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Invesco Semi-Annual Report to Shareholders

February 28, 2022

IMFL Invesco International Developed Dynamic Multifactor ETF

OMFL Invesco Russell 1000^® Dynamic Multifactor ETF

OMFS Invesco Russell 2000^® Dynamic Multifactor ETF

Table of Contents


Schedules of Investments

Invesco International Developed Dynamic Multifactor ETF (IMFL)			3

Invesco Russell 1000^®Dynamic Multifactor ETF (OMFL)			8

Invesco Russell 2000^®Dynamic Multifactor ETF (OMFS)			11

Statements of Assets and Liabilities			18

Statements of Operations			19

Statements of Changes in Net Assets			20

Financial Highlights			21

Notes to Financial Statements			24

Fund Expenses			33


		2

Invesco International Developed Dynamic Multifactor ETF (IMFL)

February 28, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.73%
Australia-11.91%
Alumina Ltd.		43,646	$	62,552
Ansell Ltd.		2,280		42,520
ASX Ltd.		6,836		408,402
Aurizon Holdings Ltd.		42,156		107,067
BHP Group Ltd.		93,618		3,169,796
Brambles Ltd.		41,280		296,553
Charter Hall Group		5,896		71,749
Cochlear Ltd.		1,497		242,136
Coles Group Ltd.		19,586		247,015
Computershare Ltd.		16,002		251,513
CSL Ltd.		11,361		2,143,304
Dexus		38,289		303,406
Goodman Group		73,474		1,185,224
JB Hi-Fi Ltd.		1,082		38,716
Medibank Pvt Ltd.		250,124		577,178
Mirvac Group		91,700		172,344
Newcrest Mining Ltd.		8,112		151,106
Orora Ltd.		24,127		65,304
Perpetual Ltd.		1,441		36,797
REA Group Ltd.		1,009		96,413
Reece Ltd.		2,960		41,605
Rio Tinto Ltd.		9,806		840,865
Rio Tinto PLC		18,117		1,407,705
Shopping Centres Australasia Property Group		45,578		95,914
Sonic Healthcare Ltd.		13,177		335,144
Telstra Corp. Ltd.		58,105		166,969
Transurban Group		33,113		304,921
Washington H Soul Pattinson & Co. Ltd.		1,680		30,697
Wesfarmers Ltd.		29,729		1,039,596
Woolworths Group Ltd.		18,410		474,119

				14,406,630

Austria-0.16%
Mondi PLC		5,040		106,271
Verbund AG		716		86,855

				193,126

Belgium-0.22%
Sofina S.A.^(a)		548		213,706
Warehouses De Pauw C.V.A.		1,251		49,489

				263,195

Brazil-0.09%
Yara International ASA		2,203		112,234


Canada-3.21%
BCE, Inc.		3,385		177,663
Canadian National Railway Co.		10,911		1,352,660
Canadian Pacific Railway Ltd.		8,307		584,539
Constellation Software, Inc.		158		266,104
George Weston Ltd.		818		88,640
Hydro One Ltd.^(b)		3,484		85,977
IGM Financial, Inc.		1,497		53,148
Loblaw Cos. Ltd.		2,751		214,445
Rogers Communications, Inc., Class B		2,984		154,076
Thomson Reuters Corp.		8,920		901,318

				3,878,570


	Shares		Value
China-0.06%
Want Want China Holdings Ltd.		69,000	$	73,383

Denmark-5.13%
Carlsberg A/S, Class B		1,600		234,882
Coloplast A/S, Class B		4,295		647,374
DSV A/S		3,642		674,776
Novo Nordisk A/S, Class B		37,319		3,843,729
Novozymes A/S, Class B		5,298		348,157
Royal Unibrew A/S		912		97,279
SimCorp A/S		700		63,441
Tryg A/S		12,987		295,331

				6,204,969

Finland-1.07%
Elisa OYJ		3,437		191,285
Fortum OYJ		6,277		132,828
Kesko OYJ, Class B		3,920		115,974
Kojamo OYJ		2,548		59,413
Kone OYJ, Class B		12,345		726,296
Nokian Renkaat OYJ		1,679		32,060
Orion OYJ, Class B^(a)		842		39,711

				1,297,567

France-9.86%
Air Liquide S.A.		6,982		1,166,133
BioMerieux		699		77,036
Cie Generale des Etablissements Michelin S.C.A.		2,118		294,988
Danone S.A.		6,186		377,352
Dassault Systemes SE		6,972		340,568
Hermes International		887		1,237,378
Legrand S.A.		3,696		352,118
L’Oreal S.A.		9,021		3,596,999
LVMH Moet Hennessy Louis Vuitton SE		2,428		1,799,634
Orange S.A.		23,270		282,644
Sanofi		19,187		2,014,358
Teleperformance		1,040		387,702

				11,926,910

Germany-6.57%
BASF SE		9,833		654,383
Beiersdorf AG		3,164		321,335
Brenntag SE		2,116		177,967
Carl Zeiss Meditec AG, BR		336		53,156
Deutsche Post AG		13,863		703,183
Deutsche Wohnen SE		739		30,886
E.ON SE		58,741		799,520
Fresenius Medical Care AG & Co. KGaA		1,986		127,862
Fuchs Petrolub SE		759		23,939
Fuchs Petrolub SE, Preference Shares		1,553		61,924
Henkel AG & Co. KGaA		3,036		233,929
Henkel AG & Co. KGaA, Preference Shares		5,305		422,106
LEG Immobilien SE		2,483		321,561
Merck KGaA		1,634		325,859
Rational AG		50		36,953
RWE AG		10,195		475,103
SAP SE		17,168		1,953,764
Siemens Healthineers AG^(b)		3,009		194,266
Symrise AG		2,033		243,189
Telefonica Deutschland Holding AG		10,291		28,261

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


		3

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Germany-(continued)
Uniper SE		1,132	$	36,237
Vonovia SE		13,605		725,854

				7,951,237

Hong Kong-1.77%
CK Asset Holdings Ltd.		14,513		91,661
CK Infrastructure Holdings Ltd.		6,196		38,459
CLP Holdings Ltd.		18,689		190,270
Henderson Land Development Co. Ltd.		9,064		37,700
Hong Kong & China Gas Co. Ltd. (The)		105,181		159,110
Hong Kong Exchanges & Clearing Ltd.		23,166		1,119,506
Jardine Matheson Holdings Ltd.		1,474		87,703
Power Assets Holdings Ltd.		40,183		253,275
Sun Hung Kai Properties Ltd.		13,475		156,760

				2,134,444

Ireland-0.18%
Glanbia PLC^(a)		1,939		27,267
Kerry Group PLC, Class A		1,574		187,753

				215,020

Israel-0.34%
Elbit Systems Ltd.		381		78,091
Mivne Real Estate KD Ltd.		8,154		31,925
Nice Ltd.^(c)		1,129		255,601
Strauss Group Ltd.		1,446		47,501

				413,118

Italy-0.41%
Buzzi Unicem S.p.A.		1,097		21,076
Davide Campari-Milano N.V		5,088		55,708
DiaSorin S.p.A.^(a)		336		50,439
Hera S.p.A		10,639		41,406
Italgas S.p.A.		6,867		44,566
Recordati Industria Chimica e Farmaceutica S.p.A.		1,569		77,118
Terna Rete Elettrica Nazionale S.p.A.^(a)		24,495		201,999

				492,312

Japan-11.80%
Acom Co. Ltd.		15,200		42,231
Aica Kogyo Co. Ltd.		1,400		39,140
Amada Co. Ltd.		4,156		36,553
Astellas Pharma, Inc.		18,941		315,505
Azbil Corp.		3,490		131,206
Bandai Namco Holdings, Inc.		2,131		154,864
Bridgestone Corp.		6,164		252,875
Chubu Electric Power Co., Inc.		9,723		97,335
Chugai Pharmaceutical Co. Ltd.		7,700		254,048
Chugoku Electric Power Co., Inc. (The)		3,800		29,760
COMSYS Holdings Corp.		2,486		59,854
Cosmos Pharmaceutical Corp.		167		23,011
Daito Trust Construction Co. Ltd.		1,159		128,001
FP Corp.		800		22,644
Hamamatsu Photonics K.K.		3,596		180,776
House Foods Group, Inc.		1,700		43,926
Hoya Corp.		4,753		613,031
Iida Group Holdings Co. Ltd.		2,433		44,847
Iwatani Corp.		674		31,835
Japan Logistics Fund, Inc.		15		39,136
Japan Tobacco, Inc.		27,834		512,334
Kamigumi Co. Ltd.		2,802		54,252


	Shares		Value
Japan-(continued)
Kao Corp.		10,000	$	467,115
KDDI Corp.		44,590		1,454,135
Keyence Corp.		3,500		1,634,296
Kinden Corp.		3,500		49,533
Kokuyo Co. Ltd.		1,820		25,410
K’s Holdings Corp.		3,000		32,299
Kuraray Co. Ltd.		3,800		35,567
Kurita Water Industries Ltd.		2,052		83,737
Kyowa Kirin Co. Ltd.		3,200		82,073
Kyushu Electric Power Co., Inc.		5,800		43,711
Lintec Corp.		1,600		35,549
Lion Corp.		4,200		54,882
Makita Corp.		2,481		87,780
Maruichi Steel Tube Ltd.		1,200		29,694
MEIJI Holdings Co. Ltd.		2,400		143,990
Mitsubishi Electric Corp.		32,330		387,792
Nippon Kayaku Co. Ltd.		2,545		25,102
Nippon Telegraph & Telephone Corp.		33,967		971,160
Nissin Foods Holdings Co. Ltd.		1,500		119,427
Nitori Holdings Co. Ltd.		1,100		164,701
Nitto Denko Corp.		1,484		107,588
NOF Corp.		1,240		53,616
Obic Co. Ltd.		769		122,252
Osaka Gas Co. Ltd.		7,806		142,938
Rinnai Corp.		928		75,900
Sanwa Holdings Corp.		2,638		29,317
Secom Co. Ltd.		7,200		526,489
Sekisui House Ltd.		7,045		143,500
Shimadzu Corp.		3,523		125,565
Shimano, Inc.		1,379		318,245
Shin-Etsu Chemical Co. Ltd.		5,363		822,785
Shionogi & Co. Ltd.		2,611		173,220
SHO-BOND Holdings Co. Ltd.		1,300		57,903
Sohgo Security Services Co. Ltd.		800		28,756
Sony Group Corp.		13,697		1,404,485
Sugi Holdings Co. Ltd.		999		56,379
Sundrug Co. Ltd.		900		24,380
Suntory Beverage & Food Ltd.		1,554		62,066
Teijin Ltd.		2,030		24,376
Toho Co. Ltd.		2,400		99,709
Tohoku Electric Power Co., Inc.		5,800		37,618
Tokyo Gas Co. Ltd.		5,187		105,744
Toyo Suisan Kaisha Ltd.		2,200		92,451
Tsuruha Holdings, Inc.		500		39,896
Unicharm Corp.		10,100		378,832
USS Co. Ltd.		5,300		87,616
Yamada Holdings Co. Ltd.		11,500		39,839
Zenkoku Hosho Co. Ltd.		1,231		51,517

				14,268,099

Luxembourg-0.03%
RTL Group S.A.		558		31,300

Netherlands-6.08%
Akzo Nobel N.V.		2,427		231,711
ASML Holding N.V.		5,127		3,448,855
Euronext N.V.^(b)		3,713		337,180
Heineken Holding N.V.		1,150		93,970
Heineken N.V.		2,514		255,208
Koninklijke Ahold Delhaize N.V.		32,063		989,642
Koninklijke DSM N.V.		2,053		385,782

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


		4

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Netherlands-(continued)
Koninklijke KPN N.V.		35,963	$	123,201
Koninklijke Philips N.V.		18,003		613,504
Koninklijke Vopak N.V.		723		26,831
Randstad N.V.		2,001		136,425
Wolters Kluwer N.V.		6,912		705,087

				7,347,396

New Zealand-0.36%
Contact Energy Ltd.		11,154		61,294
Fisher & Paykel Healthcare Corp. Ltd.		6,526		121,497
Kiwi Property Group Ltd.		40,076		29,291
Mainfreight Ltd.		1,652		88,757
Spark New Zealand Ltd.		43,369		132,222

				433,061

Norway-0.36%
Gjensidige Forsikring ASA		4,849		120,154
Orkla ASA		15,261		143,245
Telenor ASA		11,243		166,785

				430,184

Poland-0.06%
Cyfrowy Polsat S.A.		3,348		21,784
InPost S.A.^(c)		2,416		14,974
Polskie Gornictwo Naftowe i Gazownictwo S.A		26,369		35,095

				71,853

Portugal-0.06%
Jeronimo Martins SGPS S.A.		3,469		75,687

Russia-0.01%
Polymetal International PLC		3,774		17,784

Singapore-0.31%
Ascendas REIT		26,601		54,282
Mapletree Logistics Trust		24,097		31,065
Singapore Exchange Ltd.		33,089		227,671
Singapore Technologies Engineering Ltd.		21,893		61,609

				374,627

South Korea-6.75%
Coway Co. Ltd.		906		54,329
E-MART, Inc.		225		24,327
Hankook Tire & Technology Co. Ltd.		1,128		33,023
Hyundai Mobis Co. Ltd.		671		125,009
Kia Corp.		3,127		191,935
Korea Zinc Co. Ltd.		249		113,902
KT&G Corp.		4,563		302,846
LG Corp.		1,606		100,446
LG Household & Health Care Ltd.		193		152,493
LG Household & Health Care Ltd., Preference Shares		56		24,452
LG Uplus Corp.		2,791		30,525
NCSoft Corp.		327		120,618
NongShim Co. Ltd.		115		29,363
Orion Corp.		479		36,452
S-1 Corp.		857		49,751
Samsung Electronics Co. Ltd.		87,443		5,243,598
Samsung Electronics Co. Ltd., Preference Shares		14,656		805,724
Samsung SDS Co. Ltd.		581		67,651
SK Bioscience Co. Ltd.^(c)		183		22,222
SK Hynix, Inc.		5,432		557,951


	Shares		Value
South Korea-(continued)
SK Square Co. Ltd.^(c)		675	$	31,326
SK Telecom Co. Ltd.		1,044		47,409

				8,165,352

Spain-0.72%
Endesa S.A.		3,622		80,002
Iberdrola S.A.		59,306		678,115
Red Electrica Corp. S.A.		5,830		116,723

				874,840

Sweden-4.34%
Assa Abloy AB, Class B		9,473		252,528
Atlas Copco AB, Class A		7,702		403,453
Atlas Copco AB, Class B		4,252		194,935
Epiroc AB, Class A		5,473		103,827
Epiroc AB, Class B		3,699		60,395
Essity AB, Class B		6,147		159,370
Hexagon AB, Class B		12,637		172,386
Industrivarden AB, Class A^(a)		7,045		196,462
Industrivarden AB, Class C		6,002		164,641
Investment AB Latour, Class B^(a)		5,129		143,628
Investor AB, Class A		29,131		651,560
Investor AB, Class B		99,525		2,046,768
Kinnevik AB, Class B^(a)(c)		4,076		104,986
Sandvik AB		7,668		168,094
Securitas AB, Class B		3,062		37,293
Skanska AB, Class B		2,624		59,913
Swedish Match AB		26,210		192,558
Tele2 AB, Class B^(a)		5,106		68,030
Telia Co. AB^(a)		19,704		73,727

				5,254,554

Switzerland-15.68%
Barry Callebaut AG		34		78,566
Chocoladefabriken Lindt & Spruengli AG, PC		26		277,018
EMS-Chemie Holding AG		167		165,371
Geberit AG		1,030		675,178
Givaudan S.A		86		360,985
Kuehne + Nagel International AG, Class R		1,002		274,568
Nestle S.A.		52,890		6,905,187
Novartis AG		23,639		2,070,039
Partners Group Holding AG		798		1,084,208
Roche Holding AG		15,999		6,100,878
Roche Holding AG, BR		635		266,057
Schindler Holding AG		441		99,501
Schindler Holding AG, PC		971		223,845
Swiss Prime Site AG		1,270		124,792
Swisscom AG		435		261,062

				18,967,255

United Kingdom-11.16%
3i Group PLC		34,890		625,197
abrdn PLC		44,552		123,560
Admiral Group PLC		19,047		760,812
Ashmore Group PLC		14,836		50,164
AstraZeneca PLC		14,176		1,723,081
Auto Trader Group PLC^(b)		9,162		81,503
B&M European Value Retail S.A.		16,223		131,779
Berkeley Group Holdings PLC^(c)		1,661		86,828
Diageo PLC		33,397		1,669,189
Direct Line Insurance Group PLC		37,009		147,034

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


		5

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
United Kingdom-(continued)
Experian PLC		8,957	$	352,490
GlaxoSmithKline PLC		52,478		1,088,153
Halma PLC		10,868		351,576
Hargreaves Lansdown PLC		11,979		182,346
Intertek Group PLC		3,500		252,839
J Sainsbury PLC		16,155		59,761
Johnson Matthey PLC		1,889		47,726
National Grid PLC		35,984		545,968
Pennon Group PLC		3,756		52,412
Reckitt Benckiser Group PLC		8,675		735,745
RELX PLC		19,884		608,556
Rightmove PLC		27,181		245,298
Sage Group PLC (The)		17,610		166,059
Segro PLC		51,424		898,011
Spirax-Sarco Engineering PLC		1,629		261,083
SSE PLC		16,489		377,106
Tate & Lyle PLC		6,571		66,407
Tesco PLC		95,372		370,780
Unilever PLC		28,604		1,437,885

				13,499,348

United States-1.03%
Amcor PLC, CDI		25,854		297,549
Ferguson PLC		2,662		407,714
James Hardie Industries PLC, CDI		4,916		159,280
Waste Connections, Inc.		3,097		382,134

				1,246,677

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.73% (Cost $127,217,746)				120,620,732


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.79%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		284,711	$	284,711
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		664,258		664,325

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $949,091)				949,036

TOTAL INVESTMENTS IN SECURITIES-100.52% (Cost $128,166,837)				121,569,768
OTHER ASSETS LESS LIABILITIES-(0.52)%				(624,927	)

NET ASSETS-100.00%			$	120,944,841

Investment Abbreviations:

BR-Bearer Shares

CDI-CREST Depository Interest

PC-Participation Certificate

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at February 28, 2022.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2022 was $698,926, which represented less than 1% of the Fund’s Net Assets.

^(c)	Non-income producing security.

^(d)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2022.


	Value August 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value February 28, 2022		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	171,506	$	4,425,821	$	(4,597,327	)	$	-	$	-		$ -	$	25

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


		6

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

February 28, 2022

(Unaudited)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	917,731		$	5,403,178		$	(6,036,198	)		$	-			$	-			$	284,711		$	64	*

Invesco Private Prime Fund			2,139,126			10,497,212			(11,971,305	)			(55	)			(653	)			664,325			671	*


Total		$	3,228,363		$	20,326,211		$	(22,604,830	)		$	(55	)		$	(653	)		$	949,036		$	760

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

^(e)	The rate shown is the 7-day SEC standardized yield as of February 28, 2022.

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

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of February 28, 2022



Health Care		19.56

Consumer Staples		18.95

Information Technology		13.37

Industrials		11.91

Materials		9.40

Financials		7.95

Consumer Discretionary		6.44

Communication Services		4.16

Utilities		4.06

Real Estate		3.83

Energy		0.10

Money Market Funds Plus Other Assets Less Liabilities		0.27

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


		7

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Communication Services-9.74%
Activision Blizzard, Inc.		88,655	$	7,225,383
Alphabet, Inc., Class A^(b)		18,405		49,714,482
Alphabet, Inc., Class C^(b)		17,456		47,093,146
Electronic Arts, Inc.		38,588		5,019,913
Meta Platforms, Inc., Class A^(b)		203,590		42,963,598
New York Times Co. (The), Class A^(c)		14,655		644,673
Sirius XM Holdings, Inc.^(c)		81,921		504,633
Take-Two Interactive Software, Inc.^(b)(c)		9,846		1,595,052
Verizon Communications, Inc.		418,545		22,463,310

				177,224,190

Consumer Discretionary-10.32%
Advance Auto Parts, Inc.		6,340		1,296,403
Amazon.com, Inc.^(b)		26,758		82,180,775
Columbia Sportswear Co.		4,781		443,294
Dollar General Corp.		50,855		10,086,581
Dollar Tree, Inc.^(b)		25,779		3,662,680
Domino’s Pizza, Inc.^(c)		4,292		1,855,045
eBay, Inc.		81,188		4,432,053
Garmin Ltd.		29,163		3,220,762
Gentex Corp.^(c)		43,165		1,306,605
Genuine Parts Co.		16,890		2,063,282
Grand Canyon Education, Inc.^(b)		5,082		441,270
Home Depot, Inc. (The)		111,001		35,057,446
Lowe’s Cos., Inc.		70,608		15,608,604
O’Reilly Automotive, Inc.^(b)		11,811		7,668,174
Pool Corp.^(c)		7,777		3,566,377
Target Corp.		56,058		11,198,707
Tractor Supply Co.		18,169		3,702,660

				187,790,718

Consumer Staples-11.98%
Altria Group, Inc.		260,841		13,378,535
Brown-Forman Corp., Class B		18,284		1,192,665
Church & Dwight Co., Inc.^(c)		32,144		3,145,290
Clorox Co. (The)		20,418		2,976,740
Colgate-Palmolive Co.		152,251		11,715,715
Costco Wholesale Corp.		59,787		31,044,400
Flowers Foods, Inc.		22,513		617,081
General Mills, Inc.		53,487		3,606,629
Hershey Co. (The)		17,391		3,517,504
Hormel Foods Corp.^(c)		46,763		2,227,789
JM Smucker Co. (The)		9,933		1,338,472
Kimberly-Clark Corp.		37,450		4,874,118
Monster Beverage Corp.^(b)		69,658		5,879,135
Philip Morris International, Inc.		194,247		19,632,544
Procter & Gamble Co. (The)		490,147		76,409,016
Walmart, Inc.		269,165		36,380,341

				217,935,974

Financials-9.58%
Allstate Corp. (The)		28,753		3,518,217
Aon PLC, Class A		32,778		9,575,765
Arthur J. Gallagher & Co.		18,090		2,861,657
Berkshire Hathaway, Inc., Class B^(b)		230,339		74,042,472
Brown & Brown, Inc.		32,801		2,217,676
Cboe Global Markets, Inc.		16,217		1,902,092
Erie Indemnity Co., Class A^(c)		4,867		852,212


	Shares		Value
Financials-(continued)
FactSet Research Systems, Inc.		8,259	$	3,353,897
Lazard Ltd., Class A		9,789		338,504
MarketAxess Holdings, Inc.		5,580		2,128,379
Marsh & McLennan Cos., Inc.		81,079		12,600,487
Moody’s Corp.		30,065		9,681,832
Morningstar, Inc.		4,034		1,132,142
MSCI, Inc.		14,384		7,216,309
Nasdaq, Inc.		15,663		2,680,722
Progressive Corp. (The)		129,429		13,710,414
S&P Global, Inc.^(c)		48,819		18,341,298
SEI Investments Co.		21,159		1,239,494
T. Rowe Price Group, Inc.		42,769		6,182,687
White Mountains Insurance Group Ltd.		695		729,889

				174,306,145

Health Care-19.36%
Abbott Laboratories		206,964		24,963,998
Agilent Technologies, Inc.		26,896		3,506,163
Amgen, Inc.		62,979		14,263,484
Anthem, Inc.		26,385		11,922,062
Bio-Rad Laboratories, Inc., Class A^(b)		2,640		1,652,534
Bio-Techne Corp.		3,508		1,471,290
Bristol-Myers Squibb Co.		180,891		12,421,785
Cerner Corp.		54,578		5,089,399
Chemed Corp.		3,361		1,607,533
Edwards Lifesciences Corp.^(b)		72,092		8,100,978
Eli Lilly and Co.		84,440		21,105,778
Globus Medical, Inc., Class A^(b)		8,250		580,140
Henry Schein, Inc.^(b)		16,699		1,442,460
Humana, Inc.		15,559		6,757,585
IDEXX Laboratories, Inc.^(b)		11,651		6,202,410
Intuitive Surgical, Inc.^(b)		41,298		11,990,048
Johnson & Johnson		405,313		66,702,360
Masimo Corp.^(b)		7,546		1,188,118
Merck & Co., Inc.		209,767		16,063,957
Mettler-Toledo International, Inc.^(b)		3,840		5,409,562
Pfizer, Inc.		452,385		21,234,952
Premier, Inc., Class A		18,909		679,589
Quest Diagnostics, Inc.		14,734		1,934,132
Regeneron Pharmaceuticals, Inc.^(b)		10,164		6,285,011
ResMed, Inc.		19,540		4,821,495
Thermo Fisher Scientific, Inc.		50,088		27,247,872
United Therapeutics Corp.^(b)		4,017		667,625
UnitedHealth Group, Inc.		86,951		41,377,372
Veeva Systems, Inc., Class A^(b)		11,260		2,579,103
Vertex Pharmaceuticals, Inc.^(b)		28,646		6,589,153
Waters Corp.^(b)		5,792		1,834,500
West Pharmaceutical Services, Inc.		13,547		5,243,773
Zoetis, Inc.		48,011		9,297,330

				352,233,551

Industrials-5.59%
3M Co.		59,247		8,807,067
A.O. Smith Corp.		21,013		1,441,072
AMETEK, Inc.		20,767		2,695,349
Copart, Inc.^(b)		29,098		3,575,562
Expeditors International of Washington, Inc.		31,043		3,208,605
Fastenal Co.^(c)		104,328		5,368,719

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


		8

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Industrials-(continued)
FTI Consulting, Inc.^(b)(c)		4,897	$	714,962
Graco, Inc.		29,659		2,138,117
Huntington Ingalls Industries, Inc.		3,685		753,214
IDEX Corp.		7,297		1,400,294
Illinois Tool Works, Inc.		26,001		5,625,076
J.B. Hunt Transport Services, Inc.^(c)		12,322		2,500,503
Knight-Swift Transportation Holdings, Inc.		16,417		894,398
L3Harris Technologies, Inc.		18,091		4,564,540
Landstar System, Inc.		4,095		632,309
Lennox International, Inc.		4,423		1,180,631
Lockheed Martin Corp.		46,210		20,045,898
Masco Corp.		28,331		1,587,669
Old Dominion Freight Line, Inc.		12,899		4,050,673
Otis Worldwide Corp.		43,286		3,390,592
Pentair PLC		14,380		832,746
Republic Services, Inc.		21,004		2,526,361
Rollins, Inc.^(c)		45,795		1,494,291
Snap-on, Inc.		6,075		1,276,844
Toro Co. (The)		13,720		1,287,073
United Parcel Service, Inc., Class B		73,794		15,527,734
Verisk Analytics, Inc.		13,180		2,337,341
Watsco, Inc.		6,610		1,804,927

				101,662,567

Information Technology-30.56%
Accenture PLC, Class A		97,747		30,890,007
Adobe, Inc.^(b)		59,438		27,797,964
Amdocs Ltd.		14,558		1,145,715
Apple, Inc.		690,355		113,991,418
Aspen Technology, Inc.^(b)		4,466		680,663
Automatic Data Processing, Inc.		80,467		16,450,673
Broadridge Financial Solutions, Inc.		25,427		3,717,682
Cadence Design Systems, Inc.^(b)		25,792		3,905,683
Cisco Systems, Inc.		867,356		48,372,444
Citrix Systems, Inc.		12,937		1,326,042
Cognex Corp.		14,372		970,972
Cognizant Technology Solutions Corp., Class A		47,990		4,133,379
Dolby Laboratories, Inc., Class A		6,505		488,526
EPAM Systems, Inc.^(b)		4,593		954,196
F5, Inc.^(b)		3,369		676,664
Fortinet, Inc.^(b)		7,339		2,528,432
Intel Corp.		318,360		15,185,772
Intuit, Inc.		27,781		13,178,473
Jack Henry & Associates, Inc.		15,779		2,789,727
Keysight Technologies, Inc.^(b)		15,864		2,496,518
Mastercard, Inc., Class A		120,242		43,385,718
Microsoft Corp.		346,142		103,423,768
Monolithic Power Systems, Inc.		3,283		1,505,912
Motorola Solutions, Inc.		13,735		3,027,606
Oracle Corp.		135,951		10,328,197
Paychex, Inc.		70,724		8,420,399
salesforce.com, inc.^(b)		53,208		11,201,880
Synopsys, Inc.^(b)		14,500		4,529,655
Texas Instruments, Inc.		124,118		21,098,819


	Shares		Value
Information Technology-(continued)
Tyler Technologies, Inc.^(b)		4,257	$	1,823,103
VeriSign, Inc.^(b)		10,831		2,314,801
Visa, Inc., Class A^(c)		243,664		52,660,664
VMware, Inc., Class A		4,380		513,862

				555,915,334

Materials-1.37%
Air Products and Chemicals, Inc.		23,115		5,462,074
Ardagh Group S.A.^(d)		16,236		344,690
Ecolab, Inc.		26,787		4,721,477
Newmont Corp.		83,954		5,557,755
Scotts Miracle-Gro Co. (The)^(c)		4,628		648,198
Sherwin-Williams Co. (The)		28,976		7,624,455
Sonoco Products Co.		8,534		501,116

				24,859,765

Real Estate-1.42%
AvalonBay Communities, Inc.		12,268		2,927,022
Equity LifeStyle Properties, Inc.		18,708		1,395,991
Equity Residential		33,199		2,831,875
Essex Property Trust, Inc.		5,315		1,685,758
Extra Space Storage, Inc.		15,438		2,904,660
First Industrial Realty Trust, Inc.		14,066		809,920
Highwoods Properties, Inc.^(c)		10,030		437,308
Public Storage		35,882		12,738,828

				25,731,362

Total Common Stocks & Other Equity Interests (Cost $1,909,525,433)				1,817,659,606


Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(e)(f) (Cost $36,268)		36,268		36,268

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.92% (Cost $1,909,561,701)				1,817,695,874


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-4.39%
Invesco Private Government Fund, 0.12%^(e)(f)(g)		23,970,524		23,970,524
Invesco Private Prime Fund, 0.08%^(e)(f)(g)		55,925,629		55,931,223

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $79,904,570)				79,901,747

TOTAL INVESTMENTS IN SECURITIES-104.31% (Cost $1,989,466,271)				1,897,597,621
OTHER ASSETS LESS LIABILITIES-(4.31)%				(78,364,439	)

NET ASSETS-100.00%			$	1,819,233,182

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


		9

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)–(continued)

February 28, 2022

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at February 28, 2022.

^(d)	Security valued using significant unobservable inputs (Level 3). See Note 4.

^(e)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Invesco Ltd.		$	5,712,774		$	4,896,627		$	(9,996,645	)		$	(311,549	)		$	(301,207	)		$	-		$	41,461

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			-			21,310,982			(21,274,714	)			-				-				36,268			123

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			13,579,808			135,380,298			(124,989,582	)			-				-				23,970,524			2,890	*

Invesco Private Prime Fund			31,686,217			277,656,604			(253,393,974	)			(2,823	)			(14,801	)			55,931,223			25,850	*


Total		$	50,978,799		$	439,244,511		$	(409,654,915	)		$	(314,372	)		$	(316,008	)		$	79,938,015		$	70,324

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

^(f)	The rate shown is the 7-day SEC standardized yield as of February 28, 2022.

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

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of February 28, 2022



Information Technology		30.56

Health Care		19.36

Consumer Staples		11.98

Consumer Discretionary		10.32

Communication Services		9.74

Financials		9.58

Industrials		5.59

Sector Types Each Less Than 3%		2.79

Money Market Funds Plus Other Assets Less Liabilities		0.08

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


		10

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Communication Services-1.81%
Advantage Solutions, Inc.^(b)(c)		11,468	$	90,253
AMC Networks, Inc., Class A^(b)(c)		3,216		133,303
ATN International, Inc.		1,910		63,660
Cogent Communications Holdings, Inc.		6,362		403,351
Daily Journal Corp.^(b)		177		57,235
E.W. Scripps Co. (The), Class A^(b)		6,162		137,166
EchoStar Corp., Class A^(b)(c)		5,118		124,572
John Wiley & Sons, Inc., Class A		6,389		321,431
Ooma, Inc.^(b)		2,674		44,709
TEGNA, Inc.		32,294		740,178
Telephone & Data Systems, Inc.		14,428		250,326
Telesat Corp. (Canada)^(b)		2,313		47,949
United States Cellular Corp.^(b)(c)		2,185		60,109
Ziff Davis, Inc.^(b)		5,635		566,881

				3,041,123

Consumer Discretionary-4.40%
Aaron’s Co., Inc. (The)		3,610		75,774
Accel Entertainment, Inc.^(b)		15,594		204,125
Acushnet Holdings Corp.		6,681		292,628
Adtalem Global Education, Inc.^(b)		5,499		114,269
American Public Education, Inc.^(b)		2,359		47,086
Buckle, Inc. (The)^(c)		4,710		169,560
CarLotz, Inc.^(b)(c)		7,707		15,568
Carriage Services, Inc.		2,003		98,568
Cavco Industries, Inc.^(b)		1,011		275,629
Clarus Corp.^(c)		2,432		55,377
Dorman Products, Inc.^(b)		5,646		527,449
Golden Nugget Online Gaming, Inc.^(b)		3,525		30,315
Graham Holdings Co., Class B		507		304,773
Green Brick Partners, Inc.^(b)		3,411		79,101
Haverty Furniture Cos., Inc., (Acquired 06/02/2020 - 02/03/2022; Cost $42,962)^(c)(d)		2,212		62,843
Helen of Troy Ltd.^(b)(c)		5,328		1,095,810
Hooker Furnishings Corp.		1,926		40,446
Johnson Outdoors, Inc., Class A		686		56,574
LCI Industries		2,681		333,838
MarineMax, Inc.^(b)		3,109		142,268
Papa John’s International, Inc.		3,490		372,802
Perdoceo Education Corp.^(b)		8,195		85,802
Rent-A-Center, Inc.^(c)		7,415		210,660
Rocky Brands, Inc.		697		26,862
Shutterstock, Inc.		3,362		304,362
Sleep Number Corp.^(b)(c)		2,636		173,185
Sportsman’s Warehouse Holdings, Inc.^(b)		6,459		73,697
Standard Motor Products, Inc.		3,977		173,835
Strategic Education, Inc.		2,512		148,258
Sturm Ruger & Co., Inc.		5,678		411,144
Superior Group of Cos., Inc.		1,671		34,256
Unifi, Inc.^(b)		2,016		37,840
Universal Electronics, Inc.^(b)		1,483		49,280
Vivint Smart Home, Inc.^(b)		11,543		82,994
Wingstop, Inc.^(c)		6,186		899,135
Winmark Corp.		1,368		309,469

				7,415,582


	Shares		Value
Consumer Staples-5.79%
BellRing Brands, Inc., Class A^(b)(c)		10,370	$	265,161
BJ’s Wholesale Club Holdings, Inc.^(b)		23,832		1,498,318
Cal-Maine Foods, Inc.^(c)		7,733		342,340
Central Garden & Pet Co.^(b)(c)		1,371		64,903
Central Garden & Pet Co., Class A^(b)		5,767		253,979
Coca-Cola Consolidated, Inc.		753		374,188
Energizer Holdings, Inc.		10,680		356,605
Hostess Brands, Inc.^(b)		17,876		385,049
Ingles Markets, Inc., Class A		3,074		252,744
Inter Parfums, Inc.^(c)		1,799		167,091
J&J Snack Foods Corp.		2,610		427,309
John B. Sanfilippo & Son, Inc.		2,355		187,270
Lancaster Colony Corp.		4,969		835,835
Medifast, Inc.		1,895		352,470
MGP Ingredients, Inc.^(c)		2,298		182,944
Oil-Dri Corp.of America		998		30,818
Sanderson Farms, Inc.		4,195		749,185
Seneca Foods Corp., Class A^(b)		1,037		51,591
SpartanNash Co.		6,835		192,337
Sprouts Farmers Market, Inc.^(b)(c)		37,795		1,076,402
Tootsie Roll Industries, Inc.^(c)		3,596		121,365
Universal Corp.		3,319		179,591
USANA Health Sciences, Inc.^(b)		1,636		143,984
Vector Group Ltd.		29,587		331,670
WD-40 Co.^(c)		2,449		518,919
Weis Markets, Inc.		5,161		318,279
Whole Earth Brands, Inc.^(b)		9,161		86,938

				9,747,285

Energy-0.26%
DHT Holdings, Inc.^(c)		31,375		197,349
National Energy Services Reunited Corp.^(b)(c).		4,017		35,791
REX American Resources Corp.^(b)		717		67,728
SFL Corp. Ltd. (Norway)		13,064		129,987

				430,855

Financials-24.17%
1st Source Corp.		1,880		90,785
Alerus Financial Corp.^(c)		1,982		56,983
Allegiance Bancshares, Inc.		1,910		81,844
A-Mark Precious Metals, Inc.^(c)		1,512		108,410
American National Bankshares, Inc.		1,093		42,190
American National Group, Inc.		935		176,743
Ameris Bancorp		6,119		302,890
AMERISAFE, Inc.		3,183		149,919
Apollo Commercial Real Estate Finance, Inc.		12,635		164,887
Arbor Realty Trust, Inc.		10,954		197,172
Ares Commercial Real Estate Corp.		3,546		51,949
Argo Group International Holdings Ltd.		2,851		120,227
ARMOUR Residential REIT, Inc.		4,718		38,357
Arrow Financial Corp.		1,671		57,399
Artisan Partners Asset Management, Inc., Class A		10,456		398,478
Associated Banc-Corp		15,960		389,264
Atlantic Capital Bancshares, Inc.^(b)		1,885		60,961
Atlantic Union Bankshares Corp.		7,515		305,334
Axos Financial, Inc.^(b)		4,914		268,992
B. Riley Financial, Inc.^(c)		2,328		138,632
Banc of California, Inc.		2,833		55,668

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


		11

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Financials-(continued)
BancFirst Corp.^(c)		1,600	$	125,008
Banco Latinoamericano de Comercio Exterior S.A., Class E (Panama)		2,884		44,558
Bank First Corp.		833		58,668
Bank of Marin Bancorp		1,433		50,614
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		3,269		125,530
BankUnited, Inc.		8,150		360,230
Banner Corp.		3,359		206,948
Bar Harbor Bankshares		1,398		40,193
BGC Partners, Inc., Class A		24,873		113,918
Blackstone Mortgage Trust, Inc., Class A^(c)		15,205		483,215
Bridgewater Bancshares, Inc.^(b)		2,194		36,925
Brightsphere Investment Group, Inc.		5,579		133,171
Broadmark Realty Capital, Inc.		20,479		177,348
Brookline Bancorp, Inc.		8,286		142,022
Byline Bancorp, Inc.		1,883		51,349
Cadence Bank		10,931		345,638
Cambridge Bancorp		780		68,757
Camden National Corp.		1,636		77,792
Cannae Holdings, Inc.^(b)		14,660		393,621
Capitol Federal Financial, Inc.		16,208		176,991
Capstar Financial Holdings, Inc.		1,892		40,489
Cathay General Bancorp		7,927		372,807
CBTX, Inc.^(c)		1,600		48,096
Central Pacific Financial Corp.		2,614		76,303
Chimera Investment Corp.		24,409		297,058
Citizens & Northern Corp.		1,760		43,595
City Holding Co.		1,963		156,392
Civista Bancshares, Inc.		1,563		38,122
CNB Financial Corp.		1,551		40,559
CNO Financial Group, Inc.		12,949		312,977
Cohen & Steers, Inc.		4,624		375,746
Columbia Banking System, Inc.^(c)		7,219		264,432
Columbia Financial, Inc.^(b)(c)		4,832		102,632
Community Bank System, Inc.		6,385		465,722
Community Trust Bancorp, Inc.		1,863		78,768
ConnectOne Bancorp, Inc.		2,920		96,360
Cowen, Inc., Class A		1,810		53,667
Customers Bancorp, Inc.^(b)		2,206		135,779
CVB Financial Corp.^(c)		14,931		352,073
Diamond Hill Investment Group, Inc.		641		124,277
Dime Community Bancshares, Inc.^(c)		3,600		122,364
Dynex Capital, Inc.		4,046		62,187
Eagle Bancorp, Inc.		3,018		180,839
Employers Holdings, Inc.		4,009		155,790
Enstar Group Ltd.^(b)		1,943		553,813
Enterprise Financial Services Corp.		2,928		144,760
Essent Group Ltd.		12,823		566,520
Farmers National Banc Corp.		2,905		50,053
FB Financial Corp.		2,744		121,943
Federal Agricultural Mortgage Corp., Class C		877		108,485
Federated Hermes, Inc., Class B^(c)		16,316		533,044
Financial Institutions, Inc.		1,399		44,684
First Bancorp		17,382		245,434
First Bancorp/Southern Pines NC		2,601		116,733
First Bancshares, Inc. (The)^(c)		2,181		77,011
First Busey Corp.		5,576		153,061
First Commonwealth Financial Corp.		9,737		157,253
First Community Bankshares, Inc.		1,902		55,786


	Shares		Value
Financials-(continued)
First Financial Bancorp		9,109	$	223,899
First Financial Bankshares, Inc.		15,634		749,181
First Financial Corp.		1,451		67,486
First Foundation, Inc.		4,022		107,267
First Interstate BancSystem, Inc., Class A		4,667		189,480
First Merchants Corp.		5,813		254,261
First Mid Bancshares, Inc.		1,759		70,483
First of Long Island Corp. (The)		2,403		52,313
FirstCash Holdings, Inc.		5,945		428,278
Flagstar Bancorp, Inc.		5,493		250,371
Flushing Financial Corp.		2,719		63,869
Fulton Financial Corp.		16,722		301,330
German American Bancorp, Inc.		2,918		116,078
Glacier Bancorp, Inc.^(c)		12,384		686,074
Goosehead Insurance, Inc., Class A		922		80,196
Great Southern Bancorp, Inc.		1,215		74,625
Guaranty Bancshares, Inc.		938		32,802
Hamilton Lane, Inc., Class A		5,698		445,014
Hancock Whitney Corp.		5,736		319,380
Hanmi Financial Corp.		2,313		60,416
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		11,028		522,066
HarborOne Bancorp, Inc.		6,077		89,879
HCI Group, Inc.		643		40,033
Heartland Financial USA, Inc.		4,281		212,423
Heritage Commerce Corp.		5,651		67,190
Heritage Financial Corp.		3,734		97,905
Hilltop Holdings, Inc.		6,466		199,929
Hingham Institution for Savings (The)		207		74,487
Home BancShares, Inc.		15,198		355,785
HomeStreet, Inc.		2,072		106,625
HomeTrust Bancshares, Inc.		1,527		45,932
Hope Bancorp, Inc.		11,369		192,818
Horace Mann Educators Corp.		5,101		212,151
Horizon Bancorp, Inc.		4,172		83,774
Houlihan Lokey, Inc.		10,517		1,081,779
Independent Bank Corp.		4,881		419,815
Independent Bank Corporation		1,970		46,886
Independent Bank Group, Inc.		3,195		246,494
International Bancshares Corp.		5,034		216,512
Investors Bancorp, Inc.		24,777		414,767
James River Group Holdings Ltd.		3,101		82,487
Kearny Financial Corp.		8,593		113,514
Kinsale Capital Group, Inc.		3,094		648,997
KKR Real Estate Finance Trust, Inc.^(c)		3,396		72,912
Ladder Capital Corp.		7,379		84,563
Lakeland Bancorp, Inc.		5,073		91,517
Lakeland Financial Corp.		2,854		228,919
Live Oak Bancshares, Inc.		2,285		146,126
Mercantile Bank Corp.		1,669		61,536
Merchants Bancorp		1,413		40,906
Meta Financial Group, Inc.		2,245		124,351
Midland States Bancorp, Inc.		1,976		58,015
MidWestOne Financial Group, Inc.		1,270		38,341
Moelis & Co., Class A		10,643		513,099
MVB Financial Corp.		929		35,785
National Bank Holdings Corp., Class A		3,401		150,936
National Western Life Group, Inc., Class A		297		63,365
Navient Corp.		8,620		151,798
NBT Bancorp, Inc.		4,940		189,548

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


		12

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Financials-(continued)
Nelnet, Inc., Class A		2,001	$	161,181
Nicolet Bankshares, Inc.^(b)		1,119		106,596
NMI Holdings, Inc., Class A^(b)		7,499		173,527
Northfield Bancorp, Inc.		5,267		82,692
Northwest Bancshares, Inc.		14,747		207,638
OceanFirst Financial Corp.		6,081		136,093
OFG Bancorp		3,603		101,533
Old National Bancorp		32,146		587,629
Old Second Bancorp, Inc.		2,640		37,567
Oppenheimer Holdings, Inc., Class A		1,097		47,379
Origin Bancorp, Inc.		1,716		79,245
Pacific Premier Bancorp, Inc.		7,875		304,841
Palomar Holdings, Inc.^(b)		1,238		79,764
Park National Corp.		1,700		227,902
Peapack-Gladstone Financial Corp.		1,399		52,770
PennyMac Financial Services, Inc.		3,805		219,739
Peoples Bancorp, Inc.		1,974		61,747
Piper Sandler Cos.		1,738		257,241
PJT Partners, Inc., Class A		3,288		209,840
PRA Group, Inc.^(b)		4,467		199,362
Preferred Bank		1,356		106,419
Premier Financial Corp.		3,194		97,960
Primis Financial Corp.		2,355		33,677
ProAssurance Corp.		3,082		74,276
PROG Holdings, Inc.^(b)		13,089		401,047
Provident Financial Services, Inc.		7,025		166,703
QCR Holdings, Inc.		1,595		89,097
Radian Group, Inc.		21,888		523,123
Ready Capital Corp.		4,314		64,063
Renasant Corp.		5,643		206,026
Republic Bancorp, Inc., Class A		1,110		50,927
RLI Corp.		6,272		636,608
S&T Bancorp, Inc.		3,922		121,935
Safety Insurance Group, Inc.		2,635		219,864
Sandy Spring Bancorp, Inc.		4,741		223,254
Seacoast Banking Corp. of Florida		5,203		190,690
Selective Insurance Group, Inc.		8,152		678,165
ServisFirst Bancshares, Inc.		5,600		489,328
Sierra Bancorp		1,335		35,831
Simmons First National Corp., Class A		11,318		322,789
SiriusPoint Ltd. (Bermuda)^(b)		11,962		88,399
SmartFinancial, Inc.		1,521		39,683
South State Corp.^(c)		6,769		609,210
Southern First Bancshares, Inc.^(b)		719		41,026
Southern Missouri Bancorp, Inc.		908		48,651
Southside Bancshares, Inc.		3,691		153,878
StepStone Group, Inc., Class A		2,379		82,147
Stewart Information Services Corp.		4,108		278,851
Stock Yards Bancorp, Inc.		2,367		126,563
StoneX Group, Inc.^(b)		1,515		114,307
Texas Capital Bancshares, Inc.^(b)		3,178		211,655
Tompkins Financial Corp.		1,615		127,747
Towne Bank		7,434		231,792
TriCo Bancshares		3,136		136,102
TriState Capital Holdings, Inc.^(b)		2,044		67,861
Triumph Bancorp, Inc.^(b)		1,784		178,971
TrustCo Bank Corp.		2,050		70,049
Trustmark Corp.		7,179		226,067
UMB Financial Corp.		4,852		494,225
United Bankshares, Inc.^(c)		13,389		490,305


	Shares		Value
Financials-(continued)
United Community Banks, Inc.		10,196	$	394,177
Universal Insurance Holdings, Inc.		2,552		29,501
Univest Financial Corp.		2,966		85,955
Valley National Bancorp		43,688		610,321
Veritex Holdings, Inc.		3,713		150,859
Virtus Investment Partners, Inc.		774		186,240
Walker & Dunlop, Inc.		3,402		470,667
Washington Federal, Inc.		8,256		293,748
Washington Trust Bancorp, Inc.		1,992		108,106
Waterstone Financial, Inc.		3,376		65,967
WesBanco, Inc.		6,940		253,588
West Bancorporation, Inc.		1,780		51,442
Westamerica Bancorporation		3,239		192,137
WSFS Financial Corp.		6,294		319,924

				40,688,151

Health Care-8.61%
Addus HomeCare Corp.^(b)		2,529		215,066
Amphastar Pharmaceuticals, Inc.^(b)		11,177		309,715
Aratana Therapeutics, Inc., CVR^(b)(e)		540		135
Atea Pharmaceuticals, Inc.^(b)		11,464		72,682
Atrion Corp.^(c)		538		384,917
Blueprint Medicines Corp.^(b)		16,303		987,147
Computer Programs & Systems, Inc.^(b)		3,141		96,680
CorVel Corp.^(b)		3,060		486,724
Cross Country Healthcare, Inc.^(b)		5,192		115,937
Cullinan Oncology, Inc.^(b)(c)		2,237		32,079
Eagle Pharmaceuticals, Inc.^(b)		2,546		120,655
Edgewise Therapeutics, Inc.^(b)(c)		2,254		26,575
Emergent BioSolutions, Inc.^(b)		10,975		454,145
Enanta Pharmaceuticals, Inc.^(b)		3,507		246,963
Ensign Group, Inc. (The)		15,904		1,336,572
FibroGen, Inc.^(b)(c)		14,239		200,343
Halozyme Therapeutics, Inc.^(b)		31,680		1,123,690
HealthStream, Inc.^(b)		6,769		138,697
InfuSystem Holdings, Inc.^(b)		2,964		34,056
Innoviva, Inc.^(b)		12,455		239,261
Instil Bio, Inc.^(b)(c)		3,165		33,960
LeMaitre Vascular, Inc.^(c)		4,208		199,754
LHC Group, Inc.^(b)		8,806		1,199,113
Medpace Holdings, Inc.^(b)		6,880		1,052,434
Meridian Bioscience, Inc.^(b)		7,481		189,269
Merit Medical Systems, Inc.^(b)		10,412		677,092
Mesa Laboratories, Inc.		592		151,155
National HealthCare Corp.		4,915		319,573
National Research Corp.		4,727		188,040
Natus Medical, Inc.^(b)		5,696		158,463
Neogen Corp.^(b)(c)		34,588		1,234,792
NextGen Healthcare, Inc.^(b)		10,349		202,116
Orthofix Medical, Inc.^(b)		4,638		157,599
Patterson Cos., Inc.		16,758		501,064
Prestige Consumer Healthcare, Inc.^(b)		9,268		551,724
SIGA Technologies, Inc.^(b)(c)		12,817		76,902
SOC Telemed, Inc.^(b)		22,640		66,562
SurModics, Inc.^(b)		2,814		126,292
US Physical Therapy, Inc.^(c)		2,220		204,173
Utah Medical Products, Inc.		1,386		124,754
Vanda Pharmaceuticals, Inc.^(b)		9,402		106,807
Xencor, Inc.^(b)		11,395		356,777

				14,500,454

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


		13

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Industrials-18.60%
AAON, Inc.		9,877	$	578,397
ABM Industries, Inc.		9,513		426,468
Acacia Research Corp.^(b)		5,834		22,344
Aerojet Rocketdyne Holdings, Inc.		15,907		616,396
AeroVironment, Inc.^(b)		3,952		280,790
Alamo Group, Inc.		2,386		331,916
Apogee Enterprises, Inc.		3,953		178,162
Applied Industrial Technologies, Inc.		4,875		492,862
Arcosa, Inc.		6,655		350,519
Argan, Inc.		4,901		190,600
Array Technologies, Inc.^(b)		15,613		175,490
ASGN, Inc.^(b)		6,068		672,274
Astec Industries, Inc.		2,569		127,936
Atlas Air Worldwide Holdings, Inc.^(b)(c)		3,246		254,357
Boise Cascade Co.		6,714		536,717
Brady Corp., Class A		11,481		529,044
Casella Waste Systems, Inc., Class A^(b)		6,078		458,281
CBIZ, Inc.^(b)		12,071		469,683
Comfort Systems USA, Inc.		6,177		531,098
Covenant Logistics Group, Inc., Class A^(b)		1,745		39,280
CRA International, Inc.		1,338		118,855
Douglas Dynamics, Inc.		2,645		97,177
EMCOR Group, Inc.		10,502		1,213,401
Encore Wire Corp.		3,524		410,264
Energy Recovery, Inc.^(b)		7,785		147,915
Ennis, Inc.		4,409		82,801
ESCO Technologies, Inc.		4,897		340,684
Exponent, Inc.		15,530		1,471,623
Federal Signal Corp.		10,707		386,630
Forrester Research, Inc.^(b)		1,622		84,230
Forward Air Corp.		3,465		357,519
Franklin Electric Co., Inc.		9,856		833,423
GATX Corp.		4,260		454,244
GEO Group, Inc. (The)^(c)		15,200		90,592
Global Industrial Co.		1,961		62,321
Gorman-Rupp Co. (The)		4,344		161,857
Granite Construction, Inc.		6,372		192,880
Healthcare Services Group, Inc.		21,295		336,887
Heartland Express, Inc.		13,924		199,949
Heidrick & Struggles International, Inc.		2,992		127,908
Heritage-Crystal Clean, Inc.^(b)		2,047		57,398
HNI Corp.		5,498		223,714
Huron Consulting Group, Inc.^(b)		3,942		194,459
ICF International, Inc.		2,394		212,156
Insteel Industries, Inc.		2,193		81,382
Kadant, Inc.		1,373		270,962
Kimball International, Inc., Class B		5,028		46,610
Korn Ferry		7,357		487,475
Lindsay Corp.		1,671		219,252
Luxfer Holdings PLC (United Kingdom)		3,278		57,103
ManTech International Corp., Class A		7,835		653,204
Marten Transport Ltd.		15,221		262,562
Masonite International Corp.^(b)		2,768		261,105
Matson, Inc.		6,857		759,550
Matthews International Corp., Class A		3,577		118,685
McGrath RentCorp		6,347		515,884
Mueller Industries, Inc.		6,511		371,453
Mueller Water Products, Inc., Class A		22,630		287,175
MYR Group, Inc.^(b)		3,159		283,520
National Presto Industries, Inc.		1,593		126,643


	Shares		Value
Industrials-(continued)
Northwest Pipe Co.^(b)		1,178	$	33,573
NV5 Global, Inc.^(b)		1,754		188,116
Omega Flex, Inc.		444		64,491
Park Aerospace Corp.		4,896		67,908
Powell Industries, Inc.		1,319		27,884
Preformed Line Products Co.		453		25,255
Primoris Services Corp.		11,319		298,482
Proto Labs, Inc.^(b)		3,146		176,900
RBC Bearings, Inc.^(b)(c)		3,401		659,284
Rush Enterprises, Inc., Class A		5,388		279,853
Saia, Inc.^(b)		4,362		1,252,897
Shyft Group, Inc. (The)		4,431		179,057
Simpson Manufacturing Co., Inc.		11,775		1,395,455
SPX Corp.^(b)		5,154		261,308
Sterling Construction Co., Inc.^(b)		3,214		94,909
Tennant Co.		2,289		180,327
Tetra Tech, Inc.		10,877		1,726,941
Titan Machinery, Inc.^(b)		3,562		100,911
Transcat, Inc.^(b)		1,362		106,863
TriNet Group, Inc.^(b)		7,267		634,482
TrueBlue, Inc.^(b)		4,997		135,918
UFP Industries, Inc.		10,793		925,500
UniFirst Corp.		3,652		661,925
US Ecology, Inc.^(b)		5,710		270,882
Watts Water Technologies, Inc., Class A		6,584		947,767
Werner Enterprises, Inc.		15,734		683,800

				31,304,754

Information Technology-13.68%
A10 Networks, Inc.		9,079		129,285
ACI Worldwide, Inc.^(b)		16,804		563,270
ADTRAN, Inc.		7,727		159,099
Advanced Energy Industries, Inc.		7,816		671,004
Alarm.com Holdings, Inc.^(b)		8,916		586,940
American Software, Inc., Class A		5,661		124,372
AppFolio, Inc., Class A^(b)		3,877		438,644
Axcelis Technologies, Inc.^(b)		5,649		391,024
Badger Meter, Inc.		7,028		698,653
Benchmark Electronics, Inc.		4,316		112,820
Bottomline Technologies (DE), Inc.^(b)		5,734		324,774
Brightcove, Inc.^(b)		4,873		36,450
BTRS Holdings, Inc.^(b)		10,279		62,702
Cass Information Systems, Inc.		1,975		78,170
CEVA, Inc.^(b)		3,102		126,469
Clearfield, Inc.^(b)		2,020		129,502
CommVault Systems, Inc.^(b)		8,272		520,392
Consensus Cloud Solutions, Inc.^(b)		2,078		115,661
CSG Systems International, Inc.		5,064		312,550
CTS Corp.		5,400		204,876
Daktronics, Inc.^(b)		5,906		27,227
Envestnet, Inc.^(b)		6,341		474,434
EVERTEC, Inc.		11,732		473,504
ExlService Holdings, Inc.^(b)		7,328		885,149
Fabrinet (Thailand)^(b)		5,290		529,688
FARO Technologies, Inc.^(b)		2,120		116,049
FormFactor, Inc.^(b)		11,013		445,916
Grid Dynamics Holdings, Inc.^(b)		8,050		97,807
Hackett Group, Inc. (The)		3,989		82,652
Insight Enterprises, Inc.^(b)(c)		5,454		567,216
InterDigital, Inc.^(c)		6,295		405,524

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


		14

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Information Technology-(continued)
Kimball Electronics, Inc.^(b)		3,424	$	59,030
Knowles Corp.^(b)(c)		13,197		287,431
Kulicke & Soffa Industries, Inc. (Singapore)^(c).		9,643		503,750
LiveRamp Holdings, Inc.^(b)		7,734		333,799
Maximus, Inc.		20,083		1,583,745
Methode Electronics, Inc.		4,970		226,831
Mimecast Ltd.^(b)		7,918		629,719
NETGEAR, Inc.^(b)		7,299		194,226
NetScout Systems, Inc.^(b)		9,537		296,887
Novanta, Inc.^(b)		5,299		724,002
NVE Corp.		1,208		69,098
Onto Innovation, Inc.^(b)		8,082		696,749
OSI Systems, Inc.^(b)		2,747		221,600
Paya Holdings, Inc., Class A^(b)(c)		35,198		227,027
Photronics, Inc.^(b)		9,438		173,848
Plexus Corp.^(b)		3,642		296,714
Power Integrations, Inc.		13,398		1,205,820
Progress Software Corp.		5,220		230,098
Qualys, Inc.^(b)		7,151		896,092
Rambus, Inc.^(b)		22,824		616,248
Rogers Corp.^(b)		2,351		641,823
ScanSource, Inc.^(b)		2,898		91,519
Semtech Corp.^(b)		8,677		602,010
SPS Commerce, Inc.^(b)(c)		5,043		654,834
TTEC Holdings, Inc.		4,322		343,599
Verint Systems, Inc.^(b)(c)		7,325		367,935
Viavi Solutions, Inc.^(b)		36,013		590,613
Vishay Intertechnology, Inc.^(c)		16,473		316,117
Vishay Precision Group, Inc.^(b)		1,884		59,176

				23,032,163

Materials-2.99%
American Vanguard Corp.		4,834		72,848
Balchem Corp.		8,410		1,163,439
Chase Corp.		1,255		115,247
Compass Minerals International, Inc.		4,575		268,187
FutureFuel Corp.		6,616		48,694
Greif, Inc., Class B		709		40,356
H.B. Fuller Co.		6,479		442,969
Haynes International, Inc.		1,498		54,767
Innospec, Inc.		3,831		365,860
Minerals Technologies, Inc.		3,888		272,121
Neenah, Inc.		1,971		76,770
Quaker Chemical Corp.		2,085		386,997
Schweitzer-Mauduit International, Inc., Class A		3,845		120,041
Sensient Technologies Corp.		8,494		697,612
Stepan Co.		4,167		431,785
Tredegar Corp.		5,723		65,872
TriMas Corp.		6,675		217,004
UFP Technologies, Inc.^(b)		1,883		130,191
United States Lime & Minerals, Inc.		519		60,998

				5,031,758

Real Estate-13.06%
Acadia Realty Trust		9,138		195,919
Agree Realty Corp.		12,176		781,090
Alexander & Baldwin, Inc.		7,350		164,861
Alexander’s, Inc.		444		112,518
American Assets Trust, Inc.		7,559		276,357


	Shares		Value
Real Estate-(continued)
Apartment Investment & Management Co., Class A^(b)		22,181	$	158,372
Armada Hoffler Properties, Inc.		8,384		123,077
Brandywine Realty Trust		38,763		516,711
CareTrust REIT, Inc.		7,053		123,428
CatchMark Timber Trust, Inc., Class A		4,393		33,650
Centerspace		2,128		200,011
City Office REIT, Inc.		6,334		109,071
Community Healthcare Trust, Inc.		3,397		141,655
Corporate Office Properties Trust		20,314		532,430
CTO Realty Growth, Inc.		791		49,588
Douglas Elliman, Inc.^(b)		14,734		111,094
Easterly Government Properties, Inc.		15,182		316,089
EastGroup Properties, Inc.		8,838		1,685,937
Empire State Realty Trust, Inc., Class A^(c)		17,849		168,852
Equity Commonwealth^(b)(c)		37,667		1,000,812
Farmland Partners, Inc.		3,398		39,655
Forestar Group, Inc.^(b)		2,582		47,276
Four Corners Property Trust, Inc.		12,662		334,024
Franklin Street Properties Corp.		13,180		76,180
FRP Holdings, Inc.^(b)		1,181		68,415
Getty Realty Corp.		8,229		226,709
Gladstone Commercial Corp.		3,907		82,789
Gladstone Land Corp.		4,137		123,655
Global Medical REIT, Inc.		6,391		100,339
Global Net Lease, Inc.		10,497		149,162
Healthcare Realty Trust, Inc.		27,656		721,269
Independence Realty Trust, Inc.		17,020		430,095
Industrial Logistics Properties Trust		12,681		283,674
Innovative Industrial Properties, Inc.		1,714		323,020
iStar, Inc.		4,494		112,889
Kennedy-Wilson Holdings, Inc.^(c)		20,847		461,553
Kite Realty Group Trust		6,901		151,339
LTC Properties, Inc.		8,419		284,815
LXP Industrial Trust^(c)		65,849		1,018,026
Marcus & Millichap, Inc.^(b)		5,074		252,330
National Health Investors, Inc.		6,939		369,918
National Storage Affiliates Trust		11,959		696,851
NexPoint Residential Trust, Inc.		3,747		318,383
Office Properties Income Trust		5,054		126,603
One Liberty Properties, Inc.		2,617		76,050
Outfront Media, Inc.		9,929		265,104
Paramount Group, Inc.		23,147		259,015
Physicians Realty Trust		35,678		580,124
Piedmont Office Realty Trust, Inc., Class A		27,123		462,176
Plymouth Industrial REIT, Inc.		3,153		82,230
PotlatchDeltic Corp.		13,721		753,283
Preferred Apartment Communities, Inc., Class A		3,724		94,068
PS Business Parks, Inc.		5,423		863,830
RE/MAX Holdings, Inc., Class A		1,838		54,478
Retail Opportunity Investments Corp.		13,325		241,982
RMR Group, Inc. (The), Class A		2,493		72,646
RPT Realty		7,067		91,518
Safehold, Inc.^(c)		2,751		168,801
Saul Centers, Inc.		1,760		81,013
SITE Centers Corp.		14,052		218,509
St. Joe Co. (The)		6,548		353,788
STAG Industrial, Inc.		36,473		1,420,988
Tejon Ranch Co.^(b)		3,205		54,421

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


		15

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Real Estate-(continued)
Terreno Realty Corp.		15,384	$	1,058,265
UMH Properties, Inc.		5,810		133,979
Universal Health Realty Income Trust		1,693		96,687
Urban Edge Properties		16,308		297,132
Urstadt Biddle Properties, Inc., Class A		3,661		68,937
Veris Residential, Inc.^(b)		10,606		179,241
Washington REIT		12,480		291,533
Whitestone REIT		4,918		57,934

				21,978,223

Utilities-6.60%
ALLETE, Inc.		7,859		494,646
American States Water Co.		6,938		583,902
Artesian Resources Corp., Class A		1,391		64,654
Avista Corp.		11,431		510,166
Black Hills Corp.		9,970		697,800
Brookfield Infrastructure Corp., Class A (Canada)		7,153		503,857
California Water Service Group		7,433		423,161
Chesapeake Utilities Corp.		2,916		387,682
Clearway Energy, Inc., Class A		4,865		148,820
Clearway Energy, Inc., Class C		11,569		386,405
MGE Energy, Inc.		6,270		451,565
Middlesex Water Co.		2,967		296,670
Northwest Natural Holding Co.		5,043		262,286
NorthWestern Corp.		8,625		521,640
ONE Gas, Inc.		9,029		750,220
Ormat Technologies, Inc.^(c)		6,198		442,227
Otter Tail Corp.		6,048		374,129
PNM Resources, Inc.		13,003		587,346
Portland General Electric Co.		16,733		849,534


	Shares		Value
Utilities-(continued)
Pure Cycle Corp.^(b)		5,244	$	62,141
SJW Group		4,733		308,686
South Jersey Industries, Inc.^(c)		13,935		472,815
Southwest Gas Holdings, Inc.		10,411		738,556
Spire, Inc.		8,604		577,415
Unitil Corp.		2,335		117,894
York Water Co. (The)		2,240		100,509

				11,114,726

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.97% (Cost $177,310,815)				168,285,074


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-10.95%
Invesco Private Government Fund, 0.12%^(f)(g)(h)		5,532,465		5,532,465
Invesco Private Prime Fund, 0.08%^(f)(g)(h)		12,907,794		12,909,085

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $18,442,525)				18,441,550

TOTAL INVESTMENTS IN SECURITIES-110.92% (Cost $195,753,340)				186,726,624
OTHER ASSETS LESS LIABILITIES-(10.92)%				(18,388,422	)

NET ASSETS-100.00%			$	168,338,202

Investment Abbreviations:

CVR -Contingent Value Rights

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at February 28, 2022.

^(d)	Restricted security. The value of this security at February 28, 2022 represented less than 1% of the Fund’s Net Assets.

^(e)	Security valued using significant unobservable inputs (Level 3). See Note 4.

^(f)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value February 28, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	1,890,240		$	(1,890,240	)		$	-		$	-		$	-		$	6

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


		16

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

February 28, 2022

(Unaudited)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	3,396,398		$	20,035,847		$	(17,899,780	)		$	-			$	-			$	5,532,465		$	731	*

Invesco Private Prime Fund			8,063,812			46,150,497			(41,300,944	)			(975	)			(3,305	)			12,909,085			6,380	*


Total		$	11,460,210		$	68,076,584		$	(61,090,964	)		$	(975	)		$	(3,305	)		$	18,441,550		$	7,117

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

^(g)	The rate shown is the 7-day SEC standardized yield as of February 28, 2022.

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

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of February 28, 2022



Financials		24.17

Industrials		18.60

Information Technology		13.68

Real Estate		13.06

Health Care		8.61

Utilities		6.60

Consumer Staples		5.79

Consumer Discretionary		4.40

Sector Types Each Less Than 3%		5.06

Money Market Funds Plus Other Assets

Less Liabilities		0.03

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


		17

Statements of Assets and Liabilities

February 28, 2022

(Unaudited)


	Invesco International Developed Dynamic Multifactor ETF (IMFL)				Invesco Russell 1000^®Dynamic Multifactor ETF (OMFL)			Invesco Russell 2000^®Dynamic Multifactor ETF (OMFS)
Assets:
Unaffiliated investments in securities, at value^(a)		$	120,620,732			$	1,817,659,606		$	168,285,074
Affiliated investments in securities, at value			949,036				79,938,015			18,441,550
Cash			-				31,564			-
Receivable for:
Dividends			375,419				1,922,459			164,203
Securities lending			229				6,378			1,477
Investments sold			-				-			269,193
Investments sold - affiliated broker			-				-			357,464
Foreign tax reclaims			71,265				-			-

Total assets			122,016,681				1,899,558,022			187,518,961


Liabilities:
Due to custodian			81,633				-			274,699
Due to foreign custodian			9,270				-			-
Payable for:
Investments purchased			-				-			411,548
Collateral upon return of securities loaned			949,091				79,904,570			18,442,525
Accrued unitary management fees			31,846				420,270			51,987

Total liabilities			1,071,840				80,324,840			19,180,759

Net Assets		$	120,944,841			$	1,819,233,182		$	168,338,202


Net assets consist of:
Shares of beneficial interest		$	130,540,575			$	1,786,019,340		$	187,010,102
Distributable earnings (loss)			(9,595,734	)			33,213,842			(18,671,900	)

Net Assets		$	120,944,841			$	1,819,233,182		$	168,338,202

Shares outstanding (unlimited amount authorized, $0.01 par value)			5,100,001				39,780,001			4,350,001
Net asset value		$	23.71			$	45.73		$	38.70

Market price		$	23.73			$	45.69		$	38.67

Unaffiliated investments in securities, at cost		$	127,217,746			$	1,909,525,433		$	177,310,815

Affiliated investments in securities, at cost		$	949,091			$	79,940,838		$	18,442,525

Foreign currencies (due to foreign custodian), at cost		$	(9,499	)		$	-		$	-

^(a)Includes securities on loan with an aggregate value of:		$	914,571			$	77,276,627		$	17,954,849

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


		18

Statements of Operations

For the six months ended February 28, 2022

(Unaudited)


	Invesco International Developed Dynamic Multifactor ETF (IMFL)				Invesco Russell 1000^®Dynamic Multifactor ETF (OMFL)				Invesco Russell 2000^®Dynamic Multifactor ETF (OMFS)
Investment income:
Unaffiliated dividend income		$	1,608,265			$	14,132,732			$	1,355,388
Affiliated dividend income			25				41,584				6
Non-cash dividend income			194,656				-				-
Securities lending income			11,100				38,816				31,806
Foreign withholding tax			(153,436	)			(23,187	)			(1,576	)

Total investment income			1,660,610				14,189,945				1,385,624


Expenses:
Unitary management fees			220,415				2,711,175				315,954

Net expenses			220,415				2,711,175				315,954

Net investment income			1,440,195				11,478,770				1,069,670


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(6,530,702	)			(1,008,582	)			(11,345,201	)
Affiliated investment securities			(653	)			(337,380	)			(3,305	)
Unaffiliated in-kind redemptions			3,694,504				173,782,537				13,635,195
Affiliated in-kind redemptions			-				21,372				-
Foreign currencies			(33,377	)			-				-

Net realized gain (loss)			(2,870,228	)			172,457,947				2,286,689

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(12,013,842	)			(275,864,542	)			(14,107,887	)
Affiliated investment securities			(55	)			(314,372	)			(975	)
Foreign currencies			725				-				-

Change in net unrealized appreciation (depreciation)			(12,013,172	)			(276,178,914	)			(14,108,862	)

Net realized and unrealized gain (loss)			(14,883,400	)			(103,720,967	)			(11,822,173	)

Net increase (decrease) in net assets resulting from operations		$	(13,443,205	)		$	(92,242,197	)		$	(10,752,503	)

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


		19

Statements of Changes in Net Assets

For the six months ended February 28, 2022 and the year ended August 31, 2021

(Unaudited)


	Invesco International Developed Dynamic Multifactor ETF (IMFL)							Invesco Russell 1000^®Dynamic Multifactor ETF (OMFL)						Invesco Russell 2000^®Dynamic Multifactor ETF (OMFS)
	Six Months Ended February 28, 2022				Period Ended August 31, 2021^(a)			Six Months Ended February 28, 2022			Year Ended August 31, 2021			Six Months Ended February 28, 2022			Year Ended August 31, 2021
Operations:
Net investment income		$	1,440,195		$	2,404,547		$	11,478,770		$	16,733,790		$	1,069,670		$	672,447
Net realized gain (loss)			(2,870,228	)		1,283,479			172,457,947			409,160,694			2,286,689			31,845,674
Change in net unrealized appreciation (depreciation)			(12,013,172	)		5,415,889			(276,178,914	)		151,298,451			(14,108,862	)		2,096,821

Net increase (decrease) in net assets resulting from operations			(13,443,205	)		9,103,915			(92,242,197	)		577,192,935			(10,752,503	)		34,614,942


Distributions to Shareholders from:
Distributable earnings			(3,760,405	)		(1,433,650	)		(9,393,080	)		(18,997,510	)		(581,577	)		(601,610	)


Shareholder Transactions:
Proceeds from shares sold			22,068,887			128,885,701			1,654,058,761			1,811,414,095			152,895,696			164,993,605
Value of shares repurchased			(19,173,562	)		(1,302,840	)		(1,437,642,451	)		(1,655,890,807	)		(103,258,194	)		(112,574,153	)

Net increase in net assets resulting from share transactions			2,895,325			127,582,861			216,416,310			155,523,288			49,637,502			52,419,452

Net increase (decrease) in net assets			(14,308,285	)		135,253,126			114,781,033			713,718,713			38,303,422			86,432,784


Net assets:
Beginning of period			135,253,126			-			1,704,452,149			990,733,436			130,034,780			43,601,996

End of period		$	120,944,841		$	135,253,126		$	1,819,233,182		$	1,704,452,149		$	168,338,202		$	130,034,780

Changes in Shares Outstanding:
Shares sold			800,000			5,050,001			34,280,000			42,850,000			3,700,000			4,400,000
Shares repurchased			(700,000	)		(50,000	)		(29,830,000	)		(38,270,000	)		(2,560,000	)		(2,940,000	)
Shares outstanding, beginning of period			5,000,001			-			35,330,001			30,750,001			3,210,001			1,750,001

Shares outstanding, end of period			5,100,001			5,000,001			39,780,001			35,330,001			4,350,001			3,210,001

^(a)	For the period February 22, 2021 (commencement of investment operations) through August 31, 2021.

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


		20

Financial Highlights

Invesco International Developed Dynamic Multifactor ETF (IMFL)


	Six Months Ended February 28, 2022 (Unaudited)				For the Period February 22, 2021^(a) Through August 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	27.05			$	25.00

Net investment income^(b)			0.28				0.53
Net realized and unrealized gain (loss) on investments			(2.88	)			1.81

Total from investment operations			(2.60	)			2.34

Distributions to shareholders from:
Net investment income			(0.50	)			(0.29	)
Net realized gains			(0.24	)			-

Total distributions			(0.74	)			(0.29	)

Net asset value at end of period		$	23.71			$	27.05

Market price at end of period^(c)		$	23.73			$	27.16

Net Asset Value Total Return^(d)			(9.80	)%			9.37	%^(e)
Market Price Total Return^(d)			(10.09	)%			9.81	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	120,945			$	135,253
Ratio to average net assets of:
Expenses			0.34	%^(f)			0.34	%^(f)
Net investment income			2.22	%^(f)			3.76	%^(f)
Portfolio turnover rate^(g)			139	%			73	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

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

^(e)	The net asset value total return from Fund Inception (February 24, 2021, the first day of trading on the exchange) to August 31, 2021 was 9.41%. The market price total return from Fund Inception to August 31, 2021 was 7.90%.

^(f)	Annualized.

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

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


		21

Financial Highlights–(continued)

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)


																						For the Period
	Six Months Ended																				November 08, 2017^(a)
	February 28,												Two Months Ended								Through
	2022				Years Ended August 31,								August 31,				Year Ended June 30,				June 30,
	(Unaudited)				2021				2020				2019				2019				2018
Per Share Operating
Performance:
Net asset value at beginning of period .		$	48.24			$	32.22			$	29.77			$	29.71			$	26.65				$	25.00

Net investment income^(b)			0.29				0.52				0.55				0.07				0.54					0.22
Net realized and unrealized gain (loss) on investments			(2.55	)			16.10				2.44				(0.01	)			2.99					1.59

Total from investment operations			(2.26	)			16.62				2.99				0.06				3.53					1.81

Distributions to shareholders from:
Net investment income			(0.25	)			(0.60	)			(0.54	)			-				(0.47	)				(0.16	)

Net asset value at end of period		$	45.73			$	48.24			$	32.22			$	29.77			$	29.71				$	26.65

Market price at end of period^(c)		$	45.69			$	48.24			$	32.26			$	29.79			$	29.71

Net Asset Value Total Return^(d)			(4.70	)%			52.12	%			10.23	%			0.20	%			13.37	%				7.26	%
Market Price Total Return^(d)			(4.78	)%			51.93	%			10.29	%			0.27	%			13.32	%				7.28	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,819,233			$	1,704,452			$	990,733			$	1,052,542			$	998,325				$	150,592
Ratio to average net assets of:
Expenses, after Waivers			0.29	%^(e)			0.29	%			0.29	%			0.29	%^(f)			0.29	%				0.29	%^(e)
Expenses, prior to Waivers			0.29	%^(e)			0.29	%			0.29	%			0.29	%^(f)			0.29	%				0.29	%^(e)
Net investment income			1.23	%^(e)			1.24	%			1.76	%			1.48	%^(f)			1.92	%				1.42	%^(e)
Portfolio turnover rate^(g)			99	%			126	%			321	%			83	%			138	%				213	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	Annualized.

^(f)	Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

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

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


		22

Financial Highlights–(continued)

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)


																						For the Period
	Six Months Ended																				November 08, 2017^(a)
	February 28,												Two Months Ended								Through
	2022				Years Ended August 31,								August 31,				Year Ended June 30,				June 30,
	(Unaudited)				2021				2020				2019				2019				2018
Per Share Operating
Performance:
Net asset value at beginning of period		$	40.51			$	24.92			$	25.61			$	26.82			$	27.12				$	25.00

Net investment income^(b)			0.26				0.31				0.31				0.03				0.43					0.22
Net realized and unrealized gain (loss) on investments			(1.92	)			15.59				(0.64	)			(1.24	)			(0.29	)				2.08

Total from investment operations			(1.66	)			15.90				(0.33	)			(1.21	)			0.14					2.30

Distributions to shareholders from:
Net investment income			(0.15	)			(0.31	)			(0.36	)			-				(0.44	)				(0.18	)

Net asset value at end of period		$	38.70			$	40.51			$	24.92			$	25.61			$	26.82				$	27.12

Market price at end of period^(c)		$	38.67			$	40.50			$	24.94			$	25.65			$	26.82

Net Asset Value Total Return^(d)			(4.10	)%			64.12	%			(1.13	)%			(4.51	)%			0.63	%				9.22	%
Market Price Total Return^(d)			(4.15	)%			63.95	%			(1.20	)%			(4.36	)%			0.59	%				9.21	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	168,338			$	130,035			$	43,602			$	12,807			$	12,071				$	13,561
Ratio to average net assets of:
Expenses, after Waivers			0.39	%^(e)			0.39	%			0.39	%			0.41	%^(f)			0.39	%				0.39	%^(e)
Expenses, prior to Waivers			0.39	%^(e)			0.39	%			0.39	%			0.41	%^(f)			0.39	%				0.39	%^(e)
Net investment income			1.32	%^(e)			0.86	%			1.27	%			0.87	%^(f)			1.62	%				1.30	%^(e)
Portfolio turnover rate^(g)			83	%			127	%			282	%			64	%			189	%				173	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	Annualized.

^(f)	Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.02%.

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

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


		23

Notes to Financial Statements

Invesco Exchange-Traded Self-Indexed Fund Trust

February 28, 2022

(Unaudited)

NOTE 1–Organization

Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”) was organized as a Delaware statutory 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 International Developed Dynamic Multifactor ETF (IMFL)		“International Developed Dynamic Multifactor ETF”

Invesco Russell 1000^®Dynamic Multifactor ETF (OMFL)		“Russell 1000^®Dynamic Multifactor ETF”

Invesco Russell 2000^®Dynamic Multifactor ETF (OMFS)		“Russell 2000^®Dynamic Multifactor 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 Cboe BZX Exchange, Inc.

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

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


Fund		Underlying Index
International Developed Dynamic Multifactor ETF		FTSE Developed ex US Invesco Dynamic Multifactor Index

Russell 1000^®Dynamic Multifactor ETF		Russell 1000^®Invesco Dynamic Multifactor Index

Russell 2000^®Dynamic Multifactor ETF		Russell 2000^®Invesco Dynamic Multifactor Index

NOTE 2–Significant Accounting Policies

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

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

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

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

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

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


		24

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

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

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

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

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

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

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each


		25

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.

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

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.

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.

Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

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

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

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.

Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.


		26

Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through February 28, 2022, each Fund (except for International Developed Dynamic Multifactor ETF) had affiliated securities lending transactions with Invesco. The Russell 1000^@ Dynamic Multifactor ETF paid Invesco $1,708 in fees for securities lending agent services. The fees paid to Invesco for the Russell 2000^@ Dynamic Multifactor ETF were less than $500.

Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.

K.	Other Risks

Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished


		27

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

Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.

Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns.

Geographic Concentration Risk. A natural or other disaster could occur in a geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific geographic region and adversely impact the Fund’s investments in the affected region.

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

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high positive 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.


		28

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

Non-Diversified Fund Risk. Because each Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

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

Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty.

The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 3–Investment Advisory Agreement and Other Agreements

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

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:


		Unitary Management Fees (as a % of average daily net assets)

International Developed Dynamic Multifactor ETF		0.34%

Russell 1000^®Dynamic Multifactor ETF		0.29%

Russell 2000^®Dynamic Multifactor ETF		0.39%

Further, through at least August 31, 2023, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended February 28, 2022, no fees were waived.

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.


		29

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


Fund		Licensor

International Developed Dynamic Multifactor ETF		FTSE International Ltd.

Russell 1000^®Dynamic Multifactor ETF		Frank Russell Company

Russell 2000^®Dynamic Multifactor ETF		Frank Russell Company

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

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

For the six months ended February 28, 2022, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:



Russell 1000^®Dynamic Multifactor ETF	$	134,702

Russell 2000^®Dynamic Multifactor ETF		21,831

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

NOTE 4–Additional Valuation Information

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


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

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

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

The following is a summary of the tiered valuation input levels, as of February 28, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3			Total
International Developed Dynamic Multifactor ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	120,602,948		$	17,784		$	-		$	120,620,732

Money Market Funds			-			949,036			-			949,036


Total Investments		$	120,602,948		$	966,820		$	-		$	121,569,768


Russell 1000^®Dynamic Multifactor ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	1,817,314,916		$	-		$	344,690		$	1,817,659,606

Money Market Funds			36,268			79,901,747			-			79,938,015


Total Investments		$	1,817,351,184		$	79,901,747		$	344,690		$	1,897,597,621


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	Level 1			Level 2			Level 3			Total
Russell 2000^®Dynamic Multifactor ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	168,019,778		$	265,161		$	135		$	168,285,074

Money Market Funds			-			18,441,550			-			18,441,550


Total Investments		$	168,019,778		$	18,706,711		$	135		$	186,726,624

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 August 31, 2021, as follows:


	No expiration
	Short-Term		Long-Term		Total*

International Developed Dynamic Multifactor ETF	$	-	$	-	$	-

Russell 1000^®Dynamic Multifactor ETF		50,840,500		-		50,840,500

Russell 2000^®Dynamic Multifactor ETF		12,222,888		217,202		12,440,090

*	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 February 28, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:


	Purchases			Sales
International Developed Dynamic Multifactor ETF		$	179,342,286		$	178,971,445

Russell 1000^®Dynamic Multifactor ETF			1,871,729,742			1,840,007,389

Russell 2000^®Dynamic Multifactor ETF			134,416,865			131,999,553

For the six months ended February 28, 2022, in-kind transactions associated with creations and redemptions were as follows:


	In-kind			In-kind
	Purchases			Sales
International Developed Dynamic Multifactor ETF		$	19,516,140		$	19,071,842

Russell 1000^®Dynamic Multifactor ETF			1,600,234,221			1,413,640,047

Russell 2000^®Dynamic Multifactor ETF			151,452,313			103,738,042

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

At February 28, 2022, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


								Net
	Gross			Gross				Unrealized
	Unrealized			Unrealized				Appreciation
	Appreciation			(Depreciation)				(Depreciation)				Cost
International Developed Dynamic Multifactor ETF		$	2,579,749		$	(9,498,261	)		$	(6,918,512	)		$	128,488,280

Russell 1000^®Dynamic Multifactor ETF			50,033,463			(141,974,618	)			(91,941,155	)			1,989,538,776

Russell 2000^®Dynamic Multifactor ETF			4,533,806			(13,623,729	)			(9,089,923	)			195,816,547


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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 each Fund’s unitary management fee, pays for such compensation for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

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

NOTE 8–Capital

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

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

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

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


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Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Self-Indexed Fund Trust, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended February 28, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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


	Beginning Account Value September 1, 2021			Ending Account Value February 28, 2022			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco International Developed Dynamic Multifactor ETF (IMFL)

Actual		$	1,000.00		$	902.00		0.34	%		$	1.60

Hypothetical (5% return before expenses)			1,000.00			1,023.11		0.34				1.71

Invesco Russell 1000^®Dynamic Multifactor ETF (OMFL)

Actual			1,000.00			953.00		0.29				1.40

Hypothetical (5% return before expenses)			1,000.00			1,023.36		0.29				1.45
Invesco Russell 2000^®Dynamic Multifactor ETF (OMFS)

Actual			1,000.00			959.00		0.39				1.89

Hypothetical (5% return before expenses)			1,000.00			1,022.86		0.39				1.96

⁽¹⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended February 28, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.


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Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

O-FAC-SAR-1

invesco.com/ETFs