 | &nbsp;&nbsp; 564545 |
| Synchrony Financial | 10138 | &nbsp;&nbsp; 526669 |
| Travelers Cos., Inc. (The) | 2408 | &nbsp;&nbsp; 636025 |
| U.S. Bancorp | 10249 | &nbsp;&nbsp; 413445 |
| W.R. Berkley Corp.<sup>(b)</sup> | 7234 | &nbsp;&nbsp; 518605 |
| Wells Fargo & Co. | 7546 | &nbsp;&nbsp; 535841 |
|  |  | &nbsp;&nbsp; 17640922 |
| **Health Care-7.99%** | **Health Care-7.99%** | **Health Care-7.99%** |
| Cardinal Health, Inc. | 5254 | &nbsp;&nbsp; 742338 |
| Cencora, Inc. | 2679 | &nbsp;&nbsp; 784063 |
| DaVita, Inc.<sup>(b)(c)</sup> | 2292 | &nbsp;&nbsp; 324433 |
| HCA Healthcare, Inc.<sup>(b)</sup> | 1169 | &nbsp;&nbsp; 403398 |
| Labcorp Holdings, Inc.<sup>(b)</sup> | 1480 | &nbsp;&nbsp; 356695 |
| Quest Diagnostics, Inc.<sup>(b)</sup> | 2575 | &nbsp;&nbsp; 458916 |
| Universal Health Services, Inc., Class B | 3553 | &nbsp;&nbsp; 629130 |
| Viatris, Inc. | 31438 | &nbsp;&nbsp; 264708 |
|  |  | &nbsp;&nbsp; 3963681 |
| **Industrials-5.94%** | **Industrials-5.94%** | **Industrials-5.94%** |
| Builders FirstSource, Inc.<sup>(c)</sup> | 2363 | &nbsp;&nbsp; 282686 |
| Delta Air Lines, Inc. | 12975 | &nbsp;&nbsp; 540149 |
| General Dynamics Corp. | 1434 | &nbsp;&nbsp; 390220 |
| Jacobs Solutions, Inc. | 3328 | &nbsp;&nbsp; 412006 |
| Leidos Holdings, Inc. | 2576 | &nbsp;&nbsp; 379136 |
| PACCAR, Inc. | 4291 | &nbsp;&nbsp; 387091 |
| United Airlines Holdings, Inc.<sup>(c)</sup> | 8050 | &nbsp;&nbsp; 554001 |
|  |  | &nbsp;&nbsp; 2945289 |
| **Information Technology-3.56%** | **Information Technology-3.56%** | **Information Technology-3.56%** |
| Cognizant Technology Solutions Corp., Class A | 5261 | &nbsp;&nbsp; 387052 |
| Hewlett Packard Enterprise Co.<sup>(b)</sup> | 35326 | &nbsp;&nbsp; 572988 |
| HP, Inc. | 15987 | &nbsp;&nbsp; 408788 |
| TE Connectivity PLC (Switzerland) | 2717 | &nbsp;&nbsp; 397714 |
|  |  | &nbsp;&nbsp; 1766542 |
| **Materials-5.53%** | **Materials-5.53%** | **Materials-5.53%** |
| Amcor PLC<sup>(b)</sup> | 43584 | &nbsp;&nbsp; 400973 |
| Ball Corp. | 11874 | &nbsp;&nbsp; 616735 |
| Eastman Chemical Co. | 5914 | &nbsp;&nbsp; 455378 |
| International Paper Co. | 7345 | &nbsp;&nbsp; 335520 |
| Smurfit WestRock PLC | 8699 | &nbsp;&nbsp; 365532 |
| Steel Dynamics, Inc. | 4393 | &nbsp;&nbsp; 569816 |
|  |  | &nbsp;&nbsp; 2743954 |
| **Real Estate-1.53%** | **Real Estate-1.53%** | **Real Estate-1.53%** |
| Host Hotels & Resorts, Inc. | 25631 | &nbsp;&nbsp; 361910 |
| Realty Income Corp. | 6849 | &nbsp;&nbsp; 396283 |
|  |  | &nbsp;&nbsp; 758193 |
| **Utilities-16.37%** | **Utilities-16.37%** | **Utilities-16.37%** |
| Alliant Energy Corp. | 5786 | &nbsp;&nbsp; 353177 |
| American Electric Power Co., Inc.<sup>(b)</sup> | 4714 | &nbsp;&nbsp; 510715 |
| Atmos Energy Corp.<sup>(b)</sup> | 2802 | &nbsp;&nbsp; 450085 |
| CMS Energy Corp. | 5795 | &nbsp;&nbsp; 426802 |
| Consolidated Edison, Inc. | 5638 | &nbsp;&nbsp; 635684 |
| Dominion Energy, Inc. | 8000 | &nbsp;&nbsp; 435040 |

---

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

------

**11**

------

**Invesco S&P 500 Value with Momentum ETF (SPVM)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities-(continued)** | **Utilities-(continued)** | **Utilities-(continued)** |
| DTE Energy Co. | 3905 | &nbsp;&nbsp; $534985 |
| Duke Energy Corp.<sup>(b)</sup> | 3964 | &nbsp;&nbsp; 483687 |
| Edison International | 4766 | &nbsp;&nbsp; 255029 |
| Entergy Corp. | 5764 | &nbsp;&nbsp; 479392 |
| Evergy, Inc. | 8838 | &nbsp;&nbsp; 610706 |
| FirstEnergy Corp. | 10630 | &nbsp;&nbsp; 455814 |
| NiSource, Inc. | 10609 | &nbsp;&nbsp; 414918 |
| NRG Energy, Inc. | 4344 | &nbsp;&nbsp; 476016 |
| PG&E Corp. | 27573 | &nbsp;&nbsp; 455506 |
| PPL Corp. | 11668 | &nbsp;&nbsp; 425882 |
| Sempra | 4564 | &nbsp;&nbsp; 338968 |
| Southern Co. (The) | 4136 | &nbsp;&nbsp; 380057 |
|  |  | &nbsp;&nbsp; 8122463 |
| Total Common Stocks & Other Equity Interests <br>(Cost $47,069,257) | Total Common Stocks & Other Equity Interests <br>(Cost $47,069,257) | &nbsp;&nbsp; 49540178 |
| **Money Market Funds-0.22%** | **Money Market Funds-0.22%** | **Money Market Funds-0.22%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $110,016)<br>| 110016 | &nbsp;&nbsp; 110016 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.09% <br>(Cost $47,179,273) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.09% <br>(Cost $47,179,273) | &nbsp;&nbsp; 49650194 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-13.76%** | **Money Market Funds-13.76%** | **Money Market Funds-13.76%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 1893177 | &nbsp;&nbsp; $1893177 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 4929100 | &nbsp;&nbsp; 4930086 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $6,823,392) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $6,823,392) | &nbsp;&nbsp; 6823263 |
| TOTAL INVESTMENTS IN SECURITIES-113.85% <br>(Cost $54,002,665) | TOTAL INVESTMENTS IN SECURITIES-113.85% <br>(Cost $54,002,665) | &nbsp;&nbsp; 56473457 |
| OTHER ASSETS LESS LIABILITIES-(13.85)% | OTHER ASSETS LESS LIABILITIES-(13.85)% | &nbsp;&nbsp; (6869965)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $49603492 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| Invesco Ltd. | &nbsp;&nbsp; $- | &nbsp;&nbsp; $328363 | &nbsp;&nbsp; $(490)<br>| &nbsp;&nbsp; $(62075)<br>| &nbsp;&nbsp; $(125)<br>| &nbsp;&nbsp; $265673 | &nbsp;&nbsp; $3167 |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp; 80646 | &nbsp;&nbsp; 1495952 | &nbsp;&nbsp; (1466582)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 110016 | &nbsp;&nbsp; 4196 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 2035749 | &nbsp;&nbsp; 34928181 | &nbsp;&nbsp; (35070753)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1893177 | &nbsp;&nbsp; 62,559<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 5584893 | &nbsp;&nbsp; 64748530 | &nbsp;&nbsp; (65403269)<br>| &nbsp;&nbsp; 396 | &nbsp;&nbsp; (464)<br>| &nbsp;&nbsp; 4930086 | &nbsp;&nbsp; 165,939<br> \*<br>|
| Total | &nbsp;&nbsp; $7701288 | &nbsp;&nbsp; $101501026 | &nbsp;&nbsp; $(101941094)<br>| &nbsp;&nbsp; $(61679)<br>| &nbsp;&nbsp; $(589)<br>| &nbsp;&nbsp; $7198952 | &nbsp;&nbsp; $235861 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**12**

------

**Invesco S&P MidCap Momentum ETF (XMMO)**

April 30, 2025

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%** |
| **Consumer Discretionary-7.50%** | **Consumer Discretionary-7.50%** | **Consumer Discretionary-7.50%** |
| Chewy, Inc., Class A<sup>(b)</sup> | 766097 | &nbsp;&nbsp; $28728638 |
| Dick's Sporting Goods, Inc.<sup>(c)</sup> | 224442 | &nbsp;&nbsp; 42136741 |
| Duolingo, Inc.<sup>(b)</sup> | 168296 | &nbsp;&nbsp; 65547926 |
| Murphy USA, Inc.<sup>(c)</sup> | 74466 | &nbsp;&nbsp; 37126514 |
| Planet Fitness, Inc., Class A<sup>(b)(c)</sup> | 378450 | &nbsp;&nbsp; 35797585 |
| Texas Roadhouse, Inc. | 284275 | &nbsp;&nbsp; 47178279 |
|  |  | &nbsp;&nbsp; 256515683 |
| **Consumer Staples-13.97%** | **Consumer Staples-13.97%** | **Consumer Staples-13.97%** |
| BellRing Brands, Inc.<sup>(b)</sup> | 466757 | &nbsp;&nbsp; 36005635 |
| BJ's Wholesale Club Holdings, Inc.<sup>(b)(c)</sup> | 592004 | &nbsp;&nbsp; 69595990 |
| Casey's General Stores, Inc. | 165026 | &nbsp;&nbsp; 76339377 |
| Coca-Cola Consolidated, Inc. | 24690 | &nbsp;&nbsp; 33474949 |
| Maplebear, Inc.<sup>(b)(c)</sup> | 869312 | &nbsp;&nbsp; 34676856 |
| Pilgrim's Pride Corp.<sup>(c)</sup> | 223316 | &nbsp;&nbsp; 12188587 |
| Sprouts Farmers Market, Inc.<sup>(b)(c)</sup> | 793866 | &nbsp;&nbsp; 135751086 |
| US Foods Holding Corp.<sup>(b)(c)</sup> | 1213966 | &nbsp;&nbsp; 79709008 |
|  |  | &nbsp;&nbsp; 477741488 |
| **Energy-4.84%** | **Energy-4.84%** | **Energy-4.84%** |
| Antero Midstream Corp.<sup>(c)</sup> | 1408430 | &nbsp;&nbsp; 23309516 |
| Antero Resources Corp.<sup>(b)</sup> | 1157824 | &nbsp;&nbsp; 40327010 |
| DT Midstream, Inc.<sup>(c)</sup> | 804478 | &nbsp;&nbsp; 78195262 |
| Viper Energy, Inc.<sup>(c)</sup> | 584486 | &nbsp;&nbsp; 23572320 |
|  |  | &nbsp;&nbsp; 165404108 |
| **Financials-26.48%** | **Financials-26.48%** | **Financials-26.48%** |
| CNO Financial Group, Inc.<sup>(c)</sup> | 437208 | &nbsp;&nbsp; 16587672 |
| Commerce Bancshares, Inc.<sup>(c)</sup> | 473791 | &nbsp;&nbsp; 28778065 |
| East West Bancorp, Inc. | 514966 | &nbsp;&nbsp; 44055341 |
| Equitable Holdings, Inc. | 1778029 | &nbsp;&nbsp; 87923534 |
| Evercore, Inc., Class A | 177698 | &nbsp;&nbsp; 36479622 |
| First Horizon Corp.<sup>(c)</sup> | 2275551 | &nbsp;&nbsp; 41141962 |
| Houlihan Lokey, Inc.<sup>(c)</sup> | 271570 | &nbsp;&nbsp; 44016066 |
| Interactive Brokers Group, Inc., Class A | 864436 | &nbsp;&nbsp; 148553327 |
| Janus Henderson Group PLC | 761849 | &nbsp;&nbsp; 25301005 |
| Jefferies Financial Group, Inc. | 1137385 | &nbsp;&nbsp; 53150001 |
| Old National Bancorp<sup>(c)</sup> | 1195604 | &nbsp;&nbsp; 24617486 |
| Old Republic International Corp. | 1254322 | &nbsp;&nbsp; 47162507 |
| Reinsurance Group of America, Inc. | 232407 | &nbsp;&nbsp; 43532155 |
| Ryan Specialty Holdings, Inc., Class A<sup>(c)</sup> | 483100 | &nbsp;&nbsp; 31647881 |
| SEI Investments Co.<sup>(c)</sup> | 445057 | &nbsp;&nbsp; 34843513 |
| SLM Corp.<sup>(c)</sup> | 738942 | &nbsp;&nbsp; 21362813 |
| Stifel Financial Corp.<sup>(c)</sup> | 544562 | &nbsp;&nbsp; 46663518 |
| Synovus Financial Corp.<sup>(c)</sup> | 527883 | &nbsp;&nbsp; 22867892 |
| UMB Financial Corp. | 237988 | &nbsp;&nbsp; 22506525 |
| Unum Group<sup>(c)</sup> | 1084989 | &nbsp;&nbsp; 84260246 |
|  |  | &nbsp;&nbsp; 905451131 |
| **Health Care-9.52%** | **Health Care-9.52%** | **Health Care-9.52%** |
| Doximity, Inc., Class A<sup>(b)(c)</sup> | 567468 | &nbsp;&nbsp; 32277580 |
| Encompass Health Corp. | 453413 | &nbsp;&nbsp; 53044787 |
| Exelixis, Inc.<sup>(b)</sup> | 1039189 | &nbsp;&nbsp; 40684249 |
| Globus Medical, Inc., Class A<sup>(b)(c)</sup> | 603453 | &nbsp;&nbsp; 43309822 |
| Halozyme Therapeutics, Inc.<sup>(b)(c)</sup> | 498714 | &nbsp;&nbsp; 30631014 |
| Tenet Healthcare Corp.<sup>(b)(c)</sup> | 405826 | &nbsp;&nbsp; 58012827 |
| United Therapeutics Corp.<sup>(b)</sup> | 222906 | &nbsp;&nbsp; 67560579 |
|  |  | &nbsp;&nbsp; 325520858 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-18.95%** | **Industrials-18.95%** | **Industrials-18.95%** |
| AAON, Inc.<sup>(c)</sup> | 249356 | &nbsp;&nbsp; $22758722 |
| Acuity, Inc. | 109019 | &nbsp;&nbsp; 26558119 |
| Applied Industrial Technologies, Inc.<sup>(c)</sup> | 154212 | &nbsp;&nbsp; 37516695 |
| Chart Industries, Inc.<sup>(b)</sup> | 166903 | &nbsp;&nbsp; 22528567 |
| Clean Harbors, Inc.<sup>(b)(c)</sup> | 176610 | &nbsp;&nbsp; 37783944 |
| Comfort Systems USA, Inc. | 157496 | &nbsp;&nbsp; 62612535 |
| Curtiss-Wright Corp. | 178270 | &nbsp;&nbsp; 61483540 |
| EMCOR Group, Inc. | 260673 | &nbsp;&nbsp; 104451671 |
| ESAB Corp.<sup>(c)</sup> | 203444 | &nbsp;&nbsp; 24437693 |
| ExlService Holdings, Inc.<sup>(b)(c)</sup> | 859309 | &nbsp;&nbsp; 41659300 |
| Flowserve Corp. | 678031 | &nbsp;&nbsp; 30667342 |
| MasTec, Inc.<sup>(b)</sup> | 377645 | &nbsp;&nbsp; 48081762 |
| Mueller Industries, Inc.<sup>(c)</sup> | 504237 | &nbsp;&nbsp; 37091674 |
| RB Global, Inc. (Canada) | 683780 | &nbsp;&nbsp; 68856646 |
| Ryder System, Inc.<sup>(c)</sup> | 155045 | &nbsp;&nbsp; 21345045 |
|  |  | &nbsp;&nbsp; 647833255 |
| **Information Technology-7.71%** | **Information Technology-7.71%** | **Information Technology-7.71%** |
| Belden, Inc.<sup>(c)</sup> | 158129 | &nbsp;&nbsp; 16304681 |
| Commvault Systems, Inc.<sup>(b)(c)</sup> | 165954 | &nbsp;&nbsp; 27735892 |
| Flex Ltd.<sup>(b)</sup> | 1710886 | &nbsp;&nbsp; 58751825 |
| Guidewire Software, Inc.<sup>(b)(c)</sup> | 466516 | &nbsp;&nbsp; 95528481 |
| Kyndryl Holdings, Inc.<sup>(b)(c)</sup> | 994954 | &nbsp;&nbsp; 32256409 |
| TD SYNNEX Corp.<sup>(c)</sup> | 299295 | &nbsp;&nbsp; 33161886 |
|  |  | &nbsp;&nbsp; 263739174 |
| **Materials-3.66%** | **Materials-3.66%** | **Materials-3.66%** |
| Carpenter Technology Corp. | 396625 | &nbsp;&nbsp; 77583817 |
| Knife River Corp.<sup>(b)(c)</sup> | 222869 | &nbsp;&nbsp; 20811507 |
| Louisiana-Pacific Corp. | 308481 | &nbsp;&nbsp; 26624995 |
|  |  | &nbsp;&nbsp; 125020319 |
| **Real Estate-4.38%** | **Real Estate-4.38%** | **Real Estate-4.38%** |
| Cousins Properties, Inc.<sup>(c)</sup> | 618064 | &nbsp;&nbsp; 17021483 |
| Jones Lang LaSalle, Inc.<sup>(b)(c)</sup> | 204147 | &nbsp;&nbsp; 46425069 |
| Omega Healthcare Investors, Inc.<sup>(c)</sup> | 1257187 | &nbsp;&nbsp; 49093152 |
| Sabra Health Care REIT, Inc.<sup>(c)</sup> | 869990 | &nbsp;&nbsp; 15529321 |
| Vornado Realty Trust<sup>(c)</sup> | 613921 | &nbsp;&nbsp; 21659133 |
|  |  | &nbsp;&nbsp; 149728158 |
| **Utilities-2.97%** | **Utilities-2.97%** | **Utilities-2.97%** |
| National Fuel Gas Co.<sup>(c)</sup> | 516415 | &nbsp;&nbsp; 39650344 |
| OGE Energy Corp.<sup>(c)</sup> | 865697 | &nbsp;&nbsp; 39285330 |
| TXNM Energy, Inc.<sup>(c)</sup> | 424892 | &nbsp;&nbsp; 22604254 |
|  |  | &nbsp;&nbsp; 101539928 |
| Total Common Stocks & Other Equity Interests <br>(Cost $3,437,828,180) | Total Common Stocks & Other Equity Interests <br>(Cost $3,437,828,180) | &nbsp;&nbsp; 3418494102 |
| **Money Market Funds-0.04%** | **Money Market Funds-0.04%** | **Money Market Funds-0.04%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $1,485,367)<br>| 1485367 | &nbsp;&nbsp; 1485367 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.02% <br>(Cost $3,439,313,547) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.02% <br>(Cost $3,439,313,547) | &nbsp;&nbsp; 3419979469 |

---

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

------

**13**

------

**Invesco S&P MidCap Momentum ETF (XMMO)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-6.46%** | **Money Market Funds-6.46%** | **Money Market Funds-6.46%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 60869742 | &nbsp;&nbsp; $60869742 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 159930641 | &nbsp;&nbsp; 159962627 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $220,839,148) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $220,839,148) | &nbsp;&nbsp; 220832369 |
| TOTAL INVESTMENTS IN SECURITIES-106.48% <br>(Cost $3,660,152,695) | TOTAL INVESTMENTS IN SECURITIES-106.48% <br>(Cost $3,660,152,695) | &nbsp;&nbsp; 3640811838 |
| OTHER ASSETS LESS LIABILITIES-(6.48)% | OTHER ASSETS LESS LIABILITIES-(6.48)% | &nbsp;&nbsp; (221467878)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $3419343960 |

---

Investment Abbreviations: <br> REIT -Real Estate Investment Trust

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $1397451 | &nbsp;&nbsp; $43179943 | &nbsp;&nbsp; $(43092027)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1485367 | &nbsp;&nbsp; $74014 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 32506254 | &nbsp;&nbsp; 934643283 | &nbsp;&nbsp; (906279795)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 60869742 | &nbsp;&nbsp; 2,584,113<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 83604743 | &nbsp;&nbsp; 1829406936 | &nbsp;&nbsp; (1753028742)<br>| &nbsp;&nbsp; 1553 | &nbsp;&nbsp; (21863)<br>| &nbsp;&nbsp; 159962627 | &nbsp;&nbsp; 6,923,224<br> \*<br>|
| Total | &nbsp;&nbsp; $117508448 | &nbsp;&nbsp; $2807230162 | &nbsp;&nbsp; $(2702400564)<br>| &nbsp;&nbsp; $1553 | &nbsp;&nbsp; $(21863)<br>| &nbsp;&nbsp; $222317736 | &nbsp;&nbsp; $9581351 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**14**

------

**Invesco S&P MidCap Quality ETF (XMHQ)**

April 30, 2025

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%** |
| **Consumer Discretionary-16.51%** | **Consumer Discretionary-16.51%** | **Consumer Discretionary-16.51%** |
| Abercrombie & Fitch Co., Class A<sup>(b)(c)</sup> | 548958 | &nbsp;&nbsp; $38108664 |
| Chewy, Inc., Class A<sup>(b)</sup> | 1552877 | &nbsp;&nbsp; 58232887 |
| Crocs, Inc.<sup>(b)(c)</sup> | 477777 | &nbsp;&nbsp; 46067258 |
| Dick's Sporting Goods, Inc. | 363950 | &nbsp;&nbsp; 68327973 |
| Duolingo, Inc.<sup>(b)(c)</sup> | 260080 | &nbsp;&nbsp; 101295958 |
| Gap, Inc. (The)<sup>(c)</sup> | 1431703 | &nbsp;&nbsp; 31354296 |
| Grand Canyon Education, Inc.<sup>(b)(c)</sup> | 192970 | &nbsp;&nbsp; 34420059 |
| Hyatt Hotels Corp., Class A<sup>(c)</sup> | 345235 | &nbsp;&nbsp; 38901080 |
| KB Home | 584092 | &nbsp;&nbsp; 31558491 |
| Mattel, Inc.<sup>(b)(c)</sup> | 2446313 | &nbsp;&nbsp; 38871914 |
| Murphy USA, Inc.<sup>(c)</sup> | 132784 | &nbsp;&nbsp; 66202119 |
| Toll Brothers, Inc.<sup>(c)</sup> | 765196 | &nbsp;&nbsp; 77185320 |
| TopBuild Corp.<sup>(b)(c)</sup> | 232414 | &nbsp;&nbsp; 68738765 |
| Valvoline, Inc.<sup>(b)(c)</sup> | 1083143 | &nbsp;&nbsp; 37108479 |
| Visteon Corp.<sup>(b)(c)</sup> | 204945 | &nbsp;&nbsp; 16229595 |
| Wendy's Co. (The)<sup>(c)</sup> | 1234030 | &nbsp;&nbsp; 15425375 |
| YETI Holdings, Inc.<sup>(b)(c)</sup> | 588582 | &nbsp;&nbsp; 16804016 |
|  |  | &nbsp;&nbsp; 784832249 |
| **Consumer Staples-4.35%** | **Consumer Staples-4.35%** | **Consumer Staples-4.35%** |
| Boston Beer Co., Inc. (The), Class A<sup>(b)(c)</sup> | 66014 | &nbsp;&nbsp; 16226241 |
| Celsius Holdings, Inc.<sup>(b)(c)</sup> | 1293649 | &nbsp;&nbsp; 45225969 |
| Coca-Cola Consolidated, Inc. | 48783 | &nbsp;&nbsp; 66140479 |
| Ingredion, Inc.<sup>(c)</sup> | 439897 | &nbsp;&nbsp; 58427120 |
| Lancaster Colony Corp.<sup>(c)</sup> | 126626 | &nbsp;&nbsp; 20612180 |
|  |  | &nbsp;&nbsp; 206631989 |
| **Energy-1.21%** | **Energy-1.21%** | **Energy-1.21%** |
| ChampionX Corp. | 1404263 | &nbsp;&nbsp; 33884866 |
| Weatherford International PLC | 572858 | &nbsp;&nbsp; 23716321 |
|  |  | &nbsp;&nbsp; 57601187 |
| **Financials-13.52%** | **Financials-13.52%** | **Financials-13.52%** |
| American Financial Group, Inc.<sup>(c)</sup> | 508282 | &nbsp;&nbsp; 64378998 |
| Essent Group Ltd.<sup>(c)</sup> | 702375 | &nbsp;&nbsp; 39986209 |
| Federated Hermes, Inc., Class B | 569475 | &nbsp;&nbsp; 23126380 |
| Hamilton Lane, Inc., Class A<sup>(c)</sup> | 384228 | &nbsp;&nbsp; 59359384 |
| Houlihan Lokey, Inc. | 379878 | &nbsp;&nbsp; 61570626 |
| Kinsale Capital Group, Inc.<sup>(c)</sup> | 193020 | &nbsp;&nbsp; 84013885 |
| MGIC Investment Corp. | 1753219 | &nbsp;&nbsp; 43672685 |
| RenaissanceRe Holdings Ltd. <br> (Bermuda)<sup>(c)</sup><br>| 528995 | &nbsp;&nbsp; 127979761 |
| RLI Corp.<sup>(c)</sup> | 710711 | &nbsp;&nbsp; 52599721 |
| SEI Investments Co.<sup>(c)</sup> | 769444 | &nbsp;&nbsp; 60239771 |
| Western Union Co. (The)<sup>(c)</sup> | 2636775 | &nbsp;&nbsp; 26130440 |
|  |  | &nbsp;&nbsp; 643057860 |
| **Health Care-12.35%** | **Health Care-12.35%** | **Health Care-12.35%** |
| Chemed Corp.<sup>(c)</sup> | 120354 | &nbsp;&nbsp; 69987054 |
| Doximity, Inc., Class A<sup>(b)(c)</sup> | 913334 | &nbsp;&nbsp; 51950438 |
| Exelixis, Inc.<sup>(b)</sup> | 2116811 | &nbsp;&nbsp; 82873151 |
| Halozyme Therapeutics, Inc.<sup>(b)(c)</sup> | 1052890 | &nbsp;&nbsp; 64668504 |
| Lantheus Holdings, Inc.<sup>(b)(c)</sup> | 492655 | &nbsp;&nbsp; 51403623 |
| Medpace Holdings, Inc.<sup>(b)(c)</sup> | 264879 | &nbsp;&nbsp; 81686035 |
| Roivant Sciences Ltd.<sup>(b)(c)</sup> | 6099712 | &nbsp;&nbsp; 70878653 |
| Tenet Healthcare Corp.<sup>(b)</sup> | 797206 | &nbsp;&nbsp; 113960598 |
|  |  | &nbsp;&nbsp; 587408056 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-34.06%** | **Industrials-34.06%** | **Industrials-34.06%** |
| Acuity, Inc. | 223808 | &nbsp;&nbsp; $54521867 |
| Advanced Drainage Systems, Inc.<sup>(c)</sup> | 511339 | &nbsp;&nbsp; 58031863 |
| Applied Industrial Technologies, Inc. | 251409 | &nbsp;&nbsp; 61162781 |
| Carlisle Cos., Inc.<sup>(c)</sup> | 536217 | &nbsp;&nbsp; 203483627 |
| Comfort Systems USA, Inc. | 306176 | &nbsp;&nbsp; 121720269 |
| Core & Main, Inc., Class A<sup>(b)(c)</sup> | 1155892 | &nbsp;&nbsp; 60892391 |
| Crane Co. | 445301 | &nbsp;&nbsp; 71684555 |
| Curtiss-Wright Corp. | 249404 | &nbsp;&nbsp; 86016945 |
| Donaldson Co., Inc.<sup>(c)</sup> | 994019 | &nbsp;&nbsp; 65336869 |
| EMCOR Group, Inc. | 435879 | &nbsp;&nbsp; 174656715 |
| EnerSys<sup>(c)</sup> | 257166 | &nbsp;&nbsp; 22270576 |
| Exponent, Inc.<sup>(c)</sup> | 383170 | &nbsp;&nbsp; 30147816 |
| Graco, Inc.<sup>(c)</sup> | 1160953 | &nbsp;&nbsp; 94745374 |
| Insperity, Inc.<sup>(c)</sup> | 262352 | &nbsp;&nbsp; 17055503 |
| Landstar System, Inc.<sup>(c)</sup> | 291258 | &nbsp;&nbsp; 39072261 |
| Lincoln Electric Holdings, Inc. | 461882 | &nbsp;&nbsp; 81383608 |
| MSA Safety, Inc.<sup>(c)</sup> | 248152 | &nbsp;&nbsp; 39064088 |
| MSC Industrial Direct Co., Inc., Class A | 317358 | &nbsp;&nbsp; 24271540 |
| Mueller Industries, Inc. | 949269 | &nbsp;&nbsp; 69828228 |
| Nextracker, Inc., Class A<sup>(b)(c)</sup> | 1282775 | &nbsp;&nbsp; 52093493 |
| Paylocity Holding Corp.<sup>(b)(c)</sup> | 297779 | &nbsp;&nbsp; 57203346 |
| Simpson Manufacturing Co., Inc.<sup>(c)</sup> | 268980 | &nbsp;&nbsp; 41339536 |
| Trex Co., Inc.<sup>(b)(c)</sup> | 847025 | &nbsp;&nbsp; 48974985 |
| UFP Industries, Inc.<sup>(c)</sup> | 449915 | &nbsp;&nbsp; 44474098 |
|  |  | &nbsp;&nbsp; 1619432334 |
| **Information Technology-11.37%** | **Information Technology-11.37%** | **Information Technology-11.37%** |
| Commvault Systems, Inc.<sup>(b)</sup> | 465759 | &nbsp;&nbsp; 77842302 |
| DocuSign, Inc.<sup>(b)(c)</sup> | 2112022 | &nbsp;&nbsp; 172657798 |
| Manhattan Associates, Inc.<sup>(b)(c)</sup> | 734978 | &nbsp;&nbsp; 130377747 |
| Pure Storage, Inc., Class A<sup>(b)(c)</sup> | 1932985 | &nbsp;&nbsp; 87680200 |
| Qualys, Inc.<sup>(b)(c)</sup> | 310055 | &nbsp;&nbsp; 38977014 |
| Vontier Corp.<sup>(c)</sup> | 1039142 | &nbsp;&nbsp; 33055107 |
|  |  | &nbsp;&nbsp; 540590168 |
| **Materials-6.57%** | **Materials-6.57%** | **Materials-6.57%** |
| Cabot Corp.<sup>(c)</sup> | 399241 | &nbsp;&nbsp; 31356388 |
| Eagle Materials, Inc.<sup>(c)</sup> | 268810 | &nbsp;&nbsp; 60855896 |
| NewMarket Corp.<sup>(c)</sup> | 61978 | &nbsp;&nbsp; 38135063 |
| Royal Gold, Inc.<sup>(c)</sup> | 444832 | &nbsp;&nbsp; 81275255 |
| RPM International, Inc.<sup>(c)</sup> | 945649 | &nbsp;&nbsp; 100948031 |
|  |  | &nbsp;&nbsp; 312570633 |
| Total Common Stocks & Other Equity Interests <br>(Cost $5,004,685,242) | Total Common Stocks & Other Equity Interests <br>(Cost $5,004,685,242) | &nbsp;&nbsp; 4752124476 |
| **Money Market Funds-0.09%** | **Money Market Funds-0.09%** | **Money Market Funds-0.09%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $4,341,548)<br>| 4341548 | &nbsp;&nbsp; 4341548 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.03% <br>(Cost $5,009,026,790) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.03% <br>(Cost $5,009,026,790) | &nbsp;&nbsp; 4756466024 |

---

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

------

**15**

------

**Invesco S&P MidCap Quality ETF (XMHQ)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-11.46%** | **Money Market Funds-11.46%** | **Money Market Funds-11.46%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 151004116 | &nbsp;&nbsp; $151004116 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 393920810 | &nbsp;&nbsp; 393999594 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $545,027,436) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $545,027,436) | &nbsp;&nbsp; 545003710 |
| TOTAL INVESTMENTS IN SECURITIES-111.49% <br>(Cost $5,554,054,226) | TOTAL INVESTMENTS IN SECURITIES-111.49% <br>(Cost $5,554,054,226) | &nbsp;&nbsp; 5301469734 |
| OTHER ASSETS LESS LIABILITIES-(11.49)% | OTHER ASSETS LESS LIABILITIES-(11.49)% | &nbsp;&nbsp; (546570405)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $4754899329 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $2553691 | &nbsp;&nbsp; $284520778 | &nbsp;&nbsp; $(282732921)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4341548 | &nbsp;&nbsp; $239390 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 120682067 | &nbsp;&nbsp; 1187410365 | &nbsp;&nbsp; (1157088316)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 151004116 | &nbsp;&nbsp; 6,049,158<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 310409230 | &nbsp;&nbsp; 2445481579 | &nbsp;&nbsp; (2361851395)<br>| &nbsp;&nbsp; 28031 | &nbsp;&nbsp; (67851)<br>| &nbsp;&nbsp; 393999594 | &nbsp;&nbsp; 16,188,092<br> \*<br>|
| Total | &nbsp;&nbsp; $433644988 | &nbsp;&nbsp; $3917412722 | &nbsp;&nbsp; $(3801672632)<br>| &nbsp;&nbsp; $28031 | &nbsp;&nbsp; $(67851)<br>| &nbsp;&nbsp; $549345258 | &nbsp;&nbsp; $22476640 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**16**

------

**Invesco S&P MidCap Value with Momentum ETF (XMVM)**

April 30, 2025

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%** |
| **Consumer Discretionary-17.06%** | **Consumer Discretionary-17.06%** | **Consumer Discretionary-17.06%** |
| Aramark<sup>(b)</sup> | 66988 | &nbsp;&nbsp; $2239409 |
| AutoNation, Inc.<sup>(c)</sup> | 31623 | &nbsp;&nbsp; 5507145 |
| Gap, Inc. (The) | 142331 | &nbsp;&nbsp; 3117049 |
| Graham Holdings Co., Class B | 4443 | &nbsp;&nbsp; 4087782 |
| Hyatt Hotels Corp., Class A | 14272 | &nbsp;&nbsp; 1608169 |
| KB Home | 54627 | &nbsp;&nbsp; 2951497 |
| Lithia Motors, Inc., Class A | 14845 | &nbsp;&nbsp; 4346022 |
| Nordstrom, Inc.<sup>(b)</sup> | 234260 | &nbsp;&nbsp; 5655036 |
| PVH Corp.<sup>(b)</sup> | 47925 | &nbsp;&nbsp; 3305867 |
| Taylor Morrison Home Corp., Class A<sup>(b)(c)</sup> | 64832 | &nbsp;&nbsp; 3718115 |
| Toll Brothers, Inc. | 21287 | &nbsp;&nbsp; 2147220 |
| Travel + Leisure Co. | 47352 | &nbsp;&nbsp; 2080173 |
|  |  | &nbsp;&nbsp; 40763484 |
| **Consumer Staples-6.85%** | **Consumer Staples-6.85%** | **Consumer Staples-6.85%** |
| Ingredion, Inc. | 19301 | &nbsp;&nbsp; 2563559 |
| Performance Food Group Co.<sup>(c)</sup> | 52902 | &nbsp;&nbsp; 4267075 |
| Pilgrim's Pride Corp. | 68604 | &nbsp;&nbsp; 3744406 |
| Post Holdings, Inc.<sup>(b)(c)</sup> | 25799 | &nbsp;&nbsp; 2919673 |
| US Foods Holding Corp.<sup>(c)</sup> | 43794 | &nbsp;&nbsp; 2875514 |
|  |  | &nbsp;&nbsp; 16370227 |
| **Energy-1.01%** | **Energy-1.01%** | **Energy-1.01%** |
| CNX Resources Corp.<sup>(b)(c)</sup> | 81855 | &nbsp;&nbsp; 2408993 |
| **Financials-46.27%** | **Financials-46.27%** | **Financials-46.27%** |
| Affiliated Managers Group, Inc.<sup>(b)</sup> | 16259 | &nbsp;&nbsp; 2692978 |
| Ally Financial, Inc. | 102110 | &nbsp;&nbsp; 3334913 |
| American Financial Group, Inc. | 18846 | &nbsp;&nbsp; 2387034 |
| Associated Banc-Corp<sup>(b)</sup> | 120921 | &nbsp;&nbsp; 2667517 |
| Bank OZK<sup>(b)</sup> | 94761 | &nbsp;&nbsp; 4036819 |
| Cadence Bank<sup>(b)</sup> | 94944 | &nbsp;&nbsp; 2778061 |
| CNO Financial Group, Inc. | 90452 | &nbsp;&nbsp; 3431749 |
| Columbia Banking System, Inc. | 113621 | &nbsp;&nbsp; 2547383 |
| East West Bancorp, Inc. | 23754 | &nbsp;&nbsp; 2032155 |
| Essent Group Ltd. | 78982 | &nbsp;&nbsp; 4496445 |
| Euronet Worldwide, Inc.<sup>(b)(c)</sup> | 23369 | &nbsp;&nbsp; 2315868 |
| F.N.B. Corp.<sup>(b)</sup> | 224303 | &nbsp;&nbsp; 2936126 |
| Federated Hermes, Inc., Class B | 55494 | &nbsp;&nbsp; 2253611 |
| Fidelity National Financial, Inc. | 40852 | &nbsp;&nbsp; 2616571 |
| First American Financial Corp. | 37952 | &nbsp;&nbsp; 2307861 |
| First Horizon Corp. | 150369 | &nbsp;&nbsp; 2718672 |
| Hancock Whitney Corp.<sup>(b)</sup> | 58338 | &nbsp;&nbsp; 3038826 |
| Hanover Insurance Group, Inc. (The) | 19405 | &nbsp;&nbsp; 3223171 |
| Home BancShares, Inc.<sup>(b)</sup> | 84391 | &nbsp;&nbsp; 2341850 |
| International Bancshares Corp.<sup>(b)</sup> | 42792 | &nbsp;&nbsp; 2612024 |
| Janus Henderson Group PLC | 60828 | &nbsp;&nbsp; 2020098 |
| Kemper Corp. | 48019 | &nbsp;&nbsp; 2838883 |
| MGIC Investment Corp. | 154820 | &nbsp;&nbsp; 3856566 |
| Old National Bancorp<sup>(b)</sup> | 145428 | &nbsp;&nbsp; 2994363 |
| Old Republic International Corp. | 102483 | &nbsp;&nbsp; 3853361 |
| Pinnacle Financial Partners, Inc. | 18588 | &nbsp;&nbsp; 1863261 |
| Prosperity Bancshares, Inc. | 39267 | &nbsp;&nbsp; 2666229 |
| Reinsurance Group of America, Inc. | 17917 | &nbsp;&nbsp; 3356033 |
| SLM Corp. | 104895 | &nbsp;&nbsp; 3032514 |
| SouthState Corp. | 25116 | &nbsp;&nbsp; 2179567 |
| Starwood Property Trust, Inc.<sup>(b)</sup> | 161444 | &nbsp;&nbsp; 3098110 |
| UMB Financial Corp. | 20838 | &nbsp;&nbsp; 1970650 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| United Bankshares, Inc.<sup>(b)</sup> | 78062 | &nbsp;&nbsp; $2676746 |
| Unum Group | 63447 | &nbsp;&nbsp; 4927294 |
| Voya Financial, Inc.<sup>(b)</sup> | 48403 | &nbsp;&nbsp; 2865458 |
| Webster Financial Corp. | 56448 | &nbsp;&nbsp; 2669990 |
| Western Alliance Bancorporation | 31310 | &nbsp;&nbsp; 2182620 |
| Wintrust Financial Corp. | 21564 | &nbsp;&nbsp; 2397270 |
| Zions Bancorporation N.A. | 51813 | &nbsp;&nbsp; 2330031 |
|  |  | &nbsp;&nbsp; 110548678 |
| **Health Care-1.80%** | **Health Care-1.80%** | **Health Care-1.80%** |
| Tenet Healthcare Corp.<sup>(c)</sup> | 30052 | &nbsp;&nbsp; 4295933 |
| **Industrials-7.43%** | **Industrials-7.43%** | **Industrials-7.43%** |
| Fluor Corp.<sup>(c)</sup> | 42000 | &nbsp;&nbsp; 1465380 |
| Oshkosh Corp. | 39668 | &nbsp;&nbsp; 3322592 |
| Ryder System, Inc. | 21432 | &nbsp;&nbsp; 2950543 |
| Science Applications International Corp. | 20049 | &nbsp;&nbsp; 2426530 |
| Timken Co. (The)<sup>(b)</sup> | 39011 | &nbsp;&nbsp; 2506457 |
| UFP Industries, Inc. | 18687 | &nbsp;&nbsp; 1847210 |
| WESCO International, Inc. | 19863 | &nbsp;&nbsp; 3236875 |
|  |  | &nbsp;&nbsp; 17755587 |
| **Information Technology-6.24%** | **Information Technology-6.24%** | **Information Technology-6.24%** |
| Avnet, Inc.<sup>(b)</sup> | 133003 | &nbsp;&nbsp; 6249811 |
| Flex Ltd.<sup>(c)</sup> | 80517 | &nbsp;&nbsp; 2764953 |
| TD SYNNEX Corp.<sup>(b)</sup> | 53196 | &nbsp;&nbsp; 5894117 |
|  |  | &nbsp;&nbsp; 14908881 |
| **Materials-3.77%** | **Materials-3.77%** | **Materials-3.77%** |
| Cabot Corp. | 22278 | &nbsp;&nbsp; 1749714 |
| Commercial Metals Co. | 56780 | &nbsp;&nbsp; 2528982 |
| Graphic Packaging Holding Co.<sup>(b)</sup> | 99220 | &nbsp;&nbsp; 2511258 |
| Silgan Holdings, Inc.<sup>(b)</sup> | 42717 | &nbsp;&nbsp; 2206333 |
|  |  | &nbsp;&nbsp; 8996287 |
| **Real Estate-4.51%** | **Real Estate-4.51%** | **Real Estate-4.51%** |
| Cousins Properties, Inc. | 79134 | &nbsp;&nbsp; 2179350 |
| Jones Lang LaSalle, Inc.<sup>(c)</sup> | 11498 | &nbsp;&nbsp; 2614760 |
| Kilroy Realty Corp.<sup>(b)</sup> | 83717 | &nbsp;&nbsp; 2637923 |
| Park Hotels & Resorts, Inc.<sup>(b)</sup> | 335453 | &nbsp;&nbsp; 3334403 |
|  |  | &nbsp;&nbsp; 10766436 |
| **Utilities-5.00%** | **Utilities-5.00%** | **Utilities-5.00%** |
| Black Hills Corp. | 51222 | &nbsp;&nbsp; 3119420 |
| National Fuel Gas Co. | 38885 | &nbsp;&nbsp; 2985590 |
| Portland General Electric Co. | 76249 | &nbsp;&nbsp; 3211608 |
| Southwest Gas Holdings, Inc.<sup>(b)</sup> | 36357 | &nbsp;&nbsp; 2625339 |
|  |  | &nbsp;&nbsp; 11941957 |
| Total Common Stocks & Other Equity Interests <br>(Cost $226,184,999) | Total Common Stocks & Other Equity Interests <br>(Cost $226,184,999) | &nbsp;&nbsp; 238756463 |
| **Money Market Funds-0.14%** | **Money Market Funds-0.14%** | **Money Market Funds-0.14%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $329,198)<br>| 329198 | &nbsp;&nbsp; 329198 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.08% <br>(Cost $226,514,197) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.08% <br>(Cost $226,514,197) | &nbsp;&nbsp; 239085661 |

---

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

------

**17**

------

**Invesco S&P MidCap Value with Momentum ETF (XMVM)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-20.51%** | **Money Market Funds-20.51%** | **Money Market Funds-20.51%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 14218409 | &nbsp;&nbsp; $14218409 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 34781931 | &nbsp;&nbsp; 34788887 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $49,008,285) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $49,008,285) | &nbsp;&nbsp; 49007296 |
| TOTAL INVESTMENTS IN SECURITIES-120.59% <br>(Cost $275,522,482) | TOTAL INVESTMENTS IN SECURITIES-120.59% <br>(Cost $275,522,482) | &nbsp;&nbsp; 288092957 |
| OTHER ASSETS LESS LIABILITIES-(20.59)% | OTHER ASSETS LESS LIABILITIES-(20.59)% | &nbsp;&nbsp; (49187077)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $238905880 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $155310 | &nbsp;&nbsp; $8125634 | &nbsp;&nbsp; $(7951746)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $329198 | &nbsp;&nbsp; $10887 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 7034436 | &nbsp;&nbsp; 137590469 | &nbsp;&nbsp; (130406496)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 14218409 | &nbsp;&nbsp; 444,497<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 18094045 | &nbsp;&nbsp; 266779556 | &nbsp;&nbsp; (250082711)<br>| &nbsp;&nbsp; 1092 | &nbsp;&nbsp; (3095)<br>| &nbsp;&nbsp; 34788887 | &nbsp;&nbsp; 1,172,561<br> \*<br>|
| Total | &nbsp;&nbsp; $25283791 | &nbsp;&nbsp; $412495659 | &nbsp;&nbsp; $(388440953)<br>| &nbsp;&nbsp; $1092 | &nbsp;&nbsp; $(3095)<br>| &nbsp;&nbsp; $49336494 | &nbsp;&nbsp; $1627945 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**18**

------

**Invesco S&P SmallCap Momentum ETF (XSMO)**

April 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.87%** | **Common Stocks & Other Equity Interests-99.87%** | **Common Stocks & Other Equity Interests-99.87%** |
| **Communication Services-4.23%** | **Communication Services-4.23%** | **Communication Services-4.23%** |
| CarGurus, Inc.<sup>(b)</sup> | 318106 | &nbsp;&nbsp; $8894244 |
| Cinemark Holdings, Inc.<sup>(c)</sup> | 639030 | &nbsp;&nbsp; 19113387 |
| Lumen Technologies, Inc.<sup>(b)</sup> | 4432792 | &nbsp;&nbsp; 15692084 |
| QuinStreet, Inc.<sup>(b)</sup> | 207753 | &nbsp;&nbsp; 3639832 |
| Telephone and Data Systems, Inc. | 298638 | &nbsp;&nbsp; 11195939 |
|  |  | &nbsp;&nbsp; 58535486 |
| **Consumer Discretionary-16.14%** | **Consumer Discretionary-16.14%** | **Consumer Discretionary-16.14%** |
| Adtalem Global Education, Inc.<sup>(b)</sup> | 213532 | &nbsp;&nbsp; 22677099 |
| Boot Barn Holdings, Inc.<sup>(b)</sup> | 152689 | &nbsp;&nbsp; 15931570 |
| Brinker International, Inc.<sup>(b)</sup> | 280600 | &nbsp;&nbsp; 37684580 |
| Buckle, Inc. (The) | 83223 | &nbsp;&nbsp; 2892832 |
| Cavco Industries, Inc.<sup>(b)</sup> | 25305 | &nbsp;&nbsp; 12496874 |
| Cheesecake Factory, Inc. (The)<sup>(c)</sup> | 176382 | &nbsp;&nbsp; 8884361 |
| Dorman Products, Inc.<sup>(b)</sup> | 101674 | &nbsp;&nbsp; 11519664 |
| Frontdoor, Inc.<sup>(b)</sup> | 365800 | &nbsp;&nbsp; 15038038 |
| Group 1 Automotive, Inc.<sup>(c)</sup> | 60648 | &nbsp;&nbsp; 24479352 |
| Hanesbrands, Inc.<sup>(b)</sup> | 1102386 | &nbsp;&nbsp; 5059952 |
| Kontoor Brands, Inc. | 183069 | &nbsp;&nbsp; 11011600 |
| Patrick Industries, Inc.<sup>(c)</sup> | 101556 | &nbsp;&nbsp; 7817781 |
| Perdoceo Education Corp. | 188284 | &nbsp;&nbsp; 4729694 |
| PHINIA, Inc. | 162269 | &nbsp;&nbsp; 6515100 |
| Sonic Automotive, Inc., Class A | 42508 | &nbsp;&nbsp; 2581086 |
| Stride, Inc.<sup>(b)(c)</sup> | 201211 | &nbsp;&nbsp; 28622265 |
| Wolverine World Wide, Inc.<sup>(c)</sup> | 438654 | &nbsp;&nbsp; 5724435 |
|  |  | &nbsp;&nbsp; 223666283 |
| **Consumer Staples-2.70%** | **Consumer Staples-2.70%** | **Consumer Staples-2.70%** |
| Cal-Maine Foods, Inc. | 257148 | &nbsp;&nbsp; 24009909 |
| Chefs' Warehouse, Inc. (The)<sup>(b)</sup> | 144257 | &nbsp;&nbsp; 8218321 |
| United Natural Foods, Inc.<sup>(b)</sup> | 195557 | &nbsp;&nbsp; 5223328 |
|  |  | &nbsp;&nbsp; 37451558 |
| **Energy-1.79%** | **Energy-1.79%** | **Energy-1.79%** |
| Archrock, Inc. | 697351 | &nbsp;&nbsp; 16408669 |
| Comstock Resources, Inc.<sup>(b)(c)</sup> | 460933 | &nbsp;&nbsp; 8421246 |
|  |  | &nbsp;&nbsp; 24829915 |
| **Financials-19.14%** | **Financials-19.14%** | **Financials-19.14%** |
| Ameris Bancorp | 158881 | &nbsp;&nbsp; 9310427 |
| BankUnited, Inc. | 217367 | &nbsp;&nbsp; 7110075 |
| Banner Corp.<sup>(c)</sup> | 120445 | &nbsp;&nbsp; 7364007 |
| Bread Financial Holdings, Inc. | 169062 | &nbsp;&nbsp; 8021992 |
| Central Pacific Financial Corp. | 100005 | &nbsp;&nbsp; 2569128 |
| Community Financial System, Inc. | 158896 | &nbsp;&nbsp; 8674133 |
| Enova International, Inc.<sup>(b)</sup> | 150301 | &nbsp;&nbsp; 13796129 |
| EZCORP, Inc., Class A<sup>(b)(c)</sup> | 154028 | &nbsp;&nbsp; 2521438 |
| FB Financial Corp. | 97958 | &nbsp;&nbsp; 4169092 |
| Fulton Financial Corp. | 448898 | &nbsp;&nbsp; 7487619 |
| Hanmi Financial Corp. | 88724 | &nbsp;&nbsp; 2029118 |
| Jackson Financial, Inc., Class A | 330544 | &nbsp;&nbsp; 25752683 |
| Moelis & Co., Class A | 202874 | &nbsp;&nbsp; 10869989 |
| Mr. Cooper Group, Inc.<sup>(b)</sup> | 244078 | &nbsp;&nbsp; 29047723 |
| Palomar Holdings, Inc.<sup>(b)</sup> | 107098 | &nbsp;&nbsp; 15531352 |
| Pathward Financial, Inc. | 89215 | &nbsp;&nbsp; 7080994 |
| Payoneer Global, Inc.<sup>(b)</sup> | 1216147 | &nbsp;&nbsp; 8549513 |
| Piper Sandler Cos. | 74889 | &nbsp;&nbsp; 18057236 |
| PJT Partners, Inc., Class A<sup>(c)</sup> | 103696 | &nbsp;&nbsp; 14694760 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| StepStone Group, Inc., Class A | 319086 | &nbsp;&nbsp; $15957491 |
| StoneX Group, Inc.<sup>(b)</sup> | 195933 | &nbsp;&nbsp; 17352806 |
| Trustmark Corp. | 182307 | &nbsp;&nbsp; 6116400 |
| Virtu Financial, Inc., Class A | 510553 | &nbsp;&nbsp; 19988150 |
| WisdomTree, Inc.<sup>(c)</sup> | 364212 | &nbsp;&nbsp; 3168644 |
|  |  | &nbsp;&nbsp; 265220899 |
| **Health Care-16.33%** | **Health Care-16.33%** | **Health Care-16.33%** |
| Addus HomeCare Corp.<sup>(b)</sup> | 58062 | &nbsp;&nbsp; 6070382 |
| ADMA Biologics, Inc.<sup>(b)</sup> | 1355099 | &nbsp;&nbsp; 32251356 |
| Artivion, Inc.<sup>(b)(c)</sup> | 189028 | &nbsp;&nbsp; 4478073 |
| Catalyst Pharmaceuticals, Inc.<sup>(b)</sup> | 327047 | &nbsp;&nbsp; 7943972 |
| Corcept Therapeutics, Inc.<sup>(b)(c)</sup> | 589242 | &nbsp;&nbsp; 42354715 |
| CorVel Corp.<sup>(b)(c)</sup> | 84299 | &nbsp;&nbsp; 9168359 |
| Glaukos Corp.<sup>(b)(c)</sup> | 244490 | &nbsp;&nbsp; 23043183 |
| ICU Medical, Inc.<sup>(b)</sup> | 90370 | &nbsp;&nbsp; 12343638 |
| Integer Holdings Corp.<sup>(b)(c)</sup> | 103352 | &nbsp;&nbsp; 13054391 |
| LeMaitre Vascular, Inc.<sup>(c)</sup> | 79392 | &nbsp;&nbsp; 7204030 |
| Ligand Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 53062 | &nbsp;&nbsp; 5829391 |
| Merit Medical Systems, Inc.<sup>(b)</sup> | 213438 | &nbsp;&nbsp; 20159219 |
| Phibro Animal Health Corp., Class A | 83245 | &nbsp;&nbsp; 1549190 |
| Protagonist Therapeutics, Inc.<sup>(b)(c)</sup> | 145623 | &nbsp;&nbsp; 6672446 |
| RadNet, Inc.<sup>(b)(c)</sup> | 225022 | &nbsp;&nbsp; 11786653 |
| TG Therapeutics, Inc.<sup>(b)(c)</sup> | 402873 | &nbsp;&nbsp; 18334750 |
| UFP Technologies, Inc.<sup>(b)(c)</sup> | 19281 | &nbsp;&nbsp; 4020860 |
|  |  | &nbsp;&nbsp; 226264608 |
| **Industrials-18.01%** | **Industrials-18.01%** | **Industrials-18.01%** |
| ABM Industries, Inc. | 175026 | &nbsp;&nbsp; 8530767 |
| Armstrong World Industries, Inc. | 182941 | &nbsp;&nbsp; 26530104 |
| Brady Corp., Class A | 111063 | &nbsp;&nbsp; 7806618 |
| CSW Industrials, Inc. | 58784 | &nbsp;&nbsp; 18368824 |
| DXP Enterprises, Inc.<sup>(b)</sup> | 80329 | &nbsp;&nbsp; 7105903 |
| Dycom Industries, Inc.<sup>(b)</sup> | 106262 | &nbsp;&nbsp; 17804198 |
| Enerpac Tool Group Corp. | 197745 | &nbsp;&nbsp; 7982966 |
| Gates Industrial Corp. PLC<sup>(b)(c)</sup> | 902093 | &nbsp;&nbsp; 17067600 |
| GEO Group, Inc. (The)<sup>(b)</sup> | 715873 | &nbsp;&nbsp; 22392508 |
| Granite Construction, Inc.<sup>(c)</sup> | 274460 | &nbsp;&nbsp; 22310853 |
| Greenbrier Cos., Inc. (The) | 93195 | &nbsp;&nbsp; 3953332 |
| Heidrick & Struggles International, Inc. | 62655 | &nbsp;&nbsp; 2444798 |
| Interface, Inc. | 224308 | &nbsp;&nbsp; 4216990 |
| Liquidity Services, Inc.<sup>(b)</sup> | 95076 | &nbsp;&nbsp; 3021515 |
| National Presto Industries, Inc. | 13928 | &nbsp;&nbsp; 1174827 |
| OPENLANE, Inc.<sup>(b)(c)</sup> | 356407 | &nbsp;&nbsp; 6597094 |
| Pitney Bowes, Inc. | 684375 | &nbsp;&nbsp; 5940375 |
| Powell Industries, Inc.<sup>(c)</sup> | 25641 | &nbsp;&nbsp; 4695124 |
| SkyWest, Inc.<sup>(b)</sup> | 254781 | &nbsp;&nbsp; 22718822 |
| SPX Technologies, Inc.<sup>(b)</sup> | 133060 | &nbsp;&nbsp; 17849999 |
| Trinity Industries, Inc. | 270604 | &nbsp;&nbsp; 6792160 |
| Zurn Elkay Water Solutions Corp. | 420448 | &nbsp;&nbsp; 14278414 |
|  |  | &nbsp;&nbsp; 249583791 |
| **Information Technology-11.78%** | **Information Technology-11.78%** | **Information Technology-11.78%** |
| A10 Networks, Inc. | 224527 | &nbsp;&nbsp; 3700205 |
| ACI Worldwide, Inc.<sup>(b)</sup> | 510078 | &nbsp;&nbsp; 27217762 |
| Badger Meter, Inc. | 97334 | &nbsp;&nbsp; 21493294 |
| Benchmark Electronics, Inc. | 106277 | &nbsp;&nbsp; 3457191 |
| CEVA, Inc.<sup>(b)</sup> | 65165 | &nbsp;&nbsp; 1707975 |
| Grid Dynamics Holdings, Inc.<sup>(b)</sup> | 212791 | &nbsp;&nbsp; 3013121 |

---

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

------

**19**

------

**Invesco S&P SmallCap Momentum ETF (XSMO)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| InterDigital, Inc.<sup>(c)</sup> | 120913 | &nbsp;&nbsp; $24303513 |
| Itron, Inc.<sup>(b)</sup> | 125645 | &nbsp;&nbsp; 13983032 |
| OSI Systems, Inc.<sup>(b)(c)</sup> | 51087 | &nbsp;&nbsp; 10459552 |
| Plexus Corp.<sup>(b)</sup> | 85669 | &nbsp;&nbsp; 10488456 |
| Sanmina Corp.<sup>(b)</sup> | 147304 | &nbsp;&nbsp; 11311474 |
| Semtech Corp.<sup>(b)</sup> | 525950 | &nbsp;&nbsp; 16435937 |
| SiTime Corp.<sup>(b)</sup> | 54083 | &nbsp;&nbsp; 7942629 |
| TTM Technologies, Inc.<sup>(b)</sup> | 381646 | &nbsp;&nbsp; 7640553 |
|  |  | &nbsp;&nbsp; 163154694 |
| **Materials-1.04%** | **Materials-1.04%** | **Materials-1.04%** |
| Hawkins, Inc. | 58816 | &nbsp;&nbsp; 7162613 |
| Sylvamo Corp. | 120683 | &nbsp;&nbsp; 7195120 |
|  |  | &nbsp;&nbsp; 14357733 |
| **Real Estate-6.75%** | **Real Estate-6.75%** | **Real Estate-6.75%** |
| Acadia Realty Trust | 436765 | &nbsp;&nbsp; 8342212 |
| CareTrust REIT, Inc. | 606505 | &nbsp;&nbsp; 17752401 |
| Essential Properties Realty Trust, Inc. | 637519 | &nbsp;&nbsp; 20508986 |
| Four Corners Property Trust, Inc.<sup>(c)</sup> | 274535 | &nbsp;&nbsp; 7673253 |
| Highwoods Properties, Inc.<sup>(c)</sup> | 319180 | &nbsp;&nbsp; 9077479 |
| NexPoint Residential Trust, Inc. | 63208 | &nbsp;&nbsp; 2356394 |
| Outfront Media, Inc.<sup>(c)</sup> | 444458 | &nbsp;&nbsp; 6724650 |
| SL Green Realty Corp. | 224619 | &nbsp;&nbsp; 11817206 |
| Tanger, Inc. | 293836 | &nbsp;&nbsp; 9258772 |
|  |  | &nbsp;&nbsp; 93511353 |
| **Utilities-1.96%** | **Utilities-1.96%** | **Utilities-1.96%** |
| MDU Resources Group, Inc. | 1021461 | &nbsp;&nbsp; 17507841 |
| MGE Energy, Inc. | 106195 | &nbsp;&nbsp; 9602152 |
|  |  | &nbsp;&nbsp; 27109993 |
| Total Common Stocks & Other Equity Interests <br>(Cost $1,378,627,839) | Total Common Stocks & Other Equity Interests <br>(Cost $1,378,627,839) | &nbsp;&nbsp; 1383686313 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.10%** | **Money Market Funds-0.10%** | **Money Market Funds-0.10%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $1,367,282)<br>| 1367282 | &nbsp;&nbsp; $1367282 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.97% <br>(Cost $1,379,995,121) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.97% <br>(Cost $1,379,995,121) | &nbsp;&nbsp; 1385053595 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-17.34%** | **Money Market Funds-17.34%** | **Money Market Funds-17.34%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 66856725 | &nbsp;&nbsp; 66856725 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 173375846 | &nbsp;&nbsp; 173410521 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $240,278,547) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $240,278,547) | &nbsp;&nbsp; 240267246 |
| TOTAL INVESTMENTS IN SECURITIES-117.31% <br>(Cost $1,620,273,668) | TOTAL INVESTMENTS IN SECURITIES-117.31% <br>(Cost $1,620,273,668) | &nbsp;&nbsp; 1625320841 |
| OTHER ASSETS LESS LIABILITIES-(17.31)% | OTHER ASSETS LESS LIABILITIES-(17.31)% | &nbsp;&nbsp; (239775719)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1385545122 |

---

Investment Abbreviations: <br> REIT -Real Estate Investment Trust

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $109664 | &nbsp;&nbsp; $27766646 | &nbsp;&nbsp; $(26509028)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1367282 | &nbsp;&nbsp; $33806 |

---

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

------

**20**

------

**Invesco S&P SmallCap Momentum ETF (XSMO)—(continued)**

April 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $19941462 | &nbsp;&nbsp; $516594587 | &nbsp;&nbsp; $(469679324)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $66856725 | &nbsp;&nbsp; $2,121,373<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 53857089 | &nbsp;&nbsp; 962289497 | &nbsp;&nbsp; (842719459)<br>| &nbsp;&nbsp; (5126)<br>| &nbsp;&nbsp; (11480)<br>| &nbsp;&nbsp; 173410521 | &nbsp;&nbsp; 5,662,581<br> \*<br>|
| Total | &nbsp;&nbsp; $73908215 | &nbsp;&nbsp; $1506650730 | &nbsp;&nbsp; $(1338907811)<br>| &nbsp;&nbsp; $(5126)<br>| &nbsp;&nbsp; $(11480)<br>| &nbsp;&nbsp; $241634528 | &nbsp;&nbsp; $7817760 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**21**

------

**Invesco S&P SmallCap Value with Momentum ETF (XSVM)**

April 30, 2025

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%** |
| **Consumer Discretionary-16.90%** | **Consumer Discretionary-16.90%** | **Consumer Discretionary-16.90%** |
| Asbury Automotive Group, Inc.<sup>(b)</sup> | 32271 | &nbsp;&nbsp; $7039596 |
| BJ's Restaurants, Inc.<sup>(b)(c)</sup> | 127786 | &nbsp;&nbsp; 4253996 |
| Caleres, Inc.<sup>(c)</sup> | 323381 | &nbsp;&nbsp; 4928326 |
| Century Communities, Inc. | 88658 | &nbsp;&nbsp; 4835407 |
| Dream Finders Homes, Inc., Class A<sup>(b)(c)</sup> | 166825 | &nbsp;&nbsp; 3780255 |
| Ethan Allen Interiors, Inc.<sup>(c)</sup> | 166363 | &nbsp;&nbsp; 4729700 |
| G-III Apparel Group Ltd.<sup>(b)</sup> | 282423 | &nbsp;&nbsp; 7122708 |
| Green Brick Partners, Inc.<sup>(b)</sup> | 70448 | &nbsp;&nbsp; 4155728 |
| Group 1 Automotive, Inc.<sup>(c)</sup> | 19819 | &nbsp;&nbsp; 7999543 |
| La-Z-Boy, Inc.<sup>(c)</sup> | 107655 | &nbsp;&nbsp; 4252373 |
| M/I Homes, Inc.<sup>(b)</sup> | 37138 | &nbsp;&nbsp; 3961882 |
| Meritage Homes Corp. | 68662 | &nbsp;&nbsp; 4678629 |
| Patrick Industries, Inc.<sup>(c)</sup> | 49028 | &nbsp;&nbsp; 3774175 |
| PHINIA, Inc. | 105463 | &nbsp;&nbsp; 4234339 |
| Sally Beauty Holdings, Inc.<sup>(b)(c)</sup> | 566994 | &nbsp;&nbsp; 4615331 |
| Shoe Carnival, Inc.<sup>(c)</sup> | 170557 | &nbsp;&nbsp; 2964281 |
| Signet Jewelers Ltd.<sup>(c)</sup> | 67674 | &nbsp;&nbsp; 4013068 |
| Sonic Automotive, Inc., Class A | 143025 | &nbsp;&nbsp; 8684478 |
| Tri Pointe Homes, Inc.<sup>(b)</sup> | 162558 | &nbsp;&nbsp; 4998658 |
| Victoria's Secret & Co.<sup>(b)(c)</sup> | 96954 | &nbsp;&nbsp; 1822735 |
|  |  | &nbsp;&nbsp; 96845208 |
| **Consumer Staples-4.99%** | **Consumer Staples-4.99%** | **Consumer Staples-4.99%** |
| Chefs' Warehouse, Inc. (The)<sup>(b)</sup> | 101314 | &nbsp;&nbsp; 5771859 |
| Fresh Del Monte Produce, Inc.<sup>(c)</sup> | 258233 | &nbsp;&nbsp; 8782504 |
| PriceSmart, Inc. | 55057 | &nbsp;&nbsp; 5587735 |
| Universal Corp. | 145558 | &nbsp;&nbsp; 8481665 |
|  |  | &nbsp;&nbsp; 28623763 |
| **Energy-2.71%** | **Energy-2.71%** | **Energy-2.71%** |
| Bristow Group, Inc.<sup>(b)</sup> | 163951 | &nbsp;&nbsp; 4761137 |
| World Kinect Corp. | 429655 | &nbsp;&nbsp; 10780044 |
|  |  | &nbsp;&nbsp; 15541181 |
| **Financials-47.67%** | **Financials-47.67%** | **Financials-47.67%** |
| Ameris Bancorp | 68823 | &nbsp;&nbsp; 4033028 |
| Arbor Realty Trust, Inc.<sup>(c)</sup> | 376759 | &nbsp;&nbsp; 4344031 |
| ARMOUR Residential REIT, Inc.<sup>(c)</sup> | 372595 | &nbsp;&nbsp; 6136640 |
| Assured Guaranty Ltd. | 79768 | &nbsp;&nbsp; 6998047 |
| Atlantic Union Bankshares Corp., Class B | 112541 | &nbsp;&nbsp; 3117386 |
| BankUnited, Inc. | 122359 | &nbsp;&nbsp; 4002363 |
| Berkshire Hills Bancorp, Inc. | 142978 | &nbsp;&nbsp; 3550144 |
| Bread Financial Holdings, Inc. | 107356 | &nbsp;&nbsp; 5094042 |
| Brookline Bancorp, Inc. | 462097 | &nbsp;&nbsp; 4824293 |
| Cathay General Bancorp | 91828 | &nbsp;&nbsp; 3828309 |
| Dime Community Bancshares, Inc., Class B | 126809 | &nbsp;&nbsp; 3257723 |
| Eagle Bancorp, Inc. | 175829 | &nbsp;&nbsp; 3156131 |
| Ellington Financial, Inc. | 534248 | &nbsp;&nbsp; 6961251 |
| Employers Holdings, Inc. | 113152 | &nbsp;&nbsp; 5498056 |
| EZCORP, Inc., Class A<sup>(b)(c)</sup> | 672184 | &nbsp;&nbsp; 11003652 |
| First Commonwealth Financial Corp. | 253541 | &nbsp;&nbsp; 3884248 |
| First Financial Bancorp | 178610 | &nbsp;&nbsp; 4134822 |
| First Hawaiian, Inc.<sup>(c)</sup> | 166326 | &nbsp;&nbsp; 3802212 |
| Franklin BSP Realty Trust, Inc. | 448434 | &nbsp;&nbsp; 5103179 |
| Fulton Financial Corp. | 227911 | &nbsp;&nbsp; 3801555 |
| Hanmi Financial Corp. | 207386 | &nbsp;&nbsp; 4742918 |
| Heritage Financial Corp. | 188376 | &nbsp;&nbsp; 4298740 |
| Hope Bancorp, Inc. | 490000 | &nbsp;&nbsp; 4885300 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Horace Mann Educators Corp. | 130675 | &nbsp;&nbsp; $5428239 |
| Independent Bank Corp. | 73951 | &nbsp;&nbsp; 4369765 |
| Lincoln National Corp. | 275113 | &nbsp;&nbsp; 8767851 |
| Mercury General Corp. | 78598 | &nbsp;&nbsp; 4355901 |
| Mr. Cooper Group, Inc.<sup>(b)</sup> | 50066 | &nbsp;&nbsp; 5958355 |
| National Bank Holdings Corp., Class A | 94816 | &nbsp;&nbsp; 3428547 |
| NMI Holdings, Inc., Class A<sup>(b)(c)</sup> | 128825 | &nbsp;&nbsp; 4659600 |
| Northwest Bancshares, Inc. | 329554 | &nbsp;&nbsp; 4069992 |
| OFG Bancorp | 103591 | &nbsp;&nbsp; 4076306 |
| Pacific Premier Bancorp, Inc. | 162387 | &nbsp;&nbsp; 3302952 |
| PennyMac Mortgage Investment Trust | 543857 | &nbsp;&nbsp; 6983124 |
| PRA Group, Inc.<sup>(b)</sup> | 387760 | &nbsp;&nbsp; 7096008 |
| Preferred Bank<sup>(c)</sup> | 48348 | &nbsp;&nbsp; 3861071 |
| PROG Holdings, Inc. | 90901 | &nbsp;&nbsp; 2396150 |
| Provident Financial Services, Inc.<sup>(c)</sup> | 244467 | &nbsp;&nbsp; 4001925 |
| Radian Group, Inc. | 166878 | &nbsp;&nbsp; 5330083 |
| Redwood Trust, Inc. | 929581 | &nbsp;&nbsp; 5772698 |
| Renasant Corp.<sup>(c)</sup> | 167499 | &nbsp;&nbsp; 5371693 |
| S&T Bancorp, Inc. | 118598 | &nbsp;&nbsp; 4321711 |
| Seacoast Banking Corp. of Florida<sup>(c)</sup> | 155695 | &nbsp;&nbsp; 3691528 |
| Simmons First National Corp., Class A | 232198 | &nbsp;&nbsp; 4332815 |
| SiriusPoint Ltd. (Sweden)<sup>(b)</sup> | 451728 | &nbsp;&nbsp; 7589030 |
| Southside Bancshares, Inc. | 134718 | &nbsp;&nbsp; 3797700 |
| Stellar Bancorp, Inc. | 177466 | &nbsp;&nbsp; 4429551 |
| Stewart Information Services Corp. | 68133 | &nbsp;&nbsp; 4461349 |
| StoneX Group, Inc.<sup>(b)</sup> | 140562 | &nbsp;&nbsp; 12448874 |
| TrustCo Bank Corp. | 144110 | &nbsp;&nbsp; 4388150 |
| Trustmark Corp. | 133810 | &nbsp;&nbsp; 4489325 |
| United Community Banks, Inc. | 131737 | &nbsp;&nbsp; 3637259 |
| Veritex Holdings, Inc. | 171068 | &nbsp;&nbsp; 3982463 |
| WaFd, Inc. | 143434 | &nbsp;&nbsp; 4092172 |
| Westamerica Bancorporation | 77925 | &nbsp;&nbsp; 3773908 |
| WSFS Financial Corp. | 80315 | &nbsp;&nbsp; 4140238 |
|  |  | &nbsp;&nbsp; 273264403 |
| **Health Care-2.12%** | **Health Care-2.12%** | **Health Care-2.12%** |
| Organon & Co.<sup>(c)</sup> | 345461 | &nbsp;&nbsp; 4466811 |
| Select Medical Holdings Corp. | 420846 | &nbsp;&nbsp; 7676231 |
|  |  | &nbsp;&nbsp; 12143042 |
| **Industrials-11.65%** | **Industrials-11.65%** | **Industrials-11.65%** |
| ABM Industries, Inc. | 108346 | &nbsp;&nbsp; 5280784 |
| Air Lease Corp., Class A | 146967 | &nbsp;&nbsp; 6872177 |
| American Woodmark Corp.<sup>(b)</sup> | 66770 | &nbsp;&nbsp; 3939430 |
| Boise Cascade Co. | 32008 | &nbsp;&nbsp; 2985706 |
| Deluxe Corp. | 267289 | &nbsp;&nbsp; 3902420 |
| DXP Enterprises, Inc.<sup>(b)</sup> | 57622 | &nbsp;&nbsp; 5097242 |
| Enviri Corp.<sup>(b)</sup> | 760839 | &nbsp;&nbsp; 5226964 |
| GMS, Inc.<sup>(b)</sup> | 49980 | &nbsp;&nbsp; 3661535 |
| Greenbrier Cos., Inc. (The) | 92802 | &nbsp;&nbsp; 3936661 |
| Heidrick & Struggles International, Inc. | 100048 | &nbsp;&nbsp; 3903873 |
| Hub Group, Inc., Class A | 92870 | &nbsp;&nbsp; 2933763 |
| JetBlue Airways Corp.<sup>(b)(c)</sup> | 841165 | &nbsp;&nbsp; 3667479 |
| MasterBrand, Inc.<sup>(b)</sup> | 323780 | &nbsp;&nbsp; 3933927 |
| Matson, Inc. | 30677 | &nbsp;&nbsp; 3346554 |
| Resideo Technologies, Inc.<sup>(b)</sup> | 223555 | &nbsp;&nbsp; 3751253 |
| Rush Enterprises, Inc., Class A | 84693 | &nbsp;&nbsp; 4318496 |
|  |  | &nbsp;&nbsp; 66758264 |

---

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

------

**22**

------

**Invesco S&P SmallCap Value with Momentum ETF (XSVM)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-3.74%** | **Information Technology-3.74%** | **Information Technology-3.74%** |
| Benchmark Electronics, Inc. | 112740 | &nbsp;&nbsp; $3667432 |
| PC Connection, Inc. | 67295 | &nbsp;&nbsp; 4174982 |
| Sanmina Corp.<sup>(b)</sup> | 67949 | &nbsp;&nbsp; 5217804 |
| ScanSource, Inc.<sup>(b)</sup> | 144984 | &nbsp;&nbsp; 4783022 |
| TTM Technologies, Inc.<sup>(b)</sup> | 179968 | &nbsp;&nbsp; 3602959 |
|  |  | &nbsp;&nbsp; 21446199 |
| **Materials-2.72%** | **Materials-2.72%** | **Materials-2.72%** |
| Century Aluminum Co.<sup>(b)</sup> | 238006 | &nbsp;&nbsp; 3905679 |
| Kaiser Aluminum Corp. | 76748 | &nbsp;&nbsp; 4947176 |
| Minerals Technologies, Inc. | 61353 | &nbsp;&nbsp; 3165201 |
| Warrior Met Coal, Inc. | 74649 | &nbsp;&nbsp; 3569715 |
|  |  | &nbsp;&nbsp; 15587771 |
| **Real Estate-5.37%** | **Real Estate-5.37%** | **Real Estate-5.37%** |
| Cushman & Wakefield PLC<sup>(b)(c)</sup> | 415230 | &nbsp;&nbsp; 3890705 |
| Easterly Government Properties, Inc.<sup>(c)</sup> | 160391 | &nbsp;&nbsp; 3235086 |
| JBG SMITH Properties, (Acquired <br> 12/20/2024 - 03/21/2025; <br> Cost $4,335,937)<sup>(c)(d)</sup><br>| 282107 | &nbsp;&nbsp; 3943856 |
| Safehold, Inc.<sup>(c)</sup> | 364235 | &nbsp;&nbsp; 5736701 |
| SITE Centers Corp. | 623656 | &nbsp;&nbsp; 7384087 |
| Sunstone Hotel Investors, Inc. | 429622 | &nbsp;&nbsp; 3583048 |
| Xenia Hotels & Resorts, Inc. | 282410 | &nbsp;&nbsp; 3016139 |
|  |  | &nbsp;&nbsp; 30789622 |
| **Utilities-2.04%** | **Utilities-2.04%** | **Utilities-2.04%** |
| Avista Corp. | 147346 | &nbsp;&nbsp; 6110439 |
| MDU Resources Group, Inc. | 325268 | &nbsp;&nbsp; 5575093 |
|  |  | &nbsp;&nbsp; 11685532 |
| Total Common Stocks & Other Equity Interests <br>(Cost $599,702,129) | Total Common Stocks & Other Equity Interests <br>(Cost $599,702,129) | &nbsp;&nbsp; 572684985 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.09%** | **Money Market Funds-0.09%** | **Money Market Funds-0.09%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(e)(f)</sup> <br>(Cost $541,147)<br>| 541147 | &nbsp;&nbsp; $541147 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.00% <br>(Cost $600,243,276) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.00% <br>(Cost $600,243,276) | &nbsp;&nbsp; 573226132 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-13.07%** | **Money Market Funds-13.07%** | **Money Market Funds-13.07%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(e)(f)(g)</sup><br>| 20800227 | &nbsp;&nbsp; 20800227 |
| Invesco Private Prime Fund, 4.46%<sup>(e)(f)(g)</sup> | 54097561 | &nbsp;&nbsp; 54108381 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $74,911,621) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $74,911,621) | &nbsp;&nbsp; 74908608 |
| TOTAL INVESTMENTS IN SECURITIES-113.07% <br>(Cost $675,154,897) | TOTAL INVESTMENTS IN SECURITIES-113.07% <br>(Cost $675,154,897) | &nbsp;&nbsp; 648134740 |
| OTHER ASSETS LESS LIABILITIES-(13.07)% | OTHER ASSETS LESS LIABILITIES-(13.07)% | &nbsp;&nbsp; (74910968)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $573223772 |

---

Investment Abbreviations: <br> REIT -Real Estate Investment Trust

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Restricted security. The value of this security at April 30, 2025 represented less than 1% of the Fund's Net Assets. |
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $24691904 | &nbsp;&nbsp; $(24150757)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $541147 | &nbsp;&nbsp; $14703 |

---

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

------

**23**

------

**Invesco S&P SmallCap Value with Momentum ETF (XSVM)—(continued)**

April 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; $52720268 | &nbsp;&nbsp; $250207747 | &nbsp;&nbsp; $(282127788)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $20800227 | &nbsp;&nbsp; $1,660,608<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 143596195 | &nbsp;&nbsp; 520157259 | &nbsp;&nbsp; (609639336)<br>| &nbsp;&nbsp; 20502 | &nbsp;&nbsp; (26239)<br>| &nbsp;&nbsp; 54108381 | &nbsp;&nbsp; 4,444,890<br> \*<br>|
| Total | &nbsp;&nbsp; $196316463 | &nbsp;&nbsp; $795056910 | &nbsp;&nbsp; $(915917881)<br>| &nbsp;&nbsp; $20502 | &nbsp;&nbsp; $(26239)<br>| &nbsp;&nbsp; $75449755 | &nbsp;&nbsp; $6120201 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**24**

------

**Invesco Zacks Mid-Cap ETF (CZA)**

April 30, 2025

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-1.34%** | **Communication Services-1.34%** | **Communication Services-1.34%** |
| Fox Corp., Class B | 51871 | &nbsp;&nbsp; $2398515 |
| **Consumer Discretionary-3.61%** | **Consumer Discretionary-3.61%** | **Consumer Discretionary-3.61%** |
| Churchill Downs, Inc.<sup>(b)</sup> | 8504 | &nbsp;&nbsp; 768846 |
| Grand Canyon Education, Inc.<sup>(c)</sup> | 3286 | &nbsp;&nbsp; 586124 |
| Levi Strauss & Co., Class A<sup>(b)</sup> | 46079 | &nbsp;&nbsp; 737725 |
| Mohawk Industries, Inc.<sup>(c)</sup> | 7038 | &nbsp;&nbsp; 748491 |
| Penske Automotive Group, Inc.<sup>(b)</sup> | 7558 | &nbsp;&nbsp; 1176554 |
| Restaurant Brands International, Inc. <br> (Canada)<sup>(b)</sup><br>| 38285 | &nbsp;&nbsp; 2465554 |
|  |  | &nbsp;&nbsp; 6483294 |
| **Consumer Staples-3.59%** | **Consumer Staples-3.59%** | **Consumer Staples-3.59%** |
| Brown-Forman Corp., Class B<sup>(b)</sup> | 56708 | &nbsp;&nbsp; 1975707 |
| Constellation Brands, Inc., Class A | 21032 | &nbsp;&nbsp; 3944341 |
| Coty, Inc., Class A<sup>(b)(c)</sup> | 103235 | &nbsp;&nbsp; 521337 |
|  |  | &nbsp;&nbsp; 6441385 |
| **Financials-20.12%** | **Financials-20.12%** | **Financials-20.12%** |
| AXIS Capital Holdings Ltd. | 9080 | &nbsp;&nbsp; 874585 |
| Brown & Brown, Inc. | 32655 | &nbsp;&nbsp; 3611643 |
| Cincinnati Financial Corp. | 18304 | &nbsp;&nbsp; 2548100 |
| Commerce Bancshares, Inc. | 15243 | &nbsp;&nbsp; 925860 |
| Corebridge Financial, Inc. | 63238 | &nbsp;&nbsp; 1873742 |
| Credicorp Ltd. (Peru) | 9098 | &nbsp;&nbsp; 1839525 |
| Enact Holdings, Inc.<sup>(b)</sup> | 17366 | &nbsp;&nbsp; 621529 |
| Essent Group Ltd. | 11761 | &nbsp;&nbsp; 669554 |
| Hartford Insurance Group, Inc. (The) | 32774 | &nbsp;&nbsp; 4020386 |
| Invesco Ltd.<sup>(d)</sup> | 50104 | &nbsp;&nbsp; 697949 |
| Northern Trust Corp. | 22199 | &nbsp;&nbsp; 2086262 |
| Popular, Inc. | 7969 | &nbsp;&nbsp; 760402 |
| Principal Financial Group, Inc. | 25580 | &nbsp;&nbsp; 1896757 |
| Prosperity Bancshares, Inc.<sup>(b)</sup> | 10883 | &nbsp;&nbsp; 738956 |
| SEI Investments Co. | 14353 | &nbsp;&nbsp; 1123696 |
| State Street Corp. | 33045 | &nbsp;&nbsp; 2911264 |
| Unum Group | 20204 | &nbsp;&nbsp; 1569043 |
| Virtu Financial, Inc., Class A | 17058 | &nbsp;&nbsp; 667821 |
| W.R. Berkley Corp. | 43559 | &nbsp;&nbsp; 3122745 |
| Willis Towers Watson PLC | 11482 | &nbsp;&nbsp; 3534159 |
|  |  | &nbsp;&nbsp; 36093978 |
| **Health Care-8.01%** | **Health Care-8.01%** | **Health Care-8.01%** |
| Centene Corp.<sup>(c)</sup> | 57999 | &nbsp;&nbsp; 3471240 |
| Encompass Health Corp. | 11311 | &nbsp;&nbsp; 1323274 |
| Globus Medical, Inc., Class A<sup>(c)</sup> | 15412 | &nbsp;&nbsp; 1106119 |
| ICON PLC<sup>(c)</sup> | 9725 | &nbsp;&nbsp; 1472754 |
| IQVIA Holdings, Inc.<sup>(c)</sup> | 21143 | &nbsp;&nbsp; 3278645 |
| Mettler-Toledo International, Inc.<sup>(c)</sup> | 2440 | &nbsp;&nbsp; 2612191 |
| QIAGEN N.V.<sup>(c)</sup> | 25882 | &nbsp;&nbsp; 1106456 |
|  |  | &nbsp;&nbsp; 14370679 |
| **Industrials-21.78%** | **Industrials-21.78%** | **Industrials-21.78%** |
| AECOM | 15370 | &nbsp;&nbsp; 1516251 |
| AerCap Holdings N.V. (Ireland) | 21640 | &nbsp;&nbsp; 2293840 |
| Armstrong World Industries, Inc. | 4899 | &nbsp;&nbsp; 710453 |
| BWX Technologies, Inc. | 10118 | &nbsp;&nbsp; 1104076 |
| Crane Co. | 6377 | &nbsp;&nbsp; 1026569 |
| Curtiss-Wright Corp. | 4210 | &nbsp;&nbsp; 1451987 |
| Dover Corp. | 15520 | &nbsp;&nbsp; 2648488 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| ESAB Corp. | 6845 | &nbsp;&nbsp; $822221 |
| Flowserve Corp. | 14825 | &nbsp;&nbsp; 670535 |
| Fortive Corp. | 39214 | &nbsp;&nbsp; 2732824 |
| Graco, Inc. | 19135 | &nbsp;&nbsp; 1561607 |
| IDEX Corp. | 8725 | &nbsp;&nbsp; 1517888 |
| ITT, Inc. | 9197 | &nbsp;&nbsp; 1260173 |
| Jacobs Solutions, Inc. | 14025 | &nbsp;&nbsp; 1736295 |
| Lincoln Electric Holdings, Inc. | 6394 | &nbsp;&nbsp; 1126623 |
| Oshkosh Corp. | 7275 | &nbsp;&nbsp; 609354 |
| Owens Corning | 9657 | &nbsp;&nbsp; 1404224 |
| Pentair PLC | 18434 | &nbsp;&nbsp; 1672517 |
| Regal Rexnord Corp. | 7476 | &nbsp;&nbsp; 791260 |
| SPX Technologies, Inc.<sup>(c)</sup> | 5209 | &nbsp;&nbsp; 698787 |
| Veralto Corp. | 28979 | &nbsp;&nbsp; 2779086 |
| Wabtec Corp. | 19486 | &nbsp;&nbsp; 3599844 |
| Watts Water Technologies, Inc., Class A | 3806 | &nbsp;&nbsp; 790697 |
| Woodward, Inc. | 6651 | &nbsp;&nbsp; 1247528 |
| Xylem, Inc. | 27370 | &nbsp;&nbsp; 3300001 |
|  |  | &nbsp;&nbsp; 39073128 |
| **Information Technology-8.32%** | **Information Technology-8.32%** | **Information Technology-8.32%** |
| CDW Corp. | 15190 | &nbsp;&nbsp; 2438906 |
| F5, Inc.<sup>(c)</sup> | 6564 | &nbsp;&nbsp; 1737753 |
| Informatica, Inc., Class A<sup>(c)</sup> | 34015 | &nbsp;&nbsp; 640502 |
| Keysight Technologies, Inc.<sup>(c)</sup> | 19729 | &nbsp;&nbsp; 2868597 |
| Littelfuse, Inc. | 2794 | &nbsp;&nbsp; 509374 |
| Logitech International S.A., Class R <br> (Switzerland)<sup>(b)</sup><br>| 17958 | &nbsp;&nbsp; 1353854 |
| TD SYNNEX Corp.<sup>(b)</sup> | 9932 | &nbsp;&nbsp; 1100466 |
| Teledyne Technologies, Inc.<sup>(c)</sup> | 5372 | &nbsp;&nbsp; 2503513 |
| Trimble, Inc.<sup>(c)</sup> | 28705 | &nbsp;&nbsp; 1783729 |
|  |  | &nbsp;&nbsp; 14936694 |
| **Materials-13.62%** | **Materials-13.62%** | **Materials-13.62%** |
| AptarGroup, Inc. | 7633 | &nbsp;&nbsp; 1144568 |
| Avery Dennison Corp. | 9157 | &nbsp;&nbsp; 1566854 |
| Axalta Coating Systems Ltd.<sup>(c)</sup> | 25180 | &nbsp;&nbsp; 818350 |
| Ball Corp. | 33153 | &nbsp;&nbsp; 1721967 |
| DuPont de Nemours, Inc. | 48087 | &nbsp;&nbsp; 3173261 |
| Eastman Chemical Co. | 13341 | &nbsp;&nbsp; 1027257 |
| Element Solutions, Inc. | 28844 | &nbsp;&nbsp; 588706 |
| International Flavors & Fragrances, Inc. | 30197 | &nbsp;&nbsp; 2369257 |
| LyondellBasell Industries N.V., Class A | 38661 | &nbsp;&nbsp; 2250457 |
| Nutrien Ltd. (Canada) | 59920 | &nbsp;&nbsp; 3418436 |
| Packaging Corp. of America | 10248 | &nbsp;&nbsp; 1902131 |
| PPG Industries, Inc. | 26325 | &nbsp;&nbsp; 2865740 |
| RPM International, Inc. | 14808 | &nbsp;&nbsp; 1580754 |
|  |  | &nbsp;&nbsp; 24427738 |
| **Real Estate-12.61%** | **Real Estate-12.61%** | **Real Estate-12.61%** |
| Alexandria Real Estate Equities, Inc. | 20258 | &nbsp;&nbsp; 1471946 |
| AvalonBay Communities, Inc. | 16404 | &nbsp;&nbsp; 3444512 |
| Camden Property Trust | 12249 | &nbsp;&nbsp; 1393936 |
| Equity LifeStyle Properties, Inc. | 22845 | &nbsp;&nbsp; 1479899 |
| Equity Residential | 43667 | &nbsp;&nbsp; 3068044 |
| Essex Property Trust, Inc. | 7432 | &nbsp;&nbsp; 2074643 |
| Extra Space Storage, Inc. | 24668 | &nbsp;&nbsp; 3614355 |
| Gaming and Leisure Properties, Inc. | 31741 | &nbsp;&nbsp; 1519124 |
| Healthpeak Properties, Inc. | 81102 | &nbsp;&nbsp; 1446860 |

---

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

------

**25**

------

**Invesco Zacks Mid-Cap ETF (CZA)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
| Regency Centers Corp. | 20963 | &nbsp;&nbsp; $1513109 |
| UDR, Inc. | 38007 | &nbsp;&nbsp; 1591733 |
|  |  | &nbsp;&nbsp; 22618161 |
| **Utilities-6.93%** | **Utilities-6.93%** | **Utilities-6.93%** |
| Ameren Corp. | 32145 | &nbsp;&nbsp; 3190070 |
| DTE Energy Co. | 24755 | &nbsp;&nbsp; 3391435 |
| Edison International | 45792 | &nbsp;&nbsp; 2450330 |
| Eversource Energy<sup>(b)</sup> | 44354 | &nbsp;&nbsp; 2638176 |
| IDACORP, Inc.<sup>(b)</sup> | 6406 | &nbsp;&nbsp; 756484 |
|  |  | &nbsp;&nbsp; 12426495 |
| Total Common Stocks & Other Equity Interests <br>(Cost $177,398,612) | Total Common Stocks & Other Equity Interests <br>(Cost $177,398,612) | &nbsp;&nbsp; 179270067 |
| **Money Market Funds-0.15%** | **Money Market Funds-0.15%** | **Money Market Funds-0.15%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $271,525)<br>| 271525 | &nbsp;&nbsp; 271525 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.08% <br>(Cost $177,670,137) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.08% <br>(Cost $177,670,137) | &nbsp;&nbsp; 179541592 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-4.38%** | **Money Market Funds-4.38%** | **Money Market Funds-4.38%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 2187176 | &nbsp;&nbsp; $2187176 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 5675332 | &nbsp;&nbsp; 5676467 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $7,863,753) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $7,863,753) | &nbsp;&nbsp; 7863643 |
| TOTAL INVESTMENTS IN SECURITIES-104.46% <br>(Cost $185,533,890) | TOTAL INVESTMENTS IN SECURITIES-104.46% <br>(Cost $185,533,890) | &nbsp;&nbsp; 187405235 |
| OTHER ASSETS LESS LIABILITIES-(4.46)% | OTHER ASSETS LESS LIABILITIES-(4.46)% | &nbsp;&nbsp; (7999241)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $179405994 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| Invesco Ltd. | &nbsp;&nbsp; $946910 | &nbsp;&nbsp; $345234 | &nbsp;&nbsp; $(627560)<br>| &nbsp;&nbsp; $25757 | &nbsp;&nbsp; $7608 | &nbsp;&nbsp; $697949 | &nbsp;&nbsp; $50323 |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; 132979 | &nbsp;&nbsp; 5651657 | &nbsp;&nbsp; (5513111)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 271525 | &nbsp;&nbsp; 6881 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 73714349 | &nbsp;&nbsp; (71527173)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2187176 | &nbsp;&nbsp; 151,549<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 3715240 | &nbsp;&nbsp; 130514543 | &nbsp;&nbsp; (128552953)<br>| &nbsp;&nbsp; 42 | &nbsp;&nbsp; (405)<br>| &nbsp;&nbsp; 5676467 | &nbsp;&nbsp; 404,769<br> \*<br>|
| Total | &nbsp;&nbsp; $4795129 | &nbsp;&nbsp; $210225783 | &nbsp;&nbsp; $(206220797)<br>| &nbsp;&nbsp; $25799 | &nbsp;&nbsp; $7203 | &nbsp;&nbsp; $8833117 | &nbsp;&nbsp; $613522 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**26**

------

**Invesco Zacks Multi-Asset Income ETF (CVY)**

April 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-79.75%** | **Common Stocks & Other Equity Interests-79.75%** | **Common Stocks & Other Equity Interests-79.75%** |
| **Communication Services-1.67%** | **Communication Services-1.67%** | **Communication Services-1.67%** |
| Match Group, Inc. | 34811 | &nbsp;&nbsp; $1032494 |
| SK Telecom Co. Ltd., ADR (South Korea)<sup>(b)</sup> | 34513 | &nbsp;&nbsp; 745136 |
|  |  | &nbsp;&nbsp; 1777630 |
| **Consumer Discretionary-5.00%** | **Consumer Discretionary-5.00%** | **Consumer Discretionary-5.00%** |
| Harley-Davidson, Inc.<sup>(b)</sup> | 28661 | &nbsp;&nbsp; 642580 |
| La-Z-Boy, Inc.<sup>(b)</sup> | 8272 | &nbsp;&nbsp; 326744 |
| Lear Corp.<sup>(b)</sup> | 7689 | &nbsp;&nbsp; 659332 |
| Leggett & Platt, Inc.<sup>(b)</sup> | 39515 | &nbsp;&nbsp; 380134 |
| Meritage Homes Corp. | 10022 | &nbsp;&nbsp; 682899 |
| Penske Automotive Group, Inc.<sup>(b)</sup> | 2258 | &nbsp;&nbsp; 351503 |
| Perdoceo Education Corp. | 14929 | &nbsp;&nbsp; 375016 |
| PHINIA, Inc. | 7617 | &nbsp;&nbsp; 305822 |
| Shoe Carnival, Inc.<sup>(b)</sup> | 16957 | &nbsp;&nbsp; 294713 |
| Signet Jewelers Ltd. | 22054 | &nbsp;&nbsp; 1307802 |
|  |  | &nbsp;&nbsp; 5326545 |
| **Consumer Staples-2.65%** | **Consumer Staples-2.65%** | **Consumer Staples-2.65%** |
| Bunge Global S.A. | 15300 | &nbsp;&nbsp; 1204416 |
| Edgewell Personal Care Co.<sup>(b)</sup> | 11911 | &nbsp;&nbsp; 363881 |
| Kroger Co. (The) | 17355 | &nbsp;&nbsp; 1253205 |
|  |  | &nbsp;&nbsp; 2821502 |
| **Energy-22.88%** | **Energy-22.88%** | **Energy-22.88%** |
| Alliance Resource Partners L.P. | 50645 | &nbsp;&nbsp; 1339560 |
| Black Stone Minerals L.P. | 84689 | &nbsp;&nbsp; 1194962 |
| Cenovus Energy, Inc. (Canada) | 80407 | &nbsp;&nbsp; 946390 |
| Devon Energy Corp. | 31672 | &nbsp;&nbsp; 963146 |
| Dorchester Minerals L.P. | 39063 | &nbsp;&nbsp; 1119546 |
| Energy Transfer L.P. | 44502 | &nbsp;&nbsp; 736063 |
| Eni S.p.A., ADR (Italy)<sup>(b)</sup> | 28844 | &nbsp;&nbsp; 819458 |
| Enterprise Products Partners L.P. | 24742 | &nbsp;&nbsp; 739786 |
| EOG Resources, Inc. | 8607 | &nbsp;&nbsp; 949610 |
| Equinor ASA, ADR (Norway) | 38422 | &nbsp;&nbsp; 856426 |
| Genesis Energy L.P. | 57096 | &nbsp;&nbsp; 784499 |
| Global Partners L.P. | 11085 | &nbsp;&nbsp; 568439 |
| Halliburton Co. | 43104 | &nbsp;&nbsp; 854321 |
| Imperial Oil Ltd. (Canada) | 11021 | &nbsp;&nbsp; 742595 |
| Liberty Energy, Inc., Class A<sup>(b)</sup> | 43617 | &nbsp;&nbsp; 501596 |
| Magnolia Oil & Gas Corp., Class A<sup>(b)</sup> | 32363 | &nbsp;&nbsp; 664412 |
| Marathon Petroleum Corp. | 7508 | &nbsp;&nbsp; 1031674 |
| MPLX L.P. | 17361 | &nbsp;&nbsp; 884196 |
| NOV, Inc.<sup>(b)</sup> | 50350 | &nbsp;&nbsp; 584563 |
| PBF Energy, Inc., Class A<sup>(b)</sup> | 33267 | &nbsp;&nbsp; 571527 |
| Peabody Energy Corp.<sup>(b)</sup> | 52414 | &nbsp;&nbsp; 646789 |
| Permian Resources Corp. | 83142 | &nbsp;&nbsp; 981076 |
| Petroleo Brasileiro S.A., ADR (Brazil)<sup>(b)</sup> | 78708 | &nbsp;&nbsp; 888613 |
| Plains All American Pipeline L.P. | 47343 | &nbsp;&nbsp; 826609 |
| Scorpio Tankers, Inc. (Monaco) | 18311 | &nbsp;&nbsp; 690142 |
| Shell PLC, ADR (United Kingdom)<sup>(b)</sup> | 11022 | &nbsp;&nbsp; 710699 |
| SM Energy Co.<sup>(b)</sup> | 23006 | &nbsp;&nbsp; 524307 |
| Sunoco L.P. | 13708 | &nbsp;&nbsp; 797120 |
| Tenaris S.A., ADR<sup>(b)</sup> | 13403 | &nbsp;&nbsp; 446186 |
| Western Midstream Partners L.P. | 27084 | &nbsp;&nbsp; 1018358 |
|  |  | &nbsp;&nbsp; 24382668 |
| **Financials-25.94%** | **Financials-25.94%** | **Financials-25.94%** |
| Allstate Corp. (The) | 5962 | &nbsp;&nbsp; 1182801 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Annaly Capital Management, Inc.<sup>(b)</sup> | 52197 | &nbsp;&nbsp; $1023061 |
| AXIS Capital Holdings Ltd. | 7937 | &nbsp;&nbsp; 764492 |
| Banco Bilbao Vizcaya Argentaria S.A., ADR <br> (Spain)<sup>(b)</sup><br>| 40215 | &nbsp;&nbsp; 550945 |
| Banco de Chile, ADR (Chile) | 22976 | &nbsp;&nbsp; 678251 |
| Bancolombia S.A., ADR (Colombia) | 22314 | &nbsp;&nbsp; 899700 |
| Bank OZK | 15852 | &nbsp;&nbsp; 675295 |
| BOK Financial Corp. | 3566 | &nbsp;&nbsp; 332244 |
| Corebridge Financial, Inc. | 34767 | &nbsp;&nbsp; 1030146 |
| Dynex Capital, Inc. | 28635 | &nbsp;&nbsp; 353070 |
| East West Bancorp, Inc. | 12108 | &nbsp;&nbsp; 1035839 |
| Equitable Holdings, Inc. | 21182 | &nbsp;&nbsp; 1047450 |
| Essent Group Ltd. | 13270 | &nbsp;&nbsp; 755461 |
| Everest Group Ltd. | 3308 | &nbsp;&nbsp; 1187010 |
| First Bancorp | 19831 | &nbsp;&nbsp; 389481 |
| Hancock Whitney Corp. | 6760 | &nbsp;&nbsp; 352128 |
| Hanover Insurance Group, Inc. (The) | 2354 | &nbsp;&nbsp; 390999 |
| Hartford Insurance Group, Inc. (The) | 9762 | &nbsp;&nbsp; 1197505 |
| ING Groep N.V., ADR (Netherlands) | 28569 | &nbsp;&nbsp; 553382 |
| Itau Unibanco Holding S.A., ADR (Brazil) | 218874 | &nbsp;&nbsp; 1381095 |
| Jackson Financial, Inc., Class A | 8883 | &nbsp;&nbsp; 692075 |
| JPMorgan Chase & Co. | 4392 | &nbsp;&nbsp; 1074371 |
| Kemper Corp. | 5787 | &nbsp;&nbsp; 342127 |
| Lincoln National Corp. | 20192 | &nbsp;&nbsp; 643519 |
| Lloyds Banking Group PLC, ADR (United <br> Kingdom)<sup>(b)</sup><br>| 121435 | &nbsp;&nbsp; 479668 |
| Mercury General Corp. | 6997 | &nbsp;&nbsp; 387774 |
| MetLife, Inc. | 13826 | &nbsp;&nbsp; 1042066 |
| MGIC Investment Corp. | 31291 | &nbsp;&nbsp; 779459 |
| OFG Bancorp | 9109 | &nbsp;&nbsp; 358439 |
| Old National Bancorp<sup>(b)</sup> | 32664 | &nbsp;&nbsp; 672552 |
| Popular, Inc. | 7586 | &nbsp;&nbsp; 723856 |
| Qifu Technology, Inc., ADR (China)<sup>(b)</sup> | 9189 | &nbsp;&nbsp; 377025 |
| Radian Group, Inc.<sup>(b)</sup> | 11725 | &nbsp;&nbsp; 374496 |
| Reinsurance Group of America, Inc. | 5689 | &nbsp;&nbsp; 1065607 |
| Unum Group | 14877 | &nbsp;&nbsp; 1155348 |
| Voya Financial, Inc. | 10688 | &nbsp;&nbsp; 632730 |
| Wells Fargo & Co. | 14876 | &nbsp;&nbsp; 1056345 |
|  |  | &nbsp;&nbsp; 27637812 |
| **Health Care-3.44%** | **Health Care-3.44%** | **Health Care-3.44%** |
| Cigna Group (The) | 3621 | &nbsp;&nbsp; 1231285 |
| Organon & Co.<sup>(b)</sup> | 46728 | &nbsp;&nbsp; 604193 |
| Royalty Pharma PLC, Class A | 33556 | &nbsp;&nbsp; 1101308 |
| Takeda Pharmaceutical Co. Ltd., ADR <br> (Japan)<sup>(b)</sup><br>| 47725 | &nbsp;&nbsp; 729715 |
|  |  | &nbsp;&nbsp; 3666501 |
| **Industrials-4.68%** | **Industrials-4.68%** | **Industrials-4.68%** |
| ABM Industries, Inc. | 7037 | &nbsp;&nbsp; 342983 |
| Apogee Enterprises, Inc. | 7842 | &nbsp;&nbsp; 311092 |
| Atkore, Inc.<sup>(b)</sup> | 11827 | &nbsp;&nbsp; 755391 |
| Concentrix Corp.<sup>(b)</sup> | 8279 | &nbsp;&nbsp; 422726 |
| Greenbrier Cos., Inc. (The)<sup>(b)</sup> | 6844 | &nbsp;&nbsp; 290322 |
| Hillenbrand, Inc.<sup>(b)</sup> | 12539 | &nbsp;&nbsp; 253664 |
| Korn Ferry | 5854 | &nbsp;&nbsp; 361192 |
| Maximus, Inc.<sup>(b)</sup> | 11129 | &nbsp;&nbsp; 745198 |
| Oshkosh Corp. | 7399 | &nbsp;&nbsp; 619740 |

---

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

------

**27**

------

**Invesco Zacks Multi-Asset Income ETF (CVY)—(continued)**

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Ryder System, Inc. | 4736 | &nbsp;&nbsp; $652005 |
| Wabash National Corp.<sup>(b)</sup> | 32804 | &nbsp;&nbsp; 226676 |
|  |  | &nbsp;&nbsp; 4980989 |
| **Information Technology-1.00%** | **Information Technology-1.00%** | **Information Technology-1.00%** |
| Gen Digital, Inc. | 41035 | &nbsp;&nbsp; 1061575 |
| **Materials-2.08%** | **Materials-2.08%** | **Materials-2.08%** |
| Cabot Corp. | 4373 | &nbsp;&nbsp; 343455 |
| CF Industries Holdings, Inc. | 14495 | &nbsp;&nbsp; 1135973 |
| NewMarket Corp. | 674 | &nbsp;&nbsp; 414712 |
| Sylvamo Corp. | 5475 | &nbsp;&nbsp; 326420 |
|  |  | &nbsp;&nbsp; 2220560 |
| **Real Estate-8.62%** | **Real Estate-8.62%** | **Real Estate-8.62%** |
| AvalonBay Communities, Inc. | 5053 | &nbsp;&nbsp; 1061029 |
| Cousins Properties, Inc. | 20438 | &nbsp;&nbsp; 562863 |
| Digital Realty Trust, Inc. | 7150 | &nbsp;&nbsp; 1147861 |
| Essential Properties Realty Trust, Inc. | 16858 | &nbsp;&nbsp; 542322 |
| Macerich Co. (The)<sup>(b)</sup> | 32659 | &nbsp;&nbsp; 478781 |
| Omega Healthcare Investors, Inc. | 28565 | &nbsp;&nbsp; 1115463 |
| Outfront Media, Inc.<sup>(b)</sup> | 25796 | &nbsp;&nbsp; 390294 |
| Sabra Health Care REIT, Inc. | 30018 | &nbsp;&nbsp; 535821 |
| Simon Property Group, Inc. | 6151 | &nbsp;&nbsp; 968044 |
| SL Green Realty Corp. | 14949 | &nbsp;&nbsp; 786467 |
| Tanger, Inc. | 9808 | &nbsp;&nbsp; 309050 |
| Ventas, Inc. | 16677 | &nbsp;&nbsp; 1168724 |
| Xenia Hotels & Resorts, Inc.<sup>(b)</sup> | 11379 | &nbsp;&nbsp; 121528 |
|  |  | &nbsp;&nbsp; 9188247 |
| **Utilities-1.79%** | **Utilities-1.79%** | **Utilities-1.79%** |
| Cia Energetica de Minas Gerais, ADR (Brazil) | 622729 | &nbsp;&nbsp; 1176958 |
| Suburban Propane Partners L.P. | 36600 | &nbsp;&nbsp; 730902 |
|  |  | &nbsp;&nbsp; 1907860 |
| Total Common Stocks & Other Equity Interests <br>(Cost $80,022,380) | Total Common Stocks & Other Equity Interests <br>(Cost $80,022,380) | &nbsp;&nbsp; 84971889 |
| **Closed-End Funds-10.10%** | **Closed-End Funds-10.10%** | **Closed-End Funds-10.10%** |
| abrdn Income Credit Strategies Fund | 192197 | &nbsp;&nbsp; 1078225 |
| Allspring Income Opportunities Fund | 30076 | &nbsp;&nbsp; 202712 |
| Barings Global Short Duration High Yield <br> Fund<br>| 11749 | &nbsp;&nbsp; 168011 |
| Blackstone Strategic Credit 2027 Term <br> Fund<sup>(b)</sup><br>| 36610 | &nbsp;&nbsp; 431266 |
| DoubleLine Yield Opportunities Fund<sup>(b)</sup> | 29649 | &nbsp;&nbsp; 450961 |
| Flaherty & Crumrine Preferred & Income <br> Securities Fund, Inc.<br>| 24972 | &nbsp;&nbsp; 380323 |
| FS Credit Opportunities Corp.<sup>(b)</sup> | 157584 | &nbsp;&nbsp; 1096785 |
| Morgan Stanley Emerging Markets Domestic <br> Debt Fund, Inc.<br>| 47023 | &nbsp;&nbsp; 226651 |
| Nuveen Credit Strategies Income Fund<sup>(b)</sup> | 130300 | &nbsp;&nbsp; 686681 |
| Nuveen Floating Rate Income Fund | 146947 | &nbsp;&nbsp; 1202026 |
| Nuveen Preferred & Income Opportunities <br> Fund<sup>(b)</sup><br>| 156587 | &nbsp;&nbsp; 1213549 |
| Nuveen Taxable Municipal Income Fund | 16073 | &nbsp;&nbsp; 252668 |
| PGIM High Yield Bond Fund, Inc. | 20966 | &nbsp;&nbsp; 287024 |
| Saba Capital Income & Opportunities Fund | 45469 | &nbsp;&nbsp; 349202 |
| Tortoise Energy Infrastructure Corp. | 17867 | &nbsp;&nbsp; 710571 |
| Western Asset Diversified Income Fund<sup>(b)</sup> | 38846 | &nbsp;&nbsp; 547340 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Western Asset Emerging Markets Debt Fund, <br> Inc.<br>| 40392 | &nbsp;&nbsp; $379281 |
| Western Asset High Income Fund II, Inc. | 93697 | &nbsp;&nbsp; 382284 |
| Western Asset High Income Opportunity <br> Fund, Inc.<br>| 90683 | &nbsp;&nbsp; 347316 |
| Western Asset Inflation-Linked Opportunities <br> & Income Fund<sup>(b)</sup><br>| 42804 | &nbsp;&nbsp; 370255 |
| Total Closed-End Funds <br>(Cost $10,948,304) | Total Closed-End Funds <br>(Cost $10,948,304) | &nbsp;&nbsp; 10763131 |
| **Preferred Stocks-9.96%** | **Preferred Stocks-9.96%** | **Preferred Stocks-9.96%** |
| **Communication Services-1.12%** | **Communication Services-1.12%** | **Communication Services-1.12%** |
| AT&T, Inc., Series C, Pfd., 4.75% | 62864 | &nbsp;&nbsp; 1198188 |
| **Financials-8.84%** | **Financials-8.84%** | **Financials-8.84%** |
| Bank of America Corp., Series QQ, Pfd., <br> 4.25%<br>| 66906 | &nbsp;&nbsp; 1150783 |
| Citizens Financial Group, Inc., Pfd., 7.38%<sup>(b)</sup> | 14533 | &nbsp;&nbsp; 381782 |
| JPMorgan Chase & Co., Series JJ, Pfd., <br> 4.55%<sup>(b)</sup><br>| 61089 | &nbsp;&nbsp; 1169243 |
| JPMorgan Chase & Co., Series LL, Pfd., <br> 4.63%<sup>(b)</sup><br>| 60465 | &nbsp;&nbsp; 1179067 |
| M&T Bank Corp., Series J, Pfd., 7.50%<sup>(b)</sup> | 22628 | &nbsp;&nbsp; 603941 |
| Morgan Stanley, Series K, Pfd., 5.85% | 36703 | &nbsp;&nbsp; 833158 |
| Morgan Stanley, Series P, Pfd., 6.50% | 21442 | &nbsp;&nbsp; 537980 |
| Regions Financial Corp., Pfd., 6.95%<sup>(c)</sup> | 28181 | &nbsp;&nbsp; 704525 |
| Wells Fargo & Co., Series Z, Pfd., 4.75% | 59919 | &nbsp;&nbsp; 1136064 |
| Wells Fargo & Co., Series AA, Pfd., 4.70% | 47001 | &nbsp;&nbsp; 877039 |
| Wells Fargo & Co., Series CC, Pfd., 4.38% | 48199 | &nbsp;&nbsp; 843483 |
|  |  | &nbsp;&nbsp; 9417065 |
| Total Preferred Stocks <br>(Cost $11,115,812) | Total Preferred Stocks <br>(Cost $11,115,812) | &nbsp;&nbsp; 10615253 |
| **Money Market Funds-0.04%** | **Money Market Funds-0.04%** | **Money Market Funds-0.04%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $41,902)<br>| 41902 | &nbsp;&nbsp; 41902 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.85% <br>(Cost $102,128,398) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.85% <br>(Cost $102,128,398) | &nbsp;&nbsp; 106392175 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-18.02%** | **Money Market Funds-18.02%** | **Money Market Funds-18.02%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 5331054 | &nbsp;&nbsp; 5331054 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 13867359 | &nbsp;&nbsp; 13870132 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $19,201,943) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $19,201,943) | &nbsp;&nbsp; 19201186 |
| TOTAL INVESTMENTS IN SECURITIES-117.87% <br>(Cost $121,330,341) | TOTAL INVESTMENTS IN SECURITIES-117.87% <br>(Cost $121,330,341) | &nbsp;&nbsp; 125593361 |
| OTHER ASSETS LESS LIABILITIES-(17.87)% | OTHER ASSETS LESS LIABILITIES-(17.87)% | &nbsp;&nbsp; (19040187)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $106553174 |

---

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

------

**28**

------

**Invesco Zacks Multi-Asset Income ETF (CVY)—(continued)**

April 30, 2025

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ADR | -American Depositary Receipt |
| Pfd. | -Preferred |
| REIT | -Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | 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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <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 holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| Invesco Mortgage Capital, <br> Inc.<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $240638 | &nbsp;&nbsp; $(222181)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $(18457)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $17007 |
| Invesco Senior Income Trust | &nbsp;&nbsp; 540935 | &nbsp;&nbsp; 117812 | &nbsp;&nbsp; (624763)<br>| &nbsp;&nbsp; (37821)<br>| &nbsp;&nbsp; 3837 | &nbsp;&nbsp; - | &nbsp;&nbsp; 37350 |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; 272894 | &nbsp;&nbsp; 7888581 | &nbsp;&nbsp; (8119573)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 41902 | &nbsp;&nbsp; 5255 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 4023785 | &nbsp;&nbsp; 52751510 | &nbsp;&nbsp; (51444241)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5331054 | &nbsp;&nbsp; 220,924<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 10435602 | &nbsp;&nbsp; 111995166 | &nbsp;&nbsp; (108558949)<br>| &nbsp;&nbsp; 400 | &nbsp;&nbsp; (2087)<br>| &nbsp;&nbsp; 13870132 | &nbsp;&nbsp; 585,562<br> \*<br>|
| Total | &nbsp;&nbsp; $15273216 | &nbsp;&nbsp; $172993707 | &nbsp;&nbsp; $(168969707)<br>| &nbsp;&nbsp; $(37421)<br>| &nbsp;&nbsp; $(16707)<br>| &nbsp;&nbsp; $19243088 | &nbsp;&nbsp; $866098 |

---

\* 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 April 30, 2025.

<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 2K. 

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

------

**29**

------

**Statements of Assets and Liabilities**

April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco** <br>**Large Cap Growth** <br>**ETF (PWB)**<br>| **Invesco** <br>**Large Cap Value** <br>**ETF (PWV)**<br>| **Invesco** <br>**S&P 100** <br>**Equal Weight** <br>**ETF (EQWL)**<br>| **Invesco** <br>**S&P 500** <br>**GARP** <br>**ETF (SPGP)**<br>|
| **Assets:** |  |  |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $976112384 | &nbsp;&nbsp;&nbsp; $999156621 | &nbsp;&nbsp;&nbsp; $1182735690 | &nbsp;&nbsp;&nbsp; $2782004998 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 33090092 | &nbsp;&nbsp;&nbsp; 45312689 | &nbsp;&nbsp;&nbsp; 35880172 | &nbsp;&nbsp;&nbsp; 96098080 |
| Receivable for: |  |  |  |  |
| Dividends | &nbsp;&nbsp; 215457 | &nbsp;&nbsp;&nbsp; 1524973 | &nbsp;&nbsp;&nbsp; 1384307 | &nbsp;&nbsp;&nbsp; 1539304 |
| Securities lending | &nbsp;&nbsp; 2829 | &nbsp;&nbsp;&nbsp; 2907 | &nbsp;&nbsp;&nbsp; 3291 | &nbsp;&nbsp;&nbsp; 12458 |
| Investments sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Fund shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 796 | &nbsp;&nbsp;&nbsp; 11106455 | &nbsp;&nbsp;&nbsp; - |
| Expenses absorbed | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 66177 | &nbsp;&nbsp;&nbsp; - |
| Foreign tax reclaims | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Other assets | &nbsp;&nbsp; 5282 | &nbsp;&nbsp;&nbsp; 5386 | &nbsp;&nbsp;&nbsp; 5092 | &nbsp;&nbsp;&nbsp; 12348 |
| **Total assets** | &nbsp;&nbsp; 1009426044 | &nbsp;&nbsp;&nbsp; 1046003372 | &nbsp;&nbsp;&nbsp; 1231181184 | &nbsp;&nbsp;&nbsp; 2879667188 |
| **Liabilities:** |  |  |  |  |
| Due to custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1945 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 255 |
| Payable for: |  |  |  |  |
| Investments purchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 11061326 | &nbsp;&nbsp;&nbsp; - |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 32507324 | &nbsp;&nbsp;&nbsp; 44526847 | &nbsp;&nbsp;&nbsp; 35219812 | &nbsp;&nbsp;&nbsp; 95729794 |
| Fund shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Expenses recaptured | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Accrued advisory fees | &nbsp;&nbsp; 371012 | &nbsp;&nbsp;&nbsp; 399244 | &nbsp;&nbsp;&nbsp; 224410 | &nbsp;&nbsp;&nbsp; 674912 |
| Accrued trustees' and officer's fees | &nbsp;&nbsp; 130474 | &nbsp;&nbsp;&nbsp; 177331 | &nbsp;&nbsp;&nbsp; 67726 | &nbsp;&nbsp;&nbsp; 77503 |
| Accrued expenses | &nbsp;&nbsp; 164400 | &nbsp;&nbsp;&nbsp; 163162 | &nbsp;&nbsp;&nbsp; 255953 | &nbsp;&nbsp;&nbsp; 1108483 |
| Accrued tax expenses | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Total liabilities** | &nbsp;&nbsp; 33173210 | &nbsp;&nbsp;&nbsp; 45268529 | &nbsp;&nbsp;&nbsp; 46829227 | &nbsp;&nbsp;&nbsp; 97590947 |
| **Net Assets** | &nbsp;&nbsp; $976252834 | &nbsp;&nbsp;&nbsp; $1000734843 | &nbsp;&nbsp;&nbsp; $1184351957 | &nbsp;&nbsp;&nbsp; $2782076241 |
| **Net assets consist of:** |  |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1117315544 | &nbsp;&nbsp;&nbsp; $1460973262 | &nbsp;&nbsp;&nbsp; $1159864752 | &nbsp;&nbsp;&nbsp; $3445112798 |
| Distributable earnings (loss) | &nbsp;&nbsp; (141062710)<br>| &nbsp;&nbsp;&nbsp; (460238419)<br>| &nbsp;&nbsp;&nbsp; 24487205 | &nbsp;&nbsp;&nbsp; (663036557)<br>|
| **Net Assets** | &nbsp;&nbsp; $976252834 | &nbsp;&nbsp;&nbsp; $1000734843 | &nbsp;&nbsp;&nbsp; $1184351957 | &nbsp;&nbsp;&nbsp; $2782076241 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 9780000 | &nbsp;&nbsp;&nbsp; 17490000 | &nbsp;&nbsp;&nbsp; 11730000 | &nbsp;&nbsp;&nbsp; 28850000 |
| Net asset value | &nbsp;&nbsp; $99.82 | &nbsp;&nbsp;&nbsp; $57.22 | &nbsp;&nbsp;&nbsp; $100.97 | &nbsp;&nbsp;&nbsp; $96.43 |
| Market price | &nbsp;&nbsp; $99.69 | &nbsp;&nbsp;&nbsp; $57.18 | &nbsp;&nbsp;&nbsp; $101.23 | &nbsp;&nbsp;&nbsp; $96.34 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $815705646 | &nbsp;&nbsp;&nbsp; $930166172 | &nbsp;&nbsp;&nbsp; $1131535451 | &nbsp;&nbsp;&nbsp; $2984305035 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $33090212 | &nbsp;&nbsp;&nbsp; $45312689 | &nbsp;&nbsp;&nbsp; $35880172 | &nbsp;&nbsp;&nbsp; $96101075 |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $31570014 | &nbsp;&nbsp;&nbsp; $43654797 | &nbsp;&nbsp;&nbsp; $34929226 | &nbsp;&nbsp;&nbsp; $91773171 |

---

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

------

**30**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco** <br>**S&P 500** <br>**Value with Momentum** <br>**ETF (SPVM)**<br>| **Invesco** <br>**S&P MidCap** <br>**Momentum** <br>**ETF (XMMO)**<br>| **Invesco** <br>**S&P MidCap** <br>**Quality** <br>**ETF (XMHQ)**<br>| **Invesco** <br>**S&P MidCap** <br>**Value with Momentum** <br>**ETF (XMVM)**<br>| **Invesco** <br>**S&P SmallCap** <br>**Momentum** <br>**ETF (XSMO)**<br>| **Invesco** <br>**S&P SmallCap Value** <br>**with Momentum** <br>**ETF (XSVM)**<br>| **Invesco** <br>**Zacks Mid-Cap** <br>**ETF (CZA)**<br>| **Invesco** <br>**Zacks Multi-Asset** <br>**Income ETF (CVY)**<br>|
| $49274505 | $3418494102 | $4752124476 | $238756463 | $1383686313 | $572684985 | $178572118 | $106350273 |
| 7198952 | 222317736 | 549345258 | 49336494 | 241634528 | 75449755 | 8833117 | 19243088 |
| 45111 | 1117696 | 512473 | 35240 | 1222789 | 457520 | 46456 | 259136 |
| 543 | 18833 | 44704 | 3867 | 21427 | 13041 | 1580 | 7057 |
| - | - | 923793 | - | - | 954701 | - | 22658 |
| - | - | - | - | 7406092 | - | - | - |
| 2333 | - | 362493 | - | - | - | 9050 | 8866 |
| - | - | - | - | - | - | 13410 | 2619 |
| 4295 | 12698 | 12928 | 4548 | 5648 | 4553 | 4484 | 4389 |
| 56525739 | 3641961065 | 5303326125 | 288136612 | 1633976797 | 649564555 | 187480215 | 125898086 |
| - | - | - | - | - | 1606 | - | - |
| - | - | - | - | 7390735 | - | - | - |
| 6823392 | 220839148 | 545027436 | 49008285 | 240278547 | 74911621 | 7863753 | 19201943 |
| - | - | 924183 | - | - | 968291 | - | - |
| - | - | - | 83 | - | 2067 | - | - |
| 11405 | 782423 | 997470 | 55528 | 315412 | 135466 | 71763 | 43467 |
| 51130 | 99569 | 78546 | 69245 | 68957 | 76454 | 13531 | 12507 |
| 36320 | 895965 | 1399161 | 95739 | 378024 | 245278 | 125174 | 86995 |
| - | - | - | 1852 | - | - | - | - |
| 6922247 | 222617105 | 548426796 | 49230732 | 248431675 | 76340783 | 8074221 | 19344912 |
| $49603492 | $3419343960 | $4754899329 | $238905880 | $1385545122 | $573223772 | $179405994 | $106553174 |
| $70688343 | $4047529187 | $5234434466 | $294763051 | $1621523501 | $899740083 | $312866575 | $548071179 |
| (21084851)<br>| (628185227)<br>| (479535137)<br>| (55857171)<br>| (235978379)<br>| (326516311)<br>| (133460581)<br>| (441518005)<br>|
| $49603492 | $3419343960 | $4754899329 | $238905880 | $1385545122 | $573223772 | $179405994 | $106553174 |
| 890000 | 29620000 | 51450000 | 4650000 | 22450000 | 11840000 | 1780000 | 4380800 |
| $55.73 | $115.44 | $92.42 | $51.38 | $61.72 | $48.41 | $100.79 | $24.32 |
| $55.71 | $115.29 | $92.32 | $51.30 | $61.71 | $48.37 | $100.74 | $24.33 |
| $46741509 | $3437828180 | $5004685242 | $226184999 | $1378627839 | $599702129 | $176572948 | $102086496 |
| $7261156 | $222324515 | $549368984 | $49337483 | $241645829 | $75452768 | $8960942 | $19243845 |
| $6680122 | $216273073 | $533285382 | $47117109 | $234949625 | $73017209 | $7682052 | $18372316 |

---

------

**31**

------

**Statements of Operations**

For the year ended April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco** <br>**Large Cap Growth** <br>**ETF (PWB)**<br>| **Invesco** <br>**Large Cap Value** <br>**ETF (PWV)**<br>| **Invesco** <br>**S&P 100** <br>**Equal Weight** <br>**ETF (EQWL)**<br>| **Invesco** <br>**S&P 500** <br>**GARP** <br>**ETF (SPGP)**<br>|
| **Investment income:** |  |  |  |  |
| Unaffiliated dividend income | &nbsp;&nbsp; $5642263 | &nbsp;&nbsp;&nbsp; $27048769 | &nbsp;&nbsp;&nbsp; $19996112 | &nbsp;&nbsp;&nbsp; $74700392 |
| Affiliated dividend income | &nbsp;&nbsp; 24969 | &nbsp;&nbsp;&nbsp; 27086 | &nbsp;&nbsp;&nbsp; 17272 | &nbsp;&nbsp;&nbsp; 128923 |
| Securities lending income, net | &nbsp;&nbsp; 28366 | &nbsp;&nbsp;&nbsp; 33010 | &nbsp;&nbsp;&nbsp; 21491 | &nbsp;&nbsp;&nbsp; 142589 |
| Foreign withholding tax | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (7029)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (180231)<br>|
| Total investment income | &nbsp;&nbsp; 5695598 | &nbsp;&nbsp;&nbsp; 27101836 | &nbsp;&nbsp;&nbsp; 20034875 | &nbsp;&nbsp;&nbsp; 74791673 |
| **Expenses:** |  |  |  |  |
| Advisory fees | &nbsp;&nbsp; 4687207 | &nbsp;&nbsp;&nbsp; 4897939 | &nbsp;&nbsp;&nbsp; 2192468 | &nbsp;&nbsp;&nbsp; 12104840 |
| Sub-licensing fees | &nbsp;&nbsp; 280510 | &nbsp;&nbsp;&nbsp; 293046 | &nbsp;&nbsp;&nbsp; 223464 | &nbsp;&nbsp;&nbsp; 1356767 |
| Accounting & administration fees | &nbsp;&nbsp; 75306 | &nbsp;&nbsp;&nbsp; 76470 | &nbsp;&nbsp;&nbsp; 68222 | &nbsp;&nbsp;&nbsp; 328795 |
| Professional fees | &nbsp;&nbsp; 35953 | &nbsp;&nbsp;&nbsp; 35714 | &nbsp;&nbsp;&nbsp; 35882 | &nbsp;&nbsp;&nbsp; 51743 |
| Custodian & transfer agent fees | &nbsp;&nbsp; 12296 | &nbsp;&nbsp;&nbsp; 25834 | &nbsp;&nbsp;&nbsp; 19325 | &nbsp;&nbsp;&nbsp; 77544 |
| Trustees' and officer's fees | &nbsp;&nbsp; 17816 | &nbsp;&nbsp;&nbsp; 19460 | &nbsp;&nbsp;&nbsp; 15125 | &nbsp;&nbsp;&nbsp; 40264 |
| Recapture (Note 3) | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Tax expenses | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Other expenses | &nbsp;&nbsp; 48081 | &nbsp;&nbsp;&nbsp; 44260 | &nbsp;&nbsp;&nbsp; 94970 | &nbsp;&nbsp;&nbsp; 476757 |
| Total expenses | &nbsp;&nbsp; 5157169 | &nbsp;&nbsp;&nbsp; 5392723 | &nbsp;&nbsp;&nbsp; 2649456 | &nbsp;&nbsp;&nbsp; 14436710 |
| Less: Waivers | &nbsp;&nbsp; (499)<br>| &nbsp;&nbsp;&nbsp; (526)<br>| &nbsp;&nbsp;&nbsp; (457313)<br>| &nbsp;&nbsp;&nbsp; (2405)<br>|
| Net expenses | &nbsp;&nbsp; 5156670 | &nbsp;&nbsp;&nbsp; 5392197 | &nbsp;&nbsp;&nbsp; 2192143 | &nbsp;&nbsp;&nbsp; 14434305 |
| Net investment income | &nbsp;&nbsp; 538928 | &nbsp;&nbsp;&nbsp; 21709639 | &nbsp;&nbsp;&nbsp; 17842732 | &nbsp;&nbsp;&nbsp; 60357368 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (55380987)<br>| &nbsp;&nbsp;&nbsp; (20658054)<br>| &nbsp;&nbsp;&nbsp; (14685103)<br>| &nbsp;&nbsp;&nbsp; (209334527)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (6462)<br>| &nbsp;&nbsp;&nbsp; (2964)<br>| &nbsp;&nbsp;&nbsp; (4650)<br>| &nbsp;&nbsp;&nbsp; (32940)<br>|
| Unaffiliated in-kind redemptions | &nbsp;&nbsp; 176855842 | &nbsp;&nbsp;&nbsp; 103947186 | &nbsp;&nbsp;&nbsp; 70690443 | &nbsp;&nbsp;&nbsp; 788511996 |
| Affiliated in-kind redemptions | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Foreign currencies | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net realized gain (loss) | &nbsp;&nbsp; 121468393 | &nbsp;&nbsp;&nbsp; 83286168 | &nbsp;&nbsp;&nbsp; 56000690 | &nbsp;&nbsp;&nbsp; 579144529 |
| Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 7582243 | &nbsp;&nbsp;&nbsp; (43820874)<br>| &nbsp;&nbsp;&nbsp; 8888294 | &nbsp;&nbsp;&nbsp; (664060665)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp; 733 | &nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp; 17441 |
| Foreign currencies | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 7583063 | &nbsp;&nbsp;&nbsp; (43820141)<br>| &nbsp;&nbsp;&nbsp; 8888519 | &nbsp;&nbsp;&nbsp; (664043224)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 129051456 | &nbsp;&nbsp;&nbsp; 39466027 | &nbsp;&nbsp;&nbsp; 64889209 | &nbsp;&nbsp;&nbsp; (84898695)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $129590384 | &nbsp;&nbsp;&nbsp; $61175666 | &nbsp;&nbsp;&nbsp; $82731941 | &nbsp;&nbsp;&nbsp; $(24541327)<br>|

---

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

------

**32**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco** <br>**S&P 500** <br>**Value with Momentum** <br>**ETF (SPVM)**<br>| **Invesco** <br>**S&P MidCap** <br>**Momentum** <br>**ETF (XMMO)**<br>| **Invesco** <br>**S&P MidCap** <br>**Quality** <br>**ETF (XMHQ)**<br>| **Invesco** <br>**S&P MidCap** <br>**Value with Momentum** <br>**ETF (XMVM)**<br>| **Invesco** <br>**S&P SmallCap** <br>**Momentum** <br>**ETF (XSMO)**<br>| **Invesco** <br>**S&P SmallCap Value** <br>**with Momentum** <br>**ETF (XSVM)**<br>| **Invesco** <br>**Zacks Mid-Cap** <br>**ETF (CZA)**<br>| **Invesco** <br>**Zacks Multi-Asset** <br>**Income ETF (CVY)**<br>|
| $1003112 | $29915592 | $53336167 | $5993434 | $14585753 | $16800156 | $3843465 | $4833578 |
| 7363 | 74014 | 239390 | 10887 | 33806 | 14703 | 57204 | 59612 |
| 5500 | 231920 | 587921 | 39524 | 186686 | 356153 | 33420 | 169364 |
| - | - | - | - | (62172)<br>| (19745)<br>| (44792)<br>| (86271)<br>|
| 1015975 | 30221526 | 54163478 | 6043845 | 14744073 | 17151267 | 3889297 | 4976283 |
| 118376 | 9204114 | 13724571 | 722769 | 3249227 | 2226056 | 988170 | 578162 |
| (16919)<br>| 651337 | 1690414 | 61573 | 388329 | 261979 | 271452 | 148449 |
| 13776 | 189640 | 422513 | 28106 | 78252 | 66494 | 25513 | 21011 |
| 32378 | 44902 | 59693 | 33223 | 36629 | 35358 | 33351 | 33470 |
| 6289 | 45813 | 24722 | 5461 | 13636 | 49286 | 8310 | 12453 |
| 9593 | 28460 | 46997 | 11358 | 15990 | 14900 | 9255 | 8727 |
| - | - | - | 65188 | 68044 | - | - | 1123 |
| - | - | - | 1852 | - | - | - | - |
| 18459 | 253959 | 746540 | 31308 | 113448 | 74577 | 24702 | 26836 |
| 181952 | 10418225 | 16715450 | 960838 | 3963555 | 2728650 | 1360753 | 830231 |
| (22837)<br>| (1490)<br>| (2995218)<br>| (210)<br>| (661)<br>| (285)<br>| (136)<br>| (4408)<br>|
| 159115 | 10416735 | 13720232 | 960628 | 3962894 | 2728365 | 1360617 | 825823 |
| 856860 | 19804791 | 40443246 | 5083217 | 10781179 | 14422902 | 2528680 | 4150460 |
| 125739 | (329541915)<br>| (233943829)<br>| 1261871 | (149838627)<br>| (59436215)<br>| 5113332 | 3165660 |
| (589)<br>| (21863)<br>| (67851)<br>| (3095)<br>| (11480)<br>| (26239)<br>| 2084 | (16712)<br>|
| 1563098 | 368311433 | 455832680 | 3838512 | 90863418 | 93817658 | 12373859 | 618088 |
| - | - | - | - | - | - | 5119 | 5 |
| - | - | - | - | - | - | 114 | (70)<br>|
| 1688248 | 38747655 | 221821000 | 5097288 | (58986689)<br>| 34355204 | 17494508 | 3766971 |
| (429059)<br>| (150558296)<br>| (675357492)<br>| (5257754)<br>| (23348936)<br>| (103836258)<br>| (8898658)<br>| (5443008)<br>|
| (61679)<br>| 1553 | 28031 | 1092 | (5126)<br>| 20502 | 25799 | (37421)<br>|
| - | - | - | - | - | - | 797 | - |
| (490738)<br>| (150556743)<br>| (675329461)<br>| (5256662)<br>| (23354062)<br>| (103815756)<br>| (8872062)<br>| (5480429)<br>|
| 1197510 | (111809088)<br>| (453508461)<br>| (159374)<br>| (82340751)<br>| (69460552)<br>| 8622446 | (1713458)<br>|
| $2054370 | $(92004297)<br>| $(413065215)<br>| $4923843 | $(71559572)<br>| $(55037650)<br>| $11151126 | $2437002 |

---

------

**33**

------

**Statements of Changes in Net Assets**

For the years ended April 30, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco** <br>**Large Cap Growth ETF (PWB)** | **Invesco** <br>**Large Cap Growth ETF (PWB)** | **Invesco** <br>**Large Cap Value ETF (PWV)** | **Invesco** <br>**Large Cap Value ETF (PWV)** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $538928 | &nbsp;&nbsp;&nbsp; $1801550 | &nbsp;&nbsp;&nbsp; $21709639 | &nbsp;&nbsp;&nbsp; $18273969 |
| Net realized gain (loss) | &nbsp;&nbsp; 121468393 | &nbsp;&nbsp;&nbsp; 68007714 | &nbsp;&nbsp;&nbsp; 83286168 | &nbsp;&nbsp;&nbsp; 28791505 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 7583063 | &nbsp;&nbsp;&nbsp; 112177183 | &nbsp;&nbsp;&nbsp; (43820141)<br>| &nbsp;&nbsp;&nbsp; 107044000 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 129590384 | &nbsp;&nbsp;&nbsp; 181986447 | &nbsp;&nbsp;&nbsp; 61175666 | &nbsp;&nbsp;&nbsp; 154109474 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (688790)<br>| &nbsp;&nbsp;&nbsp; (1971234)<br>| &nbsp;&nbsp;&nbsp; (22503866)<br>| &nbsp;&nbsp;&nbsp; (17879261)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 786726074 | &nbsp;&nbsp;&nbsp; 391738403 | &nbsp;&nbsp;&nbsp; 661899690 | &nbsp;&nbsp;&nbsp; 223447470 |
| Value of shares repurchased | &nbsp;&nbsp; (742488043)<br>| &nbsp;&nbsp;&nbsp; (372580941)<br>| &nbsp;&nbsp;&nbsp; (572573337)<br>| &nbsp;&nbsp;&nbsp; (261678653)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 44238031 | &nbsp;&nbsp;&nbsp; 19157462 | &nbsp;&nbsp;&nbsp; 89326353 | &nbsp;&nbsp;&nbsp; (38231183)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 173139625 | &nbsp;&nbsp;&nbsp; 199172675 | &nbsp;&nbsp;&nbsp; 127998153 | &nbsp;&nbsp;&nbsp; 97999030 |
| **Net assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 803113209 | &nbsp;&nbsp;&nbsp; 603940534 | &nbsp;&nbsp;&nbsp; 872736690 | &nbsp;&nbsp;&nbsp; 774737660 |
| End of year | &nbsp;&nbsp; $976252834 | &nbsp;&nbsp;&nbsp; $803113209 | &nbsp;&nbsp;&nbsp; $1000734843 | &nbsp;&nbsp;&nbsp; $872736690 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 7970000 | &nbsp;&nbsp;&nbsp; 4880000 | &nbsp;&nbsp;&nbsp; 11270000 | &nbsp;&nbsp;&nbsp; 4630000 |
| Shares repurchased | &nbsp;&nbsp; (7640000)<br>| &nbsp;&nbsp;&nbsp; (4650000)<br>| &nbsp;&nbsp;&nbsp; (9880000)<br>| &nbsp;&nbsp;&nbsp; (5460000)<br>|
| Shares outstanding, beginning of year | &nbsp;&nbsp; 9450000 | &nbsp;&nbsp;&nbsp; 9220000 | &nbsp;&nbsp;&nbsp; 16100000 | &nbsp;&nbsp;&nbsp; 16930000 |
| Shares outstanding, end of year | &nbsp;&nbsp; 9780000 | &nbsp;&nbsp;&nbsp; 9450000 | &nbsp;&nbsp;&nbsp; 17490000 | &nbsp;&nbsp;&nbsp; 16100000 |

---

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

------

**34**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $17842732 | &nbsp;&nbsp;&nbsp; $8674165 | &nbsp;&nbsp;&nbsp; $60357368 | &nbsp;&nbsp;&nbsp; $52673258 | &nbsp;&nbsp;&nbsp; $856860 | &nbsp;&nbsp;&nbsp; $822410 |
| 56000690 | &nbsp;&nbsp;&nbsp; 25291056 | &nbsp;&nbsp;&nbsp; 579144529 | &nbsp;&nbsp;&nbsp; 202161617 | &nbsp;&nbsp;&nbsp; 1688248 | &nbsp;&nbsp;&nbsp; (1841286)<br>|
| 8888519 | &nbsp;&nbsp;&nbsp; 32654418 | &nbsp;&nbsp;&nbsp; (664043224)<br>| &nbsp;&nbsp;&nbsp; 372226888 | &nbsp;&nbsp;&nbsp; (490738)<br>| &nbsp;&nbsp;&nbsp; 5770482 |
| 82731941 | &nbsp;&nbsp;&nbsp; 66619639 | &nbsp;&nbsp;&nbsp; (24541327)<br>| &nbsp;&nbsp;&nbsp; 627061763 | &nbsp;&nbsp;&nbsp; 2054370 | &nbsp;&nbsp;&nbsp; 4751606 |
| (17310552)<br>| &nbsp;&nbsp;&nbsp; (8229000)<br>| &nbsp;&nbsp;&nbsp; (59282455)<br>| &nbsp;&nbsp;&nbsp; (54704523)<br>| &nbsp;&nbsp;&nbsp; (848603)<br>| &nbsp;&nbsp;&nbsp; (864291)<br>|
| 716329652 | &nbsp;&nbsp;&nbsp; 426196189 | &nbsp;&nbsp;&nbsp; 2338779177 | &nbsp;&nbsp;&nbsp; 2666863759 | &nbsp;&nbsp;&nbsp; 15627160 | &nbsp;&nbsp;&nbsp; 8017292 |
| (211133344)<br>| &nbsp;&nbsp;&nbsp; (89020776)<br>| &nbsp;&nbsp;&nbsp; (4228738261)<br>| &nbsp;&nbsp;&nbsp; (1350566966)<br>| &nbsp;&nbsp;&nbsp; (9932976)<br>| &nbsp;&nbsp;&nbsp; (11199265)<br>|
| 505196308 | &nbsp;&nbsp;&nbsp; 337175413 | &nbsp;&nbsp;&nbsp; (1889959084)<br>| &nbsp;&nbsp;&nbsp; 1316296793 | &nbsp;&nbsp;&nbsp; 5694184 | &nbsp;&nbsp;&nbsp; (3181973)<br>|
| 570617697 | &nbsp;&nbsp;&nbsp; 395566052 | &nbsp;&nbsp;&nbsp; (1973782866)<br>| &nbsp;&nbsp;&nbsp; 1888654033 | &nbsp;&nbsp;&nbsp; 6899951 | &nbsp;&nbsp;&nbsp; 705342 |
| 613734260 | &nbsp;&nbsp;&nbsp; 218168208 | &nbsp;&nbsp;&nbsp; 4755859107 | &nbsp;&nbsp;&nbsp; 2867205074 | &nbsp;&nbsp;&nbsp; 42703541 | &nbsp;&nbsp;&nbsp; 41998199 |
| $1184351957 | &nbsp;&nbsp;&nbsp; $613734260 | &nbsp;&nbsp;&nbsp; $2782076241 | &nbsp;&nbsp;&nbsp; $4755859107 | &nbsp;&nbsp;&nbsp; $49603492 | &nbsp;&nbsp;&nbsp; $42703541 |
| 7070000 | &nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 22570000 | &nbsp;&nbsp;&nbsp; 28820000 | &nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp; 150000 |
| (2070000)<br>| &nbsp;&nbsp;&nbsp; (1040000)<br>| &nbsp;&nbsp;&nbsp; (41060000)<br>| &nbsp;&nbsp;&nbsp; (14790000)<br>| &nbsp;&nbsp;&nbsp; (180000)<br>| &nbsp;&nbsp;&nbsp; (230000)<br>|
| 6730000 | &nbsp;&nbsp;&nbsp; 2770000 | &nbsp;&nbsp;&nbsp; 47340000 | &nbsp;&nbsp;&nbsp; 33310000 | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 880000 |
| 11730000 | &nbsp;&nbsp;&nbsp; 6730000 | &nbsp;&nbsp;&nbsp; 28850000 | &nbsp;&nbsp;&nbsp; 47340000 | &nbsp;&nbsp;&nbsp; 890000 | &nbsp;&nbsp;&nbsp; 800000 |

---

------

**35**

------

**Statements of Changes in Net Assets—(continued)**

For the years ended April 30, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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)** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $19804791 | &nbsp;&nbsp;&nbsp; $7491347 | &nbsp;&nbsp;&nbsp; $40443246 | &nbsp;&nbsp;&nbsp; $18119889 |
| Net realized gain (loss) | &nbsp;&nbsp; 38747655 | &nbsp;&nbsp;&nbsp; 356674427 | &nbsp;&nbsp;&nbsp; 221821000 | &nbsp;&nbsp;&nbsp; 386030054 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (150556743)<br>| &nbsp;&nbsp;&nbsp; 65402253 | &nbsp;&nbsp;&nbsp; (675329461)<br>| &nbsp;&nbsp;&nbsp; 380997033 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (92004297)<br>| &nbsp;&nbsp;&nbsp; 429568027 | &nbsp;&nbsp;&nbsp; (413065215)<br>| &nbsp;&nbsp;&nbsp; 785146976 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (17116434)<br>| &nbsp;&nbsp;&nbsp; (7039973)<br>| &nbsp;&nbsp;&nbsp; (242654316)<br>| &nbsp;&nbsp;&nbsp; (16138808)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 3961804723 | &nbsp;&nbsp;&nbsp; 1900707861 | &nbsp;&nbsp;&nbsp; 3251481196 | &nbsp;&nbsp;&nbsp; 3852016457 |
| Value of shares repurchased | &nbsp;&nbsp; (2568278012)<br>| &nbsp;&nbsp;&nbsp; (1241351700)<br>| &nbsp;&nbsp;&nbsp; (2472689264)<br>| &nbsp;&nbsp;&nbsp; (704066329)<br>|
| Net increase (decrease) in net assets resulting from share <br> transactions<br>| &nbsp;&nbsp; 1393526711 | &nbsp;&nbsp;&nbsp; 659356161 | &nbsp;&nbsp;&nbsp; 778791932 | &nbsp;&nbsp;&nbsp; 3147950128 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; 1284405980 | &nbsp;&nbsp;&nbsp; 1081884215 | &nbsp;&nbsp;&nbsp; 123072401 | &nbsp;&nbsp;&nbsp; 3916958296 |
| **Net assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 2134937980 | &nbsp;&nbsp;&nbsp; 1053053765 | &nbsp;&nbsp;&nbsp; 4631826928 | &nbsp;&nbsp;&nbsp; 714868632 |
| End of year | &nbsp;&nbsp; $3419343960 | &nbsp;&nbsp;&nbsp; $2134937980 | &nbsp;&nbsp;&nbsp; $4754899329 | &nbsp;&nbsp;&nbsp; $4631826928 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 31900000 | &nbsp;&nbsp;&nbsp; 18720000 | &nbsp;&nbsp;&nbsp; 32050000 | &nbsp;&nbsp;&nbsp; 43530000 |
| Shares repurchased | &nbsp;&nbsp; (21930000)<br>| &nbsp;&nbsp;&nbsp; (13100000)<br>| &nbsp;&nbsp;&nbsp; (25700000)<br>| &nbsp;&nbsp;&nbsp; (8100000)<br>|
| Shares outstanding, beginning of year | &nbsp;&nbsp; 19650000 | &nbsp;&nbsp;&nbsp; 14030000 | &nbsp;&nbsp;&nbsp; 45100000 | &nbsp;&nbsp;&nbsp; 9670000 |
| Shares outstanding, end of year | &nbsp;&nbsp; 29620000 | &nbsp;&nbsp;&nbsp; 19650000 | &nbsp;&nbsp;&nbsp; 51450000 | &nbsp;&nbsp;&nbsp; 45100000 |

---

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

------

**36**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $5083217 | &nbsp;&nbsp;&nbsp; $2712990 | &nbsp;&nbsp;&nbsp; $10781179 | &nbsp;&nbsp;&nbsp; $1600283 | &nbsp;&nbsp;&nbsp; $14422902 | &nbsp;&nbsp;&nbsp; $11810410 |
| 5097288 | &nbsp;&nbsp;&nbsp; 12628114 | &nbsp;&nbsp;&nbsp; (58986689)<br>| &nbsp;&nbsp;&nbsp; 28394232 | &nbsp;&nbsp;&nbsp; 34355204 | &nbsp;&nbsp;&nbsp; 38187731 |
| (5256662)<br>| &nbsp;&nbsp;&nbsp; 20247872 | &nbsp;&nbsp;&nbsp; (23354062)<br>| &nbsp;&nbsp;&nbsp; 21553132 | &nbsp;&nbsp;&nbsp; (103815756)<br>| &nbsp;&nbsp;&nbsp; 87524899 |
| 4923843 | &nbsp;&nbsp;&nbsp; 35588976 | &nbsp;&nbsp;&nbsp; (71559572)<br>| &nbsp;&nbsp;&nbsp; 51547647 | &nbsp;&nbsp;&nbsp; (55037650)<br>| &nbsp;&nbsp;&nbsp; 137523040 |
| (4661050)<br>| &nbsp;&nbsp;&nbsp; (2931021)<br>| &nbsp;&nbsp;&nbsp; (10398630)<br>| &nbsp;&nbsp;&nbsp; (1713095)<br>| &nbsp;&nbsp;&nbsp; (15212956)<br>| &nbsp;&nbsp;&nbsp; (10627662)<br>|
| 45082797 | &nbsp;&nbsp;&nbsp; 137196617 | &nbsp;&nbsp;&nbsp; 1916290502 | &nbsp;&nbsp;&nbsp; 385643667 | &nbsp;&nbsp;&nbsp; 298288658 | &nbsp;&nbsp;&nbsp; 363699068 |
| (21756531)<br>| &nbsp;&nbsp;&nbsp; (124766194)<br>| &nbsp;&nbsp;&nbsp; (855312470)<br>| &nbsp;&nbsp;&nbsp; (206874982)<br>| &nbsp;&nbsp;&nbsp; (418178959)<br>| &nbsp;&nbsp;&nbsp; (339560914)<br>|
| 23326266 | &nbsp;&nbsp;&nbsp; 12430423 | &nbsp;&nbsp;&nbsp; 1060978032 | &nbsp;&nbsp;&nbsp; 178768685 | &nbsp;&nbsp;&nbsp; (119890301)<br>| &nbsp;&nbsp;&nbsp; 24138154 |
| 23589059 | &nbsp;&nbsp;&nbsp; 45088378 | &nbsp;&nbsp;&nbsp; 979019830 | &nbsp;&nbsp;&nbsp; 228603237 | &nbsp;&nbsp;&nbsp; (190140907)<br>| &nbsp;&nbsp;&nbsp; 151033532 |
| 215316821 | &nbsp;&nbsp;&nbsp; 170228443 | &nbsp;&nbsp;&nbsp; 406525292 | &nbsp;&nbsp;&nbsp; 177922055 | &nbsp;&nbsp;&nbsp; 763364679 | &nbsp;&nbsp;&nbsp; 612331147 |
| $238905880 | &nbsp;&nbsp;&nbsp; $215316821 | &nbsp;&nbsp;&nbsp; $1385545122 | &nbsp;&nbsp;&nbsp; $406525292 | &nbsp;&nbsp;&nbsp; $573223772 | &nbsp;&nbsp;&nbsp; $763364679 |
| 820000 | &nbsp;&nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp; 29200000 | &nbsp;&nbsp;&nbsp; 6990000 | &nbsp;&nbsp;&nbsp; 5420000 | &nbsp;&nbsp;&nbsp; 7280000 |
| (400000)<br>| &nbsp;&nbsp;&nbsp; (2670000)<br>| &nbsp;&nbsp;&nbsp; (13810000)<br>| &nbsp;&nbsp;&nbsp; (3900000)<br>| &nbsp;&nbsp;&nbsp; (7780000)<br>| &nbsp;&nbsp;&nbsp; (6970000)<br>|
| 4230000 | &nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 7060000 | &nbsp;&nbsp;&nbsp; 3970000 | &nbsp;&nbsp;&nbsp; 14200000 | &nbsp;&nbsp;&nbsp; 13890000 |
| 4650000 | &nbsp;&nbsp;&nbsp; 4230000 | &nbsp;&nbsp;&nbsp; 22450000 | &nbsp;&nbsp;&nbsp; 7060000 | &nbsp;&nbsp;&nbsp; 11840000 | &nbsp;&nbsp;&nbsp; 14200000 |

---

------

**37**

------

**Statements of Changes in Net Assets—(continued)**

For the years ended April 30, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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)** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $2528680 | &nbsp;&nbsp;&nbsp; $2977570 | &nbsp;&nbsp;&nbsp; $4150460 | &nbsp;&nbsp;&nbsp; $3946171 |
| Net realized gain (loss) | &nbsp;&nbsp; 17494508 | &nbsp;&nbsp;&nbsp; 8625579 | &nbsp;&nbsp;&nbsp; 3766971 | &nbsp;&nbsp;&nbsp; (112349)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (8872062)<br>| &nbsp;&nbsp;&nbsp; 10865024 | &nbsp;&nbsp;&nbsp; (5480429)<br>| &nbsp;&nbsp;&nbsp; 15307558 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 11151126 | &nbsp;&nbsp;&nbsp; 22468173 | &nbsp;&nbsp;&nbsp; 2437002 | &nbsp;&nbsp;&nbsp; 19141380 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (2455516)<br>| &nbsp;&nbsp;&nbsp; (2662587)<br>| &nbsp;&nbsp;&nbsp; (4591729)<br>| &nbsp;&nbsp;&nbsp; (4393774)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 66647302 | &nbsp;&nbsp;&nbsp; 95945433 | &nbsp;&nbsp;&nbsp; 785936 | &nbsp;&nbsp;&nbsp; 7746013 |
| Value of shares repurchased | &nbsp;&nbsp; (89255552)<br>| &nbsp;&nbsp;&nbsp; (121327875)<br>| &nbsp;&nbsp;&nbsp; (5017005)<br>| &nbsp;&nbsp;&nbsp; (5729997)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (22608250)<br>| &nbsp;&nbsp;&nbsp; (25382442)<br>| &nbsp;&nbsp;&nbsp; (4231069)<br>| &nbsp;&nbsp;&nbsp; 2016016 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; (13912640)<br>| &nbsp;&nbsp;&nbsp; (5576856)<br>| &nbsp;&nbsp;&nbsp; (6385796)<br>| &nbsp;&nbsp;&nbsp; 16763622 |
| **Net assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 193318634 | &nbsp;&nbsp;&nbsp; 198895490 | &nbsp;&nbsp;&nbsp; 112938970 | &nbsp;&nbsp;&nbsp; 96175348 |
| End of year | &nbsp;&nbsp; $179405994 | &nbsp;&nbsp;&nbsp; $193318634 | &nbsp;&nbsp;&nbsp; $106553174 | &nbsp;&nbsp;&nbsp; $112938970 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp; 990000 | &nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 330000 |
| Shares repurchased | &nbsp;&nbsp; (850000)<br>| &nbsp;&nbsp;&nbsp; (1290000)<br>| &nbsp;&nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp;&nbsp; (260000)<br>|
| Shares outstanding, beginning of year | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp; 4550800 | &nbsp;&nbsp;&nbsp; 4480800 |
| Shares outstanding, end of year | &nbsp;&nbsp; 1780000 | &nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 4380800 | &nbsp;&nbsp;&nbsp; 4550800 |

---

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

------

**38**

------

**Financial Highlights**

Invesco Large Cap Growth ETF (PWB)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $84.99 | &nbsp;&nbsp;&nbsp; $65.50 | &nbsp;&nbsp;&nbsp; $63.70 | &nbsp;&nbsp;&nbsp; $71.25 | &nbsp;&nbsp;&nbsp; $48.91 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;14.84 | &nbsp;&nbsp;&nbsp;&nbsp;19.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp; (7.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.34 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;14.90 | &nbsp;&nbsp;&nbsp;&nbsp;19.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp; (7.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.42 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $99.82 | &nbsp;&nbsp;&nbsp; $84.99 | &nbsp;&nbsp;&nbsp; $65.50 | &nbsp;&nbsp;&nbsp; $63.70 | &nbsp;&nbsp;&nbsp; $71.25 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $99.69 | &nbsp;&nbsp;&nbsp; $84.99 | &nbsp;&nbsp;&nbsp; $65.48 | &nbsp;&nbsp;&nbsp; $63.74 | &nbsp;&nbsp;&nbsp; $71.25 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 17.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.27<br> %<br>| &nbsp;&nbsp;&nbsp; (10.55)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45.89<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 17.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.18<br> %<br>| &nbsp;&nbsp;&nbsp; (10.50)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45.83<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $976253 | &nbsp;&nbsp;&nbsp; $803113 | &nbsp;&nbsp;&nbsp; $603941 | &nbsp;&nbsp;&nbsp; $613418 | &nbsp;&nbsp;&nbsp; $753157 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 92<br> %<br>| &nbsp;&nbsp;&nbsp; 101<br> %<br>| &nbsp;&nbsp;&nbsp; 123<br> %<br>| &nbsp;&nbsp;&nbsp; 129<br> %<br>| &nbsp;&nbsp;&nbsp; 118<br> %<br>|

---

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

Invesco Large Cap Value ETF (PWV)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $54.21 | &nbsp;&nbsp;&nbsp; $45.76 | &nbsp;&nbsp;&nbsp; $46.66 | &nbsp;&nbsp;&nbsp; $44.21 | &nbsp;&nbsp;&nbsp; $33.19 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp;8.42 | &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;11.05 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;&nbsp;9.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;&nbsp;11.96 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp;&nbsp; (0.94)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $57.22 | &nbsp;&nbsp;&nbsp; $54.21 | &nbsp;&nbsp;&nbsp; $45.76 | &nbsp;&nbsp;&nbsp; $46.66 | &nbsp;&nbsp;&nbsp; $44.21 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $57.18 | &nbsp;&nbsp;&nbsp; $54.23 | &nbsp;&nbsp;&nbsp; $45.75 | &nbsp;&nbsp;&nbsp; $46.66 | &nbsp;&nbsp;&nbsp; $44.20 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.68<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.50<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $1000735 | &nbsp;&nbsp;&nbsp; $872737 | &nbsp;&nbsp;&nbsp; $774738 | &nbsp;&nbsp;&nbsp; $802083 | &nbsp;&nbsp;&nbsp; $736477 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.47<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 103<br> %<br>| &nbsp;&nbsp;&nbsp; 101<br> %<br>| &nbsp;&nbsp;&nbsp; 104<br> %<br>| &nbsp;&nbsp;&nbsp; 113<br> %<br>| &nbsp;&nbsp;&nbsp; 149<br> %<br>|

---

<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> 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.

------

**39**

------

**Financial Highlights—(continued)**

Invesco S&P 100 Equal Weight ETF (EQWL)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $91.19 | &nbsp;&nbsp;&nbsp; $78.76 | &nbsp;&nbsp;&nbsp; $76.86 | &nbsp;&nbsp;&nbsp; $77.93 | &nbsp;&nbsp;&nbsp; $53.60 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;9.70 | &nbsp;&nbsp;&nbsp;&nbsp;12.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.35 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;11.75 | &nbsp;&nbsp;&nbsp;&nbsp;14.19 | &nbsp;&nbsp;&nbsp;&nbsp;3.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;25.69 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp;&nbsp; (1.36)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $100.97 | &nbsp;&nbsp;&nbsp; $91.19 | &nbsp;&nbsp;&nbsp; $78.76 | &nbsp;&nbsp;&nbsp; $76.86 | &nbsp;&nbsp;&nbsp; $77.93 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $101.23 | &nbsp;&nbsp;&nbsp; $91.26 | &nbsp;&nbsp;&nbsp; $78.76 | &nbsp;&nbsp;&nbsp; $76.71 | &nbsp;&nbsp;&nbsp; $77.98 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48.53<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48.79<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $1184352 | &nbsp;&nbsp;&nbsp; $613734 | &nbsp;&nbsp;&nbsp; $218168 | &nbsp;&nbsp;&nbsp; $117593 | &nbsp;&nbsp;&nbsp; $89618 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.08<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>|

---

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

Invesco S&P 500 GARP ETF (SPGP)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $100.46 | &nbsp;&nbsp;&nbsp; $86.08 | &nbsp;&nbsp;&nbsp; $85.51 | &nbsp;&nbsp;&nbsp; $85.25 | &nbsp;&nbsp;&nbsp; $51.39 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (4.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp; 0.17 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;33.95 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (2.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;34.66 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.53)<br>| &nbsp;&nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (0.80)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $96.43 | &nbsp;&nbsp;&nbsp; $100.46 | &nbsp;&nbsp;&nbsp; $86.08 | &nbsp;&nbsp;&nbsp; $85.51 | &nbsp;&nbsp;&nbsp; $85.25 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $96.34 | &nbsp;&nbsp;&nbsp; $100.46 | &nbsp;&nbsp;&nbsp; $86.07 | &nbsp;&nbsp;&nbsp; $85.51 | &nbsp;&nbsp;&nbsp; $85.34 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (2.60)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 67.94<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (2.69)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 67.99<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $2782076 | &nbsp;&nbsp;&nbsp; $4755859 | &nbsp;&nbsp;&nbsp; $2867205 | &nbsp;&nbsp;&nbsp; $833750 | &nbsp;&nbsp;&nbsp; $411737 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 69<br> %<br>| &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp; 68<br> %<br>|

---

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

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

------

**40**

------

**Financial Highlights—(continued)**

Invesco S&P 500 Value with Momentum ETF (SPVM)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $53.38 | &nbsp;&nbsp;&nbsp; $47.73 | &nbsp;&nbsp;&nbsp; $51.04 | &nbsp;&nbsp;&nbsp; $48.45 | &nbsp;&nbsp;&nbsp; $31.56 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;5.71 | &nbsp;&nbsp;&nbsp; (3.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.50 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;16.94 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.51 | &nbsp;&nbsp;&nbsp;&nbsp;6.79 | &nbsp;&nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.34 | &nbsp;&nbsp;&nbsp;&nbsp;17.72 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (0.83)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $55.73 | &nbsp;&nbsp;&nbsp; $53.38 | &nbsp;&nbsp;&nbsp; $47.73 | &nbsp;&nbsp;&nbsp; $51.04 | &nbsp;&nbsp;&nbsp; $48.45 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $55.71 | &nbsp;&nbsp;&nbsp; $53.41 | &nbsp;&nbsp;&nbsp; $47.71 | &nbsp;&nbsp;&nbsp; $50.98 | &nbsp;&nbsp;&nbsp; $48.46 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.43<br> %<br>| &nbsp;&nbsp;&nbsp; (3.87)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 56.93<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.54<br> %<br>| &nbsp;&nbsp;&nbsp; (3.80)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 56.68<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $49603 | &nbsp;&nbsp;&nbsp; $42704 | &nbsp;&nbsp;&nbsp; $41998 | &nbsp;&nbsp;&nbsp; $57681 | &nbsp;&nbsp;&nbsp; $35372 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 69<br> %<br>| &nbsp;&nbsp;&nbsp; 73<br> %<br>| &nbsp;&nbsp;&nbsp; 77<br> %<br>| &nbsp;&nbsp;&nbsp; 71<br> %<br>| &nbsp;&nbsp;&nbsp; 83<br> %<br>|

---

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

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

------

**41**

------

**Financial Highlights—(continued)**

Invesco S&P MidCap Momentum ETF (XMMO)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $108.65 | &nbsp;&nbsp;&nbsp; $75.06 | &nbsp;&nbsp;&nbsp; $81.98 | &nbsp;&nbsp;&nbsp; $85.50 | &nbsp;&nbsp;&nbsp; $54.07 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 6.65 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;33.57 | &nbsp;&nbsp;&nbsp; (6.89)<br>| &nbsp;&nbsp;&nbsp; (3.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;31.45 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;7.40 | &nbsp;&nbsp;&nbsp;&nbsp;34.09 | &nbsp;&nbsp;&nbsp; (5.74)<br>| &nbsp;&nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;31.77 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $115.44 | &nbsp;&nbsp;&nbsp; $108.65 | &nbsp;&nbsp;&nbsp; $75.06 | &nbsp;&nbsp;&nbsp; $81.98 | &nbsp;&nbsp;&nbsp; $85.50 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $115.29 | &nbsp;&nbsp;&nbsp; $108.67 | &nbsp;&nbsp;&nbsp; $75.05 | &nbsp;&nbsp;&nbsp; $82.00 | &nbsp;&nbsp;&nbsp; $85.51 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45.60<br> %<br>| &nbsp;&nbsp;&nbsp; (6.97)%<br>| &nbsp;&nbsp;&nbsp; (3.50)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58.94<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45.63<br> %<br>| &nbsp;&nbsp;&nbsp; (7.01)%<br>| &nbsp;&nbsp;&nbsp; (3.49)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58.66<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $3419344 | &nbsp;&nbsp;&nbsp; $2134938 | &nbsp;&nbsp;&nbsp; $1053054 | &nbsp;&nbsp;&nbsp; $894410 | &nbsp;&nbsp;&nbsp; $943934 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 104<br> %<br>| &nbsp;&nbsp;&nbsp; 132<br> %<br>| &nbsp;&nbsp;&nbsp; 129<br> %<br>| &nbsp;&nbsp;&nbsp; 135<br> %<br>| &nbsp;&nbsp;&nbsp; 100<br> %<br>|

---

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

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

------

**42**

------

**Financial Highlights—(continued)**

Invesco S&P MidCap Quality ETF (XMHQ)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $102.70 | &nbsp;&nbsp;&nbsp; $73.93 | &nbsp;&nbsp;&nbsp; $70.03 | &nbsp;&nbsp;&nbsp; $78.05 | &nbsp;&nbsp;&nbsp; $47.16 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (5.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.65 | &nbsp;&nbsp;&nbsp;&nbsp;3.98 | &nbsp;&nbsp;&nbsp; (8.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.84 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (5.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;29.41 | &nbsp;&nbsp;&nbsp;&nbsp;5.01 | &nbsp;&nbsp;&nbsp; (7.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;31.61 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>|
| Net realized gains | &nbsp;&nbsp;&nbsp; (4.37)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (5.11)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $92.42 | &nbsp;&nbsp;&nbsp; $102.70 | &nbsp;&nbsp;&nbsp; $73.93 | &nbsp;&nbsp;&nbsp; $70.03 | &nbsp;&nbsp;&nbsp; $78.05 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $92.32 | &nbsp;&nbsp;&nbsp; $102.75 | &nbsp;&nbsp;&nbsp; $73.92 | &nbsp;&nbsp;&nbsp; $70.16 | &nbsp;&nbsp;&nbsp; $78.13 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (5.32)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.33<br> %<br>| &nbsp;&nbsp;&nbsp; (9.16)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 67.43<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (5.47)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.11<br> %<br>| &nbsp;&nbsp;&nbsp; (9.07)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 67.00<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $4754899 | &nbsp;&nbsp;&nbsp; $4631827 | &nbsp;&nbsp;&nbsp; $714869 | &nbsp;&nbsp;&nbsp; $329824 | &nbsp;&nbsp;&nbsp; $245868 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp;&nbsp; 83<br> %<br>| &nbsp;&nbsp;&nbsp; 56<br> %<br>|

---

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

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

------

**43**

------

**Financial Highlights—(continued)**

Invesco S&P MidCap Value with Momentum ETF (XMVM)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $50.90 | &nbsp;&nbsp;&nbsp; $42.56 | &nbsp;&nbsp;&nbsp; $44.63 | &nbsp;&nbsp;&nbsp; $46.41 | &nbsp;&nbsp;&nbsp; $25.75 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 0.38 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;8.41 | &nbsp;&nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.73 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;9.09 | &nbsp;&nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.11 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $51.38 | &nbsp;&nbsp;&nbsp; $50.90 | &nbsp;&nbsp;&nbsp; $42.56 | &nbsp;&nbsp;&nbsp; $44.63 | &nbsp;&nbsp;&nbsp; $46.41 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $51.30 | &nbsp;&nbsp;&nbsp; $50.96 | &nbsp;&nbsp;&nbsp; $42.50 | &nbsp;&nbsp;&nbsp; $44.65 | &nbsp;&nbsp;&nbsp; $46.51 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.48<br> %<br>| &nbsp;&nbsp;&nbsp; (2.78)%<br>| &nbsp;&nbsp;&nbsp; (2.51)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 82.77<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.79<br> %<br>| &nbsp;&nbsp;&nbsp; (2.97)%<br>| &nbsp;&nbsp;&nbsp; (2.67)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 82.75<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $238906 | &nbsp;&nbsp;&nbsp; $215317 | &nbsp;&nbsp;&nbsp; $170228 | &nbsp;&nbsp;&nbsp; $257070 | &nbsp;&nbsp;&nbsp; $132722 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 73<br> %<br>| &nbsp;&nbsp;&nbsp; 82<br> %<br>| &nbsp;&nbsp;&nbsp; 76<br> %<br>| &nbsp;&nbsp;&nbsp; 76<br> %<br>| &nbsp;&nbsp;&nbsp; 78<br> %<br>|

---

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

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

------

**44**

------

**Financial Highlights—(continued)**

Invesco S&P SmallCap Momentum ETF (XSMO)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $57.58 | &nbsp;&nbsp;&nbsp; $44.82 | &nbsp;&nbsp;&nbsp; $48.07 | &nbsp;&nbsp;&nbsp; $51.21 | &nbsp;&nbsp;&nbsp; $32.48 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 4.07 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;12.80 | &nbsp;&nbsp;&nbsp; (3.25)<br>| &nbsp;&nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.77 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp;&nbsp;13.17 | &nbsp;&nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.01 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $61.72 | &nbsp;&nbsp;&nbsp; $57.58 | &nbsp;&nbsp;&nbsp; $44.82 | &nbsp;&nbsp;&nbsp; $48.07 | &nbsp;&nbsp;&nbsp; $51.21 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $61.71 | &nbsp;&nbsp;&nbsp; $57.64 | &nbsp;&nbsp;&nbsp; $44.77 | &nbsp;&nbsp;&nbsp; $48.05 | &nbsp;&nbsp;&nbsp; $51.16 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.51<br> %<br>| &nbsp;&nbsp;&nbsp; (5.38)%<br>| &nbsp;&nbsp;&nbsp; (5.78)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58.74<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.79<br> %<br>| &nbsp;&nbsp;&nbsp; (5.45)%<br>| &nbsp;&nbsp;&nbsp; (5.72)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58.20<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $1385545 | &nbsp;&nbsp;&nbsp; $406525 | &nbsp;&nbsp;&nbsp; $177922 | &nbsp;&nbsp;&nbsp; $145652 | &nbsp;&nbsp;&nbsp; $171548 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 115<br> %<br>| &nbsp;&nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp;&nbsp; 125<br> %<br>| &nbsp;&nbsp;&nbsp; 147<br> %<br>| &nbsp;&nbsp;&nbsp; 132<br> %<br>|

---

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

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

------

**45**

------

**Financial Highlights—(continued)**

Invesco S&P SmallCap Value with Momentum ETF (XSVM)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $53.76 | &nbsp;&nbsp;&nbsp; $44.08 | &nbsp;&nbsp;&nbsp; $50.04 | &nbsp;&nbsp;&nbsp; $49.21 | &nbsp;&nbsp;&nbsp; $22.95 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (5.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.60 | &nbsp;&nbsp;&nbsp; (5.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;26.23 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (4.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.49 | &nbsp;&nbsp;&nbsp; (5.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;26.61 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $48.41 | &nbsp;&nbsp;&nbsp; $53.76 | &nbsp;&nbsp;&nbsp; $44.08 | &nbsp;&nbsp;&nbsp; $50.04 | &nbsp;&nbsp;&nbsp; $49.21 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $48.37 | &nbsp;&nbsp;&nbsp; $53.82 | &nbsp;&nbsp;&nbsp; $44.07 | &nbsp;&nbsp;&nbsp; $50.03 | &nbsp;&nbsp;&nbsp; $49.27 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (8.07)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.95<br> %<br>| &nbsp;&nbsp;&nbsp; (10.46)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 116.75<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (8.25)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.11<br> %<br>| &nbsp;&nbsp;&nbsp; (10.47)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 117.30<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $573224 | &nbsp;&nbsp;&nbsp; $763365 | &nbsp;&nbsp;&nbsp; $612331 | &nbsp;&nbsp;&nbsp; $711075 | &nbsp;&nbsp;&nbsp; $259319 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 87<br> %<br>| &nbsp;&nbsp;&nbsp; 77<br> %<br>| &nbsp;&nbsp;&nbsp; 86<br> %<br>| &nbsp;&nbsp;&nbsp; 73<br> %<br>| &nbsp;&nbsp;&nbsp; 75<br> %<br>|

---

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

Invesco Zacks Mid-Cap ETF (CZA)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $96.66 | &nbsp;&nbsp;&nbsp; $86.48 | &nbsp;&nbsp;&nbsp; $89.72 | &nbsp;&nbsp;&nbsp; $88.94 | &nbsp;&nbsp;&nbsp; $57.49 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;&nbsp;10.07 | &nbsp;&nbsp;&nbsp; (2.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;31.70 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;5.45 | &nbsp;&nbsp;&nbsp;&nbsp;11.46 | &nbsp;&nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;32.53 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (1.08)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $100.79 | &nbsp;&nbsp;&nbsp; $96.66 | &nbsp;&nbsp;&nbsp; $86.48 | &nbsp;&nbsp;&nbsp; $89.72 | &nbsp;&nbsp;&nbsp; $88.94 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $100.74 | &nbsp;&nbsp;&nbsp; $96.66 | &nbsp;&nbsp;&nbsp; $86.48 | &nbsp;&nbsp;&nbsp; $89.97 | &nbsp;&nbsp;&nbsp; $88.93 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.31<br> %<br>| &nbsp;&nbsp;&nbsp; (1.93)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 56.93<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.31<br> %<br>| &nbsp;&nbsp;&nbsp; (2.20)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 56.65<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $179406 | &nbsp;&nbsp;&nbsp; $193319 | &nbsp;&nbsp;&nbsp; $198895 | &nbsp;&nbsp;&nbsp; $211735 | &nbsp;&nbsp;&nbsp; $226798 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 112<br> %<br>| &nbsp;&nbsp;&nbsp; 118<br> %<br>| &nbsp;&nbsp;&nbsp; 122<br> %<br>| &nbsp;&nbsp;&nbsp; 121<br> %<br>| &nbsp;&nbsp;&nbsp; 162<br> %<br>|

---

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

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

------

**46**

------

**Financial Highlights—(continued)**

Invesco Zacks Multi-Asset Income ETF (CVY)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $24.82 | &nbsp;&nbsp;&nbsp; $21.46 | &nbsp;&nbsp;&nbsp; $22.65 | &nbsp;&nbsp;&nbsp; $24.06 | &nbsp;&nbsp;&nbsp; $15.82 |
| Net investment income<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.20 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.85 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $24.32 | &nbsp;&nbsp;&nbsp; $24.82 | &nbsp;&nbsp;&nbsp; $21.46 | &nbsp;&nbsp;&nbsp; $22.65 | &nbsp;&nbsp;&nbsp; $24.06 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $24.33 | &nbsp;&nbsp;&nbsp; $24.86 | &nbsp;&nbsp;&nbsp; $21.48 | &nbsp;&nbsp;&nbsp; $22.61 | &nbsp;&nbsp;&nbsp; $24.08 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp; (3.30)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 57.19<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp; (3.54)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 57.13<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $106553 | &nbsp;&nbsp;&nbsp; $112939 | &nbsp;&nbsp;&nbsp; $96175 | &nbsp;&nbsp;&nbsp; $114150 | &nbsp;&nbsp;&nbsp; $133536 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>|
| Expenses, prior to Waivers<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>|
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.48<br> %<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 115<br> %<br>| &nbsp;&nbsp;&nbsp; 117<br> %<br>| &nbsp;&nbsp;&nbsp; 142<br> %<br>| &nbsp;&nbsp;&nbsp; 161<br> %<br>| &nbsp;&nbsp;&nbsp; 176<br> %<br>|

---

<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> 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.

------

**47**

------

**Notes to Financial Statements**

Invesco Exchange-Traded Fund Trust

April 30, 2025

**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 Large Cap Growth ETF (PWB) | "Large Cap Growth ETF" |
| Invesco Large Cap Value ETF (PWV) | "Large Cap Value ETF" |
| Invesco S&P 100 Equal Weight ETF (EQWL) | "S&P 100 Equal Weight ETF" |
| Invesco S&P 500 GARP ETF (SPGP) | "S&P 500 GARP ETF" |
| Invesco S&P 500 Value with Momentum ETF (SPVM) | "S&P 500 Value with Momentum ETF" |
| Invesco S&P MidCap Momentum ETF (XMMO) | "S&P MidCap Momentum ETF" |
| Invesco S&P MidCap Quality ETF (XMHQ) | "S&P MidCap Quality ETF" |
| Invesco S&P MidCap Value with Momentum ETF (XMVM) | "S&P MidCap Value with Momentum ETF" |
| Invesco S&P SmallCap Momentum ETF (XSMO) | "S&P SmallCap Momentum ETF" |
| Invesco S&P SmallCap Value with Momentum ETF (XSVM) | "S&P SmallCap Value with Momentum ETF" |
| Invesco Zacks Mid-Cap ETF (CZA) | "Zacks Mid-Cap ETF" |
| Invesco Zacks Multi-Asset Income ETF (CVY) | "Zacks Multi-Asset Income ETF" |

---

Each portfolio (each, a "Fund", and collectively, the "Funds") represents a separate series of the Trust. The shares of the Funds are referred to herein as "Shares" or "Fund's Shares." Each Fund's Shares are listed and traded on NYSE Arca, Inc.

The market price of each Share may differ to some degree from a Fund's net asset value ("NAV"). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a "Creation Unit", as set forth in each Fund's prospectus. Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities ("Deposit Securities"), though each Fund reserves the right to issue and redeem Creation Units in exchange for cash. 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** |
| Large Cap Growth ETF | Dynamic Large Cap Growth Intellidex<sup>SM</sup> Index |
| Large Cap Value ETF | Dynamic Large Cap Value Intellidex<sup>SM</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<sup>®</sup> Momentum Index |
| S&P SmallCap Value with Momentum ETF | S&P SmallCap 600<sup>®</sup> High Momentum Value Index |
| Zacks Mid-Cap ETF | Zacks Mid-Cap Core Index |
| Zacks Multi-Asset Income ETF | Zacks Multi-Asset Income Index |

---

**NOTE 2—Significant Accounting Policies**

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

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

------

**48**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 or ask 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. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask 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/ask 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

------

**49**

------

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, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, 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

------

**50**

------

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.** **Foreign Withholding Taxes** - Certain Funds are subject to foreign withholding tax imposed by certain foreign countries in which the Funds may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Certain Funds may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. Certain Funds will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for *Foreign tax reclaims* on the Statements of Assets and Liabilities. There is no guarantee that a Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as *Foreign withholding tax claims* in the Statements of Operations, and any related interest is included in *Unaffiliated interest income*. Certain Funds may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as *Professional fees*, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the fiscal year ended April 30, 2025, the Funds did not enter into any closing agreements.

**G.** **Expenses** - Each Fund is responsible for all of its own 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 and officers who are not "interested persons" (as defined in the 1940 Act) of the Trust or the Adviser (the "Independent Trustees"), 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 the Adviser (an "Interested Trustee"), 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.

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

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

------

**51**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**J.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds' chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements. Adoption of the new standard impacted the Funds' financial statement note disclosures only and did not affect the Funds' financial position or the results of its operations.

**K.** **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, net* 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 securities 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 fiscal year ended April 30, 2025, 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, net* on the Statements of Operations, were incurred by each Fund as listed below:

---

| | |
|:---|:---|
|  | **Amount** |
| Large Cap Growth ETF | $3060 |
| Large Cap Value ETF | 2993 |
| S&P 100 Equal Weight ETF | 2345 |
| S&P 500 GARP ETF | 8879 |
| S&P 500 Value with Momentum ETF | 604 |
| S&P MidCap Momentum ETF | 14879 |
| S&P MidCap Quality ETF | 39935 |
| S&P MidCap Value with Momentum ETF | 3576 |
| S&P SmallCap Momentum ETF | 13188 |
| S&P SmallCap Value with Momentum ETF | 28729 |
| Zacks Mid-Cap ETF | 2526 |
| Zacks Multi-Asset Income ETF | 14327 |

---

**L.** **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

------

**52**

------

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.

The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

**M.** **Other Risks**

*ADR Risk*. Certain Funds may invest in American depositary receipts ("ADRs"). 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. ADRs 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 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. Additionally, to the extent that a Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that a Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or 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.

------

**53**

------

*Growth Investing 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 that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective 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. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security's current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. 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. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund's performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

*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.

*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, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund's NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.

During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value.

*Master Limited Partnership Risk*. Certain Funds may invest in master limited partnerships ("MLPs"). An MLP is an entity that is classified as a partnership under the Internal Revenue Code and whose partnership interests or "units" are traded on securities exchanges like shares of corporate stock. Investments in MLP units are subject to certain risks inherent in a partnership structure, including (i) tax risks, (ii) the limited ability to elect or remove management or the general partner or managing member, (iii) limited voting rights and (iv) conflicts of interest between the general partner or managing member and its affiliates and the limited partners or members. Securities issued by MLPs may experience limited trading volumes and may be relatively illiquid or volatile at times. As partnerships, MLPs may be subject to less regulation (and less protection for investors) than corporations under state laws, and may be subject to state taxation in certain jurisdictions, which may reduce the amount of income an MLP pays to its investors.

*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.

------

**54**

------

*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*. For certain Funds, 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.

**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 Large Cap Growth ETF, 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 an Interested Trustee, 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,

------

**55**

------

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, 2027. 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, 2027. The Expense Cap for each of Large Cap Growth ETF, 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, 2027, 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, 2027. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the fiscal year ended April 30, 2025 under this Expense Cap for Large Cap Growth ETF, Large Cap Value ETF, S&P 500 GARP ETF, S&P MidCap Momentum ETF, S&P MidCap Value with Momentum ETF, S&P SmallCap Momentum ETF, S&P SmallCap Value with Momentum ETF, Zacks Mid-Cap ETF and Zacks Multi-Asset Income ETF.

Further, through at least August 31, 2027, 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 waiver is not subject to recapture by the Adviser.

For the fiscal year ended April 30, 2025, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

---

| | |
|:---|:---|
| Large Cap Growth ETF | &nbsp;&nbsp;&nbsp; $499 |
| Large Cap Value ETF | &nbsp;&nbsp;&nbsp; 526 |
| S&P 100 Equal Weight ETF | &nbsp;&nbsp;&nbsp; 457313 |
| S&P 500 GARP ETF | &nbsp;&nbsp;&nbsp; 2405 |
| S&P 500 Value with Momentum ETF | &nbsp;&nbsp;&nbsp; 22837 |
| S&P MidCap Momentum ETF | &nbsp;&nbsp;&nbsp; 1490 |
| S&P MidCap Quality ETF | &nbsp;&nbsp;&nbsp; 2995218 |
| S&P MidCap Value with Momentum ETF | &nbsp;&nbsp;&nbsp; 210 |
| S&P SmallCap Momentum ETF | &nbsp;&nbsp;&nbsp; 661 |
| S&P SmallCap Value with Momentum ETF | &nbsp;&nbsp;&nbsp; 285 |
| Zacks Mid-Cap ETF | &nbsp;&nbsp;&nbsp; 136 |
| Zacks Multi-Asset Income ETF | &nbsp;&nbsp;&nbsp; 4408 |

---

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

For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule as of April 30, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Potential** <br>**Recapture** <br>**Amounts** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** |
|  | **Total** <br>**Potential** <br>**Recapture** <br>**Amounts** | **4/30/26** | **4/30/27** | **4/30/28** |
| S&P 100 Equal Weight ETF | &nbsp;&nbsp; $934949 | &nbsp;&nbsp; $159032 | &nbsp;&nbsp; $318934 | &nbsp;&nbsp; $456983 |
| S&P 500 Value with Momentum ETF | &nbsp;&nbsp; 169625 | &nbsp;&nbsp; 64754 | &nbsp;&nbsp; 73164 | &nbsp;&nbsp; 31707 |
| S&P MidCap Quality ETF | &nbsp;&nbsp; 4536810 | &nbsp;&nbsp; 288036 | &nbsp;&nbsp; 1257926 | &nbsp;&nbsp; 2990848 |

---

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.

------

**56**

------

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

---

| | |
|:---|:---|
| **Fund** | **Licensor** |
| Large Cap Growth ETF | ICE Data Indices, LLC |
| Large Cap Value ETF | ICE Data Indices, LLC |
| S&P 100 Equal Weight ETF | S&P Dow Jones Indices LLC |
| S&P 500 GARP ETF | S&P Dow Jones Indices LLC |
| S&P 500 Value with Momentum ETF | S&P Dow Jones Indices LLC |
| S&P MidCap Momentum ETF | S&P Dow Jones Indices LLC |
| S&P MidCap Quality ETF | S&P Dow Jones Indices LLC |
| S&P MidCap Value with Momentum ETF | S&P Dow Jones Indices LLC |
| S&P SmallCap Momentum ETF | S&P Dow Jones Indices LLC |
| S&P SmallCap Value with Momentum ETF | S&P Dow Jones Indices LLC |
| Zacks Mid-Cap ETF | Zacks Investment Research, Inc. |
| Zacks Multi-Asset Income ETF | Zacks Investment Research, Inc. |

---

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

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

For the fiscal year ended April 30, 2025, the 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:

---

| | |
|:---|:---|
| Large Cap Growth ETF | &nbsp;&nbsp;&nbsp; $2703 |
| Large Cap Value ETF | &nbsp;&nbsp;&nbsp; 112617 |
| S&P 100 Equal Weight ETF | &nbsp;&nbsp;&nbsp; 29843 |
| S&P 500 GARP ETF | &nbsp;&nbsp;&nbsp; 124332 |
| S&P 500 Value with Momentum ETF | &nbsp;&nbsp;&nbsp; 3498 |
| S&P MidCap Momentum ETF | &nbsp;&nbsp;&nbsp; 72715 |
| S&P MidCap Quality ETF | &nbsp;&nbsp;&nbsp; 47668 |
| S&P MidCap Value with Momentum ETF | &nbsp;&nbsp;&nbsp; 53325 |
| S&P SmallCap Momentum ETF | &nbsp;&nbsp;&nbsp; 58588 |
| S&P SmallCap Value with Momentum ETF | &nbsp;&nbsp;&nbsp; 77274 |
| Zacks Mid-Cap ETF | &nbsp;&nbsp;&nbsp; 32625 |
| Zacks Multi-Asset Income ETF | &nbsp;&nbsp;&nbsp; 68805 |

---

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 fiscal year ended April 30, 2025, the following Funds engaged in transactions with affiliates as listed below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Securities Purchases** | **Securities Sales** | **Net Realized Gains\*** |
| S&P MidCap Momentum ETF | &nbsp;&nbsp; $- | &nbsp;&nbsp; $128050778 | &nbsp;&nbsp; $28243722 |
| S&P MidCap Value with Momentum ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; 3707808 | &nbsp;&nbsp; 1853254 |

---

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

------

**57**

------

**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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 April 30, 2025. 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** |
| Large Cap Growth ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $976112384 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $976112384 |
| Money Market Funds | &nbsp;&nbsp; 582888 | &nbsp;&nbsp; 32507204 | &nbsp;&nbsp; - | &nbsp;&nbsp; 33090092 |
| **Total Investments** | &nbsp;&nbsp; $976695272 | &nbsp;&nbsp; $32507204 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1009202476 |
| Large Cap Value ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $999156621 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $999156621 |
| Money Market Funds | &nbsp;&nbsp; 785842 | &nbsp;&nbsp; 44526847 | &nbsp;&nbsp; - | &nbsp;&nbsp; 45312689 |
| **Total Investments** | &nbsp;&nbsp; $999942463 | &nbsp;&nbsp; $44526847 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1044469310 |
| S&P 100 Equal Weight ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $1182735690 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1182735690 |
| Money Market Funds | &nbsp;&nbsp; 660360 | &nbsp;&nbsp; 35219812 | &nbsp;&nbsp; - | &nbsp;&nbsp; 35880172 |
| **Total Investments** | &nbsp;&nbsp; $1183396050 | &nbsp;&nbsp; $35219812 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1218615862 |
| S&P 500 GARP ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $2782004998 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2782004998 |
| Money Market Funds | &nbsp;&nbsp; 371281 | &nbsp;&nbsp; 95726799 | &nbsp;&nbsp; - | &nbsp;&nbsp; 96098080 |
| **Total Investments** | &nbsp;&nbsp; $2782376279 | &nbsp;&nbsp; $95726799 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2878103078 |
| S&P 500 Value with Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $49540178 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $49540178 |
| Money Market Funds | &nbsp;&nbsp; 110016 | &nbsp;&nbsp; 6823263 | &nbsp;&nbsp; - | &nbsp;&nbsp; 6933279 |
| **Total Investments** | &nbsp;&nbsp; $49650194 | &nbsp;&nbsp; $6823263 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $56473457 |
| S&P MidCap Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $3418494102 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3418494102 |
| Money Market Funds | &nbsp;&nbsp; 1485367 | &nbsp;&nbsp; 220832369 | &nbsp;&nbsp; - | &nbsp;&nbsp; 222317736 |
| **Total Investments** | &nbsp;&nbsp; $3419979469 | &nbsp;&nbsp; $220832369 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3640811838 |

---

------

**58**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| S&P MidCap Quality ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $4752124476 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4752124476 |
| Money Market Funds | &nbsp;&nbsp; 4341548 | &nbsp;&nbsp; 545003710 | &nbsp;&nbsp; - | &nbsp;&nbsp; 549345258 |
| **Total Investments** | &nbsp;&nbsp; $4756466024 | &nbsp;&nbsp; $545003710 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5301469734 |
| S&P MidCap Value with Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $238756463 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $238756463 |
| Money Market Funds | &nbsp;&nbsp; 329198 | &nbsp;&nbsp; 49007296 | &nbsp;&nbsp; - | &nbsp;&nbsp; 49336494 |
| **Total Investments** | &nbsp;&nbsp; $239085661 | &nbsp;&nbsp; $49007296 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $288092957 |
| S&P SmallCap Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $1383686313 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1383686313 |
| Money Market Funds | &nbsp;&nbsp; 1367282 | &nbsp;&nbsp; 240267246 | &nbsp;&nbsp; - | &nbsp;&nbsp; 241634528 |
| **Total Investments** | &nbsp;&nbsp; $1385053595 | &nbsp;&nbsp; $240267246 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1625320841 |
| S&P SmallCap Value with Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $572684985 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $572684985 |
| Money Market Funds | &nbsp;&nbsp; 541147 | &nbsp;&nbsp; 74908608 | &nbsp;&nbsp; - | &nbsp;&nbsp; 75449755 |
| **Total Investments** | &nbsp;&nbsp; $573226132 | &nbsp;&nbsp; $74908608 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $648134740 |
| Zacks Mid-Cap ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $179270067 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $179270067 |
| Money Market Funds | &nbsp;&nbsp; 271525 | &nbsp;&nbsp; 7863643 | &nbsp;&nbsp; - | &nbsp;&nbsp; 8135168 |
| **Total Investments** | &nbsp;&nbsp; $179541592 | &nbsp;&nbsp; $7863643 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $187405235 |
| Zacks Multi-Asset Income ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $84971889 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $84971889 |
| Closed-End Funds | &nbsp;&nbsp; 10763131 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 10763131 |
| Preferred Stocks | &nbsp;&nbsp; 10615253 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 10615253 |
| Money Market Funds | &nbsp;&nbsp; 41902 | &nbsp;&nbsp; 19201186 | &nbsp;&nbsp; - | &nbsp;&nbsp; 19243088 |
| **Total Investments** | &nbsp;&nbsp; $106392175 | &nbsp;&nbsp; $19201186 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $125593361 |

---

**NOTE 6—Distributions to Shareholders and Tax Components of Net Assets**

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** |
|  | **Ordinary** <br>**Income\***<br>| **Long-Term** <br>**Capital Gains**<br>| **Ordinary** <br>**Income\***<br>|
| Large Cap Growth ETF | &nbsp;&nbsp; $688790 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1971234 |
| Large Cap Value ETF | &nbsp;&nbsp; 22503866 | &nbsp;&nbsp; - | &nbsp;&nbsp; 17879261 |
| S&P 100 Equal Weight ETF | &nbsp;&nbsp; 17310552 | &nbsp;&nbsp; - | &nbsp;&nbsp; 8229000 |
| S&P 500 GARP ETF | &nbsp;&nbsp; 59282455 | &nbsp;&nbsp; - | &nbsp;&nbsp; 54704523 |
| S&P 500 Value with Momentum ETF | &nbsp;&nbsp; 848603 | &nbsp;&nbsp; - | &nbsp;&nbsp; 864291 |
| S&P MidCap Momentum ETF | &nbsp;&nbsp; 17116434 | &nbsp;&nbsp; - | &nbsp;&nbsp; 7039973 |
| S&P MidCap Quality ETF | &nbsp;&nbsp; 242039818 | &nbsp;&nbsp; 614498 | &nbsp;&nbsp; 16138808 |
| S&P MidCap Value with Momentum ETF | &nbsp;&nbsp; 4661050 | &nbsp;&nbsp; - | &nbsp;&nbsp; 2931021 |
| S&P SmallCap Momentum ETF | &nbsp;&nbsp; 10398630 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1713095 |
| S&P SmallCap Value with Momentum ETF | &nbsp;&nbsp; 15212956 | &nbsp;&nbsp; - | &nbsp;&nbsp; 10627662 |
| Zacks Mid-Cap ETF | &nbsp;&nbsp; 2455516 | &nbsp;&nbsp; - | &nbsp;&nbsp; 2662587 |
| Zacks Multi-Asset Income ETF | &nbsp;&nbsp; 4591729 | &nbsp;&nbsp; - | &nbsp;&nbsp; 4393774 |

---

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

------

**59**

------

Tax Components of Net Assets at Fiscal Year-End:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary** <br>**Income**<br>| **Temporary** <br>**Book/Tax** <br>**Differences**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)-** <br>**Investments**<br>| **Net** <br>**Unrealized** <br>**Appreciation-** <br>**Foreign** <br>**Currencies**<br>| **Capital Loss** <br>**Carryforwards**<br>| **Shares of** <br>**Beneficial** <br>**Interest**<br>| **Total** <br>**Net Assets**<br>|
| Large Cap Growth ETF | $- | $(130287)<br>| $154505482 | $- | $(295437905)<br>| $1117315544 | $976252834 |
| Large Cap Value ETF | 3641643 | (1925164)<br>| 64654123 | - | (526609021)<br>| 1460973262 | 1000734843 |
| S&P 100 Equal Weight ETF | 1281392 | (67626)<br>| 37280712 | - | (14007273)<br>| 1159864752 | 1184351957 |
| S&P 500 GARP ETF | 1087170 | (76587)<br>| (246460937)<br>| - | (417586203)<br>| 3445112798 | 2782076241 |
| S&P 500 Value with Momentum ETF | 17129 | (51012)<br>| 2439196 | - | (23490164)<br>| 70688343 | 49603492 |
| S&P MidCap Momentum ETF | 3198619 | (101191)<br>| (22715266)<br>| - | (608567389)<br>| 4047529187 | 3419343960 |
| S&P MidCap Quality ETF | 2014215 | (78003)<br>| (299677456)<br>| - | (181793893)<br>| 5234434466 | 4754899329 |
| S&P MidCap Value with Momentum ETF | 429103 | (69105)<br>| 11930131 | - | (68147300)<br>| 294763051 | 238905880 |
| S&P SmallCap Momentum ETF | 419901 | (69101)<br>| 2509907 | - | (238839086)<br>| 1621523501 | 1385545122 |
| S&P SmallCap Value with Momentum <br> ETF<br>| 415698 | (76201)<br>| (29903139)<br>| - | (296952669)<br>| 899740083 | 573223772 |
| Zacks Mid-Cap ETF | 589972 | (13372)<br>| 1095800 | 671 | (135133652)<br>| 312866575 | 179405994 |
| Zacks Multi-Asset Income ETF | 1075629 | (1039384)<br>| 4629649 | - | (446183899)<br>| 548071179 | 106553174 |

---

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

The Funds have capital loss carryforwards as of April 30, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total\*** |
| Large Cap Growth ETF | &nbsp;&nbsp; $295437905 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $295437905 |
| Large Cap Value ETF | &nbsp;&nbsp; 445982224 | &nbsp;&nbsp; 80626797 | &nbsp;&nbsp; 526609021 |
| S&P 100 Equal Weight ETF | &nbsp;&nbsp; 4466509 | &nbsp;&nbsp; 9540764 | &nbsp;&nbsp; 14007273 |
| S&P 500 GARP ETF | &nbsp;&nbsp; 272313806 | &nbsp;&nbsp; 145272397 | &nbsp;&nbsp; 417586203 |
| S&P 500 Value with Momentum ETF | &nbsp;&nbsp; 16331841 | &nbsp;&nbsp; 7158323 | &nbsp;&nbsp; 23490164 |
| S&P MidCap Momentum ETF | &nbsp;&nbsp; 596228529 | &nbsp;&nbsp; 12338860 | &nbsp;&nbsp; 608567389 |
| S&P MidCap Quality ETF | &nbsp;&nbsp; 163271649 | &nbsp;&nbsp; 18522244 | &nbsp;&nbsp; 181793893 |
| S&P MidCap Value with Momentum ETF | &nbsp;&nbsp; 46571905 | &nbsp;&nbsp; 21575395 | &nbsp;&nbsp; 68147300 |
| S&P SmallCap Momentum ETF | &nbsp;&nbsp; 231232085 | &nbsp;&nbsp; 7607001 | &nbsp;&nbsp; 238839086 |
| S&P SmallCap Value with Momentum ETF | &nbsp;&nbsp; 207683248 | &nbsp;&nbsp; 89269421 | &nbsp;&nbsp; 296952669 |
| Zacks Mid-Cap ETF | &nbsp;&nbsp; 127733444 | &nbsp;&nbsp; 7400208 | &nbsp;&nbsp; 135133652 |
| Zacks Multi-Asset Income ETF | &nbsp;&nbsp; 365714816 | &nbsp;&nbsp; 80469083 | &nbsp;&nbsp; 446183899 |

---

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

**NOTE 7—Investment Transactions**

For the fiscal year ended April 30, 2025, 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** |
| Large Cap Growth ETF | &nbsp;&nbsp; $864309524 | &nbsp;&nbsp; $860589088 |
| Large Cap Value ETF | &nbsp;&nbsp; 1011088259 | &nbsp;&nbsp; 1006156102 |
| S&P 100 Equal Weight ETF | &nbsp;&nbsp; 175192220 | &nbsp;&nbsp; 177405293 |
| S&P 500 GARP ETF | &nbsp;&nbsp; 2858739443 | &nbsp;&nbsp; 2856019078 |
| S&P 500 Value with Momentum ETF | &nbsp;&nbsp; 28879483 | &nbsp;&nbsp; 28940878 |
| S&P MidCap Momentum ETF | &nbsp;&nbsp; 3377826166 | &nbsp;&nbsp; 3373513738 |
| S&P MidCap Quality ETF | &nbsp;&nbsp; 3154063534 | &nbsp;&nbsp; 3360568947 |
| S&P MidCap Value with Momentum ETF | &nbsp;&nbsp; 181599388 | &nbsp;&nbsp; 181181165 |
| S&P SmallCap Momentum ETF | &nbsp;&nbsp; 1308078620 | &nbsp;&nbsp; 1307772052 |

---

------

**60**

------

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| S&P SmallCap Value with Momentum ETF | &nbsp;&nbsp; $665894724 | &nbsp;&nbsp; $667511345 |
| Zacks Mid-Cap ETF | &nbsp;&nbsp; 221799855 | &nbsp;&nbsp; 221278932 |
| Zacks Multi-Asset Income ETF | &nbsp;&nbsp; 133364028 | &nbsp;&nbsp; 132789055 |

---

For the fiscal year ended April 30, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-kind** <br>**Purchases**<br>| **In-kind** <br>**Sales**<br>|
| Large Cap Growth ETF | &nbsp;&nbsp; $786875351 | &nbsp;&nbsp; $746379145 |
| Large Cap Value ETF | &nbsp;&nbsp; 661310872 | &nbsp;&nbsp; 576414686 |
| S&P 100 Equal Weight ETF | &nbsp;&nbsp; 716127883 | &nbsp;&nbsp; 209393042 |
| S&P 500 GARP ETF | &nbsp;&nbsp; 2337816158 | &nbsp;&nbsp; 4227384555 |
| S&P 500 Value with Momentum ETF | &nbsp;&nbsp; 15615466 | &nbsp;&nbsp; 9866989 |
| S&P MidCap Momentum ETF | &nbsp;&nbsp; 3960328112 | &nbsp;&nbsp; 2567690537 |
| S&P MidCap Quality ETF | &nbsp;&nbsp; 3249209007 | &nbsp;&nbsp; 2466559887 |
| S&P MidCap Value with Momentum ETF | &nbsp;&nbsp; 45103077 | &nbsp;&nbsp; 21755593 |
| S&P SmallCap Momentum ETF | &nbsp;&nbsp; 1915723045 | &nbsp;&nbsp; 855812466 |
| S&P SmallCap Value with Momentum ETF | &nbsp;&nbsp; 297858741 | &nbsp;&nbsp; 416187812 |
| Zacks Mid-Cap ETF | &nbsp;&nbsp; 66438990 | &nbsp;&nbsp; 89291747 |
| Zacks Multi-Asset Income ETF | &nbsp;&nbsp; 706703 | &nbsp;&nbsp; 4506096 |

---

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

As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross** <br>**Unrealized** <br>**Appreciation**<br>| **Gross** <br>**Unrealized** <br>**(Depreciation)**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Cost** |
| Large Cap Growth ETF | &nbsp;&nbsp; $178319018 | &nbsp;&nbsp; $(23813536)<br>| &nbsp;&nbsp; $154505482 | &nbsp;&nbsp; $854696994 |
| Large Cap Value ETF | &nbsp;&nbsp; 107502919 | &nbsp;&nbsp; (42848796)<br>| &nbsp;&nbsp; 64654123 | &nbsp;&nbsp; 979815187 |
| S&P 100 Equal Weight ETF | &nbsp;&nbsp; 104708120 | &nbsp;&nbsp; (67427408)<br>| &nbsp;&nbsp; 37280712 | &nbsp;&nbsp; 1181335150 |
| S&P 500 GARP ETF | &nbsp;&nbsp; 162170190 | &nbsp;&nbsp; (408631127)<br>| &nbsp;&nbsp; (246460937)<br>| &nbsp;&nbsp; 3124564015 |
| S&P 500 Value with Momentum ETF | &nbsp;&nbsp; 4588797 | &nbsp;&nbsp; (2149601)<br>| &nbsp;&nbsp; 2439196 | &nbsp;&nbsp; 54034261 |
| S&P MidCap Momentum ETF | &nbsp;&nbsp; 144307854 | &nbsp;&nbsp; (167023120)<br>| &nbsp;&nbsp; (22715266)<br>| &nbsp;&nbsp; 3663527104 |
| S&P MidCap Quality ETF | &nbsp;&nbsp; 258664603 | &nbsp;&nbsp; (558342059)<br>| &nbsp;&nbsp; (299677456)<br>| &nbsp;&nbsp; 5601147190 |
| S&P MidCap Value with Momentum ETF | &nbsp;&nbsp; 24794986 | &nbsp;&nbsp; (12864855)<br>| &nbsp;&nbsp; 11930131 | &nbsp;&nbsp; 276162826 |
| S&P SmallCap Momentum ETF | &nbsp;&nbsp; 88964293 | &nbsp;&nbsp; (86454386)<br>| &nbsp;&nbsp; 2509907 | &nbsp;&nbsp; 1622810934 |
| S&P SmallCap Value with Momentum ETF | &nbsp;&nbsp; 39070865 | &nbsp;&nbsp; (68974004)<br>| &nbsp;&nbsp; (29903139)<br>| &nbsp;&nbsp; 678037879 |
| Zacks Mid-Cap ETF | &nbsp;&nbsp; 12142228 | &nbsp;&nbsp; (11046428)<br>| &nbsp;&nbsp; 1095800 | &nbsp;&nbsp; 186309435 |
| Zacks Multi-Asset Income ETF | &nbsp;&nbsp; 12800681 | &nbsp;&nbsp; (8171032)<br>| &nbsp;&nbsp; 4629649 | &nbsp;&nbsp; 120963712 |

---

**NOTE 8—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of partnerships and in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2025, the reclassifications were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed Net** <br>**Investment Income (Loss)**<br>| **Undistributed Net** <br>**Realized Gain (Loss)**<br>| **Shares of** <br>**Beneficial Interest**<br>|
| Large Cap Growth ETF | &nbsp;&nbsp; $141724 | &nbsp;&nbsp; $(173621940)<br>| &nbsp;&nbsp; $173480216 |
| Large Cap Value ETF | &nbsp;&nbsp; 1145099 | &nbsp;&nbsp; (103504414)<br>| &nbsp;&nbsp; 102359315 |
| S&P 100 Equal Weight ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (68828200)<br>| &nbsp;&nbsp; 68828200 |
| S&P 500 GARP ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (751426062)<br>| &nbsp;&nbsp; 751426062 |
| S&P 500 Value with Momentum ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (1557084)<br>| &nbsp;&nbsp; 1557084 |
| S&P MidCap Momentum ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (365614716)<br>| &nbsp;&nbsp; 365614716 |
| S&P MidCap Quality ETF | &nbsp;&nbsp; (5362)<br>| &nbsp;&nbsp; (429140378)<br>| &nbsp;&nbsp; 429145740 |

---

------

**61**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed Net**<br> **Investment Income (Loss)**<br>| **Undistributed Net**<br> **Realized Gain (Loss)**<br>| **Shares of**<br> **Beneficial Interest**<br>|
| S&P MidCap Value with Momentum ETF | &nbsp;&nbsp; $1852 | &nbsp;&nbsp; $(3732783)<br>| &nbsp;&nbsp; $3730931 |
| S&P SmallCap Momentum ETF | &nbsp;&nbsp; 11231 | &nbsp;&nbsp; (87162417)<br>| &nbsp;&nbsp; 87151186 |
| S&P SmallCap Value with Momentum ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (92761814)<br>| &nbsp;&nbsp; 92761814 |
| Zacks Mid-Cap ETF | &nbsp;&nbsp; (95183)<br>| &nbsp;&nbsp; (11263875)<br>| &nbsp;&nbsp; 11359058 |
| Zacks Multi-Asset Income ETF | &nbsp;&nbsp; 470559 | &nbsp;&nbsp; (1074509)<br>| &nbsp;&nbsp; 603950 |

---

**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. Interested Trustees do not receive any Trustees' fees.

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

**NOTE 10—Capital**

Shares are issued and redeemed by each Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Funds.

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.

------

**62**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco Large Cap Growth ETF, Invesco Large Cap Value ETF, Invesco S&P 100 Equal Weight ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Quality ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF, Invesco S&P SmallCap Value with Momentum ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Large Cap Growth ETF, Invesco Large Cap Value ETF, Invesco S&P 100 Equal Weight ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Quality ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF, Invesco S&P SmallCap Value with Momentum ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF (twelve of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the "Funds") as of April 30, 2025, the related statements of operations for the year ended April 30, 2025, the statements of changes in net assets for each of the two years in the period ended April 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2025, and each of the financial highlights for each of the five years in the period ended April 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

June 26, 2025

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

------

**63**

------

**Tax Information**

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

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

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Qualified** <br>**Business** <br>**Income\***<br>| **Qualified** <br>**Dividend** <br>**Income\***<br>| **Corporate** <br>**Dividends** <br>**Received** <br>**Deduction\***<br>| **U.S.** <br>**Treasury** <br>**Obligations\***<br>| **Business** <br>**Interest** <br>**Income\***<br>| **Long Term** <br>**Capital Gains**<br>| **Qualified** <br>**Short** <br>**Term** <br>**Gains**<br>|
| Invesco Large Cap Growth ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| Invesco Large Cap Value ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco S&P 100 Equal Weight ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco S&P 500 GARP ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco S&P 500 Value with Momentum ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco S&P MidCap Momentum ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco S&P MidCap Quality ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 614498 | &nbsp;&nbsp; 201593693 |
| Invesco S&P MidCap Value with Momentum ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 99<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco S&P SmallCap Momentum ETF | &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 93<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco S&P SmallCap Value with Momentum ETF | &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 86<br> %<br>| &nbsp;&nbsp; 84<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco Zacks Mid-Cap ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 97<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco Zacks Multi-Asset Income ETF | &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |

---

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

------

**64**

------

**Approval of Investment Advisory Contracts**

At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the "Trust"), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the "Adviser") and the Trust for the following series (each, a "Fund" and collectively, the "Funds"):

Invesco Aerospace & Defense ETF

Invesco AI and Next Gen Software ETF

Invesco Biotechnology & Genome ETF

Invesco Building & Construction ETF

Invesco BuyBack Achievers<sup>TM</sup> ETF

Invesco Dividend Achievers<sup>TM</sup> ETF

Invesco Dorsey Wright Basic Materials Momentum ETF

Invesco Dorsey Wright Consumer Cyclicals Momentum ETF

Invesco Dorsey Wright Consumer Staples Momentum ETF

Invesco Dorsey Wright Energy Momentum ETF

Invesco Dorsey Wright Financial Momentum ETF

Invesco Dorsey Wright Healthcare Momentum ETF

Invesco Dorsey Wright Industrials Momentum ETF

Invesco Dorsey Wright Momentum ETF

Invesco Dorsey Wright Technology Momentum ETF

Invesco Dorsey Wright Utilities Momentum ETF

Invesco Energy Exploration & Production ETF

Invesco Financial Preferred ETF

Invesco Food & Beverage ETF

Invesco Global Listed Private Equity ETF

Invesco Golden Dragon China ETF

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

Invesco International Dividend Achievers<sup>TM</sup> ETF

Invesco Large Cap Growth ETF

Invesco Large Cap Value ETF

Invesco Leisure and Entertainment ETF

Invesco MSCI Sustainable Future ETF

Invesco Next Gen Media and Gaming ETF

Invesco Oil & Gas Services ETF

Invesco Pharmaceuticals ETF

Invesco RAFI US 1000 ETF

Invesco RAFI US 1500 Small-Mid ETF

Invesco S&P 100 Equal Weight ETF

Invesco S&P 500 GARP ETF

Invesco S&P 500<sup>®</sup> Quality ETF

Invesco S&P 500 Value with Momentum ETF

Invesco S&P MidCap Momentum ETF

Invesco S&P MidCap Quality ETF

Invesco S&P MidCap Value with Momentum ETF

Invesco S&P SmallCap Momentum ETF

Invesco S&P SmallCap Value with Momentum ETF

Invesco S&P Spin-Off ETF

Invesco Semiconductors ETF

Invesco Water Resources ETF

Invesco WilderHill Clean Energy ETF

Invesco Zacks Mid-Cap ETF

Invesco Zacks Multi-Asset Income ETF

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

*Nature, Extent and Quality of Services.* In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. ("Invesco"), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser's execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2024, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund's performance and the performance of its underlying index, as well as the Adviser's analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco's independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds ("ETFs") business of Guggenheim Capital LLC ("Guggenheim") (the "Transaction") and that each such Fund's performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust's registration

------

**65**

------

**Approval of Investment Advisory Contracts—(continued)**

statement. The Board concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund's particular circumstances.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;● 0.15% of the Fund's average daily net assets for Invesco S&P 500® Quality ETF;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;● 0.50% of the Fund's average daily net assets for each other Fund.

The Trustees noted that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an "Expense Cap") to the extent necessary to prevent the annual operating expenses of each Fund from exceeding the percentage of that Fund's average daily net assets, at least until August 31, 2027, as set forth below:

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;● 0.60%, excluding interest expenses, licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Aerospace & Defense ETF, Invesco AI and Next Gen Software ETF, Invesco Biotechnology & Genome ETF, Invesco Building & Construction ETF, Invesco BuyBack AchieversTM ETF, Invesco Dorsey Wright Momentum ETF, Invesco Energy Exploration & Production ETF, Invesco Financial Preferred ETF, Invesco Food & Beverage ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco Large Cap Growth ETF, Invesco Large Cap Value ETF, Invesco Leisure and Entertainment ETF, Invesco MSCI

------

**66**

------

**Approval of Investment Advisory Contracts—(continued)**

Sustainable Future ETF, Invesco Next Gen Media and Gaming ETF, Invesco Oil & Gas Services ETF, Invesco Pharmaceuticals ETF, Invesco Semiconductors ETF, Invesco S&P Spin-Off ETF, Invesco Water Resources ETF, Invesco WilderHill Clean Energy ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF.

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

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal** <br>**to/Lower** <br>**than ETF Peer Median**<br>| **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median\***<br>| **Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco Aerospace & Defense ETF |  |  | X |
| Invesco AI and Next Gen Software ETF | X | N/A | X |
| Invesco Biotechnology & Genome ETF |  |  | X |
| Invesco Building & Construction ETF |  |  | X |
| Invesco BuyBack Achievers<sup>TM</sup> ETF |  |  | X |
| Invesco Dividend Achievers<sup>TM</sup> ETF |  |  | X |
| Invesco Dorsey Wright Basic Materials Momentum ETF |  |  | X |
| Invesco Dorsey Wright Consumer Cyclicals Momentum ETF |  |  | X |
| Invesco Dorsey Wright Consumer Staples Momentum ETF |  |  | X |
| Invesco Dorsey Wright Energy Momentum ETF |  |  | X |
| Invesco Dorsey Wright Financial Momentum ETF |  |  | X |
| Invesco Dorsey Wright Healthcare Momentum ETF |  |  | X |
| Invesco Dorsey Wright Industrials Momentum ETF |  |  | X |
| Invesco Dorsey Wright Momentum ETF |  | X | X |
| Invesco Dorsey Wright Technology Momentum ETF |  |  | X |
| Invesco Dorsey Wright Utilities Momentum ETF |  |  | X |
| Invesco Energy Exploration & Production ETF |  |  | X |
| Invesco Financial Preferred ETF |  |  | X |
| Invesco Food & Beverage ETF |  |  | X |
| Invesco Global Listed Private Equity ETF |  | N/A | X |
| Invesco Golden Dragon China ETF | X | N/A | X |
| Invesco High Yield Equity Dividend Achievers<sup>TM</sup> ETF |  |  | X |
| Invesco International Dividend Achievers<sup>TM</sup> ETF | X |  | X |
| Invesco Large Cap Growth ETF |  |  | X |
| Invesco Large Cap Value ETF |  |  | X |
| Invesco Leisure and Entertainment ETF |  |  | X |
| Invesco MSCI Sustainable Future ETF |  |  | X |
| Invesco Next Gen Media and Gaming ETF |  |  | X |
| Invesco Oil & Gas Services ETF |  |  | X |
| Invesco Pharmaceuticals ETF |  |  | X |
| Invesco RAFI US 1000 ETF |  |  | X |
| Invesco RAFI US 1500 Small-Mid ETF |  |  | X |
| Invesco S&P 100 Equal Weight ETF |  | X | X |
| Invesco S&P 500 GARP ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Quality ETF | X |  | X |
| Invesco S&P 500 Value with Momentum ETF |  |  | X |

---

------

**67**

------

**Approval of Investment Advisory Contracts—(continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal**<br> **to/Lower**<br> **than ETF Peer Median**<br>| **Equal to/Lower**<br> **than Open-End**<br> **Index Fund**<br> **Peer Median\***<br>| **Lower than**<br> **Open-End**<br> **Active Fund**<br> **Peer Median**<br>|
| Invesco S&P MidCap Momentum ETF |  |  | X |
| Invesco S&P MidCap Quality ETF |  |  | X |
| Invesco S&P MidCap Value with Momentum ETF |  |  | X |
| Invesco S&P SmallCap Momentum ETF |  |  | X |
| Invesco S&P SmallCap Value with Momentum ETF |  | X | X |
| Invesco S&P Spin-Off ETF |  |  | X |
| Invesco Semiconductors ETF |  |  | X |
| Invesco Water Resources ETF | X | X | X |
| Invesco WilderHill Clean Energy ETF |  | X | X |
| Invesco Zacks Mid-Cap ETF |  |  | X |
| Invesco Zacks Multi-Asset Income ETF |  |  | X |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal** <br>**to/Lower** <br>**than ETF Peer Median**<br>| **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median\***<br>| **Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco Aerospace & Defense ETF |  |  | X |
| Invesco AI and Next Gen Software ETF | X | N/A | X |
| Invesco Biotechnology & Genome ETF |  |  | X |
| Invesco Building & Construction ETF |  |  | X |
| Invesco BuyBack Achievers<sup>TM</sup> ETF |  |  | X |
| Invesco Dividend Achievers<sup>TM</sup> ETF |  | X | X |
| Invesco Dorsey Wright Basic Materials Momentum ETF |  |  | X |
| Invesco Dorsey Wright Consumer Cyclicals Momentum ETF |  |  | X |
| Invesco Dorsey Wright Consumer Staples Momentum ETF |  |  | X |
| Invesco Dorsey Wright Energy Momentum ETF |  |  | X |
| Invesco Dorsey Wright Financial Momentum ETF |  |  | X |
| Invesco Dorsey Wright Healthcare Momentum ETF |  |  | X |
| Invesco Dorsey Wright Industrials Momentum ETF |  |  | X |
| Invesco Dorsey Wright Momentum ETF |  | X | X |
| Invesco Dorsey Wright Technology Momentum ETF |  |  | X |
| Invesco Dorsey Wright Utilities Momentum ETF |  |  | X |
| Invesco Energy Exploration & Production ETF |  |  | X |
| Invesco Financial Preferred ETF |  |  | X |
| Invesco Food & Beverage ETF |  |  | X |
| Invesco Global Listed Private Equity ETF |  | N/A | X |
| Invesco Golden Dragon China ETF |  | N/A | X |
| Invesco High Yield Equity Dividend Achievers<sup>TM</sup> ETF |  | X | X |
| Invesco International Dividend Achievers<sup>TM</sup> ETF |  |  | X |
| Invesco Large Cap Growth ETF |  |  | X |

---

------

**68**

------

**Approval of Investment Advisory Contracts—(continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal**<br> **to/Lower**<br> **than ETF Peer Median**<br>| **Equal to/Lower**<br> **than Open-End**<br> **Index Fund**<br> **Peer Median\***<br>| **Lower than**<br> **Open-End**<br> **Active Fund**<br> **Peer Median**<br>|
| Invesco Large Cap Value ETF |  | X | X |
| Invesco Leisure and Entertainment ETF |  |  | X |
| Invesco MSCI Sustainable Future ETF |  |  | X |
| Invesco Next Gen Media and Gaming ETF |  |  | X |
| Invesco Oil & Gas Services ETF |  |  | X |
| Invesco Pharmaceuticals ETF |  |  | X |
| Invesco RAFI US 1000 ETF |  |  | X |
| Invesco RAFI US 1500 Small-Mid ETF |  |  | X |
| Invesco S&P 100 Equal Weight ETF |  | X | X |
| Invesco S&P 500 GARP ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> Quality ETF | X |  | X |
| Invesco S&P 500 Value with Momentum ETF |  |  | X |
| Invesco S&P MidCap Momentum ETF |  |  | X |
| Invesco S&P MidCap Quality ETF |  |  | X |
| Invesco S&P MidCap Value with Momentum ETF |  |  | X |
| Invesco S&P SmallCap Momentum ETF |  |  | X |
| Invesco S&P SmallCap Value with Momentum ETF |  | X | X |
| Invesco S&P Spin-Off ETF |  |  | X |
| Invesco Semiconductors ETF |  |  | X |
| Invesco Water Resources ETF |  | X | X |
| Invesco WilderHill Clean Energy ETF |  | X | X |
| Invesco Zacks Mid-Cap ETF |  |  | X |
| Invesco Zacks Multi-Asset Income ETF |  |  | X |

---

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

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Global Listed Private Equity ETF's, Invesco Zacks Multi-Asset Income ETF's, Invesco Oil & Gas Services ETF's and Invesco Energy Exploration & Production ETF's advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser's statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco RAFI US 1000 ETF. The Trustees considered the Adviser's explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser's statement that the management and oversight of the Funds requires substantially more labor and expense.

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

In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds, as well as the fees waived and expenses reimbursed by the Adviser for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. With respect to the Adviser's profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose.

------

**69**

------

**Approval of Investment Advisory Contracts—(continued)**

Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser's. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees reviewed each Fund's asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser. The Trustees noted that the Expense Cap agreement with the Trust provides that the Adviser is entitled to be reimbursed by each Fund for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in a Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the flat advisory fee rates were reasonable and appropriate.

*Fall-out Benefits.* The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds' securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund's distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund's advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

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

------

**70**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

Remuneration paid to the Funds' trustees or officers and others, if any, is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory Contracts section of this report.

------

**71**

------

**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-SF-NCSR

invesco.com/ETFs

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

------

Item 10. Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies.

This information is filed under Item 7 of this Form N-CSR.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

This information is filed under Item 7 of this Form N-CSR.

------

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

------

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

------

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

------

Item 15. 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 16. 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 Act) as of a date within 90 days of the filing date of this report, the Registrant's PEO and PFO 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 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

------

Item 17. Disclosure of Securities Lending Activity for Closed-End Management Investment Companies.

Not applicable.

------

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

------

Item 19. Exhibits.

[19(a)(1) Code of Ethics is attached as Exhibit 99.CODEETH.](Code_of_Ethics.htm)

19(a)(2) Not applicable.

[19(a)(3) Certifications of the Registrant's PEO and PFO pursuant to Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.](Section_302_Certification.htm)

19(a)(4) Not applicable.

19(a)(5) Not applicable.

[19(b) Certifications of Registrant's PEO and PFO pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.](Section_906_Certification.htm)

------

#### 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: <u>/s/ Brian Hartigan&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> <u>.</u>

Name: Brian Hartigan

Title:Principal Executive Officer

Date: July 3, 2025

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: <u>/s/ Brian Hartigan&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> <u>..</u>

Name:Brian Hartigan

Title:Principal Executive Officer

Date: July 3, 2025

By: <u>/s/ Kelli Gallegos&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>____ &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;

Name:Kelli Gallegos

Title:Principal Financial Officer

Date:July 3, 2025

------

## Ex-99.Cert

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Brian Hartigan, certify that:

1. I have reviewed this report on Form N-CSR of Invesco Exchange-Traded Fund Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:&nbsp;&nbsp;&nbsp;&nbsp; <u>July 3, 2025</u><u>/s/ Brian Hartigan</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brian Hartigan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Executive Officer

------

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Kelli Gallegos, certify that:

1. I have reviewed this report on Form N-CSR of Invesco Exchange-Traded Fund Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:<u>July 3, 2025</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;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Kelli Gallegos</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kelli Gallegos

&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; Principal Financial Officer

------

## Exhibit 99.906

#### Exhibit 99.906

#### &nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT (b)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the report of Invesco Exchange-Traded Fund Trust (the "Registrant") on Form N-CSR for the period ended April 30, 2025 (the "Report"), each of the undersigned officers of the Registrant hereby certifies, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to SS. 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his/her knowledge:

&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;(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;&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: July 3, 2025

<u>/s/ Brian Hartigan&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> 

Name:Brian Hartigan

Title: Principal Executive Officer

Dated: July 3, 2025

&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Kelli Gallegos&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> 

Name: Kelli Gallegos

Title: Principal Financial Officer&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;

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.

------

## Ex-99.Code

#### Exhibit 99.CODEETH

#### EXHIBIT (a)(1)
CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Applicable To**  | &nbsp;&nbsp;&nbsp;&nbsp;·Invesco Funds; <br> &nbsp;&nbsp;&nbsp;&nbsp;·Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust, including (unless otherwise specifically excluded), their respective series (together with the Invesco Funds, each a "Fund," and collectively, the "Funds").  |
| &nbsp;&nbsp; **Risk Addressed by Policy**  | &nbsp;&nbsp; Ethics Violations by Principals  |
| &nbsp;&nbsp; **Relevant Law & Related Resources**  | &nbsp;&nbsp;&nbsp;&nbsp;·Investment Company Act of 1940; <br> &nbsp;&nbsp;&nbsp;&nbsp;·Sarbanes-Oxley Act of 2002  |
| &nbsp;&nbsp; **Revision Date**  | &nbsp;&nbsp; May 2024  |
| &nbsp;&nbsp; **Effective Date**  | &nbsp;&nbsp; June 2024  |

---

#### GLOSSARY
I. **PURPOSE** 

This Code of Ethics (the "Code") for the Invesco Funds and series of the Trusts (with each Invesco Fund and series of the Trusts being referred to herein as a "Fund," and collectively as the "Funds") applies to each Fund's Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller or persons performing similar functions (collectively, the "Covered Officers," each of whom is set forth in Exhibit A to this Code) for the purpose of promoting:

· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

· full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the registrant;

· compliance with applicable governmental laws, rules and regulations;

· prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· accountability for adherence to the Code.

------

The Code shall be administered by the Chief Compliance Officer of the Funds (the "Chief Compliance Officer"), or his or her delegate. Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

The Chief Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any waivers<sup>1</sup> sought by a Covered Officer must be considered by the Independent Trustees of the relevant Fund or Funds. Any question about the application of the Code should be referred to the Funds' Chief Compliance Officer.

II. **COVERED OFFICERS TO ACT HONESTLY AND CANDIDLY** 

Each Covered Officer named in Exhibit A to this Code owes a duty to the Funds to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Covered Officer must:

· act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Funds' policies;

· observe both the form and spirit of laws and governmental rules and regulations, and accounting standards;

· adhere to a high standard of business ethics; and

· place the interests of the Funds and its shareholders before the Covered Officer's own personal interests .

III. **COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF INTEREST** 

***Overview. A "conflict of interest" occurs when a Covered Officer's private interest interferes, or appears to interfere, with the interests of, or his/her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with the Funds.***

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 as amended ("Investment Company Act"), and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" (as defined in the Investment Company Act) of the Funds or the Funds' investment adviser. The Funds' and their investment adviser's and any sub-adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this Code, unless or until the Chief Compliance Officer determines that any violation of such programs and procedures is also a violation of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and their investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the investment adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Funds and their investment adviser. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the investment adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

Each Covered Officer must:

------

· avoid conflicts of interest wherever possible;

· handle any actual or apparent conflict of interest ethically;

· not use his/her personal influence or personal relationships to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally (directly or indirectly) to the detriment of the Funds;

· not cause the Funds to take action, or fail to take action, for the personal benefit of the Covered Officer rather than the benefit of the Funds;

· not use material non-public knowledge of portfolio transactions made or contemplated for, or actions proposed to be taken by, the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

· as described in more detail below, discuss any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest with the Chief Compliance Officer.

Each Covered Officer must, at the time of signing this Code, report to the Chief Compliance Officer all affiliations or significant business relationships outside of the Funds and must update the report annually.

Conflict of interest situations should always be approved by the Chief Compliance Officer and communicated to the relevant Fund or Fund's Board. Any activity or relationship that would present such a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if an immediate member of the Covered Officer's family living in the same household engages in such an activity or has such a relationship. Examples of these include:

· service or significant business relationships as a trustee/ director on the board of any public or private company;

· being in the position of supervising, reviewing, or having any influence on the job evaluation, pay or benefit of any immediate family member;

· any ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than its investment adviser, principal underwriter, or any affiliated person thereof; and

· a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment with Invesco, its subsidiaries, its parent organizations and any affiliates or subsidiaries thereof, such as compensation or equity ownership.

------

IV. **DISCLOSURE AND COMPLIANCE** 

Each Covered Officer should:

· familiarize himself/herself with the disclosure and compliance requirements generally applicable to the Funds;

· not knowingly misrepresent, conceal or omit required disclosures of, or cause others to do the same, facts about the Funds to others, whether within or outside the Funds, including to the Funds' Trustees and auditors, or to governmental regulators and self-regulatory organizations;

· to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Funds and their investment adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

· promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

V. **REPORTING AND ACCOUNTABILITY** 

Each Covered Officer must:

· upon adoption of the Code (thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Chief Compliance Officer that he/she has received, read and understands the Code;

· annually thereafter affirm to the Chief Compliance Officer that he/she has complied with the requirements of the Code;

· not retaliate against any other Covered Officer, other officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; and

· notify the Chief Compliance Officer promptly if he/she knows of or suspects any violation of this Code. Failure to do so is itself a violation of this Code.

The Funds will follow these procedures in investigating and enforcing this Code, and in reporting on the Code:

· the Chief Compliance Officer will take all appropriate action to investigate any potential violation reported to him/her;

· if, after such investigation, the Chief Compliance Officer believes that no violation has occurred, the Chief Compliance Officer is not required to take any further action;

------

· any matter that the Chief Compliance Officer believes is a violation will be reported to the relevant Fund's Audit Committee;

· if the Independent Trustees of the relevant Funds concur that a violation has occurred, they will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer or other appropriate disciplinary actions;

· the Independent Trustees of the relevant Funds will be responsible for granting waivers of this Code, as appropriate; and

· any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

VI. **OTHER POLICIES AND PROCEDURES** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' investment adviser, principal underwriter or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code unless any provision of this Code conflicts with any applicable federal or state law, in which case the requirements of such law will govern. The Funds' and their investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VII. **AMENDMENTS** 

These Procedures have been adopted by the Board, including a majority of the Trustees who are not interested persons (as defined in the Investment Company Act) of the Funds (the "Independent Trustees"). All material amendments to these Procedures must either be approved in advance by the Board and the Independent Trustees or ratified by the Board and the Independent Trustees, as determined by Legal and Compliance upon consultation with counsel to the Funds. Non-material amendments to these Procedures may be made by Legal and Compliance and will be reported to the Compliance Committee, other applicable committee of the Board, or to the Board at the next scheduled in-person meeting of the Board.

VIII. **CONFIDENTIALITY** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Covered Officers, the

------

Chief Compliance Officer, Independent Trustees of the relevant Fund or Funds and the Independent Trustees' counsel, the relevant Fund or Funds and those Funds' counsel and the senior management of the investment adviser and its counsel.

IX. **INTERNAL USE** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

I have read and understand the terms of the above Code. I recognize the responsibilities and obligations incurred by me as a result of my being subject to the Code. I hereby agree to abide by the above Code.

#### Exhibit A
<u>Persons Covered by this Code of Ethics:</u>

· **Invesco Funds** 

o President and Principal Executive Officer – Glenn Brightman

o Treasurer and Principal Financial Officer – Adrian Deberghes

· **Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust** 

o President and Principal Executive Officer — Brian Hartigan

o Treasurer and Principal Financial Officer — Kelli Gallegos

---

| | |
|:---|:---|
| 11 | Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer, as defined in Rule 3b-7 under the Exchange Act, of the registrant."  |

---

------