
		Invesco Annual Report to Shareholders
		August 31, 2023
		POWA		Invesco Bloomberg Pricing Power ETF (formerly, Invesco Defensive Equity ETF)
		IUS		Invesco RAFI^TMStrategic US ETF

Table of Contents



The Market Environment			3

Management’s Discussion of Fund Performance			5

Liquidity Risk Management Program			10

Schedules of Investments

Invesco Bloomberg Pricing Power ETF (POWA)			11

Invesco RAFI^TMStrategic US ETF (IUS)			13

Statements of Assets and Liabilities			19

Statements of Operations			20

Statements of Changes in Net Assets			21

Financial Highlights			22

Notes to Financial Statements			24

Report of Independent Registered Public Accounting Firm			33

Fund Expenses			34

Tax Information			35

Trustees and Officers			36

Approval of Investment Advisory Contracts			46


		2

The Market Environment

Domestic Equity

At the start of the fiscal year, volatility in the equity markets increased. US equity markets rose in August 2022 until the US Federal Reserve (the Fed) chairman Jerome Powell gave hawkish comments at an economic policy symposium held in Jackson Hole, sparking a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.¹ After a continued decline in September 2022, US equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings. However, the Fed’s message of continued rate hikes until data shows inflation meaningfully declining sent markets lower in December. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter of 2022. Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December.¹

US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the risk of a deeper than expected recession. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread sent investors to safe-haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the federal funds rate by only 0.25% in February of 2023 and again in March.¹ The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil.

The US economy and equity markets remained resilient in the second quarter of 2023, as milder inflation data and better-than-expected corporate earnings supported equities, with most major indexes posting gains for the quarter and with some big tech names providing optimistic future guidance. The Consumer Price Index (CPI) rose 4% as of May 31, 2023, the smallest 12-month increase in nearly two years.² The labor market maintained momentum in the second quarter with unemployment still at historic lows despite a slight uptick at the end of May. Facing persistently strong employment data, the Fed raised the federal funds rate by 0.25% at its May meeting, but investors got a long-awaited “pause” in rate hikes as the Fed left rates unchanged at its June meeting, sending equity

markets higher. However, the Fed raised rates another 0.25% in July, bringing the rate to its highest level since June 2006.¹ After two months of gains, equity markets declined in August as a resilient economy complicated the Fed’s efforts to tame inflation. While inflation has slowed from its peak in June 2022, the highest level since 1981, the CPI rose by 0.2% in July and the 12-month headline inflation rate rose to 3.2% from 3% in June.² At its annual Jackson Hole symposium in August 2023, Fed chair Jerome Powell remarked that while progress has been made, inflation is still too high, and the Fed intends “to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective.”

Despite higher rates and increased market volatility, US stocks for the fiscal year had strong returns of 15.94%, as measured by the S&P 500 Index.³

¹	Source: US Federal Reserve

²	Source: US Bureau of Labor Statistics

³	Source: Lipper Inc.

Global Equity

Global equity markets declined at the beginning of the fiscal year weighed down by rising inflation, central bank tightening and a slowing global economy. To tame inflation, several central banks, including the US Federal Reserve, the European Central Bank and the Bank of England, continued to raise interest rates. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities. China faced headwinds, which included the country’s zero-COVID-19 policy and a growing property market crisis.

Global equity markets posted gains for the fourth quarter of 2022, after better inflation data sparked a rally in October and November. However, investor sentiment worsened in December after central banks signaled continued interest rate hikes into 2023 as inflation remained above target levels. International stocks outperformed US stocks, led by results in the UK and the rest of Europe. Emerging market equities also posted gains for the fourth quarter, driven by China, which eased its zero-COVID-19 policy and started to reopen.

For the first half of 2023, global equity markets continued to deliver gains amid continued interest rate increases, volatility and a banking crisis. The largest shock came in March 2023 as the failure of two US regional banks, Silicon Valley Bank and Signature Bank, along with the subsequent UBS takeover of Credit Suisse, led to a selloff in US and European financial stocks. Optimism about AI (Artificial Intelligence) boosted technology stocks during the second quarter of 2023. Emerging market equities also posted gains for the first half of 2023 but within the region, China’s equities declined due to weaker-than-expected economic data, real estate developer debt issues and geopolitical concerns.


		3

The Market Environment–(continued)

Market volatility increased in August 2023, with both developed market equities and emerging market equities declining. For the overall fiscal year ended August 31, 2023, developed market equities posted a positive return, outperforming emerging market equities, which ended the period slightly positive.


		4


POWA		Management’s Discussion of Fund Performance
POWA		Invesco Bloomberg Pricing Power ETF (POWA)

Effective after the close of markets on August 25, 2023, Invesco Defensive Equity ETF changed its name to Invesco Bloomberg Pricing Power ETF (the “Fund”) and the underlying index changed from Invesco Defensive Equity Index (the “Previous Index”) to the Bloomberg Pricing Power Index (the “Index”). At that time, the Fund also changed its ticker symbol from DEF to POWA and changed its investment objective and investment policies.

As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Index, and through August 25, 2023, the Previous Index. The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index, and through August 25, 2023, the Previous Index.

Bloomberg Index Services Limited (the “Index Provider”) compiles, maintains and calculates the Index, which is composed of the securities of U.S. large- and mid-cap companies that, in the view of the Index Provider, are well-positioned to maintain stable profit margins in all market conditions. The Index focuses on companies that have the smallest deviations among their annual gross profit margins over the last five years. Securities eligible for inclusion in the Index are screened, pursuant to the index methodology, for their company’s (i) profitability history, (ii) market cap sector ranking, (iii) debt to market capitalization ratio, and (iv) gross margin stability. 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, 2023, on a market price basis, the Fund returned 6.29%. On a net asset value (“NAV”) basis, the Fund returned 6.36%. During the same time period, the Blended—Invesco Defensive Equity Index (which reflected the returns of the Previous Index from the beginning of the fiscal year through August 25, 2023, and of the Index for the remainder of the fiscal year, referred to herein as the “Custom Index”) returned 6.94%. During the fiscal year, the Fund fully replicated the components of the Custom Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Custom 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 15.94%. 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 its underlying index, which 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 industrials, health care and consumer staples sectors and most underweight in the information technology, communication services and energy sectors during the fiscal year ended August 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight allocation to and security selection in the information technology and communication services sectors.

For the fiscal year ended August 31, 2023, the industrials sector contributed most significantly to the Fund’s return, followed by the financials and consumer discretionary sectors, respectively. The utilities sector detracted most significantly from the Fund’s return, followed by the real estate and communication services sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included O’Reilly Automotive, Inc., a consumer discretionary company (portfolio average weight of 1.08%), and Merck & Co., Inc., a health care company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during the period included CVS Health Corp., a health care company (no longer held at fiscal year-end), and Hasbro, Inc., a consumer discretionary (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Industrials			38.71
Health Care			19.08
Consumer Staples			12.76
Consumer Discretionary			12.13
Information Technology			10.77
Sector Types Each Less Than 3%			6.56
Other Assets Less Liabilities			(0.01)

Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2023
Security
Veeva Systems, Inc., Class A			2.43
Lam Research Corp.			2.35
Trane Technologies PLC			2.33
Amphenol Corp., Class A			2.29
Automatic Data Processing, Inc.			2.25
Cadence Design Systems, Inc.			2.23
Comcast Corp., Class A			2.21
PACCAR, Inc.			2.21
Equinix, Inc.			2.19
Avery Dennison Corp.			2.16
Total			22.65


		5

Invesco Bloomberg Pricing Power ETF (POWA) (continued)

Growth of a $10,000 Investment

LOGO

Fund Performance History as of August 31, 2023


				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		6.94	%		8.46	%		27.60	%		8.82	%		52.60	%		10.45	%		170.17	%		8.89	%		315.17	%
Bloomberg Pricing Power Index		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A
S&P 500^® Index		15.94			10.52			35.00			11.12			69.43			12.81			233.79			9.30			341.74
Fund
NAV Return		6.36			7.87			25.51			8.22			48.43			9.81			154.92			8.21			273.94
Market Price Return		6.29			7.82			25.34			8.20			48.29			9.82			155.05			8.21			273.88

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. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

-	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 from the Predecessor Fund’s inception through October 24, 2016, followed by the performance of the Previous Index from October 25, 2016 through August 25, 2023, followed by the performance of the Index from August 26, 2023 through August 31, 2023.


		6


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

As an index fund, the Invesco RAFI^™ 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 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.

For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 14.34%. On a net asset value (“NAV”) basis, the Fund returned 14.46%. During the same time period, the Index returned 14.67%. 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 15.40%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,000 securities.

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 communication services sectors and most underweight in the information technology and financials sectors during the fiscal year ended August 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight allocation to and security selection in the information technology sector.

For the fiscal year ended August 31, 2023, the information technology sector contributed most significantly to the Fund’s return, followed by the communication services and industrials sectors, respectively. The utilities sector was the only sector to detract from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Meta Platforms, Inc., Class A, a communication services company (portfolio average weight of 1.91%), and Apple, Inc., an information technology company (portfolio average weight of 5.14%). Positions that detracted most significantly from the Fund’s return during the period included CVS Health Corp., a health care company (portfolio average weight of 1.02%), and Lumen Technologies, Inc., a communication services company (portfolio average weight of 0.09%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Information Technology			18.49
Health Care			14.79
Communication Services			12.28
Energy			11.65
Consumer Discretionary			10.83
Industrials			10.33
Consumer Staples			8.08
Financials			5.96
Materials			4.67
Sector Types Each Less Than 3%			2.85
Money Market Funds Plus Other Assets Less Liabilities			0.07


		7

Invesco RAFI^TM Strategic US ETF (IUS) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
Apple, Inc.			4.43
Alphabet, Inc., Class A			3.86
Microsoft Corp.			2.72
Exxon Mobil Corp.			2.49
Meta Platforms, Inc., Class A			2.39
Amazon.com, Inc.			1.88
Chevron Corp.			1.70
UnitedHealth Group, Inc.			1.29
Comcast Corp., Class A			1.20
AT&T, Inc.			1.11
Total			23.07

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


				3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			Average Annualized			Cumulative
Invesco Strategic US Index		14.67	%		15.98	%		56.03	%		12.79	%		81.78	%
Russell 1000^® Index		15.40			9.93			32.84			10.94			67.46
Fund
NAV Return		14.46			15.76			55.11			12.60			80.28
Market Price Return		14.34			15.68			54.79			12.60			80.33


		8

Invesco RAFI^TM Strategic US ETF (IUS) (continued)

Fund Inception: September 12, 2018

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.

Notes Regarding Indexes and Fund Performance History:

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


		9

Liquidity Risk Management Program

The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (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 24, 2023, 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, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

•

The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

•

Each Fund’s investment strategy remained appropriate for an open-end fund;

•

Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

•

The Funds did not breach the 15% limit on Illiquid Investments; and

•

The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.


		10

Invesco Bloomberg Pricing Power ETF (POWA)

August 31, 2023

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.01%
Communication Services-2.21%
Comcast Corp., Class A		102,762	$	4,805,151


Consumer Discretionary-12.13%
Best Buy Co., Inc.		59,413		4,542,124
Garmin Ltd.		39,998		4,240,588
Home Depot, Inc. (The)		14,112		4,661,194
Lowe’s Cos., Inc.		20,175		4,649,934
O’Reilly Automotive, Inc.^(b)		4,423		4,156,293
Tractor Supply Co.		18,802		4,108,237

				26,358,370


Consumer Staples-12.76%
Archer-Daniels-Midland Co.		56,397		4,472,282
Costco Wholesale Corp.		8,510		4,674,373
Dollar General Corp.		19,672		2,724,572
Hershey Co. (The)		15,651		3,362,774
PepsiCo, Inc.		22,222		3,953,738
Sysco Corp.		57,655		4,015,671
Walmart, Inc.		27,829		4,525,273

				27,728,683


Health Care-19.08%
Agilent Technologies, Inc.		33,958		4,111,295
Cardinal Health, Inc.		48,357		4,223,017
Cencora, Inc.		24,017		4,226,512
McKesson Corp.		10,363		4,272,872
Mettler-Toledo International, Inc.^(b)		3,128		3,795,765
ResMed, Inc.		18,640		2,974,758
Veeva Systems, Inc., Class A^(b)		25,267		5,273,223
Vertex Pharmaceuticals, Inc.^(b)		12,306		4,286,672
Waters Corp.^(b)		15,985		4,488,588
Zimmer Biomet Holdings, Inc.		31,942		3,804,931

				41,457,633


Industrials-38.71%
AMETEK, Inc.		28,479		4,542,685
Automatic Data Processing, Inc.		19,197		4,887,748


	Shares		Value
Industrials-(continued)
Cintas Corp.		8,888	$	4,481,063
Cummins, Inc.		19,513		4,488,770
Dover Corp.		30,288		4,491,710
General Dynamics Corp.		19,892		4,508,323
HEICO Corp.		25,163		4,245,250
IDEX Corp.		20,525		4,646,860
Illinois Tool Works, Inc.		18,506		4,577,459
J.B. Hunt Transport Services, Inc.		24,419		4,587,842
Johnson Controls International PLC		67,628		3,994,110
Lockheed Martin Corp.		9,074		4,068,328
Otis Worldwide Corp.		50,659		4,333,877
PACCAR, Inc.		58,323		4,799,400
Republic Services, Inc.		28,836		4,156,133
Rollins, Inc.		102,966		4,074,365
Trane Technologies PLC		24,719		5,073,822
Waste Management, Inc.		25,263		3,960,733
Xylem, Inc.		40,651		4,209,004

				84,127,482


Information Technology-10.77%
Accenture PLC, Class A		14,325		4,638,005
Amphenol Corp., Class A		56,303		4,976,059
Cadence Design Systems, Inc.^(b)		20,171		4,849,915
Lam Research Corp.		7,260		5,099,424
VeriSign, Inc.^(b)		18,501		3,844,323

				23,407,726


Materials-2.16%
Avery Dennison Corp.		24,932		4,696,690


Real Estate-2.19%
Equinix, Inc.		6,086		4,755,479

TOTAL INVESTMENTS IN SECURITIES-100.01% (Cost $211,130,328)				217,337,214
OTHER ASSETS LESS LIABILITIES-(0.01)%				(19,873	)

NET ASSETS-100.00%			$	217,317,341

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023.


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)			Value August 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	52,209		$	7,249,831		$	(7,302,040	)		$	-		$	-		$	-		$	7,096

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


		11

Invesco Bloomberg Pricing Power ETF (POWA)–(continued)

August 31, 2023


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	-		$	3,697,617		$	(3,697,617	)		$	-		$	-			$	-		$	1,172	*

Invesco Private Prime Fund			-			9,398,134			(9,398,030	)			-			(104	)			-			3,020	*


Total		$	52,209		$	20,345,582		$	(20,397,687	)		$	-		$	(104	)		$	-		$	11,288

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

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


		12

Invesco RAFI^TM Strategic US ETF (IUS)

August 31, 2023

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-12.28%
Activision Blizzard, Inc.		2,625	$	241,474
Alphabet, Inc., Class A^(b)		63,063		8,587,289
Altice USA, Inc., Class A^(b)(c)		27,130		83,289
AT&T, Inc.		166,182		2,457,832
Atlanta Braves Holdings, Inc., Series C^(b)(c)		24		884
Charter Communications, Inc., Class A^(b)		2,293		1,004,609
Comcast Corp., Class A		57,178		2,673,643
DISH Network Corp., Class A^(b)(c)		30,826		184,956
Electronic Arts, Inc.		1,355		162,573
Fox Corp., Class A		7,621		251,950
Frontier Communications Parent, Inc.^(b)(c)		4,552		72,923
IAC, Inc.^(b)		1,022		56,547
Interpublic Group of Cos., Inc. (The)		3,011		98,189
Liberty Broadband Corp., Class C^(b)		2,501		233,994
Liberty Media Corp.-Liberty Formula One^(b)		875		60,191
Liberty Media Corp.-Liberty Live, Series C^(b)		36		1,211
Live Nation Entertainment, Inc.^(b)(c)		739		62,468
Lumen Technologies, Inc.		139,050		221,089
Meta Platforms, Inc., Class A^(b)		17,938		5,307,675
Netflix, Inc.^(b)		778		337,403
News Corp., Class A		7,336		157,651
Nexstar Media Group, Inc., Class A		644		104,843
Omnicom Group, Inc.		1,720		139,337
Paramount Global, Class B^(c)		18,433		278,154
Take-Two Interactive Software, Inc.^(b)		466		66,265
Telephone & Data Systems, Inc.		11,640		250,144
T-Mobile US, Inc.^(b)		3,695		503,444
Verizon Communications, Inc.		66,936		2,341,421
Walt Disney Co. (The)^(b)		11,589		969,768
Warner Bros Discovery, Inc.^(b)		27,952		367,289

				27,278,505

Consumer Discretionary-10.83%
Academy Sports & Outdoors, Inc.^(c)		1,258		68,649
Adient PLC^(b)(c)		1,963		76,891
Advance Auto Parts, Inc.^(c)		999		68,751
Airbnb, Inc., Class A^(b)		1,719		226,134
Amazon.com, Inc.^(b)		30,301		4,181,841
Aptiv PLC^(b)		1,542		156,436
Aramark		2,409		89,567
Asbury Automotive Group, Inc.^(b)(c)		470		108,100
Autoliv, Inc. (Sweden)		873		85,205
AutoNation, Inc.^(b)		1,067		167,615
AutoZone, Inc.^(b)		112		283,509
Bath & Body Works, Inc.		3,211		118,390
Best Buy Co., Inc.		4,543		347,312
Booking Holdings, Inc.^(b)		150		465,754
BorgWarner, Inc.		3,175		129,381
Brunswick Corp.^(c)		889		70,338
Burlington Stores, Inc.^(b)(c)		380		61,659
Caesars Entertainment, Inc.^(b)		1,959		108,254
Capri Holdings Ltd.^(b)		2,396		125,766
CarMax, Inc.^(b)(c)		2,327		190,069
Chipotle Mexican Grill, Inc.^(b)		53		102,112
Coupang, Inc. (South Korea)^(b)(c)		4,122		78,236
D.R. Horton, Inc.		2,544		302,787
Dana, Inc.		4,517		72,769


	Shares		Value
Consumer Discretionary-(continued)
Darden Restaurants, Inc.^(c)		907	$	141,048
Dick’s Sporting Goods, Inc.^(c)		1,058		123,088
Dillard’s, Inc., Class A		238		82,139
DoorDash, Inc., Class A^(b)		877		73,782
eBay, Inc.		8,894		398,273
Expedia Group, Inc.^(b)		1,934		209,626
Foot Locker, Inc.		2,137		41,928
Ford Motor Co.		102,477		1,243,046
Gap, Inc. (The)^(c)		7,709		89,270
Garmin Ltd.^(c)		820		86,936
General Motors Co.		43,035		1,442,103
Genuine Parts Co.		1,023		157,266
Goodyear Tire & Rubber Co. (The)^(b)		8,600		111,026
Group 1 Automotive, Inc.		476		125,864
H&R Block, Inc.		2,003		80,080
Harley-Davidson, Inc.		2,128		71,820
Hasbro, Inc.		1,136		81,792
Hilton Worldwide Holdings, Inc.		706		104,947
Home Depot, Inc. (The)		5,727		1,891,628
Hyatt Hotels Corp., Class A^(c)		593		66,659
Kohl’s Corp.		8,114		216,157
Lear Corp.		1,071		154,320
Lennar Corp., Class A		3,487		415,267
Lithia Motors, Inc., Class A		689		212,226
LKQ Corp.		2,968		155,909
Lowe’s Cos., Inc.^(c)		5,879		1,354,992
lululemon athletica, inc.^(b)		253		96,459
Macy’s, Inc.		13,750		168,162
Marriott International, Inc., Class A		1,014		206,359
Marriott Vacations Worldwide Corp.		514		55,867
McDonald’s Corp.		1,886		530,249
MercadoLibre, Inc. (Brazil)^(b)		82		112,534
MGM Resorts International^(c)		4,762		209,433
Mohawk Industries, Inc.^(b)		1,233		125,014
Murphy USA, Inc.		422		134,044
Newell Brands, Inc.		9,854		104,255
NIKE, Inc., Class B		5,513		560,727
NVR, Inc.^(b)		26		165,811
ODP Corp. (The)^(b)		1,417		69,886
O’Reilly Automotive, Inc.^(b)		271		254,659
Penn Entertainment, Inc.^(b)		3,465		82,086
Penske Automotive Group, Inc.		415		68,184
Phinia, Inc.^(b)		634		17,625
Polaris, Inc.		639		71,625
Pool Corp.		167		61,055
PulteGroup, Inc.		2,597		213,110
PVH Corp.		1,127		94,217
Qurate Retail, Inc., Class A^(b)		101,125		78,372
Ralph Lauren Corp.^(c)		770		89,805
Ross Stores, Inc.		1,719		209,391
Service Corp. International		1,234		77,878
Signet Jewelers Ltd.^(c)		1,111		83,325
Starbucks Corp.		3,622		352,928
Tapestry, Inc.		2,927		97,528
Taylor Morrison Home Corp., Class A^(b)		2,064		97,834
Tempur Sealy International, Inc.^(c)		1,680		78,490
Tesla, Inc.^(b)		4,106		1,059,676
Thor Industries, Inc.^(c)		1,314		137,733

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


		13

Invesco RAFI^TM Strategic US ETF (IUS)–(continued)

August 31, 2023


	Shares		Value
Consumer Discretionary-(continued)
TJX Cos., Inc. (The)		5,949	$	550,163
Toll Brothers, Inc.		1,809		148,211
Tractor Supply Co.^(c)		619		135,251
Ulta Beauty, Inc.^(b)		257		106,663
VF Corp.		4,539		89,691
Whirlpool Corp.^(c)		1,501		210,080
Williams-Sonoma, Inc.^(c)		1,063		150,096
Yum! Brands, Inc.		657		85,003

				24,056,196

Consumer Staples-8.08%
Albertson’s Cos., Inc., Class A		11,061		247,766
Altria Group, Inc.		13,588		600,861
Andersons, Inc. (The)		1,590		81,662
Archer-Daniels-Midland Co.		9,336		740,345
BJ’s Wholesale Club Holdings, Inc.^(b)		1,430		96,368
Brown-Forman Corp., Class B		1,251		82,729
Bunge Ltd.		2,208		252,419
Campbell Soup Co.		1,367		57,004
Casey’s General Stores, Inc.		407		99,475
Church & Dwight Co., Inc.		922		89,222
Clorox Co. (The)		465		72,749
Coca-Cola Co. (The)		14,638		875,792
Colgate-Palmolive Co.		3,299		242,378
Conagra Brands, Inc.		4,382		130,934
Constellation Brands, Inc., Class A		1,120		291,827
Costco Wholesale Corp.		2,559		1,405,608
Darling Ingredients, Inc.^(b)		1,109		68,492
Dollar General Corp.		1,571		217,584
Dollar Tree, Inc.^(b)(c)		1,356		165,920
Estee Lauder Cos., Inc. (The), Class A		1,329		213,344
General Mills, Inc.		3,595		243,238
Hershey Co. (The)		616		132,354
Hormel Foods Corp.		3,670		141,625
Ingredion, Inc.		555		57,115
JM Smucker Co. (The)		892		129,295
Kellogg Co.		2,357		143,824
Kenvue, Inc.		7,741		178,430
Keurig Dr Pepper, Inc.		7,187		241,843
Kimberly-Clark Corp.		1,500		193,245
Kraft Heinz Co. (The)		14,815		490,228
Kroger Co. (The)		16,496		765,249
McCormick & Co., Inc.		1,014		83,229
Molson Coors Beverage Co., Class B		2,823		179,232
Mondelez International, Inc., Class A		7,230		515,210
Monster Beverage Corp.^(b)		1,305		74,920
PepsiCo, Inc.		5,258		935,503
Performance Food Group Co.^(b)		3,665		227,707
Philip Morris International, Inc.		7,303		701,526
Procter & Gamble Co. (The)		11,627		1,794,511
Sysco Corp.		5,126		357,026
Target Corp.		5,783		731,839
Tyson Foods, Inc., Class A		8,691		462,970
United Natural Foods, Inc.^(b)		4,817		96,966
US Foods Holding Corp.^(b)		3,966		160,345
Walgreens Boots Alliance, Inc.		22,182		561,426
Walmart, Inc.		14,313		2,327,437

				17,958,772

Energy-11.65%
Antero Resources Corp.^(b)		5,589		154,648


	Shares		Value
Energy-(continued)
APA Corp.		6,227	$	272,992
Baker Hughes Co., Class A		9,986		361,393
Cheniere Energy, Inc.		2,339		381,725
Chesapeake Energy Corp.^(c)		2,287		201,736
Chevron Corp.		23,461		3,779,567
Chord Energy Corp.		606		97,869
Civitas Resources, Inc.^(c)		1,275		104,830
CNX Resources Corp.^(b)(c)		4,126		92,216
ConocoPhillips		16,567		1,971,970
Coterra Energy, Inc.		12,167		342,988
CVR Energy, Inc.^(c)		3,031		99,114
Delek US Holdings, Inc.^(c)		4,017		103,438
Devon Energy Corp.		7,704		393,597
Diamondback Energy, Inc.		2,558		388,253
EOG Resources, Inc.		6,010		773,006
EQT Corp.		4,952		214,025
Exxon Mobil Corp.		49,741		5,530,702
Halliburton Co.		6,064		234,192
Hess Corp.		1,339		206,875
HF Sinclair Corp.		5,419		298,533
Kinder Morgan, Inc.		26,604		458,121
Marathon Oil Corp.		14,095		371,403
Marathon Petroleum Corp.		14,809		2,114,281
Matador Resources Co.		1,427		90,615
Murphy Oil Corp.		2,461		111,729
Occidental Petroleum Corp.		12,421		779,915
ONEOK, Inc.		4,444		289,749
Ovintiv, Inc.		5,783		271,570
PBF Energy, Inc., Class A		6,300		295,407
Phillips 66		11,193		1,277,793
Pioneer Natural Resources Co.		3,605		857,738
Range Resources Corp.		2,561		82,925
Schlumberger N.V.		7,395		436,009
SM Energy Co.		2,581		109,202
Southwestern Energy Co.^(b)		20,860		141,431
Targa Resources Corp.		2,873		247,796
Valero Energy Corp.		10,651		1,383,565
Williams Cos., Inc. (The)		10,710		369,816
World Kinect Corp.		8,815		193,048

				25,885,782

Financials-5.96%
Affiliated Managers Group, Inc.		550		73,706
Allstate Corp. (The)		5,099		549,723
American Express Co.		6,119		966,741
American Financial Group, Inc.		1,257		145,711
Aon PLC, Class A		932		310,720
Arch Capital Group Ltd.^(b)		3,164		243,185
Assurant, Inc.		937		130,552
Berkshire Hathaway, Inc., Class B^(b)		4,038		1,454,488
Block, Inc., Class A^(b)(c)		2,725		157,096
Bread Financial Holdings, Inc.^(c)		2,364		88,839
Brown & Brown, Inc.		895		66,320
Cboe Global Markets, Inc.		473		70,813
Chubb Ltd.		5,005		1,005,354
Cincinnati Financial Corp.		1,683		178,045
Everest Group Ltd.		418		150,764
First American Financial Corp.		1,868		115,218
Fiserv, Inc.^(b)		4,073		494,421
FleetCor Technologies, Inc.^(b)		468		127,170

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


		14

Invesco RAFI^TM Strategic US ETF (IUS)–(continued)

August 31, 2023


	Shares		Value
Financials-(continued)
Franklin Resources, Inc.		4,108	$	109,848
Hanover Insurance Group, Inc. (The)		504		53,787
Hartford Financial Services Group, Inc. (The)		5,210		374,182
Janus Henderson Group PLC		2,738		75,213
Lazard Ltd., Class A^(c)		2,445		84,939
LPL Financial Holdings, Inc.		466		107,455
Markel Group, Inc.^(b)		147		217,401
Marsh & McLennan Cos., Inc.		1,972		384,520
Mastercard, Inc., Class A		2,085		860,354
Moody’s Corp.		443		149,202
MSCI, Inc.		179		97,308
Nasdaq, Inc.		1,918		100,657
Old Republic International Corp.		5,425		148,374
OneMain Holdings, Inc.		3,725		154,625
PayPal Holdings, Inc.^(b)		9,228		576,842
Progressive Corp. (The)		3,657		488,100
StoneX Group, Inc.^(b)		2,516		236,202
T. Rowe Price Group, Inc.		2,317		260,037
Travelers Cos., Inc. (The)		3,192		514,646
Visa, Inc., Class A^(c)		5,905		1,450,740
W.R. Berkley Corp.		2,194		135,721
Western Union Co. (The)		5,788		71,482
Willis Towers Watson PLC		1,272		262,999

				13,243,500

Health Care-14.79%
Abbott Laboratories		8,473		871,872
AbbVie, Inc.		9,477		1,392,740
Agilent Technologies, Inc.		1,108		134,146
Align Technology, Inc.^(b)		250		92,535
Amgen, Inc.		3,608		924,875
AMN Healthcare Services, Inc.^(b)		602		53,205
Avantor, Inc.^(b)(c)		3,640		78,806
Baxter International, Inc.		4,006		162,644
Becton, Dickinson and Co.		1,478		413,027
Biogen, Inc.^(b)		669		178,864
BioNTech SE, ADR (Germany)^(b)		4,505		544,790
Boston Scientific Corp.^(b)		3,658		197,312
Bristol-Myers Squibb Co.		18,932		1,167,158
Cardinal Health, Inc.		9,977		871,291
Cencora, Inc.		4,865		856,143
Centene Corp.^(b)		14,608		900,583
Cigna Group (The)		6,106		1,686,844
Cooper Cos., Inc. (The)		195		72,148
CVS Health Corp.		34,161		2,226,272
Danaher Corp.		2,526		669,390
DaVita, Inc.^(b)		1,414		144,822
DENTSPLY SIRONA, Inc.		1,766		65,501
DexCom, Inc.^(b)		519		52,409
Edwards Lifesciences Corp.^(b)		1,569		119,981
Elanco Animal Health, Inc.^(b)		8,963		109,349
Elevance Health, Inc.		2,621		1,158,508
Eli Lilly and Co.		1,286		712,701
Fortrea Holdings, Inc.^(b)(c)		1,024		28,211
Gilead Sciences, Inc.		8,492		649,468
HCA Healthcare, Inc.		1,987		550,995
Henry Schein, Inc.^(b)		1,332		101,951
Hologic, Inc.^(b)		1,436		107,327
Horizon Therapeutics PLC^(b)(c)		854		96,280
Humana, Inc.		1,313		606,120


	Shares		Value
Health Care-(continued)
IDEXX Laboratories, Inc.^(b)		135	$	69,040
Illumina, Inc.^(b)		463		76,497
Intuitive Surgical, Inc.^(b)		669		209,183
IQVIA Holdings, Inc.^(b)(c)		981		218,400
Jazz Pharmaceuticals PLC^(b)		460		65,946
Johnson & Johnson		12,174		1,968,292
Laboratory Corp. of America Holdings		1,114		231,823
McKesson Corp.		3,288		1,355,708
Medtronic PLC		9,422		767,893
Merck & Co., Inc.		10,697		1,165,759
Mettler-Toledo International, Inc.^(b)		57		69,168
Moderna, Inc.^(b)(c)		3,136		354,587
Molina Healthcare, Inc.^(b)		635		196,926
Perrigo Co. PLC		1,765		61,775
Pfizer, Inc.		56,338		1,993,238
Quest Diagnostics, Inc.		1,452		190,938
Regeneron Pharmaceuticals, Inc.^(b)		591		488,456
ResMed, Inc.		254		40,536
STERIS PLC		437		100,331
Stryker Corp.		924		262,000
Syneos Health, Inc.^(b)		1,416		60,506
Teladoc Health, Inc.^(b)(c)		3,031		68,622
Tenet Healthcare Corp.^(b)		1,504		116,650
Thermo Fisher Scientific, Inc.		1,461		813,923
UnitedHealth Group, Inc.		6,008		2,863,293
Universal Health Services, Inc., Class B		1,147		154,501
Vertex Pharmaceuticals, Inc.^(b)		674		234,781
Viatris, Inc.		31,870		342,602
Zimmer Biomet Holdings, Inc.		1,119		133,295
Zoetis, Inc.^(c)		1,054		200,798

				32,873,735

Industrials-10.33%
3M Co.		5,940		633,620
A.O. Smith Corp.		886		64,235
AECOM		1,302		114,251
AGCO Corp.		728		94,298
AMETEK, Inc.		797		127,129
Atkore, Inc.^(b)		468		72,058
Automatic Data Processing, Inc.		1,452		369,694
Avis Budget Group, Inc.^(b)		1,654		352,947
Boeing Co. (The)^(b)		808		181,016
Boise Cascade Co.		938		102,589
Booz Allen Hamilton Holding Corp.		826		93,594
Broadridge Financial Solutions, Inc.		382		71,132
Builders FirstSource, Inc.^(b)		2,526		366,371
C.H. Robinson Worldwide, Inc.		1,855		167,748
CACI International, Inc., Class A^(b)		194		63,634
Carlisle Cos., Inc.		368		96,791
Carrier Global Corp.^(c)		5,523		317,296
Caterpillar, Inc.		3,537		994,357
Cintas Corp.		288		145,201
Copart, Inc.^(b)		1,476		66,169
CSX Corp.		14,928		450,826
Cummins, Inc.		1,212		278,808
Deere & Co.		1,798		738,870
Delta Air Lines, Inc.		2,351		100,811
Dover Corp.		782		115,971
Eaton Corp. PLC		1,738		400,383
EMCOR Group, Inc.		518		116,162

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


		15

Invesco RAFI^TM Strategic US ETF (IUS)–(continued)

August 31, 2023


	Shares		Value
Industrials-(continued)
Emerson Electric Co.		3,521	$	345,938
Equifax, Inc.		367		75,859
Expeditors International of Washington, Inc.		1,662		193,972
Fastenal Co.		1,842		106,062
FedEx Corp.		3,468		905,217
Fluor Corp.^(b)		2,336		81,737
Fortive Corp.		1,936		152,654
Fortune Brands Innovations, Inc.		1,333		92,004
General Dynamics Corp.		2,360		534,870
General Electric Co.		6,732		770,545
GXO Logistics, Inc.^(b)		1,010		64,610
Hertz Global Holdings, Inc.^(b)(c)		4,160		70,512
Honeywell International, Inc.		3,252		611,181
Howmet Aerospace, Inc.		1,732		85,682
Hubbell, Inc.		224		73,035
Huntington Ingalls Industries, Inc.		419		92,314
Illinois Tool Works, Inc.		1,143		282,721
Ingersoll Rand, Inc.		2,012		140,055
J.B. Hunt Transport Services, Inc.		618		116,110
Jacobs Solutions, Inc.		1,054		142,100
Johnson Controls International PLC		5,283		312,014
Knight-Swift Transportation Holdings, Inc.		1,998		109,530
L3Harris Technologies, Inc.		1,951		347,454
Landstar System, Inc.		354		67,193
Leidos Holdings, Inc.		1,488		145,095
Lockheed Martin Corp.		1,994		894,010
ManpowerGroup, Inc.		1,643		129,583
Masco Corp.		1,953		115,247
Matson, Inc.		1,084		95,262
MDU Resources Group, Inc.		2,190		44,588
Norfolk Southern Corp.		1,909		391,364
Northrop Grumman Corp.		936		405,372
Old Dominion Freight Line, Inc.		385		164,537
Oshkosh Corp.		1,055		109,541
Otis Worldwide Corp.		1,275		109,076
Owens Corning		1,225		176,290
PACCAR, Inc.		4,033		331,876
Parker-Hannifin Corp.		657		273,903
Paychex, Inc.		811		99,129
Quanta Services, Inc.		717		150,477
Regal Rexnord Corp.		640		103,802
Republic Services, Inc.		987		142,256
Robert Half, Inc.		1,038		76,770
Rockwell Automation, Inc.		367		114,533
RTX Corp.		11,709		1,007,442
Ryder System, Inc.		1,652		166,356
Science Applications International Corp.		662		77,891
Snap-on, Inc.		337		90,518
Southwest Airlines Co.		1,969		62,220
SS&C Technologies Holdings, Inc.		1,778		102,093
Stanley Black & Decker, Inc.		2,575		243,028
Textron, Inc.		2,611		202,901
Trane Technologies PLC		1,209		248,159
TransDigm Group, Inc.^(b)		99		89,481
Uber Technologies, Inc.^(b)		4,550		214,897
UFP Industries, Inc.		868		90,576
Union Pacific Corp.		3,998		881,839
United Airlines Holdings, Inc.^(b)		1,574		78,401
United Parcel Service, Inc., Class B		6,550		1,109,570
United Rentals, Inc.		624		297,361


	Shares		Value
Industrials-(continued)
Verisk Analytics, Inc.		590	$	142,910
W.W. Grainger, Inc.		188		134,258
Wabtec Corp.		1,478		166,305
Waste Connections, Inc.		1,035		141,785
Waste Management, Inc.		1,926		301,958
Watsco, Inc.^(c)		182		66,348
WESCO International, Inc.		653		105,688
WillScot Mobile Mini Holdings Corp.^(b)		1,327		54,434
XPO, Inc.^(b)		1,320		98,512
Xylem, Inc.		615		63,677
ZIM Integrated Shipping Services Ltd. (Israel)^(c)		15,391		185,769

				22,966,418

Information Technology-18.49%
Accenture PLC, Class A		2,980		964,835
Adobe, Inc.^(b)		1,624		908,368
Advanced Micro Devices, Inc.^(b)		5,590		590,975
Akamai Technologies, Inc.^(b)		1,194		125,477
Amdocs Ltd.		901		80,369
Amkor Technology, Inc.		3,003		83,964
Amphenol Corp., Class A		2,403		212,377
Analog Devices, Inc.		3,116		566,427
ANSYS, Inc.^(b)		221		70,470
Apple, Inc.		52,440		9,851,903
Applied Materials, Inc		4,640		708,806
Arista Networks, Inc.^(b)		501		97,810
Arrow Electronics, Inc.^(b)		1,734		231,368
Autodesk, Inc.^(b)		667		148,034
Avnet, Inc.		2,820		143,115
Broadcom, Inc.		1,848		1,705,501
Cadence Design Systems, Inc.^(b)		473		113,728
CDW Corp.		892		188,346
Cisco Systems, Inc.		28,118		1,612,567
Cognizant Technology Solutions Corp., Class A		4,540		325,109
Corning, Inc.		7,927		260,164
Dell Technologies, Inc., Class C		13,479		758,059
Dropbox, Inc., Class A^(b)		2,758		76,645
DXC Technology Co.^(b)		6,181		128,194
Flex Ltd.^(b)(c)		7,109		196,137
Fortinet, Inc.^(b)		1,735		104,464
Gartner, Inc.^(b)		279		97,561
Gen Digital, Inc.		3,831		77,578
GoDaddy, Inc., Class A^(b)		1,120		81,211
Hewlett Packard Enterprise Co.		27,332		464,371
HP, Inc.		17,397		516,865
Intel Corp.		52,871		1,857,887
International Business Machines Corp.		6,867		1,008,282
Intuit, Inc.		849		459,997
Jabil, Inc.		2,424		277,354
Juniper Networks, Inc.		2,662		77,517
Keysight Technologies, Inc.^(b)		704		93,843
KLA Corp.		723		362,852
Kyndryl Holdings, Inc.^(b)		7,021		118,514
Lam Research Corp.		615		431,976
Marvell Technology, Inc.		3,824		222,748
Microchip Technology, Inc.		2,599		212,702
Micron Technology, Inc.		12,660		885,440
Microsoft Corp.		18,472		6,054,383

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


		16

Invesco RAFI^TM Strategic US ETF (IUS)–(continued)

August 31, 2023


	Shares		Value
Information Technology-(continued)
Motorola Solutions, Inc.		422	$	119,667
NetApp, Inc.		1,740		133,458
NVIDIA Corp.		2,489		1,228,446
ON Semiconductor Corp.^(b)		1,535		151,136
Oracle Corp.		5,924		713,190
Palo Alto Networks, Inc.^(b)		622		151,333
Qorvo, Inc.^(b)		1,215		130,479
QUALCOMM, Inc.		7,364		843,399
Roper Technologies, Inc.		311		155,208
Salesforce, Inc.^(b)		3,501		775,331
Sanmina Corp.^(b)		1,151		64,111
Seagate Technology Holdings PLC^(c)		2,593		183,558
ServiceNow, Inc.^(b)		268		157,806
Silicon Laboratories, Inc.^(b)		437		58,934
Skyworks Solutions, Inc.		1,373		149,300
Synopsys, Inc.^(b)		361		165,659
TD SYNNEX Corp.		1,457		148,250
TE Connectivity Ltd.		2,200		291,258
Teledyne Technologies, Inc.^(b)		198		82,823
Teradyne, Inc.		872		94,063
Texas Instruments, Inc.		3,849		646,863
Trimble, Inc.^(b)		1,410		77,254
Twilio, Inc., Class A^(b)(c)		1,522		96,967
VMware, Inc., Class A^(b)		1,941		327,602
Western Digital Corp.^(b)		4,523		203,535
Workday, Inc., Class A^(b)		466		113,937
Xerox Holdings Corp.^(c)		5,427		86,235
Zebra Technologies Corp., Class A^(b)		272		74,803
Zoom Video Communications, Inc., Class A^(b)		1,485		105,480

				41,084,378

Materials-4.67%
Air Products and Chemicals, Inc.		976		288,398
Albemarle Corp.^(c)		477		94,785
Alcoa Corp.		3,485		104,829
Amcor PLC		16,925		164,850
Avery Dennison Corp.		525		98,900
Ball Corp.		2,664		145,055
Berry Global Group, Inc.		2,310		150,935
Celanese Corp.^(c)		1,260		159,214
CF Industries Holdings, Inc.		3,402		262,192
Chemours Co. (The)		2,505		85,220
Cleveland-Cliffs, Inc.^(b)		15,067		230,374
Commercial Metals Co.		1,704		95,918
Corteva, Inc.		5,548		280,229
Crown Holdings, Inc.		1,504		139,361
Dow, Inc.		13,507		736,942
DuPont de Nemours, Inc.		5,010		385,219
Eastman Chemical Co.		2,059		175,036
Ecolab, Inc.		919		168,921
FMC Corp.		657		56,653
Freeport-McMoRan, Inc.		11,759		469,302
Graphic Packaging Holding Co.		2,760		61,382
Huntsman Corp.		4,510		125,694
International Flavors & Fragrances, Inc.		2,671		188,172
International Paper Co.		8,206		286,554
Linde PLC		2,534		980,759
Louisiana-Pacific Corp.		1,632		101,967
LyondellBasell Industries N.V., Class A		5,158		509,456
Martin Marietta Materials, Inc.		245		109,370


	Shares		Value
Materials-(continued)
Mosaic Co. (The)		8,034	$	312,121
Newmont Corp.		8,125		320,287
Nucor Corp.		4,660		801,986
Olin Corp.		2,728		158,279
Packaging Corp. of America		913		136,128
PPG Industries, Inc.		1,164		165,009
Reliance Steel & Aluminum Co.		734		209,161
Sherwin-Williams Co. (The)		985		267,644
Sonoco Products Co.		985		56,588
Steel Dynamics, Inc.		2,872		306,126
Ternium S.A., ADR (Mexico)		5,646		235,890
United States Steel Corp.		12,015		373,546
Vulcan Materials Co.		525		114,581
WestRock Co.		8,204		268,353

				10,381,386

Real Estate-0.68%
CBRE Group, Inc., Class A^(b)		3,178		270,289
CoStar Group, Inc.^(b)		778		63,788
Equinix, Inc.^(c)		234		182,843
Host Hotels & Resorts, Inc.		3,876		61,202
Iron Mountain, Inc.^(c)		1,489		94,611
Jones Lang LaSalle, Inc.^(b)(c)		1,038		179,366
Public Storage		978		270,300
SBA Communications Corp., Class A		386		86,669
Weyerhaeuser Co.		7,254		237,569
Zillow Group, Inc., Class C^(b)		1,314		68,538

				1,515,175

Utilities-2.17%
AES Corp. (The)^(c)		6,511		116,742
Alliant Energy Corp.		1,509		75,707
Ameren Corp.		2,012		159,491
American Electric Power Co., Inc.		4,646		364,246
CenterPoint Energy, Inc.		5,777		161,121
CMS Energy Corp.		2,105		118,280
Consolidated Edison, Inc.		3,421		304,332
DTE Energy Co.		1,956		202,211
Edison International		3,428		236,018
Entergy Corp.		2,210		210,503
Eversource Energy		3,087		197,012
FirstEnergy Corp.		5,435		196,040
NiSource, Inc.		3,954		105,809
NRG Energy, Inc.		5,612		210,731
OGE Energy Corp.		1,954		66,534
PPL Corp.		8,294		206,687
Public Service Enterprise Group, Inc.		3,667		223,980
Sempra		5,048		354,471
Southern Co. (The)		7,934		537,370
UGI Corp.		3,930		98,957
Vistra Corp.		7,110		223,396
WEC Energy Group, Inc.		2,233		187,840
Xcel Energy, Inc.		4,442		253,771

				4,811,249

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $218,742,249)				222,055,096

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


		17

Invesco RAFI^TM Strategic US ETF (IUS)–(continued)

August 31, 2023


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.53%
Invesco Private Government Fund, 5.30%^(d)(e)(f)		2,195,569	$	2,195,569
Invesco Private Prime Fund, 5.51%^(d)(e)(f)		5,653,488		5,653,488

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,849,162)				7,849,057

TOTAL INVESTMENTS IN SECURITIES-103.46% (Cost $226,591,411)				229,904,153
OTHER ASSETS LESS LIABILITIES-(3.46)%				(7,683,760	)

NET ASSETS-100.00%			$	222,220,393

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2023.

^(d)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value August 31, 2023			Dividend Income

Invesco Ltd.		$	103,448		$	93,502		$	(195,243	)		$	(819	)		$	(888	)		$	-		$	4,658

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			56,869			4,862,288			(4,919,157	)			-				-				-			2,722

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,578,393			32,247,892			(31,630,716	)			-				-				2,195,569			90,747	*

Invesco Private Prime Fund			4,058,724			62,318,765			(60,723,463	)			(134	)			(404	)			5,653,488			241,525	*


Total		$	5,797,434		$	99,522,447		$	(97,468,579	)		$	(953	)		$	(1,292	)		$	7,849,057		$	339,652

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

^(e)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

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

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


		18

Statements of Assets and Liabilities

August 31, 2023


	Invesco Bloomberg Pricing Power ETF (POWA)				Invesco RAFI^TMStrategic US ETF (IUS)
Assets:
Unaffiliated investments in securities, at value^(a)		$	217,337,214			$222,055,096
Affiliated investments in securities, at value			-			7,849,057
Receivable for:
Dividends			375,591			434,522
Securities lending			1			4,625
Foreign tax reclaims			165			-
Other assets			7,309			-

Total assets			217,720,280			230,343,300


Liabilities:
Due to custodian			248,532			239,381
Payable for:
Collateral upon return of securities loaned			-			7,849,162
Accrued unitary management fees			9,555			34,364
Accrued advisory fees			81,624			-
Accrued trustees’ and officer’s fees			8,891			-
Accrued expenses			54,337			-

Total liabilities			402,939			8,122,907

Net Assets		$	217,317,341			$222,220,393


Net assets consist of:
Shares of beneficial interest		$	293,452,772			$227,357,503
Distributable earnings (loss)			(76,135,431	)		(5,137,110	)

Net Assets		$	217,317,341			$222,220,393

Shares outstanding (unlimited amount authorized, $0.01 par value)			3,160,000			5,375,001
Net asset value		$	68.77			$41.34

Market price		$	68.79			$41.34

Unaffiliated investments in securities, at cost		$	211,130,328			$218,742,249

Affiliated investments in securities, at cost		$	-			$ 7,849,162

^(a)Includes securities on loan with an aggregate value of:		$	-			$ 7,678,191

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


		19

Statements of Operations

For the year ended August 31, 2023


	Invesco Bloomberg Pricing Power ETF (POWA)			Invesco RAFI^TMStrategic US ETF (IUS)
Investment income:
Unaffiliated dividend income	$	5,133,780		$	3,904,289
Affiliated dividend income		7,096			7,380
Securities lending income, net		6,959			30,374
Foreign withholding tax		(576	)		(163	)

Total investment income		5,147,259			3,941,880


Expenses:
Unitary management fees		9,555			374,864
Advisory fees		1,230,190			-
Accounting & administration fees		14,813			-
Custodian & transfer agent fees		(2,072	)		-
Trustees’ and officer’s fees		9,166			-
Other expenses		60,350			-

Total expenses		1,322,002			374,864

Less: Waivers		(171	)		(75	)

Net expenses		1,321,831			374,789

Net investment income		3,825,428			3,567,091


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(8,319,666	)		(3,191,222	)
Affiliated investment securities		(104	)		(3,857	)
Unaffiliated in-kind redemptions		16,838,108			17,471,144
Affiliated in-kind redemptions		-			2,565

Net realized gain		8,518,338			14,278,630

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		1,748,510			6,267,487
Affiliated investment securities		-			(953	)

Change in net unrealized appreciation		1,748,510			6,266,534

Net realized and unrealized gain		10,266,848			20,545,164

Net increase in net assets resulting from operations	$	14,092,276		$	24,112,255

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


		20

Statements of Changes in Net Assets

For the years ended August 31, 2023 and 2022


	Invesco Bloomberg Pricing Power ETF (POWA)						Invesco RAFI^TM Strategic US ETF (IUS)
	2023			2022			2023			2022
Operations:
Net investment income	$	3,825,428		$	3,768,495		$	3,567,091		$	2,940,282
Net realized gain		8,518,338			8,398,181			14,278,630			33,719,057
Change in net unrealized appreciation (depreciation)		1,748,510			(30,530,441	)		6,266,534			(42,182,610	)

Net increase (decrease) in net assets resulting from operations		14,092,276			(18,363,765	)		24,112,255			(5,523,271	)


Distributions to Shareholders from:
Distributable earnings		(4,063,244	)		(3,001,999	)		(3,191,512	)		(3,038,324	)


Shareholder Transactions:
Proceeds from shares sold		138,251,132			298,090,596			172,451,669			107,737,113
Value of shares repurchased		(196,076,496	)		(312,531,169	)		(122,753,363	)		(127,583,687	)

Net increase (decrease) in net assets resulting from share transactions		(57,825,364	)		(14,440,573	)		49,698,306			(19,846,574	)

Net increase (decrease) in net assets		(47,796,332	)		(35,806,337	)		70,619,049			(28,408,169	)


Net assets:
Beginning of year		265,113,673			300,920,010			151,601,344			180,009,513

End of year	$	217,317,341		$	265,113,673		$	222,220,393		$	151,601,344


Changes in Shares Outstanding:
Shares sold		2,060,000			4,280,000			4,500,000			2,775,000
Shares repurchased		(2,940,000	)		(4,570,000	)		(3,250,000	)		(3,325,000	)
Shares outstanding, beginning of year		4,040,000			4,330,000			4,125,001			4,675,001

Shares outstanding, end of year		3,160,000			4,040,000			5,375,001			4,125,001

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


		21

Financial Highlights

Invesco Bloomberg Pricing Power ETF (POWA)


	Years Ended August 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of year	$	65.62		$	69.50		$	56.99		$	53.27		$	49.47

Net investment income^(a)		1.03			0.92			0.64			0.75			0.68
Net realized and unrealized gain (loss) on investments		3.10			(4.02	)		12.66			3.62			3.73

Total from investment operations		4.13			(3.10	)		13.30			4.37			4.41

Distributions to shareholders from:
Net investment income		(0.98	)		(0.78	)		(0.79	)		(0.65	)		(0.61	)

Net asset value at end of year	$	68.77		$	65.62		$	69.50		$	56.99		$	53.27

Market price at end of year^(b)	$	68.79		$	65.68		$	69.47		$	57.08		$	53.30

Net Asset Value Total Return^(c)		6.36	%		(4.54	)%		23.61	%		8.22	%		9.27	%
Market Price Total Return^(c)		6.29	%		(4.40	)%		23.36	%		8.34	%		9.20	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	217,317		$	265,114		$	300,920		$	307,735		$	245,052
Ratio to average net assets of:
Expenses		0.53	%		0.54	%		0.55	%		0.53	%		0.55	%
Net investment income		1.54	%		1.35	%		1.05	%		1.42	%		1.37	%
Portfolio turnover rate^(d)		195	%		134	%		121	%		136	%		145	%

^(a)	Based on average shares outstanding.

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

^(c)

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

^(d)

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended August 31, 2023, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

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


		22

Financial Highlights–(continued)

Invesco RAFI^TM Strategic US ETF (IUS)


	Years Ended August 31,												For the Period September 10, 2018^(a) Through August 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period	$	36.75		$	38.50		$	28.08		$	24.93			$	25.00

Net investment income^(b)		0.69			0.64			0.56			0.54				0.58
Net realized and unrealized gain (loss) on investments		4.55			(1.72	)		10.40			3.13				(0.26	)

Total from investment operations		5.24			(1.08	)		10.96			3.67				0.32

Distributions to shareholders from:
Net investment income		(0.65	)		(0.67	)		(0.54	)		(0.52	)			(0.39	)

Net asset value at end of period	$	41.34		$	36.75		$	38.50		$	28.08			$	24.93

Market price at end of period^(c)	$	41.34		$	36.79		$	38.52		$	28.14			$	24.94

Net Asset Value Total Return^(d)		14.46	%		(2.84	)%		39.47	%		15.17	%			1.45	%^(e)
Market Price Total Return^(d)		14.34	%		(2.78	)%		39.25	%		15.38	%			1.50	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	222,220		$	151,601		$	180,010		$	143,213			$	117,188
Ratio to average net assets of:
Expenses		0.19	%		0.19	%		0.19	%		0.19	%			0.20	%^(f)
Net investment income		1.81	%		1.65	%		1.69	%		2.09	%			2.41	%^(f)
Portfolio turnover rate^(g)		13	%		10	%		15	%		15	%			8	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (September 12, 2018, the first day of trading on the exchange) to August 31, 2019 was 0.92%. The market price total return from Fund Inception to August 31, 2019 was 0.97%.

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

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

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


		23

Notes to Financial Statements

Invesco Exchange-Traded Self-Indexed Fund Trust

August 31, 2023

NOTE 1–Organization

Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”) was organized as a Delaware statutory trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:


Full Name		Short Name

Invesco Bloomberg Pricing Power ETF (POWA)*		“Bloomberg Pricing Power ETF”

Invesco RAFI^TMStrategic US ETF (IUS)		“RAFI^TMStrategic US ETF”

*	Effective after the close of markets on August 25, 2023, the Fund’s name changed from Invesco Defensive Equity ETF to Invesco Bloomberg Pricing Power ETF.

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Bloomberg Pricing Power ETF’s Shares are listed and traded on NYSE Arca, Inc. RAFI^TMStrategic US ETF’s Shares are listed and traded on The Nasdaq Stock Market LLC.

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

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


Fund		Underlying Index

Bloomberg Pricing Power ETF		Bloomberg Pricing Power Index

RAFI^TMStrategic US ETF		Invesco Strategic US Index

NOTE 2–Significant Accounting Policies

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

statements.

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly.


		24

Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued 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. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of


		25

capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

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

Dividends and Distributions to Shareholders - Bloomberg Pricing Power ETF declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on the ex-dividend date. RAFI^TM Strategic US ETF declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. In addition, the Funds intend to distribute any capital gains to shareholders as capital gain dividends at least annually. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year or period-end.

Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

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

Prior to August 28, 2023, Bloomberg Pricing Power ETF was responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust or the Adviser (the “Independent Trustees”), expenses incurred in connection with the Board members’ services, including travel


		26

expenses and legal fees of counsel for the Independent Trustees, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

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

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

Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

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

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

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended August 31, 2023, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:


	Amount

Bloomberg Pricing Power ETF		$675

RAFI^TMStrategic US ETF		2,149


		27

J.	Other Risks

AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

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

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

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

Market Risk. Securities in each 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 an Underlying Index.

Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.

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

Portfolio Turnover Risk. Bloomberg Pricing Power ETF may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its 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 gains distributions to the Fund’s shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate,


		28

including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.

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.

NOTE 3–Investment Advisory Agreements and Other Agreements

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

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


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

Bloomberg Pricing Power ETF*		0.40%

RAFI^TMStrategic US ETF		0.19%

*	Effective on August 28, 2023, the Fund’s annual advisory fee was reduced and changed to a unitary management fee.

Prior to August 28, 2023, pursuant to another Investment Advisory Agreement, Bloomberg Pricing Power ETF accrued daily and paid monthly to the Adviser an annual fee equal to 0.50% of its average daily net assets. Prior to August 28, 2023, the Adviser had agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of Bloomberg Pricing Power ETF (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, Acquired Fund Fees and Expenses, if applicable, and extraordinary expenses) from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”).

Through at least August 31, 2025, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date. This agreement is not subject to recapture by the Adviser.

For the fiscal year ended August 31, 2023, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:



Bloomberg Pricing Power ETF	$	171

RAFI^TMStrategic US ETF		75

The fees waived and/or expenses borne by the Adviser for Bloomberg Pricing Power ETF pursuant to the Expense Cap were subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment would be made by the Fund if it would result in the Fund exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser. Claims for any unreimbursed fees were terminated in connection with the implementation of Bloomberg Pricing Power ETF’s unitary management fee effective on August 28, 2023.

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.


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


Fund		Licensor

Bloomberg Pricing Power ETF		Bloomberg Index Services Limited

RAFI^TMStrategic US ETF		Invesco Indexing LLC

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

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

For the fiscal year ended August 31, 2023, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:



Bloomberg Pricing Power ETF	$	58,747

RAFI^TMStrategic US ETF		5,696

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

NOTE 4–Additional Valuation Information

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


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.
Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2023, for RAFITM Strategic US ETF. As of August 31, 2023, all of the securities in Bloomberg Pricing Power ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total

RAFI^TMStrategic US ETF
Investments in Securities
Common Stocks & Other Equity Interests		$222,055,096		$ -		$-		$222,055,096
Money Market Funds		-		7,849,057		-		7,849,057

Total Investments		$222,055,096		$7,849,057		$-		$229,904,153


		30

NOTE 5–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:


	2023		2022
	Ordinary		Ordinary
	Income*		Income*
Bloomberg Pricing Power ETF	$	4,063,244	$	3,001,999

RAFI^TMStrategic US ETF		3,191,512		3,038,324

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-End:


	Undistributed Ordinary Income		Temporary Book/Tax Differences			Net Unrealized Appreciation- Investments		Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets
Bloomberg Pricing Power ETF	$	2,358,651	$	(7,451	)	$	5,979,451	$	(84,466,082	)	$	293,452,772	$	217,317,341

RAFI^TMStrategic US ETF		843,068		-			3,103,215		(9,083,393	)		227,357,503		222,220,393

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds have capital loss carryforwards as of August 31, 2023, as follows:


	No expiration
	Short-Term		Long-Term		Total*
Bloomberg Pricing Power ETF	$	84,466,082	$	-	$	84,466,082

RAFI^TMStrategic US ETF		5,528,081		3,555,312		9,083,393

*	Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 6–Investment Transactions

For the fiscal year ended August 31, 2023, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:


	Purchases		Sales
Bloomberg Pricing Power ETF	$	482,389,396	$	480,624,189

RAFI^TMStrategic US ETF		26,950,209		25,920,894

For the fiscal year ended August 31, 2023, in-kind transactions associated with creations and redemptions were as follows:


	In-kind		In-kind
	Purchases		Sales
Bloomberg Pricing Power ETF	$	138,164,765	$	197,371,837

RAFI^TMStrategic US ETF		170,461,294		121,161,925

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

As of August 31, 2023, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for

financial reporting purposes as of the most recently completed federal income tax reporting period-end:


	Gross		Gross			Net
	Unrealized		Unrealized			Unrealized
	Appreciation		(Depreciation)			Appreciation		Cost
Bloomberg Pricing Power ETF	$	8,062,141	$	(2,082,690	)	$	5,979,451	$	211,357,763

RAFI^TMStrategic US ETF		16,156,844		(13,053,629	)		3,103,215		226,800,938


		31

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2023, the reclassifications were as follows:


	Undistributed Net Investment Income (Loss)				Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest
Bloomberg Pricing Power ETF		$	60			$	(15,330,627	)		$	15,330,567

RAFI^TMStrategic US ETF			(2,425	)			(17,228,152	)			17,230,577

NOTE 8–Trustees’ and Officer’s Fees

The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Prior to August 28, 2023, Bloomberg Pricing Power ETF accrued amounts to pay for such remuneration. These fees accrued by Bloomberg Pricing Power ETF are included in Trustees’ and Officer’s Fees. The Interested Trustee does not receive any Trustees’ fees.

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

NOTE 9–Capital

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

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

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

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


		32

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Self-Indexed Fund Trust and Shareholders of Invesco Bloomberg Pricing Power ETF and Invesco RAFI^TM Strategic US ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Bloomberg Pricing Power ETF and Invesco RAFI^TM Strategic US ETF (two of the funds constituting Invesco Exchange-Traded Self-Indexed Fund Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2023, the related statements of operations for the year ended August 31, 2023, the statements of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2023, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

October 23, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.


		33

Calculating your ongoing Fund expenses

Example

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2023 through August 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any

transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in

comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.


	Beginning Account Value March 1, 2023			Ending Account Value August 31, 2023			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco Bloomberg Pricing Power ETF (POWA)

Actual		$	1,000.00		$	1,036.00		0.52	%		$	2.67

Hypothetical (5% return before expenses)			1,000.00			1,022.58		0.52				2.65

Invesco RAFI^TMStrategic US ETF (IUS)

Actual			1,000.00			1,115.60		0.19				1.01

Hypothetical (5% return before expenses)			1,000.00			1,024.25		0.19				0.97

⁽¹⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended August 31, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.


		34

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2023:


	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Business Interest Income*
Invesco Bloomberg Pricing Power ETF		0	%		100	%		100	%		0	%		0	%

Invesco RAFI^TMStrategic US ETF		0	%		100	%		100	%		0	%		0	%

*	The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


		35

Trustees and Officers

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below:

As of August 31, 2023


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2016	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	211	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present).

Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2016	Formerly, Assistant Professor of Business, Trinity Christian College (2010-2016); Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007- 2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	211	None.

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		36

Trustees and Officers–(continued)

Name, Address and Year of
Birth of Independent Trustees

Position(s)
Held

with Trust

Term of
Office

and

Length of
Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Edmund P. Giambastiani,

Jr.–1948
c/o Invesco Capital
Management LLC
3500 Lacey Road, Suite 700 Downers Grove, IL 60515

Trustee

Since 2019

President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, First Eagle Alternative Credit LLC (2020-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).

211

Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		37

Trustees and Officers–(continued)

Name, Address and Year of
Birth of Independent Trustees

Position(s)
Held

with Trust

Term of
Office

and

Length of
Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Victoria J. Herget–1951

c/o Invesco Capital Management LLC
3500 Lacey Road, Suite 700 Downers Grove, IL 60515

Trustee

Since 2019

Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).

211

Trustee Emerita (2017-Present), Trustee (2000-2017) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); Member (2002- Present), Rockefeller Trust Committee; formerly, Trustee, Mather LifeWays (2001-2021); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		38

Trustees and Officers–(continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Audit Committee and Trustee	Chair of the Audit Committee and Trustee since 2016	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	211	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Investment Oversight Committee and Trustee	Chair of the Investment Oversight Committee and Trustee since 2016	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	211	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		39

Trustees and Officers–(continued)

Name, Address and Year of
Birth of Independent Trustees

Position(s)
Held

with Trust

Term of
Office

and

Length of
Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Joanne Pace–1958
c/o Invesco Capital Management LLC
3500 Lacey Road, Suite 700 Downers Grove, IL 60515

Trustee

Since 2019

Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.

211

Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		40

Trustees and Officers–(continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker–1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2016	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	211	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).

Donald H. Wilson–1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Board and Trustee	Since 2016	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	211	Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present).

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		41

Trustees and Officers–(continued)

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below:

Name, Address and Year of Birth

of Interested Trustee

Position(s)
Held

with Trust

Term of
Office

and

Length of
Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Number of

Portfolios

in Fund
Complex**
Overseen by
Interested
Trustee

Other

Directorships

Held by

Interested

Trustee During

the Past 5 Years

Anna Paglia–1974
Invesco Capital
Management LLC
3500 Lacey Road Suite 700 Downers Grove, IL 60515

Trustee, President and Principal Executive Officer

Trustee since 2022, President and Principal Executive Officer since 2020

President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Manager, Invesco Investment Advisers, LLC (2023-Present); formerly, Vice President, Invesco Indexing LLC (2020-2022); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015- 2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).

211

None.

*	This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		42

Trustees and Officers–(continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza Houston, TX 77046	Vice President	Since 2020	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008- 2020).

Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).

Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager (2020-Present) and Secretary (2022-Present), Invesco Indexing LLC; Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

*	This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.


		43

Trustees and Officers–(continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2016	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007- 2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza Houston, TX 77046	Vice President	Since 2016	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present); Director, Invesco Trust Company (2022-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014- Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020).

Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2016	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014- Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

*	This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.


		44

Trustees and Officers–(continued)

Name, Address and Year of Birth
of Executive Officers

Position(s)
Held

with Trust

Length of
Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Melanie Zimdars–1976
Invesco Capital Management
LLC
3500 Lacey Road,
Suite 700
Downers Grove, IL 60515

Chief Compliance Officer

Since 2017

Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

* This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.


		45

Approval of Investment Advisory Contracts

At a meeting held on April 18, 2023, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):



Invesco BulletShares 2023 Corporate Bond ETF		Invesco BulletShares 2023 Municipal Bond ETF

Invesco BulletShares 2024 Corporate Bond ETF		Invesco BulletShares 2024 Municipal Bond ETF

Invesco BulletShares 2025 Corporate Bond ETF		Invesco BulletShares 2025 Municipal Bond ETF

Invesco BulletShares 2026 Corporate Bond ETF		Invesco BulletShares 2026 Municipal Bond ETF

Invesco BulletShares 2027 Corporate Bond ETF		Invesco BulletShares 2027 Municipal Bond ETF

Invesco BulletShares 2028 Corporate Bond ETF		Invesco BulletShares 2028 Municipal Bond ETF

Invesco BulletShares 2029 Corporate Bond ETF		Invesco BulletShares 2029 Municipal Bond ETF

Invesco BulletShares 2030 Corporate Bond ETF		Invesco BulletShares 2030 Municipal Bond ETF

Invesco BulletShares 2031 Corporate Bond ETF		Invesco BulletShares 2031 Municipal Bond ETF

Invesco BulletShares 2023 High Yield Corporate Bond ETF		Invesco International Developed Dynamic Multifactor ETF

Invesco BulletShares 2024 High Yield Corporate Bond ETF		Invesco Investment Grade Defensive ETF

Invesco BulletShares 2025 High Yield Corporate Bond ETF		Invesco Racial and Gender Diversity ETF

Invesco BulletShares 2026 High Yield Corporate Bond ETF		Invesco RAFI^TMStrategic US ETF

Invesco BulletShares 2027 High Yield Corporate Bond ETF		Invesco Russell 1000^®Dynamic Multifactor ETF

Invesco BulletShares 2028 High Yield Corporate Bond ETF		Invesco Russell 2000^®Dynamic Multifactor ETF

Invesco BulletShares 2029 High Yield Corporate Bond ETF

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided or to be provided, (ii) the investment performance of each Fund, as applicable, and the Adviser, (iii) the fees paid or to be paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided or to be provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds (except Invesco Racial and Gender Diversity ETF which had not yet commenced operations as of December 31, 2022) and their underlying indexes for the one-year, three-year, five-year and since-inception periods ended December 31, 2022, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement. The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.


		46

Approval of Investment Advisory Contracts–(continued)

Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Adviser to the Funds under the Investment Advisory Agreement were or were expected to be appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged or to be charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:

•

0.10% of the Fund’s average daily net assets for each of Invesco BulletShares 2023 Corporate Bond ETF, Invesco BulletShares 2024 Corporate Bond ETF, Invesco BulletShares 2025 Corporate Bond ETF, Invesco BulletShares 2026 Corporate Bond ETF, Invesco BulletShares 2027 Corporate Bond ETF, Invesco BulletShares 2028 Corporate Bond ETF, Invesco BulletShares 2029 Corporate Bond ETF, Invesco BulletShares 2030 Corporate Bond ETF and Invesco BulletShares 2031 Corporate Bond ETF;

•

0.13% of the Fund’s average daily net assets for Invesco Investment Grade Defensive ETF;

•

0.18% of the Fund’s average daily net assets for each of Invesco BulletShares 2023 Municipal Bond ETF, Invesco BulletShares 2024 Municipal Bond ETF, Invesco BulletShares 2025 Municipal Bond ETF, Invesco BulletShares 2026 Municipal Bond ETF, Invesco BulletShares 2027 Municipal Bond ETF, Invesco BulletShares 2028 Municipal Bond ETF, Invesco BulletShares 2029 Municipal Bond ETF, Invesco BulletShares 2030 Municipal Bond ETF and Invesco BulletShares 2031 Municipal Bond ETF;

•

0.19% of the Fund’s average daily net assets for Invesco RAFI^TM Strategic US ETF;

•

0.25% of the Fund’s average daily net assets for Invesco Racial and Gender Diversity ETF;

•

0.29% of the Fund’s average daily net assets for Invesco Russell 1000^® Dynamic Multifactor ETF;

•

0.34% of the Fund’s average daily net assets for Invesco International Developed Dynamic Multifactor ETF;

•

0.39% of the Fund’s average daily net assets for Invesco Russell 2000^® Dynamic Multifactor ETF; and

•

0.42% of the Fund’s average daily net assets for each of Invesco BulletShares 2023 High Yield Corporate Bond ETF, Invesco BulletShares 2024 High Yield Corporate Bond ETF, Invesco BulletShares 2025 High Yield Corporate Bond ETF, Invesco BulletShares 2026 High Yield Corporate Bond ETF, Invesco BulletShares 2027 High Yield Corporate Bond ETF, Invesco BulletShares 2028 High Yield Corporate Bond ETF and Invesco BulletShares 2029 High Yield Corporate Bond ETF.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds.


Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-End Active Fund Peer Median

Invesco BulletShares 2023 Corporate Bond ETF	X		X

Invesco BulletShares 2024 Corporate Bond ETF	X		X
Invesco BulletShares 2025 Corporate Bond ETF	X		X

Invesco BulletShares 2026 Corporate Bond ETF	X		X
Invesco BulletShares 2027 Corporate Bond ETF	X		X

Invesco BulletShares 2028 Corporate Bond ETF	X		X
Invesco BulletShares 2029 Corporate Bond ETF	X		X

Invesco BulletShares 2030 Corporate Bond ETF	X		X
Invesco BulletShares 2031 Corporate Bond ETF	X		X

Invesco BulletShares 2023 High Yield Corporate Bond ETF		N/A	X


		47

Approval of Investment Advisory Contracts–(continued)


Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-End Active Fund Peer Median

Invesco BulletShares 2024 High Yield Corporate Bond ETF		N/A	X

Invesco BulletShares 2025 High Yield Corporate Bond ETF		N/A	X
Invesco BulletShares 2026 High Yield Corporate Bond ETF		N/A	X

Invesco BulletShares 2027 High Yield Corporate Bond ETF		N/A	X
Invesco BulletShares 2028 High Yield Corporate Bond ETF		N/A	X

Invesco BulletShares 2029 High Yield Corporate Bond ETF		N/A	X
Invesco BulletShares 2023 Municipal Bond ETF		N/A	X

Invesco BulletShares 2024 Municipal Bond ETF		N/A	X
Invesco BulletShares 2025 Municipal Bond ETF	X	N/A	X

Invesco BulletShares 2026 Municipal Bond ETF	X	N/A	X
Invesco BulletShares 2027 Municipal Bond ETF	X	N/A	X

Invesco BulletShares 2028 Municipal Bond ETF	X	N/A	X
Invesco BulletShares 2029 Municipal Bond ETF	X	N/A	X

Invesco BulletShares 2030 Municipal Bond ETF	X	N/A	X
Invesco BulletShares 2031 Municipal Bond ETF	X	N/A	X

Invesco International Developed Dynamic Multifactor ETF			X
Invesco Investment Grade Defensive ETF	X	X	X

Invesco Racial and Gender Diversity ETF	X	X	X
Invesco RAFI^TMStrategic US ETF	X		X

Invesco Russell 1000^®Dynamic Multifactor ETF	X		X
Invesco Russell 2000^®Dynamic Multifactor ETF			X

*	The information provided by the Adviser indicated that certain Funds did not have any open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco Russell 1000^® Dynamic Multifactor ETF. The Trustees considered the Adviser’s explanation of the differences between the services provided or to be provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all of the information provided, the Board concluded that the unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided or to be provided, the nature of the index, the distinguishing factors of the Fund and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco Racial and Gender Diversity ETF because the Fund had not yet commenced operations as of December 31, 2022. With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.


		48

Approval of Investment Advisory Contracts–(continued)

Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent. The Trustees also considered that Invesco Distributors, Inc. and Invesco Indexing LLC, affiliates of the Adviser, serve as each Fund’s distributor and index provider and are paid a distribution fee and licensing fee, respectively, by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.


		49

Approval of Investment Advisory Contracts

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Fund and the Adviser, (iii) the fees and expenses paid by the Fund and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as the Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Fund.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Fund, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Fund. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Fund.

The Trustees reviewed information on the performance of the Fund and its underlying index for the one-year, three-year, five-year, ten-year and since-inception (December 15, 2006) periods ended December 31, 2022, including reports for the one-year, three-year and since inception periods on the correlation and tracking error between the Fund’s performance and the performance of its underlying index. In reviewing the tracking error report, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to the Fund’s general expected tracking error range. The Trustees also considered that the Fund was created in connection with the purchase by Invesco of the exchange-traded funds (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on April 6, 2018 is that of its predecessor Guggenheim ETF. The Trustees noted that, for each period, the correlation and tracking error for the Fund were within the targeted range set forth in the Trust’s registration statement. The Board concluded that the Fund was correlated to its underlying index and that the tracking error for the Fund was within an acceptable range given the Fund’s circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Fund’s administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on its review, the Board concluded that the nature, extent and quality of services provided by the Adviser to the Fund under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on the Fund’s contractual advisory fee, net advisory fee and gross and net expense ratios. The Trustees noted that the annual contractual advisory fee charged to the Fund is 0.50% of the Fund’s average daily net assets and that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (the “Expense Cap”) to the extent necessary to prevent the annual operating expenses of the Fund (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding 0.60% of the Fund’s average daily net assets per year through at least August 31, 2025.

The Trustees compared the Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net advisory fees and net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds. The Trustees noted that the Fund’s contractual advisory fee was higher than the median net advisory fees of its ETF peer funds and open-end index peer funds, but was lower than the median net advisory fee of its open-end actively-managed peer funds. The Trustees also noted that the Fund’s net expense ratio was higher than the median net expense ratios of its ETF peer funds and open-end index peer funds, but was lower than the median net expense ratio of its open-end actively-managed peer funds.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, noting that the Adviser indicated that none of the other investment products have investment strategies comparable to that of the Fund. The Trustees considered the Adviser’s explanation of the differences


		50

Approval of Investment Advisory Contracts–(continued)

between the services provided to the Fund and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Fund requires substantially more labor and expense.

Based on all of the information provided, the Board determined that the contractual advisory fee and net expense ratio of the Fund were reasonable and appropriate in light of the services provided, the nature of the index, the distinguishing factors of the Fund and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Fund, as well as the fees waived and expenses reimbursed by the Adviser for the Fund. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to the Fund. With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Advisers. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as the Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Trustees reviewed the Fund’s asset size, advisory fee, expense ratio and the Expense Cap agreed to by the Adviser. The Trustees noted that the Expense Cap agreement with the Trust provides that the Adviser is entitled to be reimbursed by the Fund for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in the Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the advisory fee rate for the Fund was reasonable in relation to the asset size of the Fund and concluded that the flat advisory fee rate was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Fund, and noted that the Adviser is not a party to any soft-dollar, commission recapture, or directed brokerage arrangements with respect to the Fund. The Trustees considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Fund, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Fund’s securities lending agent. The Trustees also considered that Invesco Distributors, Inc. and Invesco Indexing LLC, affiliates of the Adviser, serve as the Fund’s distributor and index provider and are paid a distribution fee and licensing fee, respectively, by the Adviser. The Board concluded that the Fund’s advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for the Fund. No single factor was determinative in the Board’s analysis.


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Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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


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