N-CSR

Domestic Equity

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

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

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

As an index fund, the Invesco S&P 500^® Pure Growth ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Pure Growth Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both growth and value characteristics, the Index is narrower in focus and excludes any overlapping securities demonstrating both growth and value characteristics. The Index uses a “style- attractiveness weighting” scheme, such that securities demonstrating the strongest growth characteristics receive proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (8.10)%. On a net asset value (“NAV”) basis, the Fund returned (8.08)%. During the same time period, the Index returned (7.76)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period. During this same time period, the S&P 500^® Growth Index returned (3.23)%.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Devon Energy Corp., an energy company (portfolio average weight of 0.79%) and NVIDIA Corp., an information technology company (portfolio average weight of 2.56%). Positions that detracted most

significantly from the Fund’s return during this period included Moderna, Inc., a health care company (portfolio average weight of 0.76%) and EPAM Systems, Inc., an information technology company (portfolio average weight of 0.64%).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Information Technology			35.08
Health Care			17.10
Consumer Discretionary			14.15
Financials			12.16
Industrials			6.28
Energy			5.64
Communication Services			4.04
Utilities			3.36
Real Estate			2.19
Money Market Funds Plus Other Assets Less Liabilities			0.00

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
NRG Energy, Inc.			3.36
Fortinet, Inc.			3.22
Diamondback Energy, Inc.			2.97
Tesla, Inc.			2.91
Devon Energy Corp.			2.67
Goldman Sachs Group, Inc. (The)			2.64
SVB Financial Group			2.54
Discover Financial Services			2.48
Enphase Energy, Inc.			2.46
Eli Lilly and Co.			2.46
Total			27.71

*	Excluding money market fund holdings.

Guggenheim S&P 500^® Pure Growth ETF (the “Predecessor Fund”) Inception: March 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

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

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

As an index fund, the Invesco S&P 500^® Pure Value ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Pure Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P 500^® Index (the “Parent Index”) that exhibit strong value characteristics. First, each security in the Parent Index is assigned two “style scores”—one for value and one for growth—based on the characteristics of the issuer. The “value score” is measured using three factors: book-value-to-price ratio, earnings-to-price ratio, and sales-to-price ratio. The “growth score” is measured using three other factors: three-year sales per share growth rate, the three-year ratio of earnings per share change to price per share, and momentum (the 12- month percentage change in price). The securities in the Parent Index are ranked based on their scores. Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both growth and value characteristics, the Index is narrower in focus and excludes any overlapping securities demonstrating both value and growth characteristics. The Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest value characteristics receive proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 8.06%. On a net asset value (“NAV”) basis, the Fund returned 8.13%. During the same time period, the Index returned 8.52%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P 500^® Value Index returned 3.25%.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Ford Motor Co., a consumer discretionary company (portfolio average weight of 1.73%) and Mosaic Co., a materials company (portfolio average weight of 1.08%). Positions that detracted most significantly from the Fund’s return during this period included Invesco Ltd., a financials company (portfolio average weight of 1.37%) and

Guggenheim S&P 500^® Pure Value ETF (the “Predecessor Fund”) Inception: March 1, 2006

Notes Regarding Indexes and Fund Performance History:

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

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

As an index fund, the Invesco S&P 500^® Top 50 ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Top 50 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which consists of the 50 largest companies in the S&P 500^® Index based on float-adjusted market capitalization. The Index’s components are weighted by float-adjusted market capitalization. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 1.12%. On a net asset value (“NAV”) basis, the Fund returned 1.21%. During the same time period, the Index returned 1.40%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 100^® Index (the “Benchmark Index”) returned 0.26%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 100 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of major blue-chip companies.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an index that employs a different stock universe selection process.

Relative to the Benchmark Index, the Fund was most overweight in the information technology sector and most underweight in the industrials sector during the fiscal year ended April 30, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s underweight allocation to, and security selection within, the industrials sector.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Apple, Inc., an information technology company, (portfolio average weight of

11.82%) and Microsoft Corp., an information technology company (portfolio average weight of 10.92%). Positions that detracted most significantly from the Fund’s return during this period included Amazon.com, Inc., a consumer discretionary company (portfolio average weight of 7.06%) and Meta Platforms Inc., Class A, a communication services company (portfolio average weight of 3.63%).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Information Technology			38.50
Health Care			14.28
Communication Services			13.83
Consumer Discretionary			13.25
Consumer Staples			7.92
Financials			7.83
Energy			3.55
Industrials			0.80
Money Market Funds Plus Other Assets Less Liabilities			0.04

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Apple, Inc.			13.08
Microsoft Corp.			11.13
Amazon.com, Inc.			5.82
Tesla, Inc.			3.90
Alphabet, Inc., Class A			3.67
Alphabet, Inc., Class C			3.42
Berkshire Hathaway, Inc., Class B			3.16
UnitedHealth Group, Inc.			2.56
Johnson & Johnson			2.54
NVIDIA Corp.			2.48
Total			51.76

*	Excluding money market fund holdings.

Guggenheim S&P 500^® Top 50 ETF (the “Predecessor Fund”) Inception: May 4, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.20% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities.

Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes

Regarding Indexes and Fund Performance History:

The Blended—S&P 500^® Top 50 Index performance is comprised of the performance of the Russell Top 50^® Mega Cap Index, the Fund’s previous underlying index, prior to the conversion date, January 26, 2016, followed by the performance of the Index, starting from the conversion date through April 30, 2022.

-	Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Predecessor Fund.

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

As an index fund, the Invesco S&P MidCap 400^® Pure Growth ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400^® Pure Growth Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both growth and value characteristics, the Index is narrower in focus and excludes any overlapping securities demonstrating both growth and value characteristics. The Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest growth characteristics receive proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (18.21)%. On a net asset value (“NAV”) basis, the Fund returned (18.15)%. During the same time period, the Index returned (17.87)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P MidCap 400^® Growth Index returned (11.65)%.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Steel Dynamics, Inc., a materials company (portfolio average weight of 0.78%) and Cleveland-Cliffs, Inc., a materials company (portfolio average weight of 1.78%). Positions that detracted most significantly from the Fund’s return during the period included Boston Beer Co., Inc.,

Guggenheim S&P MidCap 400^® Pure Growth ETF (the “Predecessor Fund”) Inception: March 1, 2006

Notes Regarding Indexes and Fund Performance History:

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

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

As an index fund, the Invesco S&P MidCap 400^® Pure Value ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400^® Pure Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both growth and value characteristics, the Index is narrower in focus and excludes any overlapping securities demonstrating growth characteristics. The Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest value characteristics receive proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (2.56)%. On a net asset value (“NAV”) basis, the Fund returned (2.28)%. During the same time period, the Index returned (1.93)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P MidCap 400^® Value Index returned (2.30)%.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included United States Steel Corp., a materials company (portfolio average weight of 1.38%) and Commercial Metals Co., a materials company (portfolio average weight of 1.99%). Positions that detracted

most significantly from the Fund’s return during this period included Foot Locker, Inc., a consumer discretionary company (portfolio average weight of 1.35%) and Dana, Inc., a consumer discretionary company (portfolio average weight of 1.36%).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Financials			27.86
Consumer Discretionary			21.44
Industrials			12.87
Materials			10.95
Information Technology			9.82
Consumer Staples			5.17
Utilities			4.53
Energy			4.17
Sector Types Each Less Than 3%			3.09
Money Market Funds Plus Other Assets Less Liabilities			0.10

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
United States Steel Corp.			3.02
Unum Group			2.96
HF Sinclair Corp.			2.59
Avnet, Inc.			2.52
Reinsurance Group of America, Inc.			2.33
Kohl’s Corp.			1.98
Commercial Metals Co.			1.93
Alleghany Corp.			1.91
CNO Financial Group, Inc.			1.90
Xerox Holdings Corp.			1.82
Total			22.96

*	Excluding money market fund holdings.

Guggenheim S&P MidCap 400^® Pure Value ETF (the “Predecessor Fund”) Inception: March 1, 2006

Notes Regarding Indexes and Fund Performance History:

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

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

As an index fund, the Invesco S&P SmallCap 600^® Pure Growth ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Pure Growth Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”), compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P SmallCap 600^® Index (the “Parent Index”) that exhibit strong growth characteristics. First, each security in the Parent Index is assigned two “style scores”—one for growth and one for value—based on the characteristics of the issuer. The “growth score” is measured using three factors: three-year sales per share growth rate, three-year ratio of earnings per share change to price per share, and momentum (the 12-month percentage change in price). The “value score” is measured using three other factors: book- value- to-price ratio, earnings-to-price ratio, and sales-to-price ratio. The securities in the Parent Index are ranked based on their scores.

Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both growth and value characteristics, the Index is narrower in focus and excludes any overlapping securities demonstrating both growth and value characteristics. The Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest growth characteristics receive proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (21.68)%. On a net asset value (“NAV”) basis, the Fund returned (21.63)%. During the same time period, the Index returned (21.44)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which were partially offset by income received from the securities lending program in which the Fund participates. During this same time period, the S&P SmallCap 600^® Growth Index returned (12.36)%.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Civitas Resources, Inc., an energy company (portfolio average weight of 1.55%) and Stamps.com, Inc., an industrials company (no longer held at fiscal year-end). Positions that detracted most significantly

from the Fund’s return during this period included OptimizeRx Corp., a health care company (portfolio average weight of 0.65%) and B. Riley Financial, Inc., a financials company (portfolio average weight of 0.64%).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Financials			22.30
Health Care			19.76
Information Technology			14.38
Consumer Discretionary			14.36
Industrials			11.29
Consumer Staples			7.43
Energy			4.72
Real Estate			3.59
Sector Types Each Less Than 3%			2.13
Money Market Funds Plus Other Assets Less Liabilities			0.04

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Vir Biotechnology, Inc.			1.92
Encore Wire Corp.			1.68
Dorian LPG Ltd.			1.62
Fulgent Genetics, Inc.			1.48
Customers Bancorp, Inc.			1.47
First Bancorp			1.45
Innoviva, Inc.			1.41
B. Riley Financial, Inc.			1.40
Kulicke & Soffa Industries, Inc.			1.32
United Natural Foods, Inc.			1.31
Total			15.06

*	Excluding money market fund holdings.

Guggenheim S&P SmallCap 600^® Pure Growth ETF (the “Predecessor Fund”) Inception: March 1, 2006

Notes Regarding Indexes and Fund Performance History:

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

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

As an index fund, the Invesco S&P SmallCap 600^® Pure Value ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Pure Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”), compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P SmallCap 600^® Index (the “Parent Index”) that exhibit strong value characteristics. First, each security in the Parent Index is assigned two “style scores”—one for value and one for growth—based on the characteristics of the issuer. The “value score” is measured using three factors: book-value-to-price ratio, earnings-to-price ratio, and sales-to-price ratio. The “growth score” is measured using three other factors: three-year sales per share growth rate, the three-year ratio of earnings per share change to price per share, and momentum (the 12-month percentage change in price). The securities in the Parent Index are ranked based on their scores.

Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both growth and value characteristics, the Index is narrower in focus and excludes any overlapping securities demonstrating both value and growth characteristics. The Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest value characteristics receive proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 4.08%. On a net asset value (“NAV”) basis, the Fund returned 4.11%. During the same time period, the Index returned 4.50%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P SmallCap 600^®Value Index returned (4.69)%.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Veritiv Corp., an industrials company (portfolio average weight of 2.41%) and CONSOL Energy, Inc., an energy company (portfolio average weight of 1.87%). Positions that detracted most significantly from

the Fund’s return during this period included Loyalty Ventures, Inc., a communication services company (portfolio average weight of 0.24%) and Aaron’s Co., Inc. (The), a consumer discretionary company (portfolio average weight of 1.31%).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Consumer Discretionary			20.04
Financials			18.41
Industrials			16.51
Materials			13.47
Consumer Staples			9.08
Energy			8.73
Information Technology			7.46
Sector Types Each Less Than 3%			6.24
Money Market Funds Plus Other Assets Less Liabilities			0.06

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Olympic Steel, Inc.			1.89
PBF Energy, Inc., Class A			1.55
Andersons, Inc. (The)			1.51
Mercer International, Inc.			1.49
TimkenSteel Corp.			1.48
Seneca Foods Corp., Class A			1.46
SpartanNash Co.			1.44
Kelly Services, Inc., Class A			1.38
United Fire Group, Inc.			1.35
SunCoke Energy, Inc.			1.32
Total			14.87

*	Excluding money market fund holdings.

Guggenheim S&P SmallCap 600^® Pure Value ETF (the “Predecessor Fund”) Inception: March 1, 2006

Notes Regarding Indexes and Fund Performance History:

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

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 15, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Communication Services-4.04%
Alphabet, Inc., Class A^(b)		11,995	$	27,374,869
Alphabet, Inc., Class C^(b)		11,142		25,619,135
Meta Platforms, Inc., Class A^(b)		123,154		24,688,683
Netflix, Inc.^(b)		75,901		14,448,514

				92,131,201


Consumer Discretionary-14.15%
Amazon.com, Inc.^(b)		9,888		24,577,909
AutoZone, Inc.^(b)		23,449		45,853,816
Etsy, Inc.^(b)(c)		292,392		27,248,011
Lowe’s Cos., Inc.		176,111		34,822,428
O’Reilly Automotive, Inc.^(b)		59,927		36,348,722
Pool Corp.		100,193		40,600,207
Tesla, Inc.^(b)		76,307		66,445,083
Tractor Supply Co.		233,695		47,077,858

				322,974,034


Energy-5.64%
Devon Energy Corp.		1,045,356		60,808,359
Diamondback Energy, Inc.		537,367		67,831,836

				128,640,195


Financials-12.16%
Discover Financial Services		502,986		56,565,805
First Republic Bank		205,717		30,697,091
Goldman Sachs Group, Inc. (The)		197,224		60,249,960
MSCI, Inc.		57,591		24,260,209
Signature Bank		197,160		47,762,010
SVB Financial Group^(b)		118,942		58,000,877

				277,535,952


Health Care-17.10%
Align Technology, Inc.^(b)		66,293		19,219,004
Bio-Techne Corp.		71,901		27,300,091
Charles River Laboratories International, Inc.^(b)		114,416		27,632,608
DexCom, Inc.^(b)		132,249		54,034,296
Eli Lilly and Co.		191,899		56,059,455
Moderna, Inc.^(b)		317,080		42,618,723
PerkinElmer, Inc.		289,381		42,426,148
Regeneron Pharmaceuticals, Inc.^(b)		80,060		52,768,346
Thermo Fisher Scientific, Inc.		61,828		34,185,938
West Pharmaceutical Services, Inc.		108,363		34,140,847

				390,385,456


Industrials-6.28%
Equifax, Inc.^(c)		132,403		26,946,659
Expeditors International of Washington, Inc.		411,782		40,795,243
Generac Holdings, Inc.^(b)(c)		198,719		43,594,974
Old Dominion Freight Line, Inc.		114,685		32,125,562

				143,462,438


	Shares		Value
Information Technology-35.08%
Adobe, Inc.^(b)		65,456	$	25,917,303
Advanced Micro Devices, Inc.^(b)		494,004		42,247,222
Apple, Inc.		217,179		34,238,269
Applied Materials, Inc.		365,649		40,349,367
Arista Networks, Inc.^(b)		373,021		43,110,037
Cadence Design Systems, Inc.^(b)		182,850		27,582,923
Enphase Energy, Inc.^(b)		348,266		56,210,132
EPAM Systems, Inc.^(b)		112,479		29,805,810
Fortinet, Inc.^(b)		254,357		73,511,717
Gartner, Inc.^(b)		138,636		40,280,690
Intuit, Inc.		91,867		38,469,306
KLA Corp		155,108		49,519,780
Lam Research Corp.		62,708		29,206,878
Microsoft Corp.		131,369		36,457,525
Monolithic Power Systems, Inc.		127,010		49,818,402
NVIDIA Corp.		255,935		47,468,265
Oracle Corp.		453,548		33,290,423
QUALCOMM, Inc.		272,869		38,117,071
ServiceNow, Inc.^(b)		60,356		28,856,204
Teradyne, Inc.^(c)		343,494		36,224,877

				800,682,201


Real Estate-2.19%
Camden Property Trust		107,662		16,891,091
Extra Space Storage, Inc.		173,877		33,036,630

				49,927,721


Utilities-3.36%
NRG Energy, Inc.		2,134,044		76,612,179

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $2,445,343,868)				2,282,351,377


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.25%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		22,260,207		22,260,207
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		51,899,910		51,899,910

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $74,152,585)				74,160,117

TOTAL INVESTMENTS IN SECURITIES-103.25% (Cost $2,519,496,453)				2,356,511,494
OTHER ASSETS LESS LIABILITIES-(3.25)%				(74,175,162	)

NET ASSETS-100.00%			$	2,282,336,332

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


	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-7.08%
AT&T, Inc.		1,852,341	$	34,935,151
DISH Network Corp., Class A^(b)(c)		1,552,057		44,249,145
Fox Corp., Class A		400,400		14,350,336
Fox Corp., Class B		185,375		6,161,865
Lumen Technologies, Inc.^(c)		3,428,752		34,493,245
News Corp., Class A		796,196		15,812,453
News Corp., Class B		243,718		4,852,426
Omnicom Group, Inc.		225,979		17,203,781
Paramount Global, Class B^(c)		1,973,569		57,470,329
T-Mobile US, Inc.^(b)		100,923		12,427,658
Verizon Communications, Inc.		299,253		13,855,414
Warner Bros Discovery, Inc.^(b)		619,111		11,236,859

				267,048,662

Consumer Discretionary-6.67%
Best Buy Co., Inc.		333,620		30,002,447
BorgWarner, Inc.		939,495		34,601,601
Ford Motor Co.		1,983,365		28,084,448
General Motors Co.^(b)		803,839		30,473,536
Lennar Corp., Class A		269,228		20,593,250
Mohawk Industries, Inc.^(b)		214,349		30,236,070
PulteGroup, Inc.		578,200		24,145,632
PVH Corp.		311,476		22,669,223
Whirlpool Corp.^(c)		170,492		30,947,708

				251,753,915

Consumer Staples-10.64%
Archer-Daniels-Midland Co.		842,897		75,489,855
Conagra Brands, Inc.		778,740		27,201,388
JM Smucker Co. (The)		143,767		19,686,015
Kraft Heinz Co. (The)		1,209,503		51,561,113
Kroger Co. (The)		833,559		44,978,844
Molson Coors Beverage Co., Class B^(c)		851,106		46,078,879
Sysco Corp.		194,595		16,633,981
Tyson Foods, Inc., Class A		591,502		55,104,326
Walgreens Boots Alliance, Inc.		1,042,050		44,182,920
Walmart, Inc.		135,003		20,654,109

				401,571,430

Energy-9.33%
Baker Hughes Co., Class A		1,264,277		39,217,873
Chevron Corp.		167,289		26,209,168
Exxon Mobil Corp.		336,860		28,717,315
Kinder Morgan, Inc.		1,644,509		29,847,838
Marathon Oil Corp.		1,279,310		31,880,405
Marathon Petroleum Corp		826,307		72,103,549
Phillips 66		605,911		52,568,838
Valero Energy Corp.		641,062		71,465,592

				352,010,578

Financials-29.94%
Aflac, Inc.		704,960		40,380,109
Allstate Corp. (The)		518,650		65,629,971
American International Group, Inc.^(c)		1,009,838		59,085,621
Assurant, Inc.		224,789		40,884,623
Bank of New York Mellon Corp. (The)		463,628		19,500,194
Berkshire Hathaway, Inc., Class B^(b)		270,193		87,226,406
Chubb Ltd.		157,119		32,437,218


	Shares		Value
Financials-(continued)
Citigroup, Inc.		712,283	$	34,339,163
Citizens Financial Group, Inc.		799,867		31,514,760
Everest Re Group Ltd.		194,450		53,417,360
Fifth Third Bancorp		435,155		16,331,367
Globe Life, Inc.		415,935		40,794,905
Hartford Financial Services Group, Inc. (The)		560,614		39,203,737
Huntington Bancshares, Inc.		1,421,195		18,688,714
Invesco Ltd.^(d)		1,959,554		36,016,603
KeyCorp.		1,109,630		21,426,955
Lincoln National Corp.		955,854		57,494,618
Loews Corp.		974,352		61,228,280
M&T Bank Corp.		176,898		29,478,283
MetLife, Inc.		1,021,437		67,087,982
PNC Financial Services Group, Inc. (The)		59,943		9,956,532
Principal Financial Group, Inc.^(c)		539,209		36,741,701
Progressive Corp. (The)		161,154		17,301,493
Prudential Financial, Inc.		684,702		74,297,014
State Street Corp.		259,634		17,387,689
Travelers Cos., Inc. (The)		256,075		43,804,190
Truist Financial Corp.		362,237		17,514,159
U.S. Bancorp		251,425		12,209,198
W.R. Berkley Corp.		323,849		21,532,720
Wells Fargo & Co.		615,143		26,838,689

				1,129,750,254


Health Care-11.58%
AmerisourceBergen Corp.		229,599		34,736,033
Anthem, Inc.		63,106		31,674,795
Cardinal Health, Inc.		661,207		38,383,066
Centene Corp.^(b)		657,228		52,939,715
Cigna Corp.		302,935		74,758,299
CVS Health Corp.		569,984		54,792,562
DaVita, Inc.^(b)		139,483		15,115,773
Henry Schein, Inc.^(b)		312,701		25,360,051
Humana, Inc.		61,054		27,142,166
Organon & Co.^(c)		411,756		13,312,072
Universal Health Services, Inc., Class B^(c)		323,936		39,691,878
Viatris, Inc.		2,815,579		29,084,931

				436,991,341


Industrials-5.39%
Alaska Air Group, Inc.^(b)		362,565		19,719,910
C.H. Robinson Worldwide, Inc.^(c)		252,237		26,774,958
FedEx Corp.		132,066		26,246,797
Huntington Ingalls Industries, Inc.		147,806		31,444,248
Leidos Holdings, Inc.		217,095		22,471,504
Nielsen Holdings PLC		804,193		21,560,414
PACCAR, Inc.		163,264		13,559,075
Raytheon Technologies Corp.		162,954		15,465,964
Textron, Inc.		181,227		12,549,970
Wabtec Corp.		150,097		13,495,221

				203,288,061


Information Technology-4.40%
DXC Technology Co.^(b)		1,651,548		47,399,428
Fidelity National Information Services, Inc.		101,250		10,038,938
Global Payments, Inc.		112,375		15,393,127
Hewlett Packard Enterprise Co.		3,421,386		52,723,558

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


	Shares		Value
Information Technology-(continued)
Intel Corp.		244,409	$	10,653,788
Western Digital Corp.^(b)		563,153		29,886,530

				166,095,369

Materials-8.21%
Corteva, Inc.		464,911		26,820,716
Dow, Inc.		581,235		38,652,128
DuPont de Nemours, Inc.		241,085		15,894,734
Eastman Chemical Co.		106,816		10,966,799
International Paper Co.		778,961		36,050,315
LyondellBasell Industries N.V., Class A		395,974		41,985,123
Mosaic Co. (The)		1,104,915		68,968,794
WestRock Co.		1,422,178		70,440,476

				309,779,085

Real Estate-0.47%
Kimco Realty Corp.		695,166		17,608,555

Utilities-6.22%
American Electric Power Co., Inc.		149,003		14,767,687
Atmos Energy Corp.^(c)		155,664		17,652,298
Consolidated Edison, Inc.		259,749		24,089,122
Constellation Energy Corp.		131,916		7,810,746
DTE Energy Co.		102,800		13,470,912
Duke Energy Corp.		126,534		13,938,986
Edison International		213,997		14,720,854
Entergy Corp.		162,588		19,323,584
Evergy, Inc.		245,826		16,679,294
Exelon Corp.		395,662		18,509,068
NiSource, Inc.		431,553		12,566,823
Pinnacle West Capital Corp.		438,727		31,237,362
PPL Corp.		550,857		15,594,762
Sempra Energy		88,152		14,224,207

				234,585,705

Total Common Stocks & Other Equity Interests (Cost $3,737,505,695)				3,770,482,955


	Shares		Value
Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(d)(e) (Cost $228,618)		228,618	$	228,618

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $3,737,734,313)				3,770,711,573


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.20%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		36,255,009		36,255,009
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		84,530,808		84,530,808

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $120,783,108)				120,785,817

TOTAL INVESTMENTS IN SECURITIES-103.13%
(Cost $3,858,517,421)				3,891,497,390
OTHER ASSETS LESS LIABILITIES-(3.13)%				(118,256,392	)

NET ASSETS-100.00%			$	3,773,240,998

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


	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Communication Services-13.83%
Alphabet, Inc., Class A^(b)		34,435	$	78,587,213
Alphabet, Inc., Class C^(b)		31,798		73,114,095
AT&T, Inc.		817,534		15,418,691
Comcast Corp., Class A		517,905		20,591,903
Meta Platforms, Inc., Class A^(b)		264,354		52,995,046
Netflix, Inc.^(b)		50,830		9,675,999
Verizon Communications, Inc.		480,606		22,252,058
Walt Disney Co. (The)^(b)		208,436		23,267,711

				295,902,716

Consumer Discretionary-13.25%
Amazon.com, Inc.^(b)		50,102		124,535,034
Home Depot, Inc. (The)		119,551		35,913,121
McDonald’s Corp.		85,551		21,315,887
NIKE, Inc., Class B		146,117		18,220,790
Tesla, Inc.^(b)		95,842		83,455,380

				283,440,212

Consumer Staples-7.92%
Coca-Cola Co. (The)		445,054		28,754,939
Costco Wholesale Corp.		50,769		26,994,893
PepsiCo, Inc.		158,385		27,196,288
Philip Morris International, Inc.		177,432		17,743,200
Procter & Gamble Co. (The)		274,427		44,059,255
Walmart, Inc.		161,960		24,778,260

				169,526,835

Energy-3.55%
Chevron Corp.		220,691		34,575,659
Exxon Mobil Corp.		484,678		41,318,799

				75,894,458

Financials-7.83%
Bank of America Corp.		813,809		29,036,705
Berkshire Hathaway, Inc., Class B^(b)		209,665		67,686,152
Citigroup, Inc.		227,183		10,952,492
JPMorgan Chase & Co.		338,335		40,383,666
Wells Fargo & Co.		444,866		19,409,504

				167,468,519

Health Care-14.28%
Abbott Laboratories		202,443		22,977,280
AbbVie, Inc.		202,397		29,728,071
Bristol-Myers Squibb Co.		249,545		18,783,252
Eli Lilly and Co.		90,897		26,553,741
Johnson & Johnson		301,395		54,389,742
Medtronic PLC		153,933		16,064,448


	Shares		Value
Health Care-(continued)
Merck & Co., Inc.		289,185	$	25,647,818
Pfizer, Inc.		642,585		31,531,646
Thermo Fisher Scientific, Inc.		45,112		24,943,327
UnitedHealth Group, Inc.		107,826		54,834,912

			305,454,237

Industrials-0.80%
Union Pacific Corp.		72,914		17,083,021

Information Technology-38.50%
Accenture PLC, Class A		72,353		21,731,947
Adobe, Inc.^(b)		54,002		21,382,092
Apple, Inc.		1,774,909		279,814,404
Broadcom, Inc.		47,268		26,204,906
Cisco Systems, Inc.		482,852		23,650,091
Intel Corp.		466,178		20,320,699
Mastercard, Inc., Class A		99,337		36,097,079
Microsoft Corp.		858,275		238,188,478
NVIDIA Corp.		286,211		53,083,554
Oracle Corp.		180,379		13,239,819
PayPal Holdings, Inc.^(b)		133,377		11,727,840
salesforce.com, inc.^(b)		112,769		19,840,578
Texas Instruments, Inc.		105,730		18,000,532
Visa, Inc., Class A^(c)		189,865		40,465,927

			823,747,946

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $1,718,451,000)				2,138,517,944

Investments Purchased with Cash Collateral from Securities on Loan


Money Market Funds-1.77%
Invesco Private Government Fund, 0.40%^(d)(e)(f)	12,114,562		12,114,562
Invesco Private Prime Fund, 0.35%^(d)(e)(f)	25,624,591		25,624,591

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $37,734,810)			37,739,153

TOTAL INVESTMENTS IN SECURITIES-101.73% (Cost $1,756,185,810)			2,176,257,097
OTHER ASSETS LESS LIABILITIES-(1.73)%			(36,915,211	)

NET ASSETS-100.00%		$	2,139,341,886

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


	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Communication Services-0.67%
Ziff Davis, Inc.^(b)(c)		21,448	$	1,895,145

Consumer Discretionary-18.48%
Boyd Gaming Corp.		41,709		2,526,731
Brunswick Corp.^(c)		24,573		1,857,965
Churchill Downs, Inc.		12,258		2,487,639
Crocs, Inc.^(b)		49,994		3,321,101
Deckers Outdoor Corp.^(b)		11,455		3,044,166
Dick’s Sporting Goods, Inc.^(c)		69,575		6,708,422
Five Below, Inc.^(b)(c)		17,558		2,758,362
Fox Factory Holding Corp.^(b)		41,288		3,380,662
GameStop Corp., Class A^(b)(c)		17,693		2,212,864
Light & Wonder, Inc.^(b)(c)		37,453		2,099,615
Mattel, Inc.^(b)(c)		152,888		3,716,707
RH^(b)		3,977		1,336,749
Service Corp. International		31,569		2,071,242
Tempur Sealy International, Inc.		154,758		4,195,489
TopBuild Corp.^(b)		12,923		2,340,872
Williams-Sonoma, Inc.^(c)		32,724		4,269,828
Wingstop, Inc.^(c)		20,478		1,879,061
YETI Holdings, Inc.^(b)(c)		45,689		2,232,821

				52,440,296

Consumer Staples-0.73%
Darling Ingredients, Inc.^(b)		28,305		2,077,304

Energy-9.47%
Antero Midstream Corp.^(c)		556,642		5,716,713
Matador Resources Co.^(c)		121,795		5,946,032
Murphy Oil Corp.^(c)		146,368		5,573,693
PDC Energy, Inc.		55,648		3,880,892
Targa Resources Corp.		78,328		5,750,059

				26,867,389

Financials-17.56%
Affiliated Managers Group, Inc.		20,785		2,609,972
East West Bancorp, Inc.		45,979		3,278,303
Evercore, Inc., Class A		42,656		4,510,872
First Financial Bankshares, Inc.^(c)		49,968		1,997,721
Jefferies Financial Group, Inc.		207,972		6,397,219
Kinsale Capital Group, Inc.		9,320		2,066,151
Navient Corp.		492,949		7,832,959
PacWest Bancorp		102,502		3,371,291
Pinnacle Financial Partners, Inc.		52,040		4,035,702
SLM Corp.		449,536		7,520,737
Stifel Financial Corp.		55,953		3,460,693
UMB Financial Corp.		30,359		2,737,774

				49,819,394

Health Care-11.85%
Arrowhead Pharmaceuticals, Inc.^(b)(c)		40,717		1,673,876
Azenta, Inc.^(c)		42,035		3,150,944
Bruker Corp.^(c)		34,151		1,963,341
Medpace Holdings, Inc.^(b)		26,318		3,515,295
Neurocrine Biosciences, Inc.^(b)		29,719		2,675,602
Option Care Health, Inc.^(b)		145,325		4,342,311
Quidel Corp.^(b)(c)		20,279		2,040,473
Repligen Corp.^(b)		20,344		3,198,890
STAAR Surgical Co.^(b)(c)		31,787		1,814,720


	Shares		Value
Health Care-(continued)
Syneos Health, Inc.^(b)		19,608	$	1,433,149
Tandem Diabetes Care, Inc.^(b)		35,438		3,419,058
Tenet Healthcare Corp.^(b)		60,748		4,404,837

				33,632,496

Industrials-12.51%
ASGN, Inc.^(b)		21,498		2,438,948
Avis Budget Group, Inc.^(b)(c)		12,866		3,443,842
Axon Enterprise, Inc.^(b)		27,347		3,068,333
Builders FirstSource, Inc.^(b)		79,925		4,920,982
Carlisle Cos., Inc.^(c)		8,412		2,181,736
Chart Industries, Inc.^(b)(c)		9,211		1,555,001
FTI Consulting, Inc.^(b)(c)		18,929		2,985,293
GXO Logistics, Inc.^(b)(c)		34,887		2,064,962
Saia, Inc.^(b)		13,284		2,735,973
Simpson Manufacturing Co., Inc.		14,079		1,459,570
Tetra Tech, Inc.		10,054		1,400,321
Trex Co., Inc.^(b)(c)		42,390		2,466,674
Valmont Industries, Inc.		8,025		1,996,700
Vicor Corp.^(b)		22,338		1,351,896
Watts Water Technologies, Inc., Class A		11,060		1,409,708

				35,479,939

Information Technology-12.61%
Calix, Inc.^(b)(c)		64,815		2,586,767
Concentrix Corp.		44,377		6,988,490
Digital Turbine, Inc.^(b)(c)		63,247		2,001,767
Lattice Semiconductor Corp.^(b)		36,752		1,765,566
Maximus, Inc.		37,001		2,696,633
Mimecast Ltd.^(b)		74,379		5,926,519
Paylocity Holding Corp.^(b)		11,412		2,164,058
Power Integrations, Inc.		33,882		2,710,560
Qualys, Inc.^(b)(c)		17,626		2,402,071
Silicon Laboratories, Inc.^(b)(c)		11,635		1,569,678
SiTime Corp.^(b)(c)		7,626		1,285,515
Synaptics, Inc.^(b)		6,541		970,946
Teradata Corp.^(b)(c)		65,587		2,712,022

				35,780,592

Materials-14.00%
Avient Corp.^(c)		48,437		2,385,038
Cleveland-Cliffs, Inc.^(b)		387,999		9,890,094
Eagle Materials, Inc.		23,971		2,956,104
Louisiana-Pacific Corp.^(c)		128,196		8,271,206
Olin Corp.		72,223		4,145,600
Scotts Miracle-Gro Co. (The)^(c)		13,213		1,373,227
Steel Dynamics, Inc.^(c)		92,741		7,952,541
Valvoline, Inc.		90,981		2,750,356

				39,724,166

Real Estate-2.09%
Life Storage, Inc.		24,805		3,286,414
National Storage Affiliates Trust		46,903		2,654,710

				5,941,124

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.97% (Cost $303,477,174)				283,657,845

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


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-24.19%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		20,042,244	$	20,042,244
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		48,584,214		48,584,214

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $68,625,145)				68,626,458

TOTAL INVESTMENTS IN SECURITIES-124.16% (Cost $372,102,319)				352,284,303
OTHER ASSETS LESS LIABILITIES-(24.16)%				(68,550,316	)

NET ASSETS-100.00%			$	283,733,987

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


	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Consumer Discretionary-21.44%
Adient PLC^(b)(c)		49,221	$	1,680,405
Callaway Golf Co.^(b)(c)		36,708		805,374
Dana, Inc.		89,878		1,331,093
Foot Locker, Inc.		54,823		1,606,862
Gap, Inc. (The)^(c)		124,740		1,549,271
Goodyear Tire & Rubber Co. (The)^(b)(c)		106,677		1,420,938
Graham Holdings Co., Class B		3,913		2,317,944
Harley-Davidson, Inc.^(c)		15,118		551,051
KB Home		49,584		1,608,009
Kohl’s Corp.		47,961		2,775,983
Lear Corp.		9,265		1,185,364
Lithia Motors, Inc., Class A		7,404		2,096,294
Macy’s, Inc.^(c)		62,380		1,507,725
Murphy USA, Inc.		6,714		1,568,390
Nordstrom, Inc.^(c)		34,953		898,292
Taylor Morrison Home Corp., Class A^(b)		80,239		2,101,459
Thor Industries, Inc.^(c)		20,074		1,536,665
Toll Brothers, Inc.		17,374		805,632
Tri Pointe Homes, Inc.^(b)		76,740		1,586,216
Urban Outfitters, Inc.^(b)(c)		47,195		1,123,241

				30,056,208


Consumer Staples-5.17%
BJ’s Wholesale Club Holdings, Inc.^(b)		10,840		697,554
Ingredion, Inc.		7,276		619,260
Nu Skin Enterprises, Inc., Class A		24,287		1,035,598
Performance Food Group Co.^(b)		34,945		1,721,041
Pilgrim’s Pride Corp.^(b)		46,627		1,321,876
Sprouts Farmers Market, Inc.^(b)(c)		62,040		1,848,792

				7,244,121


Energy-4.17%
Equitrans Midstream Corp.		61,813		485,850
HF Sinclair Corp.^(b)		95,703		3,638,628
NOV, Inc.^(c)		95,261		1,727,082

				5,851,560


Financials-27.86%
Alleghany Corp.^(b)		3,207		2,682,655
Associated Banc-Corp.		61,707		1,231,055
Cadence Bank^(c)		36,964		925,579
CNO Financial Group, Inc.		110,354		2,663,946
Essent Group Ltd.		23,047		934,095
F.N.B. Corp.		114,132		1,314,801
First Horizon Corp.		68,891		1,541,781
Fulton Financial Corp.		78,606		1,192,453
Hanover Insurance Group, Inc. (The)		12,184		1,788,855
International Bancshares Corp.		18,986		755,453
Kemper Corp.		44,886		2,071,938
Mercury General Corp.		39,612		1,997,633
MGIC Investment Corp.		94,142		1,229,494
New York Community Bancorp, Inc.^(c)		107,239		990,888
Old National Bancorp		50,854		770,947
Old Republic International Corp.		86,508		1,904,041
Prosperity Bancshares, Inc.^(c)		12,654		827,318
Reinsurance Group of America, Inc.		30,497		3,272,938
RenaissanceRe Holdings Ltd. (Bermuda)		4,939		708,845
Selective Insurance Group, Inc.		10,525		866,839


	Shares		Value
Financials-(continued)
Texas Capital Bancshares, Inc.^(b)		20,188	$	1,036,856
United Bankshares, Inc.^(c)		27,671		920,337
Unum Group		136,158		4,155,542
Valley National Bancorp		53,560		641,649
Voya Financial, Inc.^(c)		30,418		1,920,592
Washington Federal, Inc.		22,902		696,908

				39,043,438


Health Care-1.91%
Patterson Cos., Inc.		48,724		1,499,237
Perrigo Co. PLC		34,456		1,181,841

				2,681,078


Industrials-12.87%
AGCO Corp.		8,525		1,086,085
CACI International, Inc., Class A^(b)		2,602		690,311
EMCOR Group, Inc.		7,355		783,160
EnerSys		9,103		595,882
Fluor Corp.^(b)(c)		42,906		1,061,923
JetBlue Airways Corp.^(b)(c)		76,000		836,760
Kirby Corp.^(b)		11,414		744,193
Knight-Swift Transportation Holdings, Inc.		11,255		539,002
ManpowerGroup, Inc.		20,186		1,820,777
MDU Resources Group, Inc.		38,131		982,255
MillerKnoll, Inc.^(c)		18,923		600,427
Oshkosh Corp.		6,578		608,070
Owens Corning		9,732		884,931
Ryder System, Inc.^(c)		25,518		1,783,708
Science Applications International Corp.		11,486		955,980
Terex Corp.		16,498		560,932
Timken Co. (The)		7,700		443,828
Univar Solutions, Inc.^(b)		65,205		1,898,770
Werner Enterprises, Inc.		12,283		486,775
XPO Logistics, Inc.^(b)		12,470		670,761

				18,034,530


Information Technology-9.82%
Arrow Electronics, Inc.^(b)		18,271		2,153,420
Avnet, Inc.		80,790		3,527,291
Bread Financial Holdings, Inc.		22,999		1,260,345
Kyndryl Holdings, Inc.^(b)		55,214		656,494
TD SYNNEX Corp.		17,878		1,789,409
ViaSat, Inc.^(b)(c)		20,895		769,145
Vishay Intertechnology, Inc.		56,469		1,052,018
Xerox Holdings Corp.		147,044		2,558,566

				13,766,688


Materials-10.95%
Cabot Corp.^(c)		12,022		791,649
Chemours Co. (The)^(c)		16,645		550,450
Commercial Metals Co.^(c)		66,109		2,710,469
Greif, Inc., Class A		29,474		1,788,482
Minerals Technologies, Inc.		14,677		933,604
Reliance Steel & Aluminum Co.		10,524		2,086,383
Silgan Holdings, Inc.		16,358		725,805
United States Steel Corp.		138,667		4,227,957
Worthington Industries, Inc.^(c)		32,083		1,526,188

				15,340,987

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


	Shares		Value
Real Estate-1.18%
Sabra Health Care REIT, Inc.		45,224	$	528,216
SL Green Realty Corp.^(c)		16,338		1,130,917

				1,659,133


Utilities-4.53%
ALLETE, Inc.		10,365		615,059
Hawaiian Electric Industries, Inc		13,568		557,781
NorthWestern Corp.^(c)		14,111		799,953
ONE Gas, Inc		7,895		666,101
Southwest Gas Holdings, Inc.^(c)		16,921		1,490,909
Spire, Inc.^(c)		18,499		1,345,802
UGI Corp.		25,312		868,202

				6,343,807

Total Common Stocks & Other Equity Interests (Cost $150,252,894)				140,021,550


Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(d)(e)(Cost $89,315)		89,315		89,315

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $150,342,209)				140,110,865


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-17.87%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		7,518,534	$	7,518,534
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		17,532,140		17,532,140

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $25,049,022)				25,050,674

TOTAL INVESTMENTS IN SECURITIES-117.83% (Cost $175,391,231)				165,161,539
OTHER ASSETS LESS LIABILITIES-(17.83)%				(24,993,579	)

NET ASSETS-100.00%			$	140,167,960

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


	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Communication Services-1.83%
TechTarget, Inc.^(b)(c)		18,724	$	1,260,312
Thryv Holdings, Inc.^(b)(c)		28,619		739,229

				1,999,541


Consumer Discretionary-14.36%
Boot Barn Holdings, Inc.^(b)		11,243		1,012,545
Buckle, Inc. (The)^(c)		23,123		718,200
Cavco Industries, Inc.^(b)		2,628		620,865
Century Communities, Inc.^(c)		20,440		1,077,597
Children’s Place, Inc. (The)^(b)(c)		11,015		510,325
Gentherm, Inc.^(b)(c)		5,050		340,471
Hibbett, Inc.^(c)		30,046		1,297,386
Installed Building Products, Inc.^(c)		5,118		411,845
LGI Homes, Inc.^(b)(c)		8,659		811,435
Liquidity Services, Inc.^(b)		40,048		577,492
MarineMax, Inc.^(b)(c)


		Invesco Annual Report to Shareholders April 30, 2022
		RPG		Invesco S&P 500^® Pure Growth ETF
		RPV		Invesco S&P 500^® Pure Value ETF
		XLG		Invesco S&P 500^® Top 50 ETF
		RFG		Invesco S&P MidCap 400^® Pure Growth ETF
		RFV		Invesco S&P MidCap 400^® Pure Value ETF
		RZG		Invesco S&P SmallCap 600^® Pure Growth ETF
		RZV		Invesco S&P SmallCap 600^® Pure Value ETF



The Market Environment			3

Management’s Discussion of Fund Performance			4

Liquidity Risk Management Program			18

Schedules of Investments

Invesco S&P 500^® Pure Growth ETF (RPG)			19

Invesco S&P 500^® Pure Value ETF (RPV)			21

Invesco S&P 500^® Top 50 ETF (XLG)			24

Invesco S&P MidCap 400^® Pure Growth ETF (RFG)			26

Invesco S&P MidCap 400^® Pure Value ETF (RFV)			28

Invesco S&P SmallCap 600^® Pure Growth ETF (RZG)			30

Invesco S&P SmallCap 600^® Pure Value ETF (RZV)			33

Statements of Assets and Liabilities			36

Statements of Operations			38

Statements of Changes in Net Assets			40

Financial Highlights			44

Notes to Financial Statements			48

Report of Independent Registered Public Accounting Firm			58

Fund Expenses			60

Tax Information			62

Trustees and Officers			63

Approval of Investment Advisory Contracts			73


RPG		Management’s Discussion of Fund Performance
RPG		Invesco S&P 500^® Pure Growth ETF (RPG)


				3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
S&P 500^® Pure Growth Index		(7.76	)%		10.90	%		36.40	%		12.60	%		81.03	%		13.51	%		255.06	%		10.93	%		434.41	%
S&P 500^® Growth Index		(3.23	)		15.64			54.64			16.31			112.87			15.26			313.83			11.31			465.35
Fund
NAV Return		(8.08	)		10.51			34.97			12.20			77.80			13.10			242.56			10.53			404.52
Market Price Return		(8.10	)		10.51			34.97			12.21			77.86			13.09			242.24			10.53			404.57


RPV		Management’s Discussion of Fund Performance
RPV		Invesco S&P 500^® Pure Value ETF (RPV)


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Financials			29.94
Health Care			11.58
Consumer Staples			10.64
Energy			9.33
Materials			8.21
Communication Services			7.08
Consumer Discretionary			6.67
Utilities			6.22
Industrials			5.39
Information Technology			4.40
Real Estate			0.47
Money Market Funds Plus Other Assets Less Liabilities			0.07

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Berkshire Hathaway, Inc., Class B			2.31
Archer-Daniels-Midland Co.			2.00
Cigna Corp.			1.98
Prudential Financial, Inc.			1.97
Marathon Petroleum Corp.			1.91
Valero Energy Corp.			1.89
WestRock Co.			1.87
Mosaic Co. (The)			1.83
MetLife, Inc.			1.78
Allstate Corp. (The)			1.74
Total			19.28


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
Blended—S&P 500^® Top 50 Index		1.40	%		15.76	%		55.11	%		15.27	%		103.51	%		14.23	%		278.28	%		9.87	%		394.97	%
S&P 100^® Index		0.26			14.87			51.58			14.37			95.68			13.81			264.65			9.76			386.77
Fund
NAV Return		1.21			15.54			54.23			15.05			101.56			13.99			270.46			9.66			378.89
Market Price Return		1.12			15.51			54.13			15.03			101.42			13.99			270.33			9.65			378.61


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Consumer Discretionary			18.48
Financials			17.56
Materials			14.00
Information Technology			12.61
Industrials			12.51
Health Care			11.85
Energy			9.47
Sector Types Each Less Than 3%			3.49
Money Market Funds Plus Other Assets Less Liabilities			0.03

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Cleveland-Cliffs, Inc.			3.49
Louisiana-Pacific Corp.			2.92
Steel Dynamics, Inc.			2.80
Navient Corp.			2.76
SLM Corp.			2.65
Concentrix Corp.			2.46
Dick’s Sporting Goods, Inc.			2.36
Jefferies Financial Group, Inc.			2.25
Matador Resources Co.			2.10
Mimecast Ltd.			2.09
Total			25.88


	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	837,629		$	20,350,506		$	(21,188,135	)		$	-		$	-			$	-		$	201
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			4,879,734			587,933,609			(570,553,136	)			-			-				22,260,207			16,793	*
Invesco Private Prime Fund			7,319,602			1,154,657,978			(1,110,056,997	)			7,531			(28,204	)			51,899,910			65,775	*

Total		$	13,036,965		$	1,762,942,093		$	(1,701,798,268	)		$	7,531		$	(28,204	)		$	74,160,117		$	82,769


	Value April 30, 2021		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class		$-		$	27,874,379		$	(27,874,379	)		$	-		$	-			$	-		$	603
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-			94,320,116			(82,205,554	)			-			-				12,114,562			7,210	*
Invesco Private Prime Fund		-			213,505,677			(187,874,391	)			4,343			(11,038	)			25,624,591			23,338	*

Total		$-		$	335,700,172		$	(297,954,324	)		$	4,343		$	(11,038	)		$	37,739,153		$	31,151


	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	41,757		$	27,031,297		$	(27,073,054	)		$	-		$	-			$	-		$	164
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			21,986,402			219,131,837			(221,075,995	)			-			-				20,042,244			12,477	*
Invesco Private Prime Fund			32,979,603			412,482,928			(396,868,071	)			1,313			(11,559	)			48,584,214			57,514	*

Total		$	55,007,762		$	658,646,062		$	(645,017,120	)		$	1,313		$	(11,559	)		$	68,626,458		$	70,155