# EDGAR Filing Document

**Accession Number:** 0001209466
**File Stem:** 0001193125-26-001461
**Filing Date:** 2026-1
**Character Count:** 2743849
**Document Hash:** 7ff5b121242a53b94a0fb66be4d77e8a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-001461.hdr.sgml**: 20260105

**ACCESSION NUMBER**: 0001193125-26-001461

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 97

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260105

**DATE AS OF CHANGE**: 20260105

**EFFECTIVENESS DATE**: 20260105

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21265
- **FILM NUMBER:** 26503841

**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            |

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#### 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, Principal Executive Officer

3500 Lacey Road

Downers Grove, IL 60515

(Name and address of agent for service)

#### 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:

#### October 31, 2025
Item 1. Reports to Stockholders.

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

![TSR_logo](images_2625.jpg)

### Invesco Aerospace & Defense ETF

### PPA \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Aerospace & Defense ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $33 | 0.57% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6869146243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;8.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;7.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;&nbsp;7.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;7.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;5.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;4.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;4.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;4.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;3.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;3.22% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9719164.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco AI and Next Gen Software ETF

### IGPT \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco AI and Next Gen Software ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $35 | 0.56% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$654420391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;&nbsp;10.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;8.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;7.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;6.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;6.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | &nbsp;&nbsp;&nbsp;5.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. | &nbsp;&nbsp;&nbsp;4.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;4.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. | &nbsp;&nbsp;&nbsp;3.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;&nbsp;3.10% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9720128.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Biotechnology & Genome ETF

### PBE \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Biotechnology & Genome ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $33 | 0.59% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$234116633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;67% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Illumina, Inc. | &nbsp;&nbsp;&nbsp;5.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Biogen, Inc. | &nbsp;&nbsp;&nbsp;5.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Incyte Corp. | &nbsp;&nbsp;&nbsp;5.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;5.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;5.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;4.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | &nbsp;&nbsp;&nbsp;4.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;4.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;4.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Therapeutics Corp. | &nbsp;&nbsp;&nbsp;3.59% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9719696.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Bloomberg Analyst Rating Improvers ETF

### UPGD \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Bloomberg Analyst Rating Improvers ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $21 | 0.40% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$108992375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;93% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;2.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac Corp. | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zoom Communications, Inc., Class A | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Waters Corp. | &nbsp;&nbsp;&nbsp;2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;2.17% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9720462.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Bloomberg MVP Multi-factor ETF

### BMVP \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Bloomberg MVP Multi-factor ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $15 | 0.29% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$99229278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;79% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp;&nbsp;1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;1.97% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9719912.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Building & Construction ETF

### PKB \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Building & Construction ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $35 | 0.58% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$295682289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;43% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;6.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;5.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;5.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;CRH PLC | &nbsp;&nbsp;&nbsp;5.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;4.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;4.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;4.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;4.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Argan, Inc. | &nbsp;&nbsp;&nbsp;3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;3.40% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9719741.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

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

### PKW \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco BuyBack Achievers<sup>TM</sup> ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $34 | 0.62% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1474051882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;213 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;5.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;5.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp;5.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;CRH PLC | &nbsp;&nbsp;&nbsp;4.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;4.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. | &nbsp;&nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cigna Group (The) | &nbsp;&nbsp;&nbsp;3.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monster Beverage Corp. | &nbsp;&nbsp;&nbsp;2.46% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9719193.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

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

### PFM \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Dividend Achievers<sup>TM</sup> ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco Dividend Achievers<sup>TM</sup> ETF | $280.52%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$730005769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;4.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;3.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;3.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;3.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;1.92% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9719265.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Dorsey Wright Basic Materials Momentum ETF

### PYZ \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Dorsey Wright Basic Materials Momentum ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco Dorsey Wright Basic Materials Momentum ETF | $340.60%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$54465349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;5.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uranium Energy Corp. | &nbsp;&nbsp;&nbsp;4.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hecla Mining Co. | &nbsp;&nbsp;&nbsp;4.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coeur Mining, Inc. | &nbsp;&nbsp;&nbsp;3.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;3.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;MP Materials Corp. | &nbsp;&nbsp;&nbsp;3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;&nbsp;3.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;ATI, Inc. | &nbsp;&nbsp;&nbsp;2.51% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sub-industry allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9719337.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Dorsey Wright Consumer Cyclicals Momentum ETF

### PEZ \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Dorsey Wright Consumer Cyclicals Momentum ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco Dorsey Wright Consumer Cyclicals Momentum ETF | $320.60%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$48318273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;97% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;QuantumScape Corp. | &nbsp;&nbsp;&nbsp;4.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wayfair, Inc., Class A | &nbsp;&nbsp;&nbsp;3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;3.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;3.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A | &nbsp;&nbsp;&nbsp;3.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;EchoStar Corp., Class A | &nbsp;&nbsp;&nbsp;3.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carvana Co. | &nbsp;&nbsp;&nbsp;3.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;3.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Somnigroup International, Inc. | &nbsp;&nbsp;&nbsp;3.55% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9719381.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Dorsey Wright Consumer Staples Momentum ETF

### PSL \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Dorsey Wright Consumer Staples Momentum ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco Dorsey Wright Consumer Staples Momentum ETF | $290.60%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$86434266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;41% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;6.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;5.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;5.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Celsius Holdings, Inc. | &nbsp;&nbsp;&nbsp;4.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;e.l.f. Beauty, Inc. | &nbsp;&nbsp;&nbsp;3.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kroger Co. (The) | &nbsp;&nbsp;&nbsp;3.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;US Foods Holding Corp. | &nbsp;&nbsp;&nbsp;3.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance Food Group Co. | &nbsp;&nbsp;&nbsp;3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc. (The), Class A | &nbsp;&nbsp;&nbsp;3.09% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9719408.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Dorsey Wright Energy Momentum ETF

### PXI \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Dorsey Wright Energy Momentum ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco Dorsey Wright Energy Momentum ETF | $340.60%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$43504294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Centrus Energy Corp., Class A | &nbsp;&nbsp;&nbsp;8.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;5.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;5.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;3.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;3.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;3.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weatherford International PLC | &nbsp;&nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Delek US Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.76% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9719453.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Dorsey Wright Financial Momentum ETF

### PFI \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Dorsey Wright Financial Momentum ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco Dorsey Wright Financial Momentum ETF | $310.60%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$59306804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;76% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;6.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;4.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;4.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | &nbsp;&nbsp;&nbsp;3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;SoFi Technologies, Inc. | &nbsp;&nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;3.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;&nbsp;3.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;KKR & Co., Inc., Class A | &nbsp;&nbsp;&nbsp;3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackstone, Inc., Class A | &nbsp;&nbsp;&nbsp;3.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | &nbsp;&nbsp;&nbsp;2.88% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9719480.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Dorsey Wright Healthcare Momentum ETF

### PTH \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Dorsey Wright Healthcare Momentum ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco Dorsey Wright Healthcare Momentum ETF | $330.60%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$113357064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;131% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc. | &nbsp;&nbsp;&nbsp;5.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medpace Holdings, Inc. | &nbsp;&nbsp;&nbsp;5.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. | &nbsp;&nbsp;&nbsp;4.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nektar Therapeutics | &nbsp;&nbsp;&nbsp;4.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;3.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Natera, Inc. | &nbsp;&nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cidara Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;3.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc. | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Celcuity, Inc. | &nbsp;&nbsp;&nbsp;3.04% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9719525.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Dorsey Wright Industrials Momentum ETF

### PRN \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Dorsey Wright Industrials Momentum ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco Dorsey Wright Industrials Momentum ETF | $350.60%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$401158399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;87% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Rocket Lab Corp. | &nbsp;&nbsp;&nbsp;5.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;4.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloom Energy Corp., Class A | &nbsp;&nbsp;&nbsp;4.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. | &nbsp;&nbsp;&nbsp;3.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;3.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;3.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;3.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;3.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | &nbsp;&nbsp;&nbsp;3.02% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9719552.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Dorsey Wright Momentum ETF

### PDP \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Dorsey Wright Momentum ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $35 | 0.62% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1375468312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;79% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp., Class A | &nbsp;&nbsp;&nbsp;2.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rocket Lab Corp. | &nbsp;&nbsp;&nbsp;2.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;2.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;&nbsp;2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medpace Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.24% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9719597.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Dorsey Wright Technology Momentum ETF

### PTF \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Dorsey Wright Technology Momentum ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco Dorsey Wright Technology Momentum ETF | $360.60%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$416350213 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;128% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rigetti Computing, Inc. | &nbsp;&nbsp;&nbsp;4.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sandisk Corp. | &nbsp;&nbsp;&nbsp;4.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cipher Mining, Inc. | &nbsp;&nbsp;&nbsp;4.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Opendoor Technologies, Inc. | &nbsp;&nbsp;&nbsp;3.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Terawulf, Inc. | &nbsp;&nbsp;&nbsp;3.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bitmine Immersion Technologies, Inc. | &nbsp;&nbsp;&nbsp;3.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;&nbsp;3.32% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9719624.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Dorsey Wright Utilities Momentum ETF

### PUI \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Dorsey Wright Utilities Momentum ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco Dorsey Wright Utilities Momentum ETF | $330.60%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$53624977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Oklo, Inc. | &nbsp;&nbsp;&nbsp;4.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lumen Technologies, Inc. | &nbsp;&nbsp;&nbsp;4.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;3.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;3.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;3.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;&nbsp;3.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;3.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;&nbsp;3.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Talen Energy Corp. | &nbsp;&nbsp;&nbsp;3.28% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sub-industry allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9719669.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Dow Jones Industrial Average Dividend ETF

### DJD \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Dow Jones Industrial Average Dividend ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $4 | 0.07% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$358000647 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;9.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;7.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;6.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;6.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;5.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;5.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;5.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;4.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;4.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;4.33% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9719308.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Energy Exploration & Production ETF

### PXE \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Energy Exploration & Production ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco Energy Exploration & Production ETF | $340.63%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$68393232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;5.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;5.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;5.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Antero Resources Corp. | &nbsp;&nbsp;&nbsp;5.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;5.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;&nbsp;4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;4.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Par Pacific Holdings, Inc. | &nbsp;&nbsp;&nbsp;3.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;3.31% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9719768.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Financial Preferred ETF

### PGF \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Financial Preferred ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
*(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 | $29 | 0.56% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$786244937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., Series EE, Pfd., 6.00% | &nbsp;&nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., Series DD, Pfd., 5.75% | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., Series Z, Pfd., 4.75% | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., Series MM, Pfd., 4.20% | &nbsp;&nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., Series LL, Pfd., 4.63% | &nbsp;&nbsp;&nbsp;2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allstate Corp. (The), Series H, Pfd., 5.10% | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., Series GG, Pfd., 6.00% | &nbsp;&nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., Series KK, Pfd., 5.38% | &nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp., Series I, Pfd., 5.00% | &nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Athene Holding Ltd., Series A, Pfd., 6.35% | &nbsp;&nbsp;&nbsp;1.74% |
| \* Excluding money market fund holdings, if any. |  |

---

**Industry allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9720173.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Food & Beverage ETF

### PBJ \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Food & Beverage ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco Food & Beverage ETF | $310.63%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$97431396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;57% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Monster Beverage Corp. | &nbsp;&nbsp;&nbsp;5.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A | &nbsp;&nbsp;&nbsp;5.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;5.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;5.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hershey Co. (The) | &nbsp;&nbsp;&nbsp;5.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kroger Co. (The) | &nbsp;&nbsp;&nbsp;5.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kraft Heinz Co. (The) | &nbsp;&nbsp;&nbsp;4.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;&nbsp;4.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Natural Foods, Inc. | &nbsp;&nbsp;&nbsp;4.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ingles Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;3.04% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9719813.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Global Listed Private Equity ETF

### PSP \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Global Listed Private Equity ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $34 | 0.65% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$326880773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;3i Group PLC | &nbsp;&nbsp;&nbsp;5.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;EQT AB | &nbsp;&nbsp;&nbsp;4.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;TPG, Inc. | &nbsp;&nbsp;&nbsp;4.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;4.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc. | &nbsp;&nbsp;&nbsp;4.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;HAL Trust | &nbsp;&nbsp;&nbsp;4.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners PLC | &nbsp;&nbsp;&nbsp;4.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;KKR & Co., Inc., Class A | &nbsp;&nbsp;&nbsp;4.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackstone, Inc., Class A | &nbsp;&nbsp;&nbsp;4.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sofina S.A. | &nbsp;&nbsp;&nbsp;4.15% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9720271.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Golden Dragon China ETF

### PGJ \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Golden Dragon China ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $39 | 0.70% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$156129393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd., ADR | &nbsp;&nbsp;&nbsp;9.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Baidu, Inc., ADR | &nbsp;&nbsp;&nbsp;7.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;JD.com, Inc., ADR | &nbsp;&nbsp;&nbsp;7.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Yum China Holdings, Inc. | &nbsp;&nbsp;&nbsp;7.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group, ADR | &nbsp;&nbsp;&nbsp;5.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;NIO, Inc., ADR | &nbsp;&nbsp;&nbsp;4.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;NetEase, Inc., ADR | &nbsp;&nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Full Truck Alliance Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;3.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kanzhun Ltd., ADR | &nbsp;&nbsp;&nbsp;3.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vipshop Holdings Ltd., ADR | &nbsp;&nbsp;&nbsp;3.52% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9720318.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_2624.jpg)

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

P-PGJ-SAR **Invesco Golden Dragon China ETF**![TSR_logo](images_2625.jpg)

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

### PEY \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco High Yield Equity Dividend Achievers<sup>TM</sup> ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $27 | 0.52% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1060026658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Cogent Communications Holdings, Inc. | &nbsp;&nbsp;&nbsp;4.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;3.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries N.V., Class A | &nbsp;&nbsp;&nbsp;3.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;&nbsp;2.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Edison International | &nbsp;&nbsp;&nbsp;2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avista Corp. | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Polaris, Inc. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;AES Corp. (The) | &nbsp;&nbsp;&nbsp;2.28% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9720343.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

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

### PID \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco International Dividend Achievers<sup>TM</sup> ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $28 | 0.53% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$866014225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Renewable Partners L.P. | &nbsp;&nbsp;&nbsp;4.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;PT Telkom Indonesia (Persero) Tbk, ADR | &nbsp;&nbsp;&nbsp;4.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Infrastructure Partners L.P. | &nbsp;&nbsp;&nbsp;3.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;PLDT, Inc., ADR | &nbsp;&nbsp;&nbsp;3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;BCE, Inc. | &nbsp;&nbsp;&nbsp;3.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amcor PLC | &nbsp;&nbsp;&nbsp;3.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;&nbsp;3.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;TELUS Corp. | &nbsp;&nbsp;&nbsp;3.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;&nbsp;3.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;British American Tobacco PLC, ADR | &nbsp;&nbsp;&nbsp;3.28% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9720390.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Large Cap Growth ETF

### PWB \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Large Cap Growth ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
*(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 | $32 | 0.55% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1450795746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;&nbsp;4.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;4.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;3.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;3.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;3.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;3.08% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9719840.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Large Cap Value ETF

### PWV \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Large Cap Value ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $30 | 0.55% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1208934637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;4.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;3.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;3.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp;3.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;3.37% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9719121.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Leisure and Entertainment ETF

### PEJ \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Leisure and Entertainment ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $32 | 0.57% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$328785016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;75% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc. | &nbsp;&nbsp;&nbsp;9.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;5.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A | &nbsp;&nbsp;&nbsp;5.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;4.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp. | &nbsp;&nbsp;&nbsp;4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. | &nbsp;&nbsp;&nbsp;4.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;4.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment PLC | &nbsp;&nbsp;&nbsp;3.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lyft, Inc., Class A | &nbsp;&nbsp;&nbsp;3.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Biglari Holdings, Inc., Class B | &nbsp;&nbsp;&nbsp;3.23% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9719885.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco MSCI Sustainable Future ETF

### ERTH \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco MSCI Sustainable Future ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco MSCI Sustainable Future ETF | $370.65%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$147421171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;6.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Solar, Inc. | &nbsp;&nbsp;&nbsp;4.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;4.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;BYD Co. Ltd., H Shares | &nbsp;&nbsp;&nbsp;4.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S | &nbsp;&nbsp;&nbsp;3.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;LG Energy Solution Ltd. | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nextracker, Inc., Class A | &nbsp;&nbsp;&nbsp;2.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;XPeng, Inc. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., A Shares | &nbsp;&nbsp;&nbsp;2.59% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9719236.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_2624.jpg)

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

P-ERTH-SAR **Invesco MSCI Sustainable Future ETF**

![TSR_logo](images_2625.jpg)

### Invesco NASDAQ Internet ETF

### PNQI \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco NASDAQ Internet ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
*(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 | $34 | 0.60% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$807809344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;10.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;9.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;8.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;6.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc., Class A | &nbsp;&nbsp;&nbsp;4.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. | &nbsp;&nbsp;&nbsp;3.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;3.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;3.58% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sub-industry allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9720415.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_2624.jpg)

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

P-PNQI-SAR **Invesco NASDAQ Internet ETF**

![TSR_logo](images_2625.jpg)

### Invesco Next Gen Connectivity ETF

### KNCT \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Next Gen Connectivity ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $24 | 0.40% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$39719003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;10% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;8.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;8.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;7.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;4.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;4.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;3.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;&nbsp;2.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;&nbsp;2.70% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9719984.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_2624.jpg)

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

P-KNCT-SAR **Invesco Next Gen Connectivity ETF**

![TSR_logo](images_2625.jpg)

### Invesco Next Gen Media and Gaming ETF

### GGME \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Next Gen Media and Gaming ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 Media and Gaming ETF | $36 | 0.63% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$162466893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;9.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;9.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;7.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;7.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;&nbsp;7.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;6.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. | &nbsp;&nbsp;&nbsp;4.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology S.A. | &nbsp;&nbsp;&nbsp;4.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A | &nbsp;&nbsp;&nbsp;3.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nintendo Co. Ltd. | &nbsp;&nbsp;&nbsp;3.93% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9719957.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_2624.jpg)

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

P-GGME-SAR **Invesco Next Gen Media and Gaming ETF**

![TSR_logo](images_2625.jpg)

### Invesco Oil & Gas Services ETF

### PXJ \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Oil & Gas Services ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco Oil & Gas Services ETF | $380.63%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$27340950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Frontline PLC | &nbsp;&nbsp;&nbsp;5.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp;&nbsp;5.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weatherford International PLC | &nbsp;&nbsp;&nbsp;5.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;TechnipFMC PLC | &nbsp;&nbsp;&nbsp;5.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;NOV, Inc. | &nbsp;&nbsp;&nbsp;5.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Co., Class A | &nbsp;&nbsp;&nbsp;4.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Noble Corp. PLC | &nbsp;&nbsp;&nbsp;4.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;SLB Ltd. | &nbsp;&nbsp;&nbsp;4.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;ProFrac Holding Corp., Class A | &nbsp;&nbsp;&nbsp;3.27% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9720029.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_2624.jpg)

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

P-PXJ-SAR **Invesco Oil & Gas Services ETF**

![TSR_logo](images_2625.jpg)

### Invesco Pharmaceuticals ETF

### PJP \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Pharmaceuticals ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $33 | 0.59% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$276937119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;5.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;5.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;5.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;4.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;4.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;4.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;&nbsp;4.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;4.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Therapeutics Corp. | &nbsp;&nbsp;&nbsp;3.68% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9720056.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_2624.jpg)

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

P-PJP-SAR **Invesco Pharmaceuticals ETF**

![TSR_logo](images_2625.jpg)

### Invesco RAFI US 1000 ETF

### PRF \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco RAFI US 1000 ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $19 | 0.34% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8289791906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;4.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;4.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;1.32% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9720200.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_2624.jpg)

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

P-PRF-SAR **Invesco RAFI US 1000 ETF**

![TSR_logo](images_2625.jpg)

### Invesco RAFI US 1500 Small-Mid ETF

### PRFZ \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco RAFI US 1500 Small-Mid ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $21 | 0.38% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2559987926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Opendoor Technologies, Inc. | &nbsp;&nbsp;&nbsp;1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp., Class A | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloom Energy Corp., Class A | &nbsp;&nbsp;&nbsp;0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hecla Mining Co. | &nbsp;&nbsp;&nbsp;0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;GRAIL, Inc. | &nbsp;&nbsp;&nbsp;0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roivant Sciences Ltd. | &nbsp;&nbsp;&nbsp;0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;0.33% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9720246.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_2624.jpg)

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

P-PRFZ-SAR **Invesco RAFI US 1500 Small-Mid ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P 100 Equal Weight ETF

### EQWL \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco S&P 100 Equal Weight ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco S&P 100 Equal Weight ETF | $140.25%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1832832217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;&nbsp;1.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;&nbsp;1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. | &nbsp;&nbsp;&nbsp;1.15% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9720678.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_2624.jpg)

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

P-EQWL-SAR **Invesco S&P 100 Equal Weight ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P 500 BuyWrite ETF

### PBP \| Cboe BZX Exchange, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco S&P 500 BuyWrite ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $15 | 0.29% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$304404905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;8.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;7.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;6.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.56% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9720775.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_2624.jpg)

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

P-PBP-SAR **Invesco S&P 500 BuyWrite ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF

### RSPC \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-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, 2025 to October 31, 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 Six Months ?
 *(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 | $22 | 0.40% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$73375759 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc. | &nbsp;&nbsp;&nbsp;8.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;5.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade Desk, Inc. (The), Class A | &nbsp;&nbsp;&nbsp;4.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. | &nbsp;&nbsp;&nbsp;4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Paramount Skydance Corp. | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Frontier Communications Parent, Inc. | &nbsp;&nbsp;&nbsp;4.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;4.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;4.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;4.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;4.36% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9721713.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_2624.jpg)

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

P-RSPC-SAR **Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF

### RSPD \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-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, 2025 to October 31, 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 Six Months ?
 *(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 | $22 | 0.40% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$213973381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;lululemon athletica, Inc. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A | &nbsp;&nbsp;&nbsp;2.19% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9720821.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_2624.jpg)

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

P-RSPD-SAR **Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF

### RSPS \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-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, 2025 to October 31, 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 Six Months ?
 *(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 | $20 | 0.40% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$227510639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Bunge Global S.A. | &nbsp;&nbsp;&nbsp;3.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc. (The), Class A | &nbsp;&nbsp;&nbsp;3.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monster Beverage Corp. | &nbsp;&nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kellanova | &nbsp;&nbsp;&nbsp;2.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;2.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;2.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollar Tree, Inc. | &nbsp;&nbsp;&nbsp;2.83% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9720848.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_2624.jpg)

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

P-RSPS-SAR **Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF

### RSPG \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $21 | 0.40% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$403238532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp;&nbsp;5.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;4.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp;&nbsp;4.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;4.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;4.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Phillips 66 Co. | &nbsp;&nbsp;&nbsp;4.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Co., Class A | &nbsp;&nbsp;&nbsp;4.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;4.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;4.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;4.58% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9720893.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_2624.jpg)

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

P-RSPG-SAR **Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P 500<sup>®</sup> Equal Weight ETF

### RSP \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Equal Weight ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $11 | 0.20% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$72885032690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc. | &nbsp;&nbsp;&nbsp;0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;&nbsp;0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;&nbsp;0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;&nbsp;0.27% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9720920.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_2624.jpg)

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

P-RSP-SAR **Invesco S&P 500<sup>®</sup> Equal Weight ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF

### RSPF \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $21 | 0.40% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$308452246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;&nbsp;1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A | &nbsp;&nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Ltd. | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;1.45% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9720965.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_2624.jpg)

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

P-RSPF-SAR **Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF

### RSPH \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-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, 2025 to October 31, 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 Six Months ?
 *(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 | $21 | 0.40% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$716038536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;10% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Waters Corp. | &nbsp;&nbsp;&nbsp;1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. | &nbsp;&nbsp;&nbsp;1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc. | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;1.86% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9720992.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_2624.jpg)

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

P-RSPH-SAR **Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF

### RSPN \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $22 | 0.40% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$685397664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;J.B. Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;&nbsp;1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;1.41% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9721037.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_2624.jpg)

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

P-RSPN-SAR **Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF

### RSPM \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $21 | 0.40% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$146624705 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;&nbsp;5.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;4.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;4.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;4.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;&nbsp;4.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;4.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dow, Inc. | &nbsp;&nbsp;&nbsp;3.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;3.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;3.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;3.79% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9721064.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_2624.jpg)

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

P-RSPM-SAR **Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF

### RSPR \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-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, 2025 to October 31, 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 Six Months ?
 *(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 | $20 | 0.40% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$112235249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;3.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;3.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;3.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;&nbsp;3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;3.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;3.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;SBA Communications Corp., Class A | &nbsp;&nbsp;&nbsp;3.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;3.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;3.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;3.31% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9721109.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_2624.jpg)

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

P-RSPR-SAR **Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF

### RSPT \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $24 | 0.40% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4200749230 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;&nbsp;2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Solar, Inc. | &nbsp;&nbsp;&nbsp;1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;1.74% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9721136.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_2624.jpg)

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

P-RSPT-SAR **Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF

### RSPU \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $21 | 0.40% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$513872298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;4% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;3.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;&nbsp;3.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;3.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sempra | &nbsp;&nbsp;&nbsp;3.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;3.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;AES Corp. (The) | &nbsp;&nbsp;&nbsp;3.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp;&nbsp;3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evergy, Inc. | &nbsp;&nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;3.28% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9721181.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_2624.jpg)

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

P-RSPU-SAR **Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P 500 GARP ETF

### SPGP \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco S&P 500 GARP ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
*(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 | $19 | 0.35% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2576598971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;58% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;&nbsp;3.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Super Micro Computer, Inc. | &nbsp;&nbsp;&nbsp;2.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. | &nbsp;&nbsp;&nbsp;2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;2.08% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9720703.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_2624.jpg)

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

P-SPGP-SAR **Invesco S&P 500 GARP ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P 500<sup>®</sup> Pure Growth ETF

### RPG \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Pure Growth ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $20 | 0.35% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1683873711 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;10% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;3.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp. | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;1.84% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9721208.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_2624.jpg)

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

P-RPG-SAR **Invesco S&P 500<sup>®</sup> Pure Growth ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P 500<sup>®</sup> Pure Value ETF

### RPV \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Pure Value ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $19 | 0.35% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1365957306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;3% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;3.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc. | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bunge Global S.A. | &nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Paramount Skydance Corp. | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;2.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mosaic Co. (The) | &nbsp;&nbsp;&nbsp;1.97% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9721252.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_2624.jpg)

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

P-RPV-SAR **Invesco S&P 500<sup>®</sup> Pure Value ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P 500<sup>®</sup> Quality ETF

### SPHQ \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Quality ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco S&P 500<sup>®</sup> Quality ETF | $80.15%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$14913435068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;6.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;4.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;4.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;4.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;4.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;2.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;2.57% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9721281.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_2624.jpg)

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

P-SPHQ-SAR **Invesco S&P 500<sup>®</sup> Quality ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P 500<sup>®</sup> Top 50 ETF

### XLG \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Top 50 ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $12 | 0.20% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$11530262977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;13.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;10.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;10.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;4.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;3.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;3.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;2.38% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9721324.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_2624.jpg)

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

P-XLG-SAR **Invesco S&P 500<sup>®</sup> Top 50 ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P 500 Value with Momentum ETF

### SPVM \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco S&P 500 Value with Momentum ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco S&P 500 Value with Momentum ETF | $210.39%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$76903827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Ltd. | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mohawk Industries, Inc. | &nbsp;&nbsp;&nbsp;1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Paramount Skydance Corp. | &nbsp;&nbsp;&nbsp;1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;1.52% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9720750.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_2624.jpg)

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

P-SPVM-SAR **Invesco S&P 500 Value with Momentum ETF**![TSR_logo](images_2625.jpg)

### Invesco S&P MidCap 400<sup>®</sup> GARP ETF

### GRPM \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco S&P MidCap 400<sup>®</sup> GARP ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $19 | 0.35% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$440598323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;3.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Celsius Holdings, Inc. | &nbsp;&nbsp;&nbsp;3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medpace Holdings, Inc. | &nbsp;&nbsp;&nbsp;3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rambus, Inc. | &nbsp;&nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;AppFolio, Inc., Class A | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fabrinet | &nbsp;&nbsp;&nbsp;2.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;AAON, Inc. | &nbsp;&nbsp;&nbsp;2.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyatt Hotels Corp., Class A | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;2.25% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9721353.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_2624.jpg)

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

P-GRPM-SAR **Invesco S&P MidCap 400<sup>®</sup> GARP ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF

### RFG \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $19 | 0.35% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$291598765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;4.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roivant Sciences Ltd. | &nbsp;&nbsp;&nbsp;3.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;3.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc. | &nbsp;&nbsp;&nbsp;2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Valaris Ltd. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;ATI, Inc. | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medpace Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;MasTec, Inc. | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Twilio, Inc., Class A | &nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exelixis, Inc. | &nbsp;&nbsp;&nbsp;1.50% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9721396.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_2624.jpg)

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

P-RFG-SAR **Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF

### RFV \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $19 | 0.35% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$277956104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;4.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;3.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;3.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macy's, Inc. | &nbsp;&nbsp;&nbsp;3.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Concentrix Corp. | &nbsp;&nbsp;&nbsp;3.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc. | &nbsp;&nbsp;&nbsp;3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lear Corp. | &nbsp;&nbsp;&nbsp;2.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avnet, Inc. | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arrow Electronics, Inc. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) | &nbsp;&nbsp;&nbsp;2.26% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9721425.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_2624.jpg)

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

P-RFV-SAR **Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P MidCap Momentum ETF

### XMMO \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco S&P MidCap Momentum ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
*(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 | $19 | 0.34% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4781986850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;5.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Twilio, Inc., Class A | &nbsp;&nbsp;&nbsp;3.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;3.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ciena Corp. | &nbsp;&nbsp;&nbsp;3.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Talen Energy Corp. | &nbsp;&nbsp;&nbsp;3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;US Foods Holding Corp. | &nbsp;&nbsp;&nbsp;2.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Woodward, Inc. | &nbsp;&nbsp;&nbsp;2.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;2.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software, Inc. | &nbsp;&nbsp;&nbsp;2.38% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9720606.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_2624.jpg)

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

P-XMMO-SAR **Invesco S&P MidCap Momentum ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P MidCap Quality ETF

### XMHQ \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco S&P MidCap Quality ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco S&P MidCap Quality ETF | $130.25%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5145044461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;5.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medpace Holdings, Inc. | &nbsp;&nbsp;&nbsp;4.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Therapeutics Corp. | &nbsp;&nbsp;&nbsp;3.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Manhattan Associates, Inc. | &nbsp;&nbsp;&nbsp;2.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;AECOM | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;DocuSign, Inc. | &nbsp;&nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nextracker, Inc., Class A | &nbsp;&nbsp;&nbsp;2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;RPM International, Inc. | &nbsp;&nbsp;&nbsp;2.12% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9720559.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_2624.jpg)

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

P-XMHQ-SAR **Invesco S&P MidCap Quality ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P MidCap Value with Momentum ETF

### XMVM \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco S&P MidCap Value with Momentum ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
*(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 | $20 | 0.37% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$311097407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;EchoStar Corp., Class A | &nbsp;&nbsp;&nbsp;6.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc. | &nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avnet, Inc. | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc., Class A | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp., Class A | &nbsp;&nbsp;&nbsp;1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Graham Holdings Co., Class B | &nbsp;&nbsp;&nbsp;1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Valley National Bancorp | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;AutoNation, Inc. | &nbsp;&nbsp;&nbsp;1.68% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9720631.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_2624.jpg)

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

P-XMVM-SAR **Invesco S&P MidCap Value with Momentum ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF

### RZG \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $19 | 0.35% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$103864678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;2.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;InterDigital, Inc. | &nbsp;&nbsp;&nbsp;2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;DXP Enterprises, Inc. | &nbsp;&nbsp;&nbsp;1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Powell Industries, Inc. | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Acadian Asset Management, Inc. | &nbsp;&nbsp;&nbsp;1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;TG Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Veracyte, Inc. | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Krystal Biotech, Inc. | &nbsp;&nbsp;&nbsp;1.37% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9721468.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_2624.jpg)

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

P-RZG-SAR **Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF

### RZV \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $20 | 0.35% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$221586065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Viasat, Inc. | &nbsp;&nbsp;&nbsp;5.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Par Pacific Holdings, Inc. | &nbsp;&nbsp;&nbsp;3.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dana, Inc. | &nbsp;&nbsp;&nbsp;2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kohl's Corp. | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adient PLC | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;National Vision Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Natural Foods, Inc. | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp. | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enviri Corp. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;&nbsp;1.64% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9721497.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_2624.jpg)

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

P-RZV-SAR **Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P SmallCap Momentum ETF

### XSMO \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco S&P SmallCap Momentum ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
*(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 | $19 | 0.35% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2001695320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;4.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;InterDigital, Inc. | &nbsp;&nbsp;&nbsp;3.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;2.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;TTM Technologies, Inc. | &nbsp;&nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. | &nbsp;&nbsp;&nbsp;2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dycom Industries, Inc. | &nbsp;&nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanmina Corp. | &nbsp;&nbsp;&nbsp;2.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brinker International, Inc. | &nbsp;&nbsp;&nbsp;1.95% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9720487.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_2624.jpg)

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

P-XSMO-SAR **Invesco S&P SmallCap Momentum ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P SmallCap Value with Momentum ETF

### XSVM \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco S&P SmallCap Value with Momentum ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
*(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 | $19 | 0.36% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$566649358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Natural Foods, Inc. | &nbsp;&nbsp;&nbsp;2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;MarineMax, Inc. | &nbsp;&nbsp;&nbsp;1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Resideo Technologies, Inc. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Genworth Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;1.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cushman & Wakefield PLC | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Victoria's Secret & Co. | &nbsp;&nbsp;&nbsp;1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;StoneX Group, Inc. | &nbsp;&nbsp;&nbsp;1.32% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9720534.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_2624.jpg)

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

P-XSVM-SAR **Invesco S&P SmallCap Value with Momentum ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P Spin-Off ETF

### CSD \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco S&P Spin-Off ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco S&P Spin-Off ETF | $380.65%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$80918956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Sandisk Corp. | &nbsp;&nbsp;&nbsp;8.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;7.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;6.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;5.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Everus Construction Group, Inc. | &nbsp;&nbsp;&nbsp;4.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crane Co. | &nbsp;&nbsp;&nbsp;4.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;4.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Solventum Corp. | &nbsp;&nbsp;&nbsp;4.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Millrose Properties, Inc. | &nbsp;&nbsp;&nbsp;4.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ralliant Corp. | &nbsp;&nbsp;&nbsp;4.33% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9721540.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_2624.jpg)

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

P-CSD-SAR **Invesco S&P Spin-Off ETF**

![TSR_logo](images_2625.jpg)

### Invesco Semiconductors ETF

### PSI \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Semiconductors ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $38 | 0.56% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$970446460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;7.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;&nbsp;6.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;6.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;5.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;5.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;4.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;3.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd. | &nbsp;&nbsp;&nbsp;3.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Camtek Ltd. | &nbsp;&nbsp;&nbsp;3.22% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9720101.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_2624.jpg)

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

P-PSI-SAR **Invesco Semiconductors ETF**

![TSR_logo](images_2625.jpg)

### Invesco Water Resources ETF

### PHO \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Water Resources ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $31 | 0.59% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2137041843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Waters Corp. | &nbsp;&nbsp;&nbsp;9.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;8.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;7.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;6.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;5.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;4.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;AECOM | &nbsp;&nbsp;&nbsp;4.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Xylem, Inc. | &nbsp;&nbsp;&nbsp;4.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;IDEX Corp. | &nbsp;&nbsp;&nbsp;4.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pentair PLC | &nbsp;&nbsp;&nbsp;4.03% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9721569.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_2624.jpg)

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

P-PHO-SAR **Invesco Water Resources ETF**

![TSR_logo](images_2625.jpg)

### Invesco WilderHill Clean Energy ETF

### PBW \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco WilderHill Clean Energy ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $52 | 0.65% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$636827883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fluence Energy, Inc. | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Navitas Semiconductor Corp. | &nbsp;&nbsp;&nbsp;2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Solar, Inc. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;T1 Energy, Inc. | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lithium Americas Corp. | &nbsp;&nbsp;&nbsp;2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nextracker, Inc., Class A | &nbsp;&nbsp;&nbsp;2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eos Energy Enterprises, Inc. | &nbsp;&nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloom Energy Corp., Class A | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shoals Technologies Group, Inc., Class A | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Solid Power, Inc. | &nbsp;&nbsp;&nbsp;1.95% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9721612.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_2624.jpg)

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

P-PBW-SAR **Invesco WilderHill Clean Energy ETF**

![TSR_logo](images_2625.jpg)

### Invesco Zacks Mid-Cap ETF

### CZA \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Zacks Mid-Cap ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 | $36 | 0.69% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$181602799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;62% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Xylem, Inc. | &nbsp;&nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;1.84% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9721641.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_2624.jpg)

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

P-CZA-SAR **Invesco Zacks Mid-Cap ETF**

![TSR_logo](images_2625.jpg)

### Invesco Zacks Multi-Asset Income ETF

### CVY \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Zacks Multi-Asset Income ETF (the "Fund") for the period May 1, 2025 to October 31, 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 Six Months ?
 *(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 Multi-Asset Income ETF | $38 | 0.72% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$111834478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;69% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp;&nbsp;1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., Series MM, Pfd., 4.20% | &nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenaris S.A., ADR | &nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nuveen Preferred & Income Opportunities Fund | &nbsp;&nbsp;&nbsp;1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;&nbsp;1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., Series LL, Pfd., 4.63% | &nbsp;&nbsp;&nbsp;1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria S.A., ADR | &nbsp;&nbsp;&nbsp;1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Black Stone Minerals L.P. | &nbsp;&nbsp;&nbsp;1.10% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9721684.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_2624.jpg)

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

P-CVY-SAR **Invesco Zacks Multi-Asset Income ETF**

------

(b) Not applicable.

------

Item 2. Code of Ethics.

Not applicable for a semi-annual report.

------

Item 3. Audit Committee Financial Expert.

Not applicable for a semi-annual report.

------

Item 4. Principal Accountant Fees and Services.

Not applicable for a semi-annual report.

------

Item 5. Audit Committee of Listed Registrants.

Not applicable for a semi-annual report.

------

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.

------

![](imgfd9e1fec1.jpg)

------

**Invesco Semi-Annual Financial Statements and Other Information**

October 31, 2025

---

| | |
|:---|:---|
| **BMVP** | Invesco Bloomberg MVP Multi-factor ETF |
| **PRF** | Invesco RAFI US 1000 ETF |
| **PRFZ** | Invesco RAFI US 1500 Small-Mid ETF |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments |  |
| [Invesco Bloomberg MVP Multi-factor ETF (BMVP)](#xx_5764408a-550d-4446-9bee-3b5413339f74_SOI-Continued-419_1) | **3** |
| [Invesco RAFI US 1000 ETF (PRF)](#xx_5764408a-550d-4446-9bee-3b5413339f74_SOI-Continued-419_3) | **5** |
| [Invesco RAFI US 1500 Small-Mid ETF (PRFZ)](#xx_5764408a-550d-4446-9bee-3b5413339f74_SOI-Continued-419_14) | **16** |
| [Statements of Assets and Liabilities](#xx_5764408a-550d-4446-9bee-3b5413339f74_FS-Continued-419_1) | **32** |
| [Statements of Operations](#xx_5764408a-550d-4446-9bee-3b5413339f74_FS-Continued-419_2) | **33** |
| [Statements of Changes in Net Assets](#xx_5764408a-550d-4446-9bee-3b5413339f74_FS-Continued-419_3) | **34** |
| [Financial Highlights](#xx_5764408a-550d-4446-9bee-3b5413339f74_FIHI-Continued-419_1) | **36** |
| [Notes to Financial Statements](#xx_5764408a-550d-4446-9bee-3b5413339f74_NTF-Continued-419_1) | **39** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_5764408a-550d-4446-9bee-3b5413339f74_OIRSR-Continued-419_1) | **49** |

---

------

**2**

------

**Invesco Bloomberg MVP Multi-factor ETF (BMVP)**

October 31, 2025

*(Unaudited)*

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-5.43%** | **Communication Services-5.43%** | **Communication Services-5.43%** |
| Alphabet, Inc., Class A | 7468 | &nbsp;&nbsp; $2099927 |
| AT&T, Inc. | 64137 | &nbsp;&nbsp; 1587391 |
| Warner Music Group Corp., Class A<sup>(b)</sup> | 53177 | &nbsp;&nbsp; 1699537 |
|  |  | &nbsp;&nbsp; 5386855 |
| **Consumer Discretionary-10.39%** | **Consumer Discretionary-10.39%** | **Consumer Discretionary-10.39%** |
| AutoZone, Inc.<sup>(c)</sup> | 422 | &nbsp;&nbsp; 1550609 |
| Darden Restaurants, Inc. | 9515 | &nbsp;&nbsp; 1714127 |
| Expedia Group, Inc. | 8474 | &nbsp;&nbsp; 1864280 |
| Home Depot, Inc. (The) | 4469 | &nbsp;&nbsp; 1696388 |
| TJX Cos., Inc. (The) | 12531 | &nbsp;&nbsp; 1756094 |
| Ulta Beauty, Inc.<sup>(c)</sup> | 3321 | &nbsp;&nbsp; 1726522 |
|  |  | &nbsp;&nbsp; 10308020 |
| **Consumer Staples-6.88%** | **Consumer Staples-6.88%** | **Consumer Staples-6.88%** |
| Altria Group, Inc. | 27418 | &nbsp;&nbsp; 1545827 |
| Dollar Tree, Inc.<sup>(c)</sup> | 19239 | &nbsp;&nbsp; 1906969 |
| Kimberly-Clark Corp. | 14566 | &nbsp;&nbsp; 1743696 |
| Sysco Corp. | 21996 | &nbsp;&nbsp; 1633863 |
|  |  | &nbsp;&nbsp; 6830355 |
| **Energy-5.22%** | **Energy-5.22%** | **Energy-5.22%** |
| Cheniere Energy, Inc. | 7709 | &nbsp;&nbsp; 1634308 |
| EOG Resources, Inc. | 16155 | &nbsp;&nbsp; 1709845 |
| Marathon Petroleum Corp. | 9419 | &nbsp;&nbsp; 1835857 |
|  |  | &nbsp;&nbsp; 5180010 |
| **Financials-14.24%** | **Financials-14.24%** | **Financials-14.24%** |
| American Express Co. | 5454 | &nbsp;&nbsp; 1967422 |
| Ameriprise Financial, Inc. | 3687 | &nbsp;&nbsp; 1669363 |
| Carlyle Group, Inc. (The) | 28887 | &nbsp;&nbsp; 1540255 |
| LPL Financial Holdings, Inc. | 5458 | &nbsp;&nbsp; 2059358 |
| Raymond James Financial, Inc. | 10494 | &nbsp;&nbsp; 1665083 |
| Synchrony Financial | 25553 | &nbsp;&nbsp; 1900632 |
| W.R. Berkley Corp. | 23638 | &nbsp;&nbsp; 1686335 |
| Willis Towers Watson PLC | 5244 | &nbsp;&nbsp; 1641896 |
|  |  | &nbsp;&nbsp; 14130344 |
| **Health Care-11.93%** | **Health Care-11.93%** | **Health Care-11.93%** |
| Cardinal Health, Inc. | 11567 | &nbsp;&nbsp; 2206637 |
| Cencora, Inc. | 5796 | &nbsp;&nbsp; 1957947 |
| Gilead Sciences, Inc. | 16357 | &nbsp;&nbsp; 1959405 |
| HCA Healthcare, Inc. | 4259 | &nbsp;&nbsp; 1957777 |
| Johnson & Johnson | 9791 | &nbsp;&nbsp; 1849226 |
| McKesson Corp. | 2345 | &nbsp;&nbsp; 1902592 |
|  |  | &nbsp;&nbsp; 11833584 |
| **Industrials-16.94%** | **Industrials-16.94%** | **Industrials-16.94%** |
| 3M Co. | 11699 | &nbsp;&nbsp; 1947883 |
| Broadridge Financial Solutions, Inc. | 7605 | &nbsp;&nbsp; 1676142 |
| Caterpillar, Inc. | 3797 | &nbsp;&nbsp; 2191856 |
| Cummins, Inc. | 4288 | &nbsp;&nbsp; 1876772 |
| Expeditors International of Washington, Inc. | 14774 | &nbsp;&nbsp; 1800951 |
| General Dynamics Corp. | 5324 | &nbsp;&nbsp; 1836247 |
| Leidos Holdings, Inc. | 9608 | &nbsp;&nbsp; 1830036 |
| Lockheed Martin Corp. | 3636 | &nbsp;&nbsp; 1788476 |
| W.W. Grainger, Inc. | 1901 | &nbsp;&nbsp; 1861079 |
|  |  | &nbsp;&nbsp; 16809442 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-13.05%** | **Information Technology-13.05%** | **Information Technology-13.05%** |
| Cisco Systems, Inc. | 26535 | &nbsp;&nbsp; $1939974 |
| Corning, Inc. | 22133 | &nbsp;&nbsp; 1971608 |
| International Business Machines Corp. | 6435 | &nbsp;&nbsp; 1978183 |
| Jabil, Inc. | 8341 | &nbsp;&nbsp; 1842443 |
| Microsoft Corp. | 3497 | &nbsp;&nbsp; 1810782 |
| Motorola Solutions, Inc. | 3961 | &nbsp;&nbsp; 1610978 |
| NetApp, Inc. | 15290 | &nbsp;&nbsp; 1800856 |
|  |  | &nbsp;&nbsp; 12954824 |
| **Materials-5.13%** | **Materials-5.13%** | **Materials-5.13%** |
| CF Industries Holdings, Inc. | 20192 | &nbsp;&nbsp; 1681792 |
| Ecolab, Inc. | 6630 | &nbsp;&nbsp; 1699932 |
| Vulcan Materials Co. | 5902 | &nbsp;&nbsp; 1708629 |
|  |  | &nbsp;&nbsp; 5090353 |
| **Real Estate-5.19%** | **Real Estate-5.19%** | **Real Estate-5.19%** |
| CBRE Group, Inc., Class A<sup>(c)</sup> | 11523 | &nbsp;&nbsp; 1756451 |
| Realty Income Corp. | 29794 | &nbsp;&nbsp; 1727456 |
| VICI Properties, Inc. | 55569 | &nbsp;&nbsp; 1666514 |
|  |  | &nbsp;&nbsp; 5150421 |
| **Utilities-5.46%** | **Utilities-5.46%** | **Utilities-5.46%** |
| Evergy, Inc. | 23882 | &nbsp;&nbsp; 1834377 |
| FirstEnergy Corp. | 39529 | &nbsp;&nbsp; 1811614 |
| WEC Energy Group, Inc. | 15844 | &nbsp;&nbsp; 1770250 |
|  |  | &nbsp;&nbsp; 5416241 |
| Total Common Stocks & Other Equity Interests <br>(Cost $92,409,917) | Total Common Stocks & Other Equity Interests <br>(Cost $92,409,917) | &nbsp;&nbsp; 99090449 |
| **Money Market Funds-0.03%** | **Money Market Funds-0.03%** | **Money Market Funds-0.03%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $33,648)<br>| 33648 | &nbsp;&nbsp; 33648 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.89% <br>(Cost $92,443,565) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.89% <br>(Cost $92,443,565) | &nbsp;&nbsp; 99124097 |
| **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-0.68%** | **Money Market Funds-0.68%** | **Money Market Funds-0.68%** |
| Invesco Private Government Fund, 4.13%<sup>(d)(e)(f)</sup> | 187349 | &nbsp;&nbsp; 187349 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 486205 | &nbsp;&nbsp; 486351 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $673,700) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $673,700) | &nbsp;&nbsp; 673700 |
| TOTAL INVESTMENTS IN SECURITIES-100.57% <br>(Cost $93,117,265) | TOTAL INVESTMENTS IN SECURITIES-100.57% <br>(Cost $93,117,265) | &nbsp;&nbsp; 99797797 |
| OTHER ASSETS LESS LIABILITIES-(0.57)% | OTHER ASSETS LESS LIABILITIES-(0.57)% | &nbsp;&nbsp; (568519)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $99229278 |

---

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

------

**3**

------

**Invesco Bloomberg MVP Multi-factor ETF (BMVP)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $65438 | &nbsp;&nbsp; $1107348 | &nbsp;&nbsp; $(1139138)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $33648 | &nbsp;&nbsp; $1162 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 2387048 | &nbsp;&nbsp; 33472266 | &nbsp;&nbsp; (35671965)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 187349 | &nbsp;&nbsp; 23,714<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 5123256 | &nbsp;&nbsp; 77241189 | &nbsp;&nbsp; (81878904)<br>| &nbsp;&nbsp; 159 | &nbsp;&nbsp; 651 | &nbsp;&nbsp; 486351 | &nbsp;&nbsp; 62,992<br> \*<br>|
| Total | &nbsp;&nbsp; $7575742 | &nbsp;&nbsp; $111820803 | &nbsp;&nbsp; $(118690007)<br>| &nbsp;&nbsp; $159 | &nbsp;&nbsp; $651 | &nbsp;&nbsp; $707348 | &nbsp;&nbsp; $87868 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** |
| **Communication Services-9.91%** | **Communication Services-9.91%** | **Communication Services-9.91%** |
| Alphabet, Inc., Class A | 1207945 | &nbsp;&nbsp; $339662055 |
| Altice USA, Inc., Class A<sup>(b)(c)</sup> | 184059 | &nbsp;&nbsp; 410452 |
| Angi, Inc.<sup>(b)(c)</sup> | 7412 | &nbsp;&nbsp; 98357 |
| AT&T, Inc. | 2964672 | &nbsp;&nbsp; 73375632 |
| Cable One, Inc.<sup>(c)</sup> | 512 | &nbsp;&nbsp; 76058 |
| Charter Communications, Inc., <br> Class A<sup>(b)(c)</sup><br>| 58528 | &nbsp;&nbsp; 13686187 |
| Comcast Corp., Class A | 1457200 | &nbsp;&nbsp; 40561162 |
| EchoStar Corp., Class A<sup>(b)(c)</sup> | 48645 | &nbsp;&nbsp; 3642051 |
| Electronic Arts, Inc. | 48152 | &nbsp;&nbsp; 9633289 |
| Fox Corp., Class A | 115391 | &nbsp;&nbsp; 7460028 |
| Frontier Communications Parent, Inc.<sup>(b)</sup> | 83375 | &nbsp;&nbsp; 3148240 |
| GCI Liberty, Inc., Class C<sup>(b)(c)</sup> | 3769 | &nbsp;&nbsp; 138040 |
| Gray Media, Inc.<sup>(c)</sup> | 27325 | &nbsp;&nbsp; 124875 |
| IAC, Inc.<sup>(b)(c)</sup> | 31738 | &nbsp;&nbsp; 1022598 |
| Interpublic Group of Cos., Inc. (The) | 116827 | &nbsp;&nbsp; 2997781 |
| Liberty Broadband Corp.<sup>(b)(d)</sup> | 10205 | &nbsp;&nbsp; 0 |
| Liberty Broadband Corp., Class C<sup>(b)</sup> | 22736 | &nbsp;&nbsp; 1223652 |
| Liberty Global Ltd., Class C (Belgium)<sup>(b)(c)</sup> | 256715 | &nbsp;&nbsp; 2862372 |
| Liberty Latin America Ltd., Class C<sup>(b)</sup> | 78435 | &nbsp;&nbsp; 620421 |
| Liberty Media Corp.-Liberty Formula <br> One<sup>(b)</sup><br>| 17359 | &nbsp;&nbsp; 1733296 |
| Lionsgate Studios Corp.<sup>(b)(c)</sup> | 14401 | &nbsp;&nbsp; 92598 |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup> | 3030 | &nbsp;&nbsp; 453076 |
| Lumen Technologies, Inc.<sup>(b)</sup> | 892698 | &nbsp;&nbsp; 9176935 |
| Match Group, Inc. | 29666 | &nbsp;&nbsp; 959398 |
| Meta Platforms, Inc., Class A | 168119 | &nbsp;&nbsp; 108999954 |
| Netflix, Inc.<sup>(b)</sup> | 17206 | &nbsp;&nbsp; 19251105 |
| New York Times Co. (The), Class A | 15854 | &nbsp;&nbsp; 903519 |
| News Corp., Class A | 115692 | &nbsp;&nbsp; 3065838 |
| Nexstar Media Group, Inc., Class A | 14331 | &nbsp;&nbsp; 2805007 |
| Omnicom Group, Inc.<sup>(c)</sup> | 59267 | &nbsp;&nbsp; 4446210 |
| Paramount Skydance Corp.<sup>(c)</sup> | 540760 | &nbsp;&nbsp; 8322296 |
| Pinterest, Inc., Class A<sup>(b)</sup> | 37337 | &nbsp;&nbsp; 1235855 |
| Roku, Inc., Class A<sup>(b)</sup> | 11558 | &nbsp;&nbsp; 1226651 |
| Sirius XM Holdings, Inc. | 75295 | &nbsp;&nbsp; 1633149 |
| Snap, Inc., Class A<sup>(b)(c)</sup> | 142813 | &nbsp;&nbsp; 1113941 |
| Spotify Technology S.A. (Sweden)<sup>(b)</sup> | 1312 | &nbsp;&nbsp; 859780 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 13068 | &nbsp;&nbsp; 3350243 |
| TEGNA, Inc. | 87815 | &nbsp;&nbsp; 1727321 |
| Telephone and Data Systems, Inc.<sup>(c)</sup> | 64219 | &nbsp;&nbsp; 2492982 |
| T-Mobile US, Inc. | 67973 | &nbsp;&nbsp; 14277729 |
| Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 9707 | &nbsp;&nbsp; 488068 |
| Uniti Group, Inc.<sup>(b)(c)</sup> | 23862 | &nbsp;&nbsp; 137445 |
| Verizon Communications, Inc. | 1661868 | &nbsp;&nbsp; 66042634 |
| Walt Disney Co. (The) | 302658 | &nbsp;&nbsp; 34085344 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 1346597 | &nbsp;&nbsp; 30231103 |
| Yelp, Inc.<sup>(b)</sup> | 22518 | &nbsp;&nbsp; 742644 |
| Ziff Davis, Inc.<sup>(b)(c)</sup> | 19050 | &nbsp;&nbsp; 645795 |
|  |  | &nbsp;&nbsp; 821243166 |
| **Consumer Discretionary-9.16%** | **Consumer Discretionary-9.16%** | **Consumer Discretionary-9.16%** |
| Abercrombie & Fitch Co., Class A<sup>(b)</sup> | 7341 | &nbsp;&nbsp; 532590 |
| Academy Sports & Outdoors, Inc.<sup>(c)</sup> | 31090 | &nbsp;&nbsp; 1488900 |
| Adient PLC<sup>(b)</sup> | 85857 | &nbsp;&nbsp; 1991024 |
| ADT, Inc. | 118345 | &nbsp;&nbsp; 1046170 |
| Advance Auto Parts, Inc.<sup>(c)</sup> | 65693 | &nbsp;&nbsp; 3096111 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| Airbnb, Inc., Class A<sup>(b)</sup> | 14050 | &nbsp;&nbsp; $1777887 |
| Amazon.com, Inc.<sup>(b)</sup> | 695489 | &nbsp;&nbsp; 169852324 |
| American Axle & Manufacturing Holdings, <br> Inc.<sup>(b)(c)</sup><br>| 32700 | &nbsp;&nbsp; 202740 |
| American Eagle Outfitters, Inc.<sup>(c)</sup> | 85153 | &nbsp;&nbsp; 1422907 |
| Aptiv PLC<sup>(b)</sup> | 13734 | &nbsp;&nbsp; 1113827 |
| Aramark<sup>(c)</sup> | 48567 | &nbsp;&nbsp; 1839718 |
| Asbury Automotive Group, Inc.<sup>(b)(c)</sup> | 8938 | &nbsp;&nbsp; 2096855 |
| Autoliv, Inc. (Sweden) | 4934 | &nbsp;&nbsp; 576291 |
| AutoNation, Inc.<sup>(b)</sup> | 19458 | &nbsp;&nbsp; 3889070 |
| AutoZone, Inc.<sup>(b)</sup> | 918 | &nbsp;&nbsp; 3373127 |
| Bath & Body Works, Inc. | 50553 | &nbsp;&nbsp; 1237537 |
| Best Buy Co., Inc. | 116990 | &nbsp;&nbsp; 9609559 |
| Booking Holdings, Inc. | 2228 | &nbsp;&nbsp; 11313205 |
| BorgWarner, Inc. | 128153 | &nbsp;&nbsp; 5505453 |
| Boyd Gaming Corp. | 13850 | &nbsp;&nbsp; 1078499 |
| Brightstar Lottery PLC<sup>(c)</sup> | 49877 | &nbsp;&nbsp; 830951 |
| Brunswick Corp.<sup>(c)</sup> | 36862 | &nbsp;&nbsp; 2436947 |
| Burlington Stores, Inc.<sup>(b)</sup> | 6062 | &nbsp;&nbsp; 1658503 |
| Caesars Entertainment, Inc.<sup>(b)(c)</sup> | 67877 | &nbsp;&nbsp; 1364328 |
| Capri Holdings Ltd.<sup>(b)(c)</sup> | 99890 | &nbsp;&nbsp; 2072717 |
| CarMax, Inc.<sup>(b)(c)</sup> | 60201 | &nbsp;&nbsp; 2523024 |
| Carnival Corp.<sup>(b)</sup> | 136994 | &nbsp;&nbsp; 3949537 |
| Carter's, Inc.<sup>(c)</sup> | 30316 | &nbsp;&nbsp; 951922 |
| Century Communities, Inc.<sup>(c)</sup> | 16403 | &nbsp;&nbsp; 974338 |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 54817 | &nbsp;&nbsp; 1737151 |
| Columbia Sportswear Co.<sup>(c)</sup> | 10932 | &nbsp;&nbsp; 542555 |
| Coupang, Inc. (South Korea)<sup>(b)</sup> | 53407 | &nbsp;&nbsp; 1707422 |
| Cracker Barrel Old Country Store, Inc.<sup>(c)</sup> | 3519 | &nbsp;&nbsp; 118590 |
| Crocs, Inc.<sup>(b)</sup> | 10876 | &nbsp;&nbsp; 888460 |
| D.R. Horton, Inc. | 82143 | &nbsp;&nbsp; 12245878 |
| Dana, Inc. | 100660 | &nbsp;&nbsp; 2043398 |
| Darden Restaurants, Inc. | 18622 | &nbsp;&nbsp; 3354753 |
| Deckers Outdoor Corp.<sup>(b)</sup> | 14283 | &nbsp;&nbsp; 1164064 |
| Dick's Sporting Goods, Inc.<sup>(c)</sup> | 12740 | &nbsp;&nbsp; 2821273 |
| Domino's Pizza, Inc. | 3911 | &nbsp;&nbsp; 1558377 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 10040 | &nbsp;&nbsp; 2553875 |
| eBay, Inc. | 140386 | &nbsp;&nbsp; 11414786 |
| Etsy, Inc.<sup>(b)(c)</sup> | 18150 | &nbsp;&nbsp; 1125300 |
| Expedia Group, Inc. | 18281 | &nbsp;&nbsp; 4021820 |
| Five Below, Inc.<sup>(b)</sup> | 7875 | &nbsp;&nbsp; 1238501 |
| Floor & Decor Holdings, Inc., Class A<sup>(b)(c)</sup> | 10346 | &nbsp;&nbsp; 646418 |
| Flutter Entertainment PLC (Ireland)<sup>(b)(c)</sup> | 10247 | &nbsp;&nbsp; 2383350 |
| Ford Motor Co. | 3363203 | &nbsp;&nbsp; 44158855 |
| GameStop Corp., Class A<sup>(b)</sup> | 15518 | &nbsp;&nbsp; 345896 |
| Gap, Inc. (The) | 85447 | &nbsp;&nbsp; 1952464 |
| Garmin Ltd. | 5797 | &nbsp;&nbsp; 1240210 |
| General Motors Co. | 872244 | &nbsp;&nbsp; 60263338 |
| Gentex Corp. | 70880 | &nbsp;&nbsp; 1662136 |
| Genuine Parts Co. | 36205 | &nbsp;&nbsp; 4609258 |
| Goodyear Tire & Rubber Co. (The)<sup>(b)(c)</sup> | 320649 | &nbsp;&nbsp; 2209272 |
| Graham Holdings Co., Class B | 1242 | &nbsp;&nbsp; 1257065 |
| Grand Canyon Education, Inc.<sup>(b)</sup> | 4200 | &nbsp;&nbsp; 790860 |
| Group 1 Automotive, Inc. | 6641 | &nbsp;&nbsp; 2640063 |
| H&R Block, Inc. | 7943 | &nbsp;&nbsp; 395085 |
| Hanesbrands, Inc.<sup>(b)</sup> | 284579 | &nbsp;&nbsp; 1881067 |
| Harley-Davidson, Inc.<sup>(c)</sup> | 62812 | &nbsp;&nbsp; 1694668 |
| Hasbro, Inc. | 39973 | &nbsp;&nbsp; 3050340 |

---

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

------

**5**

------

**Invesco RAFI US 1000 ETF (PRF)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| Helen of Troy Ltd.<sup>(b)(c)</sup> | 26544 | &nbsp;&nbsp; $494515 |
| Hilton Worldwide Holdings, Inc. | 11158 | &nbsp;&nbsp; 2867160 |
| Home Depot, Inc. (The) | 123466 | &nbsp;&nbsp; 46866459 |
| KB Home | 28299 | &nbsp;&nbsp; 1766424 |
| Kohl's Corp.<sup>(c)</sup> | 345646 | &nbsp;&nbsp; 5623660 |
| Las Vegas Sands Corp. | 47274 | &nbsp;&nbsp; 2805712 |
| Laureate Education, Inc., Class A<sup>(b)</sup> | 33533 | &nbsp;&nbsp; 973463 |
| LCI Industries<sup>(c)</sup> | 10600 | &nbsp;&nbsp; 1096994 |
| Lear Corp. | 44601 | &nbsp;&nbsp; 4667495 |
| Leggett & Platt, Inc. | 130221 | &nbsp;&nbsp; 1216264 |
| Lennar Corp., Class A | 87727 | &nbsp;&nbsp; 10857971 |
| LGI Homes, Inc.<sup>(b)(c)</sup> | 12343 | &nbsp;&nbsp; 503718 |
| Light & Wonder, Inc.<sup>(b)(c)</sup> | 11584 | &nbsp;&nbsp; 842157 |
| Lithia Motors, Inc., Class A | 12734 | &nbsp;&nbsp; 3999495 |
| LKQ Corp. | 122591 | &nbsp;&nbsp; 3918008 |
| Lowe's Cos., Inc. | 119660 | &nbsp;&nbsp; 28494636 |
| lululemon athletica, Inc.<sup>(b)</sup> | 1220 | &nbsp;&nbsp; 208059 |
| M/I Homes, Inc.<sup>(b)</sup> | 10090 | &nbsp;&nbsp; 1263167 |
| Macy's, Inc. | 303054 | &nbsp;&nbsp; 5906522 |
| Marriott International, Inc., Class A | 13520 | &nbsp;&nbsp; 3523042 |
| Marriott Vacations Worldwide Corp.<sup>(c)</sup> | 20025 | &nbsp;&nbsp; 1321249 |
| Mattel, Inc.<sup>(b)</sup> | 72522 | &nbsp;&nbsp; 1332954 |
| McDonald's Corp. | 68213 | &nbsp;&nbsp; 20356806 |
| MercadoLibre, Inc. (Brazil)<sup>(b)</sup> | 187 | &nbsp;&nbsp; 435198 |
| Meritage Homes Corp. | 31110 | &nbsp;&nbsp; 2101792 |
| MGM Resorts International<sup>(b)(c)</sup> | 90933 | &nbsp;&nbsp; 2912584 |
| Mohawk Industries, Inc.<sup>(b)</sup> | 29657 | &nbsp;&nbsp; 3370221 |
| Murphy USA, Inc. | 5469 | &nbsp;&nbsp; 1958996 |
| Newell Brands, Inc.<sup>(c)</sup> | 485990 | &nbsp;&nbsp; 1652366 |
| NIKE, Inc., Class B | 219736 | &nbsp;&nbsp; 14192748 |
| NVR, Inc.<sup>(b)</sup> | 597 | &nbsp;&nbsp; 4304859 |
| ODP Corp. (The)<sup>(b)</sup> | 36736 | &nbsp;&nbsp; 1024200 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(b)(c)</sup> | 5636 | &nbsp;&nbsp; 680885 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 70657 | &nbsp;&nbsp; 6672847 |
| PENN Entertainment, Inc.<sup>(b)</sup> | 88178 | &nbsp;&nbsp; 1451410 |
| Penske Automotive Group, Inc. | 7997 | &nbsp;&nbsp; 1280080 |
| Phinia, Inc. | 23458 | &nbsp;&nbsp; 1217705 |
| Polaris, Inc.<sup>(c)</sup> | 43839 | &nbsp;&nbsp; 2897758 |
| Pool Corp. | 4867 | &nbsp;&nbsp; 1299781 |
| PulteGroup, Inc. | 60334 | &nbsp;&nbsp; 7232237 |
| PVH Corp.<sup>(c)</sup> | 36906 | &nbsp;&nbsp; 2890847 |
| QVC Group, Inc.<sup>(b)(c)</sup> | 3628 | &nbsp;&nbsp; 41323 |
| Ralph Lauren Corp. | 6642 | &nbsp;&nbsp; 2123182 |
| RH<sup>(b)(c)</sup> | 4611 | &nbsp;&nbsp; 795351 |
| Rivian Automotive, Inc., Class A<sup>(b)(c)</sup> | 149655 | &nbsp;&nbsp; 2030818 |
| Ross Stores, Inc. | 32041 | &nbsp;&nbsp; 5091956 |
| Royal Caribbean Cruises Ltd. | 9253 | &nbsp;&nbsp; 2654038 |
| Sally Beauty Holdings, Inc.<sup>(b)(c)</sup> | 18841 | &nbsp;&nbsp; 284687 |
| Service Corp. International | 23170 | &nbsp;&nbsp; 1934927 |
| Signet Jewelers Ltd.<sup>(c)</sup> | 21303 | &nbsp;&nbsp; 2105801 |
| Somnigroup International, Inc.<sup>(c)</sup> | 19421 | &nbsp;&nbsp; 1540862 |
| Starbucks Corp. | 150540 | &nbsp;&nbsp; 12174170 |
| Steven Madden Ltd.<sup>(c)</sup> | 24905 | &nbsp;&nbsp; 844529 |
| Tapestry, Inc. | 40903 | &nbsp;&nbsp; 4491967 |
| Taylor Morrison Home Corp., Class A<sup>(b)</sup> | 43499 | &nbsp;&nbsp; 2578186 |
| Tesla, Inc.<sup>(b)</sup> | 75592 | &nbsp;&nbsp; 34512283 |
| Texas Roadhouse, Inc. | 7265 | &nbsp;&nbsp; 1188409 |
| Thor Industries, Inc.<sup>(c)</sup> | 28903 | &nbsp;&nbsp; 3016028 |
| TJX Cos., Inc. (The) | 106413 | &nbsp;&nbsp; 14912718 |
| Toll Brothers, Inc. | 26425 | &nbsp;&nbsp; 3566054 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| TopBuild Corp.<sup>(b)</sup> | 4064 | &nbsp;&nbsp; $1716959 |
| Tractor Supply Co.<sup>(c)</sup> | 70333 | &nbsp;&nbsp; 3805719 |
| Travel + Leisure Co. | 23253 | &nbsp;&nbsp; 1459823 |
| Tri Pointe Homes, Inc.<sup>(b)</sup> | 51555 | &nbsp;&nbsp; 1642027 |
| Ulta Beauty, Inc.<sup>(b)</sup> | 5322 | &nbsp;&nbsp; 2766801 |
| Under Armour, Inc., Class A<sup>(b)(c)</sup> | 165408 | &nbsp;&nbsp; 762531 |
| Upbound Group, Inc.<sup>(c)</sup> | 26063 | &nbsp;&nbsp; 505101 |
| Urban Outfitters, Inc.<sup>(b)(c)</sup> | 17640 | &nbsp;&nbsp; 1139720 |
| V.F. Corp.<sup>(c)</sup> | 252059 | &nbsp;&nbsp; 3538908 |
| Vail Resorts, Inc.<sup>(c)</sup> | 8767 | &nbsp;&nbsp; 1300409 |
| Valvoline, Inc.<sup>(b)</sup> | 25419 | &nbsp;&nbsp; 839081 |
| Victoria's Secret & Co.<sup>(b)(c)</sup> | 44307 | &nbsp;&nbsp; 1561822 |
| Visteon Corp. | 6930 | &nbsp;&nbsp; 742619 |
| Wayfair, Inc., Class A<sup>(b)(c)</sup> | 5078 | &nbsp;&nbsp; 525624 |
| Whirlpool Corp.<sup>(c)</sup> | 52897 | &nbsp;&nbsp; 3789012 |
| Williams-Sonoma, Inc. | 14461 | &nbsp;&nbsp; 2810351 |
| Winnebago Industries, Inc.<sup>(c)</sup> | 23069 | &nbsp;&nbsp; 869932 |
| Wyndham Hotels & Resorts, Inc.<sup>(c)</sup> | 12601 | &nbsp;&nbsp; 925291 |
| Wynn Resorts Ltd. | 3231 | &nbsp;&nbsp; 384457 |
| Yum! Brands, Inc. | 29367 | &nbsp;&nbsp; 4058813 |
|  |  | &nbsp;&nbsp; 759037342 |
| **Consumer Staples-6.35%** | **Consumer Staples-6.35%** | **Consumer Staples-6.35%** |
| Albertson's Cos., Inc., Class A<sup>(c)</sup> | 212641 | &nbsp;&nbsp; 3761619 |
| Altria Group, Inc. | 432513 | &nbsp;&nbsp; 24385083 |
| Andersons, Inc. (The) | 19932 | &nbsp;&nbsp; 923051 |
| Archer-Daniels-Midland Co. | 265312 | &nbsp;&nbsp; 16059335 |
| B&G Foods, Inc.<sup>(c)</sup> | 21087 | &nbsp;&nbsp; 84348 |
| BJ's Wholesale Club Holdings, Inc.<sup>(b)(c)</sup> | 22164 | &nbsp;&nbsp; 1956195 |
| Brown-Forman Corp., Class B<sup>(c)</sup> | 51715 | &nbsp;&nbsp; 1408199 |
| Bunge Global S.A. | 113040 | &nbsp;&nbsp; 10693584 |
| Cal-Maine Foods, Inc. | 7110 | &nbsp;&nbsp; 624258 |
| Campbell's Co. (The)<sup>(c)</sup> | 59156 | &nbsp;&nbsp; 1782370 |
| Casey's General Stores, Inc. | 6458 | &nbsp;&nbsp; 3314181 |
| Church & Dwight Co., Inc. | 29789 | &nbsp;&nbsp; 2612197 |
| Clorox Co. (The) | 18053 | &nbsp;&nbsp; 2030240 |
| Coca-Cola Co. (The) | 412910 | &nbsp;&nbsp; 28449499 |
| Coca-Cola Europacific Partners PLC <br> (United Kingdom)<br>| 10265 | &nbsp;&nbsp; 911840 |
| Colgate-Palmolive Co. | 100690 | &nbsp;&nbsp; 7758164 |
| Conagra Brands, Inc. | 226729 | &nbsp;&nbsp; 3897471 |
| Constellation Brands, Inc., Class A | 31965 | &nbsp;&nbsp; 4199562 |
| Costco Wholesale Corp. | 38839 | &nbsp;&nbsp; 35399807 |
| Darling Ingredients, Inc.<sup>(b)</sup> | 55931 | &nbsp;&nbsp; 1792589 |
| Dollar General Corp. | 102265 | &nbsp;&nbsp; 10089465 |
| Dollar Tree, Inc.<sup>(b)(c)</sup> | 66717 | &nbsp;&nbsp; 6612989 |
| Estee Lauder Cos., Inc. (The), Class A | 56095 | &nbsp;&nbsp; 5423826 |
| Flowers Foods, Inc. | 75296 | &nbsp;&nbsp; 898281 |
| Fresh Del Monte Produce, Inc. | 19110 | &nbsp;&nbsp; 675538 |
| General Mills, Inc. | 177137 | &nbsp;&nbsp; 8256356 |
| Hain Celestial Group, Inc. (The)<sup>(b)</sup> | 96535 | &nbsp;&nbsp; 111981 |
| Herbalife Ltd.<sup>(b)(c)</sup> | 42871 | &nbsp;&nbsp; 342968 |
| Hershey Co. (The) | 18649 | &nbsp;&nbsp; 3163430 |
| Hormel Foods Corp. | 94262 | &nbsp;&nbsp; 2035117 |
| Ingles Markets, Inc., Class A | 6803 | &nbsp;&nbsp; 470087 |
| Ingredion, Inc. | 19726 | &nbsp;&nbsp; 2276578 |
| J.M. Smucker Co. (The) | 40533 | &nbsp;&nbsp; 4197192 |
| Kellanova | 50306 | &nbsp;&nbsp; 4178416 |
| Kenvue, Inc. | 250511 | &nbsp;&nbsp; 3599843 |
| Keurig Dr Pepper, Inc. | 241468 | &nbsp;&nbsp; 6558271 |

---

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

------

**6**

------

**Invesco RAFI US 1000 ETF (PRF)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples-(continued)** | **Consumer Staples-(continued)** | **Consumer Staples-(continued)** |
| Kimberly-Clark Corp. | 56841 | &nbsp;&nbsp; $6804436 |
| Kraft Heinz Co. (The) | 450224 | &nbsp;&nbsp; 11134040 |
| Kroger Co. (The) | 276890 | &nbsp;&nbsp; 17618511 |
| Lamb Weston Holdings, Inc. | 25587 | &nbsp;&nbsp; 1579486 |
| Maplebear, Inc.<sup>(b)</sup> | 14508 | &nbsp;&nbsp; 534765 |
| McCormick & Co., Inc. | 40438 | &nbsp;&nbsp; 2594502 |
| Molson Coors Beverage Co., Class B<sup>(c)</sup> | 78125 | &nbsp;&nbsp; 3415625 |
| Mondelez International, Inc., Class A | 279419 | &nbsp;&nbsp; 16055416 |
| Monster Beverage Corp.<sup>(b)</sup> | 45401 | &nbsp;&nbsp; 3034149 |
| Nomad Foods Ltd. (United Kingdom)<sup>(c)</sup> | 51819 | &nbsp;&nbsp; 585555 |
| Nu Skin Enterprises, Inc., Class A | 49889 | &nbsp;&nbsp; 534810 |
| PepsiCo, Inc. | 229907 | &nbsp;&nbsp; 33587114 |
| Performance Food Group Co.<sup>(b)</sup> | 53487 | &nbsp;&nbsp; 5174332 |
| Philip Morris International, Inc. | 214966 | &nbsp;&nbsp; 31026043 |
| Post Holdings, Inc.<sup>(b)(c)</sup> | 13693 | &nbsp;&nbsp; 1423113 |
| PriceSmart, Inc.<sup>(c)</sup> | 6394 | &nbsp;&nbsp; 734926 |
| Procter & Gamble Co. (The) | 370682 | &nbsp;&nbsp; 55739452 |
| Spectrum Brands Holdings, Inc.<sup>(c)</sup> | 20385 | &nbsp;&nbsp; 1098344 |
| Sprouts Farmers Market, Inc.<sup>(b)</sup> | 13378 | &nbsp;&nbsp; 1056327 |
| Sysco Corp. | 103144 | &nbsp;&nbsp; 7661536 |
| Target Corp. | 203761 | &nbsp;&nbsp; 18892720 |
| TreeHouse Foods, Inc.<sup>(b)</sup> | 33395 | &nbsp;&nbsp; 607789 |
| Tyson Foods, Inc., Class A | 186517 | &nbsp;&nbsp; 9588839 |
| United Natural Foods, Inc.<sup>(b)</sup> | 58359 | &nbsp;&nbsp; 2197216 |
| Universal Corp. | 14095 | &nbsp;&nbsp; 714335 |
| US Foods Holding Corp.<sup>(b)</sup> | 69958 | &nbsp;&nbsp; 5080350 |
| Walmart, Inc. | 764107 | &nbsp;&nbsp; 77312346 |
|  |  | &nbsp;&nbsp; 526720007 |
| **Energy-6.92%** | **Energy-6.92%** | **Energy-6.92%** |
| Antero Midstream Corp. | 54937 | &nbsp;&nbsp; 947663 |
| Antero Resources Corp.<sup>(b)</sup> | 83125 | &nbsp;&nbsp; 2569394 |
| APA Corp.<sup>(c)</sup> | 196757 | &nbsp;&nbsp; 4456546 |
| Baker Hughes Co., Class A | 237314 | &nbsp;&nbsp; 11488371 |
| California Resources Corp. | 23334 | &nbsp;&nbsp; 1100665 |
| Cheniere Energy, Inc. | 24797 | &nbsp;&nbsp; 5256964 |
| Chevron Corp. | 638850 | &nbsp;&nbsp; 100759422 |
| Chord Energy Corp. | 20558 | &nbsp;&nbsp; 1865022 |
| Civitas Resources, Inc.<sup>(c)</sup> | 56731 | &nbsp;&nbsp; 1635555 |
| CNX Resources Corp.<sup>(b)(c)</sup> | 61149 | &nbsp;&nbsp; 2058275 |
| ConocoPhillips | 427110 | &nbsp;&nbsp; 37952995 |
| Core Natural Resources, Inc. | 9338 | &nbsp;&nbsp; 737702 |
| Coterra Energy, Inc. | 246250 | &nbsp;&nbsp; 5826275 |
| Delek US Holdings, Inc. | 62561 | &nbsp;&nbsp; 2362303 |
| Devon Energy Corp. | 295024 | &nbsp;&nbsp; 9585330 |
| Diamondback Energy, Inc. | 34168 | &nbsp;&nbsp; 4892516 |
| DT Midstream, Inc. | 16580 | &nbsp;&nbsp; 1815344 |
| EOG Resources, Inc. | 160744 | &nbsp;&nbsp; 17013145 |
| EQT Corp. | 100341 | &nbsp;&nbsp; 5376271 |
| Expand Energy Corp. | 62138 | &nbsp;&nbsp; 6419477 |
| Exxon Mobil Corp. | 1239183 | &nbsp;&nbsp; 141712941 |
| Halliburton Co. | 252185 | &nbsp;&nbsp; 6768645 |
| Helmerich & Payne, Inc. | 65810 | &nbsp;&nbsp; 1728171 |
| HF Sinclair Corp. | 135721 | &nbsp;&nbsp; 7003204 |
| Kinder Morgan, Inc. | 592955 | &nbsp;&nbsp; 15529491 |
| Liberty Energy, Inc., Class A | 65785 | &nbsp;&nbsp; 1191366 |
| Magnolia Oil & Gas Corp., Class A | 32182 | &nbsp;&nbsp; 722808 |
| Marathon Petroleum Corp. | 180520 | &nbsp;&nbsp; 35185153 |
| Matador Resources Co. | 25266 | &nbsp;&nbsp; 996996 |
| Murphy Oil Corp.<sup>(c)</sup> | 86336 | &nbsp;&nbsp; 2443309 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy-(continued)** | **Energy-(continued)** | **Energy-(continued)** |
| Noble Corp. PLC<sup>(c)</sup> | 24113 | &nbsp;&nbsp; $707716 |
| NOV, Inc. | 164798 | &nbsp;&nbsp; 2406051 |
| Occidental Petroleum Corp. | 212235 | &nbsp;&nbsp; 8744082 |
| ONEOK, Inc. | 112839 | &nbsp;&nbsp; 7560213 |
| Ovintiv, Inc. | 141962 | &nbsp;&nbsp; 5324995 |
| Par Pacific Holdings, Inc.<sup>(b)</sup> | 6178 | &nbsp;&nbsp; 246996 |
| Patterson-UTI Energy, Inc. | 200202 | &nbsp;&nbsp; 1255266 |
| PBF Energy, Inc., Class A | 157596 | &nbsp;&nbsp; 5385055 |
| Peabody Energy Corp.<sup>(c)</sup> | 96273 | &nbsp;&nbsp; 2639806 |
| Permian Resources Corp. | 71053 | &nbsp;&nbsp; 892426 |
| Phillips 66 Co. | 201682 | &nbsp;&nbsp; 27456987 |
| Range Resources Corp. | 44945 | &nbsp;&nbsp; 1597795 |
| SLB Ltd. | 355706 | &nbsp;&nbsp; 12826758 |
| SM Energy Co. | 51283 | &nbsp;&nbsp; 1071302 |
| Targa Resources Corp. | 26434 | &nbsp;&nbsp; 4071893 |
| TechnipFMC PLC (United Kingdom) | 62439 | &nbsp;&nbsp; 2581853 |
| Transocean Ltd.<sup>(b)</sup> | 115386 | &nbsp;&nbsp; 443082 |
| Valero Energy Corp. | 217358 | &nbsp;&nbsp; 36855222 |
| Weatherford International PLC | 12529 | &nbsp;&nbsp; 923262 |
| Williams Cos., Inc. (The) | 204963 | &nbsp;&nbsp; 11861209 |
| World Kinect Corp.<sup>(c)</sup> | 51106 | &nbsp;&nbsp; 1321090 |
|  |  | &nbsp;&nbsp; 573574378 |
| **Financials-18.31%** | **Financials-18.31%** | **Financials-18.31%** |
| Affiliated Managers Group, Inc. | 10919 | &nbsp;&nbsp; 2598285 |
| Aflac, Inc. | 133473 | &nbsp;&nbsp; 14306971 |
| AGNC Investment Corp. | 200996 | &nbsp;&nbsp; 2009960 |
| Allstate Corp. (The) | 70181 | &nbsp;&nbsp; 13441065 |
| Ally Financial, Inc. | 172280 | &nbsp;&nbsp; 6713752 |
| American Express Co. | 64064 | &nbsp;&nbsp; 23109807 |
| American Financial Group, Inc. | 27935 | &nbsp;&nbsp; 3678481 |
| American International Group, Inc. | 280869 | &nbsp;&nbsp; 22177416 |
| Ameriprise Financial, Inc. | 13913 | &nbsp;&nbsp; 6299389 |
| Ameris Bancorp | 4732 | &nbsp;&nbsp; 338906 |
| Annaly Capital Management, Inc.<sup>(c)</sup> | 181907 | &nbsp;&nbsp; 3850971 |
| Aon PLC, Class A | 21774 | &nbsp;&nbsp; 7417966 |
| Apollo Commercial Real Estate Finance, <br> Inc.<br>| 21619 | &nbsp;&nbsp; 211650 |
| Apollo Global Management, Inc. | 21386 | &nbsp;&nbsp; 2658494 |
| Arbor Realty Trust, Inc.<sup>(c)</sup> | 76773 | &nbsp;&nbsp; 774640 |
| Arch Capital Group Ltd. | 13717 | &nbsp;&nbsp; 1183914 |
| Ares Management Corp., Class A | 6813 | &nbsp;&nbsp; 1013161 |
| Arthur J. Gallagher & Co. | 14300 | &nbsp;&nbsp; 3567707 |
| Artisan Partners Asset Management, Inc., <br> Class A<br>| 5131 | &nbsp;&nbsp; 224019 |
| Associated Banc-Corp<sup>(c)</sup> | 51686 | &nbsp;&nbsp; 1280262 |
| Assurant, Inc. | 10962 | &nbsp;&nbsp; 2320875 |
| Assured Guaranty Ltd.<sup>(c)</sup> | 3775 | &nbsp;&nbsp; 304189 |
| Atlantic Union Bankshares Corp., Class B | 6451 | &nbsp;&nbsp; 209787 |
| AXIS Capital Holdings Ltd. | 6922 | &nbsp;&nbsp; 648315 |
| Bank of America Corp. | 2073237 | &nbsp;&nbsp; 110814518 |
| Bank of New York Mellon Corp. (The) | 196255 | &nbsp;&nbsp; 21181802 |
| Bank OZK | 32022 | &nbsp;&nbsp; 1440670 |
| BankUnited, Inc. | 35856 | &nbsp;&nbsp; 1437108 |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 334877 | &nbsp;&nbsp; 159917163 |
| BlackRock, Inc. | 19389 | &nbsp;&nbsp; 20994603 |
| Blackstone Mortgage Trust, Inc., Class A | 78914 | &nbsp;&nbsp; 1458331 |
| Blackstone, Inc., Class A | 44884 | &nbsp;&nbsp; 6581790 |
| Block, Inc., Class A<sup>(b)</sup> | 82176 | &nbsp;&nbsp; 6240445 |
| BOK Financial Corp.<sup>(c)</sup> | 2366 | &nbsp;&nbsp; 247436 |

---

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

------

**7**

------

**Invesco RAFI US 1000 ETF (PRF)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Bread Financial Holdings, Inc. | 37520 | &nbsp;&nbsp; $2350628 |
| Brighthouse Financial, Inc.<sup>(b)</sup> | 21923 | &nbsp;&nbsp; 1251146 |
| Brown & Brown, Inc. | 16857 | &nbsp;&nbsp; 1344177 |
| Cadence Bank | 43682 | &nbsp;&nbsp; 1648559 |
| Capital One Financial Corp. | 190896 | &nbsp;&nbsp; 41995211 |
| Carlyle Group, Inc. (The)<sup>(c)</sup> | 41685 | &nbsp;&nbsp; 2222644 |
| Cathay General Bancorp<sup>(c)</sup> | 21604 | &nbsp;&nbsp; 981902 |
| Cboe Global Markets, Inc. | 1994 | &nbsp;&nbsp; 489806 |
| Charles Schwab Corp. (The) | 137677 | &nbsp;&nbsp; 13013230 |
| Chimera Investment Corp. | 47516 | &nbsp;&nbsp; 606304 |
| Chubb Ltd. | 69224 | &nbsp;&nbsp; 19170895 |
| Cincinnati Financial Corp. | 35866 | &nbsp;&nbsp; 5544525 |
| Citigroup, Inc. | 917865 | &nbsp;&nbsp; 92915474 |
| Citizens Financial Group, Inc. | 183961 | &nbsp;&nbsp; 9358096 |
| CME Group, Inc., Class A | 40647 | &nbsp;&nbsp; 10791372 |
| CNO Financial Group, Inc.<sup>(c)</sup> | 44986 | &nbsp;&nbsp; 1800340 |
| Coinbase Global, Inc., Class A<sup>(b)</sup> | 6298 | &nbsp;&nbsp; 2165126 |
| Columbia Banking System, Inc.<sup>(c)</sup> | 57762 | &nbsp;&nbsp; 1548022 |
| Comerica, Inc. | 54211 | &nbsp;&nbsp; 4147141 |
| Commerce Bancshares, Inc. | 17807 | &nbsp;&nbsp; 937182 |
| Corebridge Financial, Inc. | 97336 | &nbsp;&nbsp; 3169260 |
| Corpay, Inc.<sup>(b)</sup> | 9450 | &nbsp;&nbsp; 2460307 |
| Credicorp Ltd. (Peru) | 4957 | &nbsp;&nbsp; 1293777 |
| Cullen/Frost Bankers, Inc.<sup>(c)</sup> | 10418 | &nbsp;&nbsp; 1282873 |
| East West Bancorp, Inc. | 25549 | &nbsp;&nbsp; 2595778 |
| Equitable Holdings, Inc. | 57719 | &nbsp;&nbsp; 2851319 |
| Essent Group Ltd. | 22451 | &nbsp;&nbsp; 1359857 |
| Euronet Worldwide, Inc.<sup>(b)(c)</sup> | 10283 | &nbsp;&nbsp; 780068 |
| Evercore, Inc., Class A | 7405 | &nbsp;&nbsp; 2181217 |
| Everest Group Ltd. | 2423 | &nbsp;&nbsp; 762082 |
| F.N.B. Corp.<sup>(c)</sup> | 113903 | &nbsp;&nbsp; 1790555 |
| FactSet Research Systems, Inc. | 3229 | &nbsp;&nbsp; 861497 |
| Federated Hermes, Inc., Class B | 17094 | &nbsp;&nbsp; 828717 |
| Fidelity National Financial, Inc. | 73741 | &nbsp;&nbsp; 4073453 |
| Fidelity National Information Services, <br> Inc.<br>| 126499 | &nbsp;&nbsp; 7908717 |
| Fifth Third Bancorp | 181248 | &nbsp;&nbsp; 7543542 |
| First American Financial Corp. | 45010 | &nbsp;&nbsp; 2813575 |
| First Citizens BancShares, Inc., Class A | 1661 | &nbsp;&nbsp; 3031026 |
| First Financial Bancorp | 9683 | &nbsp;&nbsp; 226679 |
| First Hawaiian, Inc. | 42709 | &nbsp;&nbsp; 1047652 |
| First Horizon Corp. | 138351 | &nbsp;&nbsp; 2955177 |
| First Interstate BancSystem, Inc., Class A | 32626 | &nbsp;&nbsp; 1019562 |
| FirstCash Holdings, Inc. | 5702 | &nbsp;&nbsp; 903767 |
| Fiserv, Inc.<sup>(b)</sup> | 63693 | &nbsp;&nbsp; 4247686 |
| Flagstar Bank N.A<sup>(c)</sup> | 165784 | &nbsp;&nbsp; 1893253 |
| Franklin Resources, Inc. | 150248 | &nbsp;&nbsp; 3397107 |
| Fulton Financial Corp. | 16431 | &nbsp;&nbsp; 285406 |
| Genworth Financial, Inc., Class A<sup>(b)</sup> | 269467 | &nbsp;&nbsp; 2274301 |
| Glacier Bancorp, Inc.<sup>(c)</sup> | 23404 | &nbsp;&nbsp; 956053 |
| Global Payments, Inc. | 93914 | &nbsp;&nbsp; 7302753 |
| Globe Life, Inc. | 14855 | &nbsp;&nbsp; 1953581 |
| Goldman Sachs Group, Inc. (The) | 71758 | &nbsp;&nbsp; 56643612 |
| Hancock Whitney Corp. | 22233 | &nbsp;&nbsp; 1269727 |
| Hanover Insurance Group, Inc. (The) | 9422 | &nbsp;&nbsp; 1610031 |
| Hartford Insurance Group, Inc. (The) | 65484 | &nbsp;&nbsp; 8131803 |
| Home BancShares, Inc. | 40592 | &nbsp;&nbsp; 1084212 |
| Houlihan Lokey, Inc. | 3909 | &nbsp;&nbsp; 700024 |
| Huntington Bancshares, Inc. | 395112 | &nbsp;&nbsp; 6100529 |
| Independent Bank Corp. | 3826 | &nbsp;&nbsp; 257452 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Intercontinental Exchange, Inc. | 54777 | &nbsp;&nbsp; $8013327 |
| Invesco Ltd.<sup>(e)</sup> | 199528 | &nbsp;&nbsp; 4728814 |
| Jack Henry & Associates, Inc. | 9023 | &nbsp;&nbsp; 1343886 |
| Jackson Financial, Inc., Class A | 38762 | &nbsp;&nbsp; 3907597 |
| Janus Henderson Group PLC | 39418 | &nbsp;&nbsp; 1717048 |
| Jefferies Financial Group, Inc. | 52736 | &nbsp;&nbsp; 2786043 |
| JPMorgan Chase & Co. | 519084 | &nbsp;&nbsp; 161497414 |
| Kemper Corp. | 20455 | &nbsp;&nbsp; 920270 |
| KeyCorp | 353517 | &nbsp;&nbsp; 6218364 |
| KKR & Co., Inc., Class A | 44536 | &nbsp;&nbsp; 5269945 |
| Lazard, Inc. | 10033 | &nbsp;&nbsp; 489610 |
| Lincoln National Corp. | 100971 | &nbsp;&nbsp; 4240782 |
| Loews Corp. | 45937 | &nbsp;&nbsp; 4573488 |
| LPL Financial Holdings, Inc. | 7023 | &nbsp;&nbsp; 2649848 |
| M&T Bank Corp. | 41434 | &nbsp;&nbsp; 7618470 |
| Markel Group, Inc.<sup>(b)</sup> | 2616 | &nbsp;&nbsp; 5165370 |
| Marsh & McLennan Cos., Inc. | 46096 | &nbsp;&nbsp; 8212002 |
| Mastercard, Inc., Class A | 30944 | &nbsp;&nbsp; 17080779 |
| MetLife, Inc. | 210375 | &nbsp;&nbsp; 16792132 |
| MFA Financial, Inc. | 19286 | &nbsp;&nbsp; 173381 |
| MGIC Investment Corp. | 73824 | &nbsp;&nbsp; 2024254 |
| Moelis & Co., Class A | 14772 | &nbsp;&nbsp; 935511 |
| Moody's Corp. | 8482 | &nbsp;&nbsp; 4073905 |
| Morgan Stanley | 251996 | &nbsp;&nbsp; 41327344 |
| MSCI, Inc. | 3318 | &nbsp;&nbsp; 1952809 |
| Nasdaq, Inc. | 36855 | &nbsp;&nbsp; 3150734 |
| Navient Corp.<sup>(c)</sup> | 66343 | &nbsp;&nbsp; 811375 |
| NCR Atleos Corp.<sup>(b)</sup> | 20723 | &nbsp;&nbsp; 764679 |
| Northern Trust Corp. | 48021 | &nbsp;&nbsp; 6178862 |
| Old National Bancorp<sup>(c)</sup> | 70434 | &nbsp;&nbsp; 1438967 |
| Old Republic International Corp. | 97906 | &nbsp;&nbsp; 3863371 |
| OneMain Holdings, Inc. | 73037 | &nbsp;&nbsp; 4323060 |
| PayPal Holdings, Inc.<sup>(b)</sup> | 220200 | &nbsp;&nbsp; 15253254 |
| PennyMac Financial Services, Inc. | 10506 | &nbsp;&nbsp; 1321760 |
| PennyMac Mortgage Investment Trust | 16227 | &nbsp;&nbsp; 195373 |
| Pinnacle Financial Partners, Inc. | 13702 | &nbsp;&nbsp; 1167547 |
| PNC Financial Services Group, Inc. (The) | 110252 | &nbsp;&nbsp; 20126503 |
| Popular, Inc. | 5709 | &nbsp;&nbsp; 636382 |
| Primerica, Inc.<sup>(c)</sup> | 5327 | &nbsp;&nbsp; 1384327 |
| Principal Financial Group, Inc. | 79549 | &nbsp;&nbsp; 6685298 |
| PROG Holdings, Inc. | 24032 | &nbsp;&nbsp; 695246 |
| Progressive Corp. (The) | 55127 | &nbsp;&nbsp; 11356162 |
| Prosperity Bancshares, Inc.<sup>(c)</sup> | 26290 | &nbsp;&nbsp; 1730408 |
| Prudential Financial, Inc. | 126038 | &nbsp;&nbsp; 13107952 |
| Radian Group, Inc. | 44287 | &nbsp;&nbsp; 1503101 |
| Raymond James Financial, Inc. | 26171 | &nbsp;&nbsp; 4152553 |
| Regions Financial Corp. | 264944 | &nbsp;&nbsp; 6411645 |
| Reinsurance Group of America, Inc. | 16173 | &nbsp;&nbsp; 2950926 |
| RenaissanceRe Holdings Ltd. <br> (Bermuda)<sup>(c)</sup><br>| 1572 | &nbsp;&nbsp; 399429 |
| Rithm Capital Corp. | 237261 | &nbsp;&nbsp; 2602753 |
| RLI Corp. | 3112 | &nbsp;&nbsp; 183484 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup> | 35065 | &nbsp;&nbsp; 5146841 |
| S&P Global, Inc. | 26358 | &nbsp;&nbsp; 12841881 |
| SEI Investments Co. | 19904 | &nbsp;&nbsp; 1604461 |
| Selective Insurance Group, Inc. | 11872 | &nbsp;&nbsp; 894436 |
| Simmons First National Corp., Class A | 49904 | &nbsp;&nbsp; 867332 |
| SLM Corp. | 70998 | &nbsp;&nbsp; 1906296 |
| SoFi Technologies, Inc.<sup>(b)(c)</sup> | 33754 | &nbsp;&nbsp; 1001819 |
| SouthState Bank Corp. | 16785 | &nbsp;&nbsp; 1487990 |

---

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

------

**8**

------

**Invesco RAFI US 1000 ETF (PRF)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Starwood Property Trust, Inc.<sup>(c)</sup> | 129157 | &nbsp;&nbsp; $2348074 |
| State Street Corp. | 103451 | &nbsp;&nbsp; 11965143 |
| Stifel Financial Corp. | 16464 | &nbsp;&nbsp; 1949831 |
| StoneCo Ltd., Class A (Brazil)<sup>(b)</sup> | 12909 | &nbsp;&nbsp; 245400 |
| StoneX Group, Inc.<sup>(b)(c)</sup> | 10078 | &nbsp;&nbsp; 926370 |
| Synchrony Financial | 218901 | &nbsp;&nbsp; 16281856 |
| Synovus Financial Corp. | 35940 | &nbsp;&nbsp; 1604362 |
| T. Rowe Price Group, Inc. | 79375 | &nbsp;&nbsp; 8138319 |
| Texas Capital Bancshares, Inc.<sup>(b)</sup> | 4645 | &nbsp;&nbsp; 389437 |
| Travelers Cos., Inc. (The) | 56330 | &nbsp;&nbsp; 15131365 |
| Truist Financial Corp. | 461760 | &nbsp;&nbsp; 20608349 |
| U.S. Bancorp | 474592 | &nbsp;&nbsp; 22153955 |
| UMB Financial Corp. | 2806 | &nbsp;&nbsp; 299905 |
| United Bankshares, Inc. | 38626 | &nbsp;&nbsp; 1382425 |
| United Community Banks, Inc. | 7733 | &nbsp;&nbsp; 225804 |
| Unum Group | 54243 | &nbsp;&nbsp; 3982521 |
| Valley National Bancorp<sup>(c)</sup> | 169848 | &nbsp;&nbsp; 1846248 |
| Virtu Financial, Inc., Class A<sup>(c)</sup> | 18567 | &nbsp;&nbsp; 646874 |
| Visa, Inc., Class A | 76813 | &nbsp;&nbsp; 26173262 |
| Voya Financial, Inc. | 22927 | &nbsp;&nbsp; 1707144 |
| W.R. Berkley Corp. | 42918 | &nbsp;&nbsp; 3061770 |
| Webster Financial Corp. | 41835 | &nbsp;&nbsp; 2386268 |
| Wells Fargo & Co. | 1041023 | &nbsp;&nbsp; 90537770 |
| Western Alliance Bancorporation | 21540 | &nbsp;&nbsp; 1666119 |
| Western Union Co. (The)<sup>(c)</sup> | 239240 | &nbsp;&nbsp; 2232109 |
| WEX, Inc.<sup>(b)(c)</sup> | 6036 | &nbsp;&nbsp; 880532 |
| White Mountains Insurance Group Ltd.<sup>(c)</sup> | 544 | &nbsp;&nbsp; 1036081 |
| Willis Towers Watson PLC | 15059 | &nbsp;&nbsp; 4714973 |
| Wintrust Financial Corp. | 11878 | &nbsp;&nbsp; 1544378 |
| XP, Inc., Class A (Brazil)<sup>(c)</sup> | 8663 | &nbsp;&nbsp; 157840 |
| Zions Bancorporation N.A. | 59024 | &nbsp;&nbsp; 3075741 |
|  |  | &nbsp;&nbsp; 1517942440 |
| **Health Care-11.72%** | **Health Care-11.72%** | **Health Care-11.72%** |
| Abbott Laboratories | 217711 | &nbsp;&nbsp; 26913434 |
| AbbVie, Inc. | 229932 | &nbsp;&nbsp; 50134373 |
| Acadia Healthcare Co., Inc.<sup>(b)(c)</sup> | 33469 | &nbsp;&nbsp; 719584 |
| Agilent Technologies, Inc. | 38825 | &nbsp;&nbsp; 5682427 |
| Align Technology, Inc.<sup>(b)</sup> | 13397 | &nbsp;&nbsp; 1847178 |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 2269 | &nbsp;&nbsp; 1034755 |
| Amgen, Inc. | 102651 | &nbsp;&nbsp; 30634138 |
| AMN Healthcare Services, Inc.<sup>(b)</sup> | 44179 | &nbsp;&nbsp; 869885 |
| Avantor, Inc.<sup>(b)</sup> | 139489 | &nbsp;&nbsp; 1648760 |
| Baxter International, Inc.<sup>(c)</sup> | 202741 | &nbsp;&nbsp; 3744626 |
| Becton, Dickinson and Co. | 58264 | &nbsp;&nbsp; 10412359 |
| Biogen, Inc.<sup>(b)</sup> | 66939 | &nbsp;&nbsp; 10326680 |
| BioMarin Pharmaceutical, Inc.<sup>(b)(c)</sup> | 28732 | &nbsp;&nbsp; 1539173 |
| Bio-Rad Laboratories, Inc., Class A<sup>(b)(c)</sup> | 6490 | &nbsp;&nbsp; 2073879 |
| Boston Scientific Corp.<sup>(b)</sup> | 83035 | &nbsp;&nbsp; 8363285 |
| Bristol-Myers Squibb Co. | 818214 | &nbsp;&nbsp; 37695119 |
| Bruker Corp.<sup>(c)</sup> | 18945 | &nbsp;&nbsp; 737718 |
| Cardinal Health, Inc. | 81422 | &nbsp;&nbsp; 15532875 |
| Cencora, Inc. | 32100 | &nbsp;&nbsp; 10843701 |
| Centene Corp.<sup>(b)</sup> | 479797 | &nbsp;&nbsp; 16970420 |
| Charles River Laboratories International, <br> Inc.<sup>(b)</sup><br>| 8653 | &nbsp;&nbsp; 1558146 |
| Chemed Corp. | 1712 | &nbsp;&nbsp; 738386 |
| Cigna Group (The) | 117186 | &nbsp;&nbsp; 28641430 |
| Cooper Cos., Inc. (The)<sup>(b)</sup> | 27928 | &nbsp;&nbsp; 1952446 |
| CVS Health Corp. | 738156 | &nbsp;&nbsp; 57686891 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Danaher Corp. | 73463 | &nbsp;&nbsp; $15822461 |
| DaVita, Inc.<sup>(b)</sup> | 16923 | &nbsp;&nbsp; 2014175 |
| DENTSPLY SIRONA, Inc.<sup>(c)</sup> | 120350 | &nbsp;&nbsp; 1517613 |
| DexCom, Inc.<sup>(b)</sup> | 18242 | &nbsp;&nbsp; 1062049 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 61748 | &nbsp;&nbsp; 5091123 |
| Elanco Animal Health, Inc.<sup>(b)(c)</sup> | 165763 | &nbsp;&nbsp; 3671650 |
| Elevance Health, Inc. | 88744 | &nbsp;&nbsp; 28149597 |
| Eli Lilly and Co. | 26512 | &nbsp;&nbsp; 22876144 |
| Encompass Health Corp. | 12405 | &nbsp;&nbsp; 1412309 |
| Enovis Corp.<sup>(b)(c)</sup> | 25539 | &nbsp;&nbsp; 797838 |
| Envista Holdings Corp.<sup>(b)(c)</sup> | 70106 | &nbsp;&nbsp; 1426657 |
| Exact Sciences Corp.<sup>(b)(c)</sup> | 16001 | &nbsp;&nbsp; 1035105 |
| Exelixis, Inc.<sup>(b)</sup> | 47611 | &nbsp;&nbsp; 1841117 |
| Fortrea Holdings, Inc.<sup>(b)</sup> | 99365 | &nbsp;&nbsp; 1039358 |
| GE HealthCare Technologies, Inc. | 80405 | &nbsp;&nbsp; 6026355 |
| Gilead Sciences, Inc. | 279847 | &nbsp;&nbsp; 33522872 |
| Globus Medical, Inc., Class A<sup>(b)(c)</sup> | 11486 | &nbsp;&nbsp; 693640 |
| HCA Healthcare, Inc. | 34175 | &nbsp;&nbsp; 15709564 |
| Henry Schein, Inc.<sup>(b)</sup> | 43566 | &nbsp;&nbsp; 2753371 |
| Hologic, Inc.<sup>(b)</sup> | 50721 | &nbsp;&nbsp; 3748789 |
| Humana, Inc. | 65302 | &nbsp;&nbsp; 18166363 |
| ICON PLC<sup>(b)</sup> | 2418 | &nbsp;&nbsp; 415461 |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 3526 | &nbsp;&nbsp; 2219652 |
| Illumina, Inc.<sup>(b)</sup> | 30789 | &nbsp;&nbsp; 3803673 |
| Incyte Corp.<sup>(b)</sup> | 36984 | &nbsp;&nbsp; 3457264 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 11545 | &nbsp;&nbsp; 6168263 |
| IQVIA Holdings, Inc.<sup>(b)</sup> | 26406 | &nbsp;&nbsp; 5715843 |
| Jazz Pharmaceuticals PLC<sup>(b)</sup> | 17532 | &nbsp;&nbsp; 2413104 |
| Johnson & Johnson | 484561 | &nbsp;&nbsp; 91519036 |
| Labcorp Holdings, Inc. | 24488 | &nbsp;&nbsp; 6218972 |
| Masimo Corp.<sup>(b)(c)</sup> | 4613 | &nbsp;&nbsp; 648818 |
| McKesson Corp. | 25417 | &nbsp;&nbsp; 20621829 |
| Medtronic PLC | 76562 | &nbsp;&nbsp; 6944173 |
| Merck & Co., Inc. | 554925 | &nbsp;&nbsp; 47712451 |
| Mettler-Toledo International, Inc.<sup>(b)</sup> | 1990 | &nbsp;&nbsp; 2818417 |
| Moderna, Inc.<sup>(b)(c)</sup> | 271010 | &nbsp;&nbsp; 7360632 |
| Molina Healthcare, Inc.<sup>(b)</sup> | 17383 | &nbsp;&nbsp; 2660642 |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> | 7468 | &nbsp;&nbsp; 1069492 |
| Novavax, Inc.<sup>(b)(c)</sup> | 112283 | &nbsp;&nbsp; 943177 |
| Option Care Health, Inc.<sup>(b)(c)</sup> | 26924 | &nbsp;&nbsp; 700832 |
| Organon & Co.<sup>(c)</sup> | 244942 | &nbsp;&nbsp; 1653359 |
| Owens & Minor, Inc.<sup>(b)(c)</sup> | 71415 | &nbsp;&nbsp; 283518 |
| Perrigo Co. PLC | 15682 | &nbsp;&nbsp; 325245 |
| Pfizer, Inc. | 2692464 | &nbsp;&nbsp; 66369238 |
| Premier, Inc., Class A<sup>(c)</sup> | 52066 | &nbsp;&nbsp; 1464096 |
| Quest Diagnostics, Inc. | 26202 | &nbsp;&nbsp; 4610242 |
| QuidelOrtho Corp.<sup>(b)(c)</sup> | 47715 | &nbsp;&nbsp; 1287828 |
| Regeneron Pharmaceuticals, Inc. | 21332 | &nbsp;&nbsp; 13904198 |
| ResMed, Inc. | 10427 | &nbsp;&nbsp; 2574218 |
| Revvity, Inc.<sup>(c)</sup> | 26471 | &nbsp;&nbsp; 2477421 |
| Royalty Pharma PLC, Class A | 45352 | &nbsp;&nbsp; 1702514 |
| Sarepta Therapeutics, Inc.<sup>(b)(c)</sup> | 22167 | &nbsp;&nbsp; 532230 |
| Select Medical Holdings Corp. | 10783 | &nbsp;&nbsp; 149129 |
| Solventum Corp.<sup>(b)</sup> | 63087 | &nbsp;&nbsp; 4355526 |
| STERIS PLC | 11793 | &nbsp;&nbsp; 2779610 |
| Stryker Corp. | 25947 | &nbsp;&nbsp; 9243359 |
| Teladoc Health, Inc.<sup>(b)(c)</sup> | 85545 | &nbsp;&nbsp; 738253 |
| Teleflex, Inc. | 11459 | &nbsp;&nbsp; 1426302 |
| Tenet Healthcare Corp.<sup>(b)</sup> | 25121 | &nbsp;&nbsp; 5187235 |
| Thermo Fisher Scientific, Inc. | 47995 | &nbsp;&nbsp; 27231883 |

---

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

------

**9**

------

**Invesco RAFI US 1000 ETF (PRF)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| United Therapeutics Corp.<sup>(b)</sup> | 6853 | &nbsp;&nbsp; $3052532 |
| UnitedHealth Group, Inc. | 212939 | &nbsp;&nbsp; 72731445 |
| Universal Health Services, Inc., Class B | 24025 | &nbsp;&nbsp; 5213665 |
| Veeva Systems, Inc., Class A<sup>(b)</sup> | 6179 | &nbsp;&nbsp; 1799325 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 20708 | &nbsp;&nbsp; 8812704 |
| Viatris, Inc. | 751985 | &nbsp;&nbsp; 7790565 |
| Waters Corp.<sup>(b)</sup> | 6991 | &nbsp;&nbsp; 2444054 |
| West Pharmaceutical Services, Inc. | 6941 | &nbsp;&nbsp; 1957848 |
| Zimmer Biomet Holdings, Inc.<sup>(c)</sup> | 46952 | &nbsp;&nbsp; 4721493 |
| Zoetis, Inc. | 35528 | &nbsp;&nbsp; 5119230 |
|  |  | &nbsp;&nbsp; 972029814 |
| **Industrials-9.66%** | **Industrials-9.66%** | **Industrials-9.66%** |
| 3M Co. | 139945 | &nbsp;&nbsp; 23300842 |
| A.O. Smith Corp. | 24136 | &nbsp;&nbsp; 1592735 |
| ABM Industries, Inc. | 30280 | &nbsp;&nbsp; 1302040 |
| Acuity, Inc. | 6331 | &nbsp;&nbsp; 2311131 |
| Advanced Drainage Systems, Inc. | 7252 | &nbsp;&nbsp; 1015643 |
| AECOM | 27549 | &nbsp;&nbsp; 3701208 |
| AerCap Holdings N.V. (Ireland) | 17646 | &nbsp;&nbsp; 2298215 |
| AGCO Corp. | 27959 | &nbsp;&nbsp; 2884250 |
| Air Lease Corp., Class A | 35353 | &nbsp;&nbsp; 2257643 |
| Alaska Air Group, Inc.<sup>(b)(c)</sup> | 23158 | &nbsp;&nbsp; 966383 |
| Alight, Inc., Class A<sup>(c)</sup> | 173300 | &nbsp;&nbsp; 499104 |
| Allegion PLC | 2222 | &nbsp;&nbsp; 368341 |
| Allison Transmission Holdings, Inc. | 19357 | &nbsp;&nbsp; 1597920 |
| Amentum Holdings, Inc.<sup>(b)</sup> | 6536 | &nbsp;&nbsp; 146472 |
| American Airlines Group, Inc.<sup>(b)(c)</sup> | 21469 | &nbsp;&nbsp; 281888 |
| AMETEK, Inc. | 20249 | &nbsp;&nbsp; 4092525 |
| API Group Corp.<sup>(b)</sup> | 36746 | &nbsp;&nbsp; 1352988 |
| Applied Industrial Technologies, Inc. | 4423 | &nbsp;&nbsp; 1137109 |
| ArcBest Corp. | 12308 | &nbsp;&nbsp; 914731 |
| Arcosa, Inc. | 7986 | &nbsp;&nbsp; 814572 |
| ATI, Inc.<sup>(b)</sup> | 4344 | &nbsp;&nbsp; 429926 |
| Atkore, Inc.<sup>(c)</sup> | 16044 | &nbsp;&nbsp; 1111047 |
| Automatic Data Processing, Inc. | 34221 | &nbsp;&nbsp; 8907726 |
| Avis Budget Group, Inc.<sup>(b)(c)</sup> | 19684 | &nbsp;&nbsp; 2678402 |
| BlueLinx Holdings, Inc.<sup>(b)(c)</sup> | 1556 | &nbsp;&nbsp; 101825 |
| Boeing Co. (The)<sup>(b)</sup> | 37738 | &nbsp;&nbsp; 7586093 |
| Boise Cascade Co. | 19886 | &nbsp;&nbsp; 1401764 |
| Booz Allen Hamilton Holding Corp. | 17569 | &nbsp;&nbsp; 1531314 |
| Brink's Co. (The) | 2832 | &nbsp;&nbsp; 314805 |
| Broadridge Financial Solutions, Inc. | 8931 | &nbsp;&nbsp; 1968392 |
| Builders FirstSource, Inc.<sup>(b)(c)</sup> | 44163 | &nbsp;&nbsp; 5130416 |
| BWX Technologies, Inc. | 7368 | &nbsp;&nbsp; 1573878 |
| C.H. Robinson Worldwide, Inc. | 44328 | &nbsp;&nbsp; 6826069 |
| CACI International, Inc., Class A<sup>(b)</sup> | 4731 | &nbsp;&nbsp; 2660005 |
| Carlisle Cos., Inc. | 7255 | &nbsp;&nbsp; 2358238 |
| Carrier Global Corp. | 103287 | &nbsp;&nbsp; 6144544 |
| Caterpillar, Inc. | 72764 | &nbsp;&nbsp; 42003747 |
| Chart Industries, Inc.<sup>(b)</sup> | 1620 | &nbsp;&nbsp; 323384 |
| Cintas Corp. | 21145 | &nbsp;&nbsp; 3875244 |
| Clarivate PLC<sup>(b)(c)</sup> | 23808 | &nbsp;&nbsp; 80947 |
| Clean Harbors, Inc.<sup>(b)</sup> | 5579 | &nbsp;&nbsp; 1174435 |
| CNH Industrial N.V. | 332993 | &nbsp;&nbsp; 3493097 |
| Comfort Systems USA, Inc. | 1435 | &nbsp;&nbsp; 1385607 |
| Concentrix Corp.<sup>(c)</sup> | 26684 | &nbsp;&nbsp; 1075632 |
| Copart, Inc.<sup>(b)</sup> | 38622 | &nbsp;&nbsp; 1661132 |
| Core & Main, Inc., Class A<sup>(b)</sup> | 19292 | &nbsp;&nbsp; 1006657 |
| CoreCivic, Inc.<sup>(b)</sup> | 47187 | &nbsp;&nbsp; 874375 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Crane Co. | 5805 | &nbsp;&nbsp; $1102950 |
| CSX Corp. | 425489 | &nbsp;&nbsp; 15326114 |
| Cummins, Inc. | 30081 | &nbsp;&nbsp; 13165852 |
| Curtiss-Wright Corp. | 3770 | &nbsp;&nbsp; 2245902 |
| Deere & Co. | 43378 | &nbsp;&nbsp; 20024586 |
| Delta Air Lines, Inc. | 32998 | &nbsp;&nbsp; 1893425 |
| Donaldson Co., Inc. | 20046 | &nbsp;&nbsp; 1688875 |
| Dover Corp. | 20354 | &nbsp;&nbsp; 3693437 |
| Dycom Industries, Inc.<sup>(b)</sup> | 5125 | &nbsp;&nbsp; 1474924 |
| Eaton Corp. PLC | 36561 | &nbsp;&nbsp; 13950215 |
| EMCOR Group, Inc. | 5757 | &nbsp;&nbsp; 3890465 |
| Emerson Electric Co. | 97580 | &nbsp;&nbsp; 13619241 |
| EnerSys | 11222 | &nbsp;&nbsp; 1415767 |
| Equifax, Inc. | 8776 | &nbsp;&nbsp; 1852614 |
| ESAB Corp.<sup>(c)</sup> | 7722 | &nbsp;&nbsp; 902084 |
| Everus Construction Group, Inc.<sup>(b)(c)</sup> | 4610 | &nbsp;&nbsp; 419003 |
| Expeditors International of Washington, <br> Inc.<br>| 41503 | &nbsp;&nbsp; 5059216 |
| Fastenal Co. | 109626 | &nbsp;&nbsp; 4511110 |
| FedEx Corp. | 82873 | &nbsp;&nbsp; 21034825 |
| Ferguson Enterprises, Inc. | 27548 | &nbsp;&nbsp; 6845678 |
| Flowserve Corp. | 24708 | &nbsp;&nbsp; 1686321 |
| Fluor Corp.<sup>(b)</sup> | 38148 | &nbsp;&nbsp; 1860478 |
| Fortive Corp. | 49931 | &nbsp;&nbsp; 2513526 |
| Fortune Brands Innovations, Inc.<sup>(c)</sup> | 35006 | &nbsp;&nbsp; 1778305 |
| FTI Consulting, Inc.<sup>(b)</sup> | 6684 | &nbsp;&nbsp; 1102927 |
| Gates Industrial Corp. PLC<sup>(b)</sup> | 45983 | &nbsp;&nbsp; 1015305 |
| GATX Corp.<sup>(c)</sup> | 6869 | &nbsp;&nbsp; 1077403 |
| GE Vernova, Inc. | 13045 | &nbsp;&nbsp; 7633151 |
| Generac Holdings, Inc.<sup>(b)</sup> | 10599 | &nbsp;&nbsp; 1780844 |
| General Dynamics Corp. | 48597 | &nbsp;&nbsp; 16761105 |
| General Electric Co. | 65794 | &nbsp;&nbsp; 20327056 |
| Genpact Ltd. | 36489 | &nbsp;&nbsp; 1392055 |
| GEO Group, Inc. (The)<sup>(b)(c)</sup> | 23201 | &nbsp;&nbsp; 393721 |
| Grab Holdings Ltd., Class A (Singapore)<sup>(b)</sup> | 74264 | &nbsp;&nbsp; 446327 |
| Graco, Inc. | 16887 | &nbsp;&nbsp; 1380850 |
| GXO Logistics, Inc.<sup>(b)(c)</sup> | 36915 | &nbsp;&nbsp; 2074992 |
| HEICO Corp.<sup>(c)</sup> | 4287 | &nbsp;&nbsp; 1362280 |
| Herc Holdings, Inc.<sup>(c)</sup> | 7237 | &nbsp;&nbsp; 1028016 |
| Hertz Global Holdings, Inc.<sup>(b)(c)</sup> | 210839 | &nbsp;&nbsp; 1081604 |
| Hexcel Corp. | 11666 | &nbsp;&nbsp; 832952 |
| Hillenbrand, Inc. | 22860 | &nbsp;&nbsp; 722376 |
| Honeywell International, Inc. | 113802 | &nbsp;&nbsp; 22911757 |
| Howmet Aerospace, Inc. | 21420 | &nbsp;&nbsp; 4411449 |
| Hub Group, Inc., Class A | 32596 | &nbsp;&nbsp; 1200511 |
| Hubbell, Inc. | 5620 | &nbsp;&nbsp; 2641400 |
| Huntington Ingalls Industries, Inc. | 11872 | &nbsp;&nbsp; 3823021 |
| IDEX Corp. | 10321 | &nbsp;&nbsp; 1769639 |
| Illinois Tool Works, Inc. | 36829 | &nbsp;&nbsp; 8983330 |
| Ingersoll Rand, Inc. | 38829 | &nbsp;&nbsp; 2963818 |
| Insperity, Inc. | 2231 | &nbsp;&nbsp; 98432 |
| ITT, Inc. | 10738 | &nbsp;&nbsp; 1987282 |
| J.B. Hunt Transport Services, Inc. | 18899 | &nbsp;&nbsp; 3191285 |
| Jacobs Solutions, Inc. | 27971 | &nbsp;&nbsp; 4358161 |
| JELD-WEN Holding, Inc.<sup>(b)</sup> | 89412 | &nbsp;&nbsp; 388048 |
| JetBlue Airways Corp.<sup>(b)(c)</sup> | 152540 | &nbsp;&nbsp; 640668 |
| Johnson Controls International PLC | 115970 | &nbsp;&nbsp; 13265808 |
| KBR, Inc. | 27053 | &nbsp;&nbsp; 1158950 |
| Kelly Services, Inc., Class A | 17697 | &nbsp;&nbsp; 198383 |
| Kennametal, Inc.<sup>(c)</sup> | 41477 | &nbsp;&nbsp; 910420 |

---

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

------

**10**

------

**Invesco RAFI US 1000 ETF (PRF)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Kirby Corp.<sup>(b)(c)</sup> | 11696 | &nbsp;&nbsp; $1210302 |
| Knight-Swift Transportation Holdings, Inc. | 64514 | &nbsp;&nbsp; 2910872 |
| Korn Ferry | 11361 | &nbsp;&nbsp; 735057 |
| L3Harris Technologies, Inc. | 54545 | &nbsp;&nbsp; 15768959 |
| Landstar System, Inc. | 11107 | &nbsp;&nbsp; 1426472 |
| Leidos Holdings, Inc. | 26384 | &nbsp;&nbsp; 5025360 |
| Lennox International, Inc. | 2308 | &nbsp;&nbsp; 1165540 |
| Lincoln Electric Holdings, Inc. | 7018 | &nbsp;&nbsp; 1645370 |
| Lockheed Martin Corp. | 58134 | &nbsp;&nbsp; 28594952 |
| Lyft, Inc., Class A<sup>(b)</sup> | 63138 | &nbsp;&nbsp; 1291803 |
| ManpowerGroup, Inc. | 56826 | &nbsp;&nbsp; 1742285 |
| Masco Corp. | 39831 | &nbsp;&nbsp; 2579456 |
| MasTec, Inc.<sup>(b)</sup> | 13399 | &nbsp;&nbsp; 2735540 |
| MasterBrand, Inc.<sup>(b)(c)</sup> | 58790 | &nbsp;&nbsp; 742518 |
| Matson, Inc. | 10707 | &nbsp;&nbsp; 1080872 |
| Maximus, Inc. | 17327 | &nbsp;&nbsp; 1440220 |
| Middleby Corp. (The)<sup>(b)</sup> | 10700 | &nbsp;&nbsp; 1329261 |
| MillerKnoll, Inc. | 35259 | &nbsp;&nbsp; 550746 |
| Moog, Inc., Class A | 4124 | &nbsp;&nbsp; 844801 |
| MSC Industrial Direct Co., Inc., Class A | 15736 | &nbsp;&nbsp; 1336144 |
| Mueller Industries, Inc. | 18565 | &nbsp;&nbsp; 1965477 |
| Nordson Corp. | 6608 | &nbsp;&nbsp; 1532726 |
| Norfolk Southern Corp. | 48198 | &nbsp;&nbsp; 13658349 |
| Northrop Grumman Corp. | 29528 | &nbsp;&nbsp; 17228112 |
| nVent Electric PLC | 22928 | &nbsp;&nbsp; 2621817 |
| Old Dominion Freight Line, Inc. | 20119 | &nbsp;&nbsp; 2825110 |
| Oshkosh Corp. | 22700 | &nbsp;&nbsp; 2798683 |
| Otis Worldwide Corp. | 37926 | &nbsp;&nbsp; 3518016 |
| Owens Corning | 26273 | &nbsp;&nbsp; 3344816 |
| PACCAR, Inc. | 106843 | &nbsp;&nbsp; 10513351 |
| Parker-Hannifin Corp. | 10409 | &nbsp;&nbsp; 8044387 |
| Paychex, Inc. | 31361 | &nbsp;&nbsp; 3670178 |
| Pentair PLC | 20543 | &nbsp;&nbsp; 2184748 |
| Quanta Services, Inc. | 12420 | &nbsp;&nbsp; 5578195 |
| Regal Rexnord Corp. | 17484 | &nbsp;&nbsp; 2463321 |
| Republic Services, Inc. | 18094 | &nbsp;&nbsp; 3767895 |
| Resideo Technologies, Inc.<sup>(b)</sup> | 59881 | &nbsp;&nbsp; 2562907 |
| Robert Half, Inc.<sup>(c)</sup> | 50132 | &nbsp;&nbsp; 1312957 |
| Rockwell Automation, Inc. | 13332 | &nbsp;&nbsp; 4910975 |
| Rollins, Inc. | 12280 | &nbsp;&nbsp; 707451 |
| RTX Corp. | 260474 | &nbsp;&nbsp; 46494609 |
| Rush Enterprises, Inc., Class A | 23503 | &nbsp;&nbsp; 1161283 |
| RXO, Inc.<sup>(b)(c)</sup> | 9836 | &nbsp;&nbsp; 174392 |
| Ryder System, Inc. | 20944 | &nbsp;&nbsp; 3544353 |
| Saia, Inc.<sup>(b)(c)</sup> | 2904 | &nbsp;&nbsp; 849420 |
| Science Applications International Corp. | 16031 | &nbsp;&nbsp; 1502265 |
| Sensata Technologies Holding PLC<sup>(c)</sup> | 61789 | &nbsp;&nbsp; 1966744 |
| Simpson Manufacturing Co., Inc.<sup>(c)</sup> | 4692 | &nbsp;&nbsp; 828138 |
| SiteOne Landscape Supply, Inc.<sup>(b)(c)</sup> | 6606 | &nbsp;&nbsp; 857261 |
| SkyWest, Inc.<sup>(b)</sup> | 7151 | &nbsp;&nbsp; 718532 |
| Snap-on, Inc. | 10039 | &nbsp;&nbsp; 3368586 |
| Southwest Airlines Co.<sup>(c)</sup> | 38256 | &nbsp;&nbsp; 1159157 |
| SS&C Technologies Holdings, Inc.<sup>(c)</sup> | 38204 | &nbsp;&nbsp; 3244284 |
| Stanley Black & Decker, Inc. | 73732 | &nbsp;&nbsp; 4993131 |
| Sunrun, Inc.<sup>(b)(c)</sup> | 86526 | &nbsp;&nbsp; 1796280 |
| Terex Corp. | 23857 | &nbsp;&nbsp; 1097899 |
| Tetra Tech, Inc. | 24200 | &nbsp;&nbsp; 773916 |
| Textron, Inc. | 51232 | &nbsp;&nbsp; 4140058 |
| Timken Co. (The)<sup>(c)</sup> | 19056 | &nbsp;&nbsp; 1496087 |
| Toro Co. (The) | 19815 | &nbsp;&nbsp; 1480775 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Trane Technologies PLC | 4700 | &nbsp;&nbsp; $2108655 |
| TransDigm Group, Inc. | 3005 | &nbsp;&nbsp; 3932072 |
| TransUnion | 18810 | &nbsp;&nbsp; 1526996 |
| TriNet Group, Inc.<sup>(c)</sup> | 9476 | &nbsp;&nbsp; 568560 |
| Trinity Industries, Inc. | 9819 | &nbsp;&nbsp; 268746 |
| Uber Technologies, Inc.<sup>(b)</sup> | 72920 | &nbsp;&nbsp; 7036780 |
| UFP Industries, Inc.<sup>(c)</sup> | 21446 | &nbsp;&nbsp; 1975820 |
| U-Haul Holding Co., Series N<sup>(c)</sup> | 24907 | &nbsp;&nbsp; 1207740 |
| Union Pacific Corp. | 100828 | &nbsp;&nbsp; 22219466 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 21660 | &nbsp;&nbsp; 2036906 |
| United Parcel Service, Inc., Class B | 206054 | &nbsp;&nbsp; 19867727 |
| United Rentals, Inc. | 8786 | &nbsp;&nbsp; 7654187 |
| Valmont Industries, Inc. | 3696 | &nbsp;&nbsp; 1528037 |
| Veralto Corp. | 17897 | &nbsp;&nbsp; 1766076 |
| Verisk Analytics, Inc. | 9068 | &nbsp;&nbsp; 1983716 |
| Vertiv Holdings Co., Class A | 10561 | &nbsp;&nbsp; 2036794 |
| Vestis Corp.<sup>(c)</sup> | 12083 | &nbsp;&nbsp; 63436 |
| W.W. Grainger, Inc. | 4584 | &nbsp;&nbsp; 4487736 |
| Wabtec Corp. | 24639 | &nbsp;&nbsp; 5037197 |
| Waste Management, Inc. | 40599 | &nbsp;&nbsp; 8110462 |
| Watsco, Inc. | 4737 | &nbsp;&nbsp; 1743263 |
| Werner Enterprises, Inc. | 38744 | &nbsp;&nbsp; 1015093 |
| WESCO International, Inc. | 18159 | &nbsp;&nbsp; 4712805 |
| WillScot Holdings Corp.<sup>(c)</sup> | 44285 | &nbsp;&nbsp; 963199 |
| Woodward, Inc. | 6742 | &nbsp;&nbsp; 1767146 |
| XPO, Inc.<sup>(b)(c)</sup> | 9017 | &nbsp;&nbsp; 1297276 |
| Xylem, Inc. | 24442 | &nbsp;&nbsp; 3687076 |
| ZIM Integrated Shipping Services Ltd. <br> (Israel)<sup>(c)</sup><br>| 81414 | &nbsp;&nbsp; 1252147 |
|  |  | &nbsp;&nbsp; 800652965 |
| **Information Technology-18.43%** | **Information Technology-18.43%** | **Information Technology-18.43%** |
| Accenture PLC, Class A | 79320 | &nbsp;&nbsp; 19837932 |
| Adobe, Inc.<sup>(b)</sup> | 42775 | &nbsp;&nbsp; 14556760 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 130367 | &nbsp;&nbsp; 33389596 |
| Akamai Technologies, Inc.<sup>(b)</sup> | 33371 | &nbsp;&nbsp; 2506162 |
| Amdocs Ltd.<sup>(c)</sup> | 34455 | &nbsp;&nbsp; 2903178 |
| Amkor Technology, Inc. | 44193 | &nbsp;&nbsp; 1426550 |
| Amphenol Corp., Class A | 68981 | &nbsp;&nbsp; 9611813 |
| Analog Devices, Inc. | 71734 | &nbsp;&nbsp; 16795081 |
| Apple, Inc. | 1247632 | &nbsp;&nbsp; 337322264 |
| Applied Materials, Inc. | 103238 | &nbsp;&nbsp; 24064778 |
| Arista Networks, Inc.<sup>(b)</sup> | 28469 | &nbsp;&nbsp; 4489277 |
| Arrow Electronics, Inc.<sup>(b)(c)</sup> | 40920 | &nbsp;&nbsp; 4564626 |
| ASGN, Inc.<sup>(b)(c)</sup> | 22675 | &nbsp;&nbsp; 1014933 |
| Autodesk, Inc.<sup>(b)</sup> | 10588 | &nbsp;&nbsp; 3190588 |
| Avnet, Inc. | 54698 | &nbsp;&nbsp; 2650118 |
| Broadcom, Inc. | 172504 | &nbsp;&nbsp; 63762654 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 11229 | &nbsp;&nbsp; 3803150 |
| CDW Corp. | 20711 | &nbsp;&nbsp; 3300712 |
| Check Point Software Technologies Ltd. <br> (Israel)<sup>(b)</sup><br>| 1935 | &nbsp;&nbsp; 378641 |
| Ciena Corp.<sup>(b)</sup> | 28889 | &nbsp;&nbsp; 5486599 |
| Cirrus Logic, Inc.<sup>(b)</sup> | 10810 | &nbsp;&nbsp; 1433946 |
| Cisco Systems, Inc. | 837543 | &nbsp;&nbsp; 61232769 |
| Cognex Corp. | 30327 | &nbsp;&nbsp; 1255235 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 138346 | &nbsp;&nbsp; 10082656 |
| Coherent Corp.<sup>(b)</sup> | 20961 | &nbsp;&nbsp; 2766014 |
| CommScope Holding Co., Inc.<sup>(b)</sup> | 135049 | &nbsp;&nbsp; 2336348 |

---

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

------

**11**

------

**Invesco RAFI US 1000 ETF (PRF)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Corning, Inc. | 161412 | &nbsp;&nbsp; $14378581 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 1575 | &nbsp;&nbsp; 855241 |
| Datadog, Inc., Class A<sup>(b)</sup> | 5461 | &nbsp;&nbsp; 889105 |
| Dell Technologies, Inc., Class C | 30444 | &nbsp;&nbsp; 4932232 |
| Diodes, Inc.<sup>(b)(c)</sup> | 18073 | &nbsp;&nbsp; 964375 |
| Dolby Laboratories, Inc., Class A<sup>(c)</sup> | 11521 | &nbsp;&nbsp; 764073 |
| Dropbox, Inc., Class A<sup>(b)</sup> | 41622 | &nbsp;&nbsp; 1207038 |
| DXC Technology Co.<sup>(b)</sup> | 113864 | &nbsp;&nbsp; 1616869 |
| Enphase Energy, Inc.<sup>(b)(c)</sup> | 15881 | &nbsp;&nbsp; 484529 |
| Entegris, Inc. | 15619 | &nbsp;&nbsp; 1430232 |
| EPAM Systems, Inc.<sup>(b)</sup> | 7777 | &nbsp;&nbsp; 1271851 |
| F5, Inc.<sup>(b)</sup> | 7385 | &nbsp;&nbsp; 1868774 |
| Fair Isaac Corp.<sup>(b)</sup> | 597 | &nbsp;&nbsp; 990739 |
| First Solar, Inc.<sup>(b)</sup> | 11772 | &nbsp;&nbsp; 3142418 |
| Flex Ltd.<sup>(b)(c)</sup> | 94294 | &nbsp;&nbsp; 5895261 |
| Fortinet, Inc.<sup>(b)</sup> | 26817 | &nbsp;&nbsp; 2317793 |
| Gartner, Inc.<sup>(b)</sup> | 5860 | &nbsp;&nbsp; 1455272 |
| Gen Digital, Inc. | 118414 | &nbsp;&nbsp; 3121393 |
| GoDaddy, Inc., Class A<sup>(b)</sup> | 14846 | &nbsp;&nbsp; 1976448 |
| Hewlett Packard Enterprise Co. | 711850 | &nbsp;&nbsp; 17383377 |
| HP, Inc. | 462553 | &nbsp;&nbsp; 12798842 |
| Insight Enterprises, Inc.<sup>(b)(c)</sup> | 10421 | &nbsp;&nbsp; 1042100 |
| Intel Corp.<sup>(b)</sup> | 2860701 | &nbsp;&nbsp; 114399433 |
| International Business Machines Corp. | 147807 | &nbsp;&nbsp; 45437350 |
| Intuit, Inc. | 15378 | &nbsp;&nbsp; 10265584 |
| Jabil, Inc. | 23964 | &nbsp;&nbsp; 5293408 |
| Keysight Technologies, Inc.<sup>(b)</sup> | 22544 | &nbsp;&nbsp; 4124650 |
| KLA Corp. | 9668 | &nbsp;&nbsp; 11686098 |
| Kyndryl Holdings, Inc.<sup>(b)(c)</sup> | 97681 | &nbsp;&nbsp; 2824935 |
| Lam Research Corp. | 146359 | &nbsp;&nbsp; 23045688 |
| Littelfuse, Inc. | 4842 | &nbsp;&nbsp; 1178107 |
| Lumentum Holdings, Inc.<sup>(b)</sup> | 16757 | &nbsp;&nbsp; 3377541 |
| Marvell Technology, Inc. | 67759 | &nbsp;&nbsp; 6351729 |
| Microchip Technology, Inc. | 99351 | &nbsp;&nbsp; 6201489 |
| Micron Technology, Inc. | 241019 | &nbsp;&nbsp; 53932822 |
| Microsoft Corp. | 434173 | &nbsp;&nbsp; 224819121 |
| MKS, Inc. | 15168 | &nbsp;&nbsp; 2179793 |
| Monolithic Power Systems, Inc. | 1329 | &nbsp;&nbsp; 1335645 |
| Motorola Solutions, Inc. | 10272 | &nbsp;&nbsp; 4177725 |
| NCR Voyix Corp.<sup>(b)(c)</sup> | 18792 | &nbsp;&nbsp; 214417 |
| NetApp, Inc. | 41172 | &nbsp;&nbsp; 4849238 |
| NetScout Systems, Inc.<sup>(b)</sup> | 26166 | &nbsp;&nbsp; 727415 |
| NVIDIA Corp. | 208990 | &nbsp;&nbsp; 42318385 |
| NXP Semiconductors N.V. (Netherlands) | 6652 | &nbsp;&nbsp; 1391066 |
| Okta, Inc.<sup>(b)</sup> | 14104 | &nbsp;&nbsp; 1290939 |
| ON Semiconductor Corp.<sup>(b)</sup> | 80881 | &nbsp;&nbsp; 4050520 |
| Oracle Corp. | 154755 | &nbsp;&nbsp; 40640211 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 6237 | &nbsp;&nbsp; 1250331 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 12805 | &nbsp;&nbsp; 2820173 |
| Plexus Corp.<sup>(b)</sup> | 7678 | &nbsp;&nbsp; 1074152 |
| PTC, Inc.<sup>(b)</sup> | 6374 | &nbsp;&nbsp; 1265494 |
| Pure Storage, Inc., Class A<sup>(b)</sup> | 14511 | &nbsp;&nbsp; 1432236 |
| Qorvo, Inc.<sup>(b)</sup> | 42134 | &nbsp;&nbsp; 3999359 |
| QUALCOMM, Inc. | 190167 | &nbsp;&nbsp; 34401210 |
| Ralliant Corp. | 10395 | &nbsp;&nbsp; 456548 |
| Roper Technologies, Inc. | 9441 | &nbsp;&nbsp; 4212102 |
| Salesforce, Inc. | 74954 | &nbsp;&nbsp; 19518771 |
| Sandisk Corp.<sup>(b)</sup> | 20227 | &nbsp;&nbsp; 4031848 |
| Sanmina Corp.<sup>(b)</sup> | 22984 | &nbsp;&nbsp; 3149957 |
| Seagate Technology Holdings PLC | 55777 | &nbsp;&nbsp; 14272219 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| ServiceNow, Inc.<sup>(b)</sup> | 3707 | &nbsp;&nbsp; $3407771 |
| Silicon Laboratories, Inc.<sup>(b)</sup> | 6750 | &nbsp;&nbsp; 884790 |
| Skyworks Solutions, Inc. | 53669 | &nbsp;&nbsp; 4171155 |
| Snowflake, Inc., Class A<sup>(b)</sup> | 7121 | &nbsp;&nbsp; 1957420 |
| SolarEdge Technologies, Inc.<sup>(b)</sup> | 2474 | &nbsp;&nbsp; 86813 |
| Super Micro Computer, Inc.<sup>(b)</sup> | 27496 | &nbsp;&nbsp; 1428692 |
| Synaptics, Inc.<sup>(b)(c)</sup> | 10339 | &nbsp;&nbsp; 733449 |
| Synopsys, Inc.<sup>(b)</sup> | 9032 | &nbsp;&nbsp; 4098902 |
| TD SYNNEX Corp. | 29996 | &nbsp;&nbsp; 4694074 |
| TE Connectivity PLC (Switzerland) | 50538 | &nbsp;&nbsp; 12483391 |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 5900 | &nbsp;&nbsp; 3108238 |
| Teradata Corp.<sup>(b)(c)</sup> | 39618 | &nbsp;&nbsp; 826035 |
| Teradyne, Inc. | 27527 | &nbsp;&nbsp; 5003308 |
| Texas Instruments, Inc. | 127648 | &nbsp;&nbsp; 20610046 |
| Trimble, Inc.<sup>(b)</sup> | 33669 | &nbsp;&nbsp; 2685103 |
| TTM Technologies, Inc.<sup>(b)</sup> | 12812 | &nbsp;&nbsp; 860966 |
| Twilio, Inc., Class A<sup>(b)(c)</sup> | 27179 | &nbsp;&nbsp; 3665904 |
| Tyler Technologies, Inc.<sup>(b)</sup> | 1802 | &nbsp;&nbsp; 858221 |
| Unity Software, Inc.<sup>(b)</sup> | 41514 | &nbsp;&nbsp; 1573381 |
| VeriSign, Inc. | 3371 | &nbsp;&nbsp; 808366 |
| Viasat, Inc.<sup>(b)(c)</sup> | 101262 | &nbsp;&nbsp; 4032253 |
| Vishay Intertechnology, Inc.<sup>(c)</sup> | 76599 | &nbsp;&nbsp; 1300651 |
| Vontier Corp. | 27813 | &nbsp;&nbsp; 1070800 |
| Western Digital Corp. | 109811 | &nbsp;&nbsp; 16494710 |
| Workday, Inc., Class A<sup>(b)</sup> | 11166 | &nbsp;&nbsp; 2678947 |
| Xerox Holdings Corp.<sup>(c)</sup> | 225140 | &nbsp;&nbsp; 747465 |
| Zebra Technologies Corp., Class A<sup>(b)</sup> | 8576 | &nbsp;&nbsp; 2309088 |
| Zoom Communications, Inc., Class A<sup>(b)</sup> | 29798 | &nbsp;&nbsp; 2599280 |
|  |  | &nbsp;&nbsp; 1528125851 |
| **Materials-3.21%** | **Materials-3.21%** | **Materials-3.21%** |
| Air Products and Chemicals, Inc. | 31724 | &nbsp;&nbsp; 7695925 |
| Albemarle Corp. | 40723 | &nbsp;&nbsp; 4000220 |
| Alcoa Corp. | 107786 | &nbsp;&nbsp; 3965447 |
| Alpha Metallurgical Resources, Inc.<sup>(b)(c)</sup> | 7334 | &nbsp;&nbsp; 1270689 |
| Amcor PLC | 674970 | &nbsp;&nbsp; 5332263 |
| AptarGroup, Inc. | 9949 | &nbsp;&nbsp; 1154184 |
| Ashland, Inc. | 26814 | &nbsp;&nbsp; 1311205 |
| Avery Dennison Corp. | 14305 | &nbsp;&nbsp; 2501801 |
| Avient Corp. | 30184 | &nbsp;&nbsp; 968001 |
| Axalta Coating Systems Ltd.<sup>(b)</sup> | 43651 | &nbsp;&nbsp; 1242744 |
| Ball Corp. | 70795 | &nbsp;&nbsp; 3327365 |
| Cabot Corp. | 13330 | &nbsp;&nbsp; 899508 |
| Celanese Corp. | 69123 | &nbsp;&nbsp; 2657088 |
| CF Industries Holdings, Inc. | 56907 | &nbsp;&nbsp; 4739784 |
| Chemours Co. (The)<sup>(c)</sup> | 111739 | &nbsp;&nbsp; 1496185 |
| Cleveland-Cliffs, Inc.<sup>(b)(c)</sup> | 389183 | &nbsp;&nbsp; 4837545 |
| Commercial Metals Co. | 45868 | &nbsp;&nbsp; 2722724 |
| Constellium SE<sup>(b)</sup> | 18182 | &nbsp;&nbsp; 286003 |
| Corteva, Inc. | 156470 | &nbsp;&nbsp; 9613517 |
| CRH PLC | 92326 | &nbsp;&nbsp; 10996027 |
| Crown Holdings, Inc. | 26702 | &nbsp;&nbsp; 2594900 |
| Dow, Inc. | 570101 | &nbsp;&nbsp; 13596909 |
| DuPont de Nemours, Inc. | 201541 | &nbsp;&nbsp; 16455823 |
| Eagle Materials, Inc. | 4822 | &nbsp;&nbsp; 1023807 |
| Eastman Chemical Co. | 61089 | &nbsp;&nbsp; 3636017 |
| Ecolab, Inc. | 21266 | &nbsp;&nbsp; 5452602 |
| Element Solutions, Inc. | 44815 | &nbsp;&nbsp; 1197457 |
| FMC Corp.<sup>(c)</sup> | 74954 | &nbsp;&nbsp; 1137052 |
| Freeport-McMoRan, Inc. | 241761 | &nbsp;&nbsp; 10081434 |

---

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

------

**12**

------

**Invesco RAFI US 1000 ETF (PRF)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-(continued)** | **Materials-(continued)** | **Materials-(continued)** |
| Graphic Packaging Holding Co.<sup>(c)</sup> | 88555 | &nbsp;&nbsp; $1415994 |
| Greif, Inc., Class A | 3578 | &nbsp;&nbsp; 203552 |
| H.B. Fuller Co. | 16025 | &nbsp;&nbsp; 919354 |
| Huntsman Corp. | 206726 | &nbsp;&nbsp; 1711691 |
| International Flavors & Fragrances, Inc.<sup>(b)</sup> | 80622 | &nbsp;&nbsp; 5076767 |
| International Paper Co. | 165148 | &nbsp;&nbsp; 6381319 |
| Knife River Corp.<sup>(b)(c)</sup> | 3285 | &nbsp;&nbsp; 198611 |
| Linde PLC | 48286 | &nbsp;&nbsp; 20198034 |
| Louisiana-Pacific Corp. | 14415 | &nbsp;&nbsp; 1255691 |
| LyondellBasell Industries N.V., Class A | 169097 | &nbsp;&nbsp; 7849483 |
| Martin Marietta Materials, Inc. | 5900 | &nbsp;&nbsp; 3617290 |
| Mosaic Co. (The) | 221480 | &nbsp;&nbsp; 6079626 |
| NewMarket Corp. | 1157 | &nbsp;&nbsp; 888460 |
| Newmont Corp. | 228872 | &nbsp;&nbsp; 18531766 |
| Nucor Corp. | 113502 | &nbsp;&nbsp; 17030975 |
| O-I Glass, Inc.<sup>(b)</sup> | 90150 | &nbsp;&nbsp; 1017794 |
| Olin Corp.<sup>(c)</sup> | 114162 | &nbsp;&nbsp; 2363153 |
| Packaging Corp. of America | 19009 | &nbsp;&nbsp; 3721202 |
| PPG Industries, Inc. | 50875 | &nbsp;&nbsp; 4973031 |
| Reliance, Inc.<sup>(c)</sup> | 19106 | &nbsp;&nbsp; 5396108 |
| Royal Gold, Inc. | 5953 | &nbsp;&nbsp; 1040525 |
| RPM International, Inc. | 18955 | &nbsp;&nbsp; 2071402 |
| Scotts Miracle-Gro Co. (The) | 4057 | &nbsp;&nbsp; 217131 |
| Sealed Air Corp. | 36063 | &nbsp;&nbsp; 1208471 |
| Sherwin-Williams Co. (The) | 14125 | &nbsp;&nbsp; 4872278 |
| Silgan Holdings, Inc.<sup>(c)</sup> | 22481 | &nbsp;&nbsp; 868216 |
| Solstice Advanced Materials, Inc.<sup>(b)</sup> | 28449 | &nbsp;&nbsp; 1282196 |
| Sonoco Products Co. | 42365 | &nbsp;&nbsp; 1718748 |
| Southern Copper Corp. (Mexico) | 12300 | &nbsp;&nbsp; 1707240 |
| Steel Dynamics, Inc. | 56179 | &nbsp;&nbsp; 8808867 |
| Sylvamo Corp. | 16416 | &nbsp;&nbsp; 666490 |
| Tronox Holdings PLC, Class A<sup>(c)</sup> | 132101 | &nbsp;&nbsp; 462354 |
| Vulcan Materials Co. | 12167 | &nbsp;&nbsp; 3522347 |
| Warrior Met Coal, Inc. | 19856 | &nbsp;&nbsp; 1347031 |
| Westlake Corp.<sup>(c)</sup> | 13474 | &nbsp;&nbsp; 927146 |
|  |  | &nbsp;&nbsp; 265744569 |
| **Real Estate-2.52%** | **Real Estate-2.52%** | **Real Estate-2.52%** |
| Agree Realty Corp. | 14992 | &nbsp;&nbsp; 1094566 |
| Alexandria Real Estate Equities, Inc. | 57087 | &nbsp;&nbsp; 3323605 |
| American Homes 4 Rent, Class A | 45161 | &nbsp;&nbsp; 1427088 |
| American Tower Corp. | 45706 | &nbsp;&nbsp; 8180460 |
| Americold Realty Trust, Inc.<sup>(c)</sup> | 81991 | &nbsp;&nbsp; 1056864 |
| Anywhere Real Estate, Inc.<sup>(b)</sup> | 80234 | &nbsp;&nbsp; 806352 |
| Apple Hospitality REIT, Inc. | 79859 | &nbsp;&nbsp; 893622 |
| AvalonBay Communities, Inc. | 22893 | &nbsp;&nbsp; 3981551 |
| Brandywine Realty Trust<sup>(c)</sup> | 52434 | &nbsp;&nbsp; 179849 |
| Brixmor Property Group, Inc. | 62703 | &nbsp;&nbsp; 1640310 |
| BXP, Inc.<sup>(c)</sup> | 49513 | &nbsp;&nbsp; 3524830 |
| Camden Property Trust | 19245 | &nbsp;&nbsp; 1914493 |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 55781 | &nbsp;&nbsp; 8502698 |
| COPT Defense Properties | 9427 | &nbsp;&nbsp; 265559 |
| CoStar Group, Inc.<sup>(b)</sup> | 24006 | &nbsp;&nbsp; 1651853 |
| Cousins Properties, Inc. | 51926 | &nbsp;&nbsp; 1346441 |
| Crown Castle, Inc. | 77626 | &nbsp;&nbsp; 7003418 |
| CubeSmart | 31814 | &nbsp;&nbsp; 1198433 |
| Cushman & Wakefield PLC<sup>(b)</sup> | 97920 | &nbsp;&nbsp; 1537344 |
| DiamondRock Hospitality Co. | 23617 | &nbsp;&nbsp; 184685 |
| Digital Realty Trust, Inc. | 46087 | &nbsp;&nbsp; 7853686 |
| Douglas Emmett, Inc.<sup>(c)</sup> | 72141 | &nbsp;&nbsp; 933505 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
| EastGroup Properties, Inc. | 4919 | &nbsp;&nbsp; $858513 |
| EPR Properties | 20079 | &nbsp;&nbsp; 984273 |
| Equinix, Inc. | 7325 | &nbsp;&nbsp; 6197023 |
| Equity LifeStyle Properties, Inc.<sup>(c)</sup> | 18031 | &nbsp;&nbsp; 1100793 |
| Equity Residential | 74350 | &nbsp;&nbsp; 4419364 |
| Essex Property Trust, Inc. | 9895 | &nbsp;&nbsp; 2491264 |
| Extra Space Storage, Inc. | 23510 | &nbsp;&nbsp; 3139525 |
| Federal Realty Investment Trust | 15731 | &nbsp;&nbsp; 1513165 |
| First Industrial Realty Trust, Inc. | 18016 | &nbsp;&nbsp; 995924 |
| Gaming and Leisure Properties, Inc. | 40291 | &nbsp;&nbsp; 1799396 |
| Healthcare Realty Trust, Inc.<sup>(c)</sup> | 127233 | &nbsp;&nbsp; 2254569 |
| Healthpeak Properties, Inc. | 181244 | &nbsp;&nbsp; 3253330 |
| Highwoods Properties, Inc. | 43308 | &nbsp;&nbsp; 1239908 |
| Host Hotels & Resorts, Inc. | 189940 | &nbsp;&nbsp; 3042839 |
| Hudson Pacific Properties, Inc.<sup>(b)(c)</sup> | 237591 | &nbsp;&nbsp; 579722 |
| Independence Realty Trust, Inc. | 13497 | &nbsp;&nbsp; 215007 |
| Invitation Homes, Inc. | 95673 | &nbsp;&nbsp; 2693195 |
| Iron Mountain, Inc. | 34944 | &nbsp;&nbsp; 3597485 |
| JBG SMITH Properties, (Acquired <br> 03/20/2020 - 10/20/2025; <br> Cost $1,166,522)<sup>(f)</sup><br>| 53113 | &nbsp;&nbsp; 1035172 |
| Jones Lang LaSalle, Inc.<sup>(b)</sup> | 15368 | &nbsp;&nbsp; 4688623 |
| Kilroy Realty Corp.<sup>(c)</sup> | 48900 | &nbsp;&nbsp; 2066025 |
| Kimco Realty Corp. | 135100 | &nbsp;&nbsp; 2791166 |
| Kite Realty Group Trust<sup>(c)</sup> | 45733 | &nbsp;&nbsp; 1012529 |
| Lamar Advertising Co., Class A<sup>(c)</sup> | 12900 | &nbsp;&nbsp; 1529811 |
| LXP Industrial Trust<sup>(c)</sup> | 23259 | &nbsp;&nbsp; 220728 |
| Macerich Co. (The)<sup>(c)</sup> | 68387 | &nbsp;&nbsp; 1172837 |
| Medical Properties Trust, Inc.<sup>(c)</sup> | 512011 | &nbsp;&nbsp; 2647097 |
| Mid-America Apartment Communities, <br> Inc.<br>| 19772 | &nbsp;&nbsp; 2535364 |
| Millrose Properties, Inc. | 7319 | &nbsp;&nbsp; 235745 |
| NNN REIT, Inc. | 34364 | &nbsp;&nbsp; 1390367 |
| Omega Healthcare Investors, Inc. | 44469 | &nbsp;&nbsp; 1869032 |
| Opendoor Technologies, Inc.<sup>(b)(c)</sup> | 83720 | &nbsp;&nbsp; 650504 |
| Outfront Media, Inc. | 16372 | &nbsp;&nbsp; 289621 |
| Park Hotels & Resorts, Inc.<sup>(c)</sup> | 135607 | &nbsp;&nbsp; 1395396 |
| Phillips Edison & Co., Inc. | 6069 | &nbsp;&nbsp; 205375 |
| PotlatchDeltic Corp.<sup>(c)</sup> | 28034 | &nbsp;&nbsp; 1121360 |
| Prologis, Inc. | 121181 | &nbsp;&nbsp; 15037350 |
| Public Storage | 14625 | &nbsp;&nbsp; 4073940 |
| Rayonier, Inc.<sup>(c)</sup> | 35309 | &nbsp;&nbsp; 779270 |
| Realty Income Corp. | 127982 | &nbsp;&nbsp; 7420396 |
| Regency Centers Corp. | 33110 | &nbsp;&nbsp; 2282934 |
| Rexford Industrial Realty, Inc.<sup>(c)</sup> | 38639 | &nbsp;&nbsp; 1596563 |
| RLJ Lodging Trust<sup>(c)</sup> | 19071 | &nbsp;&nbsp; 129683 |
| Sabra Health Care REIT, Inc. | 66292 | &nbsp;&nbsp; 1181323 |
| SBA Communications Corp., Class A | 8883 | &nbsp;&nbsp; 1700917 |
| Simon Property Group, Inc. | 36246 | &nbsp;&nbsp; 6370597 |
| SL Green Realty Corp. | 28967 | &nbsp;&nbsp; 1487455 |
| STAG Industrial, Inc. | 31875 | &nbsp;&nbsp; 1219856 |
| Sun Communities, Inc.<sup>(c)</sup> | 21444 | &nbsp;&nbsp; 2714810 |
| UDR, Inc. | 54167 | &nbsp;&nbsp; 1824886 |
| Ventas, Inc. | 84715 | &nbsp;&nbsp; 6251120 |
| VICI Properties, Inc. | 173857 | &nbsp;&nbsp; 5213971 |
| Vornado Realty Trust<sup>(c)</sup> | 60372 | &nbsp;&nbsp; 2290514 |
| W.P. Carey, Inc. | 45662 | &nbsp;&nbsp; 3013692 |
| Welltower, Inc. | 61807 | &nbsp;&nbsp; 11189539 |

---

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

------

**13**

------

**Invesco RAFI US 1000 ETF (PRF)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
| Weyerhaeuser Co. | 250523 | &nbsp;&nbsp; $5762029 |
| Zillow Group, Inc., Class C<sup>(b)(c)</sup> | 21663 | &nbsp;&nbsp; 1624292 |
|  |  | &nbsp;&nbsp; 208898396 |
| **Utilities-3.77%** | **Utilities-3.77%** | **Utilities-3.77%** |
| AES Corp. (The) | 284546 | &nbsp;&nbsp; 3946653 |
| ALLETE, Inc. | 17542 | &nbsp;&nbsp; 1181103 |
| Alliant Energy Corp. | 53067 | &nbsp;&nbsp; 3545937 |
| Ameren Corp. | 56243 | &nbsp;&nbsp; 5737911 |
| American Electric Power Co., Inc. | 124316 | &nbsp;&nbsp; 14950242 |
| American Water Works Co., Inc. | 27663 | &nbsp;&nbsp; 3552759 |
| Atmos Energy Corp. | 24097 | &nbsp;&nbsp; 4137937 |
| Avista Corp. | 27898 | &nbsp;&nbsp; 1061519 |
| Black Hills Corp. | 23759 | &nbsp;&nbsp; 1507033 |
| CenterPoint Energy, Inc.<sup>(c)</sup> | 137645 | &nbsp;&nbsp; 5263545 |
| CMS Energy Corp. | 60948 | &nbsp;&nbsp; 4482725 |
| Consolidated Edison, Inc. | 96799 | &nbsp;&nbsp; 9429191 |
| Constellation Energy Corp. | 25519 | &nbsp;&nbsp; 9620663 |
| Dominion Energy, Inc. | 269420 | &nbsp;&nbsp; 15812260 |
| DTE Energy Co. | 44065 | &nbsp;&nbsp; 5972570 |
| Duke Energy Corp. | 207353 | &nbsp;&nbsp; 25773978 |
| Edison International | 142117 | &nbsp;&nbsp; 7870439 |
| Entergy Corp. | 99667 | &nbsp;&nbsp; 9577002 |
| Essential Utilities, Inc. | 52640 | &nbsp;&nbsp; 2054539 |
| Evergy, Inc. | 75480 | &nbsp;&nbsp; 5797619 |
| Eversource Energy | 107670 | &nbsp;&nbsp; 7947123 |
| Exelon Corp. | 295252 | &nbsp;&nbsp; 13617022 |
| FirstEnergy Corp. | 148497 | &nbsp;&nbsp; 6805618 |
| Hawaiian Electric Industries, Inc.<sup>(b)(c)</sup> | 107684 | &nbsp;&nbsp; 1251288 |
| IDACORP, Inc. | 11186 | &nbsp;&nbsp; 1443218 |
| MDU Resources Group, Inc.<sup>(c)</sup> | 17534 | &nbsp;&nbsp; 336302 |
| National Fuel Gas Co. | 21054 | &nbsp;&nbsp; 1661371 |
| New Jersey Resources Corp.<sup>(c)</sup> | 23531 | &nbsp;&nbsp; 1042423 |
| NextEra Energy, Inc. | 314849 | &nbsp;&nbsp; 25628709 |
| NiSource, Inc. | 94216 | &nbsp;&nbsp; 3967436 |
| NorthWestern Energy Group, Inc. | 20634 | &nbsp;&nbsp; 1231231 |
| NRG Energy, Inc. | 41479 | &nbsp;&nbsp; 7128581 |
| OGE Energy Corp. | 56256 | &nbsp;&nbsp; 2483140 |
| ONE Gas, Inc.<sup>(c)</sup> | 16719 | &nbsp;&nbsp; 1340697 |
| PG&E Corp. | 478211 | &nbsp;&nbsp; 7632248 |
| Pinnacle West Capital Corp. | 35407 | &nbsp;&nbsp; 3134228 |
| Portland General Electric Co.<sup>(c)</sup> | 35524 | &nbsp;&nbsp; 1622736 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities-(continued)** | **Utilities-(continued)** | **Utilities-(continued)** |
| PPL Corp. | 214900 | &nbsp;&nbsp; $7848148 |
| Public Service Enterprise Group, Inc. | 101159 | &nbsp;&nbsp; 8149369 |
| Sempra | 139328 | &nbsp;&nbsp; 12809816 |
| Southern Co. (The)<sup>(c)</sup> | 224666 | &nbsp;&nbsp; 21127591 |
| Southwest Gas Holdings, Inc. | 19491 | &nbsp;&nbsp; 1549534 |
| Spire, Inc. | 16660 | &nbsp;&nbsp; 1439424 |
| TXNM Energy, Inc.<sup>(c)</sup> | 22777 | &nbsp;&nbsp; 1293734 |
| UGI Corp. | 99008 | &nbsp;&nbsp; 3309837 |
| Vistra Corp. | 43821 | &nbsp;&nbsp; 8251494 |
| WEC Energy Group, Inc. | 63136 | &nbsp;&nbsp; 7054185 |
| Xcel Energy, Inc. | 126138 | &nbsp;&nbsp; 10238621 |
|  |  | &nbsp;&nbsp; 312620749 |
| Total Common Stocks & Other Equity Interests <br>(Cost $6,037,727,637) | Total Common Stocks & Other Equity Interests <br>(Cost $6,037,727,637) | &nbsp;&nbsp; 8286589677 |
| **Money Market Funds-0.02%** | **Money Market Funds-0.02%** | **Money Market Funds-0.02%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(e)(g)</sup> <br>(Cost $1,699,020)<br>| 1699020 | &nbsp;&nbsp; 1699020 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.98% <br>(Cost $6,039,426,657) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.98% <br>(Cost $6,039,426,657) | &nbsp;&nbsp; 8288288697 |
| **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-2.74%** | **Money Market Funds-2.74%** | **Money Market Funds-2.74%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(e)(g)(h)</sup><br>| 61230592 | &nbsp;&nbsp; 61230592 |
| Invesco Private Prime Fund, <br> 4.30%<sup>(e)(g)(h)</sup><br>| 165657547 | &nbsp;&nbsp; 165707244 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $226,939,568) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $226,939,568) | &nbsp;&nbsp; 226937836 |
| TOTAL INVESTMENTS IN SECURITIES-102.72% <br>(Cost $6,266,366,225) | TOTAL INVESTMENTS IN SECURITIES-102.72% <br>(Cost $6,266,366,225) | &nbsp;&nbsp; 8515226533 |
| OTHER ASSETS LESS LIABILITIES-(2.72)% | OTHER ASSETS LESS LIABILITIES-(2.72)% | &nbsp;&nbsp; (225434627)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $8289791906 |

---

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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| Invesco Ltd. | &nbsp;&nbsp; $3221382 | &nbsp;&nbsp; $361215 | &nbsp;&nbsp; $(991738)<br>| &nbsp;&nbsp; $2546773 | &nbsp;&nbsp; $(408818)<br>| &nbsp;&nbsp; $4728814 | &nbsp;&nbsp; $94301 |

---

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

------

**14**

------

**Invesco RAFI US 1000 ETF (PRF)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2025**<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> **October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $2764003 | &nbsp;&nbsp; $96708997 | &nbsp;&nbsp; $(97773980)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1699020 | &nbsp;&nbsp; $93224 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 60639972 | &nbsp;&nbsp; 239128508 | &nbsp;&nbsp; (238537888)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 61230592 | &nbsp;&nbsp; 1,340,935<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 156221551 | &nbsp;&nbsp; 521439051 | &nbsp;&nbsp; (511973194)<br>| &nbsp;&nbsp; 10143 | &nbsp;&nbsp; 9693 | &nbsp;&nbsp; 165707244 | &nbsp;&nbsp; 3,616,523<br> \*<br>|
| Total | &nbsp;&nbsp; $222846908 | &nbsp;&nbsp; $857637771 | &nbsp;&nbsp; $(849276800)<br>| &nbsp;&nbsp; $2556916 | &nbsp;&nbsp; $(399125)<br>| &nbsp;&nbsp; $233365670 | &nbsp;&nbsp; $5144983 |

---

\* 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 October 31, 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 October 31, 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)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.93%** | **Common Stocks & Other Equity Interests-99.93%** | **Common Stocks & Other Equity Interests-99.93%** |
| **Communication Services-3.57%** | **Communication Services-3.57%** | **Communication Services-3.57%** |
| Advantage Solutions, Inc.<sup>(b)(c)</sup> | 109568 | &nbsp;&nbsp; $140247 |
| AMC Entertainment Holdings, Inc.<sup>(b)(c)</sup> | 295582 | &nbsp;&nbsp; 765559 |
| AMC Networks, Inc., Class A<sup>(b)(c)</sup> | 132585 | &nbsp;&nbsp; 1004994 |
| Angi, Inc.<sup>(b)(c)</sup> | 22796 | &nbsp;&nbsp; 302503 |
| Array Digital Infrastructure, Inc.<sup>(c)</sup> | 20824 | &nbsp;&nbsp; 1022875 |
| Atlanta Braves Holdings, Inc., <br> Series C<sup>(b)(c)</sup><br>| 19740 | &nbsp;&nbsp; 803813 |
| ATN International, Inc. | 14125 | &nbsp;&nbsp; 205236 |
| Bandwidth, Inc., Class A<sup>(b)(c)</sup> | 42627 | &nbsp;&nbsp; 688426 |
| Boston Omaha Corp., Class A<sup>(b)(c)</sup> | 6992 | &nbsp;&nbsp; 88938 |
| Bumble, Inc., Class A<sup>(b)(c)</sup> | 220186 | &nbsp;&nbsp; 1222032 |
| Cable One, Inc.<sup>(c)</sup> | 18808 | &nbsp;&nbsp; 2793928 |
| Cardlytics, Inc.<sup>(b)(c)</sup> | 122907 | &nbsp;&nbsp; 238440 |
| CarGurus, Inc.<sup>(b)</sup> | 103140 | &nbsp;&nbsp; 3622277 |
| Cars.com, Inc.<sup>(b)</sup> | 86803 | &nbsp;&nbsp; 932264 |
| Cinemark Holdings, Inc. | 117473 | &nbsp;&nbsp; 3172946 |
| Clear Channel Outdoor Holdings, Inc.<sup>(b)(c)</sup> | 580331 | &nbsp;&nbsp; 1050399 |
| Cogent Communications Holdings, Inc.<sup>(c)</sup> | 64884 | &nbsp;&nbsp; 2676465 |
| DHI Group, Inc.<sup>(b)</sup> | 18863 | &nbsp;&nbsp; 36594 |
| DoubleVerify Holdings, Inc.<sup>(b)</sup> | 115822 | &nbsp;&nbsp; 1318054 |
| E.W. Scripps Co. (The), Class A<sup>(b)</sup> | 149913 | &nbsp;&nbsp; 364289 |
| EchoStar Corp., Class A<sup>(b)(c)</sup> | 68424 | &nbsp;&nbsp; 5122905 |
| Entravision Communications Corp., <br> Class A<br>| 60674 | &nbsp;&nbsp; 125595 |
| Eventbrite, Inc., Class A<sup>(b)(c)</sup> | 101632 | &nbsp;&nbsp; 234770 |
| EverQuote, Inc., Class A<sup>(b)</sup> | 20093 | &nbsp;&nbsp; 432803 |
| fuboTV, Inc.<sup>(b)(c)</sup> | 360381 | &nbsp;&nbsp; 1362240 |
| Gannett Co., Inc.<sup>(b)(c)</sup> | 297995 | &nbsp;&nbsp; 1579374 |
| Getty Images Holdings, Inc.<sup>(b)(c)</sup> | 130095 | &nbsp;&nbsp; 244579 |
| Gogo, Inc.<sup>(b)(c)</sup> | 47790 | &nbsp;&nbsp; 434889 |
| Gray Media, Inc.<sup>(c)</sup> | 156785 | &nbsp;&nbsp; 716507 |
| IDT Corp., Class B | 18444 | &nbsp;&nbsp; 934373 |
| iHeartMedia, Inc., Class A<sup>(b)(c)</sup> | 226566 | &nbsp;&nbsp; 672901 |
| IHS Holding Ltd. (Nigeria)<sup>(b)(c)</sup> | 83748 | &nbsp;&nbsp; 573674 |
| IMAX Corp.<sup>(b)(c)</sup> | 10708 | &nbsp;&nbsp; 347903 |
| Integral Ad Science Holding Corp.<sup>(b)(c)</sup> | 108356 | &nbsp;&nbsp; 1106315 |
| Iridium Communications, Inc.<sup>(c)</sup> | 162137 | &nbsp;&nbsp; 3104924 |
| John Wiley & Sons, Inc., Class A<sup>(c)</sup> | 71810 | &nbsp;&nbsp; 2647635 |
| Liberty Latin America Ltd., Class C<sup>(b)</sup> | 150642 | &nbsp;&nbsp; 1191578 |
| Lionsgate Studios Corp.<sup>(b)(c)</sup> | 98430 | &nbsp;&nbsp; 632905 |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup> | 9175 | &nbsp;&nbsp; 1371938 |
| Madison Square Garden Entertainment <br> Corp.<sup>(b)</sup><br>| 3349 | &nbsp;&nbsp; 147892 |
| Madison Square Garden Sports Corp., <br> Class A<sup>(b)(c)</sup><br>| 3025 | &nbsp;&nbsp; 648530 |
| Magnite, Inc.<sup>(b)(c)</sup> | 103158 | &nbsp;&nbsp; 1844465 |
| Marcus Corp. (The)<sup>(c)</sup> | 37229 | &nbsp;&nbsp; 536098 |
| National CineMedia, Inc.<sup>(c)</sup> | 125214 | &nbsp;&nbsp; 553446 |
| New York Times Co. (The), Class A | 23659 | &nbsp;&nbsp; 1348326 |
| Nextdoor Holdings, Inc.<sup>(b)(c)</sup> | 249341 | &nbsp;&nbsp; 486215 |
| Pinterest, Inc., Class A<sup>(b)(c)</sup> | 30791 | &nbsp;&nbsp; 1019182 |
| Playstudios, Inc.<sup>(b)</sup> | 58009 | &nbsp;&nbsp; 53948 |
| PubMatic, Inc., Class A<sup>(b)(c)</sup> | 53859 | &nbsp;&nbsp; 450261 |
| QuinStreet, Inc.<sup>(b)</sup> | 72147 | &nbsp;&nbsp; 1067054 |
| Reddit, Inc., Class A<sup>(b)</sup> | 6418 | &nbsp;&nbsp; 1341041 |
| Roblox Corp., Class A<sup>(b)</sup> | 49280 | &nbsp;&nbsp; 5604122 |
| Roku, Inc., Class A<sup>(b)</sup> | 13458 | &nbsp;&nbsp; 1428298 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Communication Services-(continued)** | **Communication Services-(continued)** | **Communication Services-(continued)** |
| Scholastic Corp. | 51262 | &nbsp;&nbsp; $1469682 |
| Shenandoah Telecommunications Co. | 46633 | &nbsp;&nbsp; 574519 |
| Shutterstock, Inc. | 58794 | &nbsp;&nbsp; 1471614 |
| Sinclair, Inc.<sup>(c)</sup> | 97733 | &nbsp;&nbsp; 1335033 |
| Sirius XM Holdings, Inc. | 17818 | &nbsp;&nbsp; 386472 |
| Skillz, Inc.<sup>(b)(c)</sup> | 12874 | &nbsp;&nbsp; 85998 |
| Sphere Entertainment Co.<sup>(b)(c)</sup> | 52319 | &nbsp;&nbsp; 3582805 |
| Spok Holdings, Inc. | 20755 | &nbsp;&nbsp; 296589 |
| Stagwell, Inc.<sup>(b)(c)</sup> | 119807 | &nbsp;&nbsp; 569083 |
| Taboola.com Ltd. (Israel)<sup>(b)</sup> | 62029 | &nbsp;&nbsp; 221444 |
| Thryv Holdings, Inc.<sup>(b)(c)</sup> | 84319 | &nbsp;&nbsp; 650099 |
| TKO Group Holdings, Inc. | 19230 | &nbsp;&nbsp; 3622932 |
| Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 9485 | &nbsp;&nbsp; 476906 |
| TripAdvisor, Inc.<sup>(b)(c)</sup> | 209757 | &nbsp;&nbsp; 3368697 |
| TrueCar, Inc.<sup>(b)</sup> | 54912 | &nbsp;&nbsp; 120806 |
| Uniti Group, Inc.<sup>(b)(c)</sup> | 165403 | &nbsp;&nbsp; 952721 |
| Vimeo, Inc.<sup>(b)(c)</sup> | 221164 | &nbsp;&nbsp; 1725079 |
| Warner Music Group Corp., Class A<sup>(c)</sup> | 51847 | &nbsp;&nbsp; 1657030 |
| Webtoon Entertainment, Inc. (South <br> Korea)<sup>(b)(c)</sup><br>| 32603 | &nbsp;&nbsp; 571531 |
| WideOpenWest, Inc.<sup>(b)</sup> | 123751 | &nbsp;&nbsp; 634843 |
| Yelp, Inc.<sup>(b)(c)</sup> | 12539 | &nbsp;&nbsp; 413536 |
| Ziff Davis, Inc.<sup>(b)(c)</sup> | 15176 | &nbsp;&nbsp; 514466 |
| ZipRecruiter, Inc., Class A<sup>(b)(c)</sup> | 104023 | &nbsp;&nbsp; 483707 |
| ZoomInfo Technologies, Inc., Class A<sup>(b)(c)</sup> | 395524 | &nbsp;&nbsp; 4437779 |
|  |  | &nbsp;&nbsp; 91440336 |
| **Consumer Discretionary-11.76%** | **Consumer Discretionary-11.76%** | **Consumer Discretionary-11.76%** |
| 1-800-Flowers.com, Inc., Class A<sup>(b)(c)</sup> | 98902 | &nbsp;&nbsp; 356047 |
| Abercrombie & Fitch Co., Class A<sup>(b)</sup> | 8551 | &nbsp;&nbsp; 620375 |
| Accel Entertainment, Inc.<sup>(b)</sup> | 51176 | &nbsp;&nbsp; 521483 |
| Acushnet Holdings Corp. | 44583 | &nbsp;&nbsp; 3447603 |
| ADT, Inc.<sup>(c)</sup> | 150634 | &nbsp;&nbsp; 1331605 |
| Adtalem Global Education, Inc.<sup>(b)</sup> | 59679 | &nbsp;&nbsp; 5849736 |
| Afya Ltd., Class A (Brazil) | 6565 | &nbsp;&nbsp; 93026 |
| Allbirds, Inc., Class A<sup>(b)(c)</sup> | 4167 | &nbsp;&nbsp; 37503 |
| A-Mark Precious Metals, Inc.<sup>(c)</sup> | 67875 | &nbsp;&nbsp; 1804118 |
| American Axle & Manufacturing Holdings, <br> Inc.<sup>(b)(c)</sup><br>| 323371 | &nbsp;&nbsp; 2004900 |
| American Outdoor Brands, Inc.<sup>(b)(c)</sup> | 8832 | &nbsp;&nbsp; 60676 |
| American Public Education, Inc.<sup>(b)(c)</sup> | 29828 | &nbsp;&nbsp; 998940 |
| America's Car-Mart, Inc.<sup>(b)(c)</sup> | 13760 | &nbsp;&nbsp; 306022 |
| Arcos Dorados Holdings, Inc., Class A <br> (Brazil)<sup>(c)</sup><br>| 41218 | &nbsp;&nbsp; 295533 |
| Arhaus, Inc.<sup>(b)(c)</sup> | 39626 | &nbsp;&nbsp; 397053 |
| Arko Corp.<sup>(c)</sup> | 83640 | &nbsp;&nbsp; 368434 |
| BARK, Inc.<sup>(b)</sup> | 98775 | &nbsp;&nbsp; 89668 |
| Barnes & Noble Education, Inc.<sup>(b)(c)</sup> | 47279 | &nbsp;&nbsp; 431657 |
| Bassett Furniture Industries, Inc. | 3219 | &nbsp;&nbsp; 47480 |
| Beazer Homes USA, Inc.<sup>(b)</sup> | 70102 | &nbsp;&nbsp; 1570285 |
| Betterware de Mexico SAPI de CV <br> (Mexico)<br>| 5283 | &nbsp;&nbsp; 76498 |
| Biglari Holdings, Inc., Class B<sup>(b)(c)</sup> | 942 | &nbsp;&nbsp; 340354 |
| Birkenstock Holding PLC (Germany)<sup>(b)(c)</sup> | 15760 | &nbsp;&nbsp; 628982 |
| BJ's Restaurants, Inc.<sup>(b)(c)</sup> | 41540 | &nbsp;&nbsp; 1410698 |
| Bloomin' Brands, Inc. | 331050 | &nbsp;&nbsp; 2261072 |
| Boot Barn Holdings, Inc.<sup>(b)</sup> | 26330 | &nbsp;&nbsp; 4993484 |
| Bright Horizons Family Solutions, Inc.<sup>(b)(c)</sup> | 36013 | &nbsp;&nbsp; 3933700 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| Brinker International, Inc.<sup>(b)</sup> | 30935 | &nbsp;&nbsp; $3361397 |
| Buckle, Inc. (The)<sup>(c)</sup> | 76157 | &nbsp;&nbsp; 4173404 |
| Build-A-Bear Workshop, Inc.<sup>(c)</sup> | 22969 | &nbsp;&nbsp; 1245379 |
| Caleres, Inc.<sup>(c)</sup> | 110031 | &nbsp;&nbsp; 1214742 |
| Camping World Holdings, Inc., Class A<sup>(c)</sup> | 83605 | &nbsp;&nbsp; 1100242 |
| CarParts.com, Inc.<sup>(b)</sup> | 41532 | &nbsp;&nbsp; 28665 |
| Carriage Services, Inc.<sup>(c)</sup> | 18920 | &nbsp;&nbsp; 845724 |
| Carvana Co.<sup>(b)</sup> | 16841 | &nbsp;&nbsp; 5162440 |
| Cava Group, Inc.<sup>(b)(c)</sup> | 6104 | &nbsp;&nbsp; 327968 |
| Cavco Industries, Inc.<sup>(b)</sup> | 10161 | &nbsp;&nbsp; 5383298 |
| Champion Homes, Inc.<sup>(b)</sup> | 63719 | &nbsp;&nbsp; 4347547 |
| Cheesecake Factory, Inc. (The) | 52935 | &nbsp;&nbsp; 2636163 |
| Chegg, Inc.<sup>(b)</sup> | 375960 | &nbsp;&nbsp; 398518 |
| Chewy, Inc., Class A<sup>(b)</sup> | 14395 | &nbsp;&nbsp; 485399 |
| Children's Place, Inc. (The)<sup>(b)(c)</sup> | 62570 | &nbsp;&nbsp; 448627 |
| Choice Hotels International, Inc. | 19353 | &nbsp;&nbsp; 1799055 |
| Churchill Downs, Inc.<sup>(c)</sup> | 43721 | &nbsp;&nbsp; 4337123 |
| Citi Trends, Inc.<sup>(b)(c)</sup> | 16202 | &nbsp;&nbsp; 580356 |
| Clarus Corp.<sup>(c)</sup> | 37826 | &nbsp;&nbsp; 126339 |
| Columbia Sportswear Co. | 11082 | &nbsp;&nbsp; 550000 |
| Cooper-Standard Holdings, Inc.<sup>(b)(c)</sup> | 56123 | &nbsp;&nbsp; 1696037 |
| Coursera, Inc.<sup>(b)</sup> | 131878 | &nbsp;&nbsp; 1110413 |
| Cracker Barrel Old Country Store, Inc.<sup>(c)</sup> | 89493 | &nbsp;&nbsp; 3015914 |
| Cricut, Inc., Class A<sup>(c)</sup> | 53630 | &nbsp;&nbsp; 284775 |
| Crocs, Inc.<sup>(b)</sup> | 9084 | &nbsp;&nbsp; 742072 |
| Dave & Buster's Entertainment, Inc.<sup>(b)(c)</sup> | 95523 | &nbsp;&nbsp; 1403233 |
| Denny's Corp.<sup>(b)(c)</sup> | 100055 | &nbsp;&nbsp; 391215 |
| Designer Brands, Inc., Class A<sup>(c)</sup> | 248527 | &nbsp;&nbsp; 917065 |
| Destination XL Group, Inc.<sup>(b)</sup> | 66509 | &nbsp;&nbsp; 66456 |
| Dillard's, Inc., Class A<sup>(c)</sup> | 7999 | &nbsp;&nbsp; 4800040 |
| Dine Brands Global, Inc.<sup>(c)</sup> | 68269 | &nbsp;&nbsp; 1687610 |
| Dorman Products, Inc.<sup>(b)</sup> | 30668 | &nbsp;&nbsp; 4113499 |
| DraftKings, Inc., Class A<sup>(b)</sup> | 81781 | &nbsp;&nbsp; 2501681 |
| Dream Finders Homes, Inc., Class A<sup>(b)(c)</sup> | 37643 | &nbsp;&nbsp; 745331 |
| Driven Brands Holdings, Inc.<sup>(b)(c)</sup> | 74735 | &nbsp;&nbsp; 1072447 |
| Duolingo, Inc.<sup>(b)</sup> | 3453 | &nbsp;&nbsp; 934520 |
| Dutch Bros, Inc., Class A<sup>(b)</sup> | 6029 | &nbsp;&nbsp; 334851 |
| El Pollo Loco Holdings, Inc.<sup>(b)(c)</sup> | 48129 | &nbsp;&nbsp; 491878 |
| Ermenegildo Zegna N.V. (Italy)<sup>(c)</sup> | 11540 | &nbsp;&nbsp; 117823 |
| Escalade, Inc.<sup>(c)</sup> | 2162 | &nbsp;&nbsp; 24885 |
| Ethan Allen Interiors, Inc. | 43654 | &nbsp;&nbsp; 1055117 |
| Etsy, Inc.<sup>(b)(c)</sup> | 6811 | &nbsp;&nbsp; 422282 |
| European Wax Center, Inc., Class A<sup>(b)(c)</sup> | 83373 | &nbsp;&nbsp; 325155 |
| Figs, Inc., Class A<sup>(b)(c)</sup> | 157089 | &nbsp;&nbsp; 1171884 |
| First Watch Restaurant Group, Inc.<sup>(b)(c)</sup> | 44723 | &nbsp;&nbsp; 737482 |
| Flexsteel Industries, Inc.<sup>(c)</sup> | 5747 | &nbsp;&nbsp; 196490 |
| Fossil Group, Inc.<sup>(b)(c)</sup> | 86783 | &nbsp;&nbsp; 180509 |
| Fox Factory Holding Corp.<sup>(b)(c)</sup> | 85413 | &nbsp;&nbsp; 1888481 |
| Frontdoor, Inc.<sup>(b)</sup> | 52170 | &nbsp;&nbsp; 3465653 |
| Full House Resorts, Inc.<sup>(b)(c)</sup> | 15535 | &nbsp;&nbsp; 38061 |
| Funko, Inc., Class A<sup>(b)(c)</sup> | 130040 | &nbsp;&nbsp; 405725 |
| GameStop Corp., Class A<sup>(b)(c)</sup> | 193292 | &nbsp;&nbsp; 4308479 |
| Garrett Motion, Inc. (Switzerland)<sup>(c)</sup> | 15188 | &nbsp;&nbsp; 257285 |
| Genesco, Inc.<sup>(b)(c)</sup> | 44077 | &nbsp;&nbsp; 1278674 |
| Genius Sports Ltd. (United Kingdom)<sup>(b)(c)</sup> | 96058 | &nbsp;&nbsp; 1081613 |
| Gentherm, Inc.<sup>(b)</sup> | 50135 | &nbsp;&nbsp; 1844968 |
| GigaCloud Technology, Inc., Class A<sup>(b)(c)</sup> | 33574 | &nbsp;&nbsp; 939401 |
| G-III Apparel Group Ltd.<sup>(b)(c)</sup> | 91128 | &nbsp;&nbsp; 2446787 |
| Global Business Travel Group, Inc.<sup>(b)(c)</sup> | 51958 | &nbsp;&nbsp; 408390 |
| Global-e Online Ltd. (Israel)<sup>(b)</sup> | 4025 | &nbsp;&nbsp; 146631 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| Golden Entertainment, Inc.<sup>(c)</sup> | 30018 | &nbsp;&nbsp; $606364 |
| GoPro, Inc., Class A<sup>(b)(c)</sup> | 493331 | &nbsp;&nbsp; 971862 |
| Grand Canyon Education, Inc.<sup>(b)</sup> | 5570 | &nbsp;&nbsp; 1048831 |
| Green Brick Partners, Inc.<sup>(b)</sup> | 42037 | &nbsp;&nbsp; 2721475 |
| Groupon, Inc.<sup>(b)(c)</sup> | 30819 | &nbsp;&nbsp; 620386 |
| Guess?, Inc.<sup>(c)</sup> | 17422 | &nbsp;&nbsp; 295826 |
| H&R Block, Inc.<sup>(c)</sup> | 84561 | &nbsp;&nbsp; 4206064 |
| Hamilton Beach Brands Holding Co., <br> Class A<sup>(c)</sup><br>| 5708 | &nbsp;&nbsp; 80312 |
| Haverty Furniture Cos., Inc.<sup>(c)</sup> | 26940 | &nbsp;&nbsp; 587561 |
| Hilton Grand Vacations, Inc.<sup>(b)(c)</sup> | 134825 | &nbsp;&nbsp; 5588496 |
| Holley, Inc.<sup>(b)</sup> | 85185 | &nbsp;&nbsp; 244481 |
| Hooker Furnishings Corp.<sup>(c)</sup> | 13156 | &nbsp;&nbsp; 119456 |
| Hovnanian Enterprises, Inc., Class A<sup>(b)(c)</sup> | 12941 | &nbsp;&nbsp; 1555896 |
| Hyatt Hotels Corp., Class A<sup>(c)</sup> | 30856 | &nbsp;&nbsp; 4239923 |
| Inspired Entertainment, Inc.<sup>(b)(c)</sup> | 9002 | &nbsp;&nbsp; 67965 |
| Installed Building Products, Inc.<sup>(c)</sup> | 18727 | &nbsp;&nbsp; 4648603 |
| iRobot Corp.<sup>(b)(c)</sup> | 261271 | &nbsp;&nbsp; 830842 |
| J Jill, Inc.<sup>(c)</sup> | 3630 | &nbsp;&nbsp; 54704 |
| Jack in the Box, Inc.<sup>(c)</sup> | 97121 | &nbsp;&nbsp; 1557821 |
| JAKKS Pacific, Inc.<sup>(c)</sup> | 20966 | &nbsp;&nbsp; 356422 |
| Johnson Outdoors, Inc., Class A<sup>(c)</sup> | 9832 | &nbsp;&nbsp; 400457 |
| KinderCare Learning Cos., Inc.<sup>(b)(c)</sup> | 28326 | &nbsp;&nbsp; 167123 |
| Kontoor Brands, Inc. | 62826 | &nbsp;&nbsp; 5083880 |
| Krispy Kreme, Inc.<sup>(c)</sup> | 325346 | &nbsp;&nbsp; 1167992 |
| Lakeland Industries, Inc.<sup>(c)</sup> | 10338 | &nbsp;&nbsp; 170163 |
| Lands' End, Inc.<sup>(b)(c)</sup> | 34055 | &nbsp;&nbsp; 536026 |
| Latham Group, Inc.<sup>(b)(c)</sup> | 88719 | &nbsp;&nbsp; 643213 |
| Laureate Education, Inc., Class A<sup>(b)</sup> | 49578 | &nbsp;&nbsp; 1439249 |
| La-Z-Boy, Inc.<sup>(c)</sup> | 72653 | &nbsp;&nbsp; 2303100 |
| Legacy Housing Corp.<sup>(b)(c)</sup> | 11681 | &nbsp;&nbsp; 262297 |
| Leslie's, Inc.<sup>(b)(c)</sup> | 23187 | &nbsp;&nbsp; 81618 |
| Levi Strauss & Co., Class A<sup>(c)</sup> | 126369 | &nbsp;&nbsp; 2562763 |
| Life Time Group Holdings, Inc.<sup>(b)</sup> | 41584 | &nbsp;&nbsp; 1028372 |
| Lifetime Brands, Inc. | 7934 | &nbsp;&nbsp; 26896 |
| Lincoln Educational Services Corp.<sup>(b)(c)</sup> | 25814 | &nbsp;&nbsp; 501308 |
| Lovesac Co. (The)<sup>(b)(c)</sup> | 38946 | &nbsp;&nbsp; 540181 |
| Lucid Group, Inc.<sup>(b)(c)</sup> | 135333 | &nbsp;&nbsp; 2402161 |
| Luminar Technologies, Inc.<sup>(b)(c)</sup> | 146262 | &nbsp;&nbsp; 169664 |
| MakeMyTrip Ltd. (India)<sup>(b)(c)</sup> | 2632 | &nbsp;&nbsp; 210560 |
| Malibu Boats, Inc., Class A<sup>(b)(c)</sup> | 32086 | &nbsp;&nbsp; 894237 |
| MarineMax, Inc.<sup>(b)(c)</sup> | 61173 | &nbsp;&nbsp; 1515255 |
| MasterCraft Boat Holdings, Inc.<sup>(b)(c)</sup> | 20893 | &nbsp;&nbsp; 419114 |
| Matthews International Corp., Class A<sup>(c)</sup> | 46713 | &nbsp;&nbsp; 1094018 |
| Mister Car Wash, Inc.<sup>(b)(c)</sup> | 80159 | &nbsp;&nbsp; 448089 |
| Modine Manufacturing Co.<sup>(b)(c)</sup> | 38291 | &nbsp;&nbsp; 5866564 |
| Monarch Casino & Resort, Inc. | 14443 | &nbsp;&nbsp; 1300881 |
| Monro, Inc.<sup>(c)</sup> | 113934 | &nbsp;&nbsp; 1669133 |
| Motorcar Parts of America, Inc.<sup>(b)(c)</sup> | 21491 | &nbsp;&nbsp; 366636 |
| Movado Group, Inc. | 29866 | &nbsp;&nbsp; 543860 |
| National Vision Holdings, Inc.<sup>(b)(c)</sup> | 200046 | &nbsp;&nbsp; 5151184 |
| Noodles & Co.<sup>(b)(c)</sup> | 39214 | &nbsp;&nbsp; 25560 |
| Norwegian Cruise Line Holdings Ltd.<sup>(b)</sup> | 116813 | &nbsp;&nbsp; 2618947 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(b)</sup> | 12367 | &nbsp;&nbsp; 1494057 |
| On Holding AG, Class A (Switzerland)<sup>(b)</sup> | 8910 | &nbsp;&nbsp; 331007 |
| OneSpaWorld Holdings Ltd. (Bahamas)<sup>(c)</sup> | 7090 | &nbsp;&nbsp; 164984 |
| OneWater Marine, Inc., Class A<sup>(b)(c)</sup> | 26119 | &nbsp;&nbsp; 405628 |
| Outdoor Holding Co.<sup>(b)(c)</sup> | 129408 | &nbsp;&nbsp; 207053 |
| Oxford Industries, Inc.<sup>(c)</sup> | 50964 | &nbsp;&nbsp; 1878023 |
| Papa John's International, Inc.<sup>(c)</sup> | 36562 | &nbsp;&nbsp; 1857715 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| Patrick Industries, Inc.<sup>(c)</sup> | 58314 | &nbsp;&nbsp; $6086232 |
| Peloton Interactive, Inc., Class A<sup>(b)(c)</sup> | 452899 | &nbsp;&nbsp; 3288047 |
| Perdoceo Education Corp. | 89772 | &nbsp;&nbsp; 2851159 |
| Petco Health & Wellness Co., Inc.<sup>(b)(c)</sup> | 666620 | &nbsp;&nbsp; 2119852 |
| PetMed Express, Inc.<sup>(b)(c)</sup> | 36012 | &nbsp;&nbsp; 92551 |
| Planet Fitness, Inc., Class A<sup>(b)(c)</sup> | 32212 | &nbsp;&nbsp; 2921306 |
| Portillo's, Inc., Class A<sup>(b)(c)</sup> | 107210 | &nbsp;&nbsp; 573574 |
| Purple Innovation, Inc.<sup>(b)</sup> | 55599 | &nbsp;&nbsp; 44023 |
| Pursuit Attractions and Hospitality, <br> Inc.<sup>(b)(c)</sup><br>| 14817 | &nbsp;&nbsp; 525707 |
| QuantumScape Corp.<sup>(b)(c)</sup> | 304622 | &nbsp;&nbsp; 5617230 |
| QVC Group, Inc.<sup>(b)(c)</sup> | 7425 | &nbsp;&nbsp; 84571 |
| RCI Hospitality Holdings, Inc.<sup>(c)</sup> | 9798 | &nbsp;&nbsp; 244068 |
| RealReal, Inc. (The)<sup>(b)(c)</sup> | 38817 | &nbsp;&nbsp; 473956 |
| Red Robin Gourmet Burgers, Inc.<sup>(b)(c)</sup> | 23508 | &nbsp;&nbsp; 118950 |
| Red Rock Resorts, Inc., Class A | 55914 | &nbsp;&nbsp; 2980775 |
| Revolve Group, Inc.<sup>(b)(c)</sup> | 52608 | &nbsp;&nbsp; 1163689 |
| RideNow Group, Inc., Class B<sup>(b)(c)</sup> | 22456 | &nbsp;&nbsp; 76350 |
| Rocky Brands, Inc.<sup>(c)</sup> | 12024 | &nbsp;&nbsp; 338957 |
| Sabre Corp.<sup>(b)(c)</sup> | 584705 | &nbsp;&nbsp; 1195722 |
| Sally Beauty Holdings, Inc.<sup>(b)(c)</sup> | 253464 | &nbsp;&nbsp; 3829841 |
| Savers Value Village, Inc.<sup>(b)(c)</sup> | 32663 | &nbsp;&nbsp; 300826 |
| Shake Shack, Inc., Class A<sup>(b)</sup> | 11898 | &nbsp;&nbsp; 1148276 |
| SharkNinja, Inc.<sup>(b)</sup> | 53534 | &nbsp;&nbsp; 4577157 |
| Shoe Carnival, Inc.<sup>(c)</sup> | 60468 | &nbsp;&nbsp; 1108378 |
| Six Flags Entertainment Corp.<sup>(b)(c)</sup> | 71458 | &nbsp;&nbsp; 1642105 |
| Sleep Number Corp.<sup>(b)(c)</sup> | 113632 | &nbsp;&nbsp; 624976 |
| Smith & Wesson Brands, Inc.<sup>(c)</sup> | 96958 | &nbsp;&nbsp; 929342 |
| Solid Power, Inc.<sup>(b)(c)</sup> | 294424 | &nbsp;&nbsp; 1848983 |
| Sonic Automotive, Inc., Class A<sup>(c)</sup> | 45787 | &nbsp;&nbsp; 2908848 |
| Sonos, Inc.<sup>(b)</sup> | 258977 | &nbsp;&nbsp; 4446635 |
| Sportsman's Warehouse Holdings, Inc.<sup>(b)</sup> | 71661 | &nbsp;&nbsp; 177003 |
| Standard Motor Products, Inc.<sup>(c)</sup> | 32626 | &nbsp;&nbsp; 1211403 |
| Steven Madden Ltd.<sup>(c)</sup> | 17871 | &nbsp;&nbsp; 606006 |
| Stitch Fix, Inc., Class A<sup>(b)(c)</sup> | 338854 | &nbsp;&nbsp; 1419798 |
| Stoneridge, Inc.<sup>(b)</sup> | 12642 | &nbsp;&nbsp; 86092 |
| Strategic Education, Inc. | 29499 | &nbsp;&nbsp; 2241334 |
| Strattec Security Corp.<sup>(b)</sup> | 4705 | &nbsp;&nbsp; 288699 |
| Stride, Inc.<sup>(b)</sup> | 31753 | &nbsp;&nbsp; 2160474 |
| Sturm, Ruger & Co., Inc.<sup>(c)</sup> | 29026 | &nbsp;&nbsp; 1230993 |
| Super Group (SGHC) Ltd. (Guernsey)<sup>(c)</sup> | 44156 | &nbsp;&nbsp; 476885 |
| Superior Group of Cos., Inc. | 13237 | &nbsp;&nbsp; 123634 |
| Sweetgreen, Inc., Class A<sup>(b)(c)</sup> | 55340 | &nbsp;&nbsp; 348089 |
| Target Hospitality Corp.<sup>(b)(c)</sup> | 48048 | &nbsp;&nbsp; 369489 |
| Tilly's, Inc., Class A<sup>(b)(c)</sup> | 14908 | &nbsp;&nbsp; 22809 |
| Topgolf Callaway Brands Corp.<sup>(b)(c)</sup> | 405796 | &nbsp;&nbsp; 3818540 |
| Traeger, Inc.<sup>(b)(c)</sup> | 22048 | &nbsp;&nbsp; 20284 |
| Udemy, Inc.<sup>(b)(c)</sup> | 100751 | &nbsp;&nbsp; 573777 |
| Unifi, Inc.<sup>(b)(c)</sup> | 14381 | &nbsp;&nbsp; 64139 |
| United Parks & Resorts, Inc.<sup>(b)(c)</sup> | 51709 | &nbsp;&nbsp; 2502716 |
| Universal Electronics, Inc.<sup>(b)</sup> | 7612 | &nbsp;&nbsp; 29611 |
| Universal Technical Institute, Inc.<sup>(b)(c)</sup> | 6069 | &nbsp;&nbsp; 180371 |
| Upbound Group, Inc.<sup>(c)</sup> | 33507 | &nbsp;&nbsp; 649366 |
| Valvoline, Inc.<sup>(b)(c)</sup> | 26693 | &nbsp;&nbsp; 881136 |
| Vera Bradley, Inc.<sup>(b)(c)</sup> | 20509 | &nbsp;&nbsp; 48196 |
| Visteon Corp. | 8820 | &nbsp;&nbsp; 945151 |
| Warby Parker, Inc., Class A<sup>(b)(c)</sup> | 30351 | &nbsp;&nbsp; 594576 |
| Wayfair, Inc., Class A<sup>(b)(c)</sup> | 48227 | &nbsp;&nbsp; 4991977 |
| Wendy's Co. (The)<sup>(c)</sup> | 427711 | &nbsp;&nbsp; 3652652 |
| Weyco Group, Inc.<sup>(c)</sup> | 1632 | &nbsp;&nbsp; 46789 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| Wingstop, Inc.<sup>(c)</sup> | 6381 | &nbsp;&nbsp; $1382316 |
| Winmark Corp. | 1157 | &nbsp;&nbsp; 466468 |
| Winnebago Industries, Inc.<sup>(c)</sup> | 15150 | &nbsp;&nbsp; 571307 |
| Wolverine World Wide, Inc. | 211085 | &nbsp;&nbsp; 4791629 |
| Wynn Resorts Ltd.<sup>(c)</sup> | 38031 | &nbsp;&nbsp; 4525309 |
| XPEL, Inc.<sup>(b)(c)(d)</sup> | 14640 | &nbsp;&nbsp; 499224 |
| YETI Holdings, Inc.<sup>(b)(c)</sup> | 105059 | &nbsp;&nbsp; 3570955 |
| Zumiez, Inc.<sup>(b)(c)</sup> | 51898 | &nbsp;&nbsp; 1123592 |
|  |  | &nbsp;&nbsp; 301087263 |
| **Consumer Staples-2.74%** | **Consumer Staples-2.74%** | **Consumer Staples-2.74%** |
| Adecoagro S.A. (Brazil)<sup>(c)</sup> | 77073 | &nbsp;&nbsp; 621208 |
| Alico, Inc.<sup>(c)</sup> | 8108 | &nbsp;&nbsp; 285483 |
| B&G Foods, Inc.<sup>(c)</sup> | 254845 | &nbsp;&nbsp; 1019380 |
| BellRing Brands, Inc.<sup>(b)</sup> | 28224 | &nbsp;&nbsp; 850389 |
| Beyond Meat, Inc.<sup>(b)</sup> | 167170 | &nbsp;&nbsp; 276666 |
| Boston Beer Co., Inc. (The), Class A<sup>(b)(c)</sup> | 16057 | &nbsp;&nbsp; 3323638 |
| Calavo Growers, Inc.<sup>(c)</sup> | 34460 | &nbsp;&nbsp; 765357 |
| Cal-Maine Foods, Inc. | 16612 | &nbsp;&nbsp; 1458534 |
| Celsius Holdings, Inc.<sup>(b)</sup> | 13840 | &nbsp;&nbsp; 833583 |
| Central Garden & Pet Co., Class A<sup>(b)(c)</sup> | 85561 | &nbsp;&nbsp; 2379451 |
| Chefs' Warehouse, Inc. (The)<sup>(b)</sup> | 37450 | &nbsp;&nbsp; 2209550 |
| Coca-Cola Consolidated, Inc. | 39225 | &nbsp;&nbsp; 5114156 |
| Coty, Inc., Class A<sup>(b)(c)</sup> | 907193 | &nbsp;&nbsp; 3601556 |
| Dole PLC | 65745 | &nbsp;&nbsp; 837591 |
| e.l.f. Beauty, Inc.<sup>(b)(c)</sup> | 18930 | &nbsp;&nbsp; 2312110 |
| Edgewell Personal Care Co.<sup>(c)</sup> | 90963 | &nbsp;&nbsp; 1763773 |
| Energizer Holdings, Inc.<sup>(c)</sup> | 129184 | &nbsp;&nbsp; 3000944 |
| Fresh Del Monte Produce, Inc. | 31220 | &nbsp;&nbsp; 1103627 |
| Freshpet, Inc.<sup>(b)(c)</sup> | 22114 | &nbsp;&nbsp; 1088230 |
| Grocery Outlet Holding Corp.<sup>(b)(c)</sup> | 276706 | &nbsp;&nbsp; 3765969 |
| Hain Celestial Group, Inc. (The)<sup>(b)</sup> | 89495 | &nbsp;&nbsp; 103814 |
| Herbalife Ltd.<sup>(b)(c)</sup> | 241965 | &nbsp;&nbsp; 1935720 |
| Honest Co., Inc. (The)<sup>(b)(c)</sup> | 79125 | &nbsp;&nbsp; 269816 |
| Ingles Markets, Inc., Class A | 11500 | &nbsp;&nbsp; 794650 |
| Interparfums, Inc.<sup>(c)</sup> | 14096 | &nbsp;&nbsp; 1256658 |
| J&J Snack Foods Corp. | 19677 | &nbsp;&nbsp; 1665658 |
| John B. Sanfilippo & Son, Inc. | 12798 | &nbsp;&nbsp; 803458 |
| Lifevantage Corp.<sup>(c)</sup> | 18166 | &nbsp;&nbsp; 148780 |
| Limoneira Co.<sup>(c)</sup> | 12608 | &nbsp;&nbsp; 178151 |
| Marzetti Co. (The) | 22113 | &nbsp;&nbsp; 3467097 |
| Medifast, Inc.<sup>(b)(c)</sup> | 37692 | &nbsp;&nbsp; 453058 |
| MGP Ingredients, Inc.<sup>(c)</sup> | 40360 | &nbsp;&nbsp; 976712 |
| Mission Produce, Inc.<sup>(b)(c)</sup> | 55636 | &nbsp;&nbsp; 640927 |
| National Beverage Corp.<sup>(b)(c)</sup> | 26435 | &nbsp;&nbsp; 905927 |
| Natural Grocers by Vitamin Cottage, <br> Inc.<sup>(c)</sup><br>| 18758 | &nbsp;&nbsp; 601944 |
| Nature's Sunshine Products, Inc.<sup>(b)(c)</sup> | 11588 | &nbsp;&nbsp; 156206 |
| Oil-Dri Corp.of America | 7141 | &nbsp;&nbsp; 395540 |
| Olaplex Holdings, Inc.<sup>(b)(c)</sup> | 51830 | &nbsp;&nbsp; 53903 |
| Pilgrim's Pride Corp.<sup>(c)</sup> | 84585 | &nbsp;&nbsp; 3222689 |
| PriceSmart, Inc. | 10930 | &nbsp;&nbsp; 1256294 |
| Reynolds Consumer Products, Inc. | 97555 | &nbsp;&nbsp; 2384244 |
| Seaboard Corp. | 249 | &nbsp;&nbsp; 839125 |
| Seneca Foods Corp., Class A<sup>(b)(c)</sup> | 10002 | &nbsp;&nbsp; 1078566 |
| Simply Good Foods Co. (The)<sup>(b)(c)</sup> | 101479 | &nbsp;&nbsp; 1985944 |
| Tootsie Roll Industries, Inc.<sup>(c)</sup> | 14259 | &nbsp;&nbsp; 503200 |
| Turning Point Brands, Inc. | 17064 | &nbsp;&nbsp; 1534054 |
| USANA Health Sciences, Inc.<sup>(b)</sup> | 27378 | &nbsp;&nbsp; 579045 |
| Utz Brands, Inc.<sup>(c)</sup> | 63318 | &nbsp;&nbsp; 666739 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples-(continued)** | **Consumer Staples-(continued)** | **Consumer Staples-(continued)** |
| Village Super Market, Inc., Class A<sup>(c)</sup> | 8748 | &nbsp;&nbsp; $274425 |
| Vita Coco Co., Inc. (The)<sup>(b)(c)</sup> | 15780 | &nbsp;&nbsp; 649820 |
| Vital Farms, Inc.<sup>(b)(c)</sup> | 16164 | &nbsp;&nbsp; 530987 |
| WD-40 Co. | 8877 | &nbsp;&nbsp; 1724624 |
| Weis Markets, Inc.<sup>(c)</sup> | 24522 | &nbsp;&nbsp; 1553224 |
|  |  | &nbsp;&nbsp; 70202194 |
| **Energy-4.60%** | **Energy-4.60%** | **Energy-4.60%** |
| Amplify Energy Corp.<sup>(b)(c)</sup> | 75699 | &nbsp;&nbsp; 343673 |
| Archrock, Inc. | 191152 | &nbsp;&nbsp; 4830411 |
| Ardmore Shipping Corp. (Ireland)<sup>(c)</sup> | 14930 | &nbsp;&nbsp; 187969 |
| Atlas Energy Solutions, Inc.<sup>(c)</sup> | 80266 | &nbsp;&nbsp; 993693 |
| Berry Corp.<sup>(c)</sup> | 188110 | &nbsp;&nbsp; 633931 |
| BKV Corp. (Thailand)<sup>(b)(c)</sup> | 28098 | &nbsp;&nbsp; 662832 |
| Bristow Group, Inc.<sup>(b)(c)</sup> | 31211 | &nbsp;&nbsp; 1270288 |
| Cactus, Inc., Class A<sup>(c)</sup> | 52025 | &nbsp;&nbsp; 2297944 |
| Calumet, Inc.<sup>(b)(c)</sup> | 41157 | &nbsp;&nbsp; 805031 |
| Clean Energy Fuels Corp.<sup>(b)</sup> | 347253 | &nbsp;&nbsp; 993144 |
| Comstock Resources, Inc.<sup>(b)(c)</sup> | 148842 | &nbsp;&nbsp; 2790787 |
| Core Laboratories, Inc. | 80310 | &nbsp;&nbsp; 1280141 |
| Core Natural Resources, Inc.<sup>(c)</sup> | 12127 | &nbsp;&nbsp; 958033 |
| Crescent Energy Co., Class A<sup>(c)</sup> | 418537 | &nbsp;&nbsp; 3528267 |
| CVR Energy, Inc.<sup>(b)(c)</sup> | 152208 | &nbsp;&nbsp; 5417083 |
| DHT Holdings, Inc. | 54854 | &nbsp;&nbsp; 728461 |
| DMC Global, Inc.<sup>(b)(c)</sup> | 32179 | &nbsp;&nbsp; 259363 |
| Dorian LPG Ltd. | 94789 | &nbsp;&nbsp; 2734663 |
| Evolution Petroleum Corp.<sup>(c)</sup> | 34535 | &nbsp;&nbsp; 151263 |
| Excelerate Energy, Inc., Class A<sup>(c)</sup> | 9606 | &nbsp;&nbsp; 248891 |
| Expro Group Holdings N.V.<sup>(b)(c)</sup> | 170604 | &nbsp;&nbsp; 2316802 |
| Forum Energy Technologies, Inc.<sup>(b)(c)</sup> | 12459 | &nbsp;&nbsp; 333652 |
| FutureFuel Corp.<sup>(c)</sup> | 70817 | &nbsp;&nbsp; 278311 |
| GeoPark Ltd. (Colombia)<sup>(c)</sup> | 28184 | &nbsp;&nbsp; 228009 |
| Gevo, Inc.<sup>(b)(c)</sup> | 502193 | &nbsp;&nbsp; 1175132 |
| Golar LNG Ltd. (Cameroon)<sup>(c)</sup> | 35694 | &nbsp;&nbsp; 1465239 |
| Gran Tierra Energy, Inc. (Colombia)<sup>(b)(c)</sup> | 69790 | &nbsp;&nbsp; 239380 |
| Granite Ridge Resources, Inc.<sup>(c)</sup> | 70544 | &nbsp;&nbsp; 372472 |
| Green Plains, Inc.<sup>(b)(c)</sup> | 203575 | &nbsp;&nbsp; 2092751 |
| Gulfport Energy Corp.<sup>(b)(c)</sup> | 24701 | &nbsp;&nbsp; 4594633 |
| Helix Energy Solutions Group, Inc.<sup>(b)</sup> | 287027 | &nbsp;&nbsp; 1928821 |
| HighPeak Energy, Inc.<sup>(c)</sup> | 38432 | &nbsp;&nbsp; 255573 |
| Innovex International, Inc.<sup>(b)(c)</sup> | 48201 | &nbsp;&nbsp; 967394 |
| International Seaways, Inc.<sup>(c)</sup> | 101168 | &nbsp;&nbsp; 5182837 |
| Kinetik Holdings, Inc., Class A<sup>(c)</sup> | 8090 | &nbsp;&nbsp; 311546 |
| KLX Energy Services Holdings, Inc.<sup>(b)(c)</sup> | 7749 | &nbsp;&nbsp; 14491 |
| Kodiak Gas Services, Inc. | 43809 | &nbsp;&nbsp; 1615676 |
| Kosmos Energy Ltd. (Ghana)<sup>(b)</sup> | 1328119 | &nbsp;&nbsp; 2085147 |
| Liberty Energy, Inc., Class A<sup>(c)</sup> | 44936 | &nbsp;&nbsp; 813791 |
| Magnolia Oil & Gas Corp., Class A | 42847 | &nbsp;&nbsp; 962344 |
| Nabors Industries Ltd.<sup>(b)(c)</sup> | 58620 | &nbsp;&nbsp; 2844242 |
| NACCO Industries, Inc., Class A | 1183 | &nbsp;&nbsp; 50017 |
| National Energy Services Reunited <br> Corp.<sup>(b)(c)</sup><br>| 37695 | &nbsp;&nbsp; 475711 |
| Natural Gas Services Group, Inc.<sup>(c)</sup> | 13827 | &nbsp;&nbsp; 384944 |
| Navigator Holdings Ltd.<sup>(c)</sup> | 50060 | &nbsp;&nbsp; 822986 |
| New Fortress Energy, Inc.<sup>(b)(c)</sup> | 606991 | &nbsp;&nbsp; 783018 |
| Nine Energy Service, Inc.<sup>(b)(c)</sup> | 34290 | &nbsp;&nbsp; 19089 |
| Noble Corp. PLC<sup>(c)</sup> | 29490 | &nbsp;&nbsp; 865531 |
| Nordic American Tankers Ltd.<sup>(c)</sup> | 64699 | &nbsp;&nbsp; 238092 |
| Northern Oil and Gas, Inc.<sup>(c)</sup> | 169617 | &nbsp;&nbsp; 3753624 |
| Oceaneering International, Inc.<sup>(b)(c)</sup> | 129946 | &nbsp;&nbsp; 3026442 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy-(continued)** | **Energy-(continued)** | **Energy-(continued)** |
| Oil States International, Inc.<sup>(b)(c)</sup> | 137526 | &nbsp;&nbsp; $821030 |
| Par Pacific Holdings, Inc.<sup>(b)</sup> | 141738 | &nbsp;&nbsp; 5666685 |
| Patterson-UTI Energy, Inc. | 77789 | &nbsp;&nbsp; 487737 |
| Permian Resources Corp. | 56964 | &nbsp;&nbsp; 715468 |
| ProFrac Holding Corp., Class A<sup>(b)(c)</sup> | 10289 | &nbsp;&nbsp; 56281 |
| ProPetro Holding Corp.<sup>(b)(c)</sup> | 279397 | &nbsp;&nbsp; 2900141 |
| Ranger Energy Services, Inc., Class A | 26767 | &nbsp;&nbsp; 367779 |
| REX American Resources Corp.<sup>(b)(c)</sup> | 42029 | &nbsp;&nbsp; 1346189 |
| Riley Exploration Permian, Inc.<sup>(c)</sup> | 12880 | &nbsp;&nbsp; 335138 |
| Ring Energy, Inc.<sup>(b)</sup> | 384167 | &nbsp;&nbsp; 366841 |
| RPC, Inc.<sup>(c)</sup> | 226639 | &nbsp;&nbsp; 1178523 |
| SandRidge Energy, Inc.<sup>(c)</sup> | 46506 | &nbsp;&nbsp; 553886 |
| Scorpio Tankers, Inc. (Monaco) | 14462 | &nbsp;&nbsp; 892305 |
| SEACOR Marine Holdings, Inc.<sup>(b)(c)</sup> | 28143 | &nbsp;&nbsp; 178989 |
| Select Water Solutions, Inc., Class A | 165156 | &nbsp;&nbsp; 1909203 |
| SFL Corp. Ltd. (Norway)<sup>(c)</sup> | 74162 | &nbsp;&nbsp; 553249 |
| Solaris Energy Infrastructure, Inc., <br> Class B<sup>(c)</sup><br>| 36432 | &nbsp;&nbsp; 1939275 |
| StealthGas, Inc. (Greece)<sup>(b)</sup> | 24902 | &nbsp;&nbsp; 170579 |
| Summit Midstream Corp.<sup>(b)(c)</sup> | 9314 | &nbsp;&nbsp; 204163 |
| Talos Energy, Inc.<sup>(b)(c)</sup> | 329023 | &nbsp;&nbsp; 3227716 |
| Teekay Corp. Ltd. (Bermuda)<sup>(c)</sup> | 49203 | &nbsp;&nbsp; 473333 |
| Teekay Tankers Ltd., Class A (Canada) | 6495 | &nbsp;&nbsp; 396195 |
| TETRA Technologies, Inc.<sup>(b)(c)</sup> | 189526 | &nbsp;&nbsp; 1338054 |
| Texas Pacific Land Corp. | 4986 | &nbsp;&nbsp; 4703693 |
| Tidewater, Inc.<sup>(b)(c)</sup> | 38926 | &nbsp;&nbsp; 1969266 |
| Tsakos Energy Navigation Ltd. (Greece) | 18144 | &nbsp;&nbsp; 442351 |
| Uranium Energy Corp.<sup>(b)(c)</sup> | 87204 | &nbsp;&nbsp; 1319396 |
| VAALCO Energy, Inc.<sup>(c)</sup> | 155918 | &nbsp;&nbsp; 612758 |
| Valaris Ltd.<sup>(b)(c)</sup> | 80831 | &nbsp;&nbsp; 4536236 |
| Viper Energy, Inc., Class A<sup>(c)</sup> | 49839 | &nbsp;&nbsp; 1871953 |
| Vital Energy, Inc.<sup>(b)(c)</sup> | 150585 | &nbsp;&nbsp; 2365690 |
| Vitesse Energy, Inc.<sup>(c)</sup> | 45939 | &nbsp;&nbsp; 999173 |
| W&T Offshore, Inc.<sup>(c)</sup> | 273894 | &nbsp;&nbsp; 575177 |
| Weatherford International PLC | 10338 | &nbsp;&nbsp; 761807 |
|  |  | &nbsp;&nbsp; 117849824 |
| **Financials-15.78%** | **Financials-15.78%** | **Financials-15.78%** |
| 1st Source Corp. | 17212 | &nbsp;&nbsp; 1023081 |
| Acadian Asset Management, Inc. | 45640 | &nbsp;&nbsp; 2195284 |
| ACNB Corp.<sup>(c)</sup> | 6715 | &nbsp;&nbsp; 303384 |
| Adamas Trust, Inc.<sup>(c)</sup> | 178094 | &nbsp;&nbsp; 1187887 |
| Advanced Flower Capital, Inc.<sup>(c)</sup> | 11652 | &nbsp;&nbsp; 37869 |
| Affirm Holdings, Inc.<sup>(b)(c)</sup> | 46810 | &nbsp;&nbsp; 3364703 |
| AG Mortgage Investment Trust, Inc.<sup>(c)</sup> | 42676 | &nbsp;&nbsp; 304707 |
| Alerus Financial Corp.<sup>(c)</sup> | 15763 | &nbsp;&nbsp; 332915 |
| Amalgamated Financial Corp. | 23864 | &nbsp;&nbsp; 650533 |
| Ambac Financial Group, Inc.<sup>(b)(c)</sup> | 130006 | &nbsp;&nbsp; 1067349 |
| Amerant Bancorp, Inc. | 35667 | &nbsp;&nbsp; 598136 |
| Ameris Bancorp | 52172 | &nbsp;&nbsp; 3736559 |
| AMERISAFE, Inc. | 26446 | &nbsp;&nbsp; 1059956 |
| Ames National Corp.<sup>(c)</sup> | 1931 | &nbsp;&nbsp; 40281 |
| Angel Oak Mortgage REIT, Inc.<sup>(c)</sup> | 11306 | &nbsp;&nbsp; 102545 |
| Apollo Commercial Real Estate Finance, <br> Inc.<br>| 125459 | &nbsp;&nbsp; 1228244 |
| Ares Commercial Real Estate Corp.<sup>(c)</sup> | 119870 | &nbsp;&nbsp; 534620 |
| ARMOUR Residential REIT, Inc. | 76661 | &nbsp;&nbsp; 1243441 |
| Arrow Financial Corp.<sup>(c)</sup> | 12517 | &nbsp;&nbsp; 349099 |
| Artisan Partners Asset Management, Inc., <br> Class A<sup>(c)</sup><br>| 66466 | &nbsp;&nbsp; 2901906 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Atlantic Union Bankshares Corp., <br> Class B<sup>(c)</sup><br>| 216298 | &nbsp;&nbsp; $7034011 |
| Atlanticus Holdings Corp.<sup>(b)(c)</sup> | 6070 | &nbsp;&nbsp; 334518 |
| Axos Financial, Inc.<sup>(b)</sup> | 58726 | &nbsp;&nbsp; 4579453 |
| B. Riley Financial, Inc.<sup>(b)(c)</sup> | 152275 | &nbsp;&nbsp; 761375 |
| Baldwin Insurance Group, Inc. (The), <br> Class A<sup>(b)(c)</sup><br>| 15724 | &nbsp;&nbsp; 347500 |
| Banc of California, Inc. | 176942 | &nbsp;&nbsp; 3002706 |
| BancFirst Corp. | 17697 | &nbsp;&nbsp; 1926495 |
| Bancorp, Inc. (The)<sup>(b)(c)</sup> | 37590 | &nbsp;&nbsp; 2457258 |
| Bank First Corp.<sup>(c)</sup> | 6153 | &nbsp;&nbsp; 751404 |
| Bank of Hawaii Corp. | 64303 | &nbsp;&nbsp; 4175194 |
| Bank of Marin Bancorp | 16544 | &nbsp;&nbsp; 426008 |
| Bank of N.T. Butterfield & Son Ltd. (The) <br> (Bermuda)<br>| 27319 | &nbsp;&nbsp; 1263777 |
| BankFinancial Corp. | 2986 | &nbsp;&nbsp; 32995 |
| Bankwell Financial Group, Inc. | 2129 | &nbsp;&nbsp; 92292 |
| Banner Corp. | 45905 | &nbsp;&nbsp; 2772203 |
| Bar Harbor Bankshares | 10173 | &nbsp;&nbsp; 298374 |
| BayCom Corp. | 2999 | &nbsp;&nbsp; 81753 |
| BCB Bancorp, Inc. | 7585 | &nbsp;&nbsp; 60225 |
| Beacon Financial Corp.<sup>(c)</sup> | 123139 | &nbsp;&nbsp; 2997203 |
| BGC Group, Inc., Class A | 343603 | &nbsp;&nbsp; 3140531 |
| Blue Foundry Bancorp<sup>(b)(c)</sup> | 8911 | &nbsp;&nbsp; 73427 |
| Blue Owl Capital, Inc.<sup>(c)</sup> | 53511 | &nbsp;&nbsp; 843868 |
| BOK Financial Corp.<sup>(c)</sup> | 24369 | &nbsp;&nbsp; 2548510 |
| Bridgewater Bancshares, Inc.<sup>(b)</sup> | 18589 | &nbsp;&nbsp; 305975 |
| BrightSpire Capital, Inc.<sup>(c)</sup> | 186095 | &nbsp;&nbsp; 960250 |
| Burke & Herbert Financial Services Corp. | 5078 | &nbsp;&nbsp; 298891 |
| Business First Bancshares, Inc.<sup>(c)</sup> | 20824 | &nbsp;&nbsp; 510604 |
| Byline Bancorp, Inc. | 29312 | &nbsp;&nbsp; 783803 |
| C&F Financial Corp. | 1409 | &nbsp;&nbsp; 96390 |
| Camden National Corp.<sup>(c)</sup> | 15938 | &nbsp;&nbsp; 608035 |
| Cannae Holdings, Inc. | 40677 | &nbsp;&nbsp; 727305 |
| Cantaloupe, Inc.<sup>(b)(c)</sup> | 34305 | &nbsp;&nbsp; 362261 |
| Capital City Bank Group, Inc.<sup>(c)</sup> | 8559 | &nbsp;&nbsp; 332945 |
| Capitol Federal Financial, Inc. | 226963 | &nbsp;&nbsp; 1370857 |
| Carter Bankshares, Inc.<sup>(b)</sup> | 15547 | &nbsp;&nbsp; 265543 |
| Cass Information Systems, Inc. | 10093 | &nbsp;&nbsp; 398976 |
| Central Pacific Financial Corp. | 37563 | &nbsp;&nbsp; 1070921 |
| Chemung Financial Corp. | 1471 | &nbsp;&nbsp; 74536 |
| Cherry Hill Mortgage Investment Corp. | 24078 | &nbsp;&nbsp; 57065 |
| Chicago Atlantic Real Estate Finance, Inc. | 15439 | &nbsp;&nbsp; 198546 |
| ChoiceOne Financial Services, Inc.<sup>(c)</sup> | 8944 | &nbsp;&nbsp; 256156 |
| Citizens & Northern Corp. | 4058 | &nbsp;&nbsp; 78563 |
| Citizens Financial Services, Inc. | 3567 | &nbsp;&nbsp; 195436 |
| City Holding Co.<sup>(c)</sup> | 13135 | &nbsp;&nbsp; 1548354 |
| Civista Bancshares, Inc. | 7139 | &nbsp;&nbsp; 153703 |
| Claros Mortgage Trust, Inc.<sup>(b)(c)</sup> | 127164 | &nbsp;&nbsp; 406925 |
| CNA Financial Corp.<sup>(c)</sup> | 56805 | &nbsp;&nbsp; 2530663 |
| CNB Financial Corp.<sup>(c)</sup> | 20147 | &nbsp;&nbsp; 495616 |
| Coastal Financial Corp.<sup>(b)(c)</sup> | 8513 | &nbsp;&nbsp; 906634 |
| Cohen & Steers, Inc.<sup>(c)</sup> | 29863 | &nbsp;&nbsp; 2040240 |
| Colony Bankcorp, Inc. | 7043 | &nbsp;&nbsp; 112618 |
| Columbia Financial, Inc.<sup>(b)(c)</sup> | 22745 | &nbsp;&nbsp; 335489 |
| Community Financial System, Inc.<sup>(c)</sup> | 52376 | &nbsp;&nbsp; 2905820 |
| Community Trust Bancorp, Inc. | 13324 | &nbsp;&nbsp; 682122 |
| Community West Bancshares, Class B | 10128 | &nbsp;&nbsp; 214511 |
| Compass Diversified Holdings | 28135 | &nbsp;&nbsp; 179501 |
| ConnectOne Bancorp, Inc.<sup>(c)</sup> | 64059 | &nbsp;&nbsp; 1541260 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Crawford & Co., Class A<sup>(c)</sup> | 15780 | &nbsp;&nbsp; $170897 |
| Credit Acceptance Corp.<sup>(b)(c)</sup> | 10961 | &nbsp;&nbsp; 4903294 |
| Customers Bancorp, Inc.<sup>(b)</sup> | 52386 | &nbsp;&nbsp; 3516148 |
| CVB Financial Corp. | 159587 | &nbsp;&nbsp; 2931613 |
| Diamond Hill Investment Group, Inc. | 3919 | &nbsp;&nbsp; 503004 |
| DigitalBridge Group, Inc.<sup>(c)</sup> | 313953 | &nbsp;&nbsp; 3714064 |
| Dime Community Bancshares, Inc., <br> Class B<br>| 55987 | &nbsp;&nbsp; 1469659 |
| Dlocal Ltd. (Uruguay)<sup>(c)</sup> | 4074 | &nbsp;&nbsp; 59684 |
| Donegal Group, Inc., Class A | 21054 | &nbsp;&nbsp; 394762 |
| Donnelley Financial Solutions, Inc.<sup>(b)(c)</sup> | 34019 | &nbsp;&nbsp; 1563173 |
| Dynex Capital, Inc.<sup>(c)</sup> | 156250 | &nbsp;&nbsp; 2068750 |
| Eagle Bancorp, Inc. | 72510 | &nbsp;&nbsp; 1214542 |
| Eastern Bankshares, Inc.<sup>(c)</sup> | 226570 | &nbsp;&nbsp; 3971772 |
| eHealth, Inc.<sup>(b)(c)</sup> | 73666 | &nbsp;&nbsp; 382327 |
| Ellington Financial, Inc. | 133770 | &nbsp;&nbsp; 1781816 |
| Employers Holdings, Inc. | 32866 | &nbsp;&nbsp; 1253181 |
| Enact Holdings, Inc.<sup>(c)</sup> | 41004 | &nbsp;&nbsp; 1464663 |
| Encore Capital Group, Inc.<sup>(b)(c)</sup> | 47632 | &nbsp;&nbsp; 1980539 |
| Enova International, Inc.<sup>(b)</sup> | 49073 | &nbsp;&nbsp; 5867659 |
| Enterprise Financial Services Corp. | 35607 | &nbsp;&nbsp; 1864739 |
| Equity Bancshares, Inc., Class A<sup>(c)</sup> | 12991 | &nbsp;&nbsp; 526265 |
| Erie Indemnity Co., Class A<sup>(c)</sup> | 11693 | &nbsp;&nbsp; 3421840 |
| Esquire Financial Holdings, Inc. | 1781 | &nbsp;&nbsp; 167058 |
| EVERTEC, Inc. | 11164 | &nbsp;&nbsp; 317839 |
| EZCORP, Inc., Class A<sup>(b)(c)</sup> | 93976 | &nbsp;&nbsp; 1715062 |
| F&G Annuities & Life, Inc.<sup>(c)</sup> | 24511 | &nbsp;&nbsp; 726751 |
| Farmers & Merchants Bancorp, Inc. | 2497 | &nbsp;&nbsp; 59678 |
| Farmers National Banc Corp.<sup>(c)</sup> | 22194 | &nbsp;&nbsp; 288078 |
| FB Financial Corp. | 43536 | &nbsp;&nbsp; 2351379 |
| Federal Agricultural Mortgage Corp., <br> Class C<sup>(c)</sup><br>| 8408 | &nbsp;&nbsp; 1333845 |
| Fidelis Insurance Holdings Ltd. (United <br> Kingdom)<br>| 9738 | &nbsp;&nbsp; 175089 |
| Financial Institutions, Inc. | 24112 | &nbsp;&nbsp; 685504 |
| First Bancorp | 54148 | &nbsp;&nbsp; 1055345 |
| First Bancorp, Inc. (The) | 2799 | &nbsp;&nbsp; 69387 |
| First Bancorp/Southern Pines NC<sup>(c)</sup> | 39305 | &nbsp;&nbsp; 1907865 |
| First Bank | 12329 | &nbsp;&nbsp; 192579 |
| First Busey Corp. | 105927 | &nbsp;&nbsp; 2368528 |
| First Business Financial Services, Inc. | 4206 | &nbsp;&nbsp; 212866 |
| First Commonwealth Financial Corp. | 119920 | &nbsp;&nbsp; 1833577 |
| First Community Bankshares, Inc. | 9875 | &nbsp;&nbsp; 319357 |
| First Financial Bancorp | 48749 | &nbsp;&nbsp; 1141214 |
| First Financial Bankshares, Inc.<sup>(c)</sup> | 84847 | &nbsp;&nbsp; 2620924 |
| First Financial Corp. | 12766 | &nbsp;&nbsp; 680683 |
| First Foundation, Inc.<sup>(b)(c)</sup> | 139154 | &nbsp;&nbsp; 756998 |
| First Internet Bancorp | 9268 | &nbsp;&nbsp; 164414 |
| First Merchants Corp.<sup>(c)</sup> | 58775 | &nbsp;&nbsp; 2085337 |
| First Mid Bancshares, Inc. | 16101 | &nbsp;&nbsp; 575289 |
| First United Corp. | 3600 | &nbsp;&nbsp; 124308 |
| FirstCash Holdings, Inc. | 8608 | &nbsp;&nbsp; 1364368 |
| FirstSun Capital Bancorp<sup>(b)(c)</sup> | 9843 | &nbsp;&nbsp; 335056 |
| Five Star Bancorp<sup>(c)</sup> | 5571 | &nbsp;&nbsp; 197826 |
| Flushing Financial Corp.<sup>(c)</sup> | 50244 | &nbsp;&nbsp; 686835 |
| Flywire Corp.<sup>(b)</sup> | 84000 | &nbsp;&nbsp; 1118880 |
| Franklin BSP Realty Trust, Inc.<sup>(c)</sup> | 101131 | &nbsp;&nbsp; 1025468 |
| Freedom Holding Corp. (Kazakhstan)<sup>(b)(c)</sup> | 1726 | &nbsp;&nbsp; 265217 |
| FS Bancorp, Inc. | 4409 | &nbsp;&nbsp; 170584 |
| Fulton Financial Corp. | 174025 | &nbsp;&nbsp; 3022814 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| GCM Grosvenor, Inc., Class A<sup>(c)</sup> | 43653 | &nbsp;&nbsp; $502446 |
| German American Bancorp, Inc. | 22829 | &nbsp;&nbsp; 879830 |
| Granite Point Mortgage Trust, Inc. | 118762 | &nbsp;&nbsp; 318282 |
| Great Southern Bancorp, Inc. | 8715 | &nbsp;&nbsp; 485425 |
| Green Dot Corp., Class A<sup>(b)(c)</sup> | 143966 | &nbsp;&nbsp; 1671445 |
| Greenlight Capital Re Ltd., Class A<sup>(b)(c)</sup> | 11270 | &nbsp;&nbsp; 136592 |
| Guild Holdings Co. | 2661 | &nbsp;&nbsp; 52901 |
| HA Sustainable Infrastructure Capital, <br> Inc.<sup>(c)</sup><br>| 24467 | &nbsp;&nbsp; 677981 |
| Hamilton Lane, Inc., Class A | 11639 | &nbsp;&nbsp; 1326380 |
| Hanmi Financial Corp.<sup>(c)</sup> | 45891 | &nbsp;&nbsp; 1211522 |
| HarborOne Bancorp, Inc.<sup>(c)</sup> | 46151 | &nbsp;&nbsp; 558427 |
| HBT Financial, Inc.<sup>(c)</sup> | 7951 | &nbsp;&nbsp; 193925 |
| HCI Group, Inc. | 5769 | &nbsp;&nbsp; 1176934 |
| Heritage Commerce Corp.<sup>(c)</sup> | 88728 | &nbsp;&nbsp; 922771 |
| Heritage Financial Corp. | 44957 | &nbsp;&nbsp; 997596 |
| Heritage Insurance Holdings, Inc.<sup>(b)(c)</sup> | 36677 | &nbsp;&nbsp; 866678 |
| Hilltop Holdings, Inc. | 74236 | &nbsp;&nbsp; 2397823 |
| Hingham Institution for Savings (The) | 2519 | &nbsp;&nbsp; 741241 |
| Hippo Holdings, Inc.<sup>(b)(c)</sup> | 7604 | &nbsp;&nbsp; 279675 |
| Home Bancorp, Inc.<sup>(c)</sup> | 3221 | &nbsp;&nbsp; 171196 |
| HomeTrust Bancshares, Inc. | 9581 | &nbsp;&nbsp; 376629 |
| Hope Bancorp, Inc. | 198906 | &nbsp;&nbsp; 2086524 |
| Horace Mann Educators Corp. | 50272 | &nbsp;&nbsp; 2247661 |
| Horizon Bancorp, Inc.<sup>(c)</sup> | 41781 | &nbsp;&nbsp; 651784 |
| Houlihan Lokey, Inc. | 7557 | &nbsp;&nbsp; 1353308 |
| Independent Bank Corp. | 41693 | &nbsp;&nbsp; 2805522 |
| Independent Bank Corp. | 22064 | &nbsp;&nbsp; 666774 |
| Interactive Brokers Group, Inc., Class A | 66302 | &nbsp;&nbsp; 4665009 |
| International Bancshares Corp. | 47098 | &nbsp;&nbsp; 3126365 |
| International General Insurance Holdings <br> Ltd. (Jordan)<sup>(c)</sup><br>| 8016 | &nbsp;&nbsp; 170741 |
| International Money Express, Inc.<sup>(b)</sup> | 39434 | &nbsp;&nbsp; 587172 |
| Invesco Mortgage Capital, Inc.<sup>(c)(e)</sup> | 61878 | &nbsp;&nbsp; 465941 |
| Investar Holding Corp. | 3711 | &nbsp;&nbsp; 88173 |
| Investors Title Co.<sup>(c)</sup> | 1948 | &nbsp;&nbsp; 503733 |
| James River Group Holdings Ltd. | 41237 | &nbsp;&nbsp; 210309 |
| Kearny Financial Corp. | 88327 | &nbsp;&nbsp; 564410 |
| Kinsale Capital Group, Inc. | 5035 | &nbsp;&nbsp; 2011331 |
| KKR Real Estate Finance Trust, Inc.<sup>(c)</sup> | 137082 | &nbsp;&nbsp; 1115847 |
| Ladder Capital Corp.<sup>(c)</sup> | 174739 | &nbsp;&nbsp; 1846991 |
| Lakeland Financial Corp.<sup>(c)</sup> | 25321 | &nbsp;&nbsp; 1444563 |
| LCNB Corp. | 2465 | &nbsp;&nbsp; 37862 |
| Lemonade, Inc.<sup>(b)(c)</sup> | 25485 | &nbsp;&nbsp; 1531139 |
| LendingClub Corp.<sup>(b)</sup> | 218751 | &nbsp;&nbsp; 3804080 |
| LendingTree, Inc.<sup>(b)(c)</sup> | 26122 | &nbsp;&nbsp; 1671808 |
| Live Oak Bancshares, Inc. | 36574 | &nbsp;&nbsp; 1138914 |
| loanDepot, Inc., Class A<sup>(b)(c)</sup> | 121955 | &nbsp;&nbsp; 368304 |
| MarketAxess Holdings, Inc.<sup>(c)</sup> | 26190 | &nbsp;&nbsp; 4191971 |
| Marqeta, Inc., Class A<sup>(b)(c)</sup> | 478474 | &nbsp;&nbsp; 2167487 |
| MBIA, Inc.<sup>(b)(c)</sup> | 35176 | &nbsp;&nbsp; 240252 |
| Mechanics Bancorp<sup>(b)(c)</sup> | 35557 | &nbsp;&nbsp; 476108 |
| Medallion Financial Corp. | 14827 | &nbsp;&nbsp; 145749 |
| Mercantile Bank Corp. | 16409 | &nbsp;&nbsp; 719535 |
| Merchants Bancorp<sup>(c)</sup> | 24038 | &nbsp;&nbsp; 749745 |
| Mercury General Corp.<sup>(c)</sup> | 58115 | &nbsp;&nbsp; 4492289 |
| Meridian Corp. | 6568 | &nbsp;&nbsp; 93857 |
| MetroCity Bankshares, Inc. | 8502 | &nbsp;&nbsp; 217736 |
| Metropolitan Bank Holding Corp. | 17074 | &nbsp;&nbsp; 1131494 |
| MFA Financial, Inc.<sup>(c)</sup> | 137299 | &nbsp;&nbsp; 1234318 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Mid Penn Bancorp, Inc.<sup>(c)</sup> | 15041 | &nbsp;&nbsp; $427916 |
| Middlefield Banc Corp. | 994 | &nbsp;&nbsp; 32404 |
| Midland States Bancorp, Inc.<sup>(c)</sup> | 22945 | &nbsp;&nbsp; 335915 |
| MidWestOne Financial Group, Inc. | 16512 | &nbsp;&nbsp; 610779 |
| Morningstar, Inc. | 13581 | &nbsp;&nbsp; 2883246 |
| MVB Financial Corp.<sup>(c)</sup> | 7963 | &nbsp;&nbsp; 203694 |
| National Bank Holdings Corp., Class A | 43830 | &nbsp;&nbsp; 1562978 |
| National Bankshares, Inc.<sup>(c)</sup> | 3808 | &nbsp;&nbsp; 109023 |
| NB Bancorp, Inc. | 28937 | &nbsp;&nbsp; 522892 |
| NBT Bancorp, Inc.<sup>(c)</sup> | 47991 | &nbsp;&nbsp; 1942196 |
| Nelnet, Inc., Class A<sup>(c)</sup> | 13902 | &nbsp;&nbsp; 1794053 |
| NerdWallet, Inc., Class A<sup>(b)(c)</sup> | 55523 | &nbsp;&nbsp; 647953 |
| NewtekOne, Inc.<sup>(c)</sup> | 33873 | &nbsp;&nbsp; 352279 |
| Nexpoint Real Estate Finance, Inc.<sup>(c)</sup> | 4813 | &nbsp;&nbsp; 62762 |
| Nicolet Bankshares, Inc.<sup>(c)</sup> | 12382 | &nbsp;&nbsp; 1462809 |
| NMI Holdings, Inc., Class A<sup>(b)(c)</sup> | 91045 | &nbsp;&nbsp; 3316769 |
| Northeast Bank | 6812 | &nbsp;&nbsp; 587739 |
| Northeast Community Bancorp, Inc.<sup>(c)</sup> | 10733 | &nbsp;&nbsp; 210796 |
| Northfield Bancorp, Inc. | 50583 | &nbsp;&nbsp; 516958 |
| Northrim BanCorp, Inc. | 29602 | &nbsp;&nbsp; 650652 |
| Northwest Bancshares, Inc. | 179967 | &nbsp;&nbsp; 2107414 |
| Norwood Financial Corp. | 2294 | &nbsp;&nbsp; 61043 |
| NU Holdings Ltd., Class A (Brazil)<sup>(b)</sup> | 102737 | &nbsp;&nbsp; 1655093 |
| OceanFirst Financial Corp. | 79053 | &nbsp;&nbsp; 1437184 |
| OFG Bancorp | 16357 | &nbsp;&nbsp; 632362 |
| Old Second Bancorp, Inc. | 41083 | &nbsp;&nbsp; 737440 |
| Onity Group, Inc.<sup>(b)(c)</sup> | 5043 | &nbsp;&nbsp; 188961 |
| Open Lending Corp., Class A<sup>(b)(c)</sup> | 229771 | &nbsp;&nbsp; 436565 |
| Oportun Financial Corp.<sup>(b)(c)</sup> | 82641 | &nbsp;&nbsp; 440477 |
| Oppenheimer Holdings, Inc., Class A | 4532 | &nbsp;&nbsp; 316152 |
| Orange County Bancorp, Inc.<sup>(c)</sup> | 3626 | &nbsp;&nbsp; 88656 |
| Orchid Island Capital, Inc. | 158735 | &nbsp;&nbsp; 1147654 |
| Origin Bancorp, Inc. | 29030 | &nbsp;&nbsp; 1006180 |
| Orrstown Financial Services, Inc. | 22786 | &nbsp;&nbsp; 758318 |
| Oscar Health, Inc., Class A<sup>(b)(c)</sup> | 119329 | &nbsp;&nbsp; 2147922 |
| P10, Inc., Class A<sup>(c)</sup> | 26499 | &nbsp;&nbsp; 269230 |
| Pagseguro Digital Ltd., Class A (Brazil)<sup>(c)</sup> | 79972 | &nbsp;&nbsp; 766931 |
| Palomar Holdings, Inc.<sup>(b)(c)</sup> | 8075 | &nbsp;&nbsp; 920631 |
| Park National Corp.<sup>(c)</sup> | 12232 | &nbsp;&nbsp; 1861588 |
| Parke Bancorp, Inc. | 2626 | &nbsp;&nbsp; 56748 |
| Pathward Financial, Inc. | 25722 | &nbsp;&nbsp; 1750639 |
| Patria Investments Ltd., Class A (Cayman <br> Islands)<sup>(c)</sup><br>| 7569 | &nbsp;&nbsp; 110280 |
| Paymentus Holdings, Inc., Class A<sup>(b)</sup> | 9058 | &nbsp;&nbsp; 259059 |
| Payoneer Global, Inc.<sup>(b)</sup> | 163078 | &nbsp;&nbsp; 944222 |
| Paysafe Ltd.<sup>(b)(c)</sup> | 56100 | &nbsp;&nbsp; 617661 |
| PCB Bancorp<sup>(c)</sup> | 3652 | &nbsp;&nbsp; 76948 |
| Peapack-Gladstone Financial Corp.<sup>(c)</sup> | 19595 | &nbsp;&nbsp; 495753 |
| PennyMac Mortgage Investment Trust | 100536 | &nbsp;&nbsp; 1210453 |
| Peoples Bancorp, Inc. | 33214 | &nbsp;&nbsp; 949920 |
| Peoples Financial Services Corp. | 4906 | &nbsp;&nbsp; 218513 |
| Perella Weinberg Partners<sup>(c)</sup> | 29619 | &nbsp;&nbsp; 553283 |
| Piper Sandler Cos. | 17564 | &nbsp;&nbsp; 5607483 |
| PJT Partners, Inc., Class A | 11026 | &nbsp;&nbsp; 1776399 |
| PRA Group, Inc.<sup>(b)</sup> | 63908 | &nbsp;&nbsp; 876179 |
| Preferred Bank | 17279 | &nbsp;&nbsp; 1559430 |
| Primis Financial Corp. | 21083 | &nbsp;&nbsp; 229488 |
| ProAssurance Corp.<sup>(b)(c)</sup> | 94926 | &nbsp;&nbsp; 2273478 |
| PROG Holdings, Inc.<sup>(c)</sup> | 25121 | &nbsp;&nbsp; 726751 |
| Provident Financial Services, Inc. | 162416 | &nbsp;&nbsp; 2970589 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| QCR Holdings, Inc.<sup>(c)</sup> | 17584 | &nbsp;&nbsp; $1308074 |
| RBB Bancorp<sup>(c)</sup> | 13842 | &nbsp;&nbsp; 257876 |
| Ready Capital Corp.<sup>(c)</sup> | 341664 | &nbsp;&nbsp; 1001076 |
| Red River Bancshares, Inc.<sup>(c)</sup> | 1802 | &nbsp;&nbsp; 119040 |
| Redwood Trust, Inc.<sup>(c)</sup> | 211177 | &nbsp;&nbsp; 1121350 |
| Regional Management Corp.<sup>(c)</sup> | 9536 | &nbsp;&nbsp; 375242 |
| Remitly Global, Inc.<sup>(b)(c)</sup> | 58846 | &nbsp;&nbsp; 943890 |
| Renasant Corp. | 127236 | &nbsp;&nbsp; 4278947 |
| Repay Holdings Corp., Class A<sup>(b)(c)</sup> | 152781 | &nbsp;&nbsp; 655430 |
| Republic Bancorp, Inc., Class A<sup>(c)</sup> | 6542 | &nbsp;&nbsp; 431118 |
| Rithm Property Trust, Inc. | 45232 | &nbsp;&nbsp; 120769 |
| RLI Corp. | 64317 | &nbsp;&nbsp; 3792130 |
| Rocket Cos., Inc., Class A | 226552 | &nbsp;&nbsp; 3774356 |
| Ryan Specialty Holdings, Inc., Class A<sup>(c)</sup> | 17958 | &nbsp;&nbsp; 984098 |
| S&T Bancorp, Inc.<sup>(c)</sup> | 38116 | &nbsp;&nbsp; 1396570 |
| Safety Insurance Group, Inc. | 14091 | &nbsp;&nbsp; 968474 |
| Seacoast Banking Corp. of Florida<sup>(c)</sup> | 82779 | &nbsp;&nbsp; 2508204 |
| Security National Financial Corp., <br> Class A<sup>(b)(c)</sup><br>| 4647 | &nbsp;&nbsp; 37037 |
| Selectquote, Inc.<sup>(b)</sup> | 192410 | &nbsp;&nbsp; 400213 |
| ServisFirst Bancshares, Inc.<sup>(c)</sup> | 36583 | &nbsp;&nbsp; 2570687 |
| Seven Hills Realty Trust<sup>(c)</sup> | 7310 | &nbsp;&nbsp; 69153 |
| Shift4 Payments, Inc., Class A<sup>(b)(c)</sup> | 15264 | &nbsp;&nbsp; 1054742 |
| Shore Bancshares, Inc. | 27224 | &nbsp;&nbsp; 424967 |
| Sierra Bancorp | 4725 | &nbsp;&nbsp; 135986 |
| SiriusPoint Ltd. (Sweden)<sup>(b)</sup> | 35397 | &nbsp;&nbsp; 644225 |
| Skyward Specialty Insurance Group, <br> Inc.<sup>(b)</sup><br>| 20142 | &nbsp;&nbsp; 918274 |
| SmartFinancial, Inc. | 11306 | &nbsp;&nbsp; 395371 |
| SoFi Technologies, Inc.<sup>(b)(c)</sup> | 260216 | &nbsp;&nbsp; 7723211 |
| South Plains Financial, Inc. | 8234 | &nbsp;&nbsp; 300541 |
| Southern First Bancshares, Inc.<sup>(b)(c)</sup> | 6496 | &nbsp;&nbsp; 284785 |
| Southern Missouri Bancorp, Inc. | 7123 | &nbsp;&nbsp; 373530 |
| Southside Bancshares, Inc.<sup>(c)</sup> | 30329 | &nbsp;&nbsp; 852851 |
| Stellar Bancorp, Inc.<sup>(c)</sup> | 42728 | &nbsp;&nbsp; 1257485 |
| StepStone Group, Inc., Class A | 19797 | &nbsp;&nbsp; 1205241 |
| Stewart Information Services Corp.<sup>(c)</sup> | 39379 | &nbsp;&nbsp; 2688404 |
| Stock Yards Bancorp, Inc.<sup>(c)</sup> | 21358 | &nbsp;&nbsp; 1388697 |
| StoneX Group, Inc.<sup>(b)(c)</sup> | 15775 | &nbsp;&nbsp; 1450038 |
| Sunrise Realty Trust, Inc.<sup>(c)</sup> | 7860 | &nbsp;&nbsp; 77657 |
| Texas Capital Bancshares, Inc.<sup>(b)(c)</sup> | 49747 | &nbsp;&nbsp; 4170788 |
| TFS Financial Corp.<sup>(c)</sup> | 50465 | &nbsp;&nbsp; 671184 |
| Third Coast Bancshares, Inc.<sup>(b)(c)</sup> | 8250 | &nbsp;&nbsp; 303188 |
| Timberland Bancorp, Inc. | 1298 | &nbsp;&nbsp; 41692 |
| Tiptree, Inc.<sup>(c)</sup> | 24866 | &nbsp;&nbsp; 440377 |
| Toast, Inc., Class A<sup>(b)</sup> | 98608 | &nbsp;&nbsp; 3563693 |
| Tompkins Financial Corp. | 13903 | &nbsp;&nbsp; 882284 |
| Towne Bank | 59764 | &nbsp;&nbsp; 1942928 |
| TPG RE Finance Trust, Inc.<sup>(c)</sup> | 131518 | &nbsp;&nbsp; 1137631 |
| TPG, Inc. | 48702 | &nbsp;&nbsp; 2680558 |
| Tradeweb Markets, Inc., Class A | 41004 | &nbsp;&nbsp; 4321412 |
| TriCo Bancshares<sup>(c)</sup> | 24458 | &nbsp;&nbsp; 1081777 |
| Triumph Financial, Inc.<sup>(b)(c)</sup> | 29942 | &nbsp;&nbsp; 1630641 |
| Trupanion, Inc.<sup>(b)(c)</sup> | 25603 | &nbsp;&nbsp; 1023864 |
| TrustCo Bank Corp.<sup>(c)</sup> | 21256 | &nbsp;&nbsp; 801564 |
| Trustmark Corp.<sup>(c)</sup> | 69303 | &nbsp;&nbsp; 2579458 |
| Two Harbors Investment Corp.<sup>(c)</sup> | 277319 | &nbsp;&nbsp; 2695541 |
| UMB Financial Corp. | 43682 | &nbsp;&nbsp; 4668732 |
| United Community Banks, Inc.<sup>(c)</sup> | 85114 | &nbsp;&nbsp; 2485329 |
| United Fire Group, Inc. | 24156 | &nbsp;&nbsp; 730236 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Unity Bancorp, Inc.<sup>(c)</sup> | 8566 | &nbsp;&nbsp; $388982 |
| Universal Insurance Holdings, Inc. | 42549 | &nbsp;&nbsp; 1311360 |
| Univest Financial Corp.<sup>(c)</sup> | 30357 | &nbsp;&nbsp; 891282 |
| Upstart Holdings, Inc.<sup>(b)(c)</sup> | 33855 | &nbsp;&nbsp; 1608790 |
| UWM Holdings Corp. | 84993 | &nbsp;&nbsp; 478511 |
| Victory Capital Holdings, Inc., Class A<sup>(c)</sup> | 45470 | &nbsp;&nbsp; 2831417 |
| Virtu Financial, Inc., Class A | 62186 | &nbsp;&nbsp; 2166560 |
| Virtus Investment Partners, Inc. | 9223 | &nbsp;&nbsp; 1501689 |
| WaFd, Inc. | 100273 | &nbsp;&nbsp; 2910925 |
| Walker & Dunlop, Inc. | 39021 | &nbsp;&nbsp; 3118558 |
| Washington Trust Bancorp, Inc.<sup>(c)</sup> | 33418 | &nbsp;&nbsp; 910306 |
| Waterstone Financial, Inc.<sup>(c)</sup> | 14989 | &nbsp;&nbsp; 229332 |
| WesBanco, Inc. | 115241 | &nbsp;&nbsp; 3468754 |
| West Bancorporation, Inc. | 3608 | &nbsp;&nbsp; 76742 |
| Westamerica Bancorporation | 26003 | &nbsp;&nbsp; 1239043 |
| Western New England Bancorp, Inc.<sup>(c)</sup> | 7400 | &nbsp;&nbsp; 84138 |
| Westwood Holdings Group, Inc. | 1806 | &nbsp;&nbsp; 30251 |
| White Mountains Insurance Group Ltd.<sup>(c)</sup> | 569 | &nbsp;&nbsp; 1083695 |
| WisdomTree, Inc.<sup>(c)</sup> | 137431 | &nbsp;&nbsp; 1643675 |
| World Acceptance Corp.<sup>(b)</sup> | 7249 | &nbsp;&nbsp; 924030 |
| WSFS Financial Corp. | 57947 | &nbsp;&nbsp; 3018459 |
|  |  | &nbsp;&nbsp; 403916996 |
| **Health Care-15.72%** | **Health Care-15.72%** | **Health Care-15.72%** |
| 10X Genomics, Inc., Class A<sup>(b)(c)</sup> | 200934 | &nbsp;&nbsp; 2740740 |
| 4D Molecular Therapeutics, Inc.<sup>(b)(c)</sup> | 75347 | &nbsp;&nbsp; 866490 |
| Acadia Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 114079 | &nbsp;&nbsp; 2589593 |
| Accuray, Inc.<sup>(b)</sup> | 118991 | &nbsp;&nbsp; 167777 |
| Aclaris Therapeutics, Inc.<sup>(b)(c)</sup> | 88995 | &nbsp;&nbsp; 224267 |
| AdaptHealth Corp.<sup>(b)(c)</sup> | 264880 | &nbsp;&nbsp; 2381271 |
| Adaptive Biotechnologies Corp.<sup>(b)(c)</sup> | 139509 | &nbsp;&nbsp; 2421876 |
| Addus HomeCare Corp.<sup>(b)(c)</sup> | 21146 | &nbsp;&nbsp; 2471756 |
| agilon health, inc.<sup>(b)</sup> | 573508 | &nbsp;&nbsp; 456799 |
| Agios Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 91008 | &nbsp;&nbsp; 3935186 |
| Akebia Therapeutics, Inc.<sup>(b)(c)</sup> | 325924 | &nbsp;&nbsp; 720292 |
| Akero Therapeutics, Inc.<sup>(b)(c)</sup> | 22065 | &nbsp;&nbsp; 1195923 |
| Aldeyra Therapeutics, Inc.<sup>(b)(c)</sup> | 82010 | &nbsp;&nbsp; 415791 |
| Alector, Inc.<sup>(b)</sup> | 81816 | &nbsp;&nbsp; 120270 |
| Alignment Healthcare, Inc.<sup>(b)</sup> | 48274 | &nbsp;&nbsp; 813900 |
| Alkermes PLC<sup>(b)(c)</sup> | 14750 | &nbsp;&nbsp; 452825 |
| Allogene Therapeutics, Inc.<sup>(b)(c)</sup> | 379092 | &nbsp;&nbsp; 470074 |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 797 | &nbsp;&nbsp; 363464 |
| Altimmune, Inc.<sup>(b)(c)</sup> | 105607 | &nbsp;&nbsp; 427708 |
| Alumis, Inc.<sup>(b)(c)</sup> | 95552 | &nbsp;&nbsp; 453872 |
| Alvotech S.A. (Luxembourg)<sup>(b)(c)</sup> | 34167 | &nbsp;&nbsp; 261378 |
| American Well Corp., Class A<sup>(b)</sup> | 14393 | &nbsp;&nbsp; 75131 |
| Amicus Therapeutics, Inc.<sup>(b)</sup> | 269623 | &nbsp;&nbsp; 2434696 |
| Amneal Pharmaceuticals, Inc.<sup>(b)</sup> | 206330 | &nbsp;&nbsp; 2232491 |
| Amphastar Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 48551 | &nbsp;&nbsp; 1238050 |
| Amylyx Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 104644 | &nbsp;&nbsp; 1457691 |
| AnaptysBio, Inc.<sup>(b)(c)</sup> | 28687 | &nbsp;&nbsp; 1049370 |
| AngioDynamics, Inc.<sup>(b)(c)</sup> | 87638 | &nbsp;&nbsp; 1054285 |
| ANI Pharmaceuticals, Inc.<sup>(b)</sup> | 13606 | &nbsp;&nbsp; 1232704 |
| Anika Therapeutics, Inc.<sup>(b)</sup> | 13728 | &nbsp;&nbsp; 133848 |
| Annexon, Inc.<sup>(b)(c)</sup> | 168688 | &nbsp;&nbsp; 533054 |
| Apellis Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 89549 | &nbsp;&nbsp; 1922617 |
| Apogee Therapeutics, Inc.<sup>(b)</sup> | 8979 | &nbsp;&nbsp; 508122 |
| Arbutus Biopharma Corp.<sup>(b)(c)</sup> | 99816 | &nbsp;&nbsp; 472130 |
| Arcellx, Inc.<sup>(b)(c)</sup> | 11898 | &nbsp;&nbsp; 1073794 |
| Arcturus Therapeutics Holdings, Inc.<sup>(b)(c)</sup> | 49288 | &nbsp;&nbsp; 491401 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Arcus Biosciences, Inc.<sup>(b)(c)</sup> | 112662 | &nbsp;&nbsp; $2221695 |
| Arcutis Biotherapeutics, Inc.<sup>(b)(c)</sup> | 53565 | &nbsp;&nbsp; 1355730 |
| Ardelyx, Inc.<sup>(b)</sup> | 110049 | &nbsp;&nbsp; 666897 |
| Ardent Health, Inc.<sup>(b)(c)</sup> | 42027 | &nbsp;&nbsp; 611913 |
| Arrowhead Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 107177 | &nbsp;&nbsp; 4543233 |
| Artivion, Inc.<sup>(b)</sup> | 30351 | &nbsp;&nbsp; 1377025 |
| Arvinas, Inc.<sup>(b)</sup> | 192391 | &nbsp;&nbsp; 1950845 |
| Assertio Holdings, Inc.<sup>(b)(c)</sup> | 133345 | &nbsp;&nbsp; 99262 |
| Astrana Health, Inc.<sup>(b)(c)</sup> | 45244 | &nbsp;&nbsp; 1412065 |
| Atea Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 86375 | &nbsp;&nbsp; 280719 |
| AtriCure, Inc.<sup>(b)(c)</sup> | 34998 | &nbsp;&nbsp; 1209181 |
| Aurinia Pharmaceuticals, Inc. (Canada)<sup>(b)</sup> | 18307 | &nbsp;&nbsp; 241103 |
| Avanos Medical, Inc.<sup>(b)</sup> | 83277 | &nbsp;&nbsp; 925207 |
| Avidity Biosciences, Inc.<sup>(b)(c)</sup> | 39297 | &nbsp;&nbsp; 2744895 |
| Axogen, Inc.<sup>(b)</sup> | 24982 | &nbsp;&nbsp; 555100 |
| Axsome Therapeutics, Inc.<sup>(b)</sup> | 4403 | &nbsp;&nbsp; 594361 |
| Azenta, Inc.<sup>(b)(c)</sup> | 99052 | &nbsp;&nbsp; 2991370 |
| Beam Therapeutics, Inc.<sup>(b)(c)</sup> | 115560 | &nbsp;&nbsp; 2890156 |
| BioCryst Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 126621 | &nbsp;&nbsp; 926866 |
| Biohaven Ltd.<sup>(b)(c)</sup> | 75170 | &nbsp;&nbsp; 1292924 |
| BioLife Solutions, Inc.<sup>(b)(c)</sup> | 24201 | &nbsp;&nbsp; 674482 |
| Bio-Techne Corp.<sup>(c)</sup> | 104126 | &nbsp;&nbsp; 6515164 |
| Black Diamond Therapeutics, Inc.<sup>(b)(c)</sup> | 95157 | &nbsp;&nbsp; 368258 |
| BridgeBio Pharma, Inc.<sup>(b)(c)</sup> | 50912 | &nbsp;&nbsp; 3189128 |
| BrightSpring Health Services, Inc.<sup>(b)</sup> | 51150 | &nbsp;&nbsp; 1690507 |
| Bristol-Myers Squibb Co., Rts., expiring <br> 01/23/2031<sup>(b)(c)(f)</sup><br>| 23541 | &nbsp;&nbsp; 0 |
| Brookdale Senior Living, Inc.<sup>(b)</sup> | 455564 | &nbsp;&nbsp; 4223078 |
| Bruker Corp.<sup>(c)</sup> | 9082 | &nbsp;&nbsp; 353653 |
| Butterfly Network, Inc.<sup>(b)(c)</sup> | 195732 | &nbsp;&nbsp; 526519 |
| C4 Therapeutics, Inc.<sup>(b)(c)</sup> | 188788 | &nbsp;&nbsp; 492737 |
| Cabaletta Bio, Inc.<sup>(b)</sup> | 122558 | &nbsp;&nbsp; 442434 |
| CareDx, Inc.<sup>(b)</sup> | 75596 | &nbsp;&nbsp; 1133940 |
| Caribou Biosciences, Inc.<sup>(b)(c)</sup> | 12185 | &nbsp;&nbsp; 29488 |
| Castle Biosciences, Inc.<sup>(b)(c)</sup> | 36505 | &nbsp;&nbsp; 930877 |
| Catalyst Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 55574 | &nbsp;&nbsp; 1182059 |
| Celldex Therapeutics, Inc.<sup>(b)(c)</sup> | 40121 | &nbsp;&nbsp; 1072434 |
| Certara, Inc.<sup>(b)(c)</sup> | 109786 | &nbsp;&nbsp; 1276811 |
| Cerus Corp.<sup>(b)</sup> | 146878 | &nbsp;&nbsp; 215911 |
| Chemed Corp. | 1586 | &nbsp;&nbsp; 684042 |
| Chinook Therapeutics, Inc.<sup>(b)(c)(f)</sup> | 14882 | &nbsp;&nbsp; 0 |
| Cidara Therapeutics, Inc.<sup>(b)</sup> | 11735 | &nbsp;&nbsp; 1281931 |
| Claritev Corp.<sup>(b)(c)</sup> | 16784 | &nbsp;&nbsp; 1092638 |
| Clover Health Investments Corp.<sup>(b)(c)</sup> | 724768 | &nbsp;&nbsp; 2558431 |
| Codexis, Inc.<sup>(b)(c)</sup> | 80286 | &nbsp;&nbsp; 190278 |
| Cogent Biosciences, Inc.<sup>(b)</sup> | 93060 | &nbsp;&nbsp; 1516878 |
| Coherus Oncology, Inc.<sup>(b)(c)</sup> | 231488 | &nbsp;&nbsp; 388900 |
| Collegium Pharmaceutical, Inc.<sup>(b)(c)</sup> | 40148 | &nbsp;&nbsp; 1445328 |
| Community Health Systems, Inc.<sup>(b)(c)</sup> | 540824 | &nbsp;&nbsp; 2098397 |
| Concentra Group Holdings Parent, Inc.<sup>(c)</sup> | 87877 | &nbsp;&nbsp; 1750510 |
| CONMED Corp.<sup>(c)</sup> | 52881 | &nbsp;&nbsp; 2326764 |
| Corcept Therapeutics, Inc.<sup>(b)</sup> | 53261 | &nbsp;&nbsp; 3913086 |
| CorVel Corp.<sup>(b)(c)</sup> | 11947 | &nbsp;&nbsp; 883481 |
| Crinetics Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 35100 | &nbsp;&nbsp; 1526850 |
| CRISPR Therapeutics AG <br> (Switzerland)<sup>(b)(c)</sup><br>| 6750 | &nbsp;&nbsp; 431932 |
| Cross Country Healthcare, Inc.<sup>(b)</sup> | 72094 | &nbsp;&nbsp; 883872 |
| CryoPort, Inc.<sup>(b)(c)</sup> | 53524 | &nbsp;&nbsp; 494562 |
| Cullinan Therapeutics, Inc.<sup>(b)(c)</sup> | 53730 | &nbsp;&nbsp; 465302 |
| Cytek Biosciences, Inc.<sup>(b)(c)</sup> | 117363 | &nbsp;&nbsp; 457716 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Cytokinetics, Inc.<sup>(b)(c)</sup> | 33087 | &nbsp;&nbsp; $2104002 |
| Day One Biopharmaceuticals, Inc.<sup>(b)(c)</sup> | 62182 | &nbsp;&nbsp; 462634 |
| Definitive Healthcare Corp.<sup>(b)</sup> | 73298 | &nbsp;&nbsp; 203035 |
| Denali Therapeutics, Inc.<sup>(b)(c)</sup> | 163020 | &nbsp;&nbsp; 2653966 |
| Dianthus Therapeutics, Inc.<sup>(b)(c)</sup> | 16587 | &nbsp;&nbsp; 580213 |
| Disc Medicine, Inc.<sup>(b)(c)</sup> | 6646 | &nbsp;&nbsp; 573018 |
| DocGo, Inc.<sup>(b)(c)</sup> | 107797 | &nbsp;&nbsp; 117499 |
| Doximity, Inc., Class A<sup>(b)(c)</sup> | 25683 | &nbsp;&nbsp; 1695078 |
| Dynavax Technologies Corp.<sup>(b)(c)</sup> | 128040 | &nbsp;&nbsp; 1313690 |
| Dyne Therapeutics, Inc.<sup>(b)(c)</sup> | 51149 | &nbsp;&nbsp; 1154944 |
| Edgewise Therapeutics, Inc.<sup>(b)(c)</sup> | 26138 | &nbsp;&nbsp; 477803 |
| Editas Medicine, Inc.<sup>(b)(c)</sup> | 12271 | &nbsp;&nbsp; 37795 |
| Embecta Corp. | 101984 | &nbsp;&nbsp; 1360467 |
| Emergent BioSolutions, Inc.<sup>(b)(c)</sup> | 350442 | &nbsp;&nbsp; 4373516 |
| Enanta Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 46381 | &nbsp;&nbsp; 508336 |
| Enhabit, Inc.<sup>(b)</sup> | 107692 | &nbsp;&nbsp; 875536 |
| Ensign Group, Inc. (The)<sup>(c)</sup> | 36842 | &nbsp;&nbsp; 6635244 |
| Entrada Therapeutics, Inc.<sup>(b)(c)</sup> | 16949 | &nbsp;&nbsp; 117796 |
| Erasca, Inc.<sup>(b)</sup> | 165221 | &nbsp;&nbsp; 399835 |
| Esperion Therapeutics, Inc.<sup>(b)(c)</sup> | 497600 | &nbsp;&nbsp; 1477872 |
| Evolent Health, Inc., Class A<sup>(b)(c)</sup> | 231649 | &nbsp;&nbsp; 1545099 |
| Exact Sciences Corp.<sup>(b)(c)</sup> | 17834 | &nbsp;&nbsp; 1153681 |
| EyePoint Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 64066 | &nbsp;&nbsp; 838624 |
| Fate Therapeutics, Inc.<sup>(b)(c)</sup> | 234097 | &nbsp;&nbsp; 316031 |
| Fulcrum Therapeutics, Inc.<sup>(b)(c)</sup> | 67099 | &nbsp;&nbsp; 587116 |
| Fulgent Genetics, Inc.<sup>(b)(c)</sup> | 55559 | &nbsp;&nbsp; 1247300 |
| GeneDx Holdings Corp.<sup>(b)(c)</sup> | 5582 | &nbsp;&nbsp; 764232 |
| Geron Corp.<sup>(b)</sup> | 447712 | &nbsp;&nbsp; 564117 |
| Ginkgo Bioworks Holdings, Inc.<sup>(b)</sup> | 190806 | &nbsp;&nbsp; 2478570 |
| Glaukos Corp.<sup>(b)(c)</sup> | 14334 | &nbsp;&nbsp; 1262395 |
| Globus Medical, Inc., Class A<sup>(b)</sup> | 14741 | &nbsp;&nbsp; 890209 |
| GoodRx Holdings, Inc., Class A<sup>(b)(c)</sup> | 105273 | &nbsp;&nbsp; 354770 |
| Gossamer Bio., Inc.<sup>(b)</sup> | 219934 | &nbsp;&nbsp; 538838 |
| GRAIL, Inc.<sup>(b)(c)</sup> | 98148 | &nbsp;&nbsp; 9022746 |
| Guardant Health, Inc.<sup>(b)</sup> | 39015 | &nbsp;&nbsp; 3629175 |
| Haemonetics Corp.<sup>(b)(c)</sup> | 64090 | &nbsp;&nbsp; 3205141 |
| Halozyme Therapeutics, Inc.<sup>(b)</sup> | 59937 | &nbsp;&nbsp; 3907293 |
| Harmony Biosciences Holdings, Inc.<sup>(b)(c)</sup> | 28936 | &nbsp;&nbsp; 826702 |
| Health Catalyst, Inc.<sup>(b)(c)</sup> | 90842 | &nbsp;&nbsp; 293420 |
| HealthEquity, Inc.<sup>(b)</sup> | 50938 | &nbsp;&nbsp; 4817716 |
| HealthStream, Inc.<sup>(c)</sup> | 21443 | &nbsp;&nbsp; 527498 |
| Heron Therapeutics, Inc.<sup>(b)(c)</sup> | 157513 | &nbsp;&nbsp; 182715 |
| Hims & Hers Health, Inc.<sup>(b)(c)</sup> | 19041 | &nbsp;&nbsp; 865604 |
| ICU Medical, Inc.<sup>(b)(c)</sup> | 36106 | &nbsp;&nbsp; 4335970 |
| Ideaya Biosciences, Inc.<sup>(b)(c)</sup> | 46875 | &nbsp;&nbsp; 1493437 |
| Immunovant, Inc.<sup>(b)(c)</sup> | 30564 | &nbsp;&nbsp; 754320 |
| Inhibrx Biosciences, Inc.<sup>(b)(c)</sup> | 11970 | &nbsp;&nbsp; 977470 |
| Inmode Ltd.<sup>(b)</sup> | 12981 | &nbsp;&nbsp; 191729 |
| Innoviva, Inc.<sup>(b)(c)</sup> | 100646 | &nbsp;&nbsp; 1831757 |
| Inogen, Inc.<sup>(b)(c)</sup> | 43809 | &nbsp;&nbsp; 360986 |
| Inotiv, Inc.<sup>(b)(c)</sup> | 79296 | &nbsp;&nbsp; 105464 |
| Insmed, Inc.<sup>(b)</sup> | 25802 | &nbsp;&nbsp; 4892059 |
| Inspire Medical Systems, Inc.<sup>(b)(c)</sup> | 11234 | &nbsp;&nbsp; 809747 |
| Insulet Corp.<sup>(b)</sup> | 11312 | &nbsp;&nbsp; 3540769 |
| Integer Holdings Corp.<sup>(b)</sup> | 38896 | &nbsp;&nbsp; 2511515 |
| Integra LifeSciences Holdings Corp.<sup>(b)(c)</sup> | 120241 | &nbsp;&nbsp; 1444094 |
| Intellia Therapeutics, Inc.<sup>(b)(c)</sup> | 265810 | &nbsp;&nbsp; 3354522 |
| Invivyd, Inc.<sup>(b)</sup> | 174828 | &nbsp;&nbsp; 307697 |
| Ionis Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 151286 | &nbsp;&nbsp; 11240550 |
| Iovance Biotherapeutics, Inc.<sup>(b)(c)</sup> | 754710 | &nbsp;&nbsp; 1486779 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| iRhythm Technologies, Inc.<sup>(b)(c)</sup> | 7073 | &nbsp;&nbsp; $1324773 |
| Ironwood Pharmaceuticals, Inc.<sup>(b)</sup> | 299507 | &nbsp;&nbsp; 575053 |
| KalVista Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 37448 | &nbsp;&nbsp; 408558 |
| Keros Therapeutics, Inc.<sup>(b)</sup> | 45859 | &nbsp;&nbsp; 697974 |
| Kiniksa Pharmaceuticals International <br> PLC<sup>(b)</sup><br>| 23619 | &nbsp;&nbsp; 874139 |
| Kodiak Sciences, Inc.<sup>(b)(c)</sup> | 64989 | &nbsp;&nbsp; 1177926 |
| Krystal Biotech, Inc.<sup>(b)(c)</sup> | 5956 | &nbsp;&nbsp; 1176370 |
| Kura Oncology, Inc.<sup>(b)(c)</sup> | 126973 | &nbsp;&nbsp; 1304013 |
| Kymera Therapeutics, Inc.<sup>(b)(c)</sup> | 25768 | &nbsp;&nbsp; 1593493 |
| Lantheus Holdings, Inc.<sup>(b)(c)</sup> | 39773 | &nbsp;&nbsp; 2294504 |
| LeMaitre Vascular, Inc.<sup>(c)</sup> | 10191 | &nbsp;&nbsp; 882643 |
| Lexicon Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 465032 | &nbsp;&nbsp; 641744 |
| LifeStance Health Group, Inc.<sup>(b)(c)</sup> | 109830 | &nbsp;&nbsp; 538167 |
| Ligand Pharmaceuticals, Inc.<sup>(b)</sup> | 15808 | &nbsp;&nbsp; 3024228 |
| LivaNova PLC<sup>(b)</sup> | 79039 | &nbsp;&nbsp; 4159823 |
| Lyell Immunopharma, Inc.<sup>(b)(c)</sup> | 9276 | &nbsp;&nbsp; 154538 |
| MacroGenics, Inc.<sup>(b)(c)</sup> | 81915 | &nbsp;&nbsp; 135979 |
| Madrigal Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 3679 | &nbsp;&nbsp; 1541133 |
| Maravai LifeSciences Holdings, Inc., <br> Class A<sup>(b)(c)</sup><br>| 252403 | &nbsp;&nbsp; 792545 |
| Masimo Corp.<sup>(b)(c)</sup> | 6053 | &nbsp;&nbsp; 851354 |
| Medpace Holdings, Inc.<sup>(b)(c)</sup> | 6742 | &nbsp;&nbsp; 3943463 |
| MeiraGTx Holdings PLC<sup>(b)(c)</sup> | 43324 | &nbsp;&nbsp; 393382 |
| Merit Medical Systems, Inc.<sup>(b)</sup> | 41783 | &nbsp;&nbsp; 3657684 |
| Mesa Laboratories, Inc.<sup>(c)</sup> | 6433 | &nbsp;&nbsp; 462468 |
| Mirum Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 14421 | &nbsp;&nbsp; 1047686 |
| Monte Rosa Therapeutics, Inc.<sup>(b)(c)</sup> | 65829 | &nbsp;&nbsp; 845903 |
| Myriad Genetics, Inc.<sup>(b)(c)</sup> | 184373 | &nbsp;&nbsp; 1482359 |
| Natera, Inc.<sup>(b)</sup> | 19628 | &nbsp;&nbsp; 3904598 |
| National HealthCare Corp. | 11518 | &nbsp;&nbsp; 1375710 |
| National Research Corp.<sup>(c)</sup> | 13814 | &nbsp;&nbsp; 184555 |
| Nektar Therapeutics<sup>(b)</sup> | 52230 | &nbsp;&nbsp; 3391294 |
| Neogen Corp.<sup>(b)(c)</sup> | 586091 | &nbsp;&nbsp; 3616181 |
| NeoGenomics, Inc.<sup>(b)(c)</sup> | 181501 | &nbsp;&nbsp; 1773265 |
| Neumora Therapeutics, Inc.<sup>(b)(c)</sup> | 177368 | &nbsp;&nbsp; 535651 |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> | 6547 | &nbsp;&nbsp; 937596 |
| Nkarta, Inc.<sup>(b)</sup> | 103893 | &nbsp;&nbsp; 219214 |
| Novavax, Inc.<sup>(b)(c)</sup> | 27640 | &nbsp;&nbsp; 232176 |
| Novocure Ltd.<sup>(b)</sup> | 12315 | &nbsp;&nbsp; 157755 |
| Nurix Therapeutics, Inc.<sup>(b)(c)</sup> | 87949 | &nbsp;&nbsp; 1138060 |
| Nuvalent, Inc., Class A<sup>(b)(c)</sup> | 7285 | &nbsp;&nbsp; 723546 |
| Nuvation Bio, Inc.<sup>(b)(c)</sup> | 353000 | &nbsp;&nbsp; 1842660 |
| Ocular Therapeutix, Inc.<sup>(b)</sup> | 44576 | &nbsp;&nbsp; 519756 |
| Olema Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 88818 | &nbsp;&nbsp; 796697 |
| Omeros Corp.<sup>(b)(c)</sup> | 81922 | &nbsp;&nbsp; 600488 |
| OmniAb, Inc.<sup>(b)</sup> | 90549 | &nbsp;&nbsp; 140351 |
| OmniAb, Inc., Rts., expiring <br> 11/02/2027<sup>(b)(c)(f)</sup><br>| 4734 | &nbsp;&nbsp; 0 |
| OmniAb, Inc., Rts., expiring <br> 11/02/2027<sup>(b)(f)</sup><br>| 4734 | &nbsp;&nbsp; 0 |
| Omnicell, Inc.<sup>(b)(c)</sup> | 84583 | &nbsp;&nbsp; 2839451 |
| OPKO Health, Inc.<sup>(b)(c)</sup> | 733578 | &nbsp;&nbsp; 997666 |
| OraSure Technologies, Inc.<sup>(b)(c)</sup> | 105709 | &nbsp;&nbsp; 289643 |
| Organogenesis Holdings, Inc.<sup>(b)(c)</sup> | 128170 | &nbsp;&nbsp; 544722 |
| ORIC Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 55038 | &nbsp;&nbsp; 724300 |
| Orthofix Medical, Inc.<sup>(b)(c)</sup> | 46536 | &nbsp;&nbsp; 718516 |
| OrthoPediatrics Corp.<sup>(b)(c)</sup> | 18003 | &nbsp;&nbsp; 303171 |
| Outset Medical, Inc.<sup>(b)(c)</sup> | 1494 | &nbsp;&nbsp; 19601 |
| Pacific Biosciences of California, Inc.<sup>(b)(c)</sup> | 943461 | &nbsp;&nbsp; 2207699 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Pacira BioSciences, Inc.<sup>(b)(c)</sup> | 87297 | &nbsp;&nbsp; $1866410 |
| PDL BioPharma, Inc.<sup>(b)(f)</sup> | 527353 | &nbsp;&nbsp; 221488 |
| Pediatrix Medical Group, Inc.<sup>(b)</sup> | 167314 | &nbsp;&nbsp; 2839319 |
| Pennant Group, Inc. (The)<sup>(b)(c)</sup> | 21335 | &nbsp;&nbsp; 527615 |
| Penumbra, Inc.<sup>(b)</sup> | 11614 | &nbsp;&nbsp; 2640675 |
| Phibro Animal Health Corp., Class A | 40188 | &nbsp;&nbsp; 1690307 |
| Phreesia, Inc.<sup>(b)(c)</sup> | 35353 | &nbsp;&nbsp; 800392 |
| Pliant Therapeutics, Inc.<sup>(b)(c)</sup> | 104560 | &nbsp;&nbsp; 175661 |
| Praxis Precision Medicines, Inc.<sup>(b)(c)</sup> | 11277 | &nbsp;&nbsp; 2241417 |
| Prestige Consumer Healthcare, Inc.<sup>(b)</sup> | 54784 | &nbsp;&nbsp; 3319910 |
| Privia Health Group, Inc.<sup>(b)(c)</sup> | 78202 | &nbsp;&nbsp; 1900309 |
| PROCEPT BioRobotics Corp.<sup>(b)(c)</sup> | 8258 | &nbsp;&nbsp; 281020 |
| Progyny, Inc.<sup>(b)(c)</sup> | 60442 | &nbsp;&nbsp; 1130870 |
| Protagonist Therapeutics, Inc.<sup>(b)</sup> | 21648 | &nbsp;&nbsp; 1701966 |
| Prothena Corp. PLC (Ireland)<sup>(b)(c)</sup> | 5082 | &nbsp;&nbsp; 54631 |
| PTC Therapeutics, Inc.<sup>(b)(c)</sup> | 73940 | &nbsp;&nbsp; 5050841 |
| Puma Biotechnology, Inc.<sup>(b)(c)</sup> | 43156 | &nbsp;&nbsp; 220096 |
| Quanterix Corp.<sup>(b)(c)</sup> | 76227 | &nbsp;&nbsp; 407052 |
| Quantum-Si, Inc.<sup>(b)(c)</sup> | 239922 | &nbsp;&nbsp; 515832 |
| RadNet, Inc.<sup>(b)</sup> | 34382 | &nbsp;&nbsp; 2612688 |
| RAPT Therapeutics, Inc.<sup>(b)(c)</sup> | 11671 | &nbsp;&nbsp; 352581 |
| Recursion Pharmaceuticals, Inc., <br> Class A<sup>(b)(c)</sup><br>| 177510 | &nbsp;&nbsp; 979855 |
| REGENXBIO, Inc.<sup>(b)(c)</sup> | 114910 | &nbsp;&nbsp; 1467401 |
| Relay Therapeutics, Inc.<sup>(b)(c)</sup> | 277710 | &nbsp;&nbsp; 1982849 |
| Repligen Corp.<sup>(b)</sup> | 27035 | &nbsp;&nbsp; 4029837 |
| Replimune Group, Inc.<sup>(b)(c)</sup> | 113787 | &nbsp;&nbsp; 1107148 |
| Revolution Medicines, Inc.<sup>(b)(c)</sup> | 74401 | &nbsp;&nbsp; 4377755 |
| Rhythm Pharmaceuticals, Inc.<sup>(b)</sup> | 12724 | &nbsp;&nbsp; 1447482 |
| Rigel Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 15265 | &nbsp;&nbsp; 482069 |
| Rocket Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 189792 | &nbsp;&nbsp; 715516 |
| Roivant Sciences Ltd.<sup>(b)</sup> | 450535 | &nbsp;&nbsp; 9006195 |
| Sana Biotechnology, Inc.<sup>(b)(c)</sup> | 342548 | &nbsp;&nbsp; 1695613 |
| Sangamo Therapeutics, Inc.<sup>(b)(c)</sup> | 718964 | &nbsp;&nbsp; 429940 |
| Sarepta Therapeutics, Inc.<sup>(b)(c)</sup> | 1556 | &nbsp;&nbsp; 37360 |
| Savara, Inc.<sup>(b)(c)</sup> | 102110 | &nbsp;&nbsp; 423756 |
| Scholar Rock Holding Corp.<sup>(b)(c)</sup> | 21457 | &nbsp;&nbsp; 635556 |
| Schrodinger, Inc.<sup>(b)(c)</sup> | 51223 | &nbsp;&nbsp; 1077732 |
| Seer, Inc.<sup>(b)</sup> | 79736 | &nbsp;&nbsp; 176217 |
| Select Medical Holdings Corp.<sup>(c)</sup> | 129569 | &nbsp;&nbsp; 1791939 |
| Seres Therapeutics, Inc.<sup>(b)(c)</sup> | 10420 | &nbsp;&nbsp; 167762 |
| SI-BONE, Inc.<sup>(b)(c)</sup> | 18947 | &nbsp;&nbsp; 280984 |
| SIGA Technologies, Inc.<sup>(c)</sup> | 75117 | &nbsp;&nbsp; 621969 |
| Simulations Plus, Inc.<sup>(b)(c)</sup> | 13987 | &nbsp;&nbsp; 240297 |
| SNDL, Inc. (Canada)<sup>(b)(c)</sup> | 193930 | &nbsp;&nbsp; 416949 |
| Solid Biosciences, Inc.<sup>(b)(c)</sup> | 82244 | &nbsp;&nbsp; 443295 |
| Sotera Health Co.<sup>(b)(c)</sup> | 86724 | &nbsp;&nbsp; 1439618 |
| Spyre Therapeutics, Inc.<sup>(b)(c)</sup> | 20755 | &nbsp;&nbsp; 507667 |
| STAAR Surgical Co., (Acquired <br> 03/20/2020 - 10/23/2025; <br> Cost $1,595,633)<sup>(b)(c)(g)</sup><br>| 54308 | &nbsp;&nbsp; 1404948 |
| Stoke Therapeutics, Inc.<sup>(b)(c)</sup> | 37636 | &nbsp;&nbsp; 1130585 |
| Strata Critical Medical, Inc.<sup>(b)(c)</sup> | 22899 | &nbsp;&nbsp; 115182 |
| Supernus Pharmaceuticals, Inc.<sup>(b)</sup> | 66912 | &nbsp;&nbsp; 3688859 |
| Surgery Partners, Inc.<sup>(b)(c)</sup> | 110764 | &nbsp;&nbsp; 2429055 |
| Surmodics, Inc.<sup>(b)</sup> | 17357 | &nbsp;&nbsp; 476189 |
| Sutro Biopharma, Inc.<sup>(b)(c)</sup> | 131489 | &nbsp;&nbsp; 147268 |
| Syndax Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 82236 | &nbsp;&nbsp; 1126633 |
| Tactile Systems Technology, Inc.<sup>(b)(c)</sup> | 32295 | &nbsp;&nbsp; 486686 |
| Tandem Diabetes Care, Inc.<sup>(b)(c)</sup> | 88069 | &nbsp;&nbsp; 1232966 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Tango Therapeutics, Inc.<sup>(b)(c)</sup> | 91637 | &nbsp;&nbsp; $743176 |
| Tarsus Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 7483 | &nbsp;&nbsp; 514905 |
| Taysha Gene Therapies, Inc.<sup>(b)(c)</sup> | 155945 | &nbsp;&nbsp; 773487 |
| Teladoc Health, Inc.<sup>(b)(c)</sup> | 41754 | &nbsp;&nbsp; 360337 |
| Terns Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 90150 | &nbsp;&nbsp; 744639 |
| TG Therapeutics, Inc.<sup>(b)(c)</sup> | 33245 | &nbsp;&nbsp; 1156261 |
| Tilray Brands, Inc., Class 2 (Canada)<sup>(b)(c)</sup> | 487681 | &nbsp;&nbsp; 653493 |
| TransMedics Group, Inc.<sup>(b)(c)</sup> | 3328 | &nbsp;&nbsp; 437765 |
| Travere Therapeutics, Inc.<sup>(b)(c)</sup> | 74008 | &nbsp;&nbsp; 2602121 |
| TruBridge, Inc.<sup>(b)(c)</sup> | 29936 | &nbsp;&nbsp; 575370 |
| Twist Bioscience Corp.<sup>(b)(c)</sup> | 40372 | &nbsp;&nbsp; 1327835 |
| U.S. Physical Therapy, Inc.<sup>(c)</sup> | 16334 | &nbsp;&nbsp; 1409134 |
| UFP Technologies, Inc.<sup>(b)(c)</sup> | 4036 | &nbsp;&nbsp; 777495 |
| Ultragenyx Pharmaceutical, Inc.<sup>(b)(c)</sup> | 109366 | &nbsp;&nbsp; 3784064 |
| uniQure N.V. (Netherlands)<sup>(b)</sup> | 24881 | &nbsp;&nbsp; 1684195 |
| Utah Medical Products, Inc. | 2229 | &nbsp;&nbsp; 129505 |
| Vanda Pharmaceuticals, Inc.<sup>(b)</sup> | 109935 | &nbsp;&nbsp; 478217 |
| Varex Imaging Corp.<sup>(b)</sup> | 77736 | &nbsp;&nbsp; 908734 |
| Vaxcyte, Inc.<sup>(b)(c)</sup> | 48518 | &nbsp;&nbsp; 2196895 |
| Ventyx Biosciences, Inc.<sup>(b)(c)</sup> | 30352 | &nbsp;&nbsp; 258903 |
| Veracyte, Inc.<sup>(b)</sup> | 57412 | &nbsp;&nbsp; 2071425 |
| Verastem, Inc.<sup>(b)(c)</sup> | 56629 | &nbsp;&nbsp; 535144 |
| Vericel Corp.<sup>(b)(c)</sup> | 12662 | &nbsp;&nbsp; 443930 |
| Viking Therapeutics, Inc.<sup>(b)(c)</sup> | 16190 | &nbsp;&nbsp; 616515 |
| Vir Biotechnology, Inc.<sup>(b)(c)</sup> | 203854 | &nbsp;&nbsp; 1214970 |
| Viridian Therapeutics, Inc.<sup>(b)(c)</sup> | 41636 | &nbsp;&nbsp; 983859 |
| Voyager Therapeutics, Inc.<sup>(b)(c)</sup> | 57989 | &nbsp;&nbsp; 270809 |
| WaVe Life Sciences Ltd.<sup>(b)(c)</sup> | 78231 | &nbsp;&nbsp; 707208 |
| Waystar Holding Corp.<sup>(b)</sup> | 40518 | &nbsp;&nbsp; 1452570 |
| Xencor, Inc.<sup>(b)(c)</sup> | 98746 | &nbsp;&nbsp; 1452554 |
| Xenon Pharmaceuticals, Inc. (Canada)<sup>(b)</sup> | 4196 | &nbsp;&nbsp; 175896 |
| Zentalis Pharmaceuticals, Inc.<sup>(b)</sup> | 173280 | &nbsp;&nbsp; 259920 |
| Zymeworks, Inc.<sup>(b)(c)</sup> | 66339 | &nbsp;&nbsp; 1266080 |
|  |  | &nbsp;&nbsp; 402495544 |
| **Industrials-18.50%** | **Industrials-18.50%** | **Industrials-18.50%** |
| 3D Systems Corp.<sup>(b)(c)</sup> | 353047 | &nbsp;&nbsp; 1009714 |
| AAON, Inc.<sup>(c)</sup> | 26324 | &nbsp;&nbsp; 2590018 |
| AAR Corp.<sup>(b)</sup> | 43460 | &nbsp;&nbsp; 3659767 |
| ACCO Brands Corp.<sup>(c)</sup> | 152099 | &nbsp;&nbsp; 571892 |
| ACV Auctions, Inc., Class A<sup>(b)(c)</sup> | 44236 | &nbsp;&nbsp; 401221 |
| Advanced Drainage Systems, Inc. | 5568 | &nbsp;&nbsp; 779798 |
| Aebi Schmidt Holding AG (Switzerland)<sup>(b)</sup> | 48026 | &nbsp;&nbsp; 535490 |
| AeroVironment, Inc.<sup>(b)</sup> | 13105 | &nbsp;&nbsp; 4847671 |
| AerSale Corp.<sup>(b)(c)</sup> | 57851 | &nbsp;&nbsp; 429254 |
| Alamo Group, Inc. | 13285 | &nbsp;&nbsp; 2374295 |
| Alaska Air Group, Inc.<sup>(b)(c)</sup> | 18767 | &nbsp;&nbsp; 783147 |
| Albany International Corp., Class A<sup>(c)</sup> | 35791 | &nbsp;&nbsp; 2025055 |
| Allegiant Travel Co.<sup>(b)(c)</sup> | 43815 | &nbsp;&nbsp; 2724417 |
| Allient, Inc.<sup>(c)</sup> | 17874 | &nbsp;&nbsp; 977350 |
| Alta Equipment Group, Inc.<sup>(c)</sup> | 38836 | &nbsp;&nbsp; 237676 |
| Amentum Holdings, Inc.<sup>(b)</sup> | 86407 | &nbsp;&nbsp; 1936381 |
| Ameresco, Inc., Class A<sup>(b)(c)</sup> | 76235 | &nbsp;&nbsp; 3012807 |
| American Airlines Group, Inc.<sup>(b)(c)</sup> | 298377 | &nbsp;&nbsp; 3917690 |
| American Woodmark Corp.<sup>(b)</sup> | 25804 | &nbsp;&nbsp; 1644489 |
| Apogee Enterprises, Inc. | 37217 | &nbsp;&nbsp; 1362514 |
| Archer Aviation, Inc., Class A<sup>(b)(c)</sup> | 69424 | &nbsp;&nbsp; 778937 |
| Arcosa, Inc.<sup>(c)</sup> | 12360 | &nbsp;&nbsp; 1260720 |
| Argan, Inc.<sup>(c)</sup> | 12131 | &nbsp;&nbsp; 3714634 |
| Armstrong World Industries, Inc. | 31343 | &nbsp;&nbsp; 5968647 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Array Technologies, Inc.<sup>(b)(c)</sup> | 121381 | &nbsp;&nbsp; $1051159 |
| Astec Industries, Inc. | 27672 | &nbsp;&nbsp; 1287578 |
| Astronics Corp.<sup>(b)</sup> | 43458 | &nbsp;&nbsp; 2137264 |
| ATI, Inc.<sup>(b)</sup> | 71468 | &nbsp;&nbsp; 7073188 |
| Atmus Filtration Technologies, Inc. | 60913 | &nbsp;&nbsp; 2770323 |
| Axon Enterprise, Inc.<sup>(b)</sup> | 6606 | &nbsp;&nbsp; 4837111 |
| AZZ, Inc. | 31517 | &nbsp;&nbsp; 3146972 |
| Babcock & Wilcox Enterprises, Inc.<sup>(b)(c)</sup> | 87749 | &nbsp;&nbsp; 316774 |
| Barrett Business Services, Inc. | 27332 | &nbsp;&nbsp; 1106126 |
| Bloom Energy Corp., Class A<sup>(b)(c)</sup> | 71537 | &nbsp;&nbsp; 9454330 |
| Blue Bird Corp.<sup>(b)(c)</sup> | 5050 | &nbsp;&nbsp; 252298 |
| BlueLinx Holdings, Inc.<sup>(b)(c)</sup> | 10815 | &nbsp;&nbsp; 707734 |
| Brady Corp., Class A | 25029 | &nbsp;&nbsp; 1899951 |
| BrightView Holdings, Inc.<sup>(b)(c)</sup> | 127464 | &nbsp;&nbsp; 1570356 |
| Brink's Co. (The) | 35018 | &nbsp;&nbsp; 3892601 |
| Cadre Holdings, Inc. | 14939 | &nbsp;&nbsp; 634310 |
| Carpenter Technology Corp. | 33519 | &nbsp;&nbsp; 10588652 |
| Casella Waste Systems, Inc., Class A<sup>(b)</sup> | 24035 | &nbsp;&nbsp; 2128780 |
| CBIZ, Inc.<sup>(b)(c)</sup> | 46903 | &nbsp;&nbsp; 2579665 |
| CECO Environmental Corp.<sup>(b)(c)</sup> | 25152 | &nbsp;&nbsp; 1229681 |
| Centuri Holdings, Inc.<sup>(b)</sup> | 15737 | &nbsp;&nbsp; 317730 |
| ChargePoint Holdings, Inc.<sup>(b)(c)</sup> | 88122 | &nbsp;&nbsp; 951718 |
| Chart Industries, Inc.<sup>(b)</sup> | 23186 | &nbsp;&nbsp; 4628389 |
| Cimpress PLC (Ireland)<sup>(b)(c)</sup> | 6814 | &nbsp;&nbsp; 471597 |
| Civeo Corp.<sup>(c)</sup> | 14075 | &nbsp;&nbsp; 292479 |
| Clarivate PLC<sup>(b)(c)</sup> | 582765 | &nbsp;&nbsp; 1981401 |
| Columbus McKinnon Corp. | 49978 | &nbsp;&nbsp; 811143 |
| Comfort Systems USA, Inc. | 3838 | &nbsp;&nbsp; 3705896 |
| Commercial Vehicle Group, Inc.<sup>(b)(c)</sup> | 19380 | &nbsp;&nbsp; 29458 |
| Concrete Pumping Holdings, Inc.<sup>(c)</sup> | 29192 | &nbsp;&nbsp; 186537 |
| Conduent, Inc.<sup>(b)</sup> | 268749 | &nbsp;&nbsp; 639623 |
| Construction Partners, Inc., Class A<sup>(b)(c)</sup> | 22995 | &nbsp;&nbsp; 2629478 |
| Corporacion America Airports S.A. <br> (Argentina)<sup>(b)</sup><br>| 9433 | &nbsp;&nbsp; 209035 |
| Costamare Bulkers Holdings Ltd. <br> (Monaco)<sup>(b)</sup><br>| 12039 | &nbsp;&nbsp; 155785 |
| Costamare, Inc. (Monaco)<sup>(c)</sup> | 40362 | &nbsp;&nbsp; 493224 |
| Covenant Logistics Group, Inc., Class A<sup>(c)</sup> | 22736 | &nbsp;&nbsp; 458585 |
| CRA International, Inc. | 7057 | &nbsp;&nbsp; 1344288 |
| CSG Systems International, Inc. | 39435 | &nbsp;&nbsp; 3086577 |
| CSW Industrials, Inc. | 7556 | &nbsp;&nbsp; 1892174 |
| Custom Truck One Source, Inc.<sup>(b)(c)</sup> | 111879 | &nbsp;&nbsp; 658967 |
| Danaos Corp. (Greece) | 9741 | &nbsp;&nbsp; 886528 |
| Dayforce, Inc.<sup>(b)</sup> | 75236 | &nbsp;&nbsp; 5171723 |
| Deluxe Corp.<sup>(c)</sup> | 67932 | &nbsp;&nbsp; 1230249 |
| Diana Shipping, Inc. (Greece) | 74927 | &nbsp;&nbsp; 131122 |
| DNOW, Inc.<sup>(b)(c)</sup> | 186303 | &nbsp;&nbsp; 2738654 |
| Douglas Dynamics, Inc. | 33542 | &nbsp;&nbsp; 1013975 |
| Ducommun, Inc.<sup>(b)(c)</sup> | 17836 | &nbsp;&nbsp; 1636453 |
| DXP Enterprises, Inc.<sup>(b)</sup> | 23716 | &nbsp;&nbsp; 2837619 |
| Eastern Co. (The)<sup>(c)</sup> | 1296 | &nbsp;&nbsp; 27670 |
| Energy Recovery, Inc.<sup>(b)</sup> | 51327 | &nbsp;&nbsp; 878205 |
| Enerpac Tool Group Corp.<sup>(c)</sup> | 41529 | &nbsp;&nbsp; 1704350 |
| Ennis, Inc.<sup>(c)</sup> | 31631 | &nbsp;&nbsp; 518748 |
| Enovix Corp.<sup>(b)(c)</sup> | 49309 | &nbsp;&nbsp; 591215 |
| Enpro, Inc. | 18371 | &nbsp;&nbsp; 4262256 |
| Enviri Corp.<sup>(b)(c)</sup> | 153816 | &nbsp;&nbsp; 1878093 |
| ESCO Technologies, Inc. | 18225 | &nbsp;&nbsp; 3999841 |
| Everus Construction Group, Inc.<sup>(b)</sup> | 56646 | &nbsp;&nbsp; 5148555 |
| ExlService Holdings, Inc.<sup>(b)</sup> | 102797 | &nbsp;&nbsp; 4019363 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Exponent, Inc.<sup>(c)</sup> | 34713 | &nbsp;&nbsp; $2458028 |
| Federal Signal Corp. | 41622 | &nbsp;&nbsp; 4912645 |
| First Advantage Corp.<sup>(b)(c)</sup> | 79942 | &nbsp;&nbsp; 1009667 |
| Fiverr International Ltd.<sup>(b)(c)</sup> | 3262 | &nbsp;&nbsp; 73852 |
| Fluence Energy, Inc.<sup>(b)(c)</sup> | 55436 | &nbsp;&nbsp; 1164156 |
| Forrester Research, Inc.<sup>(b)</sup> | 12857 | &nbsp;&nbsp; 91670 |
| Forward Air Corp.<sup>(b)(c)</sup> | 88806 | &nbsp;&nbsp; 1670441 |
| Franklin Covey Co.<sup>(b)(c)</sup> | 14883 | &nbsp;&nbsp; 252713 |
| Franklin Electric Co., Inc. | 34399 | &nbsp;&nbsp; 3259993 |
| Frontier Group Holdings, Inc., Class H<sup>(b)(c)</sup> | 131793 | &nbsp;&nbsp; 508721 |
| FTAI Aviation Ltd. | 40075 | &nbsp;&nbsp; 6928968 |
| FTAI Infrastructure, Inc.<sup>(c)</sup> | 34709 | &nbsp;&nbsp; 185346 |
| FuelCell Energy, Inc.<sup>(b)</sup> | 135544 | &nbsp;&nbsp; 1213119 |
| Gates Industrial Corp. PLC<sup>(b)</sup> | 71639 | &nbsp;&nbsp; 1581789 |
| Genco Shipping & Trading Ltd.<sup>(c)</sup> | 100025 | &nbsp;&nbsp; 1704426 |
| GEO Group, Inc. (The)<sup>(b)(c)</sup> | 195262 | &nbsp;&nbsp; 3313596 |
| Gibraltar Industries, Inc.<sup>(b)(c)</sup> | 34235 | &nbsp;&nbsp; 2135922 |
| Global Industrial Co. | 18391 | &nbsp;&nbsp; 522672 |
| Global Ship Lease, Inc., Class A (United <br> Kingdom)<br>| 58956 | &nbsp;&nbsp; 1858883 |
| Gorman-Rupp Co. (The) | 13615 | &nbsp;&nbsp; 612267 |
| GrafTech International Ltd.<sup>(b)(c)</sup> | 90427 | &nbsp;&nbsp; 1220765 |
| Granite Construction, Inc. | 68962 | &nbsp;&nbsp; 7096879 |
| Great Lakes Dredge & Dock Corp.<sup>(b)</sup> | 90838 | &nbsp;&nbsp; 1031011 |
| Greenbrier Cos., Inc. (The) | 81170 | &nbsp;&nbsp; 3390471 |
| Griffon Corp. | 48385 | &nbsp;&nbsp; 3580974 |
| Hayward Holdings, Inc.<sup>(b)(c)</sup> | 229481 | &nbsp;&nbsp; 3894293 |
| Healthcare Services Group, Inc.<sup>(b)</sup> | 137168 | &nbsp;&nbsp; 2451192 |
| Heartland Express, Inc.<sup>(c)</sup> | 86418 | &nbsp;&nbsp; 674060 |
| Heidrick & Struggles International, Inc. | 25785 | &nbsp;&nbsp; 1505070 |
| Helios Technologies, Inc.<sup>(c)</sup> | 44730 | &nbsp;&nbsp; 2476253 |
| Hexcel Corp. | 14272 | &nbsp;&nbsp; 1019021 |
| Hillenbrand, Inc. | 21550 | &nbsp;&nbsp; 680980 |
| Hillman Solutions Corp.<sup>(b)(c)</sup> | 244428 | &nbsp;&nbsp; 2253626 |
| HNI Corp.<sup>(c)</sup> | 54015 | &nbsp;&nbsp; 2210294 |
| Hudson Technologies, Inc.<sup>(b)</sup> | 61148 | &nbsp;&nbsp; 554918 |
| Hurco Cos., Inc.<sup>(b)</sup> | 2802 | &nbsp;&nbsp; 50296 |
| Huron Consulting Group, Inc.<sup>(b)</sup> | 16722 | &nbsp;&nbsp; 2749766 |
| Hyliion Holdings Corp.<sup>(b)(c)</sup> | 174022 | &nbsp;&nbsp; 412432 |
| Hyster-Yale, Inc.<sup>(c)</sup> | 13934 | &nbsp;&nbsp; 500788 |
| IBEX Holdings Ltd.<sup>(b)</sup> | 19089 | &nbsp;&nbsp; 713356 |
| ICF International, Inc. | 29357 | &nbsp;&nbsp; 2356780 |
| IES Holdings, Inc.<sup>(b)(c)</sup> | 5859 | &nbsp;&nbsp; 2296025 |
| Insperity, Inc. | 45253 | &nbsp;&nbsp; 1996562 |
| Insteel Industries, Inc. | 27621 | &nbsp;&nbsp; 862880 |
| Interface, Inc.<sup>(c)</sup> | 78593 | &nbsp;&nbsp; 1956966 |
| Janus International Group, Inc.<sup>(b)(c)</sup> | 150539 | &nbsp;&nbsp; 1445174 |
| JBT Marel Corp. | 34450 | &nbsp;&nbsp; 4344145 |
| JetBlue Airways Corp.<sup>(b)(c)</sup> | 100655 | &nbsp;&nbsp; 422751 |
| Joby Aviation, Inc.<sup>(b)(c)</sup> | 154230 | &nbsp;&nbsp; 2674348 |
| Kadant, Inc.<sup>(c)</sup> | 7890 | &nbsp;&nbsp; 2182847 |
| Kelly Services, Inc., Class A | 20473 | &nbsp;&nbsp; 229502 |
| Kforce, Inc.<sup>(c)</sup> | 23607 | &nbsp;&nbsp; 597257 |
| Korn Ferry<sup>(c)</sup> | 18461 | &nbsp;&nbsp; 1194427 |
| Kornit Digital Ltd. (Israel)<sup>(b)</sup> | 15301 | &nbsp;&nbsp; 206564 |
| Kratos Defense & Security Solutions, <br> Inc.<sup>(b)</sup><br>| 79091 | &nbsp;&nbsp; 7165645 |
| LB Foster Co., Class A<sup>(b)(c)</sup> | 9529 | &nbsp;&nbsp; 261095 |
| Legalzoom.com, Inc.<sup>(b)</sup> | 94986 | &nbsp;&nbsp; 947010 |
| Leonardo DRS, Inc.<sup>(c)</sup> | 59025 | &nbsp;&nbsp; 2157954 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Limbach Holdings, Inc.<sup>(b)(c)</sup> | 7188 | &nbsp;&nbsp; $679122 |
| Lindsay Corp. | 12490 | &nbsp;&nbsp; 1389388 |
| Liquidity Services, Inc.<sup>(b)(c)</sup> | 23229 | &nbsp;&nbsp; 556102 |
| Loar Holdings, Inc.<sup>(b)(c)</sup> | 4328 | &nbsp;&nbsp; 342475 |
| LSI Industries, Inc.<sup>(c)</sup> | 22834 | &nbsp;&nbsp; 522670 |
| Luxfer Holdings PLC (United Kingdom) | 42170 | &nbsp;&nbsp; 514474 |
| Lyft, Inc., Class A<sup>(b)(c)</sup> | 36915 | &nbsp;&nbsp; 755281 |
| Manitowoc Co., Inc. (The)<sup>(b)(c)</sup> | 74058 | &nbsp;&nbsp; 753170 |
| Marten Transport Ltd. | 79306 | &nbsp;&nbsp; 812887 |
| Matrix Service Co.<sup>(b)</sup> | 41662 | &nbsp;&nbsp; 625763 |
| Matson, Inc. | 3656 | &nbsp;&nbsp; 369073 |
| Mayville Engineering Co., Inc.<sup>(b)(c)</sup> | 19395 | &nbsp;&nbsp; 345619 |
| McGrath RentCorp | 23122 | &nbsp;&nbsp; 2484228 |
| Mercury Systems, Inc.<sup>(b)</sup> | 83109 | &nbsp;&nbsp; 6433468 |
| Microvast Holdings, Inc.<sup>(b)(c)</sup> | 326641 | &nbsp;&nbsp; 1780193 |
| Miller Industries, Inc.<sup>(c)</sup> | 15598 | &nbsp;&nbsp; 626104 |
| Mistras Group, Inc.<sup>(b)(c)</sup> | 24447 | &nbsp;&nbsp; 233224 |
| Montrose Environmental Group, Inc.<sup>(b)(c)</sup> | 32113 | &nbsp;&nbsp; 831084 |
| Moog, Inc., Class A | 6880 | &nbsp;&nbsp; 1409368 |
| MRC Global, Inc.<sup>(b)</sup> | 168746 | &nbsp;&nbsp; 2354007 |
| MSA Safety, Inc. | 27278 | &nbsp;&nbsp; 4283464 |
| Mueller Water Products, Inc., Class A | 152188 | &nbsp;&nbsp; 3905144 |
| MYR Group, Inc.<sup>(b)</sup> | 25168 | &nbsp;&nbsp; 5479074 |
| National Presto Industries, Inc.<sup>(c)</sup> | 8478 | &nbsp;&nbsp; 906892 |
| Nextracker, Inc., Class A<sup>(b)</sup> | 54123 | &nbsp;&nbsp; 5478330 |
| NN, Inc.<sup>(b)</sup> | 42820 | &nbsp;&nbsp; 73222 |
| NPK International, Inc.<sup>(b)(c)</sup> | 129210 | &nbsp;&nbsp; 1589283 |
| NWPX Infrastructure, Inc.<sup>(b)</sup> | 14447 | &nbsp;&nbsp; 869132 |
| OPENLANE, Inc.<sup>(b)</sup> | 162228 | &nbsp;&nbsp; 4286064 |
| Orion Group Holdings, Inc.<sup>(b)</sup> | 44906 | &nbsp;&nbsp; 483638 |
| Pangaea Logistics Solutions Ltd.<sup>(c)</sup> | 46451 | &nbsp;&nbsp; 229932 |
| Park Aerospace Corp.<sup>(c)</sup> | 16914 | &nbsp;&nbsp; 324072 |
| Park-Ohio Holdings Corp. | 8639 | &nbsp;&nbsp; 178223 |
| Parsons Corp.<sup>(b)</sup> | 56810 | &nbsp;&nbsp; 4723183 |
| Paycom Software, Inc.<sup>(c)</sup> | 23370 | &nbsp;&nbsp; 4372293 |
| Paylocity Holding Corp.<sup>(b)</sup> | 9615 | &nbsp;&nbsp; 1358311 |
| Pitney Bowes, Inc.<sup>(c)</sup> | 357898 | &nbsp;&nbsp; 3536032 |
| Planet Labs PBC<sup>(b)(c)</sup> | 193477 | &nbsp;&nbsp; 2602266 |
| Plug Power, Inc.<sup>(b)(c)</sup> | 2837238 | &nbsp;&nbsp; 7632170 |
| Powell Industries, Inc.<sup>(c)</sup> | 5729 | &nbsp;&nbsp; 2196441 |
| Preformed Line Products Co.<sup>(c)</sup> | 4704 | &nbsp;&nbsp; 997765 |
| Primoris Services Corp. | 83415 | &nbsp;&nbsp; 11804891 |
| Proto Labs, Inc.<sup>(b)(c)</sup> | 34842 | &nbsp;&nbsp; 1733738 |
| Quad/Graphics, Inc.<sup>(c)</sup> | 42524 | &nbsp;&nbsp; 234307 |
| Quanex Building Products Corp.<sup>(c)</sup> | 58073 | &nbsp;&nbsp; 825217 |
| Radiant Logistics, Inc.<sup>(b)(c)</sup> | 31793 | &nbsp;&nbsp; 192348 |
| RBC Bearings, Inc.<sup>(b)(c)</sup> | 14542 | &nbsp;&nbsp; 6231683 |
| Resources Connection, Inc. | 56854 | &nbsp;&nbsp; 250158 |
| REV Group, Inc. | 77538 | &nbsp;&nbsp; 3975373 |
| Rocket Lab Corp.<sup>(b)(c)</sup> | 53211 | &nbsp;&nbsp; 3351229 |
| Rollins, Inc. | 23362 | &nbsp;&nbsp; 1345885 |
| RXO, Inc.<sup>(b)(c)</sup> | 175802 | &nbsp;&nbsp; 3116969 |
| Safe Bulkers, Inc. (Monaco) | 55630 | &nbsp;&nbsp; 260905 |
| Schneider National, Inc., Class B<sup>(c)</sup> | 124816 | &nbsp;&nbsp; 2667318 |
| Seanergy Maritime Holdings Corp. | 10886 | &nbsp;&nbsp; 92531 |
| Shoals Technologies Group, Inc., <br> Class A<sup>(b)(c)</sup><br>| 220757 | &nbsp;&nbsp; 2320156 |
| Simpson Manufacturing Co., Inc.<sup>(c)</sup> | 5245 | &nbsp;&nbsp; 925743 |
| Skillsoft Corp.<sup>(b)(c)</sup> | 11813 | &nbsp;&nbsp; 155105 |
| SkyWest, Inc.<sup>(b)</sup> | 6959 | &nbsp;&nbsp; 699240 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Spirit AeroSystems Holdings, Inc., <br> Class A<sup>(b)(c)</sup><br>| 90981 | &nbsp;&nbsp; $3338093 |
| SPX Technologies, Inc.<sup>(b)</sup> | 23144 | &nbsp;&nbsp; 5181710 |
| StandardAero, Inc.<sup>(b)</sup> | 28047 | &nbsp;&nbsp; 810278 |
| Standex International Corp. | 11259 | &nbsp;&nbsp; 2625937 |
| Star Bulk Carriers Corp. (Greece) | 48500 | &nbsp;&nbsp; 912770 |
| Steelcase, Inc., Class A | 156145 | &nbsp;&nbsp; 2492074 |
| Stem, Inc.<sup>(b)(c)</sup> | 2560 | &nbsp;&nbsp; 50202 |
| Sterling Infrastructure, Inc.<sup>(b)(c)</sup> | 17076 | &nbsp;&nbsp; 6453020 |
| Stratasys Ltd.<sup>(b)(c)</sup> | 81995 | &nbsp;&nbsp; 870787 |
| Sun Country Airlines Holdings, Inc.<sup>(b)(c)</sup> | 99435 | &nbsp;&nbsp; 1221062 |
| TaskUS, Inc., Class A (Philippines)<sup>(b)</sup> | 19006 | &nbsp;&nbsp; 253540 |
| Tecnoglass, Inc.<sup>(c)</sup> | 13629 | &nbsp;&nbsp; 812697 |
| Tennant Co. | 20147 | &nbsp;&nbsp; 1611760 |
| Tetra Tech, Inc. | 29032 | &nbsp;&nbsp; 928443 |
| Thermon Group Holdings, Inc.<sup>(b)(c)</sup> | 27997 | &nbsp;&nbsp; 804354 |
| Titan International, Inc.<sup>(b)(c)</sup> | 101868 | &nbsp;&nbsp; 769103 |
| Titan Machinery, Inc.<sup>(b)(c)</sup> | 45888 | &nbsp;&nbsp; 752563 |
| Transcat, Inc.<sup>(b)(c)</sup> | 6764 | &nbsp;&nbsp; 491405 |
| Trex Co., Inc.<sup>(b)(c)</sup> | 79562 | &nbsp;&nbsp; 3844436 |
| TriNet Group, Inc.<sup>(c)</sup> | 7788 | &nbsp;&nbsp; 467280 |
| Trinity Industries, Inc. | 72524 | &nbsp;&nbsp; 1984982 |
| TrueBlue, Inc.<sup>(b)(c)</sup> | 66623 | &nbsp;&nbsp; 315793 |
| TTEC Holdings, Inc.<sup>(b)(c)</sup> | 53947 | &nbsp;&nbsp; 188275 |
| Tutor Perini Corp.<sup>(b)</sup> | 95418 | &nbsp;&nbsp; 6427356 |
| Twin Disc, Inc. | 5052 | &nbsp;&nbsp; 79114 |
| UL Solutions, Inc., Class A<sup>(c)</sup> | 22350 | &nbsp;&nbsp; 1740395 |
| UniFirst Corp.<sup>(c)</sup> | 18554 | &nbsp;&nbsp; 2863810 |
| Universal Logistics Holdings, Inc.<sup>(c)</sup> | 9484 | &nbsp;&nbsp; 153451 |
| Upwork, Inc.<sup>(b)(c)</sup> | 96756 | &nbsp;&nbsp; 1542291 |
| V2X, Inc.<sup>(b)</sup> | 30542 | &nbsp;&nbsp; 1743643 |
| Verra Mobility Corp., Class A<sup>(b)(c)</sup> | 66675 | &nbsp;&nbsp; 1547527 |
| Vestis Corp.<sup>(c)</sup> | 202815 | &nbsp;&nbsp; 1064779 |
| Vicor Corp.<sup>(b)(c)</sup> | 19649 | &nbsp;&nbsp; 1782754 |
| Virgin Galactic Holdings, Inc.<sup>(b)(c)</sup> | 265240 | &nbsp;&nbsp; 1045046 |
| VSE Corp.<sup>(c)</sup> | 14982 | &nbsp;&nbsp; 2706948 |
| Wabash National Corp.<sup>(c)</sup> | 122715 | &nbsp;&nbsp; 984174 |
| Watts Water Technologies, Inc., Class A | 22649 | &nbsp;&nbsp; 6174117 |
| Willdan Group, Inc.<sup>(b)(c)</sup> | 15890 | &nbsp;&nbsp; 1501764 |
| Willis Lease Finance Corp.<sup>(c)</sup> | 2322 | &nbsp;&nbsp; 298098 |
| Worthington Enterprises, Inc.<sup>(c)</sup> | 43449 | &nbsp;&nbsp; 2437054 |
| Xometry, Inc., Class A<sup>(b)(c)</sup> | 17843 | &nbsp;&nbsp; 868776 |
| Zurn Elkay Water Solutions Corp. | 101912 | &nbsp;&nbsp; 4801074 |
|  |  | &nbsp;&nbsp; 473498553 |
| **Information Technology-15.45%** | **Information Technology-15.45%** | **Information Technology-15.45%** |
| 8x8, Inc.<sup>(b)(c)</sup> | 167627 | &nbsp;&nbsp; 308434 |
| A10 Networks, Inc. | 76954 | &nbsp;&nbsp; 1372859 |
| ACI Worldwide, Inc.<sup>(b)</sup> | 111840 | &nbsp;&nbsp; 5326939 |
| ACM Research, Inc., Class A<sup>(b)</sup> | 55887 | &nbsp;&nbsp; 2317075 |
| Adeia, Inc. | 77468 | &nbsp;&nbsp; 1320055 |
| ADTRAN Holdings, Inc.<sup>(b)(c)</sup> | 187624 | &nbsp;&nbsp; 1955042 |
| Advanced Energy Industries, Inc. | 41256 | &nbsp;&nbsp; 8363829 |
| Agilysys, Inc.<sup>(b)(c)</sup> | 7326 | &nbsp;&nbsp; 919120 |
| Alarm.com Holdings, Inc.<sup>(b)</sup> | 45613 | &nbsp;&nbsp; 2245072 |
| Alkami Technology, Inc.<sup>(b)(c)</sup> | 18910 | &nbsp;&nbsp; 383684 |
| Allegro MicroSystems, Inc. (Japan)<sup>(b)(c)</sup> | 99810 | &nbsp;&nbsp; 2986315 |
| Alpha & Omega Semiconductor Ltd.<sup>(b)</sup> | 65421 | &nbsp;&nbsp; 1835713 |
| Ambarella, Inc.<sup>(b)</sup> | 33223 | &nbsp;&nbsp; 2831596 |
| Amplitude, Inc., Class A<sup>(b)(c)</sup> | 39870 | &nbsp;&nbsp; 400694 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| AppFolio, Inc., Class A<sup>(b)</sup> | 3858 | &nbsp;&nbsp; $981591 |
| Appian Corp., Class A<sup>(b)(c)</sup> | 17153 | &nbsp;&nbsp; 513389 |
| Applied Optoelectronics, Inc.<sup>(b)(c)</sup> | 34726 | &nbsp;&nbsp; 1234857 |
| AppLovin Corp., Class A<sup>(b)</sup> | 24001 | &nbsp;&nbsp; 15296557 |
| Arlo Technologies, Inc.<sup>(b)(c)</sup> | 67156 | &nbsp;&nbsp; 1298797 |
| Asana, Inc., Class A<sup>(b)(c)</sup> | 38370 | &nbsp;&nbsp; 539099 |
| Atlassian Corp., Class A<sup>(b)</sup> | 1766 | &nbsp;&nbsp; 299196 |
| Aurora Innovation, Inc.<sup>(b)(c)</sup> | 370424 | &nbsp;&nbsp; 1941022 |
| AvePoint, Inc.<sup>(b)(c)</sup> | 29185 | &nbsp;&nbsp; 410633 |
| Aviat Networks, Inc.<sup>(b)(c)</sup> | 18578 | &nbsp;&nbsp; 463707 |
| Axcelis Technologies, Inc.<sup>(b)(c)</sup> | 50362 | &nbsp;&nbsp; 4006801 |
| Badger Meter, Inc. | 11603 | &nbsp;&nbsp; 2093761 |
| Bel Fuse, Inc., Class B | 13390 | &nbsp;&nbsp; 2061926 |
| Belden, Inc. | 43543 | &nbsp;&nbsp; 5305715 |
| Benchmark Electronics, Inc. | 55220 | &nbsp;&nbsp; 2419740 |
| Bentley Systems, Inc., Class B<sup>(c)</sup> | 46859 | &nbsp;&nbsp; 2381843 |
| BILL Holdings, Inc.<sup>(b)(c)</sup> | 107425 | &nbsp;&nbsp; 5334725 |
| Blackbaud, Inc.<sup>(b)(c)</sup> | 34217 | &nbsp;&nbsp; 2191257 |
| BlackLine, Inc.<sup>(b)(c)</sup> | 33247 | &nbsp;&nbsp; 1903391 |
| Blend Labs, Inc., Class A<sup>(b)(c)</sup> | 155209 | &nbsp;&nbsp; 513742 |
| Box, Inc., Class A<sup>(b)</sup> | 84893 | &nbsp;&nbsp; 2724216 |
| Braze, Inc., Class A<sup>(b)(c)</sup> | 24572 | &nbsp;&nbsp; 704234 |
| C3.ai, Inc., Class A<sup>(b)(c)</sup> | 73452 | &nbsp;&nbsp; 1291286 |
| Calix, Inc.<sup>(b)(c)</sup> | 61464 | &nbsp;&nbsp; 4205367 |
| CCC Intelligent Solutions Holdings, <br> Inc.<sup>(b)(c)</sup><br>| 352689 | &nbsp;&nbsp; 3075448 |
| Ceragon Networks Ltd. (Israel)<sup>(b)</sup> | 35254 | &nbsp;&nbsp; 91660 |
| Cerence, Inc.<sup>(b)(c)</sup> | 200932 | &nbsp;&nbsp; 2156000 |
| CEVA, Inc.<sup>(b)(c)</sup> | 30868 | &nbsp;&nbsp; 839918 |
| Cirrus Logic, Inc.<sup>(b)</sup> | 12802 | &nbsp;&nbsp; 1698185 |
| Clear Secure, Inc., Class A | 27785 | &nbsp;&nbsp; 846609 |
| Clearfield, Inc.<sup>(b)(c)</sup> | 16260 | &nbsp;&nbsp; 573978 |
| Clearwater Analytics Holdings, Inc., <br> Class A<sup>(b)(c)</sup><br>| 33222 | &nbsp;&nbsp; 611617 |
| Cloudflare, Inc., Class A<sup>(b)</sup> | 14900 | &nbsp;&nbsp; 3774170 |
| Cognyte Software Ltd. (Israel)<sup>(b)</sup> | 19926 | &nbsp;&nbsp; 166382 |
| Cohu, Inc.<sup>(b)(c)</sup> | 64941 | &nbsp;&nbsp; 1544946 |
| Commerce.com, Inc., Series 1<sup>(b)(c)</sup> | 77436 | &nbsp;&nbsp; 358529 |
| CommScope Holding Co., Inc.<sup>(b)</sup> | 429577 | &nbsp;&nbsp; 7431682 |
| Commvault Systems, Inc.<sup>(b)</sup> | 22173 | &nbsp;&nbsp; 3086925 |
| Comtech Telecommunications Corp.<sup>(b)(c)</sup> | 33439 | &nbsp;&nbsp; 94967 |
| Confluent, Inc., Class A<sup>(b)(c)</sup> | 69090 | &nbsp;&nbsp; 1614633 |
| Consensus Cloud Solutions, Inc.<sup>(b)(c)</sup> | 30910 | &nbsp;&nbsp; 906281 |
| Corsair Gaming, Inc.<sup>(b)(c)</sup> | 107391 | &nbsp;&nbsp; 875237 |
| Crane NXT Co.<sup>(c)</sup> | 52203 | &nbsp;&nbsp; 3301840 |
| Credo Technology Group Holding Ltd.<sup>(b)</sup> | 11091 | &nbsp;&nbsp; 2080893 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 1743 | &nbsp;&nbsp; 946466 |
| CTS Corp. | 28526 | &nbsp;&nbsp; 1184114 |
| CyberArk Software Ltd.<sup>(b)</sup> | 1209 | &nbsp;&nbsp; 629623 |
| Daktronics, Inc.<sup>(b)(c)</sup> | 57312 | &nbsp;&nbsp; 1076892 |
| Datadog, Inc., Class A<sup>(b)</sup> | 3675 | &nbsp;&nbsp; 598327 |
| Diebold Nixdorf, Inc.<sup>(b)</sup> | 20297 | &nbsp;&nbsp; 1200568 |
| Digi International, Inc.<sup>(b)(c)</sup> | 30854 | &nbsp;&nbsp; 1131725 |
| Digital Turbine, Inc.<sup>(b)(c)</sup> | 305959 | &nbsp;&nbsp; 1909184 |
| DigitalOcean Holdings, Inc.<sup>(b)(c)</sup> | 52011 | &nbsp;&nbsp; 2114767 |
| DocuSign, Inc.<sup>(b)</sup> | 62738 | &nbsp;&nbsp; 4588657 |
| Dolby Laboratories, Inc., Class A<sup>(c)</sup> | 11048 | &nbsp;&nbsp; 732703 |
| Domo, Inc., Class B<sup>(b)(c)</sup> | 34885 | &nbsp;&nbsp; 477925 |
| Dropbox, Inc., Class A<sup>(b)(c)</sup> | 15201 | &nbsp;&nbsp; 440829 |
| Dynatrace, Inc.<sup>(b)(c)</sup> | 88709 | &nbsp;&nbsp; 4486014 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Eastman Kodak Co.<sup>(b)(c)</sup> | 216119 | &nbsp;&nbsp; $1370194 |
| Elastic N.V.<sup>(b)</sup> | 28843 | &nbsp;&nbsp; 2573372 |
| Enphase Energy, Inc.<sup>(b)(c)</sup> | 5326 | &nbsp;&nbsp; 162496 |
| ePlus, Inc. | 30948 | &nbsp;&nbsp; 2264156 |
| Extreme Networks, Inc.<sup>(b)</sup> | 151191 | &nbsp;&nbsp; 2875653 |
| Fabrinet (Thailand)<sup>(b)(c)</sup> | 4621 | &nbsp;&nbsp; 2035874 |
| Fair Isaac Corp.<sup>(b)</sup> | 589 | &nbsp;&nbsp; 977463 |
| Fastly, Inc., Class A<sup>(b)(c)</sup> | 246362 | &nbsp;&nbsp; 2042341 |
| Five9, Inc.<sup>(b)(c)</sup> | 50268 | &nbsp;&nbsp; 1220507 |
| FormFactor, Inc.<sup>(b)(c)</sup> | 95833 | &nbsp;&nbsp; 5266023 |
| Freshworks, Inc., Class A<sup>(b)(c)</sup> | 100827 | &nbsp;&nbsp; 1119180 |
| GitLab, Inc., Class A<sup>(b)(c)</sup> | 24641 | &nbsp;&nbsp; 1201249 |
| GLOBALFOUNDRIES, Inc.<sup>(b)(c)</sup> | 125585 | &nbsp;&nbsp; 4470826 |
| Globant S.A.<sup>(b)</sup> | 37396 | &nbsp;&nbsp; 2302846 |
| Grid Dynamics Holdings, Inc.<sup>(b)</sup> | 51110 | &nbsp;&nbsp; 477367 |
| Guidewire Software, Inc.<sup>(b)</sup> | 26284 | &nbsp;&nbsp; 6140994 |
| Hackett Group, Inc. (The)<sup>(c)</sup> | 22439 | &nbsp;&nbsp; 406370 |
| Harmonic, Inc.<sup>(b)</sup> | 152272 | &nbsp;&nbsp; 1629310 |
| HubSpot, Inc.<sup>(b)</sup> | 7962 | &nbsp;&nbsp; 3916667 |
| i3 Verticals, Inc., Class A<sup>(b)(c)</sup> | 15005 | &nbsp;&nbsp; 461404 |
| Ichor Holdings Ltd.<sup>(b)(c)</sup> | 56595 | &nbsp;&nbsp; 1283575 |
| Impinj, Inc.<sup>(b)(c)</sup> | 3919 | &nbsp;&nbsp; 792265 |
| indie Semiconductor, Inc., A Shares <br> (China)<sup>(b)(c)</sup><br>| 221401 | &nbsp;&nbsp; 1191137 |
| Informatica, Inc., Class A<sup>(b)</sup> | 97527 | &nbsp;&nbsp; 2425496 |
| Information Services Group, Inc. | 16695 | &nbsp;&nbsp; 91989 |
| Ingram Micro Holding Corp.<sup>(c)</sup> | 38802 | &nbsp;&nbsp; 890894 |
| Intapp, Inc.<sup>(b)</sup> | 10392 | &nbsp;&nbsp; 398845 |
| InterDigital, Inc.<sup>(c)</sup> | 20684 | &nbsp;&nbsp; 7486781 |
| IonQ, Inc.<sup>(b)(c)</sup> | 26842 | &nbsp;&nbsp; 1674404 |
| IPG Photonics Corp.<sup>(b)(c)</sup> | 42423 | &nbsp;&nbsp; 3611046 |
| IREN Ltd. (Australia)<sup>(b)(c)</sup> | 12146 | &nbsp;&nbsp; 737870 |
| Itron, Inc.<sup>(b)</sup> | 54692 | &nbsp;&nbsp; 5487248 |
| Ituran Location and Control Ltd. (Israel) | 6169 | &nbsp;&nbsp; 237568 |
| Jamf Holding Corp.<sup>(b)(c)</sup> | 91962 | &nbsp;&nbsp; 1181712 |
| JFrog Ltd.<sup>(b)</sup> | 28916 | &nbsp;&nbsp; 1372932 |
| Kimball Electronics, Inc.<sup>(b)(c)</sup> | 29630 | &nbsp;&nbsp; 861492 |
| Klaviyo, Inc.<sup>(b)</sup> | 16072 | &nbsp;&nbsp; 417872 |
| Knowles Corp.<sup>(b)</sup> | 108929 | &nbsp;&nbsp; 2571814 |
| Kulicke & Soffa Industries, Inc. <br> (Singapore)<br>| 14450 | &nbsp;&nbsp; 576989 |
| Lattice Semiconductor Corp.<sup>(b)(c)</sup> | 57179 | &nbsp;&nbsp; 4171780 |
| Life360, Inc.<sup>(b)(c)</sup> | 16095 | &nbsp;&nbsp; 1588737 |
| LivePerson, Inc.<sup>(b)(c)</sup> | 2288 | &nbsp;&nbsp; 14437 |
| LiveRamp Holdings, Inc.<sup>(b)(c)</sup> | 68970 | &nbsp;&nbsp; 1885640 |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup><br>| 21969 | &nbsp;&nbsp; 3254268 |
| Magnachip Semiconductor Corp. (South <br> Korea)<sup>(b)</sup><br>| 41683 | &nbsp;&nbsp; 129217 |
| Manhattan Associates, Inc.<sup>(b)</sup> | 20973 | &nbsp;&nbsp; 3818554 |
| MARA Holdings, Inc.<sup>(b)(c)</sup> | 3884 | &nbsp;&nbsp; 70961 |
| MaxLinear, Inc.<sup>(b)</sup> | 195777 | &nbsp;&nbsp; 2966022 |
| Methode Electronics, Inc. | 68755 | &nbsp;&nbsp; 462721 |
| Mirion Technologies, Inc.<sup>(b)</sup> | 143465 | &nbsp;&nbsp; 4213567 |
| Mitek Systems, Inc.<sup>(b)(c)</sup> | 55709 | &nbsp;&nbsp; 513080 |
| Monday.com Ltd.<sup>(b)</sup> | 516 | &nbsp;&nbsp; 105904 |
| MongoDB, Inc.<sup>(b)</sup> | 15714 | &nbsp;&nbsp; 5654211 |
| Monolithic Power Systems, Inc. | 1532 | &nbsp;&nbsp; 1539660 |
| N-able, Inc.<sup>(b)(c)</sup> | 79980 | &nbsp;&nbsp; 626243 |
| Napco Security Technologies, Inc.<sup>(c)</sup> | 15612 | &nbsp;&nbsp; 689270 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Navitas Semiconductor Corp.<sup>(b)(c)</sup> | 125419 | &nbsp;&nbsp; $1688140 |
| nCino, Inc.<sup>(b)(c)</sup> | 65631 | &nbsp;&nbsp; 1751035 |
| NCR Voyix Corp.<sup>(b)(c)</sup> | 203854 | &nbsp;&nbsp; 2325974 |
| NETGEAR, Inc.<sup>(b)(c)</sup> | 77762 | &nbsp;&nbsp; 2699897 |
| NetScout Systems, Inc.<sup>(b)</sup> | 38496 | &nbsp;&nbsp; 1070189 |
| nLight, Inc.<sup>(b)(c)</sup> | 46256 | &nbsp;&nbsp; 1526911 |
| Novanta, Inc.<sup>(b)</sup> | 20424 | &nbsp;&nbsp; 2594052 |
| Nutanix, Inc., Class A<sup>(b)(c)</sup> | 50694 | &nbsp;&nbsp; 3611441 |
| ON24, Inc.<sup>(b)(c)</sup> | 24032 | &nbsp;&nbsp; 132657 |
| OneSpan, Inc.<sup>(c)</sup> | 52162 | &nbsp;&nbsp; 594647 |
| Onto Innovation, Inc.<sup>(b)(c)</sup> | 38301 | &nbsp;&nbsp; 5169103 |
| Ooma, Inc.<sup>(b)(c)</sup> | 15218 | &nbsp;&nbsp; 170898 |
| OSI Systems, Inc.<sup>(b)(c)</sup> | 17694 | &nbsp;&nbsp; 4927071 |
| Ouster, Inc.<sup>(b)(c)</sup> | 31742 | &nbsp;&nbsp; 1058913 |
| Pagaya Technologies Ltd., Class A<sup>(b)</sup> | 46815 | &nbsp;&nbsp; 1258855 |
| PagerDuty, Inc.<sup>(b)</sup> | 57858 | &nbsp;&nbsp; 929199 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 33574 | &nbsp;&nbsp; 6730580 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 4632 | &nbsp;&nbsp; 1020152 |
| PAR Technology Corp.<sup>(b)(c)</sup> | 15739 | &nbsp;&nbsp; 556216 |
| PC Connection, Inc. | 15429 | &nbsp;&nbsp; 940706 |
| PDF Solutions, Inc.<sup>(b)(c)</sup> | 24788 | &nbsp;&nbsp; 722074 |
| Pegasystems, Inc. | 44090 | &nbsp;&nbsp; 2806328 |
| Penguin Solutions, Inc.<sup>(b)(c)</sup> | 109855 | &nbsp;&nbsp; 2446471 |
| Photronics, Inc.<sup>(b)(c)</sup> | 83172 | &nbsp;&nbsp; 1987811 |
| Power Integrations, Inc.<sup>(c)</sup> | 63997 | &nbsp;&nbsp; 2680834 |
| Procore Technologies, Inc.<sup>(b)(c)</sup> | 31847 | &nbsp;&nbsp; 2350946 |
| Progress Software Corp.<sup>(b)(c)</sup> | 65229 | &nbsp;&nbsp; 2781365 |
| PROS Holdings, Inc.<sup>(b)(c)</sup> | 26689 | &nbsp;&nbsp; 615181 |
| Pure Storage, Inc., Class A<sup>(b)(c)</sup> | 14236 | &nbsp;&nbsp; 1405093 |
| Q2 Holdings, Inc.<sup>(b)</sup> | 20587 | &nbsp;&nbsp; 1271453 |
| Qualys, Inc.<sup>(b)</sup> | 27047 | &nbsp;&nbsp; 3333813 |
| Rackspace Technology, Inc.<sup>(b)(c)</sup> | 239684 | &nbsp;&nbsp; 383494 |
| Radware Ltd. (Israel)<sup>(b)</sup> | 8303 | &nbsp;&nbsp; 212806 |
| Rambus, Inc.<sup>(b)</sup> | 61390 | &nbsp;&nbsp; 6313348 |
| Rapid7, Inc.<sup>(b)(c)</sup> | 38643 | &nbsp;&nbsp; 715282 |
| Ribbon Communications, Inc.<sup>(b)(c)</sup> | 98494 | &nbsp;&nbsp; 330940 |
| Richardson Electronics Ltd. | 14709 | &nbsp;&nbsp; 158563 |
| Rigetti Computing, Inc.<sup>(b)</sup> | 25207 | &nbsp;&nbsp; 1115914 |
| RingCentral, Inc., Class A<sup>(b)(c)</sup> | 72352 | &nbsp;&nbsp; 2179242 |
| Riot Platforms, Inc.<sup>(b)(c)</sup> | 18588 | &nbsp;&nbsp; 367671 |
| Rogers Corp.<sup>(b)</sup> | 33046 | &nbsp;&nbsp; 2892847 |
| Rubrik, Inc., Class A<sup>(b)</sup> | 5517 | &nbsp;&nbsp; 415265 |
| Samsara, Inc., Class A<sup>(b)(c)</sup> | 21953 | &nbsp;&nbsp; 881852 |
| ScanSource, Inc.<sup>(b)</sup> | 48681 | &nbsp;&nbsp; 2088658 |
| Semtech Corp.<sup>(b)(c)</sup> | 85308 | &nbsp;&nbsp; 5789001 |
| SentinelOne, Inc., Class A<sup>(b)(c)</sup> | 127782 | &nbsp;&nbsp; 2280909 |
| Silicom Ltd. (Israel)<sup>(b)</sup> | 5923 | &nbsp;&nbsp; 97315 |
| Silicon Laboratories, Inc.<sup>(b)</sup> | 4619 | &nbsp;&nbsp; 605459 |
| SiTime Corp.<sup>(b)(c)</sup> | 6871 | &nbsp;&nbsp; 1990116 |
| SmartRent, Inc.<sup>(b)(c)</sup> | 202728 | &nbsp;&nbsp; 281792 |
| SoundHound AI, Inc., Class A<sup>(b)(c)</sup> | 29710 | &nbsp;&nbsp; 523490 |
| Sprinklr, Inc., Class A<sup>(b)</sup> | 67861 | &nbsp;&nbsp; 523887 |
| Sprout Social, Inc., Class A<sup>(b)(c)</sup> | 26214 | &nbsp;&nbsp; 269218 |
| SPS Commerce, Inc.<sup>(b)</sup> | 15399 | &nbsp;&nbsp; 1266414 |
| Strategy, Inc., Class A<sup>(b)</sup> | 8015 | &nbsp;&nbsp; 2160123 |
| Synaptics, Inc.<sup>(b)(c)</sup> | 8404 | &nbsp;&nbsp; 596180 |
| Telos Corp.<sup>(b)</sup> | 54786 | &nbsp;&nbsp; 375832 |
| Tenable Holdings, Inc.<sup>(b)</sup> | 41012 | &nbsp;&nbsp; 1190168 |
| Teradata Corp.<sup>(b)(c)</sup> | 19782 | &nbsp;&nbsp; 412455 |
| TTM Technologies, Inc.<sup>(b)</sup> | 91179 | &nbsp;&nbsp; 6127229 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Tucows, Inc., Class A<sup>(b)(c)</sup> | 5275 | &nbsp;&nbsp; $101069 |
| Turtle Beach Corp.<sup>(b)(c)</sup> | 33917 | &nbsp;&nbsp; 573197 |
| Ubiquiti, Inc.<sup>(c)</sup> | 1532 | &nbsp;&nbsp; 1205960 |
| UiPath, Inc., Class A<sup>(b)(c)</sup> | 254997 | &nbsp;&nbsp; 4044252 |
| Ultra Clean Holdings, Inc.<sup>(b)</sup> | 74465 | &nbsp;&nbsp; 2041086 |
| Unisys Corp.<sup>(b)(c)</sup> | 142045 | &nbsp;&nbsp; 507101 |
| Unity Software, Inc.<sup>(b)(c)</sup> | 25013 | &nbsp;&nbsp; 947993 |
| Universal Display Corp.<sup>(c)</sup> | 29625 | &nbsp;&nbsp; 4363170 |
| Upland Software, Inc.<sup>(b)</sup> | 23626 | &nbsp;&nbsp; 49142 |
| Varonis Systems, Inc.<sup>(b)</sup> | 36174 | &nbsp;&nbsp; 1274410 |
| Veeco Instruments, Inc.<sup>(b)(c)</sup> | 85498 | &nbsp;&nbsp; 2458068 |
| Verint Systems, Inc.<sup>(b)(c)</sup> | 123057 | &nbsp;&nbsp; 2495596 |
| VeriSign, Inc. | 4810 | &nbsp;&nbsp; 1153438 |
| Vertex, Inc., Class A<sup>(b)(c)</sup> | 13355 | &nbsp;&nbsp; 305830 |
| Viavi Solutions, Inc.<sup>(b)</sup> | 286782 | &nbsp;&nbsp; 5076041 |
| Vishay Precision Group, Inc.<sup>(b)(c)</sup> | 21590 | &nbsp;&nbsp; 808761 |
| Wix.com Ltd. (Israel)<sup>(b)</sup> | 1804 | &nbsp;&nbsp; 262554 |
| Workiva, Inc.<sup>(b)(c)</sup> | 10617 | &nbsp;&nbsp; 902551 |
| Xperi, Inc.<sup>(b)(c)</sup> | 55281 | &nbsp;&nbsp; 371488 |
| Yext, Inc.<sup>(b)</sup> | 93691 | &nbsp;&nbsp; 793563 |
| Zeta Global Holdings Corp., Class A<sup>(b)(c)</sup> | 36392 | &nbsp;&nbsp; 654692 |
| Zscaler, Inc.<sup>(b)</sup> | 6502 | &nbsp;&nbsp; 2153072 |
|  |  | &nbsp;&nbsp; 395487975 |
| **Materials-3.47%** | **Materials-3.47%** | **Materials-3.47%** |
| AdvanSix, Inc. | 40899 | &nbsp;&nbsp; 760312 |
| Alto Ingredients, Inc.<sup>(b)</sup> | 105766 | &nbsp;&nbsp; 106824 |
| American Vanguard Corp.<sup>(b)</sup> | 44410 | &nbsp;&nbsp; 198513 |
| Ardagh Metal Packaging S.A. | 273464 | &nbsp;&nbsp; 976267 |
| Aspen Aerogels, Inc.<sup>(b)(c)</sup> | 101874 | &nbsp;&nbsp; 829254 |
| Balchem Corp.<sup>(c)</sup> | 21159 | &nbsp;&nbsp; 3245579 |
| Caledonia Mining Corp. PLC (South <br> Africa)<br>| 7166 | &nbsp;&nbsp; 201508 |
| Century Aluminum Co.<sup>(b)</sup> | 80333 | &nbsp;&nbsp; 2379463 |
| Clearwater Paper Corp.<sup>(b)(c)</sup> | 44998 | &nbsp;&nbsp; 794215 |
| Coeur Mining, Inc.<sup>(b)(c)</sup> | 391609 | &nbsp;&nbsp; 6723927 |
| Compass Minerals International, Inc.<sup>(b)(c)</sup> | 104460 | &nbsp;&nbsp; 1811336 |
| Core Molding Technologies, Inc.<sup>(b)(c)</sup> | 4881 | &nbsp;&nbsp; 87419 |
| Eagle Materials, Inc. | 4120 | &nbsp;&nbsp; 874758 |
| Ecovyst, Inc.<sup>(b)(c)</sup> | 181263 | &nbsp;&nbsp; 1484544 |
| Ferroglobe PLC<sup>(c)</sup> | 180841 | &nbsp;&nbsp; 877079 |
| Gold Royalty Corp. (Canada)<sup>(b)</sup> | 46831 | &nbsp;&nbsp; 172806 |
| Greif, Inc., Class A | 22665 | &nbsp;&nbsp; 1289412 |
| Hawkins, Inc. | 16193 | &nbsp;&nbsp; 2296977 |
| Hecla Mining Co.<sup>(c)</sup> | 717193 | &nbsp;&nbsp; 9230274 |
| Ingevity Corp.<sup>(b)</sup> | 48743 | &nbsp;&nbsp; 2618474 |
| Innospec, Inc. | 23853 | &nbsp;&nbsp; 1755104 |
| Intrepid Potash, Inc.<sup>(b)</sup> | 32622 | &nbsp;&nbsp; 868724 |
| Kaiser Aluminum Corp. | 30016 | &nbsp;&nbsp; 2717349 |
| Knife River Corp.<sup>(b)(c)</sup> | 46688 | &nbsp;&nbsp; 2822757 |
| Koppers Holdings, Inc.<sup>(c)</sup> | 27849 | &nbsp;&nbsp; 785899 |
| Kronos Worldwide, Inc.<sup>(c)</sup> | 46096 | &nbsp;&nbsp; 226792 |
| LSB Industries, Inc.<sup>(b)(c)</sup> | 87219 | &nbsp;&nbsp; 735256 |
| Magnera Corp.<sup>(b)(c)</sup> | 60941 | &nbsp;&nbsp; 553954 |
| Materion Corp. | 21177 | &nbsp;&nbsp; 2427520 |
| Mativ Holdings, Inc., Class A | 128430 | &nbsp;&nbsp; 1371632 |
| McEwen, Inc. (Canada)<sup>(b)(c)</sup> | 14509 | &nbsp;&nbsp; 265950 |
| Mercer International, Inc. (Germany) | 44305 | &nbsp;&nbsp; 93041 |
| Metallus, Inc.<sup>(b)(c)</sup> | 65056 | &nbsp;&nbsp; 1144335 |
| Minerals Technologies, Inc.<sup>(c)</sup> | 38603 | &nbsp;&nbsp; 2190720 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-(continued)** | **Materials-(continued)** | **Materials-(continued)** |
| MP Materials Corp.<sup>(b)(c)</sup> | 67948 | &nbsp;&nbsp; $4286839 |
| Myers Industries, Inc.<sup>(c)</sup> | 46132 | &nbsp;&nbsp; 799468 |
| NewMarket Corp. | 1379 | &nbsp;&nbsp; 1058934 |
| Olympic Steel, Inc. | 15643 | &nbsp;&nbsp; 578791 |
| Origin Materials, Inc.<sup>(b)</sup> | 145187 | &nbsp;&nbsp; 88883 |
| Orion S.A. (Germany) | 86110 | &nbsp;&nbsp; 456383 |
| Perimeter Solutions, Inc.<sup>(b)</sup> | 168710 | &nbsp;&nbsp; 3966372 |
| PureCycle Technologies, Inc.<sup>(b)(c)</sup> | 16756 | &nbsp;&nbsp; 194035 |
| Quaker Chemical Corp.<sup>(c)</sup> | 22323 | &nbsp;&nbsp; 3100441 |
| Ramaco Resources, Inc., Class A<sup>(b)</sup> | 64483 | &nbsp;&nbsp; 1957704 |
| Ranpak Holdings Corp.<sup>(b)(c)</sup> | 73181 | &nbsp;&nbsp; 387859 |
| Rayonier Advanced Materials, Inc.<sup>(b)(c)</sup> | 145651 | &nbsp;&nbsp; 1012274 |
| Ryerson Holding Corp.<sup>(c)</sup> | 56667 | &nbsp;&nbsp; 1250074 |
| Scotts Miracle-Gro Co. (The)<sup>(c)</sup> | 77730 | &nbsp;&nbsp; 4160110 |
| Sensient Technologies Corp. | 47198 | &nbsp;&nbsp; 4450299 |
| Stepan Co. | 23972 | &nbsp;&nbsp; 1039186 |
| SunCoke Energy, Inc.<sup>(c)</sup> | 162407 | &nbsp;&nbsp; 1300880 |
| Tredegar Corp.<sup>(b)(c)</sup> | 30702 | &nbsp;&nbsp; 212151 |
| TriMas Corp. | 54370 | &nbsp;&nbsp; 1931766 |
| Trinseo PLC | 112920 | &nbsp;&nbsp; 164863 |
| United States Lime & Minerals, Inc.<sup>(c)</sup> | 3604 | &nbsp;&nbsp; 422461 |
| Worthington Steel, Inc.<sup>(c)</sup> | 30776 | &nbsp;&nbsp; 984524 |
|  |  | &nbsp;&nbsp; 88722271 |
| **Real Estate-6.65%** | **Real Estate-6.65%** | **Real Estate-6.65%** |
| Acadia Realty Trust<sup>(c)</sup> | 178566 | &nbsp;&nbsp; 3405254 |
| Alexander & Baldwin, Inc. | 89732 | &nbsp;&nbsp; 1433020 |
| Alexander's, Inc.<sup>(c)</sup> | 2931 | &nbsp;&nbsp; 647546 |
| Alpine Income Property Trust, Inc. | 16787 | &nbsp;&nbsp; 246433 |
| American Assets Trust, Inc. | 73692 | &nbsp;&nbsp; 1408254 |
| American Healthcare REIT, Inc. | 78173 | &nbsp;&nbsp; 3542800 |
| Apartment Investment & Management <br> Co., Class A<br>| 126384 | &nbsp;&nbsp; 672363 |
| Armada Hoffler Properties, Inc.<sup>(c)</sup> | 123937 | &nbsp;&nbsp; 810548 |
| Ashford Hospitality Trust, Inc.<sup>(b)(c)</sup> | 9679 | &nbsp;&nbsp; 46169 |
| Braemar Hotels & Resorts, Inc.<sup>(c)</sup> | 65298 | &nbsp;&nbsp; 166510 |
| Brandywine Realty Trust<sup>(c)</sup> | 298467 | &nbsp;&nbsp; 1023742 |
| Broadstone Net Lease, Inc. | 223830 | &nbsp;&nbsp; 4011034 |
| BRT Apartments Corp.<sup>(c)</sup> | 5015 | &nbsp;&nbsp; 73771 |
| CareTrust REIT, Inc. | 102067 | &nbsp;&nbsp; 3536621 |
| CBL & Associates Properties, Inc. | 29651 | &nbsp;&nbsp; 876780 |
| Centerspace<sup>(c)</sup> | 19422 | &nbsp;&nbsp; 1150753 |
| Chatham Lodging Trust | 65688 | &nbsp;&nbsp; 420403 |
| City Office REIT, Inc. | 44920 | &nbsp;&nbsp; 309948 |
| Community Healthcare Trust, Inc. | 35858 | &nbsp;&nbsp; 525678 |
| Compass, Inc., Class A<sup>(b)</sup> | 734347 | &nbsp;&nbsp; 5661815 |
| COPT Defense Properties<sup>(c)</sup> | 109738 | &nbsp;&nbsp; 3091319 |
| CTO Realty Growth, Inc.<sup>(c)</sup> | 46035 | &nbsp;&nbsp; 767864 |
| Curbline Properties Corp.<sup>(c)</sup> | 73803 | &nbsp;&nbsp; 1701897 |
| DiamondRock Hospitality Co.<sup>(c)</sup> | 284749 | &nbsp;&nbsp; 2226737 |
| Diversified Healthcare Trust<sup>(c)</sup> | 274509 | &nbsp;&nbsp; 1169408 |
| Douglas Elliman, Inc.<sup>(b)</sup> | 160929 | &nbsp;&nbsp; 397495 |
| Easterly Government Properties, Inc. | 96321 | &nbsp;&nbsp; 2082460 |
| Elme Communities<sup>(c)</sup> | 125240 | &nbsp;&nbsp; 2060198 |
| Empire State Realty Trust, Inc., Class A<sup>(c)</sup> | 226784 | &nbsp;&nbsp; 1675934 |
| Essential Properties Realty Trust, Inc.<sup>(c)</sup> | 161793 | &nbsp;&nbsp; 4834375 |
| eXp World Holdings, Inc.<sup>(c)</sup> | 148155 | &nbsp;&nbsp; 1517107 |
| Farmland Partners, Inc.<sup>(c)</sup> | 57681 | &nbsp;&nbsp; 578540 |
| Forestar Group, Inc.<sup>(b)(c)</sup> | 29879 | &nbsp;&nbsp; 777153 |
| Four Corners Property Trust, Inc.<sup>(c)</sup> | 93077 | &nbsp;&nbsp; 2200340 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
| Franklin Street Properties Corp. | 119789 | &nbsp;&nbsp; $143747 |
| FRP Holdings, Inc.<sup>(b)(c)</sup> | 2520 | &nbsp;&nbsp; 59724 |
| Getty Realty Corp.<sup>(c)</sup> | 61686 | &nbsp;&nbsp; 1692047 |
| Gladstone Commercial Corp.<sup>(c)</sup> | 56724 | &nbsp;&nbsp; 648355 |
| Gladstone Land Corp.<sup>(c)</sup> | 50629 | &nbsp;&nbsp; 458699 |
| Global Medical REIT, Inc.<sup>(c)</sup> | 19891 | &nbsp;&nbsp; 610654 |
| Global Net Lease, Inc.<sup>(c)</sup> | 291513 | &nbsp;&nbsp; 2221329 |
| Howard Hughes Holdings, Inc.<sup>(b)</sup> | 43160 | &nbsp;&nbsp; 3421725 |
| Independence Realty Trust, Inc.<sup>(c)</sup> | 239149 | &nbsp;&nbsp; 3809644 |
| Industrial Logistics Properties Trust | 107190 | &nbsp;&nbsp; 565963 |
| Innovative Industrial Properties, Inc.<sup>(c)</sup> | 40593 | &nbsp;&nbsp; 2035739 |
| InvenTrust Properties Corp.<sup>(c)</sup> | 74580 | &nbsp;&nbsp; 2043492 |
| Kennedy-Wilson Holdings, Inc.<sup>(c)</sup> | 192188 | &nbsp;&nbsp; 1452941 |
| Lineage, Inc.<sup>(c)</sup> | 54742 | &nbsp;&nbsp; 2156835 |
| LTC Properties, Inc.<sup>(c)</sup> | 57470 | &nbsp;&nbsp; 2016048 |
| LXP Industrial Trust<sup>(c)</sup> | 345134 | &nbsp;&nbsp; 3275322 |
| Marcus & Millichap, Inc.<sup>(c)</sup> | 22498 | &nbsp;&nbsp; 657167 |
| National Health Investors, Inc. | 43593 | &nbsp;&nbsp; 3248114 |
| National Storage Affiliates Trust<sup>(c)</sup> | 82330 | &nbsp;&nbsp; 2394980 |
| NET Lease Office Properties<sup>(c)</sup> | 13334 | &nbsp;&nbsp; 391353 |
| NETSTREIT Corp.<sup>(c)</sup> | 101986 | &nbsp;&nbsp; 1898979 |
| Newmark Group, Inc., Class A | 193288 | &nbsp;&nbsp; 3446325 |
| NexPoint Diversified Real Estate Trust<sup>(c)</sup> | 19468 | &nbsp;&nbsp; 61908 |
| NexPoint Residential Trust, Inc.<sup>(c)</sup> | 25934 | &nbsp;&nbsp; 795396 |
| One Liberty Properties, Inc.<sup>(c)</sup> | 13880 | &nbsp;&nbsp; 278849 |
| Opendoor Technologies, Inc.<sup>(b)(c)</sup> | 3396934 | &nbsp;&nbsp; 26394177 |
| Orion Properties, Inc.<sup>(c)</sup> | 112398 | &nbsp;&nbsp; 277623 |
| Outfront Media, Inc. | 184201 | &nbsp;&nbsp; 3258516 |
| Paramount Group, Inc.<sup>(b)(c)</sup> | 423381 | &nbsp;&nbsp; 2768912 |
| Peakstone Realty Trust<sup>(c)</sup> | 48081 | &nbsp;&nbsp; 649574 |
| Pebblebrook Hotel Trust<sup>(c)</sup> | 316065 | &nbsp;&nbsp; 3306040 |
| Phillips Edison & Co., Inc. | 95888 | &nbsp;&nbsp; 3244850 |
| Piedmont Realty Trust, Inc., Class A | 263790 | &nbsp;&nbsp; 2126147 |
| Plymouth Industrial REIT, Inc.<sup>(c)</sup> | 51267 | &nbsp;&nbsp; 1127874 |
| Postal Realty Trust, Inc., Class A | 23695 | &nbsp;&nbsp; 350923 |
| RE/MAX Holdings, Inc., Class A<sup>(b)(c)</sup> | 36694 | &nbsp;&nbsp; 290983 |
| RLJ Lodging Trust<sup>(c)</sup> | 258731 | &nbsp;&nbsp; 1759371 |
| RMR Group, Inc. (The), Class A<sup>(c)</sup> | 26217 | &nbsp;&nbsp; 405577 |
| Ryman Hospitality Properties, Inc.<sup>(c)</sup> | 37655 | &nbsp;&nbsp; 3272596 |
| Safehold, Inc.<sup>(c)</sup> | 59655 | &nbsp;&nbsp; 860822 |
| Saul Centers, Inc. | 11317 | &nbsp;&nbsp; 335096 |
| Seaport Entertainment Group, Inc.<sup>(b)(c)</sup> | 1582 | &nbsp;&nbsp; 38079 |
| Seritage Growth Properties, Class A<sup>(b)(c)</sup> | 23394 | &nbsp;&nbsp; 94980 |
| Service Properties Trust | 347049 | &nbsp;&nbsp; 742685 |
| Sila Realty Trust, Inc.<sup>(c)</sup> | 42327 | &nbsp;&nbsp; 1003150 |
| SITE Centers Corp. | 83628 | &nbsp;&nbsp; 612993 |
| St. Joe Co. (The) | 22722 | &nbsp;&nbsp; 1290155 |
| Star Holdings<sup>(b)(c)</sup> | 8308 | &nbsp;&nbsp; 60815 |
| Summit Hotel Properties, Inc. | 113841 | &nbsp;&nbsp; 585143 |
| Sunstone Hotel Investors, Inc.<sup>(c)</sup> | 379296 | &nbsp;&nbsp; 3356770 |
| Tanger, Inc. | 105694 | &nbsp;&nbsp; 3441397 |
| Tejon Ranch Co.<sup>(b)(c)</sup> | 19392 | &nbsp;&nbsp; 306781 |
| Terreno Realty Corp.<sup>(c)</sup> | 82922 | &nbsp;&nbsp; 4737334 |
| UMH Properties, Inc.<sup>(c)</sup> | 60880 | &nbsp;&nbsp; 885195 |
| Universal Health Realty Income Trust<sup>(c)</sup> | 12500 | &nbsp;&nbsp; 477750 |
| Urban Edge Properties<sup>(c)</sup> | 160795 | &nbsp;&nbsp; 3092088 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
| Veris Residential, Inc. | 89221 | &nbsp;&nbsp; $1281213 |
| Whitestone REIT | 52815 | &nbsp;&nbsp; 662300 |
| Xenia Hotels & Resorts, Inc. | 175069 | &nbsp;&nbsp; 2153349 |
|  |  | &nbsp;&nbsp; 170086862 |
| **Utilities-1.69%** | **Utilities-1.69%** | **Utilities-1.69%** |
| American States Water Co. | 32875 | &nbsp;&nbsp; 2344316 |
| Artesian Resources Corp., Class A<sup>(c)</sup> | 7294 | &nbsp;&nbsp; 235086 |
| California Water Service Group | 62291 | &nbsp;&nbsp; 2764475 |
| Chesapeake Utilities Corp.<sup>(c)</sup> | 18382 | &nbsp;&nbsp; 2339661 |
| Clearway Energy, Inc., Class C<sup>(c)</sup> | 163123 | &nbsp;&nbsp; 5208517 |
| Consolidated Water Co. Ltd. | 2829 | &nbsp;&nbsp; 96214 |
| Genie Energy Ltd., Class B | 16691 | &nbsp;&nbsp; 251200 |
| H2O America | 41839 | &nbsp;&nbsp; 1935054 |
| Hallador Energy Co.<sup>(b)(c)</sup> | 49583 | &nbsp;&nbsp; 1072480 |
| MDU Resources Group, Inc.<sup>(c)</sup> | 206857 | &nbsp;&nbsp; 3967517 |
| MGE Energy, Inc.<sup>(c)</sup> | 28444 | &nbsp;&nbsp; 2357154 |
| Middlesex Water Co. | 18342 | &nbsp;&nbsp; 1054115 |
| Northwest Natural Holding Co. | 54864 | &nbsp;&nbsp; 2497958 |
| Ormat Technologies, Inc.<sup>(c)</sup> | 64431 | &nbsp;&nbsp; 6853526 |
| Otter Tail Corp.<sup>(c)</sup> | 36773 | &nbsp;&nbsp; 2839611 |
| ReNew Energy Global PLC, Class A <br> (India)<sup>(b)</sup><br>| 31376 | &nbsp;&nbsp; 236575 |
| Talen Energy Corp.<sup>(b)</sup> | 15481 | &nbsp;&nbsp; 6188994 |
| Unitil Corp. | 14619 | &nbsp;&nbsp; 712676 |
| York Water Co. (The) | 11312 | &nbsp;&nbsp; 351464 |
|  |  | &nbsp;&nbsp; 43306593 |
| Total Common Stocks & Other Equity Interests <br>(Cost $2,205,878,349) | Total Common Stocks & Other Equity Interests <br>(Cost $2,205,878,349) | &nbsp;&nbsp; 2558094411 |
| **Money Market Funds-0.12%** | **Money Market Funds-0.12%** | **Money Market Funds-0.12%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(e)(h)</sup> <br>(Cost $3,084,808)<br>| 3084808 | &nbsp;&nbsp; 3084808 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.05% <br>(Cost $2,208,963,157) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.05% <br>(Cost $2,208,963,157) | &nbsp;&nbsp; 2561179219 |
| **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-29.84%** | **Money Market Funds-29.84%** | **Money Market Funds-29.84%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(e)(h)(i)</sup><br>| 211326271 | &nbsp;&nbsp; 211326271 |
| Invesco Private Prime Fund, 4.30%<sup>(e)(h)(i)</sup> | 552484734 | &nbsp;&nbsp; 552650479 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $763,960,787) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $763,960,787) | &nbsp;&nbsp; 763976750 |
| TOTAL INVESTMENTS IN SECURITIES-129.89% <br>(Cost $2,972,923,944) | TOTAL INVESTMENTS IN SECURITIES-129.89% <br>(Cost $2,972,923,944) | &nbsp;&nbsp; 3325155969 |
| OTHER ASSETS LESS LIABILITIES-(29.89)% | OTHER ASSETS LESS LIABILITIES-(29.89)% | &nbsp;&nbsp; (765168043)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $2559987926 |

---

Investment Abbreviations: <br> REIT -Real Estate Investment Trust <br> Rts. -Rights

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)**

October 31, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| 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 October 31, 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> October 31, 2025 was $499,224, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| Invesco Mortgage <br> Capital, Inc.<br>| &nbsp;&nbsp; $414541 | &nbsp;&nbsp; $68989 | &nbsp;&nbsp; $(28490)<br>| &nbsp;&nbsp; $16466 | &nbsp;&nbsp; $(5565)<br>| &nbsp;&nbsp; $465941 | &nbsp;&nbsp; $40951 |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; 918862 | &nbsp;&nbsp; 52170703 | &nbsp;&nbsp; (50004757)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 3084808 | &nbsp;&nbsp; 69934 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 186502345 | &nbsp;&nbsp; 318928886 | &nbsp;&nbsp; (294104960)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 211326271 | &nbsp;&nbsp; 3,928,700<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 477928232 | &nbsp;&nbsp; 651060080 | &nbsp;&nbsp; (576384823)<br>| &nbsp;&nbsp; 55007 | &nbsp;&nbsp; (8017)<br>| &nbsp;&nbsp; 552650479 | &nbsp;&nbsp; 10,584,728<br> \*<br>|
| Total | &nbsp;&nbsp; $665763980 | &nbsp;&nbsp; $1022228658 | &nbsp;&nbsp; $(920523030)<br>| &nbsp;&nbsp; $71473 | &nbsp;&nbsp; $(13582)<br>| &nbsp;&nbsp; $767527499 | &nbsp;&nbsp; $14624313 |

---

\* 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> Security valued using significant unobservable inputs (Level 3). See Note 4.

<sup>(g)</sup> Restricted security. The value of this security at October 31, 2025 represented less than 1% of the Fund's Net Assets.

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

------

**31**

------

**Statements of Assets and Liabilities**

October 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **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; $99090449 | &nbsp;&nbsp;&nbsp; $8281860863 | &nbsp;&nbsp;&nbsp; $2557628470 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 707348 | &nbsp;&nbsp;&nbsp; 233365670 | &nbsp;&nbsp;&nbsp; 767527499 |
| Due from broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 37779 |
| Receivable for: |  |  |  |
| Dividends | &nbsp;&nbsp; 129563 | &nbsp;&nbsp;&nbsp; 6690107 | &nbsp;&nbsp;&nbsp; 499564 |
| Securities lending | &nbsp;&nbsp; 421 | &nbsp;&nbsp;&nbsp; 43895 | &nbsp;&nbsp;&nbsp; 316501 |
| Investments sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1345971 | &nbsp;&nbsp;&nbsp; 1330684 |
| Expenses absorbed | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 82149 |
| Foreign tax reclaims | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 317 |
| **Total assets** | &nbsp;&nbsp; 99927781 | &nbsp;&nbsp;&nbsp; 8523306506 | &nbsp;&nbsp;&nbsp; 3327422963 |
| **Liabilities:** |  |  |  |
| Due to custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 4176 | &nbsp;&nbsp;&nbsp; 1667 |
| Due to broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1748611 |
| Payable for: |  |  |  |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 673700 | &nbsp;&nbsp;&nbsp; 226939568 | &nbsp;&nbsp;&nbsp; 763960787 |
| Fund shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1371271 | &nbsp;&nbsp;&nbsp; - |
| Accrued advisory fees | &nbsp;&nbsp; 24803 | &nbsp;&nbsp;&nbsp; 2028570 | &nbsp;&nbsp;&nbsp; 633616 |
| Accrued trustees' and officer's fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 577276 | &nbsp;&nbsp;&nbsp; 223084 |
| Accrued expenses | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2593739 | &nbsp;&nbsp;&nbsp; 867272 |
| **Total liabilities** | &nbsp;&nbsp; 698503 | &nbsp;&nbsp;&nbsp; 233514600 | &nbsp;&nbsp;&nbsp; 767435037 |
| **Net Assets** | &nbsp;&nbsp; $99229278 | &nbsp;&nbsp;&nbsp; $8289791906 | &nbsp;&nbsp;&nbsp; $2559987926 |
| **Net assets consist of:** |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $254223602 | &nbsp;&nbsp;&nbsp; $6125900238 | &nbsp;&nbsp;&nbsp; $2701740140 |
| Distributable earnings (loss) | &nbsp;&nbsp; (154994324)<br>| &nbsp;&nbsp;&nbsp; 2163891668 | &nbsp;&nbsp;&nbsp; (141752214)<br>|
| **Net Assets** | &nbsp;&nbsp; $99229278 | &nbsp;&nbsp;&nbsp; $8289791906 | &nbsp;&nbsp;&nbsp; $2559987926 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 2060000 | &nbsp;&nbsp;&nbsp; 181360000 | &nbsp;&nbsp;&nbsp; 56430000 |
| Net asset value | &nbsp;&nbsp; $48.17 | &nbsp;&nbsp;&nbsp; $45.71 | &nbsp;&nbsp;&nbsp; $45.37 |
| Market price | &nbsp;&nbsp; $48.17 | &nbsp;&nbsp;&nbsp; $45.72 | &nbsp;&nbsp;&nbsp; $45.36 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $92409917 | &nbsp;&nbsp;&nbsp; $6033865099 | &nbsp;&nbsp;&nbsp; $2204991534 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $707348 | &nbsp;&nbsp;&nbsp; $232501126 | &nbsp;&nbsp;&nbsp; $767932410 |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $662307 | &nbsp;&nbsp;&nbsp; $221552790 | &nbsp;&nbsp;&nbsp; $749577872 |

---

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

------

**32**

------

**Statements of Operations**

For the six months ended October 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **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; $1150164 | &nbsp;&nbsp;&nbsp; $82202078 | &nbsp;&nbsp;&nbsp; $18294916 |
| Affiliated dividend income | &nbsp;&nbsp; 1162 | &nbsp;&nbsp;&nbsp; 187525 | &nbsp;&nbsp;&nbsp; 110885 |
| Securities lending income, net | &nbsp;&nbsp; 2691 | &nbsp;&nbsp;&nbsp; 1726559 | &nbsp;&nbsp;&nbsp; 1665172 |
| Foreign withholding tax | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (56500)<br>| &nbsp;&nbsp;&nbsp; (23340)<br>|
| Total investment income | &nbsp;&nbsp; 1154017 | &nbsp;&nbsp;&nbsp; 84059662 | &nbsp;&nbsp;&nbsp; 20047633 |
| **Expenses:** |  |  |  |
| Unitary management fees | &nbsp;&nbsp; 159120 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Advisory fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 11614386 | &nbsp;&nbsp;&nbsp; 3564504 |
| Sub-licensing fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1349231 | &nbsp;&nbsp;&nbsp; 414024 |
| Accounting & administration fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 250869 | &nbsp;&nbsp;&nbsp; 98219 |
| Custodian & transfer agent fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 22126 | &nbsp;&nbsp;&nbsp; 9464 |
| Trustees' and officer's fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 85545 | &nbsp;&nbsp;&nbsp; 33959 |
| Recapture (Note 3) | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 184821 | &nbsp;&nbsp;&nbsp; 412576 |
| Other expenses | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 143100 | &nbsp;&nbsp;&nbsp; 80174 |
| Total expenses | &nbsp;&nbsp; 159120 | &nbsp;&nbsp;&nbsp; 13650078 | &nbsp;&nbsp;&nbsp; 4612920 |
| Less: Waivers | &nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp; (2233)<br>| &nbsp;&nbsp;&nbsp; (1675)<br>|
| Net expenses | &nbsp;&nbsp; 159092 | &nbsp;&nbsp;&nbsp; 13647845 | &nbsp;&nbsp;&nbsp; 4611245 |
| Net investment income | &nbsp;&nbsp; 994925 | &nbsp;&nbsp;&nbsp; 70411817 | &nbsp;&nbsp;&nbsp; 15436388 |
| **Realized and unrealized gain (loss) from:** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 3075617 | &nbsp;&nbsp;&nbsp; (46700999)<br>| &nbsp;&nbsp;&nbsp; (59086356)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 651 | &nbsp;&nbsp;&nbsp; (434748)<br>| &nbsp;&nbsp;&nbsp; (13095)<br>|
| Unaffiliated in-kind redemptions | &nbsp;&nbsp; 1080508 | &nbsp;&nbsp;&nbsp; 519133722 | &nbsp;&nbsp;&nbsp; 157643154 |
| Affiliated in-kind redemptions | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 35623 | &nbsp;&nbsp;&nbsp; (487)<br>|
| Foreign currencies | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (18)<br>|
| Net realized gain | &nbsp;&nbsp; 4156776 | &nbsp;&nbsp;&nbsp; 472033598 | &nbsp;&nbsp;&nbsp; 98543198 |
| Change in net unrealized appreciation (depreciation) of: |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (567366)<br>| &nbsp;&nbsp;&nbsp; 733197196 | &nbsp;&nbsp;&nbsp; 393331089 |
| Affiliated investment securities | &nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp; 2556916 | &nbsp;&nbsp;&nbsp; 71473 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (567207)<br>| &nbsp;&nbsp;&nbsp; 735754112 | &nbsp;&nbsp;&nbsp; 393402562 |
| Net realized and unrealized gain | &nbsp;&nbsp; 3589569 | &nbsp;&nbsp;&nbsp; 1207787710 | &nbsp;&nbsp;&nbsp; 491945760 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $4584494 | &nbsp;&nbsp;&nbsp; $1278199527 | &nbsp;&nbsp;&nbsp; $507382148 |

---

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

------

**33**

------

**Statements of Changes in Net Assets**

For the six months ended October 31, 2025 and the year ended April 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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)** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $994925 | &nbsp;&nbsp;&nbsp; $1836153 | &nbsp;&nbsp;&nbsp; $70411817 | &nbsp;&nbsp;&nbsp; $135738008 |
| Net realized gain | &nbsp;&nbsp; 4156776 | &nbsp;&nbsp;&nbsp; 10843124 | &nbsp;&nbsp;&nbsp; 472033598 | &nbsp;&nbsp;&nbsp; 217750724 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (567207)<br>| &nbsp;&nbsp;&nbsp; (3025026)<br>| &nbsp;&nbsp;&nbsp; 735754112 | &nbsp;&nbsp;&nbsp; 213932894 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 4584494 | &nbsp;&nbsp;&nbsp; 9654251 | &nbsp;&nbsp;&nbsp; 1278199527 | &nbsp;&nbsp;&nbsp; 567421626 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (870192)<br>| &nbsp;&nbsp;&nbsp; (1863424)<br>| &nbsp;&nbsp;&nbsp; (68090624)<br>| &nbsp;&nbsp;&nbsp; (136150224)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 39806806 | &nbsp;&nbsp;&nbsp; 707284421 | &nbsp;&nbsp;&nbsp; 754167169 |
| Value of shares repurchased | &nbsp;&nbsp; (13559840)<br>| &nbsp;&nbsp;&nbsp; (34747329)<br>| &nbsp;&nbsp;&nbsp; (1030255372)<br>| &nbsp;&nbsp;&nbsp; (591727931)<br>|
| Net increase (decrease) in net assets resulting from share <br> transactions<br>| &nbsp;&nbsp; (13559840)<br>| &nbsp;&nbsp;&nbsp; 5059477 | &nbsp;&nbsp;&nbsp; (322970951)<br>| &nbsp;&nbsp;&nbsp; 162439238 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; (9845538)<br>| &nbsp;&nbsp;&nbsp; 12850304 | &nbsp;&nbsp;&nbsp; 887137952 | &nbsp;&nbsp;&nbsp; 593710640 |
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 109074816 | &nbsp;&nbsp;&nbsp; 96224512 | &nbsp;&nbsp;&nbsp; 7402653954 | &nbsp;&nbsp;&nbsp; 6808943314 |
| End of period | &nbsp;&nbsp; $99229278 | &nbsp;&nbsp;&nbsp; $109074816 | &nbsp;&nbsp;&nbsp; $8289791906 | &nbsp;&nbsp;&nbsp; $7402653954 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp; 16420000 | &nbsp;&nbsp;&nbsp; 18910000 |
| Shares repurchased | &nbsp;&nbsp; (280000)<br>| &nbsp;&nbsp;&nbsp; (710000)<br>| &nbsp;&nbsp;&nbsp; (23960000)<br>| &nbsp;&nbsp;&nbsp; (14960000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 2340000 | &nbsp;&nbsp;&nbsp; 2240000 | &nbsp;&nbsp;&nbsp; 188900000 | &nbsp;&nbsp;&nbsp; 184950000 |
| Shares outstanding, end of period | &nbsp;&nbsp; 2060000 | &nbsp;&nbsp;&nbsp; 2340000 | &nbsp;&nbsp;&nbsp; 181360000 | &nbsp;&nbsp;&nbsp; 188900000 |

---

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

------

**34**

------

---

| | |
|:---|:---|
| **Invesco RAFI US** <br>**1500 Small-Mid ETF (PRFZ)** | **Invesco RAFI US** <br>**1500 Small-Mid ETF (PRFZ)** |
| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| $15436388 | &nbsp;&nbsp;&nbsp; $29605100 |
| 98543198 | &nbsp;&nbsp;&nbsp; 17256637 |
| 393402562 | &nbsp;&nbsp;&nbsp; (19220135)<br>|
| 507382148 | &nbsp;&nbsp;&nbsp; 27641602 |
| (12656811)<br>| &nbsp;&nbsp;&nbsp; (34448579)<br>|
| 280061198 | &nbsp;&nbsp;&nbsp; 277881617 |
| (373132335)<br>| &nbsp;&nbsp;&nbsp; (374559487)<br>|
| (93071137)<br>| &nbsp;&nbsp;&nbsp; (96677870)<br>|
| 401654200 | &nbsp;&nbsp;&nbsp; (103484847)<br>|
| 2158333726 | &nbsp;&nbsp;&nbsp; 2261818573 |
| $2559987926 | &nbsp;&nbsp;&nbsp; $2158333726 |
| 6290000 | &nbsp;&nbsp;&nbsp; 7230000 |
| (8450000)<br>| &nbsp;&nbsp;&nbsp; (9910000)<br>|
| 58590000 | &nbsp;&nbsp;&nbsp; 61270000 |
| 56430000 | &nbsp;&nbsp;&nbsp; 58590000 |

---

------

**35**

------

**Financial Highlights**

Invesco Bloomberg MVP Multi-factor ETF (BMVP)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **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 period | &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 | &nbsp;&nbsp;&nbsp; $27.58 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &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;1.52 | &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;1.96 | &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; (0.40)<br>| &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 period | &nbsp;&nbsp;&nbsp; $48.17 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $48.17 | &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; 4.22<br> %<br>| &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; 4.22<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $99229 | &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 %<sup>(e)</sup><br>| &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 %<sup>(e)</sup><br>| &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; 1.81 %<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 79<br> %<br>| &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> 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 RAFI US 1000 ETF (PRF)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **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 period | &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 | &nbsp;&nbsp;&nbsp; $20.83 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &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 <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.51 | &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;6.89 | &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; (0.37)<br>| &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 period | &nbsp;&nbsp;&nbsp; $45.71 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $45.72 | &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; 17.63<br> %<br>| &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; 17.80<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $8289792 | &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; 0.34 %<sup>(e)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.34 %<sup>(e)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.76 %<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 8<br> %<br>| &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>|

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<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> Annualized.

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

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

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**Financial Highlights—(continued)**

Invesco RAFI US 1500 Small-Mid ETF (PRFZ)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **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 period | &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 | &nbsp;&nbsp;&nbsp; $20.62 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &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 <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.48 | &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;8.75 | &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; (0.22)<br>| &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 period | &nbsp;&nbsp;&nbsp; $45.37 | &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 period<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $45.36 | &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; 23.79<br> %<br>| &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; 23.90<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $2559988 | &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; 0.38 %<sup>(f)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.38 %<sup>(f)</sup><br>| &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; 1.26 %<sup>(f)</sup><br>| &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>(g)</sup> | &nbsp;&nbsp;&nbsp; 21<br> %<br>| &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>|

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<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> 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.

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**Notes to Financial Statements**

Invesco Exchange-Traded Fund Trust

October 31, 2025

*(Unaudited)*

**NOTE 1—Organization**

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

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| | |
|:---|:---|
| **Full Name** | **Short Name** |
| Invesco Bloomberg MVP Multi-factor ETF (BMVP) | "Bloomberg MVP Multi-factor ETF" |
| Invesco RAFI US 1000 ETF (PRF) | "RAFI US 1000 ETF" |
| Invesco RAFI US 1500 Small-Mid ETF (PRFZ) | "RAFI US 1500 Small-Mid ETF" |

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Each portfolio (each, a "Fund", and collectively, the "Funds") represents a separate series of the Trust. The shares of the Funds are referred to herein as "Shares" or "Fund's Shares." Shares of Bloomberg MVP Multi-factor ETF and RAFI US 1000 ETF are listed and traded on the 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"):

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

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**NOTE 2—Significant Accounting Policies**

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

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("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 debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a

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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.

**B.** **Investment Transactions and Investment Income** - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest

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income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund's NAV and, accordingly, they reduce a Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

**C.** **Country Determination** - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund's Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, 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 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

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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** — Each Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. 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.

**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 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 ("BNY") 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 six months ended October 31, 2025, each Fund had affiliated securities lending transactions with Invesco. Fees

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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:

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| | |
|:---|:---|
|  | **Amount** |
| Bloomberg MVP Multi-factor ETF | &nbsp;&nbsp; $293 |
| RAFI US 1000 ETF | &nbsp;&nbsp; 152722 |
| RAFI US 1500 Small-Mid ETF | &nbsp;&nbsp; 145989 |

---

**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.

*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. Equity risk also includes the risk of large-capitalization companies, which may adapt more slowly to new competitive challenges or may be more mature and subject to more limited growth potential, and consequently may underperform other segments of the equity market or the market as a whole. The value of a company's common stock may fall solely because of factors, such as an

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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 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.

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

*Small- and Mid-Capitalization Company Risk*. 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 and RAFI US 1500 Small-Mid 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 six months ended October 31, 2025, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

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| | |
|:---|:---|
| Bloomberg MVP Multi-factor ETF | &nbsp;&nbsp;&nbsp; $28 |
| RAFI US 1000 ETF | &nbsp;&nbsp;&nbsp; 2233 |
| RAFI US 1500 Small-Mid ETF | &nbsp;&nbsp;&nbsp; 1675 |

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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.

There are no amounts available for potential recapture by the Adviser as of October 31, 2025.

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

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

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| | |
|:---|:---|
| **Fund** | **Licensor** |
| Bloomberg MVP Multi-factor ETF | Bloomberg Index Services Limited |
| RAFI US 1000 ETF | RAFI Indices, LLC |
| RAFI US 1500 Small-Mid ETF | RAFI Indices, LLC |

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

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

For the six months ended October 31, 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:

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| | |
|:---|:---|
| Bloomberg MVP Multi-factor ETF | &nbsp;&nbsp;&nbsp; $9510 |
| RAFI US 1000 ETF | &nbsp;&nbsp;&nbsp; 41578 |
| RAFI US 1500 Small-Mid ETF | &nbsp;&nbsp;&nbsp; 245794 |

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

**NOTE 4—Additional Valuation Information**

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

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 October 31, 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.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Bloomberg MVP Multi-factor ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $99090449 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $99090449 |
| Money Market Funds | &nbsp;&nbsp; 33648 | &nbsp;&nbsp; 673700 | &nbsp;&nbsp; - | &nbsp;&nbsp; 707348 |
| **Total Investments** | &nbsp;&nbsp; $99124097 | &nbsp;&nbsp; $673700 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $99797797 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| RAFI US 1000 ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $8286589677 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $8286589677 |
| Money Market Funds | &nbsp;&nbsp; 1699020 | &nbsp;&nbsp; 226937836 | &nbsp;&nbsp; - | &nbsp;&nbsp; 228636856 |
| **Total Investments** | &nbsp;&nbsp; $8288288697 | &nbsp;&nbsp; $226937836 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $8515226533 |
| RAFI US 1500 Small-Mid ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $2557872923 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $221488 | &nbsp;&nbsp; $2558094411 |
| Money Market Funds | &nbsp;&nbsp; 3084808 | &nbsp;&nbsp; 763976750 | &nbsp;&nbsp; - | &nbsp;&nbsp; 767061558 |
| **Total Investments** | &nbsp;&nbsp; $2560957731 | &nbsp;&nbsp; $763976750 | &nbsp;&nbsp; $221488 | &nbsp;&nbsp; $3325155969 |

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**NOTE 5—Tax Information**

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

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

The Funds had capital loss carryforwards as of April 30, 2025, as follows:

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

**NOTE 6—Investment Transactions**

For the six months ended October 31, 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:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Bloomberg MVP Multi-factor ETF | &nbsp;&nbsp; $84789033 | &nbsp;&nbsp; $84764400 |
| RAFI US 1000 ETF | &nbsp;&nbsp; 601874659 | &nbsp;&nbsp; 630170334 |
| RAFI US 1500 Small-Mid ETF | &nbsp;&nbsp; 495747489 | &nbsp;&nbsp; 501220720 |

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For the six months ended October 31, 2025, in-kind transactions associated with creations and redemptions were as follows:

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| | | |
|:---|:---|:---|
|  | **In-kind** <br>**Purchases**<br>| **In-kind** <br>**Sales**<br>|
| Bloomberg MVP Multi-factor ETF | &nbsp;&nbsp; $- | &nbsp;&nbsp; $13480300 |
| RAFI US 1000 ETF | &nbsp;&nbsp; 694717435 | &nbsp;&nbsp; 984484378 |
| RAFI US 1500 Small-Mid ETF | &nbsp;&nbsp; 277686360 | &nbsp;&nbsp; 363980066 |

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

As of October 31, 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross** <br>**Unrealized** <br>**Appreciation**<br>| **Gross** <br>**Unrealized** <br>**(Depreciation)**<br>| **Net** <br>**Unrealized** <br>**Appreciation**<br>| **Cost** |
| Bloomberg MVP Multi-factor ETF | &nbsp;&nbsp; $8936368 | &nbsp;&nbsp; $(2272755)<br>| &nbsp;&nbsp; $6663613 | &nbsp;&nbsp; $93134184 |
| RAFI US 1000 ETF | &nbsp;&nbsp; 2562493642 | &nbsp;&nbsp; (473922453)<br>| &nbsp;&nbsp; 2088571189 | &nbsp;&nbsp; 6426655344 |
| RAFI US 1500 Small-Mid ETF | &nbsp;&nbsp; 610674540 | &nbsp;&nbsp; (368579206)<br>| &nbsp;&nbsp; 242095334 | &nbsp;&nbsp; 3083060635 |

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**NOTE 7—Trustees' and Officer's Fees**

Trustees' and Officer's Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for 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 8—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.

------

**48**

------

**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>**

Not applicable.

------

**49**

------

**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-BM-NCSRS

invesco.com/ETFs

------

![](imgc7d2cf201.jpg)

------

**Invesco Semi-Annual Financial Statements and Other Information**

October 31, 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_45915e4b-0b63-4877-9931-bedfd23314f8_SOI-Continued-379_1)<sup>TM</sup>[ETF (PKW)](#xx_45915e4b-0b63-4877-9931-bedfd23314f8_SOI-Continued-379_1) | **3** |
| [Invesco Dividend Achievers](#xx_45915e4b-0b63-4877-9931-bedfd23314f8_SOI-Continued-379_4)<sup>TM</sup>[ETF (PFM)](#xx_45915e4b-0b63-4877-9931-bedfd23314f8_SOI-Continued-379_4) | **6** |
| [Invesco Dow Jones Industrial Average Dividend ETF (DJD)](#xx_45915e4b-0b63-4877-9931-bedfd23314f8_SOI-Continued-379_9) | **11** |
| [Invesco Financial Preferred ETF (PGF)](#xx_45915e4b-0b63-4877-9931-bedfd23314f8_SOI-Continued-379_10) | **12** |
| [Invesco High Yield Equity Dividend Achievers](#xx_45915e4b-0b63-4877-9931-bedfd23314f8_SOI-Continued-379_13)<sup>TM</sup>[ETF (PEY)](#xx_45915e4b-0b63-4877-9931-bedfd23314f8_SOI-Continued-379_13) | **15** |
| [Invesco International Dividend Achievers](#xx_45915e4b-0b63-4877-9931-bedfd23314f8_SOI-Continued-379_15)<sup>TM</sup>[ETF (PID)](#xx_45915e4b-0b63-4877-9931-bedfd23314f8_SOI-Continued-379_15) | **17** |
| [Statements of Assets and Liabilities](#xx_45915e4b-0b63-4877-9931-bedfd23314f8_FS-Continued-379_2) | **20** |
| [Statements of Operations](#xx_45915e4b-0b63-4877-9931-bedfd23314f8_FS-Continued-379_4) | **22** |
| [Statements of Changes in Net Assets](#xx_45915e4b-0b63-4877-9931-bedfd23314f8_FS-Continued-379_6) | **24** |
| [Financial Highlights](#xx_45915e4b-0b63-4877-9931-bedfd23314f8_FIHI-Continued-379_1) | **26** |
| [Notes to Financial Statements](#xx_45915e4b-0b63-4877-9931-bedfd23314f8_NTF-Continued-379_1) | **32** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_45915e4b-0b63-4877-9931-bedfd23314f8_OIRSR-Continued-379_1) | **44** |

---

------

**2**

------

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.02%** | **Common Stocks & Other Equity Interests-100.02%** | **Common Stocks & Other Equity Interests-100.02%** |
| **Communication Services-3.77%** | **Communication Services-3.77%** | **Communication Services-3.77%** |
| Bumble, Inc., Class A<sup>(b)</sup> | 58770 | &nbsp;&nbsp; $326174 |
| CarGurus, Inc.<sup>(b)</sup> | 55334 | &nbsp;&nbsp; 1943330 |
| Cinemark Holdings, Inc. | 66955 | &nbsp;&nbsp; 1808455 |
| DoubleVerify Holdings, Inc.<sup>(b)</sup> | 98059 | &nbsp;&nbsp; 1115911 |
| Electronic Arts, Inc. | 156371 | &nbsp;&nbsp; 31283582 |
| Eventbrite, Inc., Class A<sup>(b)(c)</sup> | 54683 | &nbsp;&nbsp; 126318 |
| Gambling.com Group Ltd. (Malta)<sup>(b)(c)</sup> | 18039 | &nbsp;&nbsp; 128618 |
| IAC, Inc.<sup>(b)(c)</sup> | 42020 | &nbsp;&nbsp; 1353884 |
| Iridium Communications, Inc.<sup>(c)</sup> | 60867 | &nbsp;&nbsp; 1165603 |
| Liberty Global Ltd., Class A (Belgium)<sup>(b)</sup> | 131356 | &nbsp;&nbsp; 1444916 |
| Match Group, Inc. | 170980 | &nbsp;&nbsp; 5529493 |
| Nexstar Media Group, Inc., Class A | 19465 | &nbsp;&nbsp; 3809885 |
| Scholastic Corp. | 14361 | &nbsp;&nbsp; 411730 |
| TEGNA, Inc. | 97788 | &nbsp;&nbsp; 1923490 |
| Travelzoo<sup>(b)(c)</sup> | 5359 | &nbsp;&nbsp; 45123 |
| Ziff Davis, Inc.<sup>(b)(c)</sup> | 25976 | &nbsp;&nbsp; 880586 |
| ZoomInfo Technologies, Inc., Class A<sup>(b)(c)</sup> | 201861 | &nbsp;&nbsp; 2264880 |
|  |  | &nbsp;&nbsp; 55561978 |
| **Consumer Discretionary-18.00%** | **Consumer Discretionary-18.00%** | **Consumer Discretionary-18.00%** |
| Abercrombie & Fitch Co., Class A<sup>(b)</sup> | 29014 | &nbsp;&nbsp; 2104966 |
| Academy Sports & Outdoors, Inc.<sup>(c)</sup> | 37075 | &nbsp;&nbsp; 1775522 |
| Adient PLC<sup>(b)</sup> | 50776 | &nbsp;&nbsp; 1177495 |
| ADT, Inc. | 425470 | &nbsp;&nbsp; 3761155 |
| American Eagle Outfitters, Inc.<sup>(c)</sup> | 92783 | &nbsp;&nbsp; 1550404 |
| Autoliv, Inc. (Sweden) | 57865 | &nbsp;&nbsp; 6758632 |
| AutoNation, Inc.<sup>(b)</sup> | 21628 | &nbsp;&nbsp; 4322788 |
| BARK, Inc.<sup>(b)</sup> | 93081 | &nbsp;&nbsp; 84499 |
| Boyd Gaming Corp. | 41875 | &nbsp;&nbsp; 3260806 |
| Build-A-Bear Workshop, Inc.<sup>(c)</sup> | 8203 | &nbsp;&nbsp; 444767 |
| Choice Hotels International, Inc.<sup>(c)</sup> | 15448 | &nbsp;&nbsp; 1436046 |
| Columbia Sportswear Co.<sup>(c)</sup> | 19694 | &nbsp;&nbsp; 977413 |
| Crocs, Inc.<sup>(b)</sup> | 32264 | &nbsp;&nbsp; 2635646 |
| D.R. Horton, Inc. | 168451 | &nbsp;&nbsp; 25112675 |
| Dave & Buster's Entertainment, Inc.<sup>(b)(c)</sup> | 16026 | &nbsp;&nbsp; 235422 |
| Designer Brands, Inc., Class A<sup>(c)</sup> | 25772 | &nbsp;&nbsp; 95099 |
| Dutch Bros, Inc., Class A<sup>(b)</sup> | 98910 | &nbsp;&nbsp; 5493461 |
| eBay, Inc. | 320821 | &nbsp;&nbsp; 26085956 |
| Etsy, Inc.<sup>(b)(c)</sup> | 64485 | &nbsp;&nbsp; 3998070 |
| European Wax Center, Inc., Class A<sup>(b)(c)</sup> | 24129 | &nbsp;&nbsp; 94103 |
| Frontdoor, Inc.<sup>(b)</sup> | 46152 | &nbsp;&nbsp; 3065877 |
| Garrett Motion, Inc. (Switzerland)<sup>(c)</sup> | 172572 | &nbsp;&nbsp; 2923370 |
| General Motors Co. | 676524 | &nbsp;&nbsp; 46741043 |
| Genesco, Inc.<sup>(b)</sup> | 7856 | &nbsp;&nbsp; 227903 |
| Golden Entertainment, Inc.<sup>(c)</sup> | 12541 | &nbsp;&nbsp; 253328 |
| H&R Block, Inc. | 75534 | &nbsp;&nbsp; 3757061 |
| Harley-Davidson, Inc.<sup>(c)</sup> | 72844 | &nbsp;&nbsp; 1965331 |
| Hilton Grand Vacations, Inc.<sup>(b)(c)</sup> | 43513 | &nbsp;&nbsp; 1803614 |
| Hyatt Hotels Corp., Class A<sup>(c)</sup> | 26459 | &nbsp;&nbsp; 3635731 |
| Las Vegas Sands Corp. | 205689 | &nbsp;&nbsp; 12207642 |
| Lear Corp.<sup>(c)</sup> | 35985 | &nbsp;&nbsp; 3765830 |
| Light & Wonder, Inc.<sup>(b)(c)</sup> | 58213 | &nbsp;&nbsp; 4232085 |
| Lithia Motors, Inc., Class A | 17778 | &nbsp;&nbsp; 5583714 |
| Lovesac Co. (The)<sup>(b)(c)</sup> | 9256 | &nbsp;&nbsp; 128381 |
| Malibu Boats, Inc., Class A<sup>(b)</sup> | 10874 | &nbsp;&nbsp; 303058 |
| Mattel, Inc.<sup>(b)</sup> | 162746 | &nbsp;&nbsp; 2991272 |
| MGM Resorts International<sup>(b)</sup> | 158458 | &nbsp;&nbsp; 5075410 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| NVR, Inc.<sup>(b)</sup> | 1990 | &nbsp;&nbsp; $14349532 |
| Phinia, Inc. | 24647 | &nbsp;&nbsp; 1279426 |
| PVH Corp.<sup>(c)</sup> | 29249 | &nbsp;&nbsp; 2291074 |
| RCI Hospitality Holdings, Inc.<sup>(c)</sup> | 5973 | &nbsp;&nbsp; 148787 |
| Sally Beauty Holdings, Inc.<sup>(b)</sup> | 61837 | &nbsp;&nbsp; 934357 |
| Signet Jewelers Ltd.<sup>(c)</sup> | 25942 | &nbsp;&nbsp; 2564367 |
| Tapestry, Inc. | 146769 | &nbsp;&nbsp; 16118172 |
| Taylor Morrison Home Corp., Class A<sup>(b)</sup> | 66005 | &nbsp;&nbsp; 3912116 |
| TopBuild Corp.<sup>(b)</sup> | 15177 | &nbsp;&nbsp; 6411979 |
| Travel + Leisure Co. | 39580 | &nbsp;&nbsp; 2651803 |
| Ulta Beauty, Inc.<sup>(b)</sup> | 31477 | &nbsp;&nbsp; 16364263 |
| United Parks & Resorts, Inc.<sup>(b)(c)</sup> | 24025 | &nbsp;&nbsp; 1162810 |
| Wynn Resorts Ltd. | 57860 | &nbsp;&nbsp; 6884761 |
| Zumiez, Inc.<sup>(b)(c)</sup> | 8518 | &nbsp;&nbsp; 184415 |
|  |  | &nbsp;&nbsp; 265323437 |
| **Consumer Staples-6.33%** | **Consumer Staples-6.33%** | **Consumer Staples-6.33%** |
| Adecoagro S.A. (Brazil) | 21401 | &nbsp;&nbsp; 172492 |
| Boston Beer Co., Inc. (The), Class A<sup>(b)</sup> | 6117 | &nbsp;&nbsp; 1266158 |
| Bunge Global S.A. | 83925 | &nbsp;&nbsp; 7939305 |
| Coca-Cola Consolidated, Inc. | 40785 | &nbsp;&nbsp; 5317548 |
| Kroger Co. (The) | 425497 | &nbsp;&nbsp; 27074374 |
| Monster Beverage Corp.<sup>(b)</sup> | 543358 | &nbsp;&nbsp; 36312615 |
| Post Holdings, Inc.<sup>(b)(c)</sup> | 31623 | &nbsp;&nbsp; 3286578 |
| Spectrum Brands Holdings, Inc.<sup>(c)</sup> | 15336 | &nbsp;&nbsp; 826304 |
| TreeHouse Foods, Inc.<sup>(b)</sup> | 28102 | &nbsp;&nbsp; 511457 |
| US Foods Holding Corp.<sup>(b)</sup> | 146507 | &nbsp;&nbsp; 10639338 |
|  |  | &nbsp;&nbsp; 93346169 |
| **Energy-9.38%** | **Energy-9.38%** | **Energy-9.38%** |
| Borr Drilling Ltd. (Mexico)<sup>(c)</sup> | 230339 | &nbsp;&nbsp; 714051 |
| Chevron Corp. | 485111 | &nbsp;&nbsp; 76511707 |
| Civitas Resources, Inc.<sup>(c)</sup> | 55529 | &nbsp;&nbsp; 1600901 |
| CNX Resources Corp.<sup>(b)(c)</sup> | 94435 | &nbsp;&nbsp; 3178682 |
| Delek US Holdings, Inc. | 42228 | &nbsp;&nbsp; 1594529 |
| HF Sinclair Corp. | 108911 | &nbsp;&nbsp; 5619807 |
| Marathon Petroleum Corp. | 213427 | &nbsp;&nbsp; 41599056 |
| Navigator Holdings Ltd. | 26392 | &nbsp;&nbsp; 433884 |
| Par Pacific Holdings, Inc.<sup>(b)</sup> | 34368 | &nbsp;&nbsp; 1374033 |
| PrimeEnergy Resources Corp.<sup>(b)(c)</sup> | 282 | &nbsp;&nbsp; 38138 |
| REX American Resources Corp.<sup>(b)</sup> | 19528 | &nbsp;&nbsp; 625482 |
| Scorpio Tankers, Inc. (Monaco) | 36251 | &nbsp;&nbsp; 2236687 |
| Seadrill Ltd. (Norway)<sup>(b)(c)</sup> | 43150 | &nbsp;&nbsp; 1361814 |
| Teekay Corp. Ltd. (Bermuda)<sup>(c)</sup> | 45990 | &nbsp;&nbsp; 442424 |
| World Kinect Corp.<sup>(c)</sup> | 35189 | &nbsp;&nbsp; 909636 |
|  |  | &nbsp;&nbsp; 138240831 |
| **Financials-31.65%** | **Financials-31.65%** | **Financials-31.65%** |
| Affiliated Managers Group, Inc. | 17270 | &nbsp;&nbsp; 4109569 |
| American International Group, Inc. | 422119 | &nbsp;&nbsp; 33330516 |
| Angel Oak Mortgage REIT, Inc. | 15870 | &nbsp;&nbsp; 143941 |
| Assured Guaranty Ltd. | 30981 | &nbsp;&nbsp; 2496449 |
| AXIS Capital Holdings Ltd. | 60233 | &nbsp;&nbsp; 5641423 |
| Bancorp, Inc. (The)<sup>(b)(c)</sup> | 26423 | &nbsp;&nbsp; 1727271 |
| Bank of N.T. Butterfield & Son Ltd. (The) <br> (Bermuda)<br>| 37274 | &nbsp;&nbsp; 1724295 |
| Blue Foundry Bancorp<sup>(b)</sup> | 11778 | &nbsp;&nbsp; 97051 |
| Brighthouse Financial, Inc.<sup>(b)</sup> | 40122 | &nbsp;&nbsp; 2289762 |
| Cannae Holdings, Inc. | 32610 | &nbsp;&nbsp; 583067 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| CNO Financial Group, Inc. | 62239 | &nbsp;&nbsp; $2490805 |
| Corebridge Financial, Inc. | 198305 | &nbsp;&nbsp; 6456811 |
| Enova International, Inc.<sup>(b)(c)</sup> | 16489 | &nbsp;&nbsp; 1971590 |
| Equitable Holdings, Inc. | 176942 | &nbsp;&nbsp; 8740935 |
| Euronet Worldwide, Inc.<sup>(b)(c)</sup> | 28780 | &nbsp;&nbsp; 2183251 |
| Federated Hermes, Inc., Class B | 52139 | &nbsp;&nbsp; 2527699 |
| Fidelis Insurance Holdings Ltd. (United <br> Kingdom)<sup>(c)</sup><br>| 39500 | &nbsp;&nbsp; 710210 |
| Fidelity National Information Services, Inc. | 313052 | &nbsp;&nbsp; 19572011 |
| First Citizens BancShares, Inc., Class A | 7651 | &nbsp;&nbsp; 13961698 |
| First Horizon Corp. | 347753 | &nbsp;&nbsp; 7428004 |
| Fiserv, Inc.<sup>(b)</sup> | 423495 | &nbsp;&nbsp; 28242881 |
| Genworth Financial, Inc., Class A<sup>(b)</sup> | 242451 | &nbsp;&nbsp; 2046286 |
| Globe Life, Inc. | 56866 | &nbsp;&nbsp; 7478448 |
| Goldman Sachs Group, Inc. (The) | 94598 | &nbsp;&nbsp; 74672823 |
| Granite Point Mortgage Trust, Inc. | 40575 | &nbsp;&nbsp; 108741 |
| International Money Express, Inc.<sup>(b)</sup> | 22109 | &nbsp;&nbsp; 329203 |
| Jackson Financial, Inc., Class A | 45915 | &nbsp;&nbsp; 4628691 |
| Loews Corp. | 134962 | &nbsp;&nbsp; 13436817 |
| MetLife, Inc. | 427004 | &nbsp;&nbsp; 34083459 |
| MGIC Investment Corp. | 140122 | &nbsp;&nbsp; 3842145 |
| Navient Corp.<sup>(c)</sup> | 43413 | &nbsp;&nbsp; 530941 |
| Nuveen Churchill Direct Lending Corp.<sup>(c)</sup> | 24946 | &nbsp;&nbsp; 360220 |
| Old Republic International Corp. | 153158 | &nbsp;&nbsp; 6043615 |
| OppFi, Inc. | 21607 | &nbsp;&nbsp; 210668 |
| P10, Inc., Class A<sup>(c)</sup> | 51981 | &nbsp;&nbsp; 528127 |
| Pathward Financial, Inc. | 13647 | &nbsp;&nbsp; 928815 |
| PayPal Holdings, Inc.<sup>(b)</sup> | 744302 | &nbsp;&nbsp; 51557799 |
| Perella Weinberg Partners | 43300 | &nbsp;&nbsp; 808844 |
| PROG Holdings, Inc. | 25052 | &nbsp;&nbsp; 724754 |
| Radian Group, Inc. | 86971 | &nbsp;&nbsp; 2951796 |
| RenaissanceRe Holdings Ltd. (Bermuda)<sup>(c)</sup> | 25788 | &nbsp;&nbsp; 6552473 |
| Runway Growth Finance Corp.<sup>(c)</sup> | 31006 | &nbsp;&nbsp; 306649 |
| Sierra Bancorp | 10006 | &nbsp;&nbsp; 287973 |
| SiriusPoint Ltd. (Sweden)<sup>(b)</sup> | 64974 | &nbsp;&nbsp; 1182527 |
| SuRo Capital Corp.<sup>(c)</sup> | 19224 | &nbsp;&nbsp; 195893 |
| Synchrony Financial | 226152 | &nbsp;&nbsp; 16821186 |
| Unum Group | 104982 | &nbsp;&nbsp; 7707778 |
| Wells Fargo & Co. | 898747 | &nbsp;&nbsp; 78164027 |
| WEX, Inc.<sup>(b)(c)</sup> | 22001 | &nbsp;&nbsp; 3209506 |
| World Acceptance Corp.<sup>(b)</sup> | 3497 | &nbsp;&nbsp; 445763 |
|  |  | &nbsp;&nbsp; 466575206 |
| **Health Care-11.36%** | **Health Care-11.36%** | **Health Care-11.36%** |
| 4D Molecular Therapeutics, Inc.<sup>(b)(c)</sup> | 27988 | &nbsp;&nbsp; 321862 |
| Azenta, Inc.<sup>(b)(c)</sup> | 30218 | &nbsp;&nbsp; 912584 |
| Centene Corp.<sup>(b)</sup> | 323759 | &nbsp;&nbsp; 11451356 |
| Cigna Group (The) | 205669 | &nbsp;&nbsp; 50267560 |
| DaVita, Inc.<sup>(b)(c)</sup> | 29382 | &nbsp;&nbsp; 3497046 |
| Definitive Healthcare Corp.<sup>(b)</sup> | 28515 | &nbsp;&nbsp; 78987 |
| Dynavax Technologies Corp.<sup>(b)(c)</sup> | 79312 | &nbsp;&nbsp; 813741 |
| Exelixis, Inc.<sup>(b)</sup> | 184375 | &nbsp;&nbsp; 7129781 |
| Fulcrum Therapeutics, Inc.<sup>(b)(c)</sup> | 27322 | &nbsp;&nbsp; 239068 |
| Haemonetics Corp.<sup>(b)</sup> | 32171 | &nbsp;&nbsp; 1608872 |
| HCA Healthcare, Inc. | 128208 | &nbsp;&nbsp; 58934653 |
| Incyte Corp.<sup>(b)</sup> | 140430 | &nbsp;&nbsp; 13127396 |
| Molina Healthcare, Inc.<sup>(b)</sup> | 33409 | &nbsp;&nbsp; 5113582 |
| Option Care Health, Inc.<sup>(b)</sup> | 108376 | &nbsp;&nbsp; 2821027 |
| Premier, Inc., Class A<sup>(c)</sup> | 52382 | &nbsp;&nbsp; 1472982 |
| Pro-Dex, Inc.<sup>(b)(c)</sup> | 1927 | &nbsp;&nbsp; 69834 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Progyny, Inc.<sup>(b)</sup> | 42694 | &nbsp;&nbsp; $798805 |
| Roivant Sciences Ltd.<sup>(b)(c)</sup> | 292313 | &nbsp;&nbsp; 5843337 |
| Teleflex, Inc. | 22322 | &nbsp;&nbsp; 2778419 |
| Utah Medical Products, Inc. | 2141 | &nbsp;&nbsp; 124392 |
|  |  | &nbsp;&nbsp; 167405284 |
| **Industrials-4.40%** | **Industrials-4.40%** | **Industrials-4.40%** |
| AerCap Holdings N.V. (Ireland) | 138742 | &nbsp;&nbsp; 18069758 |
| AerSale Corp.<sup>(b)(c)</sup> | 31102 | &nbsp;&nbsp; 230777 |
| American Woodmark Corp.<sup>(b)</sup> | 8731 | &nbsp;&nbsp; 556427 |
| Atkore, Inc. | 22474 | &nbsp;&nbsp; 1556324 |
| BlueLinx Holdings, Inc.<sup>(b)</sup> | 5608 | &nbsp;&nbsp; 366987 |
| Builders FirstSource, Inc.<sup>(b)</sup> | 70034 | &nbsp;&nbsp; 8135850 |
| Carlisle Cos., Inc. | 27816 | &nbsp;&nbsp; 9041591 |
| Cimpress PLC (Ireland)<sup>(b)(c)</sup> | 16138 | &nbsp;&nbsp; 1116911 |
| Conduent, Inc.<sup>(b)</sup> | 117662 | &nbsp;&nbsp; 280035 |
| Custom Truck One Source, Inc.<sup>(b)(c)</sup> | 60128 | &nbsp;&nbsp; 354154 |
| Kelly Services, Inc., Class A | 24075 | &nbsp;&nbsp; 269881 |
| Maximus, Inc. | 32322 | &nbsp;&nbsp; 2686605 |
| MYR Group, Inc.<sup>(b)</sup> | 10499 | &nbsp;&nbsp; 2285632 |
| Proto Labs, Inc.<sup>(b)</sup> | 12877 | &nbsp;&nbsp; 640759 |
| RCM Technologies, Inc.<sup>(b)(c)</sup> | 4314 | &nbsp;&nbsp; 99653 |
| REV Group, Inc. | 29662 | &nbsp;&nbsp; 1520771 |
| Ryder System, Inc. | 27937 | &nbsp;&nbsp; 4727778 |
| Safe Bulkers, Inc. (Monaco) | 46427 | &nbsp;&nbsp; 217743 |
| Science Applications International Corp. | 31914 | &nbsp;&nbsp; 2990661 |
| Textron, Inc. | 114423 | &nbsp;&nbsp; 9246523 |
| Titan International, Inc.<sup>(b)(c)</sup> | 35556 | &nbsp;&nbsp; 268448 |
| Wabash National Corp. | 26987 | &nbsp;&nbsp; 216436 |
|  |  | &nbsp;&nbsp; 64879704 |
| **Information Technology-5.77%** | **Information Technology-5.77%** | **Information Technology-5.77%** |
| Avnet, Inc. | 55734 | &nbsp;&nbsp; 2700312 |
| Blackbaud, Inc.<sup>(b)</sup> | 20765 | &nbsp;&nbsp; 1329791 |
| Clear Secure, Inc., Class A<sup>(c)</sup> | 53865 | &nbsp;&nbsp; 1641266 |
| Dropbox, Inc., Class A<sup>(b)(c)</sup> | 127501 | &nbsp;&nbsp; 3697529 |
| IPG Photonics Corp.<sup>(b)(c)</sup> | 19880 | &nbsp;&nbsp; 1692186 |
| Jabil, Inc. | 69827 | &nbsp;&nbsp; 15424086 |
| Nebius Group N.V., Class A <br> (Netherlands)<sup>(b)(c)</sup><br>| 184441 | &nbsp;&nbsp; 24128572 |
| ScanSource, Inc.<sup>(b)</sup> | 13490 | &nbsp;&nbsp; 578788 |
| SmartRent, Inc.<sup>(b)(c)</sup> | 130418 | &nbsp;&nbsp; 181281 |
| Twilio, Inc., Class A<sup>(b)</sup> | 111653 | &nbsp;&nbsp; 15059757 |
| UiPath, Inc., Class A<sup>(b)(c)</sup> | 287347 | &nbsp;&nbsp; 4557323 |
| VeriSign, Inc. | 58372 | &nbsp;&nbsp; 13997606 |
|  |  | &nbsp;&nbsp; 84988497 |
| **Materials-7.43%** | **Materials-7.43%** | **Materials-7.43%** |
| Ashland, Inc.<sup>(c)</sup> | 31695 | &nbsp;&nbsp; 1549885 |
| Ball Corp. | 193382 | &nbsp;&nbsp; 9088954 |
| CF Industries Holdings, Inc. | 115094 | &nbsp;&nbsp; 9586179 |
| CRH PLC | 517059 | &nbsp;&nbsp; 61581727 |
| Koppers Holdings, Inc. | 12490 | &nbsp;&nbsp; 352468 |
| Reliance, Inc.<sup>(c)</sup> | 33770 | &nbsp;&nbsp; 9537661 |
| Ryerson Holding Corp.<sup>(c)</sup> | 20399 | &nbsp;&nbsp; 450002 |
| Steel Dynamics, Inc. | 104600 | &nbsp;&nbsp; 16401280 |
| Sylvamo Corp. | 22466 | &nbsp;&nbsp; 912120 |
|  |  | &nbsp;&nbsp; 109460276 |
| **Real Estate-0.39%** | **Real Estate-0.39%** | **Real Estate-0.39%** |
| Healthcare Realty Trust, Inc.<sup>(c)</sup> | 228772 | &nbsp;&nbsp; 4053840 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
| JBG SMITH Properties, (Acquired <br> 08/07/2023 - 07/29/2025; <br> Cost $502,632)<sup>(d)</sup><br>| 30121 | &nbsp;&nbsp; $587058 |
| Park Hotels & Resorts, Inc.<sup>(c)</sup> | 111247 | &nbsp;&nbsp; 1144732 |
|  |  | &nbsp;&nbsp; 5785630 |
| **Utilities-1.54%** | **Utilities-1.54%** | **Utilities-1.54%** |
| NRG Energy, Inc. | 132479 | &nbsp;&nbsp; 22767841 |
| Total Common Stocks & Other Equity Interests <br>(Cost $1,368,172,075) | Total Common Stocks & Other Equity Interests <br>(Cost $1,368,172,075) | &nbsp;&nbsp; 1474334853 |
| **Money Market Funds-0.08%** | **Money Market Funds-0.08%** | **Money Market Funds-0.08%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(e)(f)</sup> <br>(Cost $1,207,989)<br>| 1207989 | &nbsp;&nbsp; 1207989 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.10% <br>(Cost $1,369,380,064) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.10% <br>(Cost $1,369,380,064) | &nbsp;&nbsp; 1475542842 |

---

---

| | | |
|:---|:---|:---|
|  | **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-4.97%** | **Money Market Funds-4.97%** | **Money Market Funds-4.97%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(e)(f)(g)</sup><br>| 20334863 | &nbsp;&nbsp; $20334863 |
| Invesco Private Prime Fund, 4.30%<sup>(e)(f)(g)</sup> | 52942400 | &nbsp;&nbsp; 52958283 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $73,293,968) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $73,293,968) | &nbsp;&nbsp; 73293146 |
| TOTAL INVESTMENTS IN SECURITIES-105.07% <br>(Cost $1,442,674,032) | TOTAL INVESTMENTS IN SECURITIES-105.07% <br>(Cost $1,442,674,032) | &nbsp;&nbsp; 1548835988 |
| OTHER ASSETS LESS LIABILITIES-(5.07)% | OTHER ASSETS LESS LIABILITIES-(5.07)% | &nbsp;&nbsp; (74784106)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1474051882 |

---

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 October 31, 2025. |
| <sup>(d)</sup> | Restricted security. The value of this security at October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $1335636 | &nbsp;&nbsp; $13300469 | &nbsp;&nbsp; $(13428116)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1207989 | &nbsp;&nbsp; $36031 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 14425128 | &nbsp;&nbsp; 119285270 | &nbsp;&nbsp; (113375535)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 20334863 | &nbsp;&nbsp; 355,545<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 38420365 | &nbsp;&nbsp; 253926586 | &nbsp;&nbsp; (239391987)<br>| &nbsp;&nbsp; 1380 | &nbsp;&nbsp; 1939 | &nbsp;&nbsp; 52958283 | &nbsp;&nbsp; 953,345<br> \*<br>|
| Total | &nbsp;&nbsp; $54181129 | &nbsp;&nbsp; $386512325 | &nbsp;&nbsp; $(366195638)<br>| &nbsp;&nbsp; $1380 | &nbsp;&nbsp; $1939 | &nbsp;&nbsp; $74501135 | &nbsp;&nbsp; $1344921 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** |
| **Communication Services-1.10%** | **Communication Services-1.10%** | **Communication Services-1.10%** |
| Cogent Communications Holdings, Inc.<sup>(b)</sup> | 1413 | &nbsp;&nbsp; $58286 |
| Comcast Corp., Class A | 105985 | &nbsp;&nbsp; 2950092 |
| John Wiley & Sons, Inc., Class A | 1280 | &nbsp;&nbsp; 47194 |
| Nexstar Media Group, Inc., Class A | 868 | &nbsp;&nbsp; 169894 |
| Verizon Communications, Inc. | 121343 | &nbsp;&nbsp; 4822171 |
|  |  | &nbsp;&nbsp; 8047637 |
| **Consumer Discretionary-4.37%** | **Consumer Discretionary-4.37%** | **Consumer Discretionary-4.37%** |
| Best Buy Co., Inc. | 6078 | &nbsp;&nbsp; 499247 |
| Brunswick Corp.<sup>(b)</sup> | 1880 | &nbsp;&nbsp; 124287 |
| Churchill Downs, Inc. | 2019 | &nbsp;&nbsp; 200285 |
| D.R. Horton, Inc. | 8574 | &nbsp;&nbsp; 1278212 |
| Dick's Sporting Goods, Inc.<sup>(b)</sup> | 1626 | &nbsp;&nbsp; 360078 |
| Dillard's, Inc., Class A<sup>(b)</sup> | 336 | &nbsp;&nbsp; 201627 |
| Domino's Pizza, Inc. | 973 | &nbsp;&nbsp; 387702 |
| Genuine Parts Co. | 3996 | &nbsp;&nbsp; 508731 |
| Haverty Furniture Cos., Inc.<sup>(b)</sup> | 435 | &nbsp;&nbsp; 9487 |
| Home Depot, Inc. (The) | 28646 | &nbsp;&nbsp; 10873735 |
| Johnson Outdoors, Inc., Class A | 265 | &nbsp;&nbsp; 10793 |
| Lithia Motors, Inc., Class A | 732 | &nbsp;&nbsp; 229907 |
| Lowe's Cos., Inc. | 16142 | &nbsp;&nbsp; 3843894 |
| Matthews International Corp., Class A<sup>(b)</sup> | 881 | &nbsp;&nbsp; 20633 |
| McDonald's Corp. | 20539 | &nbsp;&nbsp; 6129454 |
| NIKE, Inc., Class B | 34189 | &nbsp;&nbsp; 2208267 |
| Polaris, Inc.<sup>(b)</sup> | 1617 | &nbsp;&nbsp; 106884 |
| Pool Corp. | 1070 | &nbsp;&nbsp; 285754 |
| Service Corp. International | 4030 | &nbsp;&nbsp; 336545 |
| Shoe Carnival, Inc.<sup>(b)</sup> | 781 | &nbsp;&nbsp; 14316 |
| Starbucks Corp. | 32712 | &nbsp;&nbsp; 2645419 |
| Thor Industries, Inc. | 1530 | &nbsp;&nbsp; 159655 |
| Tractor Supply Co.<sup>(b)</sup> | 15232 | &nbsp;&nbsp; 824204 |
| Williams-Sonoma, Inc. | 3505 | &nbsp;&nbsp; 681162 |
|  |  | &nbsp;&nbsp; 31940278 |
| **Consumer Staples-11.31%** | **Consumer Staples-11.31%** | **Consumer Staples-11.31%** |
| Altria Group, Inc. | 48343 | &nbsp;&nbsp; 2725578 |
| Andersons, Inc. (The) | 980 | &nbsp;&nbsp; 45384 |
| Archer-Daniels-Midland Co. | 13809 | &nbsp;&nbsp; 835859 |
| Brown-Forman Corp., Class B<sup>(b)</sup> | 8729 | &nbsp;&nbsp; 237691 |
| Casey's General Stores, Inc. | 1068 | &nbsp;&nbsp; 548087 |
| Church & Dwight Co., Inc. | 7002 | &nbsp;&nbsp; 614005 |
| Clorox Co. (The) | 3520 | &nbsp;&nbsp; 395859 |
| Coca-Cola Co. (The) | 123857 | &nbsp;&nbsp; 8533747 |
| Colgate-Palmolive Co. | 23261 | &nbsp;&nbsp; 1792260 |
| Costco Wholesale Corp. | 12762 | &nbsp;&nbsp; 11631925 |
| Flowers Foods, Inc. | 6073 | &nbsp;&nbsp; 72451 |
| Hershey Co. (The) | 4257 | &nbsp;&nbsp; 722115 |
| Hormel Foods Corp. | 15812 | &nbsp;&nbsp; 341381 |
| Ingredion, Inc. | 1847 | &nbsp;&nbsp; 213162 |
| J&J Snack Foods Corp.<sup>(b)</sup> | 563 | &nbsp;&nbsp; 47658 |
| J.M. Smucker Co. (The) | 3068 | &nbsp;&nbsp; 317691 |
| Kimberly-Clark Corp. | 9546 | &nbsp;&nbsp; 1142752 |
| Kroger Co. (The) | 19029 | &nbsp;&nbsp; 1210815 |
| Marzetti Co. (The) | 787 | &nbsp;&nbsp; 123394 |
| McCormick & Co., Inc. | 7275 | &nbsp;&nbsp; 466764 |
| Mondelez International, Inc., Class A | 37238 | &nbsp;&nbsp; 2139696 |
| Oil-Dri Corp.of America | 299 | &nbsp;&nbsp; 16562 |
| PepsiCo, Inc. | 39404 | &nbsp;&nbsp; 5756530 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples-(continued)** | **Consumer Staples-(continued)** | **Consumer Staples-(continued)** |
| Philip Morris International, Inc. | 44798 | &nbsp;&nbsp; $6465695 |
| Procter & Gamble Co. (The) | 67356 | &nbsp;&nbsp; 10128322 |
| Sysco Corp. | 13760 | &nbsp;&nbsp; 1022093 |
| Target Corp. | 13078 | &nbsp;&nbsp; 1212592 |
| Tootsie Roll Industries, Inc.<sup>(b)</sup> | 1200 | &nbsp;&nbsp; 42348 |
| Tyson Foods, Inc., Class A | 8212 | &nbsp;&nbsp; 422179 |
| Universal Corp. | 719 | &nbsp;&nbsp; 36439 |
| Walmart, Inc. | 229449 | &nbsp;&nbsp; 23215650 |
| WD-40 Co. | 391 | &nbsp;&nbsp; 75963 |
|  |  | &nbsp;&nbsp; 82552647 |
| **Energy-3.97%** | **Energy-3.97%** | **Energy-3.97%** |
| Chevron Corp. | 58853 | &nbsp;&nbsp; 9282295 |
| Delek Logistics Partners L.P. | 1537 | &nbsp;&nbsp; 68473 |
| Enterprise Products Partners L.P. | 62316 | &nbsp;&nbsp; 1918710 |
| Exxon Mobil Corp. | 122695 | &nbsp;&nbsp; 14031400 |
| MPLX L.P. | 29331 | &nbsp;&nbsp; 1488842 |
| Phillips 66 Co. | 11631 | &nbsp;&nbsp; 1583444 |
| Texas Pacific Land Corp. | 665 | &nbsp;&nbsp; 627348 |
|  |  | &nbsp;&nbsp; 29000512 |
| **Financials-19.89%** | **Financials-19.89%** | **Financials-19.89%** |
| 1st Source Corp. | 709 | &nbsp;&nbsp; 42143 |
| Aflac, Inc. | 15390 | &nbsp;&nbsp; 1649654 |
| Alerus Financial Corp.<sup>(b)</sup> | 725 | &nbsp;&nbsp; 15312 |
| Allstate Corp. (The) | 7585 | &nbsp;&nbsp; 1452679 |
| American Financial Group, Inc. | 2394 | &nbsp;&nbsp; 315242 |
| Ameriprise Financial, Inc. | 2712 | &nbsp;&nbsp; 1227912 |
| AMERISAFE, Inc. | 549 | &nbsp;&nbsp; 22004 |
| Aon PLC, Class A | 6208 | &nbsp;&nbsp; 2114941 |
| Arbor Realty Trust, Inc.<sup>(b)</sup> | 5527 | &nbsp;&nbsp; 55767 |
| Arrow Financial Corp. | 476 | &nbsp;&nbsp; 13276 |
| Arthur J. Gallagher & Co. | 7380 | &nbsp;&nbsp; 1841236 |
| Associated Banc-Corp<sup>(b)</sup> | 4770 | &nbsp;&nbsp; 118153 |
| Assurant, Inc. | 1450 | &nbsp;&nbsp; 306994 |
| Assured Guaranty Ltd. | 1368 | &nbsp;&nbsp; 110233 |
| Atlantic Union Bankshares Corp., Class B | 4095 | &nbsp;&nbsp; 133169 |
| BancFirst Corp.<sup>(b)</sup> | 954 | &nbsp;&nbsp; 103852 |
| Bank First Corp.<sup>(b)</sup> | 284 | &nbsp;&nbsp; 34682 |
| Bank of America Corp. | 213168 | &nbsp;&nbsp; 11393830 |
| Bank of New York Mellon Corp. (The) | 20297 | &nbsp;&nbsp; 2190655 |
| Bank OZK | 3240 | &nbsp;&nbsp; 145768 |
| Bar Harbor Bankshares | 482 | &nbsp;&nbsp; 14137 |
| BlackRock, Inc. | 4457 | &nbsp;&nbsp; 4826084 |
| BOK Financial Corp.<sup>(b)</sup> | 1831 | &nbsp;&nbsp; 191486 |
| Brown & Brown, Inc. | 9490 | &nbsp;&nbsp; 756733 |
| Cadence Bank | 5353 | &nbsp;&nbsp; 202022 |
| Capital City Bank Group, Inc. | 493 | &nbsp;&nbsp; 19178 |
| Cass Information Systems, Inc. | 382 | &nbsp;&nbsp; 15101 |
| Cboe Global Markets, Inc. | 3007 | &nbsp;&nbsp; 738640 |
| Chubb Ltd. | 11474 | &nbsp;&nbsp; 3177610 |
| Cincinnati Financial Corp. | 4496 | &nbsp;&nbsp; 695037 |
| City Holding Co.<sup>(b)</sup> | 419 | &nbsp;&nbsp; 49392 |
| Civista Bancshares, Inc. | 558 | &nbsp;&nbsp; 12014 |
| CME Group, Inc., Class A | 10373 | &nbsp;&nbsp; 2753928 |
| CNO Financial Group, Inc. | 2799 | &nbsp;&nbsp; 112016 |
| Cohen & Steers, Inc. | 1466 | &nbsp;&nbsp; 100157 |
| Commerce Bancshares, Inc. | 3833 | &nbsp;&nbsp; 201731 |
| Community Financial System, Inc.<sup>(b)</sup> | 1520 | &nbsp;&nbsp; 84330 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Community Trust Bancorp, Inc. | 523 | &nbsp;&nbsp; $26775 |
| Cullen/Frost Bankers, Inc.<sup>(b)</sup> | 1851 | &nbsp;&nbsp; 227932 |
| Donegal Group, Inc., Class A | 885 | &nbsp;&nbsp; 16594 |
| Enterprise Financial Services Corp. | 1061 | &nbsp;&nbsp; 55565 |
| Erie Indemnity Co., Class A | 1327 | &nbsp;&nbsp; 388333 |
| Evercore, Inc., Class A | 1107 | &nbsp;&nbsp; 326078 |
| FactSet Research Systems, Inc. | 1084 | &nbsp;&nbsp; 289211 |
| Federal Agricultural Mortgage Corp., Class C | 272 | &nbsp;&nbsp; 43150 |
| Fidelity National Financial, Inc. | 7815 | &nbsp;&nbsp; 431701 |
| Fifth Third Bancorp | 19030 | &nbsp;&nbsp; 792029 |
| First American Financial Corp. | 2926 | &nbsp;&nbsp; 182904 |
| First Business Financial Services, Inc. | 240 | &nbsp;&nbsp; 12146 |
| First Community Bankshares, Inc.<sup>(b)</sup> | 529 | &nbsp;&nbsp; 17108 |
| First Financial Bankshares, Inc. | 4112 | &nbsp;&nbsp; 127020 |
| First Financial Corp. | 342 | &nbsp;&nbsp; 18235 |
| First Merchants Corp. | 1661 | &nbsp;&nbsp; 58932 |
| Franklin Resources, Inc. | 14929 | &nbsp;&nbsp; 337545 |
| German American Bancorp, Inc. | 1075 | &nbsp;&nbsp; 41431 |
| Globe Life, Inc. | 2325 | &nbsp;&nbsp; 305761 |
| Goldman Sachs Group, Inc. (The) | 8712 | &nbsp;&nbsp; 6876991 |
| Hanover Insurance Group, Inc. (The) | 1025 | &nbsp;&nbsp; 175152 |
| Hartford Insurance Group, Inc. (The) | 8089 | &nbsp;&nbsp; 1004492 |
| Heritage Financial Corp. | 973 | &nbsp;&nbsp; 21591 |
| Home BancShares, Inc. | 5665 | &nbsp;&nbsp; 151312 |
| Horace Mann Educators Corp. | 1168 | &nbsp;&nbsp; 52221 |
| Independent Bank Corp. | 1435 | &nbsp;&nbsp; 96561 |
| Independent Bank Corp. | 599 | &nbsp;&nbsp; 18102 |
| Intercontinental Exchange, Inc. | 16477 | &nbsp;&nbsp; 2410420 |
| International Bancshares Corp. | 1789 | &nbsp;&nbsp; 118754 |
| Jack Henry & Associates, Inc. | 2099 | &nbsp;&nbsp; 312625 |
| JPMorgan Chase & Co. | 79136 | &nbsp;&nbsp; 24620792 |
| Lakeland Financial Corp.<sup>(b)</sup> | 729 | &nbsp;&nbsp; 41589 |
| Main Street Capital Corp.<sup>(b)</sup> | 2569 | &nbsp;&nbsp; 146228 |
| MarketAxess Holdings, Inc. | 1071 | &nbsp;&nbsp; 171424 |
| Marsh & McLennan Cos., Inc. | 14147 | &nbsp;&nbsp; 2520288 |
| Mastercard, Inc., Class A | 25823 | &nbsp;&nbsp; 14254038 |
| Mercantile Bank Corp. | 470 | &nbsp;&nbsp; 20610 |
| MetLife, Inc. | 19141 | &nbsp;&nbsp; 1527835 |
| Moody's Corp. | 5160 | &nbsp;&nbsp; 2478348 |
| Morgan Stanley | 45941 | &nbsp;&nbsp; 7534324 |
| Morningstar, Inc. | 1211 | &nbsp;&nbsp; 257095 |
| MSCI, Inc. | 2223 | &nbsp;&nbsp; 1308347 |
| Nasdaq, Inc. | 16515 | &nbsp;&nbsp; 1411867 |
| NBT Bancorp, Inc. | 1506 | &nbsp;&nbsp; 60948 |
| Nelnet, Inc., Class A<sup>(b)</sup> | 729 | &nbsp;&nbsp; 94078 |
| Northrim BanCorp, Inc. | 636 | &nbsp;&nbsp; 13979 |
| Old Republic International Corp. | 7143 | &nbsp;&nbsp; 281863 |
| PNC Financial Services Group, Inc. (The) | 11333 | &nbsp;&nbsp; 2068839 |
| Primerica, Inc.<sup>(b)</sup> | 928 | &nbsp;&nbsp; 241159 |
| Principal Financial Group, Inc. | 6408 | &nbsp;&nbsp; 538528 |
| Prosperity Bancshares, Inc. | 2730 | &nbsp;&nbsp; 179689 |
| Prudential Financial, Inc. | 10131 | &nbsp;&nbsp; 1053624 |
| Raymond James Financial, Inc. | 5732 | &nbsp;&nbsp; 909496 |
| Regions Financial Corp. | 25651 | &nbsp;&nbsp; 620754 |
| Reinsurance Group of America, Inc. | 1903 | &nbsp;&nbsp; 347221 |
| RenaissanceRe Holdings Ltd. (Bermuda)<sup>(b)</sup> | 1356 | &nbsp;&nbsp; 344546 |
| Republic Bancorp, Inc., Class A | 502 | &nbsp;&nbsp; 33082 |
| RLI Corp. | 2638 | &nbsp;&nbsp; 155537 |
| S&P Global, Inc. | 8787 | &nbsp;&nbsp; 4281114 |
| S&T Bancorp, Inc.<sup>(b)</sup> | 1100 | &nbsp;&nbsp; 40304 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| SEI Investments Co. | 3558 | &nbsp;&nbsp; $286810 |
| Selective Insurance Group, Inc. | 1751 | &nbsp;&nbsp; 131920 |
| ServisFirst Bancshares, Inc. | 1571 | &nbsp;&nbsp; 110394 |
| Simmons First National Corp., Class A | 4159 | &nbsp;&nbsp; 72283 |
| Southern Missouri Bancorp, Inc.<sup>(b)</sup> | 326 | &nbsp;&nbsp; 17095 |
| Southside Bancshares, Inc. | 861 | &nbsp;&nbsp; 24211 |
| SouthState Bank Corp. | 2909 | &nbsp;&nbsp; 257883 |
| State Street Corp. | 8162 | &nbsp;&nbsp; 944017 |
| Stock Yards Bancorp, Inc.<sup>(b)</sup> | 843 | &nbsp;&nbsp; 54812 |
| T. Rowe Price Group, Inc. | 6320 | &nbsp;&nbsp; 647990 |
| Tompkins Financial Corp. | 417 | &nbsp;&nbsp; 26463 |
| Towne Bank | 2163 | &nbsp;&nbsp; 70319 |
| Travelers Cos., Inc. (The) | 6476 | &nbsp;&nbsp; 1739583 |
| TriCo Bancshares | 932 | &nbsp;&nbsp; 41222 |
| U.S. Bancorp | 44787 | &nbsp;&nbsp; 2090657 |
| UMB Financial Corp. | 2178 | &nbsp;&nbsp; 232785 |
| United Bankshares, Inc. | 4070 | &nbsp;&nbsp; 145665 |
| United Community Banks, Inc. | 3496 | &nbsp;&nbsp; 102083 |
| Unity Bancorp, Inc. | 290 | &nbsp;&nbsp; 13169 |
| Unum Group | 4915 | &nbsp;&nbsp; 360859 |
| Visa, Inc., Class A | 48887 | &nbsp;&nbsp; 16657756 |
| W.R. Berkley Corp. | 10913 | &nbsp;&nbsp; 778533 |
| WaFd, Inc. | 2261 | &nbsp;&nbsp; 65637 |
| WesBanco, Inc. | 2758 | &nbsp;&nbsp; 83016 |
| Westamerica Bancorporation | 727 | &nbsp;&nbsp; 34642 |
| Wintrust Financial Corp. | 1927 | &nbsp;&nbsp; 250549 |
| Zions Bancorporation N.A. | 4243 | &nbsp;&nbsp; 221103 |
|  |  | &nbsp;&nbsp; 145192771 |
| **Health Care-14.82%** | **Health Care-14.82%** | **Health Care-14.82%** |
| Abbott Laboratories | 50088 | &nbsp;&nbsp; 6191879 |
| AbbVie, Inc. | 50843 | &nbsp;&nbsp; 11085808 |
| Agilent Technologies, Inc. | 8157 | &nbsp;&nbsp; 1193859 |
| Amgen, Inc. | 15492 | &nbsp;&nbsp; 4623278 |
| Becton, Dickinson and Co. | 8247 | &nbsp;&nbsp; 1473821 |
| Bristol-Myers Squibb Co. | 58576 | &nbsp;&nbsp; 2698596 |
| Cardinal Health, Inc. | 6871 | &nbsp;&nbsp; 1310781 |
| Cencora, Inc. | 5579 | &nbsp;&nbsp; 1884642 |
| Chemed Corp. | 421 | &nbsp;&nbsp; 181577 |
| Danaher Corp. | 20610 | &nbsp;&nbsp; 4438982 |
| Elevance Health, Inc. | 6477 | &nbsp;&nbsp; 2054504 |
| Eli Lilly and Co. | 27238 | &nbsp;&nbsp; 23502581 |
| Ensign Group, Inc. (The) | 1660 | &nbsp;&nbsp; 298966 |
| Johnson & Johnson | 69311 | &nbsp;&nbsp; 13090769 |
| LeMaitre Vascular, Inc.<sup>(b)</sup> | 654 | &nbsp;&nbsp; 56643 |
| McKesson Corp. | 3583 | &nbsp;&nbsp; 2907031 |
| Medtronic PLC | 36912 | &nbsp;&nbsp; 3347918 |
| Merck & Co., Inc. | 71884 | &nbsp;&nbsp; 6180586 |
| National HealthCare Corp.<sup>(b)</sup> | 448 | &nbsp;&nbsp; 53509 |
| Perrigo Co. PLC | 3953 | &nbsp;&nbsp; 81985 |
| Pfizer, Inc. | 163624 | &nbsp;&nbsp; 4033332 |
| Quest Diagnostics, Inc. | 3216 | &nbsp;&nbsp; 565855 |
| ResMed, Inc. | 4213 | &nbsp;&nbsp; 1040105 |
| STERIS PLC | 2831 | &nbsp;&nbsp; 667267 |
| Stryker Corp. | 11000 | &nbsp;&nbsp; 3918640 |
| UnitedHealth Group, Inc. | 26065 | &nbsp;&nbsp; 8902761 |
| West Pharmaceutical Services, Inc. | 2071 | &nbsp;&nbsp; 584167 |
| Zoetis, Inc. | 12754 | &nbsp;&nbsp; 1837724 |
|  |  | &nbsp;&nbsp; 108207566 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-11.05%** | **Industrials-11.05%** | **Industrials-11.05%** |
| A.O. Smith Corp. | 3288 | &nbsp;&nbsp; $216975 |
| ABM Industries, Inc. | 1792 | &nbsp;&nbsp; 77056 |
| Advanced Drainage Systems, Inc. | 2231 | &nbsp;&nbsp; 312452 |
| AGCO Corp. | 2149 | &nbsp;&nbsp; 221691 |
| Air Lease Corp., Class A | 3215 | &nbsp;&nbsp; 205310 |
| Alamo Group, Inc. | 350 | &nbsp;&nbsp; 62552 |
| Allegion PLC<sup>(b)</sup> | 2465 | &nbsp;&nbsp; 408623 |
| Apogee Enterprises, Inc. | 622 | &nbsp;&nbsp; 22771 |
| Applied Industrial Technologies, Inc. | 1083 | &nbsp;&nbsp; 278429 |
| Automatic Data Processing, Inc. | 11658 | &nbsp;&nbsp; 3034577 |
| Booz Allen Hamilton Holding Corp. | 3547 | &nbsp;&nbsp; 309157 |
| Brady Corp., Class A | 1257 | &nbsp;&nbsp; 95419 |
| Broadridge Financial Solutions, Inc. | 3370 | &nbsp;&nbsp; 742748 |
| C.H. Robinson Worldwide, Inc. | 3398 | &nbsp;&nbsp; 523258 |
| Carlisle Cos., Inc. | 1227 | &nbsp;&nbsp; 398836 |
| Caterpillar, Inc. | 13485 | &nbsp;&nbsp; 7784351 |
| Cintas Corp. | 11598 | &nbsp;&nbsp; 2125566 |
| Comfort Systems USA, Inc. | 1013 | &nbsp;&nbsp; 978133 |
| CSG Systems International, Inc. | 823 | &nbsp;&nbsp; 64416 |
| CSX Corp. | 53655 | &nbsp;&nbsp; 1932653 |
| Cummins, Inc. | 3964 | &nbsp;&nbsp; 1734964 |
| Donaldson Co., Inc. | 3364 | &nbsp;&nbsp; 283417 |
| Dover Corp. | 3940 | &nbsp;&nbsp; 714952 |
| Eaton Corp. PLC | 11202 | &nbsp;&nbsp; 4274235 |
| Emerson Electric Co. | 16199 | &nbsp;&nbsp; 2260894 |
| Expeditors International of Washington, Inc. | 3899 | &nbsp;&nbsp; 475288 |
| Exponent, Inc. | 1451 | &nbsp;&nbsp; 102745 |
| Fastenal Co. | 33028 | &nbsp;&nbsp; 1359102 |
| Franklin Electric Co., Inc. | 1285 | &nbsp;&nbsp; 121779 |
| GATX Corp. | 1020 | &nbsp;&nbsp; 159987 |
| General Dynamics Corp. | 7744 | &nbsp;&nbsp; 2670906 |
| Gorman-Rupp Co. (The) | 752 | &nbsp;&nbsp; 33817 |
| Graco, Inc. | 4766 | &nbsp;&nbsp; 389716 |
| Griffon Corp. | 1337 | &nbsp;&nbsp; 98951 |
| HEICO Corp.<sup>(b)</sup> | 1583 | &nbsp;&nbsp; 503030 |
| Hillenbrand, Inc. | 2029 | &nbsp;&nbsp; 64116 |
| HNI Corp.<sup>(b)</sup> | 1316 | &nbsp;&nbsp; 53851 |
| Honeywell International, Inc. | 18270 | &nbsp;&nbsp; 3678299 |
| Hubbell, Inc. | 1528 | &nbsp;&nbsp; 718160 |
| Huntington Ingalls Industries, Inc. | 1126 | &nbsp;&nbsp; 362595 |
| Hyster-Yale, Inc. | 412 | &nbsp;&nbsp; 14807 |
| IDEX Corp. | 2160 | &nbsp;&nbsp; 370354 |
| Illinois Tool Works, Inc. | 8388 | &nbsp;&nbsp; 2046001 |
| Insperity, Inc. | 1080 | &nbsp;&nbsp; 47650 |
| ITT, Inc. | 2238 | &nbsp;&nbsp; 414187 |
| J.B. Hunt Transport Services, Inc. | 2782 | &nbsp;&nbsp; 469769 |
| Kadant, Inc.<sup>(b)</sup> | 340 | &nbsp;&nbsp; 94064 |
| L3Harris Technologies, Inc. | 5383 | &nbsp;&nbsp; 1556225 |
| Landstar System, Inc. | 993 | &nbsp;&nbsp; 127531 |
| Lennox International, Inc. | 1009 | &nbsp;&nbsp; 509545 |
| Lincoln Electric Holdings, Inc. | 1587 | &nbsp;&nbsp; 372072 |
| Lindsay Corp. | 314 | &nbsp;&nbsp; 34929 |
| Lockheed Martin Corp. | 6717 | &nbsp;&nbsp; 3303958 |
| Masco Corp. | 6020 | &nbsp;&nbsp; 389855 |
| Matson, Inc. | 910 | &nbsp;&nbsp; 91865 |
| MSA Safety, Inc. | 1123 | &nbsp;&nbsp; 176345 |
| Mueller Water Products, Inc., Class A | 4494 | &nbsp;&nbsp; 115316 |
| Nordson Corp. | 1616 | &nbsp;&nbsp; 374831 |
| Northrop Grumman Corp. | 4120 | &nbsp;&nbsp; 2403814 |
| Oshkosh Corp. | 1842 | &nbsp;&nbsp; 227100 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Owens Corning | 2401 | &nbsp;&nbsp; $305671 |
| Paychex, Inc. | 10351 | &nbsp;&nbsp; 1211378 |
| Republic Services, Inc. | 8987 | &nbsp;&nbsp; 1871453 |
| Robert Half, Inc. | 2925 | &nbsp;&nbsp; 76606 |
| Rockwell Automation, Inc. | 3238 | &nbsp;&nbsp; 1192750 |
| RTX Corp. | 38521 | &nbsp;&nbsp; 6875999 |
| Ryder System, Inc. | 1171 | &nbsp;&nbsp; 198168 |
| Simpson Manufacturing Co., Inc. | 1194 | &nbsp;&nbsp; 210741 |
| Snap-on, Inc. | 1500 | &nbsp;&nbsp; 503325 |
| Standex International Corp. | 349 | &nbsp;&nbsp; 81397 |
| Stanley Black & Decker, Inc. | 4451 | &nbsp;&nbsp; 301422 |
| Tennant Co. | 534 | &nbsp;&nbsp; 42720 |
| Tetra Tech, Inc. | 7556 | &nbsp;&nbsp; 241641 |
| Timken Co. (The) | 2005 | &nbsp;&nbsp; 157413 |
| Toro Co. (The) | 2836 | &nbsp;&nbsp; 211934 |
| Trane Technologies PLC | 6407 | &nbsp;&nbsp; 2874501 |
| Trinity Industries, Inc. | 2320 | &nbsp;&nbsp; 63498 |
| UFP Industries, Inc.<sup>(b)</sup> | 1692 | &nbsp;&nbsp; 155884 |
| Union Pacific Corp. | 17066 | &nbsp;&nbsp; 3760834 |
| United Parcel Service, Inc., Class B | 21181 | &nbsp;&nbsp; 2042272 |
| W.W. Grainger, Inc. | 1376 | &nbsp;&nbsp; 1347104 |
| Waste Management, Inc. | 11594 | &nbsp;&nbsp; 2316133 |
| Watsco, Inc. | 1000 | &nbsp;&nbsp; 368010 |
| Watts Water Technologies, Inc., Class A | 784 | &nbsp;&nbsp; 213718 |
| Xylem, Inc. | 7004 | &nbsp;&nbsp; 1056553 |
|  |  | &nbsp;&nbsp; 80677120 |
| **Information Technology-24.99%** | **Information Technology-24.99%** | **Information Technology-24.99%** |
| Accenture PLC, Class A | 17928 | &nbsp;&nbsp; 4483793 |
| Amphenol Corp., Class A | 35140 | &nbsp;&nbsp; 4896408 |
| Analog Devices, Inc. | 14157 | &nbsp;&nbsp; 3314578 |
| Apple, Inc. | 122718 | &nbsp;&nbsp; 33179266 |
| Avnet, Inc. | 2396 | &nbsp;&nbsp; 116086 |
| Badger Meter, Inc. | 843 | &nbsp;&nbsp; 152119 |
| Broadcom, Inc. | 95788 | &nbsp;&nbsp; 35406118 |
| CDW Corp. | 3764 | &nbsp;&nbsp; 599869 |
| Cisco Systems, Inc. | 113967 | &nbsp;&nbsp; 8332127 |
| Dolby Laboratories, Inc., Class A<sup>(b)</sup> | 1761 | &nbsp;&nbsp; 116789 |
| HP, Inc. | 26869 | &nbsp;&nbsp; 743465 |
| International Business Machines Corp. | 26806 | &nbsp;&nbsp; 8240432 |
| Intuit, Inc. | 8025 | &nbsp;&nbsp; 5357089 |
| KLA Corp. | 3795 | &nbsp;&nbsp; 4587168 |
| Lam Research Corp. | 36426 | &nbsp;&nbsp; 5735638 |
| Littelfuse, Inc. | 716 | &nbsp;&nbsp; 174210 |
| Microchip Technology, Inc. | 15530 | &nbsp;&nbsp; 969383 |
| Microsoft Corp. | 56223 | &nbsp;&nbsp; 29112832 |
| Motorola Solutions, Inc. | 4797 | &nbsp;&nbsp; 1950988 |
| Oracle Corp. | 80837 | &nbsp;&nbsp; 21228605 |
| Power Integrations, Inc.<sup>(b)</sup> | 1613 | &nbsp;&nbsp; 67569 |
| QUALCOMM, Inc. | 31050 | &nbsp;&nbsp; 5616945 |
| Roper Technologies, Inc. | 3098 | &nbsp;&nbsp; 1382173 |
| Skyworks Solutions, Inc. | 4266 | &nbsp;&nbsp; 331553 |
| TE Connectivity PLC (Switzerland) | 8503 | &nbsp;&nbsp; 2100326 |
| Texas Instruments, Inc. | 26166 | &nbsp;&nbsp; 4224762 |
|  |  | &nbsp;&nbsp; 182420291 |
| **Materials-2.67%** | **Materials-2.67%** | **Materials-2.67%** |
| Air Products and Chemicals, Inc. | 6408 | &nbsp;&nbsp; 1554517 |
| Albemarle Corp. | 3386 | &nbsp;&nbsp; 332607 |
| AptarGroup, Inc. | 1896 | &nbsp;&nbsp; 219955 |
| Ashland, Inc. | 1313 | &nbsp;&nbsp; 64206 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-(continued)** | **Materials-(continued)** | **Materials-(continued)** |
| Avery Dennison Corp. | 2237 | &nbsp;&nbsp; $391229 |
| Avient Corp. | 2630 | &nbsp;&nbsp; 84344 |
| Balchem Corp. | 929 | &nbsp;&nbsp; 142499 |
| Cabot Corp. | 1530 | &nbsp;&nbsp; 103244 |
| Eastman Chemical Co. | 3304 | &nbsp;&nbsp; 196654 |
| Ecolab, Inc. | 8160 | &nbsp;&nbsp; 2092224 |
| H.B. Fuller Co. | 1552 | &nbsp;&nbsp; 89038 |
| Hawkins, Inc. | 603 | &nbsp;&nbsp; 85536 |
| Innospec, Inc. | 718 | &nbsp;&nbsp; 52830 |
| Linde PLC | 13498 | &nbsp;&nbsp; 5646213 |
| LyondellBasell Industries N.V., Class A | 9251 | &nbsp;&nbsp; 429431 |
| Materion Corp. | 599 | &nbsp;&nbsp; 68663 |
| Nucor Corp. | 6603 | &nbsp;&nbsp; 990780 |
| PPG Industries, Inc. | 6484 | &nbsp;&nbsp; 633811 |
| Quaker Chemical Corp.<sup>(b)</sup> | 503 | &nbsp;&nbsp; 69862 |
| Reliance, Inc. | 1512 | &nbsp;&nbsp; 427034 |
| Royal Gold, Inc. | 2420 | &nbsp;&nbsp; 422992 |
| RPM International, Inc. | 3684 | &nbsp;&nbsp; 402588 |
| Sherwin-Williams Co. (The) | 7176 | &nbsp;&nbsp; 2475290 |
| Silgan Holdings, Inc.<sup>(b)</sup> | 3077 | &nbsp;&nbsp; 118834 |
| Solstice Advanced Materials, Inc.<sup>(c)</sup> | 4574 | &nbsp;&nbsp; 206150 |
| Sonoco Products Co. | 2835 | &nbsp;&nbsp; 115016 |
| Steel Dynamics, Inc. | 4231 | &nbsp;&nbsp; 663421 |
| Stepan Co. | 654 | &nbsp;&nbsp; 28351 |
| Vulcan Materials Co. | 3800 | &nbsp;&nbsp; 1100100 |
| Westlake Corp.<sup>(b)</sup> | 3683 | &nbsp;&nbsp; 253427 |
|  |  | &nbsp;&nbsp; 19460846 |
| **Real Estate-1.59%** | **Real Estate-1.59%** | **Real Estate-1.59%** |
| Agree Realty Corp. | 3183 | &nbsp;&nbsp; 232391 |
| Alexandria Real Estate Equities, Inc. | 4976 | &nbsp;&nbsp; 289703 |
| American Tower Corp. | 13478 | &nbsp;&nbsp; 2412292 |
| CareTrust REIT, Inc. | 6423 | &nbsp;&nbsp; 222557 |
| CubeSmart | 6551 | &nbsp;&nbsp; 246776 |
| EastGroup Properties, Inc. | 1533 | &nbsp;&nbsp; 267554 |
| Equity LifeStyle Properties, Inc.<sup>(b)</sup> | 5570 | &nbsp;&nbsp; 340049 |
| Essex Property Trust, Inc. | 1854 | &nbsp;&nbsp; 466782 |
| First Industrial Realty Trust, Inc. | 3803 | &nbsp;&nbsp; 210230 |
| Getty Realty Corp.<sup>(b)</sup> | 1628 | &nbsp;&nbsp; 44656 |
| Gladstone Land Corp.<sup>(b)</sup> | 1037 | &nbsp;&nbsp; 9395 |
| Mid-America Apartment Communities, Inc. | 3368 | &nbsp;&nbsp; 431879 |
| NNN REIT, Inc. | 5425 | &nbsp;&nbsp; 219496 |
| Prologis, Inc. | 26712 | &nbsp;&nbsp; 3314692 |
| Realty Income Corp. | 26315 | &nbsp;&nbsp; 1525744 |
| Regency Centers Corp. | 5216 | &nbsp;&nbsp; 359643 |
| Rexford Industrial Realty, Inc. | 6801 | &nbsp;&nbsp; 281017 |
| STAG Industrial, Inc. | 5364 | &nbsp;&nbsp; 205280 |
| Terreno Realty Corp.<sup>(b)</sup> | 2970 | &nbsp;&nbsp; 169676 |
| UDR, Inc. | 9522 | &nbsp;&nbsp; 320796 |
| Universal Health Realty Income Trust | 401 | &nbsp;&nbsp; 15326 |
|  |  | &nbsp;&nbsp; 11585934 |
| **Utilities-4.20%** | **Utilities-4.20%** | **Utilities-4.20%** |
| AES Corp. (The) | 20473 | &nbsp;&nbsp; 283960 |
| Alliant Energy Corp. | 7388 | &nbsp;&nbsp; 493666 |
| Ameren Corp. | 7777 | &nbsp;&nbsp; 793410 |
| American Electric Power Co., Inc. | 15389 | &nbsp;&nbsp; 1850681 |
| American States Water Co. | 1105 | &nbsp;&nbsp; 78798 |
| American Water Works Co., Inc. | 5608 | &nbsp;&nbsp; 720235 |
| Artesian Resources Corp., Class A | 272 | &nbsp;&nbsp; 8767 |
| Atmos Energy Corp. | 4616 | &nbsp;&nbsp; 792660 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities-(continued)** | **Utilities-(continued)** | **Utilities-(continued)** |
| Avista Corp. | 2328 | &nbsp;&nbsp; $88580 |
| Black Hills Corp. | 2098 | &nbsp;&nbsp; 133076 |
| Brookfield Infrastructure Partners L.P. <br> (Canada)<br>| 13280 | &nbsp;&nbsp; 453778 |
| Brookfield Renewable Partners L.P. (Canada) | 8157 | &nbsp;&nbsp; 249115 |
| California Water Service Group | 1714 | &nbsp;&nbsp; 76067 |
| Chesapeake Utilities Corp. | 681 | &nbsp;&nbsp; 86678 |
| CMS Energy Corp. | 8605 | &nbsp;&nbsp; 632898 |
| Consolidated Edison, Inc. | 10381 | &nbsp;&nbsp; 1011213 |
| DTE Energy Co. | 5969 | &nbsp;&nbsp; 809038 |
| Duke Energy Corp. | 22376 | &nbsp;&nbsp; 2781337 |
| Edison International | 11060 | &nbsp;&nbsp; 612503 |
| Entergy Corp. | 12847 | &nbsp;&nbsp; 1234468 |
| Essential Utilities, Inc. | 8059 | &nbsp;&nbsp; 314543 |
| Evergy, Inc. | 6613 | &nbsp;&nbsp; 507945 |
| Eversource Energy | 10673 | &nbsp;&nbsp; 787774 |
| H2O America | 1011 | &nbsp;&nbsp; 46759 |
| IDACORP, Inc. | 1554 | &nbsp;&nbsp; 200497 |
| MGE Energy, Inc. | 1048 | &nbsp;&nbsp; 86848 |
| Middlesex Water Co. | 521 | &nbsp;&nbsp; 29942 |
| National Fuel Gas Co. | 2596 | &nbsp;&nbsp; 204850 |
| New Jersey Resources Corp. | 2887 | &nbsp;&nbsp; 127894 |
| NextEra Energy, Inc. | 59266 | &nbsp;&nbsp; 4824252 |
| NiSource, Inc. | 13540 | &nbsp;&nbsp; 570169 |
| Northwest Natural Holding Co. | 1175 | &nbsp;&nbsp; 53498 |
| NorthWestern Energy Group, Inc. | 1767 | &nbsp;&nbsp; 105437 |
| OGE Energy Corp. | 5790 | &nbsp;&nbsp; 255571 |
| ONE Gas, Inc. | 1726 | &nbsp;&nbsp; 138408 |
| Otter Tail Corp.<sup>(b)</sup> | 1203 | &nbsp;&nbsp; 92896 |
| Pinnacle West Capital Corp. | 3436 | &nbsp;&nbsp; 304155 |
| Portland General Electric Co. | 3151 | &nbsp;&nbsp; 143938 |
| Public Service Enterprise Group, Inc. | 14363 | &nbsp;&nbsp; 1157083 |
| Sempra | 18778 | &nbsp;&nbsp; 1726449 |
| Southern Co. (The)<sup>(b)</sup> | 31659 | &nbsp;&nbsp; 2977212 |
| Spire, Inc. | 1698 | &nbsp;&nbsp; 146707 |
| UGI Corp. | 6181 | &nbsp;&nbsp; 206631 |
| Unitil Corp. | 511 | &nbsp;&nbsp; 24911 |
| WEC Energy Group, Inc. | 9266 | &nbsp;&nbsp; 1035290 |
| Xcel Energy, Inc. | 17020 | &nbsp;&nbsp; 1381513 |
| York Water Co. (The) | 417 | &nbsp;&nbsp; 12956 |
|  |  | &nbsp;&nbsp; 30655056 |
| Total Common Stocks & Other Equity Interests <br>(Cost $509,755,922) | Total Common Stocks & Other Equity Interests <br>(Cost $509,755,922) | &nbsp;&nbsp; 729740658 |
| **Money Market Funds-0.06%** | **Money Market Funds-0.06%** | **Money Market Funds-0.06%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $422,417)<br>| 422417 | &nbsp;&nbsp; 422417 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.02% <br>(Cost $510,178,339) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.02% <br>(Cost $510,178,339) | &nbsp;&nbsp; 730163075 |
| **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-0.70%** | **Money Market Funds-0.70%** | **Money Market Funds-0.70%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 1420929 | &nbsp;&nbsp; 1420929 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 3698378 | &nbsp;&nbsp; $3699488 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $5,120,531) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $5,120,531) | &nbsp;&nbsp; 5120417 |
| TOTAL INVESTMENTS IN SECURITIES-100.72% <br>(Cost $515,298,870) | TOTAL INVESTMENTS IN SECURITIES-100.72% <br>(Cost $515,298,870) | &nbsp;&nbsp; 735283492 |
| OTHER ASSETS LESS LIABILITIES-(0.72)% | OTHER ASSETS LESS LIABILITIES-(0.72)% | &nbsp;&nbsp; (5277723)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $730005769 |

---

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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $766849 | &nbsp;&nbsp; $8064152 | &nbsp;&nbsp; $(8408584)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $422417 | &nbsp;&nbsp; $17339 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 3748139 | &nbsp;&nbsp; 21064311 | &nbsp;&nbsp; (23391521)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1420929 | &nbsp;&nbsp; 59,537<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 9743106 | &nbsp;&nbsp; 40566761 | &nbsp;&nbsp; (46611210)<br>| &nbsp;&nbsp; 337 | &nbsp;&nbsp; 494 | &nbsp;&nbsp; 3699488 | &nbsp;&nbsp; 161,121<br> \*<br>|
| Total | &nbsp;&nbsp; $14258094 | &nbsp;&nbsp; $69695224 | &nbsp;&nbsp; $(78411315)<br>| &nbsp;&nbsp; $337 | &nbsp;&nbsp; $494 | &nbsp;&nbsp; $5542834 | &nbsp;&nbsp; $237997 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 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 Dow Jones Industrial Average Dividend ETF (DJD)**

October 31, 2025

*(Unaudited)*

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%** |
| **Communication Services-11.34%** | **Communication Services-11.34%** | **Communication Services-11.34%** |
| Verizon Communications, Inc. | 890611 | &nbsp;&nbsp; $35392881 |
| Walt Disney Co. (The) | 46119 | &nbsp;&nbsp; 5193922 |
|  |  | &nbsp;&nbsp; 40586803 |
| **Consumer Discretionary-10.65%** | **Consumer Discretionary-10.65%** | **Consumer Discretionary-10.65%** |
| Home Depot, Inc. (The) | 33848 | &nbsp;&nbsp; 12848362 |
| McDonald's Corp. | 46659 | &nbsp;&nbsp; 13924446 |
| NIKE, Inc., Class B | 176066 | &nbsp;&nbsp; 11372103 |
|  |  | &nbsp;&nbsp; 38144911 |
| **Consumer Staples-10.89%** | **Consumer Staples-10.89%** | **Consumer Staples-10.89%** |
| Coca-Cola Co. (The) | 262109 | &nbsp;&nbsp; 18059310 |
| Procter & Gamble Co. (The) | 102996 | &nbsp;&nbsp; 15487508 |
| Walmart, Inc. | 53882 | &nbsp;&nbsp; 5451781 |
|  |  | &nbsp;&nbsp; 38998599 |
| **Energy-7.17%** | **Energy-7.17%** | **Energy-7.17%** |
| Chevron Corp. | 162647 | &nbsp;&nbsp; 25652685 |
| **Financials-11.50%** | **Financials-11.50%** | **Financials-11.50%** |
| American Express Co. | 16525 | &nbsp;&nbsp; 5961063 |
| Goldman Sachs Group, Inc. (The) | 13227 | &nbsp;&nbsp; 10440997 |
| JPMorgan Chase & Co. | 34891 | &nbsp;&nbsp; 10855288 |
| Travelers Cos., Inc. (The) | 35908 | &nbsp;&nbsp; 9645607 |
| Visa, Inc., Class A | 12544 | &nbsp;&nbsp; 4274243 |
|  |  | &nbsp;&nbsp; 41177198 |
| **Health Care-23.25%** | **Health Care-23.25%** | **Health Care-23.25%** |
| Amgen, Inc. | 75105 | &nbsp;&nbsp; 22413585 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Johnson & Johnson | 100676 | &nbsp;&nbsp; $19014676 |
| Merck & Co., Inc. | 289758 | &nbsp;&nbsp; 24913393 |
| UnitedHealth Group, Inc. | 49416 | &nbsp;&nbsp; 16878529 |
|  |  | &nbsp;&nbsp; 83220183 |
| **Industrials-10.15%** | **Industrials-10.15%** | **Industrials-10.15%** |
| 3M Co. | 74107 | &nbsp;&nbsp; 12338815 |
| Caterpillar, Inc. | 20118 | &nbsp;&nbsp; 11613317 |
| Honeywell International, Inc. | 61491 | &nbsp;&nbsp; 12379983 |
|  |  | &nbsp;&nbsp; 36332115 |
| **Information Technology-13.52%** | **Information Technology-13.52%** | **Information Technology-13.52%** |
| Apple, Inc. | 12008 | &nbsp;&nbsp; 3246603 |
| Cisco Systems, Inc. | 214879 | &nbsp;&nbsp; 15709804 |
| International Business Machines Corp. | 67513 | &nbsp;&nbsp; 20754171 |
| Microsoft Corp. | 8278 | &nbsp;&nbsp; 4286431 |
| NVIDIA Corp. | 818 | &nbsp;&nbsp; 165637 |
| Salesforce, Inc. | 16271 | &nbsp;&nbsp; 4237131 |
|  |  | &nbsp;&nbsp; 48399777 |
| **Materials-1.33%** | **Materials-1.33%** | **Materials-1.33%** |
| Sherwin-Williams Co. (The) | 13827 | &nbsp;&nbsp; 4769485 |
| TOTAL INVESTMENTS IN SECURITIES-99.80% <br>(Cost $321,572,554) | TOTAL INVESTMENTS IN SECURITIES-99.80% <br>(Cost $321,572,554) | &nbsp;&nbsp; 357281756 |
| OTHER ASSETS LESS LIABILITIES-0.20% | OTHER ASSETS LESS LIABILITIES-0.20% | &nbsp;&nbsp; 718891 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $358000647 |

---

---

| | |
|:---|:---|
| 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $385164 | &nbsp;&nbsp; $6004923 | &nbsp;&nbsp; $(6390087)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $6828 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 29976956 | &nbsp;&nbsp; (29976956)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 7,288<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; - | &nbsp;&nbsp; 65614366 | &nbsp;&nbsp; (65613453)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (913)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 21,062<br> \*<br>|
| Total | &nbsp;&nbsp; $385164 | &nbsp;&nbsp; $101596245 | &nbsp;&nbsp; $(101980496)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $(913)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $35178 |

---

\* 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 Financial Preferred ETF (PGF)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Preferred Stocks-100.02%** | **Preferred Stocks-100.02%** | **Preferred Stocks-100.02%** |
| **Banks-53.99%** | **Banks-53.99%** | **Banks-53.99%** |
| Bank of America Corp. |  |  |
| Series PP, Pfd., 4.13% | 415595 | &nbsp;&nbsp; $7214729 |
| Series QQ, Pfd., 4.25%<sup>(b)</sup> | 589134 | &nbsp;&nbsp; 10533716 |
| Series NN, Pfd., 4.38%<sup>(b)</sup> | 489147 | &nbsp;&nbsp; 8985630 |
| Series SS, Pfd., 4.75%<sup>(b)</sup> | 311921 | &nbsp;&nbsp; 6303923 |
| Series LL, Pfd., 5.00%<sup>(b)</sup> | 591488 | &nbsp;&nbsp; 12628269 |
| Series KK, Pfd., 5.38% | 625691 | &nbsp;&nbsp; 14328324 |
| Series HH, Pfd., 5.88%<sup>(b)</sup> | 388486 | &nbsp;&nbsp; 9692726 |
| Series GG, Pfd., 6.00%<sup>(b)</sup> | 613221 | &nbsp;&nbsp; 15557417 |
| Bank OZK, Series A, Pfd., 4.63% | 222814 | &nbsp;&nbsp; 3827945 |
| Citizens Financial Group, Inc. |  |  |
| Series E, Pfd., 5.00% | 286477 | &nbsp;&nbsp; 5700892 |
| Series I, Pfd., 6.50%<sup>(c)</sup> | 254646 | &nbsp;&nbsp; 6460369 |
| Pfd., 7.38%<sup>(b)</sup> | 254646 | &nbsp;&nbsp; 6725201 |
| Comerica, Inc., Series B, Pfd., 6.88%<sup>(c)</sup> | 254646 | &nbsp;&nbsp; 6534216 |
| Fifth Third Bancorp, Series K, Pfd., 4.95%<sup>(b)</sup> | 159155 | &nbsp;&nbsp; 3234030 |
| First Citizens BancShares, Inc., Series A, Pfd., <br> 5.38%<br>| 219631 | &nbsp;&nbsp; 4919734 |
| Flagstar Bank N.A, Series A, Pfd., <br> 6.38%<sup>(b)(c)</sup><br>| 327858 | &nbsp;&nbsp; 7124354 |
| Huntington Bancshares, Inc. |  |  |
| Series H, Pfd., 4.50%<sup>(b)</sup> | 318305 | &nbsp;&nbsp; 5748588 |
| Series J, Pfd., 6.88%<sup>(c)</sup> | 206900 | &nbsp;&nbsp; 5313192 |
| JPMorgan Chase & Co. |  |  |
| Series MM, Pfd., 4.20% | 905599 | &nbsp;&nbsp; 17251661 |
| Series JJ, Pfd., 4.55%<sup>(b)</sup> | 679199 | &nbsp;&nbsp; 13699444 |
| Series LL, Pfd., 4.63% | 841208 | &nbsp;&nbsp; 17143819 |
| Series GG, Pfd., 4.75% | 410294 | &nbsp;&nbsp; 8640792 |
| Series DD, Pfd., 5.75% | 771510 | &nbsp;&nbsp; 19472912 |
| Series EE, Pfd., 6.00%<sup>(b)</sup> | 841277 | &nbsp;&nbsp; 21629232 |
| KeyCorp |  |  |
| Series G, Pfd., 5.63% | 286477 | &nbsp;&nbsp; 6362654 |
| Series F, Pfd., 5.65% | 270560 | &nbsp;&nbsp; 6068661 |
| Series E, Pfd., 6.13%<sup>(c)</sup> | 318305 | &nbsp;&nbsp; 7916245 |
| Pfd., 6.20%<sup>(c)</sup> | 381969 | &nbsp;&nbsp; 9572143 |
| M&T Bank Corp. |  |  |
| Series H, Pfd., 5.63%<sup>(c)</sup> | 159155 | &nbsp;&nbsp; 3982058 |
| Series J, Pfd., 7.50% | 477460 | &nbsp;&nbsp; 12700436 |
| Regions Financial Corp. |  |  |
| Series E, Pfd., 4.45% | 254646 | &nbsp;&nbsp; 4609093 |
| Series C, Pfd., 5.70%<sup>(b)(c)</sup> | 318305 | &nbsp;&nbsp; 7852584 |
| Pfd., 6.95%<sup>(c)</sup> | 318305 | &nbsp;&nbsp; 8158157 |
| Texas Capital Bancshares, Inc., Series B, Pfd., <br> 5.75%<br>| 190982 | &nbsp;&nbsp; 4029720 |
| Truist Financial Corp. |  |  |
| Series R, Pfd., 4.75%<sup>(b)</sup> | 588869 | &nbsp;&nbsp; 11765603 |
| Series O, Pfd., 5.25%<sup>(b)</sup> | 366055 | &nbsp;&nbsp; 8254540 |
| U.S. Bancorp |  |  |
| Series L, Pfd., 3.75% | 318305 | &nbsp;&nbsp; 5000572 |
| Series M, Pfd., 4.00%<sup>(b)</sup> | 477460 | &nbsp;&nbsp; 7949709 |
| Series O, Pfd., 4.50%<sup>(b)</sup> | 286477 | &nbsp;&nbsp; 5474576 |
| Series K, Pfd., 5.50%<sup>(b)</sup> | 366055 | &nbsp;&nbsp; 8624256 |
| UMB Financial Corp., Pfd., 7.75%<sup>(c)</sup> | 190982 | &nbsp;&nbsp; 5156514 |
| WaFd, Inc., Series A, Pfd., 4.88% | 190982 | &nbsp;&nbsp; 3158842 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Banks-(continued)** | **Banks-(continued)** | **Banks-(continued)** |
| Wells Fargo & Co. |  |  |
| Series DD, Pfd., 4.25% | 568896 | &nbsp;&nbsp; $10097904 |
| Series CC, Pfd., 4.38% | 476020 | &nbsp;&nbsp; 8739727 |
| Series AA, Pfd., 4.70% | 532600 | &nbsp;&nbsp; 10518850 |
| Series Z, Pfd., 4.75% | 911259 | &nbsp;&nbsp; 18124942 |
| Series Y, Pfd., 5.63%<sup>(b)</sup> | 312430 | &nbsp;&nbsp; 7710772 |
| Western Alliance Bancorporation, Series A, <br> Pfd., 4.25%<sup>(b)(c)</sup><br>| 190982 | &nbsp;&nbsp; 4043089 |
|  |  | &nbsp;&nbsp; 424542762 |
| **Capital Markets-15.89%** | **Capital Markets-15.89%** | **Capital Markets-15.89%** |
| Bank of New York Mellon Corp. (The), <br> Series K, Pfd., 6.15%<sup>(c)</sup><br>| 318305 | &nbsp;&nbsp; 8199537 |
| Charles Schwab Corp. (The) |  |  |
| Series J, Pfd., 4.45%<sup>(b)</sup> | 381969 | &nbsp;&nbsp; 7620282 |
| Series D, Pfd., 5.95%<sup>(b)</sup> | 477460 | &nbsp;&nbsp; 11989021 |
| Morgan Stanley |  |  |
| Series O, Pfd., 4.25% | 589236 | &nbsp;&nbsp; 10735880 |
| Series L, Pfd., 4.88% | 227820 | &nbsp;&nbsp; 4788776 |
| Series K, Pfd., 5.85% | 456412 | &nbsp;&nbsp; 11131889 |
| Series I, Pfd., 6.38%<sup>(b)</sup> | 453632 | &nbsp;&nbsp; 11408845 |
| Series P, Pfd., 6.50%<sup>(b)</sup> | 452799 | &nbsp;&nbsp; 11596182 |
| Series Q, Pfd., 6.63%<sup>(b)</sup> | 454724 | &nbsp;&nbsp; 11895580 |
| Series F, Pfd., 6.88% | 384915 | &nbsp;&nbsp; 9707556 |
| Series E, Pfd., 7.13% | 391665 | &nbsp;&nbsp; 10018791 |
| Northern Trust Corp., Series E, Pfd., 4.70% | 254646 | &nbsp;&nbsp; 5085281 |
| State Street Corp., Series G, Pfd., 5.35% (3 <br> mo. Term SOFR + 3.97%)<br>| 318305 | &nbsp;&nbsp; 7289184 |
| Stifel Financial Corp., Series D, Pfd., <br> 4.50%<sup>(b)</sup><br>| 190982 | &nbsp;&nbsp; 3464413 |
|  |  | &nbsp;&nbsp; 124931217 |
| **Consumer Finance-6.72%** | **Consumer Finance-6.72%** | **Consumer Finance-6.72%** |
| Capital One Financial Corp. |  |  |
| Series N, Pfd., 4.25%<sup>(b)</sup> | 204096 | &nbsp;&nbsp; 3512492 |
| Series L, Pfd., 4.38%<sup>(b)</sup> | 324154 | &nbsp;&nbsp; 5598139 |
| Series J, Pfd., 4.80% | 600285 | &nbsp;&nbsp; 11411418 |
| Series I, Pfd., 5.00% | 720344 | &nbsp;&nbsp; 14306032 |
| Synchrony Financial |  |  |
| Series A, Pfd., 5.63% | 477460 | &nbsp;&nbsp; 9573073 |
| Series B, Pfd., 8.25%<sup>(c)</sup> | 318305 | &nbsp;&nbsp; 8406435 |
|  |  | &nbsp;&nbsp; 52807589 |
| **Financial Services-3.54%** | **Financial Services-3.54%** | **Financial Services-3.54%** |
| Equitable Holdings, Inc. |  |  |
| Series C, Pfd., 4.30%<sup>(b)</sup> | 190982 | &nbsp;&nbsp; 3277251 |
| Series A, Pfd., 5.25%<sup>(b)</sup> | 509292 | &nbsp;&nbsp; 10730783 |
| Jackson Financial, Inc., Pfd., 8.00%<sup>(c)</sup> | 350137 | &nbsp;&nbsp; 9208603 |
| Voya Financial, Inc., Series B, Pfd., <br> 5.35%<sup>(b)(c)</sup><br>| 190982 | &nbsp;&nbsp; 4658051 |
|  |  | &nbsp;&nbsp; 27874688 |
| **Insurance-19.88%** | **Insurance-19.88%** | **Insurance-19.88%** |
| Allstate Corp. (The) |  |  |
| Series I, Pfd., 4.75% | 190982 | &nbsp;&nbsp; 3848287 |
| Series H, Pfd., 5.10% | 732106 | &nbsp;&nbsp; 15952590 |
| Series J, Pfd., 7.38%<sup>(b)</sup> | 381969 | &nbsp;&nbsp; 10133638 |
| American National Group, Inc., Pfd., 7.38% | 190982 | &nbsp;&nbsp; 4860492 |

---

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

------

**12**

------

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

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Insurance-(continued)** | **Insurance-(continued)** | **Insurance-(continued)** |
| Arch Capital Group Ltd. |  |  |
| Series G, Pfd., 4.55% | 318305 | &nbsp;&nbsp; $5602168 |
| Series F, Pfd., 5.45% | 210083 | &nbsp;&nbsp; 4481070 |
| Aspen Insurance Holdings Ltd. |  |  |
| Pfd., 5.63% (Bermuda)<sup>(b)</sup> | 159155 | &nbsp;&nbsp; 3374086 |
| Pfd., 5.63% (Bermuda) | 159155 | &nbsp;&nbsp; 3364537 |
| Athene Holding Ltd. |  |  |
| Series D, Pfd., 4.88% | 366055 | &nbsp;&nbsp; 6468192 |
| Series B, Pfd., 5.63%<sup>(b)</sup> | 219631 | &nbsp;&nbsp; 4623233 |
| Series A, Pfd., 6.35%<sup>(c)</sup> | 549078 | &nbsp;&nbsp; 13699496 |
| Series E, Pfd., 7.75%<sup>(c)</sup> | 318305 | &nbsp;&nbsp; 8170889 |
| AXIS Capital Holdings Ltd., Series E, Pfd., <br> 5.50%<br>| 350137 | &nbsp;&nbsp; 7373885 |
| Brighthouse Financial, Inc. |  |  |
| Series D, Pfd., 4.63% | 222814 | &nbsp;&nbsp; 2584642 |
| Series C, Pfd., 5.38%<sup>(b)</sup> | 366055 | &nbsp;&nbsp; 4667201 |
| Series A, Pfd., 6.60%<sup>(b)</sup> | 270560 | &nbsp;&nbsp; 4144979 |
| Series B, Pfd., 6.75% | 256235 | &nbsp;&nbsp; 4012640 |
| Hartford Insurance Group, Inc. (The), <br> Series G, Pfd., 6.00%<sup>(b)</sup><br>| 219631 | &nbsp;&nbsp; 5539094 |
| Lincoln National Corp., Series D, Pfd., <br> 9.00%<sup>(b)</sup><br>| 318305 | &nbsp;&nbsp; 8622882 |
| MetLife, Inc. |  |  |
| Series F, Pfd., 4.75% | 636615 | &nbsp;&nbsp; 13190663 |
| Series E, Pfd., 5.63%<sup>(b)</sup> | 512474 | &nbsp;&nbsp; 12565863 |
| RenaissanceRe Holdings Ltd. |  |  |
| Series G, Pfd., 4.20% (Bermuda) | 318305 | &nbsp;&nbsp; 5322060 |
| Series F, Pfd., 5.75% (Bermuda) | 159155 | &nbsp;&nbsp; 3681255 |
|  |  | &nbsp;&nbsp; 156283842 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.02% <br>(Cost $883,772,240) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.02% <br>(Cost $883,772,240) | &nbsp;&nbsp; 786440098 |

---

---

| | | |
|:---|:---|:---|
|  | **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-2.26%** | **Money Market Funds-2.26%** | **Money Market Funds-2.26%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 4939953 | &nbsp;&nbsp; $4939953 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 12807794 | &nbsp;&nbsp; 12811636 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $17,751,572) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $17,751,572) | &nbsp;&nbsp; 17751589 |
| TOTAL INVESTMENTS IN SECURITIES-102.28% <br>(Cost $901,523,812) | TOTAL INVESTMENTS IN SECURITIES-102.28% <br>(Cost $901,523,812) | &nbsp;&nbsp; 804191687 |
| OTHER ASSETS LESS LIABILITIES-(2.28)% | OTHER ASSETS LESS LIABILITIES-(2.28)% | &nbsp;&nbsp; (17946750)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $786244937 |

---

Investment Abbreviations: <br> Pfd. -Preferred <br> SOFR -Secured Overnight Financing Rate

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 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; $25001975 | &nbsp;&nbsp; $(25001975)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $16750 |

---

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

------

**13**

------

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

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2025**<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> **October 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; $17074247 | &nbsp;&nbsp; $22666498 | &nbsp;&nbsp; $(34800792)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4939953 | &nbsp;&nbsp; $277,801<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 44360035 | &nbsp;&nbsp; 51973711 | &nbsp;&nbsp; (83524930)<br>| &nbsp;&nbsp; 3437 | &nbsp;&nbsp; (617)<br>| &nbsp;&nbsp; 12811636 | &nbsp;&nbsp; 744,823<br> \*<br>|
| Total | &nbsp;&nbsp; $61434282 | &nbsp;&nbsp; $99642184 | &nbsp;&nbsp; $(143327697)<br>| &nbsp;&nbsp; $3437 | &nbsp;&nbsp; $(617)<br>| &nbsp;&nbsp; $17751589 | &nbsp;&nbsp; $1039374 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 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 High Yield Equity Dividend Achievers**<sup>TM</sup> **ETF (PEY)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.95%** | **Common Stocks & Other Equity Interests-99.95%** | **Common Stocks & Other Equity Interests-99.95%** |
| **Air Freight & Logistics-3.56%** | **Air Freight & Logistics-3.56%** | **Air Freight & Logistics-3.56%** |
| United Parcel Service, Inc., Class B | 391352 | &nbsp;&nbsp; $37734160 |
| **Banks-12.05%** | **Banks-12.05%** | **Banks-12.05%** |
| Associated Banc-Corp<sup>(b)</sup> | 571509 | &nbsp;&nbsp; 14156278 |
| Atlantic Union Bankshares Corp., Class B | 486640 | &nbsp;&nbsp; 15825533 |
| Regions Financial Corp. | 608903 | &nbsp;&nbsp; 14735453 |
| Simmons First National Corp., Class A | 893937 | &nbsp;&nbsp; 15536625 |
| U.S. Bancorp | 383164 | &nbsp;&nbsp; 17886095 |
| United Bankshares, Inc. | 459925 | &nbsp;&nbsp; 16460716 |
| WaFd, Inc.<sup>(b)</sup> | 494184 | &nbsp;&nbsp; 14346161 |
| WesBanco, Inc. | 624169 | &nbsp;&nbsp; 18787487 |
|  |  | &nbsp;&nbsp; 127734348 |
| **Capital Markets-5.45%** | **Capital Markets-5.45%** | **Capital Markets-5.45%** |
| Franklin Resources, Inc. | 881101 | &nbsp;&nbsp; 19921693 |
| Main Street Capital Corp.<sup>(b)</sup> | 309039 | &nbsp;&nbsp; 17590500 |
| T. Rowe Price Group, Inc. | 197985 | &nbsp;&nbsp; 20299402 |
|  |  | &nbsp;&nbsp; 57811595 |
| **Chemicals-3.42%** | **Chemicals-3.42%** | **Chemicals-3.42%** |
| LyondellBasell Industries N.V., Class A | 779739 | &nbsp;&nbsp; 36195484 |
| **Consumer Staples Distribution & Retail-1.95%** | **Consumer Staples Distribution & Retail-1.95%** | **Consumer Staples Distribution & Retail-1.95%** |
| Target Corp. | 223156 | &nbsp;&nbsp; 20691024 |
| **Containers & Packaging-1.65%** | **Containers & Packaging-1.65%** | **Containers & Packaging-1.65%** |
| Sonoco Products Co. | 429682 | &nbsp;&nbsp; 17432199 |
| **Diversified Telecommunication Services-6.86%** | **Diversified Telecommunication Services-6.86%** | **Diversified Telecommunication Services-6.86%** |
| Cogent Communications Holdings, Inc.<sup>(b)</sup> | 1153436 | &nbsp;&nbsp; 47579235 |
| Verizon Communications, Inc. | 632821 | &nbsp;&nbsp; 25148306 |
|  |  | &nbsp;&nbsp; 72727541 |
| **Electric Utilities-10.37%** | **Electric Utilities-10.37%** | **Electric Utilities-10.37%** |
| Edison International | 473047 | &nbsp;&nbsp; 26197343 |
| Evergy, Inc. | 240186 | &nbsp;&nbsp; 18448687 |
| Eversource Energy | 326607 | &nbsp;&nbsp; 24106863 |
| Pinnacle West Capital Corp. | 204800 | &nbsp;&nbsp; 18128896 |
| Portland General Electric Co.<sup>(b)</sup> | 505464 | &nbsp;&nbsp; 23089595 |
|  |  | &nbsp;&nbsp; 109971384 |
| **Food Products-6.79%** | **Food Products-6.79%** | **Food Products-6.79%** |
| Archer-Daniels-Midland Co. | 236338 | &nbsp;&nbsp; 14305539 |
| Flowers Foods, Inc.<sup>(b)</sup> | 1953857 | &nbsp;&nbsp; 23309514 |
| Hormel Foods Corp. | 813465 | &nbsp;&nbsp; 17562710 |
| J.M. Smucker Co. (The) | 162331 | &nbsp;&nbsp; 16809375 |
|  |  | &nbsp;&nbsp; 71987138 |
| **Gas Utilities-6.00%** | **Gas Utilities-6.00%** | **Gas Utilities-6.00%** |
| Northwest Natural Holding Co. | 519129 | &nbsp;&nbsp; 23635943 |
| Spire, Inc.<sup>(b)</sup> | 242131 | &nbsp;&nbsp; 20920119 |
| UGI Corp.<sup>(b)</sup> | 571058 | &nbsp;&nbsp; 19090469 |
|  |  | &nbsp;&nbsp; 63646531 |
| **Independent Power and Renewable Electricity Producers-2.28%** | **Independent Power and Renewable Electricity Producers-2.28%** | **Independent Power and Renewable Electricity Producers-2.28%** |
| AES Corp. (The) | 1745088 | &nbsp;&nbsp; 24204371 |
| **Insurance-1.99%** | **Insurance-1.99%** | **Insurance-1.99%** |
| Prudential Financial, Inc. | 203223 | &nbsp;&nbsp; 21135192 |
| **Leisure Products-2.37%** | **Leisure Products-2.37%** | **Leisure Products-2.37%** |
| Polaris, Inc.<sup>(b)</sup> | 379572 | &nbsp;&nbsp; 25089709 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Machinery-3.46%** | **Machinery-3.46%** | **Machinery-3.46%** |
| Stanley Black & Decker, Inc. | 271487 | &nbsp;&nbsp; $18385100 |
| Trinity Industries, Inc. | 667381 | &nbsp;&nbsp; 18266218 |
|  |  | &nbsp;&nbsp; 36651318 |
| **Media-2.83%** | **Media-2.83%** | **Media-2.83%** |
| John Wiley & Sons, Inc., Class A<sup>(b)</sup> | 391845 | &nbsp;&nbsp; 14447325 |
| Nexstar Media Group, Inc., Class A | 79402 | &nbsp;&nbsp; 15541354 |
|  |  | &nbsp;&nbsp; 29988679 |
| **Multi-Utilities-6.47%** | **Multi-Utilities-6.47%** | **Multi-Utilities-6.47%** |
| Avista Corp. | 665451 | &nbsp;&nbsp; 25320410 |
| Black Hills Corp. | 341972 | &nbsp;&nbsp; 21691284 |
| NorthWestern Energy Group, Inc. | 361858 | &nbsp;&nbsp; 21592067 |
|  |  | &nbsp;&nbsp; 68603761 |
| **Oil, Gas & Consumable Fuels-3.33%** | **Oil, Gas & Consumable Fuels-3.33%** | **Oil, Gas & Consumable Fuels-3.33%** |
| Chevron Corp. | 119737 | &nbsp;&nbsp; 18884920 |
| Phillips 66 Co. | 120337 | &nbsp;&nbsp; 16382679 |
|  |  | &nbsp;&nbsp; 35267599 |
| **Pharmaceuticals-6.98%** | **Pharmaceuticals-6.98%** | **Pharmaceuticals-6.98%** |
| Bristol-Myers Squibb Co. | 504855 | &nbsp;&nbsp; 23258670 |
| Perrigo Co. PLC | 928885 | &nbsp;&nbsp; 19265075 |
| Pfizer, Inc. | 1274193 | &nbsp;&nbsp; 31408857 |
|  |  | &nbsp;&nbsp; 73932602 |
| **Professional Services-1.86%** | **Professional Services-1.86%** | **Professional Services-1.86%** |
| Robert Half, Inc. | 754368 | &nbsp;&nbsp; 19756898 |
| **Semiconductors & Semiconductor Equipment-1.68%** | **Semiconductors & Semiconductor Equipment-1.68%** | **Semiconductors & Semiconductor Equipment-1.68%** |
| Skyworks Solutions, Inc. | 228557 | &nbsp;&nbsp; 17763450 |
| **Specialty Retail-2.47%** | **Specialty Retail-2.47%** | **Specialty Retail-2.47%** |
| Best Buy Co., Inc. | 318423 | &nbsp;&nbsp; 26155265 |
| **Technology Hardware, Storage & Peripherals-1.67%** | **Technology Hardware, Storage & Peripherals-1.67%** | **Technology Hardware, Storage & Peripherals-1.67%** |
| HP, Inc. | 641477 | &nbsp;&nbsp; 17749669 |
| **Tobacco-4.46%** | **Tobacco-4.46%** | **Tobacco-4.46%** |
| Altria Group, Inc. | 412613 | &nbsp;&nbsp; 23263121 |
| Universal Corp. | 474274 | &nbsp;&nbsp; 24036206 |
|  |  | &nbsp;&nbsp; 47299327 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.95% <br>(Cost $1,076,620,413) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.95% <br>(Cost $1,076,620,413) | &nbsp;&nbsp; 1059529244 |
| **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-7.49%** | **Money Market Funds-7.49%** | **Money Market Funds-7.49%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(c)(d)(e)</sup><br>| 27840792 | &nbsp;&nbsp; 27840792 |

---

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)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 4.30%<sup>(c)(d)(e)</sup> | 51531232 | &nbsp;&nbsp; $51546691 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $79,387,483) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $79,387,483) | &nbsp;&nbsp; 79387483 |
| TOTAL INVESTMENTS IN SECURITIES-107.44% <br>(Cost $1,156,007,896) | TOTAL INVESTMENTS IN SECURITIES-107.44% <br>(Cost $1,156,007,896) | &nbsp;&nbsp; 1138916727 |
| OTHER ASSETS LESS LIABILITIES-(7.44)% | OTHER ASSETS LESS LIABILITIES-(7.44)% | &nbsp;&nbsp; (78890069)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1060026658 |

---

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $1989509 | &nbsp;&nbsp; $27310148 | &nbsp;&nbsp; $(29299657)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $41223 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 36131321 | &nbsp;&nbsp; 173379495 | &nbsp;&nbsp; (181670024)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 27840792 | &nbsp;&nbsp; 499,365<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 94124754 | &nbsp;&nbsp; 381322450 | &nbsp;&nbsp; (423905650)<br>| &nbsp;&nbsp; 5728 | &nbsp;&nbsp; (591)<br>| &nbsp;&nbsp; 51546691 | &nbsp;&nbsp; 1,351,034<br> \*<br>|
| Total | &nbsp;&nbsp; $132245584 | &nbsp;&nbsp; $582012093 | &nbsp;&nbsp; $(634875331)<br>| &nbsp;&nbsp; $5728 | &nbsp;&nbsp; $(591)<br>| &nbsp;&nbsp; $79387483 | &nbsp;&nbsp; $1891622 |

---

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

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

------

**16**

------

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

October 31, 2025

*(Unaudited)*

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-54.25%** | **Canada-54.25%** | **Canada-54.25%** |
| BCE, Inc. | 1387148 | &nbsp;&nbsp; $31710203 |
| Brookfield Infrastructure Partners L.P. | 994339 | &nbsp;&nbsp; 33976564 |
| Brookfield Renewable Partners L.P. | 1327946 | &nbsp;&nbsp; 40555471 |
| Canadian Imperial Bank of Commerce | 265122 | &nbsp;&nbsp; 21970660 |
| Canadian National Railway Co. | 153974 | &nbsp;&nbsp; 14767646 |
| Canadian Natural Resources Ltd. | 940080 | &nbsp;&nbsp; 30101362 |
| Enbridge, Inc. | 663393 | &nbsp;&nbsp; 30927382 |
| FirstService Corp. | 14987 | &nbsp;&nbsp; 2389078 |
| Fortis, Inc. | 411481 | &nbsp;&nbsp; 20668691 |
| Franco-Nevada Corp. | 24156 | &nbsp;&nbsp; 4508234 |
| Imperial Oil Ltd.<sup>(a)</sup> | 133512 | &nbsp;&nbsp; 11777094 |
| Magna International, Inc. | 531427 | &nbsp;&nbsp; 25088669 |
| Nutrien Ltd. | 379184 | &nbsp;&nbsp; 20646569 |
| Open Text Corp.<sup>(a)</sup> | 556952 | &nbsp;&nbsp; 21359109 |
| RB Global, Inc. | 52111 | &nbsp;&nbsp; 5170453 |
| Restaurant Brands International, Inc. | 347186 | &nbsp;&nbsp; 22806648 |
| Royal Bank of Canada | 116697 | &nbsp;&nbsp; 17096110 |
| Stantec, Inc. | 30561 | &nbsp;&nbsp; 3388604 |
| TC Energy Corp. | 521021 | &nbsp;&nbsp; 26134413 |
| TELUS Corp.<sup>(a)</sup> | 2099774 | &nbsp;&nbsp; 30782687 |
| TFI International, Inc. | 112862 | &nbsp;&nbsp; 10127107 |
| Thomson Reuters Corp. | 42693 | &nbsp;&nbsp; 6534591 |
| Toronto-Dominion Bank (The) | 306919 | &nbsp;&nbsp; 25207257 |
| TransAlta Corp. | 686308 | &nbsp;&nbsp; 12127062 |
|  |  | &nbsp;&nbsp; 469821664 |
| **Denmark-1.80%** | **Denmark-1.80%** | **Denmark-1.80%** |
| Novo Nordisk A/S, ADR<sup>(a)</sup> | 314216 | &nbsp;&nbsp; 15541123 |
| **Germany-0.62%** | **Germany-0.62%** | **Germany-0.62%** |
| SAP SE, ADR | 20563 | &nbsp;&nbsp; 5346586 |
| **India-2.29%** | **India-2.29%** | **India-2.29%** |
| Infosys Ltd., ADR<sup>(a)</sup> | 1035953 | &nbsp;&nbsp; 17165741 |
| Reliance Industries Ltd., GDR<sup>(a)(b)</sup> | 40176 | &nbsp;&nbsp; 2664792 |
|  |  | &nbsp;&nbsp; 19830533 |
| **Indonesia-4.04%** | **Indonesia-4.04%** | **Indonesia-4.04%** |
| PT Telkom Indonesia (Persero) Tbk, ADR<sup>(a)</sup> | 1785847 | &nbsp;&nbsp; 34984743 |
| **Japan-4.21%** | **Japan-4.21%** | **Japan-4.21%** |
| Mitsubishi UFJ Financial Group, Inc., ADR<sup>(a)</sup> | 1079681 | &nbsp;&nbsp; 16335574 |
| Sony Group Corp., ADR | 104106 | &nbsp;&nbsp; 2903516 |
| Sumitomo Mitsui Financial Group, Inc., <br> ADR<sup>(a)</sup><br>| 1056457 | &nbsp;&nbsp; 17199120 |
|  |  | &nbsp;&nbsp; 36438210 |
| **Mexico-4.69%** | **Mexico-4.69%** | **Mexico-4.69%** |
| America Movil S.A.B. de C.V., ADR | 746032 | &nbsp;&nbsp; 16987149 |
| Coca-Cola FEMSA S.A.B. de C.V., ADR | 274931 | &nbsp;&nbsp; 23630319 |
|  |  | &nbsp;&nbsp; 40617468 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Philippines-3.78%** | **Philippines-3.78%** | **Philippines-3.78%** |
| PLDT, Inc., ADR<sup>(a)</sup> | 1690682 | &nbsp;&nbsp; $32765417 |
| **Switzerland-1.03%** | **Switzerland-1.03%** | **Switzerland-1.03%** |
| Logitech International S.A., Class R<sup>(a)</sup> | 74140 | &nbsp;&nbsp; 8938318 |
| **United Kingdom-10.96%** | **United Kingdom-10.96%** | **United Kingdom-10.96%** |
| British American Tobacco PLC, ADR | 554452 | &nbsp;&nbsp; 28382398 |
| Diageo PLC, ADR | 191984 | &nbsp;&nbsp; 17679807 |
| National Grid PLC, ADR<sup>(a)</sup> | 358090 | &nbsp;&nbsp; 26946273 |
| Pearson PLC, ADR<sup>(a)</sup> | 844576 | &nbsp;&nbsp; 11748052 |
| RELX PLC, ADR | 230493 | &nbsp;&nbsp; 10197010 |
|  |  | &nbsp;&nbsp; 94953540 |
| **United States-11.99%** | **United States-11.99%** | **United States-11.99%** |
| Amcor PLC | 3954309 | &nbsp;&nbsp; 31239041 |
| Amdocs Ltd. | 159348 | &nbsp;&nbsp; 13426662 |
| Novartis AG, ADR | 144661 | &nbsp;&nbsp; 17907585 |
| Pentair PLC | 49086 | &nbsp;&nbsp; 5220296 |
| Sanofi S.A., ADR | 520232 | &nbsp;&nbsp; 26313335 |
| Waste Connections, Inc. | 21350 | &nbsp;&nbsp; 3579968 |
| Willis Towers Watson PLC | 19527 | &nbsp;&nbsp; 6113904 |
|  |  | &nbsp;&nbsp; 103800791 |
| Total Common Stocks & Other Equity Interests <br>(Cost $768,413,976) | Total Common Stocks & Other Equity Interests <br>(Cost $768,413,976) | &nbsp;&nbsp; 863038393 |
| **Money Market Funds-0.17%** | **Money Market Funds-0.17%** | **Money Market Funds-0.17%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(c)(d)</sup> <br>(Cost $1,496,687)<br>| 1496687 | &nbsp;&nbsp; 1496687 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.83% <br>(Cost $769,910,663) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.83% <br>(Cost $769,910,663) | &nbsp;&nbsp; 864535080 |
| **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-13.87%** | **Money Market Funds-13.87%** | **Money Market Funds-13.87%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(c)(d)(e)</sup><br>| 33141108 | &nbsp;&nbsp; 33141108 |
| Invesco Private Prime Fund, 4.30%<sup>(c)(d)(e)</sup> | 86976789 | &nbsp;&nbsp; 87002882 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $120,144,346) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $120,144,346) | &nbsp;&nbsp; 120143990 |
| TOTAL INVESTMENTS IN SECURITIES-113.70% <br>(Cost $890,055,009) | TOTAL INVESTMENTS IN SECURITIES-113.70% <br>(Cost $890,055,009) | &nbsp;&nbsp; 984679070 |
| OTHER ASSETS LESS LIABILITIES-(13.70)% | OTHER ASSETS LESS LIABILITIES-(13.70)% | &nbsp;&nbsp; (118664845)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $866014225 |

---

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.

------

**17**

------

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

October 31, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| 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 October 31, 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $216653 | &nbsp;&nbsp; $14941681 | &nbsp;&nbsp; $(13661647)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1496687 | &nbsp;&nbsp; $16436 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 40329050 | &nbsp;&nbsp; 263621271 | &nbsp;&nbsp; (270809213)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 33141108 | &nbsp;&nbsp; 806,992<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 104904546 | &nbsp;&nbsp; 514355216 | &nbsp;&nbsp; (532259779)<br>| &nbsp;&nbsp; 6277 | &nbsp;&nbsp; (3378)<br>| &nbsp;&nbsp; 87002882 | &nbsp;&nbsp; 2,215,705<br> \*<br>|
| Total | &nbsp;&nbsp; $145450249 | &nbsp;&nbsp; $792918168 | &nbsp;&nbsp; $(816730639)<br>| &nbsp;&nbsp; $6277 | &nbsp;&nbsp; $(3378)<br>| &nbsp;&nbsp; $121640677 | &nbsp;&nbsp; $3039133 |

---

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

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

------

**18**

------

**19**

------

**Statements of Assets and Liabilities**

October 31, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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; $1474334853 | &nbsp;&nbsp;&nbsp; $729740658 | &nbsp;&nbsp;&nbsp; $357281756 | &nbsp;&nbsp;&nbsp; $786440098 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 74501135 | &nbsp;&nbsp;&nbsp; 5542834 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 17751589 |
| Due from broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 231 | &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; 75092 | &nbsp;&nbsp;&nbsp; 636787 | &nbsp;&nbsp;&nbsp; 763072 | &nbsp;&nbsp;&nbsp; 724096 |
| Securities lending | &nbsp;&nbsp; 12423 | &nbsp;&nbsp;&nbsp; 1455 | &nbsp;&nbsp;&nbsp; 314 | &nbsp;&nbsp;&nbsp; 31008 |
| Investments sold | &nbsp;&nbsp; 166971 | &nbsp;&nbsp;&nbsp; 33962 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Investments sold - affiliated broker | &nbsp;&nbsp; 31111923 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Fund shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1115267 | &nbsp;&nbsp;&nbsp; - |
| Foreign tax reclaims | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Total assets** | &nbsp;&nbsp; 1580202397 | &nbsp;&nbsp;&nbsp; 735955927 | &nbsp;&nbsp;&nbsp; 359160409 | &nbsp;&nbsp;&nbsp; 804946791 |
| **Liabilities:** |  |  |  |  |
| Due to custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 24725 | &nbsp;&nbsp;&nbsp; 60897 |
| Payable for: |  |  |  |  |
| Investments purchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1113944 | &nbsp;&nbsp;&nbsp; - |
| Investments purchased - affiliated broker | &nbsp;&nbsp; 31083542 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 73293968 | &nbsp;&nbsp;&nbsp; 5120531 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 17751572 |
| Fund shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Accrued unitary management fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 21093 | &nbsp;&nbsp;&nbsp; - |
| Accrued advisory fees | &nbsp;&nbsp; 635937 | &nbsp;&nbsp;&nbsp; 249528 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 338419 |
| Accrued trustees' and officer's fees | &nbsp;&nbsp; 256993 | &nbsp;&nbsp;&nbsp; 119671 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 362615 |
| Accrued expenses | &nbsp;&nbsp; 880075 | &nbsp;&nbsp;&nbsp; 460428 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 188351 |
| **Total liabilities** | &nbsp;&nbsp; 106150515 | &nbsp;&nbsp;&nbsp; 5950158 | &nbsp;&nbsp;&nbsp; 1159762 | &nbsp;&nbsp;&nbsp; 18701854 |
| **Net Assets** | &nbsp;&nbsp; $1474051882 | &nbsp;&nbsp;&nbsp; $730005769 | &nbsp;&nbsp;&nbsp; $358000647 | &nbsp;&nbsp;&nbsp; $786244937 |
| **Net assets consist of:** |  |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1859322202 | &nbsp;&nbsp;&nbsp; $514361564 | &nbsp;&nbsp;&nbsp; $343631802 | &nbsp;&nbsp;&nbsp; $1102379316 |
| Distributable earnings (loss) | &nbsp;&nbsp; (385270320)<br>| &nbsp;&nbsp;&nbsp; 215644205 | &nbsp;&nbsp;&nbsp; 14368845 | &nbsp;&nbsp;&nbsp; (316134379)<br>|
| **Net Assets** | &nbsp;&nbsp; $1474051882 | &nbsp;&nbsp;&nbsp; $730005769 | &nbsp;&nbsp;&nbsp; $358000647 | &nbsp;&nbsp;&nbsp; $786244937 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 11370000 | &nbsp;&nbsp;&nbsp; 14360000 | &nbsp;&nbsp;&nbsp; 6420000 | &nbsp;&nbsp;&nbsp; 54400000 |
| Net asset value | &nbsp;&nbsp; $129.64 | &nbsp;&nbsp;&nbsp; $50.84 | &nbsp;&nbsp;&nbsp; $55.76 | &nbsp;&nbsp;&nbsp; $14.45 |
| Market price | &nbsp;&nbsp; $129.67 | &nbsp;&nbsp;&nbsp; $50.84 | &nbsp;&nbsp;&nbsp; $55.77 | &nbsp;&nbsp;&nbsp; $14.45 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $1368172075 | &nbsp;&nbsp;&nbsp; $509755922 | &nbsp;&nbsp;&nbsp; $321572554 | &nbsp;&nbsp;&nbsp; $883772240 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $74501957 | &nbsp;&nbsp;&nbsp; $5542948 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $17751572 |
| 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; $71997101 | &nbsp;&nbsp;&nbsp; $5004357 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $17287115 |

---

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>|
| $1059529244 | &nbsp;&nbsp;&nbsp; $863038393 |
| 79387483 | &nbsp;&nbsp;&nbsp; 121640677 |
| - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; 268970 |
| 1966449 | &nbsp;&nbsp;&nbsp; 1227940 |
| 38330 | &nbsp;&nbsp;&nbsp; 219413 |
| 1444555 | &nbsp;&nbsp;&nbsp; 3417226 |
| - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; 1125466 |
| 1142366061 | &nbsp;&nbsp;&nbsp; 990938085 |
| 238846 | &nbsp;&nbsp;&nbsp; 269415 |
| - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - |
| 79387483 | &nbsp;&nbsp;&nbsp; 120144346 |
| 1445866 | &nbsp;&nbsp;&nbsp; 3425805 |
| - | &nbsp;&nbsp;&nbsp; - |
| 369904 | &nbsp;&nbsp;&nbsp; 296194 |
| 154363 | &nbsp;&nbsp;&nbsp; 228365 |
| 742941 | &nbsp;&nbsp;&nbsp; 559735 |
| 82339403 | &nbsp;&nbsp;&nbsp; 124923860 |
| $1060026658 | &nbsp;&nbsp;&nbsp; $866014225 |
| $1432940554 | &nbsp;&nbsp;&nbsp; $1160845052 |
| (372913896)<br>| &nbsp;&nbsp;&nbsp; (294830827)<br>|
| $1060026658 | &nbsp;&nbsp;&nbsp; $866014225 |
| 51320000 | &nbsp;&nbsp;&nbsp; 40610000 |
| $20.66 | &nbsp;&nbsp;&nbsp; $21.33 |
| $20.66 | &nbsp;&nbsp;&nbsp; $21.31 |
| $1076620413 | &nbsp;&nbsp;&nbsp; $768413976 |
| $79387483 | &nbsp;&nbsp;&nbsp; $121641033 |
| $- | &nbsp;&nbsp;&nbsp; $268959 |
| $78422849 | &nbsp;&nbsp;&nbsp; $117168896 |

---

------

**21**

------

**Statements of Operations**

For the six months ended October 31, 2025

*(Unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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; $10646969 | &nbsp;&nbsp; $7045054 | &nbsp;&nbsp; $5050685 | &nbsp;&nbsp; $25665056 | &nbsp;&nbsp; $29173754 | &nbsp;&nbsp; $21156543 |
| Affiliated dividend income | &nbsp;&nbsp; 36031 | &nbsp;&nbsp; 17339 | &nbsp;&nbsp; 6828 | &nbsp;&nbsp; 16750 | &nbsp;&nbsp; 41223 | &nbsp;&nbsp; 16436 |
| Securities lending income, net | &nbsp;&nbsp; 57376 | &nbsp;&nbsp; 8183 | &nbsp;&nbsp; 778 | &nbsp;&nbsp; 502794 | &nbsp;&nbsp; 318616 | &nbsp;&nbsp; 1275586 |
| Foreign withholding tax | &nbsp;&nbsp; (2098)<br>| &nbsp;&nbsp; (2454)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (2701567)<br>|
| Total investment income | &nbsp;&nbsp; 10738278 | &nbsp;&nbsp; 7068122 | &nbsp;&nbsp; 5058291 | &nbsp;&nbsp; 26184600 | &nbsp;&nbsp; 29533593 | &nbsp;&nbsp; 19746998 |
| **Expenses:** |  |  |  |  |  |  |
| Unitary management fees | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 124498 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Advisory fees | &nbsp;&nbsp; 3495260 | &nbsp;&nbsp; 1432354 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1994563 | &nbsp;&nbsp; 2243941 | &nbsp;&nbsp; 1730534 |
| Sub-licensing fees | &nbsp;&nbsp; 699047 | &nbsp;&nbsp; 358085 | &nbsp;&nbsp; - | &nbsp;&nbsp; 111506 | &nbsp;&nbsp; 560980 | &nbsp;&nbsp; 432630 |
| Accounting & administration fees | &nbsp;&nbsp; 46481 | &nbsp;&nbsp; 29579 | &nbsp;&nbsp; - | &nbsp;&nbsp; 36477 | &nbsp;&nbsp; 45872 | &nbsp;&nbsp; 33995 |
| Custodian & transfer agent fees | &nbsp;&nbsp; 5594 | &nbsp;&nbsp; 4488 | &nbsp;&nbsp; - | &nbsp;&nbsp; 7548 | &nbsp;&nbsp; 5770 | &nbsp;&nbsp; 4760 |
| Trustees' and officer's fees | &nbsp;&nbsp; 34685 | &nbsp;&nbsp; 18509 | &nbsp;&nbsp; - | &nbsp;&nbsp; 44922 | &nbsp;&nbsp; 23385 | &nbsp;&nbsp; 30597 |
| Other expenses | &nbsp;&nbsp; 49830 | &nbsp;&nbsp; 37188 | &nbsp;&nbsp; - | &nbsp;&nbsp; 49047 | &nbsp;&nbsp; 57252 | &nbsp;&nbsp; 53128 |
| Total expenses | &nbsp;&nbsp; 4330897 | &nbsp;&nbsp; 1880203 | &nbsp;&nbsp; 124498 | &nbsp;&nbsp; 2244063 | &nbsp;&nbsp; 2937200 | &nbsp;&nbsp; 2285644 |
| Less: Waivers | &nbsp;&nbsp; (864)<br>| &nbsp;&nbsp; (415)<br>| &nbsp;&nbsp; (164)<br>| &nbsp;&nbsp; (402)<br>| &nbsp;&nbsp; (991)<br>| &nbsp;&nbsp; (390)<br>|
| Net expenses | &nbsp;&nbsp; 4330033 | &nbsp;&nbsp; 1879788 | &nbsp;&nbsp; 124334 | &nbsp;&nbsp; 2243661 | &nbsp;&nbsp; 2936209 | &nbsp;&nbsp; 2285254 |
| Net investment income | &nbsp;&nbsp; 6408245 | &nbsp;&nbsp; 5188334 | &nbsp;&nbsp; 4933957 | &nbsp;&nbsp; 23940939 | &nbsp;&nbsp; 26597384 | &nbsp;&nbsp; 17461744 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (19528821)<br>| &nbsp;&nbsp; (349948)<br>| &nbsp;&nbsp; (610693)<br>| &nbsp;&nbsp; (12822144)<br>| &nbsp;&nbsp; 1836298 | &nbsp;&nbsp; 14983552 |
| Affiliated investment securities | &nbsp;&nbsp; 1939 | &nbsp;&nbsp; 494 | &nbsp;&nbsp; (913)<br>| &nbsp;&nbsp; (617)<br>| &nbsp;&nbsp; (591)<br>| &nbsp;&nbsp; (3378)<br>|
| In-kind redemptions | &nbsp;&nbsp; 102173663 | &nbsp;&nbsp; 24612022 | &nbsp;&nbsp; 16675901 | &nbsp;&nbsp; 615232 | &nbsp;&nbsp; 6628128 | &nbsp;&nbsp; 6334838 |
| Foreign currencies | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 18462 |
| Net realized gain (loss) | &nbsp;&nbsp; 82646781 | &nbsp;&nbsp; 24262568 | &nbsp;&nbsp; 16064295 | &nbsp;&nbsp; (12207529)<br>| &nbsp;&nbsp; 8463835 | &nbsp;&nbsp; 21333474 |
| Change in net unrealized appreciation of: |  |  |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 122499616 | &nbsp;&nbsp; 59856491 | &nbsp;&nbsp; 18333765 | &nbsp;&nbsp; 36880507 | &nbsp;&nbsp; 37291257 | &nbsp;&nbsp; 46087618 |
| Affiliated investment securities | &nbsp;&nbsp; 1380 | &nbsp;&nbsp; 337 | &nbsp;&nbsp; - | &nbsp;&nbsp; 3437 | &nbsp;&nbsp; 5728 | &nbsp;&nbsp; 6277 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 122500996 | &nbsp;&nbsp; 59856828 | &nbsp;&nbsp; 18333765 | &nbsp;&nbsp; 36883944 | &nbsp;&nbsp; 37296985 | &nbsp;&nbsp; 46093895 |
| Net realized and unrealized gain | &nbsp;&nbsp; 205147777 | &nbsp;&nbsp; 84119396 | &nbsp;&nbsp; 34398060 | &nbsp;&nbsp; 24676415 | &nbsp;&nbsp; 45760820 | &nbsp;&nbsp; 67427369 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $211556022 | &nbsp;&nbsp; $89307730 | &nbsp;&nbsp; $39332017 | &nbsp;&nbsp; $48617354 | &nbsp;&nbsp; $72358204 | &nbsp;&nbsp; $84889113 |

---

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 six months ended October 31, 2025 and the year ended April 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco BuyBack** <br>**Achievers**<sup>TM</sup> **ETF (PKW)** | **Invesco BuyBack** <br>**Achievers**<sup>TM</sup> **ETF (PKW)** | **Invesco Dividend** <br>**Achievers**<sup>TM</sup> **ETF (PFM)** | **Invesco Dividend** <br>**Achievers**<sup>TM</sup> **ETF (PFM)** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $6408245 | &nbsp;&nbsp;&nbsp; $10831621 | &nbsp;&nbsp;&nbsp; $5188334 | &nbsp;&nbsp;&nbsp; $10844761 |
| Net realized gain (loss) | &nbsp;&nbsp; 82646781 | &nbsp;&nbsp;&nbsp; 151301668 | &nbsp;&nbsp;&nbsp; 24262568 | &nbsp;&nbsp;&nbsp; 21878049 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 122500996 | &nbsp;&nbsp;&nbsp; (66446667)<br>| &nbsp;&nbsp;&nbsp; 59856828 | &nbsp;&nbsp;&nbsp; 43675982 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 211556022 | &nbsp;&nbsp;&nbsp; 95686622 | &nbsp;&nbsp;&nbsp; 89307730 | &nbsp;&nbsp;&nbsp; 76398792 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (8319462)<br>| &nbsp;&nbsp;&nbsp; (10394393)<br>| &nbsp;&nbsp;&nbsp; (5230978)<br>| &nbsp;&nbsp;&nbsp; (11102400)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 577879767 | &nbsp;&nbsp;&nbsp; 466650145 | &nbsp;&nbsp;&nbsp; 23736318 | &nbsp;&nbsp;&nbsp; 41175087 |
| Value of shares repurchased | &nbsp;&nbsp; (470064304)<br>| &nbsp;&nbsp;&nbsp; (465248291)<br>| &nbsp;&nbsp;&nbsp; (51382689)<br>| &nbsp;&nbsp;&nbsp; (67770755)<br>|
| Net increase (decrease) in net assets resulting from share <br> transactions<br>| &nbsp;&nbsp; 107815463 | &nbsp;&nbsp;&nbsp; 1401854 | &nbsp;&nbsp;&nbsp; (27646371)<br>| &nbsp;&nbsp;&nbsp; (26595668)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 311052023 | &nbsp;&nbsp;&nbsp; 86694083 | &nbsp;&nbsp;&nbsp; 56430381 | &nbsp;&nbsp;&nbsp; 38700724 |
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 1162999859 | &nbsp;&nbsp;&nbsp; 1076305776 | &nbsp;&nbsp;&nbsp; 673575388 | &nbsp;&nbsp;&nbsp; 634874664 |
| End of period | &nbsp;&nbsp; $1474051882 | &nbsp;&nbsp;&nbsp; $1162999859 | &nbsp;&nbsp;&nbsp; $730005769 | &nbsp;&nbsp;&nbsp; $673575388 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 4580000 | &nbsp;&nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp; 890000 |
| Shares repurchased | &nbsp;&nbsp; (3760000)<br>| &nbsp;&nbsp;&nbsp; (3920000)<br>| &nbsp;&nbsp;&nbsp; (1070000)<br>| &nbsp;&nbsp;&nbsp; (1480000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 10550000 | &nbsp;&nbsp;&nbsp; 10570000 | &nbsp;&nbsp;&nbsp; 14940000 | &nbsp;&nbsp;&nbsp; 15530000 |
| Shares outstanding, end of period | &nbsp;&nbsp; 11370000 | &nbsp;&nbsp;&nbsp; 10550000 | &nbsp;&nbsp;&nbsp; 14360000 | &nbsp;&nbsp;&nbsp; 14940000 |

---

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)** |
| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| $4933957 | &nbsp;&nbsp; $9180339 | &nbsp;&nbsp; $23940939 | &nbsp;&nbsp; $50708813 | &nbsp;&nbsp; $26597384 | &nbsp;&nbsp; $50425919 | &nbsp;&nbsp; $17461744 | &nbsp;&nbsp; $31275658 |
| 16064295 | &nbsp;&nbsp; 17199472 | &nbsp;&nbsp; (12207529)<br>| &nbsp;&nbsp; (22875698)<br>| &nbsp;&nbsp; 8463835 | &nbsp;&nbsp; 33244508 | &nbsp;&nbsp; 21333474 | &nbsp;&nbsp; 44643594 |
| 18333765 | &nbsp;&nbsp; 7427834 | &nbsp;&nbsp; 36883944 | &nbsp;&nbsp; (138594)<br>| &nbsp;&nbsp; 37296985 | &nbsp;&nbsp; (33487722)<br>| &nbsp;&nbsp; 46093895 | &nbsp;&nbsp; 42833817 |
| 39332017 | &nbsp;&nbsp; 33807645 | &nbsp;&nbsp; 48617354 | &nbsp;&nbsp; 27694521 | &nbsp;&nbsp; 72358204 | &nbsp;&nbsp; 50182705 | &nbsp;&nbsp; 84889113 | &nbsp;&nbsp; 118753069 |
| (4906979)<br>| &nbsp;&nbsp; (9084082)<br>| &nbsp;&nbsp; (25196087)<br>| &nbsp;&nbsp; (52749697)<br>| &nbsp;&nbsp; (27922342)<br>| &nbsp;&nbsp; (52752911)<br>| &nbsp;&nbsp; (17917852)<br>| &nbsp;&nbsp; (31395702)<br>|
| 37709035 | &nbsp;&nbsp; 98239982 | &nbsp;&nbsp; 3543812 | &nbsp;&nbsp; 26777237 | &nbsp;&nbsp; - | &nbsp;&nbsp; 419245373 | &nbsp;&nbsp; 1374512 | &nbsp;&nbsp; 3073909 |
| (47750250)<br>| &nbsp;&nbsp; (80335726)<br>| &nbsp;&nbsp; (29250937)<br>| &nbsp;&nbsp; (103701258)<br>| &nbsp;&nbsp; (73770463)<br>| &nbsp;&nbsp; (510023220)<br>| &nbsp;&nbsp; (29034741)<br>| &nbsp;&nbsp; (135416810)<br>|
| (10041215)<br>| &nbsp;&nbsp; 17904256 | &nbsp;&nbsp; (25707125)<br>| &nbsp;&nbsp; (76924021)<br>| &nbsp;&nbsp; (73770463)<br>| &nbsp;&nbsp; (90777847)<br>| &nbsp;&nbsp; (27660229)<br>| &nbsp;&nbsp; (132342901)<br>|
| 24383823 | &nbsp;&nbsp; 42627819 | &nbsp;&nbsp; (2285858)<br>| &nbsp;&nbsp; (101979197)<br>| &nbsp;&nbsp; (29334601)<br>| &nbsp;&nbsp; (93348053)<br>| &nbsp;&nbsp; 39311032 | &nbsp;&nbsp; (44985534)<br>|
| 333616824 | &nbsp;&nbsp; 290989005 | &nbsp;&nbsp; 788530795 | &nbsp;&nbsp; 890509992 | &nbsp;&nbsp; 1089361259 | &nbsp;&nbsp; 1182709312 | &nbsp;&nbsp; 826703193 | &nbsp;&nbsp; 871688727 |
| $358000647 | &nbsp;&nbsp; $333616824 | &nbsp;&nbsp; $786244937 | &nbsp;&nbsp; $788530795 | &nbsp;&nbsp; $1060026658 | &nbsp;&nbsp; $1089361259 | &nbsp;&nbsp; $866014225 | &nbsp;&nbsp; $826703193 |
| 690000 | &nbsp;&nbsp; 1890000 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; - | &nbsp;&nbsp; 19570000 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp; 160000 |
| (870000)<br>| &nbsp;&nbsp; (1550000)<br>| &nbsp;&nbsp; (2050000)<br>| &nbsp;&nbsp; (7000000)<br>| &nbsp;&nbsp; (3540000)<br>| &nbsp;&nbsp; (24050000)<br>| &nbsp;&nbsp; (1400000)<br>| &nbsp;&nbsp; (7170000)<br>|
| 6600000 | &nbsp;&nbsp; 6260000 | &nbsp;&nbsp; 56200000 | &nbsp;&nbsp; 61400000 | &nbsp;&nbsp; 54860000 | &nbsp;&nbsp; 59340000 | &nbsp;&nbsp; 41940000 | &nbsp;&nbsp; 48950000 |
| 6420000 | &nbsp;&nbsp; 6600000 | &nbsp;&nbsp; 54400000 | &nbsp;&nbsp; 56200000 | &nbsp;&nbsp; 51320000 | &nbsp;&nbsp; 54860000 | &nbsp;&nbsp; 40610000 | &nbsp;&nbsp; 41940000 |

---

------

**25**

------

**Financial Highlights**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $54.42 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &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 <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.57 | &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;20.15 | &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; (0.75)<br>| &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 period | &nbsp;&nbsp;&nbsp; $129.64 | &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 period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $129.67 | &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; 18.31<br> %<br>| &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; 18.44<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $1474052 | &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 %<sup>(d)</sup><br>| &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; 0.92 %<sup>(d)</sup><br>| &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>(e)</sup> | &nbsp;&nbsp;&nbsp; 49<br> %<br>| &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> 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.

------

**26**

------

**Financial Highlights—(continued)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $27.27 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &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;5.75 | &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;6.11 | &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; (0.36)<br>| &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 period | &nbsp;&nbsp;&nbsp; $50.84 | &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 period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $50.84 | &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; 13.58<br> %<br>| &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; 13.69<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $730006 | &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, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.52 %<sup>(d)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.53 %<sup>(d)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.45 %<sup>(d)</sup><br>| &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>(e)</sup> | &nbsp;&nbsp;&nbsp; 1<br> %<br>| &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> Annualized.

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

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

------

**27**

------

**Financial Highlights—(continued)**

Invesco Dow Jones Industrial Average Dividend ETF (DJD)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $33.17 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &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;5.21 | &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;5.96 | &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; (0.75)<br>| &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 period | &nbsp;&nbsp;&nbsp; $55.76 | &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 period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $55.77 | &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; 11.86<br> %<br>| &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; 11.95<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $358001 | &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 %<sup>(d)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.77 %<sup>(d)</sup><br>| &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>(e)</sup> | &nbsp;&nbsp;&nbsp; 6<br> %<br>| &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> 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**

------

**Financial Highlights—(continued)**

Invesco Financial Preferred ETF (PGF)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $18.05 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &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 <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &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;0.88 | &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; (0.46)<br>| &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 period | &nbsp;&nbsp;&nbsp; $14.45 | &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 period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $14.45 | &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; 6.32<br> %<br>| &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; 6.24<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $786245 | &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; 0.56 %<sup>(d)</sup><br>| &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; 0.56 %<sup>(d)</sup><br>| &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; 6.00 %<sup>(d)</sup><br>| &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>(e)</sup> | &nbsp;&nbsp;&nbsp; 9<br> %<br>| &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> 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.

------

**29**

------

**Financial Highlights—(continued)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $14.21 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &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 <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &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;1.32 | &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; (0.52)<br>| &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 period | &nbsp;&nbsp;&nbsp; $20.66 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $20.66 | &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; 6.67<br> %<br>| &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; 6.78<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $1060027 | &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 %<sup>(e)</sup><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; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.74 %<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 22<br> %<br>| &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> 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.

------

**30**

------

**Financial Highlights—(continued)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $12.12 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &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;1.64 | &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;2.06 | &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; (0.44)<br>| &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 period | &nbsp;&nbsp;&nbsp; $21.33 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $21.31 | &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; 10.52<br> %<br>| &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; 10.53<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $866014 | &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 %<sup>(e)</sup><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; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.04 %<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 15<br> %<br>| &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>|

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

<sup>(b)</sup> Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund's net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund's investments. 

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

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

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

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

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

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**Notes to Financial Statements**

Invesco Exchange-Traded Fund Trust

October 31, 2025

*(Unaudited)*

**NOTE 1—Organization**

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

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| | |
|:---|:---|
| **Full Name** | **Short Name** |
| Invesco BuyBack Achievers<sup>TM</sup> ETF (PKW) | "BuyBack Achievers<sup>TM</sup> ETF" |
| Invesco Dividend Achievers<sup>TM</sup> ETF (PFM) | "Dividend Achievers<sup>TM</sup> ETF" |
| Invesco Dow Jones Industrial Average Dividend ETF (DJD) | "Dow Jones Industrial Average Dividend ETF" |
| Invesco Financial Preferred ETF (PGF) | "Financial Preferred ETF" |
| Invesco High Yield Equity Dividend Achievers<sup>TM</sup> ETF (PEY) | "High Yield Equity Dividend Achievers<sup>TM</sup> ETF" |
| Invesco International Dividend Achievers<sup>TM</sup> ETF (PID) | "International Dividend Achievers<sup>TM</sup> ETF" |

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

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| | |
|:---|:---|
| **Fund** | **Underlying Index** |
| BuyBack Achievers<sup>TM</sup> ETF | Nasdaq US BuyBack Achievers<sup>TM</sup> Index |
| Dividend Achievers<sup>TM</sup> ETF | Nasdaq US Broad Dividend Achievers<sup>TM</sup> Index |
| Dow Jones Industrial Average Dividend ETF | Dow Jones Industrial Average Yield Weighted 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 50<sup>TM</sup> Index |
| International Dividend Achievers<sup>TM</sup> ETF | Nasdaq International Dividend Achievers<sup>TM</sup> Index |

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**NOTE 2—Significant Accounting Policies**

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

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("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.

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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 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.

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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 (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

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**34**

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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 six months ended October 31, 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** — Each Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 ("BNY") 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 six months ended October 31, 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:

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| | |
|:---|:---|
|  | **Amount** |
| BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; $2706 |
| Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 772 |
| Dow Jones Industrial Average Dividend ETF | &nbsp;&nbsp; 79 |
| Financial Preferred ETF | &nbsp;&nbsp; 48499 |
| High Yield Equity Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 32312 |
| International Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 127583 |

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**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

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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. Equity risk also includes the risk of large-capitalization companies, which may adapt more slowly to new competitive challenges or may be more mature and subject to more limited growth potential, and consequently may underperform other segments of the equity market or the market as a whole. 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.

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

*Foreign Investment Risk*. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation,

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nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. 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 returns, even though it may not have received any income. Further, preferred securities may lose substantial value due to the

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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 six months ended October 31, 2025, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

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| | |
|:---|:---|
| BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp;&nbsp; $864 |
| Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp;&nbsp; 415 |
| Dow Jones Industrial Average Dividend ETF | &nbsp;&nbsp;&nbsp; 164 |
| Financial Preferred ETF | &nbsp;&nbsp;&nbsp; 402 |
| High Yield Equity Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp;&nbsp; 991 |
| International Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp;&nbsp; 390 |

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The fees waived and/or expenses borne by the Adviser pursuant to the Expense Cap are subject to recapture by the Adviser for up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made

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by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.

There are no amounts available for potential recapture by the Adviser as of October 31, 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"):

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| | |
|:---|:---|
| **Fund** | **Licensor** |
| BuyBack Achievers<sup>TM</sup> ETF | Nasdaq, Inc. |
| Dividend Achievers<sup>TM</sup> ETF | Nasdaq, Inc. |
| Dow Jones Industrial Average Dividend ETF | S&P Dow Jones Indices LLC |
| Financial Preferred ETF | ICE Data Indices, LLC |
| High Yield Equity Dividend Achievers<sup>TM</sup> ETF | Nasdaq, Inc. |
| International Dividend Achievers<sup>TM</sup> ETF | Nasdaq, Inc. |

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

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

For the six months ended October 31, 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:

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| | |
|:---|:---|
| BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp;&nbsp; $58389 |
| Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp;&nbsp; 591 |
| Dow Jones Industrial Average Dividend ETF | &nbsp;&nbsp;&nbsp; 1397 |
| High Yield Equity Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp;&nbsp; 27577 |
| International Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp;&nbsp; 20519 |

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

**NOTE 4—Additional Valuation Information**

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

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 October 31, 2025, for each Fund (except for Dow Jones Industrial Average Dividend ETF). As of October 31, 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 valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| BuyBack Achievers<sup>TM</sup> ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $1474334853 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1474334853 |
| Money Market Funds | &nbsp;&nbsp; 1207989 | &nbsp;&nbsp; 73293146 | &nbsp;&nbsp; - | &nbsp;&nbsp; 74501135 |
| **Total Investments** | &nbsp;&nbsp; $1475542842 | &nbsp;&nbsp; $73293146 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1548835988 |
| Dividend Achievers<sup>TM</sup> ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $729740658 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $729740658 |
| Money Market Funds | &nbsp;&nbsp; 422417 | &nbsp;&nbsp; 5120417 | &nbsp;&nbsp; - | &nbsp;&nbsp; 5542834 |
| **Total Investments** | &nbsp;&nbsp; $730163075 | &nbsp;&nbsp; $5120417 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $735283492 |
| Financial Preferred ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Preferred Stocks | &nbsp;&nbsp; $786440098 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $786440098 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 17751589 | &nbsp;&nbsp; - | &nbsp;&nbsp; 17751589 |
| **Total Investments** | &nbsp;&nbsp; $786440098 | &nbsp;&nbsp; $17751589 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $804191687 |
| High Yield Equity Dividend Achievers<sup>TM</sup> ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $1059529244 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1059529244 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 79387483 | &nbsp;&nbsp; - | &nbsp;&nbsp; 79387483 |
| **Total Investments** | &nbsp;&nbsp; $1059529244 | &nbsp;&nbsp; $79387483 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1138916727 |
| International Dividend Achievers<sup>TM</sup> ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $860373601 | &nbsp;&nbsp; $2664792 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $863038393 |
| Money Market Funds | &nbsp;&nbsp; 1496687 | &nbsp;&nbsp; 120143990 | &nbsp;&nbsp; - | &nbsp;&nbsp; 121640677 |
| **Total Investments** | &nbsp;&nbsp; $861870288 | &nbsp;&nbsp; $122808782 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $984679070 |

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**NOTE 5—Tax Information**

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

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

The Funds had capital loss carryforwards as of April 30, 2025, as follows:

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

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

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**NOTE 6—Investment Transactions**

For the six months ended October 31, 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:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; $676614132 | &nbsp;&nbsp; $676218380 |
| Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 8551658 | &nbsp;&nbsp; 8137748 |
| Dow Jones Industrial Average Dividend ETF | &nbsp;&nbsp; 22519693 | &nbsp;&nbsp; 21942169 |
| Financial Preferred ETF | &nbsp;&nbsp; 72937024 | &nbsp;&nbsp; 74749096 |
| High Yield Equity Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 239328474 | &nbsp;&nbsp; 238860862 |
| International Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 124737781 | &nbsp;&nbsp; 125481099 |

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For the six months ended October 31, 2025, in-kind transactions associated with creations and redemptions were as follows:

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| | | |
|:---|:---|:---|
|  | **In-kind** <br>**Purchases**<br>| **In-kind** <br>**Sales**<br>|
| BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; $576776255 | &nbsp;&nbsp; $471249909 |
| Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 23741875 | &nbsp;&nbsp; 51354897 |
| Dow Jones Industrial Average Dividend ETF | &nbsp;&nbsp; 37566637 | &nbsp;&nbsp; 47771213 |
| Financial Preferred ETF | &nbsp;&nbsp; 3528610 | &nbsp;&nbsp; 29174120 |
| High Yield Equity Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; 73567554 |
| International Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 1372032 | &nbsp;&nbsp; 28912267 |

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

As of October 31, 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **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; $176686438 | &nbsp;&nbsp; $(79515278)<br>| &nbsp;&nbsp; $97171160 | &nbsp;&nbsp; $1451664828 |
| Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 242645215 | &nbsp;&nbsp; (30263524)<br>| &nbsp;&nbsp; 212381691 | &nbsp;&nbsp; 522901801 |
| Dow Jones Industrial Average Dividend ETF | &nbsp;&nbsp; 47137339 | &nbsp;&nbsp; (17565719)<br>| &nbsp;&nbsp; 29571620 | &nbsp;&nbsp; 327710136 |
| Financial Preferred ETF | &nbsp;&nbsp; 3096920 | &nbsp;&nbsp; (118840327)<br>| &nbsp;&nbsp; (115743407)<br>| &nbsp;&nbsp; 919935094 |
| High Yield Equity Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 75615568 | &nbsp;&nbsp; (112918475)<br>| &nbsp;&nbsp; (37302907)<br>| &nbsp;&nbsp; 1176219634 |
| International Dividend Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 156407348 | &nbsp;&nbsp; (67147549)<br>| &nbsp;&nbsp; 89259799 | &nbsp;&nbsp; 895419271 |

---

**NOTE 7—Trustees' and Officer's Fees**

Trustees' and Officer's Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for 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 8—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

------

**42**

------

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.

------

**43**

------

**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>**

Not applicable.

------

**44**

------

**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-DI-NCSRS

invesco.com/ETFs

------

![](img8a71914a1.jpg)

------

**Invesco Semi-Annual Financial Statements and Other Information**

October 31, 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_81263541-4a32-43f7-8568-23ea88e7abc3_SOI-Continued-426_1) | **3** |
| [Invesco Biotechnology & Genome ETF (PBE)](#xx_81263541-4a32-43f7-8568-23ea88e7abc3_SOI-Continued-426_4) | **6** |
| [Invesco Building & Construction ETF (PKB)](#xx_81263541-4a32-43f7-8568-23ea88e7abc3_SOI-Continued-426_6) | **8** |
| [Invesco Energy Exploration & Production ETF (PXE)](#xx_81263541-4a32-43f7-8568-23ea88e7abc3_SOI-Continued-426_8) | **10** |
| [Invesco Food & Beverage ETF (PBJ)](#xx_81263541-4a32-43f7-8568-23ea88e7abc3_SOI-Continued-426_10) | **12** |
| [Invesco Leisure and Entertainment ETF (PEJ)](#xx_81263541-4a32-43f7-8568-23ea88e7abc3_SOI-Continued-426_12) | **14** |
| [Invesco Next Gen Connectivity ETF (KNCT)](#xx_81263541-4a32-43f7-8568-23ea88e7abc3_SOI-Continued-426_14) | **16** |
| [Invesco Next Gen Media and Gaming ETF (GGME)](#xx_81263541-4a32-43f7-8568-23ea88e7abc3_SOI-Continued-426_17) | **19** |
| [Invesco Oil & Gas Services ETF (PXJ)](#xx_81263541-4a32-43f7-8568-23ea88e7abc3_SOI-Continued-426_20) | **22** |
| [Invesco Pharmaceuticals ETF (PJP)](#xx_81263541-4a32-43f7-8568-23ea88e7abc3_SOI-Continued-426_22) | **24** |
| [Invesco Semiconductors ETF (PSI)](#xx_81263541-4a32-43f7-8568-23ea88e7abc3_SOI-Continued-426_24) | **26** |
| [Statements of Assets and Liabilities](#xx_81263541-4a32-43f7-8568-23ea88e7abc3_FS-Continued-426_1) | **28** |
| [Statements of Operations](#xx_81263541-4a32-43f7-8568-23ea88e7abc3_FS-Continued-426_3) | **30** |
| [Statements of Changes in Net Assets](#xx_81263541-4a32-43f7-8568-23ea88e7abc3_FS-Continued-426_5) | **32** |
| [Financial Highlights](#xx_81263541-4a32-43f7-8568-23ea88e7abc3_FIHI-Continued-426_1) | **36** |
| [Notes to Financial Statements](#xx_81263541-4a32-43f7-8568-23ea88e7abc3_NTF-Continued-426_1) | **47** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_81263541-4a32-43f7-8568-23ea88e7abc3_OIRSR-Continued_1) | **60** |

---

------

**2**

------

**Invesco AI and Next Gen Software ETF (IGPT)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** |
| **Advertising-0.63%** | **Advertising-0.63%** | **Advertising-0.63%** |
| Magnite, Inc.<sup>(b)(c)</sup> | 23690 | &nbsp;&nbsp; $423577 |
| Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 74149 | &nbsp;&nbsp; 3728212 |
|  |  | &nbsp;&nbsp; 4151789 |
| **Aerospace & Defense-0.26%** | **Aerospace & Defense-0.26%** | **Aerospace & Defense-0.26%** |
| AeroVironment, Inc.<sup>(b)(c)</sup> | 4598 | &nbsp;&nbsp; 1700846 |
| **Alternative Carriers-0.05%** | **Alternative Carriers-0.05%** | **Alternative Carriers-0.05%** |
| Cogent Communications Holdings, Inc.<sup>(c)</sup> | 7276 | &nbsp;&nbsp; 300135 |
| **Application Software-14.26%** | **Application Software-14.26%** | **Application Software-14.26%** |
| Adobe, Inc.<sup>(b)</sup> | 70547 | &nbsp;&nbsp; 24007849 |
| Autodesk, Inc.<sup>(b)</sup> | 35599 | &nbsp;&nbsp; 10727403 |
| Bentley Systems, Inc., Class B<sup>(c)</sup> | 32617 | &nbsp;&nbsp; 1657922 |
| Braze, Inc., Class A<sup>(b)</sup> | 14388 | &nbsp;&nbsp; 412360 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 39456 | &nbsp;&nbsp; 13363353 |
| Dassault Systemes SE (France) | 121320 | &nbsp;&nbsp; 3457139 |
| DocuSign, Inc.<sup>(b)</sup> | 33606 | &nbsp;&nbsp; 2457943 |
| DoubleVerify Holdings, Inc.<sup>(b)</sup> | 22837 | &nbsp;&nbsp; 259885 |
| Elastic N.V.<sup>(b)</sup> | 15342 | &nbsp;&nbsp; 1368813 |
| Five9, Inc.<sup>(b)(c)</sup> | 12857 | &nbsp;&nbsp; 312168 |
| Freshworks, Inc., Class A<sup>(b)</sup> | 37373 | &nbsp;&nbsp; 414840 |
| Horizon Robotics (China)<sup>(b)(c)</sup> | 1731364 | &nbsp;&nbsp; 1960373 |
| HubSpot, Inc.<sup>(b)</sup> | 8760 | &nbsp;&nbsp; 4309219 |
| Informatica, Inc., Class A<sup>(b)</sup> | 18832 | &nbsp;&nbsp; 468352 |
| Nemetschek SE (Germany) | 6406 | &nbsp;&nbsp; 741213 |
| Nice Ltd. (Israel)<sup>(b)</sup> | 8585 | &nbsp;&nbsp; 1172592 |
| Pegasystems, Inc. | 14382 | &nbsp;&nbsp; 915414 |
| Samsara, Inc., Class A<sup>(b)</sup> | 48912 | &nbsp;&nbsp; 1964795 |
| Strategy, Inc., Class A<sup>(b)</sup> | 43916 | &nbsp;&nbsp; 11835801 |
| Synopsys, Inc.<sup>(b)</sup> | 20442 | &nbsp;&nbsp; 9276988 |
| Unity Software, Inc.<sup>(b)</sup> | 59201 | &nbsp;&nbsp; 2243718 |
|  |  | &nbsp;&nbsp; 93328140 |
| **Casinos & Gaming-0.06%** | **Casinos & Gaming-0.06%** | **Casinos & Gaming-0.06%** |
| Genius Sports Ltd. (United Kingdom)<sup>(b)</sup> | 36629 | &nbsp;&nbsp; 412442 |
| **Consumer Electronics-0.52%** | **Consumer Electronics-0.52%** | **Consumer Electronics-0.52%** |
| Garmin Ltd. | 15816 | &nbsp;&nbsp; 3383675 |
| **Data Center REITs-3.57%** | **Data Center REITs-3.57%** | **Data Center REITs-3.57%** |
| Digital Realty Trust, Inc. | 53087 | &nbsp;&nbsp; 9046555 |
| Equinix, Inc. | 16275 | &nbsp;&nbsp; 13768813 |
| Keppel DC REIT (Singapore) | 300274 | &nbsp;&nbsp; 551047 |
|  |  | &nbsp;&nbsp; 23366415 |
| **Electrical Components & Equipment-2.11%** | **Electrical Components & Equipment-2.11%** | **Electrical Components & Equipment-2.11%** |
| AMETEK, Inc. | 27060 | &nbsp;&nbsp; 5469097 |
| Emerson Electric Co. | 50448 | &nbsp;&nbsp; 7041027 |
| Nidec Corp. (Japan) | 107399 | &nbsp;&nbsp; 1307166 |
|  |  | &nbsp;&nbsp; 13817290 |
| **Electronic Components-0.19%** | **Electronic Components-0.19%** | **Electronic Components-0.19%** |
| Largan Precision Co. Ltd. (Taiwan) | 17060 | &nbsp;&nbsp; 1224468 |
| **Electronic Equipment & Instruments-3.15%** | **Electronic Equipment & Instruments-3.15%** | **Electronic Equipment & Instruments-3.15%** |
| Cognex Corp. | 27935 | &nbsp;&nbsp; 1156230 |
| Halma PLC (United Kingdom) | 46013 | &nbsp;&nbsp; 2144381 |
| Hexagon AB, Class B (Sweden)<sup>(c)</sup> | 290461 | &nbsp;&nbsp; 3543500 |
| Inficon Holding AG (Switzerland)<sup>(c)</sup> | 2878 | &nbsp;&nbsp; 346129 |
| Keyence Corp. (Japan) | 34379 | &nbsp;&nbsp; 12763799 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Electronic Equipment & Instruments-(continued)** | **Electronic Equipment & Instruments-(continued)** | **Electronic Equipment & Instruments-(continued)** |
| Novanta, Inc.<sup>(b)(c)</sup> | 3099 | &nbsp;&nbsp; $393604 |
| RoboSense Technology Co. Ltd. (China)<sup>(b)</sup> | 65424 | &nbsp;&nbsp; 292682 |
|  |  | &nbsp;&nbsp; 20640325 |
| **Electronic Manufacturing Services-0.19%** | **Electronic Manufacturing Services-0.19%** | **Electronic Manufacturing Services-0.19%** |
| Foxconn Industrial Internet Co. Ltd. (China) | 81400 | &nbsp;&nbsp; 820887 |
| IPG Photonics Corp.<sup>(b)(c)</sup> | 5118 | &nbsp;&nbsp; 435644 |
|  |  | &nbsp;&nbsp; 1256531 |
| **Health Care Equipment-4.87%** | **Health Care Equipment-4.87%** | **Health Care Equipment-4.87%** |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 59620 | &nbsp;&nbsp; 31853774 |
| **Health Care Services-0.14%** | **Health Care Services-0.14%** | **Health Care Services-0.14%** |
| RadNet, Inc.<sup>(b)(c)</sup> | 12012 | &nbsp;&nbsp; 912792 |
| **Industrial Machinery & Supplies & Components-0.93%** | **Industrial Machinery & Supplies & Components-0.93%** | **Industrial Machinery & Supplies & Components-0.93%** |
| ATS Corp. (Canada)<sup>(b)</sup> | 12354 | &nbsp;&nbsp; 340161 |
| Fortive Corp. | 44634 | &nbsp;&nbsp; 2246876 |
| Harmonic Drive Systems, Inc. (Japan)<sup>(c)</sup> | 10466 | &nbsp;&nbsp; 192769 |
| Hiwin Technologies Corp. (Taiwan) | 42477 | &nbsp;&nbsp; 306689 |
| MINEBEA MITSUMI, Inc. (Japan) | 38822 | &nbsp;&nbsp; 767543 |
| Rainbow Robotics (South Korea)<sup>(b)</sup> | 1778 | &nbsp;&nbsp; 543273 |
| UBTech Robotics Corp Ltd. (China)<sup>(b)</sup> | 34645 | &nbsp;&nbsp; 612919 |
| Yaskawa Electric Corp. (Japan)<sup>(c)</sup> | 39269 | &nbsp;&nbsp; 1077467 |
|  |  | &nbsp;&nbsp; 6087697 |
| **Interactive Home Entertainment-0.73%** | **Interactive Home Entertainment-0.73%** | **Interactive Home Entertainment-0.73%** |
| Electronic Arts, Inc. | 23985 | &nbsp;&nbsp; 4798439 |
| **Interactive Media & Services-16.09%** | **Interactive Media & Services-16.09%** | **Interactive Media & Services-16.09%** |
| Alphabet, Inc., Class A | 189318 | &nbsp;&nbsp; 53234328 |
| Baidu, Inc., A Shares (China)<sup>(b)</sup> | 201718 | &nbsp;&nbsp; 3052604 |
| Meta Platforms, Inc., Class A | 60602 | &nbsp;&nbsp; 39291307 |
| Pinterest, Inc., Class A<sup>(b)</sup> | 99669 | &nbsp;&nbsp; 3299044 |
| Reddit, Inc., Class A<sup>(b)</sup> | 21119 | &nbsp;&nbsp; 4412815 |
| Snap, Inc., Class A<sup>(b)(c)</sup> | 200089 | &nbsp;&nbsp; 1560694 |
| Trump Media & Technology Group Corp.<sup>(b)(c)</sup> | 27003 | &nbsp;&nbsp; 413821 |
|  |  | &nbsp;&nbsp; 105264613 |
| **Internet Services & Infrastructure-2.58%** | **Internet Services & Infrastructure-2.58%** | **Internet Services & Infrastructure-2.58%** |
| GDS Holdings Ltd., A Shares (China)<sup>(b)</sup> | 116648 | &nbsp;&nbsp; 519610 |
| NEXTDC Ltd. (Australia)<sup>(b)(c)</sup> | 106682 | &nbsp;&nbsp; 1097378 |
| Snowflake, Inc., Class A<sup>(b)</sup> | 55483 | &nbsp;&nbsp; 15251167 |
|  |  | &nbsp;&nbsp; 16868155 |
| **Movies & Entertainment-0.30%** | **Movies & Entertainment-0.30%** | **Movies & Entertainment-0.30%** |
| Roku, Inc., Class A<sup>(b)</sup> | 18549 | &nbsp;&nbsp; 1968605 |
| **Semiconductors-43.77%** | **Semiconductors-43.77%** | **Semiconductors-43.77%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 269949 | &nbsp;&nbsp; 69139338 |
| Alchip Technologies Ltd. (Taiwan) | 12161 | &nbsp;&nbsp; 1370045 |
| Ambarella, Inc.<sup>(b)</sup> | 7077 | &nbsp;&nbsp; 603173 |
| ARM Holdings PLC, ADR<sup>(b)(c)</sup> | 22711 | &nbsp;&nbsp; 3856782 |
| ASMedia Technology, Inc. (Taiwan) | 5479 | &nbsp;&nbsp; 255819 |
| Astera Labs, Inc.<sup>(b)</sup> | 22995 | &nbsp;&nbsp; 4292707 |
| Cambricon Technologies Corp. Ltd. (China)<sup>(b)</sup> | 3997 | &nbsp;&nbsp; 772518 |
| Credo Technology Group Holding Ltd.<sup>(b)</sup> | 24423 | &nbsp;&nbsp; 4582243 |
| Global Unichip Corp. (Taiwan) | 9222 | &nbsp;&nbsp; 455935 |
| Hygon Information Technology Co. Ltd., A <br> Shares (China)<br>| 23010 | &nbsp;&nbsp; 741999 |
| Intel Corp.<sup>(b)</sup> | 506822 | &nbsp;&nbsp; 20267812 |
| Kioxia Holdings Corp. (Japan)<sup>(b)</sup> | 62393 | &nbsp;&nbsp; 4353085 |
| Lattice Semiconductor Corp.<sup>(b)(c)</sup> | 22768 | &nbsp;&nbsp; 1661153 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Semiconductors-(continued)** | **Semiconductors-(continued)** | **Semiconductors-(continued)** |
| MediaTek, Inc. (Taiwan) | 266073 | &nbsp;&nbsp; $11284010 |
| Microchip Technology, Inc. | 66053 | &nbsp;&nbsp; 4123028 |
| Micron Technology, Inc. | 186140 | &nbsp;&nbsp; 41652548 |
| Nanya Technology Corp. (Taiwan)<sup>(b)</sup> | 196376 | &nbsp;&nbsp; 838623 |
| NVIDIA Corp. | 256878 | &nbsp;&nbsp; 52015226 |
| QUALCOMM, Inc. | 153651 | &nbsp;&nbsp; 27795466 |
| Silicon Laboratories, Inc.<sup>(b)</sup> | 5456 | &nbsp;&nbsp; 715173 |
| SK hynix, Inc. (South Korea) | 87538 | &nbsp;&nbsp; 34060467 |
| Socionext, Inc. (Japan) | 29936 | &nbsp;&nbsp; 673937 |
| Winbond Electronics Corp. (Taiwan)<sup>(b)</sup> | 534982 | &nbsp;&nbsp; 935656 |
|  |  | &nbsp;&nbsp; 286446743 |
| **Systems Software-0.15%** | **Systems Software-0.15%** | **Systems Software-0.15%** |
| Dolby Laboratories, Inc., Class A<sup>(c)</sup> | 9455 | &nbsp;&nbsp; 627056 |
| Teradata Corp.<sup>(b)</sup> | 15740 | &nbsp;&nbsp; 328179 |
|  |  | &nbsp;&nbsp; 955235 |
| **Technology Hardware, Storage & Peripherals-5.41%** | **Technology Hardware, Storage & Peripherals-5.41%** | **Technology Hardware, Storage & Peripherals-5.41%** |
| Gigabyte Technology Co. Ltd. (Taiwan) | 66535 | &nbsp;&nbsp; 603163 |
| Hewlett Packard Enterprise Co. | 152915 | &nbsp;&nbsp; 3734183 |
| MiTAC Holdings Corp. (Taiwan) | 165553 | &nbsp;&nbsp; 534398 |
| NetApp, Inc. | 24801 | &nbsp;&nbsp; 2921062 |
| Pure Storage, Inc., Class A<sup>(b)(c)</sup> | 29163 | &nbsp;&nbsp; 2878388 |
| Seagate Technology Holdings PLC | 35388 | &nbsp;&nbsp; 9055081 |
| Super Micro Computer, Inc.<sup>(b)</sup> | 83435 | &nbsp;&nbsp; 4335283 |
| Western Digital Corp. | 57688 | &nbsp;&nbsp; 8665314 |
| Wiwynn Corp. (Taiwan) | 19102 | &nbsp;&nbsp; 2693757 |
|  |  | &nbsp;&nbsp; 35420629 |
| Total Common Stocks & Other Equity Interests <br>(Cost $443,072,381) | Total Common Stocks & Other Equity Interests <br>(Cost $443,072,381) | &nbsp;&nbsp; 654158738 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.10%** | **Money Market Funds-0.10%** | **Money Market Funds-0.10%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $619,374)<br>| 619374 | &nbsp;&nbsp; $619374 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.06% <br>(Cost $443,691,755) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.06% <br>(Cost $443,691,755) | &nbsp;&nbsp; 654778112 |
| **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-1.61%** | **Money Market Funds-1.61%** | **Money Market Funds-1.61%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 2932539 | &nbsp;&nbsp; 2932539 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 7614390 | &nbsp;&nbsp; 7616674 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $10,549,349) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $10,549,349) | &nbsp;&nbsp; 10549213 |
| TOTAL INVESTMENTS IN SECURITIES-101.67% <br>(Cost $454,241,104) | TOTAL INVESTMENTS IN SECURITIES-101.67% <br>(Cost $454,241,104) | &nbsp;&nbsp; 665327325 |
| OTHER ASSETS LESS LIABILITIES-(1.67)% | OTHER ASSETS LESS LIABILITIES-(1.67)% | &nbsp;&nbsp; (10906934)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $654420391 |

---

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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $130743 | &nbsp;&nbsp; $6798128 | &nbsp;&nbsp; $(6309497)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $619374 | &nbsp;&nbsp; $11647 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2025**<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> **October 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $9825361 | &nbsp;&nbsp; $89526284 | &nbsp;&nbsp; $(96419106)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2932539 | &nbsp;&nbsp; $144,530<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 25561595 | &nbsp;&nbsp; 184099026 | &nbsp;&nbsp; (202049313)<br>| &nbsp;&nbsp; (136)<br>| &nbsp;&nbsp; 5502 | &nbsp;&nbsp; 7616674 | &nbsp;&nbsp; 387,129<br> \*<br>|
| Total | &nbsp;&nbsp; $35517699 | &nbsp;&nbsp; $280423438 | &nbsp;&nbsp; $(304777916)<br>| &nbsp;&nbsp; $(136)<br>| &nbsp;&nbsp; $5502 | &nbsp;&nbsp; $11168587 | &nbsp;&nbsp; $543306 |

---

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

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

------

**5**

------

**Invesco Biotechnology & Genome ETF (PBE)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.04%** | **Common Stocks & Other Equity Interests-100.04%** | **Common Stocks & Other Equity Interests-100.04%** |
| **Biotechnology-80.14%** | **Biotechnology-80.14%** | **Biotechnology-80.14%** |
| Acadia Pharmaceuticals, Inc.<sup>(b)</sup> | 226512 | &nbsp;&nbsp; $5141822 |
| Akebia Therapeutics, Inc.<sup>(b)(c)</sup> | 1885407 | &nbsp;&nbsp; 4166749 |
| Amgen, Inc. | 36883 | &nbsp;&nbsp; 11006994 |
| BioCryst Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 679012 | &nbsp;&nbsp; 4970368 |
| Biogen, Inc.<sup>(b)</sup> | 78120 | &nbsp;&nbsp; 12051572 |
| BioMarin Pharmaceutical, Inc.<sup>(b)</sup> | 101408 | &nbsp;&nbsp; 5432427 |
| Catalyst Pharmaceuticals, Inc.<sup>(b)</sup> | 292174 | &nbsp;&nbsp; 6214541 |
| Dynavax Technologies Corp.<sup>(b)(c)</sup> | 558037 | &nbsp;&nbsp; 5725460 |
| Exact Sciences Corp.<sup>(b)</sup> | 126347 | &nbsp;&nbsp; 8173387 |
| Exelixis, Inc.<sup>(b)</sup> | 151956 | &nbsp;&nbsp; 5876139 |
| Gilead Sciences, Inc. | 93081 | &nbsp;&nbsp; 11150173 |
| Halozyme Therapeutics, Inc.<sup>(b)</sup> | 79864 | &nbsp;&nbsp; 5206334 |
| Incyte Corp.<sup>(b)</sup> | 127154 | &nbsp;&nbsp; 11886356 |
| Ionis Pharmaceuticals, Inc.<sup>(b)</sup> | 138155 | &nbsp;&nbsp; 10264916 |
| Madrigal Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 13712 | &nbsp;&nbsp; 5743957 |
| MannKind Corp.<sup>(b)</sup> | 1431429 | &nbsp;&nbsp; 8001688 |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> | 42575 | &nbsp;&nbsp; 6097166 |
| PTC Therapeutics, Inc.<sup>(b)(c)</sup> | 117792 | &nbsp;&nbsp; 8046371 |
| Regeneron Pharmaceuticals, Inc. | 18176 | &nbsp;&nbsp; 11847117 |
| Sarepta Therapeutics, Inc.<sup>(b)</sup> | 319055 | &nbsp;&nbsp; 7660511 |
| United Therapeutics Corp.<sup>(b)</sup> | 18842 | &nbsp;&nbsp; 8392792 |
| Veracyte, Inc.<sup>(b)(c)</sup> | 200411 | &nbsp;&nbsp; 7230829 |
| Vericel Corp.<sup>(b)(c)</sup> | 159832 | &nbsp;&nbsp; 5603710 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 27597 | &nbsp;&nbsp; 11744455 |
|  |  | &nbsp;&nbsp; 187635834 |
| **Life Sciences Tools & Services-10.84%** | **Life Sciences Tools & Services-10.84%** | **Life Sciences Tools & Services-10.84%** |
| Bio-Techne Corp. | 102586 | &nbsp;&nbsp; 6418806 |
| Illumina, Inc.<sup>(b)</sup> | 108181 | &nbsp;&nbsp; 13364681 |
| QIAGEN N.V. | 119237 | &nbsp;&nbsp; 5586260 |
|  |  | &nbsp;&nbsp; 25369747 |
| **Pharmaceuticals-9.06%** | **Pharmaceuticals-9.06%** | **Pharmaceuticals-9.06%** |
| Collegium Pharmaceutical, Inc.<sup>(b)(c)</sup> | 151110 | &nbsp;&nbsp; 5439960 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** |
| CorMedix, Inc.<sup>(b)(c)</sup> | 416436 | &nbsp;&nbsp; $4634932 |
| Royalty Pharma PLC, Class A | 296857 | &nbsp;&nbsp; 11144012 |
|  |  | &nbsp;&nbsp; 21218904 |
| Total Common Stocks & Other Equity Interests <br>(Cost $198,315,954) | Total Common Stocks & Other Equity Interests <br>(Cost $198,315,954) | &nbsp;&nbsp; 234224485 |
| **Money Market Funds-0.07%** | **Money Market Funds-0.07%** | **Money Market Funds-0.07%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $155,558)<br>| 155558 | &nbsp;&nbsp; 155558 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.11% <br>(Cost $198,471,512) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.11% <br>(Cost $198,471,512) | &nbsp;&nbsp; 234380043 |
| **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-10.62%** | **Money Market Funds-10.62%** | **Money Market Funds-10.62%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 6900918 | &nbsp;&nbsp; 6900918 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 17954792 | &nbsp;&nbsp; 17960178 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $24,861,130) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $24,861,130) | &nbsp;&nbsp; 24861096 |
| TOTAL INVESTMENTS IN SECURITIES-110.73% <br>(Cost $223,332,642) | TOTAL INVESTMENTS IN SECURITIES-110.73% <br>(Cost $223,332,642) | &nbsp;&nbsp; 259241139 |
| OTHER ASSETS LESS LIABILITIES-(10.73)% | OTHER ASSETS LESS LIABILITIES-(10.73)% | &nbsp;&nbsp; (25124506)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $234116633 |

---

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $138392 | &nbsp;&nbsp; $2240755 | &nbsp;&nbsp; $(2223590)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $155558 | &nbsp;&nbsp; $4253 |

---

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

------

**6**

------

**Invesco Biotechnology & Genome ETF (PBE)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $6312059 | &nbsp;&nbsp; $57080166 | &nbsp;&nbsp; $(56491307)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $6900918 | &nbsp;&nbsp; $155,931<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 16313117 | &nbsp;&nbsp; 122622285 | &nbsp;&nbsp; (120977514)<br>| &nbsp;&nbsp; 651 | &nbsp;&nbsp; 1639 | &nbsp;&nbsp; 17960178 | &nbsp;&nbsp; 423,674<br> \*<br>|
| Total | &nbsp;&nbsp; $22763568 | &nbsp;&nbsp; $181943206 | &nbsp;&nbsp; $(179692411)<br>| &nbsp;&nbsp; $651 | &nbsp;&nbsp; $1639 | &nbsp;&nbsp; $25016654 | &nbsp;&nbsp; $583858 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.03%** | **Common Stocks & Other Equity Interests-100.03%** | **Common Stocks & Other Equity Interests-100.03%** |
| **Building Products-10.07%** | **Building Products-10.07%** | **Building Products-10.07%** |
| Armstrong World Industries, Inc. | 39434 | &nbsp;&nbsp; $7509416 |
| Janus International Group, Inc.<sup>(b)(c)</sup> | 750573 | &nbsp;&nbsp; 7205501 |
| Johnson Controls International PLC | 131694 | &nbsp;&nbsp; 15064477 |
|  |  | &nbsp;&nbsp; 29779394 |
| **Construction & Engineering-39.35%** | **Construction & Engineering-39.35%** | **Construction & Engineering-39.35%** |
| AECOM | 62049 | &nbsp;&nbsp; 8336283 |
| API Group Corp.<sup>(b)</sup> | 215041 | &nbsp;&nbsp; 7917810 |
| Argan, Inc. | 33869 | &nbsp;&nbsp; 10371026 |
| Comfort Systems USA, Inc. | 20193 | &nbsp;&nbsp; 19497957 |
| EMCOR Group, Inc. | 23080 | &nbsp;&nbsp; 15597002 |
| MasTec, Inc.<sup>(b)</sup> | 42679 | &nbsp;&nbsp; 8713345 |
| MYR Group, Inc.<sup>(b)</sup> | 41406 | &nbsp;&nbsp; 9014086 |
| Primoris Services Corp. | 66470 | &nbsp;&nbsp; 9406834 |
| Sterling Infrastructure, Inc.<sup>(b)(c)</sup> | 26595 | &nbsp;&nbsp; 10050251 |
| Tutor Perini Corp.<sup>(b)</sup> | 132074 | &nbsp;&nbsp; 8896505 |
| Valmont Industries, Inc. | 20710 | &nbsp;&nbsp; 8562135 |
|  |  | &nbsp;&nbsp; 116363234 |
| **Construction Machinery & Heavy Transportation Equipment-2.64%** | **Construction Machinery & Heavy Transportation Equipment-2.64%** | **Construction Machinery & Heavy Transportation Equipment-2.64%** |
| Astec Industries, Inc. | 167512 | &nbsp;&nbsp; 7794333 |
| **Construction Materials-21.30%** | **Construction Materials-21.30%** | **Construction Materials-21.30%** |
| CRH PLC | 124995 | &nbsp;&nbsp; 14886904 |
| Eagle Materials, Inc. | 32849 | &nbsp;&nbsp; 6974500 |
| Knife River Corp.<sup>(b)</sup> | 86421 | &nbsp;&nbsp; 5225014 |
| Martin Marietta Materials, Inc. | 23148 | &nbsp;&nbsp; 14192039 |
| United States Lime & Minerals, Inc. | 64077 | &nbsp;&nbsp; 7511106 |
| Vulcan Materials Co. | 49049 | &nbsp;&nbsp; 14199685 |
|  |  | &nbsp;&nbsp; 62989248 |
| **Forest Products-2.36%** | **Forest Products-2.36%** | **Forest Products-2.36%** |
| Louisiana-Pacific Corp. | 80039 | &nbsp;&nbsp; 6972197 |
| **Gas Utilities-2.70%** | **Gas Utilities-2.70%** | **Gas Utilities-2.70%** |
| Southwest Gas Holdings, Inc. | 100517 | &nbsp;&nbsp; 7991102 |
| **Home Improvement Retail-4.50%** | **Home Improvement Retail-4.50%** | **Home Improvement Retail-4.50%** |
| Home Depot, Inc. (The) | 35050 | &nbsp;&nbsp; 13304630 |
| **Homebuilding-7.66%** | **Homebuilding-7.66%** | **Homebuilding-7.66%** |
| Cavco Industries, Inc.<sup>(b)(c)</sup> | 14966 | &nbsp;&nbsp; 7928987 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Homebuilding-(continued)** | **Homebuilding-(continued)** | **Homebuilding-(continued)** |
| Installed Building Products, Inc.<sup>(c)</sup> | 28139 | &nbsp;&nbsp; $6984944 |
| TopBuild Corp.<sup>(b)</sup> | 18309 | &nbsp;&nbsp; 7735186 |
|  |  | &nbsp;&nbsp; 22649117 |
| **Office Services & Supplies-2.44%** | **Office Services & Supplies-2.44%** | **Office Services & Supplies-2.44%** |
| Interface, Inc. | 289410 | &nbsp;&nbsp; 7206309 |
| **Other Specialty Retail-4.24%** | **Other Specialty Retail-4.24%** | **Other Specialty Retail-4.24%** |
| Tractor Supply Co. | 231536 | &nbsp;&nbsp; 12528413 |
| **Research & Consulting Services-2.77%** | **Research & Consulting Services-2.77%** | **Research & Consulting Services-2.77%** |
| Jacobs Solutions, Inc. | 52593 | &nbsp;&nbsp; 8194515 |
| Total Common Stocks & Other Equity Interests <br>(Cost $241,795,254) | Total Common Stocks & Other Equity Interests <br>(Cost $241,795,254) | &nbsp;&nbsp; 295772492 |
| **Money Market Funds-0.06%** | **Money Market Funds-0.06%** | **Money Market Funds-0.06%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $185,562)<br>| 185562 | &nbsp;&nbsp; 185562 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.09% <br>(Cost $241,980,816) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.09% <br>(Cost $241,980,816) | &nbsp;&nbsp; 295958054 |
| **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-2.21%** | **Money Market Funds-2.21%** | **Money Market Funds-2.21%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 1797462 | &nbsp;&nbsp; 1797462 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 4728520 | &nbsp;&nbsp; 4729939 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $6,527,765) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $6,527,765) | &nbsp;&nbsp; 6527401 |
| TOTAL INVESTMENTS IN SECURITIES-102.30% <br>(Cost $248,508,581) | TOTAL INVESTMENTS IN SECURITIES-102.30% <br>(Cost $248,508,581) | &nbsp;&nbsp; 302485455 |
| OTHER ASSETS LESS LIABILITIES-(2.30)% | OTHER ASSETS LESS LIABILITIES-(2.30)% | &nbsp;&nbsp; (6803166)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $295682289 |

---

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $236618 | &nbsp;&nbsp; $1554128 | &nbsp;&nbsp; $(1605184)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $185562 | &nbsp;&nbsp; $6893 |

---

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

------

**8**

------

**Invesco Building & Construction ETF (PKB)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $5653855 | &nbsp;&nbsp; $44759777 | &nbsp;&nbsp; $(48616170)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1797462 | &nbsp;&nbsp; $93,935<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 13752136 | &nbsp;&nbsp; 109556619 | &nbsp;&nbsp; (118579259)<br>| &nbsp;&nbsp; 371 | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 4729939 | &nbsp;&nbsp; 251,274<br> \*<br>|
| Total | &nbsp;&nbsp; $19642609 | &nbsp;&nbsp; $155870524 | &nbsp;&nbsp; $(168800613)<br>| &nbsp;&nbsp; $371 | &nbsp;&nbsp; $72 | &nbsp;&nbsp; $6712963 | &nbsp;&nbsp; $352102 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.95%** | **Common Stocks & Other Equity Interests-99.95%** | **Common Stocks & Other Equity Interests-99.95%** |
| **Gas Utilities-2.55%** | **Gas Utilities-2.55%** | **Gas Utilities-2.55%** |
| National Fuel Gas Co. | 22054 | &nbsp;&nbsp; $1740281 |
| **Integrated Oil & Gas-4.60%** | **Integrated Oil & Gas-4.60%** | **Integrated Oil & Gas-4.60%** |
| Occidental Petroleum Corp. | 76375 | &nbsp;&nbsp; 3146650 |
| **Oil & Gas Exploration & Production-74.67%** | **Oil & Gas Exploration & Production-74.67%** | **Oil & Gas Exploration & Production-74.67%** |
| Antero Resources Corp.<sup>(b)</sup> | 112938 | &nbsp;&nbsp; 3490914 |
| APA Corp. | 86629 | &nbsp;&nbsp; 1962147 |
| California Resources Corp. | 38587 | &nbsp;&nbsp; 1820149 |
| Chord Energy Corp. | 18080 | &nbsp;&nbsp; 1640218 |
| Civitas Resources, Inc. | 55382 | &nbsp;&nbsp; 1596663 |
| CNX Resources Corp.<sup>(b)(c)</sup> | 65709 | &nbsp;&nbsp; 2211765 |
| Coterra Energy, Inc. | 147105 | &nbsp;&nbsp; 3480504 |
| Crescent Energy Co., Class A<sup>(c)</sup> | 212442 | &nbsp;&nbsp; 1790886 |
| Devon Energy Corp. | 99806 | &nbsp;&nbsp; 3242697 |
| EOG Resources, Inc. | 28989 | &nbsp;&nbsp; 3068196 |
| EQT Corp. | 66711 | &nbsp;&nbsp; 3574375 |
| Gulfport Energy Corp.<sup>(b)(c)</sup> | 11068 | &nbsp;&nbsp; 2058759 |
| HighPeak Energy, Inc.<sup>(c)</sup> | 258254 | &nbsp;&nbsp; 1717389 |
| Mach Natural Resources L.P. | 138958 | &nbsp;&nbsp; 1667496 |
| Magnolia Oil & Gas Corp., Class A | 79381 | &nbsp;&nbsp; 1782897 |
| Matador Resources Co. | 39348 | &nbsp;&nbsp; 1552672 |
| Murphy Oil Corp.<sup>(c)</sup> | 80048 | &nbsp;&nbsp; 2265358 |
| Northern Oil and Gas, Inc.<sup>(c)</sup> | 75711 | &nbsp;&nbsp; 1675484 |
| Ovintiv, Inc. | 46840 | &nbsp;&nbsp; 1756968 |
| Permian Resources Corp. | 138157 | &nbsp;&nbsp; 1735252 |
| Range Resources Corp. | 56465 | &nbsp;&nbsp; 2007331 |
| SM Energy Co. | 69680 | &nbsp;&nbsp; 1455615 |
| Talos Energy, Inc.<sup>(b)</sup> | 197959 | &nbsp;&nbsp; 1941978 |
| Vitesse Energy, Inc.<sup>(c)</sup> | 72364 | &nbsp;&nbsp; 1573917 |
|  |  | &nbsp;&nbsp; 51069630 |
| **Oil & Gas Refining & Marketing-18.13%** | **Oil & Gas Refining & Marketing-18.13%** | **Oil & Gas Refining & Marketing-18.13%** |
| HF Sinclair Corp. | 39073 | &nbsp;&nbsp; 2016167 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Oil & Gas Refining & Marketing-(continued)** | **Oil & Gas Refining & Marketing-(continued)** | **Oil & Gas Refining & Marketing-(continued)** |
| Marathon Petroleum Corp. | 20264 | &nbsp;&nbsp; $3949656 |
| Par Pacific Holdings, Inc.<sup>(b)</sup> | 59473 | &nbsp;&nbsp; 2377731 |
| Valero Energy Corp. | 23927 | &nbsp;&nbsp; 4057062 |
|  |  | &nbsp;&nbsp; 12400616 |
| Total Common Stocks & Other Equity Interests <br>(Cost $73,318,930) | Total Common Stocks & Other Equity Interests <br>(Cost $73,318,930) | &nbsp;&nbsp; 68357177 |
| **Money Market Funds-0.19%** | **Money Market Funds-0.19%** | **Money Market Funds-0.19%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $134,261)<br>| 134261 | &nbsp;&nbsp; 134261 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.14% <br>(Cost $73,453,191) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.14% <br>(Cost $73,453,191) | &nbsp;&nbsp; 68491438 |
| **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-14.45%** | **Money Market Funds-14.45%** | **Money Market Funds-14.45%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 2744803 | &nbsp;&nbsp; 2744803 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 7136672 | &nbsp;&nbsp; 7138813 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $9,883,616) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $9,883,616) | &nbsp;&nbsp; 9883616 |
| TOTAL INVESTMENTS IN SECURITIES-114.59% <br>(Cost $83,336,807) | TOTAL INVESTMENTS IN SECURITIES-114.59% <br>(Cost $83,336,807) | &nbsp;&nbsp; 78375054 |
| OTHER ASSETS LESS LIABILITIES-(14.59)% | OTHER ASSETS LESS LIABILITIES-(14.59)% | &nbsp;&nbsp; (9981822)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $68393232 |

---

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $109484 | &nbsp;&nbsp; $1938088 | &nbsp;&nbsp; $(1913311)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $134261 | &nbsp;&nbsp; $2488 |

---

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

------

**10**

------

**Invesco Energy Exploration & Production ETF (PXE)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $4995382 | &nbsp;&nbsp; $28350626 | &nbsp;&nbsp; $(30601205)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2744803 | &nbsp;&nbsp; $75,932<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 13014651 | &nbsp;&nbsp; 73805983 | &nbsp;&nbsp; (79682930)<br>| &nbsp;&nbsp; 512 | &nbsp;&nbsp; 597 | &nbsp;&nbsp; 7138813 | &nbsp;&nbsp; 205,995<br> \*<br>|
| Total | &nbsp;&nbsp; $18119517 | &nbsp;&nbsp; $104094697 | &nbsp;&nbsp; $(112197446)<br>| &nbsp;&nbsp; $512 | &nbsp;&nbsp; $597 | &nbsp;&nbsp; $10017877 | &nbsp;&nbsp; $284415 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.91%** | **Common Stocks & Other Equity Interests-99.91%** | **Common Stocks & Other Equity Interests-99.91%** |
| **Agricultural Products & Services-5.76%** | **Agricultural Products & Services-5.76%** | **Agricultural Products & Services-5.76%** |
| Archer-Daniels-Midland Co. | 46026 | &nbsp;&nbsp; $2785954 |
| Fresh Del Monte Produce, Inc. | 79963 | &nbsp;&nbsp; 2826692 |
|  |  | &nbsp;&nbsp; 5612646 |
| **Fertilizers & Agricultural Chemicals-4.52%** | **Fertilizers & Agricultural Chemicals-4.52%** | **Fertilizers & Agricultural Chemicals-4.52%** |
| Corteva, Inc. | 71692 | &nbsp;&nbsp; 4404756 |
| **Food Distributors-14.63%** | **Food Distributors-14.63%** | **Food Distributors-14.63%** |
| Chefs' Warehouse, Inc. (The)<sup>(b)(c)</sup> | 45829 | &nbsp;&nbsp; 2703911 |
| Sysco Corp. | 66570 | &nbsp;&nbsp; 4944820 |
| United Natural Foods, Inc.<sup>(b)</sup> | 103562 | &nbsp;&nbsp; 3899109 |
| US Foods Holding Corp.<sup>(b)</sup> | 37185 | &nbsp;&nbsp; 2700375 |
|  |  | &nbsp;&nbsp; 14248215 |
| **Food Retail-17.50%** | **Food Retail-17.50%** | **Food Retail-17.50%** |
| Albertson's Cos., Inc., Class A | 149045 | &nbsp;&nbsp; 2636606 |
| Ingles Markets, Inc., Class A | 42924 | &nbsp;&nbsp; 2966049 |
| Kroger Co. (The) | 76838 | &nbsp;&nbsp; 4889202 |
| Maplebear, Inc.<sup>(b)</sup> | 67290 | &nbsp;&nbsp; 2480309 |
| Sprouts Farmers Market, Inc.<sup>(b)</sup> | 20040 | &nbsp;&nbsp; 1582358 |
| Weis Markets, Inc.<sup>(c)</sup> | 39371 | &nbsp;&nbsp; 2493759 |
|  |  | &nbsp;&nbsp; 17048283 |
| **Packaged Foods & Meats-37.90%** | **Packaged Foods & Meats-37.90%** | **Packaged Foods & Meats-37.90%** |
| Adecoagro S.A. (Brazil)<sup>(c)</sup> | 342997 | &nbsp;&nbsp; 2764556 |
| Cal-Maine Foods, Inc. | 25144 | &nbsp;&nbsp; 2207643 |
| Hershey Co. (The) | 28905 | &nbsp;&nbsp; 4903155 |
| JBS N.V., Class A<sup>(b)</sup> | 180828 | &nbsp;&nbsp; 2388738 |
| Kraft Heinz Co. (The) | 191370 | &nbsp;&nbsp; 4732580 |
| Mondelez International, Inc., Class A | 85430 | &nbsp;&nbsp; 4908808 |
| Nomad Foods Ltd. (United Kingdom) | 187391 | &nbsp;&nbsp; 2117518 |
| Pilgrim's Pride Corp.<sup>(c)</sup> | 64816 | &nbsp;&nbsp; 2469490 |
| Post Holdings, Inc.<sup>(b)</sup> | 25751 | &nbsp;&nbsp; 2676302 |
| Seaboard Corp. | 781 | &nbsp;&nbsp; 2631954 |
| Tootsie Roll Industries, Inc.<sup>(c)</sup> | 71624 | &nbsp;&nbsp; 2527611 |
| Tyson Foods, Inc., Class A | 50522 | &nbsp;&nbsp; 2597336 |
|  |  | &nbsp;&nbsp; 36925691 |
| **Personal Care Products-2.57%** | **Personal Care Products-2.57%** | **Personal Care Products-2.57%** |
| Herbalife Ltd.<sup>(b)(c)</sup> | 313267 | &nbsp;&nbsp; 2506136 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Restaurants-8.18%** | **Restaurants-8.18%** | **Restaurants-8.18%** |
| Domino's Pizza, Inc. | 6409 | &nbsp;&nbsp; $2553730 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 21306 | &nbsp;&nbsp; 5419607 |
|  |  | &nbsp;&nbsp; 7973337 |
| **Soft Drinks & Non-alcoholic Beverages-8.85%** | **Soft Drinks & Non-alcoholic Beverages-8.85%** | **Soft Drinks & Non-alcoholic Beverages-8.85%** |
| Celsius Holdings, Inc.<sup>(b)</sup> | 48537 | &nbsp;&nbsp; 2923384 |
| Monster Beverage Corp.<sup>(b)</sup> | 85335 | &nbsp;&nbsp; 5702938 |
|  |  | &nbsp;&nbsp; 8626322 |
| Total Common Stocks & Other Equity Interests <br>(Cost $98,575,249) | Total Common Stocks & Other Equity Interests <br>(Cost $98,575,249) | &nbsp;&nbsp; 97345386 |
| **Money Market Funds-0.21%** | **Money Market Funds-0.21%** | **Money Market Funds-0.21%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $209,611)<br>| 209611 | &nbsp;&nbsp; 209611 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.12% <br>(Cost $98,784,860) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.12% <br>(Cost $98,784,860) | &nbsp;&nbsp; 97554997 |
| **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-7.09%** | **Money Market Funds-7.09%** | **Money Market Funds-7.09%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 1916754 | &nbsp;&nbsp; 1916754 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 4986643 | &nbsp;&nbsp; 4988139 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $6,905,075) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $6,905,075) | &nbsp;&nbsp; 6904893 |
| TOTAL INVESTMENTS IN SECURITIES-107.21% <br>(Cost $105,689,935) | TOTAL INVESTMENTS IN SECURITIES-107.21% <br>(Cost $105,689,935) | &nbsp;&nbsp; 104459890 |
| OTHER ASSETS LESS LIABILITIES-(7.21)% | OTHER ASSETS LESS LIABILITIES-(7.21)% | &nbsp;&nbsp; (7028494)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $97431396 |

---

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $201332 | &nbsp;&nbsp; $1895902 | &nbsp;&nbsp; $(1887623)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $209611 | &nbsp;&nbsp; $3960 |

---

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

------

**12**

------

**Invesco Food & Beverage ETF (PBJ)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2025**<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> **October 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $3285869 | &nbsp;&nbsp; $44079291 | &nbsp;&nbsp; $(45448406)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1916754 | &nbsp;&nbsp; $65,680<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 8543830 | &nbsp;&nbsp; 86957757 | &nbsp;&nbsp; (90514002)<br>| &nbsp;&nbsp; (182)<br>| &nbsp;&nbsp; 736 | &nbsp;&nbsp; 4988139 | &nbsp;&nbsp; 174,930<br> \*<br>|
| Total | &nbsp;&nbsp; $12031031 | &nbsp;&nbsp; $132932950 | &nbsp;&nbsp; $(137850031)<br>| &nbsp;&nbsp; $(182)<br>| &nbsp;&nbsp; $736 | &nbsp;&nbsp; $7114504 | &nbsp;&nbsp; $244570 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** |
| **Broadcasting-5.75%** | **Broadcasting-5.75%** | **Broadcasting-5.75%** |
| Fox Corp., Class A | 154942 | &nbsp;&nbsp; $10017000 |
| Paramount Skydance Corp.<sup>(b)</sup> | 577825 | &nbsp;&nbsp; 8892727 |
|  |  | &nbsp;&nbsp; 18909727 |
| **Casinos & Gaming-23.42%** | **Casinos & Gaming-23.42%** | **Casinos & Gaming-23.42%** |
| Accel Entertainment, Inc.<sup>(b)(c)</sup> | 797268 | &nbsp;&nbsp; 8124161 |
| Boyd Gaming Corp. | 105427 | &nbsp;&nbsp; 8209600 |
| Flutter Entertainment PLC (Ireland)<sup>(b)(c)</sup> | 55784 | &nbsp;&nbsp; 12974801 |
| Las Vegas Sands Corp. | 298635 | &nbsp;&nbsp; 17723987 |
| MGM Resorts International<sup>(c)</sup> | 237669 | &nbsp;&nbsp; 7612538 |
| Red Rock Resorts, Inc., Class A | 146283 | &nbsp;&nbsp; 7798347 |
| Rush Street Interactive, Inc.<sup>(b)(c)</sup> | 422762 | &nbsp;&nbsp; 7170043 |
| Sportradar Group AG (Switzerland)<sup>(c)</sup> | 287916 | &nbsp;&nbsp; 7373529 |
|  |  | &nbsp;&nbsp; 76987006 |
| **Food Distributors-7.36%** | **Food Distributors-7.36%** | **Food Distributors-7.36%** |
| Sysco Corp. | 210723 | &nbsp;&nbsp; 15652505 |
| US Foods Holding Corp.<sup>(c)</sup> | 117712 | &nbsp;&nbsp; 8548245 |
|  |  | &nbsp;&nbsp; 24200750 |
| **Food Retail-2.39%** | **Food Retail-2.39%** | **Food Retail-2.39%** |
| Maplebear, Inc.<sup>(c)</sup> | 213002 | &nbsp;&nbsp; 7851254 |
| **Hotels, Resorts & Cruise Lines-11.62%** | **Hotels, Resorts & Cruise Lines-11.62%** | **Hotels, Resorts & Cruise Lines-11.62%** |
| Carnival Corp.<sup>(c)</sup> | 526511 | &nbsp;&nbsp; 15179312 |
| Expedia Group, Inc. | 42847 | &nbsp;&nbsp; 9426340 |
| Royal Caribbean Cruises Ltd. | 47442 | &nbsp;&nbsp; 13607789 |
|  |  | &nbsp;&nbsp; 38213441 |
| **Interactive Media & Services-2.61%** | **Interactive Media & Services-2.61%** | **Interactive Media & Services-2.61%** |
| TripAdvisor, Inc.<sup>(b)(c)</sup> | 534000 | &nbsp;&nbsp; 8576040 |
| **Movies & Entertainment-25.48%** | **Movies & Entertainment-25.48%** | **Movies & Entertainment-25.48%** |
| Atlanta Braves Holdings, Inc., Series C<sup>(c)</sup> | 204811 | &nbsp;&nbsp; 8339904 |
| Cinemark Holdings, Inc. | 353664 | &nbsp;&nbsp; 9552465 |
| Lionsgate Studios Corp.<sup>(c)</sup> | 1488248 | &nbsp;&nbsp; 9569434 |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup> | 100711 | &nbsp;&nbsp; 15059316 |
| TKO Group Holdings, Inc. | 49430 | &nbsp;&nbsp; 9312612 |
| Warner Bros. Discovery, Inc.<sup>(c)</sup> | 1423245 | &nbsp;&nbsp; 31951850 |
|  |  | &nbsp;&nbsp; 83785581 |
| **Passenger Airlines-2.96%** | **Passenger Airlines-2.96%** | **Passenger Airlines-2.96%** |
| Copa Holdings S.A., Class A (Panama)<sup>(b)</sup> | 77633 | &nbsp;&nbsp; 9720428 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Passenger Ground Transportation-3.39%** | **Passenger Ground Transportation-3.39%** | **Passenger Ground Transportation-3.39%** |
| Lyft, Inc., Class A<sup>(c)</sup> | 544810 | &nbsp;&nbsp; $11146812 |
| **Restaurants-15.02%** | **Restaurants-15.02%** | **Restaurants-15.02%** |
| Biglari Holdings, Inc., Class B<sup>(b)(c)</sup> | 29439 | &nbsp;&nbsp; 10636605 |
| Brinker International, Inc.<sup>(c)</sup> | 56551 | &nbsp;&nbsp; 6144832 |
| Cheesecake Factory, Inc. (The)<sup>(b)</sup> | 147766 | &nbsp;&nbsp; 7358747 |
| Domino's Pizza, Inc. | 20285 | &nbsp;&nbsp; 8082761 |
| DoorDash, Inc., Class A<sup>(c)</sup> | 67446 | &nbsp;&nbsp; 17156239 |
|  |  | &nbsp;&nbsp; 49379184 |
| Total Common Stocks & Other Equity Interests <br>(Cost $301,965,447) | Total Common Stocks & Other Equity Interests <br>(Cost $301,965,447) | &nbsp;&nbsp; 328770223 |
| **Money Market Funds-0.09%** | **Money Market Funds-0.09%** | **Money Market Funds-0.09%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $312,342)<br>| 312342 | &nbsp;&nbsp; 312342 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.09% <br>(Cost $302,277,789) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.09% <br>(Cost $302,277,789) | &nbsp;&nbsp; 329082565 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-16.02%** | **Money Market Funds-16.02%** | **Money Market Funds-16.02%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 13864231 | &nbsp;&nbsp; 13864231 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 38809841 | &nbsp;&nbsp; 38821484 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $52,687,525) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $52,687,525) | &nbsp;&nbsp; 52685715 |
| TOTAL INVESTMENTS IN SECURITIES-116.11% <br>(Cost $354,965,314) | TOTAL INVESTMENTS IN SECURITIES-116.11% <br>(Cost $354,965,314) | &nbsp;&nbsp; 381768280 |
| OTHER ASSETS LESS LIABILITIES-(16.11)% | OTHER ASSETS LESS LIABILITIES-(16.11)% | &nbsp;&nbsp; (52983264)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $328785016 |

---

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

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

------

**14**

------

**Invesco Leisure and Entertainment ETF (PEJ)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $265533 | &nbsp;&nbsp; $1601228 | &nbsp;&nbsp; $(1554419)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $312342 | &nbsp;&nbsp; $6150 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 28133782 | &nbsp;&nbsp; 133244746 | &nbsp;&nbsp; (147514297)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 13864231 | &nbsp;&nbsp; 347,785<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 52467864 | &nbsp;&nbsp; 294674011 | &nbsp;&nbsp; (308321998)<br>| &nbsp;&nbsp; (1493)<br>| &nbsp;&nbsp; 3100 | &nbsp;&nbsp; 38821484 | &nbsp;&nbsp; 939,465<br> \*<br>|
| Total | &nbsp;&nbsp; $80867179 | &nbsp;&nbsp; $429519985 | &nbsp;&nbsp; $(457390714)<br>| &nbsp;&nbsp; $(1493)<br>| &nbsp;&nbsp; $3100 | &nbsp;&nbsp; $52998057 | &nbsp;&nbsp; $1293400 |

---

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

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

October 31, 2025

*(Unaudited)*

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%** |
| **Application Software-4.28%** | **Application Software-4.28%** | **Application Software-4.28%** |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 1451 | &nbsp;&nbsp; $491439 |
| Confluent, Inc., Class A<sup>(b)</sup> | 1851 | &nbsp;&nbsp; 43258 |
| Datadog, Inc., Class A<sup>(b)</sup> | 2050 | &nbsp;&nbsp; 333761 |
| DocuSign, Inc.<sup>(b)</sup> | 1281 | &nbsp;&nbsp; 93692 |
| Dynatrace, Inc.<sup>(b)</sup> | 1912 | &nbsp;&nbsp; 96690 |
| Nutanix, Inc., Class A<sup>(b)</sup> | 1700 | &nbsp;&nbsp; 121108 |
| Synopsys, Inc.<sup>(b)</sup> | 1144 | &nbsp;&nbsp; 519170 |
|  |  | &nbsp;&nbsp; 1699118 |
| **Cable & Satellite-1.34%** | **Cable & Satellite-1.34%** | **Cable & Satellite-1.34%** |
| Charter Communications, Inc., Class A<sup>(b)</sup> | 569 | &nbsp;&nbsp; 133055 |
| Comcast Corp., Class A | 14365 | &nbsp;&nbsp; 399850 |
|  |  | &nbsp;&nbsp; 532905 |
| **Communications Equipment-9.87%** | **Communications Equipment-9.87%** | **Communications Equipment-9.87%** |
| Accton Technology Corp. (Taiwan) | 3272 | &nbsp;&nbsp; 113789 |
| Arista Networks, Inc.<sup>(b)</sup> | 6803 | &nbsp;&nbsp; 1072765 |
| Ciena Corp.<sup>(b)</sup> | 896 | &nbsp;&nbsp; 170168 |
| Cisco Systems, Inc. | 23188 | &nbsp;&nbsp; 1695275 |
| F5, Inc.<sup>(b)</sup> | 364 | &nbsp;&nbsp; 92110 |
| Motorola Solutions, Inc. | 903 | &nbsp;&nbsp; 367259 |
| Nokia OYJ (Finland) | 32530 | &nbsp;&nbsp; 222196 |
| Telefonaktiebolaget LM Ericsson, Class B <br> (Sweden)<br>| 18345 | &nbsp;&nbsp; 186278 |
|  |  | &nbsp;&nbsp; 3919840 |
| **Construction & Engineering-0.12%** | **Construction & Engineering-0.12%** | **Construction & Engineering-0.12%** |
| Dycom Industries, Inc.<sup>(b)</sup> | 166 | &nbsp;&nbsp; 47773 |
| **Data Center REITs-2.19%** | **Data Center REITs-2.19%** | **Data Center REITs-2.19%** |
| Digital Realty Trust, Inc. | 2024 | &nbsp;&nbsp; 344910 |
| Equinix, Inc. | 620 | &nbsp;&nbsp; 524526 |
|  |  | &nbsp;&nbsp; 869436 |
| **Electrical Components & Equipment-0.59%** | **Electrical Components & Equipment-0.59%** | **Electrical Components & Equipment-0.59%** |
| Fujikura Ltd. (Japan) | 1707 | &nbsp;&nbsp; 232532 |
| **Electronic Components-2.16%** | **Electronic Components-2.16%** | **Electronic Components-2.16%** |
| Amphenol Corp., Class A | 4877 | &nbsp;&nbsp; 679561 |
| Coherent Corp.<sup>(b)</sup> | 988 | &nbsp;&nbsp; 130376 |
| Largan Precision Co. Ltd. (Taiwan) | 679 | &nbsp;&nbsp; 48735 |
|  |  | &nbsp;&nbsp; 858672 |
| **Electronic Equipment & Instruments-0.35%** | **Electronic Equipment & Instruments-0.35%** | **Electronic Equipment & Instruments-0.35%** |
| Keysight Technologies, Inc.<sup>(b)</sup> | 750 | &nbsp;&nbsp; 137220 |
| **Electronic Manufacturing Services-0.93%** | **Electronic Manufacturing Services-0.93%** | **Electronic Manufacturing Services-0.93%** |
| TE Connectivity PLC (Switzerland) | 1489 | &nbsp;&nbsp; 367798 |
| **Integrated Telecommunication Services-9.34%** | **Integrated Telecommunication Services-9.34%** | **Integrated Telecommunication Services-9.34%** |
| AT&T, Inc. | 44756 | &nbsp;&nbsp; 1107711 |
| BCE, Inc. (Canada)<sup>(c)</sup> | 2441 | &nbsp;&nbsp; 55853 |
| BT Group PLC (United Kingdom) | 27223 | &nbsp;&nbsp; 66447 |
| Cellnex Telecom S.A. (Spain)<sup>(d)</sup> | 2885 | &nbsp;&nbsp; 89936 |
| China Tower Corp. Ltd., H Shares (China)<sup>(d)</sup> | 25498 | &nbsp;&nbsp; 36828 |
| Chunghwa Telecom Co. Ltd. (Taiwan) | 13641 | &nbsp;&nbsp; 58124 |
| Deutsche Telekom AG (Germany) | 14446 | &nbsp;&nbsp; 448070 |
| Elisa OYJ (Finland) | 917 | &nbsp;&nbsp; 40461 |
| Frontier Communications Parent, Inc.<sup>(b)(c)</sup> | 1501 | &nbsp;&nbsp; 56678 |
| NTT, Inc. (Japan) | 79315 | &nbsp;&nbsp; 81664 |
| Orange S.A. (France) | 8196 | &nbsp;&nbsp; 131283 |
| PT Telkom Indonesia (Persero) Tbk (Indonesia) | 278170 | &nbsp;&nbsp; 53808 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Integrated Telecommunication Services-(continued)** | **Integrated Telecommunication Services-(continued)** | **Integrated Telecommunication Services-(continued)** |
| Swisscom AG (Switzerland) | 90 | &nbsp;&nbsp; $66091 |
| Telefonica S.A. (Spain)<sup>(c)</sup> | 23379 | &nbsp;&nbsp; 118719 |
| Telenor ASA (Norway) | 3495 | &nbsp;&nbsp; 52039 |
| Telia Co. AB (Sweden)<sup>(c)</sup> | 11773 | &nbsp;&nbsp; 46384 |
| Telstra Group Ltd. (Australia) | 22927 | &nbsp;&nbsp; 73287 |
| TELUS Corp. (Canada) | 4514 | &nbsp;&nbsp; 66076 |
| Verizon Communications, Inc. | 26733 | &nbsp;&nbsp; 1062369 |
|  |  | &nbsp;&nbsp; 3711828 |
| **Internet Services & Infrastructure-2.15%** | **Internet Services & Infrastructure-2.15%** | **Internet Services & Infrastructure-2.15%** |
| Akamai Technologies, Inc.<sup>(b)</sup> | 891 | &nbsp;&nbsp; 66914 |
| Cloudflare, Inc., Class A<sup>(b)</sup> | 1984 | &nbsp;&nbsp; 502547 |
| MongoDB, Inc.<sup>(b)</sup> | 518 | &nbsp;&nbsp; 186387 |
| Okta, Inc.<sup>(b)(c)</sup> | 1060 | &nbsp;&nbsp; 97022 |
|  |  | &nbsp;&nbsp; 852870 |
| **IT Consulting & Other Services-6.26%** | **IT Consulting & Other Services-6.26%** | **IT Consulting & Other Services-6.26%** |
| Accenture PLC, Class A | 2622 | &nbsp;&nbsp; 655762 |
| Fujitsu Ltd. (Japan) | 6331 | &nbsp;&nbsp; 165048 |
| International Business Machines Corp. | 4313 | &nbsp;&nbsp; 1325859 |
| Kyndryl Holdings, Inc.<sup>(b)(c)</sup> | 1278 | &nbsp;&nbsp; 36960 |
| NEC Corp. (Japan) | 5846 | &nbsp;&nbsp; 212403 |
| TIS, Inc. (Japan) | 1114 | &nbsp;&nbsp; 38392 |
| Wipro Ltd. (India) | 19681 | &nbsp;&nbsp; 53300 |
|  |  | &nbsp;&nbsp; 2487724 |
| **Research & Consulting Services-0.28%** | **Research & Consulting Services-0.28%** | **Research & Consulting Services-0.28%** |
| Booz Allen Hamilton Holding Corp. | 406 | &nbsp;&nbsp; 35387 |
| CACI International, Inc., Class A<sup>(b)</sup> | 133 | &nbsp;&nbsp; 74779 |
|  |  | &nbsp;&nbsp; 110166 |
| **Security & Alarm Services-0.14%** | **Security & Alarm Services-0.14%** | **Security & Alarm Services-0.14%** |
| Secom Co. Ltd. (Japan) | 1699 | &nbsp;&nbsp; 57455 |
| **Semiconductors-30.58%** | **Semiconductors-30.58%** | **Semiconductors-30.58%** |
| ARM Holdings PLC, ADR<sup>(b)(c)</sup> | 866 | &nbsp;&nbsp; 147064 |
| Broadcom, Inc. | 8001 | &nbsp;&nbsp; 2957410 |
| Credo Technology Group Holding Ltd.<sup>(b)</sup> | 1088 | &nbsp;&nbsp; 204130 |
| Intel Corp.<sup>(b)</sup> | 26242 | &nbsp;&nbsp; 1049418 |
| Lattice Semiconductor Corp.<sup>(b)(c)</sup> | 868 | &nbsp;&nbsp; 63329 |
| MACOM Technology Solutions Holdings, Inc.<sup>(b)</sup> | 200 | &nbsp;&nbsp; 29626 |
| Marvell Technology, Inc. | 5467 | &nbsp;&nbsp; 512477 |
| Microchip Technology, Inc. | 2518 | &nbsp;&nbsp; 157174 |
| Micron Technology, Inc. | 5798 | &nbsp;&nbsp; 1297418 |
| QUALCOMM, Inc. | 6835 | &nbsp;&nbsp; 1236451 |
| Rambus, Inc.<sup>(b)</sup> | 682 | &nbsp;&nbsp; 70137 |
| SK hynix, Inc. (South Korea) | 2332 | &nbsp;&nbsp; 907366 |
| Taiwan Semiconductor Manufacturing Co. Ltd. <br> (Taiwan)<br>| 70304 | &nbsp;&nbsp; 3399879 |
| United Microelectronics Corp. (Taiwan) | 76019 | &nbsp;&nbsp; 114806 |
|  |  | &nbsp;&nbsp; 12146685 |
| **Systems Software-6.97%** | **Systems Software-6.97%** | **Systems Software-6.97%** |
| Check Point Software Technologies Ltd. <br> (Israel)<sup>(b)</sup><br>| 529 | &nbsp;&nbsp; 103515 |
| Commvault Systems, Inc.<sup>(b)</sup> | 266 | &nbsp;&nbsp; 37033 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 1580 | &nbsp;&nbsp; 857956 |
| CyberArk Software Ltd.<sup>(b)</sup> | 320 | &nbsp;&nbsp; 166650 |
| Fortinet, Inc.<sup>(b)</sup> | 4043 | &nbsp;&nbsp; 349436 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 4235 | &nbsp;&nbsp; 932716 |

---

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

------

**16**

------

**Invesco Next Gen Connectivity ETF (KNCT)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Systems Software-(continued)** | **Systems Software-(continued)** | **Systems Software-(continued)** |
| Rubrik, Inc., Class A<sup>(b)</sup> | 783 | &nbsp;&nbsp; $58936 |
| Trend Micro, Inc. (Japan) | 836 | &nbsp;&nbsp; 42678 |
| Zscaler, Inc.<sup>(b)</sup> | 665 | &nbsp;&nbsp; 220208 |
|  |  | &nbsp;&nbsp; 2769128 |
| **Technology Hardware, Storage & Peripherals-14.19%** | **Technology Hardware, Storage & Peripherals-14.19%** | **Technology Hardware, Storage & Peripherals-14.19%** |
| Apple, Inc. | 12509 | &nbsp;&nbsp; 3382058 |
| Lite-On Technology Corp. (Taiwan) | 8196 | &nbsp;&nbsp; 47549 |
| NetApp, Inc. | 1269 | &nbsp;&nbsp; 149463 |
| Samsung Electronics Co. Ltd. (South Korea) | 22187 | &nbsp;&nbsp; 1670154 |
| Xiaomi Corp., B Shares (China)<sup>(b)(d)</sup> | 69731 | &nbsp;&nbsp; 386779 |
|  |  | &nbsp;&nbsp; 5636003 |
| **Telecom Tower REITs-2.09%** | **Telecom Tower REITs-2.09%** | **Telecom Tower REITs-2.09%** |
| American Tower Corp. | 2969 | &nbsp;&nbsp; 531392 |
| Crown Castle, Inc. | 1874 | &nbsp;&nbsp; 169072 |
| SBA Communications Corp., Class A | 681 | &nbsp;&nbsp; 130398 |
|  |  | &nbsp;&nbsp; 830862 |
| **Wireless Telecommunication Services-6.01%** | **Wireless Telecommunication Services-6.01%** | **Wireless Telecommunication Services-6.01%** |
| America Movil S.A.B. de C.V., Class B (Mexico) | 140707 | &nbsp;&nbsp; 160719 |
| Bharti Airtel Ltd. (India) | 17748 | &nbsp;&nbsp; 410976 |
| KDDI Corp. (Japan) | 15063 | &nbsp;&nbsp; 240195 |
| SoftBank Corp. (Japan) | 98997 | &nbsp;&nbsp; 140725 |
| SoftBank Group Corp. (Japan) | 3498 | &nbsp;&nbsp; 614009 |
| Tele2 AB, Class B (Sweden) | 2655 | &nbsp;&nbsp; 42212 |
| T-Mobile US, Inc. | 3105 | &nbsp;&nbsp; 652205 |
| Vodafone Group PLC (United Kingdom) | 105537 | &nbsp;&nbsp; 127775 |
|  |  | &nbsp;&nbsp; 2388816 |
| Total Common Stocks & Other Equity Interests <br>(Cost $24,211,143) | Total Common Stocks & Other Equity Interests <br>(Cost $24,211,143) | &nbsp;&nbsp; 39656831 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.07%** | **Money Market Funds-0.07%** | **Money Market Funds-0.07%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(e)(f)</sup> <br>(Cost $26,983)<br>| 26983 | &nbsp;&nbsp; $26983 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.91% <br>(Cost $24,238,126) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.91% <br>(Cost $24,238,126) | &nbsp;&nbsp; 39683814 |
| **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-1.40%** | **Money Market Funds-1.40%** | **Money Market Funds-1.40%** |
| Invesco Private Government Fund, 4.13%<sup>(e)(f)(g)</sup> | 155049 | &nbsp;&nbsp; 155049 |
| Invesco Private Prime Fund, 4.30%<sup>(e)(f)(g)</sup> | 401855 | &nbsp;&nbsp; 401976 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $557,055) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $557,055) | &nbsp;&nbsp; 557025 |
| TOTAL INVESTMENTS IN SECURITIES-101.31% <br>(Cost $24,795,181) | TOTAL INVESTMENTS IN SECURITIES-101.31% <br>(Cost $24,795,181) | &nbsp;&nbsp; 40240839 |
| OTHER ASSETS LESS LIABILITIES-(1.31)% | OTHER ASSETS LESS LIABILITIES-(1.31)% | &nbsp;&nbsp; (521836)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $39719003 |

---

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 October 31, 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> October 31, 2025 was $513,543, which represented 1.29% 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $13591 | &nbsp;&nbsp; $553186 | &nbsp;&nbsp; $(539794)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $26983 | &nbsp;&nbsp; $839 |

---

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

------

**17**

------

**Invesco Next Gen Connectivity ETF (KNCT)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2025**<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> **October 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; $406458 | &nbsp;&nbsp; $7662477 | &nbsp;&nbsp; $(7913886)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $155049 | &nbsp;&nbsp; $9,241<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 1057852 | &nbsp;&nbsp; 14143671 | &nbsp;&nbsp; (14799593)<br>| &nbsp;&nbsp; (30)<br>| &nbsp;&nbsp; 76 | &nbsp;&nbsp; 401976 | &nbsp;&nbsp; 24,516<br> \*<br>|
| Total | &nbsp;&nbsp; $1477901 | &nbsp;&nbsp; $22359334 | &nbsp;&nbsp; $(23253273)<br>| &nbsp;&nbsp; $(30)<br>| &nbsp;&nbsp; $76 | &nbsp;&nbsp; $584008 | &nbsp;&nbsp; $34596 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** |
| **Advertising-1.28%** | **Advertising-1.28%** | **Advertising-1.28%** |
| Integral Ad Science Holding Corp.<sup>(b)(c)</sup> | 5865 | &nbsp;&nbsp; $59882 |
| Magnite, Inc.<sup>(b)(c)</sup> | 11547 | &nbsp;&nbsp; 206460 |
| Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 36139 | &nbsp;&nbsp; 1817069 |
|  |  | &nbsp;&nbsp; 2083411 |
| **Application Software-12.09%** | **Application Software-12.09%** | **Application Software-12.09%** |
| Adobe, Inc.<sup>(b)</sup> | 20543 | &nbsp;&nbsp; 6990988 |
| Autodesk, Inc.<sup>(b)</sup> | 17020 | &nbsp;&nbsp; 5128807 |
| Beijing Kingsoft Office Software, Inc., A Shares <br> (China)<br>| 2203 | &nbsp;&nbsp; 111180 |
| Bentley Systems, Inc., Class B<sup>(c)</sup> | 15904 | &nbsp;&nbsp; 808400 |
| Catapult Sports Ltd. (Australia)<sup>(b)</sup> | 11769 | &nbsp;&nbsp; 51699 |
| Dassault Systemes SE (France) | 59151 | &nbsp;&nbsp; 1685569 |
| DoubleVerify Holdings, Inc.<sup>(b)</sup> | 11136 | &nbsp;&nbsp; 126728 |
| Iflytek Co. Ltd., A Shares (China) | 7248 | &nbsp;&nbsp; 56677 |
| Life360, Inc.<sup>(b)(c)</sup> | 5313 | &nbsp;&nbsp; 524446 |
| Nemetschek SE (Germany) | 3120 | &nbsp;&nbsp; 361003 |
| Riskified Ltd., Class A<sup>(b)</sup> | 8477 | &nbsp;&nbsp; 40096 |
| Sinch AB<sup>(b)(d)</sup> | 44993 | &nbsp;&nbsp; 163060 |
| SoundHound AI, Inc., Class A<sup>(b)(c)</sup> | 30421 | &nbsp;&nbsp; 536018 |
| Unity Software, Inc.<sup>(b)</sup> | 28856 | &nbsp;&nbsp; 1093643 |
| Vobile Group Ltd.<sup>(b)(c)(d)</sup> | 173881 | &nbsp;&nbsp; 115884 |
| Zoom Communications, Inc., Class A<sup>(b)</sup> | 21106 | &nbsp;&nbsp; 1841076 |
|  |  | &nbsp;&nbsp; 19635274 |
| **Casinos & Gaming-2.87%** | **Casinos & Gaming-2.87%** | **Casinos & Gaming-2.87%** |
| Aristocrat Leisure Ltd. (Australia) | 50354 | &nbsp;&nbsp; 2084519 |
| DraftKings, Inc., Class A<sup>(b)</sup> | 37243 | &nbsp;&nbsp; 1139263 |
| Evolution AB (Sweden)<sup>(c)(d)</sup> | 11918 | &nbsp;&nbsp; 794716 |
| Light & Wonder, Inc.<sup>(b)(c)</sup> | 4603 | &nbsp;&nbsp; 334638 |
| Playtech PLC (United Kingdom) | 23735 | &nbsp;&nbsp; 82158 |
| Sportradar Group AG (Switzerland)<sup>(b)</sup> | 8665 | &nbsp;&nbsp; 221911 |
|  |  | &nbsp;&nbsp; 4657205 |
| **Communications Equipment-0.04%** | **Communications Equipment-0.04%** | **Communications Equipment-0.04%** |
| Harmonic, Inc.<sup>(b)(c)</sup> | 6634 | &nbsp;&nbsp; 70984 |
| **Consumer Electronics-0.20%** | **Consumer Electronics-0.20%** | **Consumer Electronics-0.20%** |
| Merry Electronics Co. Ltd. (Taiwan) | 20392 | &nbsp;&nbsp; 67754 |
| Sonos, Inc.<sup>(b)(c)</sup> | 9802 | &nbsp;&nbsp; 168300 |
| TCL Electronics Holdings Ltd. (China) | 68130 | &nbsp;&nbsp; 80875 |
|  |  | &nbsp;&nbsp; 316929 |
| **Electronic Equipment & Instruments-0.75%** | **Electronic Equipment & Instruments-0.75%** | **Electronic Equipment & Instruments-0.75%** |
| Hexagon AB, Class B (Sweden) | 99578 | &nbsp;&nbsp; 1214809 |
| **Electronic Manufacturing Services-0.08%** | **Electronic Manufacturing Services-0.08%** | **Electronic Manufacturing Services-0.08%** |
| GoerTek, Inc., A Shares (China) | 14500 | &nbsp;&nbsp; 66868 |
| Primax Electronics Ltd. (Taiwan) | 23638 | &nbsp;&nbsp; 63603 |
|  |  | &nbsp;&nbsp; 130471 |
| **Interactive Home Entertainment-17.40%** | **Interactive Home Entertainment-17.40%** | **Interactive Home Entertainment-17.40%** |
| Capcom Co. Ltd. (Japan) | 26518 | &nbsp;&nbsp; 692715 |
| CD Projekt S.A. (Poland)<sup>(c)</sup> | 4573 | &nbsp;&nbsp; 314455 |
| DeNA Co. Ltd. (Japan)<sup>(c)</sup> | 4379 | &nbsp;&nbsp; 76802 |
| Electronic Arts, Inc. | 18279 | &nbsp;&nbsp; 3656897 |
| GungHo Online Entertainment, Inc. (Japan) | 3420 | &nbsp;&nbsp; 57856 |
| Kingsoft Corp. Ltd. (China) | 84225 | &nbsp;&nbsp; 367070 |
| Koei Tecmo Holdings Co. Ltd. (Japan) | 8685 | &nbsp;&nbsp; 116941 |
| Konami Group Corp. (Japan) | 7238 | &nbsp;&nbsp; 1205812 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Interactive Home Entertainment-(continued)** | **Interactive Home Entertainment-(continued)** | **Interactive Home Entertainment-(continued)** |
| Krafton, Inc. (South Korea)<sup>(b)</sup> | 2502 | &nbsp;&nbsp; $484256 |
| Mixi, Inc. (Japan) | 3111 | &nbsp;&nbsp; 62802 |
| Modern Times Group MTG AB, Class B <br> (Sweden)<sup>(b)</sup><br>| 7000 | &nbsp;&nbsp; 94174 |
| NCSoft Corp. (South Korea) | 1202 | &nbsp;&nbsp; 185533 |
| NetEase, Inc. (China) | 128242 | &nbsp;&nbsp; 3597801 |
| Netmarble Corp. (South Korea), (Acquired <br> 08/25/2023 - 09/22/2025; <br> Cost $76,765)<sup>(d)(e)</sup><br>| 2425 | &nbsp;&nbsp; 91895 |
| Nexon Co. Ltd. (Japan) | 33964 | &nbsp;&nbsp; 692926 |
| Nintendo Co. Ltd. (Japan) | 74910 | &nbsp;&nbsp; 6391347 |
| Paradox Interactive AB (Sweden) | 3095 | &nbsp;&nbsp; 54023 |
| Pearl Abyss Corp. (South Korea)<sup>(b)</sup> | 3029 | &nbsp;&nbsp; 73473 |
| Roblox Corp., Class A<sup>(b)</sup> | 52305 | &nbsp;&nbsp; 5948125 |
| Square Enix Holdings Co. Ltd. (Japan) | 15609 | &nbsp;&nbsp; 302061 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 14033 | &nbsp;&nbsp; 3597640 |
| Ubisoft Entertainment S.A. (France)<sup>(b)</sup> | 8124 | &nbsp;&nbsp; 72629 |
| XD, Inc. (China)<sup>(d)</sup> | 15550 | &nbsp;&nbsp; 134838 |
|  |  | &nbsp;&nbsp; 28272071 |
| **Interactive Media & Services-9.99%** | **Interactive Media & Services-9.99%** | **Interactive Media & Services-9.99%** |
| fuboTV, Inc.<sup>(b)(c)</sup> | 27769 | &nbsp;&nbsp; 104967 |
| Hello Group, Inc., ADR (China) | 9771 | &nbsp;&nbsp; 66345 |
| JOYY, Inc., ADR (China) | 2237 | &nbsp;&nbsp; 132676 |
| Meta Platforms, Inc., Class A | 17049 | &nbsp;&nbsp; 11053719 |
| Newborn Town, Inc. (China)<sup>(b)(d)</sup> | 50724 | &nbsp;&nbsp; 68942 |
| Pinterest, Inc., Class A<sup>(b)</sup> | 48595 | &nbsp;&nbsp; 1608495 |
| Reddit, Inc., Class A<sup>(b)</sup> | 10285 | &nbsp;&nbsp; 2149051 |
| Snap, Inc., Class A<sup>(b)</sup> | 97549 | &nbsp;&nbsp; 760882 |
| Trump Media & Technology Group Corp.<sup>(b)(c)</sup> | 13163 | &nbsp;&nbsp; 201723 |
| Weibo Corp., A Shares (China) | 7229 | &nbsp;&nbsp; 79027 |
|  |  | &nbsp;&nbsp; 16225827 |
| **Internet Services & Infrastructure-3.96%** | **Internet Services & Infrastructure-3.96%** | **Internet Services & Infrastructure-3.96%** |
| Cloudflare, Inc., Class A<sup>(b)</sup> | 25371 | &nbsp;&nbsp; 6426474 |
| **Leisure Products-0.44%** | **Leisure Products-0.44%** | **Leisure Products-0.44%** |
| Peloton Interactive, Inc., Class A<sup>(b)(c)</sup> | 20110 | &nbsp;&nbsp; 145999 |
| Sankyo Co. Ltd. (Japan) | 16873 | &nbsp;&nbsp; 292806 |
| Sega Sammy Holdings, Inc. (Japan) | 12391 | &nbsp;&nbsp; 229361 |
| Tsuburaya Fields Holdings, Inc. (Japan) | 3445 | &nbsp;&nbsp; 48457 |
|  |  | &nbsp;&nbsp; 716623 |
| **Movies & Entertainment-13.08%** | **Movies & Entertainment-13.08%** | **Movies & Entertainment-13.08%** |
| China Ruyi Holdings Ltd. (China)<sup>(b)(c)</sup> | 838190 | &nbsp;&nbsp; 298716 |
| iQIYI, Inc., ADR (China)<sup>(b)(c)</sup> | 35236 | &nbsp;&nbsp; 81395 |
| NetEase Cloud Music, Inc. (China)<sup>(b)(d)</sup> | 7163 | &nbsp;&nbsp; 222372 |
| Netflix, Inc.<sup>(b)</sup> | 10637 | &nbsp;&nbsp; 11901314 |
| Roku, Inc., Class A<sup>(b)</sup> | 10562 | &nbsp;&nbsp; 1120945 |
| Spotify Technology S.A. (Sweden)<sup>(b)</sup> | 10433 | &nbsp;&nbsp; 6836953 |
| Tencent Music Entertainment Group, ADR <br> (China)<br>| 35695 | &nbsp;&nbsp; 796712 |
|  |  | &nbsp;&nbsp; 21258407 |
| **Semiconductors-24.26%** | **Semiconductors-24.26%** | **Semiconductors-24.26%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 46253 | &nbsp;&nbsp; 11846318 |
| Ambarella, Inc.<sup>(b)</sup> | 3440 | &nbsp;&nbsp; 293191 |
| Cambricon Technologies Corp. Ltd. (China)<sup>(b)</sup> | 2005 | &nbsp;&nbsp; 387516 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Semiconductors-(continued)** | **Semiconductors-(continued)** | **Semiconductors-(continued)** |
| NVIDIA Corp. | 72259 | &nbsp;&nbsp; $14631725 |
| QUALCOMM, Inc. | 67773 | &nbsp;&nbsp; 12260136 |
|  |  | &nbsp;&nbsp; 39418886 |
| **Systems Software-0.28%** | **Systems Software-0.28%** | **Systems Software-0.28%** |
| Adeia, Inc. | 8432 | &nbsp;&nbsp; 143681 |
| Dolby Laboratories, Inc., Class A<sup>(c)</sup> | 4603 | &nbsp;&nbsp; 305271 |
|  |  | &nbsp;&nbsp; 448952 |
| **Technology Hardware, Storage & Peripherals-13.17%** | **Technology Hardware, Storage & Peripherals-13.17%** | **Technology Hardware, Storage & Peripherals-13.17%** |
| Apple, Inc. | 55655 | &nbsp;&nbsp; 15047442 |
| Clevo Co. (Taiwan) | 35870 | &nbsp;&nbsp; 46039 |
| HTC Corp. (Taiwan)<sup>(b)</sup> | 57667 | &nbsp;&nbsp; 94073 |
| Lenovo Group Ltd. (China) | 504479 | &nbsp;&nbsp; 735803 |
| Logitech International S.A., Class R <br> (Switzerland)<br>| 10135 | &nbsp;&nbsp; 1221450 |
| Shenzhen Transsion Holdings Co. Ltd., A <br> Shares (China)<br>| 5073 | &nbsp;&nbsp; 54380 |
| Xiaomi Corp., B Shares (China)<sup>(b)(d)</sup> | 757107 | &nbsp;&nbsp; 4199472 |
|  |  | &nbsp;&nbsp; 21398659 |
| **Trading Companies & Distributors-0.11%** | **Trading Companies & Distributors-0.11%** | **Trading Companies & Distributors-0.11%** |
| Xometry, Inc., Class A<sup>(b)(c)</sup> | 3786 | &nbsp;&nbsp; 184340 |
| Total Common Stocks & Other Equity Interests <br>(Cost $130,376,567) | Total Common Stocks & Other Equity Interests <br>(Cost $130,376,567) | &nbsp;&nbsp; 162459322 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.10%** | **Money Market Funds-0.10%** | **Money Market Funds-0.10%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(f)(g)</sup> <br>(Cost $162,590)<br>| 162590 | &nbsp;&nbsp; $162590 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.10% <br>(Cost $130,539,157) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.10% <br>(Cost $130,539,157) | &nbsp;&nbsp; 162621912 |
| **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-2.69%** | **Money Market Funds-2.69%** | **Money Market Funds-2.69%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(f)(g)(h)</sup><br>| 1142247 | &nbsp;&nbsp; 1142247 |
| Invesco Private Prime Fund, 4.30%<sup>(f)(g)(h)</sup> | 3234976 | &nbsp;&nbsp; 3235946 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $4,378,221) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $4,378,221) | &nbsp;&nbsp; 4378193 |
| TOTAL INVESTMENTS IN SECURITIES-102.79% <br>(Cost $134,917,378) | TOTAL INVESTMENTS IN SECURITIES-102.79% <br>(Cost $134,917,378) | &nbsp;&nbsp; 167000105 |
| OTHER ASSETS LESS LIABILITIES-(2.79)% | OTHER ASSETS LESS LIABILITIES-(2.79)% | &nbsp;&nbsp; (4533212)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $162466893 |

---

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 October 31, 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> October 31, 2025 was $5,791,179, which represented 3.56% of the Fund's Net Assets.<br>|
| <sup>(e)</sup> | Restricted security. The value of this security at October 31, 2025 represented less than 1% of the Fund's Net Assets. |
| <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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $1711591 | &nbsp;&nbsp; $(1549001)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $162590 | &nbsp;&nbsp; $3935 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 1571040 | &nbsp;&nbsp; 21677214 | &nbsp;&nbsp; (22106007)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1142247 | &nbsp;&nbsp; 34,940<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 4091534 | &nbsp;&nbsp; 54119493 | &nbsp;&nbsp; (54975380)<br>| &nbsp;&nbsp; 61 | &nbsp;&nbsp; 238 | &nbsp;&nbsp; 3235946 | &nbsp;&nbsp; 94,060<br> \*<br>|
| Total | &nbsp;&nbsp; $5662574 | &nbsp;&nbsp; $77508298 | &nbsp;&nbsp; $(78630388)<br>| &nbsp;&nbsp; $61 | &nbsp;&nbsp; $238 | &nbsp;&nbsp; $4540783 | &nbsp;&nbsp; $132935 |

---

\* 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.

------

**20**

------

**Invesco Next Gen Media and Gaming ETF (GGME)—(continued)**

October 31, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(g)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 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 2K. 

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

------

**21**

------

**Invesco Oil & Gas Services ETF (PXJ)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.99%** | **Common Stocks & Other Equity Interests-99.99%** | **Common Stocks & Other Equity Interests-99.99%** |
| **Oil & Gas Drilling-13.12%** | **Oil & Gas Drilling-13.12%** | **Oil & Gas Drilling-13.12%** |
| Noble Corp. PLC<sup>(b)</sup> | 43139 | &nbsp;&nbsp; $1266130 |
| Patterson-UTI Energy, Inc. | 116306 | &nbsp;&nbsp; 729238 |
| Transocean Ltd.<sup>(c)</sup> | 216929 | &nbsp;&nbsp; 833007 |
| Valaris Ltd.<sup>(b)(c)</sup> | 13501 | &nbsp;&nbsp; 757676 |
|  |  | &nbsp;&nbsp; 3586051 |
| **Oil & Gas Equipment & Services-64.98%** | **Oil & Gas Equipment & Services-64.98%** | **Oil & Gas Equipment & Services-64.98%** |
| Baker Hughes Co., Class A | 27184 | &nbsp;&nbsp; 1315978 |
| Bristow Group, Inc.<sup>(c)</sup> | 17512 | &nbsp;&nbsp; 712738 |
| Cactus, Inc., Class A | 16190 | &nbsp;&nbsp; 715112 |
| Expro Group Holdings N.V.<sup>(b)(c)</sup> | 54186 | &nbsp;&nbsp; 735846 |
| Flowco Holdings, Inc.<sup>(b)</sup> | 40631 | &nbsp;&nbsp; 658222 |
| Halliburton Co. | 55226 | &nbsp;&nbsp; 1482266 |
| Helix Energy Solutions Group, Inc.<sup>(c)</sup> | 104346 | &nbsp;&nbsp; 701205 |
| Innovex International, Inc.<sup>(b)(c)</sup> | 39464 | &nbsp;&nbsp; 792043 |
| Kodiak Gas Services, Inc. | 18984 | &nbsp;&nbsp; 700130 |
| Liberty Energy, Inc., Class A | 59357 | &nbsp;&nbsp; 1074955 |
| NOV, Inc. | 93887 | &nbsp;&nbsp; 1370750 |
| Oceaneering International, Inc.<sup>(b)(c)</sup> | 27849 | &nbsp;&nbsp; 648603 |
| ProFrac Holding Corp., Class A<sup>(b)(c)</sup> | 163639 | &nbsp;&nbsp; 895105 |
| RPC, Inc.<sup>(b)</sup> | 141515 | &nbsp;&nbsp; 735878 |
| SLB Ltd. | 34212 | &nbsp;&nbsp; 1233685 |
| TechnipFMC PLC (United Kingdom) | 33334 | &nbsp;&nbsp; 1378361 |
| Tidewater, Inc.<sup>(b)(c)</sup> | 11114 | &nbsp;&nbsp; 562257 |
| USA Compression Partners L.P. | 27525 | &nbsp;&nbsp; 607477 |
| Weatherford International PLC | 19630 | &nbsp;&nbsp; 1446535 |
|  |  | &nbsp;&nbsp; 17767146 |
| **Oil & Gas Storage & Transportation-21.89%** | **Oil & Gas Storage & Transportation-21.89%** | **Oil & Gas Storage & Transportation-21.89%** |
| DHT Holdings, Inc. | 57748 | &nbsp;&nbsp; 766893 |
| Dorian LPG Ltd. | 20733 | &nbsp;&nbsp; 598147 |
| Frontline PLC (Norway)<sup>(b)</sup> | 60122 | &nbsp;&nbsp; 1505455 |
| International Seaways, Inc. | 15155 | &nbsp;&nbsp; 776391 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Oil & Gas Storage & Transportation-(continued)** | **Oil & Gas Storage & Transportation-(continued)** | **Oil & Gas Storage & Transportation-(continued)** |
| Navigator Holdings Ltd. | 40088 | &nbsp;&nbsp; $659047 |
| Scorpio Tankers, Inc. (Monaco) | 13449 | &nbsp;&nbsp; 829803 |
| Teekay Tankers Ltd., Class A (Canada)<sup>(b)</sup> | 13897 | &nbsp;&nbsp; 847717 |
|  |  | &nbsp;&nbsp; 5983453 |
| Total Common Stocks & Other Equity Interests <br>(Cost $28,654,621) | Total Common Stocks & Other Equity Interests <br>(Cost $28,654,621) | &nbsp;&nbsp; 27336650 |
| **Money Market Funds-0.43%** | **Money Market Funds-0.43%** | **Money Market Funds-0.43%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $118,710)<br>| 118710 | &nbsp;&nbsp; 118710 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.42% <br>(Cost $28,773,331) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.42% <br>(Cost $28,773,331) | &nbsp;&nbsp; 27455360 |
| **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-21.98%** | **Money Market Funds-21.98%** | **Money Market Funds-21.98%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 1667179 | &nbsp;&nbsp; 1667179 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 4341281 | &nbsp;&nbsp; 4342583 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $6,009,882) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $6,009,882) | &nbsp;&nbsp; 6009762 |
| TOTAL INVESTMENTS IN SECURITIES-122.40% <br>(Cost $34,783,213) | TOTAL INVESTMENTS IN SECURITIES-122.40% <br>(Cost $34,783,213) | &nbsp;&nbsp; 33465122 |
| OTHER ASSETS LESS LIABILITIES-(22.40)% | OTHER ASSETS LESS LIABILITIES-(22.40)% | &nbsp;&nbsp; (6124172)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $27340950 |

---

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $128164 | &nbsp;&nbsp; $760989 | &nbsp;&nbsp; $(770443)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $118710 | &nbsp;&nbsp; $2575 |

---

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

------

**22**

------

**Invesco Oil & Gas Services ETF (PXJ)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; $2072755 | &nbsp;&nbsp; $16358030 | &nbsp;&nbsp; $(16763606)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1667179 | &nbsp;&nbsp; $42,448<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 5965739 | &nbsp;&nbsp; 32067812 | &nbsp;&nbsp; (33691356)<br>| &nbsp;&nbsp; 188 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 4342583 | &nbsp;&nbsp; 115,310<br> \*<br>|
| Total | &nbsp;&nbsp; $8166658 | &nbsp;&nbsp; $49186831 | &nbsp;&nbsp; $(51225405)<br>| &nbsp;&nbsp; $188 | &nbsp;&nbsp; $200 | &nbsp;&nbsp; $6128472 | &nbsp;&nbsp; $160333 |

---

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

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

------

**23**

------

**Invesco Pharmaceuticals ETF (PJP)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.93%** | **Common Stocks & Other Equity Interests-99.93%** | **Common Stocks & Other Equity Interests-99.93%** |
| **Biotechnology-29.19%** | **Biotechnology-29.19%** | **Biotechnology-29.19%** |
| AbbVie, Inc. | 62307 | &nbsp;&nbsp; $13585418 |
| Amgen, Inc. | 44831 | &nbsp;&nbsp; 13378915 |
| Biogen, Inc.<sup>(b)</sup> | 51794 | &nbsp;&nbsp; 7990261 |
| Gilead Sciences, Inc. | 113136 | &nbsp;&nbsp; 13552562 |
| Regeneron Pharmaceuticals, Inc. | 12050 | &nbsp;&nbsp; 7854190 |
| Travere Therapeutics, Inc.<sup>(b)(c)</sup> | 406038 | &nbsp;&nbsp; 14276296 |
| United Therapeutics Corp.<sup>(b)</sup> | 22900 | &nbsp;&nbsp; 10200347 |
|  |  | &nbsp;&nbsp; 80837989 |
| **Health Care Equipment-4.40%** | **Health Care Equipment-4.40%** | **Health Care Equipment-4.40%** |
| Abbott Laboratories | 98658 | &nbsp;&nbsp; 12196102 |
| **Life Sciences Tools & Services-0.00%** | **Life Sciences Tools & Services-0.00%** | **Life Sciences Tools & Services-0.00%** |
| OmniAb, Inc., Rts., expiring <br> 11/02/2027<sup>(b)(c)(d)</sup><br>| 39023 | &nbsp;&nbsp; 0 |
| OmniAb, Inc., Rts., expiring <br> 11/02/2027<sup>(b)(c)(d)</sup><br>| 39023 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; - |
| **Pharmaceuticals-66.34%** | **Pharmaceuticals-66.34%** | **Pharmaceuticals-66.34%** |
| Amneal Pharmaceuticals, Inc.<sup>(b)</sup> | 754936 | &nbsp;&nbsp; 8168407 |
| Amphastar Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 233399 | &nbsp;&nbsp; 5951674 |
| ANI Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 77063 | &nbsp;&nbsp; 6981908 |
| Avadel Pharmaceuticals PLC<sup>(b)(c)</sup> | 476856 | &nbsp;&nbsp; 9007810 |
| Bristol-Myers Squibb Co. | 149996 | &nbsp;&nbsp; 6910316 |
| Collegium Pharmaceutical, Inc.<sup>(b)(c)</sup> | 183673 | &nbsp;&nbsp; 6612228 |
| Corcept Therapeutics, Inc.<sup>(b)(c)</sup> | 101787 | &nbsp;&nbsp; 7478291 |
| Eli Lilly and Co. | 17638 | &nbsp;&nbsp; 15219125 |
| Harmony Biosciences Holdings, Inc.<sup>(b)(c)</sup> | 190511 | &nbsp;&nbsp; 5442899 |
| Innoviva, Inc.<sup>(b)</sup> | 355309 | &nbsp;&nbsp; 6466624 |
| Jazz Pharmaceuticals PLC<sup>(b)(c)</sup> | 56650 | &nbsp;&nbsp; 7797306 |
| Johnson & Johnson | 73559 | &nbsp;&nbsp; 13893088 |
| Ligand Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 44325 | &nbsp;&nbsp; 8479816 |
| Merck & Co., Inc. | 152752 | &nbsp;&nbsp; 13133617 |
| Ocular Therapeutix, Inc.<sup>(b)(c)</sup> | 575482 | &nbsp;&nbsp; 6710120 |
| Pacira BioSciences, Inc.<sup>(b)(c)</sup> | 272462 | &nbsp;&nbsp; 5825237 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** |
| Perrigo Co. PLC | 298412 | &nbsp;&nbsp; $6189065 |
| Pfizer, Inc. | 520962 | &nbsp;&nbsp; 12841713 |
| Prestige Consumer Healthcare, Inc.<sup>(b)</sup> | 106630 | &nbsp;&nbsp; 6461778 |
| Supernus Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 159777 | &nbsp;&nbsp; 8808506 |
| Tarsus Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 120328 | &nbsp;&nbsp; 8279770 |
| Viatris, Inc. | 680241 | &nbsp;&nbsp; 7047297 |
|  |  | &nbsp;&nbsp; 183706595 |
| Total Common Stocks & Other Equity Interests <br>(Cost $226,160,883) | Total Common Stocks & Other Equity Interests <br>(Cost $226,160,883) | &nbsp;&nbsp; 276740686 |
| **Money Market Funds-0.11%** | **Money Market Funds-0.11%** | **Money Market Funds-0.11%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(e)(f)</sup> <br>(Cost $293,772)<br>| 293772 | &nbsp;&nbsp; 293772 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.04% <br>(Cost $226,454,655) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.04% <br>(Cost $226,454,655) | &nbsp;&nbsp; 277034458 |
| **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-14.70%** | **Money Market Funds-14.70%** | **Money Market Funds-14.70%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(e)(f)(g)</sup><br>| 11302086 | &nbsp;&nbsp; 11302086 |
| Invesco Private Prime Fund, 4.30%<sup>(e)(f)(g)</sup> | 29405065 | &nbsp;&nbsp; 29413887 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $40,716,070) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $40,716,070) | &nbsp;&nbsp; 40715973 |
| TOTAL INVESTMENTS IN SECURITIES-114.74% <br>(Cost $267,170,725) | TOTAL INVESTMENTS IN SECURITIES-114.74% <br>(Cost $267,170,725) | &nbsp;&nbsp; 317750431 |
| OTHER ASSETS LESS LIABILITIES-(14.74)% | OTHER ASSETS LESS LIABILITIES-(14.74)% | &nbsp;&nbsp; (40813312)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $276937119 |

---

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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $272687 | &nbsp;&nbsp; $2667876 | &nbsp;&nbsp; $(2646791)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $293772 | &nbsp;&nbsp; $5099 |

---

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

------

**24**

------

**Invesco Pharmaceuticals ETF (PJP)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $15157839 | &nbsp;&nbsp; $72463655 | &nbsp;&nbsp; $(76319408)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $11302086 | &nbsp;&nbsp; $218,271<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 39432164 | &nbsp;&nbsp; 140381717 | &nbsp;&nbsp; (150402840)<br>| &nbsp;&nbsp; 1913 | &nbsp;&nbsp; 933 | &nbsp;&nbsp; 29413887 | &nbsp;&nbsp; 584,851<br> \*<br>|
| Total | &nbsp;&nbsp; $54862690 | &nbsp;&nbsp; $215513248 | &nbsp;&nbsp; $(229369039)<br>| &nbsp;&nbsp; $1913 | &nbsp;&nbsp; $933 | &nbsp;&nbsp; $41009745 | &nbsp;&nbsp; $808221 |

---

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

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

------

**25**

------

**Invesco Semiconductors ETF (PSI)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.03%** | **Common Stocks & Other Equity Interests-100.03%** | **Common Stocks & Other Equity Interests-100.03%** |
| **Automotive Parts & Equipment-2.08%** | **Automotive Parts & Equipment-2.08%** | **Automotive Parts & Equipment-2.08%** |
| Mobileye Global, Inc., Class A (Israel)<sup>(b)(c)</sup> | 1537463 | &nbsp;&nbsp; $20217638 |
| **Electronic Equipment & Instruments-5.41%** | **Electronic Equipment & Instruments-5.41%** | **Electronic Equipment & Instruments-5.41%** |
| Advanced Energy Industries, Inc.<sup>(c)</sup> | 138874 | &nbsp;&nbsp; 28153926 |
| nLight, Inc.<sup>(b)</sup> | 736495 | &nbsp;&nbsp; 24311700 |
|  |  | &nbsp;&nbsp; 52465626 |
| **Semiconductor Materials & Equipment-25.90%** | **Semiconductor Materials & Equipment-25.90%** | **Semiconductor Materials & Equipment-25.90%** |
| Amkor Technology, Inc.<sup>(c)</sup> | 879484 | &nbsp;&nbsp; 28389743 |
| Axcelis Technologies, Inc.<sup>(b)(c)</sup> | 264894 | &nbsp;&nbsp; 21074967 |
| Camtek Ltd. (Israel)<sup>(b)(c)</sup> | 252639 | &nbsp;&nbsp; 31281761 |
| KLA Corp. | 44277 | &nbsp;&nbsp; 53519381 |
| Lam Research Corp. | 379220 | &nbsp;&nbsp; 59711981 |
| MKS, Inc. | 201172 | &nbsp;&nbsp; 28910428 |
| Nova Ltd. (Israel)<sup>(b)(c)</sup> | 82576 | &nbsp;&nbsp; 28458993 |
|  |  | &nbsp;&nbsp; 251347254 |
| **Semiconductors-66.64%** | **Semiconductors-66.64%** | **Semiconductors-66.64%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 235856 | &nbsp;&nbsp; 60407439 |
| Allegro MicroSystems, Inc. (Japan)<sup>(b)</sup> | 677130 | &nbsp;&nbsp; 20259730 |
| Ambarella, Inc.<sup>(b)(c)</sup> | 303849 | &nbsp;&nbsp; 25897050 |
| Analog Devices, Inc. | 153744 | &nbsp;&nbsp; 35996083 |
| Astera Labs, Inc.<sup>(b)(c)</sup> | 119986 | &nbsp;&nbsp; 22398986 |
| Broadcom, Inc. | 131864 | &nbsp;&nbsp; 48740890 |
| Cirrus Logic, Inc.<sup>(b)</sup> | 183690 | &nbsp;&nbsp; 24366478 |
| Credo Technology Group Holding Ltd.<sup>(b)</sup> | 178464 | &nbsp;&nbsp; 33483416 |
| Diodes, Inc.<sup>(b)</sup> | 387449 | &nbsp;&nbsp; 20674279 |
| Lattice Semiconductor Corp.<sup>(b)(c)</sup> | 326190 | &nbsp;&nbsp; 23798822 |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup><br>| 166986 | &nbsp;&nbsp; 24735636 |
| Microchip Technology, Inc. | 316968 | &nbsp;&nbsp; 19785142 |
| Micron Technology, Inc. | 337262 | &nbsp;&nbsp; 75469118 |
| NVIDIA Corp. | 216285 | &nbsp;&nbsp; 43795550 |
| QUALCOMM, Inc. | 246819 | &nbsp;&nbsp; 44649557 |
| Semtech Corp.<sup>(b)(c)</sup> | 365207 | &nbsp;&nbsp; 24782947 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Semiconductors-(continued)** | **Semiconductors-(continued)** | **Semiconductors-(continued)** |
| Silicon Laboratories, Inc.<sup>(b)</sup> | 151091 | &nbsp;&nbsp; $19805008 |
| SiTime Corp.<sup>(b)</sup> | 87195 | &nbsp;&nbsp; 25255160 |
| Skyworks Solutions, Inc. | 283258 | &nbsp;&nbsp; 22014812 |
| Tower Semiconductor Ltd. (Israel)<sup>(b)</sup> | 357293 | &nbsp;&nbsp; 30430645 |
|  |  | &nbsp;&nbsp; 646746748 |
| Total Common Stocks & Other Equity Interests <br>(Cost $644,039,157) | Total Common Stocks & Other Equity Interests <br>(Cost $644,039,157) | &nbsp;&nbsp; 970777266 |
| **Money Market Funds-0.02%** | **Money Market Funds-0.02%** | **Money Market Funds-0.02%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $188,701)<br>| 188701 | &nbsp;&nbsp; 188701 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.05% <br>(Cost $644,227,858) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.05% <br>(Cost $644,227,858) | &nbsp;&nbsp; 970965967 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-6.36%** | **Money Market Funds-6.36%** | **Money Market Funds-6.36%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 17129702 | &nbsp;&nbsp; 17129702 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 44583938 | &nbsp;&nbsp; 44597313 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $61,727,198) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $61,727,198) | &nbsp;&nbsp; 61727015 |
| TOTAL INVESTMENTS IN SECURITIES-106.41% <br>(Cost $705,955,056) | TOTAL INVESTMENTS IN SECURITIES-106.41% <br>(Cost $705,955,056) | &nbsp;&nbsp; 1032692982 |
| OTHER ASSETS LESS LIABILITIES-(6.41)% | OTHER ASSETS LESS LIABILITIES-(6.41)% | &nbsp;&nbsp; (62246522)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $970446460 |

---

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $458979 | &nbsp;&nbsp; $2741883 | &nbsp;&nbsp; $(3012161)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $188701 | &nbsp;&nbsp; $8288 |

---

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

------

**26**

------

**Invesco Semiconductors ETF (PSI)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $7907068 | &nbsp;&nbsp; $134130200 | &nbsp;&nbsp; $(124907566)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $17129702 | &nbsp;&nbsp; $387,424<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 20577921 | &nbsp;&nbsp; 269203940 | &nbsp;&nbsp; (245191419)<br>| &nbsp;&nbsp; 1053 | &nbsp;&nbsp; 5818 | &nbsp;&nbsp; 44597313 | &nbsp;&nbsp; 1,051,371<br> \*<br>|
| Total | &nbsp;&nbsp; $28943968 | &nbsp;&nbsp; $406076023 | &nbsp;&nbsp; $(373111146)<br>| &nbsp;&nbsp; $1053 | &nbsp;&nbsp; $5818 | &nbsp;&nbsp; $61915716 | &nbsp;&nbsp; $1447083 |

---

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

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

------

**27**

------

**Statements of Assets and Liabilities**

October 31, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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; $654158738 | &nbsp;&nbsp;&nbsp; $234224485 | &nbsp;&nbsp;&nbsp; $295772492 | &nbsp;&nbsp;&nbsp; $68357177 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 11168587 | &nbsp;&nbsp;&nbsp; 25016654 | &nbsp;&nbsp;&nbsp; 6712963 | &nbsp;&nbsp;&nbsp; 10017877 |
| Due from broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5728 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2993 |
| Foreign currencies, at value | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Receivable for: |  |  |  |  |
| Dividends | &nbsp;&nbsp; 71645 | &nbsp;&nbsp;&nbsp; 693 | &nbsp;&nbsp;&nbsp; 621 | &nbsp;&nbsp;&nbsp; 36094 |
| Securities lending | &nbsp;&nbsp; 4067 | &nbsp;&nbsp;&nbsp; 6585 | &nbsp;&nbsp;&nbsp; 2198 | &nbsp;&nbsp;&nbsp; 12948 |
| Investments sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 956671 | &nbsp;&nbsp;&nbsp; - |
| Expenses absorbed | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 6386 |
| Foreign tax reclaims | &nbsp;&nbsp; 1748 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Total assets** | &nbsp;&nbsp; 665404785 | &nbsp;&nbsp;&nbsp; 259254145 | &nbsp;&nbsp;&nbsp; 303444945 | &nbsp;&nbsp;&nbsp; 78433475 |
| **Liabilities:** |  |  |  |  |
| Due to foreign custodian | &nbsp;&nbsp; 2063 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Payable for: |  |  |  |  |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 10549349 | &nbsp;&nbsp;&nbsp; 24861130 | &nbsp;&nbsp;&nbsp; 6527765 | &nbsp;&nbsp;&nbsp; 9883616 |
| Fund shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 956902 | &nbsp;&nbsp;&nbsp; - |
| Accrued advisory fees | &nbsp;&nbsp; 257715 | &nbsp;&nbsp;&nbsp; 96163 | &nbsp;&nbsp;&nbsp; 126549 | &nbsp;&nbsp;&nbsp; 29554 |
| Accrued trustees' and officer's fees | &nbsp;&nbsp; 84940 | &nbsp;&nbsp;&nbsp; 121042 | &nbsp;&nbsp;&nbsp; 84801 | &nbsp;&nbsp;&nbsp; 87150 |
| Accrued expenses | &nbsp;&nbsp; 89388 | &nbsp;&nbsp;&nbsp; 59177 | &nbsp;&nbsp;&nbsp; 66639 | &nbsp;&nbsp;&nbsp; 39603 |
| Accrued tax expenses | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 320 |
| Other payables | &nbsp;&nbsp; 939 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Total liabilities** | &nbsp;&nbsp; 10984394 | &nbsp;&nbsp;&nbsp; 25137512 | &nbsp;&nbsp;&nbsp; 7762656 | &nbsp;&nbsp;&nbsp; 10040243 |
| **Net Assets** | &nbsp;&nbsp; $654420391 | &nbsp;&nbsp;&nbsp; $234116633 | &nbsp;&nbsp;&nbsp; $295682289 | &nbsp;&nbsp;&nbsp; $68393232 |
| **Net assets consist of:** |  |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $627382457 | &nbsp;&nbsp;&nbsp; $510159745 | &nbsp;&nbsp;&nbsp; $359643529 | &nbsp;&nbsp;&nbsp; $232677978 |
| Distributable earnings (loss) | &nbsp;&nbsp; 27037934 | &nbsp;&nbsp;&nbsp; (276043112)<br>| &nbsp;&nbsp;&nbsp; (63961240)<br>| &nbsp;&nbsp;&nbsp; (164284746)<br>|
| **Net Assets** | &nbsp;&nbsp; $654420391 | &nbsp;&nbsp;&nbsp; $234116633 | &nbsp;&nbsp;&nbsp; $295682289 | &nbsp;&nbsp;&nbsp; $68393232 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 10800000 | &nbsp;&nbsp;&nbsp; 3130000 | &nbsp;&nbsp;&nbsp; 3090000 | &nbsp;&nbsp;&nbsp; 2440000 |
| Net asset value | &nbsp;&nbsp; $60.59 | &nbsp;&nbsp;&nbsp; $74.80 | &nbsp;&nbsp;&nbsp; $95.69 | &nbsp;&nbsp;&nbsp; $28.03 |
| Market price | &nbsp;&nbsp; $60.65 | &nbsp;&nbsp;&nbsp; $74.79 | &nbsp;&nbsp;&nbsp; $95.69 | &nbsp;&nbsp;&nbsp; $28.04 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $443072381 | &nbsp;&nbsp;&nbsp; $198315954 | &nbsp;&nbsp;&nbsp; $241795254 | &nbsp;&nbsp;&nbsp; $73318930 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $11168723 | &nbsp;&nbsp;&nbsp; $25016688 | &nbsp;&nbsp;&nbsp; $6713327 | &nbsp;&nbsp;&nbsp; $10017877 |
| Foreign currencies, at cost | &nbsp;&nbsp; $(2079)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $10310159 | &nbsp;&nbsp;&nbsp; $23948492 | &nbsp;&nbsp;&nbsp; $6408723 | &nbsp;&nbsp;&nbsp; $9917708 |

---

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>|
| $97345386 | &nbsp;&nbsp;&nbsp;&nbsp; $328770223 | &nbsp;&nbsp;&nbsp;&nbsp; $39656831 | &nbsp;&nbsp;&nbsp;&nbsp; $162459322 | &nbsp;&nbsp;&nbsp;&nbsp; $27336650 | &nbsp;&nbsp;&nbsp;&nbsp; $276740686 | &nbsp;&nbsp;&nbsp;&nbsp; $970777266 |
| 7114504 | &nbsp;&nbsp;&nbsp;&nbsp; 52998057 | &nbsp;&nbsp;&nbsp;&nbsp; 584008 | &nbsp;&nbsp;&nbsp;&nbsp; 4540783 | &nbsp;&nbsp;&nbsp;&nbsp; 6128472 | &nbsp;&nbsp;&nbsp;&nbsp; 41009745 | &nbsp;&nbsp;&nbsp;&nbsp; 61915716 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 1169 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 6599 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 57668 | &nbsp;&nbsp;&nbsp;&nbsp; 935 | &nbsp;&nbsp;&nbsp;&nbsp; 51657 | &nbsp;&nbsp;&nbsp;&nbsp; 32598 | &nbsp;&nbsp;&nbsp;&nbsp; 409 | &nbsp;&nbsp;&nbsp;&nbsp; 254513 | &nbsp;&nbsp;&nbsp;&nbsp; 1035 |
| 2620 | &nbsp;&nbsp;&nbsp;&nbsp; 15928 | &nbsp;&nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp;&nbsp; 1793 | &nbsp;&nbsp;&nbsp;&nbsp; 2914 | &nbsp;&nbsp;&nbsp;&nbsp; 4844 | &nbsp;&nbsp;&nbsp;&nbsp; 76501 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; 1753583 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 14451 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 3065 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp;&nbsp; 10070 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 614 | &nbsp;&nbsp;&nbsp;&nbsp; 3156 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 104523243 | &nbsp;&nbsp;&nbsp;&nbsp; 383538726 | &nbsp;&nbsp;&nbsp;&nbsp; 40299940 | &nbsp;&nbsp;&nbsp;&nbsp; 167039130 | &nbsp;&nbsp;&nbsp;&nbsp; 33492966 | &nbsp;&nbsp;&nbsp;&nbsp; 318009788 | &nbsp;&nbsp;&nbsp;&nbsp; 1032770518 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 1746 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 6905075 | &nbsp;&nbsp;&nbsp;&nbsp; 52687525 | &nbsp;&nbsp;&nbsp;&nbsp; 557055 | &nbsp;&nbsp;&nbsp;&nbsp; 4378221 | &nbsp;&nbsp;&nbsp;&nbsp; 6009882 | &nbsp;&nbsp;&nbsp;&nbsp; 40716070 | &nbsp;&nbsp;&nbsp;&nbsp; 61727198 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; 1755090 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 43818 | &nbsp;&nbsp;&nbsp;&nbsp; 143982 | &nbsp;&nbsp;&nbsp;&nbsp; 12922 | &nbsp;&nbsp;&nbsp;&nbsp; 68557 | &nbsp;&nbsp;&nbsp;&nbsp; 10896 | &nbsp;&nbsp;&nbsp;&nbsp; 114661 | &nbsp;&nbsp;&nbsp;&nbsp; 370388 |
| 100485 | &nbsp;&nbsp;&nbsp;&nbsp; 91515 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 88921 | &nbsp;&nbsp;&nbsp;&nbsp; 101737 | &nbsp;&nbsp;&nbsp;&nbsp; 184533 | &nbsp;&nbsp;&nbsp;&nbsp; 86422 |
| 42469 | &nbsp;&nbsp;&nbsp;&nbsp; 75598 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 34792 | &nbsp;&nbsp;&nbsp;&nbsp; 29501 | &nbsp;&nbsp;&nbsp;&nbsp; 57405 | &nbsp;&nbsp;&nbsp;&nbsp; 140050 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 10960 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 7091847 | &nbsp;&nbsp;&nbsp;&nbsp; 54753710 | &nbsp;&nbsp;&nbsp;&nbsp; 580937 | &nbsp;&nbsp;&nbsp;&nbsp; 4572237 | &nbsp;&nbsp;&nbsp;&nbsp; 6152016 | &nbsp;&nbsp;&nbsp;&nbsp; 41072669 | &nbsp;&nbsp;&nbsp;&nbsp; 62324058 |
| $97431396 | &nbsp;&nbsp;&nbsp;&nbsp; $328785016 | &nbsp;&nbsp;&nbsp;&nbsp; $39719003 | &nbsp;&nbsp;&nbsp;&nbsp; $162466893 | &nbsp;&nbsp;&nbsp;&nbsp; $27340950 | &nbsp;&nbsp;&nbsp;&nbsp; $276937119 | &nbsp;&nbsp;&nbsp;&nbsp; $970446460 |
| $222294091 | &nbsp;&nbsp;&nbsp;&nbsp; $815063188 | &nbsp;&nbsp;&nbsp;&nbsp; $74287869 | &nbsp;&nbsp;&nbsp;&nbsp; $239109773 | &nbsp;&nbsp;&nbsp;&nbsp; $145436953 | &nbsp;&nbsp;&nbsp;&nbsp; $681238087 | &nbsp;&nbsp;&nbsp;&nbsp; $799156131 |
| (124862695)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (486278172)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (34568866)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (76642880)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (118096003)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (404300968)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 171290329 |
| $97431396 | &nbsp;&nbsp;&nbsp;&nbsp; $328785016 | &nbsp;&nbsp;&nbsp;&nbsp; $39719003 | &nbsp;&nbsp;&nbsp;&nbsp; $162466893 | &nbsp;&nbsp;&nbsp;&nbsp; $27340950 | &nbsp;&nbsp;&nbsp;&nbsp; $276937119 | &nbsp;&nbsp;&nbsp;&nbsp; $970446460 |
| 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 5620000 | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 2510000 | &nbsp;&nbsp;&nbsp;&nbsp; 915978 | &nbsp;&nbsp;&nbsp;&nbsp; 2860000 | &nbsp;&nbsp;&nbsp;&nbsp; 12440000 |
| $43.30 | &nbsp;&nbsp;&nbsp;&nbsp; $58.50 | &nbsp;&nbsp;&nbsp;&nbsp; $136.96 | &nbsp;&nbsp;&nbsp;&nbsp; $64.73 | &nbsp;&nbsp;&nbsp;&nbsp; $29.85 | &nbsp;&nbsp;&nbsp;&nbsp; $96.83 | &nbsp;&nbsp;&nbsp;&nbsp; $78.01 |
| $43.30 | &nbsp;&nbsp;&nbsp;&nbsp; $58.51 | &nbsp;&nbsp;&nbsp;&nbsp; $136.97 | &nbsp;&nbsp;&nbsp;&nbsp; $64.67 | &nbsp;&nbsp;&nbsp;&nbsp; $29.83 | &nbsp;&nbsp;&nbsp;&nbsp; $96.85 | &nbsp;&nbsp;&nbsp;&nbsp; $78.00 |
| $98575249 | &nbsp;&nbsp;&nbsp;&nbsp; $301965447 | &nbsp;&nbsp;&nbsp;&nbsp; $24211143 | &nbsp;&nbsp;&nbsp;&nbsp; $130376567 | &nbsp;&nbsp;&nbsp;&nbsp; $28654621 | &nbsp;&nbsp;&nbsp;&nbsp; $226160883 | &nbsp;&nbsp;&nbsp;&nbsp; $644039157 |
| $7114686 | &nbsp;&nbsp;&nbsp;&nbsp; $52999867 | &nbsp;&nbsp;&nbsp;&nbsp; $584038 | &nbsp;&nbsp;&nbsp;&nbsp; $4540811 | &nbsp;&nbsp;&nbsp;&nbsp; $6128592 | &nbsp;&nbsp;&nbsp;&nbsp; $41009842 | &nbsp;&nbsp;&nbsp;&nbsp; $61915899 |
| $- | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $6764 | &nbsp;&nbsp;&nbsp;&nbsp; $(1774)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $- |
| $6845568 | &nbsp;&nbsp;&nbsp;&nbsp; $51713536 | &nbsp;&nbsp;&nbsp;&nbsp; $543268 | &nbsp;&nbsp;&nbsp;&nbsp; $4240686 | &nbsp;&nbsp;&nbsp;&nbsp; $5867849 | &nbsp;&nbsp;&nbsp;&nbsp; $41141655 | &nbsp;&nbsp;&nbsp;&nbsp; $59907132 |

---

------

**29**

------

**Statements of Operations**

For the six months ended October 31, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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; $1515100 | &nbsp;&nbsp;&nbsp; $499588 | &nbsp;&nbsp;&nbsp; $856341 | &nbsp;&nbsp;&nbsp; $1088143 |
| Affiliated dividend income | &nbsp;&nbsp; 11647 | &nbsp;&nbsp;&nbsp; 4253 | &nbsp;&nbsp;&nbsp; 6893 | &nbsp;&nbsp;&nbsp; 2488 |
| Securities lending income, net | &nbsp;&nbsp; 31017 | &nbsp;&nbsp;&nbsp; 324723 | &nbsp;&nbsp;&nbsp; 15813 | &nbsp;&nbsp;&nbsp; 67312 |
| Foreign withholding tax | &nbsp;&nbsp; (96382)<br>| &nbsp;&nbsp;&nbsp; (5076)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total investment income | &nbsp;&nbsp; 1461382 | &nbsp;&nbsp;&nbsp; 823488 | &nbsp;&nbsp;&nbsp; 879047 | &nbsp;&nbsp;&nbsp; 1157943 |
| **Expenses:** |  |  |  |  |
| Advisory fees | &nbsp;&nbsp; 1267970 | &nbsp;&nbsp;&nbsp; 563433 | &nbsp;&nbsp;&nbsp; 646340 | &nbsp;&nbsp;&nbsp; 178478 |
| Sub-licensing fees | &nbsp;&nbsp; 77287 | &nbsp;&nbsp;&nbsp; 33805 | &nbsp;&nbsp;&nbsp; 38780 | &nbsp;&nbsp;&nbsp; 10708 |
| Accounting & administration fees | &nbsp;&nbsp; 19055 | &nbsp;&nbsp;&nbsp; 14053 | &nbsp;&nbsp;&nbsp; 18968 | &nbsp;&nbsp;&nbsp; 9280 |
| Professional fees | &nbsp;&nbsp; 18733 | &nbsp;&nbsp;&nbsp; 16318 | &nbsp;&nbsp;&nbsp; 16486 | &nbsp;&nbsp;&nbsp; 16070 |
| Printing fees | &nbsp;&nbsp; 11811 | &nbsp;&nbsp;&nbsp; 11152 | &nbsp;&nbsp;&nbsp; 10625 | &nbsp;&nbsp;&nbsp; 9125 |
| Custodian & transfer agent fees | &nbsp;&nbsp; 10529 | &nbsp;&nbsp;&nbsp; 2334 | &nbsp;&nbsp;&nbsp; 3337 | &nbsp;&nbsp;&nbsp; 2708 |
| Trustees' and officer's fees | &nbsp;&nbsp; 14037 | &nbsp;&nbsp;&nbsp; 17452 | &nbsp;&nbsp;&nbsp; 13609 | &nbsp;&nbsp;&nbsp; 13435 |
| Recapture (Note 3) | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Other expenses | &nbsp;&nbsp; 11668 | &nbsp;&nbsp;&nbsp; 6910 | &nbsp;&nbsp;&nbsp; 6116 | &nbsp;&nbsp;&nbsp; 5454 |
| Total expenses | &nbsp;&nbsp; 1431090 | &nbsp;&nbsp;&nbsp; 665457 | &nbsp;&nbsp;&nbsp; 754261 | &nbsp;&nbsp;&nbsp; 245258 |
| Less: Waivers | &nbsp;&nbsp; (278)<br>| &nbsp;&nbsp;&nbsp; (102)<br>| &nbsp;&nbsp;&nbsp; (164)<br>| &nbsp;&nbsp;&nbsp; (20435)<br>|
| Net expenses | &nbsp;&nbsp; 1430812 | &nbsp;&nbsp;&nbsp; 665355 | &nbsp;&nbsp;&nbsp; 754097 | &nbsp;&nbsp;&nbsp; 224823 |
| Net investment income | &nbsp;&nbsp; 30570 | &nbsp;&nbsp;&nbsp; 158133 | &nbsp;&nbsp;&nbsp; 124950 | &nbsp;&nbsp;&nbsp; 933120 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (2445765)<br>| &nbsp;&nbsp;&nbsp; (502070)<br>| &nbsp;&nbsp;&nbsp; 2908288 | &nbsp;&nbsp;&nbsp; 284855 |
| Affiliated investment securities | &nbsp;&nbsp; 5502 | &nbsp;&nbsp;&nbsp; 1639 | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 597 |
| In-kind redemptions | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5236478 | &nbsp;&nbsp;&nbsp; 12952960 | &nbsp;&nbsp;&nbsp; 145262 |
| Foreign currencies | &nbsp;&nbsp; 35329 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net realized gain (loss) | &nbsp;&nbsp; (2404934)<br>| &nbsp;&nbsp;&nbsp; 4736047 | &nbsp;&nbsp;&nbsp; 15861320 | &nbsp;&nbsp;&nbsp; 430714 |
| Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 201650019 | &nbsp;&nbsp;&nbsp; 37072293 | &nbsp;&nbsp;&nbsp; 58459504 | &nbsp;&nbsp;&nbsp; 9361852 |
| Affiliated investment securities | &nbsp;&nbsp; (136)<br>| &nbsp;&nbsp;&nbsp; 651 | &nbsp;&nbsp;&nbsp; 371 | &nbsp;&nbsp;&nbsp; 512 |
| Foreign currencies | &nbsp;&nbsp; (5751)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 201644132 | &nbsp;&nbsp;&nbsp; 37072944 | &nbsp;&nbsp;&nbsp; 58459875 | &nbsp;&nbsp;&nbsp; 9362364 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 199239198 | &nbsp;&nbsp;&nbsp; 41808991 | &nbsp;&nbsp;&nbsp; 74321195 | &nbsp;&nbsp;&nbsp; 9793078 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $199269768 | &nbsp;&nbsp;&nbsp; $41967124 | &nbsp;&nbsp;&nbsp; $74446145 | &nbsp;&nbsp;&nbsp; $10726198 |

---

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>|
| $851977 | &nbsp;&nbsp;&nbsp;&nbsp; $1336721 | &nbsp;&nbsp;&nbsp;&nbsp; $290136 | &nbsp;&nbsp;&nbsp;&nbsp; $513127 | &nbsp;&nbsp;&nbsp;&nbsp; $419262 | &nbsp;&nbsp;&nbsp;&nbsp; $2082651 | &nbsp;&nbsp;&nbsp;&nbsp; $2039800 |
| 3960 | &nbsp;&nbsp;&nbsp;&nbsp; 6150 | &nbsp;&nbsp;&nbsp;&nbsp; 839 | &nbsp;&nbsp;&nbsp;&nbsp; 3935 | &nbsp;&nbsp;&nbsp;&nbsp; 2575 | &nbsp;&nbsp;&nbsp;&nbsp; 5099 | &nbsp;&nbsp;&nbsp;&nbsp; 8288 |
| 9679 | &nbsp;&nbsp;&nbsp;&nbsp; 57445 | &nbsp;&nbsp;&nbsp;&nbsp; 1703 | &nbsp;&nbsp;&nbsp;&nbsp; 8115 | &nbsp;&nbsp;&nbsp;&nbsp; 18322 | &nbsp;&nbsp;&nbsp;&nbsp; 22111 | &nbsp;&nbsp;&nbsp;&nbsp; 280380 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (17192)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17938)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 865616 | &nbsp;&nbsp;&nbsp;&nbsp; 1400316 | &nbsp;&nbsp;&nbsp;&nbsp; 275486 | &nbsp;&nbsp;&nbsp;&nbsp; 507239 | &nbsp;&nbsp;&nbsp;&nbsp; 440159 | &nbsp;&nbsp;&nbsp;&nbsp; 2109861 | &nbsp;&nbsp;&nbsp;&nbsp; 2328468 |
| 253790 | &nbsp;&nbsp;&nbsp;&nbsp; 863044 | &nbsp;&nbsp;&nbsp;&nbsp; 69728 | &nbsp;&nbsp;&nbsp;&nbsp; 376912 | &nbsp;&nbsp;&nbsp;&nbsp; 65685 | &nbsp;&nbsp;&nbsp;&nbsp; 628664 | &nbsp;&nbsp;&nbsp;&nbsp; 1854169 |
| 15227 | &nbsp;&nbsp;&nbsp;&nbsp; 51782 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 25780 | &nbsp;&nbsp;&nbsp;&nbsp; 3941 | &nbsp;&nbsp;&nbsp;&nbsp; 37719 | &nbsp;&nbsp;&nbsp;&nbsp; 111248 |
| 9308 | &nbsp;&nbsp;&nbsp;&nbsp; 13933 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 7244 | &nbsp;&nbsp;&nbsp;&nbsp; 7095 | &nbsp;&nbsp;&nbsp;&nbsp; 14703 | &nbsp;&nbsp;&nbsp;&nbsp; 29814 |
| 16096 | &nbsp;&nbsp;&nbsp;&nbsp; 16368 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 18310 | &nbsp;&nbsp;&nbsp;&nbsp; 16041 | &nbsp;&nbsp;&nbsp;&nbsp; 16350 | &nbsp;&nbsp;&nbsp;&nbsp; 17063 |
| 8114 | &nbsp;&nbsp;&nbsp;&nbsp; 14481 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 4531 | &nbsp;&nbsp;&nbsp;&nbsp; 6372 | &nbsp;&nbsp;&nbsp;&nbsp; 9039 | &nbsp;&nbsp;&nbsp;&nbsp; 21127 |
| 2574 | &nbsp;&nbsp;&nbsp;&nbsp; 2344 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 7461 | &nbsp;&nbsp;&nbsp;&nbsp; 2712 | &nbsp;&nbsp;&nbsp;&nbsp; 952 | &nbsp;&nbsp;&nbsp;&nbsp; 3528 |
| 14926 | &nbsp;&nbsp;&nbsp;&nbsp; 14475 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 13711 | &nbsp;&nbsp;&nbsp;&nbsp; 14875 | &nbsp;&nbsp;&nbsp;&nbsp; 24332 | &nbsp;&nbsp;&nbsp;&nbsp; 14835 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 14060 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 6417 | &nbsp;&nbsp;&nbsp;&nbsp; 7086 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 10066 | &nbsp;&nbsp;&nbsp;&nbsp; 5302 | &nbsp;&nbsp;&nbsp;&nbsp; 5956 | &nbsp;&nbsp;&nbsp;&nbsp; 10341 |
| 326452 | &nbsp;&nbsp;&nbsp;&nbsp; 983513 | &nbsp;&nbsp;&nbsp;&nbsp; 69728 | &nbsp;&nbsp;&nbsp;&nbsp; 478075 | &nbsp;&nbsp;&nbsp;&nbsp; 122023 | &nbsp;&nbsp;&nbsp;&nbsp; 737715 | &nbsp;&nbsp;&nbsp;&nbsp; 2062125 |
| (6771)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (147)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (94)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (39321)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (122)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (198)<br>|
| 319681 | &nbsp;&nbsp;&nbsp;&nbsp; 983366 | &nbsp;&nbsp;&nbsp;&nbsp; 69708 | &nbsp;&nbsp;&nbsp;&nbsp; 477981 | &nbsp;&nbsp;&nbsp;&nbsp; 82702 | &nbsp;&nbsp;&nbsp;&nbsp; 737593 | &nbsp;&nbsp;&nbsp;&nbsp; 2061927 |
| 545935 | &nbsp;&nbsp;&nbsp;&nbsp; 416950 | &nbsp;&nbsp;&nbsp;&nbsp; 205778 | &nbsp;&nbsp;&nbsp;&nbsp; 29258 | &nbsp;&nbsp;&nbsp;&nbsp; 357457 | &nbsp;&nbsp;&nbsp;&nbsp; 1372268 | &nbsp;&nbsp;&nbsp;&nbsp; 266541 |
| (2087165)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3343668)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1165091 | &nbsp;&nbsp;&nbsp;&nbsp; 1450048 | &nbsp;&nbsp;&nbsp;&nbsp; (2152431)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7299511 | &nbsp;&nbsp;&nbsp;&nbsp; (27450725)<br>|
| 736 | &nbsp;&nbsp;&nbsp;&nbsp; 3100 | &nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 933 | &nbsp;&nbsp;&nbsp;&nbsp; 5818 |
| 1440085 | &nbsp;&nbsp;&nbsp;&nbsp; 29687768 | &nbsp;&nbsp;&nbsp;&nbsp; 317134 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (382560)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2519091 | &nbsp;&nbsp;&nbsp;&nbsp; 55855328 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 351 | &nbsp;&nbsp;&nbsp;&nbsp; (9018)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| (646344)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26347200 | &nbsp;&nbsp;&nbsp;&nbsp; 1482652 | &nbsp;&nbsp;&nbsp;&nbsp; 1441268 | &nbsp;&nbsp;&nbsp;&nbsp; (2534791)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9819535 | &nbsp;&nbsp;&nbsp;&nbsp; 28410421 |
| (7651272)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37899752 | &nbsp;&nbsp;&nbsp;&nbsp; 8483636 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 31233567 | &nbsp;&nbsp;&nbsp;&nbsp; 10712059 | &nbsp;&nbsp;&nbsp;&nbsp; 32505846 | &nbsp;&nbsp;&nbsp;&nbsp; 350094579 |
| (182)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1493)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp;&nbsp; 1913 | &nbsp;&nbsp;&nbsp;&nbsp; 1053 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (1880)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4631)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| (7651454)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37898259 | &nbsp;&nbsp;&nbsp;&nbsp; 8481726 | &nbsp;&nbsp;&nbsp;&nbsp; 31228997 | &nbsp;&nbsp;&nbsp;&nbsp; 10712247 | &nbsp;&nbsp;&nbsp;&nbsp; 32507759 | &nbsp;&nbsp;&nbsp;&nbsp; 350095632 |
| (8297798)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 64245459 | &nbsp;&nbsp;&nbsp;&nbsp; 9964378 | &nbsp;&nbsp;&nbsp;&nbsp; 32670265 | &nbsp;&nbsp;&nbsp;&nbsp; 8177456 | &nbsp;&nbsp;&nbsp;&nbsp; 42327294 | &nbsp;&nbsp;&nbsp;&nbsp; 378506053 |
| $(7751863)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $64662409 | &nbsp;&nbsp;&nbsp;&nbsp; $10170156 | &nbsp;&nbsp;&nbsp;&nbsp; $32699523 | &nbsp;&nbsp;&nbsp;&nbsp; $8534913 | &nbsp;&nbsp;&nbsp;&nbsp; $43699562 | &nbsp;&nbsp;&nbsp;&nbsp; $378772594 |

---

<sup>(a)</sup> Net of foreign taxes of $(10960).

------

**31**

------

**Statements of Changes in Net Assets**

For the six months ended October 31, 2025 and the year ended April 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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)** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| **Operations:** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $30570 | &nbsp;&nbsp;&nbsp; $(187419)<br>| &nbsp;&nbsp;&nbsp; $158133 | &nbsp;&nbsp;&nbsp; $(245930)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (2404934)<br>| &nbsp;&nbsp;&nbsp; 4189857 | &nbsp;&nbsp;&nbsp; 4736047 | &nbsp;&nbsp;&nbsp; 18059102 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 201644132 | &nbsp;&nbsp;&nbsp; (28437084)<br>| &nbsp;&nbsp;&nbsp; 37072944 | &nbsp;&nbsp;&nbsp; (11446985)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 199269768 | &nbsp;&nbsp;&nbsp; (24434646)<br>| &nbsp;&nbsp;&nbsp; 41967124 | &nbsp;&nbsp;&nbsp; 6366187 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (264527)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (1197406)<br>| &nbsp;&nbsp;&nbsp; (156987)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 73383365 | &nbsp;&nbsp;&nbsp; 142806648 | &nbsp;&nbsp;&nbsp; 676269 | &nbsp;&nbsp;&nbsp; 72421443 |
| Value of shares repurchased | &nbsp;&nbsp; (11828)<br>| &nbsp;&nbsp;&nbsp; (11894219)<br>| &nbsp;&nbsp;&nbsp; (28613021)<br>| &nbsp;&nbsp;&nbsp; (103152345)<br>|
| Net increase (decrease) in net assets resulting from share <br> transactions<br>| &nbsp;&nbsp; 73371537 | &nbsp;&nbsp;&nbsp; 130912429 | &nbsp;&nbsp;&nbsp; (27936752)<br>| &nbsp;&nbsp;&nbsp; (30730902)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 272376778 | &nbsp;&nbsp;&nbsp; 106477783 | &nbsp;&nbsp;&nbsp; 12832966 | &nbsp;&nbsp;&nbsp; (24521702)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 382043613 | &nbsp;&nbsp;&nbsp; 275565830 | &nbsp;&nbsp;&nbsp; 221283667 | &nbsp;&nbsp;&nbsp; 245805369 |
| End of period | &nbsp;&nbsp; $654420391 | &nbsp;&nbsp;&nbsp; $382043613 | &nbsp;&nbsp;&nbsp; $234116633 | &nbsp;&nbsp;&nbsp; $221283667 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1420000 | &nbsp;&nbsp;&nbsp; 3090000 | &nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 1010000 |
| Shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (280000)<br>| &nbsp;&nbsp;&nbsp; (430000)<br>| &nbsp;&nbsp;&nbsp; (1500000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 9380000 | &nbsp;&nbsp;&nbsp; 6570000 | &nbsp;&nbsp;&nbsp; 3550000 | &nbsp;&nbsp;&nbsp; 4040000 |
| Shares outstanding, end of period | &nbsp;&nbsp; 10800000 | &nbsp;&nbsp;&nbsp; 9380000 | &nbsp;&nbsp;&nbsp; 3130000 | &nbsp;&nbsp;&nbsp; 3550000 |

---

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)** |
| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| $124950 | &nbsp;&nbsp; $541524 | &nbsp;&nbsp; $933120 | &nbsp;&nbsp; $2801486 | &nbsp;&nbsp; $545935 | &nbsp;&nbsp; $1880936 | &nbsp;&nbsp; $416950 | &nbsp;&nbsp; $182792 |
| 15861320 | &nbsp;&nbsp; 36404160 | &nbsp;&nbsp; 430714 | &nbsp;&nbsp; (4588143)<br>| &nbsp;&nbsp; (646344)<br>| &nbsp;&nbsp; 2491723 | &nbsp;&nbsp; 26347200 | &nbsp;&nbsp; 48816276 |
| 58459875 | &nbsp;&nbsp; (52608438)<br>| &nbsp;&nbsp; 9362364 | &nbsp;&nbsp; (30166591)<br>| &nbsp;&nbsp; (7651454)<br>| &nbsp;&nbsp; (3494012)<br>| &nbsp;&nbsp; 37898259 | &nbsp;&nbsp; (27865400)<br>|
| 74446145 | &nbsp;&nbsp; (15662754)<br>| &nbsp;&nbsp; 10726198 | &nbsp;&nbsp; (31953248)<br>| &nbsp;&nbsp; (7751863)<br>| &nbsp;&nbsp; 878647 | &nbsp;&nbsp; 64662409 | &nbsp;&nbsp; 21133668 |
| (243554)<br>| &nbsp;&nbsp; (707412)<br>| &nbsp;&nbsp; (1147408)<br>| &nbsp;&nbsp; (2778494)<br>| &nbsp;&nbsp; (1058225)<br>| &nbsp;&nbsp; (1491296)<br>| &nbsp;&nbsp; (309924)<br>| &nbsp;&nbsp; (353724)<br>|
| 75602190 | &nbsp;&nbsp; 455284734 | &nbsp;&nbsp; 3640728 | &nbsp;&nbsp; 11219988 | &nbsp;&nbsp; 17944527 | &nbsp;&nbsp; 38868668 | &nbsp;&nbsp; 140703596 | &nbsp;&nbsp; 214494098 |
| (59281130)<br>| &nbsp;&nbsp; (517820601)<br>| &nbsp;&nbsp; (16126236)<br>| &nbsp;&nbsp; (55337461)<br>| &nbsp;&nbsp; (13269383)<br>| &nbsp;&nbsp; (65224464)<br>| &nbsp;&nbsp; (189865169)<br>| &nbsp;&nbsp; (197156695)<br>|
| 16321060 | &nbsp;&nbsp; (62535867)<br>| &nbsp;&nbsp; (12485508)<br>| &nbsp;&nbsp; (44117473)<br>| &nbsp;&nbsp; 4675144 | &nbsp;&nbsp; (26355796)<br>| &nbsp;&nbsp; (49161573)<br>| &nbsp;&nbsp; 17337403 |
| 90523651 | &nbsp;&nbsp; (78906033)<br>| &nbsp;&nbsp; (2906718)<br>| &nbsp;&nbsp; (78849215)<br>| &nbsp;&nbsp; (4134944)<br>| &nbsp;&nbsp; (26968445)<br>| &nbsp;&nbsp; 15190912 | &nbsp;&nbsp; 38117347 |
| 205158638 | &nbsp;&nbsp; 284064671 | &nbsp;&nbsp; 71299950 | &nbsp;&nbsp; 150149165 | &nbsp;&nbsp; 101566340 | &nbsp;&nbsp; 128534785 | &nbsp;&nbsp; 313594104 | &nbsp;&nbsp; 275476757 |
| $295682289 | &nbsp;&nbsp; $205158638 | &nbsp;&nbsp; $68393232 | &nbsp;&nbsp; $71299950 | &nbsp;&nbsp; $97431396 | &nbsp;&nbsp; $101566340 | &nbsp;&nbsp; $328785016 | &nbsp;&nbsp; $313594104 |
| 840000 | &nbsp;&nbsp; 5950000 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 810000 | &nbsp;&nbsp; 2390000 | &nbsp;&nbsp; 4450000 |
| (670000)<br>| &nbsp;&nbsp; (7140000)<br>| &nbsp;&nbsp; (600000)<br>| &nbsp;&nbsp; (1800000)<br>| &nbsp;&nbsp; (280000)<br>| &nbsp;&nbsp; (1360000)<br>| &nbsp;&nbsp; (3290000)<br>| &nbsp;&nbsp; (4160000)<br>|
| 2920000 | &nbsp;&nbsp; 4110000 | &nbsp;&nbsp; 2910000 | &nbsp;&nbsp; 4360000 | &nbsp;&nbsp; 2150000 | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp; 6520000 | &nbsp;&nbsp; 6230000 |
| 3090000 | &nbsp;&nbsp; 2920000 | &nbsp;&nbsp; 2440000 | &nbsp;&nbsp; 2910000 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp; 2150000 | &nbsp;&nbsp; 5620000 | &nbsp;&nbsp; 6520000 |

---

------

**33**

------

**Statements of Changes in Net Assets—(continued)**

For the six months ended October 31, 2025 and the year ended April 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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)** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $205778 | &nbsp;&nbsp;&nbsp; $516397 | &nbsp;&nbsp;&nbsp; $29258 | &nbsp;&nbsp;&nbsp; $27541 |
| Net realized gain (loss) | &nbsp;&nbsp; 1482652 | &nbsp;&nbsp;&nbsp; 5166064 | &nbsp;&nbsp;&nbsp; 1441268 | &nbsp;&nbsp;&nbsp; 5867213 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 8481726 | &nbsp;&nbsp;&nbsp; 1377690 | &nbsp;&nbsp;&nbsp; 31228997 | &nbsp;&nbsp;&nbsp; (4315127)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 10170156 | &nbsp;&nbsp;&nbsp; 7060151 | &nbsp;&nbsp;&nbsp; 32699523 | &nbsp;&nbsp;&nbsp; 1579627 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (206805)<br>| &nbsp;&nbsp;&nbsp; (548003)<br>| &nbsp;&nbsp;&nbsp; (190890)<br>| &nbsp;&nbsp;&nbsp; (92892)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 1069 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5608163 | &nbsp;&nbsp;&nbsp; 111380291 |
| Value of shares repurchased | &nbsp;&nbsp; (1129370)<br>| &nbsp;&nbsp;&nbsp; (13912250)<br>| &nbsp;&nbsp;&nbsp; (252)<br>| &nbsp;&nbsp;&nbsp; (18220139)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (1128301)<br>| &nbsp;&nbsp;&nbsp; (13912250)<br>| &nbsp;&nbsp;&nbsp; 5607911 | &nbsp;&nbsp;&nbsp; 93160152 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; 8835050 | &nbsp;&nbsp;&nbsp; (7400102)<br>| &nbsp;&nbsp;&nbsp; 38116544 | &nbsp;&nbsp;&nbsp; 94646887 |
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 30883953 | &nbsp;&nbsp;&nbsp; 38284055 | &nbsp;&nbsp;&nbsp; 124350349 | &nbsp;&nbsp;&nbsp; 29703462 |
| End of period | &nbsp;&nbsp; $39719003 | &nbsp;&nbsp;&nbsp; $30883953 | &nbsp;&nbsp;&nbsp; $162466893 | &nbsp;&nbsp;&nbsp; $124350349 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp; 2070000 |
| Shares repurchased | &nbsp;&nbsp; (10000)<br>| &nbsp;&nbsp;&nbsp; (130000)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (370000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp; 2420000 | &nbsp;&nbsp;&nbsp; 720000 |
| Shares outstanding, end of period | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 2510000 | &nbsp;&nbsp;&nbsp; 2420000 |

---

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)** |
| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| $357457 | &nbsp;&nbsp;&nbsp; $1539352 | &nbsp;&nbsp;&nbsp; $1372268 | &nbsp;&nbsp;&nbsp; $2967029 | &nbsp;&nbsp;&nbsp; $266541 | &nbsp;&nbsp;&nbsp; $1274344 |
| (2534791)<br>| &nbsp;&nbsp;&nbsp; 1208690 | &nbsp;&nbsp;&nbsp; 9819535 | &nbsp;&nbsp;&nbsp; 20823883 | &nbsp;&nbsp;&nbsp; 28410421 | &nbsp;&nbsp;&nbsp; 118102494 |
| 10712247 | &nbsp;&nbsp;&nbsp; (15087190)<br>| &nbsp;&nbsp;&nbsp; 32507759 | &nbsp;&nbsp;&nbsp; (3182126)<br>| &nbsp;&nbsp;&nbsp; 350095632 | &nbsp;&nbsp;&nbsp; (217842014)<br>|
| 8534913 | &nbsp;&nbsp;&nbsp; (12339148)<br>| &nbsp;&nbsp;&nbsp; 43699562 | &nbsp;&nbsp;&nbsp; 20608786 | &nbsp;&nbsp;&nbsp; 378772594 | &nbsp;&nbsp;&nbsp; (98465176)<br>|
| (486606)<br>| &nbsp;&nbsp;&nbsp; (2004684)<br>| &nbsp;&nbsp;&nbsp; (1454626)<br>| &nbsp;&nbsp;&nbsp; (2915949)<br>| &nbsp;&nbsp;&nbsp; (788325)<br>| &nbsp;&nbsp;&nbsp; (1227411)<br>|
| - | &nbsp;&nbsp;&nbsp; 24457037 | &nbsp;&nbsp;&nbsp; 2550701 | &nbsp;&nbsp;&nbsp; 20193044 | &nbsp;&nbsp;&nbsp; 211252010 | &nbsp;&nbsp;&nbsp; 390355792 |
| (6003587)<br>| &nbsp;&nbsp;&nbsp; (75382975)<br>| &nbsp;&nbsp;&nbsp; (11596458)<br>| &nbsp;&nbsp;&nbsp; (58183173)<br>| &nbsp;&nbsp;&nbsp; (193610276)<br>| &nbsp;&nbsp;&nbsp; (478499007)<br>|
| (6003587)<br>| &nbsp;&nbsp;&nbsp; (50925938)<br>| &nbsp;&nbsp;&nbsp; (9045757)<br>| &nbsp;&nbsp;&nbsp; (37990129)<br>| &nbsp;&nbsp;&nbsp; 17641734 | &nbsp;&nbsp;&nbsp; (88143215)<br>|
| 2044720 | &nbsp;&nbsp;&nbsp; (65269770)<br>| &nbsp;&nbsp;&nbsp; 33199179 | &nbsp;&nbsp;&nbsp; (20297292)<br>| &nbsp;&nbsp;&nbsp; 395626003 | &nbsp;&nbsp;&nbsp; (187835802)<br>|
| 25296230 | &nbsp;&nbsp;&nbsp; 90566000 | &nbsp;&nbsp;&nbsp; 243737940 | &nbsp;&nbsp;&nbsp; 264035232 | &nbsp;&nbsp;&nbsp; 574820457 | &nbsp;&nbsp;&nbsp; 762656259 |
| $27340950 | &nbsp;&nbsp;&nbsp; $25296230 | &nbsp;&nbsp;&nbsp; $276937119 | &nbsp;&nbsp;&nbsp; $243737940 | &nbsp;&nbsp;&nbsp; $970446460 | &nbsp;&nbsp;&nbsp; $574820457 |
| - | &nbsp;&nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp; 3230000 | &nbsp;&nbsp;&nbsp; 6810000 |
| (240000)<br>| &nbsp;&nbsp;&nbsp; (2580000)<br>| &nbsp;&nbsp;&nbsp; (140000)<br>| &nbsp;&nbsp;&nbsp; (690000)<br>| &nbsp;&nbsp;&nbsp; (3220000)<br>| &nbsp;&nbsp;&nbsp; (8550000)<br>|
| 1155978 | &nbsp;&nbsp;&nbsp; 2945978 | &nbsp;&nbsp;&nbsp; 2970000 | &nbsp;&nbsp;&nbsp; 3420000 | &nbsp;&nbsp;&nbsp; 12430000 | &nbsp;&nbsp;&nbsp; 14170000 |
| 915978 | &nbsp;&nbsp;&nbsp; 1155978 | &nbsp;&nbsp;&nbsp; 2860000 | &nbsp;&nbsp;&nbsp; 2970000 | &nbsp;&nbsp;&nbsp; 12440000 | &nbsp;&nbsp;&nbsp; 12430000 |

---

------

**35**

------

**Financial Highlights**

Invesco AI and Next Gen Software ETF (IGPT)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **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 period | &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 | &nbsp;&nbsp;&nbsp; $32.95 |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>| &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>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.14)<br>|
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;19.89 | &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;&nbsp;19.89 | &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; (0.03)<br>| &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; - | &nbsp;&nbsp;&nbsp; (2.41)<br>| &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (0.03)<br>| &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 period | &nbsp;&nbsp;&nbsp; $60.59 | &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 period<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; $60.65 | &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>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 48.83<br> %<br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 49.20<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $654420 | &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 %<sup>(g)</sup><br>| &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 %<sup>(g)</sup><br>| &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;&nbsp; 0.01 %<sup>(g)</sup><br>| &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>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.31)%<br>|
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 11<br> %<br>| &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> Amount represents less than $0.005.

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

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

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

<sup>(h)</sup> Portfolio turnover rate 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)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $53.16 |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &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;12.78 | &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;12.83 | &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; (0.36)<br>| &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 period | &nbsp;&nbsp;&nbsp; $74.80 | &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 period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $74.79 | &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; 20.65<br> %<br>| &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; 20.68<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $234117 | &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; 0.59 %<sup>(d)</sup><br>| &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;&nbsp; 0.14 %<sup>(d)</sup><br>| &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>(e)</sup> | &nbsp;&nbsp;&nbsp; 67<br> %<br>| &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> 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 Building & Construction ETF (PKB)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $25.83 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &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;25.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &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;25.51 | &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; (0.08)<br>| &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 period | &nbsp;&nbsp;&nbsp; $95.69 | &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 period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $95.69 | &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>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 36.33<br> %<br>| &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>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 36.41<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $295682 | &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; 0.58 %<sup>(d)</sup><br>| &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; 0.10 %<sup>(d)</sup><br>| &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; 43<br> %<br>| &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> The mean between the last bid and ask prices.

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

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

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

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

------

**38**

------

**Financial Highlights—(continued)**

Invesco Energy Exploration & Production ETF (PXE)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $10.12 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &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;&nbsp;3.62 | &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;&nbsp;3.99 | &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; (0.46)<br>| &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 period | &nbsp;&nbsp;&nbsp; $28.03 | &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 period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $28.04 | &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;&nbsp; 16.24<br> %<br>| &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;&nbsp; 16.38<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $68393 | &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; 0.63 %<sup>(d)</sup><br>| &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; 0.69 %<sup>(d)</sup><br>| &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; 2.61 %<sup>(d)</sup><br>| &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>(e)</sup> | &nbsp;&nbsp;&nbsp; 30<br> %<br>| &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> 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 Food & Beverage ETF (PBJ)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $30.36 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &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; (3.72)<br>| &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; (3.46)<br>| &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; (0.48)<br>| &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 period | &nbsp;&nbsp;&nbsp; $43.30 | &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 period<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $43.30 | &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; (7.39)%<br>| &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; (7.32)%<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $97431 | &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; 0.63 %<sup>(f)</sup><br>| &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; 0.64 %<sup>(f)</sup><br>| &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; 1.08 %<sup>(f)</sup><br>| &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>(g)</sup> | &nbsp;&nbsp;&nbsp; 57<br> %<br>| &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> 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.

------

**40**

------

**Financial Highlights—(continued)**

Invesco Leisure and Entertainment ETF (PEJ)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $27.39 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &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;10.38 | &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;10.45 | &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; (0.05)<br>| &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 period | &nbsp;&nbsp;&nbsp; $58.50 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $58.51 | &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; 21.73<br> %<br>| &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; 21.75<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $328785 | &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 %<sup>(e)</sup><br>| &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 %<sup>(e)</sup><br>| &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; 0.24 %<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 75<br> %<br>| &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> 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.

------

**41**

------

**Financial Highlights—(continued)**

Invesco Next Gen Connectivity ETF (KNCT)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $57.59 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &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;34.02 | &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;34.72 | &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; (0.71)<br>| &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 period | &nbsp;&nbsp;&nbsp; $136.96 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $136.97 | &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; 33.82<br> %<br>| &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; 33.89<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $39719 | &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 %<sup>(e)</sup><br>| &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 %<sup>(e)</sup><br>| &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; 1.18 %<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 10<br> %<br>| &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> 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.

------

**42**

------

**Financial Highlights—(continued)**

Invesco Next Gen Media and Gaming ETF (GGME)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $27.88 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &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;13.42 | &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;13.43 | &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; (0.08)<br>| &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 period | &nbsp;&nbsp;&nbsp; $64.73 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $64.67 | &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; 26.15<br> %<br>| &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; 26.33<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $162467 | &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; 0.63 %<sup>(e)</sup><br>| &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; 0.63 %<sup>(e)</sup><br>| &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; 0.04 %<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 13<br> %<br>| &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> 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.

------

**43**

------

**Financial Highlights—(continued)**

Invesco Oil & Gas Services ETF (PXJ)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **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 period | &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 | &nbsp;&nbsp;&nbsp; $11.95 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &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;&nbsp;8.10 | &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;&nbsp;8.45 | &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; (0.48)<br>| &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 period | &nbsp;&nbsp;&nbsp; $29.85 | &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 period<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; $29.83 | &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;&nbsp; 39.02<br> %<br>| &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;&nbsp; 39.05<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $27341 | &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 %<sup>(g)</sup><br>| &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; 0.93 %<sup>(g)</sup><br>| &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; 2.72 %<sup>(g)</sup><br>| &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>(h)</sup> | &nbsp;&nbsp;&nbsp; 50<br> %<br>| &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> Annualized.

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

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

------

**44**

------

**Financial Highlights—(continued)**

Invesco Pharmaceuticals ETF (PJP)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $62.54 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &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;14.79 | &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;15.26 | &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; (0.50)<br>| &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 period | &nbsp;&nbsp;&nbsp; $96.83 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $96.85 | &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; 18.68<br> %<br>| &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; 18.86<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $276937 | &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; 0.59 %<sup>(e)</sup><br>| &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 %<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 17<br> %<br>| &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> Annualized.

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

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

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**Financial Highlights—(continued)**

Invesco Semiconductors ETF (PSI)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **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 period | &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 | &nbsp;&nbsp;&nbsp; $21.20 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &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;&nbsp;31.82 | &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;&nbsp;31.84 | &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; (0.07)<br>| &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 period | &nbsp;&nbsp;&nbsp; $78.01 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $78.00 | &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;&nbsp; 68.88<br> %<br>| &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;&nbsp; 68.95<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $970446 | &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 %<sup>(e)</sup><br>| &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; 0.07 %<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 45<br> %<br>| &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> Annualized.

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

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

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**Notes to Financial Statements**

Invesco Exchange-Traded Fund Trust

October 31, 2025

*(Unaudited)*

**NOTE 1—Organization**

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

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| | |
|:---|:---|
| **Full Name** | **Short Name** |
| Invesco 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 the 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 |

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**NOTE 2—Significant Accounting Policies**

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

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

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&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

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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. 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

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benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

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

**F.** **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 six months ended October 31, 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

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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** — Each Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. 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.

**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 ("BNY") 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 six months ended October 31, 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:

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| | |
|:---|:---|
|  | **Amount** |
| AI and Next Gen Software ETF | &nbsp;&nbsp; $1104 |
| Biotechnology & Genome ETF | &nbsp;&nbsp; 36413 |
| Building & Construction ETF | &nbsp;&nbsp; 1390 |
| Energy Exploration & Production ETF | &nbsp;&nbsp; 6330 |
| Food & Beverage ETF | &nbsp;&nbsp; 660 |
| Leisure and Entertainment ETF | &nbsp;&nbsp; 4254 |
| Next Gen Connectivity ETF | &nbsp;&nbsp; 62 |
| Next Gen Media and Gaming ETF | &nbsp;&nbsp; 267 |
| Oil & Gas Services ETF | &nbsp;&nbsp; 851 |
| Pharmaceuticals ETF | &nbsp;&nbsp; 1687 |
| Semiconductors ETF | &nbsp;&nbsp; 24752 |

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**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

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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, 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. Equity risk also

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includes the risk of large-capitalization companies, which may adapt more slowly to new competitive challenges or may be more mature and subject to more limited growth potential, and consequently may underperform other segments of the equity market or the market as a whole. 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.

*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

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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, 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.

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For the six months ended October 31, 2025, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

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| | |
|:---|:---|
| AI and Next Gen Software ETF | &nbsp;&nbsp;&nbsp; $278 |
| Biotechnology & Genome ETF | &nbsp;&nbsp;&nbsp; 102 |
| Building & Construction ETF | &nbsp;&nbsp;&nbsp; 164 |
| Energy Exploration & Production ETF | &nbsp;&nbsp;&nbsp; 20435 |
| Food & Beverage ETF | &nbsp;&nbsp;&nbsp; 6771 |
| Leisure and Entertainment ETF | &nbsp;&nbsp;&nbsp; 147 |
| Next Gen Connectivity ETF | &nbsp;&nbsp;&nbsp; 20 |
| Next Gen Media and Gaming ETF | &nbsp;&nbsp;&nbsp; 94 |
| Oil & Gas Services ETF | &nbsp;&nbsp;&nbsp; 39321 |
| Pharmaceuticals ETF | &nbsp;&nbsp;&nbsp; 122 |
| Semiconductors ETF | &nbsp;&nbsp;&nbsp; 198 |

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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 October 31, 2025 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Total** <br>**Potential** <br>**Recapture** <br>**Amounts** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** |
|  | **Total** <br>**Potential** <br>**Recapture** <br>**Amounts** | **4/30/26** | **4/30/27** | **4/30/28** | **10/31/28** |
| Energy Exploration & Production ETF | &nbsp;&nbsp; $20376 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $20376 |
| Food & Beverage ETF | &nbsp;&nbsp; 6676 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 6676 |
| Next Gen Media and Gaming ETF | &nbsp;&nbsp; 161049 | &nbsp;&nbsp; 43286 | &nbsp;&nbsp; 69227 | &nbsp;&nbsp; 48227 | &nbsp;&nbsp; 309 |
| Oil & Gas Services ETF | &nbsp;&nbsp; 132771 | &nbsp;&nbsp; 30704 | &nbsp;&nbsp; 39985 | &nbsp;&nbsp; 22822 | &nbsp;&nbsp; 39260 |

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

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

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

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

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

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For the six months ended October 31, 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:

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| | |
|:---|:---|
| AI and Next Gen Software ETF | &nbsp;&nbsp;&nbsp; $6215 |
| Biotechnology & Genome ETF | &nbsp;&nbsp;&nbsp; 37156 |
| Building & Construction ETF | &nbsp;&nbsp;&nbsp; 6259 |
| Energy Exploration & Production ETF | &nbsp;&nbsp;&nbsp; 5392 |
| Food & Beverage ETF | &nbsp;&nbsp;&nbsp; 15431 |
| Leisure and Entertainment ETF | &nbsp;&nbsp;&nbsp; 44193 |
| Next Gen Connectivity ETF | &nbsp;&nbsp;&nbsp; 160 |
| Next Gen Media and Gaming ETF | &nbsp;&nbsp;&nbsp; 2023 |
| Oil & Gas Services ETF | &nbsp;&nbsp;&nbsp; 6926 |
| Pharmaceuticals ETF | &nbsp;&nbsp;&nbsp; 11199 |
| Semiconductors ETF | &nbsp;&nbsp;&nbsp; 28707 |

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

**NOTE 4—Additional Valuation Information**

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

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 October 31, 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.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| AI and Next Gen Software ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $556089698 | &nbsp;&nbsp; $98069040 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $654158738 |
| Money Market Funds | &nbsp;&nbsp; 619374 | &nbsp;&nbsp; 10549213 | &nbsp;&nbsp; - | &nbsp;&nbsp; 11168587 |
| **Total Investments** | &nbsp;&nbsp; $556709072 | &nbsp;&nbsp; $108618253 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $665327325 |
| Biotechnology & Genome ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $234224485 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $234224485 |
| Money Market Funds | &nbsp;&nbsp; 155558 | &nbsp;&nbsp; 24861096 | &nbsp;&nbsp; - | &nbsp;&nbsp; 25016654 |
| **Total Investments** | &nbsp;&nbsp; $234380043 | &nbsp;&nbsp; $24861096 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $259241139 |
| Building & Construction ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $295772492 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $295772492 |
| Money Market Funds | &nbsp;&nbsp; 185562 | &nbsp;&nbsp; 6527401 | &nbsp;&nbsp; - | &nbsp;&nbsp; 6712963 |
| **Total Investments** | &nbsp;&nbsp; $295958054 | &nbsp;&nbsp; $6527401 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $302485455 |

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Energy Exploration & Production ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $68357177 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $68357177 |
| Money Market Funds | &nbsp;&nbsp; 134261 | &nbsp;&nbsp; 9883616 | &nbsp;&nbsp; - | &nbsp;&nbsp; 10017877 |
| **Total Investments** | &nbsp;&nbsp; $68491438 | &nbsp;&nbsp; $9883616 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $78375054 |
| Food & Beverage ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $97345386 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $97345386 |
| Money Market Funds | &nbsp;&nbsp; 209611 | &nbsp;&nbsp; 6904893 | &nbsp;&nbsp; - | &nbsp;&nbsp; 7114504 |
| **Total Investments** | &nbsp;&nbsp; $97554997 | &nbsp;&nbsp; $6904893 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $104459890 |
| Leisure and Entertainment ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $328770223 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $328770223 |
| Money Market Funds | &nbsp;&nbsp; 312342 | &nbsp;&nbsp; 52685715 | &nbsp;&nbsp; - | &nbsp;&nbsp; 52998057 |
| **Total Investments** | &nbsp;&nbsp; $329082565 | &nbsp;&nbsp; $52685715 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $381768280 |
| Next Gen Connectivity ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $28818459 | &nbsp;&nbsp; $10838372 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $39656831 |
| Money Market Funds | &nbsp;&nbsp; 26983 | &nbsp;&nbsp; 557025 | &nbsp;&nbsp; - | &nbsp;&nbsp; 584008 |
| **Total Investments** | &nbsp;&nbsp; $28845442 | &nbsp;&nbsp; $11395397 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $40240839 |
| Next Gen Media and Gaming ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $132411125 | &nbsp;&nbsp; $30048197 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $162459322 |
| Money Market Funds | &nbsp;&nbsp; 162590 | &nbsp;&nbsp; 4378193 | &nbsp;&nbsp; - | &nbsp;&nbsp; 4540783 |
| **Total Investments** | &nbsp;&nbsp; $132573715 | &nbsp;&nbsp; $34426390 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $167000105 |
| Oil & Gas Services ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $27336650 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $27336650 |
| Money Market Funds | &nbsp;&nbsp; 118710 | &nbsp;&nbsp; 6009762 | &nbsp;&nbsp; - | &nbsp;&nbsp; 6128472 |
| **Total Investments** | &nbsp;&nbsp; $27455360 | &nbsp;&nbsp; $6009762 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $33465122 |
| Pharmaceuticals ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $276740686 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $276740686 |
| Money Market Funds | &nbsp;&nbsp; 293772 | &nbsp;&nbsp; 40715973 | &nbsp;&nbsp; - | &nbsp;&nbsp; 41009745 |
| **Total Investments** | &nbsp;&nbsp; $277034458 | &nbsp;&nbsp; $40715973 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $317750431 |
| Semiconductors ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $970777266 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $970777266 |
| Money Market Funds | &nbsp;&nbsp; 188701 | &nbsp;&nbsp; 61727015 | &nbsp;&nbsp; - | &nbsp;&nbsp; 61915716 |
| **Total Investments** | &nbsp;&nbsp; $970965967 | &nbsp;&nbsp; $61727015 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1032692982 |

---

**NOTE 5—Tax Information**

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

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

------

**57**

------

The Funds had 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. 

**NOTE 6—Investment Transactions**

For the six months ended October 31, 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; $61181242 | &nbsp;&nbsp; $56389355 |
| Biotechnology & Genome ETF | &nbsp;&nbsp; 150550784 | &nbsp;&nbsp; 151544011 |
| Building & Construction ETF | &nbsp;&nbsp; 109488798 | &nbsp;&nbsp; 108762820 |
| Energy Exploration & Production ETF | &nbsp;&nbsp; 21323220 | &nbsp;&nbsp; 21410901 |
| Food & Beverage ETF | &nbsp;&nbsp; 57234869 | &nbsp;&nbsp; 57586180 |
| Leisure and Entertainment ETF | &nbsp;&nbsp; 256722519 | &nbsp;&nbsp; 255394216 |
| Next Gen Connectivity ETF | &nbsp;&nbsp; 3374613 | &nbsp;&nbsp; 3556459 |
| Next Gen Media and Gaming ETF | &nbsp;&nbsp; 19881723 | &nbsp;&nbsp; 19357286 |
| Oil & Gas Services ETF | &nbsp;&nbsp; 12936977 | &nbsp;&nbsp; 13026263 |
| Pharmaceuticals ETF | &nbsp;&nbsp; 42386988 | &nbsp;&nbsp; 42358249 |
| Semiconductors ETF | &nbsp;&nbsp; 332321744 | &nbsp;&nbsp; 330245356 |

---

For the six months ended October 31, 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; $68018790 | &nbsp;&nbsp; $- |
| Biotechnology & Genome ETF | &nbsp;&nbsp; 676484 | &nbsp;&nbsp; 28628246 |
| Building & Construction ETF | &nbsp;&nbsp; 75244400 | &nbsp;&nbsp; 59619503 |
| Energy Exploration & Production ETF | &nbsp;&nbsp; 3630594 | &nbsp;&nbsp; 16122082 |
| Food & Beverage ETF | &nbsp;&nbsp; 17878052 | &nbsp;&nbsp; 13249692 |
| Leisure and Entertainment ETF | &nbsp;&nbsp; 140707893 | &nbsp;&nbsp; 191061280 |
| Next Gen Connectivity ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; 951827 |
| Next Gen Media and Gaming ETF | &nbsp;&nbsp; 5147165 | &nbsp;&nbsp; - |
| Oil & Gas Services ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; 6000010 |
| Pharmaceuticals ETF | &nbsp;&nbsp; 2548532 | &nbsp;&nbsp; 11593343 |
| Semiconductors ETF | &nbsp;&nbsp; 211252303 | &nbsp;&nbsp; 195575223 |

---

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

------

**58**

------

As of October 31, 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; $232379988 | &nbsp;&nbsp; $(23731895)<br>| &nbsp;&nbsp; $208648093 | &nbsp;&nbsp; $456679232 |
| Biotechnology & Genome ETF | &nbsp;&nbsp; 42481751 | &nbsp;&nbsp; (8239131)<br>| &nbsp;&nbsp; 34242620 | &nbsp;&nbsp; 224998519 |
| Building & Construction ETF | &nbsp;&nbsp; 60293039 | &nbsp;&nbsp; (7982685)<br>| &nbsp;&nbsp; 52310354 | &nbsp;&nbsp; 250175101 |
| Energy Exploration & Production ETF | &nbsp;&nbsp; 6159394 | &nbsp;&nbsp; (11923345)<br>| &nbsp;&nbsp; (5763951)<br>| &nbsp;&nbsp; 84139005 |
| Food & Beverage ETF | &nbsp;&nbsp; 5956840 | &nbsp;&nbsp; (7525632)<br>| &nbsp;&nbsp; (1568792)<br>| &nbsp;&nbsp; 106028682 |
| Leisure and Entertainment ETF | &nbsp;&nbsp; 40633209 | &nbsp;&nbsp; (14131740)<br>| &nbsp;&nbsp; 26501469 | &nbsp;&nbsp; 355266811 |
| Next Gen Connectivity ETF | &nbsp;&nbsp; 16239896 | &nbsp;&nbsp; (824343)<br>| &nbsp;&nbsp; 15415553 | &nbsp;&nbsp; 24825286 |
| Next Gen Media and Gaming ETF | &nbsp;&nbsp; 37803284 | &nbsp;&nbsp; (6898897)<br>| &nbsp;&nbsp; 30904387 | &nbsp;&nbsp; 136095718 |
| Oil & Gas Services ETF | &nbsp;&nbsp; 3018512 | &nbsp;&nbsp; (4806499)<br>| &nbsp;&nbsp; (1787987)<br>| &nbsp;&nbsp; 35253109 |
| Pharmaceuticals ETF | &nbsp;&nbsp; 69395186 | &nbsp;&nbsp; (20564098)<br>| &nbsp;&nbsp; 48831088 | &nbsp;&nbsp; 268919343 |
| Semiconductors ETF | &nbsp;&nbsp; 331126807 | &nbsp;&nbsp; (7785868)<br>| &nbsp;&nbsp; 323340939 | &nbsp;&nbsp; 709352043 |

---

**NOTE 7—Trustees' and Officer's Fees**

Trustees' and Officer's Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for 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 8—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.

------

**59**

------

**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>**

Not applicable.

------

**60**

------

**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-IND-NCSRS

invesco.com/ETFs

------

![](imgfc126bfa1.jpg)

------

**Invesco Semi-Annual Financial Statements and Other Information**

October 31, 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_77045f4b-0bbc-40e3-9dec-23e2f09138fc_SOI-Continued-512_1)<sup>®</sup>[Equal Weight ETF (RSP)](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_SOI-Continued-512_1) | **3** |
| [Invesco S&P 500](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_SOI-Continued-512_7)<sup>®</sup>[Equal Weight Communication Services ETF (RSPC)](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_SOI-Continued-512_7) | **9** |
| [Invesco S&P 500](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_SOI-Continued-512_9)<sup>®</sup>[Equal Weight Consumer Discretionary ETF (RSPD)](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_SOI-Continued-512_9) | **11** |
| [Invesco S&P 500](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_SOI-Continued-512_11)<sup>®</sup>[Equal Weight Consumer Staples ETF (RSPS)](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_SOI-Continued-512_11) | **13** |
| [Invesco S&P 500](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_SOI-Continued-512_13)<sup>®</sup>[Equal Weight Energy ETF (RSPG)](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_SOI-Continued-512_13) | **15** |
| [Invesco S&P 500](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_SOI-Continued-512_14)<sup>®</sup>[Equal Weight Financials ETF (RSPF)](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_SOI-Continued-512_14) | **16** |
| [Invesco S&P 500](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_SOI-Continued-512_16)<sup>®</sup>[Equal Weight Health Care ETF (RSPH)](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_SOI-Continued-512_16) | **18** |
| [Invesco S&P 500](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_SOI-Continued-512_18)<sup>®</sup>[Equal Weight Industrials ETF (RSPN)](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_SOI-Continued-512_18) | **20** |
| [Invesco S&P 500](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_SOI-Continued-512_20)<sup>®</sup>[Equal Weight Materials ETF (RSPM)](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_SOI-Continued-512_20) | **22** |
| [Invesco S&P 500](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_SOI-Continued-512_21)<sup>®</sup>[Equal Weight Real Estate ETF (RSPR)](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_SOI-Continued-512_21) | **23** |
| [Invesco S&P 500](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_SOI-Continued-512_23)<sup>®</sup>[Equal Weight Technology ETF (RSPT)](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_SOI-Continued-512_23) | **25** |
| [Invesco S&P 500](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_SOI-Continued-512_25)<sup>®</sup>[Equal Weight Utilities ETF (RSPU)](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_SOI-Continued-512_25) | **27** |
| [Invesco S&P MidCap 400](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_SOI-Continued-512_27)<sup>®</sup>[GARP ETF (GRPM)](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_SOI-Continued-512_27) | **29** |
| [Statements of Assets and Liabilities](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_FS-Continued-512_2) | **32** |
| [Statements of Operations](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_FS-Continued-512_6) | **36** |
| [Statements of Changes in Net Assets](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_FS-Continued-512_10) | **40** |
| [Financial Highlights](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_FIHI-Continued-512_1) | **46** |
| [Notes to Financial Statements](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_NTF-Continued-512_1) | **59** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_77045f4b-0bbc-40e3-9dec-23e2f09138fc_OIRSR-Continued_1) | **72** |

---

------

**2**

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**Invesco S&P 500**<sup>®</sup> **Equal Weight ETF (RSP)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.75%** | **Common Stocks & Other Equity Interests-99.75%** | **Common Stocks & Other Equity Interests-99.75%** |
| **Communication Services-4.19%** | **Communication Services-4.19%** | **Communication Services-4.19%** |
| Alphabet, Inc., Class A | 336422 | &nbsp;&nbsp; $94598502 |
| Alphabet, Inc., Class C | 269231 | &nbsp;&nbsp; 75874680 |
| AT&T, Inc. | 4956197 | &nbsp;&nbsp; 122665876 |
| Charter Communications, Inc., <br> Class A<sup>(b)(c)</sup><br>| 550388 | &nbsp;&nbsp; 128702730 |
| Comcast Corp., Class A | 4323711 | &nbsp;&nbsp; 120350496 |
| Electronic Arts, Inc. | 851421 | &nbsp;&nbsp; 170335285 |
| Fox Corp., Class A<sup>(c)</sup> | 1612888 | &nbsp;&nbsp; 104273209 |
| Fox Corp., Class B | 1013528 | &nbsp;&nbsp; 59200171 |
| Interpublic Group of Cos., Inc. (The) | 5574690 | &nbsp;&nbsp; 143046545 |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup> | 846744 | &nbsp;&nbsp; 126613630 |
| Match Group, Inc. | 3819223 | &nbsp;&nbsp; 123513672 |
| Meta Platforms, Inc., Class A | 192437 | &nbsp;&nbsp; 124766529 |
| Netflix, Inc.<sup>(b)</sup> | 115987 | &nbsp;&nbsp; 129773215 |
| News Corp., Class A | 3799706 | &nbsp;&nbsp; 100692209 |
| News Corp., Class B<sup>(c)</sup> | 1122697 | &nbsp;&nbsp; 34208578 |
| Omnicom Group, Inc.<sup>(c)</sup> | 1904323 | &nbsp;&nbsp; 142862311 |
| Paramount Skydance Corp.<sup>(c)</sup> | 9577963 | &nbsp;&nbsp; 147404851 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 593197 | &nbsp;&nbsp; 152077915 |
| TKO Group Holdings, Inc.<sup>(c)</sup> | 741751 | &nbsp;&nbsp; 139745888 |
| T-Mobile US, Inc. | 603112 | &nbsp;&nbsp; 126683676 |
| Trade Desk, Inc. (The), Class A<sup>(b)(c)</sup> | 3136565 | &nbsp;&nbsp; 157706488 |
| Verizon Communications, Inc. | 3327651 | &nbsp;&nbsp; 132240851 |
| Walt Disney Co. (The) | 1250013 | &nbsp;&nbsp; 140776464 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 11557720 | &nbsp;&nbsp; 259470814 |
|  |  | &nbsp;&nbsp; 3057584585 |
| **Consumer Discretionary-9.30%** | **Consumer Discretionary-9.30%** | **Consumer Discretionary-9.30%** |
| Airbnb, Inc., Class A<sup>(b)</sup> | 1172843 | &nbsp;&nbsp; 148411553 |
| Amazon.com, Inc.<sup>(b)</sup> | 628447 | &nbsp;&nbsp; 153479326 |
| Aptiv PLC<sup>(b)</sup> | 1773212 | &nbsp;&nbsp; 143807493 |
| AutoZone, Inc.<sup>(b)</sup> | 34125 | &nbsp;&nbsp; 125389924 |
| Best Buy Co., Inc. | 1888943 | &nbsp;&nbsp; 155157778 |
| Booking Holdings, Inc. | 26530 | &nbsp;&nbsp; 134712442 |
| Carnival Corp.<sup>(b)</sup> | 4615424 | &nbsp;&nbsp; 133062674 |
| Chipotle Mexican Grill, Inc.<sup>(b)(c)</sup> | 3738838 | &nbsp;&nbsp; 118483776 |
| D.R. Horton, Inc. | 821794 | &nbsp;&nbsp; 122513050 |
| Darden Restaurants, Inc. | 684291 | &nbsp;&nbsp; 123275024 |
| Deckers Outdoor Corp.<sup>(b)(c)</sup> | 1268060 | &nbsp;&nbsp; 103346890 |
| Domino's Pizza, Inc. | 321367 | &nbsp;&nbsp; 128051895 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 562216 | &nbsp;&nbsp; 143010884 |
| eBay, Inc. | 1585256 | &nbsp;&nbsp; 128897165 |
| Expedia Group, Inc. | 671781 | &nbsp;&nbsp; 147791820 |
| Ford Motor Co. | 12672621 | &nbsp;&nbsp; 166391514 |
| Garmin Ltd. | 614443 | &nbsp;&nbsp; 131453935 |
| General Motors Co. | 2524012 | &nbsp;&nbsp; 174383989 |
| Genuine Parts Co.<sup>(c)</sup> | 1037387 | &nbsp;&nbsp; 132069739 |
| Hasbro, Inc. | 1863591 | &nbsp;&nbsp; 142210629 |
| Hilton Worldwide Holdings, Inc. | 530893 | &nbsp;&nbsp; 136418265 |
| Home Depot, Inc. (The) | 350244 | &nbsp;&nbsp; 132949120 |
| Las Vegas Sands Corp. | 2655690 | &nbsp;&nbsp; 157615202 |
| Lennar Corp., Class A | 1059810 | &nbsp;&nbsp; 131172684 |
| LKQ Corp.<sup>(c)</sup> | 4510046 | &nbsp;&nbsp; 144141070 |
| Lowe's Cos., Inc.<sup>(c)</sup> | 542953 | &nbsp;&nbsp; 129293398 |
| lululemon athletica, Inc.<sup>(b)(c)</sup> | 884665 | &nbsp;&nbsp; 150870769 |
| Marriott International, Inc., Class A | 551621 | &nbsp;&nbsp; 143741400 |
| McDonald's Corp. | 473158 | &nbsp;&nbsp; 141204542 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| MGM Resorts International<sup>(b)(c)</sup> | 4025600 | &nbsp;&nbsp; $128939968 |
| Mohawk Industries, Inc.<sup>(b)</sup> | 1069021 | &nbsp;&nbsp; 121483546 |
| NIKE, Inc., Class B | 1949228 | &nbsp;&nbsp; 125900637 |
| Norwegian Cruise Line Holdings <br> Ltd.<sup>(b)</sup><br>| 5690877 | &nbsp;&nbsp; 127589462 |
| NVR, Inc.<sup>(b)</sup> | 17392 | &nbsp;&nbsp; 125410581 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 1376693 | &nbsp;&nbsp; 130014887 |
| Pool Corp. | 454337 | &nbsp;&nbsp; 121335239 |
| PulteGroup, Inc. | 1071058 | &nbsp;&nbsp; 128387723 |
| Ralph Lauren Corp. | 462965 | &nbsp;&nbsp; 147991392 |
| Ross Stores, Inc. | 969744 | &nbsp;&nbsp; 154111717 |
| Royal Caribbean Cruises Ltd.<sup>(c)</sup> | 423750 | &nbsp;&nbsp; 121544213 |
| Starbucks Corp. | 1746205 | &nbsp;&nbsp; 141215598 |
| Tapestry, Inc. | 1374579 | &nbsp;&nbsp; 150956266 |
| Tesla, Inc.<sup>(b)</sup> | 416793 | &nbsp;&nbsp; 190291012 |
| TJX Cos., Inc. (The) | 1036731 | &nbsp;&nbsp; 145287482 |
| Tractor Supply Co.<sup>(c)</sup> | 2475948 | &nbsp;&nbsp; 133973546 |
| Ulta Beauty, Inc.<sup>(b)</sup> | 280895 | &nbsp;&nbsp; 146031693 |
| Williams-Sonoma, Inc. | 714254 | &nbsp;&nbsp; 138808122 |
| Wynn Resorts Ltd.<sup>(c)</sup> | 1177715 | &nbsp;&nbsp; 140136308 |
| Yum! Brands, Inc. | 993014 | &nbsp;&nbsp; 137244465 |
|  |  | &nbsp;&nbsp; 6779961807 |
| **Consumer Staples-7.03%** | **Consumer Staples-7.03%** | **Consumer Staples-7.03%** |
| Altria Group, Inc. | 2185304 | &nbsp;&nbsp; 123207440 |
| Archer-Daniels-Midland Co. | 2356560 | &nbsp;&nbsp; 142642577 |
| Brown-Forman Corp., Class B<sup>(c)</sup> | 5306936 | &nbsp;&nbsp; 144507867 |
| Bunge Global S.A. | 1757757 | &nbsp;&nbsp; 166283812 |
| Campbell's Co. (The)<sup>(c)</sup> | 4321591 | &nbsp;&nbsp; 130209537 |
| Church & Dwight Co., Inc. | 1556244 | &nbsp;&nbsp; 136467036 |
| Clorox Co. (The) | 1173615 | &nbsp;&nbsp; 131984743 |
| Coca-Cola Co. (The) | 2133960 | &nbsp;&nbsp; 147029844 |
| Colgate-Palmolive Co. | 1739392 | &nbsp;&nbsp; 134020154 |
| Conagra Brands, Inc. | 7475225 | &nbsp;&nbsp; 128499118 |
| Constellation Brands, Inc., Class A | 1012829 | &nbsp;&nbsp; 133065474 |
| Costco Wholesale Corp. | 151608 | &nbsp;&nbsp; 138183112 |
| Dollar General Corp.<sup>(c)</sup> | 1359324 | &nbsp;&nbsp; 134110906 |
| Dollar Tree, Inc.<sup>(b)(c)</sup> | 1464113 | &nbsp;&nbsp; 145122881 |
| Estee Lauder Cos., Inc. (The), <br> Class A<sup>(c)</sup><br>| 1655139 | &nbsp;&nbsp; 160035390 |
| General Mills, Inc.<sup>(c)</sup> | 2893694 | &nbsp;&nbsp; 134875077 |
| Hershey Co. (The)<sup>(c)</sup> | 779823 | &nbsp;&nbsp; 132281375 |
| Hormel Foods Corp.<sup>(c)</sup> | 5796110 | &nbsp;&nbsp; 125138015 |
| J.M. Smucker Co. (The) | 1315269 | &nbsp;&nbsp; 136196105 |
| Kellanova | 1831144 | &nbsp;&nbsp; 152094821 |
| Kenvue, Inc. | 7836708 | &nbsp;&nbsp; 112613494 |
| Keurig Dr Pepper, Inc.<sup>(c)</sup> | 5274141 | &nbsp;&nbsp; 143245670 |
| Kimberly-Clark Corp. | 1130654 | &nbsp;&nbsp; 135350590 |
| Kraft Heinz Co. (The)<sup>(c)</sup> | 5430504 | &nbsp;&nbsp; 134296364 |
| Kroger Co. (The) | 2158914 | &nbsp;&nbsp; 137371698 |
| Lamb Weston Holdings, Inc. | 2590259 | &nbsp;&nbsp; 159896688 |
| McCormick & Co., Inc. | 2110465 | &nbsp;&nbsp; 135407434 |
| Molson Coors Beverage Co., Class B<sup>(c)</sup> | 2950589 | &nbsp;&nbsp; 128999751 |
| Mondelez International, Inc., Class A<sup>(c)</sup> | 2324101 | &nbsp;&nbsp; 133542843 |
| Monster Beverage Corp.<sup>(b)</sup> | 2303580 | &nbsp;&nbsp; 153948251 |
| PepsiCo, Inc. | 1014558 | &nbsp;&nbsp; 148216778 |
| Philip Morris International, Inc. | 877140 | &nbsp;&nbsp; 126597616 |
| Procter & Gamble Co. (The) | 919602 | &nbsp;&nbsp; 138280553 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples-(continued)** | **Consumer Staples-(continued)** | **Consumer Staples-(continued)** |
| Sysco Corp. | 1804509 | &nbsp;&nbsp; $134038928 |
| Target Corp. | 1594290 | &nbsp;&nbsp; 147822569 |
| Tyson Foods, Inc., Class A | 2611531 | &nbsp;&nbsp; 134258809 |
| Walmart, Inc. | 1441424 | &nbsp;&nbsp; 145843280 |
|  |  | &nbsp;&nbsp; 5125686600 |
| **Energy-4.36%** | **Energy-4.36%** | **Energy-4.36%** |
| APA Corp.<sup>(c)</sup> | 6214072 | &nbsp;&nbsp; 140748731 |
| Baker Hughes Co., Class A | 3084202 | &nbsp;&nbsp; 149306219 |
| Chevron Corp. | 918991 | &nbsp;&nbsp; 144943320 |
| ConocoPhillips | 1534154 | &nbsp;&nbsp; 136324924 |
| Coterra Energy, Inc.<sup>(c)</sup> | 5938631 | &nbsp;&nbsp; 140508009 |
| Devon Energy Corp. | 4074413 | &nbsp;&nbsp; 132377678 |
| Diamondback Energy, Inc.<sup>(c)</sup> | 1038367 | &nbsp;&nbsp; 148683771 |
| EOG Resources, Inc. | 1203670 | &nbsp;&nbsp; 127396433 |
| EQT Corp. | 2828263 | &nbsp;&nbsp; 151538332 |
| Expand Energy Corp. | 1502980 | &nbsp;&nbsp; 155272864 |
| Exxon Mobil Corp. | 1286533 | &nbsp;&nbsp; 147127914 |
| Halliburton Co.<sup>(c)</sup> | 6403730 | &nbsp;&nbsp; 171876113 |
| Kinder Morgan, Inc. | 5285864 | &nbsp;&nbsp; 138436778 |
| Marathon Petroleum Corp. | 797922 | &nbsp;&nbsp; 155522977 |
| Occidental Petroleum Corp.<sup>(c)</sup> | 3124886 | &nbsp;&nbsp; 128745303 |
| ONEOK, Inc. | 1972995 | &nbsp;&nbsp; 132190665 |
| Phillips 66 Co. | 1101390 | &nbsp;&nbsp; 149943235 |
| SLB Ltd. | 4002377 | &nbsp;&nbsp; 144325715 |
| Targa Resources Corp. | 885560 | &nbsp;&nbsp; 136411662 |
| Texas Pacific Land Corp.<sup>(c)</sup> | 154340 | &nbsp;&nbsp; 145601269 |
| Valero Energy Corp. | 914688 | &nbsp;&nbsp; 155094497 |
| Williams Cos., Inc. (The) | 2463015 | &nbsp;&nbsp; 142534678 |
|  |  | &nbsp;&nbsp; 3174911087 |
| **Financials-14.39%** | **Financials-14.39%** | **Financials-14.39%** |
| Aflac, Inc. | 1349551 | &nbsp;&nbsp; 144658372 |
| Allstate Corp. (The) | 724794 | &nbsp;&nbsp; 138812547 |
| American Express Co. | 448445 | &nbsp;&nbsp; 161767565 |
| American International Group, Inc. | 1855352 | &nbsp;&nbsp; 146498594 |
| Ameriprise Financial, Inc. | 294677 | &nbsp;&nbsp; 133420905 |
| Aon PLC, Class A | 399548 | &nbsp;&nbsp; 136118013 |
| Apollo Global Management, Inc.<sup>(c)</sup> | 1082899 | &nbsp;&nbsp; 134615175 |
| Arch Capital Group Ltd.<sup>(c)</sup> | 1597503 | &nbsp;&nbsp; 137880484 |
| Arthur J. Gallagher & Co. | 494486 | &nbsp;&nbsp; 123369312 |
| Assurant, Inc. | 692430 | &nbsp;&nbsp; 146601280 |
| Bank of America Corp. | 2887160 | &nbsp;&nbsp; 154318702 |
| Bank of New York Mellon Corp. (The) | 1391513 | &nbsp;&nbsp; 150185998 |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 295831 | &nbsp;&nbsp; 141271136 |
| BlackRock, Inc. | 131436 | &nbsp;&nbsp; 142320215 |
| Blackstone, Inc., Class A | 811974 | &nbsp;&nbsp; 119067867 |
| Block, Inc., Class A<sup>(b)(c)</sup> | 1962140 | &nbsp;&nbsp; 149004912 |
| Brown & Brown, Inc. | 1564713 | &nbsp;&nbsp; 124770215 |
| Capital One Financial Corp. | 649039 | &nbsp;&nbsp; 142782090 |
| Cboe Global Markets, Inc. | 617086 | &nbsp;&nbsp; 151581005 |
| Charles Schwab Corp. (The) | 1569186 | &nbsp;&nbsp; 148319461 |
| Chubb Ltd. | 521809 | &nbsp;&nbsp; 144509784 |
| Cincinnati Financial Corp. | 950378 | &nbsp;&nbsp; 146918935 |
| Citigroup, Inc. | 1489554 | &nbsp;&nbsp; 150787551 |
| Citizens Financial Group, Inc. | 2793381 | &nbsp;&nbsp; 142099291 |
| CME Group, Inc., Class A | 557023 | &nbsp;&nbsp; 147884036 |
| Coinbase Global, Inc., Class A<sup>(b)(c)</sup> | 459704 | &nbsp;&nbsp; 158037041 |
| Corpay, Inc.<sup>(b)</sup> | 474952 | &nbsp;&nbsp; 123653753 |
| Erie Indemnity Co., Class A<sup>(c)</sup> | 438730 | &nbsp;&nbsp; 128389947 |
| Everest Group Ltd.<sup>(c)</sup> | 425608 | &nbsp;&nbsp; 133862228 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| FactSet Research Systems, Inc. | 400301 | &nbsp;&nbsp; $106800307 |
| Fidelity National Information Services, <br> Inc.<br>| 2180628 | &nbsp;&nbsp; 136332863 |
| Fifth Third Bancorp<sup>(c)</sup> | 3180053 | &nbsp;&nbsp; 132353806 |
| Fiserv, Inc.<sup>(b)</sup> | 1095368 | &nbsp;&nbsp; 73050092 |
| Franklin Resources, Inc. | 5954348 | &nbsp;&nbsp; 134627808 |
| Global Payments, Inc. | 1700961 | &nbsp;&nbsp; 132266727 |
| Globe Life, Inc. | 1040945 | &nbsp;&nbsp; 136894677 |
| Goldman Sachs Group, Inc. (The) | 188355 | &nbsp;&nbsp; 148681786 |
| Hartford Insurance Group, Inc. (The) | 1102922 | &nbsp;&nbsp; 136960854 |
| Huntington Bancshares, Inc. | 8195139 | &nbsp;&nbsp; 126532946 |
| Interactive Brokers Group, Inc., <br> Class A<br>| 2315050 | &nbsp;&nbsp; 162886918 |
| Intercontinental Exchange, Inc. | 842011 | &nbsp;&nbsp; 123177789 |
| Invesco Ltd.<sup>(d)</sup> | 6531036 | &nbsp;&nbsp; 154785553 |
| Jack Henry & Associates, Inc.<sup>(c)</sup> | 910074 | &nbsp;&nbsp; 135546422 |
| JPMorgan Chase & Co. | 482559 | &nbsp;&nbsp; 150133756 |
| KeyCorp<sup>(c)</sup> | 7525930 | &nbsp;&nbsp; 132381109 |
| KKR & Co., Inc., Class A | 1039098 | &nbsp;&nbsp; 122956466 |
| Loews Corp. | 1505564 | &nbsp;&nbsp; 149893952 |
| M&T Bank Corp. | 730210 | &nbsp;&nbsp; 134263713 |
| Marsh & McLennan Cos., Inc. | 729439 | &nbsp;&nbsp; 129949558 |
| Mastercard, Inc., Class A | 250036 | &nbsp;&nbsp; 138017372 |
| MetLife, Inc. | 1826691 | &nbsp;&nbsp; 145806476 |
| Moody's Corp. | 286180 | &nbsp;&nbsp; 137452254 |
| Morgan Stanley | 940590 | &nbsp;&nbsp; 154256760 |
| MSCI, Inc. | 257433 | &nbsp;&nbsp; 151512192 |
| Nasdaq, Inc. | 1529347 | &nbsp;&nbsp; 130743875 |
| Northern Trust Corp. | 1139164 | &nbsp;&nbsp; 146576232 |
| PayPal Holdings, Inc.<sup>(b)</sup> | 2204735 | &nbsp;&nbsp; 152721993 |
| PNC Financial Services Group, Inc. <br> (The)<br>| 717052 | &nbsp;&nbsp; 130897843 |
| Principal Financial Group, Inc. | 1807253 | &nbsp;&nbsp; 151881542 |
| Progressive Corp. (The) | 587412 | &nbsp;&nbsp; 121006872 |
| Prudential Financial, Inc. | 1369698 | &nbsp;&nbsp; 142448592 |
| Raymond James Financial, Inc.<sup>(c)</sup> | 868322 | &nbsp;&nbsp; 137776652 |
| Regions Financial Corp. | 5352168 | &nbsp;&nbsp; 129522466 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup> | 1234137 | &nbsp;&nbsp; 181146629 |
| S&P Global, Inc. | 268048 | &nbsp;&nbsp; 130595666 |
| State Street Corp. | 1306356 | &nbsp;&nbsp; 151093135 |
| Synchrony Financial | 1936330 | &nbsp;&nbsp; 144024225 |
| T. Rowe Price Group, Inc. | 1357125 | &nbsp;&nbsp; 139146026 |
| Travelers Cos., Inc. (The) | 532383 | &nbsp;&nbsp; 143008721 |
| Truist Financial Corp. | 3207378 | &nbsp;&nbsp; 143145280 |
| U.S. Bancorp | 2941465 | &nbsp;&nbsp; 137307586 |
| Visa, Inc., Class A | 428047 | &nbsp;&nbsp; 145852735 |
| W.R. Berkley Corp.<sup>(c)</sup> | 2005725 | &nbsp;&nbsp; 143088421 |
| Wells Fargo & Co. | 1802492 | &nbsp;&nbsp; 156762729 |
| Willis Towers Watson PLC | 438433 | &nbsp;&nbsp; 137273372 |
|  |  | &nbsp;&nbsp; 10487049162 |
| **Health Care-12.42%** | **Health Care-12.42%** | **Health Care-12.42%** |
| Abbott Laboratories | 1118687 | &nbsp;&nbsp; 138292087 |
| AbbVie, Inc. | 684909 | &nbsp;&nbsp; 149337558 |
| Agilent Technologies, Inc. | 1166039 | &nbsp;&nbsp; 170661468 |
| Align Technology, Inc.<sup>(b)</sup> | 1088683 | &nbsp;&nbsp; 150107612 |
| Amgen, Inc. | 519859 | &nbsp;&nbsp; 155141521 |
| Baxter International, Inc.<sup>(c)</sup> | 6034995 | &nbsp;&nbsp; 111466358 |
| Becton, Dickinson and Co. | 767944 | &nbsp;&nbsp; 137239272 |
| Biogen, Inc.<sup>(b)</sup> | 1014918 | &nbsp;&nbsp; 156571400 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Bio-Techne Corp.<sup>(c)</sup> | 2840021 | &nbsp;&nbsp; $177700114 |
| Boston Scientific Corp.<sup>(b)</sup> | 1375670 | &nbsp;&nbsp; 138557482 |
| Bristol-Myers Squibb Co. | 3069460 | &nbsp;&nbsp; 141410022 |
| Cardinal Health, Inc. | 969415 | &nbsp;&nbsp; 184935300 |
| Cencora, Inc. | 488373 | &nbsp;&nbsp; 164977283 |
| Centene Corp.<sup>(b)</sup> | 4628338 | &nbsp;&nbsp; 163704315 |
| Charles River Laboratories <br> International, Inc.<sup>(b)</sup><br>| 944436 | &nbsp;&nbsp; 170064591 |
| Cigna Group (The)<sup>(c)</sup> | 478710 | &nbsp;&nbsp; 117001511 |
| Cooper Cos., Inc. (The)<sup>(b)(c)</sup> | 2139078 | &nbsp;&nbsp; 149542943 |
| CVS Health Corp. | 1956712 | &nbsp;&nbsp; 152917043 |
| Danaher Corp. | 751673 | &nbsp;&nbsp; 161895331 |
| DaVita, Inc.<sup>(b)(c)</sup> | 1094361 | &nbsp;&nbsp; 130250846 |
| DexCom, Inc.<sup>(b)</sup> | 1904583 | &nbsp;&nbsp; 110884822 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 1848619 | &nbsp;&nbsp; 152418637 |
| Elevance Health, Inc. | 471890 | &nbsp;&nbsp; 149683508 |
| Eli Lilly and Co. | 192116 | &nbsp;&nbsp; 165769212 |
| GE HealthCare Technologies, Inc. | 1904577 | &nbsp;&nbsp; 142748046 |
| Gilead Sciences, Inc. | 1255889 | &nbsp;&nbsp; 150442943 |
| HCA Healthcare, Inc. | 367178 | &nbsp;&nbsp; 168784383 |
| Henry Schein, Inc.<sup>(b)(c)</sup> | 2147061 | &nbsp;&nbsp; 135694255 |
| Hologic, Inc.<sup>(b)</sup> | 2209345 | &nbsp;&nbsp; 163292689 |
| Humana, Inc. | 529957 | &nbsp;&nbsp; 147428738 |
| IDEXX Laboratories, Inc.<sup>(b)(c)</sup> | 227255 | &nbsp;&nbsp; 143059295 |
| Incyte Corp.<sup>(b)</sup> | 1678047 | &nbsp;&nbsp; 156863834 |
| Insulet Corp.<sup>(b)</sup> | 428753 | &nbsp;&nbsp; 134203977 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 321787 | &nbsp;&nbsp; 171924358 |
| IQVIA Holdings, Inc.<sup>(b)</sup> | 787265 | &nbsp;&nbsp; 170411382 |
| Johnson & Johnson | 823406 | &nbsp;&nbsp; 155516691 |
| Labcorp Holdings, Inc. | 531143 | &nbsp;&nbsp; 134889076 |
| McKesson Corp. | 205077 | &nbsp;&nbsp; 166387173 |
| Medtronic PLC | 1567807 | &nbsp;&nbsp; 142200095 |
| Merck & Co., Inc. | 1722456 | &nbsp;&nbsp; 148096767 |
| Mettler-Toledo International, Inc.<sup>(b)(c)</sup> | 115502 | &nbsp;&nbsp; 163584328 |
| Moderna, Inc.<sup>(b)(c)</sup> | 5953221 | &nbsp;&nbsp; 161689482 |
| Molina Healthcare, Inc.<sup>(b)(c)</sup> | 809297 | &nbsp;&nbsp; 123870999 |
| Pfizer, Inc. | 5890153 | &nbsp;&nbsp; 145192271 |
| Quest Diagnostics, Inc.<sup>(c)</sup> | 804883 | &nbsp;&nbsp; 141619164 |
| Regeneron Pharmaceuticals, Inc. | 260857 | &nbsp;&nbsp; 170026593 |
| ResMed, Inc.<sup>(c)</sup> | 536077 | &nbsp;&nbsp; 132346690 |
| Revvity, Inc.<sup>(c)</sup> | 1754363 | &nbsp;&nbsp; 164190833 |
| Solventum Corp.<sup>(b)(c)</sup> | 2032230 | &nbsp;&nbsp; 140305159 |
| STERIS PLC | 593716 | &nbsp;&nbsp; 139938861 |
| Stryker Corp. | 378577 | &nbsp;&nbsp; 134864271 |
| Thermo Fisher Scientific, Inc. | 304176 | &nbsp;&nbsp; 172586421 |
| UnitedHealth Group, Inc. | 418046 | &nbsp;&nbsp; 142787792 |
| Universal Health Services, Inc., <br> Class B<br>| 777868 | &nbsp;&nbsp; 168805135 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 373139 | &nbsp;&nbsp; 158796764 |
| Viatris, Inc. | 14133337 | &nbsp;&nbsp; 146421371 |
| Waters Corp.<sup>(b)</sup> | 494643 | &nbsp;&nbsp; 172927193 |
| West Pharmaceutical Services, Inc. | 567985 | &nbsp;&nbsp; 160211529 |
| Zimmer Biomet Holdings, Inc.<sup>(c)</sup> | 1414906 | &nbsp;&nbsp; 142282947 |
| Zoetis, Inc. | 968560 | &nbsp;&nbsp; 139559810 |
|  |  | &nbsp;&nbsp; 9054481551 |
| **Industrials-15.82%** | **Industrials-15.82%** | **Industrials-15.82%** |
| 3M Co. | 942566 | &nbsp;&nbsp; 156937239 |
| A.O. Smith Corp. | 1996675 | &nbsp;&nbsp; 131760583 |
| Allegion PLC<sup>(c)</sup> | 849114 | &nbsp;&nbsp; 140757628 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| AMETEK, Inc. | 772185 | &nbsp;&nbsp; $156066310 |
| Automatic Data Processing, Inc. | 495895 | &nbsp;&nbsp; 129081468 |
| Axon Enterprise, Inc.<sup>(b)</sup> | 193594 | &nbsp;&nbsp; 141755335 |
| Boeing Co. (The)<sup>(b)</sup> | 636318 | &nbsp;&nbsp; 127912644 |
| Broadridge Financial Solutions, Inc. | 578599 | &nbsp;&nbsp; 127523220 |
| Builders FirstSource, Inc.<sup>(b)(c)</sup> | 1031809 | &nbsp;&nbsp; 119865252 |
| C.H. Robinson Worldwide, Inc. | 1133979 | &nbsp;&nbsp; 174621426 |
| Carrier Global Corp. | 2315426 | &nbsp;&nbsp; 137744693 |
| Caterpillar, Inc.<sup>(c)</sup> | 342715 | &nbsp;&nbsp; 197835661 |
| Cintas Corp. | 719923 | &nbsp;&nbsp; 131940288 |
| Copart, Inc.<sup>(b)</sup> | 2982725 | &nbsp;&nbsp; 128287002 |
| CSX Corp. | 4515755 | &nbsp;&nbsp; 162657495 |
| Cummins, Inc. | 357221 | &nbsp;&nbsp; 156348487 |
| Dayforce, Inc.<sup>(b)</sup> | 2100896 | &nbsp;&nbsp; 144415591 |
| Deere & Co. | 306996 | &nbsp;&nbsp; 141718563 |
| Delta Air Lines, Inc. | 2357792 | &nbsp;&nbsp; 135290105 |
| Dover Corp. | 824119 | &nbsp;&nbsp; 149544634 |
| Eaton Corp. PLC | 399682 | &nbsp;&nbsp; 152502664 |
| EMCOR Group, Inc. | 228507 | &nbsp;&nbsp; 154420460 |
| Emerson Electric Co.<sup>(c)</sup> | 1082653 | &nbsp;&nbsp; 151105879 |
| Equifax, Inc.<sup>(c)</sup> | 589498 | &nbsp;&nbsp; 124443028 |
| Expeditors International of <br> Washington, Inc.<br>| 1192580 | &nbsp;&nbsp; 145375502 |
| Fastenal Co. | 3016859 | &nbsp;&nbsp; 124143748 |
| FedEx Corp. | 642391 | &nbsp;&nbsp; 163051684 |
| Fortive Corp. | 3030895 | &nbsp;&nbsp; 152575254 |
| GE Vernova, Inc. | 225246 | &nbsp;&nbsp; 131800444 |
| Generac Holdings, Inc.<sup>(b)(c)</sup> | 782439 | &nbsp;&nbsp; 131465401 |
| General Dynamics Corp. | 448819 | &nbsp;&nbsp; 154797673 |
| General Electric Co. | 510746 | &nbsp;&nbsp; 157794977 |
| Honeywell International, Inc. | 724084 | &nbsp;&nbsp; 145779832 |
| Howmet Aerospace, Inc. | 787569 | &nbsp;&nbsp; 162199836 |
| Hubbell, Inc.<sup>(c)</sup> | 327429 | &nbsp;&nbsp; 153891630 |
| Huntington Ingalls Industries, Inc. | 533110 | &nbsp;&nbsp; 171672082 |
| IDEX Corp. | 903733 | &nbsp;&nbsp; 154954060 |
| Illinois Tool Works, Inc.<sup>(c)</sup> | 551344 | &nbsp;&nbsp; 134483828 |
| Ingersoll Rand, Inc. | 1803348 | &nbsp;&nbsp; 137649553 |
| J.B. Hunt Transport Services, Inc. | 1056984 | &nbsp;&nbsp; 178482318 |
| Jacobs Solutions, Inc. | 1001951 | &nbsp;&nbsp; 156113985 |
| Johnson Controls International PLC | 1345125 | &nbsp;&nbsp; 153868849 |
| L3Harris Technologies, Inc. | 526016 | &nbsp;&nbsp; 152071226 |
| Leidos Holdings, Inc. | 803810 | &nbsp;&nbsp; 153101691 |
| Lennox International, Inc. | 259514 | &nbsp;&nbsp; 131054570 |
| Lockheed Martin Corp. | 312018 | &nbsp;&nbsp; 153475414 |
| Masco Corp. | 1977918 | &nbsp;&nbsp; 128089970 |
| Nordson Corp.<sup>(c)</sup> | 648023 | &nbsp;&nbsp; 150308935 |
| Norfolk Southern Corp. | 532246 | &nbsp;&nbsp; 150827871 |
| Northrop Grumman Corp. | 249822 | &nbsp;&nbsp; 145758646 |
| Old Dominion Freight Line, Inc. | 988866 | &nbsp;&nbsp; 138856564 |
| Otis Worldwide Corp. | 1654660 | &nbsp;&nbsp; 153486262 |
| PACCAR, Inc. | 1466802 | &nbsp;&nbsp; 144333317 |
| Parker-Hannifin Corp. | 189456 | &nbsp;&nbsp; 146417280 |
| Paychex, Inc. | 1087604 | &nbsp;&nbsp; 127282296 |
| Paycom Software, Inc.<sup>(c)</sup> | 655238 | &nbsp;&nbsp; 122588477 |
| Pentair PLC | 1324672 | &nbsp;&nbsp; 140878867 |
| Quanta Services, Inc.<sup>(c)</sup> | 371527 | &nbsp;&nbsp; 166863921 |
| Republic Services, Inc.<sup>(c)</sup> | 633522 | &nbsp;&nbsp; 131924621 |
| Rockwell Automation, Inc. | 426422 | &nbsp;&nbsp; 157076808 |
| Rollins, Inc. | 2567446 | &nbsp;&nbsp; 147910564 |
| RTX Corp. | 933747 | &nbsp;&nbsp; 166673839 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Snap-on, Inc. | 447267 | &nbsp;&nbsp; $150080442 |
| Southwest Airlines Co.<sup>(c)</sup> | 4651926 | &nbsp;&nbsp; 140953358 |
| Stanley Black & Decker, Inc.<sup>(c)</sup> | 1880473 | &nbsp;&nbsp; 127345632 |
| Textron, Inc. | 1786311 | &nbsp;&nbsp; 144351792 |
| Trane Technologies PLC<sup>(c)</sup> | 346761 | &nbsp;&nbsp; 155574323 |
| TransDigm Group, Inc. | 112414 | &nbsp;&nbsp; 147094843 |
| Uber Technologies, Inc.<sup>(b)</sup> | 1539149 | &nbsp;&nbsp; 148527878 |
| Union Pacific Corp. | 672732 | &nbsp;&nbsp; 148249951 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 1346172 | &nbsp;&nbsp; 126594015 |
| United Parcel Service, Inc., Class B | 1725776 | &nbsp;&nbsp; 166399322 |
| United Rentals, Inc. | 153460 | &nbsp;&nbsp; 133691283 |
| Veralto Corp. | 1365306 | &nbsp;&nbsp; 134728396 |
| Verisk Analytics, Inc. | 550876 | &nbsp;&nbsp; 120509634 |
| W.W. Grainger, Inc. | 145840 | &nbsp;&nbsp; 142777360 |
| Wabtec Corp. | 764738 | &nbsp;&nbsp; 156343037 |
| Waste Management, Inc. | 664897 | &nbsp;&nbsp; 132826474 |
| Xylem, Inc. | 1050835 | &nbsp;&nbsp; 158518460 |
|  |  | &nbsp;&nbsp; 11528183650 |
| **Information Technology-14.84%** | **Information Technology-14.84%** | **Information Technology-14.84%** |
| Accenture PLC, Class A | 595498 | &nbsp;&nbsp; 148934050 |
| Adobe, Inc.<sup>(b)</sup> | 414007 | &nbsp;&nbsp; 140890722 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 907288 | &nbsp;&nbsp; 232374603 |
| Akamai Technologies, Inc.<sup>(b)(c)</sup> | 1885448 | &nbsp;&nbsp; 141597145 |
| Amphenol Corp., Class A | 1215373 | &nbsp;&nbsp; 169350074 |
| Analog Devices, Inc. | 585484 | &nbsp;&nbsp; 137079369 |
| Apple, Inc. | 638331 | &nbsp;&nbsp; 172585552 |
| Applied Materials, Inc. | 886876 | &nbsp;&nbsp; 206730796 |
| AppLovin Corp., Class A<sup>(b)</sup> | 255922 | &nbsp;&nbsp; 163106768 |
| Arista Networks, Inc.<sup>(b)</sup> | 961965 | &nbsp;&nbsp; 151692261 |
| Autodesk, Inc.<sup>(b)</sup> | 447874 | &nbsp;&nbsp; 134962351 |
| Broadcom, Inc. | 391704 | &nbsp;&nbsp; 144785550 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 427521 | &nbsp;&nbsp; 144797087 |
| CDW Corp. | 847398 | &nbsp;&nbsp; 135049819 |
| Cisco Systems, Inc. | 2124110 | &nbsp;&nbsp; 155293682 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 2092577 | &nbsp;&nbsp; 152507012 |
| Corning, Inc. | 1931349 | &nbsp;&nbsp; 172044569 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 341216 | &nbsp;&nbsp; 185283700 |
| Datadog, Inc., Class A<sup>(b)(c)</sup> | 1041974 | &nbsp;&nbsp; 169643787 |
| Dell Technologies, Inc., Class C | 1162902 | &nbsp;&nbsp; 188401753 |
| EPAM Systems, Inc.<sup>(b)</sup> | 945437 | &nbsp;&nbsp; 154616767 |
| F5, Inc.<sup>(b)</sup> | 443237 | &nbsp;&nbsp; 112161123 |
| Fair Isaac Corp.<sup>(b)</sup> | 94813 | &nbsp;&nbsp; 157345018 |
| First Solar, Inc.<sup>(b)</sup> | 710336 | &nbsp;&nbsp; 189617092 |
| Fortinet, Inc.<sup>(b)</sup> | 1820862 | &nbsp;&nbsp; 157377103 |
| Gartner, Inc.<sup>(b)</sup> | 622253 | &nbsp;&nbsp; 154530310 |
| Gen Digital, Inc. | 4947576 | &nbsp;&nbsp; 130418103 |
| GoDaddy, Inc., Class A<sup>(b)</sup> | 998279 | &nbsp;&nbsp; 132900883 |
| Hewlett Packard Enterprise Co. | 5921377 | &nbsp;&nbsp; 144600026 |
| HP, Inc.<sup>(c)</sup> | 5101289 | &nbsp;&nbsp; 141152666 |
| Intel Corp.<sup>(b)</sup> | 5850598 | &nbsp;&nbsp; 233965414 |
| International Business Machines Corp. | 564410 | &nbsp;&nbsp; 173505278 |
| Intuit, Inc. | 220909 | &nbsp;&nbsp; 147467803 |
| Jabil, Inc.<sup>(c)</sup> | 671055 | &nbsp;&nbsp; 148229339 |
| Keysight Technologies, Inc.<sup>(b)</sup> | 850226 | &nbsp;&nbsp; 155557349 |
| KLA Corp. | 155179 | &nbsp;&nbsp; 187571064 |
| Lam Research Corp. | 1350081 | &nbsp;&nbsp; 212583754 |
| Microchip Technology, Inc.<sup>(c)</sup> | 2235269 | &nbsp;&nbsp; 139525491 |
| Micron Technology, Inc. | 1035139 | &nbsp;&nbsp; 231633054 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Microsoft Corp. | 289490 | &nbsp;&nbsp; $149900817 |
| Monolithic Power Systems, Inc. | 169435 | &nbsp;&nbsp; 170282175 |
| Motorola Solutions, Inc.<sup>(c)</sup> | 300962 | &nbsp;&nbsp; 122404255 |
| NetApp, Inc. | 1171688 | &nbsp;&nbsp; 138001413 |
| NVIDIA Corp. | 816154 | &nbsp;&nbsp; 165263023 |
| NXP Semiconductors N.V. <br> (Netherlands)<br>| 660007 | &nbsp;&nbsp; 138020664 |
| ON Semiconductor Corp.<sup>(b)(c)</sup> | 3006658 | &nbsp;&nbsp; 150573433 |
| Oracle Corp. | 441050 | &nbsp;&nbsp; 115824140 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 868110 | &nbsp;&nbsp; 174030012 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 733362 | &nbsp;&nbsp; 161515647 |
| PTC, Inc.<sup>(b)</sup> | 707837 | &nbsp;&nbsp; 140533958 |
| QUALCOMM, Inc. | 910704 | &nbsp;&nbsp; 164746354 |
| Roper Technologies, Inc. | 282138 | &nbsp;&nbsp; 125875869 |
| Salesforce, Inc. | 596843 | &nbsp;&nbsp; 155423886 |
| Seagate Technology Holdings PLC | 749896 | &nbsp;&nbsp; 191883389 |
| ServiceNow, Inc.<sup>(b)</sup> | 156724 | &nbsp;&nbsp; 144073239 |
| Skyworks Solutions, Inc. | 1966196 | &nbsp;&nbsp; 152812753 |
| Super Micro Computer, Inc.<sup>(b)(c)</sup> | 3295921 | &nbsp;&nbsp; 171256055 |
| Synopsys, Inc.<sup>(b)</sup> | 373782 | &nbsp;&nbsp; 169629747 |
| TE Connectivity PLC (Switzerland) | 689251 | &nbsp;&nbsp; 170251890 |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 266003 | &nbsp;&nbsp; 140135700 |
| Teradyne, Inc. | 1230357 | &nbsp;&nbsp; 223629688 |
| Texas Instruments, Inc. | 786658 | &nbsp;&nbsp; 127013801 |
| Trimble, Inc.<sup>(b)</sup> | 1805193 | &nbsp;&nbsp; 143964142 |
| Tyler Technologies, Inc.<sup>(b)</sup> | 265066 | &nbsp;&nbsp; 126240333 |
| VeriSign, Inc. | 510618 | &nbsp;&nbsp; 122446196 |
| Western Digital Corp. | 1523244 | &nbsp;&nbsp; 228806481 |
| Workday, Inc., Class A<sup>(b)(c)</sup> | 639217 | &nbsp;&nbsp; 153360943 |
| Zebra Technologies Corp., Class A<sup>(b)</sup> | 472765 | &nbsp;&nbsp; 127291976 |
|  |  | &nbsp;&nbsp; 10817060266 |
| **Materials-5.11%** | **Materials-5.11%** | **Materials-5.11%** |
| Air Products and Chemicals, Inc.<sup>(c)</sup> | 503377 | &nbsp;&nbsp; 122114226 |
| Albemarle Corp.<sup>(c)</sup> | 1976900 | &nbsp;&nbsp; 194190887 |
| Amcor PLC<sup>(c)</sup> | 17585010 | &nbsp;&nbsp; 138921579 |
| Avery Dennison Corp. | 880256 | &nbsp;&nbsp; 153947972 |
| Ball Corp.<sup>(c)</sup> | 2890149 | &nbsp;&nbsp; 135837003 |
| CF Industries Holdings, Inc. | 1665380 | &nbsp;&nbsp; 138709500 |
| Corteva, Inc. | 2016500 | &nbsp;&nbsp; 123893760 |
| Dow, Inc.<sup>(c)</sup> | 6072945 | &nbsp;&nbsp; 144839738 |
| DuPont de Nemours, Inc. | 1901784 | &nbsp;&nbsp; 155280664 |
| Eastman Chemical Co.<sup>(c)</sup> | 2224956 | &nbsp;&nbsp; 132429381 |
| Ecolab, Inc. | 537755 | &nbsp;&nbsp; 137880382 |
| Freeport-McMoRan, Inc. | 3225150 | &nbsp;&nbsp; 134488755 |
| International Flavors & Fragrances, <br> Inc.<sup>(b)</sup><br>| 2244413 | &nbsp;&nbsp; 141330687 |
| International Paper Co.<sup>(c)</sup> | 3114464 | &nbsp;&nbsp; 120342889 |
| Linde PLC | 306766 | &nbsp;&nbsp; 128320218 |
| LyondellBasell Industries N.V., <br> Class A<sup>(c)</sup><br>| 2660487 | &nbsp;&nbsp; 123499806 |
| Martin Marietta Materials, Inc.<sup>(c)</sup> | 234692 | &nbsp;&nbsp; 143889665 |
| Mosaic Co. (The) | 4331594 | &nbsp;&nbsp; 118902255 |
| Newmont Corp. | 1848442 | &nbsp;&nbsp; 149668349 |
| Nucor Corp. | 1020214 | &nbsp;&nbsp; 153083111 |
| Packaging Corp. of America | 680483 | &nbsp;&nbsp; 133211352 |
| PPG Industries, Inc. | 1330600 | &nbsp;&nbsp; 130066150 |
| Sherwin-Williams Co. (The) | 405124 | &nbsp;&nbsp; 139743473 |
| Smurfit WestRock PLC | 3197090 | &nbsp;&nbsp; 118036563 |
| Solstice Advanced Materials, Inc.<sup>(b)</sup> | 2108338 | &nbsp;&nbsp; 95022794 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-(continued)** | **Materials-(continued)** | **Materials-(continued)** |
| Steel Dynamics, Inc. | 1090513 | &nbsp;&nbsp; $170992438 |
| Vulcan Materials Co. | 492353 | &nbsp;&nbsp; 142536193 |
|  |  | &nbsp;&nbsp; 3721179790 |
| **Real Estate-5.85%** | **Real Estate-5.85%** | **Real Estate-5.85%** |
| Alexandria Real Estate Equities, Inc.<sup>(c)</sup> | 1723080 | &nbsp;&nbsp; 100317718 |
| American Tower Corp. | 747070 | &nbsp;&nbsp; 133710589 |
| AvalonBay Communities, Inc.<sup>(c)</sup> | 751475 | &nbsp;&nbsp; 130696532 |
| BXP, Inc.<sup>(c)</sup> | 1958963 | &nbsp;&nbsp; 139458576 |
| Camden Property Trust | 1329733 | &nbsp;&nbsp; 132281839 |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 889924 | &nbsp;&nbsp; 135651115 |
| CoStar Group, Inc.<sup>(b)</sup> | 1677125 | &nbsp;&nbsp; 115402971 |
| Crown Castle, Inc.<sup>(c)</sup> | 1538955 | &nbsp;&nbsp; 138844520 |
| Digital Realty Trust, Inc. | 832466 | &nbsp;&nbsp; 141860531 |
| Equinix, Inc. | 185734 | &nbsp;&nbsp; 157132821 |
| Equity Residential | 2197264 | &nbsp;&nbsp; 130605372 |
| Essex Property Trust, Inc. | 549032 | &nbsp;&nbsp; 138229787 |
| Extra Space Storage, Inc. | 997951 | &nbsp;&nbsp; 133266377 |
| Federal Realty Investment Trust | 1440843 | &nbsp;&nbsp; 138594688 |
| Healthpeak Properties, Inc. | 8062510 | &nbsp;&nbsp; 144722054 |
| Host Hotels & Resorts, Inc. | 8227663 | &nbsp;&nbsp; 131807161 |
| Invitation Homes, Inc. | 4822664 | &nbsp;&nbsp; 135757992 |
| Iron Mountain, Inc. | 1485522 | &nbsp;&nbsp; 152934490 |
| Kimco Realty Corp.<sup>(c)</sup> | 6490003 | &nbsp;&nbsp; 134083462 |
| Mid-America Apartment Communities, <br> Inc.<br>| 1023222 | &nbsp;&nbsp; 131207757 |
| Prologis, Inc. | 1306539 | &nbsp;&nbsp; 162128424 |
| Public Storage<sup>(c)</sup> | 501273 | &nbsp;&nbsp; 139634607 |
| Realty Income Corp. | 2434258 | &nbsp;&nbsp; 141138279 |
| Regency Centers Corp. | 2007419 | &nbsp;&nbsp; 138411540 |
| SBA Communications Corp., Class A | 747813 | &nbsp;&nbsp; 143191233 |
| Simon Property Group, Inc. | 807379 | &nbsp;&nbsp; 141904933 |
| UDR, Inc.<sup>(c)</sup> | 3789427 | &nbsp;&nbsp; 127665796 |
| Ventas, Inc. | 2089819 | &nbsp;&nbsp; 154207744 |
| VICI Properties, Inc.<sup>(c)</sup> | 4366837 | &nbsp;&nbsp; 130961442 |
| Welltower, Inc. | 861105 | &nbsp;&nbsp; 155894449 |
| Weyerhaeuser Co. | 5765726 | &nbsp;&nbsp; 132611698 |
|  |  | &nbsp;&nbsp; 4264316497 |
| **Utilities-6.44%** | **Utilities-6.44%** | **Utilities-6.44%** |
| AES Corp. (The) | 11368708 | &nbsp;&nbsp; 157683980 |
| Alliant Energy Corp. | 2261782 | &nbsp;&nbsp; 151132273 |
| Ameren Corp. | 1460262 | &nbsp;&nbsp; 148975929 |
| American Electric Power Co., Inc. | 1336080 | &nbsp;&nbsp; 160676981 |
| American Water Works Co., Inc.<sup>(c)</sup> | 1044910 | &nbsp;&nbsp; 134197791 |
| Atmos Energy Corp.<sup>(c)</sup> | 884527 | &nbsp;&nbsp; 151890976 |
| CenterPoint Energy, Inc.<sup>(c)</sup> | 3829558 | &nbsp;&nbsp; 146442298 |
| CMS Energy Corp. | 2032230 | &nbsp;&nbsp; 149470517 |
| Consolidated Edison, Inc. | 1490954 | &nbsp;&nbsp; 145233829 |
| Constellation Energy Corp. | 452917 | &nbsp;&nbsp; 170749709 |
| Dominion Energy, Inc. | 2435506 | &nbsp;&nbsp; 142939847 |
| DTE Energy Co. | 1068878 | &nbsp;&nbsp; 144875724 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities-(continued)** | **Utilities-(continued)** | **Utilities-(continued)** |
| Duke Energy Corp. | 1192480 | &nbsp;&nbsp; $148225264 |
| Edison International | 2604381 | &nbsp;&nbsp; 144230620 |
| Entergy Corp.<sup>(c)</sup> | 1636520 | &nbsp;&nbsp; 157253207 |
| Evergy, Inc.<sup>(c)</sup> | 2021068 | &nbsp;&nbsp; 155238233 |
| Eversource Energy | 2261065 | &nbsp;&nbsp; 166889208 |
| Exelon Corp. | 3340835 | &nbsp;&nbsp; 154079310 |
| FirstEnergy Corp. | 3347103 | &nbsp;&nbsp; 153397730 |
| NextEra Energy, Inc. | 2040517 | &nbsp;&nbsp; 166098084 |
| NiSource, Inc. | 3553048 | &nbsp;&nbsp; 149618851 |
| NRG Energy, Inc. | 897820 | &nbsp;&nbsp; 154299345 |
| PG&E Corp. | 9483811 | &nbsp;&nbsp; 151361624 |
| Pinnacle West Capital Corp. | 1654773 | &nbsp;&nbsp; 146480506 |
| PPL Corp. | 4043791 | &nbsp;&nbsp; 147679247 |
| Public Service Enterprise Group, Inc. | 1770791 | &nbsp;&nbsp; 142654923 |
| Sempra | 1764557 | &nbsp;&nbsp; 162233371 |
| Southern Co. (The)<sup>(c)</sup> | 1580514 | &nbsp;&nbsp; 148631537 |
| Vistra Corp. | 691675 | &nbsp;&nbsp; 130242403 |
| WEC Energy Group, Inc. | 1323075 | &nbsp;&nbsp; 147827170 |
| Xcel Energy, Inc. | 2004967 | &nbsp;&nbsp; 162743171 |
|  |  | &nbsp;&nbsp; 4693453658 |
| Total Common Stocks & Other Equity Interests <br>(Cost $68,063,998,912) | Total Common Stocks & Other Equity Interests <br>(Cost $68,063,998,912) | &nbsp;&nbsp; 72703868653 |
| **Money Market Funds-0.16%** | **Money Market Funds-0.16%** | **Money Market Funds-0.16%** |
| Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.06%<sup>(d)(e)</sup> <br>(Cost $114,358,676)<br>| 114358676 | &nbsp;&nbsp; 114358676 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.91% <br>(Cost $68,178,357,588) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.91% <br>(Cost $68,178,357,588) | &nbsp;&nbsp; 72818227329 |
| **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-3.01%** | **Money Market Funds-3.01%** | **Money Market Funds-3.01%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 595583035 | &nbsp;&nbsp; 595583035 |
| Invesco Private Prime Fund, <br> 4.30%<sup>(d)(e)(f)</sup><br>| 1595690656 | &nbsp;&nbsp; 1596169363 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $2,191,817,364) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $2,191,817,364) | &nbsp;&nbsp; 2191752398 |
| TOTAL INVESTMENTS IN SECURITIES-102.92% <br>(Cost $70,370,174,952) | TOTAL INVESTMENTS IN SECURITIES-102.92% <br>(Cost $70,370,174,952) | &nbsp;&nbsp; 75009979727 |
| OTHER ASSETS LESS LIABILITIES-(2.92)% | OTHER ASSETS LESS LIABILITIES-(2.92)% | &nbsp;&nbsp; (2124947037)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $72885032690 |

---

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| Invesco Ltd. | &nbsp;&nbsp; $128171783 | &nbsp;&nbsp; $29107506 | &nbsp;&nbsp; $(91043766)<br>| &nbsp;&nbsp; $78240507 | &nbsp;&nbsp; $10309523 | &nbsp;&nbsp; $154785553 | &nbsp;&nbsp; $3886449 |
| **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; 85360814 | &nbsp;&nbsp; 1178495923 | &nbsp;&nbsp; (1149498061)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 114358676 | &nbsp;&nbsp; 2003448 |
| **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; 864508230 | &nbsp;&nbsp; 3231325457 | &nbsp;&nbsp; (3500250652)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 595583035 | &nbsp;&nbsp; 16,615,146<br> \*<br>|
| Invesco <br> Private Prime <br> Fund<br>| &nbsp;&nbsp; 2288058550 | &nbsp;&nbsp; 6156976130 | &nbsp;&nbsp; (6849045342)<br>| &nbsp;&nbsp; 103695 | &nbsp;&nbsp; 76330 | &nbsp;&nbsp; 1596169363 | &nbsp;&nbsp; 45,363,476<br> \*<br>|
| Total | &nbsp;&nbsp; $3366099377 | &nbsp;&nbsp; $10595905016 | &nbsp;&nbsp; $(11589837821)<br>| &nbsp;&nbsp; $78344202 | &nbsp;&nbsp; $10385853 | &nbsp;&nbsp; $2460896627 | &nbsp;&nbsp; $67868519 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 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> **(Depreciation)**<br>|
| **Equity Risk** |  |  |  |  |  |
| E-mini S&P 500 Equal Weight | &nbsp;&nbsp; 940 | December-2025 | &nbsp;&nbsp; $143585000 | &nbsp;&nbsp; $(2118309)<br>| &nbsp;&nbsp; $(2118309)<br>|

---

<sup>(a)</sup> Futures contracts collateralized by $31,365,335 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)**

October 31, 2025

*(Unaudited)*

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%** |
| **Diversified Telecommunication Services-12.51%** | **Diversified Telecommunication Services-12.51%** | **Diversified Telecommunication Services-12.51%** |
| AT&T, Inc. | 113387 | &nbsp;&nbsp; $2806328 |
| Frontier Communications Parent, Inc.<sup>(b)(c)</sup> | 88648 | &nbsp;&nbsp; 3347348 |
| Verizon Communications, Inc. | 76132 | &nbsp;&nbsp; 3025486 |
|  |  | &nbsp;&nbsp; 9179162 |
| **Entertainment-34.86%** | **Entertainment-34.86%** | **Entertainment-34.86%** |
| Electronic Arts, Inc. | 19446 | &nbsp;&nbsp; 3890367 |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup> | 19379 | &nbsp;&nbsp; 2897742 |
| Netflix, Inc.<sup>(b)</sup> | 2651 | &nbsp;&nbsp; 2966098 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 13573 | &nbsp;&nbsp; 3479710 |
| TKO Group Holdings, Inc. | 16971 | &nbsp;&nbsp; 3197336 |
| Walt Disney Co. (The) | 28596 | &nbsp;&nbsp; 3220482 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 264038 | &nbsp;&nbsp; 5927653 |
|  |  | &nbsp;&nbsp; 25579388 |
| **Interactive Media & Services-13.05%** | **Interactive Media & Services-13.05%** | **Interactive Media & Services-13.05%** |
| Alphabet, Inc., Class A | 7672 | &nbsp;&nbsp; 2157290 |
| Alphabet, Inc., Class C | 6162 | &nbsp;&nbsp; 1736575 |
| Match Group, Inc. | 87360 | &nbsp;&nbsp; 2825222 |
| Meta Platforms, Inc., Class A | 4409 | &nbsp;&nbsp; 2858575 |
|  |  | &nbsp;&nbsp; 9577662 |
| **Media-35.49%** | **Media-35.49%** | **Media-35.49%** |
| Charter Communications, Inc., Class A<sup>(b)(c)</sup> | 12586 | &nbsp;&nbsp; 2943110 |
| Comcast Corp., Class A | 98897 | &nbsp;&nbsp; 2752798 |
| Fox Corp., Class A | 36893 | &nbsp;&nbsp; 2385133 |
| Fox Corp., Class B | 23184 | &nbsp;&nbsp; 1354177 |
| Interpublic Group of Cos., Inc. (The) | 127543 | &nbsp;&nbsp; 3272753 |
| News Corp., Class A | 86917 | &nbsp;&nbsp; 2303301 |
| News Corp., Class B | 25676 | &nbsp;&nbsp; 782348 |
| Omnicom Group, Inc.<sup>(c)</sup> | 43566 | &nbsp;&nbsp; 3268321 |
| Paramount Skydance Corp.<sup>(c)</sup> | 219131 | &nbsp;&nbsp; 3372426 |
| Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 71764 | &nbsp;&nbsp; 3608294 |
|  |  | &nbsp;&nbsp; 26042661 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Wireless Telecommunication Services-3.95%** | **Wireless Telecommunication Services-3.95%** | **Wireless Telecommunication Services-3.95%** |
| T-Mobile US, Inc. | 13778 | &nbsp;&nbsp; $2894069 |
| Total Common Stocks & Other Equity Interests <br>(Cost $65,261,611) | Total Common Stocks & Other Equity Interests <br>(Cost $65,261,611) | &nbsp;&nbsp; 73272942 |
| **Money Market Funds-0.05%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $40,654)<br>| 40654 | &nbsp;&nbsp; 40654 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.91% <br>(Cost $65,302,265) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.91% <br>(Cost $65,302,265) | &nbsp;&nbsp; 73313596 |
| **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-12.01%** | **Money Market Funds-12.01%** | **Money Market Funds-12.01%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 2433645 | &nbsp;&nbsp; 2433645 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 6373644 | &nbsp;&nbsp; 6375556 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $8,809,403) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $8,809,403) | &nbsp;&nbsp; 8809201 |
| TOTAL INVESTMENTS IN SECURITIES-111.92% <br>(Cost $74,111,668) | TOTAL INVESTMENTS IN SECURITIES-111.92% <br>(Cost $74,111,668) | &nbsp;&nbsp; 82122797 |
| OTHER ASSETS LESS LIABILITIES-(11.92)% | OTHER ASSETS LESS LIABILITIES-(11.92)% | &nbsp;&nbsp; (8747038)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $73375759 |

---

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $26689 | &nbsp;&nbsp; $1103078 | &nbsp;&nbsp; $(1089113)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $40654 | &nbsp;&nbsp; $867 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2025**<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> **October 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; $2364647 | &nbsp;&nbsp; $33454462 | &nbsp;&nbsp; $(33385464)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2433645 | &nbsp;&nbsp; $56,549<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 6180518 | &nbsp;&nbsp; 60324578 | &nbsp;&nbsp; (60129442)<br>| &nbsp;&nbsp; (196)<br>| &nbsp;&nbsp; 98 | &nbsp;&nbsp; 6375556 | &nbsp;&nbsp; 148,973<br> \*<br>|
| Total | &nbsp;&nbsp; $8571854 | &nbsp;&nbsp; $94882118 | &nbsp;&nbsp; $(94604019)<br>| &nbsp;&nbsp; $(196)<br>| &nbsp;&nbsp; $98 | &nbsp;&nbsp; $8849855 | &nbsp;&nbsp; $206389 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.02%** | **Common Stocks & Other Equity Interests-100.02%** | **Common Stocks & Other Equity Interests-100.02%** |
| **Automobile Components-2.12%** | **Automobile Components-2.12%** | **Automobile Components-2.12%** |
| Aptiv PLC<sup>(b)</sup> | 56003 | &nbsp;&nbsp; $4541843 |
| **Automobiles-7.83%** | **Automobiles-7.83%** | **Automobiles-7.83%** |
| Ford Motor Co. | 400211 | &nbsp;&nbsp; 5254770 |
| General Motors Co. | 79708 | &nbsp;&nbsp; 5507026 |
| Tesla, Inc.<sup>(b)</sup> | 13142 | &nbsp;&nbsp; 6000112 |
|  |  | &nbsp;&nbsp; 16761908 |
| **Broadline Retail-4.17%** | **Broadline Retail-4.17%** | **Broadline Retail-4.17%** |
| Amazon.com, Inc.<sup>(b)</sup> | 19844 | &nbsp;&nbsp; 4846302 |
| eBay, Inc. | 50063 | &nbsp;&nbsp; 4070622 |
|  |  | &nbsp;&nbsp; 8916924 |
| **Distributors-5.87%** | **Distributors-5.87%** | **Distributors-5.87%** |
| Genuine Parts Co. | 32766 | &nbsp;&nbsp; 4171440 |
| LKQ Corp. | 142423 | &nbsp;&nbsp; 4551839 |
| Pool Corp. | 14321 | &nbsp;&nbsp; 3824566 |
|  |  | &nbsp;&nbsp; 12547845 |
| **Hotels, Restaurants & Leisure-36.18%** | **Hotels, Restaurants & Leisure-36.18%** | **Hotels, Restaurants & Leisure-36.18%** |
| Airbnb, Inc., Class A<sup>(b)</sup> | 37034 | &nbsp;&nbsp; 4686282 |
| Booking Holdings, Inc. | 835 | &nbsp;&nbsp; 4239913 |
| Carnival Corp.<sup>(b)</sup> | 145740 | &nbsp;&nbsp; 4201684 |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 118067 | &nbsp;&nbsp; 3741543 |
| Darden Restaurants, Inc. | 21614 | &nbsp;&nbsp; 3893762 |
| Domino's Pizza, Inc. | 10144 | &nbsp;&nbsp; 4041978 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 17755 | &nbsp;&nbsp; 4516339 |
| Expedia Group, Inc. | 21209 | &nbsp;&nbsp; 4665980 |
| Hilton Worldwide Holdings, Inc. | 16736 | &nbsp;&nbsp; 4300483 |
| Las Vegas Sands Corp. | 83860 | &nbsp;&nbsp; 4977091 |
| Marriott International, Inc., Class A | 17418 | &nbsp;&nbsp; 4538783 |
| McDonald's Corp. | 14940 | &nbsp;&nbsp; 4458544 |
| MGM Resorts International<sup>(b)</sup> | 127133 | &nbsp;&nbsp; 4072070 |
| Norwegian Cruise Line Holdings Ltd.<sup>(b)</sup> | 179727 | &nbsp;&nbsp; 4029479 |
| Royal Caribbean Cruises Ltd. | 13384 | &nbsp;&nbsp; 3838933 |
| Starbucks Corp. | 55145 | &nbsp;&nbsp; 4459576 |
| Wynn Resorts Ltd. | 37187 | &nbsp;&nbsp; 4424881 |
| Yum! Brands, Inc. | 31302 | &nbsp;&nbsp; 4326250 |
|  |  | &nbsp;&nbsp; 77413571 |
| **Household Durables-11.21%** | **Household Durables-11.21%** | **Household Durables-11.21%** |
| D.R. Horton, Inc. | 25950 | &nbsp;&nbsp; 3868626 |
| Garmin Ltd. | 19370 | &nbsp;&nbsp; 4144018 |
| Lennar Corp., Class A | 33463 | &nbsp;&nbsp; 4141716 |
| Mohawk Industries, Inc.<sup>(b)</sup> | 33767 | &nbsp;&nbsp; 3837282 |
| NVR, Inc.<sup>(b)</sup> | 548 | &nbsp;&nbsp; 3951529 |
| PulteGroup, Inc. | 33753 | &nbsp;&nbsp; 4045972 |
|  |  | &nbsp;&nbsp; 23989143 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Leisure Products-2.10%** | **Leisure Products-2.10%** | **Leisure Products-2.10%** |
| Hasbro, Inc. | 58851 | &nbsp;&nbsp; $4490920 |
| **Specialty Retail-20.52%** | **Specialty Retail-20.52%** | **Specialty Retail-20.52%** |
| AutoZone, Inc.<sup>(b)</sup> | 1075 | &nbsp;&nbsp; 3950012 |
| Best Buy Co., Inc. | 59657 | &nbsp;&nbsp; 4900226 |
| Home Depot, Inc. (The) | 11061 | &nbsp;&nbsp; 4198645 |
| Lowe's Cos., Inc. | 17147 | &nbsp;&nbsp; 4083215 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 43483 | &nbsp;&nbsp; 4106534 |
| Ross Stores, Inc. | 30627 | &nbsp;&nbsp; 4867243 |
| TJX Cos., Inc. (The) | 32678 | &nbsp;&nbsp; 4579495 |
| Tractor Supply Co.<sup>(c)</sup> | 78193 | &nbsp;&nbsp; 4231023 |
| Ulta Beauty, Inc.<sup>(b)</sup> | 8868 | &nbsp;&nbsp; 4610296 |
| Williams-Sonoma, Inc. | 22552 | &nbsp;&nbsp; 4382756 |
|  |  | &nbsp;&nbsp; 43909445 |
| **Textiles, Apparel & Luxury Goods-10.02%** | **Textiles, Apparel & Luxury Goods-10.02%** | **Textiles, Apparel & Luxury Goods-10.02%** |
| Deckers Outdoor Corp.<sup>(b)</sup> | 40046 | &nbsp;&nbsp; 3263749 |
| lululemon athletica, Inc.<sup>(b)</sup> | 27886 | &nbsp;&nbsp; 4755679 |
| NIKE, Inc., Class B | 61553 | &nbsp;&nbsp; 3975708 |
| Ralph Lauren Corp. | 14622 | &nbsp;&nbsp; 4674069 |
| Tapestry, Inc. | 43404 | &nbsp;&nbsp; 4766627 |
|  |  | &nbsp;&nbsp; 21435832 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.02% <br>(Cost $212,090,178) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.02% <br>(Cost $212,090,178) | &nbsp;&nbsp; 214007431 |
| **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-1.96%** | **Money Market Funds-1.96%** | **Money Market Funds-1.96%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 1166243 | &nbsp;&nbsp; 1166243 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 3034472 | &nbsp;&nbsp; 3035382 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $4,201,922) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $4,201,922) | &nbsp;&nbsp; 4201625 |
| TOTAL INVESTMENTS IN SECURITIES-101.98% <br>(Cost $216,292,100) | TOTAL INVESTMENTS IN SECURITIES-101.98% <br>(Cost $216,292,100) | &nbsp;&nbsp; 218209056 |
| OTHER ASSETS LESS LIABILITIES-(1.98)% | OTHER ASSETS LESS LIABILITIES-(1.98)% | &nbsp;&nbsp; (4235675)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $213973381 |

---

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $14183 | &nbsp;&nbsp; $1352451 | &nbsp;&nbsp; $(1366634)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2504 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 3832009 | &nbsp;&nbsp; 24843177 | &nbsp;&nbsp; (27508943)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1166243 | &nbsp;&nbsp; 43,965<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 9939498 | &nbsp;&nbsp; 51551975 | &nbsp;&nbsp; (58455984)<br>| &nbsp;&nbsp; (296)<br>| &nbsp;&nbsp; 189 | &nbsp;&nbsp; 3035382 | &nbsp;&nbsp; 116,429<br> \*<br>|
| Total | &nbsp;&nbsp; $13785690 | &nbsp;&nbsp; $77747603 | &nbsp;&nbsp; $(87331561)<br>| &nbsp;&nbsp; $(296)<br>| &nbsp;&nbsp; $189 | &nbsp;&nbsp; $4201625 | &nbsp;&nbsp; $162898 |

---

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

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

October 31, 2025

*(Unaudited)*

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%** |
| **Beverages-19.46%** | **Beverages-19.46%** | **Beverages-19.46%** |
| Brown-Forman Corp., Class B<sup>(b)</sup> | 235226 | &nbsp;&nbsp; $6405204 |
| Coca-Cola Co. (The) | 94576 | &nbsp;&nbsp; 6516286 |
| Constellation Brands, Inc., Class A | 44894 | &nbsp;&nbsp; 5898174 |
| Keurig Dr Pepper, Inc. | 233755 | &nbsp;&nbsp; 6348786 |
| Molson Coors Beverage Co., Class B<sup>(b)</sup> | 130777 | &nbsp;&nbsp; 5717571 |
| Monster Beverage Corp.<sup>(c)</sup> | 102095 | &nbsp;&nbsp; 6823009 |
| PepsiCo, Inc. | 44971 | &nbsp;&nbsp; 6569813 |
|  |  | &nbsp;&nbsp; 44278843 |
| **Consumer Staples Distribution & Retail-19.14%** | **Consumer Staples Distribution & Retail-19.14%** | **Consumer Staples Distribution & Retail-19.14%** |
| Costco Wholesale Corp. | 6715 | &nbsp;&nbsp; 6120387 |
| Dollar General Corp. | 60241 | &nbsp;&nbsp; 5943377 |
| Dollar Tree, Inc.<sup>(c)</sup> | 64882 | &nbsp;&nbsp; 6431104 |
| Kroger Co. (The) | 95698 | &nbsp;&nbsp; 6089264 |
| Sysco Corp. | 79998 | &nbsp;&nbsp; 5942251 |
| Target Corp. | 70655 | &nbsp;&nbsp; 6551132 |
| Walmart, Inc. | 63886 | &nbsp;&nbsp; 6463985 |
|  |  | &nbsp;&nbsp; 43541500 |
| **Food Products-37.91%** | **Food Products-37.91%** | **Food Products-37.91%** |
| Archer-Daniels-Midland Co. | 104456 | &nbsp;&nbsp; 6322722 |
| Bunge Global S.A. | 77899 | &nbsp;&nbsp; 7369245 |
| Campbell's Co. (The)<sup>(b)</sup> | 191525 | &nbsp;&nbsp; 5770648 |
| Conagra Brands, Inc. | 331326 | &nbsp;&nbsp; 5695494 |
| General Mills, Inc. | 128264 | &nbsp;&nbsp; 5978385 |
| Hershey Co. (The) | 34567 | &nbsp;&nbsp; 5863600 |
| Hormel Foods Corp. | 256879 | &nbsp;&nbsp; 5546018 |
| J.M. Smucker Co. (The) | 58301 | &nbsp;&nbsp; 6037069 |
| Kellanova | 81153 | &nbsp;&nbsp; 6740568 |
| Kraft Heinz Co. (The) | 240696 | &nbsp;&nbsp; 5952412 |
| Lamb Weston Holdings, Inc. | 114813 | &nbsp;&nbsp; 7087406 |
| McCormick & Co., Inc. | 93523 | &nbsp;&nbsp; 6000436 |
| Mondelez International, Inc., Class A | 103016 | &nbsp;&nbsp; 5919299 |
| Tyson Foods, Inc., Class A | 115739 | &nbsp;&nbsp; 5950142 |
|  |  | &nbsp;&nbsp; 86233444 |
| **Household Products-13.17%** | **Household Products-13.17%** | **Household Products-13.17%** |
| Church & Dwight Co., Inc. | 68966 | &nbsp;&nbsp; 6047629 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Household Products-(continued)** | **Household Products-(continued)** | **Household Products-(continued)** |
| Clorox Co. (The) | 52016 | &nbsp;&nbsp; $5849719 |
| Colgate-Palmolive Co. | 77094 | &nbsp;&nbsp; 5940093 |
| Kimberly-Clark Corp. | 50108 | &nbsp;&nbsp; 5998429 |
| Procter & Gamble Co. (The) | 40769 | &nbsp;&nbsp; 6130434 |
|  |  | &nbsp;&nbsp; 29966304 |
| **Personal Care Products-5.31%** | **Personal Care Products-5.31%** | **Personal Care Products-5.31%** |
| Estee Lauder Cos., Inc. (The), Class A | 73369 | &nbsp;&nbsp; 7094049 |
| Kenvue, Inc. | 347292 | &nbsp;&nbsp; 4990586 |
|  |  | &nbsp;&nbsp; 12084635 |
| **Tobacco-4.86%** | **Tobacco-4.86%** | **Tobacco-4.86%** |
| Altria Group, Inc. | 96845 | &nbsp;&nbsp; 5460121 |
| Philip Morris International, Inc. | 38798 | &nbsp;&nbsp; 5599715 |
|  |  | &nbsp;&nbsp; 11059836 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.85% <br>(Cost $288,797,366) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.85% <br>(Cost $288,797,366) | &nbsp;&nbsp; 227164562 |
| **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-7.96%** | **Money Market Funds-7.96%** | **Money Market Funds-7.96%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 5039235 | &nbsp;&nbsp; 5039235 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 13064863 | &nbsp;&nbsp; 13068782 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $18,108,025) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $18,108,025) | &nbsp;&nbsp; 18108017 |
| TOTAL INVESTMENTS IN SECURITIES-107.81% <br>(Cost $306,905,391) | TOTAL INVESTMENTS IN SECURITIES-107.81% <br>(Cost $306,905,391) | &nbsp;&nbsp; 245272579 |
| OTHER ASSETS LESS LIABILITIES-(7.81)% | OTHER ASSETS LESS LIABILITIES-(7.81)% | &nbsp;&nbsp; (17761940)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $227510639 |

---

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $29276 | &nbsp;&nbsp; $3768731 | &nbsp;&nbsp; $(3798007)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2902 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; $6166076 | &nbsp;&nbsp; $28848696 | &nbsp;&nbsp; $(29975537)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5039235 | &nbsp;&nbsp; $78,558<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 15997189 | &nbsp;&nbsp; 63850621 | &nbsp;&nbsp; (66780716)<br>| &nbsp;&nbsp; 599 | &nbsp;&nbsp; 1089 | &nbsp;&nbsp; 13068782 | &nbsp;&nbsp; 214,731<br> \*<br>|
| Total | &nbsp;&nbsp; $22192541 | &nbsp;&nbsp; $96468048 | &nbsp;&nbsp; $(100554260)<br>| &nbsp;&nbsp; $599 | &nbsp;&nbsp; $1089 | &nbsp;&nbsp; $18108017 | &nbsp;&nbsp; $296191 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.89%** | **Common Stocks & Other Equity Interests-99.89%** | **Common Stocks & Other Equity Interests-99.89%** |
| **Energy Equipment & Services-14.65%** | **Energy Equipment & Services-14.65%** | **Energy Equipment & Services-14.65%** |
| Baker Hughes Co., Class A | 391487 | &nbsp;&nbsp; $18951886 |
| Halliburton Co. | 812757 | &nbsp;&nbsp; 21814398 |
| SLB Ltd. | 507971 | &nbsp;&nbsp; 18317434 |
|  |  | &nbsp;&nbsp; 59083718 |
| **Oil, Gas & Consumable Fuels-85.24%** | **Oil, Gas & Consumable Fuels-85.24%** | **Oil, Gas & Consumable Fuels-85.24%** |
| APA Corp. | 788675 | &nbsp;&nbsp; 17863489 |
| Chevron Corp. | 116412 | &nbsp;&nbsp; 18360501 |
| ConocoPhillips | 194746 | &nbsp;&nbsp; 17305129 |
| Coterra Energy, Inc. | 753732 | &nbsp;&nbsp; 17833299 |
| Devon Energy Corp. | 517132 | &nbsp;&nbsp; 16801619 |
| Diamondback Energy, Inc. | 131546 | &nbsp;&nbsp; 18836072 |
| EOG Resources, Inc. | 152740 | &nbsp;&nbsp; 16166002 |
| EQT Corp. | 358963 | &nbsp;&nbsp; 19233237 |
| Expand Energy Corp. | 190403 | &nbsp;&nbsp; 19670534 |
| Exxon Mobil Corp. | 163270 | &nbsp;&nbsp; 18671557 |
| Kinder Morgan, Inc. | 670863 | &nbsp;&nbsp; 17569902 |
| Marathon Petroleum Corp. | 101095 | &nbsp;&nbsp; 19704426 |
| Occidental Petroleum Corp. | 396639 | &nbsp;&nbsp; 16341527 |
| ONEOK, Inc. | 250416 | &nbsp;&nbsp; 16777872 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** |
| Phillips 66 Co. | 139770 | &nbsp;&nbsp; $19028288 |
| Targa Resources Corp. | 112402 | &nbsp;&nbsp; 17314404 |
| Texas Pacific Land Corp. | 19588 | &nbsp;&nbsp; 18478927 |
| Valero Energy Corp. | 115890 | &nbsp;&nbsp; 19650308 |
| Williams Cos., Inc. (The) | 312601 | &nbsp;&nbsp; 18090220 |
|  |  | &nbsp;&nbsp; 343697313 |
| Total Common Stocks & Other Equity Interests <br>(Cost $402,864,411) | Total Common Stocks & Other Equity Interests <br>(Cost $402,864,411) | &nbsp;&nbsp; 402781031 |
| **Money Market Funds-0.07%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(b)(c)</sup> <br>(Cost $284,218)<br>| 284218 | &nbsp;&nbsp; 284218 |
| TOTAL INVESTMENTS IN SECURITIES-99.96% <br>(Cost $403,148,629) | TOTAL INVESTMENTS IN SECURITIES-99.96% <br>(Cost $403,148,629) | &nbsp;&nbsp; 403065249 |
| OTHER ASSETS LESS LIABILITIES-0.04% | OTHER ASSETS LESS LIABILITIES-0.04% | &nbsp;&nbsp; 173283 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $403238532 |

---

---

| | |
|:---|:---|
| 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $164089 | &nbsp;&nbsp; $7718992 | &nbsp;&nbsp; $(7598863)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $284218 | &nbsp;&nbsp; $4250 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 5780543 | &nbsp;&nbsp; 57773896 | &nbsp;&nbsp; (63554439)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 58,229<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 15049714 | &nbsp;&nbsp; 111751455 | &nbsp;&nbsp; (126802656)<br>| &nbsp;&nbsp; 1052 | &nbsp;&nbsp; 435 | &nbsp;&nbsp; - | &nbsp;&nbsp; 155,357<br> \*<br>|
| Total | &nbsp;&nbsp; $20994346 | &nbsp;&nbsp; $177244343 | &nbsp;&nbsp; $(197955958)<br>| &nbsp;&nbsp; $1052 | &nbsp;&nbsp; $435 | &nbsp;&nbsp; $284218 | &nbsp;&nbsp; $217836 |

---

\* 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>(c)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

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

------

**15**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Financials ETF (RSPF)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.90%**<sup>(a)</sup>  | **Common Stocks & Other Equity Interests-99.90%**<sup>(a)</sup>  | **Common Stocks & Other Equity Interests-99.90%**<sup>(a)</sup>  |
| **Banks-17.35%** | **Banks-17.35%** | **Banks-17.35%** |
| Bank of America Corp. | 84865 | &nbsp;&nbsp; $4536034 |
| Citigroup, Inc. | 43781 | &nbsp;&nbsp; 4431951 |
| Citizens Financial Group, Inc. | 82116 | &nbsp;&nbsp; 4177241 |
| Fifth Third Bancorp | 93480 | &nbsp;&nbsp; 3890638 |
| Huntington Bancshares, Inc. | 240901 | &nbsp;&nbsp; 3719511 |
| JPMorgan Chase & Co. | 14156 | &nbsp;&nbsp; 4404215 |
| KeyCorp | 221236 | &nbsp;&nbsp; 3891541 |
| M&T Bank Corp. | 21467 | &nbsp;&nbsp; 3947137 |
| PNC Financial Services Group, Inc. (The) | 21072 | &nbsp;&nbsp; 3846694 |
| Regions Financial Corp. | 157335 | &nbsp;&nbsp; 3807507 |
| Truist Financial Corp. | 94287 | &nbsp;&nbsp; 4208029 |
| U.S. Bancorp | 86469 | &nbsp;&nbsp; 4036373 |
| Wells Fargo & Co. | 52980 | &nbsp;&nbsp; 4607670 |
|  |  | &nbsp;&nbsp; 53504541 |
| **Capital Markets-33.96%** | **Capital Markets-33.96%** | **Capital Markets-33.96%** |
| Ameriprise Financial, Inc. | 8646 | &nbsp;&nbsp; 3914649 |
| Bank of New York Mellon Corp. (The) | 40906 | &nbsp;&nbsp; 4414985 |
| BlackRock, Inc. | 3859 | &nbsp;&nbsp; 4178564 |
| Blackstone, Inc., Class A | 23868 | &nbsp;&nbsp; 3500003 |
| Cboe Global Markets, Inc. | 18140 | &nbsp;&nbsp; 4455910 |
| Charles Schwab Corp. (The) | 46124 | &nbsp;&nbsp; 4359640 |
| CME Group, Inc., Class A | 16365 | &nbsp;&nbsp; 4344744 |
| Coinbase Global, Inc., Class A<sup>(b)</sup> | 13488 | &nbsp;&nbsp; 4636905 |
| FactSet Research Systems, Inc. | 11761 | &nbsp;&nbsp; 3137835 |
| Franklin Resources, Inc. | 175002 | &nbsp;&nbsp; 3956795 |
| Goldman Sachs Group, Inc. (The) | 5530 | &nbsp;&nbsp; 4365216 |
| Interactive Brokers Group, Inc., Class A | 68060 | &nbsp;&nbsp; 4788702 |
| Intercontinental Exchange, Inc. | 24699 | &nbsp;&nbsp; 3613217 |
| Invesco Ltd.<sup>(c)</sup> | 191981 | &nbsp;&nbsp; 4549950 |
| KKR & Co., Inc., Class A | 30541 | &nbsp;&nbsp; 3613917 |
| Moody's Corp. | 8408 | &nbsp;&nbsp; 4038362 |
| Morgan Stanley | 27602 | &nbsp;&nbsp; 4526728 |
| MSCI, Inc. | 7555 | &nbsp;&nbsp; 4446495 |
| Nasdaq, Inc. | 44941 | &nbsp;&nbsp; 3842006 |
| Northern Trust Corp. | 33482 | &nbsp;&nbsp; 4308129 |
| Raymond James Financial, Inc. | 25519 | &nbsp;&nbsp; 4049100 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup> | 36221 | &nbsp;&nbsp; 5316518 |
| S&P Global, Inc. | 7880 | &nbsp;&nbsp; 3839215 |
| State Street Corp. | 38405 | &nbsp;&nbsp; 4441922 |
| T. Rowe Price Group, Inc. | 39895 | &nbsp;&nbsp; 4090434 |
|  |  | &nbsp;&nbsp; 104729941 |
| **Consumer Finance-4.27%** | **Consumer Finance-4.27%** | **Consumer Finance-4.27%** |
| American Express Co. | 13155 | &nbsp;&nbsp; 4745403 |
| Capital One Financial Corp. | 19041 | &nbsp;&nbsp; 4188830 |
| Synchrony Financial | 56924 | &nbsp;&nbsp; 4234007 |
|  |  | &nbsp;&nbsp; 13168240 |
| **Financial Services-13.93%** | **Financial Services-13.93%** | **Financial Services-13.93%** |
| Apollo Global Management, Inc. | 31833 | &nbsp;&nbsp; 3957160 |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 8680 | &nbsp;&nbsp; 4145047 |
| Block, Inc., Class A<sup>(b)</sup> | 57687 | &nbsp;&nbsp; 4380750 |
| Corpay, Inc.<sup>(b)</sup> | 13956 | &nbsp;&nbsp; 3633445 |
| Fidelity National Information Services, Inc. | 64099 | &nbsp;&nbsp; 4007469 |
| Fiserv, Inc.<sup>(b)</sup> | 32194 | &nbsp;&nbsp; 2147018 |
| Global Payments, Inc. | 50003 | &nbsp;&nbsp; 3888233 |
| Jack Henry & Associates, Inc. | 26737 | &nbsp;&nbsp; 3982209 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financial Services-(continued)** | **Financial Services-(continued)** | **Financial Services-(continued)** |
| Mastercard, Inc., Class A | 7341 | &nbsp;&nbsp; $4052159 |
| PayPal Holdings, Inc.<sup>(b)</sup> | 64811 | &nbsp;&nbsp; 4489458 |
| Visa, Inc., Class A | 12584 | &nbsp;&nbsp; 4287872 |
|  |  | &nbsp;&nbsp; 42970820 |
| **Insurance-30.39%** | **Insurance-30.39%** | **Insurance-30.39%** |
| Aflac, Inc. | 39674 | &nbsp;&nbsp; 4252656 |
| Allstate Corp. (The) | 21269 | &nbsp;&nbsp; 4073439 |
| American International Group, Inc. | 54541 | &nbsp;&nbsp; 4306557 |
| Aon PLC, Class A | 11742 | &nbsp;&nbsp; 4000265 |
| Arch Capital Group Ltd. | 46959 | &nbsp;&nbsp; 4053031 |
| Arthur J. Gallagher & Co. | 14511 | &nbsp;&nbsp; 3620349 |
| Assurant, Inc. | 20317 | &nbsp;&nbsp; 4301515 |
| Brown & Brown, Inc. | 45993 | &nbsp;&nbsp; 3667482 |
| Chubb Ltd. | 15334 | &nbsp;&nbsp; 4246598 |
| Cincinnati Financial Corp. | 27934 | &nbsp;&nbsp; 4318317 |
| Erie Indemnity Co., Class A<sup>(d)</sup> | 12892 | &nbsp;&nbsp; 3772715 |
| Everest Group Ltd. | 12513 | &nbsp;&nbsp; 3935589 |
| Globe Life, Inc. | 30602 | &nbsp;&nbsp; 4024469 |
| Hartford Insurance Group, Inc. (The) | 32417 | &nbsp;&nbsp; 4025543 |
| Loews Corp. | 44260 | &nbsp;&nbsp; 4406526 |
| Marsh & McLennan Cos., Inc. | 21401 | &nbsp;&nbsp; 3812588 |
| MetLife, Inc. | 53694 | &nbsp;&nbsp; 4285855 |
| Principal Financial Group, Inc. | 53134 | &nbsp;&nbsp; 4465381 |
| Progressive Corp. (The) | 17263 | &nbsp;&nbsp; 3556178 |
| Prudential Financial, Inc. | 40261 | &nbsp;&nbsp; 4187144 |
| Travelers Cos., Inc. (The) | 15620 | &nbsp;&nbsp; 4195845 |
| W.R. Berkley Corp. | 58967 | &nbsp;&nbsp; 4206706 |
| Willis Towers Watson PLC | 12884 | &nbsp;&nbsp; 4033981 |
|  |  | &nbsp;&nbsp; 93748729 |
| Total Common Stocks & Other Equity Interests <br>(Cost $255,645,563) | Total Common Stocks & Other Equity Interests <br>(Cost $255,645,563) | &nbsp;&nbsp; 308122271 |
| **Money Market Funds-0.09%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(c)(e)</sup> <br>(Cost $278,755)<br>| 278755 | &nbsp;&nbsp; 278755 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.99% <br>(Cost $255,924,318) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.99% <br>(Cost $255,924,318) | &nbsp;&nbsp; 308401026 |
| **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-0.00%** | **Money Market Funds-0.00%** | **Money Market Funds-0.00%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(c)(e)(f)</sup><br>| 2639 | &nbsp;&nbsp; 2639 |
| Invesco Private Prime Fund, 4.30%<sup>(c)(e)(f)</sup> | 5323 | &nbsp;&nbsp; 5325 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $7,964) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $7,964) | &nbsp;&nbsp; 7964 |
| TOTAL INVESTMENTS IN SECURITIES-99.99% <br>(Cost $255,932,282) | TOTAL INVESTMENTS IN SECURITIES-99.99% <br>(Cost $255,932,282) | &nbsp;&nbsp; 308408990 |
| OTHER ASSETS LESS LIABILITIES-0.01% | OTHER ASSETS LESS LIABILITIES-0.01% | &nbsp;&nbsp; 43256 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $308452246 |

---

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)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| Invesco Ltd. | &nbsp;&nbsp; $3717095 | &nbsp;&nbsp; $354536 | &nbsp;&nbsp; $(2110586)<br>| &nbsp;&nbsp; $2794057 | &nbsp;&nbsp; $(205152)<br>| &nbsp;&nbsp; $4549950 | &nbsp;&nbsp; $113698 |
| **Investments in** <br> **Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; 157209 | &nbsp;&nbsp; 2954708 | &nbsp;&nbsp; (2833162)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 278755 | &nbsp;&nbsp; 4208 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 2814765 | &nbsp;&nbsp; 39836583 | &nbsp;&nbsp; (42648709)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2639 | &nbsp;&nbsp; 25,935<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 7363982 | &nbsp;&nbsp; 105126470 | &nbsp;&nbsp; (112485980)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 853 | &nbsp;&nbsp; 5325 | &nbsp;&nbsp; 69,694<br> \*<br>|
| Total | &nbsp;&nbsp; $14053051 | &nbsp;&nbsp; $148272297 | &nbsp;&nbsp; $(160078437)<br>| &nbsp;&nbsp; $2794057 | &nbsp;&nbsp; $(204299)<br>| &nbsp;&nbsp; $4836669 | &nbsp;&nbsp; $213535 |

---

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

<sup>(d)</sup> All or a portion of this security was out on loan at October 31, 2025.

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

------

**17**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Health Care ETF (RSPH)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.90%** | **Common Stocks & Other Equity Interests-99.90%** | **Common Stocks & Other Equity Interests-99.90%** |
| **Biotechnology-13.88%** | **Biotechnology-13.88%** | **Biotechnology-13.88%** |
| AbbVie, Inc. | 54087 | &nbsp;&nbsp; $11793129 |
| Amgen, Inc. | 41079 | &nbsp;&nbsp; 12259206 |
| Biogen, Inc.<sup>(b)</sup> | 80179 | &nbsp;&nbsp; 12369214 |
| Gilead Sciences, Inc. | 99218 | &nbsp;&nbsp; 11885324 |
| Incyte Corp.<sup>(b)</sup> | 132585 | &nbsp;&nbsp; 12394046 |
| Moderna, Inc.<sup>(b)(c)</sup> | 470385 | &nbsp;&nbsp; 12775657 |
| Regeneron Pharmaceuticals, Inc. | 20590 | &nbsp;&nbsp; 13420562 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 29456 | &nbsp;&nbsp; 12535590 |
|  |  | &nbsp;&nbsp; 99432728 |
| **Health Care Equipment & Supplies-29.53%**  | **Health Care Equipment & Supplies-29.53%**  | **Health Care Equipment & Supplies-29.53%**  |
| Abbott Laboratories | 88420 | &nbsp;&nbsp; 10930480 |
| Align Technology, Inc.<sup>(b)</sup> | 86039 | &nbsp;&nbsp; 11863057 |
| Baxter International, Inc. | 476901 | &nbsp;&nbsp; 8808362 |
| Becton, Dickinson and Co. | 60772 | &nbsp;&nbsp; 10860564 |
| Boston Scientific Corp.<sup>(b)</sup> | 108665 | &nbsp;&nbsp; 10944739 |
| Cooper Cos., Inc. (The)<sup>(b)</sup> | 169036 | &nbsp;&nbsp; 11817307 |
| DexCom, Inc.<sup>(b)</sup> | 150441 | &nbsp;&nbsp; 8758675 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 146067 | &nbsp;&nbsp; 12043224 |
| GE HealthCare Technologies, Inc. | 150461 | &nbsp;&nbsp; 11277052 |
| Hologic, Inc.<sup>(b)</sup> | 174559 | &nbsp;&nbsp; 12901656 |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 17940 | &nbsp;&nbsp; 11293409 |
| Insulet Corp.<sup>(b)</sup> | 33889 | &nbsp;&nbsp; 10607596 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 25442 | &nbsp;&nbsp; 13593152 |
| Medtronic PLC | 123886 | &nbsp;&nbsp; 11236460 |
| ResMed, Inc. | 42324 | &nbsp;&nbsp; 10448949 |
| Solventum Corp.<sup>(b)(c)</sup> | 160555 | &nbsp;&nbsp; 11084717 |
| STERIS PLC | 46950 | &nbsp;&nbsp; 11066115 |
| Stryker Corp. | 29891 | &nbsp;&nbsp; 10648370 |
| Zimmer Biomet Holdings, Inc.<sup>(c)</sup> | 111796 | &nbsp;&nbsp; 11242206 |
|  |  | &nbsp;&nbsp; 211426090 |
| **Health Care Providers & Services-26.41%** | **Health Care Providers & Services-26.41%** | **Health Care Providers & Services-26.41%** |
| Cardinal Health, Inc. | 76619 | &nbsp;&nbsp; 14616607 |
| Cencora, Inc. | 38609 | &nbsp;&nbsp; 13042506 |
| Centene Corp.<sup>(b)</sup> | 365729 | &nbsp;&nbsp; 12935835 |
| Cigna Group (The) | 37809 | &nbsp;&nbsp; 9240898 |
| CVS Health Corp. | 154613 | &nbsp;&nbsp; 12083006 |
| DaVita, Inc.<sup>(b)(c)</sup> | 86474 | &nbsp;&nbsp; 10292135 |
| Elevance Health, Inc. | 37319 | &nbsp;&nbsp; 11837587 |
| HCA Healthcare, Inc. | 29012 | &nbsp;&nbsp; 13336236 |
| Henry Schein, Inc.<sup>(b)(c)</sup> | 169621 | &nbsp;&nbsp; 10720047 |
| Humana, Inc. | 41847 | &nbsp;&nbsp; 11641417 |
| Labcorp Holdings, Inc. | 41950 | &nbsp;&nbsp; 10653622 |
| McKesson Corp. | 16209 | &nbsp;&nbsp; 13151010 |
| Molina Healthcare, Inc.<sup>(b)(c)</sup> | 63829 | &nbsp;&nbsp; 9769667 |
| Quest Diagnostics, Inc. | 63525 | &nbsp;&nbsp; 11177224 |
| UnitedHealth Group, Inc. | 32972 | &nbsp;&nbsp; 11261916 |
| Universal Health Services, Inc., Class B | 61459 | &nbsp;&nbsp; 13337217 |
|  |  | &nbsp;&nbsp; 189096930 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Life Sciences Tools & Services-18.58%** | **Life Sciences Tools & Services-18.58%** | **Life Sciences Tools & Services-18.58%** |
| Agilent Technologies, Inc. | 92127 | &nbsp;&nbsp; $13483708 |
| Bio-Techne Corp.<sup>(c)</sup> | 224389 | &nbsp;&nbsp; 14040020 |
| Charles River Laboratories International, <br> Inc.<sup>(b)</sup><br>| 74622 | &nbsp;&nbsp; 13437183 |
| Danaher Corp. | 59382 | &nbsp;&nbsp; 12789695 |
| IQVIA Holdings, Inc.<sup>(b)</sup> | 62209 | &nbsp;&nbsp; 13465760 |
| Mettler-Toledo International, Inc.<sup>(b)</sup> | 9138 | &nbsp;&nbsp; 12942058 |
| Revvity, Inc.<sup>(c)</sup> | 138749 | &nbsp;&nbsp; 12985519 |
| Thermo Fisher Scientific, Inc. | 24004 | &nbsp;&nbsp; 13619630 |
| Waters Corp.<sup>(b)</sup> | 39053 | &nbsp;&nbsp; 13652929 |
| West Pharmaceutical Services, Inc. | 44802 | &nbsp;&nbsp; 12637300 |
|  |  | &nbsp;&nbsp; 133053802 |
| **Pharmaceuticals-11.50%** | **Pharmaceuticals-11.50%** | **Pharmaceuticals-11.50%** |
| Bristol-Myers Squibb Co. | 242560 | &nbsp;&nbsp; 11174739 |
| Eli Lilly and Co. | 15177 | &nbsp;&nbsp; 13095626 |
| Johnson & Johnson | 65079 | &nbsp;&nbsp; 12291471 |
| Merck & Co., Inc. | 136116 | &nbsp;&nbsp; 11703254 |
| Pfizer, Inc. | 465459 | &nbsp;&nbsp; 11473564 |
| Viatris, Inc. | 1116789 | &nbsp;&nbsp; 11569934 |
| Zoetis, Inc. | 76551 | &nbsp;&nbsp; 11030234 |
|  |  | &nbsp;&nbsp; 82338822 |
| Total Common Stocks & Other Equity Interests <br>(Cost $661,192,552) | Total Common Stocks & Other Equity Interests <br>(Cost $661,192,552) | &nbsp;&nbsp; 715348372 |
| **Money Market Funds-0.07%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $480,396)<br>| 480396 | &nbsp;&nbsp; 480396 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.97% <br>(Cost $661,672,948) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.97% <br>(Cost $661,672,948) | &nbsp;&nbsp; 715828768 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-6.59%** | **Money Market Funds-6.59%** | **Money Market Funds-6.59%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 13091886 | &nbsp;&nbsp; 13091886 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 34072136 | &nbsp;&nbsp; 34082358 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $47,175,540) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $47,175,540) | &nbsp;&nbsp; 47174244 |
| TOTAL INVESTMENTS IN SECURITIES-106.56% <br>(Cost $708,848,488) | TOTAL INVESTMENTS IN SECURITIES-106.56% <br>(Cost $708,848,488) | &nbsp;&nbsp; 763003012 |
| OTHER ASSETS LESS LIABILITIES-(6.56)% | OTHER ASSETS LESS LIABILITIES-(6.56)% | &nbsp;&nbsp; (46964476)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $716038536 |

---

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)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $131946 | &nbsp;&nbsp; $4781150 | &nbsp;&nbsp; $(4432700)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $480396 | &nbsp;&nbsp; $8176 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 6536937 | &nbsp;&nbsp; 50832253 | &nbsp;&nbsp; (44277304)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 13091886 | &nbsp;&nbsp; 133,824<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 16935811 | &nbsp;&nbsp; 121490682 | &nbsp;&nbsp; (104343797)<br>| &nbsp;&nbsp; (784)<br>| &nbsp;&nbsp; 446 | &nbsp;&nbsp; 34082358 | &nbsp;&nbsp; 359,318<br> \*<br>|
| Total | &nbsp;&nbsp; $23604694 | &nbsp;&nbsp; $177104085 | &nbsp;&nbsp; $(153053801)<br>| &nbsp;&nbsp; $(784)<br>| &nbsp;&nbsp; $446 | &nbsp;&nbsp; $47654640 | &nbsp;&nbsp; $501318 |

---

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

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

------

**19**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Industrials ETF (RSPN)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.95%** | **Common Stocks & Other Equity Interests-99.95%** | **Common Stocks & Other Equity Interests-99.95%** |
| **Aerospace & Defense-15.83%** | **Aerospace & Defense-15.83%** | **Aerospace & Defense-15.83%** |
| Axon Enterprise, Inc.<sup>(b)</sup> | 11513 | &nbsp;&nbsp; $8430164 |
| Boeing Co. (The)<sup>(b)</sup> | 37820 | &nbsp;&nbsp; 7602576 |
| General Dynamics Corp. | 26635 | &nbsp;&nbsp; 9186412 |
| General Electric Co. | 30361 | &nbsp;&nbsp; 9380031 |
| Howmet Aerospace, Inc. | 46819 | &nbsp;&nbsp; 9642373 |
| Huntington Ingalls Industries, Inc. | 31643 | &nbsp;&nbsp; 10189679 |
| L3Harris Technologies, Inc. | 31256 | &nbsp;&nbsp; 9036110 |
| Lockheed Martin Corp. | 18551 | &nbsp;&nbsp; 9124866 |
| Northrop Grumman Corp. | 14840 | &nbsp;&nbsp; 8658398 |
| RTX Corp. | 55519 | &nbsp;&nbsp; 9910141 |
| Textron, Inc. | 106208 | &nbsp;&nbsp; 8582668 |
| TransDigm Group, Inc. | 6687 | &nbsp;&nbsp; 8750006 |
|  |  | &nbsp;&nbsp; 108493424 |
| **Air Freight & Logistics-5.63%** | **Air Freight & Logistics-5.63%** | **Air Freight & Logistics-5.63%** |
| C.H. Robinson Worldwide, Inc. | 67417 | &nbsp;&nbsp; 10381544 |
| Expeditors International of Washington, Inc. | 70917 | &nbsp;&nbsp; 8644782 |
| FedEx Corp. | 38129 | &nbsp;&nbsp; 9677903 |
| United Parcel Service, Inc., Class B | 102624 | &nbsp;&nbsp; 9895006 |
|  |  | &nbsp;&nbsp; 38599235 |
| **Building Products-9.53%** | **Building Products-9.53%** | **Building Products-9.53%** |
| A.O. Smith Corp. | 118707 | &nbsp;&nbsp; 7833475 |
| Allegion PLC | 50492 | &nbsp;&nbsp; 8370059 |
| Builders FirstSource, Inc.<sup>(b)</sup> | 61356 | &nbsp;&nbsp; 7127726 |
| Carrier Global Corp. | 137685 | &nbsp;&nbsp; 8190881 |
| Johnson Controls International PLC | 79826 | &nbsp;&nbsp; 9131296 |
| Lennox International, Inc. | 15396 | &nbsp;&nbsp; 7774980 |
| Masco Corp. | 117605 | &nbsp;&nbsp; 7616100 |
| Trane Technologies PLC | 20618 | &nbsp;&nbsp; 9250266 |
|  |  | &nbsp;&nbsp; 65294783 |
| **Commercial Services & Supplies-7.00%** | **Commercial Services & Supplies-7.00%** | **Commercial Services & Supplies-7.00%** |
| Cintas Corp. | 42725 | &nbsp;&nbsp; 7830211 |
| Copart, Inc.<sup>(b)</sup> | 177351 | &nbsp;&nbsp; 7627866 |
| Republic Services, Inc. | 37655 | &nbsp;&nbsp; 7841277 |
| Rollins, Inc. | 152652 | &nbsp;&nbsp; 8794282 |
| Veralto Corp. | 81175 | &nbsp;&nbsp; 8010349 |
| Waste Management, Inc. | 39531 | &nbsp;&nbsp; 7897108 |
|  |  | &nbsp;&nbsp; 48001093 |
| **Construction & Engineering-2.78%** | **Construction & Engineering-2.78%** | **Construction & Engineering-2.78%** |
| EMCOR Group, Inc. | 13564 | &nbsp;&nbsp; 9166280 |
| Quanta Services, Inc. | 22054 | &nbsp;&nbsp; 9905113 |
|  |  | &nbsp;&nbsp; 19071393 |
| **Electrical Equipment-8.97%** | **Electrical Equipment-8.97%** | **Electrical Equipment-8.97%** |
| AMETEK, Inc. | 45919 | &nbsp;&nbsp; 9280689 |
| Eaton Corp. PLC | 23757 | &nbsp;&nbsp; 9064721 |
| Emerson Electric Co. | 64373 | &nbsp;&nbsp; 8984539 |
| GE Vernova, Inc. | 13370 | &nbsp;&nbsp; 7823322 |
| Generac Holdings, Inc.<sup>(b)</sup> | 46511 | &nbsp;&nbsp; 7814778 |
| Hubbell, Inc. | 19453 | &nbsp;&nbsp; 9142910 |
| Rockwell Automation, Inc. | 25352 | &nbsp;&nbsp; 9338663 |
|  |  | &nbsp;&nbsp; 61449622 |
| **Ground Transportation-8.04%** | **Ground Transportation-8.04%** | **Ground Transportation-8.04%** |
| CSX Corp. | 268493 | &nbsp;&nbsp; 9671118 |
| J.B. Hunt Transport Services, Inc. | 62841 | &nbsp;&nbsp; 10611331 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Ground Transportation-(continued)** | **Ground Transportation-(continued)** | **Ground Transportation-(continued)** |
| Norfolk Southern Corp. | 31593 | &nbsp;&nbsp; $8952824 |
| Old Dominion Freight Line, Inc. | 58814 | &nbsp;&nbsp; 8258662 |
| Uber Technologies, Inc.<sup>(b)</sup> | 91337 | &nbsp;&nbsp; 8814021 |
| Union Pacific Corp. | 39986 | &nbsp;&nbsp; 8811715 |
|  |  | &nbsp;&nbsp; 55119671 |
| **Industrial Conglomerates-2.63%** | **Industrial Conglomerates-2.63%** | **Industrial Conglomerates-2.63%** |
| 3M Co. | 56032 | &nbsp;&nbsp; 9329328 |
| Honeywell International, Inc. | 43051 | &nbsp;&nbsp; 8667458 |
|  |  | &nbsp;&nbsp; 17996786 |
| **Machinery-22.13%** | **Machinery-22.13%** | **Machinery-22.13%** |
| Caterpillar, Inc. | 20344 | &nbsp;&nbsp; 11743777 |
| Cummins, Inc. | 21235 | &nbsp;&nbsp; 9294135 |
| Deere & Co. | 18255 | &nbsp;&nbsp; 8427056 |
| Dover Corp. | 48993 | &nbsp;&nbsp; 8890270 |
| Fortive Corp. | 180213 | &nbsp;&nbsp; 9071922 |
| IDEX Corp. | 53724 | &nbsp;&nbsp; 9211517 |
| Illinois Tool Works, Inc. | 32773 | &nbsp;&nbsp; 7993990 |
| Ingersoll Rand, Inc. | 107239 | &nbsp;&nbsp; 8185553 |
| Nordson Corp. | 38466 | &nbsp;&nbsp; 8922189 |
| Otis Worldwide Corp. | 98200 | &nbsp;&nbsp; 9109032 |
| PACCAR, Inc. | 87221 | &nbsp;&nbsp; 8582546 |
| Parker-Hannifin Corp. | 11245 | &nbsp;&nbsp; 8690473 |
| Pentair PLC | 78760 | &nbsp;&nbsp; 8376126 |
| Snap-on, Inc. | 26543 | &nbsp;&nbsp; 8906504 |
| Stanley Black & Decker, Inc. | 111800 | &nbsp;&nbsp; 7571096 |
| Wabtec Corp. | 45388 | &nbsp;&nbsp; 9279123 |
| Xylem, Inc. | 62478 | &nbsp;&nbsp; 9424806 |
|  |  | &nbsp;&nbsp; 151680115 |
| **Passenger Airlines-3.49%** | **Passenger Airlines-3.49%** | **Passenger Airlines-3.49%** |
| Delta Air Lines, Inc. | 140175 | &nbsp;&nbsp; 8043241 |
| Southwest Airlines Co. | 276603 | &nbsp;&nbsp; 8381071 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 80043 | &nbsp;&nbsp; 7527244 |
|  |  | &nbsp;&nbsp; 23951556 |
| **Professional Services-10.45%** | **Professional Services-10.45%** | **Professional Services-10.45%** |
| Automatic Data Processing, Inc. | 29430 | &nbsp;&nbsp; 7660629 |
| Broadridge Financial Solutions, Inc. | 34406 | &nbsp;&nbsp; 7583082 |
| Dayforce, Inc.<sup>(b)</sup> | 124911 | &nbsp;&nbsp; 8586382 |
| Equifax, Inc. | 35041 | &nbsp;&nbsp; 7397155 |
| Jacobs Solutions, Inc. | 59461 | &nbsp;&nbsp; 9264619 |
| Leidos Holdings, Inc. | 47708 | &nbsp;&nbsp; 9086943 |
| Paychex, Inc. | 64664 | &nbsp;&nbsp; 7567628 |
| Paycom Software, Inc. | 38957 | &nbsp;&nbsp; 7288465 |
| Verisk Analytics, Inc. | 32746 | &nbsp;&nbsp; 7163515 |
|  |  | &nbsp;&nbsp; 71598418 |
| **Trading Companies & Distributors-3.47%** | **Trading Companies & Distributors-3.47%** | **Trading Companies & Distributors-3.47%** |
| Fastenal Co. | 179389 | &nbsp;&nbsp; 7381857 |
| United Rentals, Inc. | 9110 | &nbsp;&nbsp; 7936450 |
| W.W. Grainger, Inc. | 8657 | &nbsp;&nbsp; 8475204 |
|  |  | &nbsp;&nbsp; 23793511 |
| Total Common Stocks & Other Equity Interests <br>(Cost $606,754,002) | Total Common Stocks & Other Equity Interests <br>(Cost $606,754,002) | &nbsp;&nbsp; 685049607 |

---

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)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.04%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(c)(d)</sup> <br>(Cost $312,773)<br>| 312773 | &nbsp;&nbsp; $312773 |
| TOTAL INVESTMENTS IN SECURITIES-99.99% <br>(Cost $607,066,775) | TOTAL INVESTMENTS IN SECURITIES-99.99% <br>(Cost $607,066,775) | &nbsp;&nbsp; 685362380 |
| OTHER ASSETS LESS LIABILITIES-0.01% | OTHER ASSETS LESS LIABILITIES-0.01% | &nbsp;&nbsp; 35284 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $685397664 |

---

---

| | |
|:---|:---|
| 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $291867 | &nbsp;&nbsp; $4873317 | &nbsp;&nbsp; $(4852411)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $312773 | &nbsp;&nbsp; $11675 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 3556521 | &nbsp;&nbsp; 24428188 | &nbsp;&nbsp; (27984709)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 52,434<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 9250913 | &nbsp;&nbsp; 64436843 | &nbsp;&nbsp; (73687474)<br>| &nbsp;&nbsp; 85 | &nbsp;&nbsp; (367)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 140,537<br> \*<br>|
| Total | &nbsp;&nbsp; $13099301 | &nbsp;&nbsp; $93738348 | &nbsp;&nbsp; $(106524594)<br>| &nbsp;&nbsp; $85 | &nbsp;&nbsp; $(367)<br>| &nbsp;&nbsp; $312773 | &nbsp;&nbsp; $204646 |

---

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

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

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

------

**21**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Materials ETF (RSPM)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.76%** | **Common Stocks & Other Equity Interests-99.76%** | **Common Stocks & Other Equity Interests-99.76%** |
| **Chemicals-54.34%** | **Chemicals-54.34%** | **Chemicals-54.34%** |
| Air Products and Chemicals, Inc. | 19793 | &nbsp;&nbsp; $4801584 |
| Albemarle Corp. | 77616 | &nbsp;&nbsp; 7624220 |
| CF Industries Holdings, Inc. | 65484 | &nbsp;&nbsp; 5454162 |
| Corteva, Inc. | 79277 | &nbsp;&nbsp; 4870779 |
| Dow, Inc. | 238804 | &nbsp;&nbsp; 5695475 |
| DuPont de Nemours, Inc. | 74778 | &nbsp;&nbsp; 6105624 |
| Eastman Chemical Co. | 87486 | &nbsp;&nbsp; 5207167 |
| Ecolab, Inc. | 21147 | &nbsp;&nbsp; 5422091 |
| International Flavors & Fragrances, Inc.<sup>(b)</sup> | 88256 | &nbsp;&nbsp; 5557480 |
| Linde PLC | 12039 | &nbsp;&nbsp; 5035914 |
| LyondellBasell Industries N.V., Class A | 104614 | &nbsp;&nbsp; 4856182 |
| Mosaic Co. (The) | 170328 | &nbsp;&nbsp; 4675503 |
| PPG Industries, Inc. | 52315 | &nbsp;&nbsp; 5113791 |
| Sherwin-Williams Co. (The) | 15923 | &nbsp;&nbsp; 5492480 |
| Solstice Advanced Materials, Inc.<sup>(b)</sup> | 83430 | &nbsp;&nbsp; 3760190 |
|  |  | &nbsp;&nbsp; 79672642 |
| **Construction Materials-7.67%** | **Construction Materials-7.67%** | **Construction Materials-7.67%** |
| Martin Marietta Materials, Inc. | 9226 | &nbsp;&nbsp; 5656461 |
| Vulcan Materials Co. | 19327 | &nbsp;&nbsp; 5595166 |
|  |  | &nbsp;&nbsp; 11251627 |
| **Containers & Packaging-21.45%** | **Containers & Packaging-21.45%** | **Containers & Packaging-21.45%** |
| Amcor PLC | 691459 | &nbsp;&nbsp; 5462526 |
| Avery Dennison Corp. | 34544 | &nbsp;&nbsp; 6041400 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Containers & Packaging-(continued)** | **Containers & Packaging-(continued)** | **Containers & Packaging-(continued)** |
| Ball Corp. | 113654 | &nbsp;&nbsp; $5341738 |
| International Paper Co. | 122462 | &nbsp;&nbsp; 4731932 |
| Packaging Corp. of America | 26708 | &nbsp;&nbsp; 5228358 |
| Smurfit WestRock PLC | 125709 | &nbsp;&nbsp; 4641176 |
|  |  | &nbsp;&nbsp; 31447130 |
| **Metals & Mining-16.30%** | **Metals & Mining-16.30%** | **Metals & Mining-16.30%** |
| Freeport-McMoRan, Inc. | 126802 | &nbsp;&nbsp; 5287643 |
| Newmont Corp. | 72558 | &nbsp;&nbsp; 5875021 |
| Nucor Corp. | 40109 | &nbsp;&nbsp; 6018356 |
| Steel Dynamics, Inc. | 42875 | &nbsp;&nbsp; 6722800 |
|  |  | &nbsp;&nbsp; 23903820 |
| Total Common Stocks & Other Equity Interests <br>(Cost $171,407,292) | Total Common Stocks & Other Equity Interests <br>(Cost $171,407,292) | &nbsp;&nbsp; 146275219 |
| **Money Market Funds-0.22%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(c)(d)</sup> <br>(Cost $323,915)<br>| 323915 | &nbsp;&nbsp; 323915 |
| TOTAL INVESTMENTS IN SECURITIES-99.98% <br>(Cost $171,731,207) | TOTAL INVESTMENTS IN SECURITIES-99.98% <br>(Cost $171,731,207) | &nbsp;&nbsp; 146599134 |
| OTHER ASSETS LESS LIABILITIES-0.02% | OTHER ASSETS LESS LIABILITIES-0.02% | &nbsp;&nbsp; 25571 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $146624705 |

---

---

| | |
|:---|:---|
| 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $12716 | &nbsp;&nbsp; $2544615 | &nbsp;&nbsp; $(2233416)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $323915 | &nbsp;&nbsp; $2964 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 6713390 | &nbsp;&nbsp; 69641840 | &nbsp;&nbsp; (76355230)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 61,202<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 17461329 | &nbsp;&nbsp; 143647935 | &nbsp;&nbsp; (161109807)<br>| &nbsp;&nbsp; 437 | &nbsp;&nbsp; 106 | &nbsp;&nbsp; - | &nbsp;&nbsp; 165,785<br> \*<br>|
| Total | &nbsp;&nbsp; $24187435 | &nbsp;&nbsp; $215834390 | &nbsp;&nbsp; $(239698453)<br>| &nbsp;&nbsp; $437 | &nbsp;&nbsp; $106 | &nbsp;&nbsp; $323915 | &nbsp;&nbsp; $229951 |

---

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

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

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

------

**22**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Real Estate ETF (RSPR)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** |
| **Health Care REITs-13.02%** | **Health Care REITs-13.02%** | **Health Care REITs-13.02%** |
| Alexandria Real Estate Equities, Inc. | 45346 | &nbsp;&nbsp; $2640044 |
| Healthpeak Properties, Inc. | 212203 | &nbsp;&nbsp; 3809044 |
| Ventas, Inc. | 55004 | &nbsp;&nbsp; 4058745 |
| Welltower, Inc. | 22661 | &nbsp;&nbsp; 4102548 |
|  |  | &nbsp;&nbsp; 14610381 |
| **Hotel & Resort REITs-3.09%** | **Hotel & Resort REITs-3.09%** | **Hotel & Resort REITs-3.09%** |
| Host Hotels & Resorts, Inc. | 216546 | &nbsp;&nbsp; 3469067 |
| **Industrial REITs-3.79%** | **Industrial REITs-3.79%** | **Industrial REITs-3.79%** |
| Prologis, Inc. | 34313 | &nbsp;&nbsp; 4257900 |
| **Office REITs-3.27%** | **Office REITs-3.27%** | **Office REITs-3.27%** |
| BXP, Inc. | 51564 | &nbsp;&nbsp; 3670841 |
| **Real Estate Management & Development-5.89%** | **Real Estate Management & Development-5.89%** | **Real Estate Management & Development-5.89%** |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 23423 | &nbsp;&nbsp; 3570368 |
| CoStar Group, Inc.<sup>(b)</sup> | 44137 | &nbsp;&nbsp; 3037067 |
|  |  | &nbsp;&nbsp; 6607435 |
| **Residential REITs-21.72%** | **Residential REITs-21.72%** | **Residential REITs-21.72%** |
| AvalonBay Communities, Inc. | 19773 | &nbsp;&nbsp; 3438920 |
| Camden Property Trust | 34994 | &nbsp;&nbsp; 3481203 |
| Equity Residential | 57836 | &nbsp;&nbsp; 3437772 |
| Essex Property Trust, Inc. | 14448 | &nbsp;&nbsp; 3637573 |
| Invitation Homes, Inc. | 126926 | &nbsp;&nbsp; 3572967 |
| Mid-America Apartment Communities, Inc. | 26927 | &nbsp;&nbsp; 3452849 |
| UDR, Inc. | 99739 | &nbsp;&nbsp; 3360207 |
|  |  | &nbsp;&nbsp; 24381491 |
| **Retail REITs-16.28%** | **Retail REITs-16.28%** | **Retail REITs-16.28%** |
| Federal Realty Investment Trust | 37920 | &nbsp;&nbsp; 3647525 |
| Kimco Realty Corp. | 170809 | &nbsp;&nbsp; 3528914 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Retail REITs-(continued)** | **Retail REITs-(continued)** | **Retail REITs-(continued)** |
| Realty Income Corp. | 64071 | &nbsp;&nbsp; $3714837 |
| Regency Centers Corp. | 52837 | &nbsp;&nbsp; 3643111 |
| Simon Property Group, Inc. | 21252 | &nbsp;&nbsp; 3735251 |
|  |  | &nbsp;&nbsp; 18269638 |
| **Specialized REITs-32.92%** | **Specialized REITs-32.92%** | **Specialized REITs-32.92%** |
| American Tower Corp. | 19659 | &nbsp;&nbsp; 3518568 |
| Crown Castle, Inc. | 40509 | &nbsp;&nbsp; 3654722 |
| Digital Realty Trust, Inc. | 21905 | &nbsp;&nbsp; 3732831 |
| Equinix, Inc. | 4880 | &nbsp;&nbsp; 4128529 |
| Extra Space Storage, Inc. | 26269 | &nbsp;&nbsp; 3507962 |
| Iron Mountain, Inc. | 39102 | &nbsp;&nbsp; 4025551 |
| Public Storage | 13194 | &nbsp;&nbsp; 3675321 |
| SBA Communications Corp., Class A | 19678 | &nbsp;&nbsp; 3767943 |
| VICI Properties, Inc. | 114938 | &nbsp;&nbsp; 3446990 |
| Weyerhaeuser Co. | 151755 | &nbsp;&nbsp; 3490365 |
|  |  | &nbsp;&nbsp; 36948782 |
| Total Common Stocks & Other Equity Interests <br>(Cost $127,929,636) | Total Common Stocks & Other Equity Interests <br>(Cost $127,929,636) | &nbsp;&nbsp; 112215535 |
| **Money Market Funds-0.03%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(c)(d)</sup> <br>(Cost $36,148)<br>| 36148 | &nbsp;&nbsp; 36148 |
| TOTAL INVESTMENTS IN SECURITIES-100.01% <br>(Cost $127,965,784) | TOTAL INVESTMENTS IN SECURITIES-100.01% <br>(Cost $127,965,784) | &nbsp;&nbsp; 112251683 |
| OTHER ASSETS LESS LIABILITIES-(0.01)% | OTHER ASSETS LESS LIABILITIES-(0.01)% | &nbsp;&nbsp; (16434)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $112235249 |

---

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> | 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $144180 | &nbsp;&nbsp; $1775598 | &nbsp;&nbsp; $(1883630)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $36148 | &nbsp;&nbsp; $1363 |

---

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

------

**23**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Real Estate ETF (RSPR)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; $2756205 | &nbsp;&nbsp; $20510532 | &nbsp;&nbsp; $(23266737)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $31,290<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 7188297 | &nbsp;&nbsp; 50077550 | &nbsp;&nbsp; (57266517)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 670 | &nbsp;&nbsp; - | &nbsp;&nbsp; 85,541<br> \*<br>|
| Total | &nbsp;&nbsp; $10088682 | &nbsp;&nbsp; $72363680 | &nbsp;&nbsp; $(82416884)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $670 | &nbsp;&nbsp; $36148 | &nbsp;&nbsp; $118194 |

---

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

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

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

------

**24**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Technology ETF (RSPT)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.01%** | **Common Stocks & Other Equity Interests-100.01%** | **Common Stocks & Other Equity Interests-100.01%** |
| **Communications Equipment-5.01%** | **Communications Equipment-5.01%** | **Communications Equipment-5.01%** |
| Arista Networks, Inc.<sup>(b)</sup> | 372896 | &nbsp;&nbsp; $58801970 |
| Cisco Systems, Inc. | 825441 | &nbsp;&nbsp; 60347991 |
| F5, Inc.<sup>(b)</sup> | 172175 | &nbsp;&nbsp; 43568884 |
| Motorola Solutions, Inc. | 116905 | &nbsp;&nbsp; 47546433 |
|  |  | &nbsp;&nbsp; 210265278 |
| **Electronic Equipment, Instruments & Components-12.60%** | **Electronic Equipment, Instruments & Components-12.60%** | **Electronic Equipment, Instruments & Components-12.60%** |
| Amphenol Corp., Class A | 472226 | &nbsp;&nbsp; 65799971 |
| CDW Corp. | 329316 | &nbsp;&nbsp; 52483091 |
| Corning, Inc. | 750611 | &nbsp;&nbsp; 66864428 |
| Jabil, Inc. | 260732 | &nbsp;&nbsp; 57593092 |
| Keysight Technologies, Inc.<sup>(b)</sup> | 330439 | &nbsp;&nbsp; 60457119 |
| TE Connectivity PLC (Switzerland) | 267334 | &nbsp;&nbsp; 66034171 |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 103187 | &nbsp;&nbsp; 54360975 |
| Trimble, Inc.<sup>(b)</sup> | 701607 | &nbsp;&nbsp; 55953158 |
| Zebra Technologies Corp., Class A<sup>(b)</sup> | 183663 | &nbsp;&nbsp; 49451263 |
|  |  | &nbsp;&nbsp; 528997268 |
| **IT Services-10.92%** | **IT Services-10.92%** | **IT Services-10.92%** |
| Accenture PLC, Class A | 231345 | &nbsp;&nbsp; 57859384 |
| Akamai Technologies, Inc.<sup>(b)(c)</sup> | 732744 | &nbsp;&nbsp; 55029074 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 813169 | &nbsp;&nbsp; 59263757 |
| EPAM Systems, Inc.<sup>(b)</sup> | 367362 | &nbsp;&nbsp; 60078381 |
| Gartner, Inc.<sup>(b)</sup> | 241790 | &nbsp;&nbsp; 60046129 |
| GoDaddy, Inc., Class A<sup>(b)</sup> | 387958 | &nbsp;&nbsp; 51648849 |
| International Business Machines Corp. | 218941 | &nbsp;&nbsp; 67304653 |
| VeriSign, Inc. | 198396 | &nbsp;&nbsp; 47575361 |
|  |  | &nbsp;&nbsp; 458805588 |
| **Semiconductors & Semiconductor Equipment-29.66%** | **Semiconductors & Semiconductor Equipment-29.66%** | **Semiconductors & Semiconductor Equipment-29.66%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 352560 | &nbsp;&nbsp; 90297667 |
| Analog Devices, Inc. | 227492 | &nbsp;&nbsp; 53262702 |
| Applied Materials, Inc. | 344111 | &nbsp;&nbsp; 80212274 |
| Broadcom, Inc. | 152250 | &nbsp;&nbsp; 56276168 |
| First Solar, Inc.<sup>(b)</sup> | 276015 | &nbsp;&nbsp; 73679444 |
| Intel Corp.<sup>(b)</sup> | 2270900 | &nbsp;&nbsp; 90813291 |
| KLA Corp. | 60263 | &nbsp;&nbsp; 72842299 |
| Lam Research Corp. | 523829 | &nbsp;&nbsp; 82482114 |
| Microchip Technology, Inc. | 868694 | &nbsp;&nbsp; 54223879 |
| Micron Technology, Inc. | 401711 | &nbsp;&nbsp; 89890870 |
| Monolithic Power Systems, Inc. | 65755 | &nbsp;&nbsp; 66083775 |
| NVIDIA Corp. | 317156 | &nbsp;&nbsp; 64220918 |
| NXP Semiconductors N.V. (Netherlands) | 256518 | &nbsp;&nbsp; 53643044 |
| ON Semiconductor Corp.<sup>(b)</sup> | 1168494 | &nbsp;&nbsp; 58518180 |
| QUALCOMM, Inc. | 353800 | &nbsp;&nbsp; 64002420 |
| Skyworks Solutions, Inc. | 764148 | &nbsp;&nbsp; 59389583 |
| Teradyne, Inc. | 477296 | &nbsp;&nbsp; 86753321 |
| Texas Instruments, Inc. | 305645 | &nbsp;&nbsp; 49349442 |
|  |  | &nbsp;&nbsp; 1245941391 |
| **Software-29.09%** | **Software-29.09%** | **Software-29.09%** |
| Adobe, Inc.<sup>(b)</sup> | 160620 | &nbsp;&nbsp; 54660592 |
| AppLovin Corp., Class A<sup>(b)</sup> | 99186 | &nbsp;&nbsp; 63214214 |
| Autodesk, Inc.<sup>(b)</sup> | 173718 | &nbsp;&nbsp; 52348182 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 166164 | &nbsp;&nbsp; 56278085 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 132392 | &nbsp;&nbsp; 71890180 |
| Datadog, Inc., Class A<sup>(b)</sup> | 404256 | &nbsp;&nbsp; 65816920 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Software-(continued)** | **Software-(continued)** | **Software-(continued)** |
| Fair Isaac Corp.<sup>(b)</sup> | 36749 | &nbsp;&nbsp; $60986068 |
| Fortinet, Inc.<sup>(b)</sup> | 707684 | &nbsp;&nbsp; 61165128 |
| Gen Digital, Inc. | 1922795 | &nbsp;&nbsp; 50684876 |
| Intuit, Inc. | 85715 | &nbsp;&nbsp; 57219048 |
| Microsoft Corp. | 112388 | &nbsp;&nbsp; 58195630 |
| Oracle Corp. | 171226 | &nbsp;&nbsp; 44965660 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 337317 | &nbsp;&nbsp; 67621939 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 284999 | &nbsp;&nbsp; 62768180 |
| PTC, Inc.<sup>(b)</sup> | 275013 | &nbsp;&nbsp; 54601081 |
| Roper Technologies, Inc. | 109593 | &nbsp;&nbsp; 48894917 |
| Salesforce, Inc. | 231856 | &nbsp;&nbsp; 60377621 |
| ServiceNow, Inc.<sup>(b)</sup> | 60850 | &nbsp;&nbsp; 55938188 |
| Synopsys, Inc.<sup>(b)</sup> | 145034 | &nbsp;&nbsp; 65819330 |
| Tyler Technologies, Inc.<sup>(b)(c)</sup> | 103024 | &nbsp;&nbsp; 49066210 |
| Workday, Inc., Class A<sup>(b)</sup> | 248329 | &nbsp;&nbsp; 59579094 |
|  |  | &nbsp;&nbsp; 1222091143 |
| **Specialty Retail-1.74%** | **Specialty Retail-1.74%** | **Specialty Retail-1.74%** |
| Dell Technologies, Inc., Class C | 451873 | &nbsp;&nbsp; 73207945 |
| **Technology Hardware, Storage & Peripherals-10.99%** | **Technology Hardware, Storage & Peripherals-10.99%** | **Technology Hardware, Storage & Peripherals-10.99%** |
| Apple, Inc. | 248071 | &nbsp;&nbsp; 67070956 |
| Hewlett Packard Enterprise Co. | 2301010 | &nbsp;&nbsp; 56190664 |
| HP, Inc. | 1982707 | &nbsp;&nbsp; 54861503 |
| NetApp, Inc. | 455268 | &nbsp;&nbsp; 53621465 |
| Seagate Technology Holdings PLC | 291340 | &nbsp;&nbsp; 74548079 |
| Super Micro Computer, Inc.<sup>(b)(c)</sup> | 1280792 | &nbsp;&nbsp; 66549952 |
| Western Digital Corp. | 591821 | &nbsp;&nbsp; 88897433 |
|  |  | &nbsp;&nbsp; 461740052 |
| Total Common Stocks & Other Equity Interests <br>(Cost $3,168,743,401) | Total Common Stocks & Other Equity Interests <br>(Cost $3,168,743,401) | &nbsp;&nbsp; 4201048665 |
| **Money Market Funds-0.01%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $261,184)<br>| 261184 | &nbsp;&nbsp; 261184 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.02% <br>(Cost $3,169,004,585) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.02% <br>(Cost $3,169,004,585) | &nbsp;&nbsp; 4201309849 |
| **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-0.10%** | **Money Market Funds-0.10%** | **Money Market Funds-0.10%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 1191692 | &nbsp;&nbsp; 1191692 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 3100407 | &nbsp;&nbsp; 3101337 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $4,293,188) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $4,293,188) | &nbsp;&nbsp; 4293029 |
| TOTAL INVESTMENTS IN SECURITIES-100.12% <br>(Cost $3,173,297,773) | TOTAL INVESTMENTS IN SECURITIES-100.12% <br>(Cost $3,173,297,773) | &nbsp;&nbsp; 4205602878 |
| OTHER ASSETS LESS LIABILITIES-(0.12)% | OTHER ASSETS LESS LIABILITIES-(0.12)% | &nbsp;&nbsp; (4853648)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $4200749230 |

---

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

------

**25**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Technology ETF (RSPT)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $1671599 | &nbsp;&nbsp; $74870501 | &nbsp;&nbsp; $(76280916)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $261184 | &nbsp;&nbsp; $74826 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 58209365 | &nbsp;&nbsp; 411434398 | &nbsp;&nbsp; (468452071)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1191692 | &nbsp;&nbsp; 818,315<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 204348734 | &nbsp;&nbsp; 666607265 | &nbsp;&nbsp; (867863572)<br>| &nbsp;&nbsp; 638 | &nbsp;&nbsp; 8272 | &nbsp;&nbsp; 3101337 | &nbsp;&nbsp; 2,189,279<br> \*<br>|
| Total | &nbsp;&nbsp; $264229698 | &nbsp;&nbsp; $1152912164 | &nbsp;&nbsp; $(1412596559)<br>| &nbsp;&nbsp; $638 | &nbsp;&nbsp; $8272 | &nbsp;&nbsp; $4554213 | &nbsp;&nbsp; $3082420 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 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 Utilities ETF (RSPU)**

October 31, 2025

*(Unaudited)*

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%** |
| **Electric Utilities-56.14%** | **Electric Utilities-56.14%** | **Electric Utilities-56.14%** |
| Alliant Energy Corp. | 247331 | &nbsp;&nbsp; $16526658 |
| American Electric Power Co., Inc. | 146100 | &nbsp;&nbsp; 17569986 |
| Constellation Energy Corp. | 49444 | &nbsp;&nbsp; 18640388 |
| Duke Energy Corp. | 130416 | &nbsp;&nbsp; 16210709 |
| Edison International | 284794 | &nbsp;&nbsp; 15771892 |
| Entergy Corp. | 178948 | &nbsp;&nbsp; 17195113 |
| Evergy, Inc. | 220998 | &nbsp;&nbsp; 16974856 |
| Eversource Energy | 247258 | &nbsp;&nbsp; 18250113 |
| Exelon Corp. | 365327 | &nbsp;&nbsp; 16848881 |
| FirstEnergy Corp. | 366002 | &nbsp;&nbsp; 16773872 |
| NextEra Energy, Inc. | 222783 | &nbsp;&nbsp; 18134536 |
| NRG Energy, Inc. | 98186 | &nbsp;&nbsp; 16874246 |
| PG&E Corp. | 1037142 | &nbsp;&nbsp; 16552786 |
| Pinnacle West Capital Corp. | 180641 | &nbsp;&nbsp; 15990341 |
| PPL Corp. | 442207 | &nbsp;&nbsp; 16149400 |
| Southern Co. (The)<sup>(b)</sup> | 172857 | &nbsp;&nbsp; 16255472 |
| Xcel Energy, Inc. | 218866 | &nbsp;&nbsp; 17765353 |
|  |  | &nbsp;&nbsp; 288484602 |
| **Gas Utilities-3.23%** | **Gas Utilities-3.23%** | **Gas Utilities-3.23%** |
| Atmos Energy Corp. | 96549 | &nbsp;&nbsp; 16579394 |
| **Independent Power and Renewable Electricity Producers-6.13%** | **Independent Power and Renewable Electricity Producers-6.13%** | **Independent Power and Renewable Electricity Producers-6.13%** |
| AES Corp. (The) | 1243265 | &nbsp;&nbsp; 17244086 |
| Vistra Corp. | 75657 | &nbsp;&nbsp; 14246213 |
|  |  | &nbsp;&nbsp; 31490299 |
| **Multi-Utilities-31.49%** | **Multi-Utilities-31.49%** | **Multi-Utilities-31.49%** |
| Ameren Corp. | 159408 | &nbsp;&nbsp; 16262804 |
| CenterPoint Energy, Inc.<sup>(b)</sup> | 418810 | &nbsp;&nbsp; 16015294 |
| CMS Energy Corp. | 222214 | &nbsp;&nbsp; 16343840 |
| Consolidated Edison, Inc. | 163020 | &nbsp;&nbsp; 15879778 |
| Dominion Energy, Inc. | 266367 | &nbsp;&nbsp; 15633079 |
| DTE Energy Co. | 116664 | &nbsp;&nbsp; 15812639 |
| NiSource, Inc. | 388561 | &nbsp;&nbsp; 16362304 |
| Public Service Enterprise Group, Inc. | 193659 | &nbsp;&nbsp; 15601169 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Multi-Utilities-(continued)** | **Multi-Utilities-(continued)** | **Multi-Utilities-(continued)** |
| Sempra | 192976 | &nbsp;&nbsp; $17742214 |
| WEC Energy Group, Inc. | 144695 | &nbsp;&nbsp; 16166772 |
|  |  | &nbsp;&nbsp; 161819893 |
| **Water Utilities-2.85%** | **Water Utilities-2.85%** | **Water Utilities-2.85%** |
| American Water Works Co., Inc. | 114277 | &nbsp;&nbsp; 14676595 |
| Total Common Stocks & Other Equity Interests <br>(Cost $454,857,527) | Total Common Stocks & Other Equity Interests <br>(Cost $454,857,527) | &nbsp;&nbsp; 513050783 |
| **Money Market Funds-0.10%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(c)(d)</sup> <br>(Cost $537,201)<br>| 537201 | &nbsp;&nbsp; 537201 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.94% <br>(Cost $455,394,728) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.94% <br>(Cost $455,394,728) | &nbsp;&nbsp; 513587984 |
| **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-3.00%** | **Money Market Funds-3.00%** | **Money Market Funds-3.00%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(c)(d)(e)</sup><br>| 4276645 | &nbsp;&nbsp; 4276645 |
| Invesco Private Prime Fund, 4.30%<sup>(c)(d)(e)</sup> | 11122834 | &nbsp;&nbsp; 11126171 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $15,402,816) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $15,402,816) | &nbsp;&nbsp; 15402816 |
| TOTAL INVESTMENTS IN SECURITIES-102.94% <br>(Cost $470,797,544) | TOTAL INVESTMENTS IN SECURITIES-102.94% <br>(Cost $470,797,544) | &nbsp;&nbsp; 528990800 |
| OTHER ASSETS LESS LIABILITIES-(2.94)% | OTHER ASSETS LESS LIABILITIES-(2.94)% | &nbsp;&nbsp; (15118502)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $513872298 |

---

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $368784 | &nbsp;&nbsp; $7259944 | &nbsp;&nbsp; $(7091527)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $537201 | &nbsp;&nbsp; $9062 |

---

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

------

**27**

------

**Invesco S&P 500**<sup>®</sup> **Equal Weight Utilities ETF (RSPU)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $4071590 | &nbsp;&nbsp; $56380493 | &nbsp;&nbsp; $(56175438)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4276645 | &nbsp;&nbsp; $115,744<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 10595028 | &nbsp;&nbsp; 136394922 | &nbsp;&nbsp; (135865193)<br>| &nbsp;&nbsp; 140 | &nbsp;&nbsp; 1274 | &nbsp;&nbsp; 11126171 | &nbsp;&nbsp; 308,238<br> \*<br>|
| Total | &nbsp;&nbsp; $15035402 | &nbsp;&nbsp; $200035359 | &nbsp;&nbsp; $(199132158)<br>| &nbsp;&nbsp; $140 | &nbsp;&nbsp; $1274 | &nbsp;&nbsp; $15940017 | &nbsp;&nbsp; $433044 |

---

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

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

------

**28**

------

**Invesco S&P MidCap 400**<sup>®</sup> **GARP ETF (GRPM)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.99%** | **Common Stocks & Other Equity Interests-99.99%** | **Common Stocks & Other Equity Interests-99.99%** |
| **Consumer Discretionary-15.67%** | **Consumer Discretionary-15.67%** | **Consumer Discretionary-15.67%** |
| Abercrombie & Fitch Co., Class A<sup>(b)</sup> | 70932 | &nbsp;&nbsp; $5146117 |
| Chewy, Inc., Class A<sup>(b)</sup> | 148844 | &nbsp;&nbsp; 5019020 |
| Crocs, Inc.<sup>(b)</sup> | 57802 | &nbsp;&nbsp; 4721845 |
| Graham Holdings Co., Class B | 6215 | &nbsp;&nbsp; 6290388 |
| Grand Canyon Education, Inc.<sup>(b)</sup> | 29288 | &nbsp;&nbsp; 5514930 |
| Hyatt Hotels Corp., Class A<sup>(c)</sup> | 73228 | &nbsp;&nbsp; 10062259 |
| Texas Roadhouse, Inc. | 28543 | &nbsp;&nbsp; 4669064 |
| Toll Brothers, Inc. | 46230 | &nbsp;&nbsp; 6238738 |
| TopBuild Corp.<sup>(b)</sup> | 18487 | &nbsp;&nbsp; 7810388 |
| Valvoline, Inc.<sup>(b)(c)</sup> | 176570 | &nbsp;&nbsp; 5828576 |
| Visteon Corp. | 72205 | &nbsp;&nbsp; 7737488 |
|  |  | &nbsp;&nbsp; 69038813 |
| **Consumer Staples-6.76%** | **Consumer Staples-6.76%** | **Consumer Staples-6.76%** |
| Celsius Holdings, Inc.<sup>(b)</sup> | 276491 | &nbsp;&nbsp; 16653053 |
| Coca-Cola Consolidated, Inc. | 50589 | &nbsp;&nbsp; 6595794 |
| Pilgrim's Pride Corp.<sup>(c)</sup> | 171562 | &nbsp;&nbsp; 6536512 |
|  |  | &nbsp;&nbsp; 29785359 |
| **Energy-11.75%** | **Energy-11.75%** | **Energy-11.75%** |
| Civitas Resources, Inc.<sup>(c)</sup> | 227925 | &nbsp;&nbsp; 6571078 |
| Matador Resources Co. | 116944 | &nbsp;&nbsp; 4614610 |
| Murphy Oil Corp.<sup>(c)</sup> | 217867 | &nbsp;&nbsp; 6165636 |
| NOV, Inc.<sup>(c)</sup> | 480080 | &nbsp;&nbsp; 7009168 |
| Permian Resources Corp. | 570295 | &nbsp;&nbsp; 7162905 |
| Valaris Ltd.<sup>(b)(c)</sup> | 150808 | &nbsp;&nbsp; 8463345 |
| Viper Energy, Inc., Class A<sup>(c)</sup> | 119446 | &nbsp;&nbsp; 4486392 |
| Weatherford International PLC | 99129 | &nbsp;&nbsp; 7304816 |
|  |  | &nbsp;&nbsp; 51777950 |
| **Financials-25.93%** | **Financials-25.93%** | **Financials-25.93%** |
| Bank OZK<sup>(c)</sup> | 182796 | &nbsp;&nbsp; 8223992 |
| Cadence Bank<sup>(c)</sup> | 157873 | &nbsp;&nbsp; 5958127 |
| East West Bancorp, Inc. | 84910 | &nbsp;&nbsp; 8626856 |
| Equitable Holdings, Inc. | 90129 | &nbsp;&nbsp; 4452373 |
| F.N.B. Corp.<sup>(c)</sup> | 359592 | &nbsp;&nbsp; 5652786 |
| Hamilton Lane, Inc., Class A | 54173 | &nbsp;&nbsp; 6173555 |
| International Bancshares Corp. | 86100 | &nbsp;&nbsp; 5715318 |
| Kinsale Capital Group, Inc. | 18990 | &nbsp;&nbsp; 7585935 |
| RenaissanceRe Holdings Ltd. (Bermuda)<sup>(c)</sup> | 40537 | &nbsp;&nbsp; 10300046 |
| UMB Financial Corp.<sup>(c)</sup> | 63012 | &nbsp;&nbsp; 6734723 |
| United Bankshares, Inc. | 190893 | &nbsp;&nbsp; 6832061 |
| Valley National Bancorp | 584176 | &nbsp;&nbsp; 6349993 |
| Voya Financial, Inc. | 94113 | &nbsp;&nbsp; 7007654 |
| Webster Financial Corp. | 96456 | &nbsp;&nbsp; 5501850 |
| Western Alliance Bancorporation | 91945 | &nbsp;&nbsp; 7111946 |
| Wintrust Financial Corp. | 49986 | &nbsp;&nbsp; 6499180 |
| Zions Bancorporation N.A. | 106065 | &nbsp;&nbsp; 5527047 |
|  |  | &nbsp;&nbsp; 114253442 |
| **Health Care-13.77%** | **Health Care-13.77%** | **Health Care-13.77%** |
| Doximity, Inc., Class A<sup>(b)</sup> | 86985 | &nbsp;&nbsp; 5741010 |
| Exelixis, Inc.<sup>(b)</sup> | 140601 | &nbsp;&nbsp; 5437041 |
| Halozyme Therapeutics, Inc.<sup>(b)</sup> | 152335 | &nbsp;&nbsp; 9930718 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Hims & Hers Health, Inc.<sup>(b)(c)</sup> | 162206 | &nbsp;&nbsp; $7373885 |
| Lantheus Holdings, Inc.<sup>(b)(c)</sup> | 130797 | &nbsp;&nbsp; 7545679 |
| Medpace Holdings, Inc.<sup>(b)(c)</sup> | 25876 | &nbsp;&nbsp; 15135131 |
| United Therapeutics Corp.<sup>(b)</sup> | 21361 | &nbsp;&nbsp; 9514830 |
|  |  | &nbsp;&nbsp; 60678294 |
| **Industrials-11.91%** | **Industrials-11.91%** | **Industrials-11.91%** |
| AAON, Inc.<sup>(c)</sup> | 103718 | &nbsp;&nbsp; 10204814 |
| Applied Industrial Technologies, Inc. | 21136 | &nbsp;&nbsp; 5433855 |
| Carpenter Technology Corp. | 26858 | &nbsp;&nbsp; 8484442 |
| Comfort Systems USA, Inc. | 17800 | &nbsp;&nbsp; 17187324 |
| ExlService Holdings, Inc.<sup>(b)</sup> | 118971 | &nbsp;&nbsp; 4651766 |
| MSA Safety, Inc. | 41502 | &nbsp;&nbsp; 6517059 |
|  |  | &nbsp;&nbsp; 52479260 |
| **Information Technology-14.20%** | **Information Technology-14.20%** | **Information Technology-14.20%** |
| AppFolio, Inc., Class A<sup>(b)</sup> | 44671 | &nbsp;&nbsp; 11365642 |
| DocuSign, Inc.<sup>(b)</sup> | 91807 | &nbsp;&nbsp; 6714764 |
| Dynatrace, Inc.<sup>(b)</sup> | 156831 | &nbsp;&nbsp; 7930944 |
| Fabrinet (Thailand)<sup>(b)(c)</sup> | 25558 | &nbsp;&nbsp; 11260088 |
| Manhattan Associates, Inc.<sup>(b)</sup> | 29061 | &nbsp;&nbsp; 5291136 |
| Qualys, Inc.<sup>(b)</sup> | 40519 | &nbsp;&nbsp; 4994372 |
| Rambus, Inc.<sup>(b)</sup> | 145664 | &nbsp;&nbsp; 14980086 |
|  |  | &nbsp;&nbsp; 62537032 |
| Total Common Stocks & Other Equity Interests <br>(Cost $416,948,882) | Total Common Stocks & Other Equity Interests <br>(Cost $416,948,882) | &nbsp;&nbsp; 440550150 |
| **Money Market Funds-0.03%** | **Money Market Funds-0.03%** | **Money Market Funds-0.03%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $140,658)<br>| 140658 | &nbsp;&nbsp; 140658 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.02% <br>(Cost $417,089,540) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.02% <br>(Cost $417,089,540) | &nbsp;&nbsp; 440690808 |
| **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-14.24%** | **Money Market Funds-14.24%** | **Money Market Funds-14.24%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 16410269 | &nbsp;&nbsp; 16410269 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 46301383 | &nbsp;&nbsp; 46315273 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $62,725,723) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $62,725,723) | &nbsp;&nbsp; 62725542 |
| TOTAL INVESTMENTS IN SECURITIES-114.26% <br>(Cost $479,815,263) | TOTAL INVESTMENTS IN SECURITIES-114.26% <br>(Cost $479,815,263) | &nbsp;&nbsp; 503416350 |
| OTHER ASSETS LESS LIABILITIES-(14.26)% | OTHER ASSETS LESS LIABILITIES-(14.26)% | &nbsp;&nbsp; (62818027)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $440598323 |

---

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

------

**29**

------

**Invesco S&P MidCap 400**<sup>®</sup> **GARP ETF (GRPM)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $201173 | &nbsp;&nbsp; $4575088 | &nbsp;&nbsp; $(4635603)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $140658 | &nbsp;&nbsp; $9110 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 31002233 | &nbsp;&nbsp; 113998874 | &nbsp;&nbsp; (128590838)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 16410269 | &nbsp;&nbsp; 377,036<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 80728791 | &nbsp;&nbsp; 235861971 | &nbsp;&nbsp; (270278643)<br>| &nbsp;&nbsp; 3334 | &nbsp;&nbsp; (180)<br>| &nbsp;&nbsp; 46315273 | &nbsp;&nbsp; 1,028,074<br> \*<br>|
| Total | &nbsp;&nbsp; $111932197 | &nbsp;&nbsp; $354435933 | &nbsp;&nbsp; $(403505084)<br>| &nbsp;&nbsp; $3334 | &nbsp;&nbsp; $(180)<br>| &nbsp;&nbsp; $62866200 | &nbsp;&nbsp; $1414220 |

---

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

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

------

**30**

------

**31**

------

**Statements of Assets and Liabilities**

October 31, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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; $72549083100 | &nbsp;&nbsp;&nbsp; $73272942 | &nbsp;&nbsp;&nbsp; $214007431 | &nbsp;&nbsp;&nbsp; $227164562 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 2460896627 | &nbsp;&nbsp;&nbsp; 8849855 | &nbsp;&nbsp;&nbsp; 4201625 | &nbsp;&nbsp;&nbsp; 18108017 |
| Cash | &nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 43027 | &nbsp;&nbsp;&nbsp; - |
| Due from broker | &nbsp;&nbsp; 1446 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Deposits with brokers: |  |  |  |  |
| Cash collateral-futures contracts | &nbsp;&nbsp; 31365335 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Receivable for: |  |  |  |  |
| Dividends and interest | &nbsp;&nbsp; 46280135 | &nbsp;&nbsp;&nbsp; 83605 | &nbsp;&nbsp;&nbsp; 68382 | &nbsp;&nbsp;&nbsp; 601681 |
| Securities lending | &nbsp;&nbsp; 375119 | &nbsp;&nbsp;&nbsp; 3751 | &nbsp;&nbsp;&nbsp; 442 | &nbsp;&nbsp;&nbsp; 1638 |
| Investments sold | &nbsp;&nbsp; 69293924 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 4840801 |
| Fund shares sold | &nbsp;&nbsp; 304783289 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Total assets** | &nbsp;&nbsp; 75462079092 | &nbsp;&nbsp;&nbsp; 82210153 | &nbsp;&nbsp;&nbsp; 218320907 | &nbsp;&nbsp;&nbsp; 250716699 |
| **Liabilities:** |  |  |  |  |
| Due to custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 157650 |
| Due to broker | &nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 69671 | &nbsp;&nbsp;&nbsp; - |
| Payable for: |  |  |  |  |
| Investments purchased | &nbsp;&nbsp; 303229706 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 2191817364 | &nbsp;&nbsp;&nbsp; 8809403 | &nbsp;&nbsp;&nbsp; 4201922 | &nbsp;&nbsp;&nbsp; 18108025 |
| Fund shares repurchased | &nbsp;&nbsp; 69532025 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 4858896 |
| Accrued unitary management fees | &nbsp;&nbsp; 12467101 | &nbsp;&nbsp;&nbsp; 24991 | &nbsp;&nbsp;&nbsp; 75933 | &nbsp;&nbsp;&nbsp; 81489 |
| **Total liabilities** | &nbsp;&nbsp; 2577046402 | &nbsp;&nbsp;&nbsp; 8834394 | &nbsp;&nbsp;&nbsp; 4347526 | &nbsp;&nbsp;&nbsp; 23206060 |
| **Net Assets** | &nbsp;&nbsp; $72885032690 | &nbsp;&nbsp;&nbsp; $73375759 | &nbsp;&nbsp;&nbsp; $213973381 | &nbsp;&nbsp;&nbsp; $227510639 |
| **Net assets consist of:** |  |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $70957906030 | &nbsp;&nbsp;&nbsp; $73727912 | &nbsp;&nbsp;&nbsp; $348318694 | &nbsp;&nbsp;&nbsp; $404019637 |
| Distributable earnings (loss) | &nbsp;&nbsp; 1927126660 | &nbsp;&nbsp;&nbsp; (352153)<br>| &nbsp;&nbsp;&nbsp; (134345313)<br>| &nbsp;&nbsp;&nbsp; (176508998)<br>|
| **Net Assets** | &nbsp;&nbsp; $72885032690 | &nbsp;&nbsp;&nbsp; $73375759 | &nbsp;&nbsp;&nbsp; $213973381 | &nbsp;&nbsp;&nbsp; $227510639 |
| Shares outstanding (unlimited amount authorized, $0.01 par <br> value)<br>| &nbsp;&nbsp; 387842663 | &nbsp;&nbsp;&nbsp; 1870001 | &nbsp;&nbsp;&nbsp; 3870000 | &nbsp;&nbsp;&nbsp; 7960000 |
| Net asset value | &nbsp;&nbsp; $187.92 | &nbsp;&nbsp;&nbsp; $39.24 | &nbsp;&nbsp;&nbsp; $55.29 | &nbsp;&nbsp;&nbsp; $28.58 |
| Market price | &nbsp;&nbsp; $187.95 | &nbsp;&nbsp;&nbsp; $39.24 | &nbsp;&nbsp;&nbsp; $55.29 | &nbsp;&nbsp;&nbsp; $28.58 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $67950535772 | &nbsp;&nbsp;&nbsp; $65261611 | &nbsp;&nbsp;&nbsp; $212090178 | &nbsp;&nbsp;&nbsp; $288797366 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $2419639180 | &nbsp;&nbsp;&nbsp; $8850057 | &nbsp;&nbsp;&nbsp; $4201922 | &nbsp;&nbsp;&nbsp; $18108025 |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $2151246556 | &nbsp;&nbsp;&nbsp; $8639767 | &nbsp;&nbsp;&nbsp; $4115444 | &nbsp;&nbsp;&nbsp; $17806702 |

---

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

------

**32**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>|
| $402781031 | &nbsp;&nbsp;&nbsp; $303572321 | &nbsp;&nbsp;&nbsp; $715348372 | &nbsp;&nbsp;&nbsp; $685049607 | &nbsp;&nbsp;&nbsp; $146275219 | &nbsp;&nbsp;&nbsp; $112215535 | &nbsp;&nbsp;&nbsp; $4201048665 |
| 284218 | &nbsp;&nbsp;&nbsp; 4836669 | &nbsp;&nbsp;&nbsp; 47654640 | &nbsp;&nbsp;&nbsp; 312773 | &nbsp;&nbsp;&nbsp; 323915 | &nbsp;&nbsp;&nbsp; 36148 | &nbsp;&nbsp;&nbsp; 4554213 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 313462 | &nbsp;&nbsp;&nbsp; 159985 | &nbsp;&nbsp;&nbsp; 451247 | &nbsp;&nbsp;&nbsp; 266132 | &nbsp;&nbsp;&nbsp; 82148 | &nbsp;&nbsp;&nbsp; 22367 | &nbsp;&nbsp;&nbsp; 814698 |
| 1316 | &nbsp;&nbsp;&nbsp; 586 | &nbsp;&nbsp;&nbsp; 4598 | &nbsp;&nbsp;&nbsp; 299 | &nbsp;&nbsp;&nbsp; 1439 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 6666 |
| 3104977 | &nbsp;&nbsp;&nbsp; 743691 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5586280 | &nbsp;&nbsp;&nbsp; 2533772 | &nbsp;&nbsp;&nbsp; 1011792 | &nbsp;&nbsp;&nbsp; 466265 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 13058 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 406485004 | &nbsp;&nbsp;&nbsp; 309313252 | &nbsp;&nbsp;&nbsp; 763458857 | &nbsp;&nbsp;&nbsp; 691228149 | &nbsp;&nbsp;&nbsp; 149216493 | &nbsp;&nbsp;&nbsp; 113285842 | &nbsp;&nbsp;&nbsp; 4206890507 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 877 | &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; - |
| - | &nbsp;&nbsp;&nbsp; 7964 | &nbsp;&nbsp;&nbsp; 47175540 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 4293188 |
| 3107808 | &nbsp;&nbsp;&nbsp; 745054 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5595083 | &nbsp;&nbsp;&nbsp; 2538956 | &nbsp;&nbsp;&nbsp; 1011129 | &nbsp;&nbsp;&nbsp; 466387 |
| 138664 | &nbsp;&nbsp;&nbsp; 107988 | &nbsp;&nbsp;&nbsp; 244781 | &nbsp;&nbsp;&nbsp; 234525 | &nbsp;&nbsp;&nbsp; 52832 | &nbsp;&nbsp;&nbsp; 39464 | &nbsp;&nbsp;&nbsp; 1381574 |
| 3246472 | &nbsp;&nbsp;&nbsp; 861006 | &nbsp;&nbsp;&nbsp; 47420321 | &nbsp;&nbsp;&nbsp; 5830485 | &nbsp;&nbsp;&nbsp; 2591788 | &nbsp;&nbsp;&nbsp; 1050593 | &nbsp;&nbsp;&nbsp; 6141277 |
| $403238532 | &nbsp;&nbsp;&nbsp; $308452246 | &nbsp;&nbsp;&nbsp; $716038536 | &nbsp;&nbsp;&nbsp; $685397664 | &nbsp;&nbsp;&nbsp; $146624705 | &nbsp;&nbsp;&nbsp; $112235249 | &nbsp;&nbsp;&nbsp; $4200749230 |
| $569267009 | &nbsp;&nbsp;&nbsp; $338243856 | &nbsp;&nbsp;&nbsp; $769268484 | &nbsp;&nbsp;&nbsp; $610625458 | &nbsp;&nbsp;&nbsp; $244508237 | &nbsp;&nbsp;&nbsp; $137433709 | &nbsp;&nbsp;&nbsp; $3295068144 |
| (166028477)<br>| &nbsp;&nbsp;&nbsp; (29791610)<br>| &nbsp;&nbsp;&nbsp; (53229948)<br>| &nbsp;&nbsp;&nbsp; 74772206 | &nbsp;&nbsp;&nbsp; (97883532)<br>| &nbsp;&nbsp;&nbsp; (25198460)<br>| &nbsp;&nbsp;&nbsp; 905681086 |
| $403238532 | &nbsp;&nbsp;&nbsp; $308452246 | &nbsp;&nbsp;&nbsp; $716038536 | &nbsp;&nbsp;&nbsp; $685397664 | &nbsp;&nbsp;&nbsp; $146624705 | &nbsp;&nbsp;&nbsp; $112235249 | &nbsp;&nbsp;&nbsp; $4200749230 |
| 5190005 | &nbsp;&nbsp;&nbsp; 4140000 | &nbsp;&nbsp;&nbsp; 23690000 | &nbsp;&nbsp;&nbsp; 12250000 | &nbsp;&nbsp;&nbsp; 4620000 | &nbsp;&nbsp;&nbsp; 3330000 | &nbsp;&nbsp;&nbsp; 90070000 |
| $77.70 | &nbsp;&nbsp;&nbsp; $74.51 | &nbsp;&nbsp;&nbsp; $30.23 | &nbsp;&nbsp;&nbsp; $55.95 | &nbsp;&nbsp;&nbsp; $31.74 | &nbsp;&nbsp;&nbsp; $33.70 | &nbsp;&nbsp;&nbsp; $46.64 |
| $77.69 | &nbsp;&nbsp;&nbsp; $74.49 | &nbsp;&nbsp;&nbsp; $30.24 | &nbsp;&nbsp;&nbsp; $55.96 | &nbsp;&nbsp;&nbsp; $31.73 | &nbsp;&nbsp;&nbsp; $33.71 | &nbsp;&nbsp;&nbsp; $46.63 |
| $402864411 | &nbsp;&nbsp;&nbsp; $251681092 | &nbsp;&nbsp;&nbsp; $661192552 | &nbsp;&nbsp;&nbsp; $606754002 | &nbsp;&nbsp;&nbsp; $171407292 | &nbsp;&nbsp;&nbsp; $127929636 | &nbsp;&nbsp;&nbsp; $3168743401 |
| $284218 | &nbsp;&nbsp;&nbsp; $4251190 | &nbsp;&nbsp;&nbsp; $47655936 | &nbsp;&nbsp;&nbsp; $312773 | &nbsp;&nbsp;&nbsp; $323915 | &nbsp;&nbsp;&nbsp; $36148 | &nbsp;&nbsp;&nbsp; $4554372 |
| $- | &nbsp;&nbsp;&nbsp; $7316 | &nbsp;&nbsp;&nbsp; $46878141 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $4216806 |

---

------

**33**

------

**Statements of Assets and Liabilities—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **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; $513050783 | &nbsp;&nbsp;&nbsp; $440550150 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 15940017 | &nbsp;&nbsp;&nbsp; 62866200 |
| Receivable for: |  |  |
| Dividends and interest | &nbsp;&nbsp; 453707 | &nbsp;&nbsp;&nbsp; 29558 |
| Securities lending | &nbsp;&nbsp; 3521 | &nbsp;&nbsp;&nbsp; 8724 |
| **Total assets** | &nbsp;&nbsp; 529448028 | &nbsp;&nbsp;&nbsp; 503454632 |
| **Liabilities:** |  |  |
| Payable for: |  |  |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 15402816 | &nbsp;&nbsp;&nbsp; 62725723 |
| Accrued unitary management fees | &nbsp;&nbsp; 172914 | &nbsp;&nbsp;&nbsp; 130586 |
| **Total liabilities** | &nbsp;&nbsp; 15575730 | &nbsp;&nbsp;&nbsp; 62856309 |
| **Net Assets** | &nbsp;&nbsp; $513872298 | &nbsp;&nbsp;&nbsp; $440598323 |
| **Net assets consist of:** |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $474345783 | &nbsp;&nbsp;&nbsp; $478492070 |
| Distributable earnings (loss) | &nbsp;&nbsp; 39526515 | &nbsp;&nbsp;&nbsp; (37893747)<br>|
| **Net Assets** | &nbsp;&nbsp; $513872298 | &nbsp;&nbsp;&nbsp; $440598323 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 6650000 | &nbsp;&nbsp;&nbsp; 3710000 |
| Net asset value | &nbsp;&nbsp; $77.27 | &nbsp;&nbsp;&nbsp; $118.76 |
| Market price | &nbsp;&nbsp; $77.29 | &nbsp;&nbsp;&nbsp; $118.76 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $454857527 | &nbsp;&nbsp;&nbsp; $416948882 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $15940017 | &nbsp;&nbsp;&nbsp; $62866381 |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $14818922 | &nbsp;&nbsp;&nbsp; $61191592 |

---

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

------

**34**

------

**35**

------

**Statements of Operations**

For the six months ended October 31, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 dividend income | &nbsp;&nbsp; $684838665 | &nbsp;&nbsp;&nbsp; $513643 | &nbsp;&nbsp;&nbsp; $1312702 | &nbsp;&nbsp;&nbsp; $4025407 |
| Affiliated dividend income | &nbsp;&nbsp; 5889897 | &nbsp;&nbsp;&nbsp; 867 | &nbsp;&nbsp;&nbsp; 2504 | &nbsp;&nbsp;&nbsp; 2902 |
| Securities lending income, net | &nbsp;&nbsp; 23311012 | &nbsp;&nbsp;&nbsp; 423912 | &nbsp;&nbsp;&nbsp; 4071 | &nbsp;&nbsp;&nbsp; 7857 |
| Foreign withholding tax | &nbsp;&nbsp; (196910)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total investment income | &nbsp;&nbsp; 713842664 | &nbsp;&nbsp;&nbsp; 938422 | &nbsp;&nbsp;&nbsp; 1319277 | &nbsp;&nbsp;&nbsp; 4036166 |
| **Expenses:** |  |  |  |  |
| Unitary management fees | &nbsp;&nbsp; 73520327 | &nbsp;&nbsp;&nbsp; 138176 | &nbsp;&nbsp;&nbsp; 427927 | &nbsp;&nbsp;&nbsp; 513639 |
| Less: Waivers | &nbsp;&nbsp; (47987)<br>| &nbsp;&nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp; (60)<br>| &nbsp;&nbsp;&nbsp; (69)<br>|
| Net expenses | &nbsp;&nbsp; 73472340 | &nbsp;&nbsp;&nbsp; 138155 | &nbsp;&nbsp;&nbsp; 427867 | &nbsp;&nbsp;&nbsp; 513570 |
| Net investment income | &nbsp;&nbsp; 640370324 | &nbsp;&nbsp;&nbsp; 800267 | &nbsp;&nbsp;&nbsp; 891410 | &nbsp;&nbsp;&nbsp; 3522596 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 49481987 | &nbsp;&nbsp;&nbsp; (779958)<br>| &nbsp;&nbsp;&nbsp; (9127810)<br>| &nbsp;&nbsp;&nbsp; (18724710)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 4674591 | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp;&nbsp; 1089 |
| Unaffiliated in-kind redemptions | &nbsp;&nbsp; 3006050412 | &nbsp;&nbsp;&nbsp; 3951503 | &nbsp;&nbsp;&nbsp; 6979858 | &nbsp;&nbsp;&nbsp; 3312479 |
| Affiliated in-kind redemptions | &nbsp;&nbsp; 5711262 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Futures contracts | &nbsp;&nbsp; 14632100 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net realized gain (loss) | &nbsp;&nbsp; 3080550352 | &nbsp;&nbsp;&nbsp; 3171643 | &nbsp;&nbsp;&nbsp; (2147763)<br>| &nbsp;&nbsp;&nbsp; (15411142)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 4339470812 | &nbsp;&nbsp;&nbsp; 4190914 | &nbsp;&nbsp;&nbsp; 25658715 | &nbsp;&nbsp;&nbsp; (486619)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 78344202 | &nbsp;&nbsp;&nbsp; (196)<br>| &nbsp;&nbsp;&nbsp; (296)<br>| &nbsp;&nbsp;&nbsp; 599 |
| Futures contracts | &nbsp;&nbsp; (3305248)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 4414509766 | &nbsp;&nbsp;&nbsp; 4190718 | &nbsp;&nbsp;&nbsp; 25658419 | &nbsp;&nbsp;&nbsp; (486020)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 7495060118 | &nbsp;&nbsp;&nbsp; 7362361 | &nbsp;&nbsp;&nbsp; 23510656 | &nbsp;&nbsp;&nbsp; (15897162)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $8135430442 | &nbsp;&nbsp;&nbsp; $8162628 | &nbsp;&nbsp;&nbsp; $24402066 | &nbsp;&nbsp;&nbsp; $(12374566)<br>|

---

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

------

**36**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>|
| $6399858 | &nbsp;&nbsp;&nbsp; $2935981 | &nbsp;&nbsp;&nbsp; $4245023 | &nbsp;&nbsp;&nbsp; $4862339 | &nbsp;&nbsp;&nbsp; $2114401 | &nbsp;&nbsp;&nbsp; $2091383 | &nbsp;&nbsp;&nbsp; $14969475 |
| 4250 | &nbsp;&nbsp;&nbsp; 117906 | &nbsp;&nbsp;&nbsp; 8176 | &nbsp;&nbsp;&nbsp; 11675 | &nbsp;&nbsp;&nbsp; 2964 | &nbsp;&nbsp;&nbsp; 1363 | &nbsp;&nbsp;&nbsp; 74826 |
| 5879 | &nbsp;&nbsp;&nbsp; 2514 | &nbsp;&nbsp;&nbsp; 13772 | &nbsp;&nbsp;&nbsp; 5040 | &nbsp;&nbsp;&nbsp; 6629 | &nbsp;&nbsp;&nbsp; 2775 | &nbsp;&nbsp;&nbsp; 83194 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (71312)<br>|
| 6409987 | &nbsp;&nbsp;&nbsp; 3056401 | &nbsp;&nbsp;&nbsp; 4266971 | &nbsp;&nbsp;&nbsp; 4879054 | &nbsp;&nbsp;&nbsp; 2123994 | &nbsp;&nbsp;&nbsp; 2095521 | &nbsp;&nbsp;&nbsp; 15056183 |
| 854320 | &nbsp;&nbsp;&nbsp; 639130 | &nbsp;&nbsp;&nbsp; 1454620 | &nbsp;&nbsp;&nbsp; 1335656 | &nbsp;&nbsp;&nbsp; 333985 | &nbsp;&nbsp;&nbsp; 219949 | &nbsp;&nbsp;&nbsp; 7388628 |
| (102)<br>| &nbsp;&nbsp;&nbsp; (101)<br>| &nbsp;&nbsp;&nbsp; (197)<br>| &nbsp;&nbsp;&nbsp; (280)<br>| &nbsp;&nbsp;&nbsp; (70)<br>| &nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp; (1788)<br>|
| 854218 | &nbsp;&nbsp;&nbsp; 639029 | &nbsp;&nbsp;&nbsp; 1454423 | &nbsp;&nbsp;&nbsp; 1335376 | &nbsp;&nbsp;&nbsp; 333915 | &nbsp;&nbsp;&nbsp; 219916 | &nbsp;&nbsp;&nbsp; 7386840 |
| 5555769 | &nbsp;&nbsp;&nbsp; 2417372 | &nbsp;&nbsp;&nbsp; 2812548 | &nbsp;&nbsp;&nbsp; 3543678 | &nbsp;&nbsp;&nbsp; 1790079 | &nbsp;&nbsp;&nbsp; 1875605 | &nbsp;&nbsp;&nbsp; 7669343 |
| (6373907)<br>| &nbsp;&nbsp;&nbsp; 2357867 | &nbsp;&nbsp;&nbsp; (215062)<br>| &nbsp;&nbsp;&nbsp; 2107175 | &nbsp;&nbsp;&nbsp; (3712985)<br>| &nbsp;&nbsp;&nbsp; (1499869)<br>| &nbsp;&nbsp;&nbsp; (42499492)<br>|
| 435 | &nbsp;&nbsp;&nbsp; (204299)<br>| &nbsp;&nbsp;&nbsp; 446 | &nbsp;&nbsp;&nbsp; (367)<br>| &nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp;&nbsp; 8272 |
| 9315625 | &nbsp;&nbsp;&nbsp; 4302229 | &nbsp;&nbsp;&nbsp; 27489794 | &nbsp;&nbsp;&nbsp; 58589575 | &nbsp;&nbsp;&nbsp; 2559531 | &nbsp;&nbsp;&nbsp; 1075999 | &nbsp;&nbsp;&nbsp; 291127326 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 2942153 | &nbsp;&nbsp;&nbsp; 6455797 | &nbsp;&nbsp;&nbsp; 27275178 | &nbsp;&nbsp;&nbsp; 60696383 | &nbsp;&nbsp;&nbsp; (1153348)<br>| &nbsp;&nbsp;&nbsp; (423200)<br>| &nbsp;&nbsp;&nbsp; 248636106 |
| 41977827 | &nbsp;&nbsp;&nbsp; 11181422 | &nbsp;&nbsp;&nbsp; 10544670 | &nbsp;&nbsp;&nbsp; 25944259 | &nbsp;&nbsp;&nbsp; 6889189 | &nbsp;&nbsp;&nbsp; (3712493)<br>| &nbsp;&nbsp;&nbsp; 833105500 |
| 1052 | &nbsp;&nbsp;&nbsp; 2794057 | &nbsp;&nbsp;&nbsp; (784)<br>| &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; 437 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 638 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 41978879 | &nbsp;&nbsp;&nbsp; 13975479 | &nbsp;&nbsp;&nbsp; 10543886 | &nbsp;&nbsp;&nbsp; 25944344 | &nbsp;&nbsp;&nbsp; 6889626 | &nbsp;&nbsp;&nbsp; (3712493)<br>| &nbsp;&nbsp;&nbsp; 833106138 |
| 44921032 | &nbsp;&nbsp;&nbsp; 20431276 | &nbsp;&nbsp;&nbsp; 37819064 | &nbsp;&nbsp;&nbsp; 86640727 | &nbsp;&nbsp;&nbsp; 5736278 | &nbsp;&nbsp;&nbsp; (4135693)<br>| &nbsp;&nbsp;&nbsp; 1081742244 |
| $50476801 | &nbsp;&nbsp;&nbsp; $22848648 | &nbsp;&nbsp;&nbsp; $40631612 | &nbsp;&nbsp;&nbsp; $90184405 | &nbsp;&nbsp;&nbsp; $7526357 | &nbsp;&nbsp;&nbsp; $(2260088)<br>| &nbsp;&nbsp;&nbsp; $1089411587 |

---

------

**37**

------

**Statements of Operations—(continued)**

For the six months ended October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **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; $7233499 | &nbsp;&nbsp;&nbsp; $3013519 |
| Affiliated dividend income | &nbsp;&nbsp; 9062 | &nbsp;&nbsp;&nbsp; 9110 |
| Securities lending income, net | &nbsp;&nbsp; 12298 | &nbsp;&nbsp;&nbsp; 39405 |
| Total investment income | &nbsp;&nbsp; 7254859 | &nbsp;&nbsp;&nbsp; 3062034 |
| **Expenses:** |  |  |
| Unitary management fees | &nbsp;&nbsp; 932181 | &nbsp;&nbsp;&nbsp; 794598 |
| Less: Waivers | &nbsp;&nbsp; (217)<br>| &nbsp;&nbsp;&nbsp; (219)<br>|
| Net expenses | &nbsp;&nbsp; 931964 | &nbsp;&nbsp;&nbsp; 794379 |
| Net investment income | &nbsp;&nbsp; 6322895 | &nbsp;&nbsp;&nbsp; 2267655 |
| **Realized and unrealized gain (loss) from:** |  |  |
| Net realized gain (loss) from: |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (2176563)<br>| &nbsp;&nbsp;&nbsp; (18327777)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 1274 | &nbsp;&nbsp;&nbsp; (180)<br>|
| In-kind redemptions | &nbsp;&nbsp; 20364326 | &nbsp;&nbsp;&nbsp; 7531487 |
| Net realized gain (loss) | &nbsp;&nbsp; 18189037 | &nbsp;&nbsp;&nbsp; (10796470)<br>|
| Change in net unrealized appreciation of: |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 28621152 | &nbsp;&nbsp;&nbsp; 87976482 |
| Affiliated investment securities | &nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; 3334 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 28621292 | &nbsp;&nbsp;&nbsp; 87979816 |
| Net realized and unrealized gain | &nbsp;&nbsp; 46810329 | &nbsp;&nbsp;&nbsp; 77183346 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $53133224 | &nbsp;&nbsp;&nbsp; $79451001 |

---

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

------

**38**

------

**39**

------

**Statements of Changes in Net Assets**

For the six months ended October 31, 2025 and the year ended April 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P 500**<sup>®</sup> **Equal Weight** <br>**ETF (RSP)** | **Invesco S&P 500**<sup>®</sup> **Equal Weight** <br>**ETF (RSP)** | **Invesco S&P 500**<sup>®</sup> **Equal Weight** <br>**Communication Services ETF (RSPC)** | **Invesco S&P 500**<sup>®</sup> **Equal Weight** <br>**Communication Services ETF (RSPC)** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $640370324 | &nbsp;&nbsp;&nbsp; $1081069209 | &nbsp;&nbsp;&nbsp; $800267 | &nbsp;&nbsp;&nbsp; $612356 |
| Net realized gain (loss) | &nbsp;&nbsp; 3080550352 | &nbsp;&nbsp;&nbsp; 3724335645 | &nbsp;&nbsp;&nbsp; 3171643 | &nbsp;&nbsp;&nbsp; 7130372 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 4414509766 | &nbsp;&nbsp;&nbsp; (1967631675)<br>| &nbsp;&nbsp;&nbsp; 4190718 | &nbsp;&nbsp;&nbsp; 6554294 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 8135430442 | &nbsp;&nbsp;&nbsp; 2837773179 | &nbsp;&nbsp;&nbsp; 8162628 | &nbsp;&nbsp;&nbsp; 14297022 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (608222297)<br>| &nbsp;&nbsp;&nbsp; (1065603915)<br>| &nbsp;&nbsp;&nbsp; (757241)<br>| &nbsp;&nbsp;&nbsp; (632395)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 9034839350 | &nbsp;&nbsp;&nbsp; 35498629375 | &nbsp;&nbsp;&nbsp; 19464311 | &nbsp;&nbsp;&nbsp; 23299684 |
| Value of shares repurchased | &nbsp;&nbsp; (13427509368)<br>| &nbsp;&nbsp;&nbsp; (21602230545)<br>| &nbsp;&nbsp;&nbsp; (14027629)<br>| &nbsp;&nbsp;&nbsp; (40199527)<br>|
| Net increase (decrease) in net assets resulting from share <br> transactions<br>| &nbsp;&nbsp; (4392670018)<br>| &nbsp;&nbsp;&nbsp; 13896398830 | &nbsp;&nbsp;&nbsp; 5436682 | &nbsp;&nbsp;&nbsp; (16899843)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 3134538127 | &nbsp;&nbsp;&nbsp; 15668568094 | &nbsp;&nbsp;&nbsp; 12842069 | &nbsp;&nbsp;&nbsp; (3235216)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 69750494563 | &nbsp;&nbsp;&nbsp; 54081926469 | &nbsp;&nbsp;&nbsp; 60533690 | &nbsp;&nbsp;&nbsp; 63768906 |
| End of period | &nbsp;&nbsp; $72885032690 | &nbsp;&nbsp;&nbsp; $69750494563 | &nbsp;&nbsp;&nbsp; $73375759 | &nbsp;&nbsp;&nbsp; $60533690 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 49190000 | &nbsp;&nbsp;&nbsp; 202570000 | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 700000 |
| Shares repurchased | &nbsp;&nbsp; (73570000)<br>| &nbsp;&nbsp;&nbsp; (125860000)<br>| &nbsp;&nbsp;&nbsp; (360000)<br>| &nbsp;&nbsp;&nbsp; (1260000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 412222663 | &nbsp;&nbsp;&nbsp; 335512663 | &nbsp;&nbsp;&nbsp; 1730001 | &nbsp;&nbsp;&nbsp; 2290001 |
| Shares outstanding, end of period | &nbsp;&nbsp; 387842663 | &nbsp;&nbsp;&nbsp; 412222663 | &nbsp;&nbsp;&nbsp; 1870001 | &nbsp;&nbsp;&nbsp; 1730001 |

---

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

------

**40**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |
| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| $891410 | &nbsp;&nbsp;&nbsp; $2977254 | &nbsp;&nbsp;&nbsp; $3522596 | &nbsp;&nbsp;&nbsp; $8584831 | &nbsp;&nbsp;&nbsp; $5555769 | &nbsp;&nbsp;&nbsp; $12994445 |
| (2147763)<br>| &nbsp;&nbsp;&nbsp; 34530035 | &nbsp;&nbsp;&nbsp; (15411142)<br>| &nbsp;&nbsp;&nbsp; (6933640)<br>| &nbsp;&nbsp;&nbsp; 2942153 | &nbsp;&nbsp;&nbsp; 43394669 |
| 25658419 | &nbsp;&nbsp;&nbsp; (25499956)<br>| &nbsp;&nbsp;&nbsp; (486020)<br>| &nbsp;&nbsp;&nbsp; (10313324)<br>| &nbsp;&nbsp;&nbsp; 41978879 | &nbsp;&nbsp;&nbsp; (118187084)<br>|
| 24402066 | &nbsp;&nbsp;&nbsp; 12007333 | &nbsp;&nbsp;&nbsp; (12374566)<br>| &nbsp;&nbsp;&nbsp; (8662133)<br>| &nbsp;&nbsp;&nbsp; 50476801 | &nbsp;&nbsp;&nbsp; (61797970)<br>|
| (1272067)<br>| &nbsp;&nbsp;&nbsp; (2693420)<br>| &nbsp;&nbsp;&nbsp; (3267756)<br>| &nbsp;&nbsp;&nbsp; (8981608)<br>| &nbsp;&nbsp;&nbsp; (5725820)<br>| &nbsp;&nbsp;&nbsp; (13090321)<br>|
| 37204206 | &nbsp;&nbsp;&nbsp; 94041376 | &nbsp;&nbsp;&nbsp; 5788099 | &nbsp;&nbsp;&nbsp; 22213735 | &nbsp;&nbsp;&nbsp; 17964946 | &nbsp;&nbsp;&nbsp; 88729825 |
| (38635773)<br>| &nbsp;&nbsp;&nbsp; (318033666)<br>| &nbsp;&nbsp;&nbsp; (32892755)<br>| &nbsp;&nbsp;&nbsp; (164819218)<br>| &nbsp;&nbsp;&nbsp; (75094807)<br>| &nbsp;&nbsp;&nbsp; (199743709)<br>|
| (1431567)<br>| &nbsp;&nbsp;&nbsp; (223992290)<br>| &nbsp;&nbsp;&nbsp; (27104656)<br>| &nbsp;&nbsp;&nbsp; (142605483)<br>| &nbsp;&nbsp;&nbsp; (57129861)<br>| &nbsp;&nbsp;&nbsp; (111013884)<br>|
| 21698432 | &nbsp;&nbsp;&nbsp; (214678377)<br>| &nbsp;&nbsp;&nbsp; (42746978)<br>| &nbsp;&nbsp;&nbsp; (160249224)<br>| &nbsp;&nbsp;&nbsp; (12378880)<br>| &nbsp;&nbsp;&nbsp; (185902175)<br>|
| 192274949 | &nbsp;&nbsp;&nbsp; 406953326 | &nbsp;&nbsp;&nbsp; 270257617 | &nbsp;&nbsp;&nbsp; 430506841 | &nbsp;&nbsp;&nbsp; 415617412 | &nbsp;&nbsp;&nbsp; 601519587 |
| $213973381 | &nbsp;&nbsp;&nbsp; $192274949 | &nbsp;&nbsp;&nbsp; $227510639 | &nbsp;&nbsp;&nbsp; $270257617 | &nbsp;&nbsp;&nbsp; $403238532 | &nbsp;&nbsp;&nbsp; $415617412 |
| 660000 | &nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp; 1150000 |
| (720000)<br>| &nbsp;&nbsp;&nbsp; (6460000)<br>| &nbsp;&nbsp;&nbsp; (1100000)<br>| &nbsp;&nbsp;&nbsp; (5300000)<br>| &nbsp;&nbsp;&nbsp; (990000)<br>| &nbsp;&nbsp;&nbsp; (2580000)<br>|
| 3930000 | &nbsp;&nbsp;&nbsp; 8590000 | &nbsp;&nbsp;&nbsp; 8870000 | &nbsp;&nbsp;&nbsp; 13440000 | &nbsp;&nbsp;&nbsp; 5940005 | &nbsp;&nbsp;&nbsp; 7370005 |
| 3870000 | &nbsp;&nbsp;&nbsp; 3930000 | &nbsp;&nbsp;&nbsp; 7960000 | &nbsp;&nbsp;&nbsp; 8870000 | &nbsp;&nbsp;&nbsp; 5190005 | &nbsp;&nbsp;&nbsp; 5940005 |

---

------

**41**

------

**Statements of Changes in Net Assets—(continued)**

For the six months ended October 31, 2025 and the year ended April 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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)** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $2417372 | &nbsp;&nbsp;&nbsp; $5155087 | &nbsp;&nbsp;&nbsp; $2812548 | &nbsp;&nbsp;&nbsp; $6224098 |
| Net realized gain (loss) | &nbsp;&nbsp; 6455797 | &nbsp;&nbsp;&nbsp; 11178119 | &nbsp;&nbsp;&nbsp; 27275178 | &nbsp;&nbsp;&nbsp; 45991552 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 13975479 | &nbsp;&nbsp;&nbsp; 25749823 | &nbsp;&nbsp;&nbsp; 10543886 | &nbsp;&nbsp;&nbsp; (71256908)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 22848648 | &nbsp;&nbsp;&nbsp; 42083029 | &nbsp;&nbsp;&nbsp; 40631612 | &nbsp;&nbsp;&nbsp; (19041258)<br>|
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (2471168)<br>| &nbsp;&nbsp;&nbsp; (5136873)<br>| &nbsp;&nbsp;&nbsp; (2858263)<br>| &nbsp;&nbsp;&nbsp; (6281881)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 6992861 | &nbsp;&nbsp;&nbsp; 49144624 | &nbsp;&nbsp;&nbsp; 20163992 | &nbsp;&nbsp;&nbsp; 26438069 |
| Value of shares repurchased | &nbsp;&nbsp; (15669292)<br>| &nbsp;&nbsp;&nbsp; (48846779)<br>| &nbsp;&nbsp;&nbsp; (101103158)<br>| &nbsp;&nbsp;&nbsp; (192860953)<br>|
| Net increase (decrease) in net assets resulting from share <br> transactions<br>| &nbsp;&nbsp; (8676431)<br>| &nbsp;&nbsp;&nbsp; 297845 | &nbsp;&nbsp;&nbsp; (80939166)<br>| &nbsp;&nbsp;&nbsp; (166422884)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 11701049 | &nbsp;&nbsp;&nbsp; 37244001 | &nbsp;&nbsp;&nbsp; (43165817)<br>| &nbsp;&nbsp;&nbsp; (191746023)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 296751197 | &nbsp;&nbsp;&nbsp; 259507196 | &nbsp;&nbsp;&nbsp; 759204353 | &nbsp;&nbsp;&nbsp; 950950376 |
| End of period | &nbsp;&nbsp; $308452246 | &nbsp;&nbsp;&nbsp; $296751197 | &nbsp;&nbsp;&nbsp; $716038536 | &nbsp;&nbsp;&nbsp; $759204353 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp; 840000 |
| Shares repurchased | &nbsp;&nbsp; (210000)<br>| &nbsp;&nbsp;&nbsp; (750000)<br>| &nbsp;&nbsp;&nbsp; (3500000)<br>| &nbsp;&nbsp;&nbsp; (6310000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 4260000 | &nbsp;&nbsp;&nbsp; 4290000 | &nbsp;&nbsp;&nbsp; 26500000 | &nbsp;&nbsp;&nbsp; 31970000 |
| Shares outstanding, end of period | &nbsp;&nbsp; 4140000 | &nbsp;&nbsp;&nbsp; 4260000 | &nbsp;&nbsp;&nbsp; 23690000 | &nbsp;&nbsp;&nbsp; 26500000 |

---

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>**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)** |
| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| $3543678 | &nbsp;&nbsp;&nbsp; $6339766 | &nbsp;&nbsp;&nbsp; $1790079 | &nbsp;&nbsp;&nbsp; $4866079 | &nbsp;&nbsp;&nbsp; $1875605 | &nbsp;&nbsp;&nbsp; $2899647 |
| 60696383 | &nbsp;&nbsp;&nbsp; 60275738 | &nbsp;&nbsp;&nbsp; (1153348)<br>| &nbsp;&nbsp;&nbsp; (9054253)<br>| &nbsp;&nbsp;&nbsp; (423200)<br>| &nbsp;&nbsp;&nbsp; 3228023 |
| 25944344 | &nbsp;&nbsp;&nbsp; (27206902)<br>| &nbsp;&nbsp;&nbsp; 6889626 | &nbsp;&nbsp;&nbsp; (12480419)<br>| &nbsp;&nbsp;&nbsp; (3712493)<br>| &nbsp;&nbsp;&nbsp; 8367861 |
| 90184405 | &nbsp;&nbsp;&nbsp; 39408602 | &nbsp;&nbsp;&nbsp; 7526357 | &nbsp;&nbsp;&nbsp; (16668593)<br>| &nbsp;&nbsp;&nbsp; (2260088)<br>| &nbsp;&nbsp;&nbsp; 14495531 |
| (3495557)<br>| &nbsp;&nbsp;&nbsp; (6361638)<br>| &nbsp;&nbsp;&nbsp; (1759328)<br>| &nbsp;&nbsp;&nbsp; (4899284)<br>| &nbsp;&nbsp;&nbsp; (1301925)<br>| &nbsp;&nbsp;&nbsp; (2929695)<br>|
| 206580331 | &nbsp;&nbsp;&nbsp; 129589263 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 17562988 | &nbsp;&nbsp;&nbsp; 15211129 | &nbsp;&nbsp;&nbsp; 31346645 |
| (184732113)<br>| &nbsp;&nbsp;&nbsp; (277278711)<br>| &nbsp;&nbsp;&nbsp; (31820344)<br>| &nbsp;&nbsp;&nbsp; (107033210)<br>| &nbsp;&nbsp;&nbsp; (10120934)<br>| &nbsp;&nbsp;&nbsp; (41286936)<br>|
| 21848218 | &nbsp;&nbsp;&nbsp; (147689448)<br>| &nbsp;&nbsp;&nbsp; (31820344)<br>| &nbsp;&nbsp;&nbsp; (89470222)<br>| &nbsp;&nbsp;&nbsp; 5090195 | &nbsp;&nbsp;&nbsp; (9940291)<br>|
| 108537066 | &nbsp;&nbsp;&nbsp; (114642484)<br>| &nbsp;&nbsp;&nbsp; (26053315)<br>| &nbsp;&nbsp;&nbsp; (111038099)<br>| &nbsp;&nbsp;&nbsp; 1528182 | &nbsp;&nbsp;&nbsp; 1625545 |
| 576860598 | &nbsp;&nbsp;&nbsp; 691503082 | &nbsp;&nbsp;&nbsp; 172678020 | &nbsp;&nbsp;&nbsp; 283716119 | &nbsp;&nbsp;&nbsp; 110707067 | &nbsp;&nbsp;&nbsp; 109081522 |
| $685397664 | &nbsp;&nbsp;&nbsp; $576860598 | &nbsp;&nbsp;&nbsp; $146624705 | &nbsp;&nbsp;&nbsp; $172678020 | &nbsp;&nbsp;&nbsp; $112235249 | &nbsp;&nbsp;&nbsp; $110707067 |
| 3750000 | &nbsp;&nbsp;&nbsp; 2590000 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp; 890000 |
| (3350000)<br>| &nbsp;&nbsp;&nbsp; (5900000)<br>| &nbsp;&nbsp;&nbsp; (980000)<br>| &nbsp;&nbsp;&nbsp; (3130000)<br>| &nbsp;&nbsp;&nbsp; (290000)<br>| &nbsp;&nbsp;&nbsp; (1210000)<br>|
| 11850000 | &nbsp;&nbsp;&nbsp; 15160000 | &nbsp;&nbsp;&nbsp; 5600000 | &nbsp;&nbsp;&nbsp; 8210000 | &nbsp;&nbsp;&nbsp; 3190000 | &nbsp;&nbsp;&nbsp; 3510000 |
| 12250000 | &nbsp;&nbsp;&nbsp; 11850000 | &nbsp;&nbsp;&nbsp; 4620000 | &nbsp;&nbsp;&nbsp; 5600000 | &nbsp;&nbsp;&nbsp; 3330000 | &nbsp;&nbsp;&nbsp; 3190000 |

---

------

**43**

------

**Statements of Changes in Net Assets—(continued)**

For the six months ended October 31, 2025 and the year ended April 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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)** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $7669343 | &nbsp;&nbsp;&nbsp; $16727310 | &nbsp;&nbsp;&nbsp; $6322895 | &nbsp;&nbsp;&nbsp; $9010019 |
| Net realized gain (loss) | &nbsp;&nbsp; 248636106 | &nbsp;&nbsp;&nbsp; 581440046 | &nbsp;&nbsp;&nbsp; 18189037 | &nbsp;&nbsp;&nbsp; 8201650 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 833106138 | &nbsp;&nbsp;&nbsp; (410641447)<br>| &nbsp;&nbsp;&nbsp; 28621292 | &nbsp;&nbsp;&nbsp; 50631044 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 1089411587 | &nbsp;&nbsp;&nbsp; 187525909 | &nbsp;&nbsp;&nbsp; 53133224 | &nbsp;&nbsp;&nbsp; 67842713 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (8188958)<br>| &nbsp;&nbsp;&nbsp; (15891677)<br>| &nbsp;&nbsp;&nbsp; (5995586)<br>| &nbsp;&nbsp;&nbsp; (8919734)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 603043462 | &nbsp;&nbsp;&nbsp; 876563777 | &nbsp;&nbsp;&nbsp; 84095996 | &nbsp;&nbsp;&nbsp; 171355192 |
| Value of shares repurchased | &nbsp;&nbsp; (560074040)<br>| &nbsp;&nbsp;&nbsp; (1729450399)<br>| &nbsp;&nbsp;&nbsp; (53073027)<br>| &nbsp;&nbsp;&nbsp; (46284894)<br>|
| Net increase (decrease) in net assets resulting from share <br> transactions<br>| &nbsp;&nbsp; 42969422 | &nbsp;&nbsp;&nbsp; (852886622)<br>| &nbsp;&nbsp;&nbsp; 31022969 | &nbsp;&nbsp;&nbsp; 125070298 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; 1124192051 | &nbsp;&nbsp;&nbsp; (681252390)<br>| &nbsp;&nbsp;&nbsp; 78160607 | &nbsp;&nbsp;&nbsp; 183993277 |
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 3076557179 | &nbsp;&nbsp;&nbsp; 3757809569 | &nbsp;&nbsp;&nbsp; 435711691 | &nbsp;&nbsp;&nbsp; 251718414 |
| End of period | &nbsp;&nbsp; $4200749230 | &nbsp;&nbsp;&nbsp; $3076557179 | &nbsp;&nbsp;&nbsp; $513872298 | &nbsp;&nbsp;&nbsp; $435711691 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 14490000 | &nbsp;&nbsp;&nbsp; 23900000 | &nbsp;&nbsp;&nbsp; 1130000 | &nbsp;&nbsp;&nbsp; 2570000 |
| Shares repurchased | &nbsp;&nbsp; (13470000)<br>| &nbsp;&nbsp;&nbsp; (48160000)<br>| &nbsp;&nbsp;&nbsp; (740000)<br>| &nbsp;&nbsp;&nbsp; (710000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 89050000 | &nbsp;&nbsp;&nbsp; 113310000 | &nbsp;&nbsp;&nbsp; 6260000 | &nbsp;&nbsp;&nbsp; 4400000 |
| Shares outstanding, end of period | &nbsp;&nbsp; 90070000 | &nbsp;&nbsp;&nbsp; 89050000 | &nbsp;&nbsp;&nbsp; 6650000 | &nbsp;&nbsp;&nbsp; 6260000 |

---

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

------

**44**

------

---

| | |
|:---|:---|
| **Invesco S&P MidCap 400**<sup>®</sup> <br>**GARP ETF (GRPM)** | **Invesco S&P MidCap 400**<sup>®</sup> <br>**GARP ETF (GRPM)** |
| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| $2267655 | &nbsp;&nbsp;&nbsp; $6311759 |
| (10796470)<br>| &nbsp;&nbsp;&nbsp; 24525069 |
| 87979816 | &nbsp;&nbsp;&nbsp; (100827034)<br>|
| 79451001 | &nbsp;&nbsp;&nbsp; (69990206)<br>|
| (3205765)<br>| &nbsp;&nbsp;&nbsp; (5517030)<br>|
| 2394600 | &nbsp;&nbsp;&nbsp; 505141588 |
| (85694749)<br>| &nbsp;&nbsp;&nbsp; (370054988)<br>|
| (83300149)<br>| &nbsp;&nbsp;&nbsp; 135086600 |
| (7054913)<br>| &nbsp;&nbsp;&nbsp; 59579364 |
| 447653236 | &nbsp;&nbsp;&nbsp; 388073872 |
| $440598323 | &nbsp;&nbsp;&nbsp; $447653236 |
| 20000 | &nbsp;&nbsp;&nbsp; 4380000 |
| (770000)<br>| &nbsp;&nbsp;&nbsp; (3350000)<br>|
| 4460000 | &nbsp;&nbsp;&nbsp; 3430000 |
| 3710000 | &nbsp;&nbsp;&nbsp; 4460000 |

---

------

**45**

------

**Financial Highlights**

Invesco S&P 500<sup>®</sup> Equal Weight ETF (RSP)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $96.17 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &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 <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.64 | &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;20.25 | &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; (1.54)<br>| &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 period | &nbsp;&nbsp;&nbsp; $187.92 | &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 period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $187.95 | &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; 11.93<br> %<br>| &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; 12.09<br> %<br>| &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 period (000's <br> omitted)<br>| &nbsp;&nbsp;&nbsp; $72885033 | &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 %<sup>(d)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.74 %<sup>(d)</sup><br>| &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>(e)</sup> | &nbsp;&nbsp;&nbsp; 12<br> %<br>| &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> 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.

------

**46**

------

**Financial Highlights—(continued)**

Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF (RSPC)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $22.73 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &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;4.24 | &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;4.68 | &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; (0.43)<br>| &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 period | &nbsp;&nbsp;&nbsp; $39.24 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $39.24 | &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; 13.36<br> %<br>| &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; 13.49<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $73376 | &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 %<sup>(e)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.32 %<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 12<br> %<br>| &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> 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.

------

**47**

------

**Financial Highlights—(continued)**

Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF (RSPD)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **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 period | &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 | &nbsp;&nbsp;&nbsp; $27.24 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &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;6.46 | &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;6.69 | &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; (0.32)<br>| &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 period | &nbsp;&nbsp;&nbsp; $55.29 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $55.29 | &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; 13.69<br> %<br>| &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; 13.75<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $213973 | &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 %<sup>(e)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.83 %<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 12<br> %<br>| &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> 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.

------

**48**

------

**Financial Highlights—(continued)**

Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF (RSPS)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **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 period | &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 | &nbsp;&nbsp;&nbsp; $26.73 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &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; (1.92)<br>| &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; (1.50)<br>| &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; (0.39)<br>| &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 period | &nbsp;&nbsp;&nbsp; $28.58 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $28.58 | &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; (4.96)%<br>| &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; (4.90)%<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $227511 | &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 %<sup>(e)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.74 %<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 12<br> %<br>| &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> 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.

------

**49**

------

**Financial Highlights—(continued)**

Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF (RSPG)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $28.05 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &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;&nbsp;7.77 | &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;&nbsp;8.77 | &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; (1.04)<br>| &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 period | &nbsp;&nbsp;&nbsp; $77.70 | &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 period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $77.69 | &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;&nbsp; 12.57<br> %<br>| &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;&nbsp; 12.62<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $403239 | &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 %<sup>(d)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.60 %<sup>(d)</sup><br>| &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>(e)</sup> | &nbsp;&nbsp;&nbsp; 15<br> %<br>| &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> Annualized.

<sup>(e)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2022, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund's portfolio holdings due to the underlying index change. 

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

------

**50**

------

**Financial Highlights—(continued)**

Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF (RSPF)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $35.43 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &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;4.86 | &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;5.44 | &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; (0.59)<br>| &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 period | &nbsp;&nbsp;&nbsp; $74.51 | &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 period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $74.49 | &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; 7.79<br> %<br>| &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; 7.85<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $308452 | &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 %<sup>(d)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.51 %<sup>(d)</sup><br>| &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>(e)</sup> | &nbsp;&nbsp;&nbsp; 13<br> %<br>| &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> 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 Health Care ETF (RSPH)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **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 period | &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 | &nbsp;&nbsp;&nbsp; $21.41 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &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;&nbsp;1.59 | &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;&nbsp;1.70 | &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; (0.12)<br>| &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 period | &nbsp;&nbsp;&nbsp; $30.23 | &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 period<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $30.24 | &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;&nbsp; 5.93<br> %<br>| &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;&nbsp; 6.11<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $716039 | &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 %<sup>(f)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.77 %<sup>(f)</sup><br>| &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>(g)</sup> | &nbsp;&nbsp;&nbsp; 10<br> %<br>| &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> 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.

------

**52**

------

**Financial Highlights—(continued)**

Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF (RSPN)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **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 period | &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 | &nbsp;&nbsp;&nbsp; $21.89 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &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;7.27 | &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;7.56 | &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; (0.29)<br>| &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 period | &nbsp;&nbsp;&nbsp; $55.95 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $55.96 | &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; 15.54<br> %<br>| &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; 15.67<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $685398 | &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 %<sup>(e)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.06 %<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 9<br> %<br>| &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> 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.

------

**53**

------

**Financial Highlights—(continued)**

Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF (RSPM)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **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 period | &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 | &nbsp;&nbsp;&nbsp; $18.87 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &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;&nbsp;0.90 | &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;&nbsp;1.25 | &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; (0.35)<br>| &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 period | &nbsp;&nbsp;&nbsp; $31.74 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $31.73 | &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;&nbsp; 4.03<br> %<br>| &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;&nbsp; 4.06<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $146625 | &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 %<sup>(e)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.14 %<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 13<br> %<br>| &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> 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.

------

**54**

------

**Financial Highlights—(continued)**

Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF (RSPR)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $25.65 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &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; (1.18)<br>| &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; (0.58)<br>| &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; (0.42)<br>| &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 period | &nbsp;&nbsp;&nbsp; $33.70 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $33.71 | &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; (1.73)%<br>| &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; (1.75)%<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $112235 | &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 %<sup>(e)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.41 %<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 7<br> %<br>| &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> 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.

------

**55**

------

**Financial Highlights—(continued)**

Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF (RSPT)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **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 period | &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 | &nbsp;&nbsp;&nbsp; $18.32 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &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 <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.09 | &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;12.18 | &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; (0.09)<br>| &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 period | &nbsp;&nbsp;&nbsp; $46.64 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $46.63 | &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; 35.30<br> %<br>| &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; 35.41<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $4200749 | &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 %<sup>(e)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.42 %<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 14<br> %<br>| &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> 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.

------

**56**

------

**Financial Highlights—(continued)**

Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF (RSPU)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **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 period | &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 | &nbsp;&nbsp;&nbsp; $46.16 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &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;7.61 | &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;8.62 | &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; (0.95)<br>| &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 period | &nbsp;&nbsp;&nbsp; $77.27 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $77.29 | &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; 12.49<br> %<br>| &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; 12.55<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $513872 | &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 %<sup>(e)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.71 %<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 4<br> %<br>| &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> 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.

------

**57**

------

**Financial Highlights—(continued)**

Invesco S&P MidCap 400<sup>®</sup> GARP ETF (GRPM)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $53.10 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &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;&nbsp;18.62 | &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;&nbsp;19.19 | &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; (0.80)<br>| &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 period | &nbsp;&nbsp;&nbsp; $118.76 | &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 period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $118.76 | &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;&nbsp; 19.18<br> %<br>| &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;&nbsp; 19.25<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $440598 | &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 %<sup>(d)</sup><br>| &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; 1.00 %<sup>(d)</sup><br>| &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>(e)</sup> | &nbsp;&nbsp;&nbsp; 52<br> %<br>| &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> 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 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.

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**Notes to Financial Statements**

Invesco Exchange-Traded Fund Trust

October 31, 2025

*(Unaudited)*

**NOTE 1—Organization**

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

---

| |
|:---|
| **Full Name** |
| 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 the 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"):

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

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**NOTE 2—Significant Accounting Policies**

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

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Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("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.

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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.

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&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** — Each Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. 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.

**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

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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 ("BNY") 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 six months ended October 31, 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:

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| | |
|:---|:---|
|  | **Amount** |
| S&P 500<sup>®</sup> Equal Weight ETF | &nbsp;&nbsp; $1354135 |
| S&P 500<sup>®</sup> Equal Weight Communication Services ETF | &nbsp;&nbsp; 44620 |
| S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | &nbsp;&nbsp; 324 |
| S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | &nbsp;&nbsp; 611 |
| S&P 500<sup>®</sup> Equal Weight Energy ETF | &nbsp;&nbsp; 499 |
| S&P 500<sup>®</sup> Equal Weight Financials ETF | &nbsp;&nbsp; 244 |
| S&P 500<sup>®</sup> Equal Weight Health Care ETF | &nbsp;&nbsp; 1021 |
| S&P 500<sup>®</sup> Equal Weight Industrials ETF | &nbsp;&nbsp; 252 |
| S&P 500<sup>®</sup> Equal Weight Materials ETF | &nbsp;&nbsp; 689 |
| S&P 500<sup>®</sup> Equal Weight Real Estate ETF | &nbsp;&nbsp; 301 |
| S&P 500<sup>®</sup> Equal Weight Technology ETF | &nbsp;&nbsp; 6664 |
| S&P 500<sup>®</sup> Equal Weight Utilities ETF | &nbsp;&nbsp; 1089 |
| S&P MidCap 400<sup>®</sup> GARP ETF | &nbsp;&nbsp; 1997 |

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**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 can be received or made depending upon whether unrealized gains or losses are incurred. These amounts, if any, are reflected as a receivable or payable on the Statements of Assets and Liabilities. Otherwise, the variation margin excess or deficit can be netted with cash held at the futures commission merchant broker and reflected as Cash collateral-futures contracts on the Statements of Assets and Liabilities. 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 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

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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. Equity risk also includes the risk of large-capitalization companies, which may adapt more slowly to new competitive challenges or may be more mature and subject to more limited growth potential, and consequently may underperform other segments of the equity market or the market as a whole. 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, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or

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viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

*Investment in Investment Companies Risk*. For certain Funds, investing in other investment companies, including exchange-traded funds ("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.

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,

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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 six months ended October 31, 2025, the Adviser waived fees for each Fund in the following amounts:

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| | |
|:---|:---|
| S&P 500<sup>®</sup> Equal Weight ETF | &nbsp;&nbsp;&nbsp; $47987 |
| S&P 500<sup>®</sup> Equal Weight Communication Services ETF | &nbsp;&nbsp;&nbsp; 21 |
| S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | &nbsp;&nbsp;&nbsp; 60 |
| S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | &nbsp;&nbsp;&nbsp; 69 |
| S&P 500<sup>®</sup> Equal Weight Energy ETF | &nbsp;&nbsp;&nbsp; 102 |
| S&P 500<sup>®</sup> Equal Weight Financials ETF | &nbsp;&nbsp;&nbsp; 101 |
| S&P 500<sup>®</sup> Equal Weight Health Care ETF | &nbsp;&nbsp;&nbsp; 197 |
| S&P 500<sup>®</sup> Equal Weight Industrials ETF | &nbsp;&nbsp;&nbsp; 280 |
| S&P 500<sup>®</sup> Equal Weight Materials ETF | &nbsp;&nbsp;&nbsp; 70 |
| S&P 500<sup>®</sup> Equal Weight Real Estate ETF | &nbsp;&nbsp;&nbsp; 33 |
| S&P 500<sup>®</sup> Equal Weight Technology ETF | &nbsp;&nbsp;&nbsp; 1788 |
| S&P 500<sup>®</sup> Equal Weight Utilities ETF | &nbsp;&nbsp;&nbsp; 217 |
| S&P MidCap 400<sup>®</sup> GARP ETF | &nbsp;&nbsp;&nbsp; 219 |

---

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 BNY, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

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For the six months ended October 31, 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:

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| | |
|:---|:---|
| S&P 500<sup>®</sup> Equal Weight ETF | &nbsp;&nbsp;&nbsp; $368854 |
| S&P 500<sup>®</sup> Equal Weight Communication Services ETF | &nbsp;&nbsp;&nbsp; 1185 |
| S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | &nbsp;&nbsp;&nbsp; 1242 |
| S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | &nbsp;&nbsp;&nbsp; 2405 |
| S&P 500<sup>®</sup> Equal Weight Energy ETF | &nbsp;&nbsp;&nbsp; 7166 |
| S&P 500<sup>®</sup> Equal Weight Financials ETF | &nbsp;&nbsp;&nbsp; 2417 |
| S&P 500<sup>®</sup> Equal Weight Health Care ETF | &nbsp;&nbsp;&nbsp; 1752 |
| S&P 500<sup>®</sup> Equal Weight Industrials ETF | &nbsp;&nbsp;&nbsp; 1850 |
| S&P 500<sup>®</sup> Equal Weight Materials ETF | &nbsp;&nbsp;&nbsp; 1138 |
| S&P 500<sup>®</sup> Equal Weight Real Estate ETF | &nbsp;&nbsp;&nbsp; 615 |
| S&P 500<sup>®</sup> Equal Weight Technology ETF | &nbsp;&nbsp;&nbsp; 19298 |
| S&P 500<sup>®</sup> Equal Weight Utilities ETF | &nbsp;&nbsp;&nbsp; 1804 |
| S&P MidCap 400<sup>®</sup> GARP ETF | &nbsp;&nbsp;&nbsp; 40179 |

---

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 October 31, 2025, for each Fund (except for S&P 500<sup>®</sup> Equal Weight Energy ETF, S&P 500<sup>®</sup> Equal Weight Industrials ETF, S&P 500<sup>®</sup> Equal Weight Materials ETF and S&P 500<sup>®</sup> Equal Weight Real Estate ETF). As of October 31, 2025, all of the securities in S&P 500<sup>®</sup> Equal Weight Energy ETF, S&P 500<sup>®</sup> Equal Weight Industrials ETF, S&P 500<sup>®</sup> Equal Weight Materials ETF and S&P 500<sup>®</sup> Equal Weight Real Estate ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| S&P 500<sup>®</sup> Equal Weight ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $72703868653 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $72703868653 |
| Money Market Funds | &nbsp;&nbsp; 114358676 | &nbsp;&nbsp; 2191752398 | &nbsp;&nbsp; - | &nbsp;&nbsp; 2306111074 |
| **Total Investments in Securities** | &nbsp;&nbsp; 72818227329 | &nbsp;&nbsp; 2191752398 | &nbsp;&nbsp; - | &nbsp;&nbsp; 75009979727 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; (2118309)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (2118309)<br>|
| **Total Investments** | &nbsp;&nbsp; $72816109020 | &nbsp;&nbsp; $2191752398 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $75007861418 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| S&P 500<sup>®</sup> Equal Weight Communication Services ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $73272942 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $73272942 |
| Money Market Funds | &nbsp;&nbsp; 40654 | &nbsp;&nbsp; 8809201 | &nbsp;&nbsp; - | &nbsp;&nbsp; 8849855 |
| **Total Investments** | &nbsp;&nbsp; $73313596 | &nbsp;&nbsp; $8809201 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $82122797 |
| S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $214007431 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $214007431 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 4201625 | &nbsp;&nbsp; - | &nbsp;&nbsp; 4201625 |
| **Total Investments** | &nbsp;&nbsp; $214007431 | &nbsp;&nbsp; $4201625 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $218209056 |
| S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $227164562 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $227164562 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 18108017 | &nbsp;&nbsp; - | &nbsp;&nbsp; 18108017 |
| **Total Investments** | &nbsp;&nbsp; $227164562 | &nbsp;&nbsp; $18108017 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $245272579 |
| S&P 500<sup>®</sup> Equal Weight Financials ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $308122271 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $308122271 |
| Money Market Funds | &nbsp;&nbsp; 278755 | &nbsp;&nbsp; 7964 | &nbsp;&nbsp; - | &nbsp;&nbsp; 286719 |
| **Total Investments** | &nbsp;&nbsp; $308401026 | &nbsp;&nbsp; $7964 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $308408990 |
| S&P 500<sup>®</sup> Equal Weight Health Care ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $715348372 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $715348372 |
| Money Market Funds | &nbsp;&nbsp; 480396 | &nbsp;&nbsp; 47174244 | &nbsp;&nbsp; - | &nbsp;&nbsp; 47654640 |
| **Total Investments** | &nbsp;&nbsp; $715828768 | &nbsp;&nbsp; $47174244 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $763003012 |
| S&P 500<sup>®</sup> Equal Weight Technology ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $4201048665 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4201048665 |
| Money Market Funds | &nbsp;&nbsp; 261184 | &nbsp;&nbsp; 4293029 | &nbsp;&nbsp; - | &nbsp;&nbsp; 4554213 |
| **Total Investments** | &nbsp;&nbsp; $4201309849 | &nbsp;&nbsp; $4293029 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4205602878 |
| S&P 500<sup>®</sup> Equal Weight Utilities ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $513050783 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $513050783 |
| Money Market Funds | &nbsp;&nbsp; 537201 | &nbsp;&nbsp; 15402816 | &nbsp;&nbsp; - | &nbsp;&nbsp; 15940017 |
| **Total Investments** | &nbsp;&nbsp; $513587984 | &nbsp;&nbsp; $15402816 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $528990800 |
| S&P MidCap 400<sup>®</sup> GARP ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $440550150 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $440550150 |
| Money Market Funds | &nbsp;&nbsp; 140658 | &nbsp;&nbsp; 62725542 | &nbsp;&nbsp; - | &nbsp;&nbsp; 62866200 |
| **Total Investments** | &nbsp;&nbsp; $440690808 | &nbsp;&nbsp; $62725542 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $503416350 |

---

\* Unrealized appreciation (depreciation).

**NOTE 5—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.

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**Value of Derivative Investments at Period-End**

The table below summarizes the value of each Fund's derivative investments, detailed by primary risk exposure, held as of October 31, 2025:

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| | |
|:---|:---|
|  | **S&P 500**<sup>®</sup> **Equal Weight ETF** |
|  | **Value** |
| **Derivative Liabilities** | **Equity** <br>**Risk**<br>|
| Unrealized depreciation on futures contracts—Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp; $(2118309)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp; 2118309 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp; $- |

---

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on futures contracts. Only current day's variation margin receivable (payable) is reported within the Statement of Assets and Liabilities for futures contracts, if any.

**Effect of Derivative Investments for the Six-Month Period Ended October 31, 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: |  |
| Futures contracts | &nbsp;&nbsp; $14632100 |
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Futures contracts | &nbsp;&nbsp; (3305248)<br>|
| Total | &nbsp;&nbsp; $11326852 |

---

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; $134364936 |

---

**NOTE 6—Tax Information**

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

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

The Funds had capital loss carryforwards as of April 30, 2025, as follows:

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

---

------

**69**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total\*** |
| 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 7—Investment Transactions**

For the six months ended October 31, 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; $8681026511 | &nbsp;&nbsp; $8691562552 |
| S&P 500<sup>®</sup> Equal Weight Communication Services ETF | &nbsp;&nbsp; 8563531 | &nbsp;&nbsp; 8570145 |
| S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | &nbsp;&nbsp; 25811436 | &nbsp;&nbsp; 26107760 |
| S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | &nbsp;&nbsp; 31024958 | &nbsp;&nbsp; 30691616 |
| S&P 500<sup>®</sup> Equal Weight Energy ETF | &nbsp;&nbsp; 62455831 | &nbsp;&nbsp; 73411168 |
| S&P 500<sup>®</sup> Equal Weight Financials ETF | &nbsp;&nbsp; 41502965 | &nbsp;&nbsp; 41626409 |
| S&P 500<sup>®</sup> Equal Weight Health Care ETF | &nbsp;&nbsp; 68886015 | &nbsp;&nbsp; 69059439 |
| S&P 500<sup>®</sup> Equal Weight Industrials ETF | &nbsp;&nbsp; 60344762 | &nbsp;&nbsp; 60542578 |
| S&P 500<sup>®</sup> Equal Weight Materials ETF | &nbsp;&nbsp; 21080906 | &nbsp;&nbsp; 21384369 |
| S&P 500<sup>®</sup> Equal Weight Real Estate ETF | &nbsp;&nbsp; 7956010 | &nbsp;&nbsp; 7281970 |
| S&P 500<sup>®</sup> Equal Weight Technology ETF | &nbsp;&nbsp; 507805605 | &nbsp;&nbsp; 508664360 |
| S&P 500<sup>®</sup> Equal Weight Utilities ETF | &nbsp;&nbsp; 16989085 | &nbsp;&nbsp; 16638967 |
| S&P MidCap 400<sup>®</sup> GARP ETF | &nbsp;&nbsp; 232746325 | &nbsp;&nbsp; 233849686 |

---

For the six months ended October 31, 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; $8998126213 | &nbsp;&nbsp; $13380126739 |
| S&P 500<sup>®</sup> Equal Weight Communication Services ETF | &nbsp;&nbsp; 19410022 | &nbsp;&nbsp; 13956820 |
| S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | &nbsp;&nbsp; 37001402 | &nbsp;&nbsp; 38448094 |
| S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | &nbsp;&nbsp; 5780079 | &nbsp;&nbsp; 32810958 |
| S&P 500<sup>®</sup> Equal Weight Energy ETF | &nbsp;&nbsp; 16267402 | &nbsp;&nbsp; 62436161 |
| S&P 500<sup>®</sup> Equal Weight Financials ETF | &nbsp;&nbsp; 6987012 | &nbsp;&nbsp; 15654002 |
| S&P 500<sup>®</sup> Equal Weight Health Care ETF | &nbsp;&nbsp; 20170528 | &nbsp;&nbsp; 101207872 |
| S&P 500<sup>®</sup> Equal Weight Industrials ETF | &nbsp;&nbsp; 206291019 | &nbsp;&nbsp; 184216367 |
| S&P 500<sup>®</sup> Equal Weight Materials ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; 31776365 |
| S&P 500<sup>®</sup> Equal Weight Real Estate ETF | &nbsp;&nbsp; 15183332 | &nbsp;&nbsp; 10100464 |
| S&P 500<sup>®</sup> Equal Weight Technology ETF | &nbsp;&nbsp; 603981452 | &nbsp;&nbsp; 558789740 |
| S&P 500<sup>®</sup> Equal Weight Utilities ETF | &nbsp;&nbsp; 83887096 | &nbsp;&nbsp; 53237584 |
| S&P MidCap 400<sup>®</sup> GARP ETF | &nbsp;&nbsp; 2395137 | &nbsp;&nbsp; 85494550 |

---

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

As of October 31, 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; $10418666275 | &nbsp;&nbsp; $(5826078335)<br>| &nbsp;&nbsp; $4592587940 | &nbsp;&nbsp; $70415273478 |
| S&P 500<sup>®</sup> Equal Weight Communication Services ETF | &nbsp;&nbsp; 12804998 | &nbsp;&nbsp; (7459878)<br>| &nbsp;&nbsp; 5345120 | &nbsp;&nbsp; 76777677 |
| S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | &nbsp;&nbsp; 26372165 | &nbsp;&nbsp; (25191451)<br>| &nbsp;&nbsp; 1180714 | &nbsp;&nbsp; 217028342 |
| S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | &nbsp;&nbsp; 12313099 | &nbsp;&nbsp; (74678092)<br>| &nbsp;&nbsp; (62364993)<br>| &nbsp;&nbsp; 307637572 |
| S&P 500<sup>®</sup> Equal Weight Energy ETF | &nbsp;&nbsp; 55275849 | &nbsp;&nbsp; (57663347)<br>| &nbsp;&nbsp; (2387498)<br>| &nbsp;&nbsp; 405452747 |
| S&P 500<sup>®</sup> Equal Weight Financials ETF | &nbsp;&nbsp; 65178677 | &nbsp;&nbsp; (12996527)<br>| &nbsp;&nbsp; 52182150 | &nbsp;&nbsp; 256226840 |

---

------

**70**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 Health Care ETF | &nbsp;&nbsp; $143480652 | &nbsp;&nbsp; $(93981869)<br>| &nbsp;&nbsp; $49498783 | &nbsp;&nbsp; $713504229 |
| S&P 500<sup>®</sup> Equal Weight Industrials ETF | &nbsp;&nbsp; 100448038 | &nbsp;&nbsp; (23376222)<br>| &nbsp;&nbsp; 77071816 | &nbsp;&nbsp; 608290564 |
| S&P 500<sup>®</sup> Equal Weight Materials ETF | &nbsp;&nbsp; 13879565 | &nbsp;&nbsp; (39647215)<br>| &nbsp;&nbsp; (25767650)<br>| &nbsp;&nbsp; 172366784 |
| S&P 500<sup>®</sup> Equal Weight Real Estate ETF | &nbsp;&nbsp; 7078935 | &nbsp;&nbsp; (25784974)<br>| &nbsp;&nbsp; (18706039)<br>| &nbsp;&nbsp; 130957722 |
| S&P 500<sup>®</sup> Equal Weight Technology ETF | &nbsp;&nbsp; 1167895049 | &nbsp;&nbsp; (140532916)<br>| &nbsp;&nbsp; 1027362133 | &nbsp;&nbsp; 3178240745 |
| S&P 500<sup>®</sup> Equal Weight Utilities ETF | &nbsp;&nbsp; 68425801 | &nbsp;&nbsp; (11200812)<br>| &nbsp;&nbsp; 57224989 | &nbsp;&nbsp; 471765811 |
| S&P MidCap 400<sup>®</sup> GARP ETF | &nbsp;&nbsp; 62612440 | &nbsp;&nbsp; (39411511)<br>| &nbsp;&nbsp; 23200929 | &nbsp;&nbsp; 480215421 |

---

**NOTE 8—Trustees' and Officer's Fees**

The Adviser, as a result of each Fund's unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. 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.

------

**71**

------

**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>**

Not applicable.

------

**72**

------

**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-SPE-NCSRS

invesco.com/ETFs

------

![](img1b89563c1.jpg)

------

**Invesco Semi-Annual Financial Statements and Other Information**

October 31, 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_da7a1994-9db9-42f3-b168-b2114d3501d5_SOI-Continued-524_1)<sup>®</sup>[Pure Growth ETF (RPG)](#xx_da7a1994-9db9-42f3-b168-b2114d3501d5_SOI-Continued-524_1) | **3** |
| [Invesco S&P 500](#xx_da7a1994-9db9-42f3-b168-b2114d3501d5_SOI-Continued-524_3)<sup>®</sup>[Pure Value ETF (RPV)](#xx_da7a1994-9db9-42f3-b168-b2114d3501d5_SOI-Continued-524_3) | **5** |
| [Invesco S&P 500](#xx_da7a1994-9db9-42f3-b168-b2114d3501d5_SOI-Continued-524_6)<sup>®</sup>[Top 50 ETF (XLG)](#xx_da7a1994-9db9-42f3-b168-b2114d3501d5_SOI-Continued-524_6) | **8** |
| [Invesco S&P MidCap 400](#xx_da7a1994-9db9-42f3-b168-b2114d3501d5_SOI-Continued-524_8)<sup>®</sup>[Pure Growth ETF (RFG)](#xx_da7a1994-9db9-42f3-b168-b2114d3501d5_SOI-Continued-524_8) | **10** |
| [Invesco S&P MidCap 400](#xx_da7a1994-9db9-42f3-b168-b2114d3501d5_SOI-Continued-524_10)<sup>®</sup>[Pure Value ETF (RFV)](#xx_da7a1994-9db9-42f3-b168-b2114d3501d5_SOI-Continued-524_10) | **12** |
| [Invesco S&P SmallCap 600](#xx_da7a1994-9db9-42f3-b168-b2114d3501d5_SOI-Continued-524_12)<sup>®</sup>[Pure Growth ETF (RZG)](#xx_da7a1994-9db9-42f3-b168-b2114d3501d5_SOI-Continued-524_12) | **14** |
| [Invesco S&P SmallCap 600](#xx_da7a1994-9db9-42f3-b168-b2114d3501d5_SOI-Continued-524_15)<sup>®</sup>[Pure Value ETF (RZV)](#xx_da7a1994-9db9-42f3-b168-b2114d3501d5_SOI-Continued-524_15) | **17** |
| [Statements of Assets and Liabilities](#xx_da7a1994-9db9-42f3-b168-b2114d3501d5_FS-Continued-524_1) | **20** |
| [Statements of Operations](#xx_da7a1994-9db9-42f3-b168-b2114d3501d5_FS-Continued-524_3) | **22** |
| [Statements of Changes in Net Assets](#xx_da7a1994-9db9-42f3-b168-b2114d3501d5_FS-Continued-524_5) | **24** |
| [Financial Highlights](#xx_da7a1994-9db9-42f3-b168-b2114d3501d5_FIHI-Continued-524_1) | **28** |
| [Notes to Financial Statements](#xx_da7a1994-9db9-42f3-b168-b2114d3501d5_NTF-Continued-524_1) | **35** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_da7a1994-9db9-42f3-b168-b2114d3501d5_OIRSR-Continued_1) | **45** |

---

------

**2**

------

**Invesco S&P 500**<sup>®</sup> **Pure Growth ETF (RPG)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.01%** | **Common Stocks & Other Equity Interests-100.01%** | **Common Stocks & Other Equity Interests-100.01%** |
| **Communication Services-6.33%** | **Communication Services-6.33%** | **Communication Services-6.33%** |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup> | 174401 | &nbsp;&nbsp; $26078182 |
| Meta Platforms, Inc., Class A | 24849 | &nbsp;&nbsp; 16110849 |
| Netflix, Inc.<sup>(b)</sup> | 14840 | &nbsp;&nbsp; 16603882 |
| TKO Group Holdings, Inc. | 151433 | &nbsp;&nbsp; 28529977 |
| Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 383280 | &nbsp;&nbsp; 19271319 |
|  |  | &nbsp;&nbsp; 106594209 |
| **Consumer Discretionary-21.60%** | **Consumer Discretionary-21.60%** | **Consumer Discretionary-21.60%** |
| Airbnb, Inc., Class A<sup>(b)</sup> | 64016 | &nbsp;&nbsp; 8100585 |
| Booking Holdings, Inc. | 4436 | &nbsp;&nbsp; 22524855 |
| Carnival Corp.<sup>(b)(c)</sup> | 1232287 | &nbsp;&nbsp; 35526834 |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 148511 | &nbsp;&nbsp; 4706314 |
| Deckers Outdoor Corp.<sup>(b)</sup> | 105418 | &nbsp;&nbsp; 8591567 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 98963 | &nbsp;&nbsp; 25173218 |
| Expedia Group, Inc. | 99349 | &nbsp;&nbsp; 21856780 |
| Garmin Ltd. | 41248 | &nbsp;&nbsp; 8824597 |
| Hilton Worldwide Holdings, Inc. | 79765 | &nbsp;&nbsp; 20496414 |
| Las Vegas Sands Corp. | 275477 | &nbsp;&nbsp; 16349560 |
| Marriott International, Inc., Class A | 65128 | &nbsp;&nbsp; 16971054 |
| Norwegian Cruise Line Holdings Ltd.<sup>(b)</sup> | 1323191 | &nbsp;&nbsp; 29665942 |
| PulteGroup, Inc. | 131062 | &nbsp;&nbsp; 15710402 |
| Ralph Lauren Corp. | 60762 | &nbsp;&nbsp; 19423181 |
| Royal Caribbean Cruises Ltd. | 127423 | &nbsp;&nbsp; 36548739 |
| Tapestry, Inc. | 245053 | &nbsp;&nbsp; 26911720 |
| Tesla, Inc.<sup>(b)</sup> | 38968 | &nbsp;&nbsp; 17791230 |
| Williams-Sonoma, Inc. | 39172 | &nbsp;&nbsp; 7612687 |
| Wynn Resorts Ltd. | 175642 | &nbsp;&nbsp; 20899642 |
|  |  | &nbsp;&nbsp; 363685321 |
| **Consumer Staples-0.44%** | **Consumer Staples-0.44%** | **Consumer Staples-0.44%** |
| Costco Wholesale Corp. | 8030 | &nbsp;&nbsp; 7318943 |
| **Energy-1.80%** | **Energy-1.80%** | **Energy-1.80%** |
| Targa Resources Corp. | 67955 | &nbsp;&nbsp; 10467788 |
| Texas Pacific Land Corp. | 21099 | &nbsp;&nbsp; 19904375 |
|  |  | &nbsp;&nbsp; 30372163 |
| **Financials-10.39%** | **Financials-10.39%** | **Financials-10.39%** |
| American Express Co. | 61000 | &nbsp;&nbsp; 22004530 |
| Ameriprise Financial, Inc. | 26665 | &nbsp;&nbsp; 12073112 |
| Apollo Global Management, Inc.<sup>(c)</sup> | 153379 | &nbsp;&nbsp; 19066543 |
| Arch Capital Group Ltd. | 170902 | &nbsp;&nbsp; 14750552 |
| Brown & Brown, Inc. | 114317 | &nbsp;&nbsp; 9115638 |
| Corpay, Inc.<sup>(b)</sup> | 45659 | &nbsp;&nbsp; 11887321 |
| Erie Indemnity Co., Class A<sup>(c)</sup> | 32108 | &nbsp;&nbsp; 9396085 |
| Fiserv, Inc.<sup>(b)</sup> | 64847 | &nbsp;&nbsp; 4324646 |
| Interactive Brokers Group, Inc., Class A | 326969 | &nbsp;&nbsp; 23005539 |
| Mastercard, Inc., Class A | 17104 | &nbsp;&nbsp; 9441237 |
| Progressive Corp. (The) | 58725 | &nbsp;&nbsp; 12097350 |
| Synchrony Financial | 242226 | &nbsp;&nbsp; 18016770 |
| Visa, Inc., Class A | 28854 | &nbsp;&nbsp; 9831712 |
|  |  | &nbsp;&nbsp; 175011035 |
| **Health Care-3.97%** | **Health Care-3.97%** | **Health Care-3.97%** |
| Boston Scientific Corp.<sup>(b)</sup> | 104844 | &nbsp;&nbsp; 10559888 |
| DaVita, Inc.<sup>(b)(c)</sup> | 65978 | &nbsp;&nbsp; 7852702 |
| Eli Lilly and Co. | 8520 | &nbsp;&nbsp; 7351567 |
| Insulet Corp.<sup>(b)</sup> | 57039 | &nbsp;&nbsp; 17853777 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 24691 | &nbsp;&nbsp; $13191907 |
| ResMed, Inc. | 40968 | &nbsp;&nbsp; 10114180 |
|  |  | &nbsp;&nbsp; 66924021 |
| **Industrials-25.01%** | **Industrials-25.01%** | **Industrials-25.01%** |
| Axon Enterprise, Inc.<sup>(b)</sup> | 42036 | &nbsp;&nbsp; 30780020 |
| Caterpillar, Inc. | 33902 | &nbsp;&nbsp; 19570268 |
| Cintas Corp. | 50115 | &nbsp;&nbsp; 9184576 |
| Cummins, Inc. | 35500 | &nbsp;&nbsp; 15537640 |
| Dayforce, Inc.<sup>(b)(c)</sup> | 91166 | &nbsp;&nbsp; 6266751 |
| Delta Air Lines, Inc. | 426229 | &nbsp;&nbsp; 24457020 |
| Eaton Corp. PLC | 23395 | &nbsp;&nbsp; 8926596 |
| EMCOR Group, Inc. | 40388 | &nbsp;&nbsp; 27293403 |
| GE Vernova, Inc. | 36601 | &nbsp;&nbsp; 21416709 |
| Howmet Aerospace, Inc. | 172573 | &nbsp;&nbsp; 35541409 |
| Hubbell, Inc. | 28651 | &nbsp;&nbsp; 13465970 |
| Ingersoll Rand, Inc. | 98765 | &nbsp;&nbsp; 7538732 |
| Lennox International, Inc. | 13922 | &nbsp;&nbsp; 7030610 |
| Parker-Hannifin Corp. | 14388 | &nbsp;&nbsp; 11119478 |
| Paycom Software, Inc. | 58666 | &nbsp;&nbsp; 10975822 |
| Quanta Services, Inc.<sup>(c)</sup> | 70852 | &nbsp;&nbsp; 31821759 |
| Republic Services, Inc. | 33628 | &nbsp;&nbsp; 7002695 |
| Trane Technologies PLC | 42732 | &nbsp;&nbsp; 19171712 |
| TransDigm Group, Inc. | 8260 | &nbsp;&nbsp; 10808293 |
| Uber Technologies, Inc.<sup>(b)</sup> | 270548 | &nbsp;&nbsp; 26107882 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 331264 | &nbsp;&nbsp; 31152066 |
| United Rentals, Inc. | 27494 | &nbsp;&nbsp; 23952223 |
| W.W. Grainger, Inc. | 8724 | &nbsp;&nbsp; 8540796 |
| Wabtec Corp. | 66147 | &nbsp;&nbsp; 13523093 |
|  |  | &nbsp;&nbsp; 421185523 |
| **Information Technology-23.64%** | **Information Technology-23.64%** | **Information Technology-23.64%** |
| Amphenol Corp., Class A | 134006 | &nbsp;&nbsp; 18672396 |
| AppLovin Corp., Class A<sup>(b)</sup> | 41841 | &nbsp;&nbsp; 26666525 |
| Arista Networks, Inc.<sup>(b)</sup> | 249023 | &nbsp;&nbsp; 39268437 |
| Broadcom, Inc. | 83785 | &nbsp;&nbsp; 30969450 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 53239 | &nbsp;&nbsp; 28909309 |
| Datadog, Inc., Class A<sup>(b)</sup> | 134439 | &nbsp;&nbsp; 21888014 |
| Fair Isaac Corp.<sup>(b)</sup> | 8645 | &nbsp;&nbsp; 14346637 |
| Fortinet, Inc.<sup>(b)</sup> | 251700 | &nbsp;&nbsp; 21754431 |
| GoDaddy, Inc., Class A<sup>(b)</sup> | 91030 | &nbsp;&nbsp; 12118824 |
| International Business Machines Corp. | 35709 | &nbsp;&nbsp; 10977304 |
| Motorola Solutions, Inc. | 16616 | &nbsp;&nbsp; 6757893 |
| NVIDIA Corp. | 205003 | &nbsp;&nbsp; 41511057 |
| Oracle Corp. | 51065 | &nbsp;&nbsp; 13410180 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 271684 | &nbsp;&nbsp; 54464491 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 52122 | &nbsp;&nbsp; 11479349 |
| Salesforce, Inc. | 20348 | &nbsp;&nbsp; 5298823 |
| ServiceNow, Inc.<sup>(b)</sup> | 15094 | &nbsp;&nbsp; 13875612 |
| Super Micro Computer, Inc.<sup>(b)</sup> | 370196 | &nbsp;&nbsp; 19235384 |
| Tyler Technologies, Inc.<sup>(b)</sup> | 13473 | &nbsp;&nbsp; 6416651 |
|  |  | &nbsp;&nbsp; 398020767 |
| **Real Estate-1.71%** | **Real Estate-1.71%** | **Real Estate-1.71%** |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 98942 | &nbsp;&nbsp; 15081729 |
| Iron Mountain, Inc. | 132475 | &nbsp;&nbsp; 13638301 |
|  |  | &nbsp;&nbsp; 28720030 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities-5.12%** | **Utilities-5.12%** | **Utilities-5.12%** |
| Constellation Energy Corp. | 47103 | &nbsp;&nbsp; $17757831 |
| NRG Energy, Inc. | 175825 | &nbsp;&nbsp; 30217285 |
| Vistra Corp. | 202755 | &nbsp;&nbsp; 38178766 |
|  |  | &nbsp;&nbsp; 86153882 |
| Total Common Stocks & Other Equity Interests <br>(Cost $1,377,820,504) | Total Common Stocks & Other Equity Interests <br>(Cost $1,377,820,504) | &nbsp;&nbsp; 1683985894 |
| **Money Market Funds-0.00%** | **Money Market Funds-0.00%** | **Money Market Funds-0.00%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $79,919)<br>| 79919 | &nbsp;&nbsp; 79919 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.01% <br>(Cost $1,377,900,423) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.01% <br>(Cost $1,377,900,423) | &nbsp;&nbsp; 1684065813 |

---

---

| | | |
|:---|:---|:---|
|  | **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-2.51%** | **Money Market Funds-2.51%** | **Money Market Funds-2.51%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 11744231 | &nbsp;&nbsp; $11744231 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 30558662 | &nbsp;&nbsp; 30567830 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $42,313,033) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $42,313,033) | &nbsp;&nbsp; 42312061 |
| TOTAL INVESTMENTS IN SECURITIES-102.52% <br>(Cost $1,420,213,456) | TOTAL INVESTMENTS IN SECURITIES-102.52% <br>(Cost $1,420,213,456) | &nbsp;&nbsp; 1726377874 |
| OTHER ASSETS LESS LIABILITIES-(2.52)% | OTHER ASSETS LESS LIABILITIES-(2.52)% | &nbsp;&nbsp; (42504163)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1683873711 |

---

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $493940 | &nbsp;&nbsp; $6263246 | &nbsp;&nbsp; $(6677267)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $79919 | &nbsp;&nbsp; $16807 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 47213890 | &nbsp;&nbsp; 232031510 | &nbsp;&nbsp; (267501169)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 11744231 | &nbsp;&nbsp; 725,357<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 122543494 | &nbsp;&nbsp; 405866399 | &nbsp;&nbsp; (497856068)<br>| &nbsp;&nbsp; 1381 | &nbsp;&nbsp; 12624 | &nbsp;&nbsp; 30567830 | &nbsp;&nbsp; 1,990,590<br> \*<br>|
| Total | &nbsp;&nbsp; $170251324 | &nbsp;&nbsp; $644161155 | &nbsp;&nbsp; $(772034504)<br>| &nbsp;&nbsp; $1381 | &nbsp;&nbsp; $12624 | &nbsp;&nbsp; $42391980 | &nbsp;&nbsp; $2732754 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.93%** | **Common Stocks & Other Equity Interests-99.93%** | **Common Stocks & Other Equity Interests-99.93%** |
| **Communication Services-7.41%** | **Communication Services-7.41%** | **Communication Services-7.41%** |
| AT&T, Inc. | 357973 | &nbsp;&nbsp; $8859832 |
| Comcast Corp., Class A | 180146 | &nbsp;&nbsp; 5014364 |
| Fox Corp., Class A<sup>(b)</sup> | 91674 | &nbsp;&nbsp; 5926724 |
| Fox Corp., Class B | 54656 | &nbsp;&nbsp; 3192457 |
| Paramount Skydance Corp.<sup>(b)</sup> | 2137971 | &nbsp;&nbsp; 32903373 |
| Verizon Communications, Inc. | 156855 | &nbsp;&nbsp; 6233418 |
| Warner Bros. Discovery, Inc.<sup>(c)</sup> | 1737607 | &nbsp;&nbsp; 39009277 |
|  |  | &nbsp;&nbsp; 101139445 |
| **Consumer Discretionary-12.73%** | **Consumer Discretionary-12.73%** | **Consumer Discretionary-12.73%** |
| Aptiv PLC<sup>(c)</sup> | 249703 | &nbsp;&nbsp; 20250913 |
| Best Buy Co., Inc. | 142638 | &nbsp;&nbsp; 11716285 |
| D.R. Horton, Inc. | 37226 | &nbsp;&nbsp; 5549652 |
| Ford Motor Co. | 3237296 | &nbsp;&nbsp; 42505697 |
| General Motors Co. | 662965 | &nbsp;&nbsp; 45804252 |
| Genuine Parts Co.<sup>(b)</sup> | 59545 | &nbsp;&nbsp; 7580674 |
| Lennar Corp., Class A<sup>(b)</sup> | 53616 | &nbsp;&nbsp; 6636052 |
| LKQ Corp. | 357042 | &nbsp;&nbsp; 11411062 |
| MGM Resorts International<sup>(c)</sup> | 233234 | &nbsp;&nbsp; 7470485 |
| Mohawk Industries, Inc.<sup>(c)</sup> | 131823 | &nbsp;&nbsp; 14980366 |
|  |  | &nbsp;&nbsp; 173905438 |
| **Consumer Staples-15.36%** | **Consumer Staples-15.36%** | **Consumer Staples-15.36%** |
| Archer-Daniels-Midland Co. | 580950 | &nbsp;&nbsp; 35164904 |
| Bunge Global S.A. | 358963 | &nbsp;&nbsp; 33957900 |
| Conagra Brands, Inc. | 370467 | &nbsp;&nbsp; 6368328 |
| Dollar General Corp. | 231684 | &nbsp;&nbsp; 22857943 |
| Dollar Tree, Inc.<sup>(c)</sup> | 196305 | &nbsp;&nbsp; 19457752 |
| J.M. Smucker Co. (The) | 69578 | &nbsp;&nbsp; 7204802 |
| Kraft Heinz Co. (The) | 586081 | &nbsp;&nbsp; 14493783 |
| Kroger Co. (The) | 346513 | &nbsp;&nbsp; 22048622 |
| Molson Coors Beverage Co., Class B<sup>(b)</sup> | 280118 | &nbsp;&nbsp; 12246759 |
| Sysco Corp. | 120094 | &nbsp;&nbsp; 8920582 |
| Target Corp. | 77649 | &nbsp;&nbsp; 7199615 |
| Tyson Foods, Inc., Class A | 387560 | &nbsp;&nbsp; 19924460 |
|  |  | &nbsp;&nbsp; 209845450 |
| **Energy-10.02%** | **Energy-10.02%** | **Energy-10.02%** |
| APA Corp. | 549182 | &nbsp;&nbsp; 12438972 |
| Chevron Corp. | 41167 | &nbsp;&nbsp; 6492859 |
| Coterra Energy, Inc. | 225408 | &nbsp;&nbsp; 5333153 |
| Devon Energy Corp. | 205484 | &nbsp;&nbsp; 6676175 |
| Diamondback Energy, Inc. | 42774 | &nbsp;&nbsp; 6124809 |
| EQT Corp. | 129447 | &nbsp;&nbsp; 6935770 |
| Exxon Mobil Corp. | 59946 | &nbsp;&nbsp; 6855425 |
| Marathon Petroleum Corp. | 128546 | &nbsp;&nbsp; 25054901 |
| Occidental Petroleum Corp. | 139503 | &nbsp;&nbsp; 5747524 |
| Phillips 66 Co. | 172765 | &nbsp;&nbsp; 23520227 |
| Valero Energy Corp. | 186966 | &nbsp;&nbsp; 31701955 |
|  |  | &nbsp;&nbsp; 136881770 |
| **Financials-18.29%** | **Financials-18.29%** | **Financials-18.29%** |
| Allstate Corp. (The) | 38585 | &nbsp;&nbsp; 7389799 |
| American International Group, Inc. | 206873 | &nbsp;&nbsp; 16334692 |
| Assurant, Inc. | 35859 | &nbsp;&nbsp; 7592068 |
| Bank of America Corp. | 148295 | &nbsp;&nbsp; 7926368 |
| Capital One Financial Corp. | 45525 | &nbsp;&nbsp; 10015045 |
| Chubb Ltd. | 21347 | &nbsp;&nbsp; 5911838 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Citigroup, Inc. | 273894 | &nbsp;&nbsp; $27726290 |
| Citizens Financial Group, Inc. | 275280 | &nbsp;&nbsp; 14003494 |
| Everest Group Ltd. | 44383 | &nbsp;&nbsp; 13959341 |
| Franklin Resources, Inc. | 689820 | &nbsp;&nbsp; 15596830 |
| Global Payments, Inc. | 62829 | &nbsp;&nbsp; 4885583 |
| Huntington Bancshares, Inc. | 347738 | &nbsp;&nbsp; 5369075 |
| Invesco Ltd.<sup>(d)</sup> | 996448 | &nbsp;&nbsp; 23615818 |
| KeyCorp | 321852 | &nbsp;&nbsp; 5661377 |
| Loews Corp. | 179577 | &nbsp;&nbsp; 17878686 |
| M&T Bank Corp. | 31692 | &nbsp;&nbsp; 5827208 |
| MetLife, Inc. | 121037 | &nbsp;&nbsp; 9661173 |
| Principal Financial Group, Inc. | 75457 | &nbsp;&nbsp; 6341406 |
| Prudential Financial, Inc. | 135945 | &nbsp;&nbsp; 14138280 |
| Regions Financial Corp. | 236120 | &nbsp;&nbsp; 5714104 |
| State Street Corp. | 92202 | &nbsp;&nbsp; 10664083 |
| Travelers Cos., Inc. (The) | 25404 | &nbsp;&nbsp; 6824022 |
| Truist Financial Corp. | 152521 | &nbsp;&nbsp; 6807012 |
|  |  | &nbsp;&nbsp; 249843592 |
| **Health Care-18.07%** | **Health Care-18.07%** | **Health Care-18.07%** |
| Baxter International, Inc.<sup>(b)</sup> | 195881 | &nbsp;&nbsp; 3617922 |
| Biogen, Inc.<sup>(c)</sup> | 47865 | &nbsp;&nbsp; 7384134 |
| Cardinal Health, Inc. | 139833 | &nbsp;&nbsp; 26675942 |
| Cencora, Inc. | 69823 | &nbsp;&nbsp; 23586908 |
| Centene Corp.<sup>(c)</sup> | 559704 | &nbsp;&nbsp; 19796731 |
| Cigna Group (The) | 62540 | &nbsp;&nbsp; 15285401 |
| CVS Health Corp. | 644425 | &nbsp;&nbsp; 50361814 |
| Elevance Health, Inc. | 38657 | &nbsp;&nbsp; 12262000 |
| Henry Schein, Inc.<sup>(c)</sup> | 104237 | &nbsp;&nbsp; 6587778 |
| Humana, Inc. | 87481 | &nbsp;&nbsp; 24336339 |
| McKesson Corp. | 28093 | &nbsp;&nbsp; 22792975 |
| Molina Healthcare, Inc.<sup>(c)</sup> | 48419 | &nbsp;&nbsp; 7411012 |
| Universal Health Services, Inc., Class B | 51026 | &nbsp;&nbsp; 11073152 |
| Viatris, Inc. | 1512778 | &nbsp;&nbsp; 15672380 |
|  |  | &nbsp;&nbsp; 246844488 |
| **Industrials-4.07%** | **Industrials-4.07%** | **Industrials-4.07%** |
| FedEx Corp. | 27586 | &nbsp;&nbsp; 7001879 |
| Huntington Ingalls Industries, Inc. | 71719 | &nbsp;&nbsp; 23094952 |
| Southwest Airlines Co.<sup>(b)</sup> | 343246 | &nbsp;&nbsp; 10400354 |
| Stanley Black & Decker, Inc. | 130622 | &nbsp;&nbsp; 8845722 |
| Textron, Inc. | 77572 | &nbsp;&nbsp; 6268593 |
|  |  | &nbsp;&nbsp; 55611500 |
| **Information Technology-3.47%** | **Information Technology-3.47%** | **Information Technology-3.47%** |
| Hewlett Packard Enterprise Co. | 652908 | &nbsp;&nbsp; 15944013 |
| Intel Corp.<sup>(c)</sup> | 441457 | &nbsp;&nbsp; 17653866 |
| Jabil, Inc. | 62663 | &nbsp;&nbsp; 13841630 |
|  |  | &nbsp;&nbsp; 47439509 |
| **Materials-5.78%** | **Materials-5.78%** | **Materials-5.78%** |
| Dow, Inc. | 310433 | &nbsp;&nbsp; 7403827 |
| DuPont de Nemours, Inc. | 72374 | &nbsp;&nbsp; 5909337 |
| Eastman Chemical Co. | 64740 | &nbsp;&nbsp; 3853325 |
| International Paper Co.<sup>(b)</sup> | 109914 | &nbsp;&nbsp; 4247077 |
| LyondellBasell Industries N.V., Class A | 172438 | &nbsp;&nbsp; 8004572 |
| Mosaic Co. (The) | 980229 | &nbsp;&nbsp; 26907286 |
| Nucor Corp. | 62325 | &nbsp;&nbsp; 9351866 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-(continued)** | **Materials-(continued)** | **Materials-(continued)** |
| Smurfit WestRock PLC | 177545 | &nbsp;&nbsp; $6554961 |
| Steel Dynamics, Inc. | 42703 | &nbsp;&nbsp; 6695831 |
|  |  | &nbsp;&nbsp; 78928082 |
| **Real Estate-0.82%** | **Real Estate-0.82%** | **Real Estate-0.82%** |
| Alexandria Real Estate Equities, Inc. | 86933 | &nbsp;&nbsp; 5061239 |
| VICI Properties, Inc. | 205592 | &nbsp;&nbsp; 6165704 |
|  |  | &nbsp;&nbsp; 11226943 |
| **Utilities-3.91%** | **Utilities-3.91%** | **Utilities-3.91%** |
| AES Corp. (The) | 693644 | &nbsp;&nbsp; 9620842 |
| Consolidated Edison, Inc. | 67160 | &nbsp;&nbsp; 6542056 |
| Evergy, Inc. | 107974 | &nbsp;&nbsp; 8293483 |
| Eversource Energy | 94615 | &nbsp;&nbsp; 6983533 |
| Exelon Corp. | 224107 | &nbsp;&nbsp; 10335815 |
| PG&E Corp. | 321118 | &nbsp;&nbsp; 5125043 |
| Pinnacle West Capital Corp. | 73109 | &nbsp;&nbsp; 6471609 |
|  |  | &nbsp;&nbsp; 53372381 |
| Total Common Stocks & Other Equity Interests <br>(Cost $1,350,115,765) | Total Common Stocks & Other Equity Interests <br>(Cost $1,350,115,765) | &nbsp;&nbsp; 1365038598 |
| **Money Market Funds-0.01%** | **Money Market Funds-0.01%** | **Money Market Funds-0.01%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $110,277)<br>| 110277 | &nbsp;&nbsp; 110277 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.94% <br>(Cost $1,350,226,042) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.94% <br>(Cost $1,350,226,042) | &nbsp;&nbsp; 1365148875 |

---

---

| | | |
|:---|:---|:---|
|  | **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-5.14%** | **Money Market Funds-5.14%** | **Money Market Funds-5.14%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 19502993 | &nbsp;&nbsp; $19502993 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 50693828 | &nbsp;&nbsp; 50709036 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $70,212,993) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $70,212,993) | &nbsp;&nbsp; 70212029 |
| TOTAL INVESTMENTS IN SECURITIES-105.08% <br>(Cost $1,420,439,035) | TOTAL INVESTMENTS IN SECURITIES-105.08% <br>(Cost $1,420,439,035) | &nbsp;&nbsp; 1435360904 |
| OTHER ASSETS LESS LIABILITIES-(5.08)% | OTHER ASSETS LESS LIABILITIES-(5.08)% | &nbsp;&nbsp; (69403598)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1365957306 |

---

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| Invesco Ltd. | &nbsp;&nbsp; $14111243 | &nbsp;&nbsp; $3286301 | &nbsp;&nbsp; $(3523398)<br>| &nbsp;&nbsp; $9183522 | &nbsp;&nbsp; $558150 | &nbsp;&nbsp; $23615818 | &nbsp;&nbsp; $420039 |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; 417307 | &nbsp;&nbsp; 21104399 | &nbsp;&nbsp; (21411429)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 110277 | &nbsp;&nbsp; 18197 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2025**<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> **October 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $16575638 | &nbsp;&nbsp; $142546270 | &nbsp;&nbsp; $(139618915)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $19502993 | &nbsp;&nbsp; $276,424<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 43094869 | &nbsp;&nbsp; 238821871 | &nbsp;&nbsp; (231206958)<br>| &nbsp;&nbsp; 2089 | &nbsp;&nbsp; (2835)<br>| &nbsp;&nbsp; 50709036 | &nbsp;&nbsp; 721,886<br> \*<br>|
| Total | &nbsp;&nbsp; $74199057 | &nbsp;&nbsp; $405758841 | &nbsp;&nbsp; $(395760700)<br>| &nbsp;&nbsp; $9185611 | &nbsp;&nbsp; $555315 | &nbsp;&nbsp; $93938124 | &nbsp;&nbsp; $1436546 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.92%** | **Common Stocks & Other Equity Interests-99.92%** | **Common Stocks & Other Equity Interests-99.92%** |
| **Communication Services-14.65%** | **Communication Services-14.65%** | **Communication Services-14.65%** |
| Alphabet, Inc., Class A | 1826164 | &nbsp;&nbsp; $513499055 |
| Alphabet, Inc., Class C | 1465949 | &nbsp;&nbsp; 413133747 |
| AT&T, Inc. | 2244819 | &nbsp;&nbsp; 55559270 |
| Meta Platforms, Inc., Class A | 680807 | &nbsp;&nbsp; 441401219 |
| Netflix, Inc.<sup>(b)</sup> | 133414 | &nbsp;&nbsp; 149271588 |
| Verizon Communications, Inc. | 1323691 | &nbsp;&nbsp; 52603480 |
| Walt Disney Co. (The) | 564343 | &nbsp;&nbsp; 63556309 |
|  |  | &nbsp;&nbsp; 1689024668 |
| **Consumer Discretionary-11.55%** | **Consumer Discretionary-11.55%** | **Consumer Discretionary-11.55%** |
| Amazon.com, Inc.<sup>(b)</sup> | 3046642 | &nbsp;&nbsp; 744050909 |
| Home Depot, Inc. (The) | 312280 | &nbsp;&nbsp; 118538365 |
| McDonald's Corp. | 224114 | &nbsp;&nbsp; 66882341 |
| Tesla, Inc.<sup>(b)</sup> | 880991 | &nbsp;&nbsp; 402225251 |
|  |  | &nbsp;&nbsp; 1331696866 |
| **Consumer Staples-5.15%** | **Consumer Staples-5.15%** | **Consumer Staples-5.15%** |
| Coca-Cola Co. (The) | 1215902 | &nbsp;&nbsp; 83775648 |
| Costco Wholesale Corp. | 139161 | &nbsp;&nbsp; 126838293 |
| PepsiCo, Inc. | 429710 | &nbsp;&nbsp; 62776334 |
| Philip Morris International, Inc. | 488561 | &nbsp;&nbsp; 70514009 |
| Procter & Gamble Co. (The) | 735289 | &nbsp;&nbsp; 110565407 |
| Walmart, Inc. | 1378017 | &nbsp;&nbsp; 139427760 |
|  |  | &nbsp;&nbsp; 593897451 |
| **Energy-2.15%** | **Energy-2.15%** | **Energy-2.15%** |
| Chevron Corp. | 604075 | &nbsp;&nbsp; 95274709 |
| Exxon Mobil Corp. | 1338481 | &nbsp;&nbsp; 153068687 |
|  |  | &nbsp;&nbsp; 248343396 |
| **Financials-9.93%** | **Financials-9.93%** | **Financials-9.93%** |
| Bank of America Corp. | 2139207 | &nbsp;&nbsp; 114340614 |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 575688 | &nbsp;&nbsp; 274914048 |
| Goldman Sachs Group, Inc. (The) | 95049 | &nbsp;&nbsp; 75028829 |
| JPMorgan Chase & Co. | 862639 | &nbsp;&nbsp; 268384246 |
| Mastercard, Inc., Class A | 258404 | &nbsp;&nbsp; 142636424 |
| Visa, Inc., Class A | 533343 | &nbsp;&nbsp; 181731294 |
| Wells Fargo & Co. | 1005594 | &nbsp;&nbsp; 87456510 |
|  |  | &nbsp;&nbsp; 1144491965 |
| **Health Care-6.69%** | **Health Care-6.69%** | **Health Care-6.69%** |
| Abbott Laboratories | 546284 | &nbsp;&nbsp; 67531628 |
| AbbVie, Inc. | 554623 | &nbsp;&nbsp; 120929999 |
| Eli Lilly and Co. | 249590 | &nbsp;&nbsp; 215361227 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 112575 | &nbsp;&nbsp; $60146571 |
| Johnson & Johnson | 755979 | &nbsp;&nbsp; 142781754 |
| Merck & Co., Inc. | 784196 | &nbsp;&nbsp; 67425172 |
| UnitedHealth Group, Inc. | 284376 | &nbsp;&nbsp; 97131467 |
|  |  | &nbsp;&nbsp; 771307818 |
| **Industrials-1.63%** | **Industrials-1.63%** | **Industrials-1.63%** |
| Caterpillar, Inc. | 147161 | &nbsp;&nbsp; 84950159 |
| General Electric Co. | 332828 | &nbsp;&nbsp; 102827211 |
|  |  | &nbsp;&nbsp; 187777370 |
| **Information Technology-47.64%** | **Information Technology-47.64%** | **Information Technology-47.64%** |
| Accenture PLC, Class A | 195491 | &nbsp;&nbsp; 48892299 |
| Adobe, Inc.<sup>(b)</sup> | 133189 | &nbsp;&nbsp; 45325549 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 509376 | &nbsp;&nbsp; 130461381 |
| Apple, Inc. | 4658836 | &nbsp;&nbsp; 1259609489 |
| Broadcom, Inc. | 1476635 | &nbsp;&nbsp; 545808595 |
| Cisco Systems, Inc. | 1243268 | &nbsp;&nbsp; 90895323 |
| International Business Machines Corp. | 292382 | &nbsp;&nbsp; 89881151 |
| Intuit, Inc. | 87684 | &nbsp;&nbsp; 58533454 |
| Microsoft Corp. | 2333436 | &nbsp;&nbsp; 1208276495 |
| NVIDIA Corp. | 7659909 | &nbsp;&nbsp; 1551054973 |
| Oracle Corp. | 520241 | &nbsp;&nbsp; 136620489 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 713936 | &nbsp;&nbsp; 143122750 |
| Salesforce, Inc. | 300221 | &nbsp;&nbsp; 78180551 |
| ServiceNow, Inc.<sup>(b)</sup> | 65197 | &nbsp;&nbsp; 59934298 |
| Texas Instruments, Inc. | 285449 | &nbsp;&nbsp; 46088596 |
|  |  | &nbsp;&nbsp; 5492685393 |
| **Materials-0.53%** | **Materials-0.53%** | **Materials-0.53%** |
| Linde PLC | 147294 | &nbsp;&nbsp; 61613080 |
| Total Common Stocks & Other Equity Interests <br>(Cost $8,839,704,087) | Total Common Stocks & Other Equity Interests <br>(Cost $8,839,704,087) | &nbsp;&nbsp; 11520838007 |
| **Money Market Funds-0.05%** | **Money Market Funds-0.05%** | **Money Market Funds-0.05%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(c)(d)</sup> <br>(Cost $6,441,136)<br>| 6441136 | &nbsp;&nbsp; 6441136 |
| TOTAL INVESTMENTS IN SECURITIES-99.97% <br>(Cost $8,846,145,223) | TOTAL INVESTMENTS IN SECURITIES-99.97% <br>(Cost $8,846,145,223) | &nbsp;&nbsp; 11527279143 |
| OTHER ASSETS LESS LIABILITIES-0.03% | OTHER ASSETS LESS LIABILITIES-0.03% | &nbsp;&nbsp; 2983834 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $11530262977 |

---

---

| | |
|:---|:---|
| 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 six months ended October 31, 2025.<br>|

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $3450520 | &nbsp;&nbsp; $73176179 | &nbsp;&nbsp; $(70185563)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $6441136 | &nbsp;&nbsp; $147513 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 1987552 | &nbsp;&nbsp; 6447095 | &nbsp;&nbsp; (8434647)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4,838<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 4447929 | &nbsp;&nbsp; 16956541 | &nbsp;&nbsp; (21404470)<br>| &nbsp;&nbsp; 370 | &nbsp;&nbsp; (370)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 12,884<br> \*<br>|
| Total | &nbsp;&nbsp; $9886001 | &nbsp;&nbsp; $96579815 | &nbsp;&nbsp; $(100024680)<br>| &nbsp;&nbsp; $370 | &nbsp;&nbsp; $(370)<br>| &nbsp;&nbsp; $6441136 | &nbsp;&nbsp; $165235 |

---

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

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

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)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.92%** | **Common Stocks & Other Equity Interests-99.92%** | **Common Stocks & Other Equity Interests-99.92%** |
| **Consumer Discretionary-14.91%** | **Consumer Discretionary-14.91%** | **Consumer Discretionary-14.91%** |
| Abercrombie & Fitch Co., Class A<sup>(b)</sup> | 30855 | &nbsp;&nbsp; $2238530 |
| Chewy, Inc., Class A<sup>(b)</sup> | 81220 | &nbsp;&nbsp; 2738738 |
| Choice Hotels International, Inc. | 10334 | &nbsp;&nbsp; 960649 |
| Churchill Downs, Inc.<sup>(c)</sup> | 17953 | &nbsp;&nbsp; 1780938 |
| Crocs, Inc.<sup>(b)(c)</sup> | 19157 | &nbsp;&nbsp; 1564935 |
| Grand Canyon Education, Inc.<sup>(b)</sup> | 12357 | &nbsp;&nbsp; 2326823 |
| H&R Block, Inc. | 44877 | &nbsp;&nbsp; 2232182 |
| Hilton Grand Vacations, Inc.<sup>(b)(c)</sup> | 74156 | &nbsp;&nbsp; 3073766 |
| Hyatt Hotels Corp., Class A<sup>(c)</sup> | 25148 | &nbsp;&nbsp; 3455587 |
| Murphy USA, Inc. | 5789 | &nbsp;&nbsp; 2073620 |
| Planet Fitness, Inc., Class A<sup>(b)</sup> | 38708 | &nbsp;&nbsp; 3510429 |
| Texas Roadhouse, Inc. | 20888 | &nbsp;&nbsp; 3416859 |
| Toll Brothers, Inc. | 24453 | &nbsp;&nbsp; 3299932 |
| TopBuild Corp.<sup>(b)</sup> | 7054 | &nbsp;&nbsp; 2980174 |
| Travel + Leisure Co. | 52645 | &nbsp;&nbsp; 3305053 |
| Valvoline, Inc.<sup>(b)(c)</sup> | 67375 | &nbsp;&nbsp; 2224049 |
| Wingstop, Inc.<sup>(c)</sup> | 10635 | &nbsp;&nbsp; 2303860 |
|  |  | &nbsp;&nbsp; 43486124 |
| **Consumer Staples-3.02%** | **Consumer Staples-3.02%** | **Consumer Staples-3.02%** |
| Coca-Cola Consolidated, Inc. | 17961 | &nbsp;&nbsp; 2341755 |
| e.l.f. Beauty, Inc.<sup>(b)(c)</sup> | 17385 | &nbsp;&nbsp; 2123404 |
| Pilgrim's Pride Corp. | 68638 | &nbsp;&nbsp; 2615108 |
| Sprouts Farmers Market, Inc.<sup>(b)</sup> | 21937 | &nbsp;&nbsp; 1732145 |
|  |  | &nbsp;&nbsp; 8812412 |
| **Energy-6.69%** | **Energy-6.69%** | **Energy-6.69%** |
| CNX Resources Corp.<sup>(b)(c)</sup> | 76400 | &nbsp;&nbsp; 2571624 |
| DT Midstream, Inc. | 20350 | &nbsp;&nbsp; 2228122 |
| Permian Resources Corp. | 232193 | &nbsp;&nbsp; 2916344 |
| TechnipFMC PLC (United Kingdom) | 60269 | &nbsp;&nbsp; 2492123 |
| Valaris Ltd.<sup>(b)(c)</sup> | 123223 | &nbsp;&nbsp; 6915275 |
| Viper Energy, Inc., Class A | 63002 | &nbsp;&nbsp; 2366355 |
|  |  | &nbsp;&nbsp; 19489843 |
| **Financials-9.03%** | **Financials-9.03%** | **Financials-9.03%** |
| East West Bancorp, Inc. | 28515 | &nbsp;&nbsp; 2897124 |
| Equitable Holdings, Inc. | 35317 | &nbsp;&nbsp; 1744660 |
| Hamilton Lane, Inc., Class A | 24506 | &nbsp;&nbsp; 2792704 |
| Houlihan Lokey, Inc. | 7726 | &nbsp;&nbsp; 1383572 |
| Kinsale Capital Group, Inc. | 7679 | &nbsp;&nbsp; 3067530 |
| RenaissanceRe Holdings Ltd. (Bermuda)<sup>(c)</sup> | 17059 | &nbsp;&nbsp; 4334521 |
| Ryan Specialty Holdings, Inc., Class A<sup>(c)</sup> | 42347 | &nbsp;&nbsp; 2320616 |
| Shift4 Payments, Inc., Class A<sup>(b)(c)</sup> | 48618 | &nbsp;&nbsp; 3359504 |
| SLM Corp. | 64131 | &nbsp;&nbsp; 1721917 |
| Western Alliance Bancorporation | 34863 | &nbsp;&nbsp; 2696653 |
|  |  | &nbsp;&nbsp; 26318801 |
| **Health Care-18.36%** | **Health Care-18.36%** | **Health Care-18.36%** |
| Doximity, Inc., Class A<sup>(b)</sup> | 37821 | &nbsp;&nbsp; 2496186 |
| Ensign Group, Inc. (The) | 11499 | &nbsp;&nbsp; 2070970 |
| Exelixis, Inc.<sup>(b)</sup> | 113364 | &nbsp;&nbsp; 4383786 |
| Globus Medical, Inc., Class A<sup>(b)</sup> | 64186 | &nbsp;&nbsp; 3876193 |
| Halozyme Therapeutics, Inc.<sup>(b)</sup> | 63269 | &nbsp;&nbsp; 4124506 |
| HealthEquity, Inc.<sup>(b)</sup> | 17990 | &nbsp;&nbsp; 1701494 |
| Hims & Hers Health, Inc.<sup>(b)(c)</sup> | 155020 | &nbsp;&nbsp; 7047209 |
| Lantheus Holdings, Inc.<sup>(b)</sup> | 37664 | &nbsp;&nbsp; 2172836 |
| Masimo Corp.<sup>(b)(c)</sup> | 24626 | &nbsp;&nbsp; 3463647 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Medpace Holdings, Inc.<sup>(b)(c)</sup> | 9027 | &nbsp;&nbsp; $5279983 |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> | 18878 | &nbsp;&nbsp; 2703518 |
| Roivant Sciences Ltd.<sup>(b)(c)</sup> | 523147 | &nbsp;&nbsp; 10457708 |
| United Therapeutics Corp.<sup>(b)</sup> | 8449 | &nbsp;&nbsp; 3763438 |
|  |  | &nbsp;&nbsp; 53541474 |
| **Industrials-34.70%** | **Industrials-34.70%** | **Industrials-34.70%** |
| AAON, Inc.<sup>(c)</sup> | 43455 | &nbsp;&nbsp; 4275537 |
| Acuity, Inc. | 7491 | &nbsp;&nbsp; 2734590 |
| AeroVironment, Inc.<sup>(b)</sup> | 8576 | &nbsp;&nbsp; 3172348 |
| Alaska Air Group, Inc.<sup>(b)</sup> | 62129 | &nbsp;&nbsp; 2592643 |
| American Airlines Group, Inc.<sup>(b)(c)</sup> | 263686 | &nbsp;&nbsp; 3462197 |
| Applied Industrial Technologies, Inc. | 8752 | &nbsp;&nbsp; 2250052 |
| ATI, Inc.<sup>(b)</sup> | 54836 | &nbsp;&nbsp; 5427119 |
| BWX Technologies, Inc. | 16947 | &nbsp;&nbsp; 3620049 |
| Carlisle Cos., Inc. | 4044 | &nbsp;&nbsp; 1314502 |
| Carpenter Technology Corp. | 28924 | &nbsp;&nbsp; 9137092 |
| Chart Industries, Inc.<sup>(b)</sup> | 20703 | &nbsp;&nbsp; 4132733 |
| Clean Harbors, Inc.<sup>(b)</sup> | 13130 | &nbsp;&nbsp; 2763996 |
| Comfort Systems USA, Inc. | 12255 | &nbsp;&nbsp; 11833183 |
| Curtiss-Wright Corp. | 6259 | &nbsp;&nbsp; 3728674 |
| ESAB Corp. | 18387 | &nbsp;&nbsp; 2147969 |
| ExlService Holdings, Inc.<sup>(b)</sup> | 73637 | &nbsp;&nbsp; 2879207 |
| Kirby Corp.<sup>(b)(c)</sup> | 27779 | &nbsp;&nbsp; 2874571 |
| MasTec, Inc.<sup>(b)</sup> | 24560 | &nbsp;&nbsp; 5014170 |
| Mueller Industries, Inc. | 22058 | &nbsp;&nbsp; 2335280 |
| nVent Electric PLC | 30062 | &nbsp;&nbsp; 3437590 |
| Owens Corning | 11126 | &nbsp;&nbsp; 1416451 |
| Parsons Corp.<sup>(b)</sup> | 31612 | &nbsp;&nbsp; 2628222 |
| Paylocity Holding Corp.<sup>(b)</sup> | 16656 | &nbsp;&nbsp; 2352993 |
| RB Global, Inc. (Canada) | 33058 | &nbsp;&nbsp; 3280015 |
| RBC Bearings, Inc.<sup>(b)</sup> | 9842 | &nbsp;&nbsp; 4217592 |
| Saia, Inc.<sup>(b)</sup> | 3359 | &nbsp;&nbsp; 982507 |
| Tetra Tech, Inc. | 51130 | &nbsp;&nbsp; 1635137 |
| TransUnion | 34643 | &nbsp;&nbsp; 2812319 |
| Woodward, Inc. | 10410 | &nbsp;&nbsp; 2728565 |
|  |  | &nbsp;&nbsp; 101187303 |
| **Information Technology-11.53%** | **Information Technology-11.53%** | **Information Technology-11.53%** |
| AppFolio, Inc., Class A<sup>(b)</sup> | 13087 | &nbsp;&nbsp; 3329725 |
| Belden, Inc. | 16130 | &nbsp;&nbsp; 1965441 |
| Coherent Corp.<sup>(b)</sup> | 17117 | &nbsp;&nbsp; 2258759 |
| Commvault Systems, Inc.<sup>(b)</sup> | 16870 | &nbsp;&nbsp; 2348641 |
| DocuSign, Inc.<sup>(b)</sup> | 32531 | &nbsp;&nbsp; 2379317 |
| Dynatrace, Inc.<sup>(b)</sup> | 28230 | &nbsp;&nbsp; 1427591 |
| Fabrinet (Thailand)<sup>(b)(c)</sup> | 8207 | &nbsp;&nbsp; 3615758 |
| Guidewire Software, Inc.<sup>(b)</sup> | 18605 | &nbsp;&nbsp; 4346872 |
| Manhattan Associates, Inc.<sup>(b)</sup> | 5921 | &nbsp;&nbsp; 1078037 |
| Nutanix, Inc., Class A<sup>(b)</sup> | 28587 | &nbsp;&nbsp; 2036538 |
| Okta, Inc.<sup>(b)(c)</sup> | 18232 | &nbsp;&nbsp; 1668775 |
| Pegasystems, Inc. | 43330 | &nbsp;&nbsp; 2757955 |
| Twilio, Inc., Class A<sup>(b)</sup> | 32753 | &nbsp;&nbsp; 4417725 |
|  |  | &nbsp;&nbsp; 33631134 |
| **Materials-1.68%** | **Materials-1.68%** | **Materials-1.68%** |
| Eagle Materials, Inc. | 11946 | &nbsp;&nbsp; 2536375 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-(continued)** | **Materials-(continued)** | **Materials-(continued)** |
| Knife River Corp.<sup>(b)(c)</sup> | 21082 | &nbsp;&nbsp; $1274618 |
| Louisiana-Pacific Corp. | 12393 | &nbsp;&nbsp; 1079554 |
|  |  | &nbsp;&nbsp; 4890547 |
| Total Common Stocks & Other Equity Interests <br>(Cost $251,758,992) | Total Common Stocks & Other Equity Interests <br>(Cost $251,758,992) | &nbsp;&nbsp; 291357638 |
| **Money Market Funds-0.10%** | **Money Market Funds-0.10%** | **Money Market Funds-0.10%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $295,504)<br>| 295504 | &nbsp;&nbsp; 295504 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.02% <br>(Cost $252,054,496) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.02% <br>(Cost $252,054,496) | &nbsp;&nbsp; 291653142 |

---

---

| | | |
|:---|:---|:---|
|  | **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-17.23%** | **Money Market Funds-17.23%** | **Money Market Funds-17.23%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 13958878 | &nbsp;&nbsp; $13958878 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 36275940 | &nbsp;&nbsp; 36286823 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $50,245,827) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $50,245,827) | &nbsp;&nbsp; 50245701 |
| TOTAL INVESTMENTS IN SECURITIES-117.25% <br>(Cost $302,300,323) | TOTAL INVESTMENTS IN SECURITIES-117.25% <br>(Cost $302,300,323) | &nbsp;&nbsp; 341898843 |
| OTHER ASSETS LESS LIABILITIES-(17.25)% | OTHER ASSETS LESS LIABILITIES-(17.25)% | &nbsp;&nbsp; (50300078)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $291598765 |

---

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $44577 | &nbsp;&nbsp; $1578888 | &nbsp;&nbsp; $(1327961)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $295504 | &nbsp;&nbsp; $2798 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 15622482 | &nbsp;&nbsp; 79029418 | &nbsp;&nbsp; (80693022)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 13958878 | &nbsp;&nbsp; 314,239<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 40361377 | &nbsp;&nbsp; 140056717 | &nbsp;&nbsp; (144135358)<br>| &nbsp;&nbsp; 1944 | &nbsp;&nbsp; 2143 | &nbsp;&nbsp; 36286823 | &nbsp;&nbsp; 862,420<br> \*<br>|
| Total | &nbsp;&nbsp; $56028436 | &nbsp;&nbsp; $220665023 | &nbsp;&nbsp; $(226156341)<br>| &nbsp;&nbsp; $1944 | &nbsp;&nbsp; $2143 | &nbsp;&nbsp; $50541205 | &nbsp;&nbsp; $1179457 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.90%** | **Common Stocks & Other Equity Interests-99.90%** | **Common Stocks & Other Equity Interests-99.90%** |
| **Consumer Discretionary-26.68%** | **Consumer Discretionary-26.68%** | **Consumer Discretionary-26.68%** |
| Aramark | 42981 | &nbsp;&nbsp; $1628120 |
| AutoNation, Inc.<sup>(b)</sup> | 29945 | &nbsp;&nbsp; 5985107 |
| Capri Holdings Ltd.<sup>(b)(c)</sup> | 115685 | &nbsp;&nbsp; 2400464 |
| Gap, Inc. (The) | 94828 | &nbsp;&nbsp; 2166820 |
| Goodyear Tire & Rubber Co. (The)<sup>(b)(c)</sup> | 910685 | &nbsp;&nbsp; 6274620 |
| Graham Holdings Co., Class B | 4282 | &nbsp;&nbsp; 4333941 |
| Harley-Davidson, Inc.<sup>(c)</sup> | 105657 | &nbsp;&nbsp; 2850626 |
| Lear Corp. | 76446 | &nbsp;&nbsp; 8000074 |
| Lithia Motors, Inc., Class A | 17413 | &nbsp;&nbsp; 5469075 |
| Macy's, Inc.<sup>(c)</sup> | 475599 | &nbsp;&nbsp; 9269425 |
| Marriott Vacations Worldwide Corp. | 23534 | &nbsp;&nbsp; 1552773 |
| Penske Automotive Group, Inc. | 31384 | &nbsp;&nbsp; 5023637 |
| Polaris, Inc.<sup>(c)</sup> | 45671 | &nbsp;&nbsp; 3018853 |
| PVH Corp.<sup>(c)</sup> | 37889 | &nbsp;&nbsp; 2967845 |
| Taylor Morrison Home Corp., Class A<sup>(b)</sup> | 41251 | &nbsp;&nbsp; 2444947 |
| Thor Industries, Inc. | 36120 | &nbsp;&nbsp; 3769122 |
| Under Armour, Inc., Class A<sup>(b)(c)</sup> | 103774 | &nbsp;&nbsp; 478398 |
| Under Armour, Inc., Class C<sup>(b)(c)</sup> | 72210 | &nbsp;&nbsp; 320612 |
| Visteon Corp. | 27703 | &nbsp;&nbsp; 2968653 |
| Whirlpool Corp.<sup>(c)</sup> | 45299 | &nbsp;&nbsp; 3244767 |
|  |  | &nbsp;&nbsp; 74167879 |
| **Consumer Staples-5.44%** | **Consumer Staples-5.44%** | **Consumer Staples-5.44%** |
| Albertson's Cos., Inc., Class A<sup>(c)</sup> | 214638 | &nbsp;&nbsp; 3796946 |
| Coty, Inc., Class A<sup>(b)(c)</sup> | 246383 | &nbsp;&nbsp; 978141 |
| Darling Ingredients, Inc.<sup>(b)</sup> | 59648 | &nbsp;&nbsp; 1911718 |
| Performance Food Group Co.<sup>(b)</sup> | 55107 | &nbsp;&nbsp; 5331051 |
| US Foods Holding Corp.<sup>(b)</sup> | 42858 | &nbsp;&nbsp; 3112348 |
|  |  | &nbsp;&nbsp; 15130204 |
| **Energy-14.21%** | **Energy-14.21%** | **Energy-14.21%** |
| Chord Energy Corp.<sup>(c)</sup> | 32540 | &nbsp;&nbsp; 2952029 |
| Civitas Resources, Inc.<sup>(c)</sup> | 110869 | &nbsp;&nbsp; 3196353 |
| HF Sinclair Corp. | 236605 | &nbsp;&nbsp; 12208818 |
| Murphy Oil Corp.<sup>(c)</sup> | 119412 | &nbsp;&nbsp; 3379360 |
| NOV, Inc.<sup>(c)</sup> | 323932 | &nbsp;&nbsp; 4729407 |
| Ovintiv, Inc. | 71574 | &nbsp;&nbsp; 2684741 |
| PBF Energy, Inc., Class A | 302632 | &nbsp;&nbsp; 10340935 |
|  |  | &nbsp;&nbsp; 39491643 |
| **Financials-13.70%** | **Financials-13.70%** | **Financials-13.70%** |
| Ally Financial, Inc. | 77467 | &nbsp;&nbsp; 3018889 |
| Associated Banc-Corp<sup>(c)</sup> | 93047 | &nbsp;&nbsp; 2304774 |
| Bank OZK | 42180 | &nbsp;&nbsp; 1897678 |
| Brighthouse Financial, Inc.<sup>(b)</sup> | 92028 | &nbsp;&nbsp; 5252038 |
| CNO Financial Group, Inc. | 61628 | &nbsp;&nbsp; 2466353 |
| Essent Group Ltd. | 33091 | &nbsp;&nbsp; 2004322 |
| F.N.B. Corp.<sup>(c)</sup> | 140661 | &nbsp;&nbsp; 2211191 |
| First American Financial Corp. | 28287 | &nbsp;&nbsp; 1768220 |
| Hanover Insurance Group, Inc. (The) | 10240 | &nbsp;&nbsp; 1749811 |
| Kemper Corp. | 30407 | &nbsp;&nbsp; 1368011 |
| Old Republic International Corp. | 52452 | &nbsp;&nbsp; 2069756 |
| Prosperity Bancshares, Inc.<sup>(c)</sup> | 19978 | &nbsp;&nbsp; 1314952 |
| Reinsurance Group of America, Inc. | 16873 | &nbsp;&nbsp; 3078648 |
| Starwood Property Trust, Inc.<sup>(c)</sup> | 80068 | &nbsp;&nbsp; 1455636 |
| Unum Group | 35918 | &nbsp;&nbsp; 2637100 |
| Valley National Bancorp<sup>(c)</sup> | 319714 | &nbsp;&nbsp; 3475291 |
|  |  | &nbsp;&nbsp; 38072670 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-2.45%** | **Health Care-2.45%** | **Health Care-2.45%** |
| Elanco Animal Health, Inc.<sup>(b)(c)</sup> | 155268 | &nbsp;&nbsp; $3439186 |
| Perrigo Co. PLC | 161887 | &nbsp;&nbsp; 3357537 |
|  |  | &nbsp;&nbsp; 6796723 |
| **Industrials-13.90%** | **Industrials-13.90%** | **Industrials-13.90%** |
| AGCO Corp. | 30798 | &nbsp;&nbsp; 3177122 |
| Avis Budget Group, Inc.<sup>(b)(c)</sup> | 38473 | &nbsp;&nbsp; 5235021 |
| CNH Industrial N.V. | 198019 | &nbsp;&nbsp; 2077219 |
| Concentrix Corp.<sup>(c)</sup> | 226760 | &nbsp;&nbsp; 9140696 |
| Fluor Corp.<sup>(b)</sup> | 28706 | &nbsp;&nbsp; 1399992 |
| GXO Logistics, Inc.<sup>(b)(c)</sup> | 43394 | &nbsp;&nbsp; 2439177 |
| Insperity, Inc. | 23878 | &nbsp;&nbsp; 1053497 |
| Knight-Swift Transportation Holdings, Inc. | 33186 | &nbsp;&nbsp; 1497352 |
| Maximus, Inc. | 21818 | &nbsp;&nbsp; 1813512 |
| Oshkosh Corp. | 27405 | &nbsp;&nbsp; 3378762 |
| Terex Corp. | 52965 | &nbsp;&nbsp; 2437449 |
| WESCO International, Inc. | 19181 | &nbsp;&nbsp; 4978045 |
|  |  | &nbsp;&nbsp; 38627844 |
| **Information Technology-11.64%** | **Information Technology-11.64%** | **Information Technology-11.64%** |
| Amkor Technology, Inc. | 80763 | &nbsp;&nbsp; 2607030 |
| Arrow Electronics, Inc.<sup>(b)(c)</sup> | 64989 | &nbsp;&nbsp; 7249523 |
| Avnet, Inc. | 156520 | &nbsp;&nbsp; 7583394 |
| BILL Holdings, Inc.<sup>(b)(c)</sup> | 45674 | &nbsp;&nbsp; 2268171 |
| Flex Ltd.<sup>(b)</sup> | 52727 | &nbsp;&nbsp; 3296492 |
| TD SYNNEX Corp. | 59784 | &nbsp;&nbsp; 9355598 |
|  |  | &nbsp;&nbsp; 32360208 |
| **Materials-6.35%** | **Materials-6.35%** | **Materials-6.35%** |
| Ashland, Inc.<sup>(c)</sup> | 24670 | &nbsp;&nbsp; 1206363 |
| Cleveland-Cliffs, Inc.<sup>(b)(c)</sup> | 707338 | &nbsp;&nbsp; 8792212 |
| Commercial Metals Co. | 38020 | &nbsp;&nbsp; 2256867 |
| Greif, Inc., Class A | 50634 | &nbsp;&nbsp; 2880568 |
| Olin Corp. | 42696 | &nbsp;&nbsp; 883807 |
| Sonoco Products Co. | 40352 | &nbsp;&nbsp; 1637081 |
|  |  | &nbsp;&nbsp; 17656898 |
| **Real Estate-0.94%** | **Real Estate-0.94%** | **Real Estate-0.94%** |
| Kilroy Realty Corp.<sup>(c)</sup> | 61916 | &nbsp;&nbsp; 2615951 |
| **Utilities-4.59%** | **Utilities-4.59%** | **Utilities-4.59%** |
| Black Hills Corp.<sup>(c)</sup> | 25998 | &nbsp;&nbsp; 1649053 |
| NorthWestern Energy Group, Inc. | 36558 | &nbsp;&nbsp; 2181416 |
| Portland General Electric Co.<sup>(c)</sup> | 42579 | &nbsp;&nbsp; 1945009 |
| Southwest Gas Holdings, Inc. | 24049 | &nbsp;&nbsp; 1911895 |
| Spire, Inc.<sup>(c)</sup> | 24847 | &nbsp;&nbsp; 2146781 |
| UGI Corp.<sup>(c)</sup> | 87312 | &nbsp;&nbsp; 2918840 |
|  |  | &nbsp;&nbsp; 12752994 |
| Total Common Stocks & Other Equity Interests <br>(Cost $271,473,938) | Total Common Stocks & Other Equity Interests <br>(Cost $271,473,938) | &nbsp;&nbsp; 277673014 |
| **Money Market Funds-0.06%** | **Money Market Funds-0.06%** | **Money Market Funds-0.06%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $169,221)<br>| 169221 | &nbsp;&nbsp; 169221 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.96% <br>(Cost $271,643,159) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.96% <br>(Cost $271,643,159) | &nbsp;&nbsp; 277842235 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **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-18.29%** | **Money Market Funds-18.29%** | **Money Market Funds-18.29%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 13203881 | &nbsp;&nbsp; $13203881 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 37630225 | &nbsp;&nbsp; 37641514 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $50,845,395) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $50,845,395) | &nbsp;&nbsp; 50845395 |
| TOTAL INVESTMENTS IN SECURITIES-118.25% <br>(Cost $322,488,554) | TOTAL INVESTMENTS IN SECURITIES-118.25% <br>(Cost $322,488,554) | &nbsp;&nbsp; 328687630 |
| OTHER ASSETS LESS LIABILITIES-(18.25)% | OTHER ASSETS LESS LIABILITIES-(18.25)% | &nbsp;&nbsp; (50731526)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $277956104 |

---

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $129494 | &nbsp;&nbsp; $11850020 | &nbsp;&nbsp; $(11810293)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $169221 | &nbsp;&nbsp; $5046 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 20672156 | &nbsp;&nbsp; 88311557 | &nbsp;&nbsp; (95779832)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 13203881 | &nbsp;&nbsp; 369,318<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 50964273 | &nbsp;&nbsp; 181219756 | &nbsp;&nbsp; (194547579)<br>| &nbsp;&nbsp; 2629 | &nbsp;&nbsp; 2435 | &nbsp;&nbsp; 37641514 | &nbsp;&nbsp; 1,002,943<br> \*<br>|
| Total | &nbsp;&nbsp; $71765923 | &nbsp;&nbsp; $281381333 | &nbsp;&nbsp; $(302137704)<br>| &nbsp;&nbsp; $2629 | &nbsp;&nbsp; $2435 | &nbsp;&nbsp; $51014616 | &nbsp;&nbsp; $1377307 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** |
| **Communication Services-3.09%** | **Communication Services-3.09%** | **Communication Services-3.09%** |
| CarGurus, Inc.<sup>(b)</sup> | 12407 | &nbsp;&nbsp; $435734 |
| Cinemark Holdings, Inc. | 47223 | &nbsp;&nbsp; 1275493 |
| Cogent Communications Holdings, Inc.<sup>(c)</sup> | 6602 | &nbsp;&nbsp; 272333 |
| Madison Square Garden Sports Corp., <br> Class A<sup>(b)(c)</sup><br>| 3710 | &nbsp;&nbsp; 795387 |
| QuinStreet, Inc.<sup>(b)</sup> | 29443 | &nbsp;&nbsp; 435462 |
|  |  | &nbsp;&nbsp; 3214409 |
| **Consumer Discretionary-11.54%** | **Consumer Discretionary-11.54%** | **Consumer Discretionary-11.54%** |
| Adtalem Global Education, Inc.<sup>(b)(c)</sup> | 12199 | &nbsp;&nbsp; 1195746 |
| Boot Barn Holdings, Inc.<sup>(b)</sup> | 5396 | &nbsp;&nbsp; 1023351 |
| Brinker International, Inc.<sup>(b)</sup> | 5957 | &nbsp;&nbsp; 647288 |
| Cavco Industries, Inc.<sup>(b)</sup> | 1796 | &nbsp;&nbsp; 951521 |
| Champion Homes, Inc.<sup>(b)</sup> | 4236 | &nbsp;&nbsp; 289022 |
| Dave & Buster's Entertainment, Inc.<sup>(b)(c)</sup> | 19345 | &nbsp;&nbsp; 284178 |
| Dorman Products, Inc.<sup>(b)(c)</sup> | 7264 | &nbsp;&nbsp; 974320 |
| Dream Finders Homes, Inc., Class A<sup>(b)(c)</sup> | 29060 | &nbsp;&nbsp; 575388 |
| Frontdoor, Inc.<sup>(b)</sup> | 8846 | &nbsp;&nbsp; 587640 |
| Green Brick Partners, Inc.<sup>(b)</sup> | 13765 | &nbsp;&nbsp; 891146 |
| Installed Building Products, Inc.<sup>(c)</sup> | 3229 | &nbsp;&nbsp; 801535 |
| Kontoor Brands, Inc. | 3553 | &nbsp;&nbsp; 287509 |
| Monarch Casino & Resort, Inc. | 4375 | &nbsp;&nbsp; 394056 |
| Pursuit Attractions and Hospitality, Inc.<sup>(b)(c)</sup> | 22137 | &nbsp;&nbsp; 785421 |
| Sabre Corp.<sup>(b)(c)</sup> | 256878 | &nbsp;&nbsp; 525316 |
| Shake Shack, Inc., Class A<sup>(b)</sup> | 7942 | &nbsp;&nbsp; 766482 |
| Six Flags Entertainment Corp.<sup>(b)(c)</sup> | 16350 | &nbsp;&nbsp; 375723 |
| Stride, Inc.<sup>(b)</sup> | 5728 | &nbsp;&nbsp; 389733 |
| XPEL, Inc.<sup>(b)(c)(d)</sup> | 6996 | &nbsp;&nbsp; 238564 |
|  |  | &nbsp;&nbsp; 11983939 |
| **Consumer Staples-3.15%** | **Consumer Staples-3.15%** | **Consumer Staples-3.15%** |
| Cal-Maine Foods, Inc. | 12592 | &nbsp;&nbsp; 1105577 |
| Chefs' Warehouse, Inc. (The)<sup>(b)</sup> | 23339 | &nbsp;&nbsp; 1377001 |
| Freshpet, Inc.<sup>(b)(c)</sup> | 11575 | &nbsp;&nbsp; 569606 |
| Interparfums, Inc. | 2507 | &nbsp;&nbsp; 223499 |
|  |  | &nbsp;&nbsp; 3275683 |
| **Energy-4.33%** | **Energy-4.33%** | **Energy-4.33%** |
| Archrock, Inc. | 24624 | &nbsp;&nbsp; 622248 |
| Atlas Energy Solutions, Inc.<sup>(c)</sup> | 39678 | &nbsp;&nbsp; 491214 |
| Cactus, Inc., Class A | 16903 | &nbsp;&nbsp; 746606 |
| Core Natural Resources, Inc.<sup>(c)</sup> | 7588 | &nbsp;&nbsp; 599452 |
| Kodiak Gas Services, Inc. | 17967 | &nbsp;&nbsp; 662623 |
| Northern Oil and Gas, Inc.<sup>(c)</sup> | 18142 | &nbsp;&nbsp; 401482 |
| Oceaneering International, Inc.<sup>(b)(c)</sup> | 16691 | &nbsp;&nbsp; 388733 |
| Tidewater, Inc.<sup>(b)(c)</sup> | 11532 | &nbsp;&nbsp; 583404 |
|  |  | &nbsp;&nbsp; 4495762 |
| **Financials-14.59%** | **Financials-14.59%** | **Financials-14.59%** |
| Acadian Asset Management, Inc. | 37498 | &nbsp;&nbsp; 1803654 |
| Axos Financial, Inc.<sup>(b)(c)</sup> | 15751 | &nbsp;&nbsp; 1228263 |
| BancFirst Corp. | 2377 | &nbsp;&nbsp; 258760 |
| Bancorp, Inc. (The)<sup>(b)</sup> | 13328 | &nbsp;&nbsp; 871251 |
| City Holding Co.<sup>(c)</sup> | 2359 | &nbsp;&nbsp; 278079 |
| Enova International, Inc.<sup>(b)</sup> | 9692 | &nbsp;&nbsp; 1158872 |
| Goosehead Insurance, Inc., Class A<sup>(c)</sup> | 5875 | &nbsp;&nbsp; 403436 |
| HCI Group, Inc.<sup>(c)</sup> | 6360 | &nbsp;&nbsp; 1297504 |
| Mercury General Corp. | 11260 | &nbsp;&nbsp; 870398 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| NMI Holdings, Inc., Class A<sup>(b)</sup> | 12934 | &nbsp;&nbsp; $471186 |
| Palomar Holdings, Inc.<sup>(b)(c)</sup> | 11818 | &nbsp;&nbsp; 1347370 |
| Pathward Financial, Inc. | 12042 | &nbsp;&nbsp; 819579 |
| Payoneer Global, Inc.<sup>(b)</sup> | 34195 | &nbsp;&nbsp; 197989 |
| PJT Partners, Inc., Class A | 4342 | &nbsp;&nbsp; 699540 |
| Preferred Bank<sup>(c)</sup> | 7274 | &nbsp;&nbsp; 656479 |
| PROG Holdings, Inc. | 14753 | &nbsp;&nbsp; 426804 |
| ServisFirst Bancshares, Inc.<sup>(c)</sup> | 5102 | &nbsp;&nbsp; 358518 |
| Trupanion, Inc.<sup>(b)(c)</sup> | 21572 | &nbsp;&nbsp; 862664 |
| Virtu Financial, Inc., Class A | 10780 | &nbsp;&nbsp; 375575 |
| WisdomTree, Inc.<sup>(c)</sup> | 64147 | &nbsp;&nbsp; 767198 |
|  |  | &nbsp;&nbsp; 15153119 |
| **Health Care-22.98%** | **Health Care-22.98%** | **Health Care-22.98%** |
| ADMA Biologics, Inc.<sup>(b)</sup> | 70098 | &nbsp;&nbsp; 1085117 |
| ANI Pharmaceuticals, Inc.<sup>(b)</sup> | 6706 | &nbsp;&nbsp; 607564 |
| Arcus Biosciences, Inc.<sup>(b)(c)</sup> | 36127 | &nbsp;&nbsp; 712424 |
| Artivion, Inc.<sup>(b)</sup> | 15260 | &nbsp;&nbsp; 692346 |
| Astrana Health, Inc.<sup>(b)(c)</sup> | 20061 | &nbsp;&nbsp; 626104 |
| BioLife Solutions, Inc.<sup>(b)(c)</sup> | 22718 | &nbsp;&nbsp; 633151 |
| Catalyst Pharmaceuticals, Inc.<sup>(b)</sup> | 47946 | &nbsp;&nbsp; 1019811 |
| Collegium Pharmaceutical, Inc.<sup>(b)(c)</sup> | 22691 | &nbsp;&nbsp; 816876 |
| Corcept Therapeutics, Inc.<sup>(b)</sup> | 22232 | &nbsp;&nbsp; 1633385 |
| CorVel Corp.<sup>(b)</sup> | 6186 | &nbsp;&nbsp; 457455 |
| Glaukos Corp.<sup>(b)</sup> | 3693 | &nbsp;&nbsp; 325243 |
| Harmony Biosciences Holdings, Inc.<sup>(b)</sup> | 23127 | &nbsp;&nbsp; 660738 |
| ICU Medical, Inc.<sup>(b)</sup> | 5396 | &nbsp;&nbsp; 648006 |
| Inspire Medical Systems, Inc.<sup>(b)(c)</sup> | 4304 | &nbsp;&nbsp; 310232 |
| Integer Holdings Corp.<sup>(b)</sup> | 4021 | &nbsp;&nbsp; 259636 |
| Krystal Biotech, Inc.<sup>(b)(c)</sup> | 7223 | &nbsp;&nbsp; 1426615 |
| LeMaitre Vascular, Inc.<sup>(c)</sup> | 7190 | &nbsp;&nbsp; 622726 |
| OmniAb, Inc., Rts., expiring <br> 11/02/2027<sup>(b)(c)(e)</sup><br>| 2881 | &nbsp;&nbsp; 0 |
| OmniAb, Inc., Rts., expiring <br> 11/02/2027<sup>(b)(c)(e)</sup><br>| 2881 | &nbsp;&nbsp; 0 |
| Phibro Animal Health Corp., Class A | 25961 | &nbsp;&nbsp; 1091920 |
| Protagonist Therapeutics, Inc.<sup>(b)</sup> | 35455 | &nbsp;&nbsp; 2787472 |
| RadNet, Inc.<sup>(b)(c)</sup> | 5494 | &nbsp;&nbsp; 417489 |
| Sarepta Therapeutics, Inc.<sup>(b)</sup> | 56593 | &nbsp;&nbsp; 1358798 |
| TG Therapeutics, Inc.<sup>(b)(c)</sup> | 44376 | &nbsp;&nbsp; 1543397 |
| TransMedics Group, Inc.<sup>(b)(c)</sup> | 10747 | &nbsp;&nbsp; 1413660 |
| UFP Technologies, Inc.<sup>(b)(c)</sup> | 4362 | &nbsp;&nbsp; 840296 |
| Veracyte, Inc.<sup>(b)</sup> | 42493 | &nbsp;&nbsp; 1533147 |
| Vericel Corp.<sup>(b)</sup> | 9775 | &nbsp;&nbsp; 342711 |
|  |  | &nbsp;&nbsp; 23866319 |
| **Industrials-20.92%** | **Industrials-20.92%** | **Industrials-20.92%** |
| Apogee Enterprises, Inc. | 8476 | &nbsp;&nbsp; 310306 |
| Armstrong World Industries, Inc. | 5161 | &nbsp;&nbsp; 982809 |
| AZZ, Inc. | 13630 | &nbsp;&nbsp; 1360956 |
| CSW Industrials, Inc. | 2384 | &nbsp;&nbsp; 597001 |
| DXP Enterprises, Inc.<sup>(b)</sup> | 16580 | &nbsp;&nbsp; 1983797 |
| Dycom Industries, Inc.<sup>(b)</sup> | 4756 | &nbsp;&nbsp; 1368729 |
| Enerpac Tool Group Corp.<sup>(c)</sup> | 10949 | &nbsp;&nbsp; 449347 |
| ESCO Technologies, Inc. | 3074 | &nbsp;&nbsp; 674651 |
| Federal Signal Corp.<sup>(c)</sup> | 5155 | &nbsp;&nbsp; 608445 |
| GEO Group, Inc. (The)<sup>(b)</sup> | 15419 | &nbsp;&nbsp; 261661 |
| Granite Construction, Inc. | 7138 | &nbsp;&nbsp; 734572 |
| Greenbrier Cos., Inc. (The) | 19091 | &nbsp;&nbsp; 797431 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Griffon Corp. | 7592 | &nbsp;&nbsp; $561884 |
| Interface, Inc. | 23497 | &nbsp;&nbsp; 585075 |
| Kadant, Inc.<sup>(c)</sup> | 1291 | &nbsp;&nbsp; 357168 |
| Moog, Inc., Class A | 1930 | &nbsp;&nbsp; 395361 |
| Mueller Water Products, Inc., Class A | 19173 | &nbsp;&nbsp; 491979 |
| OPENLANE, Inc.<sup>(b)</sup> | 41960 | &nbsp;&nbsp; 1108583 |
| Powell Industries, Inc.<sup>(c)</sup> | 5098 | &nbsp;&nbsp; 1954522 |
| SkyWest, Inc.<sup>(b)(c)</sup> | 9827 | &nbsp;&nbsp; 987417 |
| SPX Technologies, Inc.<sup>(b)</sup> | 5962 | &nbsp;&nbsp; 1334832 |
| Sterling Infrastructure, Inc.<sup>(b)(c)</sup> | 4079 | &nbsp;&nbsp; 1541454 |
| Trinity Industries, Inc. | 28544 | &nbsp;&nbsp; 781249 |
| Verra Mobility Corp., Class A<sup>(b)</sup> | 22215 | &nbsp;&nbsp; 515610 |
| Zurn Elkay Water Solutions Corp. | 20987 | &nbsp;&nbsp; 988698 |
|  |  | &nbsp;&nbsp; 21733537 |
| **Information Technology-12.77%** | **Information Technology-12.77%** | **Information Technology-12.77%** |
| ACI Worldwide, Inc.<sup>(b)</sup> | 14759 | &nbsp;&nbsp; 702971 |
| Agilysys, Inc.<sup>(b)(c)</sup> | 4863 | &nbsp;&nbsp; 610112 |
| Badger Meter, Inc. | 2775 | &nbsp;&nbsp; 500749 |
| Box, Inc., Class A<sup>(b)</sup> | 10251 | &nbsp;&nbsp; 328955 |
| CleanSpark, Inc.<sup>(b)(c)</sup> | 66202 | &nbsp;&nbsp; 1178396 |
| Clear Secure, Inc., Class A | 27428 | &nbsp;&nbsp; 835731 |
| DigitalOcean Holdings, Inc.<sup>(b)(c)</sup> | 11901 | &nbsp;&nbsp; 483895 |
| Impinj, Inc.<sup>(b)(c)</sup> | 6954 | &nbsp;&nbsp; 1405821 |
| InterDigital, Inc.<sup>(c)</sup> | 7074 | &nbsp;&nbsp; 2560505 |
| Itron, Inc.<sup>(b)</sup> | 4256 | &nbsp;&nbsp; 427004 |
| MARA Holdings, Inc.<sup>(b)(c)</sup> | 58697 | &nbsp;&nbsp; 1072394 |
| Mirion Technologies, Inc.<sup>(b)</sup> | 47606 | &nbsp;&nbsp; 1398188 |
| OSI Systems, Inc.<sup>(b)(c)</sup> | 2438 | &nbsp;&nbsp; 678885 |
| Q2 Holdings, Inc.<sup>(b)</sup> | 9270 | &nbsp;&nbsp; 572515 |
| Semtech Corp.<sup>(b)</sup> | 5493 | &nbsp;&nbsp; 372755 |
| SPS Commerce, Inc.<sup>(b)</sup> | 1605 | &nbsp;&nbsp; 131995 |
|  |  | &nbsp;&nbsp; 13260871 |
| **Materials-2.99%** | **Materials-2.99%** | **Materials-2.99%** |
| Century Aluminum Co.<sup>(b)</sup> | 36479 | &nbsp;&nbsp; 1080508 |
| Hawkins, Inc. | 6065 | &nbsp;&nbsp; 860320 |
| Sylvamo Corp.<sup>(c)</sup> | 8579 | &nbsp;&nbsp; 348308 |
| Warrior Met Coal, Inc. | 12005 | &nbsp;&nbsp; 814419 |
|  |  | &nbsp;&nbsp; 3103555 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-3.60%** | **Real Estate-3.60%** | **Real Estate-3.60%** |
| Curbline Properties Corp.<sup>(c)</sup> | 12853 | &nbsp;&nbsp; $296390 |
| DiamondRock Hospitality Co.<sup>(c)</sup> | 92340 | &nbsp;&nbsp; 722099 |
| Essential Properties Realty Trust, Inc. | 11831 | &nbsp;&nbsp; 353510 |
| NexPoint Residential Trust, Inc. | 8244 | &nbsp;&nbsp; 252843 |
| Outfront Media, Inc. | 20027 | &nbsp;&nbsp; 354278 |
| Ryman Hospitality Properties, Inc. | 6514 | &nbsp;&nbsp; 566132 |
| Sunstone Hotel Investors, Inc.<sup>(c)</sup> | 63143 | &nbsp;&nbsp; 558815 |
| Xenia Hotels & Resorts, Inc.<sup>(c)</sup> | 51372 | &nbsp;&nbsp; 631876 |
|  |  | &nbsp;&nbsp; 3735943 |
| Total Common Stocks & Other Equity Interests <br>(Cost $88,715,879) | Total Common Stocks & Other Equity Interests <br>(Cost $88,715,879) | &nbsp;&nbsp; 103823137 |
| **Money Market Funds-0.04%** | **Money Market Funds-0.04%** | **Money Market Funds-0.04%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(f)(g)</sup> <br>(Cost $45,224)<br>| 45224 | &nbsp;&nbsp; 45224 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.00% <br>(Cost $88,761,103) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.00% <br>(Cost $88,761,103) | &nbsp;&nbsp; 103868361 |
| **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-27.76%** | **Money Market Funds-27.76%** | **Money Market Funds-27.76%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(f)(g)(h)</sup><br>| 8006345 | &nbsp;&nbsp; 8006345 |
| Invesco Private Prime Fund, 4.30%<sup>(f)(g)(h)</sup> | 20816237 | &nbsp;&nbsp; 20822482 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $28,829,029) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $28,829,029) | &nbsp;&nbsp; 28828827 |
| TOTAL INVESTMENTS IN SECURITIES-127.76% <br>(Cost $117,590,132) | TOTAL INVESTMENTS IN SECURITIES-127.76% <br>(Cost $117,590,132) | &nbsp;&nbsp; 132697188 |
| OTHER ASSETS LESS LIABILITIES-(27.76)% | OTHER ASSETS LESS LIABILITIES-(27.76)% | &nbsp;&nbsp; (28832510)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $103864678 |

---

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 October 31, 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 October 31, 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 4. |
| <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 six months ended October 31, 2025.<br>|

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $36638 | &nbsp;&nbsp; $596042 | &nbsp;&nbsp; $(587456)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $45224 | &nbsp;&nbsp; $969 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 9081744 | &nbsp;&nbsp; 23904025 | &nbsp;&nbsp; (24979424)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 8006345 | &nbsp;&nbsp; 153,576<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 23635923 | &nbsp;&nbsp; 54332031 | &nbsp;&nbsp; (57147242)<br>| &nbsp;&nbsp; 1617 | &nbsp;&nbsp; 153 | &nbsp;&nbsp; 20822482 | &nbsp;&nbsp; 414,999<br> \*<br>|
| Total | &nbsp;&nbsp; $32754305 | &nbsp;&nbsp; $78832098 | &nbsp;&nbsp; $(82714122)<br>| &nbsp;&nbsp; $1617 | &nbsp;&nbsp; $153 | &nbsp;&nbsp; $28874051 | &nbsp;&nbsp; $569544 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.91%** | **Common Stocks & Other Equity Interests-99.91%** | **Common Stocks & Other Equity Interests-99.91%** |
| **Communication Services-4.03%** | **Communication Services-4.03%** | **Communication Services-4.03%** |
| Angi, Inc.<sup>(b)(c)</sup> | 111762 | &nbsp;&nbsp; $1483082 |
| IAC, Inc.<sup>(b)(c)</sup> | 38632 | &nbsp;&nbsp; 1244723 |
| Scholastic Corp. | 101132 | &nbsp;&nbsp; 2899454 |
| Shenandoah Telecommunications Co. | 78687 | &nbsp;&nbsp; 969424 |
| TEGNA, Inc. | 55326 | &nbsp;&nbsp; 1088262 |
| Telephone and Data Systems, Inc. | 32051 | &nbsp;&nbsp; 1244220 |
|  |  | &nbsp;&nbsp; 8929165 |
| **Consumer Discretionary-26.18%** | **Consumer Discretionary-26.18%** | **Consumer Discretionary-26.18%** |
| Academy Sports & Outdoors, Inc.<sup>(c)</sup> | 18525 | &nbsp;&nbsp; 887162 |
| Adient PLC<sup>(b)(c)</sup> | 177644 | &nbsp;&nbsp; 4119564 |
| Advance Auto Parts, Inc.<sup>(c)</sup> | 65891 | &nbsp;&nbsp; 3105443 |
| American Axle & Manufacturing Holdings, <br> Inc.<sup>(b)(c)</sup><br>| 368076 | &nbsp;&nbsp; 2282071 |
| Asbury Automotive Group, Inc.<sup>(b)(c)</sup> | 9193 | &nbsp;&nbsp; 2156678 |
| Bloomin' Brands, Inc. | 107460 | &nbsp;&nbsp; 733952 |
| BorgWarner, Inc. | 68080 | &nbsp;&nbsp; 2924717 |
| Caesars Entertainment, Inc.<sup>(b)(c)</sup> | 44445 | &nbsp;&nbsp; 893345 |
| Caleres, Inc.<sup>(c)</sup> | 71683 | &nbsp;&nbsp; 791380 |
| CarMax, Inc.<sup>(b)</sup> | 42312 | &nbsp;&nbsp; 1773296 |
| Century Communities, Inc. | 17677 | &nbsp;&nbsp; 1050014 |
| Cracker Barrel Old Country Store, Inc. | 29538 | &nbsp;&nbsp; 995431 |
| Dana, Inc. | 220843 | &nbsp;&nbsp; 4483113 |
| Fox Factory Holding Corp.<sup>(b)(c)</sup> | 26913 | &nbsp;&nbsp; 595046 |
| G-III Apparel Group Ltd.<sup>(b)</sup> | 75757 | &nbsp;&nbsp; 2034075 |
| Guess?, Inc.<sup>(c)</sup> | 136931 | &nbsp;&nbsp; 2325088 |
| Helen of Troy Ltd.<sup>(b)</sup> | 17279 | &nbsp;&nbsp; 321908 |
| Kohl's Corp.<sup>(c)</sup> | 253355 | &nbsp;&nbsp; 4122086 |
| LGI Homes, Inc.<sup>(b)(c)</sup> | 6856 | &nbsp;&nbsp; 279793 |
| MarineMax, Inc.<sup>(b)(c)</sup> | 110610 | &nbsp;&nbsp; 2739810 |
| Matthews International Corp., Class A<sup>(c)</sup> | 25655 | &nbsp;&nbsp; 600840 |
| Meritage Homes Corp. | 7396 | &nbsp;&nbsp; 499674 |
| Monro, Inc. | 40017 | &nbsp;&nbsp; 586249 |
| National Vision Holdings, Inc.<sup>(b)(c)</sup> | 152724 | &nbsp;&nbsp; 3932643 |
| Newell Brands, Inc. | 110631 | &nbsp;&nbsp; 376145 |
| PENN Entertainment, Inc.<sup>(b)</sup> | 75708 | &nbsp;&nbsp; 1246154 |
| Sally Beauty Holdings, Inc.<sup>(b)(c)</sup> | 122685 | &nbsp;&nbsp; 1853770 |
| Shoe Carnival, Inc.<sup>(c)</sup> | 27036 | &nbsp;&nbsp; 495570 |
| Signet Jewelers Ltd.<sup>(c)</sup> | 7602 | &nbsp;&nbsp; 751458 |
| Sonic Automotive, Inc., Class A | 28845 | &nbsp;&nbsp; 1832523 |
| Standard Motor Products, Inc.<sup>(c)</sup> | 54891 | &nbsp;&nbsp; 2038103 |
| Topgolf Callaway Brands Corp.<sup>(b)(c)</sup> | 399462 | &nbsp;&nbsp; 3758937 |
| Upbound Group, Inc. | 30302 | &nbsp;&nbsp; 587253 |
| Winnebago Industries, Inc.<sup>(c)</sup> | 22525 | &nbsp;&nbsp; 849418 |
|  |  | &nbsp;&nbsp; 58022709 |
| **Consumer Staples-7.27%** | **Consumer Staples-7.27%** | **Consumer Staples-7.27%** |
| Andersons, Inc. (The) | 57426 | &nbsp;&nbsp; 2659398 |
| Central Garden & Pet Co.<sup>(b)(c)</sup> | 4157 | &nbsp;&nbsp; 127495 |
| Central Garden & Pet Co., Class A<sup>(b)</sup> | 23158 | &nbsp;&nbsp; 644024 |
| Edgewell Personal Care Co. | 33453 | &nbsp;&nbsp; 648654 |
| Fresh Del Monte Produce, Inc. | 87403 | &nbsp;&nbsp; 3089696 |
| Grocery Outlet Holding Corp.<sup>(b)(c)</sup> | 68112 | &nbsp;&nbsp; 927004 |
| MGP Ingredients, Inc. | 17527 | &nbsp;&nbsp; 424153 |
| PriceSmart, Inc. | 8391 | &nbsp;&nbsp; 964462 |
| TreeHouse Foods, Inc.<sup>(b)</sup> | 45657 | &nbsp;&nbsp; 830957 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples-(continued)** | **Consumer Staples-(continued)** | **Consumer Staples-(continued)** |
| United Natural Foods, Inc.<sup>(b)</sup> | 103649 | &nbsp;&nbsp; $3902385 |
| Universal Corp. | 37278 | &nbsp;&nbsp; 1889249 |
|  |  | &nbsp;&nbsp; 16107477 |
| **Energy-12.67%** | **Energy-12.67%** | **Energy-12.67%** |
| Bristow Group, Inc.<sup>(b)</sup> | 29272 | &nbsp;&nbsp; 1191370 |
| Crescent Energy Co., Class A<sup>(c)</sup> | 139649 | &nbsp;&nbsp; 1177241 |
| CVR Energy, Inc.<sup>(b)</sup> | 85624 | &nbsp;&nbsp; 3047358 |
| Dorian LPG Ltd. | 35309 | &nbsp;&nbsp; 1018665 |
| Innovex International, Inc.<sup>(b)(c)</sup> | 115978 | &nbsp;&nbsp; 2327678 |
| Par Pacific Holdings, Inc.<sup>(b)</sup> | 212381 | &nbsp;&nbsp; 8490992 |
| Patterson-UTI Energy, Inc. | 175108 | &nbsp;&nbsp; 1097927 |
| Peabody Energy Corp. | 93849 | &nbsp;&nbsp; 2573340 |
| REX American Resources Corp.<sup>(b)</sup> | 30798 | &nbsp;&nbsp; 986460 |
| Talos Energy, Inc.<sup>(b)</sup> | 185375 | &nbsp;&nbsp; 1818529 |
| Vital Energy, Inc.<sup>(b)(c)</sup> | 80980 | &nbsp;&nbsp; 1272196 |
| World Kinect Corp.<sup>(c)</sup> | 118542 | &nbsp;&nbsp; 3064311 |
|  |  | &nbsp;&nbsp; 28066067 |
| **Financials-15.74%** | **Financials-15.74%** | **Financials-15.74%** |
| Adamas Trust, Inc. | 187740 | &nbsp;&nbsp; 1252226 |
| Apollo Commercial Real Estate Finance, Inc. | 90289 | &nbsp;&nbsp; 883929 |
| ARMOUR Residential REIT, Inc. | 51935 | &nbsp;&nbsp; 842386 |
| Bread Financial Holdings, Inc. | 18343 | &nbsp;&nbsp; 1149189 |
| Capitol Federal Financial, Inc. | 121572 | &nbsp;&nbsp; 734295 |
| Eagle Bancorp, Inc.<sup>(c)</sup> | 35919 | &nbsp;&nbsp; 601643 |
| Ellington Financial, Inc. | 66394 | &nbsp;&nbsp; 884368 |
| Encore Capital Group, Inc.<sup>(b)(c)</sup> | 14009 | &nbsp;&nbsp; 582494 |
| EZCORP, Inc., Class A<sup>(b)(c)</sup> | 169326 | &nbsp;&nbsp; 3090200 |
| Franklin BSP Realty Trust, Inc. | 57330 | &nbsp;&nbsp; 581326 |
| Genworth Financial, Inc., Class A<sup>(b)</sup> | 387062 | &nbsp;&nbsp; 3266803 |
| Hilltop Holdings, Inc. | 28100 | &nbsp;&nbsp; 907630 |
| Hope Bancorp, Inc. | 86927 | &nbsp;&nbsp; 911864 |
| Horace Mann Educators Corp. | 15883 | &nbsp;&nbsp; 710129 |
| Jackson Financial, Inc., Class A | 11925 | &nbsp;&nbsp; 1202159 |
| KKR Real Estate Finance Trust, Inc.<sup>(c)</sup> | 65665 | &nbsp;&nbsp; 534513 |
| Lincoln National Corp. | 86704 | &nbsp;&nbsp; 3641568 |
| Navient Corp.<sup>(c)</sup> | 102231 | &nbsp;&nbsp; 1250285 |
| PennyMac Mortgage Investment Trust | 96066 | &nbsp;&nbsp; 1156635 |
| PRA Group, Inc.<sup>(b)</sup> | 99679 | &nbsp;&nbsp; 1366599 |
| ProAssurance Corp.<sup>(b)</sup> | 132262 | &nbsp;&nbsp; 3167675 |
| Ready Capital Corp.<sup>(c)</sup> | 121041 | &nbsp;&nbsp; 354650 |
| Redwood Trust, Inc. | 145173 | &nbsp;&nbsp; 770869 |
| Renasant Corp. | 22544 | &nbsp;&nbsp; 758155 |
| Simmons First National Corp., Class A | 31145 | &nbsp;&nbsp; 541300 |
| SiriusPoint Ltd. (Sweden)<sup>(b)</sup> | 78672 | &nbsp;&nbsp; 1431830 |
| Stewart Information Services Corp. | 9093 | &nbsp;&nbsp; 620779 |
| United Fire Group, Inc. | 56004 | &nbsp;&nbsp; 1693001 |
|  |  | &nbsp;&nbsp; 34888500 |
| **Health Care-4.70%** | **Health Care-4.70%** | **Health Care-4.70%** |
| Acadia Healthcare Co., Inc.<sup>(b)(c)</sup> | 50453 | &nbsp;&nbsp; 1084739 |
| AdaptHealth Corp.<sup>(b)(c)</sup> | 235812 | &nbsp;&nbsp; 2119950 |
| AMN Healthcare Services, Inc.<sup>(b)</sup> | 102714 | &nbsp;&nbsp; 2022439 |
| Avanos Medical, Inc.<sup>(b)</sup> | 88656 | &nbsp;&nbsp; 984968 |
| Enovis Corp.<sup>(b)(c)</sup> | 32616 | &nbsp;&nbsp; 1018924 |
| Fortrea Holdings, Inc.<sup>(b)</sup> | 50689 | &nbsp;&nbsp; 530207 |
| Neogen Corp.<sup>(b)(c)</sup> | 72737 | &nbsp;&nbsp; 448787 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Pacira BioSciences, Inc.<sup>(b)(c)</sup> | 32965 | &nbsp;&nbsp; $704792 |
| Select Medical Holdings Corp. | 108806 | &nbsp;&nbsp; 1504787 |
|  |  | &nbsp;&nbsp; 10419593 |
| **Industrials-11.83%** | **Industrials-11.83%** | **Industrials-11.83%** |
| ABM Industries, Inc. | 24100 | &nbsp;&nbsp; 1036300 |
| Air Lease Corp., Class A | 28490 | &nbsp;&nbsp; 1819371 |
| Allegiant Travel Co.<sup>(b)(c)</sup> | 16904 | &nbsp;&nbsp; 1051091 |
| American Woodmark Corp.<sup>(b)</sup> | 9486 | &nbsp;&nbsp; 604543 |
| ArcBest Corp. | 6672 | &nbsp;&nbsp; 495863 |
| Astec Industries, Inc. | 24748 | &nbsp;&nbsp; 1151524 |
| Deluxe Corp. | 58551 | &nbsp;&nbsp; 1060359 |
| Enviri Corp.<sup>(b)(c)</sup> | 303783 | &nbsp;&nbsp; 3709190 |
| Healthcare Services Group, Inc.<sup>(b)</sup> | 85604 | &nbsp;&nbsp; 1529743 |
| Heartland Express, Inc. | 63103 | &nbsp;&nbsp; 492203 |
| JetBlue Airways Corp.<sup>(b)(c)</sup> | 340288 | &nbsp;&nbsp; 1429210 |
| ManpowerGroup, Inc. | 70415 | &nbsp;&nbsp; 2158924 |
| MasterBrand, Inc.<sup>(b)(c)</sup> | 39038 | &nbsp;&nbsp; 493050 |
| MillerKnoll, Inc. | 62767 | &nbsp;&nbsp; 980421 |
| Resideo Technologies, Inc.<sup>(b)</sup> | 43751 | &nbsp;&nbsp; 1872543 |
| Sun Country Airlines Holdings, Inc.<sup>(b)(c)</sup> | 64657 | &nbsp;&nbsp; 793988 |
| Sunrun, Inc.<sup>(b)(c)</sup> | 126072 | &nbsp;&nbsp; 2617255 |
| Titan International, Inc.<sup>(b)(c)</sup> | 385427 | &nbsp;&nbsp; 2909974 |
|  |  | &nbsp;&nbsp; 26205552 |
| **Information Technology-8.12%** | **Information Technology-8.12%** | **Information Technology-8.12%** |
| Corsair Gaming, Inc.<sup>(b)</sup> | 138502 | &nbsp;&nbsp; 1128792 |
| DXC Technology Co.<sup>(b)</sup> | 110318 | &nbsp;&nbsp; 1566516 |
| Insight Enterprises, Inc.<sup>(b)</sup> | 3906 | &nbsp;&nbsp; 390600 |
| ScanSource, Inc.<sup>(b)</sup> | 39829 | &nbsp;&nbsp; 1708863 |
| Viasat, Inc.<sup>(b)</sup> | 308543 | &nbsp;&nbsp; 12286182 |
| Vishay Intertechnology, Inc.<sup>(c)</sup> | 53190 | &nbsp;&nbsp; 903166 |
|  |  | &nbsp;&nbsp; 17984119 |
| **Materials-5.13%** | **Materials-5.13%** | **Materials-5.13%** |
| AdvanSix, Inc. | 52634 | &nbsp;&nbsp; 978466 |
| Celanese Corp. | 32476 | &nbsp;&nbsp; 1248377 |
| Chemours Co. (The)<sup>(c)</sup> | 43464 | &nbsp;&nbsp; 581983 |
| FMC Corp.<sup>(c)</sup> | 18110 | &nbsp;&nbsp; 274729 |
| Kaiser Aluminum Corp. | 17332 | &nbsp;&nbsp; 1569066 |
| Koppers Holdings, Inc.<sup>(c)</sup> | 60929 | &nbsp;&nbsp; 1719416 |
| Metallus, Inc.<sup>(b)</sup> | 101711 | &nbsp;&nbsp; 1789096 |
| O-I Glass, Inc.<sup>(b)</sup> | 167493 | &nbsp;&nbsp; 1890996 |
| Stepan Co. | 10631 | &nbsp;&nbsp; 460854 |
| SunCoke Energy, Inc.<sup>(c)</sup> | 106271 | &nbsp;&nbsp; 851231 |
|  |  | &nbsp;&nbsp; 11364214 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-3.86%** | **Real Estate-3.86%** | **Real Estate-3.86%** |
| Cushman & Wakefield PLC<sup>(b)</sup> | 107850 | &nbsp;&nbsp; $1693245 |
| Global Net Lease, Inc.<sup>(c)</sup> | 137381 | &nbsp;&nbsp; 1046843 |
| JBG SMITH Properties, (Acquired <br> 03/17/2023 - 09/23/2025; <br> Cost $867,009)<sup>(c)(d)</sup><br>| 57267 | &nbsp;&nbsp; 1116134 |
| Millrose Properties, Inc. | 93652 | &nbsp;&nbsp; 3016531 |
| Safehold, Inc. | 64099 | &nbsp;&nbsp; 924949 |
| SITE Centers Corp. | 102279 | &nbsp;&nbsp; 749705 |
|  |  | &nbsp;&nbsp; 8547407 |
| **Utilities-0.38%** | **Utilities-0.38%** | **Utilities-0.38%** |
| MDU Resources Group, Inc.<sup>(c)</sup> | 43974 | &nbsp;&nbsp; 843421 |
| Total Common Stocks & Other Equity Interests <br>(Cost $209,488,035) | Total Common Stocks & Other Equity Interests <br>(Cost $209,488,035) | &nbsp;&nbsp; 221378224 |
| **Money Market Funds-0.01%** | **Money Market Funds-0.01%** | **Money Market Funds-0.01%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(e)(f)</sup> <br>(Cost $34,229)<br>| 34229 | &nbsp;&nbsp; 34229 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.92% <br>(Cost $209,522,264) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.92% <br>(Cost $209,522,264) | &nbsp;&nbsp; 221412453 |
| **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-17.89%** | **Money Market Funds-17.89%** | **Money Market Funds-17.89%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(e)(f)(g)</sup><br>| 10656435 | &nbsp;&nbsp; 10656435 |
| Invesco Private Prime Fund, 4.30%<sup>(e)(f)(g)</sup> | 28982907 | &nbsp;&nbsp; 28991602 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $39,648,425) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $39,648,425) | &nbsp;&nbsp; 39648037 |
| TOTAL INVESTMENTS IN SECURITIES-117.81% <br>(Cost $249,170,689) | TOTAL INVESTMENTS IN SECURITIES-117.81% <br>(Cost $249,170,689) | &nbsp;&nbsp; 261060490 |
| OTHER ASSETS LESS LIABILITIES-(17.81)% | OTHER ASSETS LESS LIABILITIES-(17.81)% | &nbsp;&nbsp; (39474425)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $221586065 |

---

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 October 31, 2025. |
| <sup>(d)</sup> | Restricted security. The value of this security at October 31, 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 six months ended October 31, 2025.<br>|

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $161678 | &nbsp;&nbsp; $3668037 | &nbsp;&nbsp; $(3795486)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $34229 | &nbsp;&nbsp; $2636 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 15876033 | &nbsp;&nbsp; 44077337 | &nbsp;&nbsp; (49296935)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 10656435 | &nbsp;&nbsp; 324,071<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 41336856 | &nbsp;&nbsp; 102364548 | &nbsp;&nbsp; (114713294)<br>| &nbsp;&nbsp; 2158 | &nbsp;&nbsp; 1334 | &nbsp;&nbsp; 28991602 | &nbsp;&nbsp; 867,473<br> \*<br>|
| Total | &nbsp;&nbsp; $57374567 | &nbsp;&nbsp; $150109922 | &nbsp;&nbsp; $(167805715)<br>| &nbsp;&nbsp; $2158 | &nbsp;&nbsp; $1334 | &nbsp;&nbsp; $39682266 | &nbsp;&nbsp; $1194180 |

---

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

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

October 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **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; $1683985894 | &nbsp;&nbsp;&nbsp; $1341422780 | &nbsp;&nbsp;&nbsp; $11520838007 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 42391980 | &nbsp;&nbsp;&nbsp; 93938124 | &nbsp;&nbsp;&nbsp; 6441136 |
| Receivable for: |  |  |  |
| Dividends | &nbsp;&nbsp; 310075 | &nbsp;&nbsp;&nbsp; 1167716 | &nbsp;&nbsp;&nbsp; 4878507 |
| Securities lending | &nbsp;&nbsp; 7267 | &nbsp;&nbsp;&nbsp; 31373 | &nbsp;&nbsp;&nbsp; - |
| Investments sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5385220 |
| Fund shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 8913050 | &nbsp;&nbsp;&nbsp; - |
| Foreign tax reclaims | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Total assets** | &nbsp;&nbsp; 1726695216 | &nbsp;&nbsp;&nbsp; 1445473043 | &nbsp;&nbsp;&nbsp; 11537542870 |
| **Liabilities:** |  |  |  |
| Payable for: |  |  |  |
| Investments purchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 8900442 | &nbsp;&nbsp;&nbsp; - |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 42313033 | &nbsp;&nbsp;&nbsp; 70212993 | &nbsp;&nbsp;&nbsp; - |
| Fund shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5388873 |
| Accrued unitary management fees | &nbsp;&nbsp; 508472 | &nbsp;&nbsp;&nbsp; 402302 | &nbsp;&nbsp;&nbsp; 1891020 |
| **Total liabilities** | &nbsp;&nbsp; 42821505 | &nbsp;&nbsp;&nbsp; 79515737 | &nbsp;&nbsp;&nbsp; 7279893 |
| **Net Assets** | &nbsp;&nbsp; $1683873711 | &nbsp;&nbsp;&nbsp; $1365957306 | &nbsp;&nbsp;&nbsp; $11530262977 |
| **Net assets consist of:** |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2091201669 | &nbsp;&nbsp;&nbsp; $2146105241 | &nbsp;&nbsp;&nbsp; $8830373423 |
| Distributable earnings (loss) | &nbsp;&nbsp; (407327958)<br>| &nbsp;&nbsp;&nbsp; (780147935)<br>| &nbsp;&nbsp;&nbsp; 2699889554 |
| **Net Assets** | &nbsp;&nbsp; $1683873711 | &nbsp;&nbsp;&nbsp; $1365957306 | &nbsp;&nbsp;&nbsp; $11530262977 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 35401495 | &nbsp;&nbsp;&nbsp; 13792836 | &nbsp;&nbsp;&nbsp; 192567850 |
| Net asset value | &nbsp;&nbsp; $47.57 | &nbsp;&nbsp;&nbsp; $99.03 | &nbsp;&nbsp;&nbsp; $59.88 |
| Market price | &nbsp;&nbsp; $47.58 | &nbsp;&nbsp;&nbsp; $99.05 | &nbsp;&nbsp;&nbsp; $59.90 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $1377820504 | &nbsp;&nbsp;&nbsp; $1331613502 | &nbsp;&nbsp;&nbsp; $8839704087 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $42392952 | &nbsp;&nbsp;&nbsp; $88825533 | &nbsp;&nbsp;&nbsp; $6441136 |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $41697777 | &nbsp;&nbsp;&nbsp; $68088012 | &nbsp;&nbsp;&nbsp; $- |

---

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>|
| $291357638 | &nbsp;&nbsp;&nbsp; $277673014 | &nbsp;&nbsp;&nbsp; $103823137 | &nbsp;&nbsp;&nbsp; $221378224 |
| 50541205 | &nbsp;&nbsp;&nbsp; 51014616 | &nbsp;&nbsp;&nbsp; 28874051 | &nbsp;&nbsp;&nbsp; 39682266 |
| 26529 | &nbsp;&nbsp;&nbsp; 186428 | &nbsp;&nbsp;&nbsp; 23340 | &nbsp;&nbsp;&nbsp; 233329 |
| 8765 | &nbsp;&nbsp;&nbsp; 8502 | &nbsp;&nbsp;&nbsp; 4473 | &nbsp;&nbsp;&nbsp; 8171 |
| 2576860 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; 1257436 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 1116 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 344512113 | &nbsp;&nbsp;&nbsp; 330139996 | &nbsp;&nbsp;&nbsp; 132725001 | &nbsp;&nbsp;&nbsp; 261301990 |
| - | &nbsp;&nbsp;&nbsp; 1255487 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 50245827 | &nbsp;&nbsp;&nbsp; 50845395 | &nbsp;&nbsp;&nbsp; 28829029 | &nbsp;&nbsp;&nbsp; 39648425 |
| 2580473 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 87048 | &nbsp;&nbsp;&nbsp; 83010 | &nbsp;&nbsp;&nbsp; 31294 | &nbsp;&nbsp;&nbsp; 67500 |
| 52913348 | &nbsp;&nbsp;&nbsp; 52183892 | &nbsp;&nbsp;&nbsp; 28860323 | &nbsp;&nbsp;&nbsp; 39715925 |
| $291598765 | &nbsp;&nbsp;&nbsp; $277956104 | &nbsp;&nbsp;&nbsp; $103864678 | &nbsp;&nbsp;&nbsp; $221586065 |
| $465979230 | &nbsp;&nbsp;&nbsp; $362177305 | &nbsp;&nbsp;&nbsp; $217951952 | &nbsp;&nbsp;&nbsp; $415593578 |
| (174380465)<br>| &nbsp;&nbsp;&nbsp; (84221201)<br>| &nbsp;&nbsp;&nbsp; (114087274)<br>| &nbsp;&nbsp;&nbsp; (194007513)<br>|
| $291598765 | &nbsp;&nbsp;&nbsp; $277956104 | &nbsp;&nbsp;&nbsp; $103864678 | &nbsp;&nbsp;&nbsp; $221586065 |
| 5650105 | &nbsp;&nbsp;&nbsp; 2210499 | &nbsp;&nbsp;&nbsp; 1930012 | &nbsp;&nbsp;&nbsp; 1900040 |
| $51.61 | &nbsp;&nbsp;&nbsp; $125.74 | &nbsp;&nbsp;&nbsp; $53.82 | &nbsp;&nbsp;&nbsp; $116.62 |
| $51.58 | &nbsp;&nbsp;&nbsp; $125.73 | &nbsp;&nbsp;&nbsp; $53.82 | &nbsp;&nbsp;&nbsp; $116.59 |
| $251758992 | &nbsp;&nbsp;&nbsp; $271473938 | &nbsp;&nbsp;&nbsp; $88715879 | &nbsp;&nbsp;&nbsp; $209488035 |
| $50541331 | &nbsp;&nbsp;&nbsp; $51014616 | &nbsp;&nbsp;&nbsp; $28874253 | &nbsp;&nbsp;&nbsp; $39682654 |
| $49507312 | &nbsp;&nbsp;&nbsp; $49529470 | &nbsp;&nbsp;&nbsp; $28115938 | &nbsp;&nbsp;&nbsp; $38924150 |

---

------

**21**

------

**Statements of Operations**

For the six months ended October 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **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; $5609791 | &nbsp;&nbsp;&nbsp; $17421426 | &nbsp;&nbsp;&nbsp; $45561087 |
| Affiliated dividend income | &nbsp;&nbsp; 16807 | &nbsp;&nbsp;&nbsp; 438236 | &nbsp;&nbsp;&nbsp; 147513 |
| Securities lending income, net | &nbsp;&nbsp; 73875 | &nbsp;&nbsp;&nbsp; 3881502 | &nbsp;&nbsp;&nbsp; 495 |
| Foreign withholding tax | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total investment income | &nbsp;&nbsp; 5700473 | &nbsp;&nbsp;&nbsp; 21741164 | &nbsp;&nbsp;&nbsp; 45709095 |
| **Expenses:** |  |  |  |
| Unitary management fees | &nbsp;&nbsp; 2945023 | &nbsp;&nbsp;&nbsp; 2353839 | &nbsp;&nbsp;&nbsp; 9940296 |
| Less: Waivers | &nbsp;&nbsp; (400)<br>| &nbsp;&nbsp;&nbsp; (438)<br>| &nbsp;&nbsp;&nbsp; (3529)<br>|
| Net expenses | &nbsp;&nbsp; 2944623 | &nbsp;&nbsp;&nbsp; 2353401 | &nbsp;&nbsp;&nbsp; 9936767 |
| Net investment income | &nbsp;&nbsp; 2755850 | &nbsp;&nbsp;&nbsp; 19387763 | &nbsp;&nbsp;&nbsp; 35772328 |
| **Realized and unrealized gain (loss) from:** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (1477345)<br>| &nbsp;&nbsp;&nbsp; (59155227)<br>| &nbsp;&nbsp;&nbsp; (86624340)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 12624 | &nbsp;&nbsp;&nbsp; 555315 | &nbsp;&nbsp;&nbsp; (370)<br>|
| In-kind redemptions | &nbsp;&nbsp; 55926174 | &nbsp;&nbsp;&nbsp; 32480815 | &nbsp;&nbsp;&nbsp; 260189056 |
| Net realized gain (loss) | &nbsp;&nbsp; 54461453 | &nbsp;&nbsp;&nbsp; (26119097)<br>| &nbsp;&nbsp;&nbsp; 173564346 |
| Change in net unrealized appreciation of: |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 248501044 | &nbsp;&nbsp;&nbsp; 165629324 | &nbsp;&nbsp;&nbsp; 2401078241 |
| Affiliated investment securities | &nbsp;&nbsp; 1381 | &nbsp;&nbsp;&nbsp; 9185611 | &nbsp;&nbsp;&nbsp; 370 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 248502425 | &nbsp;&nbsp;&nbsp; 174814935 | &nbsp;&nbsp;&nbsp; 2401078611 |
| Net realized and unrealized gain | &nbsp;&nbsp; 302963878 | &nbsp;&nbsp;&nbsp; 148695838 | &nbsp;&nbsp;&nbsp; 2574642957 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $305719728 | &nbsp;&nbsp;&nbsp; $168083601 | &nbsp;&nbsp;&nbsp; $2610415285 |

---

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>|
| $847729 | &nbsp;&nbsp;&nbsp; $3205604 | &nbsp;&nbsp;&nbsp; $378539 | &nbsp;&nbsp;&nbsp; $2826823 |
| 2798 | &nbsp;&nbsp;&nbsp; 5046 | &nbsp;&nbsp;&nbsp; 969 | &nbsp;&nbsp;&nbsp; 2636 |
| 40512 | &nbsp;&nbsp;&nbsp; 46753 | &nbsp;&nbsp;&nbsp; 18482 | &nbsp;&nbsp;&nbsp; 289511 |
| (3124)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 887915 | &nbsp;&nbsp;&nbsp; 3257403 | &nbsp;&nbsp;&nbsp; 397990 | &nbsp;&nbsp;&nbsp; 3118970 |
| 515285 | &nbsp;&nbsp;&nbsp; 461488 | &nbsp;&nbsp;&nbsp; 177817 | &nbsp;&nbsp;&nbsp; 375061 |
| (68)<br>| &nbsp;&nbsp;&nbsp; (121)<br>| &nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp; (63)<br>|
| 515217 | &nbsp;&nbsp;&nbsp; 461367 | &nbsp;&nbsp;&nbsp; 177794 | &nbsp;&nbsp;&nbsp; 374998 |
| 372698 | &nbsp;&nbsp;&nbsp; 2796036 | &nbsp;&nbsp;&nbsp; 220196 | &nbsp;&nbsp;&nbsp; 2743972 |
| 2709226 | &nbsp;&nbsp;&nbsp; (1490230)<br>| &nbsp;&nbsp;&nbsp; 626435 | &nbsp;&nbsp;&nbsp; (4343602)<br>|
| 2143 | &nbsp;&nbsp;&nbsp; 2435 | &nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp; 1334 |
| 3305119 | &nbsp;&nbsp;&nbsp; 1102082 | &nbsp;&nbsp;&nbsp; 1763728 | &nbsp;&nbsp;&nbsp; 1912730 |
| 6016488 | &nbsp;&nbsp;&nbsp; (385713)<br>| &nbsp;&nbsp;&nbsp; 2390316 | &nbsp;&nbsp;&nbsp; (2429538)<br>|
| 38374251 | &nbsp;&nbsp;&nbsp; 34908837 | &nbsp;&nbsp;&nbsp; 12985217 | &nbsp;&nbsp;&nbsp; 48971864 |
| 1944 | &nbsp;&nbsp;&nbsp; 2629 | &nbsp;&nbsp;&nbsp; 1617 | &nbsp;&nbsp;&nbsp; 2158 |
| 38376195 | &nbsp;&nbsp;&nbsp; 34911466 | &nbsp;&nbsp;&nbsp; 12986834 | &nbsp;&nbsp;&nbsp; 48974022 |
| 44392683 | &nbsp;&nbsp;&nbsp; 34525753 | &nbsp;&nbsp;&nbsp; 15377150 | &nbsp;&nbsp;&nbsp; 46544484 |
| $44765381 | &nbsp;&nbsp;&nbsp; $37321789 | &nbsp;&nbsp;&nbsp; $15597346 | &nbsp;&nbsp;&nbsp; $49288456 |

---

------

**23**

------

**Statements of Changes in Net Assets**

For the six months ended October 31, 2025 and the year ended April 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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)** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $2755850 | &nbsp;&nbsp;&nbsp; $4496520 | &nbsp;&nbsp;&nbsp; $19387763 | &nbsp;&nbsp;&nbsp; $42845800 |
| Net realized gain (loss) | &nbsp;&nbsp; 54461453 | &nbsp;&nbsp;&nbsp; 338739804 | &nbsp;&nbsp;&nbsp; (26119097)<br>| &nbsp;&nbsp;&nbsp; 193748249 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 248502425 | &nbsp;&nbsp;&nbsp; (140650338)<br>| &nbsp;&nbsp;&nbsp; 174814935 | &nbsp;&nbsp;&nbsp; (36356437)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 305719728 | &nbsp;&nbsp;&nbsp; 202585986 | &nbsp;&nbsp;&nbsp; 168083601 | &nbsp;&nbsp;&nbsp; 200237612 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (2806203)<br>| &nbsp;&nbsp;&nbsp; (4461943)<br>| &nbsp;&nbsp;&nbsp; (19205429)<br>| &nbsp;&nbsp;&nbsp; (41551692)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 147669001 | &nbsp;&nbsp;&nbsp; 783145918 | &nbsp;&nbsp;&nbsp; 175869986 | &nbsp;&nbsp;&nbsp; 796206482 |
| Value of shares repurchased | &nbsp;&nbsp; (239766524)<br>| &nbsp;&nbsp;&nbsp; (1024773054)<br>| &nbsp;&nbsp;&nbsp; (234911158)<br>| &nbsp;&nbsp;&nbsp; (1705666420)<br>|
| Net increase (decrease) in net assets resulting from share <br> transactions<br>| &nbsp;&nbsp; (92097523)<br>| &nbsp;&nbsp;&nbsp; (241627136)<br>| &nbsp;&nbsp;&nbsp; (59041172)<br>| &nbsp;&nbsp;&nbsp; (909459938)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 210816002 | &nbsp;&nbsp;&nbsp; (43503093)<br>| &nbsp;&nbsp;&nbsp; 89837000 | &nbsp;&nbsp;&nbsp; (750774018)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 1473057709 | &nbsp;&nbsp;&nbsp; 1516560802 | &nbsp;&nbsp;&nbsp; 1276120306 | &nbsp;&nbsp;&nbsp; 2026894324 |
| End of period | &nbsp;&nbsp; $1683873711 | &nbsp;&nbsp;&nbsp; $1473057709 | &nbsp;&nbsp;&nbsp; $1365957306 | &nbsp;&nbsp;&nbsp; $1276120306 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp; 18820000 | &nbsp;&nbsp;&nbsp; 1870000 | &nbsp;&nbsp;&nbsp; 8950000 |
| Shares repurchased | &nbsp;&nbsp; (5440000)<br>| &nbsp;&nbsp;&nbsp; (25330000)<br>| &nbsp;&nbsp;&nbsp; (2500000)<br>| &nbsp;&nbsp;&nbsp; (18800000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 37541495 | &nbsp;&nbsp;&nbsp; 44051495 | &nbsp;&nbsp;&nbsp; 14422836 | &nbsp;&nbsp;&nbsp; 24272836 |
| Shares outstanding, end of period | &nbsp;&nbsp; 35401495 | &nbsp;&nbsp;&nbsp; 37541495 | &nbsp;&nbsp;&nbsp; 13792836 | &nbsp;&nbsp;&nbsp; 14422836 |

---

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)** |
| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| $35772328 | &nbsp;&nbsp;&nbsp; $55319285 | &nbsp;&nbsp;&nbsp; $372698 | &nbsp;&nbsp;&nbsp; $1584359 |
| 173564346 | &nbsp;&nbsp;&nbsp; 861729917 | &nbsp;&nbsp;&nbsp; 6016488 | &nbsp;&nbsp;&nbsp; 21062010 |
| 2401078611 | &nbsp;&nbsp;&nbsp; (494856562)<br>| &nbsp;&nbsp;&nbsp; 38376195 | &nbsp;&nbsp;&nbsp; (41157991)<br>|
| 2610415285 | &nbsp;&nbsp;&nbsp; 422192640 | &nbsp;&nbsp;&nbsp; 44765381 | &nbsp;&nbsp;&nbsp; (18511622)<br>|
| (35639672)<br>| &nbsp;&nbsp;&nbsp; (52316387)<br>| &nbsp;&nbsp;&nbsp; (954944)<br>| &nbsp;&nbsp;&nbsp; (1004258)<br>|
| 1438843289 | &nbsp;&nbsp;&nbsp; 5820944698 | &nbsp;&nbsp;&nbsp; 505092 | &nbsp;&nbsp;&nbsp; 13866830 |
| (664203098)<br>| &nbsp;&nbsp;&nbsp; (1967644715)<br>| &nbsp;&nbsp;&nbsp; (24150568)<br>| &nbsp;&nbsp;&nbsp; (61841083)<br>|
| 774640191 | &nbsp;&nbsp;&nbsp; 3853299983 | &nbsp;&nbsp;&nbsp; (23645476)<br>| &nbsp;&nbsp;&nbsp; (47974253)<br>|
| 3349415804 | &nbsp;&nbsp;&nbsp; 4223176236 | &nbsp;&nbsp;&nbsp; 20164961 | &nbsp;&nbsp;&nbsp; (67490133)<br>|
| 8180847173 | &nbsp;&nbsp;&nbsp; 3957670937 | &nbsp;&nbsp;&nbsp; 271433804 | &nbsp;&nbsp;&nbsp; 338923937 |
| $11530262977 | &nbsp;&nbsp;&nbsp; $8180847173 | &nbsp;&nbsp;&nbsp; $291598765 | &nbsp;&nbsp;&nbsp; $271433804 |
| 26980000 | &nbsp;&nbsp;&nbsp; 122300000 | &nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 280000 |
| (12840000)<br>| &nbsp;&nbsp;&nbsp; (41430000)<br>| &nbsp;&nbsp;&nbsp; (490000)<br>| &nbsp;&nbsp;&nbsp; (1290000)<br>|
| 178427850 | &nbsp;&nbsp;&nbsp; 97557850 | &nbsp;&nbsp;&nbsp; 6130105 | &nbsp;&nbsp;&nbsp; 7140105 |
| 192567850 | &nbsp;&nbsp;&nbsp; 178427850 | &nbsp;&nbsp;&nbsp; 5650105 | &nbsp;&nbsp;&nbsp; 6130105 |

---

------

**25**

------

**Statements of Changes in Net Assets—(continued)**

For the six months ended October 31, 2025 and the year ended April 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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)** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $2796036 | &nbsp;&nbsp;&nbsp; $4626946 | &nbsp;&nbsp;&nbsp; $220196 | &nbsp;&nbsp;&nbsp; $832634 |
| Net realized gain (loss) | &nbsp;&nbsp; (385713)<br>| &nbsp;&nbsp;&nbsp; 24556800 | &nbsp;&nbsp;&nbsp; 2390316 | &nbsp;&nbsp;&nbsp; 8150902 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 34911466 | &nbsp;&nbsp;&nbsp; (25009384)<br>| &nbsp;&nbsp;&nbsp; 12986834 | &nbsp;&nbsp;&nbsp; (8884439)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 37321789 | &nbsp;&nbsp;&nbsp; 4174362 | &nbsp;&nbsp;&nbsp; 15597346 | &nbsp;&nbsp;&nbsp; 99097 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (2871815)<br>| &nbsp;&nbsp;&nbsp; (4344442)<br>| &nbsp;&nbsp;&nbsp; (200299)<br>| &nbsp;&nbsp;&nbsp; (810046)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 24276869 | &nbsp;&nbsp;&nbsp; 92869200 | &nbsp;&nbsp;&nbsp; 2713555 | &nbsp;&nbsp;&nbsp; 18003825 |
| Value of shares repurchased | &nbsp;&nbsp; (8311849)<br>| &nbsp;&nbsp;&nbsp; (164266511)<br>| &nbsp;&nbsp;&nbsp; (12874884)<br>| &nbsp;&nbsp;&nbsp; (17575838)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 15965020 | &nbsp;&nbsp;&nbsp; (71397311)<br>| &nbsp;&nbsp;&nbsp; (10161329)<br>| &nbsp;&nbsp;&nbsp; 427987 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; 50414994 | &nbsp;&nbsp;&nbsp; (71567391)<br>| &nbsp;&nbsp;&nbsp; 5235718 | &nbsp;&nbsp;&nbsp; (282962)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 227541110 | &nbsp;&nbsp;&nbsp; 299108501 | &nbsp;&nbsp;&nbsp; 98628960 | &nbsp;&nbsp;&nbsp; 98911922 |
| End of period | &nbsp;&nbsp; $277956104 | &nbsp;&nbsp;&nbsp; $227541110 | &nbsp;&nbsp;&nbsp; $103864678 | &nbsp;&nbsp;&nbsp; $98628960 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 360000 |
| Shares repurchased | &nbsp;&nbsp; (70000)<br>| &nbsp;&nbsp;&nbsp; (1400000)<br>| &nbsp;&nbsp;&nbsp; (260000)<br>| &nbsp;&nbsp;&nbsp; (360000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 2090499 | &nbsp;&nbsp;&nbsp; 2710499 | &nbsp;&nbsp;&nbsp; 2140012 | &nbsp;&nbsp;&nbsp; 2140012 |
| Shares outstanding, end of period | &nbsp;&nbsp; 2210499 | &nbsp;&nbsp;&nbsp; 2090499 | &nbsp;&nbsp;&nbsp; 1930012 | &nbsp;&nbsp;&nbsp; 2140012 |

---

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)** |
| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| $2743972 | &nbsp;&nbsp;&nbsp; $3281226 |
| (2429538)<br>| &nbsp;&nbsp;&nbsp; 13033870 |
| 48974022 | &nbsp;&nbsp;&nbsp; (25069678)<br>|
| 49288456 | &nbsp;&nbsp;&nbsp; (8754582)<br>|
| (1861973)<br>| &nbsp;&nbsp;&nbsp; (3224473)<br>|
| 5908609 | &nbsp;&nbsp;&nbsp; 105512263 |
| (16376077)<br>| &nbsp;&nbsp;&nbsp; (131148821)<br>|
| (10467468)<br>| &nbsp;&nbsp;&nbsp; (25636558)<br>|
| 36959015 | &nbsp;&nbsp;&nbsp; (37615613)<br>|
| 184627050 | &nbsp;&nbsp;&nbsp; 222242663 |
| $221586065 | &nbsp;&nbsp;&nbsp; $184627050 |
| 50000 | &nbsp;&nbsp;&nbsp; 960000 |
| (150000)<br>| &nbsp;&nbsp;&nbsp; (1200000)<br>|
| 2000040 | &nbsp;&nbsp;&nbsp; 2240040 |
| 1900040 | &nbsp;&nbsp;&nbsp; 2000040 |

---

------

**27**

------

**Financial Highlights**

Invesco S&P 500<sup>®</sup> Pure Growth ETF (RPG)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **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 period | &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 | &nbsp;&nbsp;&nbsp; $23.35 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &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 <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.33 | &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;8.41 | &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; (0.08)<br>| &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 period | &nbsp;&nbsp;&nbsp; $47.57 | &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 period<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $47.58 | &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; 21.45<br> %<br>| &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; 21.59<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $1683874 | &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 %<sup>(f)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.33 %<sup>(f)</sup><br>| &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>(g)</sup> | &nbsp;&nbsp;&nbsp; 10<br> %<br>| &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> 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.

------

**28**

------

**Financial Highlights—(continued)**

Invesco S&P 500<sup>®</sup> Pure Value ETF (RPV)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $45.75 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &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 <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.54 | &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;11.92 | &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; (1.37)<br>| &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 period | &nbsp;&nbsp;&nbsp; $99.03 | &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 period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $99.05 | &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; 13.54<br> %<br>| &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; 13.66<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $1365957 | &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 %<sup>(d)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.88 %<sup>(d)</sup><br>| &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>(e)</sup> | &nbsp;&nbsp;&nbsp; 3<br> %<br>| &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> 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.

------

**29**

------

**Financial Highlights—(continued)**

Invesco S&P 500<sup>®</sup> Top 50 ETF (XLG)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **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 period | &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 | &nbsp;&nbsp;&nbsp; $22.23 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &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;14.03 | &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;14.22 | &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; (0.19)<br>| &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 period | &nbsp;&nbsp;&nbsp; $59.88 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $59.90 | &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; 31.02<br> %<br>| &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; 31.30<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $11530263 | &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 %<sup>(e)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.72 %<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 5<br> %<br>| &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> 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.

------

**30**

------

**Financial Highlights—(continued)**

Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF (RFG)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **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 period | &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 | &nbsp;&nbsp;&nbsp; $26.40 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &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;&nbsp;7.43 | &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;&nbsp;7.49 | &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; (0.16)<br>| &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 period | &nbsp;&nbsp;&nbsp; $51.61 | &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 period<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $51.58 | &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;&nbsp; 16.95<br> %<br>| &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;&nbsp; 16.93<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $291599 | &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 %<sup>(f)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.25 %<sup>(f)</sup><br>| &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>(g)</sup> | &nbsp;&nbsp;&nbsp; 8<br> %<br>| &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> 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.

------

**31**

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**Financial Highlights—(continued)**

Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF (RFV)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $46.79 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &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;&nbsp;16.94 | &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;18.26 | &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; (1.37)<br>| &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 period | &nbsp;&nbsp;&nbsp; $125.74 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $125.73 | &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; 16.80<br> %<br>| &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; 16.87<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $277956 | &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 %<sup>(e)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.12 %<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 12<br> %<br>| &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> 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.

------

**32**

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**Financial Highlights—(continued)**

Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF (RZG)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **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 period | &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 | &nbsp;&nbsp;&nbsp; $29.27 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &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;&nbsp;7.72 | &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;7.83 | &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; (0.10)<br>| &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 period | &nbsp;&nbsp;&nbsp; $53.82 | &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 period<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $53.82 | &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; 16.99<br> %<br>| &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; 17.04<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $103865 | &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 %<sup>(f)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.43 %<sup>(f)</sup><br>| &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>(g)</sup> | &nbsp;&nbsp;&nbsp; 6<br> %<br>| &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> 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.

------

**33**

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**Financial Highlights—(continued)**

Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF (RZV)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $43.07 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &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;&nbsp;23.86 | &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;&nbsp;25.27 | &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; (0.96)<br>| &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 period | &nbsp;&nbsp;&nbsp; $116.62 | &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 period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $116.59 | &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;&nbsp; 27.42<br> %<br>| &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;&nbsp; 27.44<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $221586 | &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 %<sup>(d)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.56 %<sup>(d)</sup><br>| &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>(e)</sup> | &nbsp;&nbsp;&nbsp; 8<br> %<br>| &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> Annualized.

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

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

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**34**

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**Notes to Financial Statements**

Invesco Exchange-Traded Fund Trust

October 31, 2025

*(Unaudited)*

**NOTE 1—Organization**

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

---

| |
|:---|
| **Full Name** |
| 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 the 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.

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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 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.

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

**B.** **Investment Transactions and Investment Income** - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund's NAV and, accordingly, they reduce a Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

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

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

**E.** **Federal Income Taxes** - Each Fund intends to comply with the 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.

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

**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** — Each Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. 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.

**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

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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 ("BNY") 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 six months ended October 31, 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:

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| | |
|:---|:---|
|  | **Amount** |
| S&P 500<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; $6602 |
| S&P 500<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 77197 |
| S&P 500<sup>®</sup> Top 50 ETF | &nbsp;&nbsp; 19 |
| S&P MidCap 400<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; 2297 |
| S&P MidCap 400<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 3762 |
| S&P SmallCap 600<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; 1332 |
| S&P SmallCap 600<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 11697 |

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**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. Equity risk also includes the risk of large-capitalization companies, which may adapt more slowly to new competitive challenges or may be more mature and subject to more limited growth potential, and consequently may underperform other segments of the equity market or the market as a whole. 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.

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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 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

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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:

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

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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 six months ended October 31, 2025, the Adviser waived fees for each Fund in the following amounts:

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| | |
|:---|:---|
| S&P 500<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp;&nbsp; $400 |
| S&P 500<sup>®</sup> Pure Value ETF | &nbsp;&nbsp;&nbsp; 438 |
| S&P 500<sup>®</sup> Top 50 ETF | &nbsp;&nbsp;&nbsp; 3529 |
| S&P MidCap 400<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp;&nbsp; 68 |
| S&P MidCap 400<sup>®</sup> Pure Value ETF | &nbsp;&nbsp;&nbsp; 121 |
| S&P SmallCap 600<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp;&nbsp; 23 |
| S&P SmallCap 600<sup>®</sup> Pure Value ETF | &nbsp;&nbsp;&nbsp; 63 |

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

The Adviser has entered into licensing agreements on behalf of each Fund with S&P Dow Jones Indices LLC (the "Licensor").

Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust's sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.

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

For the six months ended October 31, 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:

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| | |
|:---|:---|
| S&P 500<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp;&nbsp; $6937 |
| S&P 500<sup>®</sup> Pure Value ETF | &nbsp;&nbsp;&nbsp; 6365 |
| S&P 500<sup>®</sup> Top 50 ETF | &nbsp;&nbsp;&nbsp; 11463 |
| S&P MidCap 400<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp;&nbsp; 2357 |
| S&P MidCap 400<sup>®</sup> Pure Value ETF | &nbsp;&nbsp;&nbsp; 4632 |
| S&P SmallCap 600<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp;&nbsp; 1742 |
| S&P SmallCap 600<sup>®</sup> Pure Value ETF | &nbsp;&nbsp;&nbsp; 4927 |

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

**NOTE 4—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market

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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 October 31, 2025, for each Fund (except for S&P 500<sup>®</sup> Top 50 ETF). As of October 31, 2025, all of the securities in S&P 500<sup>®</sup> Top 50 ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| S&P 500<sup>®</sup> Pure Growth ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $1683985894 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1683985894 |
| Money Market Funds | &nbsp;&nbsp; 79919 | &nbsp;&nbsp; 42312061 | &nbsp;&nbsp; - | &nbsp;&nbsp; 42391980 |
| **Total Investments** | &nbsp;&nbsp; $1684065813 | &nbsp;&nbsp; $42312061 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1726377874 |
| S&P 500<sup>®</sup> Pure Value ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $1365038598 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1365038598 |
| Money Market Funds | &nbsp;&nbsp; 110277 | &nbsp;&nbsp; 70212029 | &nbsp;&nbsp; - | &nbsp;&nbsp; 70322306 |
| **Total Investments** | &nbsp;&nbsp; $1365148875 | &nbsp;&nbsp; $70212029 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1435360904 |
| S&P MidCap 400<sup>®</sup> Pure Growth ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $291357638 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $291357638 |
| Money Market Funds | &nbsp;&nbsp; 295504 | &nbsp;&nbsp; 50245701 | &nbsp;&nbsp; - | &nbsp;&nbsp; 50541205 |
| **Total Investments** | &nbsp;&nbsp; $291653142 | &nbsp;&nbsp; $50245701 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $341898843 |
| S&P MidCap 400<sup>®</sup> Pure Value ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $277673014 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $277673014 |
| Money Market Funds | &nbsp;&nbsp; 169221 | &nbsp;&nbsp; 50845395 | &nbsp;&nbsp; - | &nbsp;&nbsp; 51014616 |
| **Total Investments** | &nbsp;&nbsp; $277842235 | &nbsp;&nbsp; $50845395 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $328687630 |
| S&P SmallCap 600<sup>®</sup> Pure Growth ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $103823137 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $103823137 |
| Money Market Funds | &nbsp;&nbsp; 45224 | &nbsp;&nbsp; 28828827 | &nbsp;&nbsp; - | &nbsp;&nbsp; 28874051 |
| **Total Investments** | &nbsp;&nbsp; $103868361 | &nbsp;&nbsp; $28828827 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $132697188 |
| S&P SmallCap 600<sup>®</sup> Pure Value ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $221378224 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $221378224 |
| Money Market Funds | &nbsp;&nbsp; 34229 | &nbsp;&nbsp; 39648037 | &nbsp;&nbsp; - | &nbsp;&nbsp; 39682266 |
| **Total Investments** | &nbsp;&nbsp; $221412453 | &nbsp;&nbsp; $39648037 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $261060490 |

---

**NOTE 5—Tax Information**

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

------

**42**

------

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

The Funds had capital loss carryforwards as of April 30, 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 |
| 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 6—Investment Transactions**

For the six months ended October 31, 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; $161935011 | &nbsp;&nbsp; $162056332 |
| S&P 500<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 41909633 | &nbsp;&nbsp; 41516151 |
| S&P 500<sup>®</sup> Top 50 ETF | &nbsp;&nbsp; 538616491 | &nbsp;&nbsp; 536954664 |
| S&P MidCap 400<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; 23454345 | &nbsp;&nbsp; 24257228 |
| S&P MidCap 400<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 31010190 | &nbsp;&nbsp; 31450137 |
| S&P SmallCap 600<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; 5650789 | &nbsp;&nbsp; 5590633 |
| S&P SmallCap 600<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 16975412 | &nbsp;&nbsp; 16064575 |

---

For the six months ended October 31, 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; $146513857 | &nbsp;&nbsp; $238051963 |
| S&P 500<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 175546858 | &nbsp;&nbsp; 234339530 |
| S&P 500<sup>®</sup> Top 50 ETF | &nbsp;&nbsp; 1431426610 | &nbsp;&nbsp; 661758215 |
| S&P MidCap 400<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; 504826 | &nbsp;&nbsp; 24073066 |
| S&P MidCap 400<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 24239582 | &nbsp;&nbsp; 8108798 |
| S&P SmallCap 600<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; 2710300 | &nbsp;&nbsp; 12874789 |
| S&P SmallCap 600<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 5889016 | &nbsp;&nbsp; 16302679 |

---

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

As of October 31, 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>| **Cost** |
| S&P 500<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; $394178055 | &nbsp;&nbsp; $(88034562)<br>| &nbsp;&nbsp; $306143493 | &nbsp;&nbsp; $1420234381 |
| S&P 500<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 170874223 | &nbsp;&nbsp; (157008097)<br>| &nbsp;&nbsp; 13866126 | &nbsp;&nbsp; 1421494778 |
| S&P 500<sup>®</sup> Top 50 ETF | &nbsp;&nbsp; 2836125881 | &nbsp;&nbsp; (156259905)<br>| &nbsp;&nbsp; 2679865976 | &nbsp;&nbsp; 8847413167 |
| S&P MidCap 400<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; 60608151 | &nbsp;&nbsp; (21197015)<br>| &nbsp;&nbsp; 39411136 | &nbsp;&nbsp; 302487707 |
| S&P MidCap 400<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 25638763 | &nbsp;&nbsp; (21035963)<br>| &nbsp;&nbsp; 4602800 | &nbsp;&nbsp; 324084830 |
| S&P SmallCap 600<sup>®</sup> Pure Growth ETF | &nbsp;&nbsp; 24156753 | &nbsp;&nbsp; (9102482)<br>| &nbsp;&nbsp; 15054271 | &nbsp;&nbsp; 117642917 |
| S&P SmallCap 600<sup>®</sup> Pure Value ETF | &nbsp;&nbsp; 39351403 | &nbsp;&nbsp; (28701770)<br>| &nbsp;&nbsp; 10649633 | &nbsp;&nbsp; 250410857 |

---

------

**43**

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**NOTE 7—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 8—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.

------

**44**

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**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>**

Not applicable.

------

**45**

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**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-SPS-NCSRS

invesco.com/ETFs

------

![](img9da03daf1.jpg)

------

**Invesco Semi-Annual Financial Statements and Other Information**

October 31, 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_e235b808-35a2-4f3f-9061-fe30190748ce_SOI-Continued-396_1) | **3** |
| [Invesco Dorsey Wright Consumer Cyclicals Momentum ETF (PEZ)](#xx_e235b808-35a2-4f3f-9061-fe30190748ce_SOI-Continued-396_3) | **5** |
| [Invesco Dorsey Wright Consumer Staples Momentum ETF (PSL)](#xx_e235b808-35a2-4f3f-9061-fe30190748ce_SOI-Continued-396_5) | **7** |
| [Invesco Dorsey Wright Energy Momentum ETF (PXI)](#xx_e235b808-35a2-4f3f-9061-fe30190748ce_SOI-Continued-396_7) | **9** |
| [Invesco Dorsey Wright Financial Momentum ETF (PFI)](#xx_e235b808-35a2-4f3f-9061-fe30190748ce_SOI-Continued-396_9) | **11** |
| [Invesco Dorsey Wright Healthcare Momentum ETF (PTH)](#xx_e235b808-35a2-4f3f-9061-fe30190748ce_SOI-Continued-396_11) | **13** |
| [Invesco Dorsey Wright Industrials Momentum ETF (PRN)](#xx_e235b808-35a2-4f3f-9061-fe30190748ce_SOI-Continued-396_13) | **15** |
| [Invesco Dorsey Wright Technology Momentum ETF (PTF)](#xx_e235b808-35a2-4f3f-9061-fe30190748ce_SOI-Continued-396_15) | **17** |
| [Invesco Dorsey Wright Utilities Momentum ETF (PUI)](#xx_e235b808-35a2-4f3f-9061-fe30190748ce_SOI-Continued-396_17) | **19** |
| [Invesco NASDAQ Internet ETF (PNQI)](#xx_e235b808-35a2-4f3f-9061-fe30190748ce_SOI-Continued-396_19) | **21** |
| [Statements of Assets and Liabilities](#xx_e235b808-35a2-4f3f-9061-fe30190748ce_FS-Continued-396_1) | **24** |
| [Statements of Operations](#xx_e235b808-35a2-4f3f-9061-fe30190748ce_FS-Continued-396_3) | **26** |
| [Statements of Changes in Net Assets](#xx_e235b808-35a2-4f3f-9061-fe30190748ce_FS-Continued-396_5) | **28** |
| [Financial Highlights](#xx_e235b808-35a2-4f3f-9061-fe30190748ce_FIHI-Continued-396_1) | **32** |
| [Notes to Financial Statements](#xx_e235b808-35a2-4f3f-9061-fe30190748ce_NTF-Continued-396_1) | **42** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_e235b808-35a2-4f3f-9061-fe30190748ce_OIRSR-Continued_1) | **54** |

---

------

**2**

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**Invesco Dorsey Wright Basic Materials Momentum ETF (PYZ)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.95%** | **Common Stocks & Other Equity Interests-99.95%** | **Common Stocks & Other Equity Interests-99.95%** |
| **Aerospace & Defense-7.84%** | **Aerospace & Defense-7.84%** | **Aerospace & Defense-7.84%** |
| ATI, Inc.<sup>(b)</sup> | 13833 | &nbsp;&nbsp; $1369052 |
| Carpenter Technology Corp. | 9179 | &nbsp;&nbsp; 2899646 |
|  |  | &nbsp;&nbsp; 4268698 |
| **Aluminum-4.31%** | **Aluminum-4.31%** | **Aluminum-4.31%** |
| Alcoa Corp. | 29854 | &nbsp;&nbsp; 1098328 |
| Century Aluminum Co.<sup>(b)</sup> | 42214 | &nbsp;&nbsp; 1250379 |
|  |  | &nbsp;&nbsp; 2348707 |
| **Automotive Retail-1.31%** | **Automotive Retail-1.31%** | **Automotive Retail-1.31%** |
| Valvoline, Inc.<sup>(b)</sup> | 21634 | &nbsp;&nbsp; 714138 |
| **Coal & Consumable Fuels-4.73%** | **Coal & Consumable Fuels-4.73%** | **Coal & Consumable Fuels-4.73%** |
| Uranium Energy Corp.<sup>(b)(c)</sup> | 170349 | &nbsp;&nbsp; 2577380 |
| **Commodity Chemicals-5.82%** | **Commodity Chemicals-5.82%** | **Commodity Chemicals-5.82%** |
| Cabot Corp. | 8931 | &nbsp;&nbsp; 602664 |
| Hawkins, Inc. | 8085 | &nbsp;&nbsp; 1146858 |
| Olin Corp. | 30796 | &nbsp;&nbsp; 637477 |
| PureCycle Technologies, Inc.<sup>(b)(c)</sup> | 67783 | &nbsp;&nbsp; 784927 |
|  |  | &nbsp;&nbsp; 3171926 |
| **Copper-1.72%** | **Copper-1.72%** | **Copper-1.72%** |
| Freeport-McMoRan, Inc. | 22459 | &nbsp;&nbsp; 936540 |
| **Diversified Chemicals-1.21%** | **Diversified Chemicals-1.21%** | **Diversified Chemicals-1.21%** |
| Chemours Co. (The) | 49172 | &nbsp;&nbsp; 658413 |
| **Diversified Metals & Mining-8.44%** | **Diversified Metals & Mining-8.44%** | **Diversified Metals & Mining-8.44%** |
| Idaho Strategic Resources, Inc.<sup>(b)(c)</sup> | 30627 | &nbsp;&nbsp; 1012529 |
| Materion Corp. | 5564 | &nbsp;&nbsp; 637801 |
| MP Materials Corp.<sup>(b)(c)</sup> | 30141 | &nbsp;&nbsp; 1901596 |
| USA Rare Earth, Inc.<sup>(b)</sup> | 53615 | &nbsp;&nbsp; 1042812 |
|  |  | &nbsp;&nbsp; 4594738 |
| **Fertilizers & Agricultural Chemicals-8.00%** | **Fertilizers & Agricultural Chemicals-8.00%** | **Fertilizers & Agricultural Chemicals-8.00%** |
| CF Industries Holdings, Inc. | 11610 | &nbsp;&nbsp; 966997 |
| Corteva, Inc. | 27234 | &nbsp;&nbsp; 1673257 |
| Mosaic Co. (The) | 30936 | &nbsp;&nbsp; 849193 |
| Scotts Miracle-Gro Co. (The) | 16192 | &nbsp;&nbsp; 866596 |
|  |  | &nbsp;&nbsp; 4356043 |
| **Forest Products-1.89%** | **Forest Products-1.89%** | **Forest Products-1.89%** |
| Louisiana-Pacific Corp. | 11832 | &nbsp;&nbsp; 1030686 |
| **Gold-10.63%** | **Gold-10.63%** | **Gold-10.63%** |
| Coeur Mining, Inc.<sup>(b)</sup> | 123220 | &nbsp;&nbsp; 2115687 |
| Newmont Corp. | 24654 | &nbsp;&nbsp; 1996234 |
| Royal Gold, Inc. | 9588 | &nbsp;&nbsp; 1675887 |
|  |  | &nbsp;&nbsp; 5787808 |
| **Industrial Gases-4.45%** | **Industrial Gases-4.45%** | **Industrial Gases-4.45%** |
| Air Products and Chemicals, Inc. | 3424 | &nbsp;&nbsp; 830628 |
| Linde PLC | 3807 | &nbsp;&nbsp; 1592468 |
|  |  | &nbsp;&nbsp; 2423096 |
| **Industrial Machinery & Supplies & Components-1.44%** | **Industrial Machinery & Supplies & Components-1.44%** | **Industrial Machinery & Supplies & Components-1.44%** |
| Worthington Enterprises, Inc. | 13992 | &nbsp;&nbsp; 784811 |
| **Paper & Plastic Packaging Products & Materials-3.54%** | **Paper & Plastic Packaging Products & Materials-3.54%** | **Paper & Plastic Packaging Products & Materials-3.54%** |
| Avery Dennison Corp. | 6052 | &nbsp;&nbsp; 1058434 |
| International Paper Co. | 22523 | &nbsp;&nbsp; 870289 |
|  |  | &nbsp;&nbsp; 1928723 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Paper Products-1.16%** | **Paper Products-1.16%** | **Paper Products-1.16%** |
| Sylvamo Corp. | 15482 | &nbsp;&nbsp; $628569 |
| **Silver-4.66%** | **Silver-4.66%** | **Silver-4.66%** |
| Hecla Mining Co. | 197181 | &nbsp;&nbsp; 2537720 |
| **Specialty Chemicals-20.52%** | **Specialty Chemicals-20.52%** | **Specialty Chemicals-20.52%** |
| Albemarle Corp. | 12950 | &nbsp;&nbsp; 1272079 |
| ASP Isotopes, Inc.<sup>(b)(c)</sup> | 100523 | &nbsp;&nbsp; 1018298 |
| Ecolab, Inc. | 4193 | &nbsp;&nbsp; 1075085 |
| Ecovyst, Inc.<sup>(b)</sup> | 86207 | &nbsp;&nbsp; 706035 |
| Element Solutions, Inc. | 45131 | &nbsp;&nbsp; 1205900 |
| Ingevity Corp.<sup>(b)</sup> | 14886 | &nbsp;&nbsp; 799676 |
| NewMarket Corp. | 1580 | &nbsp;&nbsp; 1213282 |
| Perimeter Solutions, Inc.<sup>(b)</sup> | 41387 | &nbsp;&nbsp; 973008 |
| Quaker Chemical Corp.<sup>(c)</sup> | 4607 | &nbsp;&nbsp; 639866 |
| RPM International, Inc. | 11206 | &nbsp;&nbsp; 1224592 |
| Sensient Technologies Corp. | 11136 | &nbsp;&nbsp; 1050014 |
|  |  | &nbsp;&nbsp; 11177835 |
| **Steel-8.28%** | **Steel-8.28%** | **Steel-8.28%** |
| Cleveland-Cliffs, Inc.<sup>(b)</sup> | 104214 | &nbsp;&nbsp; 1295380 |
| Commercial Metals Co. | 12846 | &nbsp;&nbsp; 762539 |
| Reliance, Inc. | 4686 | &nbsp;&nbsp; 1323467 |
| Steel Dynamics, Inc. | 7204 | &nbsp;&nbsp; 1129587 |
|  |  | &nbsp;&nbsp; 4510973 |
| Total Common Stocks & Other Equity Interests <br>(Cost $40,799,988) | Total Common Stocks & Other Equity Interests <br>(Cost $40,799,988) | &nbsp;&nbsp; 54436804 |
| **Money Market Funds-0.28%** | **Money Market Funds-0.28%** | **Money Market Funds-0.28%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $151,828)<br>| 151828 | &nbsp;&nbsp; 151828 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.23% <br>(Cost $40,951,816) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.23% <br>(Cost $40,951,816) | &nbsp;&nbsp; 54588632 |
| **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-10.98%** | **Money Market Funds-10.98%** | **Money Market Funds-10.98%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 1658774 | &nbsp;&nbsp; 1658774 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 4320367 | &nbsp;&nbsp; 4321663 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $5,980,608) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $5,980,608) | &nbsp;&nbsp; 5980437 |
| TOTAL INVESTMENTS IN SECURITIES-111.21% <br>(Cost $46,932,424) | TOTAL INVESTMENTS IN SECURITIES-111.21% <br>(Cost $46,932,424) | &nbsp;&nbsp; 60569069 |
| OTHER ASSETS LESS LIABILITIES-(11.21)% | OTHER ASSETS LESS LIABILITIES-(11.21)% | &nbsp;&nbsp; (6103720)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $54465349 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $130424 | &nbsp;&nbsp; $505619 | &nbsp;&nbsp; $(484215)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $151828 | &nbsp;&nbsp; $3058 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 2023918 | &nbsp;&nbsp; 20254530 | &nbsp;&nbsp; (20619674)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1658774 | &nbsp;&nbsp; 58,748<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 5262219 | &nbsp;&nbsp; 47830715 | &nbsp;&nbsp; (48772162)<br>| &nbsp;&nbsp; (65)<br>| &nbsp;&nbsp; 956 | &nbsp;&nbsp; 4321663 | &nbsp;&nbsp; 158,600<br> \*<br>|
| Total | &nbsp;&nbsp; $7416561 | &nbsp;&nbsp; $68590864 | &nbsp;&nbsp; $(69876051)<br>| &nbsp;&nbsp; $(65)<br>| &nbsp;&nbsp; $956 | &nbsp;&nbsp; $6132265 | &nbsp;&nbsp; $220406 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** |
| **Advertising-1.30%** | **Advertising-1.30%** | **Advertising-1.30%** |
| Magnite, Inc.<sup>(b)(c)</sup> | 35200 | &nbsp;&nbsp; $629376 |
| **Apparel Retail-8.00%** | **Apparel Retail-8.00%** | **Apparel Retail-8.00%** |
| Boot Barn Holdings, Inc.<sup>(b)</sup> | 4697 | &nbsp;&nbsp; 890786 |
| Buckle, Inc. (The) | 18134 | &nbsp;&nbsp; 993743 |
| RealReal, Inc. (The)<sup>(b)(c)</sup> | 79127 | &nbsp;&nbsp; 966141 |
| Urban Outfitters, Inc.<sup>(b)</sup> | 15725 | &nbsp;&nbsp; 1015992 |
|  |  | &nbsp;&nbsp; 3866662 |
| **Apparel, Accessories & Luxury Goods-7.36%** | **Apparel, Accessories & Luxury Goods-7.36%** | **Apparel, Accessories & Luxury Goods-7.36%** |
| Ralph Lauren Corp. | 5383 | &nbsp;&nbsp; 1720730 |
| Tapestry, Inc. | 16726 | &nbsp;&nbsp; 1836849 |
|  |  | &nbsp;&nbsp; 3557579 |
| **Automobile Manufacturers-2.88%** | **Automobile Manufacturers-2.88%** | **Automobile Manufacturers-2.88%** |
| Tesla, Inc.<sup>(b)</sup> | 3043 | &nbsp;&nbsp; 1389312 |
| **Automotive Parts & Equipment-6.77%** | **Automotive Parts & Equipment-6.77%** | **Automotive Parts & Equipment-6.77%** |
| Dana, Inc. | 44011 | &nbsp;&nbsp; 893423 |
| QuantumScape Corp.<sup>(b)(c)</sup> | 129029 | &nbsp;&nbsp; 2379295 |
|  |  | &nbsp;&nbsp; 3272718 |
| **Automotive Retail-5.72%** | **Automotive Retail-5.72%** | **Automotive Retail-5.72%** |
| Carvana Co.<sup>(b)</sup> | 5695 | &nbsp;&nbsp; 1745745 |
| Group 1 Automotive, Inc. | 2566 | &nbsp;&nbsp; 1020088 |
|  |  | &nbsp;&nbsp; 2765833 |
| **Broadline Retail-9.01%** | **Broadline Retail-9.01%** | **Broadline Retail-9.01%** |
| Amazon.com, Inc.<sup>(b)</sup> | 7573 | &nbsp;&nbsp; 1849478 |
| Dillard's, Inc., Class A<sup>(c)</sup> | 2030 | &nbsp;&nbsp; 1218162 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(b)</sup> | 10649 | &nbsp;&nbsp; 1286506 |
|  |  | &nbsp;&nbsp; 4354146 |
| **Cable & Satellite-3.68%** | **Cable & Satellite-3.68%** | **Cable & Satellite-3.68%** |
| EchoStar Corp., Class A<sup>(b)(c)</sup> | 23766 | &nbsp;&nbsp; 1779360 |
| **Casinos & Gaming-1.85%** | **Casinos & Gaming-1.85%** | **Casinos & Gaming-1.85%** |
| Rush Street Interactive, Inc.<sup>(b)</sup> | 52777 | &nbsp;&nbsp; 895098 |
| **Consumer Electronics-2.19%** | **Consumer Electronics-2.19%** | **Consumer Electronics-2.19%** |
| Garmin Ltd. | 4939 | &nbsp;&nbsp; 1056650 |
| **Diversified Support Services-1.12%** | **Diversified Support Services-1.12%** | **Diversified Support Services-1.12%** |
| OPENLANE, Inc.<sup>(b)</sup> | 20398 | &nbsp;&nbsp; 538915 |
| **Footwear-1.58%** | **Footwear-1.58%** | **Footwear-1.58%** |
| Wolverine World Wide, Inc. | 33586 | &nbsp;&nbsp; 762402 |
| **Home Furnishings-3.55%** | **Home Furnishings-3.55%** | **Home Furnishings-3.55%** |
| Somnigroup International, Inc.<sup>(c)</sup> | 21621 | &nbsp;&nbsp; 1715410 |
| **Homebuilding-2.09%** | **Homebuilding-2.09%** | **Homebuilding-2.09%** |
| Installed Building Products, Inc.<sup>(c)</sup> | 4063 | &nbsp;&nbsp; 1008559 |
| **Homefurnishing Retail-7.77%** | **Homefurnishing Retail-7.77%** | **Homefurnishing Retail-7.77%** |
| Bed Bath & Beyond, Inc.<sup>(b)</sup> | 66462 | &nbsp;&nbsp; 512422 |
| Wayfair, Inc., Class A<sup>(b)(c)</sup> | 18149 | &nbsp;&nbsp; 1878603 |
| Williams-Sonoma, Inc. | 7007 | &nbsp;&nbsp; 1361740 |
|  |  | &nbsp;&nbsp; 3752765 |
| **Hotels, Resorts & Cruise Lines-11.04%** | **Hotels, Resorts & Cruise Lines-11.04%** | **Hotels, Resorts & Cruise Lines-11.04%** |
| Booking Holdings, Inc. | 241 | &nbsp;&nbsp; 1223735 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Hotels, Resorts & Cruise Lines-(continued)** | **Hotels, Resorts & Cruise Lines-(continued)** | **Hotels, Resorts & Cruise Lines-(continued)** |
| Expedia Group, Inc. | 4876 | &nbsp;&nbsp; $1072720 |
| Hilton Worldwide Holdings, Inc. | 4740 | &nbsp;&nbsp; 1217990 |
| Royal Caribbean Cruises Ltd. | 6338 | &nbsp;&nbsp; 1817929 |
|  |  | &nbsp;&nbsp; 5332374 |
| **Movies & Entertainment-9.29%** | **Movies & Entertainment-9.29%** | **Movies & Entertainment-9.29%** |
| Liberty Media Corp.-Liberty Formula One<sup>(b)</sup> | 8447 | &nbsp;&nbsp; 843433 |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup> | 7782 | &nbsp;&nbsp; 1163643 |
| Sphere Entertainment Co.<sup>(b)(c)</sup> | 13361 | &nbsp;&nbsp; 914961 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 69854 | &nbsp;&nbsp; 1568222 |
|  |  | &nbsp;&nbsp; 4490259 |
| **Other Specialty Retail-6.84%** | **Other Specialty Retail-6.84%** | **Other Specialty Retail-6.84%** |
| Build-A-Bear Workshop, Inc.<sup>(c)</sup> | 9386 | &nbsp;&nbsp; 508909 |
| Five Below, Inc.<sup>(b)</sup> | 8274 | &nbsp;&nbsp; 1301252 |
| National Vision Holdings, Inc.<sup>(b)(c)</sup> | 35731 | &nbsp;&nbsp; 920073 |
| Warby Parker, Inc., Class A<sup>(b)(c)</sup> | 29409 | &nbsp;&nbsp; 576123 |
|  |  | &nbsp;&nbsp; 3306357 |
| **Passenger Airlines-2.46%** | **Passenger Airlines-2.46%** | **Passenger Airlines-2.46%** |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 12637 | &nbsp;&nbsp; 1188384 |
| **Restaurants-3.74%** | **Restaurants-3.74%** | **Restaurants-3.74%** |
| DoorDash, Inc., Class A<sup>(b)</sup> | 7100 | &nbsp;&nbsp; 1806027 |
| **Specialized Consumer Services-1.74%** | **Specialized Consumer Services-1.74%** | **Specialized Consumer Services-1.74%** |
| Frontdoor, Inc.<sup>(b)</sup> | 12686 | &nbsp;&nbsp; 842731 |
| Total Common Stocks & Other Equity Interests <br>(Cost $45,687,720) | Total Common Stocks & Other Equity Interests <br>(Cost $45,687,720) | &nbsp;&nbsp; 48310917 |
| **Money Market Funds-0.26%** | **Money Market Funds-0.26%** | **Money Market Funds-0.26%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $123,681)<br>| 123681 | &nbsp;&nbsp; 123681 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.24% <br>(Cost $45,811,401) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.24% <br>(Cost $45,811,401) | &nbsp;&nbsp; 48434598 |
| **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-25.44%** | **Money Market Funds-25.44%** | **Money Market Funds-25.44%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 3410474 | &nbsp;&nbsp; 3410474 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 8879254 | &nbsp;&nbsp; 8881918 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $12,292,604) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $12,292,604) | &nbsp;&nbsp; 12292392 |
| TOTAL INVESTMENTS IN SECURITIES-125.68% <br>(Cost $58,104,005) | TOTAL INVESTMENTS IN SECURITIES-125.68% <br>(Cost $58,104,005) | &nbsp;&nbsp; 60726990 |
| OTHER ASSETS LESS LIABILITIES-(25.68)% | OTHER ASSETS LESS LIABILITIES-(25.68)% | &nbsp;&nbsp; (12408717)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $48318273 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $136511 | &nbsp;&nbsp; $300348 | &nbsp;&nbsp; $(313178)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $123681 | &nbsp;&nbsp; $2590 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 4487712 | &nbsp;&nbsp; 16685425 | &nbsp;&nbsp; (17762663)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 3410474 | &nbsp;&nbsp; 30,094<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 7998580 | &nbsp;&nbsp; 31864770 | &nbsp;&nbsp; (30981415)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; (37)<br>| &nbsp;&nbsp; 8881918 | &nbsp;&nbsp; 84,640<br> \*<br>|
| Total | &nbsp;&nbsp; $12622803 | &nbsp;&nbsp; $48850543 | &nbsp;&nbsp; $(49057256)<br>| &nbsp;&nbsp; $20 | &nbsp;&nbsp; $(37)<br>| &nbsp;&nbsp; $12416073 | &nbsp;&nbsp; $117324 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.89%** | **Common Stocks & Other Equity Interests-99.89%** | **Common Stocks & Other Equity Interests-99.89%** |
| **Agricultural Products & Services-3.42%** | **Agricultural Products & Services-3.42%** | **Agricultural Products & Services-3.42%** |
| Archer-Daniels-Midland Co. | 34618 | &nbsp;&nbsp; $2095427 |
| Ingredion, Inc. | 7424 | &nbsp;&nbsp; 856804 |
|  |  | &nbsp;&nbsp; 2952231 |
| **Brewers-0.89%** | **Brewers-0.89%** | **Brewers-0.89%** |
| Boston Beer Co., Inc. (The), Class A<sup>(b)</sup> | 3714 | &nbsp;&nbsp; 768761 |
| **Consumer Finance-1.43%** | **Consumer Finance-1.43%** | **Consumer Finance-1.43%** |
| EZCORP, Inc., Class A<sup>(b)(c)</sup> | 67731 | &nbsp;&nbsp; 1236091 |
| **Consumer Staples Merchandise Retail-8.56%** | **Consumer Staples Merchandise Retail-8.56%** | **Consumer Staples Merchandise Retail-8.56%** |
| BJ's Wholesale Club Holdings, Inc.<sup>(b)</sup> | 25676 | &nbsp;&nbsp; 2266164 |
| Costco Wholesale Corp. | 5634 | &nbsp;&nbsp; 5135109 |
|  |  | &nbsp;&nbsp; 7401273 |
| **Education Services-11.93%** | **Education Services-11.93%** | **Education Services-11.93%** |
| Adtalem Global Education, Inc.<sup>(b)</sup> | 16638 | &nbsp;&nbsp; 1630857 |
| Bright Horizons Family Solutions, Inc.<sup>(b)(c)</sup> | 8896 | &nbsp;&nbsp; 971710 |
| Grand Canyon Education, Inc.<sup>(b)</sup> | 8447 | &nbsp;&nbsp; 1590570 |
| Laureate Education, Inc., Class A<sup>(b)</sup> | 75350 | &nbsp;&nbsp; 2187411 |
| Perdoceo Education Corp. | 35169 | &nbsp;&nbsp; 1116967 |
| Strategic Education, Inc. | 8717 | &nbsp;&nbsp; 662318 |
| Stride, Inc.<sup>(b)(c)</sup> | 14064 | &nbsp;&nbsp; 956915 |
| Universal Technical Institute, Inc.<sup>(b)(c)</sup> | 40313 | &nbsp;&nbsp; 1198102 |
|  |  | &nbsp;&nbsp; 10314850 |
| **Food Distributors-12.93%** | **Food Distributors-12.93%** | **Food Distributors-12.93%** |
| Andersons, Inc. (The) | 16535 | &nbsp;&nbsp; 765736 |
| Chefs' Warehouse, Inc. (The)<sup>(b)</sup> | 27512 | &nbsp;&nbsp; 1623208 |
| Performance Food Group Co.<sup>(b)</sup> | 31176 | &nbsp;&nbsp; 3015966 |
| Sysco Corp. | 14453 | &nbsp;&nbsp; 1073569 |
| United Natural Foods, Inc.<sup>(b)</sup> | 42283 | &nbsp;&nbsp; 1591955 |
| US Foods Holding Corp.<sup>(b)</sup> | 42752 | &nbsp;&nbsp; 3104650 |
|  |  | &nbsp;&nbsp; 11175084 |
| **Food Retail-11.02%** | **Food Retail-11.02%** | **Food Retail-11.02%** |
| Casey's General Stores, Inc. | 10342 | &nbsp;&nbsp; 5307411 |
| Grocery Outlet Holding Corp.<sup>(b)(c)</sup> | 81675 | &nbsp;&nbsp; 1111597 |
| Kroger Co. (The) | 48816 | &nbsp;&nbsp; 3106162 |
|  |  | &nbsp;&nbsp; 9525170 |
| **Household Products-9.63%** | **Household Products-9.63%** | **Household Products-9.63%** |
| Church & Dwight Co., Inc. | 55380 | &nbsp;&nbsp; 4856272 |
| Energizer Holdings, Inc.<sup>(c)</sup> | 31386 | &nbsp;&nbsp; 729097 |
| Procter & Gamble Co. (The) | 18217 | &nbsp;&nbsp; 2739290 |
|  |  | &nbsp;&nbsp; 8324659 |
| **Packaged Foods & Meats-8.18%** | **Packaged Foods & Meats-8.18%** | **Packaged Foods & Meats-8.18%** |
| Cal-Maine Foods, Inc. | 18245 | &nbsp;&nbsp; 1601911 |
| Hershey Co. (The)<sup>(c)</sup> | 6575 | &nbsp;&nbsp; 1115317 |
| Lamb Weston Holdings, Inc. | 14763 | &nbsp;&nbsp; 911320 |
| Marzetti Co. (The) | 3791 | &nbsp;&nbsp; 594391 |
| Post Holdings, Inc.<sup>(b)(c)</sup> | 12697 | &nbsp;&nbsp; 1319599 |
| Vital Farms, Inc.<sup>(b)(c)</sup> | 46426 | &nbsp;&nbsp; 1525094 |
|  |  | &nbsp;&nbsp; 7067632 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Personal Care Products-7.62%** | **Personal Care Products-7.62%** | **Personal Care Products-7.62%** |
| e.l.f. Beauty, Inc.<sup>(b)</sup> | 26843 | &nbsp;&nbsp; $3278604 |
| Estee Lauder Cos., Inc. (The), Class A | 27583 | &nbsp;&nbsp; 2667000 |
| Herbalife Ltd.<sup>(b)(c)</sup> | 80081 | &nbsp;&nbsp; 640648 |
|  |  | &nbsp;&nbsp; 6586252 |
| **Soft Drinks & Non-alcoholic Beverages-12.81%** | **Soft Drinks & Non-alcoholic Beverages-12.81%** | **Soft Drinks & Non-alcoholic Beverages-12.81%** |
| Celsius Holdings, Inc.<sup>(b)</sup> | 62142 | &nbsp;&nbsp; 3742813 |
| Coca-Cola Co. (The) | 17603 | &nbsp;&nbsp; 1212847 |
| Coca-Cola Consolidated, Inc. | 14670 | &nbsp;&nbsp; 1912675 |
| Monster Beverage Corp.<sup>(b)</sup> | 35892 | &nbsp;&nbsp; 2398662 |
| Primo Brands Corp. | 82050 | &nbsp;&nbsp; 1802638 |
|  |  | &nbsp;&nbsp; 11069635 |
| **Specialized Consumer Services-2.90%** | **Specialized Consumer Services-2.90%** | **Specialized Consumer Services-2.90%** |
| Service Corp. International | 30052 | &nbsp;&nbsp; 2509643 |
| **Tobacco-8.57%** | **Tobacco-8.57%** | **Tobacco-8.57%** |
| Altria Group, Inc. | 41896 | &nbsp;&nbsp; 2362097 |
| Philip Morris International, Inc. | 18134 | &nbsp;&nbsp; 2617280 |
| Turning Point Brands, Inc.<sup>(c)</sup> | 20197 | &nbsp;&nbsp; 1815710 |
| Universal Corp. | 12080 | &nbsp;&nbsp; 612214 |
|  |  | &nbsp;&nbsp; 7407301 |
| Total Common Stocks & Other Equity Interests <br>(Cost $76,654,093) | Total Common Stocks & Other Equity Interests <br>(Cost $76,654,093) | &nbsp;&nbsp; 86338582 |
| **Money Market Funds-0.22%** | **Money Market Funds-0.22%** | **Money Market Funds-0.22%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $194,861)<br>| 194861 | &nbsp;&nbsp; 194861 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.11% <br>(Cost $76,848,954) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.11% <br>(Cost $76,848,954) | &nbsp;&nbsp; 86533443 |
| **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-10.07%** | **Money Market Funds-10.07%** | **Money Market Funds-10.07%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 2409232 | &nbsp;&nbsp; 2409232 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 6291140 | &nbsp;&nbsp; 6293027 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $8,702,493) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $8,702,493) | &nbsp;&nbsp; 8702259 |
| TOTAL INVESTMENTS IN SECURITIES-110.18% <br>(Cost $85,551,447) | TOTAL INVESTMENTS IN SECURITIES-110.18% <br>(Cost $85,551,447) | &nbsp;&nbsp; 95235702 |
| OTHER ASSETS LESS LIABILITIES-(10.18)% | OTHER ASSETS LESS LIABILITIES-(10.18)% | &nbsp;&nbsp; (8801436)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $86434266 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $208916 | &nbsp;&nbsp; $916276 | &nbsp;&nbsp; $(930331)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $194861 | &nbsp;&nbsp; $3567 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 4827252 | &nbsp;&nbsp; 25086911 | &nbsp;&nbsp; (27504931)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2409232 | &nbsp;&nbsp; 64,583<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 12565489 | &nbsp;&nbsp; 54896784 | &nbsp;&nbsp; (61170010)<br>| &nbsp;&nbsp; 61 | &nbsp;&nbsp; 703 | &nbsp;&nbsp; 6293027 | &nbsp;&nbsp; 173,848<br> \*<br>|
| Total | &nbsp;&nbsp; $17601657 | &nbsp;&nbsp; $80899971 | &nbsp;&nbsp; $(89605272)<br>| &nbsp;&nbsp; $61 | &nbsp;&nbsp; $703 | &nbsp;&nbsp; $8897120 | &nbsp;&nbsp; $241998 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.92%** | **Common Stocks & Other Equity Interests-99.92%** | **Common Stocks & Other Equity Interests-99.92%** |
| **Coal & Consumable Fuels-11.64%** | **Coal & Consumable Fuels-11.64%** | **Coal & Consumable Fuels-11.64%** |
| Centrus Energy Corp., Class A<sup>(b)(c)</sup> | 9513 | &nbsp;&nbsp; $3495647 |
| Hallador Energy Co.<sup>(b)(c)</sup> | 20519 | &nbsp;&nbsp; 443826 |
| Peabody Energy Corp.<sup>(c)</sup> | 40935 | &nbsp;&nbsp; 1122438 |
|  |  | &nbsp;&nbsp; 5061911 |
| **Integrated Oil & Gas-6.87%** | **Integrated Oil & Gas-6.87%** | **Integrated Oil & Gas-6.87%** |
| Chevron Corp. | 6375 | &nbsp;&nbsp; 1005465 |
| Exxon Mobil Corp. | 11375 | &nbsp;&nbsp; 1300845 |
| Occidental Petroleum Corp. | 16561 | &nbsp;&nbsp; 682313 |
|  |  | &nbsp;&nbsp; 2988623 |
| **Oil & Gas Drilling-2.23%** | **Oil & Gas Drilling-2.23%** | **Oil & Gas Drilling-2.23%** |
| Seadrill Ltd. (Norway)<sup>(b)(c)</sup> | 14431 | &nbsp;&nbsp; 455443 |
| Valaris Ltd.<sup>(b)(c)</sup> | 9193 | &nbsp;&nbsp; 515911 |
|  |  | &nbsp;&nbsp; 971354 |
| **Oil & Gas Equipment & Services-10.84%** | **Oil & Gas Equipment & Services-10.84%** | **Oil & Gas Equipment & Services-10.84%** |
| Archrock, Inc. | 34145 | &nbsp;&nbsp; 862844 |
| Baker Hughes Co., Class A | 19147 | &nbsp;&nbsp; 926906 |
| Kodiak Gas Services, Inc. | 17422 | &nbsp;&nbsp; 642524 |
| Tidewater, Inc.<sup>(b)(c)</sup> | 19402 | &nbsp;&nbsp; 981547 |
| Weatherford International PLC | 17696 | &nbsp;&nbsp; 1304018 |
|  |  | &nbsp;&nbsp; 4717839 |
| **Oil & Gas Exploration & Production-21.32%** | **Oil & Gas Exploration & Production-21.32%** | **Oil & Gas Exploration & Production-21.32%** |
| California Resources Corp. | 13061 | &nbsp;&nbsp; 616087 |
| CNX Resources Corp.<sup>(b)(c)</sup> | 28008 | &nbsp;&nbsp; 942749 |
| Comstock Resources, Inc.<sup>(b)(c)</sup> | 34817 | &nbsp;&nbsp; 652819 |
| ConocoPhillips | 11159 | &nbsp;&nbsp; 991589 |
| Devon Energy Corp. | 26152 | &nbsp;&nbsp; 849678 |
| Diamondback Energy, Inc. | 8008 | &nbsp;&nbsp; 1146666 |
| EOG Resources, Inc. | 9650 | &nbsp;&nbsp; 1021356 |
| Gulfport Energy Corp.<sup>(b)</sup> | 3870 | &nbsp;&nbsp; 719859 |
| Magnolia Oil & Gas Corp., Class A | 23947 | &nbsp;&nbsp; 537850 |
| Permian Resources Corp. | 67291 | &nbsp;&nbsp; 845175 |
| PrimeEnergy Resources Corp.<sup>(b)(c)</sup> | 2356 | &nbsp;&nbsp; 318625 |
| Viper Energy, Inc., Class A | 16827 | &nbsp;&nbsp; 632022 |
|  |  | &nbsp;&nbsp; 9274475 |
| **Oil & Gas Refining & Marketing-22.58%** | **Oil & Gas Refining & Marketing-22.58%** | **Oil & Gas Refining & Marketing-22.58%** |
| Calumet, Inc.<sup>(b)(c)</sup> | 26506 | &nbsp;&nbsp; 518457 |
| CVR Energy, Inc.<sup>(b)</sup> | 16742 | &nbsp;&nbsp; 595848 |
| Delek US Holdings, Inc. | 31813 | &nbsp;&nbsp; 1201259 |
| Green Plains, Inc.<sup>(b)</sup> | 49411 | &nbsp;&nbsp; 507945 |
| HF Sinclair Corp. | 16111 | &nbsp;&nbsp; 831328 |
| Marathon Petroleum Corp. | 12881 | &nbsp;&nbsp; 2510636 |
| Par Pacific Holdings, Inc.<sup>(b)</sup> | 19586 | &nbsp;&nbsp; 783048 |
| PBF Energy, Inc., Class A | 18060 | &nbsp;&nbsp; 617110 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Oil & Gas Refining & Marketing-(continued)** | **Oil & Gas Refining & Marketing-(continued)** | **Oil & Gas Refining & Marketing-(continued)** |
| Phillips 66 Co. | 5750 | &nbsp;&nbsp; $782805 |
| Valero Energy Corp. | 8699 | &nbsp;&nbsp; 1475002 |
|  |  | &nbsp;&nbsp; 9823438 |
| **Oil & Gas Storage & Transportation-20.86%** | **Oil & Gas Storage & Transportation-20.86%** | **Oil & Gas Storage & Transportation-20.86%** |
| Antero Midstream Corp. | 50558 | &nbsp;&nbsp; 872125 |
| Cheniere Energy, Inc. | 5980 | &nbsp;&nbsp; 1267760 |
| DT Midstream, Inc. | 9105 | &nbsp;&nbsp; 996906 |
| Kinder Morgan, Inc. | 53687 | &nbsp;&nbsp; 1406063 |
| Kinetik Holdings, Inc., Class A<sup>(c)</sup> | 11488 | &nbsp;&nbsp; 442403 |
| Targa Resources Corp. | 15398 | &nbsp;&nbsp; 2371908 |
| Williams Cos., Inc. (The) | 29684 | &nbsp;&nbsp; 1717813 |
|  |  | &nbsp;&nbsp; 9074978 |
| **Steel-3.58%** | **Steel-3.58%** | **Steel-3.58%** |
| Alpha Metallurgical Resources, Inc.<sup>(b)(c)</sup> | 2956 | &nbsp;&nbsp; 512157 |
| Ramaco Resources, Inc., Class A<sup>(b)</sup> | 34453 | &nbsp;&nbsp; 1045993 |
|  |  | &nbsp;&nbsp; 1558150 |
| Total Common Stocks & Other Equity Interests <br>(Cost $37,635,947) | Total Common Stocks & Other Equity Interests <br>(Cost $37,635,947) | &nbsp;&nbsp; 43470768 |
| **Money Market Funds-0.34%** | **Money Market Funds-0.34%** | **Money Market Funds-0.34%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $146,215)<br>| 146215 | &nbsp;&nbsp; 146215 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.26% <br>(Cost $37,782,162) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.26% <br>(Cost $37,782,162) | &nbsp;&nbsp; 43616983 |
| **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-20.39%** | **Money Market Funds-20.39%** | **Money Market Funds-20.39%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 2468120 | &nbsp;&nbsp; 2468120 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 6401616 | &nbsp;&nbsp; 6403536 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $8,871,710) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $8,871,710) | &nbsp;&nbsp; 8871656 |
| TOTAL INVESTMENTS IN SECURITIES-120.65% <br>(Cost $46,653,872) | TOTAL INVESTMENTS IN SECURITIES-120.65% <br>(Cost $46,653,872) | &nbsp;&nbsp; 52488639 |
| OTHER ASSETS LESS LIABILITIES-(20.65)% | OTHER ASSETS LESS LIABILITIES-(20.65)% | &nbsp;&nbsp; (8984345)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $43504294 |

---

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

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

------

**9**

------

**Invesco Dorsey Wright Energy Momentum ETF (PXI)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $156950 | &nbsp;&nbsp; $910617 | &nbsp;&nbsp; $(921352)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $146215 | &nbsp;&nbsp; $2866 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 2734661 | &nbsp;&nbsp; 19554073 | &nbsp;&nbsp; (19820614)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2468120 | &nbsp;&nbsp; 48,287<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 7109338 | &nbsp;&nbsp; 41908276 | &nbsp;&nbsp; (42614299)<br>| &nbsp;&nbsp; (54)<br>| &nbsp;&nbsp; 275 | &nbsp;&nbsp; 6403536 | &nbsp;&nbsp; 130,970<br> \*<br>|
| Total | &nbsp;&nbsp; $10000949 | &nbsp;&nbsp; $62372966 | &nbsp;&nbsp; $(63356265)<br>| &nbsp;&nbsp; $(54)<br>| &nbsp;&nbsp; $275 | &nbsp;&nbsp; $9017871 | &nbsp;&nbsp; $182123 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** |
| **Asset Management & Custody Banks-17.46%** | **Asset Management & Custody Banks-17.46%** | **Asset Management & Custody Banks-17.46%** |
| Acadian Asset Management, Inc. | 17423 | &nbsp;&nbsp; $838046 |
| Ares Management Corp., Class A | 14013 | &nbsp;&nbsp; 2083873 |
| BlackRock, Inc. | 1234 | &nbsp;&nbsp; 1336188 |
| Blackstone, Inc., Class A | 12369 | &nbsp;&nbsp; 1813790 |
| KKR & Co., Inc., Class A | 15996 | &nbsp;&nbsp; 1892807 |
| Victory Capital Holdings, Inc., Class A<sup>(b)</sup> | 22925 | &nbsp;&nbsp; 1427540 |
| WisdomTree, Inc.<sup>(b)</sup> | 80753 | &nbsp;&nbsp; 965806 |
|  |  | &nbsp;&nbsp; 10358050 |
| **Commercial & Residential Mortgage Finance-1.29%** | **Commercial & Residential Mortgage Finance-1.29%** | **Commercial & Residential Mortgage Finance-1.29%** |
| loanDepot, Inc., Class A<sup>(b)(c)</sup> | 252769 | &nbsp;&nbsp; 763362 |
| **Consumer Finance-18.89%** | **Consumer Finance-18.89%** | **Consumer Finance-18.89%** |
| American Express Co. | 5679 | &nbsp;&nbsp; 2048586 |
| Capital One Financial Corp. | 6437 | &nbsp;&nbsp; 1416076 |
| Enova International, Inc.<sup>(c)</sup> | 11883 | &nbsp;&nbsp; 1420850 |
| LendingClub Corp.<sup>(c)</sup> | 61761 | &nbsp;&nbsp; 1074024 |
| LendingTree, Inc.<sup>(c)</sup> | 11666 | &nbsp;&nbsp; 746624 |
| OneMain Holdings, Inc. | 18497 | &nbsp;&nbsp; 1094837 |
| SoFi Technologies, Inc.<sup>(b)(c)</sup> | 69988 | &nbsp;&nbsp; 2077244 |
| Synchrony Financial | 17842 | &nbsp;&nbsp; 1327088 |
|  |  | &nbsp;&nbsp; 11205329 |
| **Diversified Banks-9.14%** | **Diversified Banks-9.14%** | **Diversified Banks-9.14%** |
| Bank of America Corp. | 27849 | &nbsp;&nbsp; 1488529 |
| JPMorgan Chase & Co. | 8006 | &nbsp;&nbsp; 2490827 |
| Wells Fargo & Co. | 16551 | &nbsp;&nbsp; 1439440 |
|  |  | &nbsp;&nbsp; 5418796 |
| **Diversified Financial Services-2.20%** | **Diversified Financial Services-2.20%** | **Diversified Financial Services-2.20%** |
| Equitable Holdings, Inc. | 26402 | &nbsp;&nbsp; 1304259 |
| **Financial Exchanges & Data-2.02%** | **Financial Exchanges & Data-2.02%** | **Financial Exchanges & Data-2.02%** |
| Intercontinental Exchange, Inc. | 8178 | &nbsp;&nbsp; 1196360 |
| **Health Care REITs-4.63%** | **Health Care REITs-4.63%** | **Health Care REITs-4.63%** |
| American Healthcare REIT, Inc. | 27519 | &nbsp;&nbsp; 1247161 |
| Welltower, Inc. | 8289 | &nbsp;&nbsp; 1500641 |
|  |  | &nbsp;&nbsp; 2747802 |
| **Investment Banking & Brokerage-24.94%** | **Investment Banking & Brokerage-24.94%** | **Investment Banking & Brokerage-24.94%** |
| Evercore, Inc., Class A | 5800 | &nbsp;&nbsp; 1708448 |
| Goldman Sachs Group, Inc. (The) | 1896 | &nbsp;&nbsp; 1496646 |
| Houlihan Lokey, Inc. | 6742 | &nbsp;&nbsp; 1207357 |
| Interactive Brokers Group, Inc., Class A | 28295 | &nbsp;&nbsp; 1990836 |
| Jefferies Financial Group, Inc. | 16656 | &nbsp;&nbsp; 879937 |
| Piper Sandler Cos. | 4076 | &nbsp;&nbsp; 1301304 |
| PJT Partners, Inc., Class A | 5868 | &nbsp;&nbsp; 945394 |
| Raymond James Financial, Inc. | 10417 | &nbsp;&nbsp; 1652865 |
| Robinhood Markets, Inc., Class A<sup>(c)</sup> | 24598 | &nbsp;&nbsp; 3610494 |
|  |  | &nbsp;&nbsp; 14793281 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Property & Casualty Insurance-1.99%** | **Property & Casualty Insurance-1.99%** | **Property & Casualty Insurance-1.99%** |
| HCI Group, Inc. | 5793 | &nbsp;&nbsp; $1181830 |
| **Real Estate Services-3.66%** | **Real Estate Services-3.66%** | **Real Estate Services-3.66%** |
| CBRE Group, Inc., Class A<sup>(c)</sup> | 8868 | &nbsp;&nbsp; 1351749 |
| Newmark Group, Inc., Class A | 45824 | &nbsp;&nbsp; 817042 |
|  |  | &nbsp;&nbsp; 2168791 |
| **Regional Banks-3.09%** | **Regional Banks-3.09%** | **Regional Banks-3.09%** |
| Bancorp, Inc. (The)<sup>(c)</sup> | 15101 | &nbsp;&nbsp; 987152 |
| Coastal Financial Corp.<sup>(c)</sup> | 7914 | &nbsp;&nbsp; 842841 |
|  |  | &nbsp;&nbsp; 1829993 |
| **Retail REITs-2.36%** | **Retail REITs-2.36%** | **Retail REITs-2.36%** |
| Simon Property Group, Inc. | 7978 | &nbsp;&nbsp; 1402213 |
| **Transaction & Payment Processing Services-8.29%** | **Transaction & Payment Processing Services-8.29%** | **Transaction & Payment Processing Services-8.29%** |
| Affirm Holdings, Inc.<sup>(c)</sup> | 16505 | &nbsp;&nbsp; 1186379 |
| Mastercard, Inc., Class A | 5292 | &nbsp;&nbsp; 2921131 |
| Paymentus Holdings, Inc., Class A<sup>(b)(c)</sup> | 28213 | &nbsp;&nbsp; 806892 |
|  |  | &nbsp;&nbsp; 4914402 |
| Total Common Stocks & Other Equity Interests <br>(Cost $54,202,455) | Total Common Stocks & Other Equity Interests <br>(Cost $54,202,455) | &nbsp;&nbsp; 59284468 |
| **Money Market Funds-0.24%** | **Money Market Funds-0.24%** | **Money Market Funds-0.24%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $141,577)<br>| 141577 | &nbsp;&nbsp; 141577 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.20% <br>(Cost $54,344,032) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.20% <br>(Cost $54,344,032) | &nbsp;&nbsp; 59426045 |
| **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-8.84%** | **Money Market Funds-8.84%** | **Money Market Funds-8.84%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 1463185 | &nbsp;&nbsp; 1463185 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 3776952 | &nbsp;&nbsp; 3778085 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $5,241,383) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $5,241,383) | &nbsp;&nbsp; 5241270 |
| TOTAL INVESTMENTS IN SECURITIES-109.04% <br>(Cost $59,585,415) | TOTAL INVESTMENTS IN SECURITIES-109.04% <br>(Cost $59,585,415) | &nbsp;&nbsp; 64667315 |
| OTHER ASSETS LESS LIABILITIES-(9.04)% | OTHER ASSETS LESS LIABILITIES-(9.04)% | &nbsp;&nbsp; (5360511)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $59306804 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $111055 | &nbsp;&nbsp; $596298 | &nbsp;&nbsp; $(565776)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $141577 | &nbsp;&nbsp; $2824 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 1434044 | &nbsp;&nbsp; 20874191 | &nbsp;&nbsp; (20845050)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1463185 | &nbsp;&nbsp; 35,266<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 3740392 | &nbsp;&nbsp; 43519729 | &nbsp;&nbsp; (43483009)<br>| &nbsp;&nbsp; (23)<br>| &nbsp;&nbsp; 996 | &nbsp;&nbsp; 3778085 | &nbsp;&nbsp; 96,492<br> \*<br>|
| Total | &nbsp;&nbsp; $5285491 | &nbsp;&nbsp; $64990218 | &nbsp;&nbsp; $(64893835)<br>| &nbsp;&nbsp; $(23)<br>| &nbsp;&nbsp; $996 | &nbsp;&nbsp; $5382847 | &nbsp;&nbsp; $134582 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** |
| **Biotechnology-47.32%** | **Biotechnology-47.32%** | **Biotechnology-47.32%** |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 6571 | &nbsp;&nbsp; $2996639 |
| Arcutis Biotherapeutics, Inc.<sup>(b)</sup> | 72751 | &nbsp;&nbsp; 1841328 |
| Arrowhead Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 45744 | &nbsp;&nbsp; 1939088 |
| BridgeBio Pharma, Inc.<sup>(b)(c)</sup> | 42662 | &nbsp;&nbsp; 2672348 |
| Celcuity, Inc.<sup>(b)</sup> | 44670 | &nbsp;&nbsp; 3446737 |
| Cidara Therapeutics, Inc.<sup>(b)</sup> | 36059 | &nbsp;&nbsp; 3939085 |
| Dianthus Therapeutics, Inc.<sup>(b)(c)</sup> | 17545 | &nbsp;&nbsp; 613724 |
| Ideaya Biosciences, Inc.<sup>(b)(c)</sup> | 26639 | &nbsp;&nbsp; 848719 |
| Insmed, Inc.<sup>(b)</sup> | 30433 | &nbsp;&nbsp; 5770097 |
| Intellia Therapeutics, Inc.<sup>(b)(c)</sup> | 77121 | &nbsp;&nbsp; 973267 |
| Ionis Pharmaceuticals, Inc.<sup>(b)</sup> | 35565 | &nbsp;&nbsp; 2642479 |
| Kymera Therapeutics, Inc.<sup>(b)</sup> | 23430 | &nbsp;&nbsp; 1448911 |
| LENZ Therapeutics, Inc.<sup>(b)(c)</sup> | 15286 | &nbsp;&nbsp; 454300 |
| Madrigal Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 6240 | &nbsp;&nbsp; 2613936 |
| Merus N.V. (Netherlands)<sup>(b)</sup> | 15153 | &nbsp;&nbsp; 1437414 |
| Mineralys Therapeutics, Inc.<sup>(b)</sup> | 59037 | &nbsp;&nbsp; 2412252 |
| Mirum Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 21506 | &nbsp;&nbsp; 1562411 |
| Natera, Inc.<sup>(b)</sup> | 19930 | &nbsp;&nbsp; 3964675 |
| Prime Medicine, Inc.<sup>(b)(c)</sup> | 155243 | &nbsp;&nbsp; 766900 |
| Protagonist Therapeutics, Inc.<sup>(b)</sup> | 30422 | &nbsp;&nbsp; 2391778 |
| PTC Therapeutics, Inc.<sup>(b)</sup> | 24766 | &nbsp;&nbsp; 1691765 |
| Rhythm Pharmaceuticals, Inc.<sup>(b)</sup> | 14084 | &nbsp;&nbsp; 1602196 |
| Stoke Therapeutics, Inc.<sup>(b)(c)</sup> | 31237 | &nbsp;&nbsp; 938360 |
| Tango Therapeutics, Inc.<sup>(b)(c)</sup> | 120506 | &nbsp;&nbsp; 977304 |
| Travere Therapeutics, Inc.<sup>(b)</sup> | 86678 | &nbsp;&nbsp; 3047598 |
| Verastem, Inc.<sup>(b)(c)</sup> | 68285 | &nbsp;&nbsp; 645293 |
|  |  | &nbsp;&nbsp; 53638604 |
| **Health Care Equipment-10.67%** | **Health Care Equipment-10.67%** | **Health Care Equipment-10.67%** |
| Alphatec Holdings, Inc.<sup>(b)(c)</sup> | 110518 | &nbsp;&nbsp; 2098737 |
| Artivion, Inc.<sup>(b)</sup> | 17307 | &nbsp;&nbsp; 785218 |
| Axogen, Inc.<sup>(b)</sup> | 44817 | &nbsp;&nbsp; 995834 |
| Beta Bionics, Inc.<sup>(b)(c)</sup> | 28907 | &nbsp;&nbsp; 786848 |
| Boston Scientific Corp.<sup>(b)</sup> | 39500 | &nbsp;&nbsp; 3978440 |
| iRhythm Technologies, Inc.<sup>(b)</sup> | 9491 | &nbsp;&nbsp; 1777664 |
| ResMed, Inc. | 6753 | &nbsp;&nbsp; 1667181 |
|  |  | &nbsp;&nbsp; 12089922 |
| **Health Care Facilities-6.37%** | **Health Care Facilities-6.37%** | **Health Care Facilities-6.37%** |
| Encompass Health Corp. | 10665 | &nbsp;&nbsp; 1214210 |
| Ensign Group, Inc. (The) | 10601 | &nbsp;&nbsp; 1909240 |
| Tenet Healthcare Corp.<sup>(b)</sup> | 19819 | &nbsp;&nbsp; 4092426 |
|  |  | &nbsp;&nbsp; 7215876 |
| **Health Care Services-12.36%** | **Health Care Services-12.36%** | **Health Care Services-12.36%** |
| BrightSpring Health Services, Inc.<sup>(b)</sup> | 62489 | &nbsp;&nbsp; 2065262 |
| GeneDx Holdings Corp.<sup>(b)(c)</sup> | 8853 | &nbsp;&nbsp; 1212064 |
| Guardant Health, Inc.<sup>(b)</sup> | 52259 | &nbsp;&nbsp; 4861132 |
| Hims & Hers Health, Inc.<sup>(b)(c)</sup> | 82800 | &nbsp;&nbsp; 3764088 |
| RadNet, Inc.<sup>(b)</sup> | 27810 | &nbsp;&nbsp; 2113282 |
|  |  | &nbsp;&nbsp; 14015828 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care Technology-2.37%** | **Health Care Technology-2.37%** | **Health Care Technology-2.37%** |
| Doximity, Inc., Class A<sup>(b)</sup> | 40757 | &nbsp;&nbsp; $2689962 |
| **Life Sciences Tools & Services-5.01%** | **Life Sciences Tools & Services-5.01%** | **Life Sciences Tools & Services-5.01%** |
| Medpace Holdings, Inc.<sup>(b)</sup> | 9719 | &nbsp;&nbsp; 5684740 |
| **Managed Health Care-1.62%** | **Managed Health Care-1.62%** | **Managed Health Care-1.62%** |
| Alignment Healthcare, Inc.<sup>(b)</sup> | 108666 | &nbsp;&nbsp; 1832109 |
| **Pharmaceuticals-14.24%** | **Pharmaceuticals-14.24%** | **Pharmaceuticals-14.24%** |
| Amneal Pharmaceuticals, Inc.<sup>(b)</sup> | 93721 | &nbsp;&nbsp; 1014061 |
| Amylyx Pharmaceuticals, Inc.<sup>(b)</sup> | 76302 | &nbsp;&nbsp; 1062887 |
| ANI Pharmaceuticals, Inc.<sup>(b)</sup> | 11082 | &nbsp;&nbsp; 1004029 |
| Harrow, Inc.<sup>(b)(c)</sup> | 18528 | &nbsp;&nbsp; 699803 |
| Ligand Pharmaceuticals, Inc.<sup>(b)</sup> | 8819 | &nbsp;&nbsp; 1687163 |
| Liquidia Corp.<sup>(b)(c)</sup> | 45312 | &nbsp;&nbsp; 1103800 |
| Nektar Therapeutics<sup>(b)</sup> | 72083 | &nbsp;&nbsp; 4680349 |
| Ocular Therapeutix, Inc.<sup>(b)</sup> | 70171 | &nbsp;&nbsp; 818194 |
| Phathom Pharmaceuticals, Inc.<sup>(b)</sup> | 69553 | &nbsp;&nbsp; 942443 |
| Phibro Animal Health Corp., Class A | 18581 | &nbsp;&nbsp; 781517 |
| Trevi Therapeutics, Inc.<sup>(b)</sup> | 114623 | &nbsp;&nbsp; 1336504 |
| Xeris Biopharma Holdings, Inc.<sup>(b)</sup> | 104302 | &nbsp;&nbsp; 1011730 |
|  |  | &nbsp;&nbsp; 16142480 |
| Total Common Stocks & Other Equity Interests <br>(Cost $93,239,879) | Total Common Stocks & Other Equity Interests <br>(Cost $93,239,879) | &nbsp;&nbsp; 113309521 |
| **Money Market Funds-0.21%** | **Money Market Funds-0.21%** | **Money Market Funds-0.21%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $241,946)<br>| 241946 | &nbsp;&nbsp; 241946 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.17% <br>(Cost $93,481,825) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.17% <br>(Cost $93,481,825) | &nbsp;&nbsp; 113551467 |
| **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-14.45%** | **Money Market Funds-14.45%** | **Money Market Funds-14.45%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 4551406 | &nbsp;&nbsp; 4551406 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 11828375 | &nbsp;&nbsp; 11831924 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $16,383,330) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $16,383,330) | &nbsp;&nbsp; 16383330 |
| TOTAL INVESTMENTS IN SECURITIES-114.62% <br>(Cost $109,865,155) | TOTAL INVESTMENTS IN SECURITIES-114.62% <br>(Cost $109,865,155) | &nbsp;&nbsp; 129934797 |
| OTHER ASSETS LESS LIABILITIES-(14.62)% | OTHER ASSETS LESS LIABILITIES-(14.62)% | &nbsp;&nbsp; (16577733)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $113357064 |

---

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

------

**13**

------

**Invesco Dorsey Wright Healthcare Momentum ETF (PTH)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $249261 | &nbsp;&nbsp; $447976 | &nbsp;&nbsp; $(455291)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $241946 | &nbsp;&nbsp; $4217 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 9815269 | &nbsp;&nbsp; 27025107 | &nbsp;&nbsp; (32288970)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4551406 | &nbsp;&nbsp; 147,216<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 25531198 | &nbsp;&nbsp; 59967428 | &nbsp;&nbsp; (73668112)<br>| &nbsp;&nbsp; 1780 | &nbsp;&nbsp; (370)<br>| &nbsp;&nbsp; 11831924 | &nbsp;&nbsp; 397,186<br> \*<br>|
| Total | &nbsp;&nbsp; $35595728 | &nbsp;&nbsp; $87440511 | &nbsp;&nbsp; $(106412373)<br>| &nbsp;&nbsp; $1780 | &nbsp;&nbsp; $(370)<br>| &nbsp;&nbsp; $16625276 | &nbsp;&nbsp; $548619 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** |
| **Aerospace & Defense-24.56%** | **Aerospace & Defense-24.56%** | **Aerospace & Defense-24.56%** |
| Axon Enterprise, Inc.<sup>(b)</sup> | 16551 | &nbsp;&nbsp; $12119138 |
| Curtiss-Wright Corp. | 16526 | &nbsp;&nbsp; 9845034 |
| General Electric Co. | 34047 | &nbsp;&nbsp; 10518821 |
| HEICO Corp. | 38042 | &nbsp;&nbsp; 12088606 |
| Howmet Aerospace, Inc. | 63172 | &nbsp;&nbsp; 13010273 |
| Kratos Defense & Security Solutions, Inc.<sup>(b)(c)</sup> | 166848 | &nbsp;&nbsp; 15116429 |
| Leonardo DRS, Inc. | 148035 | &nbsp;&nbsp; 5412160 |
| Rocket Lab Corp.<sup>(b)(c)</sup> | 324062 | &nbsp;&nbsp; 20409425 |
|  |  | &nbsp;&nbsp; 98519886 |
| **Building Products-3.66%** | **Building Products-3.66%** | **Building Products-3.66%** |
| Trane Technologies PLC | 32755 | &nbsp;&nbsp; 14695531 |
| **Cargo Ground Transportation-1.41%** | **Cargo Ground Transportation-1.41%** | **Cargo Ground Transportation-1.41%** |
| Ryder System, Inc. | 33327 | &nbsp;&nbsp; 5639928 |
| **Construction & Engineering-27.11%** | **Construction & Engineering-27.11%** | **Construction & Engineering-27.11%** |
| Ameresco, Inc., Class A<sup>(b)(c)</sup> | 147179 | &nbsp;&nbsp; 5816514 |
| API Group Corp.<sup>(b)(c)</sup> | 288226 | &nbsp;&nbsp; 10612481 |
| Comfort Systems USA, Inc. | 19930 | &nbsp;&nbsp; 19244009 |
| Construction Partners, Inc., Class A<sup>(b)(c)</sup> | 51028 | &nbsp;&nbsp; 5835052 |
| EMCOR Group, Inc. | 19131 | &nbsp;&nbsp; 12928347 |
| Granite Construction, Inc.<sup>(c)</sup> | 63341 | &nbsp;&nbsp; 6518422 |
| MasTec, Inc.<sup>(b)</sup> | 40898 | &nbsp;&nbsp; 8349736 |
| Primoris Services Corp. | 55323 | &nbsp;&nbsp; 7829311 |
| Quanta Services, Inc. | 30013 | &nbsp;&nbsp; 13479739 |
| Sterling Infrastructure, Inc.<sup>(b)</sup> | 24190 | &nbsp;&nbsp; 9141401 |
| Tutor Perini Corp.<sup>(b)</sup> | 133399 | &nbsp;&nbsp; 8985757 |
|  |  | &nbsp;&nbsp; 108740769 |
| **Construction Machinery & Heavy Transportation Equipment-8.09%** | **Construction Machinery & Heavy Transportation Equipment-8.09%** | **Construction Machinery & Heavy Transportation Equipment-8.09%** |
| Blue Bird Corp.<sup>(b)(c)</sup> | 121383 | &nbsp;&nbsp; 6064295 |
| Caterpillar, Inc. | 17811 | &nbsp;&nbsp; 10281578 |
| Cummins, Inc. | 22491 | &nbsp;&nbsp; 9843861 |
| REV Group, Inc. | 122101 | &nbsp;&nbsp; 6260118 |
|  |  | &nbsp;&nbsp; 32449852 |
| **Construction Materials-1.18%** | **Construction Materials-1.18%** | **Construction Materials-1.18%** |
| United States Lime & Minerals, Inc. | 40272 | &nbsp;&nbsp; 4720684 |
| **Diversified Support Services-1.89%** | **Diversified Support Services-1.89%** | **Diversified Support Services-1.89%** |
| VSE Corp. | 41913 | &nbsp;&nbsp; 7572841 |
| **Electrical Components & Equipment-4.18%** | **Electrical Components & Equipment-4.18%** | **Electrical Components & Equipment-4.18%** |
| American Superconductor Corp.<sup>(b)</sup> | 93719 | &nbsp;&nbsp; 5550976 |
| Amprius Technologies, Inc.<sup>(b)</sup> | 795797 | &nbsp;&nbsp; 11212780 |
|  |  | &nbsp;&nbsp; 16763756 |
| **Electronic Components-1.48%** | **Electronic Components-1.48%** | **Electronic Components-1.48%** |
| Bel Fuse, Inc., Class B<sup>(c)</sup> | 38651 | &nbsp;&nbsp; 5951867 |
| **Electronic Manufacturing Services-5.56%** | **Electronic Manufacturing Services-5.56%** | **Electronic Manufacturing Services-5.56%** |
| Jabil, Inc. | 50465 | &nbsp;&nbsp; 11147214 |
| TTM Technologies, Inc.<sup>(b)</sup> | 166240 | &nbsp;&nbsp; 11171328 |
|  |  | &nbsp;&nbsp; 22318542 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Heavy Electrical Equipment-5.98%** | **Heavy Electrical Equipment-5.98%** | **Heavy Electrical Equipment-5.98%** |
| Bloom Energy Corp., Class A<sup>(b)(c)</sup> | 138499 | &nbsp;&nbsp; $18304028 |
| Power Solutions International, Inc.<sup>(b)(c)</sup> | 66481 | &nbsp;&nbsp; 5692103 |
|  |  | &nbsp;&nbsp; 23996131 |
| **Industrial Machinery & Supplies & Components-4.74%** | **Industrial Machinery & Supplies & Components-4.74%** | **Industrial Machinery & Supplies & Components-4.74%** |
| Parker-Hannifin Corp. | 15865 | &nbsp;&nbsp; 12260948 |
| SPX Technologies, Inc.<sup>(b)</sup> | 30155 | &nbsp;&nbsp; 6751403 |
|  |  | &nbsp;&nbsp; 19012351 |
| **Life Sciences Tools & Services-1.68%** | **Life Sciences Tools & Services-1.68%** | **Life Sciences Tools & Services-1.68%** |
| Adaptive Biotechnologies Corp.<sup>(b)(c)</sup> | 388548 | &nbsp;&nbsp; 6745193 |
| **Office Services & Supplies-1.24%** | **Office Services & Supplies-1.24%** | **Office Services & Supplies-1.24%** |
| Pitney Bowes, Inc.<sup>(c)</sup> | 502898 | &nbsp;&nbsp; 4968632 |
| **Research & Consulting Services-1.82%** | **Research & Consulting Services-1.82%** | **Research & Consulting Services-1.82%** |
| Planet Labs PBC<sup>(b)(c)</sup> | 543508 | &nbsp;&nbsp; 7310183 |
| **Trading Companies & Distributors-5.40%** | **Trading Companies & Distributors-5.40%** | **Trading Companies & Distributors-5.40%** |
| DXP Enterprises, Inc.<sup>(b)</sup> | 39764 | &nbsp;&nbsp; 4757762 |
| United Rentals, Inc. | 12432 | &nbsp;&nbsp; 10830510 |
| Xometry, Inc., Class A<sup>(b)(c)</sup> | 125216 | &nbsp;&nbsp; 6096767 |
|  |  | &nbsp;&nbsp; 21685039 |
| Total Common Stocks & Other Equity Interests <br>(Cost $315,168,500) | Total Common Stocks & Other Equity Interests <br>(Cost $315,168,500) | &nbsp;&nbsp; 401091185 |
| **Money Market Funds-0.11%** | **Money Market Funds-0.11%** | **Money Market Funds-0.11%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $451,787)<br>| 451787 | &nbsp;&nbsp; 451787 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.09% <br>(Cost $315,620,287) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.09% <br>(Cost $315,620,287) | &nbsp;&nbsp; 401542972 |
| **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-14.97%** | **Money Market Funds-14.97%** | **Money Market Funds-14.97%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 16610269 | &nbsp;&nbsp; 16610269 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 43411774 | &nbsp;&nbsp; 43424798 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $60,036,076) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $60,036,076) | &nbsp;&nbsp; 60035067 |
| TOTAL INVESTMENTS IN SECURITIES-115.06% <br>(Cost $375,656,363) | TOTAL INVESTMENTS IN SECURITIES-115.06% <br>(Cost $375,656,363) | &nbsp;&nbsp; 461578039 |
| OTHER ASSETS LESS LIABILITIES-(15.06)% | OTHER ASSETS LESS LIABILITIES-(15.06)% | &nbsp;&nbsp; (60419640)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $401158399 |

---

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

------

**15**

------

**Invesco Dorsey Wright Industrials Momentum ETF (PRN)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $576679 | &nbsp;&nbsp; $2238262 | &nbsp;&nbsp; $(2363154)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $451787 | &nbsp;&nbsp; $9745 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 19440781 | &nbsp;&nbsp; 96250112 | &nbsp;&nbsp; (99080624)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 16610269 | &nbsp;&nbsp; 312,436<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 50461913 | &nbsp;&nbsp; 227650943 | &nbsp;&nbsp; (234693112)<br>| &nbsp;&nbsp; (154)<br>| &nbsp;&nbsp; 5208 | &nbsp;&nbsp; 43424798 | &nbsp;&nbsp; 844,244<br> \*<br>|
| Total | &nbsp;&nbsp; $70479373 | &nbsp;&nbsp; $326139317 | &nbsp;&nbsp; $(336136890)<br>| &nbsp;&nbsp; $(154)<br>| &nbsp;&nbsp; $5208 | &nbsp;&nbsp; $60486854 | &nbsp;&nbsp; $1166425 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.01%** | **Common Stocks & Other Equity Interests-100.01%** | **Common Stocks & Other Equity Interests-100.01%** |
| **Application Software-23.14%** | **Application Software-23.14%** | **Application Software-23.14%** |
| Bitmine Immersion Technologies, Inc.<sup>(b)</sup> | 317515 | &nbsp;&nbsp; $14812075 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 34567 | &nbsp;&nbsp; 11707497 |
| Cipher Mining, Inc.<sup>(b)(c)</sup> | 973813 | &nbsp;&nbsp; 18161612 |
| InterDigital, Inc.<sup>(c)</sup> | 24112 | &nbsp;&nbsp; 8727580 |
| Life360, Inc.<sup>(b)(c)</sup> | 74368 | &nbsp;&nbsp; 7340865 |
| Porch Group, Inc.<sup>(b)(c)</sup> | 577289 | &nbsp;&nbsp; 8688199 |
| SoundHound AI, Inc., Class A<sup>(b)(c)</sup> | 676119 | &nbsp;&nbsp; 11913217 |
| Terawulf, Inc.<sup>(b)(c)</sup> | 966973 | &nbsp;&nbsp; 14988082 |
|  |  | &nbsp;&nbsp; 96339127 |
| **Communications Equipment-17.75%** | **Communications Equipment-17.75%** | **Communications Equipment-17.75%** |
| Arista Networks, Inc.<sup>(b)</sup> | 87630 | &nbsp;&nbsp; 13818375 |
| Ciena Corp.<sup>(b)(c)</sup> | 66977 | &nbsp;&nbsp; 12720272 |
| CommScope Holding Co., Inc.<sup>(b)</sup> | 680816 | &nbsp;&nbsp; 11778117 |
| Lumentum Holdings, Inc.<sup>(b)(c)</sup> | 59749 | &nbsp;&nbsp; 12043008 |
| Ondas Holdings, Inc.<sup>(b)(c)</sup> | 2102165 | &nbsp;&nbsp; 13537943 |
| Viasat, Inc.<sup>(b)(c)</sup> | 251582 | &nbsp;&nbsp; 10017995 |
|  |  | &nbsp;&nbsp; 73915710 |
| **Electronic Equipment & Instruments-3.08%** | **Electronic Equipment & Instruments-3.08%** | **Electronic Equipment & Instruments-3.08%** |
| Evolv Technologies Holdings, Inc.<sup>(b)(c)</sup> | 780275 | &nbsp;&nbsp; 6039329 |
| nLight, Inc.<sup>(b)(c)</sup> | 204829 | &nbsp;&nbsp; 6761405 |
|  |  | &nbsp;&nbsp; 12800734 |
| **Interactive Home Entertainment-2.15%** | **Interactive Home Entertainment-2.15%** | **Interactive Home Entertainment-2.15%** |
| Roblox Corp., Class A<sup>(b)</sup> | 78733 | &nbsp;&nbsp; 8953517 |
| **Interactive Media & Services-4.71%** | **Interactive Media & Services-4.71%** | **Interactive Media & Services-4.71%** |
| Meta Platforms, Inc., Class A | 14527 | &nbsp;&nbsp; 9418580 |
| Reddit, Inc., Class A<sup>(b)</sup> | 48829 | &nbsp;&nbsp; 10202820 |
|  |  | &nbsp;&nbsp; 19621400 |
| **Internet Services & Infrastructure-2.72%** | **Internet Services & Infrastructure-2.72%** | **Internet Services & Infrastructure-2.72%** |
| Cloudflare, Inc., Class A<sup>(b)</sup> | 44722 | &nbsp;&nbsp; 11328083 |
| **Real Estate Services-3.72%** | **Real Estate Services-3.72%** | **Real Estate Services-3.72%** |
| Opendoor Technologies, Inc.<sup>(b)(c)</sup> | 1993793 | &nbsp;&nbsp; 15491772 |
| **Semiconductor Materials & Equipment-7.78%** | **Semiconductor Materials & Equipment-7.78%** | **Semiconductor Materials & Equipment-7.78%** |
| Aehr Test Systems<sup>(b)(c)</sup> | 254523 | &nbsp;&nbsp; 6615053 |
| KLA Corp.<sup>(c)</sup> | 11914 | &nbsp;&nbsp; 14400928 |
| Lam Research Corp. | 72355 | &nbsp;&nbsp; 11393018 |
|  |  | &nbsp;&nbsp; 32408999 |
| **Semiconductors-19.14%** | **Semiconductors-19.14%** | **Semiconductors-19.14%** |
| Broadcom, Inc. | 42914 | &nbsp;&nbsp; 15862302 |
| Credo Technology Group Holding Ltd.<sup>(b)</sup> | 61550 | &nbsp;&nbsp; 11548011 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Semiconductors-(continued)** | **Semiconductors-(continued)** | **Semiconductors-(continued)** |
| NVIDIA Corp. | 117112 | &nbsp;&nbsp; $23714009 |
| Rigetti Computing, Inc.<sup>(b)</sup> | 431250 | &nbsp;&nbsp; 19091437 |
| SiTime Corp.<sup>(b)</sup> | 32686 | &nbsp;&nbsp; 9467173 |
|  |  | &nbsp;&nbsp; 79682932 |
| **Systems Software-1.92%** | **Systems Software-1.92%** | **Systems Software-1.92%** |
| Oracle Corp. | 30440 | &nbsp;&nbsp; 7993848 |
| **Technology Hardware, Storage & Peripherals-13.90%** | **Technology Hardware, Storage & Peripherals-13.90%** | **Technology Hardware, Storage & Peripherals-13.90%** |
| CompoSecure, Inc., Class A<sup>(b)</sup> | 335755 | &nbsp;&nbsp; 6668094 |
| IonQ, Inc.<sup>(b)(c)</sup> | 144409 | &nbsp;&nbsp; 9008234 |
| Sandisk Corp.<sup>(b)(c)</sup> | 92728 | &nbsp;&nbsp; 18483472 |
| Seagate Technology Holdings PLC | 42861 | &nbsp;&nbsp; 10967273 |
| Western Digital Corp.<sup>(c)</sup> | 84778 | &nbsp;&nbsp; 12734503 |
|  |  | &nbsp;&nbsp; 57861576 |
| Total Common Stocks & Other Equity Interests <br>(Cost $348,871,979) | Total Common Stocks & Other Equity Interests <br>(Cost $348,871,979) | &nbsp;&nbsp; 416397698 |
| **Money Market Funds-0.09%** | **Money Market Funds-0.09%** | **Money Market Funds-0.09%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $365,058)<br>| 365058 | &nbsp;&nbsp; 365058 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.10% <br>(Cost $349,237,037) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.10% <br>(Cost $349,237,037) | &nbsp;&nbsp; 416762756 |
| **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-30.81%** | **Money Market Funds-30.81%** | **Money Market Funds-30.81%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 35595415 | &nbsp;&nbsp; 35595415 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 92641270 | &nbsp;&nbsp; 92669062 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $128,265,937) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $128,265,937) | &nbsp;&nbsp; 128264477 |
| TOTAL INVESTMENTS IN SECURITIES-130.91% <br>(Cost $477,502,974) | TOTAL INVESTMENTS IN SECURITIES-130.91% <br>(Cost $477,502,974) | &nbsp;&nbsp; 545027233 |
| OTHER ASSETS LESS LIABILITIES-(30.91)% | OTHER ASSETS LESS LIABILITIES-(30.91)% | &nbsp;&nbsp; (128677020)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $416350213 |

---

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

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

------

**17**

------

**Invesco Dorsey Wright Technology Momentum ETF (PTF)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $285703 | &nbsp;&nbsp; $4131980 | &nbsp;&nbsp; $(4052625)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $365058 | &nbsp;&nbsp; $8355 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 16989874 | &nbsp;&nbsp; 183454603 | &nbsp;&nbsp; (164849062)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 35595415 | &nbsp;&nbsp; 407,746<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 44155951 | &nbsp;&nbsp; 326762670 | &nbsp;&nbsp; (278252337)<br>| &nbsp;&nbsp; 341 | &nbsp;&nbsp; 2437 | &nbsp;&nbsp; 92669062 | &nbsp;&nbsp; 1,124,809<br> \*<br>|
| Total | &nbsp;&nbsp; $61431528 | &nbsp;&nbsp; $514349253 | &nbsp;&nbsp; $(447154024)<br>| &nbsp;&nbsp; $341 | &nbsp;&nbsp; $2437 | &nbsp;&nbsp; $128629535 | &nbsp;&nbsp; $1540910 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.89%** | **Common Stocks & Other Equity Interests-99.89%** | **Common Stocks & Other Equity Interests-99.89%** |
| **Alternative Carriers-4.08%** | **Alternative Carriers-4.08%** | **Alternative Carriers-4.08%** |
| Lumen Technologies, Inc.<sup>(b)</sup> | 213139 | &nbsp;&nbsp; $2191069 |
| **Electric Utilities-38.42%** | **Electric Utilities-38.42%** | **Electric Utilities-38.42%** |
| Alliant Energy Corp. | 20865 | &nbsp;&nbsp; 1394199 |
| American Electric Power Co., Inc. | 11381 | &nbsp;&nbsp; 1368679 |
| Constellation Energy Corp. | 3794 | &nbsp;&nbsp; 1430338 |
| Duke Energy Corp. | 15019 | &nbsp;&nbsp; 1866862 |
| Entergy Corp. | 17558 | &nbsp;&nbsp; 1687148 |
| Evergy, Inc. | 18983 | &nbsp;&nbsp; 1458084 |
| Exelon Corp. | 32883 | &nbsp;&nbsp; 1516564 |
| NRG Energy, Inc. | 12042 | &nbsp;&nbsp; 2069538 |
| Oklo, Inc.<sup>(b)(c)</sup> | 19497 | &nbsp;&nbsp; 2588617 |
| Otter Tail Corp.<sup>(c)</sup> | 11534 | &nbsp;&nbsp; 890656 |
| Pinnacle West Capital Corp. | 12120 | &nbsp;&nbsp; 1072862 |
| Southern Co. (The)<sup>(c)</sup> | 16267 | &nbsp;&nbsp; 1529749 |
| Xcel Energy, Inc. | 21295 | &nbsp;&nbsp; 1728515 |
|  |  | &nbsp;&nbsp; 20601811 |
| **Electrical Components & Equipment-2.02%** | **Electrical Components & Equipment-2.02%** | **Electrical Components & Equipment-2.02%** |
| Preformed Line Products Co.<sup>(c)</sup> | 5097 | &nbsp;&nbsp; 1081125 |
| **Gas Utilities-5.94%** | **Gas Utilities-5.94%** | **Gas Utilities-5.94%** |
| Atmos Energy Corp. | 11827 | &nbsp;&nbsp; 2030932 |
| National Fuel Gas Co. | 14617 | &nbsp;&nbsp; 1153428 |
|  |  | &nbsp;&nbsp; 3184360 |
| **Heavy Electrical Equipment-3.13%** | **Heavy Electrical Equipment-3.13%** | **Heavy Electrical Equipment-3.13%** |
| GE Vernova, Inc. | 2873 | &nbsp;&nbsp; 1681107 |
| **Independent Power Producers & Energy Traders-8.90%** | **Independent Power Producers & Energy Traders-8.90%** | **Independent Power Producers & Energy Traders-8.90%** |
| AES Corp. (The) | 109213 | &nbsp;&nbsp; 1514784 |
| Talen Energy Corp.<sup>(b)</sup> | 4398 | &nbsp;&nbsp; 1758232 |
| Vistra Corp. | 7959 | &nbsp;&nbsp; 1498680 |
|  |  | &nbsp;&nbsp; 4771696 |
| **Integrated Telecommunication Services-2.54%** | **Integrated Telecommunication Services-2.54%** | **Integrated Telecommunication Services-2.54%** |
| AT&T, Inc. | 55083 | &nbsp;&nbsp; 1363304 |
| **Multi-Utilities-24.35%** | **Multi-Utilities-24.35%** | **Multi-Utilities-24.35%** |
| Ameren Corp. | 12033 | &nbsp;&nbsp; 1227607 |
| CenterPoint Energy, Inc.<sup>(c)</sup> | 34098 | &nbsp;&nbsp; 1303908 |
| CMS Energy Corp. | 20071 | &nbsp;&nbsp; 1476222 |
| DTE Energy Co. | 13595 | &nbsp;&nbsp; 1842666 |
| NiSource, Inc. | 46395 | &nbsp;&nbsp; 1953694 |
| Public Service Enterprise Group, Inc. | 18376 | &nbsp;&nbsp; 1480371 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Multi-Utilities-(continued)** | **Multi-Utilities-(continued)** | **Multi-Utilities-(continued)** |
| Sempra | 18694 | &nbsp;&nbsp; $1718726 |
| WEC Energy Group, Inc. | 18376 | &nbsp;&nbsp; 2053150 |
|  |  | &nbsp;&nbsp; 13056344 |
| **Oil & Gas Storage & Transportation-2.87%** | **Oil & Gas Storage & Transportation-2.87%** | **Oil & Gas Storage & Transportation-2.87%** |
| ONEOK, Inc. | 22959 | &nbsp;&nbsp; 1538253 |
| **Passenger Airlines-1.87%** | **Passenger Airlines-1.87%** | **Passenger Airlines-1.87%** |
| Surf Air Mobility, Inc.<sup>(b)(c)</sup> | 247132 | &nbsp;&nbsp; 1003356 |
| **Renewable Electricity-2.16%** | **Renewable Electricity-2.16%** | **Renewable Electricity-2.16%** |
| Ormat Technologies, Inc. | 10911 | &nbsp;&nbsp; 1160603 |
| **Water Utilities-3.61%** | **Water Utilities-3.61%** | **Water Utilities-3.61%** |
| American Water Works Co., Inc. | 15057 | &nbsp;&nbsp; 1933771 |
| Total Common Stocks & Other Equity Interests <br>(Cost $46,168,361) | Total Common Stocks & Other Equity Interests <br>(Cost $46,168,361) | &nbsp;&nbsp; 53566799 |
| **Money Market Funds-0.24%** | **Money Market Funds-0.24%** | **Money Market Funds-0.24%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $130,261)<br>| 130261 | &nbsp;&nbsp; 130261 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.13% <br>(Cost $46,298,622) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.13% <br>(Cost $46,298,622) | &nbsp;&nbsp; 53697060 |
| **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-14.83%** | **Money Market Funds-14.83%** | **Money Market Funds-14.83%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 2206471 | &nbsp;&nbsp; 2206471 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 5742603 | &nbsp;&nbsp; 5744326 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $7,950,799) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $7,950,799) | &nbsp;&nbsp; 7950797 |
| TOTAL INVESTMENTS IN SECURITIES-114.96% <br>(Cost $54,249,421) | TOTAL INVESTMENTS IN SECURITIES-114.96% <br>(Cost $54,249,421) | &nbsp;&nbsp; 61647857 |
| OTHER ASSETS LESS LIABILITIES-(14.96)% | OTHER ASSETS LESS LIABILITIES-(14.96)% | &nbsp;&nbsp; (8022880)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $53624977 |

---

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

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

------

**19**

------

**Invesco Dorsey Wright Utilities Momentum ETF (PUI)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $94565 | &nbsp;&nbsp; $1281363 | &nbsp;&nbsp; $(1245667)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $130261 | &nbsp;&nbsp; $2369 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 2519060 | &nbsp;&nbsp; 24761951 | &nbsp;&nbsp; (25074540)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2206471 | &nbsp;&nbsp; 48,965<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 6535402 | &nbsp;&nbsp; 60825396 | &nbsp;&nbsp; (61618416)<br>| &nbsp;&nbsp; 154 | &nbsp;&nbsp; 1790 | &nbsp;&nbsp; 5744326 | &nbsp;&nbsp; 132,078<br> \*<br>|
| Total | &nbsp;&nbsp; $9149027 | &nbsp;&nbsp; $86868710 | &nbsp;&nbsp; $(87938623)<br>| &nbsp;&nbsp; $154 | &nbsp;&nbsp; $1790 | &nbsp;&nbsp; $8081058 | &nbsp;&nbsp; $183412 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 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 NASDAQ Internet ETF (PNQI)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.03%** | **Common Stocks & Other Equity Interests-100.03%** | **Common Stocks & Other Equity Interests-100.03%** |
| **Advertising-0.03%** | **Advertising-0.03%** | **Advertising-0.03%** |
| Criteo S.A., ADR (France)<sup>(b)</sup> | 9621 | &nbsp;&nbsp; $220129 |
| **Apparel Retail-0.02%** | **Apparel Retail-0.02%** | **Apparel Retail-0.02%** |
| Lands' End, Inc.<sup>(b)(c)</sup> | 5426 | &nbsp;&nbsp; 85405 |
| Stitch Fix, Inc., Class A<sup>(b)(c)</sup> | 20358 | &nbsp;&nbsp; 85300 |
|  |  | &nbsp;&nbsp; 170705 |
| **Application Software-8.91%** | **Application Software-8.91%** | **Application Software-8.91%** |
| Adobe, Inc.<sup>(b)</sup> | 75600 | &nbsp;&nbsp; 25727436 |
| Alarm.com Holdings, Inc.<sup>(b)</sup> | 8896 | &nbsp;&nbsp; 437861 |
| Box, Inc., Class A<sup>(b)</sup> | 25819 | &nbsp;&nbsp; 828532 |
| Consensus Cloud Solutions, Inc.<sup>(b)</sup> | 3387 | &nbsp;&nbsp; 99307 |
| DocuSign, Inc.<sup>(b)</sup> | 36010 | &nbsp;&nbsp; 2633771 |
| Dropbox, Inc., Class A<sup>(b)</sup> | 34467 | &nbsp;&nbsp; 999543 |
| Open Text Corp. (Canada) | 45330 | &nbsp;&nbsp; 1738405 |
| PROS Holdings, Inc.<sup>(b)(c)</sup> | 8572 | &nbsp;&nbsp; 197585 |
| Salesforce, Inc. | 121936 | &nbsp;&nbsp; 31753354 |
| SPS Commerce, Inc.<sup>(b)(c)</sup> | 6750 | &nbsp;&nbsp; 555120 |
| Unity Software, Inc.<sup>(b)</sup> | 75302 | &nbsp;&nbsp; 2853946 |
| Zoom Communications, Inc., Class A<sup>(b)</sup> | 47485 | &nbsp;&nbsp; 4142116 |
|  |  | &nbsp;&nbsp; 71966976 |
| **Broadline Retail-15.89%** | **Broadline Retail-15.89%** | **Broadline Retail-15.89%** |
| Alibaba Group Holding Ltd., ADR (China)<sup>(c)</sup> | 107428 | &nbsp;&nbsp; 18308954 |
| Amazon.com, Inc.<sup>(b)</sup> | 272895 | &nbsp;&nbsp; 66646417 |
| Coupang, Inc. (South Korea)<sup>(b)</sup> | 296772 | &nbsp;&nbsp; 9487801 |
| eBay, Inc. | 81435 | &nbsp;&nbsp; 6621480 |
| Etsy, Inc.<sup>(b)(c)</sup> | 17666 | &nbsp;&nbsp; 1095292 |
| Global-e Online Ltd. (Israel)<sup>(b)</sup> | 30247 | &nbsp;&nbsp; 1101898 |
| JD.com, Inc., ADR (China) | 85272 | &nbsp;&nbsp; 2817387 |
| MercadoLibre, Inc. (Brazil)<sup>(b)</sup> | 9039 | &nbsp;&nbsp; 21036103 |
| Vipshop Holdings Ltd., ADR (China) | 72963 | &nbsp;&nbsp; 1276123 |
|  |  | &nbsp;&nbsp; 128391455 |
| **Casinos & Gaming-0.33%** | **Casinos & Gaming-0.33%** | **Casinos & Gaming-0.33%** |
| DraftKings, Inc., Class A<sup>(b)</sup> | 88484 | &nbsp;&nbsp; 2706726 |
| **Commercial Printing-0.04%** | **Commercial Printing-0.04%** | **Commercial Printing-0.04%** |
| Cimpress PLC (Ireland)<sup>(b)(c)</sup> | 4363 | &nbsp;&nbsp; 301963 |
| **Financial Exchanges & Data-1.63%** | **Financial Exchanges & Data-1.63%** | **Financial Exchanges & Data-1.63%** |
| Coinbase Global, Inc., Class A<sup>(b)</sup> | 38337 | &nbsp;&nbsp; 13179494 |
| **Health Care Technology-0.04%** | **Health Care Technology-0.04%** | **Health Care Technology-0.04%** |
| GoodRx Holdings, Inc., Class A<sup>(b)(c)</sup> | 17571 | &nbsp;&nbsp; 59215 |
| Teladoc Health, Inc.<sup>(b)(c)</sup> | 31486 | &nbsp;&nbsp; 271724 |
|  |  | &nbsp;&nbsp; 330939 |
| **Homefurnishing Retail-0.25%** | **Homefurnishing Retail-0.25%** | **Homefurnishing Retail-0.25%** |
| Bed Bath & Beyond, Inc.<sup>(b)</sup> | 10232 | &nbsp;&nbsp; 78889 |
| Bed Bath & Beyond, Inc., Wts., expiring <br> 10/07/2026<sup>(b)</sup><br>| 1 | &nbsp;&nbsp; 1 |
| Wayfair, Inc., Class A<sup>(b)(c)</sup> | 18712 | &nbsp;&nbsp; 1936879 |
|  |  | &nbsp;&nbsp; 2015769 |
| **Hotels, Resorts & Cruise Lines-5.85%** | **Hotels, Resorts & Cruise Lines-5.85%** | **Hotels, Resorts & Cruise Lines-5.85%** |
| Airbnb, Inc., Class A<sup>(b)</sup> | 76469 | &nbsp;&nbsp; 9676387 |
| Booking Holdings, Inc. | 5578 | &nbsp;&nbsp; 28323634 |
| Expedia Group, Inc. | 21057 | &nbsp;&nbsp; 4632540 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Hotels, Resorts & Cruise Lines-(continued)** | **Hotels, Resorts & Cruise Lines-(continued)** | **Hotels, Resorts & Cruise Lines-(continued)** |
| MakeMyTrip Ltd. (India)<sup>(b)(c)</sup> | 16014 | &nbsp;&nbsp; $1281120 |
| Trip.com Group Ltd., ADR (China)<sup>(c)</sup> | 47199 | &nbsp;&nbsp; 3334609 |
|  |  | &nbsp;&nbsp; 47248290 |
| **Human Resource & Employment Services-0.17%** | **Human Resource & Employment Services-0.17%** | **Human Resource & Employment Services-0.17%** |
| Paylocity Holding Corp.<sup>(b)</sup> | 9827 | &nbsp;&nbsp; 1388260 |
| **Interactive Home Entertainment-4.43%** | **Interactive Home Entertainment-4.43%** | **Interactive Home Entertainment-4.43%** |
| Electronic Arts, Inc. | 44589 | &nbsp;&nbsp; 8920475 |
| NetEase, Inc., ADR (China) | 15402 | &nbsp;&nbsp; 2157820 |
| Roblox Corp., Class A<sup>(b)</sup> | 114950 | &nbsp;&nbsp; 13072114 |
| Sea Ltd., ADR (Singapore)<sup>(b)</sup> | 74295 | &nbsp;&nbsp; 11608594 |
|  |  | &nbsp;&nbsp; 35759003 |
| **Interactive Media & Services-18.91%** | **Interactive Media & Services-18.91%** | **Interactive Media & Services-18.91%** |
| Alphabet, Inc., Class C | 292508 | &nbsp;&nbsp; 82434604 |
| Autohome, Inc., ADR (China) | 12044 | &nbsp;&nbsp; 303509 |
| Baidu, Inc., ADR (China)<sup>(b)(c)</sup> | 23657 | &nbsp;&nbsp; 2859422 |
| Bilibili, Inc., ADR (China)<sup>(b)(c)</sup> | 20971 | &nbsp;&nbsp; 634373 |
| Bumble, Inc., Class A<sup>(b)</sup> | 18533 | &nbsp;&nbsp; 102858 |
| Cars.com, Inc.<sup>(b)</sup> | 10943 | &nbsp;&nbsp; 117528 |
| Meta Platforms, Inc., Class A | 84528 | &nbsp;&nbsp; 54803729 |
| Pinterest, Inc., Class A<sup>(b)</sup> | 106799 | &nbsp;&nbsp; 3535047 |
| Reddit, Inc., Class A<sup>(b)</sup> | 23979 | &nbsp;&nbsp; 5010412 |
| Snap, Inc., Class A<sup>(b)(c)</sup> | 255851 | &nbsp;&nbsp; 1995638 |
| TripAdvisor, Inc.<sup>(b)(c)</sup> | 20702 | &nbsp;&nbsp; 332474 |
| Yelp, Inc.<sup>(b)</sup> | 11234 | &nbsp;&nbsp; 370497 |
| Ziff Davis, Inc.<sup>(b)(c)</sup> | 7308 | &nbsp;&nbsp; 247741 |
|  |  | &nbsp;&nbsp; 152747832 |
| **Internet Services & Infrastructure-6.36%** | **Internet Services & Infrastructure-6.36%** | **Internet Services & Infrastructure-6.36%** |
| Akamai Technologies, Inc.<sup>(b)</sup> | 25548 | &nbsp;&nbsp; 1918654 |
| Fastly, Inc., Class A<sup>(b)</sup> | 26272 | &nbsp;&nbsp; 217795 |
| GoDaddy, Inc., Class A<sup>(b)</sup> | 24675 | &nbsp;&nbsp; 3284983 |
| Okta, Inc.<sup>(b)(c)</sup> | 30018 | &nbsp;&nbsp; 2747547 |
| Shopify, Inc., Class A (Canada)<sup>(b)</sup> | 217494 | &nbsp;&nbsp; 37813507 |
| VeriSign, Inc. | 16639 | &nbsp;&nbsp; 3990032 |
| Wix.com Ltd. (Israel)<sup>(b)</sup> | 9961 | &nbsp;&nbsp; 1449724 |
|  |  | &nbsp;&nbsp; 51422242 |
| **Movies & Entertainment-10.53%** | **Movies & Entertainment-10.53%** | **Movies & Entertainment-10.53%** |
| Netflix, Inc.<sup>(b)</sup> | 25861 | &nbsp;&nbsp; 28934838 |
| Roku, Inc., Class A<sup>(b)(c)</sup> | 23214 | &nbsp;&nbsp; 2463702 |
| Spotify Technology S.A. (Sweden)<sup>(b)</sup> | 36550 | &nbsp;&nbsp; 23951946 |
| Walt Disney Co. (The) | 263964 | &nbsp;&nbsp; 29727626 |
|  |  | &nbsp;&nbsp; 85078112 |
| **Other Specialty Retail-0.17%** | **Other Specialty Retail-0.17%** | **Other Specialty Retail-0.17%** |
| 1-800-Flowers.com, Inc., Class A<sup>(b)(c)</sup> | 6495 | &nbsp;&nbsp; 23382 |
| Chewy, Inc., Class A<sup>(b)</sup> | 40186 | &nbsp;&nbsp; 1355072 |
|  |  | &nbsp;&nbsp; 1378454 |
| **Passenger Ground Transportation-4.69%** | **Passenger Ground Transportation-4.69%** | **Passenger Ground Transportation-4.69%** |
| Grab Holdings Ltd., Class A (Singapore)<sup>(b)</sup> | 704774 | &nbsp;&nbsp; 4235692 |
| Lyft, Inc., Class A<sup>(b)</sup> | 70916 | &nbsp;&nbsp; 1450941 |
| Uber Technologies, Inc.<sup>(b)</sup> | 333314 | &nbsp;&nbsp; 32164801 |
|  |  | &nbsp;&nbsp; 37851434 |

---

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

------

**21**

------

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

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate Services-0.95%** | **Real Estate Services-0.95%** | **Real Estate Services-0.95%** |
| CoStar Group, Inc.<sup>(b)</sup> | 75507 | &nbsp;&nbsp; $5195637 |
| Zillow Group, Inc., Class C<sup>(b)(c)</sup> | 33141 | &nbsp;&nbsp; 2484912 |
|  |  | &nbsp;&nbsp; 7680549 |
| **Restaurants-2.26%** | **Restaurants-2.26%** | **Restaurants-2.26%** |
| DoorDash, Inc., Class A<sup>(b)</sup> | 71702 | &nbsp;&nbsp; 18238838 |
| **Systems Software-8.06%** | **Systems Software-8.06%** | **Systems Software-8.06%** |
| GitLab, Inc., Class A<sup>(b)(c)</sup> | 26038 | &nbsp;&nbsp; 1269353 |
| Microsoft Corp. | 123240 | &nbsp;&nbsp; 63814904 |
|  |  | &nbsp;&nbsp; 65084257 |
| **Technology Hardware, Storage & Peripherals-9.00%** | **Technology Hardware, Storage & Peripherals-9.00%** | **Technology Hardware, Storage & Peripherals-9.00%** |
| Apple, Inc. | 269020 | &nbsp;&nbsp; 72734937 |
| **Transaction & Payment Processing Services-1.51%** | **Transaction & Payment Processing Services-1.51%** | **Transaction & Payment Processing Services-1.51%** |
| Dlocal Ltd. (Uruguay)<sup>(c)</sup> | 26980 | &nbsp;&nbsp; 395257 |
| PayPal Holdings, Inc.<sup>(b)</sup> | 170264 | &nbsp;&nbsp; 11794187 |
|  |  | &nbsp;&nbsp; 12189444 |
| Total Common Stocks & Other Equity Interests <br>(Cost $555,180,566) | Total Common Stocks & Other Equity Interests <br>(Cost $555,180,566) | &nbsp;&nbsp; 808085808 |
| **Money Market Funds-0.02%** | **Money Market Funds-0.02%** | **Money Market Funds-0.02%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $123,259)<br>| 123259 | &nbsp;&nbsp; 123259 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.05% <br>(Cost $555,303,825) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.05% <br>(Cost $555,303,825) | &nbsp;&nbsp; 808209067 |

---

---

| | | |
|:---|:---|:---|
|  | **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-3.87%** | **Money Market Funds-3.87%** | **Money Market Funds-3.87%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 6529574 | &nbsp;&nbsp; $6529574 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 24711673 | &nbsp;&nbsp; 24719087 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $31,249,414) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $31,249,414) | &nbsp;&nbsp; 31248661 |
| TOTAL INVESTMENTS IN SECURITIES-103.92% <br>(Cost $586,553,239) | TOTAL INVESTMENTS IN SECURITIES-103.92% <br>(Cost $586,553,239) | &nbsp;&nbsp; 839457728 |
| OTHER ASSETS LESS LIABILITIES-(3.92)% | OTHER ASSETS LESS LIABILITIES-(3.92)% | &nbsp;&nbsp; (31648384)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $807809344 |

---

Investment Abbreviations: <br> ADR -American Depositary Receipt <br> 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $160647 | &nbsp;&nbsp; $2172403 | &nbsp;&nbsp; $(2209791)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $123259 | &nbsp;&nbsp; $3707 |

---

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

------

**22**

------

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

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2025**<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> **October 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $16131440 | &nbsp;&nbsp; $113940149 | &nbsp;&nbsp; $(123542015)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $6529574 | &nbsp;&nbsp; $239,185<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 41870189 | &nbsp;&nbsp; 268871728 | &nbsp;&nbsp; (286026631)<br>| &nbsp;&nbsp; (402)<br>| &nbsp;&nbsp; 4203 | &nbsp;&nbsp; 24719087 | &nbsp;&nbsp; 648,746<br> \*<br>|
| Total | &nbsp;&nbsp; $58162276 | &nbsp;&nbsp; $384984280 | &nbsp;&nbsp; $(411778437)<br>| &nbsp;&nbsp; $(402)<br>| &nbsp;&nbsp; $4203 | &nbsp;&nbsp; $31371920 | &nbsp;&nbsp; $891638 |

---

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

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

------

**23**

------

**Statements of Assets and Liabilities**

October 31, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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; $54436804 | &nbsp;&nbsp;&nbsp; $48310917 | &nbsp;&nbsp;&nbsp; $86338582 | &nbsp;&nbsp;&nbsp; $43470768 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 6132265 | &nbsp;&nbsp;&nbsp; 12416073 | &nbsp;&nbsp;&nbsp; 8897120 | &nbsp;&nbsp;&nbsp; 9017871 |
| Cash | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Receivable for: |  |  |  |  |
| Dividends | &nbsp;&nbsp; 14104 | &nbsp;&nbsp;&nbsp; 8606 | &nbsp;&nbsp;&nbsp; 77067 | &nbsp;&nbsp;&nbsp; 27611 |
| Securities lending | &nbsp;&nbsp; 9341 | &nbsp;&nbsp;&nbsp; 1453 | &nbsp;&nbsp;&nbsp; 1281 | &nbsp;&nbsp;&nbsp; 3223 |
| Investments sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 467379 |
| Expenses absorbed | &nbsp;&nbsp; 13069 | &nbsp;&nbsp;&nbsp; 12812 | &nbsp;&nbsp;&nbsp; 15003 | &nbsp;&nbsp;&nbsp; 13233 |
| **Total assets** | &nbsp;&nbsp; 60605583 | &nbsp;&nbsp;&nbsp; 60749861 | &nbsp;&nbsp;&nbsp; 95329053 | &nbsp;&nbsp;&nbsp; 53000085 |
| **Liabilities:** |  |  |  |  |
| Due to broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Payable for: |  |  |  |  |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 5980608 | &nbsp;&nbsp;&nbsp; 12292604 | &nbsp;&nbsp;&nbsp; 8702493 | &nbsp;&nbsp;&nbsp; 8871710 |
| Fund shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 467789 |
| Accrued unitary management fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Accrued advisory fees | &nbsp;&nbsp; 23962 | &nbsp;&nbsp;&nbsp; 20998 | &nbsp;&nbsp;&nbsp; 38961 | &nbsp;&nbsp;&nbsp; 18893 |
| Accrued trustees' and officer's fees | &nbsp;&nbsp; 80931 | &nbsp;&nbsp;&nbsp; 76060 | &nbsp;&nbsp;&nbsp; 82549 | &nbsp;&nbsp;&nbsp; 89474 |
| Accrued expenses | &nbsp;&nbsp; 54733 | &nbsp;&nbsp;&nbsp; 41926 | &nbsp;&nbsp;&nbsp; 70784 | &nbsp;&nbsp;&nbsp; 47925 |
| **Total liabilities** | &nbsp;&nbsp; 6140234 | &nbsp;&nbsp;&nbsp; 12431588 | &nbsp;&nbsp;&nbsp; 8894787 | &nbsp;&nbsp;&nbsp; 9495791 |
| **Net Assets** | &nbsp;&nbsp; $54465349 | &nbsp;&nbsp;&nbsp; $48318273 | &nbsp;&nbsp;&nbsp; $86434266 | &nbsp;&nbsp;&nbsp; $43504294 |
| **Net assets consist of:** |  |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $143952109 | &nbsp;&nbsp;&nbsp; $130317231 | &nbsp;&nbsp;&nbsp; $196668451 | &nbsp;&nbsp;&nbsp; $248488844 |
| Distributable earnings (loss) | &nbsp;&nbsp; (89486760)<br>| &nbsp;&nbsp;&nbsp; (81998958)<br>| &nbsp;&nbsp;&nbsp; (110234185)<br>| &nbsp;&nbsp;&nbsp; (204984550)<br>|
| **Net Assets** | &nbsp;&nbsp; $54465349 | &nbsp;&nbsp;&nbsp; $48318273 | &nbsp;&nbsp;&nbsp; $86434266 | &nbsp;&nbsp;&nbsp; $43504294 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp; 930000 |
| Net asset value | &nbsp;&nbsp; $104.74 | &nbsp;&nbsp;&nbsp; $98.61 | &nbsp;&nbsp;&nbsp; $102.90 | &nbsp;&nbsp;&nbsp; $46.78 |
| Market price | &nbsp;&nbsp; $104.74 | &nbsp;&nbsp;&nbsp; $98.65 | &nbsp;&nbsp;&nbsp; $102.90 | &nbsp;&nbsp;&nbsp; $46.78 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $40799988 | &nbsp;&nbsp;&nbsp; $45687720 | &nbsp;&nbsp;&nbsp; $76654093 | &nbsp;&nbsp;&nbsp; $37635947 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $6132436 | &nbsp;&nbsp;&nbsp; $12416285 | &nbsp;&nbsp;&nbsp; $8897354 | &nbsp;&nbsp;&nbsp; $9017925 |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $5705513 | &nbsp;&nbsp;&nbsp; $12441111 | &nbsp;&nbsp;&nbsp; $8550089 | &nbsp;&nbsp;&nbsp; $8668868 |

---

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>|
| $59284468 | &nbsp;&nbsp;&nbsp; $113309521 | &nbsp;&nbsp;&nbsp; $401091185 | &nbsp;&nbsp;&nbsp; $416397698 | &nbsp;&nbsp;&nbsp; $53566799 | &nbsp;&nbsp;&nbsp; $808085808 |
| 5382847 | &nbsp;&nbsp;&nbsp; 16625276 | &nbsp;&nbsp;&nbsp; 60486854 | &nbsp;&nbsp;&nbsp; 128629535 | &nbsp;&nbsp;&nbsp; 8081058 | &nbsp;&nbsp;&nbsp; 31371920 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 9219 | &nbsp;&nbsp;&nbsp; 840 | &nbsp;&nbsp;&nbsp; 28289 | &nbsp;&nbsp;&nbsp; 1202 | &nbsp;&nbsp;&nbsp; 59046 | &nbsp;&nbsp;&nbsp; 7768 |
| 623 | &nbsp;&nbsp;&nbsp; 6027 | &nbsp;&nbsp;&nbsp; 8323 | &nbsp;&nbsp;&nbsp; 46687 | &nbsp;&nbsp;&nbsp; 5808 | &nbsp;&nbsp;&nbsp; 5050 |
| - | &nbsp;&nbsp;&nbsp; 973571 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 10644 | &nbsp;&nbsp;&nbsp; 16934 | &nbsp;&nbsp;&nbsp; 32216 | &nbsp;&nbsp;&nbsp; 32978 | &nbsp;&nbsp;&nbsp; 13084 | &nbsp;&nbsp;&nbsp; - |
| 64687801 | &nbsp;&nbsp;&nbsp; 130932169 | &nbsp;&nbsp;&nbsp; 461650867 | &nbsp;&nbsp;&nbsp; 545108100 | &nbsp;&nbsp;&nbsp; 61725795 | &nbsp;&nbsp;&nbsp; 839470546 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1637 |
| 5241383 | &nbsp;&nbsp;&nbsp; 16383330 | &nbsp;&nbsp;&nbsp; 60036076 | &nbsp;&nbsp;&nbsp; 128265937 | &nbsp;&nbsp;&nbsp; 7950799 | &nbsp;&nbsp;&nbsp; 31249414 |
| - | &nbsp;&nbsp;&nbsp; 973022 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 410151 |
| 25562 | &nbsp;&nbsp;&nbsp; 45730 | &nbsp;&nbsp;&nbsp; 165759 | &nbsp;&nbsp;&nbsp; 173312 | &nbsp;&nbsp;&nbsp; 22890 | &nbsp;&nbsp;&nbsp; - |
| 72815 | &nbsp;&nbsp;&nbsp; 92260 | &nbsp;&nbsp;&nbsp; 83583 | &nbsp;&nbsp;&nbsp; 83869 | &nbsp;&nbsp;&nbsp; 76819 | &nbsp;&nbsp;&nbsp; - |
| 41237 | &nbsp;&nbsp;&nbsp; 80763 | &nbsp;&nbsp;&nbsp; 207050 | &nbsp;&nbsp;&nbsp; 234769 | &nbsp;&nbsp;&nbsp; 50310 | &nbsp;&nbsp;&nbsp; - |
| 5380997 | &nbsp;&nbsp;&nbsp; 17575105 | &nbsp;&nbsp;&nbsp; 60492468 | &nbsp;&nbsp;&nbsp; 128757887 | &nbsp;&nbsp;&nbsp; 8100818 | &nbsp;&nbsp;&nbsp; 31661202 |
| $59306804 | &nbsp;&nbsp;&nbsp; $113357064 | &nbsp;&nbsp;&nbsp; $401158399 | &nbsp;&nbsp;&nbsp; $416350213 | &nbsp;&nbsp;&nbsp; $53624977 | &nbsp;&nbsp;&nbsp; $807809344 |
| $98926819 | &nbsp;&nbsp;&nbsp; $420870463 | &nbsp;&nbsp;&nbsp; $421945096 | &nbsp;&nbsp;&nbsp; $608521015 | &nbsp;&nbsp;&nbsp; $72753167 | &nbsp;&nbsp;&nbsp; $670082601 |
| (39620015)<br>| &nbsp;&nbsp;&nbsp; (307513399)<br>| &nbsp;&nbsp;&nbsp; (20786697)<br>| &nbsp;&nbsp;&nbsp; (192170802)<br>| &nbsp;&nbsp;&nbsp; (19128190)<br>| &nbsp;&nbsp;&nbsp; 137726743 |
| $59306804 | &nbsp;&nbsp;&nbsp; $113357064 | &nbsp;&nbsp;&nbsp; $401158399 | &nbsp;&nbsp;&nbsp; $416350213 | &nbsp;&nbsp;&nbsp; $53624977 | &nbsp;&nbsp;&nbsp; $807809344 |
| 1050000 | &nbsp;&nbsp;&nbsp; 2330000 | &nbsp;&nbsp;&nbsp; 2190000 | &nbsp;&nbsp;&nbsp; 5060000 | &nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 14400000 |
| $56.48 | &nbsp;&nbsp;&nbsp; $48.65 | &nbsp;&nbsp;&nbsp; $183.18 | &nbsp;&nbsp;&nbsp; $82.28 | &nbsp;&nbsp;&nbsp; $46.63 | &nbsp;&nbsp;&nbsp; $56.10 |
| $56.49 | &nbsp;&nbsp;&nbsp; $48.64 | &nbsp;&nbsp;&nbsp; $183.25 | &nbsp;&nbsp;&nbsp; $82.33 | &nbsp;&nbsp;&nbsp; $46.64 | &nbsp;&nbsp;&nbsp; $56.13 |
| $54202455 | &nbsp;&nbsp;&nbsp; $93239879 | &nbsp;&nbsp;&nbsp; $315168500 | &nbsp;&nbsp;&nbsp; $348871979 | &nbsp;&nbsp;&nbsp; $46168361 | &nbsp;&nbsp;&nbsp; $555180566 |
| $5382960 | &nbsp;&nbsp;&nbsp; $16625276 | &nbsp;&nbsp;&nbsp; $60487863 | &nbsp;&nbsp;&nbsp; $128630995 | &nbsp;&nbsp;&nbsp; $8081060 | &nbsp;&nbsp;&nbsp; $31372673 |
| $5189965 | &nbsp;&nbsp;&nbsp; $16308271 | &nbsp;&nbsp;&nbsp; $60336339 | &nbsp;&nbsp;&nbsp; $126626044 | &nbsp;&nbsp;&nbsp; $7667583 | &nbsp;&nbsp;&nbsp; $30276205 |

---

------

**25**

------

**Statements of Operations**

For the six months ended October 31, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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; $359190 | &nbsp;&nbsp;&nbsp; $96916 | &nbsp;&nbsp;&nbsp; $756835 | &nbsp;&nbsp;&nbsp; $516064 |
| Affiliated dividend income | &nbsp;&nbsp; 3058 | &nbsp;&nbsp;&nbsp; 2590 | &nbsp;&nbsp;&nbsp; 3567 | &nbsp;&nbsp;&nbsp; 2866 |
| Securities lending income, net | &nbsp;&nbsp; 19616 | &nbsp;&nbsp;&nbsp; 26277 | &nbsp;&nbsp;&nbsp; 6599 | &nbsp;&nbsp;&nbsp; 8390 |
| Foreign withholding tax | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total investment income | &nbsp;&nbsp; 381864 | &nbsp;&nbsp;&nbsp; 125783 | &nbsp;&nbsp;&nbsp; 767001 | &nbsp;&nbsp;&nbsp; 527320 |
| **Expenses:** |  |  |  |  |
| Unitary management fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Advisory fees | &nbsp;&nbsp; 131812 | &nbsp;&nbsp;&nbsp; 92968 | &nbsp;&nbsp;&nbsp; 248504 | &nbsp;&nbsp;&nbsp; 111113 |
| Sub-licensing fees | &nbsp;&nbsp; 39544 | &nbsp;&nbsp;&nbsp; 27891 | &nbsp;&nbsp;&nbsp; 74552 | &nbsp;&nbsp;&nbsp; 33334 |
| Accounting & administration fees | &nbsp;&nbsp; 7588 | &nbsp;&nbsp;&nbsp; 7986 | &nbsp;&nbsp;&nbsp; 8593 | &nbsp;&nbsp;&nbsp; 7834 |
| Professional fees | &nbsp;&nbsp; 16006 | &nbsp;&nbsp;&nbsp; 16024 | &nbsp;&nbsp;&nbsp; 16062 | &nbsp;&nbsp;&nbsp; 16024 |
| Custodian & transfer agent fees | &nbsp;&nbsp; 2373 | &nbsp;&nbsp;&nbsp; 2080 | &nbsp;&nbsp;&nbsp; 2354 | &nbsp;&nbsp;&nbsp; 2748 |
| Trustees' and officer's fees | &nbsp;&nbsp; 13344 | &nbsp;&nbsp;&nbsp; 12148 | &nbsp;&nbsp;&nbsp; 12960 | &nbsp;&nbsp;&nbsp; 13596 |
| Tax expenses | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (135)<br>|
| Other expenses | &nbsp;&nbsp; 8919 | &nbsp;&nbsp;&nbsp; 9351 | &nbsp;&nbsp;&nbsp; 9067 | &nbsp;&nbsp;&nbsp; 9428 |
| Total expenses | &nbsp;&nbsp; 219586 | &nbsp;&nbsp;&nbsp; 168448 | &nbsp;&nbsp;&nbsp; 372092 | &nbsp;&nbsp;&nbsp; 193942 |
| Less: Waivers | &nbsp;&nbsp; (61484)<br>| &nbsp;&nbsp;&nbsp; (56948)<br>| &nbsp;&nbsp;&nbsp; (73972)<br>| &nbsp;&nbsp;&nbsp; (60675)<br>|
| Net expenses | &nbsp;&nbsp; 158102 | &nbsp;&nbsp;&nbsp; 111500 | &nbsp;&nbsp;&nbsp; 298120 | &nbsp;&nbsp;&nbsp; 133267 |
| Net investment income (loss) | &nbsp;&nbsp; 223762 | &nbsp;&nbsp;&nbsp; 14283 | &nbsp;&nbsp;&nbsp; 468881 | &nbsp;&nbsp;&nbsp; 394053 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 884894 | &nbsp;&nbsp;&nbsp; 649484 | &nbsp;&nbsp;&nbsp; (1750550)<br>| &nbsp;&nbsp;&nbsp; 229266 |
| Affiliated investment securities | &nbsp;&nbsp; 956 | &nbsp;&nbsp;&nbsp; (37)<br>| &nbsp;&nbsp;&nbsp; 703 | &nbsp;&nbsp;&nbsp; 275 |
| In-kind redemptions | &nbsp;&nbsp; 911927 | &nbsp;&nbsp;&nbsp; 2336524 | &nbsp;&nbsp;&nbsp; 3259063 | &nbsp;&nbsp;&nbsp; 1257170 |
| Net realized gain | &nbsp;&nbsp; 1797777 | &nbsp;&nbsp;&nbsp; 2985971 | &nbsp;&nbsp;&nbsp; 1509216 | &nbsp;&nbsp;&nbsp; 1486711 |
| Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 10074817 | &nbsp;&nbsp;&nbsp; 1009613 | &nbsp;&nbsp;&nbsp; (6714331)<br>| &nbsp;&nbsp;&nbsp; 6829230 |
| Affiliated investment securities | &nbsp;&nbsp; (65)<br>| &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; (54)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 10074752 | &nbsp;&nbsp;&nbsp; 1009633 | &nbsp;&nbsp;&nbsp; (6714270)<br>| &nbsp;&nbsp;&nbsp; 6829176 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 11872529 | &nbsp;&nbsp;&nbsp; 3995604 | &nbsp;&nbsp;&nbsp; (5205054)<br>| &nbsp;&nbsp;&nbsp; 8315887 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $12096291 | &nbsp;&nbsp;&nbsp; $4009887 | &nbsp;&nbsp;&nbsp; $(4736173)<br>| &nbsp;&nbsp;&nbsp; $8709940 |

---

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>|
| $318502 | &nbsp;&nbsp;&nbsp; $41849 | &nbsp;&nbsp;&nbsp; $1516677 | &nbsp;&nbsp;&nbsp; $621104 | &nbsp;&nbsp;&nbsp; $937228 | &nbsp;&nbsp;&nbsp; $1407975 |
| 2824 | &nbsp;&nbsp;&nbsp; 4217 | &nbsp;&nbsp;&nbsp; 9745 | &nbsp;&nbsp;&nbsp; 8355 | &nbsp;&nbsp;&nbsp; 2369 | &nbsp;&nbsp;&nbsp; 3707 |
| 6650 | &nbsp;&nbsp;&nbsp; 103332 | &nbsp;&nbsp;&nbsp; 52774 | &nbsp;&nbsp;&nbsp; 408552 | &nbsp;&nbsp;&nbsp; 13153 | &nbsp;&nbsp;&nbsp; 26923 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (4106)<br>|
| 327976 | &nbsp;&nbsp;&nbsp; 149398 | &nbsp;&nbsp;&nbsp; 1579196 | &nbsp;&nbsp;&nbsp; 1038011 | &nbsp;&nbsp;&nbsp; 952750 | &nbsp;&nbsp;&nbsp; 1434499 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2414808 |
| 155191 | &nbsp;&nbsp;&nbsp; 250921 | &nbsp;&nbsp;&nbsp; 910023 | &nbsp;&nbsp;&nbsp; 974962 | &nbsp;&nbsp;&nbsp; 166250 | &nbsp;&nbsp;&nbsp; - |
| 31201 | &nbsp;&nbsp;&nbsp; 75277 | &nbsp;&nbsp;&nbsp; 273008 | &nbsp;&nbsp;&nbsp; 292490 | &nbsp;&nbsp;&nbsp; 49875 | &nbsp;&nbsp;&nbsp; - |
| 7995 | &nbsp;&nbsp;&nbsp; 10361 | &nbsp;&nbsp;&nbsp; 17620 | &nbsp;&nbsp;&nbsp; 22258 | &nbsp;&nbsp;&nbsp; 7405 | &nbsp;&nbsp;&nbsp; - |
| 16049 | &nbsp;&nbsp;&nbsp; 16123 | &nbsp;&nbsp;&nbsp; 16494 | &nbsp;&nbsp;&nbsp; 16793 | &nbsp;&nbsp;&nbsp; 15991 | &nbsp;&nbsp;&nbsp; - |
| 2586 | &nbsp;&nbsp;&nbsp; 2944 | &nbsp;&nbsp;&nbsp; 2767 | &nbsp;&nbsp;&nbsp; 2952 | &nbsp;&nbsp;&nbsp; 2792 | &nbsp;&nbsp;&nbsp; - |
| 11834 | &nbsp;&nbsp;&nbsp; 14030 | &nbsp;&nbsp;&nbsp; 13716 | &nbsp;&nbsp;&nbsp; 13883 | &nbsp;&nbsp;&nbsp; 12255 | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 9479 | &nbsp;&nbsp;&nbsp; 11662 | &nbsp;&nbsp;&nbsp; 18460 | &nbsp;&nbsp;&nbsp; 17633 | &nbsp;&nbsp;&nbsp; 9072 | &nbsp;&nbsp;&nbsp; - |
| 234335 | &nbsp;&nbsp;&nbsp; 381318 | &nbsp;&nbsp;&nbsp; 1252088 | &nbsp;&nbsp;&nbsp; 1340971 | &nbsp;&nbsp;&nbsp; 263640 | &nbsp;&nbsp;&nbsp; 2414808 |
| (48173)<br>| &nbsp;&nbsp;&nbsp; (80314)<br>| &nbsp;&nbsp;&nbsp; (160292)<br>| &nbsp;&nbsp;&nbsp; (171221)<br>| &nbsp;&nbsp;&nbsp; (64197)<br>| &nbsp;&nbsp;&nbsp; (90)<br>|
| 186162 | &nbsp;&nbsp;&nbsp; 301004 | &nbsp;&nbsp;&nbsp; 1091796 | &nbsp;&nbsp;&nbsp; 1169750 | &nbsp;&nbsp;&nbsp; 199443 | &nbsp;&nbsp;&nbsp; 2414718 |
| 141814 | &nbsp;&nbsp;&nbsp; (151606)<br>| &nbsp;&nbsp;&nbsp; 487400 | &nbsp;&nbsp;&nbsp; (131739)<br>| &nbsp;&nbsp;&nbsp; 753307 | &nbsp;&nbsp;&nbsp; (980219)<br>|
| (838778)<br>| &nbsp;&nbsp;&nbsp; 3137752 | &nbsp;&nbsp;&nbsp; (9294788)<br>| &nbsp;&nbsp;&nbsp; (1545425)<br>| &nbsp;&nbsp;&nbsp; 1081161 | &nbsp;&nbsp;&nbsp; 5752768 |
| 996 | &nbsp;&nbsp;&nbsp; (370)<br>| &nbsp;&nbsp;&nbsp; 5208 | &nbsp;&nbsp;&nbsp; 2437 | &nbsp;&nbsp;&nbsp; 1790 | &nbsp;&nbsp;&nbsp; 4203 |
| 4037732 | &nbsp;&nbsp;&nbsp; 762288 | &nbsp;&nbsp;&nbsp; 46844729 | &nbsp;&nbsp;&nbsp; 65552581 | &nbsp;&nbsp;&nbsp; 5043842 | &nbsp;&nbsp;&nbsp; 71297515 |
| 3199950 | &nbsp;&nbsp;&nbsp; 3899670 | &nbsp;&nbsp;&nbsp; 37555149 | &nbsp;&nbsp;&nbsp; 64009593 | &nbsp;&nbsp;&nbsp; 6126793 | &nbsp;&nbsp;&nbsp; 77054486 |
| 1516363 | &nbsp;&nbsp;&nbsp; 15881176 | &nbsp;&nbsp;&nbsp; 69096133 | &nbsp;&nbsp;&nbsp; 68166823 | &nbsp;&nbsp;&nbsp; 1837379 | &nbsp;&nbsp;&nbsp; 99190391 |
| (23)<br>| &nbsp;&nbsp;&nbsp; 1780 | &nbsp;&nbsp;&nbsp; (154)<br>| &nbsp;&nbsp;&nbsp; 341 | &nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp; (402)<br>|
| 1516340 | &nbsp;&nbsp;&nbsp; 15882956 | &nbsp;&nbsp;&nbsp; 69095979 | &nbsp;&nbsp;&nbsp; 68167164 | &nbsp;&nbsp;&nbsp; 1837533 | &nbsp;&nbsp;&nbsp; 99189989 |
| 4716290 | &nbsp;&nbsp;&nbsp; 19782626 | &nbsp;&nbsp;&nbsp; 106651128 | &nbsp;&nbsp;&nbsp; 132176757 | &nbsp;&nbsp;&nbsp; 7964326 | &nbsp;&nbsp;&nbsp; 176244475 |
| $4858104 | &nbsp;&nbsp;&nbsp; $19631020 | &nbsp;&nbsp;&nbsp; $107138528 | &nbsp;&nbsp;&nbsp; $132045018 | &nbsp;&nbsp;&nbsp; $8717633 | &nbsp;&nbsp;&nbsp; $175264256 |

---

------

**27**

------

**Statements of Changes in Net Assets**

For the six months ended October 31, 2025 and the year ended April 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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)** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| **Operations:** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $223762 | &nbsp;&nbsp;&nbsp; $532674 | &nbsp;&nbsp;&nbsp; $14283 | &nbsp;&nbsp;&nbsp; $(6144)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 1797777 | &nbsp;&nbsp;&nbsp; 1766043 | &nbsp;&nbsp;&nbsp; 2985971 | &nbsp;&nbsp;&nbsp; 2791407 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 10074752 | &nbsp;&nbsp;&nbsp; (3788499)<br>| &nbsp;&nbsp;&nbsp; 1009633 | &nbsp;&nbsp;&nbsp; (6371829)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 12096291 | &nbsp;&nbsp;&nbsp; (1489782)<br>| &nbsp;&nbsp;&nbsp; 4009887 | &nbsp;&nbsp;&nbsp; (3586566)<br>|
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (217719)<br>| &nbsp;&nbsp;&nbsp; (636031)<br>| &nbsp;&nbsp;&nbsp; (36227)<br>| &nbsp;&nbsp;&nbsp; - |
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 24142426 | &nbsp;&nbsp;&nbsp; 49661662 |
| Value of shares repurchased | &nbsp;&nbsp; (3728998)<br>| &nbsp;&nbsp;&nbsp; (15471384)<br>| &nbsp;&nbsp;&nbsp; (30814293)<br>| &nbsp;&nbsp;&nbsp; (53670659)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (3728998)<br>| &nbsp;&nbsp;&nbsp; (15471384)<br>| &nbsp;&nbsp;&nbsp; (6671867)<br>| &nbsp;&nbsp;&nbsp; (4008997)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 8149574 | &nbsp;&nbsp;&nbsp; (17597197)<br>| &nbsp;&nbsp;&nbsp; (2698207)<br>| &nbsp;&nbsp;&nbsp; (7595563)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 46315775 | &nbsp;&nbsp;&nbsp; 63912972 | &nbsp;&nbsp;&nbsp; 51016480 | &nbsp;&nbsp;&nbsp; 58612043 |
| End of period | &nbsp;&nbsp; $54465349 | &nbsp;&nbsp;&nbsp; $46315775 | &nbsp;&nbsp;&nbsp; $48318273 | &nbsp;&nbsp;&nbsp; $51016480 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp; 490000 |
| Shares repurchased | &nbsp;&nbsp; (40000)<br>| &nbsp;&nbsp;&nbsp; (170000)<br>| &nbsp;&nbsp;&nbsp; (340000)<br>| &nbsp;&nbsp;&nbsp; (550000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp; 650000 |
| Shares outstanding, end of period | &nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp; 590000 |

---

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)** |
| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| $468881 | &nbsp;&nbsp; $580461 | &nbsp;&nbsp; $394053 | &nbsp;&nbsp; $1134964 | &nbsp;&nbsp; $141814 | &nbsp;&nbsp; $555585 | &nbsp;&nbsp; $(151606)<br>| &nbsp;&nbsp; $(140002)<br>|
| 1509216 | &nbsp;&nbsp; 9115121 | &nbsp;&nbsp; 1486711 | &nbsp;&nbsp; (6211380)<br>| &nbsp;&nbsp; 3199950 | &nbsp;&nbsp; 7792886 | &nbsp;&nbsp; 3899670 | &nbsp;&nbsp; 1203326 |
| (6714270)<br>| &nbsp;&nbsp; 4324315 | &nbsp;&nbsp; 6829176 | &nbsp;&nbsp; (6103488)<br>| &nbsp;&nbsp; 1516340 | &nbsp;&nbsp; (1032557)<br>| &nbsp;&nbsp; 15882956 | &nbsp;&nbsp; (1676374)<br>|
| (4736173)<br>| &nbsp;&nbsp; 14019897 | &nbsp;&nbsp; 8709940 | &nbsp;&nbsp; (11179904)<br>| &nbsp;&nbsp; 4858104 | &nbsp;&nbsp; 7315914 | &nbsp;&nbsp; 19631020 | &nbsp;&nbsp; (613050)<br>|
| (439899)<br>| &nbsp;&nbsp; (574678)<br>| &nbsp;&nbsp; (431441)<br>| &nbsp;&nbsp; (1081146)<br>| &nbsp;&nbsp; (134135)<br>| &nbsp;&nbsp; (1981604)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (83222)<br>|
| 13204769 | &nbsp;&nbsp; 26510276 | &nbsp;&nbsp; 443448 | &nbsp;&nbsp; 8667258 | &nbsp;&nbsp; 11749492 | &nbsp;&nbsp; 48860970 | &nbsp;&nbsp; - | &nbsp;&nbsp; 5603971 |
| (13250542)<br>| &nbsp;&nbsp; (30838334)<br>| &nbsp;&nbsp; (11257246)<br>| &nbsp;&nbsp; (20088358)<br>| &nbsp;&nbsp; (18462967)<br>| &nbsp;&nbsp; (46656196)<br>| &nbsp;&nbsp; (15024847)<br>| &nbsp;&nbsp; (33059908)<br>|
| (45773)<br>| &nbsp;&nbsp; (4328058)<br>| &nbsp;&nbsp; (10813798)<br>| &nbsp;&nbsp; (11421100)<br>| &nbsp;&nbsp; (6713475)<br>| &nbsp;&nbsp; 2204774 | &nbsp;&nbsp; (15024847)<br>| &nbsp;&nbsp; (27455937)<br>|
| (5221845)<br>| &nbsp;&nbsp; 9117161 | &nbsp;&nbsp; (2535299)<br>| &nbsp;&nbsp; (23682150)<br>| &nbsp;&nbsp; (1989506)<br>| &nbsp;&nbsp; 7539084 | &nbsp;&nbsp; 4606173 | &nbsp;&nbsp; (28152209)<br>|
| 91656111 | &nbsp;&nbsp; 82538950 | &nbsp;&nbsp; 46039593 | &nbsp;&nbsp; 69721743 | &nbsp;&nbsp; 61296310 | &nbsp;&nbsp; 53757226 | &nbsp;&nbsp; 108750891 | &nbsp;&nbsp; 136903100 |
| $86434266 | &nbsp;&nbsp; $91656111 | &nbsp;&nbsp; $43504294 | &nbsp;&nbsp; $46039593 | &nbsp;&nbsp; $59306804 | &nbsp;&nbsp; $61296310 | &nbsp;&nbsp; $113357064 | &nbsp;&nbsp; $108750891 |
| 120000 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 880000 | &nbsp;&nbsp; - | &nbsp;&nbsp; 120000 |
| (120000)<br>| &nbsp;&nbsp; (300000)<br>| &nbsp;&nbsp; (270000)<br>| &nbsp;&nbsp; (450000)<br>| &nbsp;&nbsp; (330000)<br>| &nbsp;&nbsp; (860000)<br>| &nbsp;&nbsp; (380000)<br>| &nbsp;&nbsp; (790000)<br>|
| 840000 | &nbsp;&nbsp; 880000 | &nbsp;&nbsp; 1190000 | &nbsp;&nbsp; 1460000 | &nbsp;&nbsp; 1170000 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 2710000 | &nbsp;&nbsp; 3380000 |
| 840000 | &nbsp;&nbsp; 840000 | &nbsp;&nbsp; 930000 | &nbsp;&nbsp; 1190000 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp; 1170000 | &nbsp;&nbsp; 2330000 | &nbsp;&nbsp; 2710000 |

---

------

**29**

------

**Statements of Changes in Net Assets—(continued)**

For the six months ended October 31, 2025 and the year ended April 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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)** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| **Operations:** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $487400 | &nbsp;&nbsp;&nbsp; $933052 | &nbsp;&nbsp;&nbsp; $(131739)<br>| &nbsp;&nbsp;&nbsp; $(1324297)<br>|
| Net realized gain | &nbsp;&nbsp; 37555149 | &nbsp;&nbsp;&nbsp; 12489515 | &nbsp;&nbsp;&nbsp; 64009593 | &nbsp;&nbsp;&nbsp; 36003086 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 69095979 | &nbsp;&nbsp;&nbsp; (20278138)<br>| &nbsp;&nbsp;&nbsp; 68167164 | &nbsp;&nbsp;&nbsp; (23129590)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 107138528 | &nbsp;&nbsp;&nbsp; (6855571)<br>| &nbsp;&nbsp;&nbsp; 132045018 | &nbsp;&nbsp;&nbsp; 11549199 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (618551)<br>| &nbsp;&nbsp;&nbsp; (1198981)<br>| &nbsp;&nbsp;&nbsp; (43046)<br>| &nbsp;&nbsp;&nbsp; (1111988)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 216709263 | &nbsp;&nbsp;&nbsp; 303167388 | &nbsp;&nbsp;&nbsp; 273841940 | &nbsp;&nbsp;&nbsp; 432528386 |
| Value of shares repurchased | &nbsp;&nbsp; (241447002)<br>| &nbsp;&nbsp;&nbsp; (195558519)<br>| &nbsp;&nbsp;&nbsp; (343837283)<br>| &nbsp;&nbsp;&nbsp; (463936513)<br>|
| Net increase (decrease) in net assets resulting from share <br> transactions<br>| &nbsp;&nbsp; (24737739)<br>| &nbsp;&nbsp;&nbsp; 107608869 | &nbsp;&nbsp;&nbsp; (69995343)<br>| &nbsp;&nbsp;&nbsp; (31408127)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 81782238 | &nbsp;&nbsp;&nbsp; 99554317 | &nbsp;&nbsp;&nbsp; 62006629 | &nbsp;&nbsp;&nbsp; (20970916)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 319376161 | &nbsp;&nbsp;&nbsp; 219821844 | &nbsp;&nbsp;&nbsp; 354343584 | &nbsp;&nbsp;&nbsp; 375314500 |
| End of period | &nbsp;&nbsp; $401158399 | &nbsp;&nbsp;&nbsp; $319376161 | &nbsp;&nbsp;&nbsp; $416350213 | &nbsp;&nbsp;&nbsp; $354343584 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1340000 | &nbsp;&nbsp;&nbsp; 2010000 | &nbsp;&nbsp;&nbsp; 3950000 | &nbsp;&nbsp;&nbsp; 6260000 |
| Shares repurchased | &nbsp;&nbsp; (1480000)<br>| &nbsp;&nbsp;&nbsp; (1350000)<br>| &nbsp;&nbsp;&nbsp; (4920000)<br>| &nbsp;&nbsp;&nbsp; (7200000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 2330000 | &nbsp;&nbsp;&nbsp; 1670000 | &nbsp;&nbsp;&nbsp; 6030000 | &nbsp;&nbsp;&nbsp; 6970000 |
| Shares outstanding, end of period | &nbsp;&nbsp; 2190000 | &nbsp;&nbsp;&nbsp; 2330000 | &nbsp;&nbsp;&nbsp; 5060000 | &nbsp;&nbsp;&nbsp; 6030000 |

---

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)** |
| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| $753307 | &nbsp;&nbsp;&nbsp; $1124877 | &nbsp;&nbsp;&nbsp; $(980219)<br>| &nbsp;&nbsp;&nbsp; $(1812026)<br>|
| 6126793 | &nbsp;&nbsp;&nbsp; 5650445 | &nbsp;&nbsp;&nbsp; 77054486 | &nbsp;&nbsp;&nbsp; 57382116 |
| 1837533 | &nbsp;&nbsp;&nbsp; 5052931 | &nbsp;&nbsp;&nbsp; 99189989 | &nbsp;&nbsp;&nbsp; 72646149 |
| 8717633 | &nbsp;&nbsp;&nbsp; 11828253 | &nbsp;&nbsp;&nbsp; 175264256 | &nbsp;&nbsp;&nbsp; 128216239 |
| (662705)<br>| &nbsp;&nbsp;&nbsp; (1169663)<br>| &nbsp;&nbsp;&nbsp; (134910)<br>| &nbsp;&nbsp;&nbsp; - |
| 3864856 | &nbsp;&nbsp;&nbsp; 49271895 | &nbsp;&nbsp;&nbsp; 2056534 | &nbsp;&nbsp;&nbsp; 94449331 |
| (28479023)<br>| &nbsp;&nbsp;&nbsp; (28438671)<br>| &nbsp;&nbsp;&nbsp; (161017454)<br>| &nbsp;&nbsp;&nbsp; (155911587)<br>|
| (24614167)<br>| &nbsp;&nbsp;&nbsp; 20833224 | &nbsp;&nbsp;&nbsp; (158960920)<br>| &nbsp;&nbsp;&nbsp; (61462256)<br>|
| (16559239)<br>| &nbsp;&nbsp;&nbsp; 31491814 | &nbsp;&nbsp;&nbsp; 16168426 | &nbsp;&nbsp;&nbsp; 66753983 |
| 70184216 | &nbsp;&nbsp;&nbsp; 38692402 | &nbsp;&nbsp;&nbsp; 791640918 | &nbsp;&nbsp;&nbsp; 724886935 |
| $53624977 | &nbsp;&nbsp;&nbsp; $70184216 | &nbsp;&nbsp;&nbsp; $807809344 | &nbsp;&nbsp;&nbsp; $791640918 |
| 90000 | &nbsp;&nbsp;&nbsp; 1310000 | &nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp; 2040000 |
| (660000)<br>| &nbsp;&nbsp;&nbsp; (730000)<br>| &nbsp;&nbsp;&nbsp; (3200000)<br>| &nbsp;&nbsp;&nbsp; (3500000)<br>|
| 1720000 | &nbsp;&nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp; 17560000 | &nbsp;&nbsp;&nbsp; 19020000 |
| 1150000 | &nbsp;&nbsp;&nbsp; 1720000 | &nbsp;&nbsp;&nbsp; 14400000 | &nbsp;&nbsp;&nbsp; 17560000 |

---

------

**31**

------

**Financial Highlights**

Invesco Dorsey Wright Basic Materials Momentum ETF (PYZ)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $47.51 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &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;&nbsp;22.02 | &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;&nbsp;22.44 | &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; (0.41)<br>| &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 period | &nbsp;&nbsp;&nbsp; $104.74 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $104.74 | &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;&nbsp; 27.15<br> %<br>| &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;&nbsp; 27.18<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $54465 | &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 %<sup>(e)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.83 %<sup>(e)</sup><br>| &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; 0.85 %<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 44<br> %<br>| &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> 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.

------

**32**

------

**Financial Highlights—(continued)**

Invesco Dorsey Wright Consumer Cyclicals Momentum ETF (PEZ)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $41.64 |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &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;&nbsp;12.22 | &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;&nbsp;12.26 | &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; (0.12)<br>| &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 period | &nbsp;&nbsp;&nbsp; $98.61 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $98.65 | &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;&nbsp; 14.18<br> %<br>| &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;&nbsp; 14.38<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $48318 | &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 %<sup>(e)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.91 %<sup>(e)</sup><br>| &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;&nbsp; 0.08 %<sup>(e)</sup><br>| &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>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 97<br> %<br>| &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> Annualized.

<sup>(f)</sup> Amount represents less than 0.005%.

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

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

------

**33**

------

**Financial Highlights—(continued)**

Invesco Dorsey Wright Consumer Staples Momentum ETF (PSL)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $60.84 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &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; (6.25)<br>| &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; (5.73)<br>| &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; (0.48)<br>| &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 period | &nbsp;&nbsp;&nbsp; $102.90 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $102.90 | &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; (5.28)%<br>| &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; (5.23)%<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $86434 | &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 %<sup>(e)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.75 %<sup>(e)</sup><br>| &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; 0.94 %<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 41<br> %<br>| &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> 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.

------

**34**

------

**Financial Highlights—(continued)**

Invesco Dorsey Wright Energy Momentum ETF (PXI)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $15.20 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &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;&nbsp;8.13 | &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;&nbsp;8.52 | &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; (0.43)<br>| &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 period | &nbsp;&nbsp;&nbsp; $46.78 | &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 period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $46.78 | &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;&nbsp; 22.09<br> %<br>| &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;&nbsp; 22.21<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $43504 | &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 %<sup>(d)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.87 %<sup>(d)</sup><br>| &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; 1.77 %<sup>(d)</sup><br>| &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>(e)</sup> | &nbsp;&nbsp;&nbsp; 42<br> %<br>| &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> 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.

------

**35**

------

**Financial Highlights—(continued)**

Invesco Dorsey Wright Financial Momentum ETF (PFI)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $31.88 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &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;4.08 | &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;4.21 | &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; (0.12)<br>| &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 period | &nbsp;&nbsp;&nbsp; $56.48 | &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 period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $56.49 | &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; 8.05<br> %<br>| &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; 8.13<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $59307 | &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 %<sup>(d)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.75 %<sup>(d)</sup><br>| &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; 0.46 %<sup>(d)</sup><br>| &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>(e)</sup> | &nbsp;&nbsp;&nbsp; 76<br> %<br>| &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> 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.

------

**36**

------

**Financial Highlights—(continued)**

Invesco Dorsey Wright Healthcare Momentum ETF (PTH)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **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 period | &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 | &nbsp;&nbsp;&nbsp; $32.77 |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.06)<br>| &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;&nbsp;8.58 | &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;&nbsp;8.52 | &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; - | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $48.65 | &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 period<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $48.64 | &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;&nbsp; 21.23<br> %<br>| &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;&nbsp; 21.36<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $113357 | &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 %<sup>(f)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.76 %<sup>(f)</sup><br>| &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; (0.30 )%<sup>(f)</sup><br>| &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>(g)</sup> | &nbsp;&nbsp;&nbsp; 131<br> %<br>| &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> 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.

------

**37**

------

**Financial Highlights—(continued)**

Invesco Dorsey Wright Industrials Momentum ETF (PRN)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $61.51 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &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;46.17 | &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;46.39 | &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; (0.28)<br>| &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 period | &nbsp;&nbsp;&nbsp; $183.18 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $183.25 | &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; 33.87<br> %<br>| &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; 34.01<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $401158 | &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 %<sup>(e)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.69 %<sup>(e)</sup><br>| &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; 0.27 %<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 87<br> %<br>| &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> 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.

------

**38**

------

**Financial Highlights—(continued)**

Invesco Dorsey Wright Technology Momentum ETF (PTF)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **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 period | &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 | &nbsp;&nbsp;&nbsp; $25.54 |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.02)<br>| &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;23.55 | &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;23.53 | &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; (0.01)<br>| &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 period | &nbsp;&nbsp;&nbsp; $82.28 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $82.33 | &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; 40.06<br> %<br>| &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; 40.24<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $416350 | &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 %<sup>(e)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.69 %<sup>(e)</sup><br>| &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; (0.07 )%<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 128<br> %<br>| &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> Annualized.

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

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

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**39**

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**Financial Highlights—(continued)**

Invesco Dorsey Wright Utilities Momentum ETF (PUI)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $30.19 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &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;5.80 | &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;6.29 | &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; (0.46)<br>| &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 period | &nbsp;&nbsp;&nbsp; $46.63 | &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 period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $46.64 | &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; 15.51<br> %<br>| &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; 15.59<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $53625 | &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 %<sup>(d)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.79 %<sup>(d)</sup><br>| &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; 2.27 %<sup>(d)</sup><br>| &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>(e)</sup> | &nbsp;&nbsp;&nbsp; 31<br> %<br>| &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> Annualized.

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

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

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**Financial Highlights—(continued)**

Invesco NASDAQ Internet ETF (PNQI)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **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 period | &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 | &nbsp;&nbsp;&nbsp; $29.36 |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.06)<br>| &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;11.09 | &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;11.03 | &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 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $56.10 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $56.13 | &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; 24.49<br> %<br>| &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; 24.72<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $807809 | &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 %<sup>(e)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; (0.24 )%<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 5<br> %<br>| &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> Annualized.

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

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

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**Notes to Financial Statements**

Invesco Exchange-Traded Fund Trust

October 31, 2025

*(Unaudited)*

**NOTE 1—Organization**

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

---

| | |
|:---|:---|
| **Full Name** | **Short Name** |
| Invesco 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

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**42**

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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 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

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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.

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

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

**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** — Each Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. 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.

**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

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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 ("BNY") 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 six months ended October 31, 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:

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| | |
|:---|:---|
|  | **Amount** |
| Dorsey Wright Basic Material Momentum ETF | &nbsp;&nbsp; $1020 |
| Dorsey Wright Consumer Cyclicals Momentum ETF | &nbsp;&nbsp; 2467 |
| Dorsey Wright Consumer Staples Momentum ETF | &nbsp;&nbsp; 466 |
| Dorsey Wright Energy Momentum ETF | &nbsp;&nbsp; 449 |
| Dorsey Wright Financial Momentum ETF | &nbsp;&nbsp; 285 |
| Dorsey Wright Healthcare Momentum ETF | &nbsp;&nbsp; 10079 |
| Dorsey Wright Industrials Momentum ETF | &nbsp;&nbsp; 4185 |
| Dorsey Wright Technology Momentum ETF | &nbsp;&nbsp; 33525 |
| Dorsey Wright Utilities Momentum ETF | &nbsp;&nbsp; 622 |
| NASDAQ Internet ETF | &nbsp;&nbsp; 2028 |

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**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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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. Equity risk also includes the risk of large-capitalization companies, which may adapt more slowly to new competitive challenges or may be more mature and subject to more limited growth potential, and consequently may underperform other segments of the equity market or the market as a whole. 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.

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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.

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For the six months ended October 31, 2025, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

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| | |
|:---|:---|
| Dorsey Wright Basic Materials Momentum ETF | &nbsp;&nbsp;&nbsp; $61484 |
| Dorsey Wright Consumer Cyclicals Momentum ETF | &nbsp;&nbsp;&nbsp; 56948 |
| Dorsey Wright Consumer Staples Momentum ETF | &nbsp;&nbsp;&nbsp; 73972 |
| Dorsey Wright Energy Momentum ETF | &nbsp;&nbsp;&nbsp; 60675 |
| Dorsey Wright Financial Momentum ETF | &nbsp;&nbsp;&nbsp; 48173 |
| Dorsey Wright Healthcare Momentum ETF | &nbsp;&nbsp;&nbsp; 80314 |
| Dorsey Wright Industrials Momentum ETF | &nbsp;&nbsp;&nbsp; 160292 |
| Dorsey Wright Technology Momentum ETF | &nbsp;&nbsp;&nbsp; 171221 |
| Dorsey Wright Utilities Momentum ETF | &nbsp;&nbsp;&nbsp; 64197 |
| NASDAQ Internet ETF | &nbsp;&nbsp;&nbsp; 90 |

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The fees waived and/or expenses borne by the Adviser, pursuant to the Expense Cap, are subject to recapture by the Adviser 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 October 31, 2025 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Total** <br>**Potential** <br>**Recapture** <br>**Amounts** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** |
|  | **Total** <br>**Potential** <br>**Recapture** <br>**Amounts** | **4/30/26** | **4/30/27** | **4/30/28** | **10/31/28** |
| Dorsey Wright Basic Materials Momentum ETF | &nbsp;&nbsp; $425609 | &nbsp;&nbsp; $122594 | &nbsp;&nbsp; $136622 | &nbsp;&nbsp; $104982 | &nbsp;&nbsp; $61411 |
| Dorsey Wright Consumer Cyclicals Momentum ETF | &nbsp;&nbsp; 314804 | &nbsp;&nbsp; 64619 | &nbsp;&nbsp; 73699 | &nbsp;&nbsp; 119600 | &nbsp;&nbsp; 56886 |
| Dorsey Wright Consumer Staples Momentum ETF | &nbsp;&nbsp; 419830 | &nbsp;&nbsp; 98700 | &nbsp;&nbsp; 122702 | &nbsp;&nbsp; 124541 | &nbsp;&nbsp; 73887 |
| Dorsey Wright Energy Momentum ETF | &nbsp;&nbsp; 443061 | &nbsp;&nbsp; 128184 | &nbsp;&nbsp; 138515 | &nbsp;&nbsp; 115755 | &nbsp;&nbsp; 60607 |
| Dorsey Wright Financial Momentum ETF | &nbsp;&nbsp; 243841 | &nbsp;&nbsp; 68368 | &nbsp;&nbsp; 38285 | &nbsp;&nbsp; 89083 | &nbsp;&nbsp; 48105 |
| Dorsey Wright Healthcare Momentum ETF | &nbsp;&nbsp; 549762 | &nbsp;&nbsp; 144566 | &nbsp;&nbsp; 158255 | &nbsp;&nbsp; 166728 | &nbsp;&nbsp; 80213 |
| Dorsey Wright Industrials Momentum ETF | &nbsp;&nbsp; 529574 | &nbsp;&nbsp; 47381 | &nbsp;&nbsp; 30385 | &nbsp;&nbsp; 291750 | &nbsp;&nbsp; 160058 |
| Dorsey Wright Technology Momentum ETF | &nbsp;&nbsp; 955677 | &nbsp;&nbsp; 134386 | &nbsp;&nbsp; 265022 | &nbsp;&nbsp; 385254 | &nbsp;&nbsp; 171015 |
| Dorsey Wright Utilities Momentum ETF | &nbsp;&nbsp; 327985 | &nbsp;&nbsp; 69288 | &nbsp;&nbsp; 90519 | &nbsp;&nbsp; 104038 | &nbsp;&nbsp; 64140 |

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

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

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

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

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

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For the six months ended October 31, 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:

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| | |
|:---|:---|
| Dorsey Wright Basic Materials Momentum ETF | &nbsp;&nbsp;&nbsp; $10778 |
| Dorsey Wright Consumer Cyclicals Momentum ETF | &nbsp;&nbsp;&nbsp; 9207 |
| Dorsey Wright Consumer Staples Momentum ETF | &nbsp;&nbsp;&nbsp; 11547 |
| Dorsey Wright Energy Momentum ETF | &nbsp;&nbsp;&nbsp; 7222 |
| Dorsey Wright Financial Momentum ETF | &nbsp;&nbsp;&nbsp; 8201 |
| Dorsey Wright Healthcare Momentum ETF | &nbsp;&nbsp;&nbsp; 35797 |
| Dorsey Wright Industrials Momentum ETF | &nbsp;&nbsp;&nbsp; 22569 |
| Dorsey Wright Technology Momentum ETF | &nbsp;&nbsp;&nbsp; 123566 |
| Dorsey Wright Utilities Momentum ETF | &nbsp;&nbsp;&nbsp; 7722 |
| NASDAQ Internet ETF | &nbsp;&nbsp;&nbsp; 214 |

---

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 October 31, 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; $54436804 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $54436804 |
| Money Market Funds | &nbsp;&nbsp; 151828 | &nbsp;&nbsp; 5980437 | &nbsp;&nbsp; - | &nbsp;&nbsp; 6132265 |
| **Total Investments** | &nbsp;&nbsp; $54588632 | &nbsp;&nbsp; $5980437 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $60569069 |
| Dorsey Wright Consumer Cyclicals Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $48310917 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $48310917 |
| Money Market Funds | &nbsp;&nbsp; 123681 | &nbsp;&nbsp; 12292392 | &nbsp;&nbsp; - | &nbsp;&nbsp; 12416073 |
| **Total Investments** | &nbsp;&nbsp; $48434598 | &nbsp;&nbsp; $12292392 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $60726990 |
| Dorsey Wright Consumer Staples Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $86338582 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $86338582 |
| Money Market Funds | &nbsp;&nbsp; 194861 | &nbsp;&nbsp; 8702259 | &nbsp;&nbsp; - | &nbsp;&nbsp; 8897120 |
| **Total Investments** | &nbsp;&nbsp; $86533443 | &nbsp;&nbsp; $8702259 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $95235702 |

---

------

**50**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Dorsey Wright Energy Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $43470768 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $43470768 |
| Money Market Funds | &nbsp;&nbsp; 146215 | &nbsp;&nbsp; 8871656 | &nbsp;&nbsp; - | &nbsp;&nbsp; 9017871 |
| **Total Investments** | &nbsp;&nbsp; $43616983 | &nbsp;&nbsp; $8871656 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $52488639 |
| Dorsey Wright Financial Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $59284468 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $59284468 |
| Money Market Funds | &nbsp;&nbsp; 141577 | &nbsp;&nbsp; 5241270 | &nbsp;&nbsp; - | &nbsp;&nbsp; 5382847 |
| **Total Investments** | &nbsp;&nbsp; $59426045 | &nbsp;&nbsp; $5241270 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $64667315 |
| Dorsey Wright Healthcare Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $113309521 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $113309521 |
| Money Market Funds | &nbsp;&nbsp; 241946 | &nbsp;&nbsp; 16383330 | &nbsp;&nbsp; - | &nbsp;&nbsp; 16625276 |
| **Total Investments** | &nbsp;&nbsp; $113551467 | &nbsp;&nbsp; $16383330 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $129934797 |
| Dorsey Wright Industrials Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $401091185 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $401091185 |
| Money Market Funds | &nbsp;&nbsp; 451787 | &nbsp;&nbsp; 60035067 | &nbsp;&nbsp; - | &nbsp;&nbsp; 60486854 |
| **Total Investments** | &nbsp;&nbsp; $401542972 | &nbsp;&nbsp; $60035067 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $461578039 |
| Dorsey Wright Technology Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $416397698 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $416397698 |
| Money Market Funds | &nbsp;&nbsp; 365058 | &nbsp;&nbsp; 128264477 | &nbsp;&nbsp; - | &nbsp;&nbsp; 128629535 |
| **Total Investments** | &nbsp;&nbsp; $416762756 | &nbsp;&nbsp; $128264477 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $545027233 |
| Dorsey Wright Utilities Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $53566799 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $53566799 |
| Money Market Funds | &nbsp;&nbsp; 130261 | &nbsp;&nbsp; 7950797 | &nbsp;&nbsp; - | &nbsp;&nbsp; 8081058 |
| **Total Investments** | &nbsp;&nbsp; $53697060 | &nbsp;&nbsp; $7950797 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $61647857 |
| NASDAQ Internet ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $808085808 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $808085808 |
| Money Market Funds | &nbsp;&nbsp; 123259 | &nbsp;&nbsp; 31248661 | &nbsp;&nbsp; - | &nbsp;&nbsp; 31371920 |
| **Total Investments** | &nbsp;&nbsp; $808209067 | &nbsp;&nbsp; $31248661 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $839457728 |

---

**NOTE 5—Tax Information**

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

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

The Funds had capital loss carryforwards as of April 30, 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 |

---

------

**51**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total\*** |
| 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 six months ended October 31, 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; $22323148 | &nbsp;&nbsp; $22341963 |
| Dorsey Wright Consumer Cyclicals Momentum ETF | &nbsp;&nbsp; 37516434 | &nbsp;&nbsp; 37504197 |
| Dorsey Wright Consumer Staples Momentum ETF | &nbsp;&nbsp; 39370607 | &nbsp;&nbsp; 39334360 |
| Dorsey Wright Energy Momentum ETF | &nbsp;&nbsp; 18321159 | &nbsp;&nbsp; 18338862 |
| Dorsey Wright Financial Momentum ETF | &nbsp;&nbsp; 48358491 | &nbsp;&nbsp; 48124340 |
| Dorsey Wright Healthcare Momentum ETF | &nbsp;&nbsp; 132824878 | &nbsp;&nbsp; 133140624 |
| Dorsey Wright Industrials Momentum ETF | &nbsp;&nbsp; 338156521 | &nbsp;&nbsp; 339673594 |
| Dorsey Wright Technology Momentum ETF | &nbsp;&nbsp; 530525918 | &nbsp;&nbsp; 531106847 |
| Dorsey Wright Utilities Momentum ETF | &nbsp;&nbsp; 20384134 | &nbsp;&nbsp; 20281245 |
| NASDAQ Internet ETF | &nbsp;&nbsp; 43119023 | &nbsp;&nbsp; 43790056 |

---

For the six months ended October 31, 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; $3727671 |
| Dorsey Wright Consumer Cyclicals Momentum ETF | &nbsp;&nbsp; 24123427 | &nbsp;&nbsp; 30805757 |
| Dorsey Wright Consumer Staples Momentum ETF | &nbsp;&nbsp; 13202491 | &nbsp;&nbsp; 13239024 |
| Dorsey Wright Energy Momentum ETF | &nbsp;&nbsp; 443030 | &nbsp;&nbsp; 11239732 |
| Dorsey Wright Financial Momentum ETF | &nbsp;&nbsp; 11730832 | &nbsp;&nbsp; 18687451 |
| Dorsey Wright Healthcare Momentum ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; 14815444 |
| Dorsey Wright Industrials Momentum ETF | &nbsp;&nbsp; 216726948 | &nbsp;&nbsp; 239832571 |
| Dorsey Wright Technology Momentum ETF | &nbsp;&nbsp; 273584871 | &nbsp;&nbsp; 343311642 |
| Dorsey Wright Utilities Momentum ETF | &nbsp;&nbsp; 3862707 | &nbsp;&nbsp; 28462400 |
| NASDAQ Internet ETF | &nbsp;&nbsp; 2062077 | &nbsp;&nbsp; 161362132 |

---

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

As of October 31, 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>| **Cost** |
| Dorsey Wright Basic Materials Momentum ETF | &nbsp;&nbsp; $14461880 | &nbsp;&nbsp; $(940018)<br>| &nbsp;&nbsp; $13521862 | &nbsp;&nbsp; $47047207 |
| Dorsey Wright Consumer Cyclicals Momentum ETF | &nbsp;&nbsp; 4259897 | &nbsp;&nbsp; (1659901)<br>| &nbsp;&nbsp; 2599996 | &nbsp;&nbsp; 58126994 |
| Dorsey Wright Consumer Staples Momentum ETF | &nbsp;&nbsp; 11937443 | &nbsp;&nbsp; (2545029)<br>| &nbsp;&nbsp; 9392414 | &nbsp;&nbsp; 85843288 |
| Dorsey Wright Energy Momentum ETF | &nbsp;&nbsp; 8275511 | &nbsp;&nbsp; (2466515)<br>| &nbsp;&nbsp; 5808996 | &nbsp;&nbsp; 46679643 |
| Dorsey Wright Financial Momentum ETF | &nbsp;&nbsp; 7096334 | &nbsp;&nbsp; (2300735)<br>| &nbsp;&nbsp; 4795599 | &nbsp;&nbsp; 59871716 |
| Dorsey Wright Healthcare Momentum ETF | &nbsp;&nbsp; 22023517 | &nbsp;&nbsp; (1958562)<br>| &nbsp;&nbsp; 20064955 | &nbsp;&nbsp; 109869842 |
| Dorsey Wright Industrials Momentum ETF | &nbsp;&nbsp; 91983143 | &nbsp;&nbsp; (6420284)<br>| &nbsp;&nbsp; 85562859 | &nbsp;&nbsp; 376015180 |
| Dorsey Wright Technology Momentum ETF | &nbsp;&nbsp; 76663803 | &nbsp;&nbsp; (11050040)<br>| &nbsp;&nbsp; 65613763 | &nbsp;&nbsp; 479413470 |

---

------

**52**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross**<br> **Unrealized**<br> **Appreciation**<br>| **Gross**<br> **Unrealized**<br> **(Depreciation)**<br>| **Net**<br> **Unrealized**<br> **Appreciation**<br>| **Cost** |
| Dorsey Wright Utilities Momentum ETF | &nbsp;&nbsp; $8120002 | &nbsp;&nbsp; $(1073536)<br>| &nbsp;&nbsp; $7046466 | &nbsp;&nbsp; $54601391 |
| NASDAQ Internet ETF | &nbsp;&nbsp; 306462993 | &nbsp;&nbsp; (69530589)<br>| &nbsp;&nbsp; 236932404 | &nbsp;&nbsp; 602525324 |

---

**NOTE 7—Trustees' and Officer's Fees**

Trustees' and Officer's Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for NASDAQ Internet ETF. 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 8—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.

------

**53**

------

**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>**

Not applicable.

------

**54**

------

**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-SEC-NCSRS

invesco.com/ETFs

------

![](imgc473b10a1.jpg)

------

**Invesco Semi-Annual Financial Statements and Other Information**

October 31, 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_eb7551ca-8999-432b-b86b-dfb38510ebfd_SOI-Continued-354_1) | **3** |
| [Invesco Bloomberg Analyst Rating Improvers ETF (UPGD)](#xx_eb7551ca-8999-432b-b86b-dfb38510ebfd_SOI-Continued-354_3) | **5** |
| [Invesco Dorsey Wright Momentum ETF (PDP)](#xx_eb7551ca-8999-432b-b86b-dfb38510ebfd_SOI-Continued-354_5) | **7** |
| [Invesco Global Listed Private Equity ETF (PSP)](#xx_eb7551ca-8999-432b-b86b-dfb38510ebfd_SOI-Continued-354_7) | **9** |
| [Invesco Golden Dragon China ETF (PGJ)](#xx_eb7551ca-8999-432b-b86b-dfb38510ebfd_SOI-Continued-354_9) | **11** |
| [Invesco MSCI Sustainable Future ETF (ERTH)](#xx_eb7551ca-8999-432b-b86b-dfb38510ebfd_SOI-Continued-354_11) | **13** |
| [Invesco S&P 500 BuyWrite ETF (PBP)](#xx_eb7551ca-8999-432b-b86b-dfb38510ebfd_SOI-Continued-354_15) | **17** |
| [Invesco S&P 500](#xx_eb7551ca-8999-432b-b86b-dfb38510ebfd_SOI-Continued-354_20)<sup>®</sup>[Quality ETF (SPHQ)](#xx_eb7551ca-8999-432b-b86b-dfb38510ebfd_SOI-Continued-354_20) | **22** |
| [Invesco S&P Spin-Off ETF (CSD)](#xx_eb7551ca-8999-432b-b86b-dfb38510ebfd_SOI-Continued-354_22) | **24** |
| [Invesco Water Resources ETF (PHO)](#xx_eb7551ca-8999-432b-b86b-dfb38510ebfd_SOI-Continued-354_24) | **26** |
| [Invesco WilderHill Clean Energy ETF (PBW)](#xx_eb7551ca-8999-432b-b86b-dfb38510ebfd_SOI-Continued-354_26) | **28** |
| [Statements of Assets and Liabilities](#xx_eb7551ca-8999-432b-b86b-dfb38510ebfd_FS-Continued-354_1) | **30** |
| [Statements of Operations](#xx_eb7551ca-8999-432b-b86b-dfb38510ebfd_FS-Continued-354_3) | **32** |
| [Statements of Changes in Net Assets](#xx_eb7551ca-8999-432b-b86b-dfb38510ebfd_FS-Continued-354_5) | **34** |
| [Financial Highlights](#xx_eb7551ca-8999-432b-b86b-dfb38510ebfd_FIHI-Continued-354_1) | **38** |
| [Notes to Financial Statements](#xx_eb7551ca-8999-432b-b86b-dfb38510ebfd_NTF-Continued-354_1) | **49** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_eb7551ca-8999-432b-b86b-dfb38510ebfd_OIRSR-Continued_1) | **65** |

---

------

**2**

------

**Invesco Aerospace & Defense ETF (PPA)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** |
| **Aerospace & Defense-76.26%** | **Aerospace & Defense-76.26%** | **Aerospace & Defense-76.26%** |
| AAR Corp.<sup>(b)(c)</sup> | 253730 | &nbsp;&nbsp; $21366603 |
| AeroVironment, Inc.<sup>(b)(c)</sup> | 353353 | &nbsp;&nbsp; 130708808 |
| AIRO Group Holdings, Inc.<sup>(b)(c)</sup> | 199536 | &nbsp;&nbsp; 3264409 |
| Axon Enterprise, Inc.<sup>(b)</sup> | 271442 | &nbsp;&nbsp; 198757976 |
| Boeing Co. (The)<sup>(b)</sup> | 2446383 | &nbsp;&nbsp; 491771911 |
| BWX Technologies, Inc. | 498642 | &nbsp;&nbsp; 106514918 |
| Cadre Holdings, Inc. | 229543 | &nbsp;&nbsp; 9746396 |
| CAE, Inc. (Canada)<sup>(b)</sup> | 2269669 | &nbsp;&nbsp; 63686912 |
| Curtiss-Wright Corp. | 183977 | &nbsp;&nbsp; 109600618 |
| Ducommun, Inc.<sup>(b)(c)</sup> | 102108 | &nbsp;&nbsp; 9368409 |
| Elbit Systems Ltd. (Israel) | 328019 | &nbsp;&nbsp; 156383058 |
| General Dynamics Corp. | 949608 | &nbsp;&nbsp; 327519799 |
| General Electric Co. | 1723654 | &nbsp;&nbsp; 532522903 |
| HEICO Corp.<sup>(c)</sup> | 351633 | &nbsp;&nbsp; 111738419 |
| Hexcel Corp. | 522076 | &nbsp;&nbsp; 37276226 |
| Howmet Aerospace, Inc. | 1376671 | &nbsp;&nbsp; 283525393 |
| Huntington Ingalls Industries, Inc. | 265198 | &nbsp;&nbsp; 85399060 |
| Karman Holdings, Inc.<sup>(b)(c)</sup> | 647990 | &nbsp;&nbsp; 54586678 |
| Kratos Defense & Security Solutions, <br> Inc.<sup>(b)(c)</sup><br>| 1194503 | &nbsp;&nbsp; 108221972 |
| L3Harris Technologies, Inc. | 930387 | &nbsp;&nbsp; 268974882 |
| Leonardo DRS, Inc.<sup>(c)</sup> | 1732605 | &nbsp;&nbsp; 63344039 |
| Loar Holdings, Inc.<sup>(b)(c)</sup> | 572072 | &nbsp;&nbsp; 45268057 |
| Lockheed Martin Corp. | 977981 | &nbsp;&nbsp; 481049294 |
| Mercury Systems, Inc.<sup>(b)(c)</sup> | 422734 | &nbsp;&nbsp; 32723839 |
| Moog, Inc., Class A<sup>(c)</sup> | 144908 | &nbsp;&nbsp; 29684404 |
| Northrop Grumman Corp. | 599788 | &nbsp;&nbsp; 349946309 |
| Redwire Corp.<sup>(b)(c)</sup> | 609598 | &nbsp;&nbsp; 4797536 |
| Rocket Lab Corp.<sup>(b)(c)</sup> | 1034778 | &nbsp;&nbsp; 65170319 |
| RTX Corp. | 3254428 | &nbsp;&nbsp; 580915398 |
| Spirit AeroSystems Holdings, Inc., <br> Class A<sup>(b)(c)</sup><br>| 828344 | &nbsp;&nbsp; 30391941 |
| StandardAero, Inc.<sup>(b)(c)</sup> | 2319590 | &nbsp;&nbsp; 67012955 |
| Textron, Inc. | 968561 | &nbsp;&nbsp; 78269414 |
| TransDigm Group, Inc. | 157369 | &nbsp;&nbsp; 205918910 |
| V2X, Inc.<sup>(b)</sup> | 212556 | &nbsp;&nbsp; 12134822 |
| Voyager Technologies, Inc., Class A<sup>(b)(c)</sup> | 275011 | &nbsp;&nbsp; 8409836 |
| Woodward, Inc.<sup>(c)</sup> | 276412 | &nbsp;&nbsp; 72450349 |
|  |  | &nbsp;&nbsp; 5238422772 |
| **Communications Equipment-0.47%** | **Communications Equipment-0.47%** | **Communications Equipment-0.47%** |
| Viasat, Inc.<sup>(b)(c)</sup> | 805730 | &nbsp;&nbsp; 32084168 |
| **Diversified Telecommunication Services-0.08%** | **Diversified Telecommunication Services-0.08%** | **Diversified Telecommunication Services-0.08%** |
| Iridium Communications, Inc.<sup>(c)</sup> | 281346 | &nbsp;&nbsp; 5387776 |
| **Electrical Equipment-2.30%** | **Electrical Equipment-2.30%** | **Electrical Equipment-2.30%** |
| Eaton Corp. PLC | 413243 | &nbsp;&nbsp; 157676999 |
| **Electronic Equipment, Instruments & Components-5.01%** | **Electronic Equipment, Instruments & Components-5.01%** | **Electronic Equipment, Instruments & Components-5.01%** |
| Amphenol Corp., Class A | 1468804 | &nbsp;&nbsp; 204663149 |
| Keysight Technologies, Inc.<sup>(b)</sup> | 213407 | &nbsp;&nbsp; 39044945 |
| OSI Systems, Inc.<sup>(b)(c)</sup> | 88073 | &nbsp;&nbsp; 24524808 |
| Teledyne Technologies, Inc.<sup>(b)(c)</sup> | 102865 | &nbsp;&nbsp; 54191339 |
| TTM Technologies, Inc.<sup>(b)(c)</sup> | 327999 | &nbsp;&nbsp; 22041533 |
|  |  | &nbsp;&nbsp; 344465774 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrial Conglomerates-4.17%** | **Industrial Conglomerates-4.17%** | **Industrial Conglomerates-4.17%** |
| Honeywell International, Inc. | 1423892 | &nbsp;&nbsp; $286672176 |
| **Machinery-3.48%** | **Machinery-3.48%** | **Machinery-3.48%** |
| Oshkosh Corp. | 144389 | &nbsp;&nbsp; 17801720 |
| Parker-Hannifin Corp. | 286577 | &nbsp;&nbsp; 221475303 |
|  |  | &nbsp;&nbsp; 239277023 |
| **Metals & Mining-0.94%** | **Metals & Mining-0.94%** | **Metals & Mining-0.94%** |
| ATI, Inc.<sup>(b)(c)</sup> | 649693 | &nbsp;&nbsp; 64300116 |
| **Professional Services-5.51%** | **Professional Services-5.51%** | **Professional Services-5.51%** |
| Amentum Holdings, Inc.<sup>(b)(c)</sup> | 1089724 | &nbsp;&nbsp; 24420715 |
| BlackSky Technology, Inc.<sup>(b)(c)</sup> | 250193 | &nbsp;&nbsp; 5284076 |
| Booz Allen Hamilton Holding Corp. | 586103 | &nbsp;&nbsp; 51084737 |
| CACI International, Inc., Class A<sup>(b)(c)</sup> | 140076 | &nbsp;&nbsp; 78757731 |
| KBR, Inc.<sup>(c)</sup> | 652660 | &nbsp;&nbsp; 27959954 |
| Leidos Holdings, Inc. | 594020 | &nbsp;&nbsp; 113142989 |
| Parsons Corp.<sup>(b)(c)</sup> | 323975 | &nbsp;&nbsp; 26935282 |
| Planet Labs PBC<sup>(b)(c)</sup> | 2023317 | &nbsp;&nbsp; 27213614 |
| Science Applications International Corp.<sup>(c)</sup> | 255474 | &nbsp;&nbsp; 23940469 |
|  |  | &nbsp;&nbsp; 378739567 |
| **Software-1.78%** | **Software-1.78%** | **Software-1.78%** |
| C3.ai, Inc., Class A<sup>(b)(c)</sup> | 185812 | &nbsp;&nbsp; 3266575 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 594206 | &nbsp;&nbsp; 119120477 |
|  |  | &nbsp;&nbsp; 122387052 |
| Total Common Stocks & Other Equity Interests <br>(Cost $4,792,051,299) | Total Common Stocks & Other Equity Interests <br>(Cost $4,792,051,299) | &nbsp;&nbsp; 6869413423 |
| **Money Market Funds-0.04%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $2,486,010)<br>| 2486010 | &nbsp;&nbsp; 2486010 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.04% <br>(Cost $4,794,537,309) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.04% <br>(Cost $4,794,537,309) | &nbsp;&nbsp; 6871899433 |
| **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-5.32%** | **Money Market Funds-5.32%** | **Money Market Funds-5.32%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 101392001 | &nbsp;&nbsp; 101392001 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 263894007 | &nbsp;&nbsp; 263973175 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $365,366,891) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $365,366,891) | &nbsp;&nbsp; 365365176 |
| TOTAL INVESTMENTS IN SECURITIES-105.36% <br>(Cost $5,159,904,200) | TOTAL INVESTMENTS IN SECURITIES-105.36% <br>(Cost $5,159,904,200) | &nbsp;&nbsp; 7237264609 |
| OTHER ASSETS LESS LIABILITIES-(5.36)% | OTHER ASSETS LESS LIABILITIES-(5.36)% | &nbsp;&nbsp; (368118366)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $6869146243 |

---

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

------

**3**

------

**Invesco Aerospace & Defense ETF (PPA)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $2020998 | &nbsp;&nbsp; $37612459 | &nbsp;&nbsp; $(37147447)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2486010 | &nbsp;&nbsp; $89122 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 96657557 | &nbsp;&nbsp; 509067812 | &nbsp;&nbsp; (504333368)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 101392001 | &nbsp;&nbsp; 1,893,486<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 246374175 | &nbsp;&nbsp; 754129889 | &nbsp;&nbsp; (736545396)<br>| &nbsp;&nbsp; 16002 | &nbsp;&nbsp; (1495)<br>| &nbsp;&nbsp; 263973175 | &nbsp;&nbsp; 5,061,773<br> \*<br>|
| Total | &nbsp;&nbsp; $345052730 | &nbsp;&nbsp; $1300810160 | &nbsp;&nbsp; $(1278026211)<br>| &nbsp;&nbsp; $16002 | &nbsp;&nbsp; $(1495)<br>| &nbsp;&nbsp; $367851186 | &nbsp;&nbsp; $7044381 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.89%** | **Common Stocks & Other Equity Interests-99.89%** | **Common Stocks & Other Equity Interests-99.89%** |
| **Communication Services-1.75%** | **Communication Services-1.75%** | **Communication Services-1.75%** |
| Charter Communications, Inc., Class A<sup>(b)(c)</sup> | 8152 | &nbsp;&nbsp; $1906264 |
| **Consumer Discretionary-17.13%** | **Consumer Discretionary-17.13%** | **Consumer Discretionary-17.13%** |
| Airbnb, Inc., Class A<sup>(b)</sup> | 17369 | &nbsp;&nbsp; 2197873 |
| Carvana Co.<sup>(b)</sup> | 6420 | &nbsp;&nbsp; 1967987 |
| Genuine Parts Co. | 15865 | &nbsp;&nbsp; 2019773 |
| Hyatt Hotels Corp., Class A<sup>(c)</sup> | 15834 | &nbsp;&nbsp; 2175750 |
| Lowe's Cos., Inc. | 8441 | &nbsp;&nbsp; 2010055 |
| Marriott International, Inc., Class A | 8247 | &nbsp;&nbsp; 2149003 |
| Pool Corp. | 6901 | &nbsp;&nbsp; 1842981 |
| Ulta Beauty, Inc.<sup>(b)</sup> | 4207 | &nbsp;&nbsp; 2187135 |
| Williams-Sonoma, Inc. | 10907 | &nbsp;&nbsp; 2119667 |
|  |  | &nbsp;&nbsp; 18670224 |
| **Consumer Staples-8.99%** | **Consumer Staples-8.99%** | **Consumer Staples-8.99%** |
| Archer-Daniels-Midland Co. | 35789 | &nbsp;&nbsp; 2166308 |
| Clorox Co. (The) | 17924 | &nbsp;&nbsp; 2015733 |
| Hormel Foods Corp. | 75786 | &nbsp;&nbsp; 1636220 |
| J.M. Smucker Co. (The) | 19200 | &nbsp;&nbsp; 1988160 |
| McCormick & Co., Inc. | 31061 | &nbsp;&nbsp; 1992874 |
|  |  | &nbsp;&nbsp; 9799295 |
| **Health Care-9.84%** | **Health Care-9.84%** | **Health Care-9.84%** |
| Baxter International, Inc. | 89433 | &nbsp;&nbsp; 1651828 |
| Medtronic PLC | 23315 | &nbsp;&nbsp; 2114671 |
| Mettler-Toledo International, Inc.<sup>(b)</sup> | 1650 | &nbsp;&nbsp; 2336878 |
| Waters Corp.<sup>(b)</sup> | 7326 | &nbsp;&nbsp; 2561170 |
| Zimmer Biomet Holdings, Inc. | 20533 | &nbsp;&nbsp; 2064798 |
|  |  | &nbsp;&nbsp; 10729345 |
| **Industrials-26.93%** | **Industrials-26.93%** | **Industrials-26.93%** |
| 3M Co. | 14045 | &nbsp;&nbsp; 2338492 |
| Allegion PLC | 12897 | &nbsp;&nbsp; 2137936 |
| C.H. Robinson Worldwide, Inc. | 17948 | &nbsp;&nbsp; 2763812 |
| Caterpillar, Inc. | 5168 | &nbsp;&nbsp; 2983280 |
| Cummins, Inc. | 5485 | &nbsp;&nbsp; 2400675 |
| Fastenal Co. | 43814 | &nbsp;&nbsp; 1802946 |
| Graco, Inc. | 25480 | &nbsp;&nbsp; 2083500 |
| Northrop Grumman Corp. | 3668 | &nbsp;&nbsp; 2140095 |
| Old Dominion Freight Line, Inc. | 14447 | &nbsp;&nbsp; 2028648 |
| PACCAR, Inc. | 22138 | &nbsp;&nbsp; 2178379 |
| Rollins, Inc. | 37141 | &nbsp;&nbsp; 2139693 |
| Snap-on, Inc. | 6728 | &nbsp;&nbsp; 2257580 |
| United Rentals, Inc. | 2407 | &nbsp;&nbsp; 2096930 |
|  |  | &nbsp;&nbsp; 29351966 |
| **Information Technology-23.72%** | **Information Technology-23.72%** | **Information Technology-23.72%** |
| Cloudflare, Inc., Class A<sup>(b)</sup> | 11249 | &nbsp;&nbsp; 2849372 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 30792 | &nbsp;&nbsp; 2244121 |
| DocuSign, Inc.<sup>(b)</sup> | 30532 | &nbsp;&nbsp; 2233111 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| F5, Inc.<sup>(b)</sup> | 6882 | &nbsp;&nbsp; $1741490 |
| Fair Isaac Corp.<sup>(b)</sup> | 1617 | &nbsp;&nbsp; 2683460 |
| Gen Digital, Inc. | 69037 | &nbsp;&nbsp; 1819815 |
| International Business Machines Corp. | 8962 | &nbsp;&nbsp; 2755008 |
| NetApp, Inc. | 20044 | &nbsp;&nbsp; 2360782 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 13930 | &nbsp;&nbsp; 2792547 |
| Texas Instruments, Inc. | 10811 | &nbsp;&nbsp; 1745544 |
| Zoom Communications, Inc., Class A<sup>(b)</sup> | 30116 | &nbsp;&nbsp; 2627019 |
|  |  | &nbsp;&nbsp; 25852269 |
| **Materials-3.39%** | **Materials-3.39%** | **Materials-3.39%** |
| International Paper Co. | 46172 | &nbsp;&nbsp; 1784086 |
| RPM International, Inc. | 17480 | &nbsp;&nbsp; 1910214 |
|  |  | &nbsp;&nbsp; 3694300 |
| **Utilities-8.14%** | **Utilities-8.14%** | **Utilities-8.14%** |
| Alliant Energy Corp. | 32723 | &nbsp;&nbsp; 2186551 |
| American Electric Power Co., Inc. | 19141 | &nbsp;&nbsp; 2301896 |
| Southern Co. (The)<sup>(c)</sup> | 22896 | &nbsp;&nbsp; 2153140 |
| WEC Energy Group, Inc. | 19956 | &nbsp;&nbsp; 2229684 |
|  |  | &nbsp;&nbsp; 8871271 |
| Total Common Stocks & Other Equity Interests <br>(Cost $104,450,829) | Total Common Stocks & Other Equity Interests <br>(Cost $104,450,829) | &nbsp;&nbsp; 108874934 |
| **Money Market Funds-0.03%** | **Money Market Funds-0.03%** | **Money Market Funds-0.03%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $35,021)<br>| 35021 | &nbsp;&nbsp; 35021 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.92% <br>(Cost $104,485,850) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.92% <br>(Cost $104,485,850) | &nbsp;&nbsp; 108909955 |
| **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-3.32%** | **Money Market Funds-3.32%** | **Money Market Funds-3.32%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 1003614 | &nbsp;&nbsp; 1003614 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 2610491 | &nbsp;&nbsp; 2611274 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $3,615,051) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $3,615,051) | &nbsp;&nbsp; 3614888 |
| TOTAL INVESTMENTS IN SECURITIES-103.24% <br>(Cost $108,100,901) | TOTAL INVESTMENTS IN SECURITIES-103.24% <br>(Cost $108,100,901) | &nbsp;&nbsp; 112524843 |
| OTHER ASSETS LESS LIABILITIES-(3.24)% | OTHER ASSETS LESS LIABILITIES-(3.24)% | &nbsp;&nbsp; (3532468)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $108992375 |

---

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

------

**5**

------

**Invesco Bloomberg Analyst Rating Improvers ETF (UPGD)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $99437 | &nbsp;&nbsp; $698453 | &nbsp;&nbsp; $(762869)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $35021 | &nbsp;&nbsp; $902 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 2821775 | &nbsp;&nbsp; 30118943 | &nbsp;&nbsp; (31937104)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1003614 | &nbsp;&nbsp; 47,540<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 5059744 | &nbsp;&nbsp; 82160009 | &nbsp;&nbsp; (84608662)<br>| &nbsp;&nbsp; (163)<br>| &nbsp;&nbsp; 346 | &nbsp;&nbsp; 2611274 | &nbsp;&nbsp; 130,139<br> \*<br>|
| Total | &nbsp;&nbsp; $7980956 | &nbsp;&nbsp; $112977405 | &nbsp;&nbsp; $(117308635)<br>| &nbsp;&nbsp; $(163)<br>| &nbsp;&nbsp; $346 | &nbsp;&nbsp; $3649909 | &nbsp;&nbsp; $178581 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.03%** | **Common Stocks & Other Equity Interests-100.03%** | **Common Stocks & Other Equity Interests-100.03%** |
| **Communication Services-4.55%** | **Communication Services-4.55%** | **Communication Services-4.55%** |
| Alphabet, Inc., Class A | 51846 | &nbsp;&nbsp; $14578577 |
| Liberty Media Corp.-Liberty Formula <br> One<sup>(b)(c)</sup><br>| 66398 | &nbsp;&nbsp; 6629840 |
| Meta Platforms, Inc., Class A | 20295 | &nbsp;&nbsp; 13158263 |
| Netflix, Inc.<sup>(b)</sup> | 12025 | &nbsp;&nbsp; 13454291 |
| Reddit, Inc., Class A<sup>(b)</sup> | 28988 | &nbsp;&nbsp; 6057043 |
| Roblox Corp., Class A<sup>(b)</sup> | 76016 | &nbsp;&nbsp; 8644540 |
|  |  | &nbsp;&nbsp; 62522554 |
| **Consumer Discretionary-7.84%** | **Consumer Discretionary-7.84%** | **Consumer Discretionary-7.84%** |
| AutoZone, Inc.<sup>(b)</sup> | 1712 | &nbsp;&nbsp; 6290624 |
| Booking Holdings, Inc. | 1263 | &nbsp;&nbsp; 6413186 |
| Carvana Co.<sup>(b)</sup> | 72754 | &nbsp;&nbsp; 22302011 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 41530 | &nbsp;&nbsp; 10563986 |
| Garmin Ltd. | 30407 | &nbsp;&nbsp; 6505274 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(b)</sup> | 53588 | &nbsp;&nbsp; 6473966 |
| Ralph Lauren Corp. | 24627 | &nbsp;&nbsp; 7872267 |
| Royal Caribbean Cruises Ltd. | 62895 | &nbsp;&nbsp; 18040173 |
| Tapestry, Inc. | 76147 | &nbsp;&nbsp; 8362464 |
| Tesla, Inc.<sup>(b)</sup> | 17179 | &nbsp;&nbsp; 7843244 |
| Williams-Sonoma, Inc. | 36939 | &nbsp;&nbsp; 7178725 |
|  |  | &nbsp;&nbsp; 107845920 |
| **Consumer Staples-2.40%** | **Consumer Staples-2.40%** | **Consumer Staples-2.40%** |
| Casey's General Stores, Inc. | 13860 | &nbsp;&nbsp; 7112814 |
| Celsius Holdings, Inc.<sup>(b)</sup> | 135748 | &nbsp;&nbsp; 8176102 |
| Performance Food Group Co.<sup>(b)</sup> | 97138 | &nbsp;&nbsp; 9397130 |
| US Foods Holding Corp.<sup>(b)</sup> | 114265 | &nbsp;&nbsp; 8297924 |
|  |  | &nbsp;&nbsp; 32983970 |
| **Financials-11.32%** | **Financials-11.32%** | **Financials-11.32%** |
| Ares Management Corp., Class A | 81458 | &nbsp;&nbsp; 12113619 |
| Evercore, Inc., Class A | 30068 | &nbsp;&nbsp; 8856830 |
| Goldman Sachs Group, Inc. (The) | 8842 | &nbsp;&nbsp; 6979609 |
| Houlihan Lokey, Inc. | 45474 | &nbsp;&nbsp; 8143484 |
| Interactive Brokers Group, Inc., Class A | 139798 | &nbsp;&nbsp; 9836187 |
| Intercontinental Exchange, Inc. | 41699 | &nbsp;&nbsp; 6100147 |
| Jefferies Financial Group, Inc. | 110704 | &nbsp;&nbsp; 5848492 |
| KKR & Co., Inc., Class A | 77787 | &nbsp;&nbsp; 9204536 |
| Mastercard, Inc., Class A | 62317 | &nbsp;&nbsp; 34398361 |
| Primerica, Inc.<sup>(c)</sup> | 29016 | &nbsp;&nbsp; 7540388 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup> | 236619 | &nbsp;&nbsp; 34730937 |
| SoFi Technologies, Inc.<sup>(b)(c)</sup> | 404442 | &nbsp;&nbsp; 12003839 |
|  |  | &nbsp;&nbsp; 155756429 |
| **Health Care-9.83%** | **Health Care-9.83%** | **Health Care-9.83%** |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 16764 | &nbsp;&nbsp; 7645055 |
| BridgeBio Pharma, Inc.<sup>(b)(c)</sup> | 132558 | &nbsp;&nbsp; 8303433 |
| Doximity, Inc., Class A<sup>(b)</sup> | 109302 | &nbsp;&nbsp; 7213932 |
| Ensign Group, Inc. (The) | 59539 | &nbsp;&nbsp; 10722974 |
| Hims & Hers Health, Inc.<sup>(b)(c)</sup> | 377592 | &nbsp;&nbsp; 17165332 |
| Insmed, Inc.<sup>(b)</sup> | 131247 | &nbsp;&nbsp; 24884431 |
| Medpace Holdings, Inc.<sup>(b)</sup> | 52731 | &nbsp;&nbsp; 30842889 |
| Natera, Inc.<sup>(b)</sup> | 51246 | &nbsp;&nbsp; 10194367 |
| Tenet Healthcare Corp.<sup>(b)</sup> | 88432 | &nbsp;&nbsp; 18260324 |
|  |  | &nbsp;&nbsp; 135232737 |
| **Industrials-33.37%** | **Industrials-33.37%** | **Industrials-33.37%** |
| AECOM | 52474 | &nbsp;&nbsp; 7049882 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| AeroVironment, Inc.<sup>(b)</sup> | 24677 | &nbsp;&nbsp; $9128269 |
| API Group Corp.<sup>(b)</sup> | 350677 | &nbsp;&nbsp; 12911927 |
| Armstrong World Industries, Inc. | 34928 | &nbsp;&nbsp; 6651339 |
| Axon Enterprise, Inc.<sup>(b)</sup> | 22653 | &nbsp;&nbsp; 16587206 |
| Bloom Energy Corp., Class A<sup>(b)(c)</sup> | 157423 | &nbsp;&nbsp; 20805024 |
| BWX Technologies, Inc. | 47961 | &nbsp;&nbsp; 10244949 |
| Caterpillar, Inc. | 15956 | &nbsp;&nbsp; 9210761 |
| Comfort Systems USA, Inc. | 38758 | &nbsp;&nbsp; 37423950 |
| Curtiss-Wright Corp. | 18770 | &nbsp;&nbsp; 11181852 |
| Dycom Industries, Inc.<sup>(b)</sup> | 26753 | &nbsp;&nbsp; 7699246 |
| Eaton Corp. PLC | 19592 | &nbsp;&nbsp; 7475524 |
| EMCOR Group, Inc. | 24447 | &nbsp;&nbsp; 16520794 |
| Federal Signal Corp. | 66164 | &nbsp;&nbsp; 7809337 |
| GE Vernova, Inc. | 19887 | &nbsp;&nbsp; 11636679 |
| General Electric Co. | 32930 | &nbsp;&nbsp; 10173723 |
| Howmet Aerospace, Inc. | 132814 | &nbsp;&nbsp; 27353043 |
| Kratos Defense & Security Solutions, <br> Inc.<sup>(b)(c)</sup><br>| 222268 | &nbsp;&nbsp; 20137481 |
| Leidos Holdings, Inc. | 39211 | &nbsp;&nbsp; 7468519 |
| Leonardo DRS, Inc. | 251220 | &nbsp;&nbsp; 9184603 |
| MasTec, Inc.<sup>(b)</sup> | 42760 | &nbsp;&nbsp; 8729882 |
| Parker-Hannifin Corp. | 10556 | &nbsp;&nbsp; 8157993 |
| Quanta Services, Inc. | 58346 | &nbsp;&nbsp; 26204939 |
| Rocket Lab Corp.<sup>(b)(c)</sup> | 630877 | &nbsp;&nbsp; 39732633 |
| Rollins, Inc. | 578884 | &nbsp;&nbsp; 33349507 |
| SPX Technologies, Inc.<sup>(b)</sup> | 45901 | &nbsp;&nbsp; 10276775 |
| Sterling Infrastructure, Inc.<sup>(b)(c)</sup> | 25400 | &nbsp;&nbsp; 9598660 |
| Trane Technologies PLC | 60963 | &nbsp;&nbsp; 27351050 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 66893 | &nbsp;&nbsp; 6290618 |
| United Rentals, Inc. | 17311 | &nbsp;&nbsp; 15080997 |
| Woodward, Inc. | 28789 | &nbsp;&nbsp; 7545885 |
|  |  | &nbsp;&nbsp; 458973047 |
| **Information Technology-26.24%** | **Information Technology-26.24%** | **Information Technology-26.24%** |
| Amphenol Corp., Class A | 286943 | &nbsp;&nbsp; 39982638 |
| AppLovin Corp., Class A<sup>(b)</sup> | 63948 | &nbsp;&nbsp; 40755979 |
| Arista Networks, Inc.<sup>(b)</sup> | 135014 | &nbsp;&nbsp; 21290358 |
| Broadcom, Inc. | 110297 | &nbsp;&nbsp; 40769080 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 92112 | &nbsp;&nbsp; 31197413 |
| Ciena Corp.<sup>(b)</sup> | 55266 | &nbsp;&nbsp; 10496119 |
| Cloudflare, Inc., Class A<sup>(b)</sup> | 45269 | &nbsp;&nbsp; 11466638 |
| Credo Technology Group Holding Ltd.<sup>(b)</sup> | 68933 | &nbsp;&nbsp; 12933209 |
| Guidewire Software, Inc.<sup>(b)</sup> | 33223 | &nbsp;&nbsp; 7762222 |
| IonQ, Inc.<sup>(b)(c)</sup> | 139754 | &nbsp;&nbsp; 8717854 |
| Jabil, Inc. | 60032 | &nbsp;&nbsp; 13260468 |
| KLA Corp. | 22589 | &nbsp;&nbsp; 27304228 |
| Lam Research Corp. | 56896 | &nbsp;&nbsp; 8958844 |
| Micron Technology, Inc. | 41141 | &nbsp;&nbsp; 9206122 |
| Microsoft Corp. | 27794 | &nbsp;&nbsp; 14392011 |
| Oracle Corp. | 74123 | &nbsp;&nbsp; 19465441 |
| Pegasystems, Inc. | 117797 | &nbsp;&nbsp; 7497779 |
| PTC, Inc.<sup>(b)</sup> | 33767 | &nbsp;&nbsp; 6704100 |
| Rambus, Inc.<sup>(b)</sup> | 71521 | &nbsp;&nbsp; 7355220 |
| Seagate Technology Holdings PLC | 37414 | &nbsp;&nbsp; 9573494 |
| Western Digital Corp. | 78575 | &nbsp;&nbsp; 11802751 |
|  |  | &nbsp;&nbsp; 360891968 |
| **Materials-2.26%** | **Materials-2.26%** | **Materials-2.26%** |
| CRH PLC | 64962 | &nbsp;&nbsp; 7736974 |

---

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

------

**7**

------

**Invesco Dorsey Wright Momentum ETF (PDP)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-(continued)** | **Materials-(continued)** | **Materials-(continued)** |
| MP Materials Corp.<sup>(b)(c)</sup> | 256749 | &nbsp;&nbsp; $16198294 |
| Newmont Corp. | 88534 | &nbsp;&nbsp; 7168598 |
|  |  | &nbsp;&nbsp; 31103866 |
| **Real Estate-0.46%** | **Real Estate-0.46%** | **Real Estate-0.46%** |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 41757 | &nbsp;&nbsp; 6365019 |
| **Utilities-1.76%** | **Utilities-1.76%** | **Utilities-1.76%** |
| Oklo, Inc.<sup>(b)(c)</sup> | 131079 | &nbsp;&nbsp; 17403359 |
| Talen Energy Corp.<sup>(b)</sup> | 16885 | &nbsp;&nbsp; 6750285 |
|  |  | &nbsp;&nbsp; 24153644 |
| Total Common Stocks & Other Equity Interests <br>(Cost $1,118,415,472) | Total Common Stocks & Other Equity Interests <br>(Cost $1,118,415,472) | &nbsp;&nbsp; 1375829154 |
| **Money Market Funds-0.06%** | **Money Market Funds-0.06%** | **Money Market Funds-0.06%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $863,163)<br>| 863163 | &nbsp;&nbsp; 863163 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.09% <br>(Cost $1,119,278,635) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.09% <br>(Cost $1,119,278,635) | &nbsp;&nbsp; 1376692317 |

---

---

| | | |
|:---|:---|:---|
|  | **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-10.78%** | **Money Market Funds-10.78%** | **Money Market Funds-10.78%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 41251392 | &nbsp;&nbsp; $41251392 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 106976048 | &nbsp;&nbsp; 107008141 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $148,259,967) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $148,259,967) | &nbsp;&nbsp; 148259533 |
| TOTAL INVESTMENTS IN SECURITIES-110.87% <br>(Cost $1,267,538,602) | TOTAL INVESTMENTS IN SECURITIES-110.87% <br>(Cost $1,267,538,602) | &nbsp;&nbsp; 1524951850 |
| OTHER ASSETS LESS LIABILITIES-(10.87)% | OTHER ASSETS LESS LIABILITIES-(10.87)% | &nbsp;&nbsp; (149483538)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1375468312 |

---

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $688015 | &nbsp;&nbsp; $7499653 | &nbsp;&nbsp; $(7324505)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $863163 | &nbsp;&nbsp; $23640 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 9934378 | &nbsp;&nbsp; 177026973 | &nbsp;&nbsp; (145709959)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 41251392 | &nbsp;&nbsp; 400,715<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 25842465 | &nbsp;&nbsp; 402029921 | &nbsp;&nbsp; (320868189)<br>| &nbsp;&nbsp; (94)<br>| &nbsp;&nbsp; 4038 | &nbsp;&nbsp; 107008141 | &nbsp;&nbsp; 1,097,146<br> \*<br>|
| Total | &nbsp;&nbsp; $36464858 | &nbsp;&nbsp; $586556547 | &nbsp;&nbsp; $(473902653)<br>| &nbsp;&nbsp; $(94)<br>| &nbsp;&nbsp; $4038 | &nbsp;&nbsp; $149122696 | &nbsp;&nbsp; $1521501 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-92.24%** | **Common Stocks & Other Equity Interests-92.24%** | **Common Stocks & Other Equity Interests-92.24%** |
| **Capital Markets-70.09%** | **Capital Markets-70.09%** | **Capital Markets-70.09%** |
| 3i Group PLC (United Kingdom) | 305780 | &nbsp;&nbsp; $17697708 |
| Alaris Equity Partners Income (Canada)<sup>(b)</sup> | 127536 | &nbsp;&nbsp; 1782218 |
| Ares Capital Corp.<sup>(b)</sup> | 418367 | &nbsp;&nbsp; 8513769 |
| Bain Capital Specialty Finance, Inc., BDC<sup>(b)</sup> | 54465 | &nbsp;&nbsp; 766323 |
| Blackstone Secured Lending Fund<sup>(b)</sup> | 87475 | &nbsp;&nbsp; 2312839 |
| Blackstone, Inc., Class A | 95393 | &nbsp;&nbsp; 13988430 |
| Blue Owl Capital Corp., BDC<sup>(b)</sup> | 238066 | &nbsp;&nbsp; 3099619 |
| Blue Owl Capital, Inc.<sup>(b)</sup> | 911516 | &nbsp;&nbsp; 14374607 |
| Bridgepoint Group PLC (United Kingdom)<sup>(b)(c)</sup> | 1731931 | &nbsp;&nbsp; 6860030 |
| Capital Southwest Corp., BDC<sup>(b)</sup> | 37172 | &nbsp;&nbsp; 755335 |
| Carlyle Group, Inc. (The)<sup>(b)</sup> | 160653 | &nbsp;&nbsp; 8566018 |
| Carlyle Secured Lending, Inc., BDC<sup>(b)</sup> | 61890 | &nbsp;&nbsp; 782290 |
| Chrysalis Investments Ltd. (Guernsey)<sup>(b)(d)</sup> | 1610185 | &nbsp;&nbsp; 2573245 |
| CVC Capital Partners PLC (Luxembourg)<sup>(c)</sup> | 848861 | &nbsp;&nbsp; 14196416 |
| EQT AB (Sweden)<sup>(b)</sup> | 457786 | &nbsp;&nbsp; 15832896 |
| Fairfax India Holdings Corp. (India)<sup>(c)(d)</sup> | 193640 | &nbsp;&nbsp; 3291880 |
| FS KKR Capital Corp., BDC<sup>(b)</sup> | 141225 | &nbsp;&nbsp; 2131085 |
| Georgia Capital PLC (Georgia)<sup>(d)</sup> | 53718 | &nbsp;&nbsp; 1828257 |
| Gimv N.V. (Belgium) | 79428 | &nbsp;&nbsp; 4294735 |
| Gladstone Investment Corp. | 60061 | &nbsp;&nbsp; 830043 |
| Goldman Sachs BDC, Inc., BDC<sup>(b)</sup> | 74604 | &nbsp;&nbsp; 744548 |
| Golub Capital BDC, Inc.<sup>(b)</sup> | 115724 | &nbsp;&nbsp; 1630551 |
| Hamilton Lane, Inc., Class A | 46727 | &nbsp;&nbsp; 5325009 |
| Hercules Capital, Inc. | 44382 | &nbsp;&nbsp; 795325 |
| Integral Corp. (Japan)<sup>(b)</sup> | 70109 | &nbsp;&nbsp; 1552844 |
| IP Group PLC (United Kingdom)<sup>(d)</sup> | 2143269 | &nbsp;&nbsp; 1703466 |
| JAFCO Group Co. Ltd. (Japan) | 144384 | &nbsp;&nbsp; 2257523 |
| Kayne Anderson BDC, Inc.<sup>(b)</sup> | 56223 | &nbsp;&nbsp; 807362 |
| KKR & Co., Inc., Class A | 119647 | &nbsp;&nbsp; 14157830 |
| Main Street Capital Corp.<sup>(b)</sup> | 51321 | &nbsp;&nbsp; 2921191 |
| Molten Ventures PLC (United Kingdom)<sup>(d)</sup> | 521647 | &nbsp;&nbsp; 3183968 |
| Morgan Stanley Direct Lending Fund<sup>(b)</sup> | 47494 | &nbsp;&nbsp; 805023 |
| Mutares SE & Co. KGaA (Germany)<sup>(b)</sup> | 49052 | &nbsp;&nbsp; 1567956 |
| New Mountain Finance Corp., BDC<sup>(b)</sup> | 80364 | &nbsp;&nbsp; 777120 |
| Oaktree Specialty Lending Corp.<sup>(b)</sup> | 61093 | &nbsp;&nbsp; 851636 |
| Onex Corp. (Canada) | 118390 | &nbsp;&nbsp; 10308375 |
| P10, Inc., Class A<sup>(b)</sup> | 70944 | &nbsp;&nbsp; 720791 |
| Partners Group Holding AG (Switzerland) | 12113 | &nbsp;&nbsp; 14870742 |
| Patria Investments Ltd., Class A (Cayman <br> Islands)<sup>(b)</sup><br>| 184866 | &nbsp;&nbsp; 2693498 |
| PennantPark Floating Rate Capital Ltd., <br> BDC<sup>(b)</sup><br>| 83184 | &nbsp;&nbsp; 759470 |
| Petershill Partners PLC (United Kingdom)<sup>(c)</sup> | 1872182 | &nbsp;&nbsp; 7663130 |
| Ratos AB, Class B (Sweden) | 686018 | &nbsp;&nbsp; 2777556 |
| Sixth Street Specialty Lending, Inc.<sup>(b)</sup> | 34511 | &nbsp;&nbsp; 780639 |
| SLR Investment Corp., BDC<sup>(b)</sup> | 51106 | &nbsp;&nbsp; 780389 |
| StepStone Group, Inc., Class A | 98100 | &nbsp;&nbsp; 5972328 |
| STIC Investments, Inc. (South Korea) | 113819 | &nbsp;&nbsp; 830546 |
| TPG, Inc.<sup>(b)</sup> | 277099 | &nbsp;&nbsp; 15251529 |
| Trinity Capital, Inc., BDC<sup>(b)</sup> | 52586 | &nbsp;&nbsp; 793523 |
| Woori Technology Investment Co. Ltd. (South <br> Korea)<sup>(d)</sup><br>| 213760 | &nbsp;&nbsp; 1342459 |
|  |  | &nbsp;&nbsp; 229104070 |
| **Consumer Staples Distribution & Retail-1.40%** | **Consumer Staples Distribution & Retail-1.40%** | **Consumer Staples Distribution & Retail-1.40%** |
| Sonae SGPS S.A. (Portugal) | 2801196 | &nbsp;&nbsp; 4569895 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Diversified Consumer Services-1.40%** | **Diversified Consumer Services-1.40%** | **Diversified Consumer Services-1.40%** |
| Graham Holdings Co., Class B | 4526 | &nbsp;&nbsp; $4580900 |
| **Financial Services-16.21%** | **Financial Services-16.21%** | **Financial Services-16.21%** |
| Cannae Holdings, Inc. | 45543 | &nbsp;&nbsp; 814309 |
| Compass Diversified Holdings | 117235 | &nbsp;&nbsp; 747959 |
| Eurazeo SE (France) | 162554 | &nbsp;&nbsp; 11095875 |
| HAL Trust (Netherlands) | 91407 | &nbsp;&nbsp; 14365961 |
| Kinnevik AB, Class B (Sweden)<sup>(b)(d)</sup> | 684284 | &nbsp;&nbsp; 6463292 |
| Sofina S.A. (Belgium)<sup>(b)</sup> | 49325 | &nbsp;&nbsp; 13575446 |
| Wendel SE (France) | 63156 | &nbsp;&nbsp; 5935819 |
|  |  | &nbsp;&nbsp; 52998661 |
| **Industrial Conglomerates-2.01%** | **Industrial Conglomerates-2.01%** | **Industrial Conglomerates-2.01%** |
| Brookfield Business Corp., Class A <br> (Canada)<sup>(b)</sup><br>| 100776 | &nbsp;&nbsp; 3676743 |
| Italmobiliare S.p.A. (Italy)<sup>(b)</sup> | 76952 | &nbsp;&nbsp; 2894497 |
|  |  | &nbsp;&nbsp; 6571240 |
| **Interactive Media & Services-0.68%** | **Interactive Media & Services-0.68%** | **Interactive Media & Services-0.68%** |
| IAC, Inc.<sup>(b)(d)</sup> | 68847 | &nbsp;&nbsp; 2218250 |
| **IT Services-0.45%** | **IT Services-0.45%** | **IT Services-0.45%** |
| Digital Garage, Inc. (Japan) | 68817 | &nbsp;&nbsp; 1470516 |
| Total Common Stocks & Other Equity Interests <br>(Cost $263,886,131) | Total Common Stocks & Other Equity Interests <br>(Cost $263,886,131) | &nbsp;&nbsp; 301513532 |
| **Closed-End Funds-7.58%** | **Closed-End Funds-7.58%** | **Closed-End Funds-7.58%** |
| Destiny Tech100, Inc.<sup>(b)(d)</sup> | 33055 | &nbsp;&nbsp; 944712 |
| HBM Healthcare Investments AG <br> (Switzerland)<br>| 11437 | &nbsp;&nbsp; 2857226 |
| HgCapital Trust PLC (United Kingdom)<sup>(b)</sup> | 1140710 | &nbsp;&nbsp; 7205313 |
| NB Private Equity Partners Ltd. <br> (Guernsey)<sup>(b)</sup><br>| 87665 | &nbsp;&nbsp; 1730798 |
| Oakley Capital Investments Ltd. (Bermuda) | 442942 | &nbsp;&nbsp; 3259413 |
| Pantheon International PLC (United <br> Kingdom)<sup>(b)(d)</sup><br>| 1130494 | &nbsp;&nbsp; 5376769 |
| Partners Group Private Equity Ltd. <br> (Guernsey)<sup>(b)</sup><br>| 137206 | &nbsp;&nbsp; 1655156 |
| Schiehallion Fund Ltd. (The) (Guernsey)<sup>(c)(d)</sup> | 699563 | &nbsp;&nbsp; 846720 |
| Syncona Ltd. (United Kingdom)<sup>(d)</sup> | 665815 | &nbsp;&nbsp; 885528 |
| Total Closed-End Funds <br>(Cost $22,222,326) | Total Closed-End Funds <br>(Cost $22,222,326) | &nbsp;&nbsp; 24761635 |
| **Money Market Funds-0.01%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(e)(f)</sup> <br>(Cost $39,813)<br>| 39813 | &nbsp;&nbsp; 39813 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.83% <br>(Cost $286,148,270) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.83% <br>(Cost $286,148,270) | &nbsp;&nbsp; 326314980 |
| **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-26.27%** | **Money Market Funds-26.27%** | **Money Market Funds-26.27%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(e)(f)(g)</sup><br>| 23838775 | &nbsp;&nbsp; 23838775 |

---

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

------

**9**

------

**Invesco Global Listed Private Equity ETF (PSP)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 4.30%<sup>(e)(f)(g)</sup> | 62014249 | &nbsp;&nbsp; $62032853 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $85,872,906) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $85,872,906) | &nbsp;&nbsp; 85871628 |
| TOTAL INVESTMENTS IN SECURITIES-126.10% <br>(Cost $372,021,176) | TOTAL INVESTMENTS IN SECURITIES-126.10% <br>(Cost $372,021,176) | &nbsp;&nbsp; 412186608 |
| OTHER ASSETS LESS LIABILITIES-(26.10)% | OTHER ASSETS LESS LIABILITIES-(26.10)% | &nbsp;&nbsp; (85305835)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $326880773 |

---

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 October 31, 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> October 31, 2025 was $32,858,176, which represented 10.05% 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 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; $11353059 | &nbsp;&nbsp; $(11313246)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $39813 | &nbsp;&nbsp; $5046 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 19792924 | &nbsp;&nbsp; 88994356 | &nbsp;&nbsp; (84948505)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 23838775 | &nbsp;&nbsp; 375,217<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 51480411 | &nbsp;&nbsp; 185874397 | &nbsp;&nbsp; (175323900)<br>| &nbsp;&nbsp; 1430 | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 62032853 | &nbsp;&nbsp; 1,005,635<br> \*<br>|
| Total | &nbsp;&nbsp; $71273335 | &nbsp;&nbsp; $286221812 | &nbsp;&nbsp; $(271585651)<br>| &nbsp;&nbsp; $1430 | &nbsp;&nbsp; $515 | &nbsp;&nbsp; $85911441 | &nbsp;&nbsp; $1385898 |

---

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

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 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 | 15.46% |

---

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

------

**10**

------

**Invesco Golden Dragon China ETF (PGJ)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** |
| **Communication Services-22.18%** | **Communication Services-22.18%** | **Communication Services-22.18%** |
| Autohome, Inc., ADR | 51795 | &nbsp;&nbsp; $1305234 |
| Baidu, Inc., ADR<sup>(b)</sup> | 97208 | &nbsp;&nbsp; 11749531 |
| Bilibili, Inc., ADR<sup>(b)(c)</sup> | 90265 | &nbsp;&nbsp; 2730516 |
| DouYu International Holdings Ltd., ADR | 10362 | &nbsp;&nbsp; 71187 |
| Hello Group, Inc., ADR | 133082 | &nbsp;&nbsp; 903627 |
| HUYA, Inc., ADR | 72744 | &nbsp;&nbsp; 200046 |
| iQIYI, Inc., ADR<sup>(b)</sup> | 402293 | &nbsp;&nbsp; 929297 |
| LZ Technology Holdings Ltd., B Shares<sup>(b)(c)</sup> | 99321 | &nbsp;&nbsp; 337691 |
| NetEase, Inc., ADR | 43825 | &nbsp;&nbsp; 6139882 |
| Sohu.com Ltd., ADR<sup>(b)</sup> | 23704 | &nbsp;&nbsp; 353190 |
| So-Young International, Inc., ADR<sup>(c)</sup> | 61337 | &nbsp;&nbsp; 178491 |
| Tencent Music Entertainment Group, ADR | 395599 | &nbsp;&nbsp; 8829770 |
| Weibo Corp., ADR | 69823 | &nbsp;&nbsp; 759674 |
| Zhihu, Inc., ADR<sup>(b)</sup> | 31781 | &nbsp;&nbsp; 138247 |
|  |  | &nbsp;&nbsp; 34626383 |
| **Consumer Discretionary-51.32%** | **Consumer Discretionary-51.32%** | **Consumer Discretionary-51.32%** |
| 51 Talk Online Education Group, ADR<sup>(b)</sup> | 2921 | &nbsp;&nbsp; 143129 |
| Alibaba Group Holding Ltd., ADR | 88421 | &nbsp;&nbsp; 15069591 |
| Atour Lifestyle Holdings Ltd., ADR | 74122 | &nbsp;&nbsp; 2887793 |
| ATRenew, Inc., ADR<sup>(b)</sup> | 105585 | &nbsp;&nbsp; 408614 |
| Baozun, Inc., ADR<sup>(b)(c)</sup> | 35716 | &nbsp;&nbsp; 117148 |
| Cango, Inc., ADR<sup>(b)(c)</sup> | 84016 | &nbsp;&nbsp; 336904 |
| Chagee Holdings Ltd., ADR<sup>(b)</sup> | 12947 | &nbsp;&nbsp; 202620 |
| ECARX Holdings, Inc.<sup>(b)(c)</sup> | 248701 | &nbsp;&nbsp; 621752 |
| Epsium Enterprise Ltd.<sup>(b)(c)</sup> | 10296 | &nbsp;&nbsp; 136628 |
| Gaotu Techedu, Inc., ADR<sup>(b)</sup> | 116217 | &nbsp;&nbsp; 332381 |
| H World Group Ltd., ADR | 106685 | &nbsp;&nbsp; 4118041 |
| Hesai Group, ADR<sup>(b)</sup> | 7759 | &nbsp;&nbsp; 184121 |
| JD.com, Inc., ADR | 350466 | &nbsp;&nbsp; 11579397 |
| Li Auto, Inc., ADR<sup>(b)(c)</sup> | 157627 | &nbsp;&nbsp; 3286523 |
| MINISO Group Holding Ltd., ADR<sup>(c)</sup> | 22735 | &nbsp;&nbsp; 484483 |
| New Oriental Education & Technology Group, <br> Inc., ADR<sup>(b)(c)</sup><br>| 79019 | &nbsp;&nbsp; 4707162 |
| NIO, Inc., ADR<sup>(b)</sup> | 935484 | &nbsp;&nbsp; 6782259 |
| Niu Technologies, ADR<sup>(b)</sup> | 38923 | &nbsp;&nbsp; 163477 |
| QuantaSing Group Ltd., ADR<sup>(b)(c)</sup> | 20074 | &nbsp;&nbsp; 143730 |
| SunCar Technology Group, Inc., Class A <br> (Hong Kong)<sup>(b)(c)</sup><br>| 42913 | &nbsp;&nbsp; 81106 |
| TAL Education Group, ADR<sup>(b)</sup> | 317848 | &nbsp;&nbsp; 3896816 |
| Viomi Technology Co. Ltd., ADR | 31667 | &nbsp;&nbsp; 99118 |
| Vipshop Holdings Ltd., ADR | 313959 | &nbsp;&nbsp; 5491143 |
| WeRide, Inc., ADR<sup>(b)</sup> | 180341 | &nbsp;&nbsp; 1924238 |
| XPeng, Inc., ADR<sup>(b)(c)</sup> | 170281 | &nbsp;&nbsp; 3999901 |
| Youdao, Inc., ADR<sup>(b)(c)</sup> | 28747 | &nbsp;&nbsp; 301556 |
| Yum China Holdings, Inc. | 266922 | &nbsp;&nbsp; 11547046 |
| ZEEKR Intelligent Technology Holding Ltd., <br> ADR<sup>(b)</sup><br>| 37734 | &nbsp;&nbsp; 1076551 |
|  |  | &nbsp;&nbsp; 80123228 |
| **Consumer Staples-1.22%** | **Consumer Staples-1.22%** | **Consumer Staples-1.22%** |
| DingDong (Cayman) Ltd., ADR<sup>(b)</sup> | 107836 | &nbsp;&nbsp; 198418 |
| RLX Technology, Inc., ADR | 539892 | &nbsp;&nbsp; 1317337 |
| Yatsen Holding Ltd., ADR<sup>(b)</sup> | 55140 | &nbsp;&nbsp; 391494 |
|  |  | &nbsp;&nbsp; 1907249 |
| **Financials-4.69%** | **Financials-4.69%** | **Financials-4.69%** |
| AIFU, Inc., A Shares<sup>(b)</sup> | 12160 | &nbsp;&nbsp; 54477 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| FinVolution Group, ADR | 148386 | &nbsp;&nbsp; $906638 |
| Jiayin Group, Inc., ADR | 12942 | &nbsp;&nbsp; 122302 |
| LexinFintech Holdings Ltd., ADR | 113500 | &nbsp;&nbsp; 547070 |
| Lufax Holding Ltd., ADR<sup>(b)</sup> | 211067 | &nbsp;&nbsp; 658529 |
| Metalpha Technology Holding Ltd.<sup>(b)</sup> | 30279 | &nbsp;&nbsp; 91443 |
| Noah Holdings Ltd., ADR | 31760 | &nbsp;&nbsp; 358570 |
| Qifu Technology, Inc., ADR | 92484 | &nbsp;&nbsp; 2233489 |
| Qudian, Inc., ADR<sup>(b)</sup> | 153344 | &nbsp;&nbsp; 732984 |
| Up Fintech Holding Ltd., ADR<sup>(b)</sup> | 104066 | &nbsp;&nbsp; 1121832 |
| Waterdrop, Inc., ADR<sup>(c)</sup> | 112565 | &nbsp;&nbsp; 198114 |
| X Financial, ADR<sup>(c)</sup> | 17572 | &nbsp;&nbsp; 219474 |
| Yiren Digital Ltd., ADR | 13946 | &nbsp;&nbsp; 77819 |
|  |  | &nbsp;&nbsp; 7322741 |
| **Health Care-1.76%** | **Health Care-1.76%** | **Health Care-1.76%** |
| BGM Group Ltd.<sup>(b)(c)</sup> | 162084 | &nbsp;&nbsp; 1572215 |
| China SXT Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 88936 | &nbsp;&nbsp; 126289 |
| Zai Lab Ltd., ADR<sup>(b)(c)</sup> | 36659 | &nbsp;&nbsp; 957900 |
| Zhengye Biotechnology Holding Ltd.<sup>(b)</sup> | 36155 | &nbsp;&nbsp; 88941 |
|  |  | &nbsp;&nbsp; 2745345 |
| **Industrials-9.73%** | **Industrials-9.73%** | **Industrials-9.73%** |
| EHang Holdings Ltd., ADR<sup>(b)(c)</sup> | 39861 | &nbsp;&nbsp; 733841 |
| eLong Power Holding Ltd.<sup>(b)(c)</sup> | 39615 | &nbsp;&nbsp; 12827 |
| Full Truck Alliance Co. Ltd., ADR | 457348 | &nbsp;&nbsp; 5945524 |
| HUHUTECH International Group Inc.<sup>(b)</sup> | 16234 | &nbsp;&nbsp; 103086 |
| Kanzhun Ltd., ADR | 252683 | &nbsp;&nbsp; 5599455 |
| ZJK Industrial Co. Ltd.<sup>(b)(c)</sup> | 47044 | &nbsp;&nbsp; 124196 |
| ZTO Express (Cayman), Inc., ADR | 143538 | &nbsp;&nbsp; 2668372 |
|  |  | &nbsp;&nbsp; 15187301 |
| **Information Technology-5.93%** | **Information Technology-5.93%** | **Information Technology-5.93%** |
| Agora, Inc., ADR<sup>(b)</sup> | 56037 | &nbsp;&nbsp; 198931 |
| Canadian Solar, Inc. (Canada)<sup>(b)(c)</sup> | 51353 | &nbsp;&nbsp; 1066088 |
| Daqo New Energy Corp., ADR<sup>(b)</sup> | 56774 | &nbsp;&nbsp; 1854239 |
| GDS Holdings Ltd., ADR<sup>(b)(c)</sup> | 77074 | &nbsp;&nbsp; 2751542 |
| JinkoSolar Holding Co. Ltd., ADR | 28830 | &nbsp;&nbsp; 723921 |
| Kingsoft Cloud Holdings Ltd., ADR<sup>(b)(c)</sup> | 21401 | &nbsp;&nbsp; 269653 |
| Lianhe Sowell International Group Ltd.<sup>(b)(c)</sup> | 39865 | &nbsp;&nbsp; 68169 |
| MicroAlgo, Inc.<sup>(b)(c)</sup> | 9537 | &nbsp;&nbsp; 93081 |
| Next Technology Holding, Inc.<sup>(b)(c)</sup> | 1752 | &nbsp;&nbsp; 32377 |
| Pony AI, Inc., ADR<sup>(b)(c)</sup> | 15334 | &nbsp;&nbsp; 286439 |
| Tuya, Inc., ADR | 168978 | &nbsp;&nbsp; 385270 |
| Vnet Group, Inc., ADR<sup>(b)</sup> | 112119 | &nbsp;&nbsp; 1166038 |
| Xunlei Ltd., ADR<sup>(b)(c)</sup> | 40425 | &nbsp;&nbsp; 360187 |
|  |  | &nbsp;&nbsp; 9255935 |
| **Real Estate-3.17%** | **Real Estate-3.17%** | **Real Estate-3.17%** |
| KE Holdings, Inc., ADR | 290511 | &nbsp;&nbsp; 4953212 |
| Total Common Stocks & Other Equity Interests <br>(Cost $181,090,564) | Total Common Stocks & Other Equity Interests <br>(Cost $181,090,564) | &nbsp;&nbsp; 156121394 |

---

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

------

**11**

------

**Invesco Golden Dragon China ETF (PGJ)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.08%** | **Money Market Funds-0.08%** | **Money Market Funds-0.08%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $131,909)<br>| 131909 | &nbsp;&nbsp; $131909 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.08% <br>(Cost $181,222,473) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.08% <br>(Cost $181,222,473) | &nbsp;&nbsp; 156253303 |
| **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-14.90%** | **Money Market Funds-14.90%** | **Money Market Funds-14.90%** |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> <br>(Cost $23,260,225)<br>| 23253249 | &nbsp;&nbsp; 23260225 |
| TOTAL INVESTMENTS IN SECURITIES-114.98% <br>(Cost $204,482,698) | TOTAL INVESTMENTS IN SECURITIES-114.98% <br>(Cost $204,482,698) | &nbsp;&nbsp; 179513528 |
| OTHER ASSETS LESS LIABILITIES-(14.98)% | OTHER ASSETS LESS LIABILITIES-(14.98)% | &nbsp;&nbsp; (23384135)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $156129393 |

---

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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $106162 | &nbsp;&nbsp; $5368560 | &nbsp;&nbsp; $(5342813)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $131909 | &nbsp;&nbsp; $5464 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 3756612 | &nbsp;&nbsp; 73370484 | &nbsp;&nbsp; (77127096)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 112,087<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 9893211 | &nbsp;&nbsp; 172067232 | &nbsp;&nbsp; (158700009)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (209)<br>| &nbsp;&nbsp; 23260225 | &nbsp;&nbsp; 303,184<br> \*<br>|
| Total | &nbsp;&nbsp; $13755985 | &nbsp;&nbsp; $250806276 | &nbsp;&nbsp; $(241169918)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $(209)<br>| &nbsp;&nbsp; $23392134 | &nbsp;&nbsp; $420735 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 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 MSCI Sustainable Future ETF (ERTH)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.94%** | **Common Stocks & Other Equity Interests-99.94%** | **Common Stocks & Other Equity Interests-99.94%** |
| **Automobile Components-0.04%** | **Automobile Components-0.04%** | **Automobile Components-0.04%** |
| TYC Brother Industrial Co. Ltd. (Taiwan) | 41000 | &nbsp;&nbsp; $63786 |
| **Automobiles-21.85%** | **Automobiles-21.85%** | **Automobiles-21.85%** |
| BYD Co. Ltd., A Shares (China) | 86300 | &nbsp;&nbsp; 1223805 |
| BYD Co. Ltd., H Shares (China)<sup>(b)</sup> | 459842 | &nbsp;&nbsp; 5939893 |
| Li Auto, Inc., A Shares (China)<sup>(c)</sup> | 329928 | &nbsp;&nbsp; 3422960 |
| Lucid Group, Inc.<sup>(b)(c)</sup> | 32188 | &nbsp;&nbsp; 571337 |
| NIO, Inc., A shares (China)<sup>(b)(c)</sup> | 487722 | &nbsp;&nbsp; 3525740 |
| OLA Electric Mobility Ltd. (India)<sup>(c)</sup> | 292911 | &nbsp;&nbsp; 165337 |
| Polestar Automotive Holding UK PLC, ADR <br> (Hong Kong)<sup>(b)(c)</sup><br>| 106559 | &nbsp;&nbsp; 90032 |
| Rivian Automotive, Inc., Class A<sup>(b)(c)</sup> | 205152 | &nbsp;&nbsp; 2783913 |
| Seres Group Co. Ltd. (China) | 25900 | &nbsp;&nbsp; 565601 |
| Tesla, Inc.<sup>(c)</sup> | 19904 | &nbsp;&nbsp; 9087370 |
| XPeng, Inc. (China)<sup>(c)</sup> | 329672 | &nbsp;&nbsp; 3839917 |
| Zhejiang Leapmotor Technology Co. Ltd. <br> (China)<sup>(c)(d)</sup><br>| 132872 | &nbsp;&nbsp; 995091 |
|  |  | &nbsp;&nbsp; 32210996 |
| **Building Products-4.61%** | **Building Products-4.61%** | **Building Products-4.61%** |
| Advanced Drainage Systems, Inc. | 19525 | &nbsp;&nbsp; 2734476 |
| Kingspan Group PLC (Ireland) | 40916 | &nbsp;&nbsp; 3067843 |
| Recticel S.A. (Belgium)<sup>(b)</sup> | 11325 | &nbsp;&nbsp; 111718 |
| Rockwool A/S (Denmark) | 25489 | &nbsp;&nbsp; 874667 |
|  |  | &nbsp;&nbsp; 6788704 |
| **Chemicals-0.10%** | **Chemicals-0.10%** | **Chemicals-0.10%** |
| Finolex Industries Ltd. (India) | 66120 | &nbsp;&nbsp; 139822 |
| **Commercial Services & Supplies-0.46%** | **Commercial Services & Supplies-0.46%** | **Commercial Services & Supplies-0.46%** |
| China Everbright Environment Group Ltd. <br> (China)<sup>(b)</sup><br>| 971134 | &nbsp;&nbsp; 600752 |
| Zhejiang Weiming Environment Protection <br> Co. Ltd. (China)<br>| 27200 | &nbsp;&nbsp; 82761 |
|  |  | &nbsp;&nbsp; 683513 |
| **Construction & Engineering-0.53%** | **Construction & Engineering-0.53%** | **Construction & Engineering-0.53%** |
| China Conch Venture Holdings Ltd. (China) | 377611 | &nbsp;&nbsp; 472041 |
| Inox Green Energy Services Ltd. (India)<sup>(c)</sup> | 29248 | &nbsp;&nbsp; 87720 |
| Sterling and Wilson Renewable Energy Ltd. <br> (India)<sup>(c)(d)</sup><br>| 29798 | &nbsp;&nbsp; 73653 |
| Waaree Renewable Technologies Ltd. (India) | 6923 | &nbsp;&nbsp; 96693 |
| West Holdings Corp. (Japan) | 5520 | &nbsp;&nbsp; 52816 |
|  |  | &nbsp;&nbsp; 782923 |
| **Diversified REITs-1.66%** | **Diversified REITs-1.66%** | **Diversified REITs-1.66%** |
| American Assets Trust, Inc. | 13029 | &nbsp;&nbsp; 248984 |
| Merlin Properties SOCIMI S.A. (Spain) | 104492 | &nbsp;&nbsp; 1629995 |
| Sekisui House Reit, Inc. (Japan)<sup>(b)</sup> | 1098 | &nbsp;&nbsp; 565308 |
|  |  | &nbsp;&nbsp; 2444287 |
| **Electrical Equipment-17.23%** | **Electrical Equipment-17.23%** | **Electrical Equipment-17.23%** |
| Array Technologies, Inc.<sup>(c)</sup> | 40521 | &nbsp;&nbsp; 350912 |
| Contemporary Amperex Technology Co. Ltd. <br> (China)<sup>(b)</sup><br>| 18589 | &nbsp;&nbsp; 1329984 |
| Contemporary Amperex Technology Co. Ltd., <br> A Shares (China)<br>| 69800 | &nbsp;&nbsp; 3816320 |
| CS Wind Corp. (South Korea) | 6741 | &nbsp;&nbsp; 205861 |
| Energiekontor AG (Germany) | 1792 | &nbsp;&nbsp; 70015 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Electrical Equipment-(continued)** | **Electrical Equipment-(continued)** | **Electrical Equipment-(continued)** |
| Goldwind Science & Technology Co. Ltd., A <br> Shares (China)<br>| 55000 | &nbsp;&nbsp; $121450 |
| Inox Wind Ltd. (India)<sup>(c)</sup> | 206581 | &nbsp;&nbsp; 360818 |
| Kempower OYJ (Finland)<sup>(b)(c)</sup> | 5919 | &nbsp;&nbsp; 103426 |
| LG Energy Solution Ltd. (South Korea)<sup>(c)</sup> | 12375 | &nbsp;&nbsp; 4096709 |
| Nextracker, Inc., Class A<sup>(c)</sup> | 39101 | &nbsp;&nbsp; 3957803 |
| Nordex SE (Germany)<sup>(b)(c)</sup> | 34361 | &nbsp;&nbsp; 1016071 |
| Olectra Greentech Ltd. (India) | 10934 | &nbsp;&nbsp; 190587 |
| Plug Power, Inc.<sup>(b)(c)</sup> | 273653 | &nbsp;&nbsp; 736127 |
| PNE AG (Germany)<sup>(b)</sup> | 6880 | &nbsp;&nbsp; 85118 |
| REPT BATTERO Energy Co., Ltd. (China)<sup>(c)</sup> | 81527 | &nbsp;&nbsp; 146262 |
| Shoals Technologies Group, Inc., Class A<sup>(b)(c)</sup> | 44406 | &nbsp;&nbsp; 466707 |
| Signify N.V. | 33924 | &nbsp;&nbsp; 813148 |
| Sungrow Power Supply Co. Ltd., A Shares <br> (China)<br>| 32920 | &nbsp;&nbsp; 878323 |
| Sunrun, Inc.<sup>(b)(c)</sup> | 57380 | &nbsp;&nbsp; 1191209 |
| Vestas Wind Systems A/S (Denmark)<sup>(b)</sup> | 266911 | &nbsp;&nbsp; 5466824 |
|  |  | &nbsp;&nbsp; 25403674 |
| **Electronic Equipment, Instruments & Components-1.01%** | **Electronic Equipment, Instruments & Components-1.01%** | **Electronic Equipment, Instruments & Components-1.01%** |
| Badger Meter, Inc. | 7779 | &nbsp;&nbsp; 1403720 |
| China Railway Signal & Communication Corp. <br> Ltd. (China)<br>| 115000 | &nbsp;&nbsp; 85826 |
|  |  | &nbsp;&nbsp; 1489546 |
| **Food Products-1.74%** | **Food Products-1.74%** | **Food Products-1.74%** |
| Darling Ingredients, Inc.<sup>(c)</sup> | 41768 | &nbsp;&nbsp; 1338664 |
| Grieg Seafood ASA (Norway)<sup>(b)(c)</sup> | 12980 | &nbsp;&nbsp; 87030 |
| SalMar ASA (Norway) | 17684 | &nbsp;&nbsp; 994237 |
| SLC Agricola S.A. (Brazil) | 47190 | &nbsp;&nbsp; 141522 |
|  |  | &nbsp;&nbsp; 2561453 |
| **Ground Transportation-1.41%** | **Ground Transportation-1.41%** | **Ground Transportation-1.41%** |
| Beijing-Shanghai High Speed Railway Co. <br> Ltd., A Shares (China)<br>| 779700 | &nbsp;&nbsp; 568569 |
| BTS Group Holdings PCL, Wts., expiring <br> 11/20/2026 (Thailand)<sup>(c)</sup><br>| 1 | &nbsp;&nbsp; 0 |
| MTR Corp. Ltd. (Hong Kong)<sup>(b)</sup> | 411813 | &nbsp;&nbsp; 1510494 |
|  |  | &nbsp;&nbsp; 2079063 |
| **Household Durables-2.68%** | **Household Durables-2.68%** | **Household Durables-2.68%** |
| Beazer Homes USA, Inc.<sup>(c)</sup> | 7669 | &nbsp;&nbsp; 171785 |
| Berkeley Group Holdings PLC (The) (United <br> Kingdom)<br>| 25855 | &nbsp;&nbsp; 1369819 |
| KB Home | 17985 | &nbsp;&nbsp; 1122624 |
| Meritage Homes Corp. | 18927 | &nbsp;&nbsp; 1278708 |
|  |  | &nbsp;&nbsp; 3942936 |
| **Independent Power and Renewable Electricity Producers-5.64%** | **Independent Power and Renewable Electricity Producers-5.64%** | **Independent Power and Renewable Electricity Producers-5.64%** |
| ACEN Corp. (Philippines) | 2541148 | &nbsp;&nbsp; 100024 |
| Acme Solar Holdings Ltd. (India) | 32239 | &nbsp;&nbsp; 102196 |
| Boralex, Inc., Class A (Canada)<sup>(b)</sup> | 23201 | &nbsp;&nbsp; 466289 |
| China Datang Corp. Renewable Power Co. <br> Ltd., H Shares (China)<br>| 633408 | &nbsp;&nbsp; 193936 |
| China Longyuan Power Group Corp. Ltd., H <br> Shares (China)<sup>(b)</sup><br>| 655711 | &nbsp;&nbsp; 607130 |
| China Three Gorges Renewables (Group) Co. <br> Ltd., A Shares (China)<br>| 456900 | &nbsp;&nbsp; 272956 |
| Concord New Energy Group Ltd. (Hong <br> Kong)<br>| 1291329 | &nbsp;&nbsp; 63983 |

---

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

------

**13**

------

**Invesco MSCI Sustainable Future ETF (ERTH)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Independent Power and Renewable Electricity Producers-(continued)** | **Independent Power and Renewable Electricity Producers-(continued)** | **Independent Power and Renewable Electricity Producers-(continued)** |
| EDP Renovaveis S.A. (Spain)<sup>(b)</sup> | 83363 | &nbsp;&nbsp; $1220464 |
| Energix-Renewable Energies Ltd. (Israel)<sup>(b)</sup> | 73404 | &nbsp;&nbsp; 339462 |
| Enlight Renewable Energy Ltd. (Israel)<sup>(c)</sup> | 31864 | &nbsp;&nbsp; 1109015 |
| ERG S.p.A. (Italy)<sup>(b)</sup> | 13975 | &nbsp;&nbsp; 360986 |
| Grenergy Renovables S.A. (Spain)<sup>(c)</sup> | 3796 | &nbsp;&nbsp; 327711 |
| HD Renewable Energy Co. Ltd. (Taiwan) | 22983 | &nbsp;&nbsp; 96884 |
| KPI Green Energy Ltd. (India)<sup>(d)</sup> | 23658 | &nbsp;&nbsp; 142525 |
| Ormat Technologies, Inc. | 15183 | &nbsp;&nbsp; 1615016 |
| Scatec ASA (South Africa)<sup>(c)(d)</sup> | 33770 | &nbsp;&nbsp; 356634 |
| Serena Energia S.A. (Brazil)<sup>(c)</sup> | 66291 | &nbsp;&nbsp; 154490 |
| Solaria Energia y Medio Ambiente S.A. <br> (Spain)<sup>(c)</sup><br>| 21637 | &nbsp;&nbsp; 374670 |
| Voltalia S.A. (France)<sup>(b)(c)</sup> | 10464 | &nbsp;&nbsp; 86234 |
| Xinyi Energy Holdings Ltd. (China)<sup>(b)</sup> | 556996 | &nbsp;&nbsp; 90924 |
| XPLR Infrastructure L.P. | 23791 | &nbsp;&nbsp; 234579 |
|  |  | &nbsp;&nbsp; 8316108 |
| **Industrial REITs-1.80%** | **Industrial REITs-1.80%** | **Industrial REITs-1.80%** |
| CRE Logistics REIT, Inc. (Japan) | 151 | &nbsp;&nbsp; 153908 |
| Mitsubishi Estate Logistics REIT Investment <br> Corp. (Japan)<br>| 381 | &nbsp;&nbsp; 305355 |
| Nippon Prologis REIT, Inc. (Japan) | 1774 | &nbsp;&nbsp; 1032177 |
| Tritax Big Box REIT PLC (United Kingdom) | 590695 | &nbsp;&nbsp; 1166200 |
|  |  | &nbsp;&nbsp; 2657640 |
| **IT Services-1.18%** | **IT Services-1.18%** | **IT Services-1.18%** |
| GDS Holdings Ltd., A Shares (China)<sup>(c)</sup> | 276546 | &nbsp;&nbsp; 1231876 |
| Kingsoft Cloud Holdings Ltd., H shares <br> (China)<sup>(b)(c)</sup><br>| 611861 | &nbsp;&nbsp; 513836 |
|  |  | &nbsp;&nbsp; 1745712 |
| **Machinery-1.97%** | **Machinery-1.97%** | **Machinery-1.97%** |
| Alstom S.A. (France)<sup>(c)</sup> | 91727 | &nbsp;&nbsp; 2296957 |
| Energy Recovery, Inc.<sup>(c)</sup> | 14519 | &nbsp;&nbsp; 248420 |
| Stadler Rail AG (Switzerland) | 14610 | &nbsp;&nbsp; 359153 |
|  |  | &nbsp;&nbsp; 2904530 |
| **Metals & Mining-0.54%** | **Metals & Mining-0.54%** | **Metals & Mining-0.54%** |
| Century Iron and Steel Industrial Co. Ltd. <br> (Taiwan)<br>| 47000 | &nbsp;&nbsp; 233806 |
| Sigma Lithium Corp. (Brazil)<sup>(b)(c)</sup> | 15717 | &nbsp;&nbsp; 102003 |
| Sims Ltd. | 43627 | &nbsp;&nbsp; 455356 |
|  |  | &nbsp;&nbsp; 791165 |
| **Office REITs-6.30%** | **Office REITs-6.30%** | **Office REITs-6.30%** |
| Brandywine Realty Trust<sup>(b)</sup> | 46076 | &nbsp;&nbsp; 158041 |
| Centuria Office REIT (Australia)<sup>(b)</sup> | 103135 | &nbsp;&nbsp; 79654 |
| Colonial SFL Socimi S.A. (Spain) | 74989 | &nbsp;&nbsp; 475151 |
| Cousins Properties, Inc. | 44332 | &nbsp;&nbsp; 1149529 |
| Covivio S.A. (France) | 14825 | &nbsp;&nbsp; 952420 |
| Douglas Emmett, Inc.<sup>(b)</sup> | 44202 | &nbsp;&nbsp; 571974 |
| Embassy Office Parks REIT (India) | 225608 | &nbsp;&nbsp; 1090045 |
| Gecina S.A. (France) | 12184 | &nbsp;&nbsp; 1133798 |
| Global One Real Estate Investment Corp. <br> (Japan)<br>| 266 | &nbsp;&nbsp; 244658 |
| Japan Excellent, Inc. (Japan)<sup>(b)</sup> | 292 | &nbsp;&nbsp; 278802 |
| Keppel REIT (Singapore) | 721548 | &nbsp;&nbsp; 582284 |
| Mori Hills REIT Investment Corp. (Japan) | 382 | &nbsp;&nbsp; 362480 |
| Paramount Group, Inc.<sup>(b)(c)</sup> | 46586 | &nbsp;&nbsp; 304672 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Office REITs-(continued)** | **Office REITs-(continued)** | **Office REITs-(continued)** |
| Piedmont Realty Trust, Inc., Class A | 33144 | &nbsp;&nbsp; $267141 |
| Vornado Realty Trust<sup>(b)</sup> | 43057 | &nbsp;&nbsp; 1633583 |
|  |  | &nbsp;&nbsp; 9284232 |
| **Oil, Gas & Consumable Fuels-0.24%** | **Oil, Gas & Consumable Fuels-0.24%** | **Oil, Gas & Consumable Fuels-0.24%** |
| REX American Resources Corp.<sup>(c)</sup> | 7897 | &nbsp;&nbsp; 252941 |
| Verbio SE (Germany)<sup>(b)</sup> | 5924 | &nbsp;&nbsp; 105365 |
|  |  | &nbsp;&nbsp; 358306 |
| **Paper & Forest Products-1.82%** | **Paper & Forest Products-1.82%** | **Paper & Forest Products-1.82%** |
| Canfor Corp. (Canada)<sup>(c)</sup> | 15620 | &nbsp;&nbsp; 136340 |
| Suzano S.A. (Brazil) | 183900 | &nbsp;&nbsp; 1669567 |
| West Fraser Timber Co. Ltd. (Canada) | 14243 | &nbsp;&nbsp; 870143 |
|  |  | &nbsp;&nbsp; 2676050 |
| **Real Estate Management & Development-0.26%** | **Real Estate Management & Development-0.26%** | **Real Estate Management & Development-0.26%** |
| Lighthouse Properties PLC (Mauritius) | 305572 | &nbsp;&nbsp; 142295 |
| Mahindra Lifespace Developers Ltd. (India) | 28406 | &nbsp;&nbsp; 123526 |
| Platzer Fastigheter Holding AB, Class B <br> (Sweden)<br>| 15974 | &nbsp;&nbsp; 122728 |
|  |  | &nbsp;&nbsp; 388549 |
| **Residential REITs-0.26%** | **Residential REITs-0.26%** | **Residential REITs-0.26%** |
| Elme Communities | 23417 | &nbsp;&nbsp; 385210 |
| **Retail REITs-8.88%** | **Retail REITs-8.88%** | **Retail REITs-8.88%** |
| AEON REIT Investment Corp. (Japan) | 419 | &nbsp;&nbsp; 354863 |
| CapitaLand Integrated Commercial Trust <br> (Singapore)<br>| 1550509 | &nbsp;&nbsp; 2819136 |
| Eurocommercial Properties N.V. <br> (Netherlands)<br>| 11800 | &nbsp;&nbsp; 352823 |
| First Capital REIT (Canada)<sup>(b)</sup> | 27631 | &nbsp;&nbsp; 370938 |
| Frasers Centrepoint Trust (Singapore) | 350130 | &nbsp;&nbsp; 629496 |
| Japan Metropolitan Fund Investment Corp. <br> (Japan)<br>| 1904 | &nbsp;&nbsp; 1473408 |
| Klepierre S.A. (France) | 56944 | &nbsp;&nbsp; 2179132 |
| Lendlease Global Commercial REIT <br> (Singapore)<br>| 456299 | &nbsp;&nbsp; 224359 |
| Mapletree Pan Asia Commercial Trust <br> (Singapore)<br>| 625964 | &nbsp;&nbsp; 692624 |
| Mercialys S.A. (France) | 24939 | &nbsp;&nbsp; 304705 |
| SmartCentres REIT (Canada)<sup>(b)</sup> | 19216 | &nbsp;&nbsp; 364804 |
| Unibail-Rodamco-Westfield (France) | 32163 | &nbsp;&nbsp; 3330233 |
|  |  | &nbsp;&nbsp; 13096521 |
| **Semiconductors & Semiconductor Equipment-12.43%** | **Semiconductors & Semiconductor Equipment-12.43%** | **Semiconductors & Semiconductor Equipment-12.43%** |
| CSI Solar Co., Ltd. (China) | 58781 | &nbsp;&nbsp; 128042 |
| Duk San Neolux Co. Ltd. (South Korea)<sup>(c)</sup> | 3638 | &nbsp;&nbsp; 107199 |
| Enphase Energy, Inc.<sup>(b)(c)</sup> | 34647 | &nbsp;&nbsp; 1057080 |
| First Solar, Inc.<sup>(c)</sup> | 26946 | &nbsp;&nbsp; 7192965 |
| Flat Glass Group Co. Ltd., A Shares (China) | 30300 | &nbsp;&nbsp; 78887 |
| JA Solar Technology Co. Ltd., A Shares <br> (China)<sup>(c)</sup><br>| 52708 | &nbsp;&nbsp; 104292 |
| Jinko Solar Co. Ltd., A Shares (China)<sup>(c)</sup> | 160000 | &nbsp;&nbsp; 130674 |
| JinkoSolar Holding Co. Ltd., ADR (China)<sup>(b)</sup> | 8257 | &nbsp;&nbsp; 207333 |
| LONGi Green Energy Technology Co. Ltd., A <br> Shares (China)<sup>(c)</sup><br>| 121072 | &nbsp;&nbsp; 359161 |
| NVIDIA Corp. | 36708 | &nbsp;&nbsp; 7433003 |
| SMA Solar Technology AG (Germany)<sup>(c)</sup> | 3986 | &nbsp;&nbsp; 119707 |
| SolarEdge Technologies, Inc.<sup>(b)(c)</sup> | 15684 | &nbsp;&nbsp; 550352 |
| TCL Zhonghuan Renewable Energy <br> Technology Co. Ltd., A Shares (China)<sup>(c)</sup><br>| 64400 | &nbsp;&nbsp; 85651 |

---

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

------

**14**

------

**Invesco MSCI Sustainable Future ETF (ERTH)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** |
| Trina Solar Co. Ltd. (China)<sup>(c)</sup> | 34800 | &nbsp;&nbsp; $99601 |
| Websol Energy System Ltd. (India)<sup>(c)</sup> | 7871 | &nbsp;&nbsp; 107730 |
| Xinyi Solar Holdings Ltd. (China)<sup>(b)</sup> | 1204967 | &nbsp;&nbsp; 555127 |
|  |  | &nbsp;&nbsp; 18316804 |
| **Software-0.11%** | **Software-0.11%** | **Software-0.11%** |
| Tuya, Inc., ADR (China) | 71844 | &nbsp;&nbsp; 163804 |
| **Specialized REITs-4.64%** | **Specialized REITs-4.64%** | **Specialized REITs-4.64%** |
| Digital Realty Trust, Inc. | 40178 | &nbsp;&nbsp; 6846733 |
| **Transportation Infrastructure-0.32%** | **Transportation Infrastructure-0.32%** | **Transportation Infrastructure-0.32%** |
| Taiwan High Speed Rail Corp. (Taiwan) | 523000 | &nbsp;&nbsp; 464861 |
| **Water Utilities-0.23%** | **Water Utilities-0.23%** | **Water Utilities-0.23%** |
| Beijing Enterprises Water Group Ltd. (China) | 1066611 | &nbsp;&nbsp; 342747 |
| Total Common Stocks & Other Equity Interests <br>(Cost $157,637,463) | Total Common Stocks & Other Equity Interests <br>(Cost $157,637,463) | &nbsp;&nbsp; 147329675 |
| **Money Market Funds-0.14%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(e)(f)</sup> <br>(Cost $205,588)<br>| 205588 | &nbsp;&nbsp; 205588 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.08% <br>(Cost $157,843,051) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.08% <br>(Cost $157,843,051) | &nbsp;&nbsp; 147535263 |

---

---

| | | |
|:---|:---|:---|
|  | **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-11.97%** | **Money Market Funds-11.97%** | **Money Market Funds-11.97%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(e)(f)(g)</sup><br>| 4899388 | &nbsp;&nbsp; $4899388 |
| Invesco Private Prime Fund, 4.30%<sup>(e)(f)(g)</sup> | 12750294 | &nbsp;&nbsp; 12754119 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $17,653,507) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $17,653,507) | &nbsp;&nbsp; 17653507 |
| TOTAL INVESTMENTS IN SECURITIES-112.05% <br>(Cost $175,496,558) | TOTAL INVESTMENTS IN SECURITIES-112.05% <br>(Cost $175,496,558) | &nbsp;&nbsp; 165188770 |
| OTHER ASSETS LESS LIABILITIES-(12.05)% | OTHER ASSETS LESS LIABILITIES-(12.05)% | &nbsp;&nbsp; (17767599)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $147421171 |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ADR | -American Depositary Receipt |
| REIT | -Real Estate Investment Trust |
| 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> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <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> October 31, 2025 was $1,567,903, which represented 1.06% 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $201797 | &nbsp;&nbsp; $7210079 | &nbsp;&nbsp; $(7206288)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $205588 | &nbsp;&nbsp; $5566 |

---

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

------

**15**

------

**Invesco MSCI Sustainable Future ETF (ERTH)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; $8622213 | &nbsp;&nbsp; $26906946 | &nbsp;&nbsp; $(30629771)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4899388 | &nbsp;&nbsp; $141,435<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 22451072 | &nbsp;&nbsp; 60093571 | &nbsp;&nbsp; (69792626)<br>| &nbsp;&nbsp; 1601 | &nbsp;&nbsp; 501 | &nbsp;&nbsp; 12754119 | &nbsp;&nbsp; 382,676<br> \*<br>|
| Total | &nbsp;&nbsp; $31275082 | &nbsp;&nbsp; $94210596 | &nbsp;&nbsp; $(107628685)<br>| &nbsp;&nbsp; $1601 | &nbsp;&nbsp; $501 | &nbsp;&nbsp; $17859095 | &nbsp;&nbsp; $529677 |

---

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

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 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 | 22.24% |

---

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

------

**16**

------

**Invesco S&P 500 BuyWrite ETF (PBP)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-104.02%** | **Common Stocks & Other Equity Interests-104.02%** | **Common Stocks & Other Equity Interests-104.02%** |
| **Communication Services-10.49%** | **Communication Services-10.49%** | **Communication Services-10.49%** |
| Alphabet, Inc., Class A | 31572 | &nbsp;&nbsp; $8877731 |
| Alphabet, Inc., Class C | 25352 | &nbsp;&nbsp; 7144701 |
| AT&T, Inc. | 38810 | &nbsp;&nbsp; 960548 |
| Charter Communications, Inc., Class A<sup>(b)</sup> | 505 | &nbsp;&nbsp; 118089 |
| Comcast Corp., Class A | 19988 | &nbsp;&nbsp; 556366 |
| Electronic Arts, Inc. | 1224 | &nbsp;&nbsp; 244874 |
| Fox Corp., Class A | 1139 | &nbsp;&nbsp; 73636 |
| Fox Corp., Class B | 806 | &nbsp;&nbsp; 47079 |
| Interpublic Group of Cos., Inc. (The) | 1987 | &nbsp;&nbsp; 50986 |
| Live Nation Entertainment, Inc.<sup>(b)</sup> | 855 | &nbsp;&nbsp; 127848 |
| Match Group, Inc. | 1307 | &nbsp;&nbsp; 42268 |
| Meta Platforms, Inc., Class A | 11773 | &nbsp;&nbsp; 7633025 |
| Netflix, Inc.<sup>(b)</sup> | 2307 | &nbsp;&nbsp; 2581210 |
| News Corp., Class A | 2044 | &nbsp;&nbsp; 54166 |
| News Corp., Class B | 678 | &nbsp;&nbsp; 20659 |
| Omnicom Group, Inc. | 1052 | &nbsp;&nbsp; 78921 |
| Paramount Skydance Corp. | 1675 | &nbsp;&nbsp; 25778 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 940 | &nbsp;&nbsp; 240988 |
| TKO Group Holdings, Inc. | 373 | &nbsp;&nbsp; 70273 |
| T-Mobile US, Inc. | 2627 | &nbsp;&nbsp; 551801 |
| Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 2419 | &nbsp;&nbsp; 121627 |
| Verizon Communications, Inc. | 22884 | &nbsp;&nbsp; 909410 |
| Walt Disney Co. (The) | 9758 | &nbsp;&nbsp; 1098946 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 13438 | &nbsp;&nbsp; 301683 |
|  |  | &nbsp;&nbsp; 31932613 |
| **Consumer Discretionary-10.96%** | **Consumer Discretionary-10.96%** | **Consumer Discretionary-10.96%** |
| Airbnb, Inc., Class A<sup>(b)</sup> | 2330 | &nbsp;&nbsp; 294838 |
| Amazon.com, Inc.<sup>(b)</sup> | 52682 | &nbsp;&nbsp; 12865998 |
| Aptiv PLC<sup>(b)</sup> | 1181 | &nbsp;&nbsp; 95779 |
| AutoZone, Inc.<sup>(b)</sup> | 91 | &nbsp;&nbsp; 334373 |
| Best Buy Co., Inc. | 1067 | &nbsp;&nbsp; 87643 |
| Booking Holdings, Inc. | 177 | &nbsp;&nbsp; 898760 |
| Carnival Corp.<sup>(b)</sup> | 5893 | &nbsp;&nbsp; 169895 |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 7277 | &nbsp;&nbsp; 230608 |
| D.R. Horton, Inc. | 1506 | &nbsp;&nbsp; 224515 |
| Darden Restaurants, Inc. | 635 | &nbsp;&nbsp; 114395 |
| Deckers Outdoor Corp.<sup>(b)</sup> | 805 | &nbsp;&nbsp; 65608 |
| Domino's Pizza, Inc. | 171 | &nbsp;&nbsp; 68137 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 2007 | &nbsp;&nbsp; 510521 |
| eBay, Inc. | 2479 | &nbsp;&nbsp; 201568 |
| Expedia Group, Inc. | 641 | &nbsp;&nbsp; 141020 |
| Ford Motor Co. | 21217 | &nbsp;&nbsp; 278579 |
| Garmin Ltd. | 887 | &nbsp;&nbsp; 189765 |
| General Motors Co. | 5167 | &nbsp;&nbsp; 356988 |
| Genuine Parts Co. | 756 | &nbsp;&nbsp; 96246 |
| Hasbro, Inc. | 724 | &nbsp;&nbsp; 55248 |
| Hilton Worldwide Holdings, Inc. | 1277 | &nbsp;&nbsp; 328138 |
| Home Depot, Inc. (The) | 5400 | &nbsp;&nbsp; 2049786 |
| Las Vegas Sands Corp. | 1675 | &nbsp;&nbsp; 99411 |
| Lennar Corp., Class A | 1236 | &nbsp;&nbsp; 152980 |
| LKQ Corp. | 1395 | &nbsp;&nbsp; 44584 |
| Lowe's Cos., Inc. | 3041 | &nbsp;&nbsp; 724153 |
| lululemon athletica, Inc.<sup>(b)</sup> | 592 | &nbsp;&nbsp; 100960 |
| Marriott International, Inc., Class A | 1224 | &nbsp;&nbsp; 318950 |
| McDonald's Corp. | 3871 | &nbsp;&nbsp; 1155223 |
| MGM Resorts International<sup>(b)</sup> | 1107 | &nbsp;&nbsp; 35457 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| Mohawk Industries, Inc.<sup>(b)</sup> | 283 | &nbsp;&nbsp; $32160 |
| NIKE, Inc., Class B | 6448 | &nbsp;&nbsp; 416476 |
| Norwegian Cruise Line Holdings Ltd.<sup>(b)</sup> | 2452 | &nbsp;&nbsp; 54974 |
| NVR, Inc.<sup>(b)</sup> | 16 | &nbsp;&nbsp; 115373 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 4605 | &nbsp;&nbsp; 434896 |
| Pool Corp. | 179 | &nbsp;&nbsp; 47804 |
| PulteGroup, Inc. | 1071 | &nbsp;&nbsp; 128381 |
| Ralph Lauren Corp. | 211 | &nbsp;&nbsp; 67448 |
| Ross Stores, Inc. | 1776 | &nbsp;&nbsp; 282242 |
| Royal Caribbean Cruises Ltd. | 1371 | &nbsp;&nbsp; 393244 |
| Starbucks Corp. | 6170 | &nbsp;&nbsp; 498968 |
| Tapestry, Inc. | 1129 | &nbsp;&nbsp; 123987 |
| Tesla, Inc.<sup>(b)</sup> | 15232 | &nbsp;&nbsp; 6954322 |
| TJX Cos., Inc. (The) | 6054 | &nbsp;&nbsp; 848408 |
| Tractor Supply Co. | 2877 | &nbsp;&nbsp; 155674 |
| Ulta Beauty, Inc.<sup>(b)</sup> | 245 | &nbsp;&nbsp; 127371 |
| Williams-Sonoma, Inc. | 666 | &nbsp;&nbsp; 129430 |
| Wynn Resorts Ltd. | 459 | &nbsp;&nbsp; 54616 |
| Yum! Brands, Inc. | 1508 | &nbsp;&nbsp; 208421 |
|  |  | &nbsp;&nbsp; 33364321 |
| **Consumer Staples-4.86%** | **Consumer Staples-4.86%** | **Consumer Staples-4.86%** |
| Altria Group, Inc. | 9118 | &nbsp;&nbsp; 514073 |
| Archer-Daniels-Midland Co. | 2609 | &nbsp;&nbsp; 157923 |
| Brown-Forman Corp., Class B | 957 | &nbsp;&nbsp; 26059 |
| Bunge Global S.A. | 761 | &nbsp;&nbsp; 71991 |
| Campbell's Co. (The) | 1069 | &nbsp;&nbsp; 32209 |
| Church & Dwight Co., Inc. | 1323 | &nbsp;&nbsp; 116014 |
| Clorox Co. (The) | 662 | &nbsp;&nbsp; 74449 |
| Coca-Cola Co. (The) | 21023 | &nbsp;&nbsp; 1448485 |
| Colgate-Palmolive Co. | 4385 | &nbsp;&nbsp; 337864 |
| Conagra Brands, Inc. | 2600 | &nbsp;&nbsp; 44694 |
| Constellation Brands, Inc., Class A | 776 | &nbsp;&nbsp; 101951 |
| Costco Wholesale Corp. | 2408 | &nbsp;&nbsp; 2194772 |
| Dollar General Corp. | 1193 | &nbsp;&nbsp; 117701 |
| Dollar Tree, Inc.<sup>(b)</sup> | 1053 | &nbsp;&nbsp; 104373 |
| Estee Lauder Cos., Inc. (The), Class A | 1272 | &nbsp;&nbsp; 122990 |
| General Mills, Inc. | 2902 | &nbsp;&nbsp; 135262 |
| Hershey Co. (The) | 804 | &nbsp;&nbsp; 136383 |
| Hormel Foods Corp. | 1582 | &nbsp;&nbsp; 34155 |
| J.M. Smucker Co. (The) | 578 | &nbsp;&nbsp; 59852 |
| Kellanova | 1458 | &nbsp;&nbsp; 121101 |
| Kenvue, Inc. | 10417 | &nbsp;&nbsp; 149692 |
| Keurig Dr Pepper, Inc. | 7371 | &nbsp;&nbsp; 200196 |
| Kimberly-Clark Corp. | 1802 | &nbsp;&nbsp; 215717 |
| Kraft Heinz Co. (The) | 4624 | &nbsp;&nbsp; 114352 |
| Kroger Co. (The) | 3300 | &nbsp;&nbsp; 209979 |
| Lamb Weston Holdings, Inc. | 757 | &nbsp;&nbsp; 46730 |
| McCormick & Co., Inc. | 1373 | &nbsp;&nbsp; 88092 |
| Molson Coors Beverage Co., Class B | 919 | &nbsp;&nbsp; 40179 |
| Mondelez International, Inc., Class A | 7022 | &nbsp;&nbsp; 403484 |
| Monster Beverage Corp.<sup>(b)</sup> | 3867 | &nbsp;&nbsp; 258432 |
| PepsiCo, Inc. | 7432 | &nbsp;&nbsp; 1085741 |
| Philip Morris International, Inc. | 8447 | &nbsp;&nbsp; 1219155 |
| Procter & Gamble Co. (The) | 12712 | &nbsp;&nbsp; 1911503 |
| Sysco Corp. | 2592 | &nbsp;&nbsp; 192534 |
| Target Corp. | 2466 | &nbsp;&nbsp; 228647 |

---

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

------

**17**

------

**Invesco S&P 500 BuyWrite ETF (PBP)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples-(continued)** | **Consumer Staples-(continued)** | **Consumer Staples-(continued)** |
| Tyson Foods, Inc., Class A | 1552 | &nbsp;&nbsp; $79788 |
| Walmart, Inc. | 23822 | &nbsp;&nbsp; 2410310 |
|  |  | &nbsp;&nbsp; 14806832 |
| **Energy-2.90%** | **Energy-2.90%** | **Energy-2.90%** |
| APA Corp. | 1941 | &nbsp;&nbsp; 43964 |
| Baker Hughes Co., Class A | 5351 | &nbsp;&nbsp; 259042 |
| Chevron Corp. | 10446 | &nbsp;&nbsp; 1647543 |
| ConocoPhillips | 6778 | &nbsp;&nbsp; 602293 |
| Coterra Energy, Inc. | 4140 | &nbsp;&nbsp; 97952 |
| Devon Energy Corp. | 3445 | &nbsp;&nbsp; 111928 |
| Diamondback Energy, Inc. | 1022 | &nbsp;&nbsp; 146340 |
| EOG Resources, Inc. | 2963 | &nbsp;&nbsp; 313604 |
| EQT Corp. | 3388 | &nbsp;&nbsp; 181529 |
| Expand Energy Corp. | 1293 | &nbsp;&nbsp; 133580 |
| Exxon Mobil Corp. | 23140 | &nbsp;&nbsp; 2646290 |
| Halliburton Co. | 4626 | &nbsp;&nbsp; 124162 |
| Kinder Morgan, Inc. | 10612 | &nbsp;&nbsp; 277928 |
| Marathon Petroleum Corp. | 1650 | &nbsp;&nbsp; 321601 |
| Occidental Petroleum Corp. | 3899 | &nbsp;&nbsp; 160639 |
| ONEOK, Inc. | 3419 | &nbsp;&nbsp; 229073 |
| Phillips 66 Co. | 2193 | &nbsp;&nbsp; 298555 |
| SLB Ltd. | 8098 | &nbsp;&nbsp; 292014 |
| Targa Resources Corp. | 1167 | &nbsp;&nbsp; 179765 |
| Texas Pacific Land Corp. | 104 | &nbsp;&nbsp; 98112 |
| Valero Energy Corp. | 1685 | &nbsp;&nbsp; 285709 |
| Williams Cos., Inc. (The) | 6629 | &nbsp;&nbsp; 383620 |
|  |  | &nbsp;&nbsp; 8835243 |
| **Financials-13.37%** | **Financials-13.37%** | **Financials-13.37%** |
| Aflac, Inc. | 2613 | &nbsp;&nbsp; 280087 |
| Allstate Corp. (The) | 1429 | &nbsp;&nbsp; 273682 |
| American Express Co. | 2946 | &nbsp;&nbsp; 1062711 |
| American International Group, Inc. | 3006 | &nbsp;&nbsp; 237354 |
| Ameriprise Financial, Inc. | 512 | &nbsp;&nbsp; 231818 |
| Aon PLC, Class A | 1170 | &nbsp;&nbsp; 398596 |
| Apollo Global Management, Inc. | 2496 | &nbsp;&nbsp; 310278 |
| Arch Capital Group Ltd. | 2015 | &nbsp;&nbsp; 173915 |
| Arthur J. Gallagher & Co. | 1391 | &nbsp;&nbsp; 347041 |
| Assurant, Inc. | 274 | &nbsp;&nbsp; 58011 |
| Bank of America Corp. | 36985 | &nbsp;&nbsp; 1976848 |
| Bank of New York Mellon Corp. (The) | 3826 | &nbsp;&nbsp; 412940 |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 9953 | &nbsp;&nbsp; 4752956 |
| BlackRock, Inc. | 782 | &nbsp;&nbsp; 846757 |
| Blackstone, Inc., Class A | 4001 | &nbsp;&nbsp; 586707 |
| Block, Inc., Class A<sup>(b)</sup> | 2983 | &nbsp;&nbsp; 226529 |
| Brown & Brown, Inc. | 1590 | &nbsp;&nbsp; 126787 |
| Capital One Financial Corp. | 3471 | &nbsp;&nbsp; 763585 |
| Cboe Global Markets, Inc. | 567 | &nbsp;&nbsp; 139278 |
| Charles Schwab Corp. (The) | 9259 | &nbsp;&nbsp; 875161 |
| Chubb Ltd. | 2011 | &nbsp;&nbsp; 556926 |
| Cincinnati Financial Corp. | 848 | &nbsp;&nbsp; 131092 |
| Citigroup, Inc. | 9991 | &nbsp;&nbsp; 1011389 |
| Citizens Financial Group, Inc. | 2342 | &nbsp;&nbsp; 119138 |
| CME Group, Inc., Class A | 1955 | &nbsp;&nbsp; 519033 |
| Coinbase Global, Inc., Class A<sup>(b)</sup> | 1229 | &nbsp;&nbsp; 422506 |
| Corpay, Inc.<sup>(b)</sup> | 382 | &nbsp;&nbsp; 99454 |
| Erie Indemnity Co., Class A | 139 | &nbsp;&nbsp; 40677 |
| Everest Group Ltd. | 228 | &nbsp;&nbsp; 71711 |
| FactSet Research Systems, Inc. | 207 | &nbsp;&nbsp; 55228 |
| Fidelity National Information Services, Inc. | 2833 | &nbsp;&nbsp; 177119 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Fifth Third Bancorp | 3591 | &nbsp;&nbsp; $149457 |
| Fiserv, Inc.<sup>(b)</sup> | 2950 | &nbsp;&nbsp; 196735 |
| Franklin Resources, Inc. | 1662 | &nbsp;&nbsp; 37578 |
| Global Payments, Inc. | 1317 | &nbsp;&nbsp; 102410 |
| Globe Life, Inc. | 441 | &nbsp;&nbsp; 57996 |
| Goldman Sachs Group, Inc. (The) | 1642 | &nbsp;&nbsp; 1296145 |
| Hartford Insurance Group, Inc. (The) | 1527 | &nbsp;&nbsp; 189623 |
| Huntington Bancshares, Inc. | 8536 | &nbsp;&nbsp; 131796 |
| Interactive Brokers Group, Inc., Class A | 2417 | &nbsp;&nbsp; 170060 |
| Intercontinental Exchange, Inc. | 3108 | &nbsp;&nbsp; 454669 |
| Invesco Ltd.<sup>(c)</sup> | 2420 | &nbsp;&nbsp; 57354 |
| Jack Henry & Associates, Inc. | 394 | &nbsp;&nbsp; 58682 |
| JPMorgan Chase & Co. | 14929 | &nbsp;&nbsp; 4644710 |
| KeyCorp | 5059 | &nbsp;&nbsp; 88988 |
| KKR & Co., Inc., Class A | 3723 | &nbsp;&nbsp; 440543 |
| Loews Corp. | 922 | &nbsp;&nbsp; 91794 |
| M&T Bank Corp. | 848 | &nbsp;&nbsp; 155922 |
| Marsh & McLennan Cos., Inc. | 2668 | &nbsp;&nbsp; 475304 |
| Mastercard, Inc., Class A | 4481 | &nbsp;&nbsp; 2473467 |
| MetLife, Inc. | 3031 | &nbsp;&nbsp; 241934 |
| Moody's Corp. | 837 | &nbsp;&nbsp; 402011 |
| Morgan Stanley | 6583 | &nbsp;&nbsp; 1079612 |
| MSCI, Inc. | 421 | &nbsp;&nbsp; 247780 |
| Nasdaq, Inc. | 2460 | &nbsp;&nbsp; 210305 |
| Northern Trust Corp. | 1038 | &nbsp;&nbsp; 133559 |
| PayPal Holdings, Inc.<sup>(b)</sup> | 5184 | &nbsp;&nbsp; 359096 |
| PNC Financial Services Group, Inc. (The) | 2137 | &nbsp;&nbsp; 390109 |
| Principal Financial Group, Inc. | 1100 | &nbsp;&nbsp; 92444 |
| Progressive Corp. (The) | 3182 | &nbsp;&nbsp; 655492 |
| Prudential Financial, Inc. | 1910 | &nbsp;&nbsp; 198640 |
| Raymond James Financial, Inc. | 964 | &nbsp;&nbsp; 152958 |
| Regions Financial Corp. | 4843 | &nbsp;&nbsp; 117201 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup> | 4201 | &nbsp;&nbsp; 616623 |
| S&P Global, Inc. | 1695 | &nbsp;&nbsp; 825821 |
| State Street Corp. | 1540 | &nbsp;&nbsp; 178116 |
| Synchrony Financial | 2017 | &nbsp;&nbsp; 150024 |
| T. Rowe Price Group, Inc. | 1191 | &nbsp;&nbsp; 122113 |
| Travelers Cos., Inc. (The) | 1224 | &nbsp;&nbsp; 328791 |
| Truist Financial Corp. | 6998 | &nbsp;&nbsp; 312321 |
| U.S. Bancorp | 8445 | &nbsp;&nbsp; 394213 |
| Visa, Inc., Class A | 9224 | &nbsp;&nbsp; 3142986 |
| W.R. Berkley Corp. | 1626 | &nbsp;&nbsp; 115999 |
| Wells Fargo & Co. | 17385 | &nbsp;&nbsp; 1511973 |
| Willis Towers Watson PLC | 529 | &nbsp;&nbsp; 165630 |
|  |  | &nbsp;&nbsp; 40704298 |
| **Health Care-9.32%** | **Health Care-9.32%** | **Health Care-9.32%** |
| Abbott Laboratories | 9446 | &nbsp;&nbsp; 1167715 |
| AbbVie, Inc. | 9589 | &nbsp;&nbsp; 2090786 |
| Agilent Technologies, Inc. | 1542 | &nbsp;&nbsp; 225687 |
| Align Technology, Inc.<sup>(b)</sup> | 365 | &nbsp;&nbsp; 50326 |
| Amgen, Inc. | 2922 | &nbsp;&nbsp; 872012 |
| Baxter International, Inc. | 2786 | &nbsp;&nbsp; 51457 |
| Becton, Dickinson and Co. | 1557 | &nbsp;&nbsp; 278251 |
| Biogen, Inc.<sup>(b)</sup> | 796 | &nbsp;&nbsp; 122799 |
| Bio-Techne Corp. | 850 | &nbsp;&nbsp; 53185 |
| Boston Scientific Corp.<sup>(b)</sup> | 8043 | &nbsp;&nbsp; 810091 |
| Bristol-Myers Squibb Co. | 11047 | &nbsp;&nbsp; 508935 |
| Cardinal Health, Inc. | 1296 | &nbsp;&nbsp; 247238 |
| Cencora, Inc. | 1052 | &nbsp;&nbsp; 355376 |

---

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

------

**18**

------

**Invesco S&P 500 BuyWrite ETF (PBP)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Centene Corp.<sup>(b)</sup> | 2531 | &nbsp;&nbsp; $89521 |
| Charles River Laboratories International, Inc.<sup>(b)</sup> | 267 | &nbsp;&nbsp; 48079 |
| Cigna Group (The) | 1447 | &nbsp;&nbsp; 353661 |
| Cooper Cos., Inc. (The)<sup>(b)</sup> | 1083 | &nbsp;&nbsp; 75713 |
| CVS Health Corp. | 6882 | &nbsp;&nbsp; 537828 |
| Danaher Corp. | 3459 | &nbsp;&nbsp; 744999 |
| DaVita, Inc.<sup>(b)</sup> | 196 | &nbsp;&nbsp; 23328 |
| DexCom, Inc.<sup>(b)</sup> | 2129 | &nbsp;&nbsp; 123950 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 3187 | &nbsp;&nbsp; 262768 |
| Elevance Health, Inc. | 1224 | &nbsp;&nbsp; 388253 |
| Eli Lilly and Co. | 4315 | &nbsp;&nbsp; 3723241 |
| GE HealthCare Technologies, Inc. | 2477 | &nbsp;&nbsp; 185651 |
| Gilead Sciences, Inc. | 6734 | &nbsp;&nbsp; 806666 |
| HCA Healthcare, Inc. | 888 | &nbsp;&nbsp; 408196 |
| Henry Schein, Inc.<sup>(b)</sup> | 559 | &nbsp;&nbsp; 35329 |
| Hologic, Inc.<sup>(b)</sup> | 1206 | &nbsp;&nbsp; 89135 |
| Humana, Inc. | 652 | &nbsp;&nbsp; 181380 |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 435 | &nbsp;&nbsp; 273837 |
| Incyte Corp.<sup>(b)</sup> | 890 | &nbsp;&nbsp; 83197 |
| Insulet Corp.<sup>(b)</sup> | 381 | &nbsp;&nbsp; 119257 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 1945 | &nbsp;&nbsp; 1039175 |
| IQVIA Holdings, Inc.<sup>(b)</sup> | 922 | &nbsp;&nbsp; 199576 |
| Johnson & Johnson | 13070 | &nbsp;&nbsp; 2468531 |
| Labcorp Holdings, Inc. | 452 | &nbsp;&nbsp; 114790 |
| McKesson Corp. | 675 | &nbsp;&nbsp; 547654 |
| Medtronic PLC | 6955 | &nbsp;&nbsp; 630818 |
| Merck & Co., Inc. | 13556 | &nbsp;&nbsp; 1165545 |
| Mettler-Toledo International, Inc.<sup>(b)</sup> | 111 | &nbsp;&nbsp; 157208 |
| Moderna, Inc.<sup>(b)</sup> | 1879 | &nbsp;&nbsp; 51034 |
| Molina Healthcare, Inc.<sup>(b)</sup> | 295 | &nbsp;&nbsp; 45153 |
| Pfizer, Inc. | 30858 | &nbsp;&nbsp; 760650 |
| Quest Diagnostics, Inc. | 606 | &nbsp;&nbsp; 106626 |
| Regeneron Pharmaceuticals, Inc. | 553 | &nbsp;&nbsp; 360445 |
| ResMed, Inc. | 795 | &nbsp;&nbsp; 196270 |
| Revvity, Inc. | 630 | &nbsp;&nbsp; 58962 |
| Solventum Corp.<sup>(b)</sup> | 800 | &nbsp;&nbsp; 55232 |
| STERIS PLC | 535 | &nbsp;&nbsp; 126100 |
| Stryker Corp. | 1867 | &nbsp;&nbsp; 665100 |
| Thermo Fisher Scientific, Inc. | 2050 | &nbsp;&nbsp; 1163149 |
| UnitedHealth Group, Inc. | 4914 | &nbsp;&nbsp; 1678426 |
| Universal Health Services, Inc., Class B | 306 | &nbsp;&nbsp; 66405 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 1391 | &nbsp;&nbsp; 591968 |
| Viatris, Inc. | 6326 | &nbsp;&nbsp; 65537 |
| Waters Corp.<sup>(b)</sup> | 323 | &nbsp;&nbsp; 112921 |
| West Pharmaceutical Services, Inc. | 390 | &nbsp;&nbsp; 110007 |
| Zimmer Biomet Holdings, Inc. | 1076 | &nbsp;&nbsp; 108203 |
| Zoetis, Inc. | 2405 | &nbsp;&nbsp; 346536 |
|  |  | &nbsp;&nbsp; 28379868 |
| **Industrials-8.45%** | **Industrials-8.45%** | **Industrials-8.45%** |
| 3M Co. | 2892 | &nbsp;&nbsp; 481518 |
| A.O. Smith Corp. | 619 | &nbsp;&nbsp; 40848 |
| Allegion PLC | 467 | &nbsp;&nbsp; 77415 |
| AMETEK, Inc. | 1254 | &nbsp;&nbsp; 253446 |
| Automatic Data Processing, Inc. | 2197 | &nbsp;&nbsp; 571879 |
| Axon Enterprise, Inc.<sup>(b)</sup> | 427 | &nbsp;&nbsp; 312662 |
| Boeing Co. (The)<sup>(b)</sup> | 4103 | &nbsp;&nbsp; 824785 |
| Broadridge Financial Solutions, Inc. | 635 | &nbsp;&nbsp; 139954 |
| Builders FirstSource, Inc.<sup>(b)</sup> | 600 | &nbsp;&nbsp; 69702 |
| C.H. Robinson Worldwide, Inc. | 640 | &nbsp;&nbsp; 98554 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Carrier Global Corp. | 4341 | &nbsp;&nbsp; $258246 |
| Caterpillar, Inc. | 2544 | &nbsp;&nbsp; 1468549 |
| Cintas Corp. | 1859 | &nbsp;&nbsp; 340699 |
| Copart, Inc.<sup>(b)</sup> | 4829 | &nbsp;&nbsp; 207695 |
| CSX Corp. | 10116 | &nbsp;&nbsp; 364378 |
| Cummins, Inc. | 749 | &nbsp;&nbsp; 327822 |
| Dayforce, Inc.<sup>(b)</sup> | 866 | &nbsp;&nbsp; 59529 |
| Deere & Co. | 1367 | &nbsp;&nbsp; 631048 |
| Delta Air Lines, Inc. | 3520 | &nbsp;&nbsp; 201978 |
| Dover Corp. | 745 | &nbsp;&nbsp; 135188 |
| Eaton Corp. PLC | 2113 | &nbsp;&nbsp; 806236 |
| EMCOR Group, Inc. | 244 | &nbsp;&nbsp; 164890 |
| Emerson Electric Co. | 3053 | &nbsp;&nbsp; 426107 |
| Equifax, Inc. | 670 | &nbsp;&nbsp; 141437 |
| Expeditors International of Washington, Inc. | 738 | &nbsp;&nbsp; 89962 |
| Fastenal Co. | 6228 | &nbsp;&nbsp; 256282 |
| FedEx Corp. | 1177 | &nbsp;&nbsp; 298746 |
| Fortive Corp. | 1837 | &nbsp;&nbsp; 92475 |
| GE Vernova, Inc. | 1479 | &nbsp;&nbsp; 865422 |
| Generac Holdings, Inc.<sup>(b)</sup> | 318 | &nbsp;&nbsp; 53430 |
| General Dynamics Corp. | 1370 | &nbsp;&nbsp; 472513 |
| General Electric Co. | 5754 | &nbsp;&nbsp; 1777698 |
| Honeywell International, Inc. | 3446 | &nbsp;&nbsp; 693783 |
| Howmet Aerospace, Inc. | 2187 | &nbsp;&nbsp; 450413 |
| Hubbell, Inc. | 288 | &nbsp;&nbsp; 135360 |
| Huntington Ingalls Industries, Inc. | 214 | &nbsp;&nbsp; 68912 |
| IDEX Corp. | 410 | &nbsp;&nbsp; 70299 |
| Illinois Tool Works, Inc. | 1438 | &nbsp;&nbsp; 350757 |
| Ingersoll Rand, Inc. | 1962 | &nbsp;&nbsp; 149759 |
| J.B. Hunt Transport Services, Inc. | 417 | &nbsp;&nbsp; 70415 |
| Jacobs Solutions, Inc. | 648 | &nbsp;&nbsp; 100965 |
| Johnson Controls International PLC | 3551 | &nbsp;&nbsp; 406199 |
| L3Harris Technologies, Inc. | 1017 | &nbsp;&nbsp; 294015 |
| Leidos Holdings, Inc. | 698 | &nbsp;&nbsp; 132948 |
| Lennox International, Inc. | 175 | &nbsp;&nbsp; 88375 |
| Lockheed Martin Corp. | 1115 | &nbsp;&nbsp; 548446 |
| Masco Corp. | 1136 | &nbsp;&nbsp; 73567 |
| Nordson Corp. | 292 | &nbsp;&nbsp; 67729 |
| Norfolk Southern Corp. | 1219 | &nbsp;&nbsp; 345440 |
| Northrop Grumman Corp. | 732 | &nbsp;&nbsp; 427085 |
| Old Dominion Freight Line, Inc. | 1004 | &nbsp;&nbsp; 140982 |
| Otis Worldwide Corp. | 2130 | &nbsp;&nbsp; 197579 |
| PACCAR, Inc. | 2851 | &nbsp;&nbsp; 280538 |
| Parker-Hannifin Corp. | 695 | &nbsp;&nbsp; 537117 |
| Paychex, Inc. | 1761 | &nbsp;&nbsp; 206090 |
| Paycom Software, Inc. | 272 | &nbsp;&nbsp; 50888 |
| Pentair PLC | 889 | &nbsp;&nbsp; 94545 |
| Quanta Services, Inc. | 809 | &nbsp;&nbsp; 363346 |
| Republic Services, Inc. | 1101 | &nbsp;&nbsp; 229272 |
| Rockwell Automation, Inc. | 610 | &nbsp;&nbsp; 224700 |
| Rollins, Inc. | 1526 | &nbsp;&nbsp; 87913 |
| RTX Corp. | 7265 | &nbsp;&nbsp; 1296803 |
| Snap-on, Inc. | 283 | &nbsp;&nbsp; 94961 |
| Southwest Airlines Co. | 2852 | &nbsp;&nbsp; 86416 |
| Stanley Black & Decker, Inc. | 840 | &nbsp;&nbsp; 56885 |
| Textron, Inc. | 969 | &nbsp;&nbsp; 78305 |
| Trane Technologies PLC | 1206 | &nbsp;&nbsp; 541072 |
| TransDigm Group, Inc. | 306 | &nbsp;&nbsp; 400404 |
| Uber Technologies, Inc.<sup>(b)</sup> | 11319 | &nbsp;&nbsp; 1092284 |
| Union Pacific Corp. | 3219 | &nbsp;&nbsp; 709371 |

---

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

------

**19**

------

**Invesco S&P 500 BuyWrite ETF (PBP)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 1758 | &nbsp;&nbsp; $165322 |
| United Parcel Service, Inc., Class B | 3995 | &nbsp;&nbsp; 385198 |
| United Rentals, Inc. | 349 | &nbsp;&nbsp; 304042 |
| Veralto Corp. | 1346 | &nbsp;&nbsp; 132823 |
| Verisk Analytics, Inc. | 759 | &nbsp;&nbsp; 166039 |
| W.W. Grainger, Inc. | 239 | &nbsp;&nbsp; 233981 |
| Wabtec Corp. | 927 | &nbsp;&nbsp; 189516 |
| Waste Management, Inc. | 2010 | &nbsp;&nbsp; 401538 |
| Xylem, Inc. | 1322 | &nbsp;&nbsp; 199424 |
|  |  | &nbsp;&nbsp; 25732914 |
| **Information Technology-37.58%** | **Information Technology-37.58%** | **Information Technology-37.58%** |
| Accenture PLC, Class A | 3382 | &nbsp;&nbsp; 845838 |
| Adobe, Inc.<sup>(b)</sup> | 2303 | &nbsp;&nbsp; 783734 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 8809 | &nbsp;&nbsp; 2256161 |
| Akamai Technologies, Inc.<sup>(b)</sup> | 779 | &nbsp;&nbsp; 58503 |
| Amphenol Corp., Class A | 6628 | &nbsp;&nbsp; 923546 |
| Analog Devices, Inc. | 2693 | &nbsp;&nbsp; 630512 |
| Apple, Inc. | 80553 | &nbsp;&nbsp; 21779115 |
| Applied Materials, Inc. | 4355 | &nbsp;&nbsp; 1015151 |
| AppLovin Corp., Class A<sup>(b)</sup> | 1471 | &nbsp;&nbsp; 937512 |
| Arista Networks, Inc.<sup>(b)</sup> | 5594 | &nbsp;&nbsp; 882118 |
| Autodesk, Inc.<sup>(b)</sup> | 1161 | &nbsp;&nbsp; 349856 |
| Broadcom, Inc. | 25529 | &nbsp;&nbsp; 9436284 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 1477 | &nbsp;&nbsp; 500245 |
| CDW Corp. | 712 | &nbsp;&nbsp; 113471 |
| Cisco Systems, Inc. | 21494 | &nbsp;&nbsp; 1571426 |
| Cognizant Technology Solutions Corp., Class A | 2651 | &nbsp;&nbsp; 193205 |
| Corning, Inc. | 4231 | &nbsp;&nbsp; 376897 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 1352 | &nbsp;&nbsp; 734150 |
| Datadog, Inc., Class A<sup>(b)</sup> | 1753 | &nbsp;&nbsp; 285406 |
| Dell Technologies, Inc., Class C | 1646 | &nbsp;&nbsp; 266668 |
| EPAM Systems, Inc.<sup>(b)</sup> | 303 | &nbsp;&nbsp; 49553 |
| F5, Inc.<sup>(b)</sup> | 312 | &nbsp;&nbsp; 78952 |
| Fair Isaac Corp.<sup>(b)</sup> | 130 | &nbsp;&nbsp; 215739 |
| First Solar, Inc.<sup>(b)</sup> | 582 | &nbsp;&nbsp; 155359 |
| Fortinet, Inc.<sup>(b)</sup> | 3534 | &nbsp;&nbsp; 305444 |
| Gartner, Inc.<sup>(b)</sup> | 413 | &nbsp;&nbsp; 102564 |
| Gen Digital, Inc. | 3041 | &nbsp;&nbsp; 80161 |
| GoDaddy, Inc., Class A<sup>(b)</sup> | 752 | &nbsp;&nbsp; 100114 |
| Hewlett Packard Enterprise Co. | 7120 | &nbsp;&nbsp; 173870 |
| HP, Inc. | 5098 | &nbsp;&nbsp; 141062 |
| Intel Corp.<sup>(b)</sup> | 23756 | &nbsp;&nbsp; 950002 |
| International Business Machines Corp. | 5056 | &nbsp;&nbsp; 1554265 |
| Intuit, Inc. | 1515 | &nbsp;&nbsp; 1011338 |
| Jabil, Inc. | 583 | &nbsp;&nbsp; 128779 |
| Keysight Technologies, Inc.<sup>(b)</sup> | 933 | &nbsp;&nbsp; 170702 |
| KLA Corp. | 717 | &nbsp;&nbsp; 866667 |
| Lam Research Corp. | 6868 | &nbsp;&nbsp; 1081435 |
| Microchip Technology, Inc. | 2929 | &nbsp;&nbsp; 182828 |
| Micron Technology, Inc. | 6072 | &nbsp;&nbsp; 1358731 |
| Microsoft Corp. | 40348 | &nbsp;&nbsp; 20892598 |
| Monolithic Power Systems, Inc. | 261 | &nbsp;&nbsp; 262305 |
| Motorola Solutions, Inc. | 903 | &nbsp;&nbsp; 367259 |
| NetApp, Inc. | 1086 | &nbsp;&nbsp; 127909 |
| NVIDIA Corp. | 132440 | &nbsp;&nbsp; 26817776 |
| NXP Semiconductors N.V. (Netherlands) | 1368 | &nbsp;&nbsp; 286076 |
| ON Semiconductor Corp.<sup>(b)</sup> | 2218 | &nbsp;&nbsp; 111077 |
| Oracle Corp. | 8994 | &nbsp;&nbsp; 2361914 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 12344 | &nbsp;&nbsp; 2474602 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 3623 | &nbsp;&nbsp; $797930 |
| PTC, Inc.<sup>(b)</sup> | 649 | &nbsp;&nbsp; 128852 |
| QUALCOMM, Inc. | 5854 | &nbsp;&nbsp; 1058989 |
| Roper Technologies, Inc. | 584 | &nbsp;&nbsp; 260552 |
| Salesforce, Inc. | 5187 | &nbsp;&nbsp; 1350747 |
| Seagate Technology Holdings PLC | 1153 | &nbsp;&nbsp; 295030 |
| ServiceNow, Inc.<sup>(b)</sup> | 1129 | &nbsp;&nbsp; 1037867 |
| Skyworks Solutions, Inc. | 806 | &nbsp;&nbsp; 62642 |
| Super Micro Computer, Inc.<sup>(b)</sup> | 2720 | &nbsp;&nbsp; 141331 |
| Synopsys, Inc.<sup>(b)</sup> | 1005 | &nbsp;&nbsp; 456089 |
| TE Connectivity PLC (Switzerland) | 1604 | &nbsp;&nbsp; 396204 |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 255 | &nbsp;&nbsp; 134339 |
| Teradyne, Inc. | 863 | &nbsp;&nbsp; 156859 |
| Texas Instruments, Inc. | 4933 | &nbsp;&nbsp; 796482 |
| Trimble, Inc.<sup>(b)</sup> | 1292 | &nbsp;&nbsp; 103037 |
| Tyler Technologies, Inc.<sup>(b)</sup> | 235 | &nbsp;&nbsp; 111921 |
| VeriSign, Inc. | 458 | &nbsp;&nbsp; 109828 |
| Western Digital Corp. | 1882 | &nbsp;&nbsp; 282695 |
| Workday, Inc., Class A<sup>(b)</sup> | 1172 | &nbsp;&nbsp; 281186 |
| Zebra Technologies Corp., Class A<sup>(b)</sup> | 276 | &nbsp;&nbsp; 74313 |
|  |  | &nbsp;&nbsp; 114385772 |
| **Materials-1.73%** | **Materials-1.73%** | **Materials-1.73%** |
| Air Products and Chemicals, Inc. | 1207 | &nbsp;&nbsp; 292806 |
| Albemarle Corp. | 638 | &nbsp;&nbsp; 62671 |
| Amcor PLC | 12511 | &nbsp;&nbsp; 98837 |
| Avery Dennison Corp. | 425 | &nbsp;&nbsp; 74328 |
| Ball Corp. | 1475 | &nbsp;&nbsp; 69325 |
| CF Industries Holdings, Inc. | 879 | &nbsp;&nbsp; 73212 |
| Corteva, Inc. | 3686 | &nbsp;&nbsp; 226468 |
| Dow, Inc. | 3846 | &nbsp;&nbsp; 91727 |
| DuPont de Nemours, Inc. | 2271 | &nbsp;&nbsp; 185427 |
| Eastman Chemical Co. | 622 | &nbsp;&nbsp; 37022 |
| Ecolab, Inc. | 1385 | &nbsp;&nbsp; 355114 |
| Freeport-McMoRan, Inc. | 7792 | &nbsp;&nbsp; 324926 |
| International Flavors & Fragrances, Inc.<sup>(b)</sup> | 1390 | &nbsp;&nbsp; 87528 |
| International Paper Co. | 2866 | &nbsp;&nbsp; 110742 |
| Linde PLC | 2547 | &nbsp;&nbsp; 1065410 |
| LyondellBasell Industries N.V., Class A | 1396 | &nbsp;&nbsp; 64802 |
| Martin Marietta Materials, Inc. | 327 | &nbsp;&nbsp; 200484 |
| Mosaic Co. (The) | 1721 | &nbsp;&nbsp; 47242 |
| Newmont Corp. | 5962 | &nbsp;&nbsp; 482743 |
| Nucor Corp. | 1247 | &nbsp;&nbsp; 187112 |
| Packaging Corp. of America | 486 | &nbsp;&nbsp; 95139 |
| PPG Industries, Inc. | 1226 | &nbsp;&nbsp; 119842 |
| Sherwin-Williams Co. (The) | 1260 | &nbsp;&nbsp; 434624 |
| Smurfit WestRock PLC | 2831 | &nbsp;&nbsp; 104521 |
| Solstice Advanced Materials, Inc.<sup>(b)</sup> | 861 | &nbsp;&nbsp; 38805 |
| Steel Dynamics, Inc. | 752 | &nbsp;&nbsp; 117914 |
| Vulcan Materials Co. | 718 | &nbsp;&nbsp; 207861 |
|  |  | &nbsp;&nbsp; 5256632 |
| **Real Estate-1.92%** | **Real Estate-1.92%** | **Real Estate-1.92%** |
| Alexandria Real Estate Equities, Inc. | 845 | &nbsp;&nbsp; 49196 |
| American Tower Corp. | 2540 | &nbsp;&nbsp; 454609 |
| AvalonBay Communities, Inc. | 772 | &nbsp;&nbsp; 134266 |
| BXP, Inc. | 800 | &nbsp;&nbsp; 56952 |
| Camden Property Trust | 580 | &nbsp;&nbsp; 57698 |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 1590 | &nbsp;&nbsp; 242364 |
| CoStar Group, Inc.<sup>(b)</sup> | 2300 | &nbsp;&nbsp; 158263 |
| Crown Castle, Inc. | 2363 | &nbsp;&nbsp; 213190 |

---

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

------

**20**

------

**Invesco S&P 500 BuyWrite ETF (PBP)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
| Digital Realty Trust, Inc. | 1739 | &nbsp;&nbsp; $296343 |
| Equinix, Inc. | 531 | &nbsp;&nbsp; 449231 |
| Equity Residential | 1886 | &nbsp;&nbsp; 112104 |
| Essex Property Trust, Inc. | 349 | &nbsp;&nbsp; 87868 |
| Extra Space Storage, Inc. | 1151 | &nbsp;&nbsp; 153705 |
| Federal Realty Investment Trust | 427 | &nbsp;&nbsp; 41073 |
| Healthpeak Properties, Inc. | 3771 | &nbsp;&nbsp; 67689 |
| Host Hotels & Resorts, Inc. | 3471 | &nbsp;&nbsp; 55605 |
| Invitation Homes, Inc. | 3059 | &nbsp;&nbsp; 86111 |
| Iron Mountain, Inc. | 1603 | &nbsp;&nbsp; 165029 |
| Kimco Realty Corp. | 3676 | &nbsp;&nbsp; 75946 |
| Mid-America Apartment Communities, Inc. | 635 | &nbsp;&nbsp; 81426 |
| Prologis, Inc. | 5038 | &nbsp;&nbsp; 625165 |
| Public Storage | 856 | &nbsp;&nbsp; 238447 |
| Realty Income Corp. | 4960 | &nbsp;&nbsp; 287581 |
| Regency Centers Corp. | 886 | &nbsp;&nbsp; 61090 |
| SBA Communications Corp., Class A | 583 | &nbsp;&nbsp; 111633 |
| Simon Property Group, Inc. | 1773 | &nbsp;&nbsp; 311623 |
| UDR, Inc. | 1636 | &nbsp;&nbsp; 55117 |
| Ventas, Inc. | 2466 | &nbsp;&nbsp; 181966 |
| VICI Properties, Inc. | 5786 | &nbsp;&nbsp; 173522 |
| Welltower, Inc. | 3628 | &nbsp;&nbsp; 656813 |
| Weyerhaeuser Co. | 3917 | &nbsp;&nbsp; 90091 |
|  |  | &nbsp;&nbsp; 5831716 |
| **Utilities-2.44%** | **Utilities-2.44%** | **Utilities-2.44%** |
| AES Corp. (The) | 3864 | &nbsp;&nbsp; 53594 |
| Alliant Energy Corp. | 1394 | &nbsp;&nbsp; 93147 |
| Ameren Corp. | 1466 | &nbsp;&nbsp; 149561 |
| American Electric Power Co., Inc. | 2903 | &nbsp;&nbsp; 349115 |
| American Water Works Co., Inc. | 1059 | &nbsp;&nbsp; 136007 |
| Atmos Energy Corp. | 871 | &nbsp;&nbsp; 149568 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities-(continued)** | **Utilities-(continued)** | **Utilities-(continued)** |
| CenterPoint Energy, Inc. | 3542 | &nbsp;&nbsp; $135446 |
| CMS Energy Corp. | 1624 | &nbsp;&nbsp; 119445 |
| Consolidated Edison, Inc. | 1956 | &nbsp;&nbsp; 190534 |
| Constellation Energy Corp. | 1695 | &nbsp;&nbsp; 639015 |
| Dominion Energy, Inc. | 4631 | &nbsp;&nbsp; 271793 |
| DTE Energy Co. | 1126 | &nbsp;&nbsp; 152618 |
| Duke Energy Corp. | 4221 | &nbsp;&nbsp; 524670 |
| Edison International | 2089 | &nbsp;&nbsp; 115689 |
| Entergy Corp. | 2423 | &nbsp;&nbsp; 232826 |
| Evergy, Inc. | 1250 | &nbsp;&nbsp; 96012 |
| Eversource Energy | 2012 | &nbsp;&nbsp; 148506 |
| Exelon Corp. | 5480 | &nbsp;&nbsp; 252738 |
| FirstEnergy Corp. | 2819 | &nbsp;&nbsp; 129195 |
| NextEra Energy, Inc. | 11175 | &nbsp;&nbsp; 909645 |
| NiSource, Inc. | 2554 | &nbsp;&nbsp; 107549 |
| NRG Energy, Inc. | 1050 | &nbsp;&nbsp; 180453 |
| PG&E Corp. | 11928 | &nbsp;&nbsp; 190371 |
| Pinnacle West Capital Corp. | 647 | &nbsp;&nbsp; 57272 |
| PPL Corp. | 4013 | &nbsp;&nbsp; 146555 |
| Public Service Enterprise Group, Inc. | 2708 | &nbsp;&nbsp; 218156 |
| Sempra | 3540 | &nbsp;&nbsp; 325468 |
| Southern Co. (The) | 5970 | &nbsp;&nbsp; 561419 |
| Vistra Corp. | 1727 | &nbsp;&nbsp; 325194 |
| WEC Energy Group, Inc. | 1746 | &nbsp;&nbsp; 195081 |
| Xcel Energy, Inc. | 3209 | &nbsp;&nbsp; 260475 |
|  |  | &nbsp;&nbsp; 7417117 |
| TOTAL INVESTMENTS IN SECURITIES-104.02% <br>(Cost $255,128,832) | TOTAL INVESTMENTS IN SECURITIES-104.02% <br>(Cost $255,128,832) | &nbsp;&nbsp; 316647326 |
| OTHER ASSETS LESS LIABILITIES-(4.02)% | OTHER ASSETS LESS LIABILITIES-(4.02)% | &nbsp;&nbsp; (12242421)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $304404905 |

---

---

| | |
|:---|:---|
| 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| Invesco Ltd. | &nbsp;&nbsp; $18806 | &nbsp;&nbsp; $27851 | &nbsp;&nbsp; $(9311)<br>| &nbsp;&nbsp; $25798 | &nbsp;&nbsp; $(5790)<br>| &nbsp;&nbsp; $57354 | &nbsp;&nbsp; $793 |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; 80166 | &nbsp;&nbsp; 12034043 | &nbsp;&nbsp; (12114209)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5615 |
| Total | &nbsp;&nbsp; $98972 | &nbsp;&nbsp; $12061894 | &nbsp;&nbsp; $(12123520)<br>| &nbsp;&nbsp; $25798 | &nbsp;&nbsp; $(5790)<br>| &nbsp;&nbsp; $57354 | &nbsp;&nbsp; $6408 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 11/21/2025 | &nbsp;&nbsp; 462 | $6620 | $(305844000)<br>| &nbsp;&nbsp; $(12291510)<br>|

---

\* Open Exchange-Traded Index Options Purchased collateralized by $4,095,000 cash held with Morgan Stanley & Co.

\*\* 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.

------

**21**

------

**Invesco S&P 500**<sup>®</sup> **Quality ETF (SPHQ)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.89%** | **Common Stocks & Other Equity Interests-99.89%** | **Common Stocks & Other Equity Interests-99.89%** |
| **Communication Services-0.54%** | **Communication Services-0.54%** | **Communication Services-0.54%** |
| Electronic Arts, Inc. | 402355 | &nbsp;&nbsp; $80495141 |
| **Consumer Discretionary-6.77%** | **Consumer Discretionary-6.77%** | **Consumer Discretionary-6.77%** |
| Airbnb, Inc., Class A<sup>(b)</sup> | 728381 | &nbsp;&nbsp; 92169332 |
| Best Buy Co., Inc. | 304417 | &nbsp;&nbsp; 25004812 |
| Deckers Outdoor Corp.<sup>(b)</sup> | 339091 | &nbsp;&nbsp; 27635916 |
| eBay, Inc. | 1015420 | &nbsp;&nbsp; 82563800 |
| Expedia Group, Inc. | 204775 | &nbsp;&nbsp; 45050500 |
| lululemon athletica, Inc.<sup>(b)(c)</sup> | 230537 | &nbsp;&nbsp; 39315780 |
| Mohawk Industries, Inc.<sup>(b)</sup> | 83639 | &nbsp;&nbsp; 9504736 |
| NIKE, Inc., Class B | 2327730 | &nbsp;&nbsp; 150348081 |
| NVR, Inc.<sup>(b)</sup> | 4761 | &nbsp;&nbsp; 34330714 |
| Pool Corp. | 73519 | &nbsp;&nbsp; 19633984 |
| Ralph Lauren Corp. | 76674 | &nbsp;&nbsp; 24509611 |
| Ross Stores, Inc. | 522564 | &nbsp;&nbsp; 83045871 |
| TJX Cos., Inc. (The) | 2003219 | &nbsp;&nbsp; 280731111 |
| Ulta Beauty, Inc.<sup>(b)</sup> | 84361 | &nbsp;&nbsp; 43857597 |
| Williams-Sonoma, Inc. | 269086 | &nbsp;&nbsp; 52294173 |
|  |  | &nbsp;&nbsp; 1009996018 |
| **Consumer Staples-17.58%** | **Consumer Staples-17.58%** | **Consumer Staples-17.58%** |
| Church & Dwight Co., Inc. | 409106 | &nbsp;&nbsp; 35874505 |
| Coca-Cola Co. (The) | 6490949 | &nbsp;&nbsp; 447226386 |
| Colgate-Palmolive Co. | 1351712 | &nbsp;&nbsp; 104149410 |
| Costco Wholesale Corp. | 714989 | &nbsp;&nbsp; 651676724 |
| Kellanova | 455421 | &nbsp;&nbsp; 37827268 |
| Kenvue, Inc. | 3248737 | &nbsp;&nbsp; 46684351 |
| Kimberly-Clark Corp. | 756785 | &nbsp;&nbsp; 90594732 |
| Mondelez International, Inc., Class A | 2128579 | &nbsp;&nbsp; 122308149 |
| Monster Beverage Corp.<sup>(b)</sup> | 1726904 | &nbsp;&nbsp; 115408994 |
| PepsiCo, Inc. | 2182573 | &nbsp;&nbsp; 318852090 |
| Procter & Gamble Co. (The) | 4325501 | &nbsp;&nbsp; 650425586 |
|  |  | &nbsp;&nbsp; 2621028195 |
| **Energy-0.60%** | **Energy-0.60%** | **Energy-0.60%** |
| EOG Resources, Inc. | 840792 | &nbsp;&nbsp; 88989425 |
| **Financials-12.99%** | **Financials-12.99%** | **Financials-12.99%** |
| Ameriprise Financial, Inc. | 213599 | &nbsp;&nbsp; 96711219 |
| Arch Capital Group Ltd. | 625105 | &nbsp;&nbsp; 53952813 |
| Erie Indemnity Co., Class A<sup>(c)</sup> | 47923 | &nbsp;&nbsp; 14024187 |
| FactSet Research Systems, Inc. | 63531 | &nbsp;&nbsp; 16950071 |
| Jack Henry & Associates, Inc. | 122281 | &nbsp;&nbsp; 18212532 |
| Mastercard, Inc., Class A | 1205831 | &nbsp;&nbsp; 665606654 |
| Moody's Corp. | 295111 | &nbsp;&nbsp; 141741813 |
| Progressive Corp. (The) | 1179834 | &nbsp;&nbsp; 243045804 |
| T. Rowe Price Group, Inc. | 356699 | &nbsp;&nbsp; 36572348 |
| Visa, Inc., Class A | 1909175 | &nbsp;&nbsp; 650532290 |
|  |  | &nbsp;&nbsp; 1937349731 |
| **Health Care-6.95%** | **Health Care-6.95%** | **Health Care-6.95%** |
| Gilead Sciences, Inc. | 2670122 | &nbsp;&nbsp; 319853914 |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 156557 | &nbsp;&nbsp; 98554197 |
| Incyte Corp.<sup>(b)</sup> | 244975 | &nbsp;&nbsp; 22900263 |
| Merck & Co., Inc. | 3970989 | &nbsp;&nbsp; 341425634 |
| ResMed, Inc.<sup>(c)</sup> | 250458 | &nbsp;&nbsp; 61833071 |
| Revvity, Inc.<sup>(c)</sup> | 210798 | &nbsp;&nbsp; 19728585 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Waters Corp.<sup>(b)</sup> | 107404 | &nbsp;&nbsp; $37548438 |
| Zoetis, Inc. | 929416 | &nbsp;&nbsp; 133919552 |
|  |  | &nbsp;&nbsp; 1035763654 |
| **Industrials-26.52%** | **Industrials-26.52%** | **Industrials-26.52%** |
| 3M Co. | 1519202 | &nbsp;&nbsp; 252947133 |
| AMETEK, Inc. | 384812 | &nbsp;&nbsp; 77774353 |
| Automatic Data Processing, Inc. | 999965 | &nbsp;&nbsp; 260290889 |
| Broadridge Financial Solutions, Inc. | 203423 | &nbsp;&nbsp; 44834429 |
| C.H. Robinson Worldwide, Inc. | 187886 | &nbsp;&nbsp; 28932565 |
| Caterpillar, Inc. | 818841 | &nbsp;&nbsp; 472684156 |
| Cintas Corp. | 620789 | &nbsp;&nbsp; 113772000 |
| Dover Corp. | 259336 | &nbsp;&nbsp; 47059111 |
| Eaton Corp. PLC | 660473 | &nbsp;&nbsp; 252010078 |
| Expeditors International of Washington, <br> Inc.<br>| 232290 | &nbsp;&nbsp; 28316151 |
| Fastenal Co. | 1877131 | &nbsp;&nbsp; 77243941 |
| GE Vernova, Inc. | 596569 | &nbsp;&nbsp; 349076385 |
| Generac Holdings, Inc.<sup>(b)</sup> | 94974 | &nbsp;&nbsp; 15957531 |
| General Electric Co. | 2219489 | &nbsp;&nbsp; 685711127 |
| Hubbell, Inc. | 96827 | &nbsp;&nbsp; 45508690 |
| Illinois Tool Works, Inc. | 673961 | &nbsp;&nbsp; 164392567 |
| J.B. Hunt Transport Services, Inc. | 129732 | &nbsp;&nbsp; 21906546 |
| Jacobs Solutions, Inc. | 247508 | &nbsp;&nbsp; 38564221 |
| Leidos Holdings, Inc. | 205994 | &nbsp;&nbsp; 39235677 |
| Lennox International, Inc. | 76011 | &nbsp;&nbsp; 38385555 |
| Lockheed Martin Corp. | 407478 | &nbsp;&nbsp; 200430279 |
| Parker-Hannifin Corp. | 215966 | &nbsp;&nbsp; 166905004 |
| Paychex, Inc. | 671976 | &nbsp;&nbsp; 78641351 |
| Paycom Software, Inc.<sup>(c)</sup> | 76803 | &nbsp;&nbsp; 14369073 |
| Snap-on, Inc. | 87190 | &nbsp;&nbsp; 29256605 |
| Trane Technologies PLC | 423231 | &nbsp;&nbsp; 189882588 |
| United Parcel Service, Inc., Class B | 1405001 | &nbsp;&nbsp; 135470196 |
| W.W. Grainger, Inc. | 87649 | &nbsp;&nbsp; 85808371 |
|  |  | &nbsp;&nbsp; 3955366572 |
| **Information Technology-24.47%** | **Information Technology-24.47%** | **Information Technology-24.47%** |
| Adobe, Inc.<sup>(b)</sup> | 1014694 | &nbsp;&nbsp; 345310515 |
| Apple, Inc. | 3585613 | &nbsp;&nbsp; 969442187 |
| Applied Materials, Inc. | 1232129 | &nbsp;&nbsp; 287209270 |
| F5, Inc.<sup>(b)</sup> | 94148 | &nbsp;&nbsp; 23824151 |
| Fortinet, Inc.<sup>(b)</sup> | 1669575 | &nbsp;&nbsp; 144301367 |
| Gartner, Inc.<sup>(b)</sup> | 198678 | &nbsp;&nbsp; 49339695 |
| Intuit, Inc. | 425584 | &nbsp;&nbsp; 284098599 |
| Jabil, Inc. | 187454 | &nbsp;&nbsp; 41406714 |
| KLA Corp. | 253831 | &nbsp;&nbsp; 306815683 |
| Lam Research Corp. | 2482076 | &nbsp;&nbsp; 390827687 |
| Motorola Solutions, Inc. | 395947 | &nbsp;&nbsp; 161035604 |
| NetApp, Inc. | 506119 | &nbsp;&nbsp; 59610696 |
| Salesforce, Inc. | 1470240 | &nbsp;&nbsp; 382865198 |
| Skyworks Solutions, Inc. | 290532 | &nbsp;&nbsp; 22580147 |
| Trimble, Inc.<sup>(b)</sup> | 562829 | &nbsp;&nbsp; 44885613 |
| Tyler Technologies, Inc.<sup>(b)(c)</sup> | 71733 | &nbsp;&nbsp; 34163559 |
| Western Digital Corp. | 524551 | &nbsp;&nbsp; 78792806 |
| Zebra Technologies Corp., Class A<sup>(b)</sup> | 85946 | &nbsp;&nbsp; 23140960 |
|  |  | &nbsp;&nbsp; 3649650451 |
| **Materials-2.00%** | **Materials-2.00%** | **Materials-2.00%** |
| Ball Corp. | 444247 | &nbsp;&nbsp; 20879609 |

---

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)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-(continued)** | **Materials-(continued)** | **Materials-(continued)** |
| CF Industries Holdings, Inc. | 301213 | &nbsp;&nbsp; $25088031 |
| Corteva, Inc. | 1093249 | &nbsp;&nbsp; 67169219 |
| Newmont Corp. | 1827217 | &nbsp;&nbsp; 147949760 |
| PPG Industries, Inc. | 376879 | &nbsp;&nbsp; 36839922 |
|  |  | &nbsp;&nbsp; 297926541 |
| **Utilities-1.47%** | **Utilities-1.47%** | **Utilities-1.47%** |
| Constellation Energy Corp. | 582799 | &nbsp;&nbsp; 219715223 |
| Total Common Stocks & Other Equity Interests <br>(Cost $13,366,278,227) | Total Common Stocks & Other Equity Interests <br>(Cost $13,366,278,227) | &nbsp;&nbsp; 14896280951 |
| **Money Market Funds-0.08%** | **Money Market Funds-0.08%** | **Money Market Funds-0.08%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $12,369,455)<br>| 12369455 | &nbsp;&nbsp; 12369455 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.97% <br>(Cost $13,378,647,682) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.97% <br>(Cost $13,378,647,682) | &nbsp;&nbsp; 14908650406 |

---

---

| | | |
|:---|:---|:---|
|  | **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-0.36%** | **Money Market Funds-0.36%** | **Money Market Funds-0.36%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 14923526 | &nbsp;&nbsp; $14923526 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 38847963 | &nbsp;&nbsp; 38859617 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $53,783,996) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $53,783,996) | &nbsp;&nbsp; 53783143 |
| TOTAL INVESTMENTS IN SECURITIES-100.33% <br>(Cost $13,432,431,678) | TOTAL INVESTMENTS IN SECURITIES-100.33% <br>(Cost $13,432,431,678) | &nbsp;&nbsp; 14962433549 |
| OTHER ASSETS LESS LIABILITIES-(0.33)% | OTHER ASSETS LESS LIABILITIES-(0.33)% | &nbsp;&nbsp; (48998481)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $14913435068 |

---

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $9446281 | &nbsp;&nbsp; $133490937 | &nbsp;&nbsp; $(130567763)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $12369455 | &nbsp;&nbsp; $231850 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 50597862 | &nbsp;&nbsp; 347397410 | &nbsp;&nbsp; (383071746)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 14923526 | &nbsp;&nbsp; 617,509<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 131318020 | &nbsp;&nbsp; 650340526 | &nbsp;&nbsp; (742802128)<br>| &nbsp;&nbsp; 3473 | &nbsp;&nbsp; (274)<br>| &nbsp;&nbsp; 38859617 | &nbsp;&nbsp; 1,674,176<br> \*<br>|
| Total | &nbsp;&nbsp; $191362163 | &nbsp;&nbsp; $1131228873 | &nbsp;&nbsp; $(1256441637)<br>| &nbsp;&nbsp; $3473 | &nbsp;&nbsp; $(274)<br>| &nbsp;&nbsp; $66152598 | &nbsp;&nbsp; $2523535 |

---

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

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

------

**23**

------

**Invesco S&P Spin-Off ETF (CSD)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** |
| **Communication Services-4.33%** | **Communication Services-4.33%** | **Communication Services-4.33%** |
| Liberty Media Corp.-Liberty Live<sup>(b)</sup> | 38787 | &nbsp;&nbsp; $3506733 |
| **Consumer Discretionary-3.13%** | **Consumer Discretionary-3.13%** | **Consumer Discretionary-3.13%** |
| Phinia, Inc. | 48808 | &nbsp;&nbsp; 2533623 |
| **Financials-3.18%** | **Financials-3.18%** | **Financials-3.18%** |
| NCR Atleos Corp.<sup>(b)</sup> | 69766 | &nbsp;&nbsp; 2574366 |
| **Health Care-14.55%** | **Health Care-14.55%** | **Health Care-14.55%** |
| Embecta Corp.<sup>(c)</sup> | 64820 | &nbsp;&nbsp; 864699 |
| Enhabit, Inc.<sup>(b)</sup> | 66943 | &nbsp;&nbsp; 544247 |
| Fortrea Holdings, Inc.<sup>(b)</sup> | 113570 | &nbsp;&nbsp; 1187942 |
| GE HealthCare Technologies, Inc. | 74671 | &nbsp;&nbsp; 5596591 |
| Solventum Corp.<sup>(b)</sup> | 51827 | &nbsp;&nbsp; 3578136 |
|  |  | &nbsp;&nbsp; 11771615 |
| **Industrials-37.86%** | **Industrials-37.86%** | **Industrials-37.86%** |
| Amentum Holdings, Inc.<sup>(b)</sup> | 143169 | &nbsp;&nbsp; 3208417 |
| Crane Co. | 20450 | &nbsp;&nbsp; 3885500 |
| ESAB Corp. | 27450 | &nbsp;&nbsp; 3206709 |
| Everus Construction Group, Inc.<sup>(b)</sup> | 43652 | &nbsp;&nbsp; 3967530 |
| GE Vernova, Inc. | 7657 | &nbsp;&nbsp; 4480417 |
| MasterBrand, Inc.<sup>(b)(c)</sup> | 101197 | &nbsp;&nbsp; 1278118 |
| RXO, Inc.<sup>(b)(c)</sup> | 164835 | &nbsp;&nbsp; 2922525 |
| U-Haul Holding Co., Series N | 71642 | &nbsp;&nbsp; 3473921 |
| Veralto Corp. | 38915 | &nbsp;&nbsp; 3840132 |
| Vestis Corp.<sup>(c)</sup> | 70864 | &nbsp;&nbsp; 372036 |
|  |  | &nbsp;&nbsp; 30635305 |
| **Information Technology-17.53%** | **Information Technology-17.53%** | **Information Technology-17.53%** |
| Consensus Cloud Solutions, Inc.<sup>(b)</sup> | 14834 | &nbsp;&nbsp; 434932 |
| Kyndryl Holdings, Inc.<sup>(b)(c)</sup> | 120063 | &nbsp;&nbsp; 3472222 |
| Ralliant Corp. | 79887 | &nbsp;&nbsp; 3508637 |
| Sandisk Corp.<sup>(b)</sup> | 33977 | &nbsp;&nbsp; 6772635 |
|  |  | &nbsp;&nbsp; 14188426 |
| **Materials-3.74%** | **Materials-3.74%** | **Materials-3.74%** |
| Knife River Corp.<sup>(b)</sup> | 50070 | &nbsp;&nbsp; 3027232 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-8.11%** | **Real Estate-8.11%** | **Real Estate-8.11%** |
| Curbline Properties Corp.<sup>(c)</sup> | 119084 | &nbsp;&nbsp; $2746077 |
| Millrose Properties, Inc. | 110587 | &nbsp;&nbsp; 3562007 |
| Orion Properties, Inc.<sup>(c)</sup> | 103020 | &nbsp;&nbsp; 254460 |
|  |  | &nbsp;&nbsp; 6562544 |
| **Utilities-7.57%** | **Utilities-7.57%** | **Utilities-7.57%** |
| Constellation Energy Corp. | 16240 | &nbsp;&nbsp; 6122480 |
| Total Common Stocks & Other Equity Interests <br>(Cost $60,413,747) | Total Common Stocks & Other Equity Interests <br>(Cost $60,413,747) | &nbsp;&nbsp; 80922324 |
| **Money Market Funds-0.08%** | **Money Market Funds-0.08%** | **Money Market Funds-0.08%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $62,073)<br>| 62073 | &nbsp;&nbsp; 62073 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.08% <br>(Cost $60,475,820) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.08% <br>(Cost $60,475,820) | &nbsp;&nbsp; 80984397 |
| **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-4.59%** | **Money Market Funds-4.59%** | **Money Market Funds-4.59%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 1030249 | &nbsp;&nbsp; 1030249 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 2683380 | &nbsp;&nbsp; 2684185 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $3,714,475) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $3,714,475) | &nbsp;&nbsp; 3714434 |
| TOTAL INVESTMENTS IN SECURITIES-104.67% <br>(Cost $64,190,295) | TOTAL INVESTMENTS IN SECURITIES-104.67% <br>(Cost $64,190,295) | &nbsp;&nbsp; 84698831 |
| OTHER ASSETS LESS LIABILITIES-(4.67)% | OTHER ASSETS LESS LIABILITIES-(4.67)% | &nbsp;&nbsp; (3779875)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $80918956 |

---

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $18848 | &nbsp;&nbsp; $467398 | &nbsp;&nbsp; $(424173)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $62073 | &nbsp;&nbsp; $1111 |

---

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

------

**24**

------

**Invesco S&P Spin-Off ETF (CSD)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; $4518892 | &nbsp;&nbsp; $14731976 | &nbsp;&nbsp; $(18220619)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1030249 | &nbsp;&nbsp; $60,067<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 11750705 | &nbsp;&nbsp; 32528055 | &nbsp;&nbsp; (41595465)<br>| &nbsp;&nbsp; 351 | &nbsp;&nbsp; 539 | &nbsp;&nbsp; 2684185 | &nbsp;&nbsp; 162,386<br> \*<br>|
| Total | &nbsp;&nbsp; $16288445 | &nbsp;&nbsp; $47727429 | &nbsp;&nbsp; $(60240257)<br>| &nbsp;&nbsp; $351 | &nbsp;&nbsp; $539 | &nbsp;&nbsp; $3776507 | &nbsp;&nbsp; $223564 |

---

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

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

------

**25**

------

**Invesco Water Resources ETF (PHO)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** |
| **Building Products-9.11%** | **Building Products-9.11%** | **Building Products-9.11%** |
| A.O. Smith Corp. | 1221684 | &nbsp;&nbsp; $80618927 |
| Advanced Drainage Systems, Inc.<sup>(b)</sup> | 579060 | &nbsp;&nbsp; 81097353 |
| Zurn Elkay Water Solutions Corp.<sup>(b)</sup> | 702163 | &nbsp;&nbsp; 33078899 |
|  |  | &nbsp;&nbsp; 194795179 |
| **Chemicals-8.51%** | **Chemicals-8.51%** | **Chemicals-8.51%** |
| Ecolab, Inc. | 628709 | &nbsp;&nbsp; 161200987 |
| Hawkins, Inc.<sup>(b)</sup> | 146302 | &nbsp;&nbsp; 20752939 |
|  |  | &nbsp;&nbsp; 181953926 |
| **Commercial Services & Supplies-6.20%** | **Commercial Services & Supplies-6.20%** | **Commercial Services & Supplies-6.20%** |
| Tetra Tech, Inc.<sup>(b)</sup> | 1611711 | &nbsp;&nbsp; 51542518 |
| Veralto Corp. | 820145 | &nbsp;&nbsp; 80931909 |
|  |  | &nbsp;&nbsp; 132474427 |
| **Construction & Engineering-8.29%** | **Construction & Engineering-8.29%** | **Construction & Engineering-8.29%** |
| AECOM<sup>(b)</sup> | 697364 | &nbsp;&nbsp; 93690853 |
| NWPX Infrastructure, Inc.<sup>(b)(c)</sup> | 42628 | &nbsp;&nbsp; 2564500 |
| Stantec, Inc. (Canada) | 150995 | &nbsp;&nbsp; 16742326 |
| Valmont Industries, Inc. | 155104 | &nbsp;&nbsp; 64124647 |
|  |  | &nbsp;&nbsp; 177122326 |
| **Electronic Equipment, Instruments & Components-5.23%** | **Electronic Equipment, Instruments & Components-5.23%** | **Electronic Equipment, Instruments & Components-5.23%** |
| Badger Meter, Inc.<sup>(b)</sup> | 326596 | &nbsp;&nbsp; 58934248 |
| Itron, Inc.<sup>(c)</sup> | 525846 | &nbsp;&nbsp; 52758129 |
|  |  | &nbsp;&nbsp; 111692377 |
| **Life Sciences Tools & Services-9.44%** | **Life Sciences Tools & Services-9.44%** | **Life Sciences Tools & Services-9.44%** |
| Waters Corp.<sup>(b)(c)</sup> | 577110 | &nbsp;&nbsp; 201757656 |
| **Machinery-22.24%** | **Machinery-22.24%** | **Machinery-22.24%** |
| Energy Recovery, Inc.<sup>(c)</sup> | 328316 | &nbsp;&nbsp; 5617487 |
| Franklin Electric Co., Inc. | 216896 | &nbsp;&nbsp; 20555234 |
| Gorman-Rupp Co. (The)<sup>(b)</sup> | 47870 | &nbsp;&nbsp; 2152714 |
| IDEX Corp.<sup>(b)</sup> | 529420 | &nbsp;&nbsp; 90774353 |
| Lindsay Corp. | 103787 | &nbsp;&nbsp; 11545266 |
| Mueller Industries, Inc. | 907834 | &nbsp;&nbsp; 96112386 |
| Mueller Water Products, Inc., Class A | 1016814 | &nbsp;&nbsp; 26091447 |
| Pentair PLC | 809881 | &nbsp;&nbsp; 86130844 |
| Watts Water Technologies, Inc., Class A<sup>(b)</sup> | 159831 | &nbsp;&nbsp; 43569931 |
| Xylem, Inc. | 615199 | &nbsp;&nbsp; 92802769 |
|  |  | &nbsp;&nbsp; 475352431 |
| **Software-6.91%** | **Software-6.91%** | **Software-6.91%** |
| Roper Technologies, Inc. | 330895 | &nbsp;&nbsp; 147628804 |
| **Trading Companies & Distributors-12.05%** | **Trading Companies & Distributors-12.05%** | **Trading Companies & Distributors-12.05%** |
| Core & Main, Inc., Class A<sup>(c)</sup> | 1345650 | &nbsp;&nbsp; 70216017 |
| Ferguson Enterprises, Inc. | 753466 | &nbsp;&nbsp; 187236301 |
|  |  | &nbsp;&nbsp; 257452318 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Water Utilities-11.98%** | **Water Utilities-11.98%** | **Water Utilities-11.98%** |
| American States Water Co. | 190950 | &nbsp;&nbsp; $13616645 |
| American Water Works Co., Inc. | 978489 | &nbsp;&nbsp; 125667342 |
| California Water Service Group | 278800 | &nbsp;&nbsp; 12373144 |
| Cia de Saneamento Basico do Estado de <br> Sao Paulo SABESP, ADR (Brazil)<sup>(b)</sup><br>| 809637 | &nbsp;&nbsp; 19868492 |
| Consolidated Water Co. Ltd.<sup>(b)</sup> | 95932 | &nbsp;&nbsp; 3262647 |
| Essential Utilities, Inc. | 1590526 | &nbsp;&nbsp; 62078230 |
| H2O America | 205687 | &nbsp;&nbsp; 9513024 |
| Middlesex Water Co. | 119601 | &nbsp;&nbsp; 6873469 |
| York Water Co. (The)<sup>(b)</sup> | 87659 | &nbsp;&nbsp; 2723565 |
|  |  | &nbsp;&nbsp; 255976558 |
| Total Common Stocks & Other Equity Interests <br>(Cost $1,624,319,723) | Total Common Stocks & Other Equity Interests <br>(Cost $1,624,319,723) | &nbsp;&nbsp; 2136206002 |
| **Money Market Funds-0.09%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $1,929,772)<br>| 1929772 | &nbsp;&nbsp; 1929772 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.05% <br>(Cost $1,626,249,495) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.05% <br>(Cost $1,626,249,495) | &nbsp;&nbsp; 2138135774 |
| **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-3.63%** | **Money Market Funds-3.63%** | **Money Market Funds-3.63%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 19988395 | &nbsp;&nbsp; 19988395 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 57489363 | &nbsp;&nbsp; 57506610 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $77,495,868) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $77,495,868) | &nbsp;&nbsp; 77495005 |
| TOTAL INVESTMENTS IN SECURITIES-103.68% <br>(Cost $1,703,745,363) | TOTAL INVESTMENTS IN SECURITIES-103.68% <br>(Cost $1,703,745,363) | &nbsp;&nbsp; 2215630779 |
| OTHER ASSETS LESS LIABILITIES-(3.68)% | OTHER ASSETS LESS LIABILITIES-(3.68)% | &nbsp;&nbsp; (78588936)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $2137041843 |

---

Investment Abbreviations: <br> ADR -American Depositary Receipt

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

------

**26**

------

**Invesco Water Resources ETF (PHO)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $1261782 | &nbsp;&nbsp; $18607884 | &nbsp;&nbsp; $(17939894)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1929772 | &nbsp;&nbsp; $36482 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 13670601 | &nbsp;&nbsp; 143162217 | &nbsp;&nbsp; (136844423)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 19988395 | &nbsp;&nbsp; 234,828<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 34437994 | &nbsp;&nbsp; 327727092 | &nbsp;&nbsp; (304661612)<br>| &nbsp;&nbsp; 1002 | &nbsp;&nbsp; 2134 | &nbsp;&nbsp; 57506610 | &nbsp;&nbsp; 617,197<br> \*<br>|
| Total | &nbsp;&nbsp; $49370377 | &nbsp;&nbsp; $489497193 | &nbsp;&nbsp; $(459445929)<br>| &nbsp;&nbsp; $1002 | &nbsp;&nbsp; $2134 | &nbsp;&nbsp; $79424777 | &nbsp;&nbsp; $888507 |

---

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

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

------

**27**

------

**Invesco WilderHill Clean Energy ETF (PBW)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.93%** | **Common Stocks & Other Equity Interests-99.93%** | **Common Stocks & Other Equity Interests-99.93%** |
| **Aerospace & Defense-1.64%** | **Aerospace & Defense-1.64%** | **Aerospace & Defense-1.64%** |
| Archer Aviation, Inc., Class A<sup>(b)</sup> | 927622 | &nbsp;&nbsp; $10407919 |
| **Automobile Components-5.34%** | **Automobile Components-5.34%** | **Automobile Components-5.34%** |
| Gentherm, Inc.<sup>(b)</sup> | 252756 | &nbsp;&nbsp; 9301421 |
| QuantumScape Corp.<sup>(b)</sup> | 666303 | &nbsp;&nbsp; 12286627 |
| Solid Power, Inc.<sup>(b)(c)</sup> | 1977255 | &nbsp;&nbsp; 12417161 |
|  |  | &nbsp;&nbsp; 34005209 |
| **Automobiles-7.08%** | **Automobiles-7.08%** | **Automobiles-7.08%** |
| NIO, Inc., ADR (China)<sup>(b)</sup> | 1296286 | &nbsp;&nbsp; 9398074 |
| Niu Technologies, ADR (China)<sup>(b)(c)</sup> | 2002891 | &nbsp;&nbsp; 8412142 |
| Rivian Automotive, Inc., Class A<sup>(b)</sup> | 587693 | &nbsp;&nbsp; 7974994 |
| Tesla, Inc.<sup>(b)</sup> | 20665 | &nbsp;&nbsp; 9434812 |
| XPeng, Inc., ADR (China)<sup>(b)(c)</sup> | 419197 | &nbsp;&nbsp; 9846938 |
|  |  | &nbsp;&nbsp; 45066960 |
| **Chemicals-5.97%** | **Chemicals-5.97%** | **Chemicals-5.97%** |
| Albemarle Corp. | 111532 | &nbsp;&nbsp; 10955788 |
| Aspen Aerogels, Inc.<sup>(b)</sup> | 1232548 | &nbsp;&nbsp; 10032941 |
| Corteva, Inc. | 112298 | &nbsp;&nbsp; 6899589 |
| Sociedad Quimica y Minera de Chile S.A., <br> ADR (Chile)<sup>(b)(c)</sup><br>| 206951 | &nbsp;&nbsp; 10138530 |
|  |  | &nbsp;&nbsp; 38026848 |
| **Construction & Engineering-6.36%** | **Construction & Engineering-6.36%** | **Construction & Engineering-6.36%** |
| Ameresco, Inc., Class A<sup>(b)</sup> | 279166 | &nbsp;&nbsp; 11032640 |
| Cadeler A/S, ADR (Denmark)<sup>(b)</sup> | 485146 | &nbsp;&nbsp; 8989755 |
| MYR Group, Inc.<sup>(b)</sup> | 47451 | &nbsp;&nbsp; 10330083 |
| Quanta Services, Inc. | 22545 | &nbsp;&nbsp; 10125636 |
|  |  | &nbsp;&nbsp; 40478114 |
| **Electrical Equipment-30.62%** | **Electrical Equipment-30.62%** | **Electrical Equipment-30.62%** |
| American Superconductor Corp.<sup>(b)</sup> | 137752 | &nbsp;&nbsp; 8159051 |
| Amprius Technologies, Inc.<sup>(b)</sup> | 742791 | &nbsp;&nbsp; 10465925 |
| Array Technologies, Inc.<sup>(b)</sup> | 1238801 | &nbsp;&nbsp; 10728017 |
| Ballard Power Systems, Inc. (Canada)<sup>(b)(c)</sup> | 3075669 | &nbsp;&nbsp; 10980138 |
| Bloom Energy Corp., Class A<sup>(b)</sup> | 102680 | &nbsp;&nbsp; 13570189 |
| Enovix Corp.<sup>(b)(c)</sup> | 859561 | &nbsp;&nbsp; 10306136 |
| Eos Energy Enterprises, Inc.<sup>(b)(c)</sup> | 870310 | &nbsp;&nbsp; 13951069 |
| Fluence Energy, Inc.<sup>(b)(c)</sup> | 840639 | &nbsp;&nbsp; 17653419 |
| FuelCell Energy, Inc.<sup>(b)(c)</sup> | 815993 | &nbsp;&nbsp; 7303137 |
| Hyliion Holdings Corp.<sup>(b)</sup> | 3748219 | &nbsp;&nbsp; 8883279 |
| Nextracker, Inc., Class A<sup>(b)</sup> | 139181 | &nbsp;&nbsp; 14087901 |
| Plug Power, Inc.<sup>(b)(c)</sup> | 3342775 | &nbsp;&nbsp; 8992065 |
| Powell Industries, Inc. | 29298 | &nbsp;&nbsp; 11232560 |
| Preformed Line Products Co. | 43524 | &nbsp;&nbsp; 9231876 |
| Shoals Technologies Group, Inc., Class A<sup>(b)</sup> | 1194760 | &nbsp;&nbsp; 12556928 |
| Sunrun, Inc.<sup>(b)</sup> | 505991 | &nbsp;&nbsp; 10504373 |
| T1 Energy, Inc. (Norway)<sup>(b)(c)</sup> | 4412098 | &nbsp;&nbsp; 16413005 |
|  |  | &nbsp;&nbsp; 195019068 |
| **Electronic Equipment, Instruments & Components-4.21%** | **Electronic Equipment, Instruments & Components-4.21%** | **Electronic Equipment, Instruments & Components-4.21%** |
| Advanced Energy Industries, Inc. | 50776 | &nbsp;&nbsp; 10293819 |
| Bel Fuse, Inc., Class B | 60513 | &nbsp;&nbsp; 9318397 |
| Itron, Inc.<sup>(b)</sup> | 71816 | &nbsp;&nbsp; 7205299 |
|  |  | &nbsp;&nbsp; 26817515 |
| **Food Products-1.26%** | **Food Products-1.26%** | **Food Products-1.26%** |
| Darling Ingredients, Inc.<sup>(b)</sup> | 250935 | &nbsp;&nbsp; 8042467 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Independent Power and Renewable Electricity Producers-4.95%** | **Independent Power and Renewable Electricity Producers-4.95%** | **Independent Power and Renewable Electricity Producers-4.95%** |
| Brookfield Renewable Corp. (Canada) | 260681 | &nbsp;&nbsp; $11277060 |
| Ormat Technologies, Inc. | 109949 | &nbsp;&nbsp; 11695275 |
| ReNew Energy Global PLC, Class A <br> (India)<sup>(b)</sup><br>| 1136679 | &nbsp;&nbsp; 8570560 |
|  |  | &nbsp;&nbsp; 31542895 |
| **Machinery-1.43%** | **Machinery-1.43%** | **Machinery-1.43%** |
| ESCO Technologies, Inc. | 41571 | &nbsp;&nbsp; 9123587 |
| **Metals & Mining-10.21%** | **Metals & Mining-10.21%** | **Metals & Mining-10.21%** |
| Atlas Lithium Corp. (Poland)<sup>(b)(c)</sup> | 577346 | &nbsp;&nbsp; 3088801 |
| Lifezone Metals Ltd. (Isle of Man)<sup>(b)(c)</sup> | 1661967 | &nbsp;&nbsp; 8259976 |
| Lithium Americas Corp. (Canada)<sup>(b)(c)</sup> | 2714071 | &nbsp;&nbsp; 14927390 |
| Lithium Argentina AG (Canada)<sup>(b)(c)</sup> | 2634238 | &nbsp;&nbsp; 11090142 |
| MP Materials Corp.<sup>(b)(c)</sup> | 121079 | &nbsp;&nbsp; 7638874 |
| Sigma Lithium Corp. (Brazil)<sup>(b)(c)</sup> | 1428444 | &nbsp;&nbsp; 9270602 |
| Standard Lithium Ltd. (Canada)<sup>(b)(c)</sup> | 2843324 | &nbsp;&nbsp; 10747765 |
|  |  | &nbsp;&nbsp; 65023550 |
| **Oil, Gas & Consumable Fuels-4.00%** | **Oil, Gas & Consumable Fuels-4.00%** | **Oil, Gas & Consumable Fuels-4.00%** |
| Gevo, Inc.<sup>(b)(c)</sup> | 3956333 | &nbsp;&nbsp; 9257819 |
| OPAL Fuels, Inc., Class A<sup>(b)(c)</sup> | 3305356 | &nbsp;&nbsp; 7965908 |
| REX American Resources Corp.<sup>(b)</sup> | 256683 | &nbsp;&nbsp; 8221557 |
|  |  | &nbsp;&nbsp; 25445284 |
| **Passenger Airlines-1.52%** | **Passenger Airlines-1.52%** | **Passenger Airlines-1.52%** |
| Joby Aviation, Inc.<sup>(b)</sup> | 558601 | &nbsp;&nbsp; 9686141 |
| **Semiconductors & Semiconductor Equipment-14.08%** | **Semiconductors & Semiconductor Equipment-14.08%** | **Semiconductors & Semiconductor Equipment-14.08%** |
| Canadian Solar, Inc. (Canada)<sup>(b)(c)</sup> | 800077 | &nbsp;&nbsp; 16609599 |
| Enphase Energy, Inc.<sup>(b)</sup> | 218716 | &nbsp;&nbsp; 6673025 |
| First Solar, Inc.<sup>(b)</sup> | 46349 | &nbsp;&nbsp; 12372402 |
| JinkoSolar Holding Co. Ltd., ADR (China) | 403301 | &nbsp;&nbsp; 10126888 |
| Monolithic Power Systems, Inc. | 9695 | &nbsp;&nbsp; 9743475 |
| Navitas Semiconductor Corp.<sup>(b)(c)</sup> | 1253240 | &nbsp;&nbsp; 16868610 |
| SolarEdge Technologies, Inc.<sup>(b)</sup> | 229698 | &nbsp;&nbsp; 8060103 |
| Universal Display Corp. | 62611 | &nbsp;&nbsp; 9221348 |
|  |  | &nbsp;&nbsp; 89675450 |
| **Specialty Retail-1.26%** | **Specialty Retail-1.26%** | **Specialty Retail-1.26%** |
| EVgo, Inc.<sup>(b)</sup> | 1954951 | &nbsp;&nbsp; 8034848 |
| Total Common Stocks & Other Equity Interests <br>(Cost $556,584,589) | Total Common Stocks & Other Equity Interests <br>(Cost $556,584,589) | &nbsp;&nbsp; 636395855 |
| **Money Market Funds-0.13%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $836,455)<br>| 836455 | &nbsp;&nbsp; 836455 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.06% <br>(Cost $557,421,044) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.06% <br>(Cost $557,421,044) | &nbsp;&nbsp; 637232310 |
| **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-20.54%** | **Money Market Funds-20.54%** | **Money Market Funds-20.54%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 34292375 | &nbsp;&nbsp; 34292375 |

---

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

------

**28**

------

**Invesco WilderHill Clean Energy ETF (PBW)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 96475294 | &nbsp;&nbsp; $96504237 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $130,796,612) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $130,796,612) | &nbsp;&nbsp; 130796612 |
| TOTAL INVESTMENTS IN SECURITIES-120.60% <br>(Cost $688,217,656) | TOTAL INVESTMENTS IN SECURITIES-120.60% <br>(Cost $688,217,656) | &nbsp;&nbsp; 768028922 |
| OTHER ASSETS LESS LIABILITIES-(20.60)% | OTHER ASSETS LESS LIABILITIES-(20.60)% | &nbsp;&nbsp; (131201039)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $636827883 |

---

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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $453923 | &nbsp;&nbsp; $4572135 | &nbsp;&nbsp; $(4189603)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $836455 | &nbsp;&nbsp; $8360 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 17006372 | &nbsp;&nbsp; 126626578 | &nbsp;&nbsp; (109340575)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 34292375 | &nbsp;&nbsp; 467,491<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 43541274 | &nbsp;&nbsp; 274968455 | &nbsp;&nbsp; (222013745)<br>| &nbsp;&nbsp; 2532 | &nbsp;&nbsp; 5721 | &nbsp;&nbsp; 96504237 | &nbsp;&nbsp; 1,263,595<br> \*<br>|
| Total | &nbsp;&nbsp; $61001569 | &nbsp;&nbsp; $406167168 | &nbsp;&nbsp; $(335543923)<br>| &nbsp;&nbsp; $2532 | &nbsp;&nbsp; $5721 | &nbsp;&nbsp; $131633067 | &nbsp;&nbsp; $1739446 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 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 | 11.87% |

---

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

------

**29**

------

**Statements of Assets and Liabilities**

October 31, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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; $6869413423 | &nbsp;&nbsp;&nbsp; $108874934 | &nbsp;&nbsp;&nbsp; $1375829154 | &nbsp;&nbsp;&nbsp; $326275167 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 367851186 | &nbsp;&nbsp;&nbsp; 3649909 | &nbsp;&nbsp;&nbsp; 149122696 | &nbsp;&nbsp;&nbsp; 85911441 |
| Due from broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 329 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Foreign currencies, at value | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 324665 |
| Receivable for: |  |  |  |  |
| Dividends | &nbsp;&nbsp; 1447442 | &nbsp;&nbsp;&nbsp; 118036 | &nbsp;&nbsp;&nbsp; 112369 | &nbsp;&nbsp;&nbsp; 72197 |
| Securities lending | &nbsp;&nbsp; 76014 | &nbsp;&nbsp;&nbsp; 861 | &nbsp;&nbsp;&nbsp; 18144 | &nbsp;&nbsp;&nbsp; 62926 |
| Investments sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 9 |
| 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; - | &nbsp;&nbsp;&nbsp; 754 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 501934 |
| **Total assets** | &nbsp;&nbsp; 7238788065 | &nbsp;&nbsp;&nbsp; 112644823 | &nbsp;&nbsp;&nbsp; 1525082363 | &nbsp;&nbsp;&nbsp; 413148339 |
| **Liabilities:** |  |  |  |  |
| Other investments: |  |  |  |  |
| Options written, at value | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 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; - |
| Due to broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 486 |
| Payable for: |  |  |  |  |
| Investments purchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 365366891 | &nbsp;&nbsp;&nbsp; 3615051 | &nbsp;&nbsp;&nbsp; 148259967 | &nbsp;&nbsp;&nbsp; 85872906 |
| Fund shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Accrued unitary management fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 37397 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Accrued advisory fees | &nbsp;&nbsp; 2866379 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 579286 | &nbsp;&nbsp;&nbsp; 141257 |
| Accrued trustees' and officer's fees | &nbsp;&nbsp; 135034 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 255543 | &nbsp;&nbsp;&nbsp; 130136 |
| Accrued expenses | &nbsp;&nbsp; 1273518 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 519255 | &nbsp;&nbsp;&nbsp; 122781 |
| Other payables | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Total liabilities** | &nbsp;&nbsp; 369641822 | &nbsp;&nbsp;&nbsp; 3652448 | &nbsp;&nbsp;&nbsp; 149614051 | &nbsp;&nbsp;&nbsp; 86267566 |
| **Net Assets** | &nbsp;&nbsp; $6869146243 | &nbsp;&nbsp;&nbsp; $108992375 | &nbsp;&nbsp;&nbsp; $1375468312 | &nbsp;&nbsp;&nbsp; $326880773 |
| **Net assets consist of:** |  |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $4695915783 | &nbsp;&nbsp;&nbsp; $174424656 | &nbsp;&nbsp;&nbsp; $1959624124 | &nbsp;&nbsp;&nbsp; $440310118 |
| Distributable earnings (loss) | &nbsp;&nbsp; 2173230460 | &nbsp;&nbsp;&nbsp; (65432281)<br>| &nbsp;&nbsp;&nbsp; (584155812)<br>| &nbsp;&nbsp;&nbsp; (113429345)<br>|
| **Net Assets** | &nbsp;&nbsp; $6869146243 | &nbsp;&nbsp;&nbsp; $108992375 | &nbsp;&nbsp;&nbsp; $1375468312 | &nbsp;&nbsp;&nbsp; $326880773 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 43530000 | &nbsp;&nbsp;&nbsp; 1472822 | &nbsp;&nbsp;&nbsp; 11310000 | &nbsp;&nbsp;&nbsp; 4889963 |
| Net asset value | &nbsp;&nbsp; $157.80 | &nbsp;&nbsp;&nbsp; $74.00 | &nbsp;&nbsp;&nbsp; $121.62 | &nbsp;&nbsp;&nbsp; $66.85 |
| Market price | &nbsp;&nbsp; $157.83 | &nbsp;&nbsp;&nbsp; $73.94 | &nbsp;&nbsp;&nbsp; $121.64 | &nbsp;&nbsp;&nbsp; $66.87 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $4792051299 | &nbsp;&nbsp;&nbsp; $104450829 | &nbsp;&nbsp;&nbsp; $1118415472 | &nbsp;&nbsp;&nbsp; $286108457 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $367852901 | &nbsp;&nbsp;&nbsp; $3650072 | &nbsp;&nbsp;&nbsp; $149123130 | &nbsp;&nbsp;&nbsp; $85912719 |
| Foreign currencies, at cost | &nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $328670 |
| 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; $367331982 | &nbsp;&nbsp;&nbsp; $3487940 | &nbsp;&nbsp;&nbsp; $147146878 | &nbsp;&nbsp;&nbsp; $82968670 |

---

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

------

**30**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>|
| $156121394 | &nbsp;&nbsp;&nbsp;&nbsp; $147329675 | &nbsp;&nbsp;&nbsp;&nbsp; $316589972 | &nbsp;&nbsp;&nbsp;&nbsp; $14896280951 | &nbsp;&nbsp;&nbsp;&nbsp; $80922324 | &nbsp;&nbsp;&nbsp;&nbsp; $2136206002 | &nbsp;&nbsp;&nbsp;&nbsp; $636395855 |
| 23392134 | &nbsp;&nbsp;&nbsp;&nbsp; 17859095 | &nbsp;&nbsp;&nbsp;&nbsp; 57354 | &nbsp;&nbsp;&nbsp;&nbsp; 66152598 | &nbsp;&nbsp;&nbsp;&nbsp; 3776507 | &nbsp;&nbsp;&nbsp;&nbsp; 79424777 | &nbsp;&nbsp;&nbsp;&nbsp; 131633067 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; 2967 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 32801 | &nbsp;&nbsp;&nbsp;&nbsp; 107766 | &nbsp;&nbsp;&nbsp;&nbsp; 236882 | &nbsp;&nbsp;&nbsp;&nbsp; 9712909 | &nbsp;&nbsp;&nbsp;&nbsp; 4743 | &nbsp;&nbsp;&nbsp;&nbsp; 1297703 | &nbsp;&nbsp;&nbsp;&nbsp; 2177 |
| 169881 | &nbsp;&nbsp;&nbsp;&nbsp; 19903 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 7518 | &nbsp;&nbsp;&nbsp;&nbsp; 488 | &nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp; 231518 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 21408743 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 4685169 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 4442710 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 18746815 |
| 1985 | &nbsp;&nbsp;&nbsp;&nbsp; 6038 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 680209 | &nbsp;&nbsp;&nbsp;&nbsp; 664 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; 21741 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 179718195 | &nbsp;&nbsp;&nbsp;&nbsp; 165347185 | &nbsp;&nbsp;&nbsp;&nbsp; 316884208 | &nbsp;&nbsp;&nbsp;&nbsp; 14998685638 | &nbsp;&nbsp;&nbsp;&nbsp; 84704726 | &nbsp;&nbsp;&nbsp;&nbsp; 2216935328 | &nbsp;&nbsp;&nbsp;&nbsp; 791694601 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 12291510 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 114306 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 4289 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; 36499 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 5962 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 21891 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 4429395 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 18740675 |
| 23260225 | &nbsp;&nbsp;&nbsp;&nbsp; 17653507 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 53783996 | &nbsp;&nbsp;&nbsp;&nbsp; 3714475 | &nbsp;&nbsp;&nbsp;&nbsp; 77495868 | &nbsp;&nbsp;&nbsp;&nbsp; 130796612 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 21473097 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 4686704 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 73487 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 67628 | &nbsp;&nbsp;&nbsp;&nbsp; 62070 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 1920144 | &nbsp;&nbsp;&nbsp;&nbsp; 33944 | &nbsp;&nbsp;&nbsp;&nbsp; 949234 | &nbsp;&nbsp;&nbsp;&nbsp; 246763 |
| 136579 | &nbsp;&nbsp;&nbsp;&nbsp; 92164 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 202935 | &nbsp;&nbsp;&nbsp;&nbsp; 13921 | &nbsp;&nbsp;&nbsp;&nbsp; 336683 | &nbsp;&nbsp;&nbsp;&nbsp; 177259 |
| 118408 | &nbsp;&nbsp;&nbsp;&nbsp; 81570 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 3441003 | &nbsp;&nbsp;&nbsp;&nbsp; 23430 | &nbsp;&nbsp;&nbsp;&nbsp; 1089809 | &nbsp;&nbsp;&nbsp;&nbsp; 214416 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 23588802 | &nbsp;&nbsp;&nbsp;&nbsp; 17926014 | &nbsp;&nbsp;&nbsp;&nbsp; 12479303 | &nbsp;&nbsp;&nbsp;&nbsp; 85250570 | &nbsp;&nbsp;&nbsp;&nbsp; 3785770 | &nbsp;&nbsp;&nbsp;&nbsp; 79893485 | &nbsp;&nbsp;&nbsp;&nbsp; 154866718 |
| $156129393 | &nbsp;&nbsp;&nbsp;&nbsp; $147421171 | &nbsp;&nbsp;&nbsp;&nbsp; $304404905 | &nbsp;&nbsp;&nbsp;&nbsp; $14913435068 | &nbsp;&nbsp;&nbsp;&nbsp; $80918956 | &nbsp;&nbsp;&nbsp;&nbsp; $2137041843 | &nbsp;&nbsp;&nbsp;&nbsp; $636827883 |
| $529421512 | &nbsp;&nbsp;&nbsp;&nbsp; $252503126 | &nbsp;&nbsp;&nbsp;&nbsp; $296205814 | &nbsp;&nbsp;&nbsp;&nbsp; $13466881176 | &nbsp;&nbsp;&nbsp;&nbsp; $212912525 | &nbsp;&nbsp;&nbsp;&nbsp; $1935150213 | &nbsp;&nbsp;&nbsp;&nbsp; $2216176465 |
| (373292119)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (105081955)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8199091 | &nbsp;&nbsp;&nbsp;&nbsp; 1446553892 | &nbsp;&nbsp;&nbsp;&nbsp; (131993569)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 201891630 | &nbsp;&nbsp;&nbsp;&nbsp; (1579348582)<br>|
| $156129393 | &nbsp;&nbsp;&nbsp;&nbsp; $147421171 | &nbsp;&nbsp;&nbsp;&nbsp; $304404905 | &nbsp;&nbsp;&nbsp;&nbsp; $14913435068 | &nbsp;&nbsp;&nbsp;&nbsp; $80918956 | &nbsp;&nbsp;&nbsp;&nbsp; $2137041843 | &nbsp;&nbsp;&nbsp;&nbsp; $636827883 |
| 4900000 | &nbsp;&nbsp;&nbsp;&nbsp; 3050000 | &nbsp;&nbsp;&nbsp;&nbsp; 13500000 | &nbsp;&nbsp;&nbsp;&nbsp; 201410000 | &nbsp;&nbsp;&nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp;&nbsp; 29920000 | &nbsp;&nbsp;&nbsp;&nbsp; 19018273 |
| $31.86 | &nbsp;&nbsp;&nbsp;&nbsp; $48.33 | &nbsp;&nbsp;&nbsp;&nbsp; $22.55 | &nbsp;&nbsp;&nbsp;&nbsp; $74.05 | &nbsp;&nbsp;&nbsp;&nbsp; $96.33 | &nbsp;&nbsp;&nbsp;&nbsp; $71.43 | &nbsp;&nbsp;&nbsp;&nbsp; $33.49 |
| $31.87 | &nbsp;&nbsp;&nbsp;&nbsp; $48.28 | &nbsp;&nbsp;&nbsp;&nbsp; $22.55 | &nbsp;&nbsp;&nbsp;&nbsp; $74.06 | &nbsp;&nbsp;&nbsp;&nbsp; $96.35 | &nbsp;&nbsp;&nbsp;&nbsp; $71.41 | &nbsp;&nbsp;&nbsp;&nbsp; $33.47 |
| $181090564 | &nbsp;&nbsp;&nbsp;&nbsp; $157637463 | &nbsp;&nbsp;&nbsp;&nbsp; $255083601 | &nbsp;&nbsp;&nbsp;&nbsp; $13366278227 | &nbsp;&nbsp;&nbsp;&nbsp; $60413747 | &nbsp;&nbsp;&nbsp;&nbsp; $1624319723 | &nbsp;&nbsp;&nbsp;&nbsp; $556584589 |
| $23392134 | &nbsp;&nbsp;&nbsp;&nbsp; $17859095 | &nbsp;&nbsp;&nbsp;&nbsp; $45231 | &nbsp;&nbsp;&nbsp;&nbsp; $66153451 | &nbsp;&nbsp;&nbsp;&nbsp; $3776548 | &nbsp;&nbsp;&nbsp;&nbsp; $79425640 | &nbsp;&nbsp;&nbsp;&nbsp; $131633067 |
| $- | &nbsp;&nbsp;&nbsp;&nbsp; $(36955)<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; $8048764 | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $- |
| $16676033 | &nbsp;&nbsp;&nbsp;&nbsp; $17058193 | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $52642471 | &nbsp;&nbsp;&nbsp;&nbsp; $3653950 | &nbsp;&nbsp;&nbsp;&nbsp; $75618320 | &nbsp;&nbsp;&nbsp;&nbsp; $132400404 |

---

------

**31**

------

**Statements of Operations**

For the six months ended October 31, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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; $40753606 | &nbsp;&nbsp;&nbsp; $1018379 | &nbsp;&nbsp;&nbsp; $5240133 | &nbsp;&nbsp;&nbsp; $5883285 |
| Affiliated dividend income | &nbsp;&nbsp; 89122 | &nbsp;&nbsp;&nbsp; 902 | &nbsp;&nbsp;&nbsp; 23640 | &nbsp;&nbsp;&nbsp; 5046 |
| Non-cash dividend income | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Securities lending income, net | &nbsp;&nbsp; 247833 | &nbsp;&nbsp;&nbsp; 4797 | &nbsp;&nbsp;&nbsp; 46157 | &nbsp;&nbsp;&nbsp; 303719 |
| Foreign withholding tax claims | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 157308 |
| Foreign withholding tax | &nbsp;&nbsp; (57096)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (339753)<br>|
| Total investment income | &nbsp;&nbsp; 41033465 | &nbsp;&nbsp;&nbsp; 1024078 | &nbsp;&nbsp;&nbsp; 5309930 | &nbsp;&nbsp;&nbsp; 6009605 |
| **Expenses:** |  |  |  |  |
| Unitary management fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 218695 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Advisory fees | &nbsp;&nbsp; 14989904 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3272365 | &nbsp;&nbsp;&nbsp; 774832 |
| Sub-licensing fees | &nbsp;&nbsp; 1800848 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 654468 | &nbsp;&nbsp;&nbsp; 154965 |
| Accounting & administration fees | &nbsp;&nbsp; 153030 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 49509 | &nbsp;&nbsp;&nbsp; 14600 |
| Professional fees | &nbsp;&nbsp; 22874 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 18181 | &nbsp;&nbsp;&nbsp; 17599 |
| Custodian & transfer agent fees | &nbsp;&nbsp; 13131 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5083 | &nbsp;&nbsp;&nbsp; 2401 |
| Trustees' and officer's fees | &nbsp;&nbsp; 31475 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 34354 | &nbsp;&nbsp;&nbsp; 18516 |
| Recapture (Note 3) | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Other expenses | &nbsp;&nbsp; 142880 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 27982 | &nbsp;&nbsp;&nbsp; 16880 |
| Total expenses | &nbsp;&nbsp; 17154142 | &nbsp;&nbsp;&nbsp; 218695 | &nbsp;&nbsp;&nbsp; 4061942 | &nbsp;&nbsp;&nbsp; 999793 |
| Less: Waivers | &nbsp;&nbsp; (2150)<br>| &nbsp;&nbsp;&nbsp; (22)<br>| &nbsp;&nbsp;&nbsp; (547)<br>| &nbsp;&nbsp;&nbsp; (121)<br>|
| Net expenses | &nbsp;&nbsp; 17151992 | &nbsp;&nbsp;&nbsp; 218673 | &nbsp;&nbsp;&nbsp; 4061395 | &nbsp;&nbsp;&nbsp; 999672 |
| Net investment income | &nbsp;&nbsp; 23881473 | &nbsp;&nbsp;&nbsp; 805405 | &nbsp;&nbsp;&nbsp; 1248535 | &nbsp;&nbsp;&nbsp; 5009933 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (4526677)<br>| &nbsp;&nbsp;&nbsp; 1799948 | &nbsp;&nbsp;&nbsp; 191252824 | &nbsp;&nbsp;&nbsp; 108080 |
| Affiliated investment securities | &nbsp;&nbsp; (1495)<br>| &nbsp;&nbsp;&nbsp; 346 | &nbsp;&nbsp;&nbsp; 4038 | &nbsp;&nbsp;&nbsp; 515 |
| Unaffiliated in-kind redemptions | &nbsp;&nbsp; 234461769 | &nbsp;&nbsp;&nbsp; 254645 | &nbsp;&nbsp;&nbsp; (27848954)<br>| &nbsp;&nbsp;&nbsp; - |
| 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; 26137 |
| Options written | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net realized gain (loss) | &nbsp;&nbsp; 229933597 | &nbsp;&nbsp;&nbsp; 2054939 | &nbsp;&nbsp;&nbsp; 163407908 | &nbsp;&nbsp;&nbsp; 134732 |
| Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 1246515678 | &nbsp;&nbsp;&nbsp; 6196127 | &nbsp;&nbsp;&nbsp; 94907483 | &nbsp;&nbsp;&nbsp; 14403066 |
| Affiliated investment securities | &nbsp;&nbsp; 16002 | &nbsp;&nbsp;&nbsp; (163)<br>| &nbsp;&nbsp;&nbsp; (94)<br>| &nbsp;&nbsp;&nbsp; 1430 |
| Foreign currencies | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (5983)<br>|
| Options written | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Change in net unrealized appreciation | &nbsp;&nbsp; 1246531680 | &nbsp;&nbsp;&nbsp; 6195964 | &nbsp;&nbsp;&nbsp; 94907389 | &nbsp;&nbsp;&nbsp; 14398513 |
| Net realized and unrealized gain | &nbsp;&nbsp; 1476465277 | &nbsp;&nbsp;&nbsp; 8250903 | &nbsp;&nbsp;&nbsp; 258315297 | &nbsp;&nbsp;&nbsp; 14533245 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $1500346750 | &nbsp;&nbsp;&nbsp; $9056308 | &nbsp;&nbsp;&nbsp; $259563832 | &nbsp;&nbsp;&nbsp; $19543178 |

---

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>|
| $959427 | &nbsp;&nbsp;&nbsp;&nbsp; $1429373 | &nbsp;&nbsp;&nbsp;&nbsp; $1435419 | &nbsp;&nbsp;&nbsp;&nbsp; $94763954 | &nbsp;&nbsp;&nbsp;&nbsp; $272567 | &nbsp;&nbsp;&nbsp;&nbsp; $12853267 | &nbsp;&nbsp;&nbsp;&nbsp; $609373 |
| 5464 | &nbsp;&nbsp;&nbsp;&nbsp; 5566 | &nbsp;&nbsp;&nbsp;&nbsp; 6408 | &nbsp;&nbsp;&nbsp;&nbsp; 231850 | &nbsp;&nbsp;&nbsp;&nbsp; 1111 | &nbsp;&nbsp;&nbsp;&nbsp; 36482 | &nbsp;&nbsp;&nbsp;&nbsp; 8360 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 340751 |
| 1308550 | &nbsp;&nbsp;&nbsp;&nbsp; 114206 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 59613 | &nbsp;&nbsp;&nbsp;&nbsp; 5520 | &nbsp;&nbsp;&nbsp;&nbsp; 23631 | &nbsp;&nbsp;&nbsp;&nbsp; 1643095 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; (107808)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (317)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (7315)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18048)<br>|
| 2273441 | &nbsp;&nbsp;&nbsp;&nbsp; 1441337 | &nbsp;&nbsp;&nbsp;&nbsp; 1441510 | &nbsp;&nbsp;&nbsp;&nbsp; 95055417 | &nbsp;&nbsp;&nbsp;&nbsp; 279198 | &nbsp;&nbsp;&nbsp;&nbsp; 12906065 | &nbsp;&nbsp;&nbsp;&nbsp; 2583531 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 335605 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 373290 | &nbsp;&nbsp;&nbsp;&nbsp; 359294 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 10957987 | &nbsp;&nbsp;&nbsp;&nbsp; 181317 | &nbsp;&nbsp;&nbsp;&nbsp; 5538330 | &nbsp;&nbsp;&nbsp;&nbsp; 906229 |
| 74658 | &nbsp;&nbsp;&nbsp;&nbsp; 36227 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 2922126 | &nbsp;&nbsp;&nbsp;&nbsp; 18132 | &nbsp;&nbsp;&nbsp;&nbsp; 830754 | &nbsp;&nbsp;&nbsp;&nbsp; 181245 |
| 11308 | &nbsp;&nbsp;&nbsp;&nbsp; 11777 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 388494 | &nbsp;&nbsp;&nbsp;&nbsp; 7878 | &nbsp;&nbsp;&nbsp;&nbsp; 79462 | &nbsp;&nbsp;&nbsp;&nbsp; 15997 |
| 18424 | &nbsp;&nbsp;&nbsp;&nbsp; 20212 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 34259 | &nbsp;&nbsp;&nbsp;&nbsp; 16023 | &nbsp;&nbsp;&nbsp;&nbsp; 19364 | &nbsp;&nbsp;&nbsp;&nbsp; 16482 |
| 2706 | &nbsp;&nbsp;&nbsp;&nbsp; 23038 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 24588 | &nbsp;&nbsp;&nbsp;&nbsp; 2402 | &nbsp;&nbsp;&nbsp;&nbsp; 7826 | &nbsp;&nbsp;&nbsp;&nbsp; 1789 |
| 18215 | &nbsp;&nbsp;&nbsp;&nbsp; 14118 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 59033 | &nbsp;&nbsp;&nbsp;&nbsp; 5493 | &nbsp;&nbsp;&nbsp;&nbsp; 45642 | &nbsp;&nbsp;&nbsp;&nbsp; 23542 |
| 10182 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 13824 | &nbsp;&nbsp;&nbsp;&nbsp; 24039 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 312992 | &nbsp;&nbsp;&nbsp;&nbsp; 9945 | &nbsp;&nbsp;&nbsp;&nbsp; 62431 | &nbsp;&nbsp;&nbsp;&nbsp; 37688 |
| 522607 | &nbsp;&nbsp;&nbsp;&nbsp; 488705 | &nbsp;&nbsp;&nbsp;&nbsp; 335605 | &nbsp;&nbsp;&nbsp;&nbsp; 14699479 | &nbsp;&nbsp;&nbsp;&nbsp; 241190 | &nbsp;&nbsp;&nbsp;&nbsp; 6583809 | &nbsp;&nbsp;&nbsp;&nbsp; 1182972 |
| (131)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21456)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (136)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3747077)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5504)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (882)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (201)<br>|
| 522476 | &nbsp;&nbsp;&nbsp;&nbsp; 467249 | &nbsp;&nbsp;&nbsp;&nbsp; 335469 | &nbsp;&nbsp;&nbsp;&nbsp; 10952402 | &nbsp;&nbsp;&nbsp;&nbsp; 235686 | &nbsp;&nbsp;&nbsp;&nbsp; 6582927 | &nbsp;&nbsp;&nbsp;&nbsp; 1182771 |
| 1750965 | &nbsp;&nbsp;&nbsp;&nbsp; 974088 | &nbsp;&nbsp;&nbsp;&nbsp; 1106041 | &nbsp;&nbsp;&nbsp;&nbsp; 84103015 | &nbsp;&nbsp;&nbsp;&nbsp; 43512 | &nbsp;&nbsp;&nbsp;&nbsp; 6323138 | &nbsp;&nbsp;&nbsp;&nbsp; 1400760 |
| (7432793)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6335334)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3202749)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (194529855)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4394493 | &nbsp;&nbsp;&nbsp;&nbsp; (5868249)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (60986253)<br>|
| (209)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 501 | &nbsp;&nbsp;&nbsp;&nbsp; (6028)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (274)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 539 | &nbsp;&nbsp;&nbsp;&nbsp; 2134 | &nbsp;&nbsp;&nbsp;&nbsp; 5721 |
| 2223070 | &nbsp;&nbsp;&nbsp;&nbsp; (360023)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4036393 | &nbsp;&nbsp;&nbsp;&nbsp; 840796022 | &nbsp;&nbsp;&nbsp;&nbsp; 1931312 | &nbsp;&nbsp;&nbsp;&nbsp; 46950543 | &nbsp;&nbsp;&nbsp;&nbsp; 84664792 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; (3545)<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; (22810974)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| (5209932)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6698401)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21983120)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 646265893 | &nbsp;&nbsp;&nbsp;&nbsp; 6326344 | &nbsp;&nbsp;&nbsp;&nbsp; 41084428 | &nbsp;&nbsp;&nbsp;&nbsp; 23684260 |
| 31090762 | &nbsp;&nbsp;&nbsp;&nbsp; 36354435 | &nbsp;&nbsp;&nbsp;&nbsp; 43164223 | &nbsp;&nbsp;&nbsp;&nbsp; 854953601 | &nbsp;&nbsp;&nbsp;&nbsp; 12613972 | &nbsp;&nbsp;&nbsp;&nbsp; 148146888 | &nbsp;&nbsp;&nbsp;&nbsp; 245438227 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; 1601 | &nbsp;&nbsp;&nbsp;&nbsp; 25798 | &nbsp;&nbsp;&nbsp;&nbsp; 3473 | &nbsp;&nbsp;&nbsp;&nbsp; 351 | &nbsp;&nbsp;&nbsp;&nbsp; 1002 | &nbsp;&nbsp;&nbsp;&nbsp; 2532 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; (5428)<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; (587293)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 31090762 | &nbsp;&nbsp;&nbsp;&nbsp; 36350608 | &nbsp;&nbsp;&nbsp;&nbsp; 42602728 | &nbsp;&nbsp;&nbsp;&nbsp; 854957074 | &nbsp;&nbsp;&nbsp;&nbsp; 12614323 | &nbsp;&nbsp;&nbsp;&nbsp; 148147890 | &nbsp;&nbsp;&nbsp;&nbsp; 245440759 |
| 25880830 | &nbsp;&nbsp;&nbsp;&nbsp; 29652207 | &nbsp;&nbsp;&nbsp;&nbsp; 20619608 | &nbsp;&nbsp;&nbsp;&nbsp; 1501222967 | &nbsp;&nbsp;&nbsp;&nbsp; 18940667 | &nbsp;&nbsp;&nbsp;&nbsp; 189232318 | &nbsp;&nbsp;&nbsp;&nbsp; 269125019 |
| $27631795 | &nbsp;&nbsp;&nbsp;&nbsp; $30626295 | &nbsp;&nbsp;&nbsp;&nbsp; $21725649 | &nbsp;&nbsp;&nbsp;&nbsp; $1585325982 | &nbsp;&nbsp;&nbsp;&nbsp; $18984179 | &nbsp;&nbsp;&nbsp;&nbsp; $195555456 | &nbsp;&nbsp;&nbsp;&nbsp; $270525779 |

---

------

**33**

------

**Statements of Changes in Net Assets**

For the six months ended October 31, 2025 and the year ended April 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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)** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $23881473 | &nbsp;&nbsp;&nbsp; $22826436 | &nbsp;&nbsp;&nbsp; $805405 | &nbsp;&nbsp;&nbsp; $3044066 |
| Net realized gain (loss) | &nbsp;&nbsp; 229933597 | &nbsp;&nbsp;&nbsp; 438078107 | &nbsp;&nbsp;&nbsp; 2054939 | &nbsp;&nbsp;&nbsp; 3853733 |
| Change in net unrealized appreciation <br> (depreciation)<br>| &nbsp;&nbsp; 1246531680 | &nbsp;&nbsp;&nbsp; 278871019 | &nbsp;&nbsp;&nbsp; 6195964 | &nbsp;&nbsp;&nbsp; 508621 |
| Net increase (decrease) in net assets resulting <br> from operations<br>| &nbsp;&nbsp; 1500346750 | &nbsp;&nbsp;&nbsp; 739775562 | &nbsp;&nbsp;&nbsp; 9056308 | &nbsp;&nbsp;&nbsp; 7406420 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (25628862)<br>| &nbsp;&nbsp;&nbsp; (23576409)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (1377581)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 1052120018 | &nbsp;&nbsp;&nbsp; 1855830446 | &nbsp;&nbsp;&nbsp; 704398 | &nbsp;&nbsp;&nbsp; 72437051 |
| Value of shares repurchased | &nbsp;&nbsp; (372589757)<br>| &nbsp;&nbsp;&nbsp; (976292704)<br>| &nbsp;&nbsp;&nbsp; (4322518)<br>| &nbsp;&nbsp;&nbsp; (85617012)<br>|
| Net increase (decrease) in net assets resulting <br> from share transactions<br>| &nbsp;&nbsp; 679530261 | &nbsp;&nbsp;&nbsp; 879537742 | &nbsp;&nbsp;&nbsp; (3618120)<br>| &nbsp;&nbsp;&nbsp; (13179961)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 2154248149 | &nbsp;&nbsp;&nbsp; 1595736895 | &nbsp;&nbsp;&nbsp; 5438188 | &nbsp;&nbsp;&nbsp; (7151122)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 4714898094 | &nbsp;&nbsp;&nbsp; 3119161199 | &nbsp;&nbsp;&nbsp; 103554187 | &nbsp;&nbsp;&nbsp; 110705309 |
| End of period | &nbsp;&nbsp; $6869146243 | &nbsp;&nbsp;&nbsp; $4714898094 | &nbsp;&nbsp;&nbsp; $108992375 | &nbsp;&nbsp;&nbsp; $103554187 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 7340000 | &nbsp;&nbsp;&nbsp; 16370000 | &nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 1010000 |
| Shares repurchased | &nbsp;&nbsp; (2540000)<br>| &nbsp;&nbsp;&nbsp; (8480000)<br>| &nbsp;&nbsp;&nbsp; (60000)<br>| &nbsp;&nbsp;&nbsp; (1210000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 38730000 | &nbsp;&nbsp;&nbsp; 30840000 | &nbsp;&nbsp;&nbsp; 1522822 | &nbsp;&nbsp;&nbsp; 1722822 |
| Shares outstanding, end of period | &nbsp;&nbsp; 43530000 | &nbsp;&nbsp;&nbsp; 38730000 | &nbsp;&nbsp;&nbsp; 1472822 | &nbsp;&nbsp;&nbsp; 1522822 |

---

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

------

**34**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| $1248535 | &nbsp;&nbsp; $1018829 | &nbsp;&nbsp; $5009933 | &nbsp;&nbsp; $6383013 | &nbsp;&nbsp; $1750965 | &nbsp;&nbsp; $3513953 | &nbsp;&nbsp; $974088 | &nbsp;&nbsp; $1791554 |
| 163407908 | &nbsp;&nbsp; 190265092 | &nbsp;&nbsp; 134732 | &nbsp;&nbsp; (4028476)<br>| &nbsp;&nbsp; (5209932)<br>| &nbsp;&nbsp; (5999879)<br>| &nbsp;&nbsp; (6698401)<br>| &nbsp;&nbsp; (29287119)<br>|
| 94907389 | &nbsp;&nbsp; (102698516)<br>| &nbsp;&nbsp; 14398513 | &nbsp;&nbsp; 16944560 | &nbsp;&nbsp; 31090762 | &nbsp;&nbsp; 13887482 | &nbsp;&nbsp; 36350608 | &nbsp;&nbsp; 25474200 |
| 259563832 | &nbsp;&nbsp; 88585405 | &nbsp;&nbsp; 19543178 | &nbsp;&nbsp; 19299097 | &nbsp;&nbsp; 27631795 | &nbsp;&nbsp; 11401556 | &nbsp;&nbsp; 30626295 | &nbsp;&nbsp; (2021365)<br>|
| (1800430)<br>| &nbsp;&nbsp; (2211301)<br>| &nbsp;&nbsp; (9794231)<br>| &nbsp;&nbsp; (21054416)<br>| &nbsp;&nbsp; (3457910)<br>| &nbsp;&nbsp; (7683520)<br>| &nbsp;&nbsp; (1350441)<br>| &nbsp;&nbsp; (1537286)<br>|
| 713181180 | &nbsp;&nbsp; 1091754696 | &nbsp;&nbsp; 81895359 | &nbsp;&nbsp; 50922891 | &nbsp;&nbsp; 5291645 | &nbsp;&nbsp; 47731342 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| (780644958)<br>| &nbsp;&nbsp; (1180877913)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (50901124)<br>| &nbsp;&nbsp; (15243454)<br>| &nbsp;&nbsp; (56944540)<br>| &nbsp;&nbsp; (19807956)<br>| &nbsp;&nbsp; (39293300)<br>|
| (67463778)<br>| &nbsp;&nbsp; (89123217)<br>| &nbsp;&nbsp; 81895359 | &nbsp;&nbsp; 21767 | &nbsp;&nbsp; (9951809)<br>| &nbsp;&nbsp; (9213198)<br>| &nbsp;&nbsp; (19807956)<br>| &nbsp;&nbsp; (39293300)<br>|
| 190299624 | &nbsp;&nbsp; (2749113)<br>| &nbsp;&nbsp; 91644306 | &nbsp;&nbsp; (1733552)<br>| &nbsp;&nbsp; 14222076 | &nbsp;&nbsp; (5495162)<br>| &nbsp;&nbsp; 9467898 | &nbsp;&nbsp; (42851951)<br>|
| 1185168688 | &nbsp;&nbsp; 1187917801 | &nbsp;&nbsp; 235236467 | &nbsp;&nbsp; 236970019 | &nbsp;&nbsp; 141907317 | &nbsp;&nbsp; 147402479 | &nbsp;&nbsp; 137953273 | &nbsp;&nbsp; 180805224 |
| $1375468312 | &nbsp;&nbsp; $1185168688 | &nbsp;&nbsp; $326880773 | &nbsp;&nbsp; $235236467 | &nbsp;&nbsp; $156129393 | &nbsp;&nbsp; $141907317 | &nbsp;&nbsp; $147421171 | &nbsp;&nbsp; $137953273 |
| 6430000 | &nbsp;&nbsp; 10590000 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| (6950000)<br>| &nbsp;&nbsp; (11580000)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (800000)<br>| &nbsp;&nbsp; (530000)<br>| &nbsp;&nbsp; (2300000)<br>| &nbsp;&nbsp; (450000)<br>| &nbsp;&nbsp; (950000)<br>|
| 11830000 | &nbsp;&nbsp; 12820000 | &nbsp;&nbsp; 3689963 | &nbsp;&nbsp; 3739963 | &nbsp;&nbsp; 5270000 | &nbsp;&nbsp; 5920000 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 4450000 |
| 11310000 | &nbsp;&nbsp; 11830000 | &nbsp;&nbsp; 4889963 | &nbsp;&nbsp; 3689963 | &nbsp;&nbsp; 4900000 | &nbsp;&nbsp; 5270000 | &nbsp;&nbsp; 3050000 | &nbsp;&nbsp; 3500000 |

---

------

**35**

------

**Statements of Changes in Net Assets—(continued)**

For the six months ended October 31, 2025 and the year ended April 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P 500** <br>**BuyWrite ETF (PBP)** | **Invesco S&P 500** <br>**BuyWrite ETF (PBP)** | **Invesco S&P 500**<sup>®</sup> **Quality** <br>**ETF (SPHQ)** | **Invesco S&P 500**<sup>®</sup> **Quality** <br>**ETF (SPHQ)** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $1106041 | &nbsp;&nbsp;&nbsp; $1132256 | &nbsp;&nbsp;&nbsp; $84103015 | &nbsp;&nbsp;&nbsp; $127810589 |
| Net realized gain (loss) | &nbsp;&nbsp; (21983120)<br>| &nbsp;&nbsp;&nbsp; 9791188 | &nbsp;&nbsp;&nbsp; 646265893 | &nbsp;&nbsp;&nbsp; 1934112815 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 42602728 | &nbsp;&nbsp;&nbsp; (4883940)<br>| &nbsp;&nbsp;&nbsp; 854957074 | &nbsp;&nbsp;&nbsp; (692829991)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 21725649 | &nbsp;&nbsp;&nbsp; 6039504 | &nbsp;&nbsp;&nbsp; 1585325982 | &nbsp;&nbsp;&nbsp; 1369093413 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (11799026)<br>| &nbsp;&nbsp;&nbsp; (4755594)<br>| &nbsp;&nbsp;&nbsp; (78338597)<br>| &nbsp;&nbsp;&nbsp; (129366396)<br>|
| Return of capital | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (6116501)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total distributions to shareholders | &nbsp;&nbsp; (11799026)<br>| &nbsp;&nbsp;&nbsp; (10872095)<br>| &nbsp;&nbsp;&nbsp; (78338597)<br>| &nbsp;&nbsp;&nbsp; (129366396)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 169211676 | &nbsp;&nbsp;&nbsp; 62227637 | &nbsp;&nbsp;&nbsp; 5729970020 | &nbsp;&nbsp;&nbsp; 9296703199 |
| Value of shares repurchased | &nbsp;&nbsp; (8774869)<br>| &nbsp;&nbsp;&nbsp; (21053983)<br>| &nbsp;&nbsp;&nbsp; (4727515945)<br>| &nbsp;&nbsp;&nbsp; (6750762992)<br>|
| Net increase (decrease) in net assets resulting from share <br> transactions<br>| &nbsp;&nbsp; 160436807 | &nbsp;&nbsp;&nbsp; 41173654 | &nbsp;&nbsp;&nbsp; 1002454075 | &nbsp;&nbsp;&nbsp; 2545940207 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; 170363430 | &nbsp;&nbsp;&nbsp; 36341063 | &nbsp;&nbsp;&nbsp; 2509441460 | &nbsp;&nbsp;&nbsp; 3785667224 |
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 134041475 | &nbsp;&nbsp;&nbsp; 97700412 | &nbsp;&nbsp;&nbsp; 12403993608 | &nbsp;&nbsp;&nbsp; 8618326384 |
| End of period | &nbsp;&nbsp; $304404905 | &nbsp;&nbsp;&nbsp; $134041475 | &nbsp;&nbsp;&nbsp; $14913435068 | &nbsp;&nbsp;&nbsp; $12403993608 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 7700000 | &nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp; 81510000 | &nbsp;&nbsp;&nbsp; 141210000 |
| Shares repurchased | &nbsp;&nbsp; (400000)<br>| &nbsp;&nbsp;&nbsp; (950000)<br>| &nbsp;&nbsp;&nbsp; (67460000)<br>| &nbsp;&nbsp;&nbsp; (101660000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 6200000 | &nbsp;&nbsp;&nbsp; 4450000 | &nbsp;&nbsp;&nbsp; 187360000 | &nbsp;&nbsp;&nbsp; 147810000 |
| Shares outstanding, end of period | &nbsp;&nbsp; 13500000 | &nbsp;&nbsp;&nbsp; 6200000 | &nbsp;&nbsp;&nbsp; 201410000 | &nbsp;&nbsp;&nbsp; 187360000 |

---

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

------

**36**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Invesco S&P Spin-Off** <br>**ETF (CSD)** | **Invesco S&P Spin-Off** <br>**ETF (CSD)** | **Invesco Water Resources** <br>**ETF (PHO)** | **Invesco Water Resources** <br>**ETF (PHO)** | **Invesco WilderHill Clean** <br>**Energy ETF (PBW)** | **Invesco WilderHill Clean** <br>**Energy ETF (PBW)** |
| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| $43512 | &nbsp;&nbsp;&nbsp; $127507 | &nbsp;&nbsp;&nbsp; $6323138 | &nbsp;&nbsp;&nbsp; $10574015 | &nbsp;&nbsp;&nbsp; $1400760 | &nbsp;&nbsp;&nbsp; $4641453 |
| 6326344 | &nbsp;&nbsp;&nbsp; 6620348 | &nbsp;&nbsp;&nbsp; 41084428 | &nbsp;&nbsp;&nbsp; 127458245 | &nbsp;&nbsp;&nbsp; 23684260 | &nbsp;&nbsp;&nbsp; (278129567)<br>|
| 12614323 | &nbsp;&nbsp;&nbsp; (3729654)<br>| &nbsp;&nbsp;&nbsp; 148147890 | &nbsp;&nbsp;&nbsp; (92148343)<br>| &nbsp;&nbsp;&nbsp; 245440759 | &nbsp;&nbsp;&nbsp; 203801846 |
| 18984179 | &nbsp;&nbsp;&nbsp; 3018201 | &nbsp;&nbsp;&nbsp; 195555456 | &nbsp;&nbsp;&nbsp; 45883917 | &nbsp;&nbsp;&nbsp; 270525779 | &nbsp;&nbsp;&nbsp; (69686268)<br>|
| - | &nbsp;&nbsp;&nbsp; (130426)<br>| &nbsp;&nbsp;&nbsp; (6200314)<br>| &nbsp;&nbsp;&nbsp; (10778801)<br>| &nbsp;&nbsp;&nbsp; (1731201)<br>| &nbsp;&nbsp;&nbsp; (6224546)<br>|
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; (130426)<br>| &nbsp;&nbsp;&nbsp; (6200314)<br>| &nbsp;&nbsp;&nbsp; (10778801)<br>| &nbsp;&nbsp;&nbsp; (1731201)<br>| &nbsp;&nbsp;&nbsp; (6224546)<br>|
| 5277114 | &nbsp;&nbsp;&nbsp; 23452998 | &nbsp;&nbsp;&nbsp; 10054616 | &nbsp;&nbsp;&nbsp; 408693901 | &nbsp;&nbsp;&nbsp; 440719801 | &nbsp;&nbsp;&nbsp; 284162773 |
| (5043260)<br>| &nbsp;&nbsp;&nbsp; (20653272)<br>| &nbsp;&nbsp;&nbsp; (120267668)<br>| &nbsp;&nbsp;&nbsp; (445952061)<br>| &nbsp;&nbsp;&nbsp; (293511779)<br>| &nbsp;&nbsp;&nbsp; (289149886)<br>|
| 233854 | &nbsp;&nbsp;&nbsp; 2799726 | &nbsp;&nbsp;&nbsp; (110213052)<br>| &nbsp;&nbsp;&nbsp; (37258160)<br>| &nbsp;&nbsp;&nbsp; 147208022 | &nbsp;&nbsp;&nbsp; (4987113)<br>|
| 19218033 | &nbsp;&nbsp;&nbsp; 5687501 | &nbsp;&nbsp;&nbsp; 79142090 | &nbsp;&nbsp;&nbsp; (2153044)<br>| &nbsp;&nbsp;&nbsp; 416002600 | &nbsp;&nbsp;&nbsp; (80897927)<br>|
| 61700923 | &nbsp;&nbsp;&nbsp; 56013422 | &nbsp;&nbsp;&nbsp; 2057899753 | &nbsp;&nbsp;&nbsp; 2060052797 | &nbsp;&nbsp;&nbsp; 220825283 | &nbsp;&nbsp;&nbsp; 301723210 |
| $80918956 | &nbsp;&nbsp;&nbsp; $61700923 | &nbsp;&nbsp;&nbsp; $2137041843 | &nbsp;&nbsp;&nbsp; $2057899753 | &nbsp;&nbsp;&nbsp; $636827883 | &nbsp;&nbsp;&nbsp; $220825283 |
| 60000 | &nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp; 6060000 | &nbsp;&nbsp;&nbsp; 17310000 | &nbsp;&nbsp;&nbsp; 14280000 |
| (60000)<br>| &nbsp;&nbsp;&nbsp; (270000)<br>| &nbsp;&nbsp;&nbsp; (1680000)<br>| &nbsp;&nbsp;&nbsp; (6680000)<br>| &nbsp;&nbsp;&nbsp; (12450000)<br>| &nbsp;&nbsp;&nbsp; (14950000)<br>|
| 840000 | &nbsp;&nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp; 31460000 | &nbsp;&nbsp;&nbsp; 32080000 | &nbsp;&nbsp;&nbsp; 14158273 | &nbsp;&nbsp;&nbsp; 14828273 |
| 840000 | &nbsp;&nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp; 29920000 | &nbsp;&nbsp;&nbsp; 31460000 | &nbsp;&nbsp;&nbsp; 19018273 | &nbsp;&nbsp;&nbsp; 14158273 |

---

------

**37**

------

**Financial Highlights**

Invesco Aerospace & Defense ETF (PPA)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $53.88 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &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 <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;36.09 | &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;36.67 | &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; (0.61)<br>| &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 period | &nbsp;&nbsp;&nbsp; $157.80 | &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 period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $157.83 | &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; 30.15<br> %<br>| &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; 30.18<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $6869146 | &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; 0.57 %<sup>(d)</sup><br>| &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; 0.80 %<sup>(d)</sup><br>| &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>(e)</sup> | &nbsp;&nbsp;&nbsp; 5<br> %<br>| &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> Annualized.

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

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

------

**38**

------

**Financial Highlights—(continued)**

Invesco Bloomberg Analyst Rating Improvers ETF (UPGD)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $34.18 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &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;5.46 | &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;6.00 | &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; - | &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 period | &nbsp;&nbsp;&nbsp; $74.00 | &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 period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $73.94 | &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; 8.82<br> %<br>| &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>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.83<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $108992 | &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 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75 %<sup>(e)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.47 %<sup>(d)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 93<br> %<br>| &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> 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. 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.

------

**39**

------

**Financial Highlights—(continued)**

Invesco Dorsey Wright Momentum ETF (PDP)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $60.60 |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &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 <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.49 | &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;21.60 | &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; (0.16)<br>| &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 period | &nbsp;&nbsp;&nbsp; $121.62 | &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 period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $121.64 | &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; 21.57<br> %<br>| &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; 21.79<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $1375468 | &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 %<sup>(d)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 0.19 %<sup>(d)</sup><br>| &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>(e)</sup> | &nbsp;&nbsp;&nbsp; 79<br> %<br>| &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> 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 Global Listed Private Equity ETF (PSP)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **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 period | &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 | &nbsp;&nbsp;&nbsp; $46.55 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &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;4.22 | &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;5.34 | &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; (2.24)<br>| &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 period | &nbsp;&nbsp;&nbsp; $66.85 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $66.87 | &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; 8.40<br> %<br>| &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; 8.78<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $326881 | &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 %<sup>(f)</sup><br>| &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 %<sup>(f)</sup><br>| &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; 3.23 %<sup>(f)</sup><br>| &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>(g)</sup> | &nbsp;&nbsp;&nbsp; 13<br> %<br>| &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> 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.

------

**41**

------

**Financial Highlights—(continued)**

Invesco Golden Dragon China ETF (PGJ)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $40.36 |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &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;5.28 | &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;5.63 | &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; (0.70)<br>| &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 period | &nbsp;&nbsp;&nbsp; $31.86 | &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 period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $31.87 | &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; 20.96<br> %<br>| &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; 21.00<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $156129 | &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 %<sup>(d)</sup><br>| &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 %<sup>(d)</sup><br>| &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; 2.35 %<sup>(d)</sup><br>| &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>(e)</sup> | &nbsp;&nbsp;&nbsp; 13<br> %<br>| &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> 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 MSCI Sustainable Future ETF (ERTH)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $42.68 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &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;&nbsp;9.04 | &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;&nbsp;9.34 | &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; (0.43)<br>| &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; - | &nbsp;&nbsp;&nbsp; (9.65)<br>| &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (0.43)<br>| &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 period | &nbsp;&nbsp;&nbsp; $48.33 | &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 period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $48.28 | &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;&nbsp; 23.79<br> %<br>| &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>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24.22<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $147421 | &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 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61 %<sup>(e)</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; 0.68 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62 %<sup>(e)</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; 1.36 %<sup>(d)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 9<br> %<br>| &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> 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 S&P 500 BuyWrite ETF (PBP)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $17.45 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &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;1.94 | &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;2.05 | &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; (1.12)<br>| &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; - | &nbsp;&nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp;&nbsp; - |
| Return of capital | &nbsp;&nbsp;&nbsp; - | &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; (1.12)<br>| &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 period | &nbsp;&nbsp;&nbsp; $22.55 | &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 period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $22.55 | &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; 9.77<br> %<br>| &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; 9.92<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $304405 | &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 %<sup>(d)</sup><br>| &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; 0.96 %<sup>(d)</sup><br>| &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>(e)</sup> | &nbsp;&nbsp;&nbsp; 31<br> %<br>| &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> 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 500<sup>®</sup> Quality ETF (SPHQ)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $33.61 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &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 <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.82 | &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;8.24 | &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; (0.39)<br>| &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 period | &nbsp;&nbsp;&nbsp; $74.05 | &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 period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $74.06 | &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; 12.47<br> %<br>| &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>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12.62<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $14913435 | &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 %<sup>(d)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.20 %<sup>(d)</sup><br>| &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 %<sup>(d)</sup><br>| &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>(e)</sup> | &nbsp;&nbsp;&nbsp; 20<br> %<br>| &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> 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 Spin-Off ETF (CSD)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $34.38 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &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;22.83 | &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;22.88 | &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; - | &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 period | &nbsp;&nbsp;&nbsp; $96.33 | &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 period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $96.35 | &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; 31.15<br> %<br>| &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; 31.18<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $80919 | &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 %<sup>(d)</sup><br>| &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 %<sup>(d)</sup><br>| &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; 0.12 %<sup>(d)</sup><br>| &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>(e)</sup> | &nbsp;&nbsp;&nbsp; 46<br> %<br>| &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> 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.

------

**46**

------

**Financial Highlights—(continued)**

Invesco Water Resources ETF (PHO)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $34.44 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &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 <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.02 | &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;6.22 | &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; (0.20)<br>| &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 period | &nbsp;&nbsp;&nbsp; $71.43 | &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 period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $71.41 | &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; 9.51<br> %<br>| &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; 9.51<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $2137042 | &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 %<sup>(d)</sup><br>| &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; 0.57 %<sup>(d)</sup><br>| &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>(e)</sup> | &nbsp;&nbsp;&nbsp; 20<br> %<br>| &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> 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.

------

**47**

------

**Financial Highlights—(continued)**

Invesco WilderHill Clean Energy ETF (PBW)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $31.91 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &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;&nbsp;17.92 | &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;&nbsp;18.01 | &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; (0.12)<br>| &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 period | &nbsp;&nbsp;&nbsp; $33.49 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $33.47 | &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;&nbsp; 115.64<br> %<br>| &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;&nbsp; 115.85<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $636828 | &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; 0.65 %<sup>(e)</sup><br>| &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; 0.77 %<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 31<br> %<br>| &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>|

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<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> Annualized.

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

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

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**Notes to Financial Statements**

Invesco Exchange-Traded Fund Trust

October 31, 2025

*(Unaudited)*

**NOTE 1—Organization**

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

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| | |
|:---|:---|
| **Full Name** | **Short Name** |
| Invesco 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" |

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Each portfolio (each, a "Fund", and collectively, the "Funds") represents a separate series of the Trust. The shares of the Funds are referred to herein as "Shares" or "Fund's Shares." Each Fund's Shares are listed and traded on the following exchanges:

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

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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.

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

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| | |
|:---|:---|
| **Fund** | **Underlying Index** |
| 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 |

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**NOTE 2—Significant Accounting Policies**

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

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("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

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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.

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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 six months ended October 31, 2025, the Funds did not enter into any closing agreements.

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&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** — Each Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. 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.

**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

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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 ("BNY") 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 six months ended October 31, 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:

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| | |
|:---|:---|
|  | **Amount** |
| Aerospace & Defense ETF | &nbsp;&nbsp; $11620 |
| Bloomberg Analyst Rating Improvers ETF | &nbsp;&nbsp; 473 |
| Dorsey Wright Momentum ETF | &nbsp;&nbsp; 2296 |
| Global Listed Private Equity ETF | &nbsp;&nbsp; 23006 |
| Golden Dragon China ETF | &nbsp;&nbsp; 114548 |
| MSCI Sustainable Future ETF | &nbsp;&nbsp; 4080 |
| S&P 500<sup>®</sup> Quality ETF | &nbsp;&nbsp; 3256 |
| S&P Spin-Off ETF | &nbsp;&nbsp; 490 |
| Water Resources ETF | &nbsp;&nbsp; 1567 |
| WilderHill Clean Energy ETF | &nbsp;&nbsp; 161829 |

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**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 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

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**54**

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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.** **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

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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 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. Equity risk also includes the risk of large-capitalization companies, which may adapt more slowly to new competitive challenges or may be more mature and subject to more limited growth potential, and consequently may underperform other segments of the equity market or the market as a whole. 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

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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.

*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

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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.

*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.

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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 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, 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 six months ended October 31, 2025, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

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| | |
|:---|:---|
| Aerospace & Defense ETF | &nbsp;&nbsp;&nbsp; $2150 |
| Bloomberg Analyst Rating Improvers ETF | &nbsp;&nbsp;&nbsp; 22 |
| Dorsey Wright Momentum ETF | &nbsp;&nbsp;&nbsp; 547 |
| Global Listed Private Equity ETF | &nbsp;&nbsp;&nbsp; 121 |
| Golden Dragon China ETF | &nbsp;&nbsp;&nbsp; 131 |
| MSCI Sustainable Future ETF | &nbsp;&nbsp;&nbsp; 21456 |
| S&P 500 BuyWrite ETF | &nbsp;&nbsp;&nbsp; 136 |
| S&P 500<sup>®</sup> Quality ETF | &nbsp;&nbsp;&nbsp; 3747077 |
| S&P Spin-Off ETF | &nbsp;&nbsp;&nbsp; 5504 |
| Water Resources ETF | &nbsp;&nbsp;&nbsp; 882 |
| WilderHill Clean Energy ETF | &nbsp;&nbsp;&nbsp; 201 |

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The fees waived and/or expenses borne by the Adviser, pursuant to the Expense Cap, are subject to recapture by the Adviser 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 October 31, 2025 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Total** <br>**Potential** <br>**Recapture** <br>**Amounts** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** |
|  | **Total** <br>**Potential** <br>**Recapture** <br>**Amounts** | **4/30/26** | **4/30/27** | **4/30/28** | **10/31/28** |
| Golden Dragon China ETF | &nbsp;&nbsp; $4893 | &nbsp;&nbsp; $1733 | &nbsp;&nbsp; $1175 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1985 |
| MSCI Sustainable Future ETF | &nbsp;&nbsp; 47896 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 26573 | &nbsp;&nbsp; 21323 |
| S&P 500<sup>®</sup> Quality ETF | &nbsp;&nbsp; 16207472 | &nbsp;&nbsp; 945554 | &nbsp;&nbsp; 5177966 | &nbsp;&nbsp; 6342431 | &nbsp;&nbsp; 3741521 |
| S&P Spin-Off ETF | &nbsp;&nbsp; 34739 | &nbsp;&nbsp; 409 | &nbsp;&nbsp; 13246 | &nbsp;&nbsp; 15606 | &nbsp;&nbsp; 5478 |

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

The Adviser has entered into a licensing agreement 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 |

---

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 BNY, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

For the six months ended October 31, 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; $22794 |
| Bloomberg Analyst Rating Improvers ETF | &nbsp;&nbsp;&nbsp; 18149 |
| Dorsey Wright Momentum ETF | &nbsp;&nbsp;&nbsp; 82106 |
| Global Listed Private Equity ETF | &nbsp;&nbsp;&nbsp; 5972 |
| Golden Dragon China ETF | &nbsp;&nbsp;&nbsp; 691 |
| MSCI Sustainable Future ETF | &nbsp;&nbsp;&nbsp; 4257 |
| S&P 500 BuyWrite ETF | &nbsp;&nbsp;&nbsp; 48 |
| S&P 500<sup>®</sup> Quality ETF | &nbsp;&nbsp;&nbsp; 82580 |
| S&P Spin-Off ETF | &nbsp;&nbsp;&nbsp; 7975 |
| Water Resources ETF | &nbsp;&nbsp;&nbsp; 5566 |
| WilderHill Clean Energy ETF | &nbsp;&nbsp;&nbsp; 116165 |

---

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.

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**60**

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

The following is a summary of the tiered valuation input levels, as of October 31, 2025, for each Fund (except for S&P 500 BuyWrite ETF). As of October 31, 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; $6869413423 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $6869413423 |
| Money Market Funds | &nbsp;&nbsp; 2486010 | &nbsp;&nbsp; 365365176 | &nbsp;&nbsp; - | &nbsp;&nbsp; 367851186 |
| **Total Investments** | &nbsp;&nbsp; $6871899433 | &nbsp;&nbsp; $365365176 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7237264609 |
| Bloomberg Analyst Rating Improvers ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $108874934 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $108874934 |
| Money Market Funds | &nbsp;&nbsp; 35021 | &nbsp;&nbsp; 3614888 | &nbsp;&nbsp; - | &nbsp;&nbsp; 3649909 |
| **Total Investments** | &nbsp;&nbsp; $108909955 | &nbsp;&nbsp; $3614888 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $112524843 |
| Dorsey Wright Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $1375829154 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1375829154 |
| Money Market Funds | &nbsp;&nbsp; 863163 | &nbsp;&nbsp; 148259533 | &nbsp;&nbsp; - | &nbsp;&nbsp; 149122696 |
| **Total Investments** | &nbsp;&nbsp; $1376692317 | &nbsp;&nbsp; $148259533 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1524951850 |
| Global Listed Private Equity ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $140108754 | &nbsp;&nbsp; $161404778 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $301513532 |
| Closed-End Funds | &nbsp;&nbsp; 944712 | &nbsp;&nbsp; 23816923 | &nbsp;&nbsp; - | &nbsp;&nbsp; 24761635 |
| Money Market Funds | &nbsp;&nbsp; 39813 | &nbsp;&nbsp; 85871628 | &nbsp;&nbsp; - | &nbsp;&nbsp; 85911441 |
| **Total Investments** | &nbsp;&nbsp; $141093279 | &nbsp;&nbsp; $271093329 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $412186608 |
| Golden Dragon China ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $156121394 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $156121394 |
| Money Market Funds | &nbsp;&nbsp; 131909 | &nbsp;&nbsp; 23260225 | &nbsp;&nbsp; - | &nbsp;&nbsp; 23392134 |
| **Total Investments** | &nbsp;&nbsp; $156253303 | &nbsp;&nbsp; $23260225 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $179513528 |
| MSCI Sustainable Future ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $62082843 | &nbsp;&nbsp; $85246832 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $147329675 |
| Money Market Funds | &nbsp;&nbsp; 205588 | &nbsp;&nbsp; 17653507 | &nbsp;&nbsp; - | &nbsp;&nbsp; 17859095 |
| **Total Investments** | &nbsp;&nbsp; $62288431 | &nbsp;&nbsp; $102900339 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $165188770 |
| S&P 500<sup>®</sup> Quality ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $14896280951 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $14896280951 |
| Money Market Funds | &nbsp;&nbsp; 12369455 | &nbsp;&nbsp; 53783143 | &nbsp;&nbsp; - | &nbsp;&nbsp; 66152598 |
| **Total Investments** | &nbsp;&nbsp; $14908650406 | &nbsp;&nbsp; $53783143 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $14962433549 |
| S&P Spin-Off ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $80922324 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $80922324 |
| Money Market Funds | &nbsp;&nbsp; 62073 | &nbsp;&nbsp; 3714434 | &nbsp;&nbsp; - | &nbsp;&nbsp; 3776507 |
| **Total Investments** | &nbsp;&nbsp; $80984397 | &nbsp;&nbsp; $3714434 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $84698831 |

---

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**61**

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Water Resources ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $2136206002 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2136206002 |
| Money Market Funds | &nbsp;&nbsp; 1929772 | &nbsp;&nbsp; 77495005 | &nbsp;&nbsp; - | &nbsp;&nbsp; 79424777 |
| **Total Investments** | &nbsp;&nbsp; $2138135774 | &nbsp;&nbsp; $77495005 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2215630779 |
| WilderHill Clean Energy ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $636395855 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $636395855 |
| Money Market Funds | &nbsp;&nbsp; 836455 | &nbsp;&nbsp; 130796612 | &nbsp;&nbsp; - | &nbsp;&nbsp; 131633067 |
| **Total Investments** | &nbsp;&nbsp; $637232310 | &nbsp;&nbsp; $130796612 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $768028922 |

---

**NOTE 5—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 October 31, 2025:

---

| | |
|:---|:---|
|  | **S&P 500** <br>**BuyWrite ETF**<br>|
|  | **Value** |
| **Derivative Liabilities** | **Equity** <br>**Risk**<br>|
| Options written, at value - Exchange-Traded | &nbsp;&nbsp; $(12291510)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp; 12291510 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp; $- |

---

**Effect of Derivative Investments for the Six-Month Period Ended October 31, 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** <br>**BuyWrite ETF**<br>|
|  | **Equity** <br>**Risk**<br>|
| Realized Gain (Loss): |  |
| Options written | &nbsp;&nbsp; $(22810974)<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Options written | &nbsp;&nbsp; (587293)<br>|
| Total | &nbsp;&nbsp; $(23398267)<br>|

---

The table below summarizes the average notional value of derivatives held during the period.

---

| | |
|:---|:---|
|  | **Average Notional Value** |
|  | **S&P 500** <br>**BuyWrite ETF**<br>|
| Options written | &nbsp;&nbsp; $230101500 |

---

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**62**

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**NOTE 6—Tax Information**

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

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

The Funds had 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 7—Investment Transactions**

For the six months ended October 31, 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; $279409999 | &nbsp;&nbsp; $281287094 |
| Bloomberg Analyst Rating Improvers ETF | &nbsp;&nbsp; 100984978 | &nbsp;&nbsp; 100063064 |
| Dorsey Wright Momentum ETF | &nbsp;&nbsp; 1099424221 | &nbsp;&nbsp; 1106506141 |
| Global Listed Private Equity ETF | &nbsp;&nbsp; 37469222 | &nbsp;&nbsp; 41373130 |
| Golden Dragon China ETF | &nbsp;&nbsp; 19373624 | &nbsp;&nbsp; 21033693 |
| MSCI Sustainable Future ETF | &nbsp;&nbsp; 12790600 | &nbsp;&nbsp; 17580338 |
| S&P 500 BuyWrite ETF | &nbsp;&nbsp; 71908483 | &nbsp;&nbsp; 109159110 |
| S&P 500<sup>®</sup> Quality ETF | &nbsp;&nbsp; 2855461506 | &nbsp;&nbsp; 2831145910 |
| S&P Spin-Off ETF | &nbsp;&nbsp; 33288106 | &nbsp;&nbsp; 33228386 |
| Water Resources ETF | &nbsp;&nbsp; 433145012 | &nbsp;&nbsp; 433424522 |
| WilderHill Clean Energy ETF | &nbsp;&nbsp; 112441396 | &nbsp;&nbsp; 112858769 |

---

For the six months ended October 31, 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; $1051332169 | &nbsp;&nbsp; $371018317 |
| Bloomberg Analyst Rating Improvers ETF | &nbsp;&nbsp; 700993 | &nbsp;&nbsp; 4310982 |
| Dorsey Wright Momentum ETF | &nbsp;&nbsp; 711978544 | &nbsp;&nbsp; 772491448 |
| Global Listed Private Equity ETF | &nbsp;&nbsp; 81146933 | &nbsp;&nbsp; - |
| Golden Dragon China ETF | &nbsp;&nbsp; 5297287 | &nbsp;&nbsp; 15230783 |
| MSCI Sustainable Future ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; 15257981 |
| S&P 500 BuyWrite ETF | &nbsp;&nbsp; 176722677 | &nbsp;&nbsp; 9086380 |
| S&P 500<sup>®</sup> Quality ETF | &nbsp;&nbsp; 5699862888 | &nbsp;&nbsp; 4721686481 |
| S&P Spin-Off ETF | &nbsp;&nbsp; 5273521 | &nbsp;&nbsp; 5042337 |

---

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**63**

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| | | |
|:---|:---|:---|
|  | **In-kind**<br> **Purchases**<br>| **In-kind**<br> **Sales**<br>|
| Water Resources ETF | &nbsp;&nbsp; $10046092 | &nbsp;&nbsp; $120260934 |
| WilderHill Clean Energy ETF | &nbsp;&nbsp; 440759245 | &nbsp;&nbsp; 293460436 |

---

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

As of October 31, 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; $2106118478 | &nbsp;&nbsp; $(112588907)<br>| &nbsp;&nbsp; $1993529571 | &nbsp;&nbsp; $5243735038 |
| Bloomberg Analyst Rating Improvers ETF | &nbsp;&nbsp; 9881612 | &nbsp;&nbsp; (5633139)<br>| &nbsp;&nbsp; 4248473 | &nbsp;&nbsp; 108276370 |
| Dorsey Wright Momentum ETF | &nbsp;&nbsp; 279953190 | &nbsp;&nbsp; (25621172)<br>| &nbsp;&nbsp; 254332018 | &nbsp;&nbsp; 1270619832 |
| Global Listed Private Equity ETF | &nbsp;&nbsp; 51708216 | &nbsp;&nbsp; (38205520)<br>| &nbsp;&nbsp; 13502696 | &nbsp;&nbsp; 398683912 |
| Golden Dragon China ETF | &nbsp;&nbsp; 16526318 | &nbsp;&nbsp; (55495664)<br>| &nbsp;&nbsp; (38969346)<br>| &nbsp;&nbsp; 218482874 |
| MSCI Sustainable Future ETF | &nbsp;&nbsp; 31523154 | &nbsp;&nbsp; (47031889)<br>| &nbsp;&nbsp; (15508735)<br>| &nbsp;&nbsp; 180697505 |
| S&P 500 BuyWrite ETF | &nbsp;&nbsp; 66679901 | &nbsp;&nbsp; (24077173)<br>| &nbsp;&nbsp; 42602728 | &nbsp;&nbsp; 261753088 |
| S&P 500<sup>®</sup> Quality ETF | &nbsp;&nbsp; 2212915302 | &nbsp;&nbsp; (805855473)<br>| &nbsp;&nbsp; 1407059829 | &nbsp;&nbsp; 13555373720 |
| S&P Spin-Off ETF | &nbsp;&nbsp; 22085166 | &nbsp;&nbsp; (6761957)<br>| &nbsp;&nbsp; 15323209 | &nbsp;&nbsp; 69375622 |
| Water Resources ETF | &nbsp;&nbsp; 530500828 | &nbsp;&nbsp; (36976905)<br>| &nbsp;&nbsp; 493523923 | &nbsp;&nbsp; 1722106856 |
| WilderHill Clean Energy ETF | &nbsp;&nbsp; 116280290 | &nbsp;&nbsp; (91734868)<br>| &nbsp;&nbsp; 24545422 | &nbsp;&nbsp; 743483500 |

---

**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 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 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.

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**64**

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**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>**

Not applicable.

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**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-SPEC-NCSRS

invesco.com/ETFs

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![](img5ee01eb01.jpg)

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**Invesco Semi-Annual Financial Statements and Other Information**

October 31, 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_ff3a458b-5dbd-4f7c-be97-d8756ba6cf8d_SOI-Continued-417_1) | **3** |
| [Invesco Large Cap Value ETF (PWV)](#xx_ff3a458b-5dbd-4f7c-be97-d8756ba6cf8d_SOI-Continued-417_3) | **5** |
| [Invesco S&P 100 Equal Weight ETF (EQWL)](#xx_ff3a458b-5dbd-4f7c-be97-d8756ba6cf8d_SOI-Continued-417_5) | **7** |
| [Invesco S&P 500 GARP ETF (SPGP)](#xx_ff3a458b-5dbd-4f7c-be97-d8756ba6cf8d_SOI-Continued-417_7) | **9** |
| [Invesco S&P 500 Value with Momentum ETF (SPVM)](#xx_ff3a458b-5dbd-4f7c-be97-d8756ba6cf8d_SOI-Continued-417_9) | **11** |
| [Invesco S&P MidCap Momentum ETF (XMMO)](#xx_ff3a458b-5dbd-4f7c-be97-d8756ba6cf8d_SOI-Continued-417_11) | **13** |
| [Invesco S&P MidCap Quality ETF (XMHQ)](#xx_ff3a458b-5dbd-4f7c-be97-d8756ba6cf8d_SOI-Continued-417_13) | **15** |
| [Invesco S&P MidCap Value with Momentum ETF (XMVM)](#xx_ff3a458b-5dbd-4f7c-be97-d8756ba6cf8d_SOI-Continued-417_15) | **17** |
| [Invesco S&P SmallCap Momentum ETF (XSMO)](#xx_ff3a458b-5dbd-4f7c-be97-d8756ba6cf8d_SOI-Continued-417_17) | **19** |
| [Invesco S&P SmallCap Value with Momentum ETF (XSVM)](#xx_ff3a458b-5dbd-4f7c-be97-d8756ba6cf8d_SOI-Continued-417_20) | **22** |
| [Invesco Zacks Mid-Cap ETF (CZA)](#xx_ff3a458b-5dbd-4f7c-be97-d8756ba6cf8d_SOI-Continued-417_23) | **25** |
| [Invesco Zacks Multi-Asset Income ETF (CVY)](#xx_ff3a458b-5dbd-4f7c-be97-d8756ba6cf8d_SOI-Continued-417_25) | **27** |
| [Statements of Assets and Liabilities](#xx_ff3a458b-5dbd-4f7c-be97-d8756ba6cf8d_FS-Continued-417_1) | **30** |
| [Statements of Operations](#xx_ff3a458b-5dbd-4f7c-be97-d8756ba6cf8d_FS-Continued-417_3) | **32** |
| [Statements of Changes in Net Assets](#xx_ff3a458b-5dbd-4f7c-be97-d8756ba6cf8d_FS-Continued-417_5) | **34** |
| [Financial Highlights](#xx_ff3a458b-5dbd-4f7c-be97-d8756ba6cf8d_FIHI-Continued-417_1) | **39** |
| [Notes to Financial Statements](#xx_ff3a458b-5dbd-4f7c-be97-d8756ba6cf8d_NTF-Continued-417_1) | **51** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_ff3a458b-5dbd-4f7c-be97-d8756ba6cf8d_OIRSR-Continued_1) | **65** |

---

------

**2**

------

**Invesco Large Cap Growth ETF (PWB)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** |
| **Communication Services-10.77%** | **Communication Services-10.77%** | **Communication Services-10.77%** |
| Alphabet, Inc., Class A | 213464 | &nbsp;&nbsp; $60023942 |
| Meta Platforms, Inc., Class A | 58657 | &nbsp;&nbsp; 38030266 |
| Netflix, Inc.<sup>(b)</sup> | 36046 | &nbsp;&nbsp; 40330428 |
| Spotify Technology S.A. (Sweden)<sup>(b)</sup> | 27188 | &nbsp;&nbsp; 17816840 |
|  |  | &nbsp;&nbsp; 156201476 |
| **Consumer Discretionary-8.01%** | **Consumer Discretionary-8.01%** | **Consumer Discretionary-8.01%** |
| Amazon.com, Inc.<sup>(b)</sup> | 193322 | &nbsp;&nbsp; 47213099 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 76031 | &nbsp;&nbsp; 19340005 |
| Flutter Entertainment PLC (Ireland)<sup>(b)(c)</sup> | 62935 | &nbsp;&nbsp; 14638052 |
| Hilton Worldwide Holdings, Inc. | 68738 | &nbsp;&nbsp; 17662917 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 183398 | &nbsp;&nbsp; 17320107 |
|  |  | &nbsp;&nbsp; 116174180 |
| **Consumer Staples-7.56%** | **Consumer Staples-7.56%** | **Consumer Staples-7.56%** |
| Costco Wholesale Corp. | 46951 | &nbsp;&nbsp; 42793489 |
| Monster Beverage Corp.<sup>(b)</sup> | 304669 | &nbsp;&nbsp; 20361029 |
| Walmart, Inc. | 460390 | &nbsp;&nbsp; 46582260 |
|  |  | &nbsp;&nbsp; 109736778 |
| **Financials-13.62%** | **Financials-13.62%** | **Financials-13.62%** |
| Charles Schwab Corp. (The) | 194599 | &nbsp;&nbsp; 18393497 |
| Coinbase Global, Inc., Class A<sup>(b)</sup> | 61332 | &nbsp;&nbsp; 21084715 |
| Intercontinental Exchange, Inc. | 105857 | &nbsp;&nbsp; 15485821 |
| Mastercard, Inc., Class A | 74731 | &nbsp;&nbsp; 41250765 |
| Nasdaq, Inc. | 199378 | &nbsp;&nbsp; 17044825 |
| Progressive Corp. (The) | 76899 | &nbsp;&nbsp; 15841194 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup> | 173893 | &nbsp;&nbsp; 25524015 |
| Visa, Inc., Class A | 125911 | &nbsp;&nbsp; 42902914 |
|  |  | &nbsp;&nbsp; 197527746 |
| **Health Care-5.16%** | **Health Care-5.16%** | **Health Care-5.16%** |
| Boston Scientific Corp.<sup>(b)</sup> | 177861 | &nbsp;&nbsp; 17914160 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 232810 | &nbsp;&nbsp; 19195184 |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 29454 | &nbsp;&nbsp; 18541588 |
| Veeva Systems, Inc., Class A<sup>(b)(c)</sup> | 66137 | &nbsp;&nbsp; 19259094 |
|  |  | &nbsp;&nbsp; 74910026 |
| **Industrials-14.40%** | **Industrials-14.40%** | **Industrials-14.40%** |
| Automatic Data Processing, Inc. | 62360 | &nbsp;&nbsp; 16232308 |
| Fastenal Co. | 378719 | &nbsp;&nbsp; 15584287 |
| GE Vernova, Inc. | 30273 | &nbsp;&nbsp; 17713943 |
| General Electric Co. | 161422 | &nbsp;&nbsp; 49871327 |
| Howmet Aerospace, Inc. | 107582 | &nbsp;&nbsp; 22156513 |
| Quanta Services, Inc. | 49268 | &nbsp;&nbsp; 22127737 |
| Republic Services, Inc. | 80776 | &nbsp;&nbsp; 16820794 |
| Trane Technologies PLC | 44406 | &nbsp;&nbsp; 19922752 |
| Vertiv Holdings Co., Class A | 147917 | &nbsp;&nbsp; 28527272 |
|  |  | &nbsp;&nbsp; 208956933 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-40.44%** | **Information Technology-40.44%** | **Information Technology-40.44%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 265379 | &nbsp;&nbsp; $67968869 |
| Amphenol Corp., Class A | 172189 | &nbsp;&nbsp; 23992815 |
| Analog Devices, Inc. | 74163 | &nbsp;&nbsp; 17363783 |
| AppLovin Corp., Class A<sup>(b)</sup> | 40361 | &nbsp;&nbsp; 25723276 |
| Arista Networks, Inc.<sup>(b)</sup> | 141181 | &nbsp;&nbsp; 22262832 |
| Broadcom, Inc. | 148355 | &nbsp;&nbsp; 54836459 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 54971 | &nbsp;&nbsp; 18618128 |
| Cloudflare, Inc., Class A<sup>(b)</sup> | 95338 | &nbsp;&nbsp; 24149115 |
| Corning, Inc. | 280765 | &nbsp;&nbsp; 25010546 |
| Fortinet, Inc.<sup>(b)</sup> | 243685 | &nbsp;&nbsp; 21061695 |
| Intuit, Inc. | 67034 | &nbsp;&nbsp; 44748547 |
| KLA Corp. | 21328 | &nbsp;&nbsp; 25780007 |
| Lam Research Corp. | 182828 | &nbsp;&nbsp; 28788097 |
| Micron Technology, Inc. | 162627 | &nbsp;&nbsp; 36391044 |
| Microsoft Corp. | 88055 | &nbsp;&nbsp; 45595760 |
| NVIDIA Corp. | 243246 | &nbsp;&nbsp; 49254882 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 274938 | &nbsp;&nbsp; 55116821 |
|  |  | &nbsp;&nbsp; 586662676 |
| Total Common Stocks & Other Equity Interests <br>(Cost $1,101,497,818) | Total Common Stocks & Other Equity Interests <br>(Cost $1,101,497,818) | &nbsp;&nbsp; 1450169815 |
| **Money Market Funds-0.09%** | **Money Market Funds-0.09%** | **Money Market Funds-0.09%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $1,326,532)<br>| 1326532 | &nbsp;&nbsp; 1326532 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.05% <br>(Cost $1,102,824,350) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.05% <br>(Cost $1,102,824,350) | &nbsp;&nbsp; 1451496347 |
| **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-1.01%** | **Money Market Funds-1.01%** | **Money Market Funds-1.01%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 4098536 | &nbsp;&nbsp; 4098536 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 10599613 | &nbsp;&nbsp; 10602793 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $14,701,329) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $14,701,329) | &nbsp;&nbsp; 14701329 |
| TOTAL INVESTMENTS IN SECURITIES-101.06% <br>(Cost $1,117,525,679) | TOTAL INVESTMENTS IN SECURITIES-101.06% <br>(Cost $1,117,525,679) | &nbsp;&nbsp; 1466197676 |
| OTHER ASSETS LESS LIABILITIES-(1.06)% | OTHER ASSETS LESS LIABILITIES-(1.06)% | &nbsp;&nbsp; (15401930)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1450795746 |

---

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

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

------

**3**

------

**Invesco Large Cap Growth ETF (PWB)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $582888 | &nbsp;&nbsp; $4856199 | &nbsp;&nbsp; $(4112555)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1326532 | &nbsp;&nbsp; $23849 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 9023694 | &nbsp;&nbsp; 89122717 | &nbsp;&nbsp; (94047875)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4098536 | &nbsp;&nbsp; 45,746<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 23483510 | &nbsp;&nbsp; 225702886 | &nbsp;&nbsp; (238580848)<br>| &nbsp;&nbsp; 120 | &nbsp;&nbsp; (2875)<br>| &nbsp;&nbsp; 10602793 | &nbsp;&nbsp; 124,349<br> \*<br>|
| Total | &nbsp;&nbsp; $33090092 | &nbsp;&nbsp; $319681802 | &nbsp;&nbsp; $(336741278)<br>| &nbsp;&nbsp; $120 | &nbsp;&nbsp; $(2875)<br>| &nbsp;&nbsp; $16027861 | &nbsp;&nbsp; $193944 |

---

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

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

October 31, 2025

*(Unaudited)*

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-8.04%** | **Communication Services-8.04%** | **Communication Services-8.04%** |
| AT&T, Inc. | 1392640 | &nbsp;&nbsp; $34467840 |
| Comcast Corp., Class A | 506114 | &nbsp;&nbsp; 14087683 |
| T-Mobile US, Inc. | 158339 | &nbsp;&nbsp; 33259107 |
| Verizon Communications, Inc. | 387766 | &nbsp;&nbsp; 15409821 |
|  |  | &nbsp;&nbsp; 97224451 |
| **Consumer Discretionary-4.52%** | **Consumer Discretionary-4.52%** | **Consumer Discretionary-4.52%** |
| Ford Motor Co. | 1439684 | &nbsp;&nbsp; 18903051 |
| General Motors Co. | 289893 | &nbsp;&nbsp; 20028707 |
| Lowe's Cos., Inc. | 65974 | &nbsp;&nbsp; 15710389 |
|  |  | &nbsp;&nbsp; 54642147 |
| **Consumer Staples-5.67%** | **Consumer Staples-5.67%** | **Consumer Staples-5.67%** |
| Altria Group, Inc. | 256514 | &nbsp;&nbsp; 14462259 |
| Kroger Co. (The) | 247073 | &nbsp;&nbsp; 15721255 |
| Procter & Gamble Co. (The) | 255020 | &nbsp;&nbsp; 38347358 |
|  |  | &nbsp;&nbsp; 68530872 |
| **Energy-16.56%** | **Energy-16.56%** | **Energy-16.56%** |
| Cheniere Energy, Inc. | 70565 | &nbsp;&nbsp; 14959780 |
| Chevron Corp. | 252750 | &nbsp;&nbsp; 39863730 |
| Energy Transfer L.P. | 969068 | &nbsp;&nbsp; 16309414 |
| EOG Resources, Inc. | 140518 | &nbsp;&nbsp; 14872425 |
| Exxon Mobil Corp. | 356744 | &nbsp;&nbsp; 40797244 |
| Kinder Morgan, Inc. | 640344 | &nbsp;&nbsp; 16770609 |
| Marathon Petroleum Corp. | 98252 | &nbsp;&nbsp; 19150297 |
| Phillips 66 Co. | 131225 | &nbsp;&nbsp; 17864972 |
| Valero Energy Corp. | 115994 | &nbsp;&nbsp; 19667943 |
|  |  | &nbsp;&nbsp; 200256414 |
| **Financials-34.40%** | **Financials-34.40%** | **Financials-34.40%** |
| Aflac, Inc. | 157591 | &nbsp;&nbsp; 16892179 |
| Allstate Corp. (The) | 83896 | &nbsp;&nbsp; 16067762 |
| American International Group, Inc. | 206429 | &nbsp;&nbsp; 16299634 |
| Ameriprise Financial, Inc. | 32987 | &nbsp;&nbsp; 14935524 |
| Bank of America Corp. | 791521 | &nbsp;&nbsp; 42306797 |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 80799 | &nbsp;&nbsp; 38584755 |
| Capital One Financial Corp. | 75797 | &nbsp;&nbsp; 16674582 |
| Chubb Ltd. | 62680 | &nbsp;&nbsp; 17358599 |
| CME Group, Inc., Class A | 62769 | &nbsp;&nbsp; 16664542 |
| Goldman Sachs Group, Inc. (The) | 53099 | &nbsp;&nbsp; 41914758 |
| JPMorgan Chase & Co. | 133209 | &nbsp;&nbsp; 41443984 |
| MetLife, Inc. | 210426 | &nbsp;&nbsp; 16796203 |
| Morgan Stanley | 266992 | &nbsp;&nbsp; 43786688 |
| PayPal Holdings, Inc.<sup>(b)</sup> | 242885 | &nbsp;&nbsp; 16824644 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Travelers Cos., Inc. (The) | 62933 | &nbsp;&nbsp; $16905063 |
| Wells Fargo & Co. | 487954 | &nbsp;&nbsp; 42437359 |
|  |  | &nbsp;&nbsp; 415893073 |
| **Health Care-14.11%** | **Health Care-14.11%** | **Health Care-14.11%** |
| AbbVie, Inc. | 190886 | &nbsp;&nbsp; 41620784 |
| Bristol-Myers Squibb Co. | 361059 | &nbsp;&nbsp; 16633988 |
| Cigna Group (The) | 56747 | &nbsp;&nbsp; 13869534 |
| CVS Health Corp. | 238249 | &nbsp;&nbsp; 18619159 |
| Gilead Sciences, Inc. | 148560 | &nbsp;&nbsp; 17796003 |
| HCA Healthcare, Inc. | 42416 | &nbsp;&nbsp; 19497787 |
| Johnson & Johnson | 225367 | &nbsp;&nbsp; 42565065 |
|  |  | &nbsp;&nbsp; 170602320 |
| **Industrials-4.38%** | **Industrials-4.38%** | **Industrials-4.38%** |
| 3M Co. | 108862 | &nbsp;&nbsp; 18125523 |
| Cummins, Inc. | 42782 | &nbsp;&nbsp; 18724826 |
| Deere & Co. | 34955 | &nbsp;&nbsp; 16136276 |
|  |  | &nbsp;&nbsp; 52986625 |
| **Information Technology-7.69%** | **Information Technology-7.69%** | **Information Technology-7.69%** |
| Cisco Systems, Inc. | 581562 | &nbsp;&nbsp; 42517998 |
| International Business Machines Corp. | 163933 | &nbsp;&nbsp; 50394643 |
|  |  | &nbsp;&nbsp; 92912641 |
| **Materials-1.58%** | **Materials-1.58%** | **Materials-1.58%** |
| Newmont Corp. | 235341 | &nbsp;&nbsp; 19055561 |
| **Utilities-2.89%** | **Utilities-2.89%** | **Utilities-2.89%** |
| Duke Energy Corp. | 138267 | &nbsp;&nbsp; 17186588 |
| Exelon Corp. | 383733 | &nbsp;&nbsp; 17697766 |
|  |  | &nbsp;&nbsp; 34884354 |
| Total Common Stocks & Other Equity Interests <br>(Cost $1,046,299,575) | Total Common Stocks & Other Equity Interests <br>(Cost $1,046,299,575) | &nbsp;&nbsp; 1206988458 |
| **Money Market Funds-0.07%** | **Money Market Funds-0.07%** | **Money Market Funds-0.07%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(c)(d)</sup> <br>(Cost $797,975)<br>| 797975 | &nbsp;&nbsp; 797975 |
| TOTAL INVESTMENTS IN SECURITIES-99.91% <br>(Cost $1,047,097,550) | TOTAL INVESTMENTS IN SECURITIES-99.91% <br>(Cost $1,047,097,550) | &nbsp;&nbsp; 1207786433 |
| OTHER ASSETS LESS LIABILITIES-0.09% | OTHER ASSETS LESS LIABILITIES-0.09% | &nbsp;&nbsp; 1148204 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1208934637 |

---

---

| | |
|:---|:---|
| 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 six months ended October 31, 2025.<br>|

---

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

------

**5**

------

**Invesco Large Cap Value ETF (PWV)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $785842 | &nbsp;&nbsp; $20346874 | &nbsp;&nbsp; $(20334741)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $797975 | &nbsp;&nbsp; $18892 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 12347453 | &nbsp;&nbsp; 123837777 | &nbsp;&nbsp; (136185230)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 83,298<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 32179394 | &nbsp;&nbsp; 204428120 | &nbsp;&nbsp; (236607647)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 133 | &nbsp;&nbsp; - | &nbsp;&nbsp; 211,528<br> \*<br>|
| Total | &nbsp;&nbsp; $45312689 | &nbsp;&nbsp; $348612771 | &nbsp;&nbsp; $(393127618)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $133 | &nbsp;&nbsp; $797975 | &nbsp;&nbsp; $313718 |

---

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

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

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

------

**6**

------

**Invesco S&P 100 Equal Weight ETF (EQWL)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.92%** | **Common Stocks & Other Equity Interests-99.92%** | **Common Stocks & Other Equity Interests-99.92%** |
| **Communication Services-7.14%** | **Communication Services-7.14%** | **Communication Services-7.14%** |
| Alphabet, Inc., Class A | 41066 | &nbsp;&nbsp; $11547349 |
| Alphabet, Inc., Class C | 32968 | &nbsp;&nbsp; 9291042 |
| AT&T, Inc. | 607531 | &nbsp;&nbsp; 15036392 |
| Comcast Corp., Class A | 529866 | &nbsp;&nbsp; 14748820 |
| Meta Platforms, Inc., Class A | 23591 | &nbsp;&nbsp; 15295225 |
| Netflix, Inc.<sup>(b)</sup> | 14218 | &nbsp;&nbsp; 15907951 |
| T-Mobile US, Inc. | 73800 | &nbsp;&nbsp; 15501690 |
| Verizon Communications, Inc. | 407561 | &nbsp;&nbsp; 16196474 |
| Walt Disney Co. (The) | 153061 | &nbsp;&nbsp; 17237730 |
|  |  | &nbsp;&nbsp; 130762673 |
| **Consumer Discretionary-8.84%** | **Consumer Discretionary-8.84%** | **Consumer Discretionary-8.84%** |
| Amazon.com, Inc.<sup>(b)</sup> | 77020 | &nbsp;&nbsp; 18809824 |
| Booking Holdings, Inc. | 3240 | &nbsp;&nbsp; 16451878 |
| General Motors Co. | 309381 | &nbsp;&nbsp; 21375133 |
| Home Depot, Inc. (The) | 42929 | &nbsp;&nbsp; 16295419 |
| Lowe's Cos., Inc. | 66553 | &nbsp;&nbsp; 15848266 |
| McDonald's Corp. | 57985 | &nbsp;&nbsp; 17304464 |
| NIKE, Inc., Class B | 238921 | &nbsp;&nbsp; 15431907 |
| Starbucks Corp. | 213867 | &nbsp;&nbsp; 17295424 |
| Tesla, Inc.<sup>(b)</sup> | 51007 | &nbsp;&nbsp; 23287756 |
|  |  | &nbsp;&nbsp; 162100071 |
| **Consumer Staples-9.24%** | **Consumer Staples-9.24%** | **Consumer Staples-9.24%** |
| Altria Group, Inc. | 267621 | &nbsp;&nbsp; 15088472 |
| Coca-Cola Co. (The) | 261346 | &nbsp;&nbsp; 18006739 |
| Colgate-Palmolive Co. | 213016 | &nbsp;&nbsp; 16412883 |
| Costco Wholesale Corp. | 18527 | &nbsp;&nbsp; 16886434 |
| Mondelez International, Inc., Class A | 284651 | &nbsp;&nbsp; 16356046 |
| PepsiCo, Inc. | 124351 | &nbsp;&nbsp; 18166438 |
| Philip Morris International, Inc. | 107214 | &nbsp;&nbsp; 15474197 |
| Procter & Gamble Co. (The) | 112659 | &nbsp;&nbsp; 16940534 |
| Target Corp. | 195246 | &nbsp;&nbsp; 18103209 |
| Walmart, Inc. | 176514 | &nbsp;&nbsp; 17859686 |
|  |  | &nbsp;&nbsp; 169294638 |
| **Energy-2.86%** | **Energy-2.86%** | **Energy-2.86%** |
| Chevron Corp. | 112309 | &nbsp;&nbsp; 17713376 |
| ConocoPhillips | 187897 | &nbsp;&nbsp; 16696527 |
| Exxon Mobil Corp. | 157547 | &nbsp;&nbsp; 18017075 |
|  |  | &nbsp;&nbsp; 52426978 |
| **Financials-17.82%** | **Financials-17.82%** | **Financials-17.82%** |
| American Express Co. | 54802 | &nbsp;&nbsp; 19768725 |
| American International Group, Inc. | 227217 | &nbsp;&nbsp; 17941054 |
| Bank of America Corp. | 353878 | &nbsp;&nbsp; 18914779 |
| Bank of New York Mellon Corp. (The) | 170576 | &nbsp;&nbsp; 18410268 |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 36168 | &nbsp;&nbsp; 17271667 |
| BlackRock, Inc. | 16085 | &nbsp;&nbsp; 17416999 |
| Capital One Financial Corp. | 79397 | &nbsp;&nbsp; 17466546 |
| Charles Schwab Corp. (The) | 192153 | &nbsp;&nbsp; 18162302 |
| Citigroup, Inc. | 182415 | &nbsp;&nbsp; 18465870 |
| Goldman Sachs Group, Inc. (The) | 23044 | &nbsp;&nbsp; 18190242 |
| JPMorgan Chase & Co. | 59021 | &nbsp;&nbsp; 18362614 |
| Mastercard, Inc., Class A | 30618 | &nbsp;&nbsp; 16900830 |
| MetLife, Inc. | 223704 | &nbsp;&nbsp; 17856053 |
| Morgan Stanley | 115104 | &nbsp;&nbsp; 18877056 |
| PayPal Holdings, Inc.<sup>(b)</sup> | 270043 | &nbsp;&nbsp; 18705879 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| U.S. Bancorp | 360568 | &nbsp;&nbsp; $16831314 |
| Visa, Inc., Class A | 52403 | &nbsp;&nbsp; 17855798 |
| Wells Fargo & Co. | 220717 | &nbsp;&nbsp; 19195758 |
|  |  | &nbsp;&nbsp; 326593754 |
| **Health Care-15.32%** | **Health Care-15.32%** | **Health Care-15.32%** |
| Abbott Laboratories | 137015 | &nbsp;&nbsp; 16937794 |
| AbbVie, Inc. | 83821 | &nbsp;&nbsp; 18276331 |
| Amgen, Inc. | 63695 | &nbsp;&nbsp; 19008499 |
| Bristol-Myers Squibb Co. | 375931 | &nbsp;&nbsp; 17319141 |
| CVS Health Corp. | 239606 | &nbsp;&nbsp; 18725209 |
| Danaher Corp. | 92112 | &nbsp;&nbsp; 19839083 |
| Eli Lilly and Co. | 23493 | &nbsp;&nbsp; 20271170 |
| Gilead Sciences, Inc. | 153926 | &nbsp;&nbsp; 18438795 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 39388 | &nbsp;&nbsp; 21044221 |
| Johnson & Johnson | 100915 | &nbsp;&nbsp; 19059816 |
| Medtronic PLC | 191993 | &nbsp;&nbsp; 17413765 |
| Merck & Co., Inc. | 210932 | &nbsp;&nbsp; 18135933 |
| Pfizer, Inc. | 721375 | &nbsp;&nbsp; 17781894 |
| Thermo Fisher Scientific, Inc. | 37214 | &nbsp;&nbsp; 21114851 |
| UnitedHealth Group, Inc. | 51150 | &nbsp;&nbsp; 17470794 |
|  |  | &nbsp;&nbsp; 280837296 |
| **Industrials-14.57%** | **Industrials-14.57%** | **Industrials-14.57%** |
| 3M Co. | 115398 | &nbsp;&nbsp; 19213767 |
| Boeing Co. (The)<sup>(b)</sup> | 77971 | &nbsp;&nbsp; 15673730 |
| Caterpillar, Inc. | 41914 | &nbsp;&nbsp; 24195276 |
| Deere & Co. | 37637 | &nbsp;&nbsp; 17374368 |
| Emerson Electric Co. | 132714 | &nbsp;&nbsp; 18522893 |
| FedEx Corp. | 78542 | &nbsp;&nbsp; 19935530 |
| General Dynamics Corp. | 54914 | &nbsp;&nbsp; 18939839 |
| General Electric Co. | 62595 | &nbsp;&nbsp; 19338725 |
| Honeywell International, Inc. | 89075 | &nbsp;&nbsp; 17933470 |
| Lockheed Martin Corp. | 38243 | &nbsp;&nbsp; 18810967 |
| RTX Corp. | 114452 | &nbsp;&nbsp; 20429682 |
| Uber Technologies, Inc.<sup>(b)</sup> | 188157 | &nbsp;&nbsp; 18157150 |
| Union Pacific Corp. | 82348 | &nbsp;&nbsp; 18147029 |
| United Parcel Service, Inc., Class B | 211368 | &nbsp;&nbsp; 20380103 |
|  |  | &nbsp;&nbsp; 267052529 |
| **Information Technology-18.34%** | **Information Technology-18.34%** | **Information Technology-18.34%** |
| Accenture PLC, Class A | 72889 | &nbsp;&nbsp; 18229539 |
| Adobe, Inc.<sup>(b)</sup> | 50609 | &nbsp;&nbsp; 17222749 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 111112 | &nbsp;&nbsp; 28458005 |
| Apple, Inc. | 78143 | &nbsp;&nbsp; 21127523 |
| Broadcom, Inc. | 48001 | &nbsp;&nbsp; 17742610 |
| Cisco Systems, Inc. | 260142 | &nbsp;&nbsp; 19018982 |
| Intel Corp.<sup>(b)</sup> | 715581 | &nbsp;&nbsp; 28616084 |
| International Business Machines Corp. | 69009 | &nbsp;&nbsp; 21214057 |
| Intuit, Inc. | 26999 | &nbsp;&nbsp; 18023182 |
| Microsoft Corp. | 35454 | &nbsp;&nbsp; 18358436 |
| NVIDIA Corp. | 100039 | &nbsp;&nbsp; 20256897 |
| Oracle Corp. | 54030 | &nbsp;&nbsp; 14188818 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 106318 | &nbsp;&nbsp; 21313570 |
| QUALCOMM, Inc. | 111520 | &nbsp;&nbsp; 20173968 |
| Salesforce, Inc. | 73045 | &nbsp;&nbsp; 19021648 |
| ServiceNow, Inc.<sup>(b)</sup> | 19208 | &nbsp;&nbsp; 17657530 |
| Texas Instruments, Inc. | 96313 | &nbsp;&nbsp; 15550697 |
|  |  | &nbsp;&nbsp; 336174295 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-0.86%** | **Materials-0.86%** | **Materials-0.86%** |
| Linde PLC | 37529 | &nbsp;&nbsp; $15698381 |
| **Real Estate-1.84%** | **Real Estate-1.84%** | **Real Estate-1.84%** |
| American Tower Corp. | 91470 | &nbsp;&nbsp; 16371301 |
| Simon Property Group, Inc. | 98903 | &nbsp;&nbsp; 17383191 |
|  |  | &nbsp;&nbsp; 33754492 |
| **Utilities-3.09%** | **Utilities-3.09%** | **Utilities-3.09%** |
| Duke Energy Corp. | 146074 | &nbsp;&nbsp; 18156998 |
| NextEra Energy, Inc. | 249520 | &nbsp;&nbsp; 20310928 |
| Southern Co. (The)<sup>(c)</sup> | 193586 | &nbsp;&nbsp; 18204828 |
|  |  | &nbsp;&nbsp; 56672754 |
| Total Common Stocks & Other Equity Interests <br>(Cost $1,621,701,570) | Total Common Stocks & Other Equity Interests <br>(Cost $1,621,701,570) | &nbsp;&nbsp; 1831367861 |
| **Money Market Funds-0.00%** | **Money Market Funds-0.00%** | **Money Market Funds-0.00%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $25,601)<br>| 25601 | &nbsp;&nbsp; 25601 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.92% <br>(Cost $1,621,727,171) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.92% <br>(Cost $1,621,727,171) | &nbsp;&nbsp; 1831393462 |

---

---

| | | |
|:---|:---|:---|
|  | **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-0.99%** | **Money Market Funds-0.99%** | **Money Market Funds-0.99%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 5036476 | &nbsp;&nbsp; $5036476 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 13100763 | &nbsp;&nbsp; 13104693 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $18,141,169) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $18,141,169) | &nbsp;&nbsp; 18141169 |
| TOTAL INVESTMENTS IN SECURITIES-100.91% <br>(Cost $1,639,868,340) | TOTAL INVESTMENTS IN SECURITIES-100.91% <br>(Cost $1,639,868,340) | &nbsp;&nbsp; 1849534631 |
| OTHER ASSETS LESS LIABILITIES-(0.91)% | OTHER ASSETS LESS LIABILITIES-(0.91)% | &nbsp;&nbsp; (16702414)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1832832217 |

---

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $660360 | &nbsp;&nbsp; $19650565 | &nbsp;&nbsp; $(20285324)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $25601 | &nbsp;&nbsp; $26565 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 9777174 | &nbsp;&nbsp; 150388611 | &nbsp;&nbsp; (155129309)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5036476 | &nbsp;&nbsp; 102,857<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 25442638 | &nbsp;&nbsp; 321140594 | &nbsp;&nbsp; (333479307)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 768 | &nbsp;&nbsp; 13104693 | &nbsp;&nbsp; 276,817<br> \*<br>|
| Total | &nbsp;&nbsp; $35880172 | &nbsp;&nbsp; $491179770 | &nbsp;&nbsp; $(508893940)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $768 | &nbsp;&nbsp; $18166770 | &nbsp;&nbsp; $406239 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.94%** | **Common Stocks & Other Equity Interests-99.94%** | **Common Stocks & Other Equity Interests-99.94%** |
| **Communication Services-3.47%** | **Communication Services-3.47%** | **Communication Services-3.47%** |
| Alphabet, Inc., Class C | 142686 | &nbsp;&nbsp; $40211768 |
| Meta Platforms, Inc., Class A | 41732 | &nbsp;&nbsp; 27056942 |
| Netflix, Inc.<sup>(b)</sup> | 19852 | &nbsp;&nbsp; 22211609 |
|  |  | &nbsp;&nbsp; 89480319 |
| **Consumer Discretionary-20.10%** | **Consumer Discretionary-20.10%** | **Consumer Discretionary-20.10%** |
| Airbnb, Inc., Class A<sup>(b)</sup> | 362138 | &nbsp;&nbsp; 45824943 |
| Aptiv PLC<sup>(b)</sup> | 435207 | &nbsp;&nbsp; 35295288 |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 614042 | &nbsp;&nbsp; 19458991 |
| D.R. Horton, Inc. | 191941 | &nbsp;&nbsp; 28614564 |
| Darden Restaurants, Inc. | 152313 | &nbsp;&nbsp; 27439187 |
| Deckers Outdoor Corp.<sup>(b)</sup> | 329437 | &nbsp;&nbsp; 26849116 |
| Expedia Group, Inc. | 289502 | &nbsp;&nbsp; 63690440 |
| General Motors Co. | 652407 | &nbsp;&nbsp; 45074800 |
| Lennar Corp., Class A<sup>(c)</sup> | 204390 | &nbsp;&nbsp; 25297350 |
| lululemon athletica, Inc.<sup>(b)</sup> | 139360 | &nbsp;&nbsp; 23766454 |
| NVR, Inc.<sup>(b)</sup> | 3287 | &nbsp;&nbsp; 23701965 |
| PulteGroup, Inc. | 309037 | &nbsp;&nbsp; 37044265 |
| Royal Caribbean Cruises Ltd.<sup>(c)</sup> | 194440 | &nbsp;&nbsp; 55771225 |
| Tapestry, Inc. | 273919 | &nbsp;&nbsp; 30081785 |
| Ulta Beauty, Inc.<sup>(b)</sup> | 57556 | &nbsp;&nbsp; 29922213 |
|  |  | &nbsp;&nbsp; 517832586 |
| **Consumer Staples-2.37%** | **Consumer Staples-2.37%** | **Consumer Staples-2.37%** |
| Monster Beverage Corp.<sup>(b)</sup> | 360963 | &nbsp;&nbsp; 24123158 |
| Sysco Corp. | 496340 | &nbsp;&nbsp; 36868135 |
|  |  | &nbsp;&nbsp; 60991293 |
| **Energy-6.18%** | **Energy-6.18%** | **Energy-6.18%** |
| Baker Hughes Co., Class A | 843431 | &nbsp;&nbsp; 40830495 |
| Halliburton Co. | 1270438 | &nbsp;&nbsp; 34098556 |
| Phillips 66 Co. | 194854 | &nbsp;&nbsp; 26527424 |
| SLB Ltd. | 895705 | &nbsp;&nbsp; 32299122 |
| Texas Pacific Land Corp.<sup>(c)</sup> | 26885 | &nbsp;&nbsp; 25362771 |
|  |  | &nbsp;&nbsp; 159118368 |
| **Financials-14.68%** | **Financials-14.68%** | **Financials-14.68%** |
| Allstate Corp. (The) | 163329 | &nbsp;&nbsp; 31280770 |
| American Express Co. | 89906 | &nbsp;&nbsp; 32431791 |
| Ameriprise Financial, Inc. | 50146 | &nbsp;&nbsp; 22704604 |
| Arch Capital Group Ltd. | 451568 | &nbsp;&nbsp; 38974834 |
| Chubb Ltd. | 86466 | &nbsp;&nbsp; 23945894 |
| Erie Indemnity Co., Class A<sup>(c)</sup> | 77442 | &nbsp;&nbsp; 22662627 |
| Global Payments, Inc. | 314125 | &nbsp;&nbsp; 24426360 |
| Hartford Insurance Group, Inc. (The) | 198247 | &nbsp;&nbsp; 24618313 |
| Mastercard, Inc., Class A | 49644 | &nbsp;&nbsp; 27402991 |
| PayPal Holdings, Inc.<sup>(b)</sup> | 303158 | &nbsp;&nbsp; 20999755 |
| Progressive Corp. (The) | 125910 | &nbsp;&nbsp; 25937460 |
| Travelers Cos., Inc. (The) | 96827 | &nbsp;&nbsp; 26009669 |
| Visa, Inc., Class A | 85645 | &nbsp;&nbsp; 29182677 |
| W.R. Berkley Corp. | 387686 | &nbsp;&nbsp; 27657519 |
|  |  | &nbsp;&nbsp; 378235264 |
| **Health Care-5.79%** | **Health Care-5.79%** | **Health Care-5.79%** |
| Centene Corp.<sup>(b)</sup> | 529378 | &nbsp;&nbsp; 18724100 |
| Cigna Group (The) | 85784 | &nbsp;&nbsp; 20966468 |
| Eli Lilly and Co. | 38394 | &nbsp;&nbsp; 33128647 |
| Molina Healthcare, Inc.<sup>(b)(c)</sup> | 92378 | &nbsp;&nbsp; 14139377 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| ResMed, Inc. | 112787 | &nbsp;&nbsp; $27844854 |
| Universal Health Services, Inc., Class B | 158975 | &nbsp;&nbsp; 34499165 |
|  |  | &nbsp;&nbsp; 149302611 |
| **Industrials-21.32%** | **Industrials-21.32%** | **Industrials-21.32%** |
| Caterpillar, Inc. | 72766 | &nbsp;&nbsp; 42004901 |
| Cintas Corp. | 106914 | &nbsp;&nbsp; 19594129 |
| Copart, Inc.<sup>(b)</sup> | 542388 | &nbsp;&nbsp; 23328108 |
| Cummins, Inc. | 87781 | &nbsp;&nbsp; 38419988 |
| Delta Air Lines, Inc. | 1117794 | &nbsp;&nbsp; 64139020 |
| Hubbell, Inc. | 64999 | &nbsp;&nbsp; 30549530 |
| Lennox International, Inc. | 43328 | &nbsp;&nbsp; 21880640 |
| PACCAR, Inc. | 298138 | &nbsp;&nbsp; 29336779 |
| Parker-Hannifin Corp. | 36654 | &nbsp;&nbsp; 28327311 |
| Paycom Software, Inc. | 156372 | &nbsp;&nbsp; 29255637 |
| Trane Technologies PLC | 66570 | &nbsp;&nbsp; 29866631 |
| Uber Technologies, Inc.<sup>(b)</sup> | 685909 | &nbsp;&nbsp; 66190218 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 648543 | &nbsp;&nbsp; 60988984 |
| United Rentals, Inc. | 47763 | &nbsp;&nbsp; 41610170 |
| W.W. Grainger, Inc. | 24336 | &nbsp;&nbsp; 23824944 |
|  |  | &nbsp;&nbsp; 549316990 |
| **Information Technology-22.01%** | **Information Technology-22.01%** | **Information Technology-22.01%** |
| Adobe, Inc.<sup>(b)</sup> | 57840 | &nbsp;&nbsp; 19683530 |
| Arista Networks, Inc.<sup>(b)</sup> | 545698 | &nbsp;&nbsp; 86051118 |
| Autodesk, Inc.<sup>(b)</sup> | 96098 | &nbsp;&nbsp; 28958171 |
| First Solar, Inc.<sup>(b)</sup> | 180215 | &nbsp;&nbsp; 48106592 |
| Fortinet, Inc.<sup>(b)</sup> | 414939 | &nbsp;&nbsp; 35863178 |
| Gartner, Inc.<sup>(b)</sup> | 64017 | &nbsp;&nbsp; 15897982 |
| KLA Corp. | 33664 | &nbsp;&nbsp; 40691023 |
| Microsoft Corp. | 54785 | &nbsp;&nbsp; 28368221 |
| Monolithic Power Systems, Inc. | 66880 | &nbsp;&nbsp; 67214400 |
| NVIDIA Corp. | 447261 | &nbsp;&nbsp; 90565880 |
| Super Micro Computer, Inc.<sup>(b)</sup> | 1478315 | &nbsp;&nbsp; 76813247 |
| Synopsys, Inc.<sup>(b)</sup> | 63569 | &nbsp;&nbsp; 28848884 |
|  |  | &nbsp;&nbsp; 567062226 |
| **Materials-1.11%** | **Materials-1.11%** | **Materials-1.11%** |
| Martin Marietta Materials, Inc. | 46583 | &nbsp;&nbsp; 28560037 |
| **Real Estate-2.91%** | **Real Estate-2.91%** | **Real Estate-2.91%** |
| Host Hotels & Resorts, Inc. | 3347540 | &nbsp;&nbsp; 53627591 |
| VICI Properties, Inc. | 712782 | &nbsp;&nbsp; 21376332 |
|  |  | &nbsp;&nbsp; 75003923 |
| Total Common Stocks & Other Equity Interests <br>(Cost $2,346,315,925) | Total Common Stocks & Other Equity Interests <br>(Cost $2,346,315,925) | &nbsp;&nbsp; 2574903617 |
| **Money Market Funds-0.10%** | **Money Market Funds-0.10%** | **Money Market Funds-0.10%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $2,669,420)<br>| 2669420 | &nbsp;&nbsp; 2669420 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.04% <br>(Cost $2,348,985,345) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.04% <br>(Cost $2,348,985,345) | &nbsp;&nbsp; 2577573037 |

---

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

------

**9**

------

**Invesco S&P 500 GARP ETF (SPGP)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **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-0.86%** | **Money Market Funds-0.86%** | **Money Market Funds-0.86%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 6205981 | &nbsp;&nbsp; $6205981 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 15964566 | &nbsp;&nbsp; 15969355 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $22,175,408) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $22,175,408) | &nbsp;&nbsp; 22175336 |
| TOTAL INVESTMENTS IN SECURITIES-100.90% <br>(Cost $2,371,160,753) | TOTAL INVESTMENTS IN SECURITIES-100.90% <br>(Cost $2,371,160,753) | &nbsp;&nbsp; 2599748373 |
| OTHER ASSETS LESS LIABILITIES-(0.90)% | OTHER ASSETS LESS LIABILITIES-(0.90)% | &nbsp;&nbsp; (23149402)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $2576598971 |

---

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $371281 | &nbsp;&nbsp; $19255700 | &nbsp;&nbsp; $(16957561)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2669420 | &nbsp;&nbsp; $44912 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 26556829 | &nbsp;&nbsp; 324142531 | &nbsp;&nbsp; (344493379)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 6205981 | &nbsp;&nbsp; 641,345<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 69169970 | &nbsp;&nbsp; 835210921 | &nbsp;&nbsp; (888425792)<br>| &nbsp;&nbsp; 2923 | &nbsp;&nbsp; 11333 | &nbsp;&nbsp; 15969355 | &nbsp;&nbsp; 1,755,562<br> \*<br>|
| Total | &nbsp;&nbsp; $96098080 | &nbsp;&nbsp; $1178609152 | &nbsp;&nbsp; $(1249876732)<br>| &nbsp;&nbsp; $2923 | &nbsp;&nbsp; $11333 | &nbsp;&nbsp; $24844756 | &nbsp;&nbsp; $2441819 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** |
| **Communication Services-7.26%** | **Communication Services-7.26%** | **Communication Services-7.26%** |
| AT&T, Inc. | 21136 | &nbsp;&nbsp; $523116 |
| Charter Communications, Inc., Class A<sup>(b)(c)</sup> | 1799 | &nbsp;&nbsp; 420678 |
| Fox Corp., Class A | 11861 | &nbsp;&nbsp; 766814 |
| News Corp., Class A | 16811 | &nbsp;&nbsp; 445491 |
| Paramount Skydance Corp.<sup>(c)</sup> | 80279 | &nbsp;&nbsp; 1235494 |
| Verizon Communications, Inc. | 18494 | &nbsp;&nbsp; 734952 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 64810 | &nbsp;&nbsp; 1454984 |
|  |  | &nbsp;&nbsp; 5581529 |
| **Consumer Discretionary-8.68%** | **Consumer Discretionary-8.68%** | **Consumer Discretionary-8.68%** |
| Best Buy Co., Inc. | 13578 | &nbsp;&nbsp; 1115297 |
| Carnival Corp.<sup>(b)</sup> | 24293 | &nbsp;&nbsp; 700367 |
| General Motors Co. | 34294 | &nbsp;&nbsp; 2369372 |
| Mohawk Industries, Inc.<sup>(b)</sup> | 11779 | &nbsp;&nbsp; 1338566 |
| PulteGroup, Inc. | 9632 | &nbsp;&nbsp; 1154588 |
|  |  | &nbsp;&nbsp; 6678190 |
| **Consumer Staples-4.90%** | **Consumer Staples-4.90%** | **Consumer Staples-4.90%** |
| Altria Group, Inc. | 7147 | &nbsp;&nbsp; 402948 |
| Keurig Dr Pepper, Inc. | 12895 | &nbsp;&nbsp; 350228 |
| Kroger Co. (The) | 14405 | &nbsp;&nbsp; 916590 |
| Molson Coors Beverage Co., Class B<sup>(c)</sup> | 22561 | &nbsp;&nbsp; 986367 |
| Tyson Foods, Inc., Class A | 21574 | &nbsp;&nbsp; 1109120 |
|  |  | &nbsp;&nbsp; 3765253 |
| **Energy-2.24%** | **Energy-2.24%** | **Energy-2.24%** |
| Baker Hughes Co., Class A | 17952 | &nbsp;&nbsp; 869056 |
| Kinder Morgan, Inc. | 15377 | &nbsp;&nbsp; 402724 |
| ONEOK, Inc. | 6680 | &nbsp;&nbsp; 447560 |
|  |  | &nbsp;&nbsp; 1719340 |
| **Financials-36.28%** | **Financials-36.28%** | **Financials-36.28%** |
| Aflac, Inc. | 5135 | &nbsp;&nbsp; 550421 |
| Allstate Corp. (The) | 3567 | &nbsp;&nbsp; 683152 |
| Assurant, Inc. | 3728 | &nbsp;&nbsp; 789292 |
| Bank of America Corp. | 16849 | &nbsp;&nbsp; 900579 |
| Bank of New York Mellon Corp. (The) | 6858 | &nbsp;&nbsp; 740184 |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 1338 | &nbsp;&nbsp; 638949 |
| Chubb Ltd. | 2230 | &nbsp;&nbsp; 617576 |
| Cincinnati Financial Corp. | 4137 | &nbsp;&nbsp; 639539 |
| Citigroup, Inc. | 12858 | &nbsp;&nbsp; 1301615 |
| Citizens Financial Group, Inc. | 23106 | &nbsp;&nbsp; 1175402 |
| Fifth Third Bancorp | 18843 | &nbsp;&nbsp; 784246 |
| Globe Life, Inc. | 6622 | &nbsp;&nbsp; 870859 |
| Goldman Sachs Group, Inc. (The) | 1018 | &nbsp;&nbsp; 803579 |
| Hartford Insurance Group, Inc. (The) | 5423 | &nbsp;&nbsp; 673428 |
| Huntington Bancshares, Inc. | 48905 | &nbsp;&nbsp; 755093 |
| Invesco Ltd.<sup>(d)</sup> | 73682 | &nbsp;&nbsp; 1746263 |
| JPMorgan Chase & Co. | 2119 | &nbsp;&nbsp; 659263 |
| Loews Corp. | 10189 | &nbsp;&nbsp; 1014417 |
| M&T Bank Corp. | 4434 | &nbsp;&nbsp; 815280 |
| MetLife, Inc. | 10810 | &nbsp;&nbsp; 862854 |
| Morgan Stanley | 4153 | &nbsp;&nbsp; 681092 |
| Northern Trust Corp. | 7187 | &nbsp;&nbsp; 924751 |
| PNC Financial Services Group, Inc. (The) | 4169 | &nbsp;&nbsp; 761051 |
| Prudential Financial, Inc. | 9361 | &nbsp;&nbsp; 973544 |
| Raymond James Financial, Inc. | 3821 | &nbsp;&nbsp; 606278 |
| Regions Financial Corp. | 39833 | &nbsp;&nbsp; 963959 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| State Street Corp. | 8997 | &nbsp;&nbsp; $1040593 |
| Synchrony Financial | 14892 | &nbsp;&nbsp; 1107667 |
| Travelers Cos., Inc. (The) | 2430 | &nbsp;&nbsp; 652747 |
| Truist Financial Corp. | 23351 | &nbsp;&nbsp; 1042155 |
| U.S. Bancorp | 18871 | &nbsp;&nbsp; 880898 |
| W.R. Berkley Corp. | 6413 | &nbsp;&nbsp; 457504 |
| Wells Fargo & Co. | 9022 | &nbsp;&nbsp; 784643 |
|  |  | &nbsp;&nbsp; 27898873 |
| **Health Care-6.70%** | **Health Care-6.70%** | **Health Care-6.70%** |
| Cardinal Health, Inc. | 4975 | &nbsp;&nbsp; 949081 |
| Cencora, Inc. | 2572 | &nbsp;&nbsp; 868847 |
| DaVita, Inc.<sup>(b)</sup> | 3826 | &nbsp;&nbsp; 455371 |
| Labcorp Holdings, Inc. | 1667 | &nbsp;&nbsp; 423351 |
| McKesson Corp. | 1042 | &nbsp;&nbsp; 845416 |
| Quest Diagnostics, Inc. | 2494 | &nbsp;&nbsp; 438819 |
| Universal Health Services, Inc., Class B | 5386 | &nbsp;&nbsp; 1168816 |
|  |  | &nbsp;&nbsp; 5149701 |
| **Industrials-7.00%** | **Industrials-7.00%** | **Industrials-7.00%** |
| C.H. Robinson Worldwide, Inc. | 5822 | &nbsp;&nbsp; 896530 |
| Cummins, Inc. | 1616 | &nbsp;&nbsp; 707291 |
| General Dynamics Corp. | 1699 | &nbsp;&nbsp; 585985 |
| Leidos Holdings, Inc. | 3771 | &nbsp;&nbsp; 718262 |
| Snap-on, Inc. | 1387 | &nbsp;&nbsp; 465408 |
| Southwest Airlines Co.<sup>(c)</sup> | 18168 | &nbsp;&nbsp; 550490 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 15550 | &nbsp;&nbsp; 1462322 |
|  |  | &nbsp;&nbsp; 5386288 |
| **Information Technology-5.06%** | **Information Technology-5.06%** | **Information Technology-5.06%** |
| Cognizant Technology Solutions Corp., Class A | 6240 | &nbsp;&nbsp; 454771 |
| Hewlett Packard Enterprise Co. | 73428 | &nbsp;&nbsp; 1793112 |
| HP, Inc. | 37974 | &nbsp;&nbsp; 1050741 |
| Trimble, Inc.<sup>(b)</sup> | 7466 | &nbsp;&nbsp; 595413 |
|  |  | &nbsp;&nbsp; 3894037 |
| **Materials-4.50%** | **Materials-4.50%** | **Materials-4.50%** |
| Amcor PLC | 64841 | &nbsp;&nbsp; 512244 |
| International Paper Co. | 13520 | &nbsp;&nbsp; 522413 |
| Newmont Corp. | 12398 | &nbsp;&nbsp; 1003866 |
| Smurfit WestRock PLC | 16927 | &nbsp;&nbsp; 624945 |
| Steel Dynamics, Inc. | 5087 | &nbsp;&nbsp; 797641 |
|  |  | &nbsp;&nbsp; 3461109 |
| **Real Estate-2.59%** | **Real Estate-2.59%** | **Real Estate-2.59%** |
| Healthpeak Properties, Inc. | 24001 | &nbsp;&nbsp; 430818 |
| Kimco Realty Corp. | 23354 | &nbsp;&nbsp; 482494 |
| Realty Income Corp. | 7277 | &nbsp;&nbsp; 421920 |
| VICI Properties, Inc. | 22019 | &nbsp;&nbsp; 660350 |
|  |  | &nbsp;&nbsp; 1995582 |
| **Utilities-14.75%** | **Utilities-14.75%** | **Utilities-14.75%** |
| Alliant Energy Corp. | 6988 | &nbsp;&nbsp; 466938 |
| Ameren Corp. | 4651 | &nbsp;&nbsp; 474495 |
| American Electric Power Co., Inc. | 4836 | &nbsp;&nbsp; 581577 |
| Atmos Energy Corp. | 2991 | &nbsp;&nbsp; 513615 |
| CenterPoint Energy, Inc.<sup>(c)</sup> | 11775 | &nbsp;&nbsp; 450276 |
| CMS Energy Corp. | 6178 | &nbsp;&nbsp; 454392 |
| Consolidated Edison, Inc. | 5681 | &nbsp;&nbsp; 553386 |
| Dominion Energy, Inc. | 8845 | &nbsp;&nbsp; 519113 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities-(continued)** | **Utilities-(continued)** | **Utilities-(continued)** |
| DTE Energy Co. | 3710 | &nbsp;&nbsp; $502853 |
| Duke Energy Corp. | 4414 | &nbsp;&nbsp; 548660 |
| Evergy, Inc. | 8949 | &nbsp;&nbsp; 687373 |
| Eversource Energy | 8188 | &nbsp;&nbsp; 604356 |
| Exelon Corp. | 15067 | &nbsp;&nbsp; 694890 |
| FirstEnergy Corp. | 13056 | &nbsp;&nbsp; 598356 |
| NiSource, Inc. | 11735 | &nbsp;&nbsp; 494161 |
| PG&E Corp. | 53498 | &nbsp;&nbsp; 853828 |
| Pinnacle West Capital Corp. | 6755 | &nbsp;&nbsp; 597953 |
| PPL Corp. | 13676 | &nbsp;&nbsp; 499448 |
| Sempra | 7345 | &nbsp;&nbsp; 675299 |
| Xcel Energy, Inc. | 7003 | &nbsp;&nbsp; 568434 |
|  |  | &nbsp;&nbsp; 11339403 |
| Total Common Stocks & Other Equity Interests <br>(Cost $67,444,202) | Total Common Stocks & Other Equity Interests <br>(Cost $67,444,202) | &nbsp;&nbsp; 76869305 |
| **Money Market Funds-0.11%** | **Money Market Funds-0.11%** | **Money Market Funds-0.11%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $82,664)<br>| 82664 | &nbsp;&nbsp; 82664 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.07% <br>(Cost $67,526,866) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.07% <br>(Cost $67,526,866) | &nbsp;&nbsp; 76951969 |

---

---

| | | |
|:---|:---|:---|
|  | **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-2.80%** | **Money Market Funds-2.80%** | **Money Market Funds-2.80%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 590939 | &nbsp;&nbsp; $590939 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 1565267 | &nbsp;&nbsp; 1565737 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $2,156,832) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $2,156,832) | &nbsp;&nbsp; 2156676 |
| TOTAL INVESTMENTS IN SECURITIES-102.87% <br>(Cost $69,683,698) | TOTAL INVESTMENTS IN SECURITIES-102.87% <br>(Cost $69,683,698) | &nbsp;&nbsp; 79108645 |
| OTHER ASSETS LESS LIABILITIES-(2.87)% | OTHER ASSETS LESS LIABILITIES-(2.87)% | &nbsp;&nbsp; (2204818)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $76903827 |

---

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| Invesco Ltd. | &nbsp;&nbsp; $265673 | &nbsp;&nbsp; $946649 | &nbsp;&nbsp; $(58738)<br>| &nbsp;&nbsp; $575841 | &nbsp;&nbsp; $16838 | &nbsp;&nbsp; $1746263 | &nbsp;&nbsp; $17315 |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; 110016 | &nbsp;&nbsp; 1069123 | &nbsp;&nbsp; (1096475)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 82664 | &nbsp;&nbsp; 2155 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 1893177 | &nbsp;&nbsp; 21267679 | &nbsp;&nbsp; (22569917)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 590939 | &nbsp;&nbsp; 32,087<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 4930086 | &nbsp;&nbsp; 42578830 | &nbsp;&nbsp; (45942958)<br>| &nbsp;&nbsp; (27)<br>| &nbsp;&nbsp; (194)<br>| &nbsp;&nbsp; 1565737 | &nbsp;&nbsp; 87,993<br> \*<br>|
| Total | &nbsp;&nbsp; $7198952 | &nbsp;&nbsp; $65862281 | &nbsp;&nbsp; $(69668088)<br>| &nbsp;&nbsp; $575814 | &nbsp;&nbsp; $16644 | &nbsp;&nbsp; $3985603 | &nbsp;&nbsp; $139550 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** |
| **Consumer Discretionary-9.07%** | **Consumer Discretionary-9.07%** | **Consumer Discretionary-9.07%** |
| Aramark | 1172106 | &nbsp;&nbsp; $44399375 |
| Boyd Gaming Corp. | 353983 | &nbsp;&nbsp; 27564656 |
| Chewy, Inc., Class A<sup>(b)</sup> | 1183285 | &nbsp;&nbsp; 39900370 |
| Duolingo, Inc.<sup>(b)(c)</sup> | 283177 | &nbsp;&nbsp; 76639023 |
| Five Below, Inc.<sup>(b)</sup> | 331195 | &nbsp;&nbsp; 52087038 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(b)</sup> | 282223 | &nbsp;&nbsp; 34095361 |
| Planet Fitness, Inc., Class A<sup>(b)(c)</sup> | 536674 | &nbsp;&nbsp; 48670965 |
| Somnigroup International, Inc.<sup>(c)</sup> | 1143788 | &nbsp;&nbsp; 90748140 |
| Travel + Leisure Co. | 308398 | &nbsp;&nbsp; 19361227 |
|  |  | &nbsp;&nbsp; 433466155 |
| **Consumer Staples-9.92%** | **Consumer Staples-9.92%** | **Consumer Staples-9.92%** |
| BJ's Wholesale Club Holdings, Inc.<sup>(b)(c)</sup> | 504672 | &nbsp;&nbsp; 44542351 |
| Casey's General Stores, Inc. | 198731 | &nbsp;&nbsp; 101986762 |
| Maplebear, Inc.<sup>(b)</sup> | 837062 | &nbsp;&nbsp; 30854105 |
| Performance Food Group Co.<sup>(b)</sup> | 1065684 | &nbsp;&nbsp; 103094270 |
| Pilgrim's Pride Corp. | 184824 | &nbsp;&nbsp; 7041794 |
| Sprouts Farmers Market, Inc.<sup>(b)(c)</sup> | 590462 | &nbsp;&nbsp; 46622880 |
| US Foods Holding Corp.<sup>(b)</sup> | 1932009 | &nbsp;&nbsp; 140302494 |
|  |  | &nbsp;&nbsp; 474444656 |
| **Energy-2.03%** | **Energy-2.03%** | **Energy-2.03%** |
| Antero Midstream Corp. | 1895416 | &nbsp;&nbsp; 32695926 |
| DT Midstream, Inc. | 588820 | &nbsp;&nbsp; 64469902 |
|  |  | &nbsp;&nbsp; 97165828 |
| **Financials-10.07%** | **Financials-10.07%** | **Financials-10.07%** |
| Comerica, Inc.<sup>(c)</sup> | 565478 | &nbsp;&nbsp; 43259067 |
| Federated Hermes, Inc., Class B | 626232 | &nbsp;&nbsp; 30359727 |
| First Horizon Corp.<sup>(c)</sup> | 2354041 | &nbsp;&nbsp; 50282316 |
| FirstCash Holdings, Inc. | 164456 | &nbsp;&nbsp; 26066276 |
| Hanover Insurance Group, Inc. (The) | 186332 | &nbsp;&nbsp; 31840412 |
| Houlihan Lokey, Inc. | 256673 | &nbsp;&nbsp; 45965001 |
| Janus Henderson Group PLC | 455035 | &nbsp;&nbsp; 19821325 |
| Old Republic International Corp. | 869712 | &nbsp;&nbsp; 34318835 |
| SEI Investments Co. | 520993 | &nbsp;&nbsp; 41997246 |
| Shift4 Payments, Inc., Class A<sup>(b)(c)</sup> | 325880 | &nbsp;&nbsp; 22518308 |
| SLM Corp.<sup>(c)</sup> | 1132679 | &nbsp;&nbsp; 30412431 |
| Stifel Financial Corp. | 443611 | &nbsp;&nbsp; 52536851 |
| Unum Group | 711694 | &nbsp;&nbsp; 52252573 |
|  |  | &nbsp;&nbsp; 481630368 |
| **Health Care-6.42%** | **Health Care-6.42%** | **Health Care-6.42%** |
| Doximity, Inc., Class A<sup>(b)(c)</sup> | 831295 | &nbsp;&nbsp; 54865470 |
| Encompass Health Corp. | 395174 | &nbsp;&nbsp; 44990560 |
| Exelixis, Inc.<sup>(b)</sup> | 1438756 | &nbsp;&nbsp; 55636695 |
| Hims & Hers Health, Inc.<sup>(b)(c)</sup> | 1527159 | &nbsp;&nbsp; 69424648 |
| Masimo Corp.<sup>(b)(c)</sup> | 223940 | &nbsp;&nbsp; 31497161 |
| Penumbra, Inc.<sup>(b)(c)</sup> | 222382 | &nbsp;&nbsp; 50562995 |
|  |  | &nbsp;&nbsp; 306977529 |
| **Industrials-32.11%** | **Industrials-32.11%** | **Industrials-32.11%** |
| Acuity, Inc. | 122440 | &nbsp;&nbsp; 44696722 |
| AECOM | 663091 | &nbsp;&nbsp; 89086276 |
| AeroVironment, Inc.<sup>(b)(c)</sup> | 138791 | &nbsp;&nbsp; 51340179 |
| Alaska Air Group, Inc.<sup>(b)(c)</sup> | 488560 | &nbsp;&nbsp; 20387609 |
| API Group Corp.<sup>(b)(c)</sup> | 2125170 | &nbsp;&nbsp; 78248759 |
| Applied Industrial Technologies, Inc. | 148991 | &nbsp;&nbsp; 38304096 |
| Avis Budget Group, Inc.<sup>(b)(c)</sup> | 81325 | &nbsp;&nbsp; 11065893 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| BWX Technologies, Inc. | 585197 | &nbsp;&nbsp; $125003931 |
| Carpenter Technology Corp.<sup>(c)</sup> | 315976 | &nbsp;&nbsp; 99816819 |
| Comfort Systems USA, Inc. | 265411 | &nbsp;&nbsp; 256275553 |
| Curtiss-Wright Corp. | 292873 | &nbsp;&nbsp; 174473232 |
| ESAB Corp. | 261339 | &nbsp;&nbsp; 30529622 |
| ExlService Holdings, Inc.<sup>(b)(c)</sup> | 677062 | &nbsp;&nbsp; 26473124 |
| Genpact Ltd. | 702281 | &nbsp;&nbsp; 26792020 |
| MasTec, Inc.<sup>(b)</sup> | 405684 | &nbsp;&nbsp; 82824446 |
| RB Global, Inc. (Canada)<sup>(c)</sup> | 1142733 | &nbsp;&nbsp; 113381968 |
| RBC Bearings, Inc.<sup>(b)</sup> | 167996 | &nbsp;&nbsp; 71991326 |
| Ryder System, Inc. | 183675 | &nbsp;&nbsp; 31083320 |
| Watts Water Technologies, Inc., Class A | 127568 | &nbsp;&nbsp; 34775037 |
| Woodward, Inc. | 492288 | &nbsp;&nbsp; 129033608 |
|  |  | &nbsp;&nbsp; 1535583540 |
| **Information Technology-16.93%** | **Information Technology-16.93%** | **Information Technology-16.93%** |
| Belden, Inc.<sup>(c)</sup> | 179960 | &nbsp;&nbsp; 21928126 |
| Ciena Corp.<sup>(b)</sup> | 846190 | &nbsp;&nbsp; 160708405 |
| Flex Ltd.<sup>(b)</sup> | 2052337 | &nbsp;&nbsp; 128312109 |
| Guidewire Software, Inc.<sup>(b)</sup> | 487382 | &nbsp;&nbsp; 113871930 |
| Kyndryl Holdings, Inc.<sup>(b)(c)</sup> | 1051881 | &nbsp;&nbsp; 30420399 |
| Lumentum Holdings, Inc.<sup>(b)(c)</sup> | 469035 | &nbsp;&nbsp; 94538695 |
| Pegasystems, Inc.<sup>(c)</sup> | 518110 | &nbsp;&nbsp; 32977701 |
| TD SYNNEX Corp. | 299837 | &nbsp;&nbsp; 46921492 |
| Twilio, Inc., Class A<sup>(b)</sup> | 1334868 | &nbsp;&nbsp; 180046996 |
|  |  | &nbsp;&nbsp; 809725853 |
| **Materials-0.60%** | **Materials-0.60%** | **Materials-0.60%** |
| NewMarket Corp. | 37327 | &nbsp;&nbsp; 28663403 |
| **Real Estate-3.72%** | **Real Estate-3.72%** | **Real Estate-3.72%** |
| EPR Properties | 455754 | &nbsp;&nbsp; 22341061 |
| Omega Healthcare Investors, Inc. | 1148922 | &nbsp;&nbsp; 48289192 |
| Sabra Health Care REIT, Inc.<sup>(c)</sup> | 1000476 | &nbsp;&nbsp; 17828482 |
| Vornado Realty Trust<sup>(c)</sup> | 660513 | &nbsp;&nbsp; 25059863 |
| W.P. Carey, Inc.<sup>(c)</sup> | 973423 | &nbsp;&nbsp; 64245918 |
|  |  | &nbsp;&nbsp; 177764516 |
| **Utilities-9.13%** | **Utilities-9.13%** | **Utilities-9.13%** |
| IDACORP, Inc.<sup>(c)</sup> | 378237 | &nbsp;&nbsp; 48800138 |
| National Fuel Gas Co.<sup>(c)</sup> | 792162 | &nbsp;&nbsp; 62509503 |
| OGE Energy Corp. | 1088653 | &nbsp;&nbsp; 48053143 |
| Spire, Inc.<sup>(c)</sup> | 249843 | &nbsp;&nbsp; 21586435 |
| Talen Energy Corp.<sup>(b)(c)</sup> | 400457 | &nbsp;&nbsp; 160094700 |
| TXNM Energy, Inc.<sup>(c)</sup> | 697309 | &nbsp;&nbsp; 39607151 |
| UGI Corp.<sup>(c)</sup> | 1673974 | &nbsp;&nbsp; 55960951 |
|  |  | &nbsp;&nbsp; 436612021 |
| Total Common Stocks & Other Equity Interests <br>(Cost $4,389,562,960) | Total Common Stocks & Other Equity Interests <br>(Cost $4,389,562,960) | &nbsp;&nbsp; 4782033869 |
| **Money Market Funds-0.01%** | **Money Market Funds-0.01%** | **Money Market Funds-0.01%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $617,595)<br>| 617595 | &nbsp;&nbsp; 617595 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.01% <br>(Cost $4,390,180,555) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.01% <br>(Cost $4,390,180,555) | &nbsp;&nbsp; 4782651464 |

---

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

------

**13**

------

**Invesco S&P MidCap Momentum ETF (XMMO)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **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-6.62%** | **Money Market Funds-6.62%** | **Money Market Funds-6.62%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 86176399 | &nbsp;&nbsp; $86176399 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 230189546 | &nbsp;&nbsp; 230258603 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $316,438,388) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $316,438,388) | &nbsp;&nbsp; 316435002 |
| TOTAL INVESTMENTS IN SECURITIES-106.63% <br>(Cost $4,706,618,943) | TOTAL INVESTMENTS IN SECURITIES-106.63% <br>(Cost $4,706,618,943) | &nbsp;&nbsp; 5099086466 |
| OTHER ASSETS LESS LIABILITIES-(6.63)% | OTHER ASSETS LESS LIABILITIES-(6.63)% | &nbsp;&nbsp; (317099616)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $4781986850 |

---

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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $1485367 | &nbsp;&nbsp; $53076919 | &nbsp;&nbsp; $(53944691)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $617595 | &nbsp;&nbsp; $71867 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 60869742 | &nbsp;&nbsp; 535386931 | &nbsp;&nbsp; (510080274)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 86176399 | &nbsp;&nbsp; 1,516,395<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 159962627 | &nbsp;&nbsp; 1169776440 | &nbsp;&nbsp; (1099493165)<br>| &nbsp;&nbsp; 3393 | &nbsp;&nbsp; 9308 | &nbsp;&nbsp; 230258603 | &nbsp;&nbsp; 4,121,693<br> \*<br>|
| Total | &nbsp;&nbsp; $222317736 | &nbsp;&nbsp; $1758240290 | &nbsp;&nbsp; $(1663518130)<br>| &nbsp;&nbsp; $3393 | &nbsp;&nbsp; $9308 | &nbsp;&nbsp; $317052597 | &nbsp;&nbsp; $5709955 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** |
| **Consumer Discretionary-13.62%** | **Consumer Discretionary-13.62%** | **Consumer Discretionary-13.62%** |
| Abercrombie & Fitch Co., Class A<sup>(b)(c)</sup> | 376246 | &nbsp;&nbsp; $27296647 |
| Autoliv, Inc. (Sweden)<sup>(c)</sup> | 536934 | &nbsp;&nbsp; 62713891 |
| Chewy, Inc., Class A<sup>(b)</sup> | 2332548 | &nbsp;&nbsp; 78653519 |
| Columbia Sportswear Co.<sup>(c)</sup> | 276996 | &nbsp;&nbsp; 13747311 |
| Crocs, Inc.<sup>(b)(c)</sup> | 543041 | &nbsp;&nbsp; 44361019 |
| GameStop Corp., Class A<sup>(b)(c)</sup> | 3232857 | &nbsp;&nbsp; 72060383 |
| Grand Canyon Education, Inc.<sup>(b)(c)</sup> | 340001 | &nbsp;&nbsp; 64022188 |
| Mattel, Inc.<sup>(b)(c)</sup> | 2297460 | &nbsp;&nbsp; 42227315 |
| Murphy USA, Inc. | 153555 | &nbsp;&nbsp; 55003401 |
| Texas Roadhouse, Inc. | 521738 | &nbsp;&nbsp; 85345902 |
| TopBuild Corp.<sup>(b)(c)</sup> | 209715 | &nbsp;&nbsp; 88600393 |
| Valvoline, Inc.<sup>(b)(c)</sup> | 851885 | &nbsp;&nbsp; 28120724 |
| Visteon Corp. | 188607 | &nbsp;&nbsp; 20211126 |
| YETI Holdings, Inc.<sup>(b)(c)</sup> | 542605 | &nbsp;&nbsp; 18443144 |
|  |  | &nbsp;&nbsp; 700806963 |
| **Consumer Staples-4.70%** | **Consumer Staples-4.70%** | **Consumer Staples-4.70%** |
| Boston Beer Co., Inc. (The), Class A<sup>(b)(c)</sup> | 69098 | &nbsp;&nbsp; 14302595 |
| Celsius Holdings, Inc.<sup>(b)</sup> | 1044338 | &nbsp;&nbsp; 62900478 |
| Ingredion, Inc. | 558647 | &nbsp;&nbsp; 64473450 |
| Marzetti Co. (The)<sup>(c)</sup> | 139486 | &nbsp;&nbsp; 21870010 |
| Pilgrim's Pride Corp.<sup>(c)</sup> | 434525 | &nbsp;&nbsp; 16555403 |
| Sprouts Farmers Market, Inc.<sup>(b)</sup> | 778913 | &nbsp;&nbsp; 61502970 |
|  |  | &nbsp;&nbsp; 241604906 |
| **Energy-0.65%** | **Energy-0.65%** | **Energy-0.65%** |
| Weatherford International PLC | 451507 | &nbsp;&nbsp; 33271551 |
| **Financials-14.63%** | **Financials-14.63%** | **Financials-14.63%** |
| American Financial Group, Inc. | 519235 | &nbsp;&nbsp; 68372865 |
| Essent Group Ltd. | 692238 | &nbsp;&nbsp; 41928856 |
| Evercore, Inc., Class A | 277260 | &nbsp;&nbsp; 81669706 |
| Federated Hermes, Inc., Class B<sup>(c)</sup> | 650038 | &nbsp;&nbsp; 31513842 |
| First Financial Bankshares, Inc.<sup>(c)</sup> | 854660 | &nbsp;&nbsp; 26400447 |
| Hamilton Lane, Inc., Class A<sup>(c)</sup> | 437712 | &nbsp;&nbsp; 49881660 |
| Houlihan Lokey, Inc. | 412777 | &nbsp;&nbsp; 73920105 |
| Kinsale Capital Group, Inc.<sup>(c)</sup> | 208889 | &nbsp;&nbsp; 83444889 |
| MGIC Investment Corp. | 1706708 | &nbsp;&nbsp; 46797933 |
| Morningstar, Inc.<sup>(c)</sup> | 210733 | &nbsp;&nbsp; 44738616 |
| RenaissanceRe Holdings Ltd. <br> (Bermuda)<sup>(c)</sup><br>| 354403 | &nbsp;&nbsp; 90050258 |
| RLI Corp.<sup>(c)</sup> | 670813 | &nbsp;&nbsp; 39551134 |
| SEI Investments Co.<sup>(c)</sup> | 925410 | &nbsp;&nbsp; 74597300 |
|  |  | &nbsp;&nbsp; 752867611 |
| **Health Care-17.70%** | **Health Care-17.70%** | **Health Care-17.70%** |
| Avantor, Inc.<sup>(b)(c)</sup> | 4596054 | &nbsp;&nbsp; 54325358 |
| Chemed Corp.<sup>(c)</sup> | 116313 | &nbsp;&nbsp; 50165797 |
| Doximity, Inc., Class A<sup>(b)(c)</sup> | 949099 | &nbsp;&nbsp; 62640534 |
| Exelixis, Inc.<sup>(b)(c)</sup> | 2572049 | &nbsp;&nbsp; 99461135 |
| Halozyme Therapeutics, Inc.<sup>(b)(c)</sup> | 866130 | &nbsp;&nbsp; 56463015 |
| Hims & Hers Health, Inc.<sup>(b)(c)</sup> | 1605807 | &nbsp;&nbsp; 72999986 |
| Lantheus Holdings, Inc.<sup>(b)(c)</sup> | 426692 | &nbsp;&nbsp; 24615861 |
| Medpace Holdings, Inc.<sup>(b)(c)</sup> | 375329 | &nbsp;&nbsp; 219533685 |
| Penumbra, Inc.<sup>(b)(c)</sup> | 324291 | &nbsp;&nbsp; 73734045 |
| United Therapeutics Corp.<sup>(b)</sup> | 441543 | &nbsp;&nbsp; 196676499 |
|  |  | &nbsp;&nbsp; 910615915 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-34.40%** | **Industrials-34.40%** | **Industrials-34.40%** |
| Acuity, Inc. | 213878 | &nbsp;&nbsp; $78076164 |
| AECOM | 909176 | &nbsp;&nbsp; 122147796 |
| Applied Industrial Technologies, Inc. | 258985 | &nbsp;&nbsp; 66582454 |
| BWX Technologies, Inc. | 605900 | &nbsp;&nbsp; 129426299 |
| Carlisle Cos., Inc.<sup>(c)</sup> | 640363 | &nbsp;&nbsp; 208149993 |
| Comfort Systems USA, Inc. | 302163 | &nbsp;&nbsp; 291762550 |
| Donaldson Co., Inc. | 987385 | &nbsp;&nbsp; 83187186 |
| EnerSys | 254378 | &nbsp;&nbsp; 32092328 |
| Exponent, Inc.<sup>(c)</sup> | 352288 | &nbsp;&nbsp; 24945513 |
| Fluor Corp.<sup>(b)</sup> | 1098671 | &nbsp;&nbsp; 53582185 |
| FTI Consulting, Inc.<sup>(b)</sup> | 261048 | &nbsp;&nbsp; 43075530 |
| Genpact Ltd.<sup>(c)</sup> | 1140050 | &nbsp;&nbsp; 43492907 |
| Graco, Inc.<sup>(c)</sup> | 1076695 | &nbsp;&nbsp; 88041350 |
| Insperity, Inc.<sup>(c)</sup> | 354398 | &nbsp;&nbsp; 15636040 |
| Landstar System, Inc.<sup>(c)</sup> | 268950 | &nbsp;&nbsp; 34541249 |
| Lincoln Electric Holdings, Inc. | 395687 | &nbsp;&nbsp; 92768817 |
| MSA Safety, Inc.<sup>(c)</sup> | 279215 | &nbsp;&nbsp; 43845131 |
| MSC Industrial Direct Co., Inc., Class A | 307750 | &nbsp;&nbsp; 26131053 |
| Nextracker, Inc., Class A<sup>(b)(c)</sup> | 1108553 | &nbsp;&nbsp; 112207735 |
| Paylocity Holding Corp.<sup>(b)</sup> | 320193 | &nbsp;&nbsp; 45233665 |
| Toro Co. (The)<sup>(c)</sup> | 882298 | &nbsp;&nbsp; 65934130 |
| Valmont Industries, Inc. | 167366 | &nbsp;&nbsp; 69194125 |
|  |  | &nbsp;&nbsp; 1770054200 |
| **Information Technology-7.94%** | **Information Technology-7.94%** | **Information Technology-7.94%** |
| Commvault Systems, Inc.<sup>(b)</sup> | 311794 | &nbsp;&nbsp; 43407961 |
| DocuSign, Inc.<sup>(b)(c)</sup> | 1537795 | &nbsp;&nbsp; 112474326 |
| Manhattan Associates, Inc.<sup>(b)(c)</sup> | 740859 | &nbsp;&nbsp; 134888198 |
| Pegasystems, Inc.<sup>(c)</sup> | 698039 | &nbsp;&nbsp; 44430182 |
| Qualys, Inc.<sup>(b)(c)</sup> | 282356 | &nbsp;&nbsp; 34803201 |
| Vontier Corp.<sup>(c)</sup> | 1007298 | &nbsp;&nbsp; 38780973 |
|  |  | &nbsp;&nbsp; 408784841 |
| **Materials-6.34%** | **Materials-6.34%** | **Materials-6.34%** |
| Cabot Corp.<sup>(c)</sup> | 391808 | &nbsp;&nbsp; 26439204 |
| Eagle Materials, Inc.<sup>(c)</sup> | 264346 | &nbsp;&nbsp; 56125943 |
| Louisiana-Pacific Corp. | 518005 | &nbsp;&nbsp; 45123415 |
| Royal Gold, Inc.<sup>(c)</sup> | 509664 | &nbsp;&nbsp; 89084171 |
| RPM International, Inc. | 1000080 | &nbsp;&nbsp; 109288742 |
|  |  | &nbsp;&nbsp; 326061475 |
| Total Common Stocks & Other Equity Interests <br>(Cost $4,983,322,180) | Total Common Stocks & Other Equity Interests <br>(Cost $4,983,322,180) | &nbsp;&nbsp; 5144067462 |
| **Money Market Funds-0.05%** | **Money Market Funds-0.05%** | **Money Market Funds-0.05%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $2,686,888)<br>| 2686888 | &nbsp;&nbsp; 2686888 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.03% <br>(Cost $4,986,009,068) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.03% <br>(Cost $4,986,009,068) | &nbsp;&nbsp; 5146754350 |
| **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-9.79%** | **Money Market Funds-9.79%** | **Money Market Funds-9.79%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 139064376 | &nbsp;&nbsp; 139064376 |

---

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

------

**15**

------

**Invesco S&P MidCap Quality ETF (XMHQ)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 364400923 | &nbsp;&nbsp; $364510243 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $503,575,095) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $503,575,095) | &nbsp;&nbsp; 503574619 |
| TOTAL INVESTMENTS IN SECURITIES-109.82% <br>(Cost $5,489,584,163) | TOTAL INVESTMENTS IN SECURITIES-109.82% <br>(Cost $5,489,584,163) | &nbsp;&nbsp; 5650328969 |
| OTHER ASSETS LESS LIABILITIES-(9.82)% | OTHER ASSETS LESS LIABILITIES-(9.82)% | &nbsp;&nbsp; (505284508)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $5145044461 |

---

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $4341548 | &nbsp;&nbsp; $39283571 | &nbsp;&nbsp; $(40938231)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2686888 | &nbsp;&nbsp; $103649 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 151004116 | &nbsp;&nbsp; 628373169 | &nbsp;&nbsp; (640312909)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 139064376 | &nbsp;&nbsp; 2,810,656<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 393999594 | &nbsp;&nbsp; 1300496380 | &nbsp;&nbsp; (1330036559)<br>| &nbsp;&nbsp; 23250 | &nbsp;&nbsp; 27578 | &nbsp;&nbsp; 364510243 | &nbsp;&nbsp; 7,604,148<br> \*<br>|
| Total | &nbsp;&nbsp; $549345258 | &nbsp;&nbsp; $1968153120 | &nbsp;&nbsp; $(2011287699)<br>| &nbsp;&nbsp; $23250 | &nbsp;&nbsp; $27578 | &nbsp;&nbsp; $506261507 | &nbsp;&nbsp; $10518453 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.97%** | **Common Stocks & Other Equity Interests-99.97%** | **Common Stocks & Other Equity Interests-99.97%** |
| **Communication Services-6.71%** | **Communication Services-6.71%** | **Communication Services-6.71%** |
| EchoStar Corp., Class A<sup>(b)(c)</sup> | 278677 | &nbsp;&nbsp; $20864547 |
| **Consumer Discretionary-11.07%** | **Consumer Discretionary-11.07%** | **Consumer Discretionary-11.07%** |
| Aramark | 58111 | &nbsp;&nbsp; 2201245 |
| AutoNation, Inc.<sup>(b)</sup> | 26076 | &nbsp;&nbsp; 5211810 |
| Gap, Inc. (The) | 167725 | &nbsp;&nbsp; 3832516 |
| Graham Holdings Co., Class B | 5527 | &nbsp;&nbsp; 5594043 |
| Lithia Motors, Inc., Class A | 19883 | &nbsp;&nbsp; 6244853 |
| Murphy USA, Inc. | 6310 | &nbsp;&nbsp; 2260242 |
| Taylor Morrison Home Corp., Class A<sup>(b)</sup> | 94393 | &nbsp;&nbsp; 5594673 |
| Travel + Leisure Co. | 55616 | &nbsp;&nbsp; 3491572 |
|  |  | &nbsp;&nbsp; 34430954 |
| **Consumer Staples-6.22%** | **Consumer Staples-6.22%** | **Consumer Staples-6.22%** |
| Albertson's Cos., Inc., Class A | 245638 | &nbsp;&nbsp; 4345336 |
| Ingredion, Inc. | 18598 | &nbsp;&nbsp; 2146395 |
| Performance Food Group Co.<sup>(b)</sup> | 50196 | &nbsp;&nbsp; 4855961 |
| Pilgrim's Pride Corp.<sup>(c)</sup> | 74647 | &nbsp;&nbsp; 2844051 |
| Post Holdings, Inc.<sup>(b)(c)</sup> | 26673 | &nbsp;&nbsp; 2772125 |
| US Foods Holding Corp.<sup>(b)</sup> | 33067 | &nbsp;&nbsp; 2401326 |
|  |  | &nbsp;&nbsp; 19365194 |
| **Energy-0.77%** | **Energy-0.77%** | **Energy-0.77%** |
| Viper Energy, Inc., Class A | 64066 | &nbsp;&nbsp; 2406319 |
| **Financials-49.95%** | **Financials-49.95%** | **Financials-49.95%** |
| Affiliated Managers Group, Inc. | 14630 | &nbsp;&nbsp; 3481355 |
| American Financial Group, Inc. | 21412 | &nbsp;&nbsp; 2819532 |
| Annaly Capital Management, Inc. | 146806 | &nbsp;&nbsp; 3107883 |
| Associated Banc-Corp<sup>(c)</sup> | 132087 | &nbsp;&nbsp; 3271795 |
| Bank OZK | 100528 | &nbsp;&nbsp; 4522755 |
| Brighthouse Financial, Inc.<sup>(b)(c)</sup> | 125693 | &nbsp;&nbsp; 7173300 |
| Cadence Bank<sup>(c)</sup> | 119556 | &nbsp;&nbsp; 4512043 |
| CNO Financial Group, Inc. | 90038 | &nbsp;&nbsp; 3603321 |
| Columbia Banking System, Inc. | 170309 | &nbsp;&nbsp; 4564281 |
| Comerica, Inc. | 61538 | &nbsp;&nbsp; 4707657 |
| Cullen/Frost Bankers, Inc.<sup>(c)</sup> | 17717 | &nbsp;&nbsp; 2181671 |
| East West Bancorp, Inc. | 30243 | &nbsp;&nbsp; 3072689 |
| Essent Group Ltd. | 67122 | &nbsp;&nbsp; 4065580 |
| F.N.B. Corp.<sup>(c)</sup> | 303459 | &nbsp;&nbsp; 4770375 |
| Federated Hermes, Inc., Class B | 56021 | &nbsp;&nbsp; 2715898 |
| Fidelity National Financial, Inc. | 51858 | &nbsp;&nbsp; 2864636 |
| First American Financial Corp. | 51378 | &nbsp;&nbsp; 3211639 |
| First Horizon Corp. | 150259 | &nbsp;&nbsp; 3209532 |
| Hancock Whitney Corp. | 65750 | &nbsp;&nbsp; 3754983 |
| Hanover Insurance Group, Inc. (The) | 16446 | &nbsp;&nbsp; 2810292 |
| Home BancShares, Inc. | 95689 | &nbsp;&nbsp; 2555853 |
| International Bancshares Corp. | 50862 | &nbsp;&nbsp; 3376220 |
| Janus Henderson Group PLC | 83359 | &nbsp;&nbsp; 3631118 |
| Jefferies Financial Group, Inc. | 65146 | &nbsp;&nbsp; 3441663 |
| Kemper Corp. | 57854 | &nbsp;&nbsp; 2602851 |
| MGIC Investment Corp. | 133498 | &nbsp;&nbsp; 3660515 |
| Old National Bancorp<sup>(c)</sup> | 160440 | &nbsp;&nbsp; 3277789 |
| Old Republic International Corp. | 87924 | &nbsp;&nbsp; 3469481 |
| Pinnacle Financial Partners, Inc. | 24401 | &nbsp;&nbsp; 2079209 |
| Prosperity Bancshares, Inc. | 51290 | &nbsp;&nbsp; 3375908 |
| Reinsurance Group of America, Inc. | 19433 | &nbsp;&nbsp; 3545745 |
| RenaissanceRe Holdings Ltd. (Bermuda)<sup>(c)</sup> | 18147 | &nbsp;&nbsp; 4610971 |
| SouthState Bank Corp. | 36216 | &nbsp;&nbsp; 3210548 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Starwood Property Trust, Inc.<sup>(c)</sup> | 132772 | &nbsp;&nbsp; $2413795 |
| Synovus Financial Corp. | 57676 | &nbsp;&nbsp; 2574657 |
| Texas Capital Bancshares, Inc.<sup>(b)</sup> | 32107 | &nbsp;&nbsp; 2691851 |
| UMB Financial Corp. | 29537 | &nbsp;&nbsp; 3156915 |
| United Bankshares, Inc.<sup>(c)</sup> | 92965 | &nbsp;&nbsp; 3327217 |
| Unum Group | 49287 | &nbsp;&nbsp; 3618652 |
| Valley National Bancorp | 493649 | &nbsp;&nbsp; 5365965 |
| Webster Financial Corp. | 67230 | &nbsp;&nbsp; 3834799 |
| Western Alliance Bancorporation | 47876 | &nbsp;&nbsp; 3703209 |
| Wintrust Financial Corp. | 25711 | &nbsp;&nbsp; 3342944 |
| Zions Bancorporation N.A. | 78634 | &nbsp;&nbsp; 4097618 |
|  |  | &nbsp;&nbsp; 155386710 |
| **Health Care-2.40%** | **Health Care-2.40%** | **Health Care-2.40%** |
| Tenet Healthcare Corp.<sup>(b)</sup> | 18103 | &nbsp;&nbsp; 3738088 |
| United Therapeutics Corp.<sup>(b)</sup> | 8386 | &nbsp;&nbsp; 3735376 |
|  |  | &nbsp;&nbsp; 7473464 |
| **Industrials-3.52%** | **Industrials-3.52%** | **Industrials-3.52%** |
| Ryder System, Inc. | 25377 | &nbsp;&nbsp; 4294550 |
| WESCO International, Inc. | 25687 | &nbsp;&nbsp; 6666547 |
|  |  | &nbsp;&nbsp; 10961097 |
| **Information Technology-5.82%** | **Information Technology-5.82%** | **Information Technology-5.82%** |
| Avnet, Inc. | 135537 | &nbsp;&nbsp; 6566767 |
| Flex Ltd.<sup>(b)</sup> | 61917 | &nbsp;&nbsp; 3871051 |
| TD SYNNEX Corp. | 48930 | &nbsp;&nbsp; 7657056 |
|  |  | &nbsp;&nbsp; 18094874 |
| **Materials-0.80%** | **Materials-0.80%** | **Materials-0.80%** |
| Graphic Packaging Holding Co.<sup>(c)</sup> | 155544 | &nbsp;&nbsp; 2487148 |
| **Real Estate-3.72%** | **Real Estate-3.72%** | **Real Estate-3.72%** |
| Cousins Properties, Inc. | 78010 | &nbsp;&nbsp; 2022800 |
| Jones Lang LaSalle, Inc.<sup>(b)</sup> | 16278 | &nbsp;&nbsp; 4966255 |
| Kilroy Realty Corp.<sup>(c)</sup> | 108585 | &nbsp;&nbsp; 4587716 |
|  |  | &nbsp;&nbsp; 11576771 |
| **Utilities-8.99%** | **Utilities-8.99%** | **Utilities-8.99%** |
| Black Hills Corp. | 55418 | &nbsp;&nbsp; 3515164 |
| Essential Utilities, Inc. | 59262 | &nbsp;&nbsp; 2312996 |
| New Jersey Resources Corp. | 63231 | &nbsp;&nbsp; 2801133 |
| NorthWestern Energy Group, Inc. | 59472 | &nbsp;&nbsp; 3548694 |
| ONE Gas, Inc.<sup>(c)</sup> | 36370 | &nbsp;&nbsp; 2916510 |
| Portland General Electric Co. | 80557 | &nbsp;&nbsp; 3679844 |
| Southwest Gas Holdings, Inc. | 38835 | &nbsp;&nbsp; 3087382 |
| Spire, Inc. | 37444 | &nbsp;&nbsp; 3235162 |
| UGI Corp. | 86090 | &nbsp;&nbsp; 2877989 |
|  |  | &nbsp;&nbsp; 27974874 |
| Total Common Stocks & Other Equity Interests <br>(Cost $265,091,039) | Total Common Stocks & Other Equity Interests <br>(Cost $265,091,039) | &nbsp;&nbsp; 311021952 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.08%** | **Money Market Funds-0.08%** | **Money Market Funds-0.08%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $237,146)<br>| 237146 | &nbsp;&nbsp; $237146 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.05% <br>(Cost $265,328,185) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.05% <br>(Cost $265,328,185) | &nbsp;&nbsp; 311259098 |
| **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-13.75%** | **Money Market Funds-13.75%** | **Money Market Funds-13.75%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 11878345 | &nbsp;&nbsp; 11878345 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 30882683 | &nbsp;&nbsp; $30891948 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $42,770,671) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $42,770,671) | &nbsp;&nbsp; 42770293 |
| TOTAL INVESTMENTS IN SECURITIES-113.80% <br>(Cost $308,098,856) | TOTAL INVESTMENTS IN SECURITIES-113.80% <br>(Cost $308,098,856) | &nbsp;&nbsp; 354029391 |
| OTHER ASSETS LESS LIABILITIES-(13.80)% | OTHER ASSETS LESS LIABILITIES-(13.80)% | &nbsp;&nbsp; (42931984)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $311097407 |

---

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $329198 | &nbsp;&nbsp; $10361942 | &nbsp;&nbsp; $(10453994)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $237146 | &nbsp;&nbsp; $10254 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 14218409 | &nbsp;&nbsp; 76680960 | &nbsp;&nbsp; (79021024)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 11878345 | &nbsp;&nbsp; 207,625<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 34788887 | &nbsp;&nbsp; 140933233 | &nbsp;&nbsp; (144832845)<br>| &nbsp;&nbsp; 611 | &nbsp;&nbsp; 2062 | &nbsp;&nbsp; 30891948 | &nbsp;&nbsp; 564,654<br> \*<br>|
| Total | &nbsp;&nbsp; $49336494 | &nbsp;&nbsp; $227976135 | &nbsp;&nbsp; $(234307863)<br>| &nbsp;&nbsp; $611 | &nbsp;&nbsp; $2062 | &nbsp;&nbsp; $43007439 | &nbsp;&nbsp; $782533 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.97%** | **Common Stocks & Other Equity Interests-99.97%** | **Common Stocks & Other Equity Interests-99.97%** |
| **Communication Services-3.01%** | **Communication Services-3.01%** | **Communication Services-3.01%** |
| CarGurus, Inc.<sup>(b)</sup> | 370998 | &nbsp;&nbsp; $13029450 |
| Cinemark Holdings, Inc. | 362030 | &nbsp;&nbsp; 9778430 |
| Gogo, Inc.<sup>(b)(c)</sup> | 358736 | &nbsp;&nbsp; 3264498 |
| Telephone and Data Systems, Inc. | 764576 | &nbsp;&nbsp; 29680840 |
| Uniti Group, Inc.<sup>(b)(c)</sup> | 787736 | &nbsp;&nbsp; 4537359 |
|  |  | &nbsp;&nbsp; 60290577 |
| **Consumer Discretionary-13.74%** | **Consumer Discretionary-13.74%** | **Consumer Discretionary-13.74%** |
| Adtalem Global Education, Inc.<sup>(b)(c)</sup> | 196667 | &nbsp;&nbsp; 19277299 |
| Boot Barn Holdings, Inc.<sup>(b)(c)</sup> | 113261 | &nbsp;&nbsp; 21479949 |
| Brinker International, Inc.<sup>(b)</sup> | 358750 | &nbsp;&nbsp; 38981775 |
| Buckle, Inc. (The)<sup>(c)</sup> | 132039 | &nbsp;&nbsp; 7235737 |
| Cheesecake Factory, Inc. (The)<sup>(c)</sup> | 327510 | &nbsp;&nbsp; 16309998 |
| Cracker Barrel Old Country Store, Inc.<sup>(c)</sup> | 91990 | &nbsp;&nbsp; 3100063 |
| Dorman Products, Inc.<sup>(b)(c)</sup> | 113268 | &nbsp;&nbsp; 15192637 |
| Frontdoor, Inc.<sup>(b)</sup> | 406760 | &nbsp;&nbsp; 27021067 |
| Group 1 Automotive, Inc. | 42450 | &nbsp;&nbsp; 16875573 |
| Monarch Casino & Resort, Inc. | 64961 | &nbsp;&nbsp; 5851037 |
| National Vision Holdings, Inc.<sup>(b)</sup> | 468591 | &nbsp;&nbsp; 12066218 |
| Patrick Industries, Inc.<sup>(c)</sup> | 117746 | &nbsp;&nbsp; 12289150 |
| Perdoceo Education Corp. | 222179 | &nbsp;&nbsp; 7056405 |
| Phinia, Inc.<sup>(c)</sup> | 134710 | &nbsp;&nbsp; 6992796 |
| Shake Shack, Inc., Class A<sup>(b)(c)</sup> | 171742 | &nbsp;&nbsp; 16574820 |
| Sonic Automotive, Inc., Class A<sup>(c)</sup> | 59937 | &nbsp;&nbsp; 3807798 |
| Stride, Inc.<sup>(b)(c)</sup> | 259477 | &nbsp;&nbsp; 17654815 |
| Urban Outfitters, Inc.<sup>(b)(c)</sup> | 292057 | &nbsp;&nbsp; 18869803 |
| Wolverine World Wide, Inc.<sup>(c)</sup> | 366573 | &nbsp;&nbsp; 8321207 |
|  |  | &nbsp;&nbsp; 274958147 |
| **Consumer Staples-4.12%** | **Consumer Staples-4.12%** | **Consumer Staples-4.12%** |
| Cal-Maine Foods, Inc.<sup>(c)</sup> | 318037 | &nbsp;&nbsp; 27923649 |
| Chefs' Warehouse, Inc. (The)<sup>(b)(c)</sup> | 269548 | &nbsp;&nbsp; 15903332 |
| Fresh Del Monte Produce, Inc. | 259766 | &nbsp;&nbsp; 9182728 |
| PriceSmart, Inc. | 106800 | &nbsp;&nbsp; 12275592 |
| Tootsie Roll Industries, Inc.<sup>(c)</sup> | 107429 | &nbsp;&nbsp; 3791169 |
| United Natural Foods, Inc.<sup>(b)</sup> | 353753 | &nbsp;&nbsp; 13318801 |
|  |  | &nbsp;&nbsp; 82395271 |
| **Energy-1.22%** | **Energy-1.22%** | **Energy-1.22%** |
| Archrock, Inc. | 593053 | &nbsp;&nbsp; 14986450 |
| Comstock Resources, Inc.<sup>(b)(c)</sup> | 504671 | &nbsp;&nbsp; 9462581 |
|  |  | &nbsp;&nbsp; 24449031 |
| **Financials-13.68%** | **Financials-13.68%** | **Financials-13.68%** |
| Acadian Asset Management, Inc. | 190530 | &nbsp;&nbsp; 9164493 |
| Ameris Bancorp | 220754 | &nbsp;&nbsp; 15810402 |
| BancFirst Corp.<sup>(c)</sup> | 79139 | &nbsp;&nbsp; 8615072 |
| Blackstone Mortgage Trust, Inc., Class A | 625286 | &nbsp;&nbsp; 11555285 |
| Ellington Financial, Inc. | 401360 | &nbsp;&nbsp; 5346115 |
| Enova International, Inc.<sup>(b)(c)</sup> | 94013 | &nbsp;&nbsp; 11241134 |
| EZCORP, Inc., Class A<sup>(b)(c)</sup> | 338073 | &nbsp;&nbsp; 6169832 |
| First Bancorp/Southern Pines NC<sup>(c)</sup> | 175886 | &nbsp;&nbsp; 8537506 |
| Hanmi Financial Corp. | 107876 | &nbsp;&nbsp; 2847926 |
| HCI Group, Inc. | 63751 | &nbsp;&nbsp; 13005842 |
| Horace Mann Educators Corp. | 217230 | &nbsp;&nbsp; 9712353 |
| Palomar Holdings, Inc.<sup>(b)(c)</sup> | 147089 | &nbsp;&nbsp; 16769617 |
| Pathward Financial, Inc. | 78278 | &nbsp;&nbsp; 5327601 |
| Payoneer Global, Inc.<sup>(b)(c)</sup> | 948531 | &nbsp;&nbsp; 5491995 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Piper Sandler Cos. | 58210 | &nbsp;&nbsp; $18584125 |
| PJT Partners, Inc., Class A<sup>(c)</sup> | 123682 | &nbsp;&nbsp; 19926407 |
| SiriusPoint Ltd. (Sweden)<sup>(b)</sup> | 539015 | &nbsp;&nbsp; 9810073 |
| StepStone Group, Inc., Class A | 260277 | &nbsp;&nbsp; 15845664 |
| StoneX Group, Inc.<sup>(b)(c)</sup> | 374721 | &nbsp;&nbsp; 34444354 |
| United Fire Group, Inc. | 83265 | &nbsp;&nbsp; 2517101 |
| Victory Capital Holdings, Inc., Class A<sup>(c)</sup> | 234835 | &nbsp;&nbsp; 14623175 |
| Virtu Financial, Inc., Class A | 634809 | &nbsp;&nbsp; 22116746 |
| WisdomTree, Inc.<sup>(c)</sup> | 398065 | &nbsp;&nbsp; 4760857 |
| World Acceptance Corp.<sup>(b)</sup> | 12952 | &nbsp;&nbsp; 1650991 |
|  |  | &nbsp;&nbsp; 273874666 |
| **Health Care-6.63%** | **Health Care-6.63%** | **Health Care-6.63%** |
| ADMA Biologics, Inc.<sup>(b)</sup> | 1064724 | &nbsp;&nbsp; 16481928 |
| Artivion, Inc.<sup>(b)</sup> | 144417 | &nbsp;&nbsp; 6552199 |
| Catalyst Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 449616 | &nbsp;&nbsp; 9563332 |
| Corcept Therapeutics, Inc.<sup>(b)(c)</sup> | 375144 | &nbsp;&nbsp; 27561830 |
| Ligand Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 72951 | &nbsp;&nbsp; 13956256 |
| Pediatrix Medical Group, Inc.<sup>(b)</sup> | 408322 | &nbsp;&nbsp; 6929224 |
| Phibro Animal Health Corp., Class A | 98886 | &nbsp;&nbsp; 4159145 |
| Protagonist Therapeutics, Inc.<sup>(b)</sup> | 250858 | &nbsp;&nbsp; 19722456 |
| TG Therapeutics, Inc.<sup>(b)(c)</sup> | 798149 | &nbsp;&nbsp; 27759622 |
|  |  | &nbsp;&nbsp; 132685992 |
| **Industrials-33.91%** | **Industrials-33.91%** | **Industrials-33.91%** |
| Alamo Group, Inc. | 41289 | &nbsp;&nbsp; 7379170 |
| Armstrong World Industries, Inc. | 303673 | &nbsp;&nbsp; 57828449 |
| AZZ, Inc. | 157501 | &nbsp;&nbsp; 15726475 |
| CoreCivic, Inc.<sup>(b)</sup> | 496714 | &nbsp;&nbsp; 9204110 |
| CSG Systems International, Inc.<sup>(c)</sup> | 161796 | &nbsp;&nbsp; 12663773 |
| DXP Enterprises, Inc.<sup>(b)(c)</sup> | 102627 | &nbsp;&nbsp; 12279320 |
| Dycom Industries, Inc.<sup>(b)</sup> | 152640 | &nbsp;&nbsp; 43928266 |
| Enpro, Inc. | 86558 | &nbsp;&nbsp; 20082321 |
| ESCO Technologies, Inc. | 175926 | &nbsp;&nbsp; 38610479 |
| Everus Construction Group, Inc.<sup>(b)</sup> | 213145 | &nbsp;&nbsp; 19372749 |
| Federal Signal Corp. | 261287 | &nbsp;&nbsp; 30839705 |
| Gates Industrial Corp. PLC<sup>(b)</sup> | 1204896 | &nbsp;&nbsp; 26604104 |
| GEO Group, Inc. (The)<sup>(b)(c)</sup> | 782282 | &nbsp;&nbsp; 13275325 |
| Granite Construction, Inc.<sup>(c)</sup> | 290903 | &nbsp;&nbsp; 29936828 |
| Heidrick & Struggles International, Inc. | 70307 | &nbsp;&nbsp; 4103820 |
| Interface, Inc. | 200184 | &nbsp;&nbsp; 4984582 |
| JBT Marel Corp.<sup>(c)</sup> | 260147 | &nbsp;&nbsp; 32804537 |
| Mercury Systems, Inc.<sup>(b)(c)</sup> | 266518 | &nbsp;&nbsp; 20631158 |
| Mueller Water Products, Inc., Class A | 611651 | &nbsp;&nbsp; 15694965 |
| MYR Group, Inc.<sup>(b)(c)</sup> | 65151 | &nbsp;&nbsp; 14183373 |
| National Presto Industries, Inc.<sup>(c)</sup> | 26400 | &nbsp;&nbsp; 2824008 |
| OPENLANE, Inc.<sup>(b)</sup> | 578791 | &nbsp;&nbsp; 15291658 |
| Pitney Bowes, Inc.<sup>(c)</sup> | 1098425 | &nbsp;&nbsp; 10852439 |
| Powell Industries, Inc.<sup>(c)</sup> | 32899 | &nbsp;&nbsp; 12613148 |
| SkyWest, Inc.<sup>(b)</sup> | 223505 | &nbsp;&nbsp; 22457782 |
| SPX Technologies, Inc.<sup>(b)</sup> | 197799 | &nbsp;&nbsp; 44285218 |
| Sterling Infrastructure, Inc.<sup>(b)(c)</sup> | 245542 | &nbsp;&nbsp; 92790322 |
| Worthington Enterprises, Inc.<sup>(c)</sup> | 127139 | &nbsp;&nbsp; 7131226 |
| Zurn Elkay Water Solutions Corp. | 859642 | &nbsp;&nbsp; 40497735 |
|  |  | &nbsp;&nbsp; 678877045 |
| **Information Technology-16.52%** | **Information Technology-16.52%** | **Information Technology-16.52%** |
| A10 Networks, Inc.<sup>(c)</sup> | 428875 | &nbsp;&nbsp; 7651130 |
| Calix, Inc.<sup>(b)</sup> | 283293 | &nbsp;&nbsp; 19382907 |

---

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

------

**19**

------

**Invesco S&P SmallCap Momentum ETF (XSMO)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Clear Secure, Inc., Class A<sup>(c)</sup> | 388378 | &nbsp;&nbsp; $11833878 |
| Extreme Networks, Inc.<sup>(b)</sup> | 503050 | &nbsp;&nbsp; 9568011 |
| InterDigital, Inc.<sup>(c)</sup> | 208217 | &nbsp;&nbsp; 75366225 |
| Itron, Inc.<sup>(b)</sup> | 183132 | &nbsp;&nbsp; 18373634 |
| OSI Systems, Inc.<sup>(b)(c)</sup> | 90347 | &nbsp;&nbsp; 25158026 |
| Sanmina Corp.<sup>(b)</sup> | 306735 | &nbsp;&nbsp; 42038032 |
| Semtech Corp.<sup>(b)(c)</sup> | 376541 | &nbsp;&nbsp; 25552072 |
| SiTime Corp.<sup>(b)</sup> | 82171 | &nbsp;&nbsp; 23800008 |
| TTM Technologies, Inc.<sup>(b)</sup> | 833846 | &nbsp;&nbsp; 56034451 |
| Viavi Solutions, Inc.<sup>(b)(c)</sup> | 902600 | &nbsp;&nbsp; 15976020 |
|  |  | &nbsp;&nbsp; 330734394 |
| **Materials-2.61%** | **Materials-2.61%** | **Materials-2.61%** |
| Century Aluminum Co.<sup>(b)</sup> | 206440 | &nbsp;&nbsp; 6114753 |
| Hawkins, Inc. | 131233 | &nbsp;&nbsp; 18615401 |
| Sensient Technologies Corp. | 292238 | &nbsp;&nbsp; 27555121 |
|  |  | &nbsp;&nbsp; 52285275 |
| **Real Estate-2.73%** | **Real Estate-2.73%** | **Real Estate-2.73%** |
| CareTrust REIT, Inc.<sup>(c)</sup> | 1130628 | &nbsp;&nbsp; 39176260 |
| JBG SMITH Properties, (Acquired <br> 09/19/2025 - 10/30/2025; <br> Cost $7,647,912)<sup>(c)(d)</sup><br>| 324707 | &nbsp;&nbsp; 6328540 |
| Outfront Media, Inc.<sup>(c)</sup> | 514445 | &nbsp;&nbsp; 9100532 |
|  |  | &nbsp;&nbsp; 54605332 |
| **Utilities-1.80%** | **Utilities-1.80%** | **Utilities-1.80%** |
| Clearway Energy, Inc. | 188000 | &nbsp;&nbsp; 5638120 |
| Clearway Energy, Inc., Class C<sup>(c)</sup> | 428484 | &nbsp;&nbsp; 13681494 |
| MDU Resources Group, Inc.<sup>(c)</sup> | 866239 | &nbsp;&nbsp; 16614464 |
|  |  | &nbsp;&nbsp; 35934078 |
| Total Common Stocks & Other Equity Interests <br>(Cost $1,812,489,487) | Total Common Stocks & Other Equity Interests <br>(Cost $1,812,489,487) | &nbsp;&nbsp; 2001089808 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.04%** | **Money Market Funds-0.04%** | **Money Market Funds-0.04%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(e)(f)</sup> <br>(Cost $891,781)<br>| 891781 | &nbsp;&nbsp; $891781 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.01% <br>(Cost $1,813,381,268) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.01% <br>(Cost $1,813,381,268) | &nbsp;&nbsp; 2001981589 |
| **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-14.50%** | **Money Market Funds-14.50%** | **Money Market Funds-14.50%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(e)(f)(g)</sup><br>| 79622593 | &nbsp;&nbsp; 79622593 |
| Invesco Private Prime Fund, 4.30%<sup>(e)(f)(g)</sup> | 210558885 | &nbsp;&nbsp; 210622053 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $290,246,924) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $290,246,924) | &nbsp;&nbsp; 290244646 |
| TOTAL INVESTMENTS IN SECURITIES-114.51% <br>(Cost $2,103,628,192) | TOTAL INVESTMENTS IN SECURITIES-114.51% <br>(Cost $2,103,628,192) | &nbsp;&nbsp; 2292226235 |
| OTHER ASSETS LESS LIABILITIES-(14.51)% | OTHER ASSETS LESS LIABILITIES-(14.51)% | &nbsp;&nbsp; (290530915)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $2001695320 |

---

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 October 31, 2025. |
| <sup>(d)</sup> | Restricted security. The value of this security at October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $1367282 | &nbsp;&nbsp; $14372218 | &nbsp;&nbsp; $(14847719)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $891781 | &nbsp;&nbsp; $29035 |

---

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

------

**20**

------

**Invesco S&P SmallCap Momentum ETF (XSMO)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $66856725 | &nbsp;&nbsp; $266720267 | &nbsp;&nbsp; $(253954399)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $79622593 | &nbsp;&nbsp; $1,402,380<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 173410521 | &nbsp;&nbsp; 654283533 | &nbsp;&nbsp; (617089823)<br>| &nbsp;&nbsp; 9023 | &nbsp;&nbsp; 8799 | &nbsp;&nbsp; 210622053 | &nbsp;&nbsp; 3,770,835<br> \*<br>|
| Total | &nbsp;&nbsp; $241634528 | &nbsp;&nbsp; $935376018 | &nbsp;&nbsp; $(885891941)<br>| &nbsp;&nbsp; $9023 | &nbsp;&nbsp; $8799 | &nbsp;&nbsp; $291136427 | &nbsp;&nbsp; $5202250 |

---

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

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

------

**21**

------

**Invesco S&P SmallCap Value with Momentum ETF (XSVM)**

October 31, 2025

*(Unaudited)*

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%** |
| **Communication Services-2.37%** | **Communication Services-2.37%** | **Communication Services-2.37%** |
| Shenandoah Telecommunications Co. | 244616 | &nbsp;&nbsp; $3013669 |
| TEGNA, Inc. | 323607 | &nbsp;&nbsp; 6365350 |
| Telephone and Data Systems, Inc. | 104106 | &nbsp;&nbsp; 4041395 |
|  |  | &nbsp;&nbsp; 13420414 |
| **Consumer Discretionary-17.96%** | **Consumer Discretionary-17.96%** | **Consumer Discretionary-17.96%** |
| Asbury Automotive Group, Inc.<sup>(b)(c)</sup> | 26052 | &nbsp;&nbsp; 6111799 |
| Dana, Inc. | 288495 | &nbsp;&nbsp; 5856449 |
| Ethan Allen Interiors, Inc. | 136912 | &nbsp;&nbsp; 3309163 |
| G-III Apparel Group Ltd.<sup>(b)</sup> | 311143 | &nbsp;&nbsp; 8354190 |
| Green Brick Partners, Inc.<sup>(b)(c)</sup> | 64135 | &nbsp;&nbsp; 4152100 |
| Group 1 Automotive, Inc. | 12812 | &nbsp;&nbsp; 5093282 |
| La-Z-Boy, Inc.<sup>(c)</sup> | 85966 | &nbsp;&nbsp; 2725122 |
| M/I Homes, Inc.<sup>(b)</sup> | 51548 | &nbsp;&nbsp; 6453294 |
| MarineMax, Inc.<sup>(b)(c)</sup> | 410436 | &nbsp;&nbsp; 10166500 |
| Meritage Homes Corp. | 84627 | &nbsp;&nbsp; 5717400 |
| PENN Entertainment, Inc.<sup>(b)</sup> | 338038 | &nbsp;&nbsp; 5564106 |
| Phinia, Inc. | 99107 | &nbsp;&nbsp; 5144644 |
| Sally Beauty Holdings, Inc.<sup>(b)(c)</sup> | 799275 | &nbsp;&nbsp; 12077045 |
| Sonic Automotive, Inc., Class A<sup>(c)</sup> | 93824 | &nbsp;&nbsp; 5960639 |
| Tri Pointe Homes, Inc.<sup>(b)</sup> | 190798 | &nbsp;&nbsp; 6076916 |
| Victoria's Secret & Co.<sup>(b)(c)</sup> | 255659 | &nbsp;&nbsp; 9011980 |
|  |  | &nbsp;&nbsp; 101774629 |
| **Consumer Staples-4.55%** | **Consumer Staples-4.55%** | **Consumer Staples-4.55%** |
| Cal-Maine Foods, Inc. | 42002 | &nbsp;&nbsp; 3687776 |
| Fresh Del Monte Produce, Inc.<sup>(c)</sup> | 184690 | &nbsp;&nbsp; 6528792 |
| United Natural Foods, Inc.<sup>(b)</sup> | 308056 | &nbsp;&nbsp; 11598308 |
| Universal Corp. | 77674 | &nbsp;&nbsp; 3936518 |
|  |  | &nbsp;&nbsp; 25751394 |
| **Energy-2.49%** | **Energy-2.49%** | **Energy-2.49%** |
| Bristow Group, Inc.<sup>(b)</sup> | 166864 | &nbsp;&nbsp; 6791365 |
| World Kinect Corp.<sup>(c)</sup> | 284000 | &nbsp;&nbsp; 7341400 |
|  |  | &nbsp;&nbsp; 14132765 |
| **Financials-49.00%** | **Financials-49.00%** | **Financials-49.00%** |
| Adamas Trust, Inc. | 571589 | &nbsp;&nbsp; 3812499 |
| Ameris Bancorp | 56378 | &nbsp;&nbsp; 4037792 |
| Apollo Commercial Real Estate Finance, <br> Inc.<sup>(c)</sup><br>| 364360 | &nbsp;&nbsp; 3567084 |
| Arbor Realty Trust, Inc.<sup>(c)</sup> | 438131 | &nbsp;&nbsp; 4420742 |
| Assured Guaranty Ltd. | 53633 | &nbsp;&nbsp; 4321747 |
| Atlantic Union Bankshares Corp., Class B<sup>(c)</sup> | 127003 | &nbsp;&nbsp; 4130138 |
| Banc of California, Inc. | 298922 | &nbsp;&nbsp; 5072706 |
| BankUnited, Inc. | 120197 | &nbsp;&nbsp; 4817496 |
| Banner Corp. | 54649 | &nbsp;&nbsp; 3300253 |
| Beacon Financial Corp. | 161348 | &nbsp;&nbsp; 3927210 |
| Bread Financial Holdings, Inc. | 93071 | &nbsp;&nbsp; 5830898 |
| Capitol Federal Financial, Inc. | 742138 | &nbsp;&nbsp; 4482513 |
| Cathay General Bancorp<sup>(c)</sup> | 81435 | &nbsp;&nbsp; 3701221 |
| Customers Bancorp, Inc.<sup>(b)(c)</sup> | 73862 | &nbsp;&nbsp; 4957617 |
| Dime Community Bancshares, Inc., Class B | 128805 | &nbsp;&nbsp; 3381131 |
| Eagle Bancorp, Inc.<sup>(c)</sup> | 254541 | &nbsp;&nbsp; 4263562 |
| Ellington Financial, Inc. | 317677 | &nbsp;&nbsp; 4231458 |
| Employers Holdings, Inc. | 83090 | &nbsp;&nbsp; 3168222 |
| Enact Holdings, Inc.<sup>(c)</sup> | 113330 | &nbsp;&nbsp; 4048148 |
| EZCORP, Inc., Class A<sup>(b)(c)</sup> | 380467 | &nbsp;&nbsp; 6943523 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| First Commonwealth Financial Corp. | 222526 | &nbsp;&nbsp; $3402423 |
| First Financial Bancorp | 169806 | &nbsp;&nbsp; 3975158 |
| First Hawaiian, Inc. | 140152 | &nbsp;&nbsp; 3437929 |
| Franklin BSP Realty Trust, Inc.<sup>(c)</sup> | 380046 | &nbsp;&nbsp; 3853666 |
| Fulton Financial Corp. | 221505 | &nbsp;&nbsp; 3847542 |
| Genworth Financial, Inc., Class A<sup>(b)</sup> | 1115678 | &nbsp;&nbsp; 9416322 |
| Hanmi Financial Corp. | 171526 | &nbsp;&nbsp; 4528286 |
| Heritage Financial Corp. | 159414 | &nbsp;&nbsp; 3537397 |
| Hilltop Holdings, Inc. | 136852 | &nbsp;&nbsp; 4420320 |
| Hope Bancorp, Inc. | 517854 | &nbsp;&nbsp; 5432288 |
| Horace Mann Educators Corp. | 82566 | &nbsp;&nbsp; 3691526 |
| Independent Bank Corp. | 60304 | &nbsp;&nbsp; 4057856 |
| Jackson Financial, Inc., Class A | 63365 | &nbsp;&nbsp; 6387826 |
| KKR Real Estate Finance Trust, Inc.<sup>(c)</sup> | 465227 | &nbsp;&nbsp; 3786948 |
| Lincoln National Corp. | 230622 | &nbsp;&nbsp; 9686124 |
| Mercury General Corp. | 56873 | &nbsp;&nbsp; 4396283 |
| National Bank Holdings Corp., Class A | 97135 | &nbsp;&nbsp; 3463834 |
| NMI Holdings, Inc., Class A<sup>(b)(c)</sup> | 84113 | &nbsp;&nbsp; 3064237 |
| Northwest Bancshares, Inc. | 300077 | &nbsp;&nbsp; 3513902 |
| PennyMac Mortgage Investment Trust | 345874 | &nbsp;&nbsp; 4164323 |
| PRA Group, Inc.<sup>(b)</sup> | 522123 | &nbsp;&nbsp; 7158306 |
| PROG Holdings, Inc. | 169124 | &nbsp;&nbsp; 4892757 |
| Provident Financial Services, Inc.<sup>(c)</sup> | 241806 | &nbsp;&nbsp; 4422632 |
| Radian Group, Inc. | 113563 | &nbsp;&nbsp; 3854328 |
| Redwood Trust, Inc. | 786660 | &nbsp;&nbsp; 4177165 |
| Renasant Corp. | 119098 | &nbsp;&nbsp; 4005266 |
| S&T Bancorp, Inc.<sup>(c)</sup> | 102273 | &nbsp;&nbsp; 3747283 |
| Safety Insurance Group, Inc. | 42801 | &nbsp;&nbsp; 2941713 |
| Seacoast Banking Corp. of Florida<sup>(c)</sup> | 134065 | &nbsp;&nbsp; 4062169 |
| Simmons First National Corp., Class A | 242892 | &nbsp;&nbsp; 4221463 |
| SiriusPoint Ltd. (Sweden)<sup>(b)</sup> | 182560 | &nbsp;&nbsp; 3322592 |
| Southside Bancshares, Inc. | 132012 | &nbsp;&nbsp; 3712177 |
| Stellar Bancorp, Inc. | 144857 | &nbsp;&nbsp; 4263141 |
| Stewart Information Services Corp.<sup>(c)</sup> | 64037 | &nbsp;&nbsp; 4371806 |
| StoneX Group, Inc.<sup>(b)(c)</sup> | 81244 | &nbsp;&nbsp; 7467948 |
| Tompkins Financial Corp. | 54533 | &nbsp;&nbsp; 3460664 |
| TrustCo Bank Corp.<sup>(c)</sup> | 128332 | &nbsp;&nbsp; 4839400 |
| Trustmark Corp.<sup>(c)</sup> | 111001 | &nbsp;&nbsp; 4131457 |
| Two Harbors Investment Corp.<sup>(c)</sup> | 332647 | &nbsp;&nbsp; 3233329 |
| United Community Banks, Inc. | 123321 | &nbsp;&nbsp; 3600973 |
| United Fire Group, Inc. | 187678 | &nbsp;&nbsp; 5673506 |
| WaFd, Inc. | 145728 | &nbsp;&nbsp; 4230484 |
| WSFS Financial Corp. | 65352 | &nbsp;&nbsp; 3404186 |
|  |  | &nbsp;&nbsp; 277674895 |
| **Health Care-2.03%** | **Health Care-2.03%** | **Health Care-2.03%** |
| AdaptHealth Corp.<sup>(b)(c)</sup> | 716442 | &nbsp;&nbsp; 6440813 |
| Select Medical Holdings Corp. | 366913 | &nbsp;&nbsp; 5074407 |
|  |  | &nbsp;&nbsp; 11515220 |
| **Industrials-9.06%** | **Industrials-9.06%** | **Industrials-9.06%** |
| ABM Industries, Inc. | 88062 | &nbsp;&nbsp; 3786666 |
| Air Lease Corp., Class A | 77456 | &nbsp;&nbsp; 4946340 |
| DNOW, Inc.<sup>(b)</sup> | 262793 | &nbsp;&nbsp; 3863057 |
| Greenbrier Cos., Inc. (The) | 132364 | &nbsp;&nbsp; 5528844 |
| Healthcare Services Group, Inc.<sup>(b)</sup> | 230276 | &nbsp;&nbsp; 4115032 |
| JetBlue Airways Corp.<sup>(b)(c)</sup> | 1331573 | &nbsp;&nbsp; 5592607 |
| Matson, Inc. | 35699 | &nbsp;&nbsp; 3603814 |
| Resideo Technologies, Inc.<sup>(b)(c)</sup> | 220609 | &nbsp;&nbsp; 9442065 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Rush Enterprises, Inc., Class A | 79099 | &nbsp;&nbsp; $3908282 |
| Schneider National, Inc., Class B | 146481 | &nbsp;&nbsp; 3130299 |
| SkyWest, Inc.<sup>(b)</sup> | 33907 | &nbsp;&nbsp; 3406975 |
|  |  | &nbsp;&nbsp; 51323981 |
| **Information Technology-3.28%** | **Information Technology-3.28%** | **Information Technology-3.28%** |
| Alpha & Omega Semiconductor Ltd.<sup>(b)</sup> | 168223 | &nbsp;&nbsp; 4720337 |
| Benchmark Electronics, Inc. | 115037 | &nbsp;&nbsp; 5040921 |
| PC Connection, Inc. | 54572 | &nbsp;&nbsp; 3327255 |
| Sanmina Corp.<sup>(b)</sup> | 39915 | &nbsp;&nbsp; 5470351 |
|  |  | &nbsp;&nbsp; 18558864 |
| **Materials-2.62%** | **Materials-2.62%** | **Materials-2.62%** |
| Century Aluminum Co.<sup>(b)(c)</sup> | 195280 | &nbsp;&nbsp; 5784194 |
| SunCoke Energy, Inc.<sup>(c)</sup> | 743464 | &nbsp;&nbsp; 5955147 |
| Sylvamo Corp. | 76674 | &nbsp;&nbsp; 3112964 |
|  |  | &nbsp;&nbsp; 14852305 |
| **Real Estate-4.44%** | **Real Estate-4.44%** | **Real Estate-4.44%** |
| American Assets Trust, Inc. | 177486 | &nbsp;&nbsp; 3391757 |
| Cushman & Wakefield PLC<sup>(b)</sup> | 593397 | &nbsp;&nbsp; 9316333 |
| eXp World Holdings, Inc.<sup>(c)</sup> | 406275 | &nbsp;&nbsp; 4160256 |
| Safehold, Inc. | 396293 | &nbsp;&nbsp; 5718508 |
| SITE Centers Corp. | 353214 | &nbsp;&nbsp; 2589059 |
|  |  | &nbsp;&nbsp; 25175913 |
| **Utilities-2.03%** | **Utilities-2.03%** | **Utilities-2.03%** |
| Avista Corp. | 92314 | &nbsp;&nbsp; 3512548 |
| MDU Resources Group, Inc.<sup>(c)</sup> | 199456 | &nbsp;&nbsp; 3825566 |
| Northwest Natural Holding Co. | 91749 | &nbsp;&nbsp; 4177332 |
|  |  | &nbsp;&nbsp; 11515446 |
| Total Common Stocks & Other Equity Interests <br>(Cost $541,244,053) | Total Common Stocks & Other Equity Interests <br>(Cost $541,244,053) | &nbsp;&nbsp; 565695826 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.12%** | **Money Market Funds-0.12%** | **Money Market Funds-0.12%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $686,821)<br>| 686821 | &nbsp;&nbsp; $686821 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.95% <br>(Cost $541,930,874) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.95% <br>(Cost $541,930,874) | &nbsp;&nbsp; 566382647 |
| **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-11.96%** | **Money Market Funds-11.96%** | **Money Market Funds-11.96%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 18553574 | &nbsp;&nbsp; 18553574 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 49177438 | &nbsp;&nbsp; 49192191 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $67,746,170) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $67,746,170) | &nbsp;&nbsp; 67745765 |
| TOTAL INVESTMENTS IN SECURITIES-111.91% <br>(Cost $609,677,044) | TOTAL INVESTMENTS IN SECURITIES-111.91% <br>(Cost $609,677,044) | &nbsp;&nbsp; 634128412 |
| OTHER ASSETS LESS LIABILITIES-(11.91)% | OTHER ASSETS LESS LIABILITIES-(11.91)% | &nbsp;&nbsp; (67479054)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $566649358 |

---

---

| | |
|:---|:---|
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $541147 | &nbsp;&nbsp; $17143707 | &nbsp;&nbsp; $(16998033)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $686821 | &nbsp;&nbsp; $10173 |

---

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)**

October 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $20800227 | &nbsp;&nbsp; $68685291 | &nbsp;&nbsp; $(70931944)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $18553574 | &nbsp;&nbsp; $324,892<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 54108381 | &nbsp;&nbsp; 155308348 | &nbsp;&nbsp; (160228181)<br>| &nbsp;&nbsp; 2608 | &nbsp;&nbsp; 1035 | &nbsp;&nbsp; 49192191 | &nbsp;&nbsp; 873,803<br> \*<br>|
| Total | &nbsp;&nbsp; $75449755 | &nbsp;&nbsp; $241137346 | &nbsp;&nbsp; $(248158158)<br>| &nbsp;&nbsp; $2608 | &nbsp;&nbsp; $1035 | &nbsp;&nbsp; $68432586 | &nbsp;&nbsp; $1208868 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 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 Zacks Mid-Cap ETF (CZA)**

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.02%** | **Common Stocks & Other Equity Interests-100.02%** | **Common Stocks & Other Equity Interests-100.02%** |
| **Communication Services-1.40%** | **Communication Services-1.40%** | **Communication Services-1.40%** |
| Fox Corp., Class B | 43332 | &nbsp;&nbsp; $2531022 |
| **Consumer Discretionary-6.74%** | **Consumer Discretionary-6.74%** | **Consumer Discretionary-6.74%** |
| Grand Canyon Education, Inc.<sup>(b)</sup> | 2670 | &nbsp;&nbsp; 502761 |
| Hasbro, Inc. | 13542 | &nbsp;&nbsp; 1033390 |
| Las Vegas Sands Corp. | 67671 | &nbsp;&nbsp; 4016274 |
| Ralph Lauren Corp. | 6067 | &nbsp;&nbsp; 1939377 |
| Stellantis N.V.<sup>(c)</sup> | 311516 | &nbsp;&nbsp; 3158772 |
| Yum China Holdings, Inc. (China) | 36538 | &nbsp;&nbsp; 1580634 |
|  |  | &nbsp;&nbsp; 12231208 |
| **Consumer Staples-1.57%** | **Consumer Staples-1.57%** | **Consumer Staples-1.57%** |
| Archer-Daniels-Midland Co. | 47095 | &nbsp;&nbsp; 2850661 |
| **Financials-22.03%** | **Financials-22.03%** | **Financials-22.03%** |
| Arch Capital Group Ltd. | 35767 | &nbsp;&nbsp; 3087050 |
| AXIS Capital Holdings Ltd. | 7653 | &nbsp;&nbsp; 716780 |
| Brown & Brown, Inc. | 31710 | &nbsp;&nbsp; 2528555 |
| Cincinnati Financial Corp. | 15351 | &nbsp;&nbsp; 2373111 |
| CNA Financial Corp.<sup>(c)</sup> | 26184 | &nbsp;&nbsp; 1166497 |
| Corebridge Financial, Inc. | 52493 | &nbsp;&nbsp; 1709172 |
| Corpay, Inc.<sup>(b)</sup> | 7085 | &nbsp;&nbsp; 1844580 |
| Credicorp Ltd. (Peru) | 7719 | &nbsp;&nbsp; 2014659 |
| Essent Group Ltd. | 9718 | &nbsp;&nbsp; 588619 |
| Hartford Insurance Group, Inc. (The) | 27174 | &nbsp;&nbsp; 3374467 |
| Invesco Ltd.<sup>(d)</sup> | 43555 | &nbsp;&nbsp; 1032254 |
| Janus Henderson Group PLC | 15275 | &nbsp;&nbsp; 665379 |
| Northern Trust Corp. | 18586 | &nbsp;&nbsp; 2391461 |
| Principal Financial Group, Inc. | 21687 | &nbsp;&nbsp; 1822575 |
| Prudential Financial, Inc. | 34503 | &nbsp;&nbsp; 3588312 |
| SEI Investments Co. | 12232 | &nbsp;&nbsp; 986022 |
| State Street Corp. | 27369 | &nbsp;&nbsp; 3165499 |
| Tradeweb Markets, Inc., Class A | 23287 | &nbsp;&nbsp; 2454217 |
| Unum Group | 16432 | &nbsp;&nbsp; 1206437 |
| Voya Financial, Inc. | 9549 | &nbsp;&nbsp; 711019 |
| W.R. Berkley Corp. | 36252 | &nbsp;&nbsp; 2586218 |
|  |  | &nbsp;&nbsp; 40012883 |
| **Health Care-8.26%** | **Health Care-8.26%** | **Health Care-8.26%** |
| Agilent Technologies, Inc. | 28529 | &nbsp;&nbsp; 4175504 |
| Align Technology, Inc.<sup>(b)</sup> | 7405 | &nbsp;&nbsp; 1021001 |
| Encompass Health Corp. | 9661 | &nbsp;&nbsp; 1099905 |
| GE HealthCare Technologies, Inc. | 46446 | &nbsp;&nbsp; 3481128 |
| ICON PLC<sup>(b)</sup> | 8395 | &nbsp;&nbsp; 1442429 |
| IQVIA Holdings, Inc.<sup>(b)</sup> | 17491 | &nbsp;&nbsp; 3786102 |
|  |  | &nbsp;&nbsp; 15006069 |
| **Industrials-23.89%** | **Industrials-23.89%** | **Industrials-23.89%** |
| A.O. Smith Corp. | 13928 | &nbsp;&nbsp; 919109 |
| Acuity, Inc. | 2998 | &nbsp;&nbsp; 1094420 |
| AerCap Holdings N.V. (Ireland) | 17827 | &nbsp;&nbsp; 2321788 |
| Applied Industrial Technologies, Inc. | 3685 | &nbsp;&nbsp; 947377 |
| Armstrong World Industries, Inc. | 4304 | &nbsp;&nbsp; 819611 |
| Crane Co. | 5692 | &nbsp;&nbsp; 1081480 |
| Dover Corp. | 13779 | &nbsp;&nbsp; 2500337 |
| ESAB Corp. | 5923 | &nbsp;&nbsp; 691925 |
| Fortive Corp. | 33515 | &nbsp;&nbsp; 1687145 |
| Graco, Inc. | 16204 | &nbsp;&nbsp; 1325001 |
| IDEX Corp. | 7391 | &nbsp;&nbsp; 1267261 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| ITT, Inc. | 7826 | &nbsp;&nbsp; $1448358 |
| Jacobs Solutions, Inc. | 11837 | &nbsp;&nbsp; 1844323 |
| Lincoln Electric Holdings, Inc. | 5403 | &nbsp;&nbsp; 1266733 |
| nVent Electric PLC | 16015 | &nbsp;&nbsp; 1831315 |
| Otis Worldwide Corp. | 37990 | &nbsp;&nbsp; 3523952 |
| Owens Corning | 8446 | &nbsp;&nbsp; 1075260 |
| Paylocity Holding Corp.<sup>(b)</sup> | 5370 | &nbsp;&nbsp; 758620 |
| Pentair PLC | 16210 | &nbsp;&nbsp; 1723933 |
| SPX Technologies, Inc.<sup>(b)</sup> | 4637 | &nbsp;&nbsp; 1038178 |
| Textron, Inc. | 17571 | &nbsp;&nbsp; 1419913 |
| TFI International, Inc. (Canada) | 8317 | &nbsp;&nbsp; 746284 |
| Veralto Corp. | 24653 | &nbsp;&nbsp; 2432758 |
| Wabtec Corp. | 16103 | &nbsp;&nbsp; 3292097 |
| Watts Water Technologies, Inc., Class A | 3308 | &nbsp;&nbsp; 901761 |
| Xylem, Inc. | 23874 | &nbsp;&nbsp; 3601393 |
| ZTO Express (Cayman), Inc., ADR (China)<sup>(c)</sup> | 56167 | &nbsp;&nbsp; 1044145 |
| Zurn Elkay Water Solutions Corp. | 16541 | &nbsp;&nbsp; 779247 |
|  |  | &nbsp;&nbsp; 43383724 |
| **Information Technology-7.17%** | **Information Technology-7.17%** | **Information Technology-7.17%** |
| Check Point Software Technologies Ltd. <br> (Israel)<sup>(b)</sup><br>| 10374 | &nbsp;&nbsp; 2029984 |
| Flex Ltd.<sup>(b)</sup> | 37832 | &nbsp;&nbsp; 2365257 |
| Keysight Technologies, Inc.<sup>(b)</sup> | 17251 | &nbsp;&nbsp; 3156243 |
| Littelfuse, Inc. | 2453 | &nbsp;&nbsp; 596839 |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 4548 | &nbsp;&nbsp; 2395977 |
| Trimble, Inc.<sup>(b)</sup> | 23916 | &nbsp;&nbsp; 1907301 |
| Vontier Corp. | 14759 | &nbsp;&nbsp; 568222 |
|  |  | &nbsp;&nbsp; 13019823 |
| **Materials-11.84%** | **Materials-11.84%** | **Materials-11.84%** |
| AptarGroup, Inc. | 6574 | &nbsp;&nbsp; 762650 |
| Avery Dennison Corp. | 7843 | &nbsp;&nbsp; 1371662 |
| Axalta Coating Systems Ltd.<sup>(b)</sup> | 22715 | &nbsp;&nbsp; 646696 |
| Ball Corp. | 26557 | &nbsp;&nbsp; 1248179 |
| DuPont de Nemours, Inc. | 42520 | &nbsp;&nbsp; 3471758 |
| Eastman Chemical Co. | 11842 | &nbsp;&nbsp; 704836 |
| International Flavors & Fragrances, Inc.<sup>(b)</sup> | 26219 | &nbsp;&nbsp; 1651011 |
| Nutrien Ltd. (Canada)<sup>(c)</sup> | 45866 | &nbsp;&nbsp; 2497404 |
| Packaging Corp. of America | 8661 | &nbsp;&nbsp; 1695477 |
| PPG Industries, Inc. | 23076 | &nbsp;&nbsp; 2255679 |
| Reliance, Inc. | 5240 | &nbsp;&nbsp; 1479933 |
| RPM International, Inc. | 13069 | &nbsp;&nbsp; 1428180 |
| Steel Dynamics, Inc. | 14628 | &nbsp;&nbsp; 2293670 |
|  |  | &nbsp;&nbsp; 21507135 |
| **Real Estate-9.27%** | **Real Estate-9.27%** | **Real Estate-9.27%** |
| AvalonBay Communities, Inc. | 13926 | &nbsp;&nbsp; 2422010 |
| Camden Property Trust | 10561 | &nbsp;&nbsp; 1050608 |
| CubeSmart | 22416 | &nbsp;&nbsp; 844411 |
| Equity LifeStyle Properties, Inc. | 18999 | &nbsp;&nbsp; 1159889 |
| Equity Residential | 37845 | &nbsp;&nbsp; 2249507 |
| Essex Property Trust, Inc. | 6346 | &nbsp;&nbsp; 1597732 |
| Extra Space Storage, Inc. | 20851 | &nbsp;&nbsp; 2784443 |
| Gaming and Leisure Properties, Inc. | 27790 | &nbsp;&nbsp; 1241101 |
| Healthpeak Properties, Inc. | 67222 | &nbsp;&nbsp; 1206635 |
| NNN REIT, Inc. | 18375 | &nbsp;&nbsp; 743453 |
| Sun Communities, Inc. | 12174 | &nbsp;&nbsp; 1541228 |
|  |  | &nbsp;&nbsp; 16841017 |

---

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

------

**25**

------

**Invesco Zacks Mid-Cap ETF (CZA)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities-7.85%** | **Utilities-7.85%** | **Utilities-7.85%** |
| Consolidated Edison, Inc. | 34300 | &nbsp;&nbsp; $3341163 |
| DTE Energy Co. | 19866 | &nbsp;&nbsp; 2692638 |
| Edison International | 38467 | &nbsp;&nbsp; 2130302 |
| Essential Utilities, Inc. | 26679 | &nbsp;&nbsp; 1041281 |
| Eversource Energy | 35247 | &nbsp;&nbsp; 2601581 |
| Fortis, Inc. (Canada) | 48716 | &nbsp;&nbsp; 2447005 |
|  |  | &nbsp;&nbsp; 14253970 |
| Total Common Stocks & Other Equity Interests <br>(Cost $171,803,774) | Total Common Stocks & Other Equity Interests <br>(Cost $171,803,774) | &nbsp;&nbsp; 181637512 |
| **Money Market Funds-0.06%** | **Money Market Funds-0.06%** | **Money Market Funds-0.06%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $112,223)<br>| 112223 | &nbsp;&nbsp; 112223 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.08% <br>(Cost $171,915,997) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.08% <br>(Cost $171,915,997) | &nbsp;&nbsp; 181749735 |

---

---

| | | |
|:---|:---|:---|
|  | **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-2.72%** | **Money Market Funds-2.72%** | **Money Market Funds-2.72%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 1336513 | &nbsp;&nbsp; $1336513 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 3598164 | &nbsp;&nbsp; 3599243 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $4,935,829) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $4,935,829) | &nbsp;&nbsp; 4935756 |
| TOTAL INVESTMENTS IN SECURITIES-102.80% <br>(Cost $176,851,826) | TOTAL INVESTMENTS IN SECURITIES-102.80% <br>(Cost $176,851,826) | &nbsp;&nbsp; 186685491 |
| OTHER ASSETS LESS LIABILITIES-(2.80)% | OTHER ASSETS LESS LIABILITIES-(2.80)% | &nbsp;&nbsp; (5082692)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $181602799 |

---

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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| Invesco Ltd. | &nbsp;&nbsp; $697949 | &nbsp;&nbsp; $1028751 | &nbsp;&nbsp; $(827052)<br>| &nbsp;&nbsp; $131218 | &nbsp;&nbsp; $1388 | &nbsp;&nbsp; $1032254 | &nbsp;&nbsp; $10522 |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; 271525 | &nbsp;&nbsp; 1533095 | &nbsp;&nbsp; (1692397)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 112223 | &nbsp;&nbsp; 4125 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 2187176 | &nbsp;&nbsp; 26201735 | &nbsp;&nbsp; (27052398)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1336513 | &nbsp;&nbsp; 43,648<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 5676467 | &nbsp;&nbsp; 55402815 | &nbsp;&nbsp; (57481031)<br>| &nbsp;&nbsp; 37 | &nbsp;&nbsp; 955 | &nbsp;&nbsp; 3599243 | &nbsp;&nbsp; 118,035<br> \*<br>|
| Total | &nbsp;&nbsp; $8833117 | &nbsp;&nbsp; $84166396 | &nbsp;&nbsp; $(87052878)<br>| &nbsp;&nbsp; $131255 | &nbsp;&nbsp; $2343 | &nbsp;&nbsp; $6080233 | &nbsp;&nbsp; $176330 |

---

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

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

October 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-80.04%** | **Common Stocks & Other Equity Interests-80.04%** | **Common Stocks & Other Equity Interests-80.04%** |
| **Communication Services-0.80%** | **Communication Services-0.80%** | **Communication Services-0.80%** |
| NetEase, Inc., ADR (China)<sup>(b)</sup> | 4983 | &nbsp;&nbsp; $698118 |
| Tencent Music Entertainment Group, ADR <br> (China)<br>| 8762 | &nbsp;&nbsp; 195568 |
|  |  | &nbsp;&nbsp; 893686 |
| **Consumer Discretionary-5.01%** | **Consumer Discretionary-5.01%** | **Consumer Discretionary-5.01%** |
| ADT, Inc. | 130433 | &nbsp;&nbsp; 1153028 |
| Century Communities, Inc.<sup>(b)</sup> | 5792 | &nbsp;&nbsp; 344045 |
| Gap, Inc. (The)<sup>(b)</sup> | 53143 | &nbsp;&nbsp; 1214317 |
| Garrett Motion, Inc. (Switzerland)<sup>(b)</sup> | 29189 | &nbsp;&nbsp; 494461 |
| Lear Corp.<sup>(b)</sup> | 6949 | &nbsp;&nbsp; 727213 |
| Leggett & Platt, Inc.<sup>(b)</sup> | 39873 | &nbsp;&nbsp; 372414 |
| Meritage Homes Corp. | 9728 | &nbsp;&nbsp; 657224 |
| Phinia, Inc. | 6532 | &nbsp;&nbsp; 339076 |
| Sonic Automotive, Inc., Class A | 4674 | &nbsp;&nbsp; 296939 |
|  |  | &nbsp;&nbsp; 5598717 |
| **Consumer Staples-1.83%** | **Consumer Staples-1.83%** | **Consumer Staples-1.83%** |
| Edgewell Personal Care Co. | 16409 | &nbsp;&nbsp; 318171 |
| Ingredion, Inc. | 5950 | &nbsp;&nbsp; 686689 |
| Kroger Co. (The) | 16291 | &nbsp;&nbsp; 1036596 |
|  |  | &nbsp;&nbsp; 2041456 |
| **Energy-23.17%** | **Energy-23.17%** | **Energy-23.17%** |
| Alliance Resource Partners L.P. | 49983 | &nbsp;&nbsp; 1223084 |
| APA Corp.<sup>(b)</sup> | 51099 | &nbsp;&nbsp; 1157392 |
| Black Stone Minerals L.P. | 92893 | &nbsp;&nbsp; 1225259 |
| Crescent Energy Co., Class A<sup>(b)</sup> | 40419 | &nbsp;&nbsp; 340732 |
| Devon Energy Corp. | 31942 | &nbsp;&nbsp; 1037795 |
| Diamondback Energy, Inc. | 7867 | &nbsp;&nbsp; 1126476 |
| Dorchester Minerals L.P. | 46072 | &nbsp;&nbsp; 1163779 |
| Energy Transfer L.P. | 53924 | &nbsp;&nbsp; 907541 |
| Enterprise Products Partners L.P. | 27196 | &nbsp;&nbsp; 837365 |
| Equinor ASA, ADR (Norway) | 45812 | &nbsp;&nbsp; 1097655 |
| Genesis Energy L.P. | 28394 | &nbsp;&nbsp; 464526 |
| Global Partners L.P. | 14335 | &nbsp;&nbsp; 648085 |
| Halliburton Co.<sup>(b)</sup> | 51145 | &nbsp;&nbsp; 1372732 |
| Matador Resources Co. | 15610 | &nbsp;&nbsp; 615971 |
| MPLX L.P. | 19019 | &nbsp;&nbsp; 965404 |
| NOV, Inc.<sup>(b)</sup> | 57881 | &nbsp;&nbsp; 845063 |
| Ovintiv, Inc.<sup>(b)</sup> | 27706 | &nbsp;&nbsp; 1039252 |
| Peabody Energy Corp.<sup>(b)</sup> | 45342 | &nbsp;&nbsp; 1243278 |
| Petroleo Brasileiro S.A., ADR (Brazil) | 93503 | &nbsp;&nbsp; 1088375 |
| Plains All American Pipeline L.P. | 65367 | &nbsp;&nbsp; 1075287 |
| Shell PLC, ADR (United Kingdom)<sup>(b)</sup> | 15479 | &nbsp;&nbsp; 1159687 |
| SM Energy Co.<sup>(b)</sup> | 26850 | &nbsp;&nbsp; 560896 |
| Sunoco L.P. | 16822 | &nbsp;&nbsp; 878445 |
| Teekay Tankers Ltd., Class A (Canada) | 9108 | &nbsp;&nbsp; 555588 |
| Tenaris S.A., ADR<sup>(b)</sup> | 31625 | &nbsp;&nbsp; 1258675 |
| Weatherford International PLC | 12289 | &nbsp;&nbsp; 905576 |
| Western Midstream Partners L.P. | 29778 | &nbsp;&nbsp; 1115782 |
|  |  | &nbsp;&nbsp; 25909700 |
| **Financials-24.54%** | **Financials-24.54%** | **Financials-24.54%** |
| Allstate Corp. (The) | 5655 | &nbsp;&nbsp; 1083046 |
| Apollo Commercial Real Estate Finance, <br> Inc.<sup>(b)</sup><br>| 14194 | &nbsp;&nbsp; 138959 |
| AXIS Capital Holdings Ltd. | 7765 | &nbsp;&nbsp; 727270 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Banco Bilbao Vizcaya Argentaria S.A., ADR <br> (Spain)<br>| 61264 | &nbsp;&nbsp; $1233244 |
| Banco Santander S.A., ADR (Spain)<sup>(b)</sup> | 64637 | &nbsp;&nbsp; 656066 |
| Bank of New York Mellon Corp. (The) | 11080 | &nbsp;&nbsp; 1195864 |
| Bank OZK | 14709 | &nbsp;&nbsp; 661758 |
| BOK Financial Corp.<sup>(b)</sup> | 3500 | &nbsp;&nbsp; 366030 |
| Cannae Holdings, Inc. | 20772 | &nbsp;&nbsp; 371403 |
| CNO Financial Group, Inc. | 9890 | &nbsp;&nbsp; 395798 |
| Commerce Bancshares, Inc.<sup>(b)</sup> | 12254 | &nbsp;&nbsp; 644928 |
| Corebridge Financial, Inc. | 32995 | &nbsp;&nbsp; 1074317 |
| East West Bancorp, Inc. | 10943 | &nbsp;&nbsp; 1111809 |
| Ellington Financial, Inc. | 10884 | &nbsp;&nbsp; 144975 |
| Enact Holdings, Inc.<sup>(b)</sup> | 10136 | &nbsp;&nbsp; 362058 |
| Equitable Holdings, Inc. | 21606 | &nbsp;&nbsp; 1067336 |
| Essent Group Ltd. | 12082 | &nbsp;&nbsp; 731807 |
| Hanover Insurance Group, Inc. (The) | 4399 | &nbsp;&nbsp; 751701 |
| ING Groep N.V., ADR (Netherlands)<sup>(b)</sup> | 36786 | &nbsp;&nbsp; 917075 |
| International Bancshares Corp. | 5336 | &nbsp;&nbsp; 354204 |
| Itau Unibanco Holding S.A., ADR (Brazil) | 22631 | &nbsp;&nbsp; 166564 |
| Jackson Financial, Inc., Class A | 7797 | &nbsp;&nbsp; 786016 |
| Kemper Corp.<sup>(b)</sup> | 7287 | &nbsp;&nbsp; 327842 |
| Lincoln National Corp.<sup>(b)</sup> | 18405 | &nbsp;&nbsp; 773010 |
| Lloyds Banking Group PLC, ADR (United <br> Kingdom)<sup>(b)</sup><br>| 201696 | &nbsp;&nbsp; 949988 |
| MetLife, Inc. | 14136 | &nbsp;&nbsp; 1128336 |
| MGIC Investment Corp. | 27282 | &nbsp;&nbsp; 748072 |
| Popular, Inc. | 6199 | &nbsp;&nbsp; 691003 |
| Radian Group, Inc. | 21896 | &nbsp;&nbsp; 743150 |
| Reinsurance Group of America, Inc. | 3987 | &nbsp;&nbsp; 727468 |
| Selective Insurance Group, Inc. | 4987 | &nbsp;&nbsp; 375721 |
| SouthState Bank Corp. | 11519 | &nbsp;&nbsp; 1021159 |
| Unum Group<sup>(b)</sup> | 16520 | &nbsp;&nbsp; 1212898 |
| Virtu Financial, Inc., Class A | 9099 | &nbsp;&nbsp; 317009 |
| Voya Financial, Inc.<sup>(b)</sup> | 10037 | &nbsp;&nbsp; 747355 |
| Wells Fargo & Co. | 14250 | &nbsp;&nbsp; 1239322 |
| Western Alliance Bancorporation | 8770 | &nbsp;&nbsp; 678360 |
| Woori Financial Group, Inc., ADR (South <br> Korea)<br>| 15418 | &nbsp;&nbsp; 826713 |
|  |  | &nbsp;&nbsp; 27449634 |
| **Health Care-5.06%** | **Health Care-5.06%** | **Health Care-5.06%** |
| Baxter International, Inc.<sup>(b)</sup> | 46523 | &nbsp;&nbsp; 859280 |
| Cigna Group (The)<sup>(b)</sup> | 3799 | &nbsp;&nbsp; 928514 |
| Elevance Health, Inc. | 3637 | &nbsp;&nbsp; 1153656 |
| Royalty Pharma PLC, Class A | 31746 | &nbsp;&nbsp; 1191745 |
| Select Medical Holdings Corp. | 29256 | &nbsp;&nbsp; 404610 |
| Viatris, Inc. | 108302 | &nbsp;&nbsp; 1122009 |
|  |  | &nbsp;&nbsp; 5659814 |
| **Industrials-5.08%** | **Industrials-5.08%** | **Industrials-5.08%** |
| Atkore, Inc.<sup>(b)</sup> | 6554 | &nbsp;&nbsp; 453864 |
| Concentrix Corp.<sup>(b)</sup> | 7522 | &nbsp;&nbsp; 303212 |
| Greenbrier Cos., Inc. (The) | 8341 | &nbsp;&nbsp; 348404 |
| Grupo Aeroportuario del Centro Norte S.A.B. <br> de C.V., ADR (Mexico)<br>| 6143 | &nbsp;&nbsp; 605823 |
| Herc Holdings, Inc.<sup>(b)</sup> | 5850 | &nbsp;&nbsp; 830992 |
| LATAM Airlines Group S.A., ADR (Chile) | 9459 | &nbsp;&nbsp; 425560 |
| Owens Corning | 7444 | &nbsp;&nbsp; 947696 |
| Pitney Bowes, Inc. | 31144 | &nbsp;&nbsp; 307703 |

---

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

------

**27**

------

**Invesco Zacks Multi-Asset Income ETF (CVY)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Ryder System, Inc. | 4137 | &nbsp;&nbsp; $700105 |
| Timken Co. (The)<sup>(b)</sup> | 9610 | &nbsp;&nbsp; 754481 |
|  |  | &nbsp;&nbsp; 5677840 |
| **Information Technology-1.03%** | **Information Technology-1.03%** | **Information Technology-1.03%** |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 15835 | &nbsp;&nbsp; 1154055 |
| **Materials-3.08%** | **Materials-3.08%** | **Materials-3.08%** |
| Cabot Corp. | 4729 | &nbsp;&nbsp; 319113 |
| CEMEX S.A.B. de C.V., ADR (Mexico) | 35896 | &nbsp;&nbsp; 364344 |
| CF Industries Holdings, Inc. | 13260 | &nbsp;&nbsp; 1104425 |
| Graphic Packaging Holding Co.<sup>(b)</sup> | 33928 | &nbsp;&nbsp; 542509 |
| Methanex Corp. (Canada)<sup>(b)</sup> | 9893 | &nbsp;&nbsp; 388993 |
| Sealed Air Corp. | 11945 | &nbsp;&nbsp; 400277 |
| Silgan Holdings, Inc.<sup>(b)</sup> | 8316 | &nbsp;&nbsp; 321164 |
|  |  | &nbsp;&nbsp; 3440825 |
| **Real Estate-9.67%** | **Real Estate-9.67%** | **Real Estate-9.67%** |
| American Healthcare REIT, Inc. | 16218 | &nbsp;&nbsp; 735000 |
| American Tower Corp. | 5411 | &nbsp;&nbsp; 968461 |
| CareTrust REIT, Inc. | 21620 | &nbsp;&nbsp; 749133 |
| Crown Castle, Inc. | 11096 | &nbsp;&nbsp; 1001081 |
| Digital Realty Trust, Inc. | 6889 | &nbsp;&nbsp; 1173954 |
| EPR Properties | 9927 | &nbsp;&nbsp; 486622 |
| NETSTREIT Corp.<sup>(b)</sup> | 14381 | &nbsp;&nbsp; 267774 |
| NNN REIT, Inc. | 13875 | &nbsp;&nbsp; 561382 |
| Omega Healthcare Investors, Inc. | 26575 | &nbsp;&nbsp; 1116947 |
| Sabra Health Care REIT, Inc.<sup>(b)</sup> | 28886 | &nbsp;&nbsp; 514749 |
| Ventas, Inc. | 16871 | &nbsp;&nbsp; 1244911 |
| VICI Properties, Inc.<sup>(b)</sup> | 34107 | &nbsp;&nbsp; 1022869 |
| W.P. Carey, Inc. | 14697 | &nbsp;&nbsp; 970002 |
|  |  | &nbsp;&nbsp; 10812885 |
| **Utilities-0.77%** | **Utilities-0.77%** | **Utilities-0.77%** |
| Suburban Propane Partners L.P. | 47568 | &nbsp;&nbsp; 867165 |
| Total Common Stocks & Other Equity Interests <br>(Cost $80,537,183) | Total Common Stocks & Other Equity Interests <br>(Cost $80,537,183) | &nbsp;&nbsp; 89505777 |
| **Preferred Stocks-10.02%** | **Preferred Stocks-10.02%** | **Preferred Stocks-10.02%** |
| **Financials-10.02%** | **Financials-10.02%** | **Financials-10.02%** |
| Ares Management Corp., Series B, Conv. <br> Pfd., 6.75%<br>| 22947 | &nbsp;&nbsp; 1085164 |
| Bank of America Corp., Series QQ, Pfd., <br> 4.25%<br>| 50868 | &nbsp;&nbsp; 909520 |
| JPMorgan Chase & Co., Series JJ, Pfd., <br> 4.55%<sup>(b)</sup><br>| 58241 | &nbsp;&nbsp; 1174721 |
| JPMorgan Chase & Co., Series LL, Pfd., <br> 4.63%<sup>(b)</sup><br>| 60892 | &nbsp;&nbsp; 1240979 |
| JPMorgan Chase & Co., Series MM, Pfd., <br> 4.20%<sup>(b)</sup><br>| 66146 | &nbsp;&nbsp; 1260081 |
| KKR & Co., Inc., Series D, Conv. Pfd., 6.25% | 23053 | &nbsp;&nbsp; 1130058 |
| M&T Bank Corp., Series J, Pfd., 7.50% | 21992 | &nbsp;&nbsp; 584987 |
| Morgan Stanley, Series K, Pfd., 5.85% | 36036 | &nbsp;&nbsp; 878918 |
| Morgan Stanley, Series O, Pfd., 4.25%<sup>(b)</sup> | 53235 | &nbsp;&nbsp; 969942 |
| Morgan Stanley, Series P, Pfd., 6.50% | 24579 | &nbsp;&nbsp; 629468 |
| Wells Fargo & Co., Series CC, Pfd., 4.38% | 34921 | &nbsp;&nbsp; 641149 |
| Wells Fargo & Co., Series DD, Pfd., 4.25% | 39629 | &nbsp;&nbsp; 703415 |
| Total Preferred Stocks <br>(Cost $11,465,017) | Total Preferred Stocks <br>(Cost $11,465,017) | &nbsp;&nbsp; 11208402 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Closed-End Funds-9.63%** | **Closed-End Funds-9.63%** | **Closed-End Funds-9.63%** |
| abrdn Income Credit Strategies Fund<sup>(b)</sup> | 126628 | &nbsp;&nbsp; $705318 |
| Allspring Income Opportunities Fund<sup>(b)</sup> | 35130 | &nbsp;&nbsp; 243451 |
| Barings Global Short Duration High Yield <br> Fund<br>| 20674 | &nbsp;&nbsp; 316932 |
| Blackstone Strategic Credit 2027 Term Fund | 29939 | &nbsp;&nbsp; 354478 |
| DoubleLine Yield Opportunities Fund | 35699 | &nbsp;&nbsp; 527274 |
| Flaherty & Crumrine Preferred & Income <br> Securities Fund, Inc.<br>| 24560 | &nbsp;&nbsp; 412854 |
| FS Credit Opportunities Corp. | 171103 | &nbsp;&nbsp; 1125858 |
| Morgan Stanley Emerging Markets Domestic <br> Debt Fund, Inc.<sup>(b)</sup><br>| 75328 | &nbsp;&nbsp; 404511 |
| Nuveen Credit Strategies Income Fund | 156404 | &nbsp;&nbsp; 802353 |
| Nuveen Floating Rate Income Fund | 124505 | &nbsp;&nbsp; 983589 |
| Nuveen Preferred & Income Opportunities <br> Fund<sup>(b)</sup><br>| 153295 | &nbsp;&nbsp; 1250887 |
| Nuveen Taxable Municipal Income Fund<sup>(b)</sup> | 11354 | &nbsp;&nbsp; 188022 |
| PGIM High Yield Bond Fund, Inc. | 20722 | &nbsp;&nbsp; 301091 |
| Tortoise Energy Infrastructure Corp.<sup>(b)</sup> | 16078 | &nbsp;&nbsp; 697946 |
| Western Asset Diversified Income Fund<sup>(b)</sup> | 38428 | &nbsp;&nbsp; 555669 |
| Western Asset Emerging Markets Debt Fund, <br> Inc.<br>| 37290 | &nbsp;&nbsp; 393037 |
| Western Asset High Income Fund II, Inc. | 66055 | &nbsp;&nbsp; 279413 |
| Western Asset High Income Opportunity <br> Fund, Inc.<br>| 62368 | &nbsp;&nbsp; 240740 |
| Western Asset Inflation-Linked Opportunities <br> & Income Fund<br>| 46022 | &nbsp;&nbsp; 406374 |
| XAI Octagon Floating Rate Alternative <br> Income Term Trust<br>| 117810 | &nbsp;&nbsp; 583160 |
| Total Closed-End Funds <br>(Cost $10,694,669) | Total Closed-End Funds <br>(Cost $10,694,669) | &nbsp;&nbsp; 10772957 |
| **Money Market Funds-0.15%** | **Money Market Funds-0.15%** | **Money Market Funds-0.15%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(c)(d)</sup> <br>(Cost $169,516)<br>| 169516 | &nbsp;&nbsp; 169516 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.84% <br>(Cost $102,866,385) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.84% <br>(Cost $102,866,385) | &nbsp;&nbsp; 111656652 |
| **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-17.07%** | **Money Market Funds-17.07%** | **Money Market Funds-17.07%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(c)(d)(e)</sup><br>| 5556347 | &nbsp;&nbsp; 5556347 |
| Invesco Private Prime Fund, 4.30%<sup>(c)(d)(e)</sup> | 13528820 | &nbsp;&nbsp; 13532879 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $19,089,540) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $19,089,540) | &nbsp;&nbsp; 19089226 |
| TOTAL INVESTMENTS IN SECURITIES-116.91% <br>(Cost $121,955,925) | TOTAL INVESTMENTS IN SECURITIES-116.91% <br>(Cost $121,955,925) | &nbsp;&nbsp; 130745878 |
| OTHER ASSETS LESS LIABILITIES-(16.91)% | OTHER ASSETS LESS LIABILITIES-(16.91)% | &nbsp;&nbsp; (18911400)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $111834478 |

---

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

------

**28**

------

**Invesco Zacks Multi-Asset Income ETF (CVY)—(continued)**

October 31, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ADR | -American Depositary Receipt |
| Conv. | -Convertible |
| 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 October 31, 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 six months ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $41902 | &nbsp;&nbsp; $3840890 | &nbsp;&nbsp; $(3713276)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $169516 | &nbsp;&nbsp; $2879 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 5331054 | &nbsp;&nbsp; 30945078 | &nbsp;&nbsp; (30719785)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5556347 | &nbsp;&nbsp; 86,860<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 13870132 | &nbsp;&nbsp; 61008173 | &nbsp;&nbsp; (61346241)<br>| &nbsp;&nbsp; 443 | &nbsp;&nbsp; 372 | &nbsp;&nbsp; 13532879 | &nbsp;&nbsp; 237,049<br> \*<br>|
| Total | &nbsp;&nbsp; $19243088 | &nbsp;&nbsp; $95794141 | &nbsp;&nbsp; $(95779302)<br>| &nbsp;&nbsp; $443 | &nbsp;&nbsp; $372 | &nbsp;&nbsp; $19258742 | &nbsp;&nbsp; $326788 |

---

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

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

------

**29**

------

**Statements of Assets and Liabilities**

October 31, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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; $1450169815 | &nbsp;&nbsp;&nbsp; $1206988458 | &nbsp;&nbsp;&nbsp; $1831367861 | &nbsp;&nbsp;&nbsp; $2574903617 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 16027861 | &nbsp;&nbsp;&nbsp; 797975 | &nbsp;&nbsp;&nbsp; 18166770 | &nbsp;&nbsp;&nbsp; 24844756 |
| Due from broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Receivable for: |  |  |  |  |
| Dividends | &nbsp;&nbsp; 211826 | &nbsp;&nbsp;&nbsp; 2012082 | &nbsp;&nbsp;&nbsp; 2099316 | &nbsp;&nbsp;&nbsp; 675104 |
| Securities lending | &nbsp;&nbsp; 1030 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1468 | &nbsp;&nbsp;&nbsp; 5110 |
| Investments sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 4487331 |
| Fund shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Expenses absorbed | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 78423 | &nbsp;&nbsp;&nbsp; - |
| Foreign tax reclaims | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Total assets** | &nbsp;&nbsp; 1466410532 | &nbsp;&nbsp;&nbsp; 1209798515 | &nbsp;&nbsp;&nbsp; 1851713838 | &nbsp;&nbsp;&nbsp; 2604915918 |
| **Liabilities:** |  |  |  |  |
| Due to broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 135 |
| Payable for: |  |  |  |  |
| Investments purchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 14701329 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 18141169 | &nbsp;&nbsp;&nbsp; 22175408 |
| Fund shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 4502576 |
| Accrued advisory fees | &nbsp;&nbsp; 590342 | &nbsp;&nbsp;&nbsp; 510436 | &nbsp;&nbsp;&nbsp; 379449 | &nbsp;&nbsp;&nbsp; 648221 |
| Accrued trustees' and officer's fees | &nbsp;&nbsp; 147554 | &nbsp;&nbsp;&nbsp; 200062 | &nbsp;&nbsp;&nbsp; 77394 | &nbsp;&nbsp;&nbsp; 89536 |
| Accrued expenses | &nbsp;&nbsp; 175561 | &nbsp;&nbsp;&nbsp; 153380 | &nbsp;&nbsp;&nbsp; 283609 | &nbsp;&nbsp;&nbsp; 901071 |
| **Total liabilities** | &nbsp;&nbsp; 15614786 | &nbsp;&nbsp;&nbsp; 863878 | &nbsp;&nbsp;&nbsp; 18881621 | &nbsp;&nbsp;&nbsp; 28316947 |
| **Net Assets** | &nbsp;&nbsp; $1450795746 | &nbsp;&nbsp;&nbsp; $1208934637 | &nbsp;&nbsp;&nbsp; $1832832217 | &nbsp;&nbsp;&nbsp; $2576598971 |
| **Net assets consist of:** |  |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1274153435 | &nbsp;&nbsp;&nbsp; $1536810136 | &nbsp;&nbsp;&nbsp; $1595468847 | &nbsp;&nbsp;&nbsp; $2804785571 |
| Distributable earnings (loss) | &nbsp;&nbsp; 176642311 | &nbsp;&nbsp;&nbsp; (327875499)<br>| &nbsp;&nbsp;&nbsp; 237363370 | &nbsp;&nbsp;&nbsp; (228186600)<br>|
| **Net Assets** | &nbsp;&nbsp; $1450795746 | &nbsp;&nbsp;&nbsp; $1208934637 | &nbsp;&nbsp;&nbsp; $1832832217 | &nbsp;&nbsp;&nbsp; $2576598971 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 11130000 | &nbsp;&nbsp;&nbsp; 18680000 | &nbsp;&nbsp;&nbsp; 15740000 | &nbsp;&nbsp;&nbsp; 22890000 |
| Net asset value | &nbsp;&nbsp; $130.35 | &nbsp;&nbsp;&nbsp; $64.72 | &nbsp;&nbsp;&nbsp; $116.44 | &nbsp;&nbsp;&nbsp; $112.56 |
| Market price | &nbsp;&nbsp; $130.38 | &nbsp;&nbsp;&nbsp; $64.73 | &nbsp;&nbsp;&nbsp; $116.54 | &nbsp;&nbsp;&nbsp; $112.59 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $1101497818 | &nbsp;&nbsp;&nbsp; $1046299575 | &nbsp;&nbsp;&nbsp; $1621701570 | &nbsp;&nbsp;&nbsp; $2346315925 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $16027861 | &nbsp;&nbsp;&nbsp; $797975 | &nbsp;&nbsp;&nbsp; $18166770 | &nbsp;&nbsp;&nbsp; $24844828 |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $14520640 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $17587549 | &nbsp;&nbsp;&nbsp; $21674680 |

---

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>|
| $75123042 | $4782033869 | $5144067462 | $311021952 | $2001089808 | $565695826 | $180605258 | $111487136 |
| 3985603 | 317052597 | 506261507 | 43007439 | 291136427 | 68432586 | 6080233 | 19258742 |
| - | - | - | - | - | - | - | 1853 |
| 51634 | 1371075 | 335458 | 69373 | 577228 | 686608 | 46706 | 219914 |
| 1281 | 60819 | 58040 | 5337 | 52667 | 13193 | 507 | 3602 |
| - | - | - | - | - | 544940 | - | 86924 |
| 3231260 | 4079037 | - | 1794795 | - | - | - | - |
| 4947 | - | 241931 | - | - | - | - | - |
| - | 2922 | - | - | - | - | 13617 | 2618 |
| 82397767 | 5104600319 | 5650964398 | 355898896 | 2292856130 | 635373153 | 186746321 | 131060789 |
| - | - | - | - | - | - | - | - |
| 3235269 | 4078660 | - | 1794971 | - | - | - | - |
| 2156832 | 316438388 | 503575095 | 42770671 | 290246924 | 67746170 | 4935829 | 19089540 |
| - | - | - | - | - | 545905 | - | - |
| 17356 | 1154307 | 1111116 | 75231 | 491482 | 141815 | 77399 | 47796 |
| 58126 | 114102 | 92324 | 78553 | 78820 | 86834 | 16060 | 14873 |
| 26357 | 828012 | 1141402 | 82063 | 343584 | 203071 | 114234 | 74102 |
| 5493940 | 322613469 | 505919937 | 44801489 | 291160810 | 68723795 | 5143522 | 19226311 |
| $76903827 | $4781986850 | $5145044461 | $311097407 | $2001695320 | $566649358 | $181602799 | $111834478 |
| $89114695 | $4764684752 | $5113133354 | $327466313 | $2005060185 | $825129410 | $301254349 | $544856846 |
| (12210868)<br>| 17302098 | 31911107 | (16368906)<br>| (3364865)<br>| (258480052)<br>| (119651550)<br>| (433022368)<br>|
| $76903827 | $4781986850 | $5145044461 | $311097407 | $2001695320 | $566649358 | $181602799 | $111834478 |
| 1190000 | 35170000 | 50140000 | 5200000 | 27980000 | 10380000 | 1670000 | 4260800 |
| $64.63 | $135.97 | $102.61 | $59.83 | $71.54 | $54.59 | $108.74 | $26.25 |
| $64.63 | $135.97 | $102.61 | $59.83 | $71.58 | $54.60 | $108.75 | $26.26 |
| $66211705 | $4389562960 | $4983322180 | $265091039 | $1812489487 | $541244053 | $170775023 | $102696869 |
| $3471993 | $317055983 | $506261983 | $43007817 | $291138705 | $68432991 | $6076803 | $19259056 |
| $2089860 | $313897271 | $497065913 | $42345981 | $281997570 | $66078645 | $4815264 | $18679162 |

---

------

**31**

------

**Statements of Operations**

For the six months ended October 31, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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; $2998026 | &nbsp;&nbsp;&nbsp; $14026288 | &nbsp;&nbsp;&nbsp; $16052959 | &nbsp;&nbsp;&nbsp; $17162379 |
| Affiliated dividend income | &nbsp;&nbsp; 23849 | &nbsp;&nbsp;&nbsp; 18892 | &nbsp;&nbsp;&nbsp; 26565 | &nbsp;&nbsp;&nbsp; 44912 |
| Securities lending income, net | &nbsp;&nbsp; 5488 | &nbsp;&nbsp;&nbsp; 7428 | &nbsp;&nbsp;&nbsp; 10736 | &nbsp;&nbsp;&nbsp; 66654 |
| Foreign withholding tax | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total investment income | &nbsp;&nbsp; 3027363 | &nbsp;&nbsp;&nbsp; 14052608 | &nbsp;&nbsp;&nbsp; 16090260 | &nbsp;&nbsp;&nbsp; 17273945 |
| **Expenses:** |  |  |  |  |
| Advisory fees | &nbsp;&nbsp; 3111890 | &nbsp;&nbsp;&nbsp; 2854010 | &nbsp;&nbsp;&nbsp; 1973381 | &nbsp;&nbsp;&nbsp; 4022063 |
| Sub-licensing fees | &nbsp;&nbsp; 186710 | &nbsp;&nbsp;&nbsp; 171237 | &nbsp;&nbsp;&nbsp; 271211 | &nbsp;&nbsp;&nbsp; 530065 |
| Accounting & administration fees | &nbsp;&nbsp; 37056 | &nbsp;&nbsp;&nbsp; 38378 | &nbsp;&nbsp;&nbsp; 34953 | &nbsp;&nbsp;&nbsp; 143259 |
| Professional fees | &nbsp;&nbsp; 17438 | &nbsp;&nbsp;&nbsp; 17510 | &nbsp;&nbsp;&nbsp; 17432 | &nbsp;&nbsp;&nbsp; 22115 |
| Custodian & transfer agent fees | &nbsp;&nbsp; 4492 | &nbsp;&nbsp;&nbsp; 5648 | &nbsp;&nbsp;&nbsp; 4777 | &nbsp;&nbsp;&nbsp; 14307 |
| Trustees' and officer's fees | &nbsp;&nbsp; 22399 | &nbsp;&nbsp;&nbsp; 28053 | &nbsp;&nbsp;&nbsp; 15375 | &nbsp;&nbsp;&nbsp; 21739 |
| Other expenses | &nbsp;&nbsp; 22709 | &nbsp;&nbsp;&nbsp; 24970 | &nbsp;&nbsp;&nbsp; 41433 | &nbsp;&nbsp;&nbsp; 104584 |
| Total expenses | &nbsp;&nbsp; 3402694 | &nbsp;&nbsp;&nbsp; 3139806 | &nbsp;&nbsp;&nbsp; 2358562 | &nbsp;&nbsp;&nbsp; 4858132 |
| Less: Waivers | &nbsp;&nbsp; (572)<br>| &nbsp;&nbsp;&nbsp; (451)<br>| &nbsp;&nbsp;&nbsp; (385817)<br>| &nbsp;&nbsp;&nbsp; (1068)<br>|
| Net expenses | &nbsp;&nbsp; 3402122 | &nbsp;&nbsp;&nbsp; 3139355 | &nbsp;&nbsp;&nbsp; 1972745 | &nbsp;&nbsp;&nbsp; 4857064 |
| Net investment income (loss) | &nbsp;&nbsp; (374759)<br>| &nbsp;&nbsp;&nbsp; 10913253 | &nbsp;&nbsp;&nbsp; 14117515 | &nbsp;&nbsp;&nbsp; 12416881 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (16246273)<br>| &nbsp;&nbsp;&nbsp; 10159254 | &nbsp;&nbsp;&nbsp; (8463502)<br>| &nbsp;&nbsp;&nbsp; (80368210)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (2875)<br>| &nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp; 768 | &nbsp;&nbsp;&nbsp; 11333 |
| Unaffiliated in-kind redemptions | &nbsp;&nbsp; 146083776 | &nbsp;&nbsp;&nbsp; 32785123 | &nbsp;&nbsp;&nbsp; 61883289 | &nbsp;&nbsp;&nbsp; 84899749 |
| 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 | &nbsp;&nbsp; 129834628 | &nbsp;&nbsp;&nbsp; 42944510 | &nbsp;&nbsp;&nbsp; 53420555 | &nbsp;&nbsp;&nbsp; 4542872 |
| Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 188265259 | &nbsp;&nbsp;&nbsp; 91698434 | &nbsp;&nbsp;&nbsp; 158466052 | &nbsp;&nbsp;&nbsp; 430887729 |
| Affiliated investment securities | &nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2923 |
| Foreign currencies | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Change in net unrealized appreciation | &nbsp;&nbsp; 188265379 | &nbsp;&nbsp;&nbsp; 91698434 | &nbsp;&nbsp;&nbsp; 158466052 | &nbsp;&nbsp;&nbsp; 430890652 |
| Net realized and unrealized gain | &nbsp;&nbsp; 318100007 | &nbsp;&nbsp;&nbsp; 134642944 | &nbsp;&nbsp;&nbsp; 211886607 | &nbsp;&nbsp;&nbsp; 435433524 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $317725248 | &nbsp;&nbsp;&nbsp; $145556197 | &nbsp;&nbsp;&nbsp; $226004122 | &nbsp;&nbsp;&nbsp; $447850405 |

---

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>|
| $738556 | $23074277 | $19444174 | $3302902 | $9898302 | $10207405 | $1827995 | $2345149 |
| 19470 | 71867 | 103649 | 10254 | 29035 | 10173 | 14647 | 2879 |
| 128994 | 179883 | 323828 | 22022 | 174724 | 79743 | 8867 | 22330 |
| - | (68669)<br>| - | - | - | - | (18616)<br>| (27848)<br>|
| 887020 | 23257358 | 19871651 | 3335178 | 10102061 | 10297321 | 1832893 | 2342510 |
| 92103 | 6136507 | 6362503 | 403811 | 2569531 | 843065 | 461515 | 285596 |
| 6352 | 776688 | 888447 | 50204 | 350454 | 109460 | 125853 | 73077 |
| 6908 | 104450 | 199775 | 14335 | 44560 | 32765 | 12753 | 10435 |
| 16007 | 21653 | 24991 | 16335 | 18068 | 17140 | 16336 | 16536 |
| 3136 | 12149 | 11202 | 3059 | 7077 | 5370 | 3373 | 4173 |
| 10223 | 25185 | 27284 | 12955 | 16005 | 14804 | 6037 | 5718 |
| 9442 | 126589 | 164634 | 15651 | 79220 | 32555 | 12792 | 13470 |
| 144171 | 7203221 | 7678836 | 516350 | 3084915 | 1055159 | 638659 | 409005 |
| (20360)<br>| (1735)<br>| (1318793)<br>| (244)<br>| (698)<br>| (244)<br>| (100)<br>| (69)<br>|
| 123811 | 7201486 | 6360043 | 516106 | 3084217 | 1054915 | 638559 | 408936 |
| 763209 | 16055872 | 13511608 | 2819072 | 7017844 | 9242406 | 1194334 | 1933574 |
| (725527)<br>| (29661012)<br>| (72255160)<br>| (6007013)<br>| 26056465 | 4963596 | 3902756 | 4002044 |
| (194)<br>| 9308 | 27578 | 2062 | 8799 | 1035 | 5986 | 372 |
| 2610474 | 264765247 | 170832141 | 12441825 | 22020776 | 9334915 | 747072 | 497501 |
| 16838 | - | - | - | - | - | (3643)<br>| - |
| - | 36 | - | - | - | - | - | (3)<br>|
| 1901591 | 235113579 | 98604559 | 6436874 | 48086040 | 14299546 | 4652171 | 4499914 |
| 6378341 | 411804987 | 413306048 | 33359449 | 183541847 | 51468917 | 7831065 | 4526490 |
| 575814 | 3393 | 23250 | 611 | 9023 | 2608 | 131255 | 443 |
| - | (60)<br>| - | - | - | - | 206 | - |
| 6954155 | 411808320 | 413329298 | 33360060 | 183550870 | 51471525 | 7962526 | 4526933 |
| 8855746 | 646921899 | 511933857 | 39796934 | 231636910 | 65771071 | 12614697 | 9026847 |
| $9618955 | $662977771 | $525445465 | $42616006 | $238654754 | $75013477 | $13809031 | $10960421 |

---

------

**33**

------

**Statements of Changes in Net Assets**

For the six months ended October 31, 2025 and the year ended April 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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)** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| **Operations:** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(374759)<br>| &nbsp;&nbsp;&nbsp; $538928 | &nbsp;&nbsp;&nbsp; $10913253 | &nbsp;&nbsp;&nbsp; $21709639 |
| Net realized gain | &nbsp;&nbsp; 129834628 | &nbsp;&nbsp;&nbsp; 121468393 | &nbsp;&nbsp;&nbsp; 42944510 | &nbsp;&nbsp;&nbsp; 83286168 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 188265379 | &nbsp;&nbsp;&nbsp; 7583063 | &nbsp;&nbsp;&nbsp; 91698434 | &nbsp;&nbsp;&nbsp; (43820141)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 317725248 | &nbsp;&nbsp;&nbsp; 129590384 | &nbsp;&nbsp;&nbsp; 145556197 | &nbsp;&nbsp;&nbsp; 61175666 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (20227)<br>| &nbsp;&nbsp;&nbsp; (688790)<br>| &nbsp;&nbsp;&nbsp; (13193277)<br>| &nbsp;&nbsp;&nbsp; (22503866)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 757519365 | &nbsp;&nbsp;&nbsp; 786726074 | &nbsp;&nbsp;&nbsp; 302104319 | &nbsp;&nbsp;&nbsp; 661899690 |
| Value of shares repurchased | &nbsp;&nbsp; (600681474)<br>| &nbsp;&nbsp;&nbsp; (742488043)<br>| &nbsp;&nbsp;&nbsp; (226267445)<br>| &nbsp;&nbsp;&nbsp; (572573337)<br>|
| Net increase (decrease) in net assets resulting from share <br> transactions<br>| &nbsp;&nbsp; 156837891 | &nbsp;&nbsp;&nbsp; 44238031 | &nbsp;&nbsp;&nbsp; 75836874 | &nbsp;&nbsp;&nbsp; 89326353 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; 474542912 | &nbsp;&nbsp;&nbsp; 173139625 | &nbsp;&nbsp;&nbsp; 208199794 | &nbsp;&nbsp;&nbsp; 127998153 |
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 976252834 | &nbsp;&nbsp;&nbsp; 803113209 | &nbsp;&nbsp;&nbsp; 1000734843 | &nbsp;&nbsp;&nbsp; 872736690 |
| End of period | &nbsp;&nbsp; $1450795746 | &nbsp;&nbsp;&nbsp; $976252834 | &nbsp;&nbsp;&nbsp; $1208934637 | &nbsp;&nbsp;&nbsp; $1000734843 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 6530000 | &nbsp;&nbsp;&nbsp; 7970000 | &nbsp;&nbsp;&nbsp; 4720000 | &nbsp;&nbsp;&nbsp; 11270000 |
| Shares repurchased | &nbsp;&nbsp; (5180000)<br>| &nbsp;&nbsp;&nbsp; (7640000)<br>| &nbsp;&nbsp;&nbsp; (3530000)<br>| &nbsp;&nbsp;&nbsp; (9880000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 9780000 | &nbsp;&nbsp;&nbsp; 9450000 | &nbsp;&nbsp;&nbsp; 17490000 | &nbsp;&nbsp;&nbsp; 16100000 |
| Shares outstanding, end of period | &nbsp;&nbsp; 11130000 | &nbsp;&nbsp;&nbsp; 9780000 | &nbsp;&nbsp;&nbsp; 18680000 | &nbsp;&nbsp;&nbsp; 17490000 |

---

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)** |
| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| $14117515 | &nbsp;&nbsp;&nbsp; $17842732 | &nbsp;&nbsp;&nbsp; $12416881 | &nbsp;&nbsp;&nbsp; $60357368 | &nbsp;&nbsp;&nbsp; $763209 | &nbsp;&nbsp;&nbsp; $856860 |
| 53420555 | &nbsp;&nbsp;&nbsp; 56000690 | &nbsp;&nbsp;&nbsp; 4542872 | &nbsp;&nbsp;&nbsp; 579144529 | &nbsp;&nbsp;&nbsp; 1901591 | &nbsp;&nbsp;&nbsp; 1688248 |
| 158466052 | &nbsp;&nbsp;&nbsp; 8888519 | &nbsp;&nbsp;&nbsp; 430890652 | &nbsp;&nbsp;&nbsp; (664043224)<br>| &nbsp;&nbsp;&nbsp; 6954155 | &nbsp;&nbsp;&nbsp; (490738)<br>|
| 226004122 | &nbsp;&nbsp;&nbsp; 82731941 | &nbsp;&nbsp;&nbsp; 447850405 | &nbsp;&nbsp;&nbsp; (24541327)<br>| &nbsp;&nbsp;&nbsp; 9618955 | &nbsp;&nbsp;&nbsp; 2054370 |
| (13127957)<br>| &nbsp;&nbsp;&nbsp; (17310552)<br>| &nbsp;&nbsp;&nbsp; (13000448)<br>| &nbsp;&nbsp;&nbsp; (59282455)<br>| &nbsp;&nbsp;&nbsp; (744972)<br>| &nbsp;&nbsp;&nbsp; (848603)<br>|
| 587232347 | &nbsp;&nbsp;&nbsp; 716329652 | &nbsp;&nbsp;&nbsp; 80398932 | &nbsp;&nbsp;&nbsp; 2338779177 | &nbsp;&nbsp;&nbsp; 31323177 | &nbsp;&nbsp;&nbsp; 15627160 |
| (151628252)<br>| &nbsp;&nbsp;&nbsp; (211133344)<br>| &nbsp;&nbsp;&nbsp; (720726159)<br>| &nbsp;&nbsp;&nbsp; (4228738261)<br>| &nbsp;&nbsp;&nbsp; (12896825)<br>| &nbsp;&nbsp;&nbsp; (9932976)<br>|
| 435604095 | &nbsp;&nbsp;&nbsp; 505196308 | &nbsp;&nbsp;&nbsp; (640327227)<br>| &nbsp;&nbsp;&nbsp; (1889959084)<br>| &nbsp;&nbsp;&nbsp; 18426352 | &nbsp;&nbsp;&nbsp; 5694184 |
| 648480260 | &nbsp;&nbsp;&nbsp; 570617697 | &nbsp;&nbsp;&nbsp; (205477270)<br>| &nbsp;&nbsp;&nbsp; (1973782866)<br>| &nbsp;&nbsp;&nbsp; 27300335 | &nbsp;&nbsp;&nbsp; 6899951 |
| 1184351957 | &nbsp;&nbsp;&nbsp; 613734260 | &nbsp;&nbsp;&nbsp; 2782076241 | &nbsp;&nbsp;&nbsp; 4755859107 | &nbsp;&nbsp;&nbsp; 49603492 | &nbsp;&nbsp;&nbsp; 42703541 |
| $1832832217 | &nbsp;&nbsp;&nbsp; $1184351957 | &nbsp;&nbsp;&nbsp; $2576598971 | &nbsp;&nbsp;&nbsp; $2782076241 | &nbsp;&nbsp;&nbsp; $76903827 | &nbsp;&nbsp;&nbsp; $49603492 |
| 5360000 | &nbsp;&nbsp;&nbsp; 7070000 | &nbsp;&nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 22570000 | &nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp; 270000 |
| (1350000)<br>| &nbsp;&nbsp;&nbsp; (2070000)<br>| &nbsp;&nbsp;&nbsp; (6720000)<br>| &nbsp;&nbsp;&nbsp; (41060000)<br>| &nbsp;&nbsp;&nbsp; (220000)<br>| &nbsp;&nbsp;&nbsp; (180000)<br>|
| 11730000 | &nbsp;&nbsp;&nbsp; 6730000 | &nbsp;&nbsp;&nbsp; 28850000 | &nbsp;&nbsp;&nbsp; 47340000 | &nbsp;&nbsp;&nbsp; 890000 | &nbsp;&nbsp;&nbsp; 800000 |
| 15740000 | &nbsp;&nbsp;&nbsp; 11730000 | &nbsp;&nbsp;&nbsp; 22890000 | &nbsp;&nbsp;&nbsp; 28850000 | &nbsp;&nbsp;&nbsp; 1190000 | &nbsp;&nbsp;&nbsp; 890000 |

---

------

**35**

------

**Statements of Changes in Net Assets—(continued)**

For the six months ended October 31, 2025 and the year ended April 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P** <br>**MidCap Momentum ETF (XMMO)** | **Invesco S&P** <br>**MidCap Momentum ETF (XMMO)** | **Invesco S&P** <br>**MidCap Quality ETF (XMHQ)** | **Invesco S&P** <br>**MidCap Quality ETF (XMHQ)** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $16055872 | &nbsp;&nbsp;&nbsp; $19804791 | &nbsp;&nbsp;&nbsp; $13511608 | &nbsp;&nbsp;&nbsp; $40443246 |
| Net realized gain (loss) | &nbsp;&nbsp; 235113579 | &nbsp;&nbsp;&nbsp; 38747655 | &nbsp;&nbsp;&nbsp; 98604559 | &nbsp;&nbsp;&nbsp; 221821000 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 411808320 | &nbsp;&nbsp;&nbsp; (150556743)<br>| &nbsp;&nbsp;&nbsp; 413329298 | &nbsp;&nbsp;&nbsp; (675329461)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 662977771 | &nbsp;&nbsp;&nbsp; (92004297)<br>| &nbsp;&nbsp;&nbsp; 525445465 | &nbsp;&nbsp;&nbsp; (413065215)<br>|
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (17490446)<br>| &nbsp;&nbsp;&nbsp; (17116434)<br>| &nbsp;&nbsp;&nbsp; (13999221)<br>| &nbsp;&nbsp;&nbsp; (242654316)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 2131081395 | &nbsp;&nbsp;&nbsp; 3961804723 | &nbsp;&nbsp;&nbsp; 647891932 | &nbsp;&nbsp;&nbsp; 3251481196 |
| Value of shares repurchased | &nbsp;&nbsp; (1413925830)<br>| &nbsp;&nbsp;&nbsp; (2568278012)<br>| &nbsp;&nbsp;&nbsp; (769193044)<br>| &nbsp;&nbsp;&nbsp; (2472689264)<br>|
| Net increase (decrease) in net assets resulting from share <br> transactions<br>| &nbsp;&nbsp; 717155565 | &nbsp;&nbsp;&nbsp; 1393526711 | &nbsp;&nbsp;&nbsp; (121301112)<br>| &nbsp;&nbsp;&nbsp; 778791932 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; 1362642890 | &nbsp;&nbsp;&nbsp; 1284405980 | &nbsp;&nbsp;&nbsp; 390145132 | &nbsp;&nbsp;&nbsp; 123072401 |
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 3419343960 | &nbsp;&nbsp;&nbsp; 2134937980 | &nbsp;&nbsp;&nbsp; 4754899329 | &nbsp;&nbsp;&nbsp; 4631826928 |
| End of period | &nbsp;&nbsp; $4781986850 | &nbsp;&nbsp;&nbsp; $3419343960 | &nbsp;&nbsp;&nbsp; $5145044461 | &nbsp;&nbsp;&nbsp; $4754899329 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 16070000 | &nbsp;&nbsp;&nbsp; 31900000 | &nbsp;&nbsp;&nbsp; 6220000 | &nbsp;&nbsp;&nbsp; 32050000 |
| Shares repurchased | &nbsp;&nbsp; (10520000)<br>| &nbsp;&nbsp;&nbsp; (21930000)<br>| &nbsp;&nbsp;&nbsp; (7530000)<br>| &nbsp;&nbsp;&nbsp; (25700000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 29620000 | &nbsp;&nbsp;&nbsp; 19650000 | &nbsp;&nbsp;&nbsp; 51450000 | &nbsp;&nbsp;&nbsp; 45100000 |
| Shares outstanding, end of period | &nbsp;&nbsp; 35170000 | &nbsp;&nbsp;&nbsp; 29620000 | &nbsp;&nbsp;&nbsp; 50140000 | &nbsp;&nbsp;&nbsp; 51450000 |

---

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)** |
| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| $2819072 | &nbsp;&nbsp;&nbsp; $5083217 | &nbsp;&nbsp;&nbsp; $7017844 | &nbsp;&nbsp;&nbsp; $10781179 | &nbsp;&nbsp;&nbsp; $9242406 | &nbsp;&nbsp;&nbsp; $14422902 |
| 6436874 | &nbsp;&nbsp;&nbsp; 5097288 | &nbsp;&nbsp;&nbsp; 48086040 | &nbsp;&nbsp;&nbsp; (58986689)<br>| &nbsp;&nbsp;&nbsp; 14299546 | &nbsp;&nbsp;&nbsp; 34355204 |
| 33360060 | &nbsp;&nbsp;&nbsp; (5256662)<br>| &nbsp;&nbsp;&nbsp; 183550870 | &nbsp;&nbsp;&nbsp; (23354062)<br>| &nbsp;&nbsp;&nbsp; 51471525 | &nbsp;&nbsp;&nbsp; (103815756)<br>|
| 42616006 | &nbsp;&nbsp;&nbsp; 4923843 | &nbsp;&nbsp;&nbsp; 238654754 | &nbsp;&nbsp;&nbsp; (71559572)<br>| &nbsp;&nbsp;&nbsp; 75013477 | &nbsp;&nbsp;&nbsp; (55037650)<br>|
| (3127741)<br>| &nbsp;&nbsp;&nbsp; (4661050)<br>| &nbsp;&nbsp;&nbsp; (6041240)<br>| &nbsp;&nbsp;&nbsp; (10398630)<br>| &nbsp;&nbsp;&nbsp; (6977218)<br>| &nbsp;&nbsp;&nbsp; (15212956)<br>|
| 81257374 | &nbsp;&nbsp;&nbsp; 45082797 | &nbsp;&nbsp;&nbsp; 477199572 | &nbsp;&nbsp;&nbsp; 1916290502 | &nbsp;&nbsp;&nbsp; 27061215 | &nbsp;&nbsp;&nbsp; 298288658 |
| (48554112)<br>| &nbsp;&nbsp;&nbsp; (21756531)<br>| &nbsp;&nbsp;&nbsp; (93662888)<br>| &nbsp;&nbsp;&nbsp; (855312470)<br>| &nbsp;&nbsp;&nbsp; (101671888)<br>| &nbsp;&nbsp;&nbsp; (418178959)<br>|
| 32703262 | &nbsp;&nbsp;&nbsp; 23326266 | &nbsp;&nbsp;&nbsp; 383536684 | &nbsp;&nbsp;&nbsp; 1060978032 | &nbsp;&nbsp;&nbsp; (74610673)<br>| &nbsp;&nbsp;&nbsp; (119890301)<br>|
| 72191527 | &nbsp;&nbsp;&nbsp; 23589059 | &nbsp;&nbsp;&nbsp; 616150198 | &nbsp;&nbsp;&nbsp; 979019830 | &nbsp;&nbsp;&nbsp; (6574414)<br>| &nbsp;&nbsp;&nbsp; (190140907)<br>|
| 238905880 | &nbsp;&nbsp;&nbsp; 215316821 | &nbsp;&nbsp;&nbsp; 1385545122 | &nbsp;&nbsp;&nbsp; 406525292 | &nbsp;&nbsp;&nbsp; 573223772 | &nbsp;&nbsp;&nbsp; 763364679 |
| $311097407 | &nbsp;&nbsp;&nbsp; $238905880 | &nbsp;&nbsp;&nbsp; $2001695320 | &nbsp;&nbsp;&nbsp; $1385545122 | &nbsp;&nbsp;&nbsp; $566649358 | &nbsp;&nbsp;&nbsp; $573223772 |
| 1440000 | &nbsp;&nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp; 6850000 | &nbsp;&nbsp;&nbsp; 29200000 | &nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp; 5420000 |
| (890000)<br>| &nbsp;&nbsp;&nbsp; (400000)<br>| &nbsp;&nbsp;&nbsp; (1320000)<br>| &nbsp;&nbsp;&nbsp; (13810000)<br>| &nbsp;&nbsp;&nbsp; (1940000)<br>| &nbsp;&nbsp;&nbsp; (7780000)<br>|
| 4650000 | &nbsp;&nbsp;&nbsp; 4230000 | &nbsp;&nbsp;&nbsp; 22450000 | &nbsp;&nbsp;&nbsp; 7060000 | &nbsp;&nbsp;&nbsp; 11840000 | &nbsp;&nbsp;&nbsp; 14200000 |
| 5200000 | &nbsp;&nbsp;&nbsp; 4650000 | &nbsp;&nbsp;&nbsp; 27980000 | &nbsp;&nbsp;&nbsp; 22450000 | &nbsp;&nbsp;&nbsp; 10380000 | &nbsp;&nbsp;&nbsp; 11840000 |

---

------

**37**

------

**Statements of Changes in Net Assets—(continued)**

For the six months ended October 31, 2025 and the year ended April 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco Zacks** <br>**Mid-Cap ETF (CZA)** | **Invesco Zacks** <br>**Mid-Cap ETF (CZA)** | **Invesco Zacks** <br>**Multi-Asset** <br>**Income ETF (CVY)** | **Invesco Zacks** <br>**Multi-Asset** <br>**Income ETF (CVY)** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>| **Six Months Ended** <br>**October 31,** <br>**2025**<br>| **Year Ended** <br>**April 30,** <br>**2025**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $1194334 | &nbsp;&nbsp;&nbsp; $2528680 | &nbsp;&nbsp;&nbsp; $1933574 | &nbsp;&nbsp;&nbsp; $4150460 |
| Net realized gain | &nbsp;&nbsp; 4652171 | &nbsp;&nbsp;&nbsp; 17494508 | &nbsp;&nbsp;&nbsp; 4499914 | &nbsp;&nbsp;&nbsp; 3766971 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 7962526 | &nbsp;&nbsp;&nbsp; (8872062)<br>| &nbsp;&nbsp;&nbsp; 4526933 | &nbsp;&nbsp;&nbsp; (5480429)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 13809031 | &nbsp;&nbsp;&nbsp; 11151126 | &nbsp;&nbsp;&nbsp; 10960421 | &nbsp;&nbsp;&nbsp; 2437002 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (2455516)<br>| &nbsp;&nbsp;&nbsp; (2464784)<br>| &nbsp;&nbsp;&nbsp; (4591729)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 1103818 | &nbsp;&nbsp;&nbsp; 66647302 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 785936 |
| Value of shares repurchased | &nbsp;&nbsp; (12716044)<br>| &nbsp;&nbsp;&nbsp; (89255552)<br>| &nbsp;&nbsp;&nbsp; (3214333)<br>| &nbsp;&nbsp;&nbsp; (5017005)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (11612226)<br>| &nbsp;&nbsp;&nbsp; (22608250)<br>| &nbsp;&nbsp;&nbsp; (3214333)<br>| &nbsp;&nbsp;&nbsp; (4231069)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 2196805 | &nbsp;&nbsp;&nbsp; (13912640)<br>| &nbsp;&nbsp;&nbsp; 5281304 | &nbsp;&nbsp;&nbsp; (6385796)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 179405994 | &nbsp;&nbsp;&nbsp; 193318634 | &nbsp;&nbsp;&nbsp; 106553174 | &nbsp;&nbsp;&nbsp; 112938970 |
| End of period | &nbsp;&nbsp; $181602799 | &nbsp;&nbsp;&nbsp; $179405994 | &nbsp;&nbsp;&nbsp; $111834478 | &nbsp;&nbsp;&nbsp; $106553174 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 30000 |
| Shares repurchased | &nbsp;&nbsp; (120000)<br>| &nbsp;&nbsp;&nbsp; (850000)<br>| &nbsp;&nbsp;&nbsp; (120000)<br>| &nbsp;&nbsp;&nbsp; (200000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 1780000 | &nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 4380800 | &nbsp;&nbsp;&nbsp; 4550800 |
| Shares outstanding, end of period | &nbsp;&nbsp; 1670000 | &nbsp;&nbsp;&nbsp; 1780000 | &nbsp;&nbsp;&nbsp; 4260800 | &nbsp;&nbsp;&nbsp; 4380800 |

---

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

------

**38**

------

**Financial Highlights**

Invesco Large Cap Growth ETF (PWB)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $48.91 |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; (0.04)<br>| &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;30.57 | &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;30.53 | &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; (0.00 )<sup>(b)</sup><br>| &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 period | &nbsp;&nbsp;&nbsp; $130.35 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $130.38 | &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>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 30.58<br> %<br>| &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>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 30.78<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $1450796 | &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 %<sup>(e)</sup><br>| &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 (loss) | &nbsp;&nbsp;&nbsp; (0.06 )%<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 56<br> %<br>| &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> Amount represents less than $(0.005) per share.

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

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

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

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

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

------

**39**

------

**Financial Highlights—(continued)**

Invesco Large Cap Value ETF (PWV)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $33.19 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &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;7.63 | &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;8.23 | &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; (0.73)<br>| &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 period | &nbsp;&nbsp;&nbsp; $64.72 | &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 period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $64.73 | &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; 14.43<br> %<br>| &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; 14.53<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $1208935 | &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 %<sup>(d)</sup><br>| &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; 1.91 %<sup>(d)</sup><br>| &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>(e)</sup> | &nbsp;&nbsp;&nbsp; 44<br> %<br>| &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> 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 100 Equal Weight ETF (EQWL)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $53.60 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &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;15.39 | &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;16.39 | &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; (0.92)<br>| &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 period | &nbsp;&nbsp;&nbsp; $116.44 | &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 period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $116.54 | &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; 16.29<br> %<br>| &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; 16.09<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $1832832 | &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 %<sup>(d)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.30 %<sup>(d)</sup><br>| &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; 1.79 %<sup>(d)</sup><br>| &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>(e)</sup> | &nbsp;&nbsp;&nbsp; 8<br> %<br>| &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> 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 500 GARP ETF (SPGP)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $51.39 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &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 <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.15 | &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;&nbsp;16.64 | &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; (0.51)<br>| &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 period | &nbsp;&nbsp;&nbsp; $112.56 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $112.59 | &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;&nbsp; 17.29<br> %<br>| &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;&nbsp; 17.43<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $2576599 | &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 %<sup>(e)</sup><br>| &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; 0.90 %<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 58<br> %<br>| &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> 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.

------

**42**

------

**Financial Highlights—(continued)**

Invesco S&P 500 Value with Momentum ETF (SPVM)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $31.56 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &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;8.87 | &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;9.62 | &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; (0.72)<br>| &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 period | &nbsp;&nbsp;&nbsp; $64.63 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $64.63 | &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; 17.32<br> %<br>| &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; 17.36<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $76904 | &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 %<sup>(e)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %<sup>(e)</sup><br>| &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; 2.40 %<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 26<br> %<br>| &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> 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.

------

**43**

------

**Financial Highlights—(continued)**

Invesco S&P MidCap Momentum ETF (XMMO)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $54.07 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &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 <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.57 | &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;21.07 | &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; (0.54)<br>| &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 period | &nbsp;&nbsp;&nbsp; $135.97 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $135.97 | &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; 18.29<br> %<br>| &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; 18.44<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $4781987 | &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; 0.34 %<sup>(e)</sup><br>| &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; 0.76 %<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 56<br> %<br>| &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> 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.

------

**44**

------

**Financial Highlights—(continued)**

Invesco S&P MidCap Quality ETF (XMHQ)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $47.16 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &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;&nbsp;10.20 | &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;&nbsp;10.47 | &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; (0.28)<br>| &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; - | &nbsp;&nbsp;&nbsp; (4.37)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (0.28)<br>| &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 period | &nbsp;&nbsp;&nbsp; $102.61 | &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 period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $102.61 | &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;&nbsp; 11.33<br> %<br>| &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;&nbsp; 11.45<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $5145044 | &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 %<sup>(d)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.30 %<sup>(d)</sup><br>| &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; 0.53 %<sup>(d)</sup><br>| &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>(e)</sup> | &nbsp;&nbsp;&nbsp; 34<br> %<br>| &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> 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 MidCap Value with Momentum ETF (XMVM)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $25.75 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &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;8.52 | &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;9.11 | &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; (0.66)<br>| &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 period | &nbsp;&nbsp;&nbsp; $59.83 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $59.83 | &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; 17.77<br> %<br>| &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; 17.96<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $311097 | &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; 0.37 %<sup>(e)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.37 %<sup>(e)</sup><br>| &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; 2.02 %<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 26<br> %<br>| &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> 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.

------

**46**

------

**Financial Highlights—(continued)**

Invesco S&P SmallCap Momentum ETF (XSMO)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $32.48 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &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;9.78 | &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;10.06 | &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; (0.24)<br>| &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 period | &nbsp;&nbsp;&nbsp; $71.54 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $71.58 | &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; 16.30<br> %<br>| &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; 16.39<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $2001695 | &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 %<sup>(e)</sup><br>| &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 %<sup>(e)</sup><br>| &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; 0.79 %<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 50<br> %<br>| &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> 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.

------

**47**

------

**Financial Highlights—(continued)**

Invesco S&P SmallCap Value with Momentum ETF (XSVM)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $22.95 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &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;&nbsp;5.98 | &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;&nbsp;6.84 | &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; (0.66)<br>| &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 period | &nbsp;&nbsp;&nbsp; $54.59 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $54.60 | &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;&nbsp; 14.15<br> %<br>| &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;&nbsp; 14.26<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $566649 | &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 %<sup>(e)</sup><br>| &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 %<sup>(e)</sup><br>| &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; 3.18 %<sup>(e)</sup><br>| &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>(f)</sup> | &nbsp;&nbsp;&nbsp; 40<br> %<br>| &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> 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.

------

**48**

------

**Financial Highlights—(continued)**

Invesco Zacks Mid-Cap ETF (CZA)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $57.49 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &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;7.25 | &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;7.95 | &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; - | &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 period | &nbsp;&nbsp;&nbsp; $108.74 | &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 period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $108.75 | &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; 7.89<br> %<br>| &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; 7.96<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $181603 | &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 %<sup>(d)</sup><br>| &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; 1.29 %<sup>(d)</sup><br>| &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>(e)</sup> | &nbsp;&nbsp;&nbsp; 62<br> %<br>| &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> 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 Zacks Multi-Asset Income ETF (CVY)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended** <br>**October 31,** <br>**2025** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &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 | &nbsp;&nbsp;&nbsp; $15.82 |
| Net investment income<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &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;&nbsp;2.05 | &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;2.50 | &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; (0.57)<br>| &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 period | &nbsp;&nbsp;&nbsp; $26.25 | &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 period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $26.26 | &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; 10.29<br> %<br>| &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; 10.29<br> %<br>| &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 period (000's omitted) | &nbsp;&nbsp;&nbsp; $111834 | &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; 0.72 %<sup>(f)</sup><br>| &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 %<sup>(f)</sup><br>| &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; 3.39 %<sup>(f)</sup><br>| &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>(g)</sup> | &nbsp;&nbsp;&nbsp; 69<br> %<br>| &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> 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.

------

**50**

------

**Notes to Financial Statements**

Invesco Exchange-Traded Fund Trust

October 31, 2025

*(Unaudited)*

**NOTE 1—Organization**

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

---

| | |
|:---|:---|
| **Full Name** | **Short Name** |
| Invesco 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" |

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Each portfolio (each, a "Fund", and collectively, the "Funds") represents a separate series of the Trust. The shares of the Funds are referred to herein as "Shares" or "Fund's Shares." Each Fund's Shares are listed and traded on the 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"):

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

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**NOTE 2—Significant Accounting Policies**

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid 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

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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

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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 six months ended October 31, 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.

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**J.** **Segment Reporting** — Each Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. 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.

**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 ("BNY") 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 six months ended October 31, 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:

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| | |
|:---|:---|
|  | **Amount** |
| Large Cap Growth ETF | &nbsp;&nbsp; $450 |
| Large Cap Value ETF | &nbsp;&nbsp; 808 |
| S&P 100 Equal Weight ETF | &nbsp;&nbsp; 1169 |
| S&P 500 GARP ETF | &nbsp;&nbsp; 5644 |
| S&P 500 Value with Momentum ETF | &nbsp;&nbsp; 13394 |
| S&P MidCap Momentum ETF | &nbsp;&nbsp; 11715 |
| S&P MidCap Quality ETF | &nbsp;&nbsp; 20688 |
| S&P MidCap Value with Momentum ETF | &nbsp;&nbsp; 1667 |
| S&P SmallCap Momentum ETF | &nbsp;&nbsp; 12130 |
| S&P SmallCap Value with Momentum ETF | &nbsp;&nbsp; 4874 |
| Zacks Mid-Cap ETF | &nbsp;&nbsp; 631 |
| Zacks Multi-Asset Income ETF | &nbsp;&nbsp; 1467 |

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**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

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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. Equity risk also includes the risk of large-capitalization companies, which may adapt more slowly to new competitive challenges or may be more mature and subject to more limited growth potential, and consequently may underperform other segments of the equity market or the market as a whole. 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

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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.

*Non-Correlation Risk*. Each Fund's return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund's securities holdings to reflect changes in the composition of its

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corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund's portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

*Non-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, 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

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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 six months ended October 31, 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 six months ended October 31, 2025, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

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| | |
|:---|:---|
| Large Cap Growth ETF | &nbsp;&nbsp;&nbsp; $572 |
| Large Cap Value ETF | &nbsp;&nbsp;&nbsp; 451 |
| S&P 100 Equal Weight ETF | &nbsp;&nbsp;&nbsp; 385817 |
| S&P 500 GARP ETF | &nbsp;&nbsp;&nbsp; 1068 |
| S&P 500 Value with Momentum ETF | &nbsp;&nbsp;&nbsp; 20360 |
| S&P MidCap Momentum ETF | &nbsp;&nbsp;&nbsp; 1735 |
| S&P MidCap Quality ETF | &nbsp;&nbsp;&nbsp; 1318793 |
| S&P MidCap Value with Momentum ETF | &nbsp;&nbsp;&nbsp; 244 |
| S&P SmallCap Momentum ETF | &nbsp;&nbsp;&nbsp; 698 |
| S&P SmallCap Value with Momentum ETF | &nbsp;&nbsp;&nbsp; 244 |
| Zacks Mid-Cap ETF | &nbsp;&nbsp;&nbsp; 100 |
| Zacks Multi-Asset Income ETF | &nbsp;&nbsp;&nbsp; 69 |

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The fees waived and/or expenses borne by the Adviser pursuant to the Expense Cap are subject to recapture by the Adviser 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 October 31, 2025 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Total** <br>**Potential** <br>**Recapture** <br>**Amounts** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** |
|  | **Total** <br>**Potential** <br>**Recapture** <br>**Amounts** | **4/30/26** | **4/30/27** | **4/30/28** | **10/31/28** |
| S&P 100 Equal Weight ETF | &nbsp;&nbsp; $1262718 | &nbsp;&nbsp; $101624 | &nbsp;&nbsp; $318934 | &nbsp;&nbsp; $456983 | &nbsp;&nbsp; $385177 |
| S&P 500 Value with Momentum ETF | &nbsp;&nbsp; 172907 | &nbsp;&nbsp; 47727 | &nbsp;&nbsp; 73164 | &nbsp;&nbsp; 31707 | &nbsp;&nbsp; 20309 |
| S&P MidCap Quality ETF | &nbsp;&nbsp; 5752801 | &nbsp;&nbsp; 187707 | &nbsp;&nbsp; 1257926 | &nbsp;&nbsp; 2990848 | &nbsp;&nbsp; 1316320 |

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

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

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

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

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

For the six months ended October 31, 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:

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| | |
|:---|:---|
| Large Cap Growth ETF | &nbsp;&nbsp;&nbsp; $39166 |
| Large Cap Value ETF | &nbsp;&nbsp;&nbsp; 50634 |
| S&P 100 Equal Weight ETF | &nbsp;&nbsp;&nbsp; 6625 |
| S&P 500 GARP ETF | &nbsp;&nbsp;&nbsp; 12 |
| S&P 500 Value with Momentum ETF | &nbsp;&nbsp;&nbsp; 4679 |
| S&P MidCap Momentum ETF | &nbsp;&nbsp;&nbsp; 71479 |
| S&P MidCap Quality ETF | &nbsp;&nbsp;&nbsp; 19896 |
| S&P MidCap Value with Momentum ETF | &nbsp;&nbsp;&nbsp; 16303 |
| S&P SmallCap Momentum ETF | &nbsp;&nbsp;&nbsp; 56307 |
| S&P SmallCap Value with Momentum ETF | &nbsp;&nbsp;&nbsp; 50458 |
| Zacks Mid-Cap ETF | &nbsp;&nbsp;&nbsp; 21054 |
| Zacks Multi-Asset Income ETF | &nbsp;&nbsp;&nbsp; 31336 |

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

**NOTE 4—Additional Valuation Information**

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

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.

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

The following is a summary of the tiered valuation input levels, as of October 31, 2025, for each Fund (except for Large Cap Value ETF). As of October 31, 2025, all of the securities in Large Cap Value ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Large Cap Growth ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $1450169815 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1450169815 |
| Money Market Funds | &nbsp;&nbsp; 1326532 | &nbsp;&nbsp; 14701329 | &nbsp;&nbsp; - | &nbsp;&nbsp; 16027861 |
| **Total Investments** | &nbsp;&nbsp; $1451496347 | &nbsp;&nbsp; $14701329 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1466197676 |
| S&P 100 Equal Weight ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $1831367861 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1831367861 |
| Money Market Funds | &nbsp;&nbsp; 25601 | &nbsp;&nbsp; 18141169 | &nbsp;&nbsp; - | &nbsp;&nbsp; 18166770 |
| **Total Investments** | &nbsp;&nbsp; $1831393462 | &nbsp;&nbsp; $18141169 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1849534631 |
| S&P 500 GARP ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $2574903617 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2574903617 |
| Money Market Funds | &nbsp;&nbsp; 2669420 | &nbsp;&nbsp; 22175336 | &nbsp;&nbsp; - | &nbsp;&nbsp; 24844756 |
| **Total Investments** | &nbsp;&nbsp; $2577573037 | &nbsp;&nbsp; $22175336 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2599748373 |
| S&P 500 Value with Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $76869305 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $76869305 |
| Money Market Funds | &nbsp;&nbsp; 82664 | &nbsp;&nbsp; 2156676 | &nbsp;&nbsp; - | &nbsp;&nbsp; 2239340 |
| **Total Investments** | &nbsp;&nbsp; $76951969 | &nbsp;&nbsp; $2156676 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $79108645 |
| S&P MidCap Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $4782033869 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4782033869 |
| Money Market Funds | &nbsp;&nbsp; 617595 | &nbsp;&nbsp; 316435002 | &nbsp;&nbsp; - | &nbsp;&nbsp; 317052597 |
| **Total Investments** | &nbsp;&nbsp; $4782651464 | &nbsp;&nbsp; $316435002 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5099086466 |
| S&P MidCap Quality ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $5144067462 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5144067462 |
| Money Market Funds | &nbsp;&nbsp; 2686888 | &nbsp;&nbsp; 503574619 | &nbsp;&nbsp; - | &nbsp;&nbsp; 506261507 |
| **Total Investments** | &nbsp;&nbsp; $5146754350 | &nbsp;&nbsp; $503574619 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5650328969 |
| S&P MidCap Value with Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $311021952 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $311021952 |
| Money Market Funds | &nbsp;&nbsp; 237146 | &nbsp;&nbsp; 42770293 | &nbsp;&nbsp; - | &nbsp;&nbsp; 43007439 |
| **Total Investments** | &nbsp;&nbsp; $311259098 | &nbsp;&nbsp; $42770293 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $354029391 |
| S&P SmallCap Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $2001089808 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2001089808 |
| Money Market Funds | &nbsp;&nbsp; 891781 | &nbsp;&nbsp; 290244646 | &nbsp;&nbsp; - | &nbsp;&nbsp; 291136427 |
| **Total Investments** | &nbsp;&nbsp; $2001981589 | &nbsp;&nbsp; $290244646 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2292226235 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| S&P SmallCap Value with Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $565695826 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $565695826 |
| Money Market Funds | &nbsp;&nbsp; 686821 | &nbsp;&nbsp; 67745765 | &nbsp;&nbsp; - | &nbsp;&nbsp; 68432586 |
| **Total Investments** | &nbsp;&nbsp; $566382647 | &nbsp;&nbsp; $67745765 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $634128412 |
| Zacks Mid-Cap ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $181637512 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $181637512 |
| Money Market Funds | &nbsp;&nbsp; 112223 | &nbsp;&nbsp; 4935756 | &nbsp;&nbsp; - | &nbsp;&nbsp; 5047979 |
| **Total Investments** | &nbsp;&nbsp; $181749735 | &nbsp;&nbsp; $4935756 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $186685491 |
| Zacks Multi-Asset Income ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $89505777 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $89505777 |
| Preferred Stocks | &nbsp;&nbsp; 11208402 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 11208402 |
| Closed-End Funds | &nbsp;&nbsp; 10772957 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 10772957 |
| Money Market Funds | &nbsp;&nbsp; 169516 | &nbsp;&nbsp; 19089226 | &nbsp;&nbsp; - | &nbsp;&nbsp; 19258742 |
| **Total Investments** | &nbsp;&nbsp; $111656652 | &nbsp;&nbsp; $19089226 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $130745878 |

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**NOTE 5—Tax Information**

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

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

The Funds had capital loss carryforwards as of April 30, 2025, as follows:

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

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

**NOTE 6—Investment Transactions**

For the six months ended October 31, 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:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Large Cap Growth ETF | &nbsp;&nbsp; $686345158 | &nbsp;&nbsp; $685899086 |
| Large Cap Value ETF | &nbsp;&nbsp; 502974058 | &nbsp;&nbsp; 500040098 |
| S&P 100 Equal Weight ETF | &nbsp;&nbsp; 122538736 | &nbsp;&nbsp; 119577786 |
| S&P 500 GARP ETF | &nbsp;&nbsp; 1572645165 | &nbsp;&nbsp; 1579008143 |

---

------

**62**

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---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| S&P 500 Value with Momentum ETF | &nbsp;&nbsp; $16204645 | &nbsp;&nbsp; $16434904 |
| S&P MidCap Momentum ETF | &nbsp;&nbsp; 2328165404 | &nbsp;&nbsp; 2325511901 |
| S&P MidCap Quality ETF | &nbsp;&nbsp; 1715193504 | &nbsp;&nbsp; 1709990000 |
| S&P MidCap Value with Momentum ETF | &nbsp;&nbsp; 72440227 | &nbsp;&nbsp; 72562153 |
| S&P SmallCap Momentum ETF | &nbsp;&nbsp; 878073446 | &nbsp;&nbsp; 875018488 |
| S&P SmallCap Value with Momentum ETF | &nbsp;&nbsp; 231799803 | &nbsp;&nbsp; 230520656 |
| Zacks Mid-Cap ETF | &nbsp;&nbsp; 113418319 | &nbsp;&nbsp; 112060134 |
| Zacks Multi-Asset Income ETF | &nbsp;&nbsp; 77367851 | &nbsp;&nbsp; 77842428 |

---

For the six months ended October 31, 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; $756873032 | &nbsp;&nbsp; $601355909 |
| Large Cap Value ETF | &nbsp;&nbsp; 298651219 | &nbsp;&nbsp; 227599952 |
| S&P 100 Equal Weight ETF | &nbsp;&nbsp; 586065919 | &nbsp;&nbsp; 152274772 |
| S&P 500 GARP ETF | &nbsp;&nbsp; 80246444 | &nbsp;&nbsp; 716413300 |
| S&P 500 Value with Momentum ETF | &nbsp;&nbsp; 31286904 | &nbsp;&nbsp; 12579789 |
| S&P MidCap Momentum ETF | &nbsp;&nbsp; 2129567297 | &nbsp;&nbsp; 1415573168 |
| S&P MidCap Quality ETF | &nbsp;&nbsp; 646901001 | &nbsp;&nbsp; 772054201 |
| S&P MidCap Value with Momentum ETF | &nbsp;&nbsp; 81134327 | &nbsp;&nbsp; 48534807 |
| S&P SmallCap Momentum ETF | &nbsp;&nbsp; 476269491 | &nbsp;&nbsp; 93539429 |
| S&P SmallCap Value with Momentum ETF | &nbsp;&nbsp; 27025060 | &nbsp;&nbsp; 101059508 |
| Zacks Mid-Cap ETF | &nbsp;&nbsp; 1103467 | &nbsp;&nbsp; 12707197 |
| Zacks Multi-Asset Income ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; 2884539 |

---

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

As of October 31, 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>| **Cost** |
| Large Cap Growth ETF | &nbsp;&nbsp; $366671146 | &nbsp;&nbsp; $(23900285)<br>| &nbsp;&nbsp; $342770861 | &nbsp;&nbsp; $1123426815 |
| Large Cap Value ETF | &nbsp;&nbsp; 193730960 | &nbsp;&nbsp; (37378403)<br>| &nbsp;&nbsp; 156352557 | &nbsp;&nbsp; 1051433876 |
| S&P 100 Equal Weight ETF | &nbsp;&nbsp; 258889553 | &nbsp;&nbsp; (63142789)<br>| &nbsp;&nbsp; 195746764 | &nbsp;&nbsp; 1653787867 |
| S&P 500 GARP ETF | &nbsp;&nbsp; 385297077 | &nbsp;&nbsp; (200867362)<br>| &nbsp;&nbsp; 184429715 | &nbsp;&nbsp; 2415318658 |
| S&P 500 Value with Momentum ETF | &nbsp;&nbsp; 10610427 | &nbsp;&nbsp; (1217076)<br>| &nbsp;&nbsp; 9393351 | &nbsp;&nbsp; 69715294 |
| S&P MidCap Momentum ETF | &nbsp;&nbsp; 541749247 | &nbsp;&nbsp; (152656133)<br>| &nbsp;&nbsp; 389093114 | &nbsp;&nbsp; 4709993352 |
| S&P MidCap Quality ETF | &nbsp;&nbsp; 678902134 | &nbsp;&nbsp; (565250292)<br>| &nbsp;&nbsp; 113651842 | &nbsp;&nbsp; 5536677127 |
| S&P MidCap Value with Momentum ETF | &nbsp;&nbsp; 52164699 | &nbsp;&nbsp; (6874508)<br>| &nbsp;&nbsp; 45290191 | &nbsp;&nbsp; 308739200 |
| S&P SmallCap Momentum ETF | &nbsp;&nbsp; 249565100 | &nbsp;&nbsp; (63504323)<br>| &nbsp;&nbsp; 186060777 | &nbsp;&nbsp; 2106165458 |
| S&P SmallCap Value with Momentum ETF | &nbsp;&nbsp; 61433730 | &nbsp;&nbsp; (39865344)<br>| &nbsp;&nbsp; 21568386 | &nbsp;&nbsp; 612560026 |
| Zacks Mid-Cap ETF | &nbsp;&nbsp; 15915155 | &nbsp;&nbsp; (6857035)<br>| &nbsp;&nbsp; 9058120 | &nbsp;&nbsp; 177627371 |
| Zacks Multi-Asset Income ETF | &nbsp;&nbsp; 13721912 | &nbsp;&nbsp; (4565330)<br>| &nbsp;&nbsp; 9156582 | &nbsp;&nbsp; 121589296 |

---

**NOTE 7—Trustees' and Officer's Fees**

Trustees' and Officer's Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. 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.

------

**63**

------

**NOTE 8—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.

------

**64**

------

**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>**

Not applicable.

------

**65**

------

**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-SF-NCSRS

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 of 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.

Not applicable.

------

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 Principal Executive Officer ("PEO") and Principal Financial Officer ("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 Activities for Closed-End Management Investment Companies.

Not applicable.

------

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

------

Item 19. Exhibits.

(a)(1) Not applicable.

(a)(2) Not applicable.

[(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)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(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: January 5, 2026

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: January 5, 2026

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;</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:January 5, 2026

------

## 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>January 5, 2026</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/ Brian Hartigan</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; 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; 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>January 5, 2026</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;&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;&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; &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 October 31, 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: January 5, 2026

<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;&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: January 5, 2026

&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.

------