485BPOS

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Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

The U.S. Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) have not approved or disapproved these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

The Invesco Aerospace & Defense ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the SPADE^® Defense Index (the “Underlying Index”).

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Shares”). Investors may pay brokerage commissions on their purchases and sales of Shares, which are not reflected in the table or the example below.

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. This example does not include the brokerage commissions that investors may pay to buy and sell Shares. Although your actual costs may be higher or lower, your costs, based on these assumptions, would be:

The Fund pays transaction costs, such as commissions, when it purchases and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate will cause the Fund to incur additional transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, may affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 15% of the average value of its portfolio.

The Fund generally will invest at least 90% of its total assets in the securities that comprise the Underlying Index.

Strictly in accordance with its guidelines and mandated procedures, SPADE Indexes LLC (“SPADE Indexes” or the “Index Provider”) compiles, maintains, and calculates the Underlying Index, which is composed of common stocks of companies that are engaged principally in the development, manufacture, operation and support of U.S. defense, military, homeland security and space operations. These may include, for example, companies that provide the following products or services: defense electronics, aircraft, naval vessels, missiles, spacecraft and launch vehicles, ground vehicles, communications, sensors, information technology and network centric warfare, unmanned vehicles, satellite-based services and ground-based equipment and electronics, products or services.

The Index Provider identifies for inclusion in the Underlying Index, common stocks of U.S. companies whose shares are listed on the New York Stock Exchange (“NYSE”) or The Nasdaq Stock Market (“Nasdaq”) and weights them according to a modified market capitalization-weighted methodology. As of June 30, 2019, the Underlying Index was composed of 49 common stocks of companies with market capitalizations ranging from approximately $428 million to $210 billion.

The Fund employs a “full replication” methodology in seeking to track the Underlying Index, meaning that the Fund generally invests in all of the securities comprising the Underlying Index in proportion to their weightings in the Underlying Index.

The Fund is “non-diversified” and therefore is not required to meet certain diversification requirements under the Investment Company Act of 1940, as amended (the “1940 Act”).

Concentration Policy. The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries. As of April 30, 2019, the Fund had significant exposure to the aerospace and defense industry. The Fund’s portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time.

Principal Risks of Investing in the Fund

The following summarizes the principal risks of the Fund.

The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.

Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by the Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem Creation Units (as defined below), this may result in a significantly diminished trading market for Shares, and Shares may be more likely to trade at a premium or discount to the Fund’s net asset value (“NAV”) and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole,

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

Index Risk. Unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, the Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming.

Industry Concentration Risk. In following its methodology, the Underlying Index will be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. As a result, the Fund will also concentrate its investments in such industry or industry group to approximately the same extent. By concentrating its investments in an industry or industry group, the Fund faces more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Aerospace and Defense Industry Risk. Government aerospace and defense regulation and spending policies can significantly affect the aerospace and defense industry because many companies involved in the aerospace and defense industry rely to a large extent on U.S. (and other) Government demand for their products and services. There are significant risks inherent in contracting with the U.S. Government that could have a material adverse effect on the business, financial condition and results of operations of industry participants.

Issuer-Specific Changes Risk. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole.

Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index.

Market Trading Risk. The Fund faces numerous market trading risks, including the potential lack of an active market for the Shares, losses from trading in secondary markets, and disruption in the creation/redemption process of the Fund. Any of these factors may lead to the Shares trading at a premium or discount to the Fund’s NAV.

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

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

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

Performance

The bar chart below shows how the Fund has performed. The table below the bar chart shows the Fund’s average annual total returns (before and after taxes). The bar chart and table provide an indication of the risks of investing in the Fund by showing how the Fund’s total returns have varied from year to year and by showing how the Fund’s average annual total returns compared with a broad measure of market performance and an additional index with characteristics relevant to the Fund. The Fund’s performance reflects fee waivers, if any, absent which performance would have been lower. Although the information shown in the bar chart and the table gives you some idea of the risks involved in investing in the Fund, the Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. Updated performance information is available online at www.invesco.com/ETFs.

Annual Total Returns—Calendar Years

LOGO

The Fund’s year-to-date total return for the six months ended June 30, 2019 was 31.62%.



Best Quarter		Worst Quarter
18.14% (2nd Quarter 2009)		(19.28)% (3rd Quarter 2011)

Average Annual Total Returns for the Periods Ended December 31, 2018

After-tax returns in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.



	1 Year			5 Years			10 Years
Return Before Taxes		(7.36	)%		11.03	%		14.85	%
Return After Taxes on Distributions		(7.53	)%		10.74	%		14.57	%
Return After Taxes on Distributions and Sale of Fund Shares		(4.20	)%		8.74	%		12.54	%
SPADE^® Defense Index (reflects no deduction for fees, expenses or taxes)		(6.84	)%		11.71	%		15.59	%
S&P Composite 1500^® Aerospace & Defense Index (reflects no deduction for fees, expenses or taxes)		(7.61	)%		12.46	%		16.98	%

Management of the Fund

Investment Adviser. Invesco Capital Management LLC (the “Adviser”).

Portfolio Managers. The following individuals are responsible jointly and primarily for the day-to-day management of the Fund’s portfolio:



Name	Title with Adviser/Trust	Date Began Managing the Fund
Peter Hubbard	Director of Portfolio Management of the Adviser and Vice President of the Trust	June 2007
Michael Jeanette	Senior Portfolio Manager of the Adviser	August 2008
Tony Seisser	Portfolio Manager of the Adviser	August 2014

Purchase and Sale of Shares

The Fund issues and redeems Shares at NAV only with APs and only in large blocks of 50,000 Shares (each block of Shares is called a “Creation Unit”) or multiples thereof (“Creation Unit Aggregations”), generally in exchange for the deposit or delivery of a basket of securities. However, the Fund also reserves the right to permit or require Creation Units to be issued in exchange for cash. Except when aggregated in Creation Units, the Shares are not redeemable securities of the Fund.

Individual Shares may be purchased and sold only on a national securities exchange through brokers. Shares are listed for trading on NYSE Arca, Inc. and because the Shares will trade at market prices rather than NAV, Shares may trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount).

Tax Information

The Fund’s distributions generally are taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account; in which case your distributions may be taxed as ordinary income when withdrawn from such account.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund’s distributor or its related companies may pay the intermediary for certain Fund-related activities, including those that are designed to make the intermediary more knowledgeable about exchange traded products, such as the Fund, as well as for marketing, education or other initiatives related to the sale or promotion of Fund shares. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson or financial adviser to recommend the Fund over another investment. Ask your salesperson or financial adviser or visit your financial intermediary’s web-site for more information.

The Invesco BRIC ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the S&P/BNY Mellon BRIC Select DR Index (USD) (the “Underlying Index”).

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.

This example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waivers and Expense Assumption in the first two years and the Total Annual Fund Operating Expenses thereafter. This example does not include the brokerage commissions that investors may pay to buy and sell Shares. Although your actual costs may be higher or lower, your costs, based on these assumptions, would be:

The Fund pays transaction costs, such as commissions, when it purchases and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate will cause the Fund to incur additional transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, may affect the Fund’s performance. During the fiscal year ended August 31, 2018, the portfolio turnover rate of the Guggenheim BRIC ETF (the “Predecessor Fund”) and the Fund was 39% of the average value of the portfolio. During the fiscal period September 1, 2018 to April 30, 2019, the portfolio turnover rate of the Fund was 42% of the average value of the portfolio.

Principal Investment Strategies

The Fund generally will invest at least 90% of its total assets in the securities that comprise the Underlying 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 Underlying Index, which is composed of American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) trading on the New York Stock Exchange (“NYSE”), NYSE American, The Nasdaq Stock Market (“Nasdaq”) or the London Stock Exchange that represent securities of companies domiciled in Brazil, Russia, India and China and, when appropriate, China H-shares (securities issued by companies incorporated in mainland China and listed on the Hong Kong Stock Exchange).

The depositary receipts that compose the Underlying Index are sponsored (i.e., the company’s equity serves as the underlying asset for the depositary receipt). As of June 30, 2019, the Underlying Index consisted of 116 securities with market capitalizations ranging from approximately $462 million to $439 billion.

The Fund is “non-diversified” and therefore is not required to meet certain diversification requirements under the Investment Company Act of 1940, as amended (the “1940 Act”).

Concentration Policy. The Fund will concentrate its investments (i.e., invest more than 25% of the value of its net assets) in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries.

Principal Risks of Investing in the Fund

The following summarizes the principal risks of the Fund.

The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.

ADR and GDR Risk. ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing directly underlying foreign securities in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

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

Emerging Markets Investment Risk. Investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in emerging market securities, and emerging market securities may have relatively low market liquidity, decreased publicly available information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Emerging market securities also are subject to the risks of expropriation, nationalization or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in emerging market securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions. Emerging markets usually are subject to greater market volatility, lower trading volume, political and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder

rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change.

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

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

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

Brazil Exposure Risk. The Brazilian economy has historically been exposed to high rates of inflation and a high level of debt, each of which may reduce and/or prevent economic growth. Exposure to Brazilian securities involves certain risks, including governmental restrictions on the outflow of profits

to investors abroad, restrictions on the exchange or export of Brazilian currency, seizure of foreign investment and imposition of high taxes.

China Exposure Risk. The value of securities of Chinese companies is likely to be more volatile than that of other issuers. The economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development, government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment. The Chinese central government historically has exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership. Actions of the Chinese government authorities continue to have a substantial effect on economic conditions in China. Investment and trading restrictions may impact the availability, liquidity, and pricing of certain securities for non-Chinese investors.

India Exposure Risk. Exposure to Indian securities involves risks in addition to those associated with investments in securities of issuers in more developed countries, which may adversely affect the value of the Fund’s assets. Such heightened risks include, among others, political and legal uncertainty, greater government control over the economy, currency fluctuations or blockage and the risk of nationalization or expropriation of assets. In addition, religious and border disputes persist in India. Moreover, India has experienced civil unrest and hostilities with neighboring countries, including Pakistan, and the Indian government has confronted separatist movements in several Indian states.

Russia Exposure Risk. The United States and the European Union have imposed economic sanctions on certain Russian individuals and entities, and either the United States or the European Union also could institute broader sanctions. The current sanctions, or the threat of further sanctions, may result in the decline of the value or liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy, any of which could negatively impact the Fund’s exposure to Russian securities. These economic sanctions also could result in the immediate freeze of Russian securities, which could impair the ability of the Fund to buy, sell, receive or deliver those securities, or affect the value and/or liquidity of the depositary receipts representing such securities. Both the existing and potential future sanctions also could result in Russia taking counter measures or retaliatory actions, which further may impair the value or liquidity of Russian securities, and therefore may negatively impact the Fund.

Industry Concentration Risk. In following its methodology, the Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single

industry or industry group. To the extent that the Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, the Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Issuer-Specific Changes Risk. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.

Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index.

Valuation Risk. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by the Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued

using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that the Fund could sell a portfolio security for the value established for it at any time, and it is possible that the Fund would incur a loss because a security is sold at a discount to its established value.

Valuation Time Risk. The Fund will invest in foreign bonds and, because foreign exchanges may be open on days when the Fund does not price its Shares, the value of the non-U.S. securities in the Fund’s portfolio may change on days when you will not be able to purchase or sell your Shares. As a result, trading spreads and the resulting premium or discount on the Shares may widen, and, therefore, increase the difference between the market price of the Shares and the Fund’s NAV of such Shares.

Performance

The bar chart below shows how the Fund has performed. The table below the bar chart shows the Fund’s average annual total returns (before and after taxes). The bar chart and table provide an indication of the risks of investing in the Fund by showing how the Fund’s total returns have varied from year to year and by showing how the Fund’s average annual total returns compared with a broad measure of market performance and additional indexes with characteristics relevant to the Fund. The Fund’s performance reflects fee waivers, if any, absent which performance would have been lower. Although the information shown in the bar chart and table gives you some idea of the risks involved in investing in the Fund, the Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future.

The Fund is the successor to the investment performance of the Predecessor Fund as a result of the reorganization of the Predecessor Fund into the Fund, which was consummated after the close of business on May 18, 2018. Accordingly, the performance information shown below for periods ending on or prior to May 18, 2018 is that of the Predecessor Fund. Updated performance information is available online at www.invesco.com/ETFs.

Annual Total Returns—Calendar Years

LOGO



Best Quarter		Worst Quarter
36.79% (2nd Quarter 2009)		(24.90)% (3rd Quarter 2011)

The Fund’s year-to-date total return for the six months ended June 30, 2019 was 16.09%.

Average Annual Total Returns for the Periods Ended December 31, 2018



	1 Year			5 Years			10 Years
Return Before Taxes		(11.40	)%		0.82	%		5.76	%
Return After Taxes on Distributions		(11.93	)%		(0.04	)%		4.85	%
Return After Taxes on Distributions and Sale of Fund Shares		(6.19	)%		0.29	%		4.26	%
S&P/BNY Mellon BRIC Select DR Index (USD) (Net)⁽¹⁾ (reflects reinvested dividends net of withholding taxes but reflects no deductions for fees, expenses or other taxes)		(10.87	)%		1.46	%		N/A
Blended – S&P/BNY Mellon BRIC Select DR Index (USD) (Net)⁽²⁾ (reflects reinvested dividends net of withholding taxes but reflects no deductions for fees, expenses or other taxes)		(10.87	)%		1.46	%		6.43	%
MSCI Emerging Markets Index^SM(Net) (reflects reinvested dividends net of withholding taxes but reflects no deductions for fees, expenses or other taxes)		(14.58	)%		1.65	%		8.02	%

(1)

Performance information is not available for periods prior to the Underlying Index’s commencement date of October 31, 2013.

(2)

The Blended – S&P/BNY Mellon BRIC Select DR Index (USD) (Net) reflects the performance of Fund’s prior underlying index, the BNY Mellon BRIC Select ADR Index (Net), from the Fund’s inception until October 31, 2013 and the Underlying Index thereafter.

Management of the Fund

Investment Adviser. Invesco Capital Management LLC (the “Adviser”).

Portfolio Managers. The following individuals are responsible jointly and primarily for the day-to-day management of the Fund’s portfolio:



Name	Title with Adviser/Trust	Date Began Managing the Fund
Peter Hubbard	Director of Portfolio Management of the Adviser and Vice President of the Trust	May 2018
Michael Jeanette	Senior Portfolio Manager of the Adviser	May 2018
Tony Seisser	Portfolio Manager of the Adviser	May 2018

Purchase and Sale of Shares

right to permit or require Creation Units to be issued in exchange for cash. Except when aggregated in Creation Units, the Shares are not redeemable securities of the Fund.

Tax Information

The Fund’s distributions generally are taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account, in which case your distributions may be taxed as ordinary income when withdrawn from such account.

Payments to Broker-Dealers and Other Financial Intermediaries

The Invesco BuyBack Achievers^TM ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the NASDAQ US BuyBack Achievers^TM Index (the “Underlying Index”).

The Fund generally will invest at least 90% of its total assets in the securities that comprise the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (“Nasdaq” or the “Index Provider”) includes common stocks in the Underlying Index pursuant to a proprietary selection methodology that identifies a universe of “BuyBack Achievers^TM”. To qualify for the universe of “BuyBack Achievers^TM,” an issuer must have effected a net reduction in shares outstanding of 5% or more in the past 12 months.

Concentration Policy. The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries. As of April 30, 2019, the Fund had significant exposure to the information technology sector. The Fund’s portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time.

Principal Risks of Investing in the Fund

The following summarizes the principal risks of the Fund.

The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.

company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

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

Information Technology Sector Risk. Factors such as the failure to obtain, or delays in obtaining, financing or regulatory approval, intense competition, product compatibility, consumer preferences, corporate capital expenditure, rapid obsolescence, competition from alternative technologies, and research and development of new products may significantly affect the market value of securities of issuers in the information technology sector.

Non-Correlation Risk. The Fund’s return may not match the return of the Underlying Index for a number of reasons. For example, the Fund incurs operating expenses not applicable to the Underlying

Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Underlying Index. In addition, the performance of the Fund and the Underlying Index may vary due to asset valuation differences and differences between the Fund’s portfolio and the Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Performance

Annual Total Returns—Calendar Years

LOGO

The Fund’s year-to-date total return for the six months ended June 30, 2019 was 20.80%.



Best Quarter		Worst Quarter
17.77% (2nd Quarter 2009)		(14.01)% (4th Quarter 2018)

Average Annual Total Returns for the Periods Ended December 31, 2018

those shown, and after-tax returns shown are not relevant to investors who hold Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.



	1 Year			5 Years			10 Years
Return Before Taxes		(10.42	)%		5.14	%		13.74	%
Return After Taxes on Distributions		(10.68	)%		4.85	%		13.50	%
Return After Taxes on Distributions and Sale of Fund Shares		(5.96	)%		3.99	%		11.58	%
NASDAQ US BuyBack Achievers^TM Index (reflects no deduction for fees, expenses or taxes)		(9.92	)%		5.80	%		14.52	%
S&P 500^® Index (reflects no deduction for fees, expenses or taxes)		(4.38	)%		8.49	%		13.12	%

Management of the Fund

Investment Adviser. Invesco Capital Management LLC (the “Adviser”).

Portfolio Managers. The following individuals are responsible jointly and primarily for the day-to-day management of the Fund’s portfolio:



Name	Title with Adviser/Trust	Date Began Managing the Fund
Peter Hubbard	Director of Portfolio Management of the Adviser and Vice President of the Trust	June 2007
Michael Jeanette	Senior Portfolio Manager of the Adviser	August 2008
Tony Seisser	Portfolio Manager of the Adviser	August 2014

Purchase and Sale of Shares

Individual Shares may be purchased and sold only on a national securities exchange through brokers. Shares are listed for trading on The Nasdaq Stock Market and because the Shares will trade at market prices rather than NAV, Shares may trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount).

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

The Invesco Cleantech^TM ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of The Cleantech Index^TM (the “Underlying Index”).

The Fund generally will invest at least 90% of its total assets in the securities (including American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”)) that comprise the Underlying Index.

Strictly in accordance with its guidelines and mandated procedures, Cleantech Indices LLC (“Cleantech” or the “Index Provider”) identifies securities for inclusion in the Underlying Index, which is designed to track the performance of publicly traded clean technology (or “cleantech”) companies. Cleantech considers a company to be a cleantech company when it derives at least 50% of its revenues or operating profits from cleantech businesses, which are defined as businesses that provide knowledge-based products or services that add economic value by reducing cost and raising productivity and/or product performance, while reducing the consumption of resources and the negative impact on the environment and public health. The Underlying Index focuses on companies that are leaders in the innovation and commercial deployment of cleantech products/services

across a broad range of industries, including, but not limited to, clean energy, energy efficiency and transmission, clean water, advanced materials, eco-friendly agriculture and nutrition, transportation, manufacturing efficiency, recycling and pollution prevention/remediation.

As of June 30, 2019, the Underlying Index was composed of 51 securities with market capitalizations ranging from approximately $186 million to $52 billion.

Concentration Policy. The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries. As of April 30, 2019, the Fund had significant exposure to the cleantech sector and industrials sector. The Fund’s portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time.

Principal Risks of Investing in the Fund

The following summarizes the principal risks of the Fund.

The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.

APs exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem Creation Units (as defined below), this may result in a significantly diminished trading market for Shares, and Shares may be more likely to trade at a premium or discount to the Fund’s net asset value (“NAV”) and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

Foreign Investment Risk. The Fund’s exposure to foreign securities involves risks beyond those associated with domestic securities. In general, foreign companies often are subject to less stringent requirements regarding accounting, auditing, financial reporting and record-keeping than are U.S. companies, and therefore, not all material information regarding these companies will be available. The value of foreign securities may also fluctuate due to adverse political and economic developments and currency fluctuations, and these securities may have less liquidity and more volatility than domestic securities.

over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Cleantech Sector Risk. There are risks in investing in the cleantech sector, including the risks of focusing investments in the water, energy and environmental sectors. Adverse developments in the water, energy and environmental sectors may significantly affect the value of the Shares. Companies involved in the water sector are subject to tax and price fluctuations and competition. Securities of companies in the energy sector are subject to swift price and supply fluctuations caused by events relating to international politics, the success of project development and tax and other governmental regulatory policies. Weak demand for the companies’ products or services or for energy products and services in general, as well as negative developments in these other areas, may adversely affect the Fund’s performance. The cleantech sector is an emerging growth industry, and therefore such companies may be more volatile.

Industrials Sector Risk. Changes in government regulation, world events and economic conditions may adversely affect companies in the industrials sector. In addition, these companies are at risk for environmental and product liability damage claims. Also, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources, technological developments and labor relations could adversely affect the companies in this sector.

portfolio and the Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Performance

Annual Total Returns—Calendar Years

LOGO

The Fund’s year-to-date total return for the six months ended June 30, 2019 was 23.68%.



Best Quarter		Worst Quarter
28.40% (2nd Quarter 2009)		(27.06)% (3rd Quarter 2011)

Average Annual Total Returns for the Periods Ended December 31, 2018



	1 Year			5 Years			10 Years
Return Before Taxes		(12.35	)%		3.97	%		8.39	%
Return After Taxes on Distributions		(12.46	)%		3.77	%		8.22	%
Return After Taxes on Distributions and Sale of Fund Shares		(7.21	)%		3.07	%		6.85	%
The Cleantech Index^TM (reflects no deduction for fees, expenses or taxes)		(11.73	)%		4.66	%		9.23	%
S&P 500^® Index (reflects no deduction for fees, expenses or taxes)		(4.38	)%		8.49	%		13.12	%

Management of the Fund

Investment Adviser. Invesco Capital Management LLC (the “Adviser”).

Portfolio Managers. The following individuals are responsible jointly and primarily for the day-to-day management of the Fund’s portfolio:



Name	Title with Adviser/Trust	Date Began Managing the Fund
Peter Hubbard	Director of Portfolio Management of the Adviser and Vice President of the Trust	June 2007
Michael Jeanette	Senior Portfolio Manager of the Adviser	August 2013
Tony Seisser	Portfolio Manager of the Adviser	February 2015

Purchase and Sale of Shares

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

The Invesco Dividend Achievers^TM ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the NASDAQ US Broad Dividend Achievers^TM Index (the “Underlying Index”).

The Fund generally will invest at least 90% of its total assets in the securities that comprise the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (“Nasdaq” or the “Index Provider”) includes common stock in the Underlying Index pursuant to a proprietary selection methodology that identifies a universe of “Dividend Achievers^TM.” To qualify for the universe of “Dividend Achievers^TM,” an issuer must have increased its annual regular cash dividend payments for at least each of its last ten or more calendar or fiscal years.

The Fund employs a “full replication” methodology in seeking to track the Underlying Index, meaning that the Fund generally invests in all of the securities comprising its Underlying Index in proportion to their weightings in the Underlying Index.

Principal Risks of Investing in the Fund

The following summarizes the principal risks of the Fund.

The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.

Dividend Paying Security Risk. Securities that pay high dividends as a group can fall out of favor with the market, causing such companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of the companies in which the Fund invests and the capital resources available for such companies’ dividend payments may adversely affect the Fund.

production costs, that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

Industry Concentration Risk. In following its methodology, the Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that the Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, the Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

portfolio and the Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Performance

Annual Total Returns—Calendar Years

LOGO

The Fund’s year-to-date total return for the six months ended June 30, 2019 was 17.14%.



Best Quarter		Worst Quarter
13.65% (3rd Quarter 2009)		(16.53)% (1st Quarter 2009)

Average Annual Total Returns for the Periods Ended December 31, 2018



	1 Year			5 Years			10 Years
Return Before Taxes		(4.40	)%		6.72	%		10.38	%
Return After Taxes on Distributions		(4.90	)%		6.17	%		9.89	%
Return After Taxes on Distributions and Sale of Fund Shares		(2.24	)%		5.22	%		8.54	%
NASDAQ US Broad Dividend Achievers^TM Index (reflects no deduction for fees, expenses or taxes)		(3.94	)%		7.30	%		11.01	%
Russell 3000^® Value Index (reflects no deduction for fees, expenses or taxes)		(8.58	)%		5.77	%		11.12	%

Management of the Fund

Investment Adviser. Invesco Capital Management LLC (the “Adviser”).

Portfolio Managers. The following individuals are responsible jointly and primarily for the day-to-day management of the Fund’s portfolio:



Name	Title with Adviser/Trust	Date Began Managing the Fund
Peter Hubbard	Director of Portfolio Management of the Adviser and Vice President of the Trust	June 2007
Michael Jeanette	Senior Portfolio Manager of the Adviser	August 2008
Tony Seisser	Portfolio Manager of the Adviser	August 2014

Purchase and Sale of Shares

Tax Information

The Fund’s distributions generally are taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account, in which case your distributions may be taxed as ordinary income when withdrawn from such account.

Payments to Broker-Dealers and Other Financial Intermediaries

The Invesco Dow Jones Industrial Average Dividend ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Dow Jones Industrial Average Yield Weighted (the “Underlying Index”).

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.

This example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. This example does not include the brokerage commissions that investors may pay to buy and sell Shares. Although your actual costs may be higher or lower, your costs, based on these assumptions would be:

The Fund pays transaction costs, such as commissions, when it purchases and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate will cause the Fund to incur additional transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, may affect the Fund’s performance. During the most recent fiscal year, the portfolio turnover rate of the Fund was 20% of the average value of the portfolio.

The Fund will generally invest at least 90% of its total assets in the securities that comprise the Underlying Index.

The Underlying Index is designed to provide exposure to dividend-paying equity securities of companies included in the Dow Jones Industrial Average™, which is a price-weighted index of 30 U.S. companies that meet certain size, listing and liquidity requirements. The Underlying Index includes all constituents of the Dow Jones Industrial Average^TM that pay dividends. The Underlying Index is calculated using a yield-weighted methodology that weights all dividend-paying constituents of the Dow Jones Industrial Average™ by their

twelve-month dividend yield over the prior twelve months. Underlying Index constituents must be a part of the Dow Jones Industrial Average™.

The Fund is “non-diversified” and therefore is not required to meet certain diversification requirements under the Investment Company Act of 1940, as amended (the “1940 Act”).

Principal Risks of Investing in the Fund

The following summarizes the principal risks of the Fund.

The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.

Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole,

Industry Concentration Risk. In following its methodology, the Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that the Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, the Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Issuer-Specific Changes Risk. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.

Market Trading Risk. The Fund faces numerous market trading risks, including the potential lack of an active market for the Shares, losses from trading in secondary markets, and disruption

in the creation/redemption process of the Fund. Any of these factors may lead to the Shares trading at a premium or discount to the Fund’s NAV.

Performance

The bar chart below shows how the Fund has performed. The table below the bar chart shows the Fund’s average annual total returns (before and after taxes). The bar chart and table provide an indication of the risks of investing in the Fund by showing how the Fund’s total returns have varied from year to year and by showing how the Fund’s average annual total returns compared with a broad measure of market performance and an additional index with characteristics relevant to the Fund. Although the information shown in the bar chart and the table gives you some idea of the risks involved in investing in the Fund, the Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future.

The Fund is the successor to the investment performance of the Guggenheim Dow Jones Industrial Average Dividend ETF (the “Predecessor Fund”) as a result of the reorganization of the Predecessor Fund into the Fund, which was consummated after the close of business on April 6, 2018. Accordingly, the performance information shown below for periods ending on or prior to April 6, 2018 is that of the Predecessor Fund. Updated performance information is available online at www.invesco.com/ETFs.

Annual Total Returns—Calendar Years

LOGO



Best Quarter		Worst Quarter
8.86% (3rd Quarter 2018)		(7.55)% (4th Quarter 2018)

The Fund’s year-to-date total return for the six months ended June 30, 2019 was 13.35%.

Average Annual Total Returns for the Periods Ended December 31, 2018



	1 Year			Since Inception (12/16/15)
Return Before Taxes		0.11	%		12.28	%
Return After Taxes on Distributions		(0.51	)%		11.16	%
Return After Taxes on Distributions and Sale of Fund Shares		0.51	%		9.15	%
Dow Jones Industrial Average Yield Weighted (reflects no deduction for fees, expenses or taxes)		0.25	%		12.62	%
Dow Jones Industrial Average Index (reflects no deduction for fees, expenses or taxes)		(3.48	)%		12.08	%

Management of the Fund

Investment Adviser. Invesco Capital Management LLC (the “Adviser”).

Portfolio Managers. The following individuals are responsible jointly and primarily for the day-to-day management of the Fund’s portfolio:



Name	Title with Adviser/Trust	Date Began Managing the Fund
Peter Hubbard	Director of Portfolio Management of the Adviser and Vice President of the Trust	April 2018
Michael Jeanette	Senior Portfolio Manager of the Adviser	April 2018
Tony Seisser	Portfolio Manager of the Adviser	April 2018

Purchase and Sale of Shares

The Fund issues and redeems Shares at NAV only with APs and only in large blocks of 50,000 Shares (each block of Shares is called a “Creation Unit”) or multiples thereof (“Creation Unit

Aggregations”), generally in exchange for the deposit or delivery of a basket of securities. However, the Fund also reserves the right to permit or require Creation Units to be issued in exchange for cash. Except when aggregated in Creation Units, the Shares are not redeemable securities of the Fund.

Tax Information

The Fund’s distributions generally are taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account, in which case your distributions may be taxed as ordinary income when withdrawn from such account.

Payments to Broker-Dealers and Other Financial Intermediaries

The Invesco DWA Basic Materials Momentum ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Basic Materials Technical Leaders Index (the “Underlying Index”).

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waivers and Expense Assumption in the first two years and the Total Annual Fund Operating Expenses thereafter. This example does not include the brokerage commissions that investors may pay to buy and sell Shares. Although your actual costs may be higher or lower, your costs, based on these assumptions, would be:

Principal Investment Strategies

The Fund generally will invest at least 90% of its total assets in the securities that comprise the Underlying Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (“Dorsey Wright” or the “Index Provider”) compiles and maintains the Underlying Index, which is composed of at least 30 securities of companies in the basic materials sector that have powerful relative strength or “momentum” characteristics. Dorsey Wright selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index, a market capitalization-weighted index designed to track the performance of the U.S. equity market. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price as compared to that of a benchmark index.

The Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Underlying Index is based on upward price movements of the security as compared to a representative benchmark and other eligible securities within the universe.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the basic materials sector, as determined by the Index Provider, for inclusion in the Underlying Index. Companies in the basic materials sector are principally engaged in the business of producing raw materials, including paper or wood products, chemicals, construction materials, and mining and metals.

The total number of securities in the Underlying Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Underlying Index. As of June 30, 2019, the Underlying Index consisted of 47 securities. The Index Provider weights each security by its momentum score, with higher-scoring securities representing a greater weight in the Underlying Index.

concentrate its investments in securities of issuers in any one industry or group of industries. As of April 30, 2019, the Fund had significant exposure to the basic materials sector. The Fund’s portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time.

Principal Risks of Investing in the Fund

The following summarizes the principal risks of the Fund.

The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.

Industry Concentration Risk. In following its methodology, the Underlying Index will be concentrated to a significant degree in securities of issuers located in a single industry or industry group. As a result, the Fund will also concentrate its investments in such industry or industry group to approximately the same extent. By concentrating its investments in an industry or industry group, the Fund faces more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Basic Materials Sector Risk. Changes in world events, political, environmental and economic conditions, energy conservation, environmental policies, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources and labor relations may adversely affect the companies engaged in the production and distribution of basic materials.

Momentum Investing Risk. The momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of the Fund may suffer.

Non-Correlation Risk. The Fund’s return may not match the return of the Underlying Index for a number of reasons. For example, the

Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Underlying Index. In addition, the performance of the Fund and the Underlying Index may vary due to asset valuation differences and differences between the Fund’s portfolio and the Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Performance

The bar chart below shows how the Fund has performed. The table below the bar chart shows the Fund’s average annual total returns (before and after taxes). The bar chart and table provide an indication of the risks of investing in the Fund by showing how the Fund’s total returns have varied from year to year and by showing how the Fund’s average annual total returns compared with a broad measure of market performance and additional indexes with characteristics relevant to the Fund. The Fund’s performance reflects fee waivers, if any, absent which performance would have been lower. Although the information shown in the bar chart and the table gives you some idea of the risks involved in investing in the Fund, the Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. Updated performance information is available online at www.invesco.com/ETFs.

Annual Total Returns—Calendar Years

LOGO

The Fund’s year-to-date total return for the six months ended June 30, 2019 was 13.71%.



Best Quarter		Worst Quarter
24.95% (2nd Quarter 2009)		(28.84)% (3rd Quarter 2011)

Average Annual Total Returns for the Periods Ended December 31, 2018



	1 Year			5 Years			10 Years
Return Before Taxes		(23.32	)%		1.96	%		12.12	%
Return After Taxes on Distributions		(23.50	)%		1.72	%		11.84	%
Return After Taxes on Distributions and Sale of Fund Shares		(13.63	)%		1.51	%		10.14	%
Dorsey Wright^® Basic Materials Technical Leaders Index⁽¹⁾ (reflects no deduction for fees, expenses or taxes)		(22.82	)%		2.57	%		N/A
Blended-Dorsey Wright^® Basic Materials Technical Leaders Index⁽²⁾ (reflects no deduction for fees, expenses or taxes)		(22.82	)%		2.62	%		13.00	%
S&P 500^® Materials Index (reflects no deduction for fees, expenses or taxes)		(14.70	)%		3.84	%		11.07	%

(1)

Effective February 19, 2014, the Fund changed its underlying index from the Dynamic Basic Materials Sector Intellidex^SM Index to the DWA Basic Materials Technical Leaders^TM Index. Effective July 1, 2015, DWA Basic Materials Technical Leaders^TM Index changed its name to Dorsey Wright^® Basic Materials Technical Leaders Index. Prior to the commencement date of March 18, 2013, performance for the Underlying Index is not available.

(2)

The “Blended-Dorsey Wright^® Basic Materials Technical Leaders Index” reflects the performance of the Dynamic Basic Materials Sector Intellidex^SM Index, the former underlying index, prior to February 19, 2014, and the Dorsey Wright^® Basic Materials Technical Leaders Index thereafter.

Management of the Fund

Investment Adviser. Invesco Capital Management LLC (the “Adviser”).

Portfolio Managers. The following individuals are responsible jointly and primarily for the day-to-day management of the Fund’s portfolio:



Name	Title with Adviser/Trust	Date Began Managing the Fund
Peter Hubbard	Director of Portfolio Management of the Adviser and Vice President of the Trust	June 2007
Michael Jeanette	Senior Portfolio Manager of the Adviser	August 2008
Tony Seisser	Portfolio Manager of the Adviser	August 2014

Purchase and Sale of Shares

Tax Information

The Fund’s distributions generally are taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account, in which case your distributions may be taxed as ordinary income when withdrawn from such account.

Payments to Broker-Dealers and Other Financial Intermediaries

The Invesco DWA Consumer Cyclicals Momentum ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Consumer Cyclicals Technical Leaders Index (the “Underlying Index”).

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waivers and Expense Assumption in the first two years and the Total Annual Fund Operating Expenses thereafter. This example does not include the brokerage commissions that investors may pay to buy and sell Shares. Although your actual costs may be higher or lower, your costs, based on these assumptions, would be:

Principal Investment Strategies

The Fund generally will invest at least 90% of its total assets in the securities that comprise the Underlying Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (“Dorsey Wright” or the “Index Provider”) compiles and maintains the Underlying Index, which is composed of at least 30 securities of companies in the consumer discretionary (or cyclicals) sector that have powerful relative strength or “momentum” characteristics. Dorsey Wright selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index, a market capitalization-weighted index designed to track the performance of the U.S. equity market. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price as compared to that of a benchmark index.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the consumer discretionary sector, as determined by the Index Provider, for inclusion in the Underlying Index. Companies in the consumer discretionary sector are principally engaged in the businesses of providing consumer goods and services that are cyclical in nature, including retail, automotive, leisure and recreation, media and home construction and furnishing.

The total number of securities in the Underlying Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Underlying Index. As of June 30, 2019, the Underlying Index consisted of 39 securities. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Underlying Index.

Concentration Policy. The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in securities of issuers in any one industry or group of industries only

to the extent that the Underlying Index reflects a concentration in that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries. As of April 30, 2019, the Fund had significant exposure to the consumer discretionary (or cyclicals) sector. The Fund’s portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time.

Principal Risks of Investing in the Fund

The following summarizes the principal risks of the Fund.

The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.

anticipated dividend payments, may depress the value of common stock.

Consumer Discretionary Sector Risk. Companies engaged in the consumer discretionary sector are affected by fluctuations in supply and demand and changes in consumer preferences, social trends and marketing campaigns. Changes in discretionary consumer spending as a result of world events, political and economic conditions, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources and labor relations also may adversely affect these companies.

and therefore, the investment performance of the Fund may suffer.

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

Performance

The bar chart below shows how the Fund has performed. The table below the bar chart shows the Fund’s average annual total returns (before and after taxes). The bar chart and table provide an indication of the risks of investing in the Fund by showing how the Fund’s total returns have varied from year to year and by showing how the Fund’s average annual total returns compared with a broad measure of market performance and additional indexes with characteristics relevant to the Fund. The Fund’s performance reflects fee waivers, if any, absent which performance would have been lower. Although the information shown in the bar chart and the table gives you some idea of the risks involved in investing in the Fund, the Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. Updated performance information is available online at www.invesco.com/ETFs.

Annual Total Returns—Calendar Years

LOGO

The Fund’s year-to-date total return for the six months ended June 30, 2019 was 18.56%.



Best Quarter		Worst Quarter
17.07% (1st Quarter 2012)		(21.91)% (4th Quarter 2018)

Average Annual Total Returns for the Periods Ended December 31, 2018



	1 Year			5 Years			10 Years
Return Before Taxes		(6.30	)%		3.02	%		12.15	%
Return After Taxes on Distributions		(6.39	)%		2.90	%		12.02	%
Return After Taxes on Distributions and Sale of Fund Shares		(3.67	)%		2.33	%		10.17	%
Dorsey Wright^® Consumer Cyclicals Technical Leaders Index⁽¹⁾ (reflects no deduction for fees, expenses or taxes)		(5.96	)%		4.44	%		N/A
Blended-Dorsey Wright^® Consumer Cyclicals Technical Leaders Index⁽²⁾ (reflects no deduction for fees, expenses or taxes)		(5.96	)%		3.56	%		12.86	%
S&P 500^® Consumer Discretionary Index (reflects no deduction for fees, expenses or taxes)		0.83	%		9.69	%		18.35	%

(1)

Effective February 19, 2014, the Fund changed its underlying index from the Dynamic Consumer Discretionary Sector Intellidex^SM Index to the DWA Consumer Cyclicals Technical Leaders^TM Index. Prior to the commencement date of March 18, 2013, performance for the Underlying Index is not available.

(2)

The “Blended-Dorsey Wright^® Consumer Cyclicals Technical Leaders Index” reflects the performance of the Dynamic Consumer Discretionary Sector Intellidex^SM Index, the former underlying index, prior to February 19, 2014, and the Dorsey Wright^® Consumer Cyclicals Technical Leaders Index thereafter.

Management of the Fund

Investment Adviser. Invesco Capital Management LLC (the “Adviser”).

Portfolio Managers. The following individuals are responsible jointly and primarily for the day-to-day management of the Fund’s portfolio:



Name	Title with Adviser/Trust	Date Began Managing the Fund
Peter Hubbard	Director of Portfolio Management of the Adviser and Vice President of the Trust	June 2007
Michael Jeanette	Senior Portfolio Manager of the Adviser	August 2008
Tony Seisser	Portfolio Manager of the Adviser	August 2014

Purchase and Sale of Shares

for cash. Except when aggregated in Creation Units, the Shares are not redeemable securities of the Fund.

Tax Information

The Fund’s distributions generally are taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account, in which case your distributions may be taxed as ordinary income when withdrawn from such account.

Payments to Broker-Dealers and Other Financial Intermediaries

The Invesco DWA Consumer Staples Momentum ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Consumer Staples Technical Leaders Index (the “Underlying Index”).

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waivers and Expense Assumption in the first two years and the Total Annual Fund Operating Expenses thereafter. This example does not include the brokerage commissions that investors may pay to buy and sell Shares. Although your actual costs may be higher or lower, your costs, based on these assumptions, would be:

Principal Investment Strategies

The Fund generally will invest at least 90% of its total assets in the securities that comprise the Underlying Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (“Dorsey Wright” or the “Index Provider”) compiles and maintains the Underlying Index, which is composed of at least 30 securities of companies in the consumer staples sector that have powerful relative strength or “momentum” characteristics. Dorsey Wright selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index, a market capitalization-weighted index designed to track the performance of the U.S. equity market. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price as compared to that of a benchmark index.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the consumer staples sector, as determined by the Index Provider, for inclusion in the Underlying Index. Companies in the consumer staples sector are principally engaged in the businesses of providing consumer goods and services that have non-cyclical characteristics, including tobacco, textiles, food and beverages, and non-discretionary retail goods and services.

The total number of securities in the Underlying Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Underlying Index. As of June 30, 2019, the Underlying Index consisted of 35 securities. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Underlying Index.

that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries. As of April 30, 2019, the Fund had significant exposure to the consumer staples sector. The Fund’s portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time.

Principal Risks of Investing in the Fund

The following summarizes the principal risks of the Fund.

The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.

Index Risk. Unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, the Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming.

Consumer Staples Sector Risk. Changes in the worldwide economy, consumer spending, competition, demographics and consumer preferences, exploration and production spending may adversely affect companies in the consumer staples sector. Companies in this sector also are affected by changes in government regulation, world events and economic conditions, as well as natural and man-made disasters and political, social or labor unrest that affect production and distribution of consumer staple products.

Performance

The bar chart below shows how the Fund has performed. The table below the bar chart shows the Fund’s average annual total returns (before and after taxes). The bar chart and table provide an indication of the risks of investing in the Fund by showing how the Fund’s total returns have varied from year to year and by showing how the Fund’s average annual total returns compared with a broad measure of market performance and additional indexes with characteristics relevant to the Fund. The Fund’s performance reflects fee waivers, if any, absent which performance would have been lower. Although the information shown in the bar chart and the table gives you some idea of the risks involved in investing in the Fund, the Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. Updated performance information is available online at www.invesco.com/ETFs.

Annual Total Returns—Calendar Years

LOGO

The Fund’s year-to-date total return for the six months ended June 30, 2019 was 10.02%.



Best Quarter		Worst Quarter
16.59% (2nd Quarter 2009)		(10.20)% (1st Quarter 2009)

Average Annual Total Returns for the Periods Ended December 31, 2018



	1 Year			5 Years			10 Years
Return Before Taxes		1.52	%		9.34	%		13.65	%
Return After Taxes on Distributions		1.34	%		9.06	%		13.34	%
Return After Taxes on Distributions and Sale of Fund Shares		1.03	%		7.36	%		11.46	%
Dorsey Wright^® Consumer Staples Technical Leaders Index⁽¹⁾ (reflects no deduction for fees, expenses or taxes)		2.10	%		9.82	%		N/A
Blended-Dorsey Wright^® Consumer Staples Technical Leaders Index⁽²⁾ (reflects no deduction for fees, expenses or taxes)		2.10	%		10.00	%		14.39	%
S&P 500^® Consumer Staples Index (reflects no deduction for fees, expenses or taxes)		(8.38	)%		6.26	%		10.96	%

(1)

Effective February 19, 2014, the Fund changed its underlying index from the Dynamic Consumer Staples Sector Intellidex^SM Index to the DWA Consumer Staples Technical Leaders^TM Index. Effective July 1, 2015, DWA Consumer Staples Technical Leaders^TM Index changed its name to Dorsey Wright^® Consumer Staples Technical Leaders Index. Prior to the commencement date of March 18, 2013, performance for the Underlying Index is not available.

(2)

The “Blended-Dorsey Wright^® Consumer Staples Technical Leaders Index” reflects the performance of the Dynamic Consumer Staples Sector Intellidex^SM Index, the former underlying index, prior to February 19, 2014, and the Dorsey Wright^® Consumer Staples Technical Leaders Index thereafter.

Management of the Fund

Investment Adviser. Invesco Capital Management LLC (the “Adviser”).

Portfolio Managers. The following individuals are responsible jointly and primarily for the day-to-day management of the Fund’s portfolio:



Name	Title with Adviser/Trust	Date Began Managing the Fund
Peter Hubbard	Director of Portfolio Management of the Adviser and Vice President of the Trust	June 2007
Michael Jeanette	Senior Portfolio Manager of the Adviser	August 2008
Tony Seisser	Portfolio Manager of the Adviser	August 2014

Purchase and Sale of Shares

for cash. Except when aggregated in Creation Units, the Shares are not redeemable securities of the Fund.

Tax Information

The Fund’s distributions generally are taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account, in which case your distributions may be taxed as ordinary income when withdrawn from such account.

Payments to Broker-Dealers and Other Financial Intermediaries

The Invesco DWA Energy Momentum ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Energy Technical Leaders Index (the “Underlying Index”).

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waivers and Expense Assumption in the first two years and the Total Annual Fund Operating Expenses thereafter. This example does not include the brokerage commissions that investors may pay to buy and sell Shares. Although your actual costs may be higher or lower, your costs, based on these assumptions, would be:

Principal Investment Strategies

The Fund generally will invest at least 90% of its total assets in the securities that comprise the Underlying Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (“Dorsey Wright” or the “Index Provider”) compiles and maintains the Underlying Index, which is composed of at least 30 securities of companies in the energy sector that have powerful relative strength or “momentum” characteristics. Dorsey Wright selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index, a market capitalization-weighted index designed to track the performance of the U.S. equity market. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price as compared to that of a benchmark index.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the energy sector, as determined by the Index Provider, for inclusion in the Underlying Index. Companies in the energy sector are principally engaged in the business of producing, distributing or servicing energy-related products, including oil and gas exploration and production, refining, oil services, pipeline, and solar, wind and other non-oil based energy.

The total number of securities in the Underlying Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Underlying Index. As of June 30, 2019, the Underlying Index consisted of 38 securities. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Underlying Index.

that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries. As of April 30, 2019, the Fund had significant exposure to the energy sector. The Fund’s portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time.

Principal Risks of Investing in the Fund

The following summarizes the principal risks of the Fund.

The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.

Energy Sector Risk. Changes in worldwide energy prices, exploration and production spending may adversely affect companies in the energy sector. In addition, changes in government regulation, world events and economic conditions can affect these companies. These companies also are at risk of civil liability from accidents resulting in injury, loss of life or property, pollution or other environmental damage claims and risk of loss from terrorism and natural disasters. Commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources, development of alternative energy sources, technological developments and labor relations also could affect companies in this sector.

be periods when the momentum style of investing is out of favor and therefore, the investment performance of the Fund may suffer.

Performance

The bar chart below shows how the Fund has performed. The table below the bar chart shows the Fund’s average annual total returns (before and after taxes). The bar chart and table provide an indication of the risks of investing in the Fund by showing how the Fund’s total returns have varied from year to year and by showing how the Fund’s average annual total returns compared with a broad measure of market performance and additional indexes with characteristics relevant to the Fund. The Fund’s performance reflects fee waivers, if any, absent which performance would have been lower. Although the information shown in the bar chart and the table gives you some idea of the risks involved in investing in the Fund, the Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. Updated performance information is available online at www.invesco.com/ETFs.

Annual Total Returns—Calendar Years

LOGO

The Fund’s year-to-date total return for the six months ended June 30, 2019 was 5.80%.



Best Quarter		Worst Quarter
29.88% (2nd Quarter 2009)		(35.23)% (4th Quarter 2018)

Average Annual Total Returns for the Periods Ended December 31, 2018



	1 Year			5 Years			10 Years
Return Before Taxes		(27.35	)%		(11.60	)%		5.00	%
Return After Taxes on Distributions		(27.48	)%		(11.81	)%		4.80	%
Return After Taxes on Distributions and Sale of Fund Shares		(16.06	)%		(8.21	)%		4.09	%
Dorsey Wright^® Energy Technical Leaders Index⁽¹⁾ (reflects no deduction for fees, expenses or taxes)		(26.94	)%		(10.69	)%		N/A
Blended-Dorsey Wright^® Energy Technical Leaders Index⁽²⁾ (reflects no deduction for fees, expenses or taxes)		(26.94	)%		(11.10	)%		5.60	%
S&P 500^® Energy Index (reflects no deduction for fees, expenses or taxes)		(18.10	)%		(5.56	)%		3.50	%

(1)

Effective February 19, 2014, the Fund changed its underlying index from the Dynamic Energy Sector Intellidex^SM Index to the DWA Energy Technical Leaders^TM Index. Effective July 1, 2015, DWA Energy Technical Leaders^TM Index changed its name to Dorsey Wright^® Energy Technical Leaders Index. Prior to the commencement date of March 18, 2013, performance for the Underlying Index is not available.

(2)

The “Blended-Dorsey Wright^® Energy Technical Leaders Index” reflects performance of the Dynamic Energy Sector Intellidex^SM Index, the former underlying index, prior to February 19, 2014, and the Dorsey Wright^® Energy Technical Leaders Index thereafter.

Management of the Fund

Investment Adviser. Invesco Capital Management LLC (the “Adviser”).

Portfolio Managers. The following individuals are responsible jointly and primarily for the day-to-day management of the Fund’s portfolio:



Name	Title with Adviser/Trust	Date Began Managing the Fund
Peter Hubbard	Director of Portfolio Management of the Adviser and Vice President of the Trust	June 2007
Michael Jeanette	Senior Portfolio Manager of the Adviser	August 2008
Tony Seisser	Portfolio Manager of the Adviser	August 2014

Purchase and Sale of Shares

for cash. Except when aggregated in Creation Units, the Shares are not redeemable securities of the Fund.

Tax Information

The Fund’s distributions generally are taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account, in which case your distributions may be taxed as ordinary income when withdrawn from such account.

Payments to Broker-Dealers and Other Financial Intermediaries

The Invesco DWA Financial Momentum ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Financials Technical Leaders Index (the “Underlying Index”).

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waivers and Expense Assumption in the first two years and the Total Annual Fund Operating Expenses thereafter. This example does not include the brokerage commissions that investors may pay to buy and sell Shares. Although your actual costs may be higher or lower, your costs, based on these assumptions, would be:

Principal Investment Strategies

The Fund generally will invest at least 90% of its total assets in the securities that comprise the Underlying Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (“Dorsey Wright” or the “Index Provider”) compiles and maintains the Underlying Index, which is composed of at least 30 securities of companies in the financials sector that have powerful relative strength or “momentum” characteristics. Dorsey Wright selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index, a market capitalization-weighted index designed to track the performance of the U.S. equity market. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price as compared to that of a benchmark index.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the financials sector, as determined by the Index Provider, for inclusion in the Underlying Index. Companies in the financials sector are principally engaged in the business of providing services and products, including banking, investment services, insurance and real estate finance services.

The total number of securities in the Underlying Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Underlying Index. As of June 30, 2019, the Underlying Index consisted of 42 securities. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Underlying Index.

concentrate its investments in securities of issuers in any one industry or group of industries. As of April 30, 2019, the Fund had significant exposure to the financials sector. The Fund’s portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time.

Principal Risks of Investing in the Fund

The following summarizes the principal risks of the Fund.

The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.

Financials Sector Risk. The Fund may be susceptible to adverse economic or regulatory occurrences affecting the financial services sector. Financial services companies are subject to extensive government regulation and, as a result, their profitability may be affected by new regulations or regulatory interpretations. Unstable interest rates can have a disproportionate effect on the financial services sector and financial services companies whose securities the Fund may purchase may themselves have concentrated portfolios, which makes them vulnerable to economic conditions that affect that sector. Financial services companies have also been affected by increased competition, which could adversely affect the profitability or viability of such companies.

be periods when the momentum style of investing is out of favor and therefore, the investment performance of the Fund may suffer.

Performance

The bar chart below shows how the Fund has performed. The table below the bar chart shows the Fund’s average annual total returns (before and after taxes). The bar chart and table provide an indication of the risks of investing in the Fund by showing how the Fund’s total returns have varied from year to year and by showing how the Fund’s average annual total returns compared with a broad measure of market performance and additional indexes with characteristics relevant to the Fund. The Fund’s performance reflects fee waivers, if any, absent which performance would have been lower. Although the information shown in the bar chart and the table gives you some idea of the risks involved in investing in the Fund, the Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. Updated performance information is available online at www.invesco.com/ETFs.

Annual Total Returns—Calendar Years

LOGO

The Fund’s year-to-date total return for the six months ended June 30, 2019 was 30.41%.



Best Quarter		Worst Quarter
16.82% (4th Quarter 2011)		(23.14)% (1st Quarter 2009)

Average Annual Total Returns for the Periods Ended December 31, 2018



	1 Year			5 Years			10 Years
Return Before Taxes		(16.66	)%		0.99	%		6.25	%
Return After Taxes on Distributions		(17.00	)%		0.63	%		5.94	%
Return After Taxes on Distributions and Sale of Fund Shares		(9.56	)%		0.75	%		5.03	%
Dorsey Wright^® Financials Technical Leaders Index⁽¹⁾ (reflects no deduction for fees, expenses or taxes)		(16.16	)%		1.96	%		N/A
Blended-Dorsey Wright^® Financials Technical Leaders Index⁽²⁾ (reflects no deduction for fees, expenses or taxes)		(16.16	)%		1.64	%		7.05	%
S&P 500^® Financials Index (reflects no deduction for fees, expenses or taxes)		(13.03	)%		8.16	%		10.92	%

(1)

Effective February 19, 2014, the Fund changed its underlying index from the Dynamic Financial Sector Intellidex^SM Index to the DWA Financials Technical Leaders^TM Index. Effective July 1, 2015, DWA Financials Technical Leaders^TM Index changed its name to Dorsey Wright^® Financials Technical Leaders Index. Prior to the commencement date of March 18, 2013, performance for the Underlying Index is not available.

(2)

The “Blended-Dorsey Wright^® Financials Technical Leaders Index” reflects the performance of the Dynamic Financial Sector Intellidex^SM Index, the former underlying index, prior to February 19, 2014, and the Dorsey Wright^® Financials Technical Leaders Index thereafter.

Management of the Fund

Investment Adviser. Invesco Capital Management LLC (the “Adviser”).

Portfolio Managers. The following individuals are responsible jointly and primarily for the day-to-day management of the Fund’s portfolio:



Name	Title with Adviser/Trust	Date Began Managing the Fund
Peter Hubbard	Director of Portfolio Management of the Adviser and Vice President of the Trust	June 2007
Michael Jeanette	Senior Portfolio Manager of the Adviser	August 2008
Tony Seisser	Portfolio Manager of the Adviser	August 2014

Purchase and Sale of Shares

for cash. Except when aggregated in Creation Units, the Shares are not redeemable securities of the Fund.

Tax Information

The Fund’s distributions generally are taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account, in which case your distributions may be taxed as ordinary income when withdrawn from such account.

Payments to Broker-Dealers and Other Financial Intermediaries

The Invesco DWA Healthcare Momentum ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Healthcare Technical Leaders Index (the “Underlying Index”).

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waivers and Expense Assumption in the first two years and the Total Annual Fund Operating Expenses thereafter. This example does not include the brokerage commissions that investors may pay to buy and sell Shares. Although your actual costs may be higher or lower, your costs, based on these assumptions, would be:

Principal Investment Strategies

The Fund generally will invest at least 90% of its total assets in the securities that comprise the Underlying Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (“Dorsey Wright” or the “Index Provider”) compiles and maintains the Underlying Index, which is composed of at least 30 securities of companies in the healthcare sector that have powerful relative strength or “momentum” characteristics. Dorsey Wright selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index, a market capitalization-weighted index designed to track the performance of the U.S. equity market. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price as compared to that of a benchmark index.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the healthcare sector, as determined by the Index Provider, for inclusion in the Underlying Index. Companies in the healthcare sector are principally engaged in the business of providing healthcare-related products and services, including biotechnology, pharmaceuticals, medical technology and supplies, and facilities.

The total number of securities in the Underlying Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Underlying Index. As of June 30, 2019, the Underlying Index consisted of 46 securities. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Underlying Index.

that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries. As of April 30, 2019, the Fund had significant exposure to the health care sector. The Fund’s portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time.

Principal Risks of Investing in the Fund

The following summarizes the principal risks of the Fund.

The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.

Health Care Sector Risk. Factors such as extensive government regulation, restrictions on government reimbursement for medical expenses, rising costs of medical products, services and facilities, pricing pressure, an increased emphasis on outpatient services, limited number of products, industry innovation, costs associated with obtaining and protecting patents, product liability and other claims, changes in technologies and other market developments can affect companies in the health care sector.

Performance

The bar chart below shows how the Fund has performed. The table below the bar chart shows the Fund’s average annual total returns (before and after taxes). The bar chart and table provide an indication of the risks of investing in the Fund by showing how the Fund’s total returns have varied from year to year and by showing how the Fund’s average annual total returns compared with a broad measure of market performance and additional indexes with characteristics relevant to the Fund. The Fund’s performance reflects fee waivers, if any, absent which performance would have been lower. Although the information shown in the bar chart and the table gives you some idea of the risks involved in investing in the Fund, the Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. Updated performance information is available online at www.invesco.com/ETFs.

Annual Total Returns—Calendar Years

LOGO

The year-to-date total return for the six months ended June 30, 2019 was 23.34%.



Best Quarter		Worst Quarter
17.89% (3rd Quarter 2016)		(27.55)% (4th Quarter 2018)

Average Annual Total Returns for the Periods Ended December 31, 2018



	1 Year			5 Years			10 Years
Return Before Taxes		(0.86	)%		8.56	%		14.03	%
Return After Taxes on Distributions		(0.86	)%		8.56	%		14.00	%
Return After Taxes on Distributions and Sale of Fund Shares		(0.51	)%		6.76	%		11.86	%
Dorsey Wright^® Healthcare Technical Leaders Index⁽¹⁾ (reflects no deduction for fees, expenses or taxes)		(0.25	)%		10.60	%		N/A
Blended-Dorsey Wright^® Healthcare Technical Leaders Index⁽²⁾ (reflects no deduction for fees, expenses or taxes)		(0.25	)%		9.26	%		14.83	%
S&P 500^® Health Care Index (reflects no deduction for fees, expenses or taxes)		6.47	%		11.12	%		14.65	%

(1)

Effective February 19, 2014, the Fund changed its underlying index from the Dynamic Healthcare Sector Intellidex^SM Index to the DWA Healthcare Technical Leaders^TM Index. Effective July 1, 2015, DWA Healthcare Technical Leaders^TM Index changed its name to Dorsey Wright^® Healthcare Technical Leaders Index. Prior to the commencement date of March 18, 2013, performance for the Underlying Index is not available.

(2)

The Blended—Dorsey Wright^® Healthcare Technical Leaders Index reflects the performance of the Dynamic Healthcare Sector Intellidex^SM Index, the former underlying index, prior to February 19, 2014, and the Dorsey Wright^® Healthcare Technical Leaders Index thereafter.

Management of the Fund

Investment Adviser. Invesco Capital Management LLC (the “Adviser”).

Portfolio Managers. The following individuals are responsible jointly and primarily for the day-to-day management of the Fund’s portfolio:



Name	Title with Adviser/Trust	Date Began Managing the Fund
Peter Hubbard	Director of Portfolio Management of the Adviser and Vice President of the Trust	June 2007
Michael Jeanette	Senior Portfolio Manager of the Adviser	August 2008
Tony Seisser	Portfolio Manager of the Adviser	August 2014

Purchase and Sale of Shares

for cash. Except when aggregated in Creation Units, the Shares are not redeemable securities of the Fund.

Tax Information

The Fund’s distributions generally are taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account, in which case your distributions may be taxed as ordinary income when withdrawn from such account.

Payments to Broker-Dealers and Other Financial Intermediaries

The Invesco DWA Industrials Momentum ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Industrials Technical Leaders Index (the “Underlying Index”).

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waivers and Expense Assumption in the first two years and the Total Annual Fund Operating Expenses thereafter. This example does not include the brokerage commissions that investors may pay to buy and sell Shares. Although your actual costs may be higher or lower, your costs, based on these assumptions, would be:

Principal Investment Strategies

The Fund generally will invest at least 90% of its total assets in the securities that comprise the Underlying Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (“Dorsey Wright” or the “Index Provider”) compiles and maintains the Underlying Index, which is composed of at least 30 securities of companies in the industrials sector that have powerful relative strength or “momentum” characteristics. Dorsey Wright selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index, a market capitalization-weighted index designed to track the performance of the U.S. equity market. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price as compared to that of a benchmark index.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the industrials sector, as determined by the Index Provider, for inclusion in the Underlying Index. Companies in the industrials sector are principally engaged in the business of providing industrial products and services, including engineering, heavy machinery, construction, electrical equipment, aerospace and defense and general manufacturing products and services.

The total number of securities in the Underlying Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Underlying Index. As of June 30, 2019, the Underlying Index consisted of 40 securities. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Underlying Index.

that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries. As of April 30, 2019, the Fund had significant exposure to the industrials sector. The Fund’s portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time.

Principal Risks of Investing in the Fund

The following summarizes the principal risks of the Fund.

The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.

Performance

The bar chart below shows how the Fund has performed. The table below the bar chart shows the Fund’s average annual total returns (before and after taxes). The bar chart and table provide an indication of the risks of investing in the Fund by showing how the Fund’s total returns have varied from year to year and by showing how the Fund’s average annual total returns compared with a broad measure of market performance and additional indexes with characteristics relevant to the Fund. The Fund’s performance reflects fee waivers, if any, absent which performance would have been lower. Although the information shown in the bar chart and the table gives you some idea of the risks involved in investing in the Fund, the Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. Updated performance information is available online at www.invesco.com/ETFs.

Annual Total Returns—Calendar Years

LOGO

The Fund’s year-to-date total return for the six months ended June 30, 2019 was 29.90%.



Best Quarter		Worst Quarter
21.71% (2nd Quarter 2009)		(24.78)% (3rd Quarter 2011)

Average Annual Total Returns for the Periods Ended December 31, 2018



	1 Year			5 Years			10 Years
Return Before Taxes		(15.54	)%		1.89	%		11.03	%
Return After Taxes on Distributions		(15.60	)%		1.78	%		10.88	%
Return After Taxes on Distributions and Sale of Fund Shares		(9.16	)%		1.45	%		9.18	%
Dorsey Wright^® Industrials Technical Leaders Index⁽¹⁾ (reflects no deduction for fees, expenses or taxes)		(15.03	)%		2.60	%		N/A
Blended-Dorsey Wright^® Industrials Technical Leaders Index⁽²⁾ (reflects no deduction for fees, expenses or taxes)		(15.03	)%		2.55	%		11.94	%
S&P 500^® Industrials Index (reflects no deduction for fees, expenses or taxes)		(13.29	)%		5.95	%		12.68	%

(1)

Effective February 19, 2014, the Fund changed its underlying index from the Dynamic Industrials Sector Intellidex^SM Index to the DWA Industrials Technical Leaders^TM Index. Effective July 1, 2015, DWA Industrials Technical Leaders^TM Index changed its name to Dorsey Wright^® Industrials Technical Leaders Index. Prior to the commencement date of March 18, 2013, performance for the Underlying Index is not available.

(2)

The Blended-Dorsey Wright^® Industrials Technical Leaders Index reflects the performance of the Dynamic Industrials Sector Intellidex^SMIndex, the former underlying index, prior to February 19, 2014, and the Dorsey Wright^® Industrials Technical Leaders Index thereafter.

Management of the Fund

Investment Adviser. Invesco Capital Management LLC (the “Adviser”).

Portfolio Managers. The following individuals are responsible jointly and primarily for the day-to-day management of the Fund’s portfolio:



Name	Title with Adviser/Trust	Date Began Managing the Fund
Peter Hubbard	Director of Portfolio Management of the Adviser and Vice President of the Trust	June 2007
Michael Jeanette	Senior Portfolio Manager of the Adviser	August 2008
Tony Seisser	Portfolio Manager of the Adviser	August 2014

Purchase and Sale of Shares

for cash. Except when aggregated in Creation Units, the Shares are not redeemable securities of the Fund.

Tax Information

The Fund’s distributions generally are taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account, in which case your distributions may be taxed as ordinary income when withdrawn from such account.

Payments to Broker-Dealers and Other Financial Intermediaries

The Invesco DWA Momentum ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Technical Leaders Index (the “Underlying Index”).

The Fund generally will invest at least 90% of its total assets in the securities that comprise the Underlying Index.

strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market over a set period, or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price as compared to that of a benchmark index.

The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Underlying Index.

Concentration Policy. The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries. As of April 30, 2019, the Fund had significant exposure to the information technology sector. The Fund’s portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time.

Principal Risks of Investing in the Fund

The following summarizes the principal risks of the Fund.

The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.

number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem Creation Units (as defined below), this may result in a significantly diminished trading market for Shares, and Shares may be more likely to trade at a premium or discount to the Fund’s net asset value (“NAV”) and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

Information Technology Sector Risk. Factors such as the failure to obtain, or delays in obtaining, financing or

regulatory approval, intense competition, product compatibility, consumer preferences, corporate capital expenditure, rapid obsolescence, competition from alternative technologies, and research and development of new products may significantly affect the market value of securities of issuers in the information technology sector.

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

Performance

The bar chart below shows how the Fund has performed. The table below the bar chart shows the Fund’s average annual total

returns (before and after taxes). The bar chart and table provide an indication of the risks of investing in the Fund by showing how the Fund’s total returns have varied from year to year and by showing how the Fund’s average annual total returns compared with a broad measure of market performance and additional indexes with characteristics relevant to the Fund. The Fund’s performance reflects fee waivers, if any, absent which performance would have been lower. Although the information shown in the bar chart and the table gives you some idea of the risks involved in investing in the Fund, the Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. Updated performance information is available online at www.invesco.com/ETFs.

Annual Total Returns—Calendar Years

LOGO

The Fund’s year-to-date total return for the six months ended June 30, 2019 was 24.49%.



Best Quarter		Worst Quarter
22.37% (3rd Quarter 2009)		(18.58)% (4th Quarter 2018)

Average Annual Total Returns for the Periods Ended December 31, 2018



	1 Year			5 Years			10 Years
Return Before Taxes		(5.89	)%		6.15	%		13.13	%
Return After Taxes on Distributions		(5.92	)%		6.06	%		13.04	%
Return After Taxes on Distributions and Sale of Fund Shares		(3.46	)%		4.80	%		11.05	%
Dorsey Wright^® Technical Leaders Index (reflects no deduction for fees, expenses or taxes)		(5.35	)%		6.83	%		N/A
Blended-Dorsey Wright^® Technical Leaders Index⁽¹⁾ (reflects no deduction for fees, expenses or taxes)		(5.35	)%		6.83	%		13.35	%
Russell 3000^® Growth Index (reflects no deduction for fees, expenses or taxes)		(2.12	)%		9.99	%		15.15	%

(1)

The “Blended-Dorsey Wright^® Technical Leaders Index” is composed of price only return (which reflects no dividends paid by the component companies of the index) prior to December 31, 2013 and total return (which reflects dividends paid by the component of the companies of the index) thereafter.

Management of the Fund

Investment Adviser. Invesco Capital Management LLC (the “Adviser”).

Portfolio Managers. The following individuals are responsible jointly and primarily for the day-to-day management of the Fund’s portfolio:



Name	Title with Adviser/Trust	Date Began Managing the Fund
Peter Hubbard	Director of Portfolio Management of the Adviser and Vice President of the Trust	June 2007
Michael Jeanette	Senior Portfolio Manager of the Adviser	August 2008
Tony Seisser	Portfolio Manager of the Adviser	August 2014

Purchase and Sale of Shares

Tax Information

The Fund’s distributions generally are taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account, in which case your distributions may be taxed as ordinary income when withdrawn from such account.

Payments to Broker-Dealers and Other Financial Intermediaries

The Invesco DWA NASDAQ Momentum ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® NASDAQ Technical Leaders Index (the “Underlying Index”).

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waivers and Expense Assumption in the first two years and the Total Annual Fund Operating Expenses thereafter. This example does not include the brokerage commissions that retail investors may pay to buy and sell Shares. Although your actual costs may be higher or lower, your costs, based on these assumptions, would be:

The Fund generally will invest at least 90% of its total assets in the securities that comprise the Underlying Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (“Dorsey Wright” or the “Index Provider”) compiles and maintains the Underlying Index, which is composed of approximately 100 securities from an eligible universe of approximately 1,000 of the largest capitalization companies whose securities are included within the NASDAQ US Benchmark Index, except US-listed American depositary receipts (“ADRs”) or foreign securities that trade on The Nasdaq Stock Market. Dorsey Wright selects securities for the Underlying Index pursuant to a proprietary selection methodology that is designed to identify companies that demonstrate powerful relative strength characteristics. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market over a set period, or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price as compared to that of a benchmark index.

The Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score for each security within the universe of eligible securities. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Underlying Index is based on upward price movements of the security as compared to a representative benchmark index.

After giving each eligible security a momentum score, the Index Provider selects approximately 100 securities with the highest momentum scores from the universe of eligible securities for inclusion in the Underlying Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Underlying Index.

Concentration Policy. The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries. As of April 30, 2019, the Fund had significant exposure to the healthcare sector and information technology sector. The Fund’s portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time.

Principal Risks of Investing in the Fund

The following summarizes the principal risks of the Fund.

The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.

ADR Risk. ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing directly underlying foreign securities in their national markets and currencies. However, ADRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies. Moreover, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by the Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem Creation Units (as defined below), this may result in a significantly diminished trading market for Shares, and Shares may be more likely to trade at a premium or discount to the Fund’s net asset value (“NAV”) and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

Healthcare Sector Risk. Factors such as extensive government regulation, restrictions on government reimbursement for medical expenses, rising costs of medical products, services and facilities, pricing pressure, an increased emphasis on outpatient services, limited number of products, industry innovation, costs associated with obtaining and protecting patents, product liability and other claims, changes in technologies and other market developments can affect companies in the health care sector.

Momentum Investing Risk. The momentum style of investing is subject to the risk that the securities may be more volatile than

the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of the Fund may suffer.

Performance

The bar chart below shows how the Fund has performed. The table below the bar chart shows the Fund’s average annual total returns (before and after taxes). The bar chart and table provide an indication of the risks of investing in the Fund by showing how the Fund’s total returns have varied from year to year and by showing how the Fund’s average annual total returns compared with a broad measure of market performance and additional indexes with characteristics relevant to the Fund. The Fund’s performance reflects fee waivers, if any, absent which performance would have been lower. Although the information shown in the bar chart and the table gives you some idea of the risks involved in investing in the Fund, the Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. Updated performance information is available online at www.invesco.com/ETFs.

Annual Total Returns—Calendar Years

LOGO

The Fund’s year-to-date total return for the six months ended June 30, 2019 was 34.04%.



Best Quarter		Worst Quarter
14.17% (3rd Quarter 2009)		(24.42)% (4th Quarter 2018)

Average Annual Total Returns for the Periods Ended December 31, 2018



	1 Year			5 Years			10 Years
Return Before Taxes		(13.46	)%		5.05	%		10.43	%
Return After Taxes on Distributions		(13.46	)%		5.04	%		10.38	%
Return After Taxes on Distributions and Sale of Fund Shares		(7.97	)%		3.94	%		8.65	%
Dorsey Wright^® NASDAQ Technical Leaders Index⁽¹⁾ (reflects no deduction for fees, expenses or taxes)		(12.89	)%		5.27	%		N/A
Blended-Dorsey Wright^® NASDAQ Technical Leaders Index⁽²⁾ (reflects no deduction for fees, expenses or taxes)		(12.89	)%		5.73	%		11.19	%
NASDAQ Composite Index (reflects no deduction for fees, expenses or taxes)		(2.84	)%		10.97	%		16.76	%

(1)

Effective February 19, 2014, the Fund changed its underlying index from the Dynamic OTC Intellidex^SM Index to the Dorsey Wright^® NASDAQ Technical Leaders Index. Prior to the commencement date of December 31, 2010, performance for the Underlying Index is not available.

(2)

The “Blended-Dorsey Wright^® NASDAQ Technical Leaders Index” reflects performance of the Dynamic OTC Intellidex^SMIndex, the former underlying index, prior to February 19, 2014 and the Dorsey Wright^® NASDAQ Technical Leaders Index thereafter.

Management of the Fund

Investment Adviser. Invesco Capital Management LLC (the “Adviser”).

Portfolio Managers. The following individuals are responsible jointly and primarily for the day-to-day management of the Fund’s portfolio:



Name	Title with Adviser/Trust	Date Began Managing the Fund
Peter Hubbard	Director of Portfolio Management of the Adviser and Vice President of the Trust	June 2007
Michael Jeanette	Senior Portfolio Manager of the Adviser	August 2008
Tony Seisser	Portfolio Manager of the Adviser	August 2014

Purchase and Sale of Shares

Tax Information

The Fund’s distributions generally are taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account, in which case your distributions may be taxed as ordinary income when withdrawn from such account.

Payments to Broker-Dealers and Other Financial Intermediaries

The Invesco DWA Technology Momentum ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Technology Technical Leaders Index (the “Underlying Index”).

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waivers and Expense Assumption in the first two years and the Total Annual Fund Operating Expenses thereafter. This example does not include the brokerage commissions that investors may pay to buy and sell Shares. Although your actual costs may be higher or lower, your costs, based on these assumptions, would be:

Principal Investment Strategies

The Fund generally will invest at least 90% of its total assets in the securities that comprise the Underlying Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (“Dorsey Wright” or the “Index Provider”) compiles and maintains the Underlying Index, which is composed of at least 30 securities of companies in the technology sector that have powerful relative strength or “momentum” characteristics. Dorsey Wright selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index, a market capitalization-weighted index designed to track the performance of the U.S. equity market. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price as compared to that of a benchmark index.

The Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Underlying Index is based on intermediate and long-term upward price movements of the security as compared to a representative benchmark and other eligible securities within the universe.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the technology sector, as determined by the Index Provider, for inclusion in the Underlying Index. Companies in the technology sector are principally engaged in the business of providing technology-related products and services, including computer hardware and software, Internet, electronics and semiconductors, and wireless communication technologies.

The total number of securities in the Underlying Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Underlying Index. As of June 30, 2019, the Underlying Index consisted of 39 securities. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Underlying Index.

that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries. As of April 30, 2019, the Fund had significant exposure to the information technology sector. The Fund’s portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time.

Principal Risks of Investing in the Fund

The following summarizes the principal risks of the Fund.

The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.

Performance

The bar chart below shows how the Fund has performed. The table below the bar chart shows the Fund’s average annual total returns (before and after taxes). The bar chart and table provide an indication of the risks of investing in the Fund by showing how the Fund’s total returns have varied from year to year and by showing how the Fund’s average annual total returns compared with a broad measure of market performance and additional indexes with characteristics relevant to the Fund. The Fund’s performance reflects fee waivers, if any, absent which performance would have been lower. Although the information shown in the bar chart and the table gives you some idea of the risks involved in investing in the Fund, the Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. Updated performance information is available online at www.invesco.com/ETFs.

Annual Total Returns—Calendar Years

LOGO

The Fund’s year-to-date total return for the six months ended June 30, 2019 was 37.81%.



Best Quarter		Worst Quarter
18.83% (1st Quarter 2012)		(21.58)% (3rd Quarter 2011)

Average Annual Total Returns for the Periods Ended December 31, 2018



	1 Year			5 Years			10 Years
Return Before Taxes		0.98	%		8.58	%		12.90	%
Return After Taxes on Distributions		0.97	%		8.53	%		12.86	%
Return After Taxes on Distributions and Sale of Fund Shares		0.60	%		6.77	%		10.85	%
Dorsey Wright^® Technology Technical Leaders Index⁽¹⁾ (reflects no deduction for fees, expenses or taxes)		1.67	%		8.98	%		N/A
Blended-Dorsey Wright^® Technology Technical Leaders Index⁽²⁾ (reflects no deduction for fees, expenses or taxes)		1.67	%		9.21	%		13.67	%
S&P 500^® Information Technology Index (reflects no deduction for fees, expenses or taxes)		(0.29	)%		14.93	%		18.36	%

(1)

Effective February 19, 2014, the Fund changed its underlying index from the Dynamic Technology Sector Intellidex^SM Index to the DWA Technology Technical Leaders^TM Index. Effective July 1, 2015, DWA Technology Technical Leaders^TM Index changed its name to Dorsey Wright^® Technology Technical Leaders Index. Prior to the commencement date of March 18, 2013, performance for the Underlying Index is not available.

(2)

The “Blended-Dorsey Wright^® Technology Technical Leaders Index” reflects the performance of the Dynamic Technology Sector Intellidex^SMIndex, the former underlying index, prior to February 19, 2014, and the Dorsey Wright^® Technology Technical Leaders Index thereafter.

Management of the Fund

Investment Adviser. Invesco Capital Management LLC (the “Adviser”).

Portfolio Managers. The following individuals are responsible jointly and primarily for the day-to-day management of the Fund’s portfolio:



Name	Title with Adviser/Trust	Date Began Managing the Fund
Peter Hubbard	Director of Portfolio Management of the Adviser and Vice President of the Trust	June 2007
Michael Jeanette	Senior Portfolio Manager of the Adviser	August 2008
Tony Seisser	Portfolio Manager of the Adviser	August 2014

Purchase and Sale of Shares

for cash. Except when aggregated in Creation Units, the Shares are not redeemable securities of the Fund.

Tax Information

The Fund’s distributions generally are taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account, in which case your distributions may be taxed as ordinary income when withdrawn from such account.

Payments to Broker-Dealers and Other Financial Intermediaries

The Invesco DWA Utilities Momentum ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Utilities Technical Leaders Index (the “Underlying Index”).

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waivers and Expense Assumption in the first two years and the Total Annual Fund Operating Expenses thereafter. This example does not include the brokerage commissions that investors may pay to buy and sell Shares. Although your actual costs may be higher or lower, your costs, based on these assumptions, would be:

Principal Investment Strategies

The Fund generally will invest at least 90% of its total assets in the securities that comprise the Underlying Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (“Dorsey Wright” or the “Index Provider”) compiles and maintains the Underlying Index, which is composed of at least 30 securities of companies in the utilities sector that have powerful relative strength or “momentum” characteristics. Dorsey Wright selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index, a market capitalization-weighted index designed to track the performance of the U.S. equity market. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price as compared to that of a benchmark index.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the utilities sector, as determined by the Index Provider, for inclusion in the Underlying Index. Companies in the utilities sector are principally engaged in providing energy, water, natural gas or telecommunications services. These companies may include companies that generate and supply electricity, including electricity wholesalers; distribute natural gas to customers; provide water to customers, as well as deal with associated wastewater; and provide land line telephone services.

The total number of securities in the Underlying Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Underlying Index. As of June 30, 2019, the Underlying Index consisted of 30 securities. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Underlying Index.

Concentration Policy. The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in

securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries. As of April 30, 2019, the Fund had significant exposure to the utilities sector. The Fund’s portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time.

Principal Risks of Investing in the Fund

The following summarizes the principal risks of the Fund.

The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.

anticipated dividend payments, may depress the value of common stock.

Utilities Sector Risk. Companies in the utilities sector are subject to a variety of factors that may adversely affect their business or operations, including high interest costs associated with capital construction and improvement programs; difficulty in raising adequate capital in periods of high inflation and unsettled capital markets; governmental regulation of rates the issuer can charge to customers; costs associated with compliance with environmental and other regulations; effects of economic slowdowns and surplus capacity; increased competition; and potential losses resulting from a developing deregulatory environment.

experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of the Fund may suffer.

Performance

The bar chart below shows how the Fund has performed. The table below the bar chart shows the Fund’s average annual total returns (before and after taxes). The bar chart and table provide an indication of the risks of investing in the Fund by showing how the Fund’s total returns have varied from year to year and by showing how the Fund’s average annual total returns compared with a broad measure of market performance and additional indexes with characteristics relevant to the Fund. The Fund’s performance reflects fee waivers, if any, absent which performance would have been lower. Although the information shown in the bar chart and the table gives you some idea of the risks involved in investing in the Fund, the Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. Updated performance information is available online at www.invesco.com/ETFs.

Annual Total Returns—Calendar Years

LOGO

The Fund’s year-to-date total return for the six months ended June 30, 2019 was 13.49%.



Best Quarter		Worst Quarter
14.37% (1st Quarter 2016)		(13.70)% (1st Quarter 2009)

Average Annual Total Returns for the Periods Ended December 31, 2018



	1 Year			5 Years			10 Years
Return Before Taxes		6.11	%		9.86	%		9.80	%
Return After Taxes on Distributions		5.61	%		9.17	%		9.16	%
Return After Taxes on Distributions and Sale of Fund Shares		3.93	%		7.72	%		7.97	%
Dorsey Wright^® Utilities Technical Leaders Index⁽¹⁾ (reflects no deduction for fees, expenses or taxes)		6.72	%		11.10	%		N/A
Blended-Dorsey Wright^® Utilities Technical Leaders Index⁽²⁾ (reflects no deduction for fees, expenses or taxes)		6.72	%		10.51	%		10.60	%
S&P 500^® Utilities Index (reflects no deduction for fees, expenses or taxes)		4.11	%		10.74	%		10.46	%

(1)

Effective February 19, 2014, the Fund changed its underlying index from the Dynamic Utilities Intellidex^SM Index to the DWA Utilities Technical Leaders^TM Index. Effective July 1, 2015, DWA Utilities Technical Leaders^TM Index changed its name to Dorsey Wright^® Utilities Technical Leaders Index. Prior to the commencement date of March 18, 2013, performance for the Underlying Index is not available.

(2)

The “Blended-Dorsey Wright^® Utilities Technical Leaders Index” reflects the performance of the Dynamic Utilities Sector Intellidex^SMIndex, the former underlying index, prior to February 19, 2014, and the Dorsey Wright^® Utilities Technical Leaders Index thereafter.

Management of the Fund

Investment Adviser. Invesco Capital Management LLC (the “Adviser”).

Portfolio Managers. The following individuals are responsible jointly and primarily for the day-to-day management of the Fund’s portfolio:



Name	Title with Adviser/Trust	Date Began Managing the Fund
Peter Hubbard	Director of Portfolio Management of the Adviser and Vice President of the Trust	June 2007
Michael Jeanette	Senior Portfolio Manager of the Adviser	August 2008
Tony Seisser	Portfolio Manager of the Adviser	August 2014

Purchase and Sale of Shares

Tax Information

The Fund’s distributions generally are taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account, in which case your distributions may be taxed as ordinary income when withdrawn from such account.

Payments to Broker-Dealers and Other Financial Intermediaries

The Invesco Dynamic Biotechnology & Genome ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Dynamic Biotech & Genome Intellidex^SM Index (the “Underlying Intellidex”).

The Fund generally will invest at least 90% of its total assets in the securities that comprise the Underlying Intellidex.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (“ICE Data” or the “Intellidex Provider”) compiles and maintains the Underlying Intellidex, which is composed of common stocks of U.S. biotechnology and genome companies. These companies are engaged principally in the research, development, manufacture and marketing and distribution of various biotechnological products, services and processes, and are companies that benefit significantly from scientific and technological advances in biotechnology and genetic engineering and research. These companies may include, for example, biopharmaceutical companies that actively participate in the research and development, animal testing and partial human testing phases of drug development, typically using biotechnological techniques that required the use of living organisms, cells

and/or components of cells; outsourced services companies that utilize drug delivery technologies in the development of therapeutics for the biopharmaceutical industry or provide biopharmaceutical companies with novel biological targets and drug leads; and scientific products such as bio-analytical instruments, reagents, and chemicals.

As of June 30, 2019, the Underlying Intellidex was composed of 30 securities.

The Fund employs a “full replication” methodology in seeking to track the Underlying Intellidex, meaning that the Fund generally invests in all of the securities comprising the Underlying Intellidex in proportion to their weightings in the Underlying Intellidex.

The Fund is “non-diversified” and therefore is not required to meet certain diversification requirements under the Investment Company Act of 1940, as amended (the “1940 Act”).

Concentration Policy. The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in securities of issuers in any one industry or group of industries only to the extent that the Underlying Intellidex reflects a concentration in that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries. As of April 30, 2019, the Fund had significant exposure to the biotechnology and genome industry. The Fund’s portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time.

Principal Risks of Investing in the Fund

The following summarizes the principal risks of the Fund.

The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.

Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes

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

Index Risk. Unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Intellidex. Therefore, the Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Intellidex, even if that security generally is underperforming.

Industry Concentration Risk. In following its methodology, the Underlying Intellidex will be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. As a result, the Fund will also concentrate its investments in such industry or industry group to approximately the same extent. By concentrating its investments in an industry or industry group, the Fund faces more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Biotechnology and Genome Industry Risk. The biotechnology and genome industry can be significantly affected by patent considerations, including the termination of patent protections for products, intense competition both domestically and internationally, rapid technological change and obsolescence, government regulation and expensive insurance costs due to the risk of product liability lawsuits. In addition, the biotechnology and genome industry is an emerging growth industry, and therefore biotechnology and genome companies may be thinly capitalized and more volatile than companies with greater capitalizations. Biotechnology and genome companies must contend with high development costs, which may be exacerbated by the

inability to raise prices to cover costs because of managed care pressure, government regulation or price controls.

Market Risk. Securities in the Underlying Intellidex are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Intellidex.

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

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

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

focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

Performance

Annual Total Returns—Calendar Years

LOGO

The Fund’s year-to-date total return for the six months ended June 30, 2019 was 13.28%.



Best Quarter		Worst Quarter
21.89% (3rd Quarter 2009)		(24.27)% (1st Quarter 2016)

Average Annual Total Returns for the Periods Ended December 31, 2018



	1 Year			5 Years			10 Years
Return Before Taxes		0.24	%		5.62	%		13.50	%
Return After Taxes on Distributions		0.24	%		5.43	%		13.39	%
Return After Taxes on Distributions and Sale of Fund Shares		0.14	%		4.33	%		11.35	%
Dynamic Biotechnology & Genome Intellidex^SM Index (reflects no deduction for fees, expenses or taxes)		0.55	%		5.53	%		13.92	%
S&P Composite 1500^® Biotech Index (reflects no deduction for fees, expenses or taxes)		(5.29	)%		6.70	%		14.90	%

Management of the Fund

Investment Adviser. Invesco Capital Management LLC (the “Adviser”).

Portfolio Managers. The following individuals are responsible jointly and primarily for the day-to-day management of the Fund’s portfolio:



Name	Title with Adviser/Trust	Date Began Managing the Fund
Peter Hubbard	Director of Portfolio Management of the Adviser and Vice President of the Trust	June 2007
Michael Jeanette	Senior Portfolio Manager of the Adviser	August 2008
Tony Seisser	Portfolio Manager of the Adviser	August 2014

Purchase and Sale of Fund Shares

Individual Shares may be purchased and sold only on a national securities exchange through brokers. Shares are listed for trading on NYSE Arca, Inc. and because Shares will trade at market prices rather than NAV, Shares may trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount).

Tax Information

The Fund’s distributions generally are taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account, in which case your distributions may be taxed as ordinary income when withdrawn from such account.

Payments to Broker-Dealers and Other Financial Intermediaries

If you



PTF	Invesco DWA Technology Momentum ETF	The Nasdaq Stock Market

PUI	Invesco DWA Utilities Momentum ETF	The Nasdaq Stock Market

PBE	Invesco Dynamic Biotechnology & Genome ETF	NYSE Arca, Inc.

PKB	Invesco Dynamic Building & Construction ETF	NYSE Arca, Inc.

PXE	Invesco Dynamic Energy Exploration & Production ETF	NYSE Arca, Inc.

PBJ	Invesco Dynamic Food & Beverage ETF	NYSE Arca, Inc.

PWB	Invesco Dynamic Large Cap Growth ETF	NYSE Arca, Inc.

PWV	Invesco Dynamic Large Cap Value ETF	NYSE Arca, Inc.

PEJ	Invesco Dynamic Leisure and Entertainment ETF	NYSE Arca, Inc.

PWC	Invesco Dynamic Market ETF	NYSE Arca, Inc.

PBS	Invesco Dynamic Media ETF	NYSE Arca, Inc.

PXQ	Invesco Dynamic Networking ETF	NYSE Arca, Inc.

PXJ	Invesco Dynamic Oil & Gas Services ETF	NYSE Arca, Inc.

PJP	Invesco Dynamic Pharmaceuticals ETF	NYSE Arca, Inc.

PMR	Invesco Dynamic Retail ETF	NYSE Arca, Inc.

PSI	Invesco Dynamic Semiconductors ETF	NYSE Arca, Inc.

PSJ	Invesco Dynamic Software ETF	NYSE Arca, Inc.

PGF	Invesco Financial Preferred ETF	NYSE Arca, Inc.

PRF	Invesco FTSE RAFI US 1000 ETF	NYSE Arca, Inc.

PRFZ	Invesco FTSE RAFI US 1500 Small-Mid ETF	The Nasdaq Stock Market

PSP	Invesco Global Listed Private Equity ETF	NYSE Arca, Inc.

PGJ	Invesco Golden Dragon China ETF	The Nasdaq Stock Market

PEY	Invesco High Yield Equity Dividend Achievers^TM ETF	The Nasdaq Stock Market

NFO	Invesco Insider Sentiment ETF	NYSE Arca, Inc.

PID	Invesco International Dividend Achievers^TM ETF	The Nasdaq Stock Market

PNQI	Invesco NASDAQ Internet ETF	The Nasdaq Stock Market

RYJ	Invesco Raymond James SB-1 Equity ETF	NYSE Arca, Inc.

EQWL	Invesco S&P 100 Equal Weight ETF	NYSE Arca, Inc.
	(formerly, Invesco Russell Top 200 Equal Weight ETF)

PBP	Invesco S&P 500 BuyWrite ETF	NYSE Arca, Inc.

RSP	Invesco S&P 500^® Equal Weight ETF	NYSE Arca, Inc.

EWCO	Invesco S&P 500^® Equal Weight Communication Services ETF	NYSE Arca, Inc.

RCD	Invesco S&P 500^® Equal Weight Consumer Discretionary ETF	NYSE Arca, Inc.

RHS	Invesco S&P 500^® Equal Weight Consumer Staples ETF	NYSE Arca, Inc.

RYE	Invesco S&P 500^® Equal Weight Energy ETF	NYSE Arca, Inc.

RYF	Invesco S&P 500^® Equal Weight Financials ETF	NYSE Arca, Inc.

RYH	Invesco S&P 500^® Equal Weight Health Care ETF	NYSE Arca, Inc.

RGI	Invesco S&P 500^® Equal Weight Industrials ETF	NYSE Arca, Inc.

RTM	Invesco S&P 500^® Equal Weight Materials ETF	NYSE Arca, Inc.

EWRE	Invesco S&P 500^® Equal Weight Real Estate ETF	NYSE Arca, Inc.

RYT	Invesco S&P 500^® Equal Weight Technology ETF	NYSE Arca, Inc.

RYU	Invesco S&P 500^® Equal Weight Utilities ETF	NYSE Arca, Inc.

SPGP	Invesco S&P 500 GARP ETF	NYSE Arca, Inc.
	(formerly, Invesco Russell Top 200 Pure Growth ETF)

RPG	Invesco S&P 500^® Pure Growth ETF	NYSE Arca, Inc.

RPV	Invesco S&P 500^® Pure Value ETF	NYSE Arca, Inc.

SPHQ	Invesco S&P 500^® Quality ETF	NYSE Arca, Inc.

XLG	Invesco S&P 500^® Top 50 ETF	NYSE Arca, Inc.

SPVM	Invesco S&P 500 Value with Momentum ETF	NYSE Arca, Inc.
	(formerly, Invesco Russell Top 200 Pure Value ETF)

EWMC	Invesco S&P MidCap 400^® Equal Weight ETF	NYSE Arca, Inc.

RFG	Invesco S&P MidCap 400^® Pure Growth ETF	NYSE Arca, Inc.

RFV	Invesco S&P MidCap 400^® Pure Value ETF	NYSE Arca, Inc.

XMMO	Invesco S&P MidCap Momentum ETF	NYSE Arca, Inc.
	(formerly, Invesco Russell Midcap Pure Growth ETF)

XMHQ	Invesco S&P MidCap Quality ETF	NYSE Arca, Inc.
	(formerly, Invesco Russell Midcap Equal Weight ETF)

XMVM	Invesco S&P MidCap Value with Momentum ETF	NYSE Arca, Inc.
	(formerly, Invesco Russell Midcap Pure Value ETF)

EWSC	Invesco S&P SmallCap 600^® Equal Weight ETF	NYSE Arca, Inc.



RZG	Invesco S&P SmallCap 600^® Pure Growth ETF	NYSE Arca, Inc.

RZV	Invesco S&P SmallCap 600^® Pure Value ETF	NYSE Arca, Inc.

XSMO	Invesco S&P SmallCap Momentum ETF	NYSE Arca, Inc.
	(formerly, Invesco Russell 2000 Pure Growth ETF)

XSVM	Invesco S&P SmallCap Value with Momentum ETF	NYSE Arca, Inc.
	(formerly, Invesco Russell 2000 Pure Value ETF)

CSD	Invesco S&P Spin-Off ETF	NYSE Arca, Inc.

PHO	Invesco Water Resources ETF	The Nasdaq Stock Market

PBW	Invesco WilderHill Clean Energy ETF	NYSE Arca, Inc.

CZA	Invesco Zacks Mid-Cap ETF	NYSE Arca, Inc.

CVY	Invesco Zacks Multi-Asset Income ETF	NYSE Arca, Inc.



Summary Information

Invesco Aerospace & Defense ETF (PPA)			4

Invesco BRIC ETF (EEB)			8

Invesco BuyBack Achievers^TM ETF (PKW)			13

Invesco Cleantech^TMETF (PZD)			17

Invesco Dividend Achievers^TM ETF (PFM)			21

Invesco Dow Jones Industrial Average Dividend ETF (DJD)			25

Invesco DWA Basic Materials Momentum ETF (PYZ)			29

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)			33

Invesco DWA Consumer Staples Momentum ETF (PSL)			37

Invesco DWA Energy Momentum ETF (PXI)			41

Invesco DWA Financial Momentum ETF (PFI)			45

Invesco DWA Healthcare Momentum ETF (PTH)			49

Invesco DWA Industrials Momentum ETF (PRN)			53

Invesco DWA Momentum ETF (PDP)			57

Invesco DWA NASDAQ Momentum ETF (DWAQ)			61

Invesco DWA Technology Momentum ETF (PTF)			65

Invesco DWA Utilities Momentum ETF (PUI)			69

Invesco Dynamic Biotechnology & Genome ETF (PBE)			73

Invesco Dynamic Building & Construction ETF (PKB)			77

Invesco Dynamic Energy Exploration & Production ETF (PXE)			81

Invesco Dynamic Food & Beverage ETF (PBJ)			85

Invesco Dynamic Large Cap Growth ETF (PWB)			89

Invesco Dynamic Large Cap Value ETF (PWV)			93

Invesco Dynamic Leisure and Entertainment ETF (PEJ)			97

Invesco Dynamic Market ETF (PWC)			101

Invesco Dynamic Media ETF (PBS)			105

Invesco Dynamic Networking ETF (PXQ)			109

Invesco Dynamic Oil & Gas Services ETF (PXJ)			113

Invesco Dynamic Pharmaceuticals ETF (PJP)			117

Invesco Dynamic Retail ETF (PMR)			121

Invesco Dynamic Semiconductors ETF (PSI)			125

Invesco Dynamic Software ETF (PSJ)			129

Invesco Financial Preferred ETF (PGF)			133

Invesco FTSE RAFI US 1000 ETF (PRF)			137

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)			141

Invesco Global Listed Private Equity ETF (PSP)			145



Invesco Golden Dragon China ETF (PGJ)			150

Invesco High Yield Equity Dividend Achievers^TM ETF (PEY)			154

Invesco Insider Sentiment ETF (NFO)			158

Invesco International Dividend Achievers^TM ETF (PID)			162

Invesco NASDAQ Internet ETF (PNQI)			166

Invesco Raymond James SB-1 Equity ETF (RYJ)			170

Invesco S&P 100 Equal Weight ETF (formerly, Invesco Russell Top 200 Equal Weight ETF) (EQWL)			174

Invesco S&P 500 BuyWrite ETF (PBP)			178

Invesco S&P 500^® Equal Weight ETF (RSP)			182

Invesco S&P 500^® Equal Weight Communication Services ETF (EWCO)			186

Invesco S&P 500^® Equal Weight Consumer Discretionary ETF (RCD)			189

Invesco S&P 500^® Equal Weight Consumer Staples ETF (RHS)			193

Invesco S&P 500^® Equal Weight Energy ETF (RYE)			197

Invesco S&P 500^® Equal Weight Financials ETF (RYF)			201

Invesco S&P 500^® Equal Weight Health Care ETF (RYH)			205

Invesco S&P 500^® Equal Weight Industrials ETF (RGI)			209

Invesco S&P 500^® Equal Weight Materials ETF (RTM)			213

Invesco S&P 500^® Equal Weight Real Estate ETF (EWRE)			217

Invesco S&P 500^® Equal Weight Technology ETF (RYT)			221

Invesco S&P 500^® Equal Weight Utilities ETF (RYU)			225

Invesco S&P 500 GARP ETF (formerly, Invesco Russell Top 200 Pure Growth ETF) (SPGP)			229

Invesco S&P 500^® Pure Growth ETF (RPG)			233

Invesco S&P 500^® Pure Value ETF (RPV)			237

Invesco S&P 500^® Quality ETF (SPHQ)			241

Invesco S&P 500^® Top 50 ETF (XLG)			245

Invesco S&P 500 Value with Momentum ETF (formerly, Invesco Russell Top 200 Pure Value ETF) (SPVM)			249

Invesco S&P MidCap 400^® Equal Weight ETF (EWMC)			253

Invesco S&P MidCap 400^® Pure Growth ETF (RFG)			257

Invesco S&P MidCap 400^® Pure Value ETF (RFV)			261

Invesco S&P MidCap Momentum ETF (formerly, Invesco Russell MidcapPure Growth ETF) (XMMO)			265

Invesco S&P MidCap Quality ETF (formerly, Invesco Russell Midcap Equal Weight ETF) (XMHQ)			269



Invesco S&P MidCap Value with Momentum ETF (formerly, Invesco Russell Midcap Pure Value ETF) (XMVM)			273

Invesco S&P SmallCap 600^® Equal Weight ETF (EWSC)			277

Invesco S&P SmallCap 600^® Pure Growth ETF (RZG)			281

Invesco S&P SmallCap 600^® Pure Value ETF (RZV)			285

Invesco S&P SmallCap Momentum ETF (formerly, Invesco Russell 2000 Pure Growth ETF) (XSMO)			289

Invesco S&P SmallCap Value with Momentum ETF (formerly, Invesco Russell 2000 Pure Value ETF) (XSVM)			293

Invesco S&P Spin-Off ETF (CSD)			297

Invesco Water Resources ETF (PHO)			301

Invesco WilderHill Clean Energy ETF (PBW)			305

Invesco Zacks Mid-Cap ETF (CZA)			309

Invesco Zacks Multi-Asset Income ETF (CVY)			314

Additional Information About the Funds’ Strategies and Risks			319

Tax-Advantaged Structure of ETFs			356

Portfolio Holdings			356

Management of the Funds			357

How to Buy and Sell Shares			360

Frequent Purchases and Redemptions of Fund Shares			362

Dividends, Other Distributions and Taxes			362

Distributor			365

Net Asset Value			365

Fund Service Providers			365

Financial Highlights			366

Index and Intellidex Providers			408

Disclaimers			410

Premium/Discount Information			416

Other Information			416


		Prospectus		August 28, 2019
		Invesco Exchange-Traded Fund Trust



PPA	Invesco Aerospace & Defense ETF	NYSE Arca, Inc.

EEB	Invesco BRIC ETF	NYSE Arca, Inc.

PKW	Invesco BuyBack Achievers^TM ETF	The Nasdaq Stock Market

PZD	Invesco Cleantech^TM ETF	NYSE Arca, Inc.

PFM	Invesco Dividend Achievers^TM ETF	The Nasdaq Stock Market

DJD	Invesco Dow Jones Industrial Average Dividend ETF	NYSE Arca, Inc.

PYZ	Invesco DWA Basic Materials Momentum ETF	The Nasdaq Stock Market

PEZ	Invesco DWA Consumer Cyclicals Momentum ETF	The Nasdaq Stock Market

PSL	Invesco DWA Consumer Staples Momentum ETF	The Nasdaq Stock Market

PXI	Invesco DWA Energy Momentum ETF	The Nasdaq Stock Market

PFI	Invesco DWA Financial Momentum ETF	The Nasdaq Stock Market

PTH	Invesco DWA Healthcare Momentum ETF	The Nasdaq Stock Market

PRN	Invesco DWA Industrials Momentum ETF	The Nasdaq Stock Market

PDP	Invesco DWA Momentum ETF	The Nasdaq Stock Market

DWAQ	Invesco DWA NASDAQ Momentum ETF	The Nasdaq Stock Market


Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees			0.50%
Other Expenses			0.09%
Total Annual Fund Operating Expenses			0.59%


DJD		Invesco Dow Jones Industrial Average Dividend ETF


Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees⁽¹⁾			0.07%
Other Expenses			0.00%
Total Annual Fund Operating Expenses			0.07%



		(continued on inside front cover)