N-CSR


		Invesco Annual Report to Shareholders October 31, 2022
		IVDG		Invesco Focused Discovery Growth ETF
		IVRA		Invesco Real Assets ESG ETF

		IVSG		Invesco Select Growth ETF

		IVLC		Invesco US Large Cap Core ESG ETF

Table of Contents



The Market Environment			3

Management’s Discussion of Fund Performance			4

Schedules of Investments

Invesco Focused Discovery Growth ETF (IVDG)			14

Invesco Real Assets ESG ETF (IVRA)			16

Invesco Select Growth ETF (IVSG)			18

Invesco US Large Cap Core ESG ETF (IVLC)			20

Statements of Assets and Liabilities			22

Statements of Operations			23

Statements of Changes in Net Assets			24

Financial Highlights			26

Notes to Financial Statements			30

Report of Independent Registered Public Accounting Firm			41

Fund Expenses			42

Tax Information			43

Trustees and Officers			44


		2

The Market Environment

Domestic Equity

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

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

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

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

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

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

¹	Source: Bloomberg LP

²	Source: US Bureau of Labor Statistics

³	Source: US Federal Reserve

⁴	Source: Lipper Inc.


		3


IVDG		Management’s Discussion of Fund Performance
IVDG		Invesco Focused Discovery Growth ETF (IVDG)

The Invesco Focused Discovery Growth ETF (the “Fund”) is an actively managed exchange-traded fund (“ETF”) that seeks capital appreciation. The Fund operates pursuant to an exemptive order from the SEC (the “Order”) and is not required to publicly disclose its complete portfolio holdings each day that the Fund is open (a “Business Day”). Instead, the Fund publishes each Business Day on its website a “Substitute Basket,” which is designed to closely track the daily performance of the Fund but is not the Fund’s actual portfolio. The Substitute Basket often will include a significant percentage of the securities held in the Fund’s portfolio, but it will exclude (or modify the weightings of) certain securities held in the Fund’s portfolio, such as those securities that the Fund’s portfolio managers are actively looking to purchase or sell, or securities which, if disclosed, could increase the risk of front- running or free-riding. The Substitute Basket may also include cash.

The Fund seeks to achieve its investment objective by investing primarily in exchange-traded common stocks of U.S. companies that Invesco Advisers, Inc. (the “Sub-Adviser”) expects to have above average growth rates. The Fund seeks to invest in newer companies or in more established companies that are in the early growth phase of their business cycle, which is typically marked by above average growth rates. The Fund may invest in securities of issuers of all capitalization sizes; however, it will primarily hold securities of mid-capitalization issuers. The Fund defines mid-capitalization issuers as those issuers that are within the range of market capitalizations of the Russell Midcap^® Growth Index. This range is subject to change at any time due to market activity or changes in the composition of that index. The Fund measures a company’s capitalization at the time the Fund buys a security and is not required to sell a security if the issuer’s capitalization moves outside of the Fund’s definition of mid-capitalization issuers. The Fund may invest up to 25% of its net assets in common stock of foreign issuers, including up to 10% of its net assets in emerging market countries, i.e., those that are in the early stages of their industrial cycles. The Fund may make such investment in common stock of foreign issuers by either: (i) investing directly in common stock listed on a foreign exchange that trades on such exchange contemporaneously with the Fund’s Shares (currently limited to Canada and Mexico); or (ii) investing in exchange-traded American depositary receipts (“ADRs”) representing common stock trading on any foreign exchange that trades contemporaneously with the Shares.

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (29.61)%. On a net asset value (“NAV”) basis, the Fund returned (29.56)%. During the same time period, the Russell Midcap^® Growth Index (the “Benchmark Index”) returned (28.94)%.

The Fund’s underperformance relative to the Benchmark Index is primarily due to the Fund’s active security selection, as well as Fund fees and transaction costs. The Benchmark Index was selected for its recognition in the marketplace, and its

performance comparison is a useful measure for investors as a broad representation of the market for U.S. mid cap growth stocks.

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

Positions that contributed most significantly to the Fund’s return included Cheniere Energy, Inc., an energy company (portfolio average weight of 3.55%), and LPL Financial Holdings, Inc., a financials company (portfolio average weight of 2.45%). The positions that detracted most significantly from the Fund’s return was MongoDB, Inc. Class A, an information technology company (no longer held at fiscal year-end) and Marvell Technology, Inc., an information technology company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Information Technology			29.08
Health Care			17.96
Industrials			17.96
Consumer Discretionary			13.19
Financials			8.49
Energy			3.96
Consumer Staples			3.65
Sector Types Each Less Than 3%			3.61
Money Market Funds Plus Other Assets Less Liabilities			2.10

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Cheniere Energy, Inc.			3.96
Paylocity Holding Corp.			3.92
Waste Connections, Inc.			3.68
Motorola Solutions, Inc.			3.57
LPL Financial Holdings, Inc.			3.48
Arthur J. Gallagher & Co.			3.42
Molina Healthcare, Inc.			3.22
Gartner, Inc.			3.06
AmerisourceBergen Corp.			3.05
Repligen Corp.			2.94
Total			34.30

*	Excluding money market fund holdings.


		4

Invesco Focused Discovery Growth ETF (IVDG) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of October 31, 2022


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Russell Midcap^® Growth Index		(28.94	)%		(10.33	)%		(18.34	)%
Fund
NAV Return		(29.56	)		(10.09	)		(17.92	)
Market Price Return		(29.61	)		(10.09	)		(17.92	)

Fund Inception: December 22, 2020

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, as supplemented to date, the Fund’s expense ratio of 0.59% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the index 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 index does 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 Index and Fund Performance History:

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


		5


IVRA		Management’s Discussion of Fund Performance
IVRA		Invesco Real Assets ESG ETF (IVRA)

The Invesco Real Assets ESG ETF (the “Fund”) is an actively managed exchange-traded fund (“ETF”) that seeks capital appreciation with a secondary objective of current income. The Fund operates pursuant to an exemptive order from the SEC (the “Order”) and is not required to publicly disclose its complete portfolio holdings each day that the Fund is open (a “Business Day”). Instead, the Fund publishes each Business Day on its website a “Tracking Basket,” which is designed to closely track the daily performance of the Fund but is not the Fund’s actual portfolio. The Tracking Basket is comprised of: (1) select recently disclosed portfolio holdings (“Strategy Components”); (2) ETFs that convey information about the types of instruments (that are not otherwise fully represented by the Strategy Components) in which the Fund invests (“Representative ETFs”); and (3) cash and cash equivalents.

The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of the value of its net assets (plus the amount of any borrowings for investment purposes) in exchange-traded equity securities of “real assets” companies (as identified below). The “real assets” companies in which the Fund invests are located in North America and must meet environmental, social and governance (“ESG”) standards, as determined by the Fund’s sub-adviser, Invesco Adviser’s Inc. (the “Sub-Adviser”), through the process described below. Real assets are characterized by having physical attributes, including real estate, infrastructure, natural resources and timber. The Sub-Adviser considers “real assets” companies to be those that are either principally engaged in real estate, infrastructure, natural resources or timber industries, or support such businesses, and it anticipates focusing the Fund’s investments in such industries. In selecting equity securities for the Fund, the Sub-Adviser uses fundamental analysis to identify securities that adhere to ESG principles described herein and are viewed to have relatively favorable long-term prospects. Some of the factors that the Sub-Adviser considers include, but are not limited to: assessment of long-term fundamental growth, sustainable dividends, attractive physical and locational attributes and capital structure viability. As a result of that analysis, the portfolio managers generally favor companies with a balanced mix of the factors above. The Sub-Adviser will consider selling a security when it no longer meets the investment criteria, or a more attractive alternative is identified. The Fund may invest in companies of any market capitalization. The Fund may invest up to 25% of its net assets in common stock of foreign issuers, including up to 10% of its net assets in emerging markets countries, i.e., those that are in the early stages of their industrial cycles. The Fund may make such investment in common stock of foreign issuers by either: (i) investing directly in common stock listed on a foreign exchange that trades on such exchange contemporaneously with the Fund’s Shares (currently limited to Canada and Mexico); or (ii) investing in exchange-traded American depositary receipts (“ADRs”)

representing common stock trading on any foreign exchange that trades contemporaneously with the Shares.

Under normal market conditions, the Sub-Adviser will employ the following ESG methodology to assess all investment opportunities (as identified by the strategy described above) as an integral part of the process for selecting portfolio holdings: The investment team first employs a proprietary ESG screen to exclude issuers from the investment universe of securities in which the Fund may invest that do not meet its investment criteria. Such screens include substantial involvement (generally defined as generating more than 0-10% of its revenue, depending on the screen) in the following areas: tobacco, alcohol, controversial and conventional weapons, recreational cannabis, extraction of thermal coal, extraction of fossil fuels from unconventional sources, and operators of private prisons. Issuers will also be excluded based on their non-compliance with United Nations (“UN”) Global Compact principles (whether or not the issuer has signed on to the UN Global Compact itself). The principles of the UN Global Compact represent a set of values that the UN believes responsible businesses should incorporate into their operations in order to meet fundamental responsibilities in the areas of human rights, labor, environment and anti-corruption. In implementing this screen, the Sub-Adviser utilizes a third-party ESG data provider (the “ESG Vendor”), which assesses issuers for their involvement in the screened business areas. The Sub-Adviser has selected the ESG Vendor through a comprehensive due diligence process and continuously monitors its performance and screening. To the extent an issuer’s status changes to meet the qualification for exclusion, the Fund shall take steps to divest its holdings of the issuer within a reasonable period of time. This screening criteria may be updated periodically.

Next, based on research and due diligence, each investment opportunity is evaluated by the investment team related to multiple ESG factors under each individual pillar of the ESG framework and specific real asset sector. The individual pillars can include but are not limited to the following: environmental pillar (“E”) factors: natural resources, pollution and waste, supply chain impact, and environmental opportunities; social pillar (“S”) factors: workforce, community, product responsibility, and human rights; governance pillar (“G”) factors: management, shareholders, board of directors, auditors, regulatory issuers, corporate social responsibility strategy, anti-corruption, and business ethics. The investment team considers each ESG pillar and investment opportunity separately and neither weighs each pillar equally, nor consistently emphasizes one pillar over another. This analysis generally identifies those companies with relatively attractive ESG factors and favors those that provide functionally efficient assets with positive environmental credentials, operating as highest and best use with relatively positive local impact. In making such scoring determinations, the Sub-Adviser may employ a proprietary ESG scoring tool, as well as, and in combination with, certain data provided by the ESG Vendor. Both the ESG Vendor and the


		6

Invesco Real Assets ESG ETF (IVRA) (continued)

proprietary ESG scoring tool are continuously assessed and reviewed by the Sub-Adviser for screening and scoring outcomes. The foregoing factors in each ESG pillar may be updated periodically. The investment team considers each ESG pillar and investment opportunity separately and neither weighs each pillar equally, nor consistently emphasizes one pillar over another.

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (8.16)%. On a net asset value (“NAV”) basis, the Fund returned (8.01)%. During this same time period, the S&P U.S., Canada & Mexico Real Assets Equity Index returned (3.87)% and the S&P 500^® Index returned (14.61)% (collectively, the “Benchmark Indexes”).

The Fund’s underperformance, relative to the S&P U.S., Canada & Mexico Real Assets Equity Index, is primarily due to the Fund’s active security selection as well as fund fees and transaction costs. The S&P U.S., Canada & Mexico Real Assets Equity Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the global property, infrastructure, natural resources, and timber and forestry market in the U.S., Canada and Mexico.

The Fund’s outperformance, relative to the S&P 500^® Index, is primarily due to the Fund’s active security selection, which was partially offset by fund fees and transaction costs. The S&P 500^® Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

For the fiscal year ended October 31, 2022, the real estate sector detracted most significantly from the Fund’s return, followed by the materials sector. The energy sector contributed most significantly to the Fund’s return.

Positions that contributed most significantly to the Fund’s return included Cheniere Energy, Inc., an energy company (portfolio average weight of 3.43%), and FMC Corp., a materials company (portfolio average weight of 0.89%). Positions that detracted most significantly from the Fund’s return included American Tower Corp., a real estate company (portfolio average weight of 5.73%), and Prologis, Inc., a real estate company (portfolio average weight of 5.98%).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Real Estate			51.77
Energy			27.24
Materials			11.93
Utilities			8.24
Industrials			0.33
Money Market Funds Plus Other Assets Less Liabilities			0.49
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Prologis, Inc.			6.15
American Tower Corp.			6.05
Enbridge, Inc.			5.73
ONEOK, Inc.			4.02
Cheniere Energy, Inc.			4.00
Targa Resources Corp.			3.46
Simon Property Group, Inc.			3.31
SBA Communications Corp., Class A			3.10
Sempra Energy			2.90
Pembina Pipeline Corp.			2.89
Total			41.61

*	Excluding money market fund holdings.


		7

Invesco Real Assets ESG ETF (IVRA) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of October 31, 2022


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
S&P U.S., Canada & Mexico Real Assets Equity Index		(3.87	)%		13.43	%		26.38	%
S&P 500^® Index		(14.61	)		4.19			7.93
Fund
NAV Return		(8.01	)		11.20			21.79
Market Price Return		(8.16	)		11.42			22.25

Fund Inception: December 22, 2020

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, as supplemented to date, the Fund’s expense ratio of 0.60% includes a unitary management fee of 0.59% and other expenses of 0.01%. 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 Index and Fund Performance History:

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


		8


IVSG		Management’s Discussion of Fund Performance
IVSG		Invesco Select Growth ETF (IVSG)

The Invesco Select Growth ETF (the “Fund”) is an actively managed exchange-traded fund (“ETF”) that seeks long-term capital appreciation. The Fund operates pursuant to an exemptive order from the SEC (the “Order”) and is not required to publicly disclose its complete portfolio holdings each day that the Fund is open (a “Business Day”). Instead, the Fund publishes each Business Day on its website a “Substitute Basket,” which is designed to closely track the daily performance of the Fund but is not the Fund’s actual portfolio. The Substitute Basket often will include a significant percentage of the securities held in the Fund’s portfolio, but it will exclude (or modify the weightings of) certain securities held in the Fund’s portfolio, such as those securities that the Fund’s portfolio managers are actively looking to purchase or sell, or securities which, if disclosed, could increase the risk of front-running or free- riding. The Substitute Basket may also include cash.

The Fund seeks to achieve its investment objective by investing primarily in exchange-traded common stocks of U.S. companies that Invesco Advisers, Inc. (the “Sub-Adviser”) believes have potential for earnings or revenue growth. The Fund deems an issuer to be a U.S. issuer if (i) its principal securities trading market (i.e., a U.S. stock exchange, NASDAQ or over-the-counter markets) is in the U.S.; (ii) it (alone or through its consolidated subsidiaries) derives 50% or more of its annual revenue from either goods produced, sales made or services performed in the U.S.; (iii) it is organized under the laws of, or has a principal office in, the U.S; or (iv) its “country of risk” is the U.S. as determined by a third party service provider such as Bloomberg. The Fund may invest in securities of issuers of all capitalization sizes; however, it will primarily hold securities of large and mid-capitalization issuers. The Fund considers large- and mid-capitalization issuers to be those issuers that are within the ranges of market capitalizations of the Russell 1000^® Growth Index and Russell Midcap^® Growth Index, respectively. These ranges are subject to change at any time due to market activity or changes in the composition of those indices. The Fund measures a company’s capitalization at the time the Fund buys a security and is not required to sell a security if the issuer’s capitalization moves outside of the Fund’s definition of large- or mid-capitalization issuers. The Fund usually will hold a relatively small number of stocks (approximately 25-30) and may invest more than 25% of its assets in a given sector. The Fund may invest up to 25% of its net assets in common stock of foreign issuers, which include issuers in emerging markets countries, i.e., those that are in the early stages of their industrial cycles. The Fund may make such investment in common stock of foreign issuers by either: (i) investing directly in common stock listed on a foreign exchange that trades on such exchange contemporaneously with the Fund’s Shares (currently limited to Canada and Mexico); or (ii) investing in exchange-traded American depositary receipts (“ADRs”) representing common stock trading on any foreign exchange that trades contemporaneously with the Shares.

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (30.93)%. On a net asset value (“NAV”) basis, the Fund returned (30.97)%. During the same time period, the Russell 1000^® Growth Index (the “Benchmark Index”) returned (24.60)%.

The Fund’s underperformance relative to the Benchmark Index is primarily due to the Fund’s active security selection, as well as fund fees and transaction costs. The Benchmark Index was selected for its recognition in the marketplace and its performance comparison is a useful measure for investors as a broad representation of domestic growth stocks.

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

Positions that contributed most significantly to the Fund’s return included APA Corp., an energy company (no longer held at fiscal year-end), and Schlumberger Ltd., an energy company (portfolio average weight of 0.46%). Positions that detracted most significantly from the Fund’s return were Microsoft Corp., an information technology company (portfolio average weight of 12.88%) and Alphabet, Inc. Class A, a communication services company (portfolio average weight of 6.87%), respectively.


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Information Technology			39.91
Communication Services			17.14
Consumer Discretionary			11.94
Health Care			10.47
Industrials			7.13
Financials			4.85
Energy			3.96
Consumer Staples			3.26
Money Market Funds Plus Other Assets Less Liabilities			1.34


		9

Invesco Select Growth ETF (IVSG) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Microsoft Corp.			11.32
Apple, Inc.			7.20
UnitedHealth Group, Inc.			6.21
Amazon.com, Inc.			6.20
Alphabet, Inc., Class A			5.96
Take-Two Interactive Software, Inc.			5.03
Chubb Ltd.			4.85
Visa, Inc., Class A			4.53
Palo Alto Networks, Inc.			4.39
Schlumberger Ltd.			3.96
Total			59.65

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of October 31, 2022


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Russell 1000^® Growth Index		(24.60	)%		(3.12	)%		(5.72	)%
Fund
NAV Return		(30.97	)		(10.08	)		(17.91	)
Market Price Return		(30.93	)		(10.16	)		(18.05	)


		10

Invesco Select Growth ETF (IVSG) (continued)

Fund Inception: December 22, 2020

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, as supplemented to date, the Fund’s expense ratio of 0.48% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Index and Fund Performance History:

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


		11


IVLC		Management’s Discussion of Fund Performance
IVLC		Invesco US Large Cap Core ESG ETF (IVLC)

The Invesco US Large Cap Core ESG ETF (the “Fund”) is an actively managed exchange-traded fund (“ETF”) that seeks capital appreciation. The Fund operates pursuant to an exemptive order from the SEC (the “Order”) and is not required to publicly disclose its complete portfolio holdings each day that the Fund is open (a “Business Day”). Instead, the Fund publishes each Business Day on its website a “Tracking Basket,” which is designed to closely track the daily performance of the Fund but is not the Fund’s actual portfolio. The Tracking Basket is comprised of: (1) select recently disclosed portfolio holdings (“Strategy Components”); (2) ETFs that convey information about the types of instruments (that are not otherwise fully represented by the Strategy Components) in which the Fund invests (“Representative ETFs”); and (3) cash and cash equivalents.

The Fund invests, under normal market conditions, at least 80% of the value of its net assets (plus the amount of any borrowings for investment purposes) in exchange-traded equity securities of U.S. large capitalization issuers. Additionally, the Fund seeks to achieve its investment objective by investing mainly in common stock of U.S. companies that meet environmental, social and governance (“ESG”) standards, as determined by the Fund’s sub-adviser, Invesco Adviser’s Inc. (the “Sub-Adviser”). The Fund may invest up to 20% of its net assets in common stock of foreign issuers, including up to 10% of its net assets in emerging market countries, i.e., those that are in the early stages of their industrial cycles. The Fund may make such investment in common stock of foreign issuers by either: (i) investing directly in common stock listed on a foreign exchange that trades on such exchange contemporaneously with the Fund’s Shares (currently limited to Canada and Mexico); or (ii) investing in exchange-traded American depositary receipts (“ADRs”) representing common stock trading on any foreign exchange that trades contemporaneously with the Shares.

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (18.37)%. On a net asset value (“NAV”) basis, the Fund returned (18.36)%. During the same time period, the S&P 500^® Index (the “Benchmark Index”) returned (14.61)%.

The Fund’s underperformance relative to the Benchmark Index is primarily due to the Fund’s active security selection. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

For the fiscal year ended October 31, 2022, the health care sector contributed most significantly to the Fund’s return, followed by the consumer staples sector. The information technology sector detracted most significantly from the Fund’s return, followed by the consumer discretionary sector.

Positions that contributed most significantly to the Fund’s return included Eli Lilly and Company, a health care company (portfolio

average weight of 2.06%), and UnitedHealth Group, Inc,. a health care company (portfolio average weight of 3.33%). Positions that detracted most significantly from the Fund’s return were Amazon.com, Inc., a consumer discretionary company (portfolio average weight of 4.72%), and Microsoft Corp., an information technology company (portfolio average weight of 6.84%).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Information Technology			26.25
Health Care			15.53
Financials			12.35
Consumer Discretionary			11.56
Industrials			11.12
Communication Services			7.29
Consumer Staples			7.16
Real Estate			3.05
Sector Types Each Less Than 3%			5.42
Money Market Funds Plus Other Assets Less Liabilities			0.27

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Apple, Inc.			7.48
Microsoft Corp.			6.30
Amazon.com, Inc.			3.84
UnitedHealth Group, Inc.			3.81
Alphabet, Inc., Class A			3.73
Eli Lilly and Co.			2.80
JPMorgan Chase & Co.			2.21
HCA Healthcare, Inc.			2.21
Baker Hughes Co., Class A			2.20
United Parcel Service, Inc., Class B			2.13
Total			36.71

*	Excluding money market fund holdings.


		12

Invesco US Large Cap Core ESG ETF (IVLC) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of October 31, 2022


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
S&P 500^® Index		(14.61	)%		4.19	%		7.93	%
Fund
NAV Return		(18.36	)		1.10			2.05
Market Price Return		(18.37	)		1.01			1.88

Fund Inception: December 22, 2020

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, as supplemented to date, the Fund’s expense ratio of 0.48% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Index and Fund Performance History:

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


		13

Invesco Focused Discovery Growth ETF (IVDG)

October 31, 2022

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-97.90%
Consumer Discretionary-13.19%
Chipotle Mexican Grill, Inc.^(b)		9	$	13,485
Dollar General Corp.		47		11,987
Hilton Worldwide Holdings, Inc.		117		15,826
lululemon athletica, inc.^(b)		23		7,568
O’Reilly Automotive, Inc.^(b)		18		15,069
Ulta Beauty, Inc.^(b)		37		15,517

				79,452

Consumer Staples-3.65%
BJ’s Wholesale Club Holdings, Inc.^(b)		127		9,830
Hershey Co. (The)		51		12,177

				22,007

Energy-3.96%
Cheniere Energy, Inc.		135		23,815


Financials-8.49%
Arthur J. Gallagher & Co.		110		20,579
LPL Financial Holdings, Inc.		82		20,963
W.R. Berkley Corp.		129		9,595

				51,137

Health Care-17.96%
AmerisourceBergen Corp.		117		18,395
Humana, Inc.		27		15,068
Insulet Corp.^(b)		47		12,164
Mettler-Toledo International, Inc.^(b)		10		12,649
Molina Healthcare, Inc.^(b)		54		19,378
Repligen Corp.^(b)		97		17,702
Royalty Pharma PLC, Class A		303		12,823

				108,179

Industrials-17.96%
AMETEK, Inc.		86		11,151
CoStar Group, Inc.^(b)		154		12,739
Northrop Grumman Corp.		29		15,921
Old Dominion Freight Line, Inc.		44		12,083
Quanta Services, Inc.		82		11,647


	Shares		Value
Industrials-(continued)
Republic Services, Inc.		84	$	11,140
Waste Connections, Inc.		168		22,162
WillScot Mobile Mini Holdings Corp.^(b)		266		11,313

				108,156

Information Technology-29.08%
Amdocs Ltd.		72		6,214
Cadence Design Systems, Inc.^(b)		75		11,354
Enphase Energy, Inc.^(b)		38		11,666
Gartner, Inc.^(b)		61		18,417
Manhattan Associates, Inc.^(b)		80		9,734
Monolithic Power Systems, Inc.		40		13,578
Motorola Solutions, Inc.		86		21,475
Palo Alto Networks, Inc.^(b)		81		13,899
Paylocity Holding Corp.^(b)		102		23,643
Roper Technologies, Inc.		37		15,338
Synopsys, Inc.^(b)		60		17,553
Tyler Technologies, Inc.^(b)		38		12,286

				175,157

Materials-1.86%
Avery Dennison Corp.		66		11,190


Real Estate-1.75%
SBA Communications Corp., Class A		39		10,526

Total Common Stocks & Other Equity Interests (Cost $592,830)				589,619


Money Market Funds-2.82%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(c)(d) (Cost $16,956)		16,956		16,956

TOTAL INVESTMENTS IN SECURITIES-100.72% (Cost $609,786)				606,575
OTHER ASSETS LESS LIABILITIES-(0.72)%				(4,325	)

NET ASSETS-100.00%			$	602,250

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2022.


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$16,890	$375,268	$(375,202)	$-	$ -	$16,956	$236

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


		14

Invesco Focused Discovery Growth ETF (IVDG)–(continued)

October 31, 2022


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

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	-		$	19,962		$	(19,962	)		$	-		$	-			$	-		$	-

Invesco Private Prime Fund			-			42,230			(42,228	)			-			(2	)			-			1	*

Total		$	16,890		$	437,460		$	(437,392	)		$	-		$	(2	)		$	16,956		$	237

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

^(d)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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


		15

Invesco Real Assets ESG ETF (IVRA)

October 31, 2022

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.51%
Energy-27.24%
Cheniere Energy, Inc.		680	$	119,959
Enbridge, Inc. (Canada)		4,420		171,998
Keyera Corp. (Canada)		3,931		84,150
Kinder Morgan, Inc.		2,242		40,625
ONEOK, Inc.		2,035		120,716
Pembina Pipeline Corp. (Canada)		2,633		86,824
Targa Resources Corp.		1,521		103,991
TC Energy Corp. (Canada)		1,014		44,484
Williams Cos., Inc. (The)		1,380		45,167

				817,914

Industrials-0.33%
Grupo Aeroportuario del Sureste S.A.B. de C.V., ADR (Mexico)		42		9,804


Materials-11.93%
Agnico Eagle Mines Ltd. (Canada)		1,288		56,589
Canfor Corp. (Canada)^(b)		3,561		53,439
Corteva, Inc.		304		19,863
First Quantum Minerals Ltd. (Zambia)		935		16,472
FMC Corp.		251		29,844
Interfor Corp. (Canada)^(b)		2,431		43,129
Lundin Mining Corp. (Chile)		13,529		70,816
Nutrien Ltd. (Canada)		482		40,675
West Fraser Timber Co. Ltd. (Canada)		164		12,298
WestRock Co.		445		15,157

				358,282

Real Estate-51.77%
Alexandria Real Estate Equities, Inc.		382		55,505
American Homes 4 Rent, Class A		695		22,198
American Tower Corp.		877		181,706
Camden Property Trust		158		18,257
Canadian Apartment Properties REIT (Canada)		947		29,291
Crown Castle, Inc.		100		13,326
CubeSmart		1,531		64,103
Digital Realty Trust, Inc.		595		59,649
Douglas Emmett, Inc.		2,906		51,117
Equinix, Inc.		144		81,567


	Shares		Value
Real Estate-(continued)
Equity Residential		426	$	26,846
Healthpeak Properties, Inc.		3,198		75,889
Kilroy Realty Corp.		1,427		60,990
Life Storage, Inc.		538		59,508
Mid-America Apartment Communities, Inc.		342		53,848
Pebblebrook Hotel Trust		1,113		17,853
Prologis, Inc.		1,666		184,509
Regency Centers Corp.		373		22,570
Rexford Industrial Realty, Inc.		618		34,163
SBA Communications Corp., Class A		345		93,115
Simon Property Group, Inc.		913		99,499
SITE Centers Corp.		2,353		29,130
STAG Industrial, Inc.		997		31,495
Summit Hotel Properties, Inc.		5,467		47,235
UDR, Inc.		1,715		68,188
Welltower, Inc.		1,188		72,515

				1,554,072

Utilities-8.24%
American Water Works Co., Inc.		298		43,311
CenterPoint Energy, Inc.		1,785		51,069
Essential Utilities, Inc.		1,492		65,976
Sempra Energy		576		86,942

				247,298

Total Common Stocks & Other Equity Interests (Cost $3,110,454)				2,987,370


Money Market Funds-0.25%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(c)(d) (Cost $7,655)		7,655		7,655

TOTAL INVESTMENTS IN SECURITIES-99.76% (Cost $3,118,109)				2,995,025
OTHER ASSETS LESS LIABILITIES-0.24%				7,137

NET ASSETS-100.00%			$	3,002,162

Investment Abbreviations:

ADR -American Depositary Receipt

REIT-Real Estate Investment Trust

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


		16

Invesco Real Assets ESG ETF (IVRA)–(continued)

October 31, 2022

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	12,077		$	546,657		$	(551,079	)		$	-		$	-		$	7,655		$	208

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,639			754,210			(755,849	)			-			-			-			267	*

Invesco Private Prime Fund			3,665			1,556,714			(1,560,384	)			-			5			-			748	*

Total		$	17,381		$	2,857,581		$	(2,867,312	)		$	-		$	5		$	7,655		$	1,223

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

^(d)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

This Fund has holdings greater than 10% of net assets in the following country:


Canada		20.75%

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


		17

Invesco Select Growth ETF (IVSG)

October 31, 2022

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-98.66%
Communication Services-17.14%
Alphabet, Inc., Class A^(b)		620	$	58,596
Netflix, Inc.^(b)		119		34,734
Take-Two Interactive Software, Inc.^(b)		418		49,525
Trade Desk, Inc. (The), Class A^(b)		485		25,822

				168,677

Consumer Discretionary-11.94%
Amazon.com, Inc.^(b)		596		61,054
Farfetch Ltd., Class A (United Kingdom)^(b)(c)		1,039		8,811
JD.com, Inc., ADR (China)		212		7,905
O’Reilly Automotive, Inc.^(b)		35		29,301
PENN Entertainment, Inc.^(b)		316		10,460

				117,531

Consumer Staples-3.26%
Monster Beverage Corp.^(b)		342		32,052


Energy-3.96%
Schlumberger Ltd.		750		39,023


Financials-4.85%
Chubb Ltd.		222		47,706


Health Care-10.47%
Regeneron Pharmaceuticals, Inc.^(b)		32		23,960
Thermo Fisher Scientific, Inc.		35		17,989
UnitedHealth Group, Inc.		110		61,066

				103,015

Industrials-7.13%
Deere & Co.		90		35,624
Lockheed Martin Corp.		71		34,554

				70,178

Information Technology-39.91%
Apple, Inc.		462		70,843
Crowdstrike Holdings, Inc., Class A^(b)		230		37,076
Microsoft Corp.		480		111,422


	Shares		Value
Information Technology-(continued)
MongoDB, Inc.^(b)		113	$	20,682
Monolithic Power Systems, Inc.		87		29,532
NVIDIA Corp.		116		15,657
Palo Alto Networks, Inc.^(b)		252		43,241
QUALCOMM, Inc.		168		19,767
Visa, Inc., Class A		215		44,539

				392,759

Total Common Stocks & Other Equity Interests (Cost $1,171,910)				970,941


Money Market Funds-1.37%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e) (Cost $13,501)		13,501		13,501

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.03% (Cost $1,185,411)				984,442


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.91%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		2,703		2,703
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		6,292		6,292

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $8,995)				8,995

TOTAL INVESTMENTS IN SECURITIES-100.94% (Cost $1,194,406)				993,437
OTHER ASSETS LESS LIABILITIES-(0.94)%				(9,259	)

NET ASSETS-100.00%			$	984,178

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2022.

^(d)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	6,376		$	114,270		$	(107,145	)		$	-		$	-		$	13,501		$ 87

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


		18

Invesco Select Growth ETF (IVSG)–(continued)

October 31, 2022


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2022			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	20,688		$	35,661		$	(53,646	)		$	-		$	-		$	2,703		$	3	*

Invesco Private Prime Fund			48,272			76,156			(118,136	)			-			-			6,292			10	*

Total		$	75,336		$	226,087		$	(278,927	)		$	-		$	-		$	22,496		$	100

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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

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


		19

Invesco US Large Cap Core ESG ETF (IVLC)

October 31, 2022

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.73%
Communication Services-7.29%
Alphabet, Inc., Class A^(b)		2,207	$	208,583
Comcast Corp., Class A		1,581		50,181
Electronic Arts, Inc.		534		67,263
Verizon Communications, Inc.		2,191		81,878

				407,905

Consumer Discretionary-11.56%
Amazon.com, Inc.^(b)		2,098		214,919
Aptiv PLC^(b)		451		41,072
D.R. Horton, Inc.		729		56,045
Dollar General Corp.		253		64,528
Expedia Group, Inc.^(b)		549		51,315
Home Depot, Inc. (The)		375		111,049
O’Reilly Automotive, Inc.^(b)		129		107,995

				646,923

Consumer Staples-7.16%
Mondelez International, Inc., Class A		1,413		86,871
PepsiCo, Inc.		614		111,490
Procter & Gamble Co. (The)		782		105,312
Sysco Corp.		1,125		97,380

				401,053

Energy-2.20%
Baker Hughes Co., Class A		4,459		123,336


Financials-12.35%
Allstate Corp. (The)		444		56,055
American Express Co.		485		71,998
Bank of America Corp.		1,963		70,747
Equitable Holdings, Inc.		3,379		103,465
First Citizens BancShares, Inc., Class A		114		93,722
Intercontinental Exchange, Inc.		587		56,100
JPMorgan Chase & Co.		984		123,866
Marsh & McLennan Cos., Inc.		458		73,962
S&P Global, Inc.		129		41,441

				691,356

Health Care-15.53%
AstraZeneca PLC, ADR (United Kingdom)		1,774		104,329
Bristol-Myers Squibb Co.		944		73,132
Cooper Cos., Inc. (The)		211		57,685
Danaher Corp.		336		84,561
Eli Lilly and Co.		433		156,785
HCA Healthcare, Inc.		569		123,740
Seagen, Inc.^(b)		440		55,950
UnitedHealth Group, Inc.		384		213,178

				869,360

Industrials-11.12%
Carrier Global Corp.		1,567		62,304
Deere & Co.		241		95,392
Hubbell, Inc.		333		79,081
Otis Worldwide Corp.		1,017		71,841
Rockwell Automation, Inc.		263		67,144
Union Pacific Corp.		379		74,716
United Parcel Service, Inc., Class B		712		119,452
Waste Connections, Inc.		400		52,764

				622,694


	Shares		Value
Information Technology-26.25%
Accenture PLC, Class A		373	$	105,895
Advanced Micro Devices, Inc.^(b)		786		47,207
Apple, Inc.		2,730		418,618
Applied Materials, Inc.		934		82,463
Fiserv, Inc.^(b)		925		95,035
Microsoft Corp.		1,519		352,605
NVIDIA Corp.		292		39,411
QUALCOMM, Inc.		626		73,655
Synopsys, Inc.^(b)		136		39,787
TE Connectivity Ltd. (Switzerland)		408		49,870
Visa, Inc., Class A		461		95,501
VMware, Inc., Class A		619		69,656

				1,469,703

Materials-0.89%
Crown Holdings, Inc.		723		49,591


Real Estate-3.05%
Alexandria Real Estate Equities, Inc.		178		25,863
American Tower Corp.		169		35,015
Prologis, Inc.		990		109,643

				170,521

Utilities-2.33%
Avangrid, Inc.^(c)		1,229		49,996
NextEra Energy, Inc.		1,038		80,445

				130,441

Total Common Stocks & Other Equity Interests (Cost $6,156,170)				5,582,883


Money Market Funds-0.23%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e) (Cost $13,140)		13,140		13,140

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $6,169,310)				5,596,023


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.91%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		14,212		14,212
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		36,557		36,557

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $50,768)				50,769

TOTAL INVESTMENTS IN SECURITIES-100.87% (Cost $6,220,078)				5,646,792
OTHER ASSETS LESS LIABILITIES-(0.87)%				(48,835	)

NET ASSETS-100.00%			$	5,597,957

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


		20

Invesco US Large Cap Core ESG ETF (IVLC)–(continued)

October 31, 2022

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2022.

^(d)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	26,020		$	210,093		$	(222,973	)		$	-		$	-		$	13,140		$	101

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			12,583			256,756			(255,127	)			-			-			14,212			148	*

Invesco Private Prime Fund			27,638			534,950			(526,051	)			1			19			36,557			407	*


Total		$	66,241		$	1,001,799		$	(1,004,151	)		$	1		$	19		$	63,909		$	656

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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

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


		21

Statements of Assets and Liabilities

October 31, 2022


	Invesco Focused Discovery Growth ETF (IVDG)				Invesco Real Assets ESG ETF (IVRA)				Invesco Select Growth ETF (IVSG)				Invesco US Large Cap Core ESG ETF (IVLC)
Assets:
Unaffiliated investments in securities, at value^(a)		$	589,619			$	2,987,370			$	970,941			$	5,582,883
Affiliated investments in securities, at value			16,956				7,655				22,496				63,909
Foreign currencies, at value			-				572				-				-
Receivable for:
Dividends			54				4,020				127				4,130
Securities lending			-13								-				4
Investments sold			17,970				155,951				-				-

Total assets			624,599				3,155,581				993,564				5,650,926


Liabilities:
Payable for:
Investments purchased			22,058				151,983				-				-
Collateral upon return of securities loaned			-				-				8,995				50,768
Accrued unitary management fees			291				1,436				391				2,201

Total liabilities			22,349				153,419				9,386				52,969

Net Assets		$	602,250			$	3,002,162			$	984,178			$	5,597,957


Net assets consist of:
Shares of beneficial interest		$	963,975			$	3,161,267			$	1,492,616			$	6,486,211
Distributable earnings (loss)			(361,725	)			(159,105	)			(508,438	)			(888,254	)

Net Assets		$	602,250			$	3,002,162			$	984,178			$	5,597,957

Shares outstanding (unlimited amount authorized, $0.01 par value)			60,001				230,001				100,001				470,001
Net asset value		$	10.04			$	13.05			$	9.84			$	11.91

Market price		$	10.03			$	13.10			$	9.84			$	11.90

Unaffiliated investments in securities, at cost		$	592,830			$	3,110,454			$	1,171,910			$	6,156,170

Affiliated investments in securities, at cost		$	16,956			$	7,655			$	22,496			$	63,908

Foreign currencies, at cost		$	-			$	572			$	-			$	-

^(a)Includes securities on loan with an aggregate value of:		$	-			$	-			$	8,717			$	49,467

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


		22

Statements of Operations

For the year ended October 31, 2022


	Invesco Focused Discovery Growth ETF (IVDG)				Invesco Real Assets ESG ETF (IVRA)				Invesco Select Growth ETF (IVSG)				Invesco US Large Cap Core ESG ETF (IVLC)
Investment income:
Unaffiliated dividend income		$	4,351			$	80,553			$	6,756			$	83,689
Affiliated dividend income			236				208				87				101
Securities lending income, net			1				259				3				50
Foreign withholding tax			(37	)			(4,688	)			-				(106	)

Total investment income			4,551				76,332				6,846				83,734


Expenses:
Unitary management fees			4,920				17,263				5,670				30,679

Less: Waivers			(14	)			(12	)			(4	)			(5	)

Net expenses			4,906				17,251				5,666				30,674

Net investment income (loss)			(355	)			59,081				1,180				53,060


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(282,695	)			(36,059	)			(285,070	)			(317,760	)
Affiliated investment securities			(2	)			5				-				19
In-kind redemptions			185,219				-				276,189				180,338
Short Sales			7				-				-				-
Foreign currencies			-				351				-				-

Net realized gain (loss)			(97,471	)			(35,703	)			(8,881	)			(137,403	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(242,693	)			(362,470	)			(453,623	)			(1,152,471	)
Affiliated investment securities			-				-				-				1
Foreign currencies			-				16				-				-

Change in net unrealized appreciation (depreciation)			(242,693	)			(362,454	)			(453,623	)			(1,152,470	)

Net realized and unrealized gain (loss)			(340,164	)			(398,157	)			(462,504	)			(1,289,873	)

Net increase (decrease) in net assets resulting from operations		$	(340,519	)		$	(339,076	)		$	(461,324	)		$	(1,236,813	)

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


		23

Statements of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	Invesco Focused Discovery Growth ETF (IVDG)								Invesco Real Assets ESG ETF (IVRA)
	2022				2021^(a)					2022				2021^(a)
Operations:
Net investment income (loss)		$	(355	)		$	(4,063	)			$	59,081			$	24,949
Net realized gain (loss)			(97,471	)			(11,527	)				(35,703	)			78,434
Change in net unrealized appreciation (depreciation)			(242,693	)			239,482					(362,454	)			239,385

Net increase (decrease) in net assets resulting from operations			(340,519	)			223,892					(339,076	)			342,768


Distributions to Shareholders from:
Distributable earnings			-				-					(122,551	)			(41,522	)


Shareholder Transactions:
Proceeds from shares sold			2,317,594				1,320,645					1,529,409				1,633,134
Value of shares repurchased			(2,513,948	)			(405,414	)				-				-

Net increase (decrease) in net assets resulting from share transactions			(196,354	)			915,231					1,529,409				1,633,134

Net increase (decrease) in net assets			(536,873	)			1,139,123					1,067,782				1,934,380


Net assets:
Beginning of period			1,139,123				-					1,934,380				-

End of period		$	602,250			$	1,139,123				$	3,002,162			$	1,934,380


Changes in Shares Outstanding:
Shares sold			170,000				110,001					100,000				130,001
Shares repurchased			(190,000	)			(30,000	)				-				-
Shares outstanding, beginning of period			80,001				-					130,001				-

Shares outstanding, end of period			60,001				80,001					230,001				130,001

^(a)	For the period December 17, 2020 (commencement of investment operations) through October 31, 2021.

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


		24


Invesco Select Growth ETF (IVSG)							Invesco US Large Cap Core ESG ETF (IVLC)
2022			2021^(a)				2022				2021^(a)

	$ 1,180			$	(591	)		$	53,060			$	31,865
	(8,881	)			(25,173	)			(137,403	)			135,434
	(453,623	)			252,654				(1,152,470	)			579,184

	(461,324	)			226,890				(1,236,813	)			746,483



	(1,017	)			(125	)			(90,907	)			(29,001	)



	2,466,126				1,200,012				1,490,789				7,062,656
	(2,446,384	)			-				(1,515,475	)			(829,775	)

	19,742				1,200,012				(24,686	)			6,232,881

	(442,599	)			1,426,777				(1,352,406	)			6,950,363



	1,426,777				-				6,950,363				-

	$ 984,178			$	1,426,777			$	5,597,957			$	6,950,363



	180,000				100,001				110,000				530,001
	(180,000	)			-				(110,000	)			(60,000	)
	100,001				-				470,001				-

	100,001				100,001				470,001				470,001


		25

Financial Highlights

Invesco Focused Discovery Growth ETF (IVDG)


	Year Ended October 31, 2022				For the Period December 17, 2020^(a) Through October 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	14.24			$	12.00

Net investment income (loss)^(b)			(0.00	)^(c)			(0.04	)
Net realized and unrealized gain (loss) on investments			(4.20	)			2.28

Total from investment operations			(4.20	)			2.24

Net asset value at end of period		$	10.04			$	14.24

Market price at end of period^(d)		$	10.03			$	14.25

Net Asset Value Total Return^(e)			(29.49	)%			18.67	%^(f)
Market Price Total Return^(e)			(29.61	)%			18.75	%^(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	602			$	1,139
Ratio to average net assets of:
Expenses			0.59	%			0.58	%^(g)
Net investment income (loss)			(0.04	)%			(0.36	)%^(g)
Portfolio turnover rate^(h)			157	%			135	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	Amount represents less than $(0.005).

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

^(e)

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

^(f)	The net asset value total return from Fund Inception (December 22, 2020, the first day of trading on the exchange) to October 31, 2021 was 16.53%. The market price total return from Fund Inception to October 31, 2021 was 16.61%.

^(g)	Annualized.

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

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


		26

Financial Highlights–(continued)

Invesco Real Assets ESG ETF (IVRA)


	Year Ended October 31, 2022				For the Period December 17, 2020^(a) Through October 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	14.88			$	12.00

Net investment income^(b)			0.29				0.22
Net realized and unrealized gain (loss) on investments			(1.43	)			3.04

Total from investment operations			(1.14	)			3.26

Distributions to shareholders from:
Net investment income			(0.29	)			(0.38	)
Net realized gains			(0.40	)			-

Total distributions			(0.69	)			(0.38	)

Net asset value at end of period		$	13.05			$	14.88

Market price at end of period^(c)		$	13.10			$	14.96

Net Asset Value Total Return^(d)			(8.01	)%			27.65	%^(e)
Market Price Total Return^(d)			(8.16	)%			28.33	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	3,002			$	1,934
Ratio to average net assets of:
Expenses			0.59	%			0.60	%^(f)
Net investment income			2.02	%			1.86	%^(f)
Portfolio turnover rate^(g)			82	%			52	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (December 22, 2020, the first day of trading on the exchange) to October 31, 2021 was 32.40%. The market price total return from Fund Inception to October 31, 2021 was 32.53%.

^(f)	Annualized.

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

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


		27

Financial Highlights–(continued)

Invesco Select Growth ETF (IVSG)


	Year Ended October 31, 2022				For the Period December 17, 2020^(a) Through October 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	14.27			$	12.00

Net investment income (loss)^(b)			0.01				(0.01	)
Net realized and unrealized gain (loss) on investments			(4.43	)			2.28

Total from investment operations			(4.42	)			2.27

Distributions to shareholders from:
Net investment income			(0.01	)			-

Net asset value at end of period		$	9.84			$	14.27

Market price at end of period^(c)		$	9.84			$	14.26

Net Asset Value Total Return^(d)			(30.97	)%			18.93	%^(e)
Market Price Total Return^(d)			(30.93	)%			18.84	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	984			$	1,427
Ratio to average net assets of:
Expenses			0.48	%			0.47	%^(f)
Net investment income (loss)			0.10	%			(0.05	)%^(f)
Portfolio turnover rate^(g)			113	%			33	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (December 22, 2020, the first day of trading on the exchange) to October 31, 2021 was 18.93%. The market price total return from Fund Inception to October 31, 2021 was 18.65%.

^(f)	Annualized.

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

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


		28

Financial Highlights–(continued)

Invesco US Large Cap Core ESG ETF (IVLC)


	Year Ended October 31, 2022				For the Period December 17, 2020^(a) Through October 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	14.79			$	12.00

Net investment income^(b)			0.11				0.10
Net realized and unrealized gain (loss) on investments			(2.80	)			2.78

Total from investment operations			(2.69	)			2.88

Distributions to shareholders from:
Net investment income			(0.11	)			(0.09	)
Net realized gains			(0.08	)			-

Total distributions			(0.19	)			(0.09	)

Net asset value at end of period		$	11.91			$	14.79

Market price at end of period^(c)		$	11.90			$	14.78

Net Asset Value Total Return^(d)			(18.36	)%			24.07	%^(e)
Market Price Total Return^(d)			(18.37	)%			23.98	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	5,598			$	6,950
Ratio to average net assets of:
Expenses			0.48	%			0.47	%^(f)
Net investment income			0.83	%			0.82	%^(f)
Portfolio turnover rate^(g)			18	%			50	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (December 22, 2020, the first day of trading on the exchange) to October 31, 2021 was 25.01%. The market price total return from Fund Inception to October 31, 2021 was 24.82%.

^(f)	Annualized.

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

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


		29

Notes to Financial Statements

Invesco Actively Managed Exchange-Traded Fund Trust

October 31, 2022

NOTE 1–Organization

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


Full Name		Short Name

Invesco Focused Discovery Growth ETF (IVDG)		“Focused Discovery Growth ETF”

Invesco Real Assets ESG ETF (IVRA)		“Real Assets ESG ETF”

Invesco Select Growth ETF (IVSG)		“Select Growth ETF”

Invesco US Large Cap Core ESG ETF (IVLC)		“US Large Cap Core ESG ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on the Cboe BZX Exchange, Inc.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units for Focused Discovery Growth ETF and Select Growth ETF are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities which includes a significant percentage of securities held in each Fund’s portfolio, but excludes or modifies the weightings of certain securities (the “Substitute Basket”), as well as cash included in the Fund’s Substitute Basket. Creation Units for Real Assets ESG ETF and US Large Cap Core ESG ETF are issued and redeemed principally in exchange for (1) select recently disclosed portfolio holdings (“Strategy Components”), (2) an amount of cash corresponding to the value of ETFs that convey information about the types of instruments in which each Fund invests (“Representative ETFs”) and (3) cash and cash equivalents, which, together with the Strategy Components and Representative ETFs, constitute the “Tracking Basket”. Except when aggregated in Creation Units by authorized participants (“APs”), the Shares are not individually redeemable securities of the Funds.

The investment objective of Focused Discovery Growth ETF and US Large Cap Core ESG ETF is to seek capital appreciation. The investment objective of Real Assets ESG ETF is to seek capital appreciation with a secondary objective of current income. The investment objective of Select Growth ETF is to seek long-term capital appreciation.

NOTE 2–Significant Accounting Policies

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

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

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

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

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

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

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a


		30

demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

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

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

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

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some


		31

management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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

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

Dividends and Distributions to Shareholders - Each Fund (except Real Assets ESG ETF) declares and pays dividends from net investment income, if any, to their shareholders quarterly and records such dividends on the ex-dividend date. Real Assets ESG ETF declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

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

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

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

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

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

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


		32

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

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

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

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

Invesco, an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended October 31, 2022, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:


	Amount

Focused Discovery Growth ETF		$0

Real Assets ESG ETF		5

Select Growth ETF		0

US Large Cap Core ESG ETF		5

Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of


		33

securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.

K.	Other Risks

ADR Risk. Certain Funds may invest in American depositary receipts (“ADRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. ADRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

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

Arbitrage Risk. Unlike ETFs that publicly disclose their complete portfolio holdings each Business Day, the Funds provide certain other information intended to allow market participants to estimate the value of positions in Fund shares. Although this information is designed to facilitate arbitrage opportunities in Shares to reduce bid/ask spread and minimize discounts or premiums between the market price and the NAV of the Shares, there is no guarantee the Funds’ arbitrage mechanism will operate as intended and that the Funds will not experience wide bid/ask spreads and/or large discounts or premiums to NAV. In addition, market participants may attempt to use the disclosed information to “reverse engineer” the Funds’ trading strategy, which, if successful, could increase opportunities for predatory trading practices that may have the potential to negatively impact the Funds’ performance.

Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments


		34

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

ESG Risk. Because Real Assets ESG ETF and US Large Cap Core ESG ETF evaluate ESG factors to assess and exclude certain investments for non-financial reasons, such Funds may forego some market opportunities available to funds that do not use these factors. The securities of companies that score favorably under a Fund’s ESG scoring methodology may underperform similar companies that do not score as well or may underperform the stock market as a whole. As a result, Real Assets ESG ETF and US Large Cap Core ESG ETF may underperform funds that do not screen or score companies based on ESG factors or funds that use a different ESG methodology. Information used by a Fund to evaluate such factors may not be readily available, complete or accurate, which could negatively impact the Fund’s ability to apply its methodology, which in turn could negatively impact the Fund’s performance. In addition, a Fund’s assessment of an issuer, based on the issuer’s level of involvement in a particular industry or the issuer’s ESG score, may differ from that of other funds or an investor. As a result, the issuers deemed eligible for inclusion in a Fund’s portfolio may not reflect the beliefs or values of any particular investor and may not be deemed to exhibit positive or favorable ESG characteristics if different metrics were used to evaluate them.

Fluctuation of Net Asset Value and Share Price Risk. Shares may trade at a larger premium or discount to the NAV than shares of other ETFs, including ETFs that make their daily holdings public. The NAV of the Funds will generally fluctuate with changes in the market value of the Funds’ holdings. The Shares can be bought and sold in the secondary market at market prices. Disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for the Shares may result in the Shares trading significantly above (at a premium) or below (at a discount) NAV. In addition, in stressed market conditions or periods of market disruption or volatility, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Funds’ underlying portfolio holdings.

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

Industry Concentration Risk. Certain Funds are concentrated to a significant degree in securities of issuers operating in a single industry or industry group. By concentrating their investments in an industry or industry group, such Funds may face more risks than if they were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which some Funds invest, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

Management Risk. The Funds are subject to management risk because they are actively managed portfolios. In managing a Fund’s portfolio securities, the Adviser or a sub-adviser (as applicable and as set forth below) applies investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these will produce the desired results.

Market Risk. The Funds’ holdings are subject to market fluctuations. You should anticipate that the value of the Shares will decline more or less, in correlation with any decline in value of the holdings in a Fund’s portfolio. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

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

Non-Transparent Actively Managed Fund Risk. Focused Discovery Growth ETF and Select Growth ETF publish each Business Day on each Fund’s website a “Substitute Basket,” which is designed to closely track the daily performance of each Fund but is not each Fund’s actual portfolio. The Substitute Basket often will include a significant percentage of the securities held in each Fund’s portfolio, but it will exclude (or modify the weightings of) certain securities held in each Fund’s portfolio, such as those securities that each Fund’s portfolio managers are actively looking to purchase or sell. Disclosure of the


		35

Substitute Basket structure may affect the price at which Shares trade in the secondary market. Although the Substitute Basket is intended to provide investors with enough information to allow for an effective arbitrage mechanism that will keep the market price of each Fund at or close to each Fund’s NAV per share, there is a risk that market prices will vary significantly from NAV. By trading on the basis of a published Substitute Basket, each Fund may trade at a wider bid/ask spread than ETFs that publish their full portfolios on a daily basis, and therefore, may cost investors more to trade. These risks may increase during periods of market disruption or volatility. In addition, although each Fund seeks to benefit from keeping its portfolio information secret, market participants may attempt to use the Substitute Basket to identify the fund’s trading strategy. If successful, this could result in such market participants engaging in certain predatory trading practices that may have the potential to harm each Fund and its shareholders, such as front running each Fund’s trades of portfolio securities.

Real Assets ESG ETF and US Large Cap Core ESG ETF publish each Business Day on each Fund’s website a “Tracking Basket,” which is designed to closely track the daily performance of each Fund but is not each Fund’s actual portfolio. The Tracking Basket is comprised of: (1) Strategy Components; (2) Representative ETFs; and (3) cash and cash equivalents.

Each Fund also publishes each Business Day on its website the “Tracking Basket Weight Overlap,” which is the percentage weight overlap between the holdings of the prior Business Day’s Tracking Basket compared to the holdings of each Fund that formed the basis for each Fund’s calculation of NAV per share at the end of the prior Business Day. The Tracking Basket Weight Overlap is designed to provide investors with an understanding of how similar the Tracking Basket is to each Fund’s actual portfolio in percentage terms. Given the differences between each Fund and ETFs that disclose their complete holdings daily, there is a risk that market prices of each Fund may vary significantly from NAV, and that the Shares may trade at a wider bid/ask spread–and therefore cost investors more to trade–than shares of other ETFs. These risks are heightened during periods of market disruption or volatility. Similarly to mutual funds and other ETFs, each Fund discloses the complete schedule of its portfolio holdings on Form N-PORT after its first and third fiscal quarters and in shareholder reports after its second and fourth fiscal quarters.

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

Real Assets Companies Risk. Investments in real assets companies may involve a higher degree of risk, including significant financial, operating, and competitive risks, and may expose the Real Assets ESG ETF to adverse macroeconomic conditions, such as changes and volatility in commodity prices, a rise in interest rates or a downturn in the economy in which the asset is located, elevating the risk of loss.

REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.

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

Trading Halt Risk. There may be circumstances where a security held in a Fund’s portfolio but not in the Substitute Basket or Tracking Basket does not have readily available market quotations. If the Adviser or the Affiliated Sub-Adviser determines that such circumstance may affect the reliability of the Substitute Basket or Tracking Basket as an arbitrage vehicle, that information, along with the identity and weighting of that security in the Fund’s portfolio, will be publicly disclosed on the Fund’s website and the Adviser or the Sub-Adviser will assess appropriate remedial measures. In these circumstances, market participants may use this information to engage in certain predatory trading practices that may have the potential to harm the Fund and its shareholders. If securities representing 10% or more of the Fund’s portfolio do not have readily available market quotations, the Adviser would promptly request the Cboe BZX Exchange, Inc. (the “Exchange”) to halt trading on the Fund, meaning that investors would not be able to trade the Shares. Moreover, trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions,


		36

disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 3–Investment Advisory Agreements and Other Agreements

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

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


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

Focused Discovery Growth ETF		0.59%

Real Assets ESG ETF		0.59%

Select Growth ETF		0.48%

US Large Cap Core ESG ETF		0.48%

The Adviser has entered into an Investment Sub-Advisory Agreement with the Affiliated Sub-Adviser for each Fund. The sub-advisory fee for these Funds is paid by the Adviser to the Affiliated Sub-Adviser at 40% of the Adviser’s compensation of the sub-advised assets of each Fund.

Through at least August 31, 2024, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the fiscal year ended October 31, 2022, the Adviser waived fees for each Fund in the following amounts:



Focused Discovery Growth ETF			$14

Real Assets ESG ETF			12

Select Growth ETF			4

US Large Cap Core ESG ETF			5

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

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

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

NOTE 4–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market


		37

prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –

Prices are determined using quoted prices in an active market for identical assets.

Level 2 –

Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 –

Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2022, for each Fund (except for Focused Discovery Growth ETF and Real Assets ESG ETF). As of October 31, 2022, all of the securities in Focused Discovery Growth ETF and Real Assets ESG ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3			Total

Select Growth ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	970,941		$	-		$	-		$	970,941

Money Market Funds			13,501			8,995			-			22,496


Total Investments		$	984,442		$	8,995		$	-		$	993,437


US Large Cap Core ESG ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	5,582,883		$	-		$	-		$	5,582,883

Money Market Funds			13,140			50,769			-			63,909


Total Investments		$	5,596,023