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

1	Source: US Bureau of Economic Analysis

2	Source: US Bureau of Labor Statistics

3	Source: Bloomberg L.P.

4	Source: Lipper Inc.

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.

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 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, the 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 (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

General Motors Co., a consumer discretionary company (portfolio average weight of 1.16%).

 

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

 

*	Excluding money market fund holdings.

Guggenheim S&P 500^® Pure Value 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^® 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.

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 MidCap 400^® 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 (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.,

Class A, a consumer staples company (no longer held at fiscal year-end) and STAAR Surgical Co., a health care company (portfolio average weight of 0.64%).

 

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

 

*	Excluding money market fund holdings.

Guggenheim S&P MidCap 400^® 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 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.

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 MidCap 400^® 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 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

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 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

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 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

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.

 

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