N-CSR

Domestic Equity

The fiscal year ended October 31, 2022 began with continued volatility in equity markets in the fourth quarter of 2021 amid substantial inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruption and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil rose,¹ causing higher gas prices for consumers, and the Consumer Price Index (CPI) reported for November 2021 increased 0.8%, resulting in a 6.8% increase over the prior 12 months, the highest since 1982.² To combat inflation, the US Federal Reserve (the Fed) announced the potential for three or more interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at the 2021 year-end.

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.¹ Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and the Fed indicated it would “taper” its asset purchase program quickly.³

As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid record inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the CPI rose by yet another 40-year high to 8.6% for the 12 months ended May 2022.² Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.¹ To tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.³ US equity markets rose in July and much of August until Fed chairman Jerome Powell’s hawkish comments at an economic policy symposium held in Jackson Hole, Wyoming sparked 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.³

After experiencing a sharp drop in September 2022, US equity markets rebounded in October with strong gains, despite mixed data on the economy and corporate earnings. Inflation data

reported in October came in higher than expected; however, the labor market remained strong, with payroll employment gains and a decline in the unemployment rate to a near record low of 3.5% in September.² The initial estimate of third quarter real gross domestic product showed an increase of 2.6% (annualized) after falling in the prior two quarters, but the headline number masked a drop in demand and investment. Corporate earnings were generally in line with expectations, but many companies’ forward earnings guidance was weaker than expected.

In this environment, US stocks had negative double-digit returns for the fiscal year ended October 31, 2022 of (14.61)%, as measured by the S&P 500 Index.⁴

¹	Source: Bloomberg LP

²	Source: US Bureau of Labor Statistics

³	Source: US Federal Reserve

⁴	Source: Lipper Inc.

Global Equity

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

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

Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People’s Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities.

During October 2022, developed market equities rebounded and were in positive territory. Developed market equities outperformed emerging market equities, which declined primarily driven by weakness in China as Chinese markets reacted to the reappointment of President Xi and his authority, with no signs of the country’s zero-COVID-19 policy being relaxed. Despite the rebound in October for developed market equities, at the end of the fiscal year, trailing one-year returns for developed market equities and emerging market equities were both in negative territory.

As an index fund, the Invesco FTSE International Low Beta Equal Weight ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE Developed ex-U.S. Low Beta Equal Weight Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to provide exposure to constituents of the FTSE Developed ex US Index (the “Developed ex US Index”) that exhibit low beta characteristics. The Developed ex US Index is designed to measure the performance of the international equity markets and consists of large and mid-capitalization companies from developed markets throughout the world, excluding the United States. Beta is a measure of relative risk and is the rate of change of a security’s price. The Index is equally weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (26.68)%. On a net asset value (“NAV”) basis, the Fund returned (26.15)%. During the same time period, the Index returned (26.03)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period as well as residual cash holdings due to the Fund’s small size.

During this same time period, the MSCI World ex USA Index (Net) (the “Benchmark Index”) returned (22.04)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 935 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 international equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund employs a beta driven 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 real estate sector and most underweight in the financials sector during the fiscal year ended October 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to its underweight allocation to and stock selection within the health care and energy sectors.

For the fiscal year ended October 31, 2022, no sector contributed positively to the Fund’s return. The industrials sector detracted

most significantly from the Fund’s return, followed by the consumer staples and consumer discretionary sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022 included Kenon Holdings, Ltd., a utilities company (portfolio average weight of 0.14%), and Hitachi Transport System Ltd., an industrials company (portfolio average weight of 0.15%). Positions that detracted most significantly from the Fund’s return included Varta AG, an industrials company (portfolio average weight of 0.10%), and Koninklijke Philips N.V., a health care company (portfolio average weight of 0.10%).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Industrials			18.03
Financials			15.12
Consumer Staples			12.42
Consumer Discretionary			10.13
Materials			8.26
Real Estate			7.58
Communication Services			7.48
Health Care			6.76
Information Technology			5.40
Utilities			4.20
Energy			3.26
Money Market Funds Plus Other Assets Less Liabilities			1.36

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Polski Koncern Naftowy ORLEN S.A.			0.23
Eisai Co. Ltd.			0.18
AIB Group PLC			0.16
FinecoBank Banca Fineco S.p.A.			0.16
Danske Bank A/S			0.15
Commerzbank AG			0.15
Bankinter S.A.			0.15
Santander Bank Polska S.A.			0.15
Bank of Ireland Group PLC			0.15
Sodexo S.A.			0.15
Total			1.63

*	Excluding money market fund holdings.

Fund Inception: November 5, 2015

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 0.45% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

-	Net returns reflect reinvested dividends net of withholding taxes.

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

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of the 200 least volatile stocks (over the trailing 12 months) included in the S&P Emerging Plus LargeMidCap Index. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. S&P DJI measures the realized volatility of the Index’s 200 constituents over the trailing 12 months and weights constituents so that the least volatile stocks receive the highest weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (10.40)%. On a net asset value (“NAV”) basis, the Fund returned (10.68)%. During the same time period, the Index returned (9.91)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs around quarterly rebalances during the period that were higher than average given the relatively less liquid nature of many emerging markets securities.

During this same time period, the MSCI Emerging Markets Index^SM (Net) (the “Benchmark Index”) returned (31.03)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1400 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of emerging equity markets overall.

The performance of the Fund differed from the Benchmark Index in part because the Fund employs a beta driven stock selection and an inverse volatility 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 financials sector and most underweight in the information technology sector during the fiscal year ended October 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to its overweight allocation to and stock selection within the financials sector as well as its underweight allocation to and stock selection within the communication services and consumer discretionary sectors, respectively.

For the fiscal year ended October 31, 2022, the health care sector contributed most significantly to the Fund’s return, followed by the energy sector. The financials sector detracted most significantly from the Fund’s return, followed by the materials and information technology sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022 included Ooredoo Q.P.S.C., a communication services company (portfolio average weight of 0.57%), and Alinma Bank, a financials company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Mobile TeleSystems PJSC, a communication services company (portfolio average weight of 0.14%), and X5 Retail Group N.V., a consumer staples company (portfolio average weight of 0.11%).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Financials			31.75
Consumer Staples			10.90
Communication Services			9.59
Information Technology			9.34
Consumer Discretionary			7.82
Materials			7.17
Industrials			7.10
Utilities			5.14
Real Estate			3.96
Energy			3.60
Health Care			3.48
Money Market Funds Plus Other Assets Less Liabilities			0.15

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
KT&G Corp.			1.09
National Bank of Kuwait SAKP			0.91
Malayan Banking Bhd.			0.90
Taiwan Mobile Co. Ltd.			0.83
Tisco Financial Group PCL, NVDR			0.80
Taiwan High Speed Rail Corp.			0.76
Hong Leong Bank Bhd.			0.75
Mobile Telecommunications Co. KSCP			0.75
Chunghwa Telecom Co. Ltd.			0.74
Abu Dhabi National Oil Co. for Distribution PJSC			0.72
Total			8.25

*	Excluding money market fund holdings.

Fund Inception: January 13, 2012

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 0.29% 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 and the indexes are based on the inception date of the Fund.

-	Net returns reflect reinvested dividends net of withholding taxes.

As an index fund, the Invesco S&P Emerging Markets Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P Momentum Emerging Plus LargeMidCap Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of constituents of the S&P Emerging Plus LargeMidCap (the “Emerging LargeMidCap Index”) that have the highest “momentum score.” In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on upward price movements of the security as compared to other eligible securities within the Emerging LargeMidCap Index, which is designed to measure publicly listed equity securities of companies with float-adjusted market values of at least $100 million in emerging market countries.

In selecting constituent securities for the Index, the Index Provider first calculates the momentum score of each stock in the Emerging LargeMidCap Index by evaluating the percentage change in the stock’s price over the last 12 months, excluding the most recent month, and applying an adjustment based on the security’s volatility over that period. The Index Provider then ranks all the stocks in descending order by momentum score, selects the top 20% for inclusion in the Index and weights the selected securities based on a modified market capitalization-weighted strategy. While the Fund generally seeks to invest in all of the securities comprising the Index in proportion to their weightings in the Index, at times the composition of the Index may make such “full replication” impracticable. In such circumstances, the Fund will utilize a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (18.28)%. On a net asset value (“NAV”) basis, the Fund returned (18.82)%. During the same time period, the Index returned (18.18)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period as well as trading costs around quarterly rebalances during the period.

1400 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of emerging equity markets overall.

The performance of the Fund differed from the Benchmark Index in part because the Fund employs a beta driven stock selection and a momentum 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 financials sector and most underweight in the information technology sector during the fiscal year ended October 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to its overweight allocation to and security selection within the financials and materials sectors, respectively.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022 included Vale S.A., a materials company (no longer held at fiscal year-end), and Saudi Arabian Mining Co., a materials company (portfolio average weight of 1.17%). Positions that detracted most significantly from the Fund’s return included Gazprom PJSC, an energy company (portfolio average weight of 1.03%), and NIO Inc., Class A, a consumer discretionary company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Financials			46.26
Energy			11.73
Utilities			10.10
Industrials			7.41
Materials			6.27
Consumer Discretionary			5.37
Communication Services			4.20
Consumer Staples			3.24
Sector Types Each Less Than 3%			5.47
Money Market Funds Plus Other Assets Less Liabilities			(0.05)

Fund Inception: February 24, 2012

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 0.29% 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 and the indexes are based on the inception date of the Fund.

The Blended-S&P Momentum Emerging Plus LargeMidCap Index is comprised of the performance of the S&P BMI Emerging Markets High Beta Index^TM, the Fund’s underlying index from Fund inception through the conversion date, March 21, 2016, followed by the performance of the Index for the period March 21, 2016 through October 31, 2022.

-	Net returns reflect reinvested dividends net of withholding taxes.

As an index fund, the Invesco S&P International Developed High Dividend Low Volatility ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P EPAC Ex-Korea Low Volatility High Dividend Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of 100 securities in the S&P EPAC Ex-Korea LargeMidCap Index (which is comprised of large and mid-cap equity securities and is designed to measure the performance of developed equity markets within the Europe and Asia Pacific regions, excluding South Korea) that historically have provided high dividend yields with lower volatility. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time.

The Index Provider begins by identifying the 300 securities with the highest dividend yields over the trailing 12 months, with no one country except the U.S. and no one sector allowed to contribute more than 20 securities and 25 securities, respectively. For the U.S., the maximum number of stocks allowed is 40. From those 300 securities, the 100 securities with the lowest volatility over the trailing 12 months are included in the Index.

The Index Provider weights each of the 100 constituent securities in the Index by its dividend yield, with the highest dividend-yielding securities receiving the highest weights. Each constituent security comprises between 0.05% and 3.0% of the weight of the Index, and no sector comprises more than 25% of the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

During the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (18.34)%. On a net asset value (“NAV”) basis, the Fund returned (17.57)%. During the same time period, the Index returned (17.52)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund, which were partially offset by benefits to the Fund related to dividend tax treatment relative to the Index.

During this same time period, the MSCI EAFE^® Index (Net) (the “Benchmark Index”) returned (23.00)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 850 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 markets of economically developed countries outside the U.S.

The performance of the Fund differed from the Benchmark Index in part because the Fund employs a dividend driven stock selection and an inverse volatility weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the health care sector and most underweight in the real estate sector during the fiscal year ended October 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to its overweight allocation to and security selection within the financials sector and its underweight allocation and selection within the information technology sector.

For the fiscal year ended October 31, 2022, the health care sector was the only sector that contributed positively to the Fund’s return. The real estate sector detracted most significantly from the Fund’s return, followed by the utilities and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022 included BOC Hong Kong Holdings Ltd., a financials company (no longer held at fiscal year-end), and Imperial Brands PLC, a consumer staples company (portfolio average weight of 0.41%). Positions that detracted most significantly from the Fund’s return included New World Development Co. Ltd., a real estate company (portfolio average weight of 0.35%), and Telenor ASA, a communication services company (portfolio average weight of 1.26%).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Financials			27.47
Real Estate			20.46
Utilities			13.91
Communication Services			12.35
Industrials			10.16
Consumer Staples			9.11
Sector Types Each Less Than 3%			6.17
Money Market Funds Plus Other Assets Less Liabilities			0.37

Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) (continued)

Fund Inception: December 1, 2016

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 0.30% 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 and the indexes are based on the inception date of the Fund.

-	Net returns reflect reinvested dividends net of withholding taxes.

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

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of the 200 least volatile stocks of the S&P Developed ex-U.S. & South Korea LargeMidCap Index (which is designed to measure the performance of large- and mid-cap securities in developed markets throughout the world, excluding the United States and South Korea). Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. S&P DJI measures the realized volatility of the Index’s 200 constituents over the trailing 12 months and weights constituents so that the least volatile stocks receive the highest weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (17.50)%. On a net asset value (“NAV”) basis, the Fund returned (17.33)%. During the same time period, the Index returned (17.32)%. 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 operating expenses incurred by the Fund, which were partially offset by benefits to the Fund related to dividend tax treatment relative to the Index.

Relative to the Benchmark Index, the Fund was most overweight in the real estate sector and most underweight in the health care sector during the fiscal year ended October 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to its underweight

allocation to and security selection within the consumer discretionary and industrials sectors, respectively.

For the fiscal year ended October 31, 2022, the consumer discretionary sector was the only sector that contributed positively to the Fund’s return. The real estate sector detracted most significantly from the Fund’s return, followed by the financials and utilities sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022 included Thales S.A., an industrials company (no longer held at fiscal year-end), and BAE Systems PLC, an industrials company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included HK Electric Investments & HK Electric Investments Ltd., a utilities company (portfolio average weight of 0.74%), and Hong Kong & China Gas Co. Ltd., a utilities company (portfolio average weight of 0.48%).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Financials			19.62
Real Estate			16.32
Consumer Staples			14.02
Utilities			12.98
Industrials			12.22
Communication Services			10.90
Consumer Discretionary			4.72
Health Care			3.52
Sector Types Each Less Than 3%			5.15
Money Market Funds Plus Other Assets Less Liabilities			0.55

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
McDonald’s Holdings Co. Japan Ltd.			0.92
HK Electric Investments & HK Electric Investments Ltd.			0.80
HKT Trust & HKT Ltd.			0.76
Hydro One Ltd.			0.75
BCE, Inc.			0.72
MTR Corp. Ltd.			0.70
Canadian Utilities Ltd., Class A			0.69
CapitaLand Ascendas REIT			0.68
Fortis, Inc.			0.67
Orange S.A.			0.66
Total			7.35

*	Excluding money market fund holdings.

Fund Inception: January 13, 2012

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 0.25% 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 and the indexes are based on the inception date of the Fund.

-	Net returns reflect reinvested dividends net of withholding taxes.

As an index fund, Invesco S&P International Developed Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P Momentum Developed ex-U.S. & South Korea LargeMidCap (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of constituents of the S&P Developed ex-U.S. & South Korea LargeMidCap (the “Developed ex-U.S. & South Korea Index”) that have the highest “momentum score.” In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on upward price movements of the security as compared to other eligible securities within the Developed ex-U.S. & South Korea Index, which is designed to measure the performance of large- and mid-cap securities in developed markets throughout the world, excluding the United States and South Korea.

In selecting constituent securities for the Index, the Index Provider first calculates the momentum score of each stock in the Developed ex-U.S. & South Korea Index by evaluating the percentage change in the stock’s price over the last 12 months, excluding the most recent month, and applying an adjustment based on the security’s volatility over that period. The Index Provider then ranks all the stocks in descending order by momentum score, selects the top 20% for inclusion in the Index and weights the selected securities based on a modified market capitalization-weighted strategy. The Fund generally invests in all of the securities comprising the Index in proportion to their weighting in the Index.

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (18.21)%. On a net asset value (“NAV”) basis, the Fund returned (18.73)%. During the same time period, the Index returned (18.50)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

The performance of the Fund differed from the Benchmark Index in part because the Fund employs a momentum driven 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 financials sector and most underweight in the health care sector during the fiscal year ended October 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to and stock selection within the financials sector and the Fund’s overweight allocation to the energy sector.

For the fiscal year ended October 31, 2022, the energy sector was the only sector to contribute positively to the Fund’s return. The financials sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and industrials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022 included Shell PLC, an energy company (portfolio average weight of 2.26%), and TotalEnergies SE, an energy company (portfolio average weight of 1.59%). Positions that detracted most significantly from the Fund’s return included ASML Holdings N.V., an information technology company (no longer held at fiscal year-end), and Toyota Motor Corp., a consumer discretionary company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Energy			28.76
Financials			16.43
Health Care			14.97
Industrials			11.54
Consumer Staples			7.48
Communication Services			5.68
Utilities			5.00
Materials			4.39
Consumer Discretionary			3.13
Sector Types Each Less Than 3%			2.46
Money Market Funds Plus Other Assets Less Liabilities			0.16

Fund Inception: February 24, 2012

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 0.25% 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 and the indexes are based on the inception date of the Fund.

The Blended-S&P Momentum Developed ex-U.S. & South Korea LargeMidCap Index is comprised of the performance of the S&P BMI International Developed High Beta Index^TM, the Fund’s underlying index from Fund inception through the conversion date, March 21, 2016, followed by the performance of the Index for the period March 21, 2016 through October 31, 2022.

-	Net returns reflect reinvested dividends net of withholding taxes.

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-98.64%
Australia-5.11%
Adbri Ltd.		3,583	$	3,609
AGL Energy Ltd.		1,031		4,490
Alumina Ltd.^(a)		5,227		4,512
Ampol Ltd.		229		3,987
APA Group		714		4,799
Aristocrat Leisure Ltd.		222		5,262
ASX Ltd.		101		4,372
Atlas Arteria Ltd.		1,050		4,425
Aurizon Holdings Ltd.		2,123		4,914
Australia & New Zealand Banking Group Ltd.		347		5,671
Beach Energy Ltd.		4,631		4,708
BHP Group Ltd.		195		4,659
Brambles Ltd.		640		4,780
Challenger Ltd.		1,237		5,553
Coles Group Ltd.		451		4,709
CSL Ltd.		27		4,843
Deterra Royalties Ltd.		1,890		4,943
EBOS Group Ltd.		229		4,989
Incitec Pivot Ltd.		2,020		4,844
Insurance Australia Group Ltd.		1,703		5,336
Lynas Rare Earths Ltd.^(b)		892		4,751
Magellan Financial Group Ltd.^(a)		608		3,861
Medibank Pvt. Ltd.		2,134		3,834
Metcash Ltd.^(a)		1,922		5,039
Orora Ltd.		2,385		4,621
Platinum Asset Management Ltd.		4,436		5,077
QBE Insurance Group Ltd.		656		5,134
Qube Holdings Ltd.		2,740		4,766
Ramsay Health Care Ltd.		110		4,120
REA Group Ltd.		62		4,821
Rio Tinto Ltd.		84		4,738
Santos Ltd.		1,004		4,943
Scentre Group		2,693		4,994
Seven Group Holdings Ltd.^(a)		426		4,996
Shopping Centres Australasia Property Group		2,901		5,046
Stockland		2,188		5,037
Suncorp Group Ltd.		727		5,304
Tabcorp Holdings Ltd.^(a)		8,249		5,090
Telstra Group Ltd.^(b)		1,995		5,001
TPG Telecom Ltd.^(a)		1,480		4,637
Transurban Group		567		4,808
Treasury Wine Estates Ltd.		600		4,969
Vicinity Ltd.		4,092		5,089
Woodside Energy Group Ltd.		231		5,315
Woolworths Group Ltd.		219		4,624
Worley Ltd.		545		4,973

				220,993

Austria-0.62%
ANDRITZ AG		117		5,442
OMV AG		134		6,177
Telekom Austria AG		868		5,044
Verbund AG		57		4,465
voestalpine AG		268		5,822

				26,950

Belgium-0.95%
Ackermans & van Haaren N.V.		37		5,160


	Shares		Value
Belgium-(continued)
Ageas S.A./N.V.		133	$	4,605
Elia Group S.A./N.V.		37		4,677
Etablissements Franz Colruyt N.V.^(a)		195		4,701
KBC Group N.V.		114		5,712
Proximus SADP^(a)		426		4,467
Solvay S.A., Class A		67		6,042
Umicore S.A.^(a)		170		5,603

				40,967

Brazil-0.13%
Yara International ASA		128		5,713

Canada-4.21%
Barrick Gold Corp.		380		5,708
BCE, Inc.		117		5,271
Canadian National Railway Co.		48		5,680
Canadian Tire Corp. Ltd., Class A^(a)		48		5,373
Canadian Utilities Ltd., Class A		186		4,943
Cenovus Energy, Inc.		302		6,097
CGI, Inc., Class A^(b)		72		5,793
Constellation Software, Inc.		4		5,777
Dollarama, Inc.		93		5,519
Enbridge, Inc.		137		5,331
Fairfax Financial Holdings Ltd.		11		5,396
Fortis, Inc.		128		4,988
George Weston Ltd.		50		5,496
Great-West Lifeco, Inc.		241		5,572
Hydro One Ltd.^(c)		209		5,234
Imperial Oil Ltd.		115		6,248
Intact Financial Corp.		39		5,919
Loblaw Cos. Ltd.		64		5,237
Manulife Financial Corp.		327		5,413
Metro, Inc.		107		5,598
Pembina Pipeline Corp.		160		5,276
Power Corp. of Canada		220		5,456
Restaurant Brands International, Inc.		97		5,756
Royal Bank of Canada		61		5,637
Saputo, Inc.		223		5,421
Shaw Communications, Inc., Class B		220		5,643
Sun Life Financial, Inc.		129		5,472
Suncor Energy, Inc.		174		5,978
TC Energy Corp.		117		5,133
TELUS Corp.		251		5,235
Thomson Reuters Corp.		51		5,417
Toronto-Dominion Bank (The)		88		5,625
Tourmaline Oil Corp.		97		5,459

				182,101

China-0.91%
AAC Technologies Holdings, Inc.^(b)		2,914		5,338
ESR Group Ltd.^(c)		1,932		3,298
Kerry Logistics Network Ltd.		2,466		3,914
Lenovo Group Ltd.		6,555		5,244
Nexteer Automotive Group Ltd.^(a)		7,271		3,937
Prosus N.V		88		3,830
SITC International Holdings Co. Ltd.		2,130		3,489
Want Want China Holdings Ltd.		7,691		5,056
Wilmar International Ltd.		1,875		5,141

				39,247

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


	Shares		Value
Denmark-0.80%
Chr. Hansen Holding A/S^(a)		93	$	5,166
Coloplast A/S, Class B^(a)		47		5,241
Danske Bank A/S		405		6,538
GN Store Nord A/S^(a)		191		4,062
Royal Unibrew A/S		72		4,113
SimCorp A/S		74		4,421
Tryg A/S^(a)		240		5,195

				34,736

Finland-1.08%
Elisa OYJ		101		4,882
Huhtamaki OYJ		155		5,569
Kojamo OYJ^(a)		323		4,204
Kone OYJ, Class B		135		5,531
Nordea Bank Abp		583		5,575
Orion OYJ, Class B		120		5,521
Sampo OYJ, Class A		120		5,489
Stora Enso OYJ, Class R		363		4,732
UPM-Kymmene OYJ		159		5,329

				46,832

France-4.54%
Accor S.A.^(b)		226		5,414
Adevinta ASA, Class B^(b)		664		4,547
Aeroports de Paris^(b)		39		5,283
Air Liquide S.A.		43		5,623
ALD S.A.^(c)		497		5,305
Amundi S.A.^(c)		106		5,006
AXA S.A.		229		5,658
BioMerieux		59		5,221
BNP Paribas S.A.		116		5,445
Bollore SE		1,130		5,657
Bouygues S.A.		184		5,252
Carrefour S.A.^(a)		324		5,215
Credit Agricole S.A.		587		5,329
Danone S.A.		103		5,125
Dassault Aviation S.A.		39		5,797
Edenred		107		5,495
Eiffage S.A.		61		5,519
ENGIE S.A.		455		5,915
EssilorLuxottica S.A.		36		5,705
Ipsen S.A.		57		5,859
JCDecaux S.A.^(b)		390		4,922
La Francaise des Jeux SAEM^(c)		167		5,447
Neoen S.A.^(c)		131		4,573
Orange S.A.		535		5,093
Pernod Ricard S.A.		29		5,093
Publicis Groupe S.A.		111		6,225
Remy Cointreau S.A.		29		4,445
Sanofi		66		5,697
SEB S.A.^(a)		73		4,755
Sodexo S.A.		71		6,297
Somfy S.A.		49		5,221
Thales S.A.		45		5,722
TotalEnergies SE		107		5,827
Ubisoft Entertainment S.A.^(b)		117		3,211
Unibail-Rodamco-Westfield^(a)(b)		105		4,969
Vinci S.A.		59		5,434
Vivendi SE		596		4,880

				196,181


	Shares		Value
Germany-4.69%
1&1 AG		337	$	4,443
adidas AG		36		3,522
Allianz SE		32		5,763
Bayer AG		103		5,418
Bechtle AG		141		4,878
Beiersdorf AG		54		5,187
Commerzbank AG^(b)		814		6,513
Continental AG		94		4,876
Covestro AG^(c)		179		6,093
CTS Eventim AG& Co. KGaA^(b)		101		4,826
Deutsche Bank AG		649		6,196
Deutsche Boerse AG		32		5,208
Deutsche Telekom AG		287		5,436
Deutsche Wohnen SE		238		4,803
Fielmann AG		146		4,655
Fraport AG Frankfurt Airport Services
Worldwide^(b)		125		4,823
Fresenius Medical Care AG& Co. KGaA		158		4,369
Fresenius SE & Co. KGaA		219		5,043
Fuchs Petrolub SE		68		1,640
Fuchs Petrolub SE, Preference Shares		141		4,041
Hannover Rueck SE		37		6,027
Hella GmbH & Co. KGaA		77		6,016
HelloFresh SE^(b)		226		4,525
Henkel AG& Co. KGaA		32		1,880
Henkel AG& Co. KGaA, Preference Shares		53		3,341
Mercedes-Benz Group AG		96		5,560
MTU Aero Engines AG		31		5,553
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		23		6,079
Nemetschek SE		92		4,397
Puma SE		88		3,897
Rheinmetall AG		34		5,528
RWE AG		142		5,472
Sartorius AG		14		4,130
Scout24 SE^(c)		94		4,820
Siemens Healthineers AG^(c)		111		5,110
Symrise AG		52		5,312
Talanx AG		153		5,749
Telefonica Deutschland Holding AG		2,089		4,555
United Internet AG		239		4,470
Vantage Towers AG		209		5,883
Varta AG^(a)		77		2,068
Wacker Chemie AG		38		4,428

				202,533

Hong Kong-2.77%
AIA Group Ltd.		561		4,249
ASMPT Ltd.		698		3,841
Bank of East Asia Ltd. (The)		4,304		4,123
Cafe de Coral Holdings Ltd.		3,784		4,416
Champion REIT		12,606		3,774
CK Hutchison Holdings Ltd.		840		4,173
CK Infrastructure Holdings Ltd.		891		4,234
Dah Sing Banking Group Ltd.		6,974		4,158
DFI Retail Group Holdings Ltd.		1,996		4,471
Guotai Junan International Holdings Ltd.		56,065		4,000
Hang Lung Group Ltd.		3,204		4,155
Hang Lung Properties Ltd.		3,258		4,096
Hong Kong & China Gas Co. Ltd. (The)		5,498		4,244

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


	Shares		Value
Hong Kong-(continued)
Hongkong Land Holdings Ltd.		1,122	$	4,320
Hutchison Port Holdings Trust, Class U		25,250		4,116
Hysan Development Co. Ltd.		1,924		4,196
Jardine Matheson Holdings Ltd.		102		4,694
Johnson Electric Holdings Ltd., Class H		4,587		4,727
Link REIT		700		4,138
MTR Corp. Ltd.		1,059		4,661
NWS Holdings Ltd.		5,636		3,999
PCCW Ltd.		10,842		4,143
Power Assets Holdings Ltd.		907		4,339
Sun Hung Kai Properties Ltd.		462		4,970
Swire Pacific Ltd., Class B		4,672		4,815
Swire Properties Ltd.		2,349		4,513
Techtronic Industries Co. Ltd.		457		4,328
Yue Yuen Industrial Holdings Ltd.		3,636		3,696

				119,589

Indonesia-0.09%
First Pacific Co. Ltd.		14,063		3,726

Ireland-0.53%
AIB Group PLC		2,383		6,901
Bank of Ireland Group PLC		876		6,317
Glanbia PLC^(a)		426		4,922
Kerry Group PLC, Class A^(a)		52		4,522

				22,662

Israel-1.58%
Bezeq The Israeli Telecommunication Corp. Ltd.		3,216		5,718
Big Shopping Centers Ltd.		38		4,282
Delek Group Ltd.^(b)		31		4,762
Elbit Systems Ltd.		25		5,080
Elco Ltd.		77		4,463
Electra Ltd.		9		5,261
Maytronics Ltd.		377		4,085
Nice Ltd.^(b)		25		4,758
Paz Oil Co. Ltd.^(b)		41		4,920
Sapiens International Corp. N.V		240		4,738
Shapir Engineering and Industry Ltd.		568		4,700
Shufersal Ltd.		793		5,437
Strauss Group Ltd.		207		5,204
Tower Semiconductor Ltd.^(b)		116		4,983

				68,391

Italy-2.62%
Amplifon S.p.A.^(a)		207		5,143
Assicurazioni Generali S.p.A.^(a)		369		5,540
Atlantia S.p.A.		236		5,267
Davide Campari-Milano N.V.^(a)		550		4,943
DiaSorin S.p.A.^(a)		41		5,361
Enel S.p.A.		1,150		5,136
Ferrari N.V.		28		5,521
FinecoBank Banca Fineco S.p.A.		499		6,727
Infrastrutture Wireless Italiane S.p.A.^(c)		583		5,147
Italgas S.p.A.		1,051		5,417
Leonardo S.p.A.		661		5,313
Mediobanca Banca di Credito Finanziario S.p.A.		683		6,192
Moncler S.p.A.^(a)		121		5,225
Nexi S.p.A.^(a)(b)(c)		658		5,703
Poste Italiane S.p.A.^(c)		676		5,893
PRADA S.p.A.		1,000		4,554
Prysmian S.p.A.		176		5,739


	Shares		Value
Italy-(continued)
Recordati Industria Chimica e Farmaceutica S.p.A.		133	$	4,999
Snam S.p.A.		1,140		5,072
Terna Rete Elettrica Nazionale S.p.A.^(a)		760		5,039
UnipolSai Assicurazioni S.p.A.		2,436		5,494

				113,425

Japan-37.72%
ABC-Mart, Inc.		134		5,977
Acom Co. Ltd.		2,267		4,957
Activia Properties, Inc.		2		5,927
Advance Residence Investment Corp.		2		4,656
Aeon Co. Ltd.		276		5,156
Aeon Mall Co. Ltd.		452		4,917
AEON REIT Investment Corp.		5		5,382
AGC, Inc.		158		4,959
Aica Kogyo Co. Ltd.		244		5,253
Ain Holdings, Inc.		94		3,953
Alfresa Holdings Corp.		451		5,192
Alps Alpine Co. Ltd.		601		5,176
Ariake Japan Co. Ltd.		159		5,509
Asahi Group Holdings Ltd.		161		4,510
Asahi Intecc Co. Ltd.		300		5,115
Asahi Kasei Corp.		736		4,726
ASKUL Corp.		407		4,258
Astellas Pharma, Inc.		379		5,218
AZ-COM MARUWA Holdings, Inc.		448		4,265
Bank of Kyoto Ltd. (The)		138		4,976
Benesse Holdings, Inc.		343		5,063
Bic Camera, Inc.		660		5,138
BIPROGY, Inc.		243		5,256
Calbee, Inc.		273		5,483
Canon Marketing Japan, Inc.		238		5,028
Capcom Co. Ltd.		198		5,522
Casio Computer Co. Ltd.		569		4,954
Central Japan Railway Co.		46		5,343
Chiba Bank Ltd. (The)		1,001		5,475
Chugai Pharmaceutical Co. Ltd.		209		4,851
Chugin Financial Group, Inc.		806		4,859
COMSYS Holdings Corp.		290		4,761
Concordia Financial Group Ltd.		1,703		5,190
Cosmo Energy Holdings Co. Ltd.		182		4,684
Cosmos Pharmaceutical Corp.		51		4,941
Daicel Corp.		857		4,889
Daido Steel Co. Ltd.		192		4,986
Dai-ichi Life Holdings, Inc.		313		4,964
Daiichikosho Co. Ltd.		185		5,315
Daio Paper Corp.		576		4,255
Daiwa House Industry Co. Ltd.		240		4,863
Daiwa House REIT Investment Corp.		2		4,037
Daiwa Office Investment Corp.		1		4,723
Daiwa Securities Group, Inc.		1,237		4,827
Daiwa Securities Living Investments Corp.		6		4,658
DeNA Co. Ltd.		394		5,145
Denka Co. Ltd.		225		5,215
Descente Ltd.		219		5,275
DIC Corp.		300		5,042
Disco Corp.		22		5,284
East Japan Railway Co.		104		5,626
Eisai Co. Ltd.		132		7,970
Electric Power Development Co. Ltd.		351		4,884

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


	Shares		Value
Japan-(continued)
ENEOS Holdings, Inc.		1,437	$	4,735
EXEO Group, Inc.		351		5,146
Ezaki Glico Co. Ltd.		208		4,681
Fancl Corp.		266		5,049
Fast Retailing Co. Ltd.		9		5,025
FP Corp.		229		5,462
Frontier Real Estate Investment Corp.		1		3,532
Fuji Electric Co. Ltd.		124		4,805
Fuji Kyuko Co. Ltd.		183		5,664
Fuji Media Holdings, Inc.		681		4,742
Fuji Oil Holdings, Inc.		317		4,993
Fujitsu General Ltd.		254		5,810
Fukuoka Financial Group, Inc.		303		5,145
Furukawa Electric Co. Ltd.		307		4,742
Fuyo General Lease Co. Ltd.		91		5,057
GLP J-Reit		4		4,147
GMO Internet Group, Inc.		290		5,016
GOLDWIN, Inc.		90		4,711
GS Yuasa Corp.		296		4,515
GungHo Online Entertainment, Inc.		325		4,817
H.U. Group Holdings, Inc.		265		4,939
Hachijuni Bank Ltd. (The)^(a)		1,574		5,020
Hankyu Hanshin Holdings, Inc.		180		5,347
Haseko Corp.		470		4,844
Heiwa Corp.		355		5,732
Hirogin Holdings, Inc.		1,228		5,065
Hirose Electric Co. Ltd.		38		4,937
Hisamitsu Pharmaceutical Co., Inc.		222		5,481
Hitachi Ltd.		108		4,912
Hitachi Metals Ltd.^(b)		82		1,198
Hitachi Transport System Ltd.		86		5,144
Honda Motor Co. Ltd.		202		4,584
Hoshizaki Corp.		181		5,194
House Foods Group, Inc.		254		4,756
Hulic Co. Ltd.		710		5,159
Industrial & Infrastructure Fund Investment Corp.		4		4,225
Information Services International-Dentsu Ltd.		165		5,057
Inpex Corp.		469		4,790
Isetan Mitsukoshi Holdings Ltd.		683		6,066
Isuzu Motors Ltd.		435		5,104
Ito En Ltd.^(a)		123		4,345
ITOCHU Corp.^(a)		196		5,076
Itoham Yonekyu Holdings, Inc.		1,117		4,998
Iyogin Holdings, Inc.		1,161		5,444
Izumi Co. Ltd.		250		5,044
Japan Hotel REIT Investment Corp.		11		5,795
Japan Logistics Fund, Inc.		2		4,286
Japan Metropolitan Fund Investment Corp.		7		5,157
Japan Post Bank Co. Ltd.		742		4,942
Japan Post Holdings Co. Ltd.		783		5,266
Japan Post Insurance Co. Ltd.^(a)		353		5,218
Japan Prime Realty Investment Corp.		2		5,429
Japan Real Estate Investment Corp.		1		4,191
Japan Steel Works Ltd. (The)		251		5,193
Japan Tobacco, Inc.		319		5,288
JCR Pharmaceuticals Co. Ltd.		346		5,156
Jeol Ltd.		133		4,886
JGC Holdings Corp.		399		4,811
JSR Corp.^(a)		240		4,576
JTEKT Corp.		764		5,397


	Shares		Value
Japan-(continued)
JustSystems Corp.		213	$	4,500
Kagome Co. Ltd.		245		4,902
Kajima Corp.		512		4,826
Kaken Pharmaceutical Co. Ltd.		194		4,966
Kamigumi Co. Ltd.		276		5,251
Kandenko Co. Ltd.		897		5,045
Kansai Electric Power Co., Inc. (The)		559		4,239
Kansai Paint Co. Ltd.		350		4,568
Kao Corp.		124		4,664
KDDI Corp.		176		5,204
Keihan Holdings Co. Ltd.		213		5,481
Keikyu Corp.		525		5,394
Keio Corp.		141		4,952
Keisei Electric Railway Co. Ltd.		193		5,129
Kenedix Office Investment Corp.		2		4,555
Kewpie Corp.		328		5,184
Kinden Corp.		511		5,205
Kintetsu Group Holdings Co. Ltd.		159		5,381
Kirin Holdings Co. Ltd.		328		4,832
Kobayashi Pharmaceutical Co. Ltd.		95		5,049
Kobe Bussan Co. Ltd.		211		4,592
Kobe Steel Ltd.		1,183		4,855
Koito Manufacturing Co. Ltd.		314		4,466
Kokuyo Co. Ltd.		418		5,191
Komatsu Ltd.		257		4,924
Konami Group Corp.		106		4,657
Kose Corp.		57		5,702
K’s Holdings Corp.		586		4,597
Kuraray Co. Ltd.		709		4,880
Kurita Water Industries Ltd.		138		5,069
Kusuri no Aoki Holdings Co. Ltd.		122		5,893
Kyocera Corp.		97		4,856
Kyushu Financial Group, Inc.		1,975		4,996
Kyushu Railway Co.		256		5,356
LaSalle Logiport REIT^(b)		4		4,271
Lawson, Inc.		163		5,209
Lintec Corp.		323		4,850
Lion Corp.		462		4,675
Lixil Corp.		309		4,680
Mabuchi Motor Co. Ltd.		190		5,164
Makita Corp.		228		4,172
Mani, Inc.		429		6,263
Marui Group Co. Ltd.		300		4,953
Maruichi Steel Tube Ltd.		253		4,785
Matsui Securities Co. Ltd.^(a)		948		5,051
MatsukiyoCocokara & Co.		136		4,959
Mazda Motor Corp.		611		4,123
Mebuki Financial Group, Inc.		2,819		5,481
Medipal Holdings Corp.		395		4,903
MEIJI Holdings Co. Ltd.		114		4,694
Menicon Co. Ltd.		223		3,821
Mitsubishi Chemical Group Corp.		1,027		4,644
Mitsubishi Electric Corp.		531		4,680
Mitsubishi Estate Co. Ltd.		400		5,041
Mitsubishi HC Capital, Inc.		1,113		4,777
Mitsubishi Heavy Industries Ltd.		140		4,823
Mitsubishi Materials Corp.		362		4,739
Mitsubishi Motors Corp.^(b)		1,346		4,528
Mitsubishi UFJ Financial Group, Inc.		1,044		4,913
Mitsui & Co. Ltd.		230		5,096

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


	Shares		Value
Japan-(continued)
Mitsui Fudosan Co. Ltd.		267	$	5,119
Mitsui Fudosan Logistics Park, Inc.		1		3,317
Mitsui Mining & Smelting Co. Ltd.		228		4,617
Mizuho Financial Group, Inc.		472		5,100
Mori Hills REIT Investment Corp.		5		5,473
Morinaga & Co. Ltd.		189		4,730
Morinaga Milk Industry Co. Ltd.		176		4,997
MS&AD Insurance Group Holdings, Inc.		181		4,799
Nagase & Co. Ltd.		375		5,117
Nagoya Railroad Co. Ltd.		349		5,349
Nankai Electric Railway Co. Ltd.		271		5,488
NEC Networks & System Integration Corp.		432		4,633
NET One Systems Co. Ltd.		243		5,003
Nexon Co. Ltd.		270		4,536
NGK Spark Plug Co. Ltd.		263		4,795
NH Foods Ltd.		189		4,508
NHK Spring Co. Ltd.		796		4,413
Nichirei Corp.		302		4,702
Nihon Kohden Corp.		236		5,295
Nintendo Co. Ltd.		130		5,309
Nippon Accommodations Fund, Inc.		1		4,259
Nippon Building Fund, Inc.		1		4,447
Nippon Electric Glass Co. Ltd.		286		4,961
Nippon Kayaku Co. Ltd.		619		4,923
Nippon Paint Holdings Co. Ltd.		693		4,429
Nippon Prologis REIT, Inc.		2		4,191
Nippon Shokubai Co. Ltd.		136		4,886
Nippon Telegraph & Telephone Corp.		200		5,509
Nippon Television Holdings, Inc.		635		4,742
Nipro Corp.		662		4,997
Nishi-Nippon Railroad Co. Ltd.		260		5,106
Nissan Motor Co. Ltd.		1,369		4,369
Nisshin Seifun Group, Inc.		479		5,182
Nissin Foods Holdings Co. Ltd.		76		4,924
Nitori Holdings Co. Ltd.		56		5,099
Nitto Denko Corp.		87		4,583
Noevir Holdings Co. Ltd.		130		4,810
NOK Corp.		605		4,950
Nomura Holdings, Inc.		1,494		4,843
Nomura Real Estate Holdings, Inc.		220		4,981
Nomura Real Estate Master Fund, Inc.		4		4,562
NSK Ltd.		993		5,251
Obayashi Corp.		779		5,005
OBIC Business Consultants Co. Ltd.		149		4,291
Odakyu Electric Railway Co. Ltd.		394		4,689
Oji Holdings Corp.		1,351		4,690
Olympus Corp.		250		5,281
Ono Pharmaceutical Co. Ltd.		226		5,316
ORIX JREIT, Inc.		4		5,369
Osaka Gas Co. Ltd.		321		4,756
OSG Corp.		390		4,967
Pan Pacific International Holdings Corp.		300		4,927
Panasonic Holdings Corp.		664		4,755
Penta-Ocean Construction Co. Ltd.		1,021		5,083
Pigeon Corp.		361		4,731
Pola Orbis Holdings, Inc.		486		5,379
Relo Group, Inc.		334		4,723
Renesas Electronics Corp.^(b)		568		4,763
Rengo Co. Ltd.		916		5,084
RENOVA, Inc.^(a)(b)		247		5,434


	Shares		Value
Japan-(continued)
Resona Holdings, Inc.		1,469		$ 5,532
Resorttrust, Inc.		336		5,177
Rohm Co. Ltd.		72		5,072
Rohto Pharmaceutical Co. Ltd.		179		5,570
Sankyo Co. Ltd.		184		6,084
Sanrio Co. Ltd.		205		5,469
Santen Pharmaceutical Co. Ltd.		748		5,123
Sanwa Holdings Corp.		543		4,683
SBI Holdings, Inc.		274		4,955
Secom Co. Ltd.		84		4,799
Sega Sammy Holdings, Inc.		363		4,652
Seibu Holdings, Inc.		532		4,768
Seino Holdings Co. Ltd.		678		5,218
Sekisui Chemical Co. Ltd.		395		4,943
Sekisui House REIT, Inc.^(a)		9		4,850
Seven & i Holdings Co. Ltd.		136		5,082
Seven Bank Ltd.^(a)		2,851		5,141
Sharp Corp.^(a)		750		4,496
SHIFT, Inc.^(b)		37		5,803
Shimamura Co. Ltd.		60		4,856
Shimizu Corp.		982		4,909
Shinsei Bank Ltd.^(a)		384		5,710
Ship Healthcare Holdings, Inc.		287		5,505
Shiseido Co. Ltd.		142		4,925
Shizuoka Financial Group, Inc.		934		5,894
SHO-BOND Holdings Co. Ltd.		125		5,416
Shochiku Co. Ltd.^(b)		61		4,847
Skylark Holdings Co. Ltd.^(b)		491		5,242
SoftBank Corp.^(a)		492		4,851
Sohgo Security Services Co. Ltd.		208		5,192
Sompo Holdings, Inc.		126		5,250
Sotetsu Holdings, Inc.		313		4,744
Square Enix Holdings Co. Ltd.		124		5,539
Stanley Electric Co. Ltd.		291		4,949
Subaru Corp.		297		4,627
Sugi Holdings Co. Ltd.		127		5,101
SUMCO Corp.		394		5,007
Sumitomo Chemical Co. Ltd.		1,368		4,611
Sumitomo Corp.		383		4,884
Sumitomo Electric Industries Ltd.		470		4,914
Sumitomo Forestry Co. Ltd.		317		4,969
Sumitomo Heavy Industries Ltd.		256		4,862
Sumitomo Metal Mining Co. Ltd.		171		4,811
Sumitomo Mitsui Financial Group, Inc.		179		5,026
Sumitomo Mitsui Trust Holdings, Inc.		174		5,007
Sumitomo Realty & Development Co. Ltd.		220		5,055
Sumitomo Rubber Industries Ltd.		627		5,383
Sundrug Co. Ltd.		221		5,145
Suntory Beverage & Food Ltd.		148		4,959
Suzuken Co. Ltd.		226		5,033
Suzuki Motor Corp.		154		5,201
Taiheiyo Cement Corp.		360		4,895
Taisei Corp.		178		4,856
Taisho Pharmaceutical Holdings Co. Ltd.		145		5,229
Takeda Pharmaceutical Co. Ltd.		195		5,140
TBS Holdings, Inc.		465		4,821
TDK Corp.		153		4,792
Teijin Ltd.		510		4,632
THK Co. Ltd.		264		4,614
TIS, Inc.		189		5,105

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


	Shares		Value
Japan-(continued)
Tobu Railway Co. Ltd.		228	$	5,277
Toda Corp.^(a)		1,094		5,469
Toho Co. Ltd.		142		5,063
Toho Gas Co. Ltd.		241		4,499
Tokio Marine Holdings, Inc.		291		5,268
Tokyo Century Corp.		151		5,151
Tokyo Gas Co. Ltd.		288		5,148
Tokyo Ohka Kogyo Co. Ltd.		109		4,708
Tokyo Tatemono Co. Ltd.		359		4,949
Tokyu Corp.		454		5,241
Toppan, Inc.		343		5,121
Toray Industries, Inc.		942		4,592
Toshiba Corp.		146		5,089
Toshiba TEC Corp.		181		4,694
Toyo Seikan Group Holdings Ltd.		454		5,196
Toyo Suisan Kaisha Ltd.		132		4,956
Toyoda Gosei Co. Ltd.		310		4,956
Toyota Boshoku Corp.		370		4,715
Toyota Industries Corp.		96		4,947
Toyota Motor Corp.		358		4,960
TS Tech Co. Ltd.		481		5,032
Tsumura & Co.		236		4,930
Tsuruha Holdings, Inc.		97		5,645
UBE Corp.		366		4,720
United Urban Investment Corp.		5		5,288
Ushio, Inc.		442		4,597
Yakult Honsha Co. Ltd.		91		5,045
Yamada Holdings Co. Ltd.		1,561		5,031
Yamato Holdings Co. Ltd.		345		5,116
Yamato Kogyo Co. Ltd.		152		4,418
Yamazaki Baking Co. Ltd.		459		4,678
Yaoko Co. Ltd.		116		5,049
Z Holdings Corp.		1,813		4,691
Zenkoku Hosho Co. Ltd.^(a)		163		5,385
Zensho Holdings Co. Ltd.		206		5,142

				1,630,328

Luxembourg-0.33%
Eurofins Scientific SE^(a)		78		4,994
L’Occitane International S.A.		1,722		4,234
RTL Group S.A.^(a)		146		4,955

				14,183

Mexico-0.13%
Fresnillo PLC^(a)		678		5,691

Netherlands-2.32%
Aalberts N.V.		148		5,146
ABN AMRO Bank N.V., CVA^(a)(c)		564		5,550
Aegon N.V.		1,208		5,594
Akzo Nobel N.V.		86		5,307
ASR Nederland N.V.		133		5,861
CTP N.V.^(c)		398		4,130
Euronext N.V.^(c)		73		4,639
Heineken Holding N.V.		76		5,191
Heineken N.V.		60		5,017
ING Groep N.V.		616		6,060
JDE Peet’s N.V.		176		5,041
Koninklijke Ahold Delhaize N.V.		197		5,501
Koninklijke KPN N.V.		1,703		4,765
Koninklijke Philips N.V.^(a)		324		4,105


	Shares		Value
Netherlands-(continued)
NN Group N.V.		132	$	5,590
OCI N.V.		144		5,511
Randstad N.V.^(a)		116		5,783
Shell PLC		204		5,646
Wolters Kluwer N.V.		55		5,846

				100,283

New Zealand-1.15%
a2 Milk Co. Ltd. (The)^(b)		1,421		4,788
Auckland International Airport Ltd.^(b)		1,171		5,238
Contact Energy Ltd.		1,124		4,930
Fletcher Building Ltd.		1,581		4,721
Infratil Ltd.		978		4,966
Kiwi Property Group Ltd., (Acquired 03/18/2022; Cost $6,560)^(d)		8,681		4,564
Mainfreight Ltd.		119		5,257
Mercury NZ Ltd.		1,527		5,163
Meridian Energy Ltd.		1,769		5,015
Spark New Zealand Ltd.		1,634		4,861

				49,503

Norway-0.92%
DNB Bank ASA		284		5,026
Gjensidige Forsikring ASA		267		4,877
Kongsberg Gruppen ASA		158		5,662
Leroy Seafood Group ASA		809		3,720
Mowi ASA		264		3,937
Nordic Semiconductor ASA^(b)		352		4,974
Orkla ASA		646		4,359
Salmar ASA		82		2,778
Telenor ASA		494		4,490

				39,823

Poland-0.85%
Allegro.eu S.A.^(a)(b)(c)		1,027		4,994
Dino Polska S.A.^(b)(c)		74		4,842
KGHM Polska Miedz S.A.		288		5,774
Polski Koncern Naftowy ORLEN S.A.		852		9,807
Powszechny Zaklad Ubezpieczen S.A.		905		5,083
Santander Bank Polska S.A.^(a)		119		6,340

				36,840

Portugal-0.35%
EDP-Energias de Portugal S.A.		1,134		4,959
Galp Energia SGPS S.A.^(a)		500		5,078
Jeronimo Martins SGPS S.A.		244		5,060

				15,097

Singapore-2.89%
CapitaLand Ascendas REIT		2,686		4,973
CapitaLand Ascott Trust		6,948		4,689
CapitaLand Integrated Commercial Trust		3,659		4,861
CapitaLand Investment Ltd.		2,052		4,365
City Developments Ltd.		932		5,025
ComfortDelGro Corp. Ltd.		5,371		4,820
Frasers Logistics & Commercial Trust^(c)		5,569		4,329
Genting Singapore Ltd.		9,773		5,560
Jardine Cycle & Carriage Ltd.		230		4,834
Kenon Holdings Ltd.		133		5,120
Keppel Corp. Ltd.		1,042		5,132
Keppel DC REIT		3,904		4,856
Keppel REIT		7,013		4,435

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


	Shares		Value
Singapore-(continued)
Mapletree Industrial Trust		2,994	$	4,655
Mapletree Logistics Trust^(a)		4,535		4,871
Mapletree Pan Asia Commercial Trust		4,116		4,625
NetLink NBN Trust^(c)		8,100		4,894
SIA Engineering Co. Ltd.^(a)(b)		3,054		4,662
Singapore Exchange Ltd.		798		4,748
Singapore Post Ltd.		13,058		4,983
Singapore Technologies Engineering Ltd.		2,030		4,734
Singapore Telecommunications Ltd.		2,891		5,107
StarHub Ltd.		6,157		4,656
Suntec REIT		4,793		4,369
UOL Group Ltd.		1,094		4,785
Venture Corp. Ltd.		414		4,660

				124,748

South Korea-9.08%
Amorepacific Group		208		3,607
BGF retail Co. Ltd.		45		5,892
BNK Financial Group, Inc.		1,082		4,869
Celltrion Healthcare Co. Ltd.		101		4,928
Celltrion, Inc.		38		5,122
Cheil Worldwide, Inc.		332		5,699
CJ CheilJedang Corp.		17		4,941
CJ CheilJedang Corp., Preference Shares		3		348
CJ Corp.		93		4,688
CJ Logistics Corp.^(b)		61		3,764
Coway Co. Ltd.		114		4,426
Daewoo Engineering & Construction Co. Ltd.^(b)		1,396		4,121
DB Insurance Co. Ltd.		122		4,822
DGB Financial Group, Inc.		975		4,648
DL Holdings Co. Ltd.		109		4,706
Dongsuh Cos., Inc.		297		4,253
Ecopro BM Co. Ltd.		65		5,252
E-MART, Inc.		74		4,395
GS Holdings Corp.		158		5,102
GS Retail Co. Ltd.		286		5,100
Hana Financial Group, Inc.		185		5,357
Hanjin Kal Corp.^(b)		138		3,856
Hankook Tire & Technology Co. Ltd.		191		4,901
Hanmi Pharm Co. Ltd.		24		4,263
Hanssem Co. Ltd.		135		3,549
Hanwha Corp.		179		3,192
Hanwha Corp., 3rd Preference Shares		98		963
Hanwha Life Insurance Co. Ltd.		3,143		4,821
HD Hyundai Co. Ltd.		115		4,917
Hite Jinro Co. Ltd.		238		4,286
Hotel Shilla Co. Ltd.		98		4,472
Hyundai Department Store Co. Ltd.		117		4,444
Hyundai Engineering & Construction Co. Ltd.		151		3,700
Hyundai Marine & Fire Insurance Co. Ltd.		231		5,400
Hyundai Motor Co.		31		3,580
Hyundai Motor Co., First Pfd.		5		275
Hyundai Motor Co., Second Pfd.		8		448
Industrial Bank of Korea		759		5,568
Kakao Games Corp.^(b)		138		3,832
Kangwon Land, Inc.^(b)		273		4,408
KB Financial Group, Inc.		147		4,959
KEPCO Plant Service & Engineering Co. Ltd.		176		3,941
Kia Corp.		90		4,189
Korea Aerospace Industries Ltd.		119		3,956


	Shares		Value
South Korea-(continued)
Korea Gas Corp.		167	$	4,080
Korea Zinc Co. Ltd.		11		4,942
Korean Air Lines Co. Ltd.^(b)		270		4,378
KT&G Corp.		87		5,845
Kumho Petrochemical Co. Ltd.		56		5,150
L&F Co. Ltd.^(b)		32		5,054
LG Chem Ltd.		11		4,834
LG Chem Ltd., Preference Shares		2		406
LG Corp.		89		4,948
LG Innotek Co. Ltd.		21		4,371
LG Uplus Corp.		631		5,072
LOTTE Chemical Corp.		41		4,260
LOTTE Chilsung Beverage Co. Ltd.		47		4,636
LOTTE Corp.		175		4,005
LOTTE Fine Chemical Co. Ltd.		103		4,056
LS Corp.		108		5,042
Mirae Asset Securities Co. Ltd.		847		3,776
Mirae Asset Securities Co. Ltd., Second Pfd.		442		1,123
NCSoft Corp.		19		5,202
NHN Corp.^(b)		286		4,608
NongShim Co. Ltd.		24		5,088
OCI Co. Ltd.		62		4,440
Orion Corp.		74		5,273
Ottogi Corp.		15		4,649
S-1 Corp.		125		5,476
Samsung Biologics Co. Ltd.^(b)(c)		9		5,541
Samsung C&T Corp.		60		4,991
Samsung Card Co. Ltd.		232		5,033
Samsung Electronics Co. Ltd.		122		5,087
Samsung Fire & Marine Insurance Co. Ltd.		35		4,914
Samsung Fire & Marine Insurance Co. Ltd., Preference Shares		3		337
Samsung Life Insurance Co. Ltd.		117		5,536
Samsung SDI Co. Ltd.		12		6,209
Samsung SDI Co. Ltd., Preference Shares		1		239
Samsung SDS Co. Ltd.		57		5,002
Seegene, Inc.		230		4,634
Shinhan Financial Group Co. Ltd.		198		5,046
SK Networks Co. Ltd.		1,599		4,524
SK Telecom Co. Ltd.		139		4,889
SK, Inc.		31		4,657
SKC Co. Ltd.		60		4,360
S-Oil Corp.		72		4,367
Solus Advanced Materials Co. Ltd.		174		4,104
SSANGYONG C&E Co. Ltd.		1,063		4,239
Wemade Co. Ltd.		117		3,643
Woori Financial Group, Inc.		595		4,908
Yuhan Corp.		128		5,373

				392,307

Spain-1.95%
Acciona S.A.		28		5,040
ACS Actividades de Construccion y Servicios S.A.^(a)		243		6,232
Aena SME S.A.^(b)(c)		44		5,182
Amadeus IT Group S.A.^(b)		103		5,369
Bankinter S.A.		1,058		6,395
CaixaBank S.A.		1,797		5,955
Enagas S.A.		297		4,821
Endesa S.A.		316		5,274

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


	Shares		Value
Spain-(continued)
Ferrovial S.A.		216	$	5,275
Grifols S.A., Class B, Preference Shares^(b)		688		4,291
Mapfre S.A.^(a)		3,266		5,601
Merlin Properties SOCIMI S.A.		592		5,014
Naturgy Energy Group S.A.		196		5,029
Red Electrica Corp. S.A.		296		4,783
Repsol S.A.		416		5,651
Telefonica S.A.		1,312		4,519

				84,431

Sweden-2.73%
Assa Abloy AB, Class B		266		5,368
Atlas Copco AB, Class A		531		5,672
Axfood AB		180		4,453
Boliden AB		168		4,889
Electrolux AB, Class B^(a)		427		5,265
Essity AB, Class B		243		5,132
H & M Hennes & Mauritz AB, Class B^(a)		520		5,233
Holmen AB, Class B		126		4,568
Saab AB, Class B		162		5,720
Securitas AB, Class B^(a)		753		6,156
Skandinaviska Enskilda Banken AB, Class A		533		5,619
Skandinaviska Enskilda Banken AB, Class C		8		91
Skanska AB, Class B		365		5,675
SKF AB, Class B^(a)		360		5,206
Svenska Cellulosa AB S.C.A., Class A		13		157
Svenska Cellulosa AB S.C.A., Class B		347		4,092
Svenska Handelsbanken AB, Class A		642		5,964
Svenska Handelsbanken AB, Class B		15		164
Sweco AB, Class B		573		4,304
Swedbank AB, Class A		417		6,213
Swedish Match AB		539		5,541
Swedish Orphan Biovitrum AB, Class B^(b)		245		4,507
Tele2 AB, Class B		508		4,161
Telefonaktiebolaget LM Ericsson, Class A		9		53
Telefonaktiebolaget LM Ericsson, Class B		713


IDLB		Management’s Discussion of Fund Performance
IDLB		Invesco FTSE International Low Beta Equal Weight ETF (IDLB)


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
FTSE Developed ex-U.S. Low Beta Equal Weight Index (Net)		(26.03	)%		(5.50	)%		(15.61	)%		(2.80	)%		(13.25	)%		1.12	%		8.13	%
MSCI World ex USA Index (Net)		(22.04	)		(0.49	)		(1.46	)		0.41			2.05			3.04			23.26
Fund
NAV Return		(26.15	)		(5.87	)		(16.60	)		(3.25	)		(15.21	)		0.63			4.49
Market Price Return		(26.68	)		(5.84	)		(16.51	)		(3.34	)		(15.63	)		0.48			3.40


EELV		Management’s Discussion of Fund Performance
EELV		Invesco S&P Emerging Markets Low Volatility ETF (EELV)


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
S&P BMI Emerging Markets Low Volatility Index^™ (Net)		(9.91	)%		1.69	%		5.14	%		1.91	%		9.90	%		1.49	%		15.96	%		2.55	%		31.21	%
MSCI Emerging Markets Index^SM(Net)		(31.03	)		(4.42	)		(12.67	)		(3.09	)		(14.54	)		0.79			8.20			1.36			15.76
Fund
NAV Return		(10.68	)		0.93			2.80			1.19			6.08			0.81			8.37			1.74			20.50
Market Price Return		(10.40	)		1.24			3.77			1.26			6.45			0.90			9.39			1.72			20.16


EEMO		Management’s Discussion of Fund Performance
EEMO		Invesco S&P Emerging Markets Momentum ETF (EEMO)


		Invesco Annual Report to Shareholders
		October 31, 2022

		IDLB		Invesco FTSE International Low Beta Equal Weight ETF

		EELV		Invesco S&P Emerging Markets Low Volatility ETF

		EEMO		Invesco S&P Emerging Markets Momentum ETF

		IDHD		Invesco S&P International Developed High Dividend Low Volatility ETF

		IDLV		Invesco S&P International Developed Low Volatility ETF

		IDMO		Invesco S&P International Developed Momentum ETF



The Market Environment			3

Management’s Discussion of Fund Performance			4

Schedules of Investments

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)			19

Invesco S&P Emerging Markets Low Volatility ETF (EELV)			28

Invesco S&P Emerging Markets Momentum ETF (EEMO)			32

Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)			36

Invesco S&P International Developed Low Volatility ETF (IDLV)			38

Invesco S&P International Developed Momentum ETF (IDMO)			42

Statements of Assets and Liabilities			46

Statements of Operations			48

Statements of Changes in Net Assets			50

Financial Highlights			52

Notes to Financial Statements			57

Report of Independent Registered Public Accounting Firm			68

Fund Expenses			69

Tax Information			71

Trustees and Officers			72


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
ICICI Bank Ltd.			3.28
Petroleo Brasileiro S.A., Preference Shares			2.92
Al Rajhi Bank			2.90
Petroleo Brasileiro S.A.			2.73
Saudi National Bank (The)			2.64
National Bank of Kuwait SAKP			2.52
PT Bank Central Asia Tbk			2.20
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares			1.98
Adani Total Gas Ltd.			1.75
Saudi Arabian Oil Co.			1.70
Total			24.62


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Assicurazioni Generali S.p.A.			2.04
Imperial Brands PLC			1.81
First International Bank of Israel Ltd. (The)			1.73
UnipolSai Assicurazioni S.p.A.			1.68
Oesterreichische Post AG			1.55
Fletcher Building Ltd.			1.54
Phoenix Group Holdings PLC			1.42
Australia & New Zealand Banking Group Ltd.			1.42
Stockland			1.40
Proximus SADP			1.40
Total			15.99