N-CSR

Domestic Equity

The fiscal year began with increasing volatility and the US stock market saw a selloff through most of September due to increasing concerns of inflation resulting from a spike in oil prices and supply chain shortages causing rising costs. Despite the Consumer Price Index (CPI) increasing monthly from June through September 2021,¹ the US Federal Reserve (the Fed) declined to raise interest rates at its September 2021 Federal Open Market Committee meeting.

Equity markets saw continued volatility in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruption and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil rose to nearly $85 per barrel in October,² causing higher gas prices for consumers, and pushing energy stocks higher. The CPI reported for November increased 0.8%, resulting in a 6.8% increase over the prior 12 months, the highest since 1982.¹ To combat inflation, the Fed announced a faster pace of “tapering” at its December meeting, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at the 2021 year-end.

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.² The CPI rose by another 7.9% for the 12 months ended February 2022 reaching a 40 year high.¹ To combat inflation, the Fed raised the federal funds rate by a one-quarter percentage point in March.

As the war in Ukraine continued and corporate earnings in high-profile names, like Netflix, reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued for much of the second quarter of 2022 amid record inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the CPI rose by yet another 8.6% for the 12 months ended May 2022 reaching a 40 year high.¹ Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.² To tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.³ US

equity markets rose in July and much of August until Fed chairman Jerome Powell’s hawkish comments at Jackson Hole, Wyoming, an economic policy symposium, sparked a sharp selloff at month end. Due to declining energy prices, the CPI rose by 8.5% for the 12 months ending July,¹ down slightly from June, but still at multi-decade highs and far above the Fed’s 2% annual inflation target. As a result, the Fed indicated that it would continue taking aggressive action to curb inflation, though such measures could “bring pain to households and businesses.” The remarks deflated investor optimism that the Fed would pause rate hikes in the second half of 2022 and increased the likelihood of a US recession. In this environment, US stocks had negative double-digit returns of (11.23)% for the fiscal year ended August 31, 2022, measured by the S&P 500 Index.⁴

¹	Source: US Bureau of Labor Statistics

²	Source: Bloomberg LP

³	Source: US Federal Reserve

⁴	Source: Lipper Inc.

Global Equity

At the beginning of the fiscal year ended August 31, 2022, developed global equity markets were mostly positive, despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified at the end of 2021, resulting in broadly higher costs for companies and consumers. Emerging market equities declined due in part to COVID-19 concerns and China’s ongoing regulatory tightening in the private education and technology sectors and slowing economic growth.

Global equity markets declined in the first quarter 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

In the second quarter of 2022, global equity markets continued their decline as record inflation, rising interest rates and recession fears led to generally weaker consumer sentiment around the globe. In Europe, reduction of gas supplies from Russia due to the war in Ukraine drove prices higher and led to mounting fears of gas shortages and rationing. Emerging market equities also declined, but China was an outlier and posted a positive return for the quarter due to the easing of COVID-19 lockdowns.

After a rebound in July 2022, global equity markets declined again at the end of the fiscal year, as global economic uncertainty continued with central banks trying to bring inflation under control. At the end of the fiscal year, trailing one-year returns for developed market equities and emerging market equities were both in negative territory.

As an index fund, the Invesco Defensive Equity ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Defensive Equity Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (“Invesco Indexing” or the “Index Provider”) compiles and maintains the Index, which is comprised of a subset of securities from the S&P 500^® Index (the “S&P 500”). Invesco Indexing is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser, and Invesco Distributors, Inc., the Fund’s distributor.

Instead of the traditional approach to defensive equity portfolios that focuses solely on low beta stocks, the Index, using a rules-based quantitative approach, is designed to measure the performance of approximately 100 equal-weighted securities selected from the S&P 500 based on each security’s (i) probability of delivering the required revenue growth to support the current stock price, (ii) beta (a measure of a given security’s volatility in relation to the volatility of a specific market) and (iii) down market volatility (a measurement that represents a security’s volatility during adverse market conditions). For each security in the S&P 500, the probability of delivering the required revenue growth to support the current stock price is calculated. The securities in the top 80% based on their probability scores are eligible for inclusion in the Index. Of those securities, the 75% with the lowest beta are further evaluated and those that rank in the bottom 50% on down market volatility are eligible for inclusion in the Index. Of those securities, the 100 securities with a higher probability of delivering the required revenue growth to support their current stock prices while minimizing any differences in industry exposure relative to the S&P 500 are included in the Index. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (4.40)%. On a net asset value (“NAV”) basis, the Fund returned (4.54)%. During the same time period, the Index returned (4.01)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned (11.23)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 500 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and equal weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the health care, industrials and consumer staples sectors and most underweight in the information technology, communication services and energy sectors during the fiscal year ended August 31, 2022.

The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight allocation to and security selection in the communication services sector, the Fund’s security selection in the consumer discretionary sector, and the Fund’s overweight allocation to the consumer staples sector.

For the fiscal year ended August 31, 2022, the utilities sector contributed most significantly to the Fund’s return, followed by the energy and consumer staples sectors, respectively. The health care sector detracted most significantly from the Fund’s return, followed by the industrials and information technology sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included McKesson Corp., a health care company (portfolio average weight of 1.11%), and Cardinal Health, Inc., a health care company (portfolio average weight of 0.81%). Positions that detracted most significantly from the Fund’s return during the period included Agilent Technologies, Inc., a health care company (no longer held at fiscal year-end), and PPG Industries, Inc., a materials company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Health Care			21.78
Industrials			15.89
Information Technology			12.06
Financials			11.31
Consumer Staples			11.24
Consumer Discretionary			6.25
Utilities			6.00
Real Estate			5.88
Materials			5.74
Sector Types Each Less Than 3%			3.74
Money Market Funds Plus Other Assets Less Liabilities			0.11

Guggenheim Defensive Equity ETF (the “Predecessor Fund”) Inception: December 15, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.55%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

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

The Blended-Invesco Defensive Equity Index performance is comprised of the performance of the Sabrient Defensive Equity Index, the Fund’s previous underlying index, prior to the conversion date, October 24, 2016, followed by the performance of the Index, starting from the conversion date through August 31, 2022.

As an index fund, the Invesco RAFI^TM Strategic Developed ex-US ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Strategic Developed ex-US Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index and American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that are based on securities in the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (“Invesco Indexing” or the “Index Provider”) compiles and maintains the Index, which is designed to measure the performance of equity securities in countries designated as developed market countries (excluding the U.S.) that tend to have smaller, yet higher quality businesses. Invesco Indexing is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser, and Invesco Distributors, Inc., the Fund’s distributor.

The Index Provider selects components for inclusion in the Index from an investment universe of foreign equity securities with at least one year of trading history, issued by companies located in countries designated as developed market countries (excluding the U.S.). Each eligible equity security is assigned a business-size score (“Business-Size Score”) based on the equally-weighted average of the following four factors of company size over the prior five years (or, if shorter, the life of the security): sales, operating cash flow, total return of capital (dividends and share repurchases) and book value. For real estate securities (real estate investment trusts (“REITs”) and common stocks of companies in the real estate sector), operating cash flow is replaced by funds from operations and book value is replaced by total assets. Each eligible security is then assigned a quality score (“Quality Score”) based on the equally-weighted average of the following two quality factors of its company’s business: efficiency (calculated as the ratio of sales-to-assets in the prior year) and growth (calculated as the percentage change in the ratio of sales-to-assets over the prior five years (or, if shorter, the life of the security)). Each eligible security is ranked in descending order by its Business-Size Score. Those securities in the top 90% by Business-Size Score are eligible for inclusion in the Index and, of those, the 80% with the highest Quality Scores are included in the Index. Securities in the Index are weighted proportionally to their float-adjusted Business-Size Scores. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (11.22)%. On a net asset value (“NAV”) basis, the Fund returned (10.84)%. During the same time period, the Index returned (10.93)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to revenue from the securities lending program in which the Fund participates, which were partially offset by the fees and expenses that the Fund incurred during the period.

During this same time period, the MSCI EAFE^® Index (the “Benchmark Index”) returned (19.80)%. The Benchmark Index is

an unmanaged index weighted by market capitalization and based on the average performance of approximately 900 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of equities markets in developed countries around the world, excluding the U.S.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the energy and materials sectors and most underweight in the financials and health care sectors during the fiscal year ended August 31, 2022.

The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to the energy sector, as well as its security selection within the industrials sector.

For the fiscal year ended August 31, 2022, the energy sector was the only sector that contributed significantly to the Fund’s return. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the industrials and materials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Shell PLC, an energy company (portfolio average weight of 3.11%), and Suncor Energy, Inc., an energy company (portfolio average weight of 0.91%). Positions that detracted most significantly from the Fund’s return during the period included Samsung Electronics Co., Ltd., an information technology company (portfolio average weight of 1.72%), and Saipem S.p.A., an energy company (portfolio average weight of 0.32%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Industrials			16.77
Consumer Discretionary			14.50
Materials			12.89
Energy			12.81
Consumer Staples			10.85
Information Technology			7.36
Health Care			7.05
Communication Services			6.25
Financials			5.44
Utilities			5.09
Real Estate			0.76
Money Market Funds Plus Other Assets Less Liabilities			0.23

Fund Inception: September 12, 2018

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.23% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

As an index fund, the Invesco RAFI^TM Strategic Emerging Markets ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Strategic Emerging Markets Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index and American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that are based on securities in the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (“Invesco Indexing” or the “Index Provider”) compiles and maintains the Index, which is designed to measure the performance of equity securities of emerging market companies that tend to have larger, higher quality businesses. Invesco Indexing is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser, and Invesco Distributors, Inc., the Fund’s distributor.

The Index Provider selects components for inclusion in the Index from an investment universe of foreign equity securities with at least one year of trading history, issued by companies located in countries designated as emerging market countries. Each eligible equity security is assigned a business-size score (“Business-Size Score”) based on the equally-weighted average of the following four factors of company size over the prior five years (or, if shorter, the life of the security): sales, operating cash flow, total return of capital (dividends and share repurchases) and book value. For real estate securities (real estate investment trusts (“REITs”) and common stocks of companies in the real estate sector), operating cash flow is replaced by funds from operations and book value is replaced by total assets. Each eligible security is then assigned a quality score (“Quality Score”) based on the equally-weighted average of the following two quality factors of its company’s business: efficiency (calculated as the ratio of sales-to-assets in the prior year) and growth (calculated as the percentage change in the ratio of sales-to-assets over the prior five years (or, if shorter, the life of the security)). Each eligible security is ranked in descending order by its Business-Size Score. Those securities in the top 90% by Business-Size Score are eligible for inclusion in the Index and, of those, the 80% with the highest Quality Scores are included in the Index. Securities in the Index are weighted proportionally to their float-adjusted Business-Size Scores. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (17.32)%. On a net asset value (“NAV”) basis, the Fund returned (17.14)%. During the same time period, the Index returned (16.72)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the MSCI Emerging Markets Index (the “Benchmark Index”) returned (21.80)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,400

securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of emerging market equities.

Relative to the Benchmark Index, the Fund was most overweight in the energy and industrials sectors and most underweight in the information technology and consumer discretionary sectors during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to and security selection in the energy and information technology sectors.

For the fiscal year ended August 31, 2022, no sector contributed significantly to the Fund’s return. The materials sector detracted most significantly from the Fund’s return, followed by the information technology and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Petroleo Brasileiro S.A., Preference Shares., an energy company (portfolio average weight of 2.52%), and China Shenhua Energy Co. Ltd., H Shares, an energy company (portfolio average weight of 2.09%). Positions that detracted most significantly from the Fund’s return during the period included Gazprom PJSC, an energy company (portfolio average weight of 1.47%) and Lukoil PJSC, an energy company (portfolio average weight of 0.82%).

As an emerging markets fund, the Fund had exposure to Russian securities with a weight of about 4.51% upon Russia’s invasion of Ukraine (as of February 24, 2022). United States federal sanctions implemented as a response to the invasion have prohibited the buying and selling of all Russian securities. Russian securities held in the Fund’s portfolio are currently valued at zero.


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Energy			19.51
Financials			15.81
Information Technology			13.67
Consumer Discretionary			13.35
Materials			9.73
Industrials			7.88
Communication Services			5.63
Consumer Staples			5.10
Utilities			3.71
Real Estate			3.71
Health Care			1.18
Money Market Funds Plus Other Assets Less Liabilities			0.72

Fund Inception: September 12, 2018

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

As an index fund, the Invesco RAFI^TM Strategic US ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Strategic US Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (“Invesco Indexing” or the “Index Provider”) compiles and maintains the Index, which is designed to measure the performance of equity securities of U.S. companies that tend to have larger, higher quality businesses. Invesco Indexing is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser, and Invesco Distributors, Inc., the Fund’s distributor.

The Index Provider selects components for inclusion in the Index from an investment universe of domestic equity securities with at least one year of trading history. Each eligible equity security is assigned a business-size score (“Business-Size Score”) based on the equally-weighted average of the following four factors of company size over the prior five years (or, if shorter, the life of the security): sales, operating cash flow, total return of capital (dividends and share repurchases) and book value. For real estate securities (real estate investment trusts (“REITs”) and common stocks of companies in the real estate sector), operating cash flow is replaced by funds from operations and book value is replaced by total assets. Each eligible security is then assigned a quality score (“Quality Score”) based on the equally-weighted average of the following two quality factors of its company’s business: efficiency (calculated as the ratio of sales-to-assets in the prior year) and growth (calculated as the percentage change in the ratio of sales-to-assets over the prior five years (or, if shorter, the life of the security)). Each eligible security is ranked in descending order by its Business-Size Score. Those securities within the top 90% in cumulative Business-Size Score are eligible for inclusion in the Index and, of those, the 80% with the highest Quality Scores are included in the Index. Securities in the Index are weighted proportionally to their float-adjusted Business-Size Scores. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (2.78)%. On a net asset value (“NAV”) basis, the Fund returned (2.84)%. During the same time period, the Index returned (2.68)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the Russell 1000^® Index (the “Benchmark Index”) returned (12.96)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,000 securities. The Benchmark Index was selected for its recognition in the

marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.

Relative to the Benchmark Index, the Fund was most overweight in the energy and consumer staples sectors and most underweight in the information technology and financials sectors during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to the energy sector as well as the security selection in the health care, information technology, and financials sectors.

For the fiscal year ended August 31, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the health care and utilities sectors, respectively. The communication services sector detracted most significantly from the Fund’s return, followed by the information technology and consumer discretionary sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Exxon Mobil Corp., an energy company (portfolio average weight of 2.11%), and Chevron Corp., an energy company (portfolio average weight of 1.55%). Positions that detracted most significantly from the Fund’s return during the period included Meta Platforms, Inc., Class A, a communication services company (portfolio average weight of 1.25%), and Alphabet, Inc., Class A, a communication services company (portfolio average weight of 3.42%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Information Technology			20.81
Health Care			15.28
Consumer Discretionary			12.15
Communication Services			11.69
Industrials			9.65
Consumer Staples			9.01
Financials			7.88
Energy			7.26
Materials			3.94
Sector Types Each Less Than 3%			2.10
Money Market Funds Plus Other Assets Less Liabilities			0.23

Fund Inception: September 12, 2018

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.19% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

As an index fund, the Invesco RAFI^TM Strategic US Small Company ETF (“the Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Strategic US Small Company Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (“Invesco Indexing” or the “Index Provider”) compiles and maintains the Index, which is designed to measure the performance of equity securities of U.S. companies that tend to have smaller, yet higher quality businesses. Invesco Indexing is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser, and Invesco Distributors, Inc., the Fund’s distributor.

The Index Provider selects components for inclusion in the Index from an investment universe of domestic equity securities with at least one year of trading history. Each eligible equity security is assigned a business-size score (“Business-Size Score”) based on the equally-weighted average of the following four factors of company size over the prior five years (or, if shorter, the life of the security): sales, operating cash flow, total return of capital (dividends and share repurchases) and book value. For real estate securities (real estate investment trusts (“REITs”) and common stocks of companies in the real estate sector), operating cash flow is replaced by funds from operations and book value is replaced by total assets. Each eligible security is then assigned a quality score (“Quality Score”) based on the equally-weighted average of the following two quality factors of its company’s business: efficiency (calculated as the ratio of sales-to-assets in the prior year) and growth (calculated as the percentage change in the ratio of sales-to-assets over the prior five years (or, if shorter, the life of the security)). Each eligible security is ranked in descending order by its Business-Size Score. Those securities ranked greater than 90% in cumulative Business-Size Score are eligible for inclusion in the Index and, of those, the 80% with the highest Quality Scores are included in the Index. Securities in the Index are weighted proportionally to their float-adjusted Business-Size Scores. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (12.58)%. On a net asset value (“NAV”) basis, the Fund returned (12.70)%. During the same time period, the Index returned (12.53)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the Russell 2000^® Index (the “Benchmark Index”) returned (17.88)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 2,000 securities.

The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small cap stock market.

Relative to the Benchmark Index, the Fund was most overweight in the industrials and consumer discretionary sectors and most underweight in the financials and health care sectors during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight allocation to and security selection in the health care sector as well as its overweight allocation to and security selection in the energy sector.

For the fiscal year ended August 31, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the utilities sector. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the information technology and industrials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included SM Energy Co., an energy company (portfolio average weight of 0.22%), and CVR Energy, Inc., an energy company (portfolio average weight of 0.36%). Positions that detracted most significantly from the Fund’s return during the period included Moderna, Inc., a health care company (no longer held at fiscal year-end), and MercadoLibre, Inc., a consumer discretionary company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Industrials			22.37
Consumer Discretionary			17.07
Information Technology			15.13
Health Care			10.47
Materials			6.30
Financials			6.06
Energy			5.18
Consumer Staples			4.74
Real Estate			4.45
Communication Services			4.42
Utilities			3.76
Money Market Funds Plus Other Assets Less Liabilities			0.05

Fund Inception: September 12, 2018

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.23% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

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

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


	Shares		Value
Common Stocks & Other Equity Interests-99.89%
Communication Services-1.88%
Comcast Corp., Class A		62,835	$	2,273,999
Fox Corp., Class A		79,019		2,700,869

				4,974,868

Consumer Discretionary-6.25%
Genuine Parts Co.		19,378		3,023,162
Hasbro, Inc.		30,469		2,401,566
McDonald’s Corp.		10,958		2,764,484
O’Reilly Automotive, Inc.^(b)		4,325		3,015,044
Starbucks Corp.		34,439		2,895,287
Yum! Brands, Inc.		22,333		2,484,323

				16,583,866

Consumer Staples-11.24%
Altria Group, Inc.		54,383		2,453,761
Church & Dwight Co., Inc.		30,769		2,575,673
General Mills, Inc.		39,225		3,012,480
Hershey Co. (The)		12,838		2,884,313
Hormel Foods Corp.		59,166		2,974,866
Kimberly-Clark Corp.		20,575		2,623,724
Mondelez International, Inc., Class A		42,979		2,658,681
Monster Beverage Corp.^(b)		29,825		2,649,355
PepsiCo, Inc.		16,239		2,797,493
Procter & Gamble Co. (The)		18,547		2,558,373
Sysco Corp.		31,603		2,598,399

				29,787,118

Energy-1.86%
Kinder Morgan, Inc.		135,516		2,482,653
Williams Cos., Inc. (The)		71,790		2,443,014

				4,925,667

Financials-11.31%
Allstate Corp. (The)		20,536		2,474,588
Arthur J. Gallagher & Co.		16,763		3,043,658
BlackRock, Inc.		4,063		2,707,542
Cboe Global Markets, Inc.		23,715		2,797,658
Citigroup, Inc.		52,352		2,555,301
Everest Re Group Ltd.		9,552		2,569,966
Goldman Sachs Group, Inc. (The)		8,587		2,856,637
Intercontinental Exchange, Inc.		26,662		2,688,863
Moody’s Corp.		9,480		2,697,250
Nasdaq, Inc.		52,654		3,134,493
Travelers Cos., Inc. (The)		15,295		2,472,284

				29,998,240

Health Care-21.78%
Abbott Laboratories		23,466		2,408,785
AbbVie, Inc.		18,033		2,424,717
AmerisourceBergen Corp.		18,396		2,696,118
Amgen, Inc.		10,963		2,634,409
Becton, Dickinson and Co.		10,560		2,665,555
Bristol-Myers Squibb Co.		35,328		2,381,460
Cardinal Health, Inc.		50,440		3,567,117
CVS Health Corp.		28,785		2,825,248
Elevance Health, Inc.		5,400		2,619,594
Gilead Sciences, Inc.		43,145		2,738,413
Henry Schein, Inc.^(b)		32,236		2,366,445
Hologic, Inc.^(b)		35,576		2,403,514


	Shares		Value
Health Care-(continued)
Incyte Corp.^(b)		35,890	$	2,527,733
IQVIA Holdings, Inc.^(b)		12,194		2,593,176
Johnson & Johnson		15,182		2,449,464
Laboratory Corp. of America Holdings		11,339		2,554,336
McKesson Corp.		8,577		3,147,759
Merck & Co., Inc.		30,077		2,567,373
Quest Diagnostics, Inc.		19,855		2,488,030
UnitedHealth Group, Inc.		5,468		2,839,696
Waters Corp.^(b)		7,946		2,372,676
Zoetis, Inc.		15,713		2,459,556

				57,731,174

Industrials-15.89%
3M Co.		18,508		2,301,470
A.O. Smith Corp.		44,056		2,486,961
AMETEK, Inc.		22,106		2,656,257
Expeditors International of Washington, Inc.		26,105		2,685,943
IDEX Corp.		13,842		2,785,149
J.B. Hunt Transport Services, Inc.		16,010		2,786,060
Leidos Holdings, Inc.		25,901		2,461,890
Nordson Corp.		12,280		2,789,648
Otis Worldwide Corp.		35,254		2,546,044
Parker-Hannifin Corp.		9,551		2,531,015
Pentair PLC		53,968		2,401,576
Raytheon Technologies Corp.		27,122		2,434,200
Snap-on, Inc.		12,165		2,650,267
Union Pacific Corp.		12,141		2,725,776
United Parcel Service, Inc., Class B		15,059		2,929,126
Verisk Analytics, Inc.		15,859		2,968,170

				42,139,552

Information Technology-12.06%
Akamai Technologies, Inc.^(b)		26,710		2,411,379
Amphenol Corp., Class A		38,323		2,817,890
Broadridge Financial Solutions, Inc.		18,568		3,178,285
Citrix Systems, Inc.		27,256		2,801,099
Jack Henry & Associates, Inc.		14,506		2,788,053
NortonLifeLock, Inc.		109,627		2,476,474
Paychex, Inc.		21,428		2,642,930
Roper Technologies, Inc.		6,438		2,591,810
TE Connectivity Ltd. (Switzerland)		20,576		2,596,897
Teledyne Technologies, Inc.^(b)		6,693		2,465,433
Texas Instruments, Inc.		16,274		2,688,628
Visa, Inc., Class A		12,606		2,504,938

				31,963,816

Materials-5.74%
Air Products and Chemicals, Inc.		10,663		2,691,874
Avery Dennison Corp.		15,053		2,764,032
Corteva, Inc.		43,408		2,666,554
FMC Corp.		22,842		2,468,763
Linde PLC (United Kingdom)		8,190		2,316,623
Packaging Corp. of America		16,862		2,308,745

				15,216,591

Real Estate-5.88%
American Tower Corp.		10,176		2,585,213
Essex Property Trust, Inc.		9,745		2,583,010
Prologis, Inc.		21,570		2,685,681

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


	Shares		Value
Real Estate-(continued)
Public Storage		8,502	$	2,812,716
Regency Centers Corp.		41,470		2,523,035
Weyerhaeuser Co.		70,143		2,396,085

				15,585,740

Utilities-6.00%
Atmos Energy Corp.		23,359		2,648,443
Edison International		38,931		2,638,354
Eversource Energy		29,817		2,674,287
Exelon Corp.		55,872		2,453,339
Pinnacle West Capital Corp.		36,091		2,719,457
Sempra Energy		16,880		2,784,694

				15,918,574

Total Common Stocks & Other Equity Interests (Cost $260,366,830)				264,825,206

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


	Shares		Value
Common Stocks & Other Equity Interests-99.77%
Australia-5.34%
AGL Energy Ltd.		55,809	$	293,836
Ampol Ltd.		9,876		234,124
APA Group		19,563		148,733
Aristocrat Leisure Ltd.		4,690		114,784
Aurizon Holdings Ltd.		71,125		181,874
BHP Group Ltd.		107,765		2,999,459
BlueScope Steel Ltd.		18,922		216,891
Brambles Ltd.		34,795		295,309
Coles Group Ltd.		36,963		444,970
Computershare Ltd.		5,245		88,814
CSL Ltd.		2,278		458,416
Downer EDI Ltd.		36,181		125,260
Evolution Mining Ltd.		33,448		54,803
Fortescue Metals Group Ltd.		37,682		475,842
Glencore PLC^(a)		367,322		2,022,960
Incitec Pivot Ltd.		46,201		124,159
JB Hi-Fi Ltd.		3,217		89,738
Lendlease Corp. Ltd.^(b)		21,716		152,894
Metcash Ltd.		43,904		124,005
Newcrest Mining Ltd.		15,566		189,202
OceanaGold Corp.^(a)		48,427		71,738
Orica Ltd.		9,174		97,295
Origin Energy Ltd.		56,424		244,080
Orora Ltd.		31,732		72,223
Qantas Airways Ltd.^(a)(b)		38,186		139,269
Ramsay Health Care Ltd.		3,394		166,852
Rio Tinto Ltd.		49,880		3,231,450
Rio Tinto PLC		47,157		2,617,939
Santos Ltd.		48,753		263,705
Sonic Healthcare Ltd.		7,054		164,420
South32 Ltd.		117,881		335,375
Tabcorp Holdings Ltd.^(b)		38,605		25,407
Telstra Corp. Ltd.		354,902		965,913
Treasury Wine Estates Ltd.		13,497		122,045
Wesfarmers Ltd.		26,560		855,968
Woodside Energy Group Ltd.		53,716		1,261,257
Woolworths Group Ltd.		31,930		789,996

				20,261,005

Austria-0.35%
ams-OSRAM AG^(a)		9,083		66,804
ANDRITZ AG		2,350		108,653
Mondi PLC^(b)		16,706		284,977
OMV AG		7,286		295,109
UNIQA Insurance Group AG^(b)		18,067		119,904
Verbund AG		1,649		158,105
voestalpine AG^(b)		9,734		196,935
Wienerberger AG		4,278		100,403

				1,330,890

Belgium-0.92%
Anheuser-Busch InBev S.A./N.V.^(b)		51,583		2,507,621
Bekaert S.A.^(b)		2,712		83,611
Etablissements Franz Colruyt N.V.^(b)		2,616		72,813
Groupe Bruxelles Lambert S.A.		2,275		172,716
Proximus SADP^(b)		7,786		99,274
Solvay S.A., Class A^(b)		2,907		235,721


	Shares		Value
Belgium-(continued)
UCB S.A.		2,050	$	144,503
Umicore S.A.^(b)		5,709		182,267

				3,498,526

Brazil-0.06%
Yara International ASA		5,606		238,042

Canada-16.76%
Aecon Group, Inc.		10,107		83,968
Agnico Eagle Mines Ltd.		11,554		477,829
Alamos Gold, Inc., Class A		25,117		181,626
Alimentation Couche-Tard, Inc.		46,483		2,003,284
AltaGas Ltd.		22,588		488,464
ARC Resources Ltd.^(b)		31,320		433,592
Atco Ltd., Class I		9,304		330,357
ATS Automation Tooling Systems, Inc.^(a)		3,100		94,969
AutoCanada, Inc.^(a)		4,363		99,180
B2Gold Corp.		69,380		213,501
Barrick Gold Corp.		105,250		1,567,177
Baytex Energy Corp.^(a)		24,705		128,467
BCE, Inc.		24,163		1,169,404
Birchcliff Energy Ltd.		14,072		124,323
Boyd Group Services, Inc.		870		120,243
Brookfield Asset Management, Inc., Class A		92,943		4,483,918
BRP, Inc.		4,907		341,309
CAE, Inc.^(a)		8,084		148,026
Cameco Corp.		4,734		138,376
Canaccord Genuity Group, Inc.		21,967		131,674
Canadian National Railway Co.		17,896		2,134,374
Canadian Natural Resources Ltd.		55,059		3,027,068
Canadian Pacific Railway Ltd.		16,917		1,270,067
Canadian Solar, Inc.^(a)(b)		3,866		174,627
Canadian Tire Corp. Ltd., Class A		5,661		667,727
Canadian Utilities Ltd., Class A		11,084		340,070
Canfor Corp.^(a)		11,654		229,325
Capital Power Corp.		7,446		289,687
Cascades, Inc.		16,319		111,526
CCL Industries, Inc., Class B^(b)		6,383		313,984
Celestica, Inc.^(a)		21,961		227,223
Cenovus Energy, Inc.		62,636		1,178,490
Centerra Gold, Inc.		18,400		83,598
CGI, Inc., Class A^(a)		11,565		918,418
CI Financial Corp.		21,267		233,846
Cogeco Communications, Inc.		1,740		106,837
Cogeco, Inc.		1,691		81,567
Constellation Software, Inc.		228		344,197
Crescent Point Energy Corp.		41,293		314,679
Dollarama, Inc.		6,059		370,036
Dundee Precious Metals, Inc.		15,000		68,494
ECN Capital Corp.		66,773		272,272
Emera, Inc.		12,462		578,280
Empire Co. Ltd., Class A		30,070		858,979
Enbridge, Inc.		116,488		4,817,494
Enerflex Ltd.		14,380		72,361
Enerplus Corp.		10,709		165,509
Equinox Gold Corp.^(a)		21,128		74,374
Fairfax Financial Holdings Ltd.		3,428		1,713,843
Finning International, Inc.		12,395		267,852
Franco-Nevada Corp.		3,003		362,075

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


	Shares		Value
Canada-(continued)
George Weston Ltd.		7,825	$	897,162
GFL Environmental, Inc.		6,678		188,673
Gibson Energy, Inc.		11,253		213,013
Gildan Activewear, Inc.		9,277		275,136
Hudbay Minerals, Inc.		21,898		96,983
Hydro One Ltd.^(c)		16,847		457,452
IAMGOLD Corp.^(a)		71,651		85,898
IGM Financial, Inc.		5,358		146,265
Imperial Oil Ltd.		12,716		625,896
Intact Financial Corp.		8,069		1,172,211
Interfor Corp.^(a)		11,986		295,714
Keyera Corp.		12,477		308,305
Kinross Gold Corp.		133,914		440,722
Linamar Corp.		8,942		423,953
Loblaw Cos. Ltd.		12,244		1,085,187
Magna International, Inc.		32,886		1,905,208
Maple Leaf Foods, Inc.		5,478		96,919
Martinrea International, Inc.		16,487		130,300
MEG Energy Corp.^(a)		13,457		188,661
Methanex Corp.		5,678		205,814
Metro, Inc.		16,364		863,183
Mullen Group Ltd.		9,152		98,257
New Gold, Inc.^(a)		66,914		43,431
NFI Group, Inc.		10,165		102,457
North West Co., Inc. (The)		3,986		103,637
Northland Power, Inc.		10,001		343,345
Nutrien Ltd.		25,248		2,324,489
Nuvei Corp.^(a)(c)		2,196		67,392
Open Text Corp.		11,807		372,981
Pan American Silver Corp.		9,403		140,298
Parkland Corp.		18,403		453,049
Pembina Pipeline Corp.		31,112		1,101,844
Peyto Exploration & Development Corp.		9,304		87,030
Premium Brands Holdings Corp.		2,079		154,925
Quebecor, Inc., Class B		8,074		174,908
Restaurant Brands International, Inc.		12,584		744,989
Ritchie Bros. Auctioneers, Inc.		2,500		173,679
Rogers Communications, Inc., Class B		11,794		509,278
Russel Metals, Inc.		6,617		143,496
Saputo, Inc.		16,797		427,749
Secure Energy Services, Inc.		18,016		78,552
Shaw Communications, Inc., Class B		12,425		319,543
Shopify, Inc., Class A^(a)		13,736		436,120
SNC-Lavalin Group, Inc.		11,642		225,888
Spin Master Corp.^(a)(c)		3,660		128,838
Stantec, Inc.		4,817		229,264
Stelco Holdings, Inc.		5,154		139,909
Stella-Jones, Inc.		5,504		168,070
Suncor Energy, Inc.		90,876		2,948,474
Superior Plus Corp.		11,965		100,683
Teck Resources Ltd., Class B		32,536		1,105,071
TELUS Corp.		28,371		640,817
TELUS International CDA, Inc.^(a)		4,989		142,897
TFI International, Inc.		4,482		448,440
Thomson Reuters Corp.		4,452		491,637
Torex Gold Resources, Inc.^(a)		10,878		80,987
Toromont Industries Ltd.		2,362		183,354
Tourmaline Oil Corp.		11,603		687,976
TransAlta Corp.		18,506		174,236
Transcontinental, Inc., Class A		12,884		162,919


	Shares		Value
Canada-(continued)
Vermilion Energy, Inc.		8,161	$	218,607
West Fraser Timber Co. Ltd.		10,611		952,041
Western Forest Products, Inc.		59,390		69,839
Wheaton Precious Metals Corp.		10,194		312,063
Whitecap Resources, Inc.		30,863		225,534
WSP Global, Inc.		4,159		497,041
Yamana Gold, Inc.		64,148		284,101

				63,551,356

Chile-0.10%
Antofagasta PLC^(b)		7,339		94,021
Lundin Mining Corp.		55,188		287,824

				381,845

China-0.54%
NXP Semiconductors N.V.		10,882		1,790,960
Wilmar International Ltd.		83,867		242,866

				2,033,826

Colombia-0.10%
Frontera Energy Corp.^(a)		8,920		75,536
Millicom International Cellular S.A., SDR^(a)		10,173		146,234
Parex Resources, Inc.		10,374		166,431

				388,201

Denmark-1.18%
AP Moller - Maersk A/S, Class B		321		770,568
Carlsberg A/S, Class B		3,386		442,140
Coloplast A/S, Class B		1,183		135,665
Demant A/S^(a)		2,240		69,202
DSV A/S		1,287		190,798
H Lundbeck A/S, Class A^(a)		5,234		20,055
ISS A/S^(a)(b)		9,626		169,515
Novo Nordisk A/S, Class B		14,595		1,563,828
Novozymes A/S, Class B		2,409		138,619
Orsted A/S^(c)		1,927		189,383
Pandora A/S		2,981		180,199
ROCKWOOL A/S, Class B^(b)		381		78,840
Tryg A/S		4,308		97,648
Vestas Wind Systems A/S		16,238		409,271

				4,455,731

Finland-0.97%
Elisa OYJ		2,004		107,325
Fortum OYJ		24,382		251,180
Huhtamaki OYJ		2,682		94,175
Kesko OYJ, Class B		10,110		213,285
Kone OYJ, Class B		6,595		264,734
Neste OYJ		6,045		299,369
Nokia OYJ		140,805		709,631
Nokian Renkaat OYJ		7,044		73,452
Outokumpu OYJ		23,749		95,834
Sampo OYJ, Class A		12,653		573,817
Stora Enso OYJ, Class R		19,275		288,307
UPM-Kymmene OYJ		14,116		481,046
Valmet OYJ^(b)		3,457		87,948
Wartsila OYJ Abp		17,404		144,100

				3,684,203

France-7.99%
Air France-KLM^(a)		44,276		65,158
Air Liquide S.A.		7,346		924,824

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


	Shares		Value
France-(continued)
Airbus SE		7,023	$	691,297
Alstom S.A.^(b)		9,483		196,053
Amundi S.A.^(c)		1,606		81,876
Arkema S.A.		1,829		155,188
Atos SE^(b)		10,673		108,557
Bollore SE		34,988		168,030
Bouygues S.A.		19,695		580,266
Bureau Veritas S.A.		3,657		91,087
Capgemini SE		2,878		500,657
Carrefour S.A.^(b)		49,798		833,238
Casino Guichard Perrachon S.A.^(a)(b)		10,750		139,661
Cie de Saint-Gobain		20,853		846,089
Cie Generale des Etablissements Michelin S.C.A.		24,931		609,311
Criteo S.A., ADR^(a)		5,176		139,855
Danone S.A.		15,354		810,713
Dassault Systemes SE		3,351		129,982
Eiffage S.A.		5,409		477,872
Elis S.A.		9,165		117,687
ENGIE S.A.		116,956		1,395,738
EssilorLuxottica S.A.		4,063		609,768
Eurazeo SE		1,209		72,517
Faurecia SE^(a)		14,723		212,966
Hermes International		108		139,279
Kering S.A.		958		484,548
Korian S.A.		6,062		77,598
Legrand S.A.		3,527		256,346
L’Oreal S.A.		2,849		983,347
LVMH Moet Hennessy Louis Vuitton SE		2,261		1,472,123
Nexity S.A.^(b)		3,583		80,561
Orange S.A.		115,890		1,176,752
Orpea S.A.^(a)		4,860		106,243
Pernod Ricard S.A.		2,504		462,160
Publicis Groupe S.A.^(a)		6,804		333,536
Renault S.A.^(a)		37,613		1,082,080
Rexel S.A.		13,901		226,446
Rubis S.C.A.		4,818		114,191
Safran S.A.		6,597		675,965
Sanofi		23,908		1,975,664
Schneider Electric SE		8,933		1,066,951
SCOR SE		14,727		244,492
SEB S.A.^(b)		821		61,091
Sodexo S.A.		3,311		254,498
SPIE S.A.		5,675		124,173
Teleperformance		545		155,803
Thales S.A.		1,904		230,035
TotalEnergies SE		106,068		5,406,428
Ubisoft Entertainment S.A.^(a)		2,126		98,360
Valeo		19,729		379,709
Veolia Environnement S.A.		23,624		529,264
Vinci S.A.		15,542		1,441,707
Vivendi SE		47,369		431,259
Wendel SE		1,532		120,929
Worldline S.A.^(a)(c)		3,022		130,029

				30,279,957

Germany-8.12%
adidas AG		3,423		510,380
Aurubis AG		1,636		99,396
BASF SE		46,240		1,956,114


	Shares		Value
Germany-(continued)
Bayer AG		28,840	$	1,525,403
Bayerische Motoren Werke AG		20,175		1,490,484
Beiersdorf AG		1,097		110,971
Brenntag SE		3,765		247,673
CECONOMY AG		44,991		65,373
Continental AG		8,348		482,506
Covestro AG^(c)		11,822		358,055
Deutsche Lufthansa AG^(a)		36,116		215,538
Deutsche Post AG		21,822		798,620
Deutsche Telekom AG		126,100		2,382,316
E.ON SE		88,056		753,516
Evonik Industries AG		18,928		353,920
Freenet AG		3,512		76,633
Fresenius Medical Care AG & Co. KGaA		7,827		269,090
Fresenius SE & Co. KGaA		25,608		634,998
GEA Group AG		4,143		144,518
Hannover Rueck SE		2,436		359,835
HeidelbergCement AG		8,889		403,119
Henkel AG & Co. KGaA, Preference Shares		12,732		822,443
HOCHTIEF AG		1,760		87,196
Infineon Technologies AG		14,228		347,659
Jungheinrich AG, Preference Shares		3,982		97,540
K+S AG		4,452		101,621
KION Group AG		2,523		101,049
Knorr-Bremse AG		1,506		73,219
LANXESS AG		4,973		168,270
Mercedes-Benz Group AG		46,043		2,598,274
Merck KGaA		3,970		684,235
METRO AG^(a)		19,780		157,925
MTU Aero Engines AG		752		133,049
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		7,451		1,784,679
ProSiebenSat.1 Media SE		15,614		120,926
Rheinmetall AG		754		120,096
RWE AG		15,730		602,323
SAP SE		13,765		1,175,688
Schaeffler AG, Preference Shares^(b)		45,689		238,672
Siemens AG		19,781		2,010,561
Siemens Energy AG		23,055		340,210
Siemens Healthineers AG^(c)		2,764		135,437
Symrise AG		1,168		122,557
Telefonica Deutschland Holding AG		49,091		127,605
thyssenkrupp AG^(a)		41,271		231,155
TUI AG^(a)		58,311		89,623
Uniper SE^(b)		11,266		61,004
United Internet AG		3,267		74,080
Volkswagen AG, Preference Shares		34,012		4,861,298
Zalando SE^(a)(c)		3,440		79,940

				30,786,792

Ghana-0.02%
Tullow Oil PLC^(a)		125,776		71,128

Hong Kong-0.88%
CK Hutchison Holdings Ltd.		137,333		887,983
CLP Holdings Ltd.		47,892		413,091
HKT Trust & HKT Ltd.		95,937		128,831
Hong Kong & China Gas Co. Ltd. (The)		190,368		187,970
Jardine Matheson Holdings Ltd.		6,877		365,169
Melco Resorts & Entertainment Ltd., ADR^(a)(b)		32,410		186,682

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


	Shares		Value
Hong Kong-(continued)
PCCW Ltd.		183,214	$	91,737
Swire Pacific Ltd., Class A		66,857		462,957
Techtronic Industries Co. Ltd.		12,408		147,337
WH Group Ltd.		493,442		336,973
Yue Yuen Industrial Holdings Ltd.		84,518		126,203

				3,334,933

Indonesia-0.03%
First Pacific Co. Ltd.		293,476		113,295

Ireland-0.51%
CRH PLC		24,415		903,336
Flutter Entertainment PLC^(a)		2,135		267,434
Kerry Group PLC, Class A		1,942		200,843
Kingspan Group PLC		1,445		82,299
Ryanair Holdings PLC, ADR^(a)(b)		3,137		228,091
Smurfit Kappa Group PLC		7,201		242,934

				1,924,937

Israel-0.45%
Check Point Software Technologies Ltd.^(a)		4,739		569,818
Clal Insurance Enterprises Holdings Ltd.^(a)		5,106		110,656
ICL Group Ltd.		7,834		75,362
Teva Pharmaceutical Industries Ltd., ADR^(a)		103,783		938,198

				1,694,034

Italy-1.62%
A2A S.p.A.^(b)		66,604		74,977
Assicurazioni Generali S.p.A.		99,757		1,468,548
Coca-Cola HBC AG		6,611		151,544
Enel S.p.A.		336,223		1,587,497
Eni S.p.A.		126,578		1,502,929
Ferrari N.V.		698		135,602
Hera S.p.A.		32,014		80,479
Leonardo S.p.A.		18,864		154,898
Prysmian S.p.A.		6,931		213,335
Saipem S.p.A.^(a)(b)		51,840		36,521
Telecom Italia S.p.A.^(a)(b)		2,126,950		440,584
Unipol Gruppo S.p.A.		34,316		144,375
UnipolSai Assicurazioni S.p.A.		68,954		153,650

				6,144,939

Japan-23.15%
Advantest Corp.		1,786		103,069
Aeon Co. Ltd.^(b)		53,006		1,041,001
AGC, Inc.		10,684		366,088
Air Water, Inc.		9,454		119,347
Aisin Corp.^(b)		12,758		382,395
Ajinomoto Co., Inc.		10,007		278,716
Alfresa Holdings Corp.^(b)		18,306		220,398
Alps Alpine Co. Ltd.^(b)		13,533		122,322
Amada Co. Ltd.^(b)		15,309		121,147
ANA Holdings, Inc.^(a)		5,846		113,335
Asahi Group Holdings Ltd.		15,077		508,240
Asahi Kasei Corp.		59,676		440,386
Astellas Pharma, Inc.		41,517		594,341
Bandai Namco Holdings, Inc.		2,394		181,072
Bridgestone Corp.		24,572		948,847
Brother Industries Ltd.		8,971		173,175
Canon, Inc.^(b)		33,510		806,174
Chubu Electric Power Co., Inc.^(b)		57,144		582,879
Chugai Pharmaceutical Co. Ltd.		4,916		127,984


	Shares		Value
Japan-(continued)
Chugoku Electric Power Co., Inc. (The)^(b)		29,780	$	179,163
Coca-Cola Bottlers Japan Holdings, Inc.		10,931		112,681
COMSYS Holdings Corp.^(b)		4,865		91,036
Cosmo Energy Holdings Co. Ltd.^(b)		9,689		289,709
Dai Nippon Printing Co. Ltd.^(b)		10,727		227,269
Daicel Corp.^(b)		17,669		111,909
Daiichi Sankyo Co. Ltd.		14,547		440,424
Daikin Industries Ltd.		3,387		598,238
Daito Trust Construction Co. Ltd.		3,352		332,238
Daiwa House Industry Co. Ltd.^(b)		28,027		634,032
Daiwabo Holdings Co. Ltd.		6,274		89,160
Denka Co. Ltd.^(b)		3,531		85,202
Denso Corp.		12,237		675,385
Dentsu Group, Inc.		7,181		233,884
DIC Corp.		5,923		107,031
Dowa Holdings Co. Ltd.		2,436		92,608
East Japan Railway Co.		13,606		710,506
Ebara Corp.		2,953		113,327
Eisai Co. Ltd.		5,077		208,647
Electric Power Development Co. Ltd.^(b)		13,143		203,272
ENEOS Holdings, Inc.^(b)		366,573		1,384,582
FANUC Corp.		2,759		448,505
Fast Retailing Co. Ltd.		571		337,554
Fuji Electric Co. Ltd.		2,997		131,230
FUJIFILM Holdings Corp.		9,045		463,978
Fujikura Ltd.		14,546		104,301
Fujitsu Ltd.		4,237		506,300
Furukawa Electric Co. Ltd.		7,266		128,364
Hakuhodo DY Holdings, Inc.^(b)		14,328		129,301
Hankyu Hanshin Holdings, Inc.		7,798		235,417
Hanwa Co. Ltd.		6,074		151,384
Haseko Corp.^(b)		11,859		136,876
Hino Motors Ltd.		23,336		107,400
Hitachi Construction Machinery Co. Ltd.		3,960		82,242
Hitachi Ltd.		32,773		1,653,958
Hitachi Metals Ltd.^(a)		5,477		82,693
Hokkaido Electric Power Co., Inc.^(b)		36,196		133,426
Hokuriku Electric Power Co.^(b)		25,297		93,067
Honda Motor Co. Ltd.^(b)		104,612		2,810,280
Hoya Corp.		3,270		336,141
Idemitsu Kosan Co. Ltd.^(b)		18,569		488,922
IHI Corp.		6,548		176,424
Iida Group Holdings Co. Ltd.		6,998		107,172
Inpex Corp.		44,952		520,130
Isetan Mitsukoshi Holdings Ltd.^(b)		18,253		145,102
Isuzu Motors Ltd.^(b)		28,669		357,988
ITOCHU Corp.^(b)		50,123		1,389,523
Iwatani Corp.		2,053		84,416
J. Front Retailing Co. Ltd.		14,713		117,386
Japan Airlines Co. Ltd.^(a)		5,656		105,021
Japan Tobacco, Inc.		38,054		647,844
JFE Holdings, Inc.^(b)		48,443		524,180
JGC Holdings Corp.		7,055		95,882
JSR Corp.		3,517		79,410
JTEKT Corp.^(b)		18,306		130,073
Kajima Corp.^(b)		27,584		292,306
Kaneka Corp.		3,462		93,652
Kanematsu Corp.		8,273		90,175
Kansai Electric Power Co., Inc. (The)^(b)		60,056		583,123
Kao Corp.		12,057		526,638

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


	Shares		Value
Japan-(continued)
Kawasaki Heavy Industries Ltd.^(b)		10,825	$	211,854
Kawasaki Kisen Kaisha Ltd.		1,702		109,026
KDDI Corp.		22,237		686,079
Keyence Corp.		862		328,570
Kinden Corp.		7,598		80,680
Kintetsu Group Holdings Co. Ltd.		5,209		178,111
Kirin Holdings Co. Ltd.		30,450		504,004
Kobe Steel Ltd.^(b)		54,602		250,509
Koito Manufacturing Co. Ltd.		3,178		109,697
Komatsu Ltd.		25,444		537,788
Konami Group Corp.		1,268		64,761
Konica Minolta, Inc.^(b)		51,405		179,106
K’s Holdings Corp.^(b)		9,854		91,343
Kubota Corp.		21,780		341,803
Kuraray Co. Ltd.		19,120		146,340
Kyocera Corp.		9,995		560,801
Kyowa Kirin Co. Ltd.		3,938		89,058
Kyushu Electric Power Co., Inc.^(b)		57,620		347,487
Kyushu Railway Co.		5,026		106,375
Lawson, Inc.^(b)		2,901		96,473
Lixil Corp.^(b)		14,087		247,850
Makita Corp.		4,413		105,084
Marubeni Corp.^(b)		90,046		943,169
MatsukiyoCocokara & Co.		2,770		110,700
Mazda Motor Corp.		53,854		478,227
Medipal Holdings Corp.		22,327		307,142
MEIJI Holdings Co. Ltd.^(b)		4,202		200,968
MINEBEA MITSUMI, Inc.^(b)		9,592		167,311
Mitsubishi Chemical Group Corp.^(b)		105,437		557,514
Mitsubishi Corp.^(b)		69,725		2,295,581
Mitsubishi Electric Corp.		80,115		819,788
Mitsubishi Estate Co. Ltd.		24,708		335,084
Mitsubishi Gas Chemical Co., Inc.^(b)		7,881		118,307
Mitsubishi HC Capital, Inc.^(b)		21,992		107,243
Mitsubishi Heavy Industries Ltd.		17,624		683,220
Mitsubishi Materials Corp.^(b)		15,055		226,001
Mitsubishi Motors Corp.^(a)		48,403		195,183
Mitsubishi Shokuhin Co. Ltd.		3,721		91,666
Mitsui & Co. Ltd.^(b)		67,309		1,585,798
Mitsui Chemicals, Inc.^(b)		10,508		238,396
Mitsui Fudosan Co. Ltd.		23,025		468,971
Mitsui Mining & Smelting Co. Ltd.		3,918		93,269
Mitsui OSK Lines Ltd.^(b)		9,540		251,533
MS&AD Insurance Group Holdings, Inc.^(b)		24,986		749,986
Murata Manufacturing Co. Ltd.		7,851		427,819
Nagase & Co. Ltd.		6,553		94,826
Nagoya Railroad Co. Ltd.		6,909		107,554
NEC Corp.		11,706		430,663
Nexon Co. Ltd.		3,822		76,895
NGK Insulators Ltd.		8,637		124,547
NGK Spark Plug Co. Ltd.		5,930		122,600
NH Foods Ltd.		5,006		144,086
NHK Spring Co. Ltd.		13,432		91,565
Nidec Corp.		4,774		321,102
Nikon Corp.^(b)		12,015		138,070
Nintendo Co. Ltd.		1,366		561,575
Nippon Electric Glass Co. Ltd.		4,673		88,724
Nippon Paper Industries Co. Ltd.^(b)		20,632		135,289
Nippon Sanso Holdings Corp.		4,672		85,739
Nippon Steel Corp.		60,634		965,989


	Shares		Value
Japan-(continued)
Nippon Steel Trading Corp.		2,294	$	88,864
Nippon Suisan Kaisha Ltd.		20,599		84,848
Nippon Telegraph & Telephone Corp.^(b)		50,034		1,360,347
Nippon Yusen K.K.		4,391		338,610
Nissan Motor Co. Ltd.		299,442		1,187,832
Nisshin Seifun Group, Inc.^(b)		7,423		84,069
Nisshinbo Holdings, Inc.		10,629		82,962
Nissin Foods Holdings Co. Ltd.		1,336		95,990
Nitori Holdings Co. Ltd.		1,352		130,592
Nitto Denko Corp.		3,888		241,764
Nomura Real Estate Holdings, Inc.		3,909		96,579
Nomura Research Institute Ltd.		6,418		175,468
NSK Ltd.^(b)		26,885		147,007
NTT Data Corp.		15,064		214,509
Obayashi Corp.^(b)		43,952		306,277
Odakyu Electric Railway Co. Ltd.		7,286		100,440
Oji Holdings Corp.^(b)		59,427		238,780
Olympus Corp.		10,410		226,035
Omron Corp.		3,436		183,171
Ono Pharmaceutical Co. Ltd.		5,180		124,357
Oriental Land Co. Ltd.		751		112,955
Osaka Gas Co. Ltd.		16,217		274,212
Otsuka Corp.		2,996		97,904
Otsuka Holdings Co. Ltd.		11,050		363,564
Pan Pacific International Holdings Corp.		9,137		165,109
Panasonic Holdings Corp.		121,152		990,191
Persol Holdings Co. Ltd.		5,277		107,348
Recruit Holdings Co. Ltd.		13,723		443,789
Renesas Electronics Corp.^(a)		15,120		144,410
Rengo Co. Ltd.		15,518		92,017
Ricoh Co. Ltd.^(b)		41,536		328,692
Rohm Co. Ltd.		2,398		181,980
Ryohin Keikaku Co. Ltd.^(b)		8,393		78,708
Sankyu, Inc.		2,870		88,921
Santen Pharmaceutical Co. Ltd.		11,148		80,901
Secom Co. Ltd.		4,982		320,645
Seibu Holdings, Inc.^(b)		8,520		86,967
Seiko Epson Corp.^(b)		10,643		168,599
Sekisui Chemical Co. Ltd.		16,105		221,433
Sekisui House Ltd.		29,215		500,317
Seven & i Holdings Co. Ltd.^(b)		26,265		1,048,326
Sharp Corp.^(b)		15,542		112,452
Shikoku Electric Power Co., Inc.^(b)		18,109		106,074
Shimadzu Corp.		2,336		68,921
Shimano, Inc.		771		138,043
Shimizu Corp.		44,733		247,181
Shin-Etsu Chemical Co. Ltd.		5,178		609,407
Shionogi & Co. Ltd.		4,570		224,305
Shiseido Co. Ltd.		5,483		209,432
Showa Denko K.K.		10,749		167,099
SMC Corp.		562		270,003
SoftBank Corp.		61,571		679,335
Sojitz Corp.^(b)		17,821		302,105
Sompo Holdings, Inc.^(b)		18,500		797,118
Sony Group Corp.		25,271		2,029,883
Stanley Electric Co. Ltd.^(b)		5,345		99,748
Subaru Corp.		33,732		616,970
SUMCO Corp.		8,168		112,540
Sumitomo Chemical Co. Ltd.^(b)		105,477		418,484
Sumitomo Corp.^(b)		67,230		952,981

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


	Shares		Value
Japan-(continued)
Sumitomo Electric Industries Ltd.^(b)		49,147	$	568,138
Sumitomo Forestry Co. Ltd.		9,120		155,986
Sumitomo Heavy Industries Ltd.^(b)		6,940		147,136
Sumitomo Metal Mining Co. Ltd.^(b)		6,122		194,535
Sumitomo Rubber Industries Ltd.		14,849		128,540
Suntory Beverage & Food Ltd.		3,293		121,149
Suzuken Co. Ltd.		6,437		154,859
Suzuki Motor Corp.		17,902		630,073
Sysmex Corp.		1,489		92,407
Taiheiyo Cement Corp.		12,122		182,672
Taisei Corp.^(b)		10,908		333,240
Taisho Pharmaceutical Holdings Co. Ltd.		2,531		94,758
Takashimaya Co. Ltd.^(b)		12,927		143,887
Takeda Pharmaceutical Co. Ltd.^(b)		49,335		1,370,170
TDK Corp.		10,299		365,155
Teijin Ltd.^(b)		17,180		182,799
Terumo Corp.		6,569		213,525
TIS, Inc.		3,410		98,149
Tobu Railway Co. Ltd.		6,321		150,245
Toho Holdings Co. Ltd.		6,653		88,691
Tohoku Electric Power Co., Inc.^(b)		71,684		357,838
Tokio Marine Holdings, Inc.^(b)		27,961		1,571,665
Tokyo Electric Power Co. Holdings, Inc.^(a)		239,852		941,241
Tokyo Electron Ltd.		1,231		392,144
Tokyo Gas Co. Ltd.		21,261		400,604
Tokyo Tatemono Co. Ltd.		6,057		91,538
Tokyu Corp.		16,706		199,930
Tokyu Fudosan Holdings Corp.		29,303		158,749
Toppan, Inc.^(b)		13,196		208,566
Toray Industries, Inc.		76,086		438,486
Toshiba Corp.^(b)		16,130		601,217
Tosoh Corp.^(b)		11,345		147,884
TOTO Ltd.		3,179		110,878
Toyo Seikan Group Holdings Ltd.^(b)		14,326		171,240
Toyo Suisan Kaisha Ltd.		2,432		100,175
Toyota Boshoku Corp.^(b)		5,601		82,262
Toyota Industries Corp.		5,280		297,851
Toyota Motor Corp.		311,804		4,726,825
Toyota Tsusho Corp.		14,380		508,811
Trend Micro, Inc.		1,727		107,389
Tsuruha Holdings, Inc.		1,803		100,799
UBE Corp.^(b)		7,972		118,178
Unicharm Corp.		3,958		138,505
West Japan Railway Co.		8,678		340,046
Yakult Honsha Co. Ltd.		1,910		113,394
Yamada Holdings Co. Ltd.		55,238		192,063
Yamaha Corp.		2,610		102,800
Yamaha Motor Co. Ltd.		14,402		301,182
Yamato Holdings Co. Ltd.		5,484		86,241
Yamazaki Baking Co. Ltd.		7,699		90,972
Yaskawa Electric Corp.^(b)		2,858		94,425
Yokogawa Electric Corp.		5,110		90,128
Yokohama Rubber Co. Ltd. (The)		8,199		135,383
Z Holdings Corp.		57,365		171,733

				87,768,728

Luxembourg-0.26%
Aperam S.A.		2,310		62,693


	Shares		Value
Luxembourg-(continued)
ArcelorMittal S.A.		35,625	$	850,969
Eurofins Scientific SE		1,129		78,447

				992,109

Macau-0.08%
Galaxy Entertainment Group Ltd.		30,070		168,953
Sands China Ltd.^(a)		65,470		147,642

				316,595

Netherlands-4.16%
Aalberts N.V.		1,840		67,644
Adyen N.V.^(a)(b)(c)		69		107,197
Akzo Nobel N.V.		7,772		492,666
ASM International N.V.^(b)		394		107,406
ASML Holding N.V.^(b)		2,535		1,235,407
Heineken Holding N.V.		3,730		265,550
Heineken N.V.^(b)		4,229		381,617
Koninklijke Ahold Delhaize N.V.		64,496		1,776,998
Koninklijke BAM Groep N.V.^(a)		39,824		106,520
Koninklijke DSM N.V.^(b)		2,859		366,114
Koninklijke KPN N.V.		80,516		256,652
Koninklijke Philips N.V.		34,370		575,367
Randstad N.V.^(b)		6,174		288,622
Shell PLC		354,342		9,441,957
Wolters Kluwer N.V.		3,075		301,291

				15,771,008

New Zealand-0.09%
Contact Energy Ltd.		17,213		83,160
Fletcher Building Ltd.		33,263		114,204
Spark New Zealand Ltd.		40,320		133,983

				331,347

Norway-0.60%
Aker BP ASA		2,511		87,975
Equinor ASA		25,353		977,675
Gjensidige Forsikring ASA		8,592		174,885
Mowi ASA		6,721		138,360
Norsk Hydro ASA		36,988		255,304
Orkla ASA		22,439		188,617
Storebrand ASA		15,078		121,272
Telenor ASA		28,634		314,496

				2,258,584

Portugal-0.16%
Galp Energia SGPS S.A.^(b)		24,120		261,820
Jeronimo Martins SGPS S.A.		7,662		170,270
Sonae SGPS S.A.		156,598		157,940


DEF		Management’s Discussion of Fund Performance
DEF		Invesco Defensive Equity ETF (DEF)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Cardinal Health, Inc.			1.35
Broadridge Financial Solutions, Inc.			1.20
McKesson Corp.			1.19
Nasdaq, Inc.			1.18
Arthur J. Gallagher & Co.			1.15
Genuine Parts Co.			1.14
O’Reilly Automotive, Inc.			1.14
General Mills, Inc.			1.14
Hormel Foods Corp.			1.12
Verisk Analytics, Inc.			1.12
Total			11.73


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
Blended—Invesco Defensive Equity Index		(4.01	)%		9.11	%		29.89	%		10.79	%		66.93	%		11.19	%		188.85	%		9.02	%		288.23	%
S&P 500^® Index		(11.23	)		12.39			41.98			11.82			74.86			13.08			241.73			8.89			280.99
Fund
NAV Return		(4.54	)		8.49			27.71			10.16			62.23			10.56			172.80			8.33			251.58
Market Price Return		(4.40	)		8.51			27.76			10.18			62.36			10.55			172.64			8.34			251.74


ISDX		Management’s Discussion of Fund Performance
ISDX		Invesco RAFI^TM Strategic Developed ex-US ETF (ISDX)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Shell PLC			2.49
Samsung Electronics Co. Ltd.			1.85
BP PLC			1.49
TotalEnergies SE			1.43
Nestle S.A.			1.33
Volkswagen AG, Preference Shares			1.28
Enbridge, Inc.			1.27
Toyota Motor Corp.			1.25
Brookfield Asset Management, Inc., Class A			1.18
Roche Holding AG			1.04
Total			14.61



The Market Environment			3

Management’s Discussion of Fund Performance			4

Liquidity Risk Management Program			19

Schedules of Investments

Invesco Defensive Equity ETF (DEF)			20

Invesco RAFI^TM Strategic Developed ex-US ETF (ISDX)			22

Invesco RAFI^TM Strategic Emerging Markets ETF (ISEM)			31

Invesco RAFI^TM Strategic US ETF (IUS)			37

Invesco RAFI^TM Strategic US Small Company ETF (IUSS)			43

Statements of Assets and Liabilities			55

Statements of Operations			56

Statements of Changes in Net Assets			57

Financial Highlights			59

Notes to Financial Statements			64

Report of Independent Registered Public Accounting Firm			75

Fund Expenses			76

Tax Information			78

Trustees and Officers			79

Approval of Investment Advisory Contracts			89


	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			Average Annualized			Cumulative
Invesco Strategic Developed ex-US Index (Net)		(10.93	)%		6.48	%		20.73	%		4.28	%		18.09	%
MSCI EAFE^® Index (Net)		(19.80	)		2.39			7.35			1.47			5.96
Fund
NAV Return		(10.84	)		6.52			20.85			4.33			18.31
Market Price Return		(11.22	)		6.41			20.49			4.22			17.81


ISEM		Management’s Discussion of Fund Performance
ISEM		Invesco RAFI^TM Strategic Emerging Markets ETF (ISEM)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
PetroChina Co. Ltd., H Shares			7.20
China Petroleum & Chemical Corp., H Shares			5.59
Ping An Insurance (Group) Co. of China Ltd., H Shares			4.64
Taiwan Semiconductor Manufacturing Co. Ltd.			2.90
Alibaba Group Holding Ltd.			2.71
Petroleo Brasileiro S.A., Preference Shares			2.24
Hon Hai Precision Industry Co. Ltd.			2.00
Pinduoduo, Inc., ADR			1.73
China Pacific Insurance (Group) Co. Ltd., H Shares			1.73
JD.com, Inc., A Shares			1.66
Total			32.40


IUS		Management’s Discussion of Fund Performance
IUS		Invesco RAFI^TM Strategic US ETF (IUS)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Apple, Inc.			5.55
Alphabet, Inc., Class A			3.59
Berkshire Hathaway, Inc., Class B			3.09
Microsoft Corp.			3.01
Amazon.com, Inc.			2.01
Exxon Mobil Corp.			1.92
Meta Platforms, Inc., Class A			1.79
AT&T, Inc.			1.53
UnitedHealth Group, Inc.			1.41
Walmart, Inc.			1.21
Total			25.11


IUSS		Management’s Discussion of Fund Performance
IUSS		Invesco RAFI^TM Strategic US Small Company ETF (IUSS)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
First Solar, Inc.			0.44
Atlas Air Worldwide Holdings, Inc.			0.38
CommScope Holding Co., Inc.			0.34
Crocs, Inc.			0.34
Etsy, Inc.			0.32
Academy Sports & Outdoors, Inc.			0.31
Sanmina Corp.			0.29
Regal Rexnord Corp.			0.28
Extra Space Storage, Inc.			0.28
Jack Henry & Associates, Inc.			0.27
Total			3.25


	Shares		Value
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%^(c)(d) (Cost $52,209)		52,209	$	52,209

TOTAL INVESTMENTS IN SECURITIES-99.91% (Cost $260,419,039)				264,877,415
OTHER ASSETS LESS LIABILITIES-0.09%				236,258

NET ASSETS-100.00%			$	265,113,673


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	242,808		$	6,225,098		$	(6,415,697	)		$	-		$	-			$	52,209		$	371

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			-			4,415,278			(4,415,278	)			-			-				-			8	*

Invesco Private Prime Fund			-			10,301,030			(10,300,637	)			-			(393	)			-			83	*


Total		$	242,808		$	20,941,406		$	(21,131,612	)		$	-		$	(393	)		$	52,209		$	462