N-CSR

Domestic Equity

The US stock market hit new highs in the second quarter of 2021, despite higher volatility stemming from inflation concerns and the potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the US gross domestic product (GDP) grew at a 6.4% annualized rate for the first quarter of 2021.¹ Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets continued to move higher in July 2021 despite inflation concerns and increasing COVID-19 infection rates due to the rapidly spreading Delta variant. Despite the Consumer Price Index (CPI) increasing monthly from June through September,² the US Federal Reserve (the Fed) declined to raise interest rates at its September Federal Open Market Committee meeting. The US stock market saw continued volatility in August 2021 and a selloff through most of September due to increasing concerns of inflation due to a spike in oil prices and supply chain shortages causing rising costs.

Equity markets were volatile in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil (West Texas Intermediate) rose to nearly $85 per barrel in October,³ causing higher gas prices for consumers and pushing energy stocks higher. The CPI reported for November increased 0.8%, resulting in a 6.8% increase over the last 12 months, the highest since 1982.² To combat inflation, the Fed announced a faster pace of tapering at its December meeting, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at 2021 year-end.

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.³ The CPI rose by 7.9% for the 12 months ended February 28, 2022, the largest 12-month increase since 1982.² To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March, with several more rate increases expected in 2022. As the war in Ukraine continued and corporate earnings in high-profile names, like Netflix reported slowing growth and profits, equity markets sold off for much of the month of April 2022. In this environment, US stocks had flat

returns for the fiscal year ended April 30, 2022, of 0.21%, as measured by the S&P 500 Index.⁴

¹	Source: US Bureau of Economic Analysis

²	Source: US Bureau of Labor Statistics

³	Source: Bloomberg L.P.

⁴	Source: Lipper Inc.

Global Equity

At the beginning of the fiscal year, global equity markets were bolstered by the acceleration of vaccination rollouts and easing of COVID-19-related restrictions in most developed markets, with growth stocks outperforming value stocks in most regions.

Developed global equity markets ended the second half of 2021 in positive territory despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the fiscal year, resulting in higher costs for companies and consumers. Emerging market equities declined during the fiscal year, primarily due to weak performance of Chinese equities, which were affected by significant regulatory changes in the private tutoring industry, increased regulation in the technology sector, the potential default of a large Chinese property developer (which did, in fact, default later in 2021) and COVID-19 concerns.

Global 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 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 and value stocks outperforming growth stocks.

At the end of the fiscal year, global equity markets continued their decline, as they were impacted by the war in Ukraine, COVID-19 lockdowns in China and the increase of interest rates in the US to combat inflation. For the overall fiscal year, most regions were in negative territory, but developed market equities outperformed emerging market equities.

As an index fund, the Invesco DWA Basic Materials Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Basic Materials Technical Leaders^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, Dorsey, Wright & Associates, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of at least 30 securities of companies in the basic materials sector that have powerful relative strength or “momentum” characteristics. The Index Provider selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index^TM. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index.

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

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

The total number of securities in the Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index. The Fund employs a “full replication” methodology in seeking to track the Index, meaning that the Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 7.70%. On a net asset value (“NAV”) basis, the Fund returned 7.61%. During the same time period, the Index returned 8.28%. During the fiscal year, the Fund fully replicated

the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Materials Index (the “Benchmark Index”) returned 4.36%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 28 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the materials sector.

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

Relative to the Benchmark Index, the Fund was most overweight in the steel and aluminum sub-industries and most underweight in the industrial gases and paper packaging sub-industries during the fiscal year ended April 30, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to the steel sub-industry, and the overweight allocation to and stock selection within the fertilizers and agricultural chemicals sub-industry.

For the fiscal year ended April 30, 2022, the steel sub-industry contributed most significantly to the Fund’s return, followed by the fertilizers and agricultural chemicals sub-industry. Specialty chemicals and paper packaging were the largest detractors.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Alcoa Corp., an aluminum company (portfolio average weight of 4.10%), and Mosaic Co. (The), a fertilizers and agricultural chemicals company (portfolio average weight of 3.70%). Positions that detracted most significantly from the Fund’s return during this period included Allegheny Technologies, Inc., a steel company (portfolio average weight of 1.70%), and Danimer Scientific, Inc., Class A, a specialty chemicals company (portfolio average weight of 0.44%).

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.82% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

The Blended—Dorsey Wright^® Basic Materials Technical Leaders^TMIndex performance is comprised of the performance of the Dynamic Basic Materials Sector Intellidex^SM Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2022.

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

As an index fund, the Invesco DWA Consumer Cyclicals Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Consumer Cyclicals Technical Leaders^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, Dorsey, Wright & Associates, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of at least 30 securities of companies in the consumer discretionary (or cyclicals) sector that have powerful relative strength or “momentum” characteristics. The Index Provider selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index^TM. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index.

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

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (20.90)%. On a net asset value (“NAV”) basis,

the Fund returned (21.10)%. During the same time period, the Index returned (20.58)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which were partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P 500^® Consumer Discretionary Index (the “Benchmark Index”) returned (10.82)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 60 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the consumer discretionary sector.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track the Index, which employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization. More broadly, for the fiscal year, the Index weighting included small-, mid- and large-capitalization companies while the Benchmark Index was predominantly weighted to large-capitalization companies.

Relative to the Benchmark Index, the Fund was most overweight in the specialty stores sub-industry and most underweight in the internet & direct marketing retail sub-industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight in automobile manufacturers sub-industry and overweight in the homebuilding sub-industry.

For the fiscal year ended April 30, 2022, the department stores retail sub-industry contributed most significantly to the Fund’s return followed by the education services sub-industry. The home building sub-industry detracted most significantly from the Fund’s return, followed by the apparel retail and movies and entertainment sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Dillard’s Inc., Class A, a department store company (portfolio average weight of 2.02%), and Houghton Mifflin Harcourt Co., an education services company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included AMC Entertainment Holdings, Inc., Class A, a movies and entertainment company (no longer held at fiscal year-end), and Cable One Inc., a cable & satellite company (no longer held at fiscal year-end).

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.80% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

The Blended—Dorsey Wright^® Consumer Cyclicals Technical Leaders^TMIndex performance is comprised of the performance of the Dynamic Consumer Discretionary Sector Intellidex^SM Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2022.

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

As an index fund, the Invesco DWA Consumer Staples Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Consumer Staples Technical Leaders^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, Dorsey, Wright & Associates, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of at least 30 securities of companies in the consumer staples sector that have powerful relative strength or “momentum” characteristics. The Index Provider selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index^TM. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index.

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

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (9.41)%. On a net asset value (“NAV”) basis, the Fund returned (9.27)%. During the same time period, the

Index returned (9.01)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P 500^® Consumer Staples Index (the “Benchmark Index”) returned 16.50%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 32 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the consumer staples sector.

Relative to the Benchmark Index, the Fund was most overweight in the personal products sub-industry and most underweight in the hypermarkets & super centers sub-industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s stock selection in the soft drinks sub-industry and the overweight allocation to and security selection in the personal products sub-industry.

For the fiscal year ended April 30, 2022, the agricultural products sub-industry contributed most significantly to the Fund’s return, followed by the household products and food retail sub-industries, respectively. The personal products sub-industry detracted most significantly from the Fund’s return, followed by the education services and soft drinks sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Kroger Co. (The), a food retail company (portfolio average weight of 2.89), and Bunge Ltd., an agricultural products company (portfolio average weight of 3.22%). Positions that detracted most significantly from the Fund’s return during this period included Chegg Inc., an education services company (portfolio average weight of 0.73), and Celsius Holdings, Inc., a soft drinks company (portfolio average weight of 1.96).

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.75% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

The Blended—Dorsey Wright^® Consumer Staples Technical Leaders^TMIndex performance is comprised of the performance of the Dynamic Consumer Staples Sector Intellidex^SM Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2022.

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

As an index fund, the Invesco DWA Energy Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Energy Technical Leaders^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, Dorsey, Wright & Associates, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of at least 30 securities of companies in the energy sector that have powerful relative strength or “momentum” characteristics. The Index Provider selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index^TM. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index.

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

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 72.89%. On a net asset value (“NAV”) basis, the Fund returned 72.99%. During the same time period, the

Index returned 73.90%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, the effect of which was compounded during a time period of high returns.

During this same time period, the S&P 500^® Energy Index (the “Benchmark Index”) returned 60.82%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 21 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the energy sector.

Relative to the Benchmark Index, the Fund was most overweight in the oil & gas exploration & production sub-industry and most underweight in the integrated oil & gas sub-industry during the fiscal year ended April 30, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to an overweight allocation to and security selection in the oil & gas exploration & production sub-industry and an overweight allocation to the oil and gas drilling sub-industry.

For the fiscal year ended April 30, 2022, the oil & gas exploration & production sub-industry contributed most significantly to the Fund’s return. The semiconductors sub-industry detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Antero Resources Corp., an oil & gas exploration & production company (portfolio average weight of 3.52%), and Ovintiv Inc., an oil & gas exploration & production company (portfolio average weight of 4.56%). Positions that detracted most significantly from the Fund’s return during this period included Meta Materials Inc., a semiconductors and semiconductor equipment company (no longer held at fiscal year-end), and Continental Resources, Inc., an oil & gas exploration & production company (no longer held at fiscal year-end).

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.85% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

The Blended—Dorsey Wright^® Energy Technical Leaders^TM Index performance is comprised of the performance of the Dynamic Energy Sector Intellidex^SM Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2022.

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

As an index fund, the Invesco DWA Financial Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Financials Technical Leaders^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, Dorsey, Wright & Associates, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of at least 30 securities of companies in the financials sector that have powerful relative strength or “momentum” characteristics. The Index Provider selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index^TM. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index.

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

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (9.85)%. On a net asset value (“NAV”) basis, the Fund returned (9.63)%. During the same time period, the

Index returned (9.07)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Financials Index (the “Benchmark Index”) returned (3.00)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 66 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the financials sector.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an index that employs a proprietary stock selection and weighting methodology of which market capitalization is one component, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization. More broadly, for the fiscal year, the Index weighting included small-, mid- and large-capitalization companies while the Benchmark Index was predominantly weighted to large- capitalization companies.

Relative to the Benchmark Index, the Fund was most overweight in the regional banks sub-industry and most underweight in the diversified banks sub-industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to an overweight allocation to and security selection in the consumer finance sub-industry and an overweight allocation to and security selection in the regional banks sub-industry.

For the fiscal year ended April 30, 2022, the asset management and custody banks sub-industry contributed most significantly to the Fund’s return, followed by the paper packaging sub-industry. The regional banks sub-industry detracted most significantly from the Fund’s return, followed by the consumer finance sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Blackstone Inc., a custody banks company (no longer held at fiscal year-end), and LendingClub Corp., a consumer finance company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Upstart Holdings, Inc., a consumer finance company (no longer held at fiscal year-end), and B. Riley Financial, Inc., an investment banking and brokerage company (portfolio average weight of 1.16%).

Fund Inception: October 12, 2006

Notes Regarding Indexes and Fund Performance History:

The Blended—Dorsey Wright^® Financials Technical Leaders^TM Index performance is comprised of the performance of the Dynamic Financial Sector Intellidex^SM Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2022.

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

As an index fund, the Invesco DWA Healthcare Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Healthcare Technical Leaders^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, Dorsey, Wright & Associates, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of at least 30 securities of companies in the healthcare sector that have powerful relative strength or “momentum” characteristics. The Index Provider selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index^TM. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index.

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

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (22.18)%. On a net asset value (“NAV”) basis, the Fund returned (22.24)%. During the same time period, the

Index returned (21.72)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P 500^® Health Care Index (the “Benchmark Index”) returned 9.16%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 65 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the healthcare sector.

Relative to the Benchmark Index, the Fund was most overweight in the biotechnology sub-industry and most underweight in the pharmaceuticals sub-industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection in the pharmaceuticals sub-industry.

For the fiscal year ended April 30, 2022, the healthcare supplies sub-industry contributed most significantly to the Fund’s return. The pharmaceuticals sub-industry detracted most significantly from the Fund’s return, followed by the biotechnology and life sciences tools & services sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Moderna, Inc., a biotechnology company (no longer held at fiscal year-end), and Lantheus Holdings Inc., a healthcare supplies company (portfolio average weight of 0.62%). Positions that detracted most significantly from the Fund’s return during this period included Seelos Therapeutics, Inc., a pharmaceuticals company (no longer held at fiscal year-end), and Fulcrum Therapeutics, Inc., a pharmaceuticals company (portfolio average weight of 0.63%).

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.67% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

The Blended—Dorsey Wright^® Healthcare Technical Leaders^TM Index performance is comprised of the performance of the Dynamic Healthcare Sector Intellidex^SM Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2022.

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

As an index fund, the Invesco DWA Industrials Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Industrials Technical Leaders^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, Dorsey, Wright & Associates, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of at least 30 securities of companies in the industrials sector that have powerful relative strength or “momentum” characteristics. The Index Provider selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index^TM. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index.

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

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (11.64)%. On a net asset value (“NAV”) basis, the Fund returned (11.56)%. During the same time period, the

Index returned (11.03)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Industrials Index (the “Benchmark Index”) returned (5.25)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 71 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the industrials sector.

Relative to the Benchmark Index, the Fund was most overweight in the trading companies & distributors sub-industry and most underweight in the aerospace & defense sub-industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to stock selection and the Fund being underweight in the railroad sub-industry.

For the fiscal year ended April 30, 2022, the trading companies & distributors sub-industry contributed most significantly to the Fund’s return, followed by the trucking and aerospace & defense, respectively. The building products sub-industry detracted most significantly from the Fund’s return, followed by the industrial machinery sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Avis Budget Group, Inc., a trucking company (no longer held at fiscal year-end), and Veritiv Corp., a trading companies & distributors company (portfolio average weight of 1.18%). Positions that detracted most significantly from the Fund’s return during this period included Trex Company, Inc., a building products company (no longer held at fiscal year-end), and Sherwin-Williams Co., a specialty chemicals company (no longer held at fiscal year-end).

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.64% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

The Blended—Dorsey Wright^® Industrials Technical Leaders^TM Index performance is comprised of the performance of the Dynamic Industrials Sector Intellidex^SM Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2022.

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

As an index fund, the Invesco DWA Technology Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Technology Technical Leaders^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, Dorsey, Wright & Associates, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of at least 30 securities of companies in the technology sector that have powerful relative strength or “momentum” characteristics. The Index Provider selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index^TM. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index.

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

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (17.33)%. On a net asset value (“NAV”) basis, the Fund returned (17.37)%. During the same time period, the Index returned (16.91)%. During the fiscal year, the Fund fully

replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Information Technology Index (the “Benchmark Index”) returned 1.89%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 76 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the technology sector.

Relative to the Benchmark Index, the Fund was most overweight in the application software sub-industry and most underweight in the technology hardware storage & peripherals sub-industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to stock selection and the Fund being overweight in the application software sub-industry.

For the fiscal year ended April 30, 2022, the systems software sub-industry contributed most significantly to the Fund’s return, followed by the internet services & infrastructure and IT consulting & other services sub-industries, respectively. The semiconductors sub-industry detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included 3D Systems Corp., a technology hardware storage & peripherals company (no longer held at fiscal year-end) and EPam Systems, Inc., an application software company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Calix, Inc., a communications equipment (no longer held at fiscal year-end), and Lattice Semiconductor Corp., a semiconductors company (portfolio average weight of 3.56%).

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.69% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

The Blended—Dorsey Wright^® Technology Technical Leaders^TM Index performance is comprised of the performance of the Dynamic Technology Sector Intellidex^SM Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2022.

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

As an index fund, the Invesco DWA Utilities Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Utilities Technical Leaders^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, Dorsey, Wright & Associates, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of at least 30 securities of companies in the utilities sector that have powerful relative strength or “momentum” characteristics. The Index Provider selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index^TM. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index.

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

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 5.20%. On a net asset value (“NAV”) basis, the Fund returned 5.11%. During the same time period, the Index returned 5.72%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P 500^® Utilities Index (the “Benchmark Index”) returned 10.12%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 29 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the utilities sector.

Relative to the Benchmark Index, the Fund was most overweight in the gas utilities sub-industry and most underweight in the electric utilities sub-industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund being overweight in the water utilities sub-industry and the Fund’s stock selection in the multi-utilities sub-industry.

For the fiscal year ended April 30, 2022, the electric utilities sub-industry contributed most significantly to the Fund’s return. The electrical components & equipment sub-industry detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included ONEOK, Inc., an oil & gas storage & transportation company (portfolio average weight of 3.87%), and Sempra Energy, a multi-utilities company (portfolio average weight of 3.78%). Positions that detracted most significantly from the Fund’s return during this period included Beam Global, an electrical components & equipment company (no longer held at fiscal year-end), and AES Corp. (The), an independent power producers & energy traders company (portfolio average weight of 2.51%).

Fund Inception: October 26, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.81% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

The Blended—Dorsey Wright^® Utilities Technical Leaders^TM Index performance is comprised of the performance of the Dynamic Utilities Intellidex^SM Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2022.

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

As an index fund, the Invesco NASDAQ Internet ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ CTA Internet Index^SM (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, Nasdaq, Inc. (the “Index Provider”) compiles the Index, which is designed to track the performance of companies engaged in internet-related businesses that are listed on one of the New York Stock Exchange, NYSE American, Cboe Exchange or The Nasdaq Stock Market. Companies in the Index include companies whose primary business includes Internet-related services including, but not limited to, Internet software, Internet search engines, web hosting, website design or Internet retail commerce as determined by the Consumer Technology Association (CTA). The Fund employs a “full replication” methodology in seeking to track the Index, meaning that the Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (42.81)%. On a net asset value (“NAV”) basis, the Fund returned (42.68)%. During the same time period, the Index returned (42.36)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the NASDAQ-100^® Index (the “Benchmark Index”) returned (6.61)%. The Benchmark Index is an unmanaged, modified market-capitalization weighted index based on the average performance of approximately 100 securities. The Benchmark Index was selected for its recognition in the marketplace, and because 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 in part because the Fund seeks to track an Index that consists of companies engaged in internet-related businesses, whereas the Benchmark Index consists of approximately 100 of the largest non-financial companies listed on the NASDAQ Stock Market, which may include companies that are not engaged in internet related businesses.

Relative to the Benchmark Index, the Fund was most overweight in the interactive media & services sub-industry and most underweight in the semiconductors sub-industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund being overweight in and its security selection in the internet & direct marketing retail sub-

industry, followed by the Fund being overweight in the movies & entertainment sub-industry.

For the fiscal year ended April 30, 2022, the advertising sub-industry contributed most significantly to the Fund’s return. The internet & direct marketing retail sub-industry detracted most significantly from the Fund’s return, followed by the movies & entertainment sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Anaplan, Inc., an application software company (portfolio average weight of 0.28%), and Box, Inc., Class A, an application software company (portfolio average weight of 0.14%). Positions that detracted most significantly from the Fund’s return during this period included Netflix, Inc., a movies & entertainment company (portfolio average weight of 4.81%), and PayPal Holdings, Inc., a data processing & outsourced services company (portfolio average weight of 6.24%).


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Interactive Media & Services			22.87
Internet & Direct Marketing Retail			17.84
Application Software			12.85
Movies & Entertainment			10.93
Systems Software			9.08
Hotels, Resorts & Cruise Lines			8.20
Internet Services & Infrastructure			5.44
Data Processing & Outsourced Services			3.94
Trucking			3.18
Interactive Home Entertainment			2.33
Sub-Industry Types Each Less than 3%			3.32
Money Market Funds Plus Other Assets Less Liabilities			0.02

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Meta Platforms, Inc., Class A			9.18
Microsoft Corp.			8.97
Alphabet, Inc., Class C			8.23
Amazon.com, Inc.			7.82
Walt Disney Co. (The)			7.26
Adobe, Inc.			4.09
salesforce.com, inc.			4.04
Booking Holdings, Inc.			3.95
Alibaba Group Holding Ltd., ADR			3.94
PayPal Holdings, Inc.			3.80
Total			61.28

*	Excluding money market fund holdings.

Fund Inception: June 12, 2008

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.60% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

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

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


	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Aluminum-3.37%
Alcoa Corp.^(b)		93,117	$	6,313,333


Commodity Chemicals-14.23%
AdvanSix, Inc.^(b)		93,376		4,158,967
Cabot Corp.^(b)		69,673		4,587,967
LyondellBasell Industries N.V., Class A		58,999		6,255,664
Valvoline, Inc.		154,034		4,656,448
Westlake Corp.		55,216		6,987,585

				26,646,631


Copper-2.70%
Freeport-McMoRan, Inc.		124,586		5,051,962


Diversified Chemicals-2.86%
Huntsman Corp.		158,326		5,362,502


Diversified Metals & Mining-2.88%
MP Materials Corp.^(c)		141,925		5,398,827


Fertilizers & Agricultural Chemicals-18.91%
CF Industries Holdings, Inc.		69,245		6,704,993
Corteva, Inc.		113,126		6,526,239
FMC Corp.		62,029		8,221,324
Intrepid Potash, Inc.^(c)		91,976		7,043,522
Mosaic Co. (The)		110,973		6,926,935

				35,423,013


Forest Products-3.91%
Louisiana-Pacific Corp.		113,508		7,323,536


Gold-3.44%
Newmont Corp.		88,498		6,447,079


Oil & Gas Refining & Marketing-2.09%
Alto Ingredients, Inc.^(b)(c)		676,825		3,905,280


Specialty Chemicals-10.65%
Avient Corp.		110,739		5,452,788
Celanese Corp.		45,567		6,695,615
Danimer Scientific, Inc.^(b)(c)		829,756		3,252,644
Element Solutions, Inc.		220,231		4,541,163

				19,942,210


Steel-34.91%
Allegheny Technologies, Inc.^(b)(c)		203,053		5,518,981


	Shares		Value

Steel-(continued)
Carpenter Technology Corp.		124,057	$	4,736,496
Cleveland-Cliffs, Inc.^(c)		263,437		6,715,009
Commercial Metals Co.^(b)		124,570		5,107,370
Nucor Corp.^(b)		55,499		8,590,135
Reliance Steel & Aluminum Co.		37,947		7,522,993
Ryerson Holding Corp.^(b)		123,171		4,533,924
Steel Dynamics, Inc.		77,392		6,636,364
SunCoke Energy, Inc.		465,613		3,873,900
TimkenSteel Corp.^(b)(c)		312,285		6,454,931
United States Steel Corp.		186,451		5,684,891

				65,374,994

Total Common Stocks & Other Equity Interests (Cost $177,214,774)				187,189,367


Money Market Funds-0.14%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(d)(e) (Cost $273,111)		273,111		273,111
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.09% (Cost $177,487,885)				187,462,478


Investments Purchased with Cash Collateral from from Securities on Loan

Money Market Funds-17.27%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		9,705,723		9,705,723
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		22,636,353		22,636,353

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $32,342,076)				32,342,076

TOTAL INVESTMENTS IN SECURITIES-117.36% (Cost $209,829,961)				219,804,554
OTHER ASSETS LESS LIABILITIES-(17.36)%				(32,516,768	)

NET ASSETS-100.00%			$	187,287,786

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


	Shares		Value
Common Stocks & Other Equity Interests-100.10%
Apparel Retail-3.77%
Boot Barn Holdings, Inc.^(b)		9,760	$	878,986
Genesco, Inc.^(b)(c)		9,350		579,980

				1,458,966


Apparel, Accessories & Luxury Goods-1.20%
G-III Apparel Group Ltd.^(b)(c)		17,496		463,294


Automotive Retail-11.91%
AutoZone, Inc.^(b)		485		948,403
Group 1 Automotive, Inc.^(c)		4,520		787,113
O’Reilly Automotive, Inc.^(b)		3,452		2,093,810
Penske Automotive Group, Inc.^(c)		7,452		781,119

				4,610,445


Broadcasting-5.37%
Gray Television, Inc.^(c)		18,440		341,509
Nexstar Media Group, Inc., Class A		6,042		957,174
Paramount Global, Class B		26,771		779,571

				2,078,254


Casinos & Gaming-6.85%
Boyd Gaming Corp.		12,513		758,038
Churchill Downs, Inc.		2,830		574,320
Golden Entertainment, Inc.^(b)		17,783		852,873
Monarch Casino & Resort, Inc.^(b)(c)		6,683		468,812

				2,654,043


Department Stores-6.16%
Dillard’s, Inc., Class A		7,857		2,387,035


Distributors-4.08%
Funko, Inc., Class A^(b)		33,149		539,997
LKQ Corp.		20,983		1,041,387

				1,581,384


Diversified Support Services-1.23%
KAR Auction Services, Inc.^(b)(c)		32,520		476,743


Health Care Distributors-2.68%
McKesson Corp.		3,348		1,036,574


Health Care Services-2.19%
CVS Health Corp.		8,808		846,713


Home Improvement Retail-6.38%
Home Depot, Inc. (The)		4,406		1,323,562
Lowe’s Cos., Inc.		5,794		1,145,648

				2,469,210


Homebuilding-3.15%
Skyline Champion Corp.^(b)		12,531		639,582
Tri Pointe Homes, Inc.^(b)		28,101		580,848

				1,220,430


Homefurnishing Retail-1.70%
Bed Bath & Beyond, Inc.^(b)(c)		48,258		656,791


Hotels, Resorts & Cruise Lines-11.06%
Hilton Grand Vacations, Inc.^(b)		13,634		638,480
Hyatt Hotels Corp., Class A		9,563		908,102
Marriott International, Inc., Class A^(b)		5,381		955,235


	Shares		Value

Hotels, Resorts & Cruise Lines-(continued)
Playa Hotels & Resorts N.V.^(b)		67,772	$	639,768
Wyndham Hotels & Resorts, Inc.		12,960		1,139,962

				4,281,547


Hypermarkets & Super Centers-7.11%
BJ’s Wholesale Club Holdings, Inc.^(b)		18,496		1,190,218
Costco Wholesale Corp.		2,942		1,564,320

				2,754,538


Leisure Facilities-6.35%
SeaWorld Entertainment, Inc.^(b)		27,457		1,851,700
Six Flags Entertainment Corp.^(b)		15,844		606,350

				2,458,050


Movies & Entertainment-3.66%
Liberty Media Corp.-Liberty Formula One, Class A^(b)(c)		7,451		427,837
Live Nation Entertainment, Inc.^(b)(c)		9,439		989,962

				1,417,799


Restaurants-1.61%
Dave & Buster’s Entertainment, Inc.^(b)		13,683		622,577


Specialized REITs-1.62%
Lamar Advertising Co., Class A		5,692		628,454


Specialty Stores-10.03%
Signet Jewelers Ltd.		26,158		1,836,292
Tractor Supply Co.		5,492		1,106,363
Ulta Beauty, Inc.^(b)		2,368		939,622

				3,882,277


Trading Companies & Distributors-1.99%
Beacon Roofing Supply, Inc.^(b)(c)		12,922		770,539

Total Common Stocks & Other Equity Interests (Cost $42,995,367)				38,755,663


Money Market Funds-0.36%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(d)(e) (Cost $140,012)		140,012		140,012

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.46% (Cost $43,135,379)				38,895,675


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-11.69%
Invesco Private Government Fund, 0.40%(d)(e)(f)		1,359,112		1,359,112
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		3,168,189		3,168,189

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,527,301)				4,527,301

TOTAL INVESTMENTS IN SECURITIES-112.15% (Cost $47,662,680)				43,422,976
OTHER ASSETS LESS LIABILITIES-(12.15)%				(4,705,345	)

NET ASSETS-100.00%			$	38,717,631

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


	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Agricultural Products-7.15%
Archer-Daniels-Midland Co.		40,592	$	3,635,420
Bunge Ltd.		30,787		3,482,625

				7,118,045


Brewers-1.98%
Molson Coors Beverage Co., Class B		36,351		1,968,043


Distillers & Vintners-6.62%
Brown-Forman Corp., Class B		42,810		2,887,106
Constellation Brands, Inc., Class A		8,473		2,085,121
MGP Ingredients, Inc.^(b)		17,723		1,618,642

				6,590,869


Education Services-2.73%
Adtalem Global Education, Inc.^(b)(c)		45,196		1,324,695
Chegg, Inc.^(b)(c)		56,138		1,388,854

				2,713,549


Food Distributors-12.06%
Andersons, Inc. (The)		36,552		1,836,007
Performance Food Group Co.^(c)		66,826		3,291,180
SpartanNash Co.		49,968		1,712,903
Sysco Corp.		28,287		2,417,973
US Foods Holding Corp.^(c)		73,000		2,746,260

				12,004,323


Food Retail-12.99%
Albertsons Cos., Inc., Class A^(b)		89,596		2,802,563
Casey’s General Stores, Inc.		9,925		1,997,903
Grocery Outlet Holding Corp.^(b)(c)		46,808		1,576,025
Ingles Markets, Inc., Class A		18,314		1,705,400
Kroger Co. (The)		52,621		2,839,429
Sprouts Farmers Market, Inc.^(c)		67,553		2,013,079

				12,934,399


Home Furnishings-2.83%
Tempur Sealy International, Inc.		103,820		2,814,560


Household Products-9.16%
Church & Dwight Co., Inc.		36,703		3,580,745
Procter & Gamble Co. (The)		23,144		3,715,769
Spectrum Brands Holdings, Inc.^(b)		21,444		1,824,241

				9,120,755


Industrial Machinery-2.11%
Snap-on, Inc.		9,892		2,101,951


Packaged Foods & Meats-16.58%
B&G Foods, Inc.^(b)		61,512		1,656,518
Cal-Maine Foods, Inc.		30,080		1,616,198
Freshpet, Inc.^(b)(c)		23,792		2,220,983
Hershey Co. (The)		14,716		3,322,431
Mondelez International, Inc., Class A		39,422		2,541,931
Simply Good Foods Co. (The)^(c)		49,586		2,065,257
Tyson Foods, Inc., Class A		33,035		3,077,541

				16,500,859


	Shares		Value

Personal Products-5.57%
Beauty Health Co. (The)^(b)(c)		85,209	$	1,116,238
Estee Lauder Cos., Inc. (The), Class A		11,844		3,127,527
Inter Parfums, Inc.^(b)		15,884		1,298,199

				5,541,964


Soft Drinks-11.23%
Celsius Holdings, Inc.^(b)(c)		25,951		1,349,452
Coca-Cola Consolidated, Inc.		3,381		1,492,711
Keurig Dr Pepper, Inc.		98,568		3,686,443
National Beverage Corp.^(b)		31,308		1,380,057
PepsiCo, Inc.		19,021		3,266,096

				11,174,759


Specialized Consumer Services-7.12%
Carriage Services, Inc.		28,007		1,201,220
European Wax Center, Inc., Class A^(b)		48,809		1,339,807
H&R Block, Inc.^(b)		82,429		2,148,924
Service Corp. International		36,529		2,396,668

				7,086,619


Tobacco-1.87%
Vector Group Ltd.		146,770		1,866,915

Total Common Stocks & Other Equity Interests (Cost $100,202,358)				99,537,610


Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(d)(e) (Cost $24,532)		24,532		24,532

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $100,226,890)				99,562,142


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-17.56%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		5,383,930		5,383,930
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		12,091,655		12,091,655

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $17,474,102)				17,475,585

TOTAL INVESTMENTS IN SECURITIES-117.58% (Cost $117,700,992)				117,037,727
OTHER ASSETS LESS LIABILITIES-(17.58)%				(17,497,515	)

NET ASSETS-100.00%			$	99,540,212

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


	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Coal & Consumable Fuels-5.79%
Arch Resources, Inc.^(b)		41,677	$	6,934,219
CONSOL Energy, Inc.^(c)		147,095		6,994,367

				13,928,586


Integrated Oil & Gas-4.82%
Chevron Corp.		38,274		5,996,388
Occidental Petroleum Corp.		101,536		5,593,618

				11,590,006


Oil & Gas Drilling-4.77%
Noble Corp.^(b)(c)		100,653		3,213,850
Patterson-UTI Energy, Inc.		259,686		4,269,238
Valaris Ltd.^(c)		78,866		4,002,450

				11,485,538


Oil & Gas Equipment & Services-11.35%
Archrock, Inc.		373,975		3,257,322
Halliburton Co.		165,800		5,905,796
NexTier Oilfield Solutions, Inc.^(c)		463,019		5,107,100
ProPetro Holding Corp.^(c)		270,285		3,821,830
US Silica Holdings, Inc.^(c)		231,587		4,302,887
Weatherford International PLC^(c)		152,673		4,928,284

				27,323,219


Oil & Gas Exploration & Production-59.44%
Antero Resources Corp.^(b)(c)		293,304		10,324,301
APA Corp.		184,861		7,566,361
ConocoPhillips		67,249		6,423,624
Denbury, Inc.^(b)(c)		53,520		3,424,210
Devon Energy Corp.		130,604		7,597,235
Diamondback Energy, Inc.		47,643		6,013,976
Earthstone Energy, Inc., Class A^(b)(c)		305,568		4,122,112
EOG Resources, Inc.		39,804		4,647,515
Hess Corp.		53,286		5,492,188
Kosmos Energy Ltd. (Ghana)^(c)		863,780		5,839,153
Magnolia Oil & Gas Corp., Class A^(b)		187,829		4,365,146
Marathon Oil Corp.		272,422		6,788,756
Matador Resources Co.^(b)		179,786		8,777,153
Murphy Oil Corp.^(b)		158,483		6,035,033
Northern Oil and Gas, Inc.		178,405		4,456,557
Oasis Petroleum, Inc.		30,269		4,015,486
Ovintiv, Inc.		185,244		9,482,640
PDC Energy, Inc.		124,579		8,688,139
Pioneer Natural Resources Co.^(b)		20,551		4,777,491
Range Resources Corp.^(c)		321,716		9,632,177


	Shares		Value

Oil & Gas Exploration & Production-(continued)
SM Energy Co.		232,014	$	8,243,457
Texas Pacific Land Corp.^(b)		4,649		6,353,323

				143,066,033


Oil & Gas Refining & Marketing-4.31%
Marathon Petroleum Corp.		64,575		5,634,815
Vertex Energy, Inc.^(b)(c)		499,030		4,745,775

				10,380,590


Oil & Gas Storage & Transportation-8.01%
Cheniere Energy, Inc.		75,176		10,209,653
Targa Resources Corp.		123,684		9,079,642

				19,289,295


Steel-1.50%
Warrior Met Coal, Inc.		106,235		3,619,426

Total Common Stocks & Other Equity Interests (Cost $201,878,562)				240,682,693


Money Market Funds-0.10%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(d)(e) (Cost $249,928)		249,928		249,928

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.09% (Cost $202,128,490)				240,932,621


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-18.59%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		13,426,783		13,426,783
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		31,312,864		31,312,864

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $44,739,242)				44,739,647

TOTAL INVESTMENTS IN SECURITIES-118.68% (Cost $246,867,732)				285,672,268
OTHER ASSETS LESS LIABILITIES-(18.68)%				(44,969,661	)

NET ASSETS-100.00%			$	240,702,607

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


	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Asset Management & Custody Banks-6.54%
Ameriprise Financial, Inc.		15,291	$	4,059,608
Ares Management Corp., Class A		21,773		1,441,808

				5,501,416


Consumer Finance-2.78%
American Express Co.		13,385		2,338,493


Diversified Banks-2.16%
Bank of America Corp.		50,896		1,815,969


Diversified Real Estate Activities-0.88%
St. Joe Co. (The)		13,896		739,406


Diversified REITs-1.45%
DigitalBridge Group, Inc.^(b)		175,655		1,222,559


Financial Exchanges & Data-5.13%
Intercontinental Exchange, Inc.		15,490		1,793,897
Nasdaq, Inc.		16,012		2,519,808

				4,313,705


Hotel & Resort REITs-1.97%
Ryman Hospitality Properties, Inc.^(b)		17,768		1,660,953


Industrial REITs-10.26%
First Industrial Realty Trust, Inc.		33,411		1,937,838
Prologis, Inc.		22,941		3,677,213
Rexford Industrial Realty, Inc.		38,718		3,021,553

				8,636,604


Insurance Brokers-8.40%
Aon PLC, Class A		8,088		2,329,263
Brown & Brown, Inc.		36,688		2,273,922
Marsh & McLennan Cos., Inc.		15,229		2,462,530

				7,065,715


Investment Banking & Brokerage-11.78%
B. Riley Financial, Inc.^(c)		25,962		1,172,444
LPL Financial Holdings, Inc.		24,027		4,513,952
Morgan Stanley		23,902		1,926,262
Raymond James Financial, Inc.		23,604		2,300,446

				9,913,104


Mortgage REITs-2.83%
Arbor Realty Trust, Inc.^(c)		75,109		1,284,364
Ready Capital Corp.		75,477		1,099,700

				2,384,064


Property & Casualty Insurance-5.20%
American Financial Group, Inc.		9,710		1,344,641
Assured Guaranty Ltd.		18,258		1,006,928
Kinsale Capital Group, Inc.		9,146		2,027,577

				4,379,146


Regional Banks-14.01%
Bancorp, Inc. (The)^(b)		30,707		696,742
Fifth Third Bancorp		45,125		1,693,541
First Bancorp		99,716		1,357,135
Lakeland Financial Corp.^(c)		9,796		713,345
Meta Financial Group, Inc.		12,366		539,776
Metropolitan Bank Holding Corp.^(b)		8,221		732,080


	Shares		Value

Regional Banks-(continued)
Pinnacle Financial Partners, Inc.		17,017	$	1,319,668
ServisFirst Bancshares, Inc.		10,248		823,119
Signature Bank		8,558		2,073,176
Synovus Financial Corp.		20,556		853,896
Wintrust Financial Corp.		11,351		991,169

				11,793,647


Residential REITs-10.18%
Independence Realty Trust, Inc.		100,378		2,736,305
NexPoint Residential Trust, Inc.		7,912		705,434
Sun Communities, Inc.		29,211		5,128,575

				8,570,314


Retail REITs-1.17%
SITE Centers Corp.		62,129		987,851


Specialized Finance-0.96%
A-Mark Precious Metals, Inc.		10,213		804,784


Specialized REITs-10.62%
CubeSmart		98,192		4,665,102
Gladstone Land Corp.^(c)		21,795		793,338
Life Storage, Inc.		15,518		2,055,980
National Storage Affiliates Trust		25,182		1,425,301

				8,939,721


Thrifts & Mortgage Finance-3.65%
Mr. Cooper Group, Inc.^(b)		39,782		1,788,997
Walker & Dunlop, Inc.		10,724		1,284,306

				3,073,303

Total Common Stocks & Other Equity Interests (Cost $89,508,272)				84,140,754


Money Market Funds-0.23%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(d)(e) (Cost $196,176)		196,176		196,176

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.20% (Cost $89,704,448)				84,336,930


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.76%
Invesco Private Government Fund, 0.40%^(d)(e)(f).		949,782		949,782
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		2,214,095		2,214,095

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,163,877)				3,163,877

TOTAL INVESTMENTS IN SECURITIES-103.96% (Cost $92,868,325)				87,500,807
OTHER ASSETS LESS LIABILITIES-(3.96)%				(3,331,134	)

NET ASSETS-100.00%			$	84,169,673

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


		Invesco Annual Report to Shareholders April 30, 2022

		PYZ		Invesco DWA Basic Materials Momentum ETF

		PEZ		Invesco DWA Consumer Cyclicals Momentum ETF

		PSL		Invesco DWA Consumer Staples Momentum ETF

		PXI		Invesco DWA Energy Momentum ETF

		PFI		Invesco DWA Financial Momentum ETF

		PTH		Invesco DWA Healthcare Momentum ETF

		PRN		Invesco DWA Industrials Momentum ETF

		PTF		Invesco DWA Technology Momentum ETF

		PUI		Invesco DWA Utilities Momentum ETF

		PNQI		Invesco NASDAQ Internet ETF


PYZ		Management’s Discussion of Fund Performance
PYZ		Invesco DWA Basic Materials Momentum ETF (PYZ)


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
Blended—Dorsey Wright^® Basic Materials Technical Leaders^TM Index		8.28	%		16.99	%		60.14	%		10.21	%		62.60	%		11.11	%		186.73	%		10.76	%		389.76	%
S&P 500^® Materials Index		4.36			16.42			57.79			12.16			77.52			11.06			185.39			8.83			272.86
Fund
NAV Return		7.61			16.22			56.98			9.49			57.35			10.37			168.27			9.91			334.59
Market Price Return		7.70			16.26			57.16			9.51			57.51			10.39			168.80			9.92			335.20


PEZ		Management’s Discussion of Fund Performance
PEZ		Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
Blended—Dorsey Wright^® Consumer Cyclicals Technical Leaders^TM Index		(20.58	)%		8.25	%		26.84	%		10.56	%		65.22	%		10.10	%		161.71	%		7.98	%		230.04	%
S&P 500^® Consumer Discretionary Index		(10.82	)		11.14			37.29			13.39			87.47			14.94			302.44			11.56			448.25
Fund
NAV Return		(21.10	)		7.69			24.90			10.05			61.38			9.47			147.20			7.37			202.09
Market Price Return		(20.90	)		7.76			25.13			10.08			61.66			9.50			147.76			7.38			202.79



The Market Environment			3

Management’s Discussion of Fund Performance			4

Liquidity Risk Management Program			33

Schedules of Investments

Invesco DWA Basic Materials Momentum ETF (PYZ)			34

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)			36

Invesco DWA Consumer Staples Momentum ETF (PSL)			38

Invesco DWA Energy Momentum ETF (PXI)			40

Invesco DWA Financial Momentum ETF (PFI)			42

Invesco DWA Healthcare Momentum ETF (PTH)			44

Invesco DWA Industrials Momentum ETF (PRN)			46

Invesco DWA Technology Momentum ETF (PTF)			48

Invesco DWA Utilities Momentum ETF (PUI)			50

Invesco NASDAQ Internet ETF (PNQI)			52

Statements of Assets and Liabilities			54

Statements of Operations			56

Statements of Changes in Net Assets			58

Financial Highlights			62

Notes to Financial Statements			70

Report of Independent Registered Public Accounting Firm			82

Fund Expenses			83

Tax Information			85

Trustees and Officers			86

Approval of Investment Advisory Contracts			96


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Steel			34.91
Fertilizers & Agricultural Chemicals			18.91
Commodity Chemicals			14.23
Specialty Chemicals			10.65
Forest Products			3.91
Gold			3.44
Aluminum			3.37
Diversified Metals & Mining			2.88
Diversified Chemicals			2.86
Copper			2.70
Oil & Gas Refining & Marketing			2.09
Money Market Funds Plus Other Assets Less Liabilities			0.05


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Nucor Corp.			4.59
FMC Corp.			4.39
Reliance Steel & Aluminum Co.			4.02
Louisiana-Pacific Corp.			3.91
Intrepid Potash, Inc.			3.76
Westlake Corp.			3.73
Mosaic Co. (The)			3.70
Cleveland-Cliffs, Inc.			3.58
CF Industries Holdings, Inc.			3.58
Celanese Corp.			3.58
Total			38.84


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Automotive Retail	11.91
Hotels, Resorts & Cruise Lines	11.06
Specialty Stores	10.03
Hypermarkets & Super Centers	7.11
Casinos & Gaming	6.85
Home Improvement Retail	6.38
Leisure Facilities	6.35
Department Stores	6.16
Broadcasting	5.37
Distributors	4.08
Apparel Retail	3.77
Movies & Entertainment	3.66
Homebuilding	3.15
Sub-Industry Types Each Less than 3%	14.22
Money Market Funds Plus Other Assets Less Liabilities	(0.10	)


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Packaged Foods & Meats			16.58
Food Retail			12.99
Food Distributors			12.06
Soft Drinks			11.23
Household Products			9.16
Agricultural Products			7.15
Specialized Consumer Services			7.12
Distillers & Vintners			6.62
Personal Products			5.57
Include in Sub-Industry Types Each Less than 3%			11.52
Money Market Funds Plus Other Assets Less Liabilities			0.00


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Oil & Gas Exploration & Production			59.44
Oil & Gas Equipment & Services			11.35
Oil & Gas Storage & Transportation			8.01
Coal & Consumable Fuels			5.79
Integrated Oil & Gas			4.82
Oil & Gas Drilling			4.77
Oil & Gas Refining & Marketing			4.31
Steel			1.50
Money Market Funds Plus Other Assets Less Liabilities			0.01


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Antero Resources Corp.			4.29
Cheniere Energy, Inc.			4.24
Range Resources Corp.			4.00
Ovintiv, Inc.			3.94
Targa Resources Corp.			3.77
Matador Resources Co.			3.65
PDC Energy, Inc.			3.61
SM Energy Co.			3.42
Devon Energy Corp.			3.16
APA Corp.			3.14
Total			37.22


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Regional Banks			14.01
Investment Banking & Brokerage			11.78
Specialized REITs			10.62
Industrial REITs			10.26
Residential REITs			10.18
Insurance Brokers			8.40
Asset Management & Custody Banks			6.54
Property & Casualty Insurance			5.20
Financial Exchanges & Data			5.13
Thrifts & Mortgage Finance			3.65
Sub-Industry Types Each Less than 3%			14.20
Money Market Funds Plus Other Assets Less Liabilities			0.03


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Biotechnology			17.88
Pharmaceuticals			15.04
Life Sciences Tools & Services			14.62
Health Care Facilities			13.59
Managed Health Care			13.03
Health Care Equipment			11.83
Health Care Services			6.79
Health Care Technology			4.27
Health Care Supplies			2.95
Money Market Funds Plus Other Assets Less Liabilities			0.00


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
UnitedHealth Group, Inc.			4.69
Thermo Fisher Scientific, Inc.			4.59
Danaher Corp.			4.35
Edwards Lifesciences Corp.			4.18
Anthem, Inc.			3.60
Tenet Healthcare Corp.			3.53
Eli Lilly and Co.			3.47
Zoetis, Inc.			3.39
Mettler-Toledo International, Inc.			2.98
Lantheus Holdings, Inc.			2.95
Total			37.73


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Trading Companies & Distributors			19.31
Building Products			11.97
Railroads			9.35
Electrical Components & Equipment			8.81
Construction & Engineering			7.84
IT Consulting & Other Services			4.98
Environmental & Facilities Services			4.81
Diversified Support Services			4.80
Industrial Machinery			3.92
Research & Consulting Services			3.49
Marine			3.03
Sub-Industry Types Each Less than 3%			17.66
Money Market Funds Plus Other Assets Less Liabilities			0.03


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
AMETEK, Inc.			5.61
W.W. Grainger, Inc.			5.15
Accenture PLC, Class A			4.98
Union Pacific Corp.			4.92
Cintas Corp.			4.80
A.O. Smith Corp.			3.74
Builders FirstSource, Inc.			3.47
Quanta Services, Inc.			2.96
Deere & Co.			2.91
Carlisle Cos., Inc.			2.81
Total			41.35


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Semiconductors			29.24
Technology Hardware, Storage & Peripherals			18.66
Systems Software			10.62
Semiconductor Equipment			6.35
Application Software			6.33
Technology Distributors			5.97
Data Processing & Outsourced Services			4.75
Sub-Industry Types Each Less than 3%			18.12
Money Market Funds Plus Other Assets Less Liabilities			(0.04)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Apple, Inc.			6.49
Monolithic Power Systems, Inc.			4.71
Microsoft Corp.			3.62
Palo Alto Networks, Inc.			3.60
Lattice Semiconductor Corp.			3.56
Fortinet, Inc.			3.40
CDW Corp.			3.39
HP, Inc.			3.34
Synopsys, Inc.			3.32
ON Semiconductor Corp.			3.29
Total			38.72


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Electric Utilities			40.07
Multi-Utilities			26.69
Gas Utilities			9.85
Water Utilities			9.13
Oil & Gas Exploration & Production			4.71
Independent Power Producers & Energy Traders			4.47
Oil & Gas Storage & Transportation			3.30
Construction & Engineering			1.69
Money Market Funds Plus Other Assets Less Liabilities			0.09


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
EQT Corp.			4.71
Xcel Energy, Inc.			4.13
WEC Energy Group, Inc.			3.85
Duke Energy Corp.			3.76
DTE Energy Co.			3.75
Evergy, Inc.			3.67
NiSource, Inc.			3.63
American Water Works Co., Inc.			3.63
Sempra Energy			3.51
Atmos Energy Corp.			3.48
Total			38.12


	Value April 30, 2021			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation	Realized Gain (Loss)	Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	127,943		$	1,916,236		$	(1,771,068)	$-	$ -		$	273,111		$	165


	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	6,678,994		$	108,437,733		$	(105,411,004	)		$	-		$	-			$	9,705,723		$	3,810	*
Invesco Private Prime Fund			10,018,491			195,733,654			(183,109,057	)			-			(6,735	)			22,636,353			19,633	*

Total		$	16,825,428		$	306,087,623		$	(290,291,129	)		$	-		$	(6,735	)		$	32,615,187		$	23,608