

		Invesco Semi-Annual Report to Shareholders
		October 31, 2023
		PWB		Invesco Large Cap Growth ETF (formerly, Invesco Dynamic Large Cap Growth ETF)
		PWV		Invesco Large Cap Value ETF (formerly, Invesco Dynamic Large Cap Value ETF)
		EQWL		Invesco S&P 100 Equal Weight ETF

		SPGP		Invesco S&P 500 GARP ETF

		SPVM		Invesco S&P 500 Value with Momentum ETF

		XMMO		Invesco S&P MidCap Momentum ETF

		XMHQ		Invesco S&P MidCap Quality ETF

		XMVM		Invesco S&P MidCap Value with Momentum ETF

		XSMO		Invesco S&P SmallCap Momentum ETF

		XSVM		Invesco S&P SmallCap Value with Momentum ETF

		CZA		Invesco Zacks Mid-Cap ETF

		CVY		Invesco Zacks Multi-Asset Income ETF

Table of Contents



Schedules of Investments

Invesco Large Cap Growth ETF (PWB)			3

Invesco Large Cap Value ETF (PWV)			5

Invesco S&P 100 Equal Weight ETF (EQWL)			7

Invesco S&P 500 GARP ETF (SPGP)			10

Invesco S&P 500 Value with Momentum ETF (SPVM)			13

Invesco S&P MidCap Momentum ETF (XMMO)			16

Invesco S&P MidCap Quality ETF (XMHQ)			19

Invesco S&P MidCap Value with Momentum ETF (XMVM)			22

Invesco S&P SmallCap Momentum ETF (XSMO)			25

Invesco S&P SmallCap Value with Momentum ETF (XSVM)			28

Invesco Zacks Mid-Cap ETF (CZA)			31

Invesco Zacks Multi-Asset Income ETF (CVY)			34

Statements of Assets and Liabilities			38

Statements of Operations			40

Statements of Changes in Net Assets			42

Financial Highlights			47

Notes to Financial Statements			59

Fund Expenses			72

Invesco Large Cap Growth ETF (PWB)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.07%
Communication Services-7.03%
Meta Platforms, Inc., Class A^(b)		73,764	$	22,222,880
Netflix, Inc.^(b)(c)		51,345		21,138,223

				43,361,103

Consumer Discretionary-18.86%
Airbnb, Inc., Class A^(b)		71,544		8,462,940
Booking Holdings, Inc.^(b)		2,959		8,254,308
Chipotle Mexican Grill, Inc.^(b)		4,858		9,435,208
Hilton Worldwide Holdings, Inc.		60,616		9,185,142
Las Vegas Sands Corp.		170,134		8,074,560
Marriott International, Inc., Class A		44,580		8,406,005
McDonald’s Corp.		75,682		19,841,550
MercadoLibre, Inc. (Brazil)^(b)		7,316		9,077,254
O’Reilly Automotive, Inc., Class R^(b)(c)		9,733		9,055,972
Ross Stores, Inc.^(c)		77,187		8,951,376
TJX Cos., Inc. (The)		102,042		8,986,839
Yum! Brands, Inc.^(c)		70,236		8,488,723

				116,219,877

Consumer Staples-4.85%
Costco Wholesale Corp.		39,405		21,768,898
Monster Beverage Corp.^(b)		158,535		8,101,139

				29,870,037

Energy-1.44%
Baker Hughes Co., Class A		258,440		8,895,505


Financials-13.02%
Apollo Global Management, Inc.		111,517		8,635,877
Berkshire Hathaway, Inc., Class B^(b)(c)		60,514		20,655,244
Mastercard, Inc., Class A		53,324		20,068,487
NU Holdings Ltd., Class A (Brazil)^(b)(c)		1,236,999		10,143,392
Visa, Inc., Class A^(c)		88,184		20,732,058

				80,235,058

Health Care-10.17%
Boston Scientific Corp.^(b)		180,359		9,232,577
DexCom, Inc.^(b)		84,988		7,549,484
Eli Lilly and Co.		38,316		21,224,382
IDEXX Laboratories, Inc.^(b)(c)		18,618		7,437,332
Intuitive Surgical, Inc.^(b)		31,662		8,302,410
Stryker Corp.		33,004		8,918,341

				62,664,526

Industrials-12.79%
AMETEK, Inc.		58,775		8,273,757
Copart, Inc.^(b)		207,625		9,035,840
Eaton Corp. PLC		41,844		8,699,786



	Shares		Value
Industrials-(continued)
Otis Worldwide Corp.		109,608	$	8,462,834
Parker-Hannifin Corp.		22,838		8,425,167
Trane Technologies PLC^(c)		46,098		8,772,910
TransDigm Group, Inc.^(b)		10,631		8,803,425
Uber Technologies, Inc.^(b)		205,005		8,872,616
W.W. Grainger, Inc.		13,010		9,495,088

				78,841,423

Information Technology-30.61%
Accenture PLC, Class A		68,676		20,402,953
Adobe, Inc.^(b)		40,838		21,728,266
Apple, Inc.		119,701		20,441,340
Arista Networks, Inc.^(b)(c)		48,485		9,714,940
Cadence Design Systems, Inc.^(b)		40,317		9,670,032
Fortinet, Inc.^(b)		155,899		8,912,746
Microsoft Corp.		65,788		22,243,581
Motorola Solutions, Inc.		32,954		9,176,371
NVIDIA Corp.		46,455		18,944,349
Oracle Corp.		182,036		18,822,522
Salesforce, Inc.^(b)		102,604		20,605,961
Shopify, Inc., Class A (Canada)^(b)		168,494		7,951,232

				188,614,293

Materials-1.30%
Sherwin-Williams Co. (The)		33,622		8,009,096

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.07% (Cost $580,918,174)				616,710,918


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-4.69%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		8,087,181		8,087,181
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		20,803,030		20,805,110

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $28,893,790)				28,892,291

TOTAL INVESTMENTS IN SECURITIES-104.76% (Cost $609,811,964)				645,603,209
OTHER ASSETS LESS LIABILITIES-(4.76)%				(29,351,582	)

NET ASSETS-100.00%			$	616,251,627

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



		3
		3

Invesco Large Cap Growth ETF (PWB)–(continued)

October 31, 2023

(Unaudited)

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, 2023.

^(d)

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



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	158,266		$	1,805,943		$	(1,964,209	)		$	-			$	-		$	-		$	2,283

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			6,733,945			86,202,285			(84,849,049	)			-				-			8,087,181			161,386	*

Invesco Private Prime Fund			17,315,858			177,919,735			(174,431,886	)			(1,469	)			2,872			20,805,110			425,038	*


Total		$	24,208,069		$	265,927,963		$	(261,245,144	)		$	(1,469	)		$	2,872		$	28,892,291		$	588,707

*	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, 2023.

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

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023



Information Technology	30.61

Consumer Discretionary	18.86

Financials	13.02

Industrials	12.79

Health Care	10.17

Communication Services	7.03

Consumer Staples	4.85

Sector Types Each Less Than 3%	2.74

Money Market Funds Plus Other Assets Less Liabilities	(0.07	)

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



		4
		4

Invesco Large Cap Value ETF (PWV)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Communication Services-6.84%
Comcast Corp., Class A		554,052	$	22,876,807
Verizon Communications, Inc.		760,526		26,717,279

				49,594,086

Consumer Discretionary-5.19%
D.R. Horton, Inc.		92,181		9,623,696
Ford Motor Co.		909,542		8,868,035
General Motors Co.		327,846		9,245,257
Lennar Corp., Class A.		92,628		9,881,555

				37,618,543

Consumer Staples-5.52%
Altria Group, Inc.		253,557		10,185,385
Archer-Daniels-Midland Co.		133,669		9,566,690
Kimberly-Clark Corp.		84,390		10,096,420
Kraft Heinz Co. (The)		324,223		10,200,055

				40,048,550

Energy-15.66%
Chevron Corp.		158,733		23,132,160
Energy Transfer L.P.		835,888		10,991,927
Exxon Mobil Corp.		233,536		24,719,786
Marathon Petroleum Corp.		75,834		11,469,892
Phillips 66		96,010		10,951,861
Pioneer Natural Resources Co.		46,102		11,018,378
Valero Energy Corp.		82,490		10,476,230
Williams Cos., Inc. (The)		313,090		10,770,296

				113,530,530

Financials-22.04%
Aflac, Inc.^(b)		147,710		11,537,628
American International Group, Inc.		189,035		11,589,736
Ameriprise Financial, Inc.		32,861		10,337,085
Bank of America Corp.		887,637		23,380,358
Capital One Financial Corp.		108,092		10,948,639
Chubb Ltd.		54,462		11,688,634
JPMorgan Chase & Co.		172,466		23,983,122
MetLife, Inc.		176,074		10,566,201
Morgan Stanley		304,264		21,547,976
Wells Fargo & Co.		608,375		24,195,074

				159,774,453

Health Care-16.98%
Abbott Laboratories		240,128		22,704,103
AbbVie, Inc.		170,307		24,043,942
Centene Corp.^(c)		169,899		11,719,633
Cigna Group (The)		38,696		11,964,803
Gilead Sciences, Inc.^(b)		141,989		11,151,816
HCA Healthcare, Inc.		39,294		8,885,945
Johnson & Johnson		152,086		22,560,437
Regeneron Pharmaceuticals, Inc.^(c)		12,902		10,062,141

				123,092,820



	Shares		Value
Industrials-8.58%
Emerson Electric Co.		112,362	$	9,996,847
FedEx Corp.		41,685		10,008,569
Illinois Tool Works, Inc.		45,759		10,255,507
PACCAR, Inc.^(b)		127,667		10,536,358
United Parcel Service, Inc., Class B		151,318		21,373,667

				62,170,948

Information Technology-15.08%
Cisco Systems, Inc.		455,233		23,731,296
Dell Technologies, Inc., Class C		194,096		12,986,963
Intel Corp.		767,433		28,011,305
Lam Research Corp.		16,193		9,525,047
QUALCOMM, Inc.		230,607		25,133,857
TE Connectivity Ltd.		84,511		9,959,621

				109,348,089

Materials-2.64%
Nucor Corp.		64,098		9,473,043
Southern Copper Corp. (Mexico)		136,272		9,661,685

				19,134,728

Utilities-1.45%
PG&E Corp.^(b)(c)		646,245		10,533,794

Total Common Stocks & Other Equity Interests (Cost $733,726,202)				724,846,541


Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $91,549)		91,549		91,549

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $733,817,751)				724,938,090


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.98%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		8,086,547		8,086,547
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		20,796,116		20,798,196

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $28,883,456)				28,884,743

TOTAL INVESTMENTS IN SECURITIES-103.97% (Cost $762,701,207)				753,822,833
OTHER ASSETS LESS LIABILITIES-(3.97)%				(28,800,338	)

NET ASSETS-100.00%			$	725,022,495

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



		5
		5

Invesco Large Cap Value ETF (PWV)–(continued)

October 31, 2023

(Unaudited)

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)	All or a portion of this security was out on loan at October 31, 2023. (c) Non-income producing security.

^(d)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	13,661,285		$	(13,569,736	)		$	-		$	-			$	91,549		$	6,994

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			-			99,066,148			(90,979,601	)			-			-				8,086,547			108,972	*

Invesco Private Prime Fund			-			209,096,736			(188,299,633	)			1,287			(194	)			20,798,196			289,558	*


Total		$	-		$	321,824,169		$	(292,848,970	)		$	1,287		$	(194	)		$	28,976,292		$	405,524

*	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, 2023.

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

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023



Financials			22.04

Health Care			16.98

Energy			15.66

Information Technology			15.08

Industrials			8.58

Communication Services			6.84

Consumer Staples			5.52

Consumer Discretionary			5.19

Sector Types Each Less Than 3%			4.09

Money Market Funds Plus Other Assets Less Liabilities			0.02

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



		6
		6

Invesco S&P 100 Equal Weight ETF (EQWL)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-9.43%
Alphabet, Inc., Class A^(b)		14,205	$	1,762,556
Alphabet, Inc., Class C^(b)		12,088		1,514,626
AT&T, Inc.		249,842		3,847,567
Charter Communications, Inc., Class A^(b)		8,508		3,427,023
Comcast Corp., Class A		79,891		3,298,699
Meta Platforms, Inc., Class A^(b)		12,072		3,636,932
Netflix, Inc.^(b)		8,116		3,341,276
T-Mobile US, Inc.^(b)		26,142		3,760,788
Verizon Communications, Inc.		107,560		3,778,583
Walt Disney Co. (The)^(b)		44,104		3,598,445

				31,966,495

Consumer Discretionary-9.51%
Amazon.com, Inc.^(b)		26,035		3,464,998
Booking Holdings, Inc.^(b)		1,152		3,213,573
Ford Motor Co.		292,342		2,850,335
General Motors Co.		109,213		3,079,807
Home Depot, Inc. (The)		10,948		3,116,786
Lowe’s Cos., Inc.^(c)		15,555		2,964,316
McDonald’s Corp.		12,882		3,377,274
NIKE, Inc., Class B.		36,816		3,783,580
Starbucks Corp.		37,759		3,482,890
Tesla, Inc.^(b)		14,477		2,907,561

				32,241,120

Consumer Staples-11.21%
Altria Group, Inc.		81,632		3,279,158
Coca-Cola Co. (The)		61,690		3,484,868
Colgate-Palmolive Co.		49,141		3,691,472
Costco Wholesale Corp.		6,533		3,609,091
Kraft Heinz Co. (The)		109,166		3,434,362
Mondelez International, Inc., Class A		51,544		3,412,728
PepsiCo, Inc.		20,412		3,332,871
Philip Morris International, Inc.		38,413		3,424,903
Procter & Gamble Co. (The)		23,521		3,528,856
Target Corp.		29,089		3,222,770
Walmart, Inc.		21,964		3,589,137

				38,010,216

Energy-2.92%
Chevron Corp.		21,525		3,136,838
ConocoPhillips		29,298		3,480,602
Exxon Mobil Corp.^(c)		31,117		3,293,735

				9,911,175

Financials-17.79%
American Express Co.		22,848		3,336,493
American International Group, Inc.		60,311		3,697,667
Bank of America Corp.^(c)		126,854		3,341,334
Bank of New York Mellon Corp. (The)		80,358		3,415,215
Berkshire Hathaway, Inc., Class B^(b)		9,901		3,379,508
BlackRock, Inc.		5,215		3,193,040
Capital One Financial Corp.^(c)		36,007		3,647,149
Charles Schwab Corp. (The)		60,639		3,155,654
Citigroup, Inc.		88,608		3,499,130
Goldman Sachs Group, Inc. (The)		11,046		3,353,676
JPMorgan Chase & Co.		25,011		3,478,030
Mastercard, Inc., Class A		8,682		3,267,471



	Shares		Value
Financials-(continued)
MetLife, Inc.		56,830	$	3,410,368
Morgan Stanley		42,347		2,999,015
PayPal Holdings, Inc.^(b)		58,968		3,054,542
U.S. Bancorp^(c)		99,571		3,174,324
Visa, Inc., Class A^(c)		14,549		3,420,470
Wells Fargo & Co.		87,762		3,490,295

				60,313,381

Health Care-14.04%
Abbott Laboratories		35,729		3,378,177
AbbVie, Inc.		24,140		3,408,085
Amgen, Inc.		13,862		3,544,513
Bristol-Myers Squibb Co.		59,128		3,046,866
CVS Health Corp.^(c)		54,637		3,770,499
Danaher Corp.		16,410		3,151,048
Eli Lilly and Co.		6,136		3,398,915
Gilead Sciences, Inc.		47,329		3,717,220
Johnson & Johnson		22,403		3,323,261
Medtronic PLC		45,002		3,175,341
Merck & Co., Inc.		32,991		3,388,176
Pfizer, Inc.		104,995		3,208,647
Thermo Fisher Scientific, Inc.		6,949		3,090,707
UnitedHealth Group, Inc.		7,483		4,007,596

				47,609,051

Industrials-13.03%
3M Co.		33,869		3,080,386
Boeing Co. (The)^(b)		17,038		3,183,039
Caterpillar, Inc.		12,743		2,880,555
Deere & Co.		8,993		3,285,682
Emerson Electric Co.		36,352		3,234,237
FedEx Corp.		14,197		3,408,700
General Dynamics Corp.^(c)		16,509		3,983,787
General Electric Co.		32,211		3,499,081
Honeywell International, Inc.		19,489		3,571,554
Lockheed Martin Corp.		8,497		3,863,076
RTX Corp.^(c)		43,069		3,505,386
Union Pacific Corp.^(c)		16,973		3,523,765
United Parcel Service, Inc., Class B		22,337		3,155,101

				44,174,349

Information Technology-13.89%
Accenture PLC, Class A		11,048		3,282,250
Adobe, Inc.^(b)		6,434		3,423,274
Advanced Micro Devices, Inc.^(b)		33,903		3,339,446
Apple, Inc.		20,189		3,447,676
Broadcom, Inc.		4,187		3,522,816
Cisco Systems, Inc.		63,505		3,310,516
Intel Corp.		94,657		3,454,981
International Business Machines Corp.^(c)		24,359		3,523,286
Microsoft Corp.		10,759		3,637,725
NVIDIA Corp.		7,895		3,219,581
Oracle Corp.		28,471		2,943,901
QUALCOMM, Inc.		33,907		3,695,524
Salesforce, Inc.^(b)		15,999		3,213,079
Texas Instruments, Inc.		21,843		3,101,924

				47,115,979

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



		7
		7

Invesco S&P 100 Equal Weight ETF (EQWL)–(continued)

October 31, 2023

(Unaudited)



	Shares		Value
Materials-2.00%
Dow, Inc.		66,981	$	3,237,862
Linde PLC^(c)		9,302		3,554,852

				6,792,714

Real Estate-2.06%
American Tower Corp.^(c)		19,890		3,544,199
Simon Property Group, Inc.^(c)		31,389		3,449,337

				6,993,536

Utilities-4.03%
Duke Energy Corp.		39,508		3,511,866
Exelon Corp.		88,598		3,450,006
NextEra Energy, Inc.^(c)		53,807		3,136,948
Southern Co. (The)		52,951		3,563,603

				13,662,423

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% (Cost $352,106,193)				338,790,439



	Shares		Value

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-5.94%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		5,642,285	$	5,642,285
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		14,510,586		14,512,037

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $20,154,838)				20,154,322

TOTAL INVESTMENTS IN SECURITIES-105.85% (Cost $372,261,031)				358,944,761
OTHER ASSETS LESS LIABILITIES-(5.85)%				(19,848,805	)

NET ASSETS-100.00%			$	339,095,956

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, 2023.

^(d)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	17,471		$	3,696,183		$	(3,713,654	)		$	-			$	-		$	-		$	2,457

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			4,144,515			40,889,835			(39,392,065	)			-				-			5,642,285			47,759	*

Invesco Private Prime Fund			10,657,324			73,290,664			(69,435,687	)			(516	)			252			14,512,037			125,489	*


Total		$	14,819,310		$	117,876,682		$	(112,541,406	)		$	(516	)		$	252		$	20,154,322		$	175,705

*	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, 2023.

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

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



		8
		8

Invesco S&P 100 Equal Weight ETF (EQWL)–(continued)

October 31, 2023

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023



Financials			17.79

Health Care			14.04

Information Technology			13.89

Industrials			13.03

Consumer Staples			11.21

Consumer Discretionary			9.51

Communication Services			9.43

Utilities			4.03

Sector Types Each Less Than 3%			6.98

Money Market Funds Plus Other Assets Less Liabilities			0.09

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



		9
		9

Invesco S&P 500 GARP ETF (SPGP)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Communication Services-1.33%
Alphabet, Inc., Class C^(b)		379,205	$	47,514,387

Consumer Discretionary-8.62%
D.R. Horton, Inc.		508,856		53,124,566
Lennar Corp., Class A		382,031		40,755,067
NVR, Inc.^(b)(c)		6,887		37,276,714
Pool Corp.^(c)		157,971		49,882,503
PulteGroup, Inc.		709,167		52,187,599
Tractor Supply Co.^(c)		214,862		41,373,827
Ulta Beauty, Inc.^(b)		89,190		34,009,039

				308,609,315

Consumer Staples-3.32%
Archer-Daniels-Midland Co.		568,859		40,713,239
Bunge Ltd.^(c)		435,279		46,130,868
Procter & Gamble Co. (The)		214,027		32,110,471

				118,954,578

Energy-27.68%
APA Corp.		1,580,997		62,797,201
Chevron Corp.^(c)		373,259		54,395,034
ConocoPhillips		537,255		63,825,894
Coterra Energy, Inc.^(c)		2,622,870		72,128,925
Devon Energy Corp.		1,252,830		58,344,293
Diamondback Energy, Inc.		556,102		89,154,273
EOG Resources, Inc.		392,783		49,588,854
EQT Corp.^(c)		1,547,379		65,577,922
Exxon Mobil Corp.		404,220		42,786,687
Marathon Oil Corp.		2,427,723		66,301,115
Marathon Petroleum Corp.^(c)		577,357		87,325,246
Occidental Petroleum Corp.		923,413		57,076,157
ONEOK, Inc.		817,163		53,279,028
Phillips 66.		400,628		45,699,636
Pioneer Natural Resources Co.		269,831		64,489,609
Valero Energy Corp.		457,720		58,130,440

				990,900,314

Financials-3.57%
American International Group, Inc.		558,220		34,224,468
Arch Capital Group Ltd.^(b)		431,516		37,403,807
Capital One Financial Corp.		301,496		30,538,530
Discover Financial Services		314,006		25,773,613

				127,940,418

Health Care-11.28%
Cigna Group (The)		116,960		36,164,032
Elevance Health, Inc.		77,894		35,059,310
Humana, Inc.		62,476		32,718,056
IDEXX Laboratories, Inc.^(b)		69,916		27,929,344
Moderna, Inc.^(b)(c)		640,852		48,679,118
Molina Healthcare, Inc.^(b)(c)		174,040		57,946,618
Pfizer, Inc.		1,572,451		48,054,103
Regeneron Pharmaceuticals, Inc.^(b)		65,895		51,390,852
Vertex Pharmaceuticals, Inc.^(b)		182,172		65,966,303

				403,907,736

Industrials-8.94%
C.H. Robinson Worldwide, Inc.		469,531		38,421,722
Copart, Inc.^(b)		936,053		40,737,026



	Shares		Value
Industrials-(continued)
Expeditors International of Washington, Inc.		519,215	$	56,724,239
Generac Holdings, Inc.^(b)(c)		420,911		35,385,988
J.B. Hunt Transport Services, Inc.		232,613		39,979,196
Old Dominion Freight Line, Inc.		130,858		49,288,974
United Parcel Service, Inc., Class B		183,160		25,871,350
W.W. Grainger, Inc.		46,124		33,662,679

				320,071,174

Information Technology-19.25%
Accenture PLC, Class A		98,166		29,164,137
Adobe, Inc.^(b)		92,455		49,191,607
Apple, Inc.		243,762		41,627,237
Applied Materials, Inc		376,192		49,789,011
Arista Networks, Inc.^(b)		284,138		56,932,731
Autodesk, Inc.^(b)		214,776		42,446,181
Broadcom, Inc.		49,245		41,433,266
Gartner, Inc.^(b)		114,948		38,167,334
KLA Corp.		124,046		58,264,406
Lam Research Corp.		84,482		49,694,002
Microsoft Corp.		120,002		40,573,876
NXP Semiconductors N.V. (China)		310,807		53,592,451
QUALCOMM, Inc.		473,096		51,562,733
Skyworks Solutions, Inc.		396,965		34,432,744
Teradyne, Inc.^(c)		315,259		26,251,617
Texas Instruments, Inc.		183,388		26,042,930

				689,166,263

Materials-13.59%
Albemarle Corp.^(c)		248,512		31,506,351
Celanese Corp.^(c)		390,903		44,762,303
CF Industries Holdings, Inc.		1,084,514		86,522,527
Dow, Inc.^(c)		731,233		35,347,803
DuPont de Nemours, Inc.^(c)		635,874		46,342,497
LyondellBasell Industries N.V., Class A		370,600		33,442,944
Mosaic Co. (The)		1,959,316		63,638,584
Nucor Corp.		458,810		67,807,530
Steel Dynamics, Inc.		724,008		77,114,092

				486,484,631

Real Estate-2.38%
Public Storage^(c)		127,168		30,356,273
Weyerhaeuser Co.^(c)		1,918,504		55,041,880

				85,398,153

Total Common Stocks & Other Equity Interests (Cost $3,608,810,647)				3,578,946,969


Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $624,869)		624,869		624,869

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $3,609,435,516)				3,579,571,838

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



		10
		10

Invesco S&P 500 GARP ETF (SPGP)–(continued)

October 31, 2023

(Unaudited)



	Shares		Value

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-8.43%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		84,404,326	$	84,404,326
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		217,348,405		217,370,140

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $301,769,690)				301,774,466

TOTAL INVESTMENTS IN SECURITIES-108.41% (Cost $3,911,205,206)				3,881,346,304
OTHER ASSETS LESS LIABILITIES-(8.41)%				(301,030,879	)

NET ASSETS-100.00%			$	3,580,315,425

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, 2023.}

^(d)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	25,240,215		$	(24,615,346	)		$	-		$	-			$	624,869		$	15,643

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			72,100,398			480,028,260			(467,724,332	)			-			-				84,404,326			1,518,483	*

Invesco Private Prime Fund			125,583,975			925,687,703			(833,903,987	)			11,178			(8,729	)			217,370,140			4,106,503	*


Total		$	197,684,373		$	1,430,956,178		$	(1,326,243,665	)		$	11,178		$	(8,729	)		$	302,399,335		$	5,640,629

*	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, 2023.

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

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



		11
		11

Invesco S&P 500 GARP ETF (SPGP)–continued)

October 31, 2023

(Unaudited)


Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2023

Energy			27.68

Information Technology			19.25

Materials			13.59

Health Care			11.28

Industrials			8.94

Consumer Discretionary			8.62

Financials			3.57

Consumer Staples			3.32

Sector Types Each Less Than 3%			3.71

Money Market Funds Plus Other Assets Less Liabilities			0.04

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



		12
		12

Invesco S&P 500 Value with Momentum ETF (SPVM)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-1.19%
Comcast Corp., Class A		5,758	$	237,748
Omnicom Group, Inc.		2,375		177,911

				415,659

Consumer Discretionary-10.12%
BorgWarner, Inc.		9,636		355,568
D.R. Horton, Inc.		3,685		384,714
Ford Motor Co.		46,237		450,811
Genuine Parts Co.		1,508		194,321
Lennar Corp., Class A		4,432		472,806
LKQ Corp.		5,394		236,904
MGM Resorts International		8,312		290,255
NVR, Inc.^(b)		40		216,505
PulteGroup, Inc.		7,013		516,087
Ralph Lauren Corp.		2,225		250,379
Tapestry, Inc.		5,572		153,564

				3,521,914

Consumer Staples-4.05%
Conagra Brands, Inc.		7,721		211,247
Dollar Tree, Inc.^(b)		1,779		197,629
JM Smucker Co. (The)		1,618		184,193
Kraft Heinz Co. (The)		10,163		319,728
Molson Coors Beverage Co., Class B		4,141		239,226
Walmart, Inc.		1,571		256,717

				1,408,740

Energy-26.24%
APA Corp.		11,253		446,969
Chevron Corp.		2,411		351,355
ConocoPhillips		3,175		377,190
Coterra Energy, Inc.		19,915		547,663
Devon Energy Corp.		8,524		396,963
Diamondback Energy, Inc.		3,427		549,417
EOG Resources, Inc.		3,007		379,634
EQT Corp.		15,291		648,033
Exxon Mobil Corp.		3,769		398,949
Kinder Morgan, Inc.		20,262		328,244
Marathon Oil Corp.		20,735		566,273
Marathon Petroleum Corp.		6,637		1,003,846
Occidental Petroleum Corp.		6,214		384,087
ONEOK, Inc.		4,647		302,984
Phillips 66		7,791		888,719
Pioneer Natural Resources Co.		1,733		414,187
Targa Resources Corp.		3,418		285,779
Valero Energy Corp.		6,787		861,949

				9,132,241

Financials-18.60%
Aflac, Inc.		4,644		362,743
Arch Capital Group Ltd.^(b)		3,714		321,929
Bank of New York Mellon Corp. (The)		9,764		414,970
Chubb Ltd.		1,617		347,040
Citigroup, Inc.		12,216		482,410
Discover Financial Services.		3,189		261,753
Everest Group Ltd.		930		367,927
Globe Life, Inc.		2,476		288,107
Goldman Sachs Group, Inc. (The)		1,142		346,723



	Shares		Value
Financials-(continued)
Hartford Financial Services Group, Inc. (The)		5,225	$	383,776
JPMorgan Chase & Co.		2,394		332,910
MetLife, Inc.		7,339		440,413
Morgan Stanley		3,406		241,213
Principal Financial Group, Inc.		7,513		508,480
Raymond James Financial, Inc.		2,962		282,693
State Street Corp.		5,781		373,626
Travelers Cos., Inc. (The)		1,870		313,113
Wells Fargo & Co.		10,092		401,358

				6,471,184

Health Care-10.60%
Cardinal Health, Inc.		4,245		386,295
Cencora, Inc.		2,353		435,658
Cigna Group (The)		1,938		599,229
Elevance Health, Inc.		675		303,811
Henry Schein, Inc.^(b)		3,643		236,722
Humana, Inc.		559		292,743
McKesson Corp.		1,058		481,771
Molina Healthcare, Inc.^(b)		1,129		375,900
Quest Diagnostics, Inc.		1,696		220,650
Universal Health Services, Inc., Class B		2,820		355,010

				3,687,789

Industrials-10.32%
C.H. Robinson Worldwide, Inc.		3,427		280,431
Carrier Global Corp.		4,766		227,148
Cummins, Inc.		1,334		288,544
Expeditors International of Washington, Inc.		1,922		209,979
FedEx Corp.		1,536		368,794
General Electric Co.		2,289		248,654
Huntington Ingalls Industries, Inc.		1,565		344,018
PACCAR, Inc.		3,904		322,197
RTX Corp.		2,362		192,243
Snap-on, Inc.		801		206,610
Textron, Inc.		4,887		371,412
United Rentals, Inc.		660		268,138
Wabtec Corp.		2,463		261,127

				3,589,295

Information Technology-1.32%
Hewlett Packard Enterprise Co.		29,752		457,586


Materials-6.93%
Albemarle Corp.		1,645		208,553
Corteva, Inc.		4,221		203,199
DuPont de Nemours, Inc.		6,847		499,009
LyondellBasell Industries N.V., Class A		4,639		418,623
Nucor Corp.		3,540		523,177
Steel Dynamics, Inc.		5,260		560,243

				2,412,804

Real Estate-0.62%
VICI Properties, Inc.		7,749		216,197


Utilities-9.91%
Ameren Corp.		2,692		203,811
American Electric Power Co., Inc.		2,835		214,156
Atmos Energy Corp.		2,063		222,102
CenterPoint Energy, Inc.		8,275		222,432
Consolidated Edison, Inc.		3,255		285,756

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



		13
		13

Invesco S&P 500 Value with Momentum ETF (SPVM)–(continued)

October 31, 2023

(Unaudited)



	Shares		Value
Utilities-(continued)
Edison International.		3,412	$	215,161
Evergy, Inc.		4,905		241,032
NiSource, Inc.		9,454		237,863
NRG Energy, Inc.		8,731		370,020
PG&E Corp.^(b)		17,486		285,022
Pinnacle West Capital Corp.		3,559		264,007
PPL Corp.		9,947		244,398
Sempra		3,396		237,822
Xcel Energy, Inc.		3,443		204,066

				3,447,648

Total Common Stocks & Other Equity Interests (Cost $36,644,707)				34,761,057



	Shares		Value
Money Market Funds-0.22%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(c)(d) (Cost $77,045)		77,045	$	77,045

TOTAL INVESTMENTS IN SECURITIES-100.12% (Cost $36,721,752)				34,838,102
OTHER ASSETS LESS LIABILITIES-(0.12)%				(41,046	)

NET ASSETS-100.00%			$	34,797,056

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 April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	22,944		$	875,271		$	(821,170	)		$	-		$	-			$	77,045		$	1,548

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			-			428,564			(428,564	)			-			-				-			189	*

Invesco Private Prime Fund			-			1,305,914			(1,305,900	)			-			(14	)			-			583	*


Total		$	22,944		$	2,609,749		$	(2,555,634	)		$	-		$	(14	)		$	77,045		$	2,320

*	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, 2023.

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



		14
		14

Invesco S&P 500 Value with Momentum ETF (SPVM)–(continued)

October 31, 2023

(Unaudited)


Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2023

Energy			26.24

Financials			18.60

Health Care			10.60

Industrials			10.32

Consumer Discretionary			10.12

Utilities			9.91

Materials			6.93

Consumer Staples			4.05

Sector Types Each Less Than 3%			3.13

Money Market Funds Plus Other Assets Less Liabilities			0.10

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



		15
		15

Invesco S&P MidCap Momentum ETF (XMMO)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Communication Services-0.74%
TKO Group Holdings, Inc.^(b)		95,884	$	7,860,570


Consumer Discretionary-14.58%
Deckers Outdoor Corp.^(b)(c)		72,923		43,539,406
Dick’s Sporting Goods, Inc.^(b)		114,856		12,283,849
Five Below, Inc.^(b)(c)		114,676		19,951,331
KB Home		182,228		8,054,478
Penske Automotive Group, Inc.		34,087		4,877,168
Skechers U.S.A., Inc., Class A^(c)		238,810		11,515,418
Taylor Morrison Home Corp., Class A^(b)(c)		257,614		9,871,768
Tempur Sealy International, Inc.^(b)		359,467		14,353,517
Texas Roadhouse, Inc.^(b)		114,202		11,596,071
Toll Brothers, Inc.^(b)		270,015		19,092,761

				155,135,767

Consumer Staples-8.06%
BellRing Brands, Inc.^(c)		248,010		10,845,477
Casey’s General Stores, Inc.		59,851		16,274,085
Celsius Holdings, Inc.^(b)(c)		74,856		11,384,849
Coty, Inc., Class A^(b)(c)		736,608		6,902,017
Ingredion, Inc.^(b)		118,856		11,122,545
Lancaster Colony Corp.^(b)		44,197		7,476,807
Sprouts Farmers Market, Inc.^(b)(c)		161,390		6,781,608
US Foods Holding Corp.^(c)		383,966		14,951,636

				85,739,024

Energy-1.82%
ChampionX Corp.^(b)		412,625		12,708,850
Valaris Ltd.^(b)(c)		100,419		6,631,671

				19,340,521

Financials-13.33%
CNO Financial Group, Inc.^(b)		198,611		4,603,803
Evercore, Inc., Class A^(b)		55,718		7,253,369
FirstCash Holdings, Inc.^(b)		60,873		6,630,287
Interactive Brokers Group, Inc., Class A^(b)		215,870		17,284,711
Kinsale Capital Group, Inc.^(b)		39,964		13,344,379
Old Republic International Corp.		464,370		12,714,451
Primerica, Inc.		105,615		20,189,363
RenaissanceRe Holdings Ltd. (Bermuda)		92,333		20,275,403
RLI Corp.		63,899		8,513,903
Selective Insurance Group, Inc.		115,070		11,979,938
Unum Group.		390,365		19,088,849

				141,878,456

Health Care-3.87%
Encompass Health Corp.		163,455		10,225,745
Haemonetics Corp.^(c)		79,153		6,746,210
Penumbra, Inc.^(b)(c)		126,899		24,256,744

				41,228,699

Industrials-36.69%
AECOM		196,445		15,037,865
Builders FirstSource, Inc.^(c)		390,369		42,362,844
Clean Harbors, Inc.^(c)		138,419		21,270,848
Crane Co.^(b)		100,739		9,804,927
Curtiss-Wright Corp.		71,486		14,212,132
EMCOR Group, Inc.		162,695		33,620,922
EnerSys		93,106		7,968,011



	Shares		Value
Industrials-(continued)
Esab Corp.		139,249	$	8,814,462
ITT, Inc.		130,503		12,182,455
Landstar System, Inc.		63,756		10,505,714
Lennox International, Inc.		67,555		25,031,830
Lincoln Electric Holdings, Inc.^(b)		130,832		22,869,434
MasTec, Inc.^(c)		108,883		6,472,005
MSC Industrial Direct Co., Inc., Class A^(b)		81,581		7,729,800
nVent Electric PLC^(b)		358,736		17,265,964
Owens Corning		188,208		21,337,141
Ryder System, Inc.^(b)		66,873		6,522,792
Saia, Inc.^(b)(c)		56,717		20,332,477
Science Applications International Corp.^(b)		94,922		10,369,279
Simpson Manufacturing Co., Inc.		88,894		11,838,903
Terex Corp.		153,083		7,011,201
Timken Co. (The)^(b)		121,791		8,418,194
Watsco, Inc.^(b)		59,731		20,839,548
Watts Water Technologies, Inc., Class A^(b)		46,552		8,053,961
XPO, Inc.^(b)(c)		271,463		20,579,610

				390,452,319

Information Technology-13.89%
Allegro MicroSystems, Inc. (Japan)^(b)(c)		215,400		5,591,784
Belden, Inc.		90,068		6,385,821
CommVault Systems, Inc.^(b)(c)		83,681		5,468,553
Crane NXT Co.^(b)		149,252		7,761,104
Dynatrace, Inc.^(b)(c)		375,345		16,781,675
Jabil, Inc.^(b)		451,756		55,475,637
Super Micro Computer, Inc.^(b)(c)		157,617		37,744,543
Teradata Corp.^(c)		189,519		8,096,252
Vishay Intertechnology, Inc.^(b)		203,589		4,527,819

				147,833,188

Materials-7.00%
Commercial Metals Co.		208,012		8,796,827
Eagle Materials, Inc.^(b)		72,305		11,128,463
NewMarket Corp.^(b)		18,091		8,722,576
Reliance Steel & Aluminum Co.		144,327		36,713,902
Westlake Corp.^(b)		52,388		6,043,480
Worthington Industries, Inc.		49,331		3,039,776

				74,445,024

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $1,038,860,751)				1,063,913,568


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-13.67%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		40,713,713		40,713,713

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



		16
		16

Invesco S&P MidCap Momentum ETF (XMMO)–(continued)

October 31, 2023

(Unaudited)



	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		104,708,002	$	104,718,473

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $145,431,087)				145,432,186

TOTAL INVESTMENTS IN SECURITIES-113.65% (Cost $1,184,291,838)				1,209,345,754
OTHER ASSETS LESS LIABILITIES-(13.65)%				(145,276,252	)

NET ASSETS-100.00%			$	1,064,069,502

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)	All or a portion of this security was out on loan at October 31, 2023.

^(c)	Non-income producing security.

^(d)



	Value April 30, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value October 31, 2023		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	333,211	$	42,640,027	$	(42,973,238	)	$	-	$	-	$	-	$	18,807

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		27,988,178		208,239,891		(195,514,356	)		-		-		40,713,713		696,157	*

Invesco Private Prime Fund		71,341,758		421,514,775		(388,144,713	)		4,778		1,875		104,718,473		1,871,842	*


Total	$	99,663,147	$	672,394,693	$	(626,632,307	)	$	4,778	$	1,875	$	145,432,186	$	2,586,806

*	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, 2023.

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

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



		17
		17

Invesco S&P MidCap Momentum ETF (XMMO)–(continued)

October 31, 2023

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023



Industrials			36.69

Consumer Discretionary			14.58

Information Technology			13.89

Financials			13.33

Consumer Staples			8.06

Materials			7.00

Health Care			3.87

Sector Types Each Less Than 3%			2.56

Money Market Funds Plus Other Assets Less Liabilities			0.02

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



		18
		18

Invesco S&P MidCap Quality ETF (XMHQ)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Consumer Discretionary-17.02%
Boyd Gaming Corp.^(b)		215,877	$	11,927,204
Capri Holdings Ltd.^(c)		334,671		17,128,462
Deckers Outdoor Corp.^(c)		73,095		43,642,101
Gentex Corp.		612,583		17,568,880
Grand Canyon Education, Inc.^(c)		98,516		11,657,398
Light & Wonder, Inc.^(b)(c)		366,301		26,780,266
Murphy USA, Inc.		81,105		29,415,972
Polaris, Inc.^(b)		147,994		12,789,642
Taylor Morrison Home Corp., Class A^(c)		313,436		12,010,868
Texas Roadhouse, Inc.^(b)		199,467		20,253,879
Toll Brothers, Inc.		261,862		18,516,262
TopBuild Corp.^(c)		86,949		19,890,453
Williams-Sonoma, Inc.^(b)		248,411		37,321,269

				278,902,656

Consumer Staples-1.22%
Boston Beer Co., Inc. (The), Class A^(b)(c)		28,318		9,456,796
Coca-Cola Consolidated, Inc.		16,659		10,601,954

				20,058,750

Energy-13.00%
Antero Resources Corp.^(c)		881,615		25,954,746
ChampionX Corp.^(b)		522,049		16,079,109
CNX Resources Corp.^(b)(c)		663,584		14,413,044
Matador Resources Co.^(b)		337,107		20,796,131
Murphy Oil Corp.		411,232		18,451,980
PBF Energy, Inc., Class A		566,822		26,941,050
Range Resources Corp.^(b)		1,158,597		41,524,117
Southwestern Energy Co.^(c)		5,319,117		37,925,304
Valaris Ltd.^(b)(c)		164,505		10,863,910

				212,949,391

Financials-11.25%
Affiliated Managers Group, Inc.		111,832		13,728,496
American Financial Group, Inc.		203,015		22,201,721
East West Bancorp, Inc.^(b)		379,664		20,357,584
Essent Group Ltd.		297,455		14,051,774
Evercore, Inc., Class A		112,188		14,604,634
Federated Hermes, Inc., Class B		243,886		7,731,186
Kinsale Capital Group, Inc.		61,334		20,480,036
MGIC Investment Corp.		831,169		13,996,886
RLI Corp		199,618		26,597,102
SEI Investments Co.		318,605		17,096,344
Western Union Co. (The)^(b)		1,197,845		13,523,670

				184,369,433

Health Care-4.60%
Azenta, Inc.^(b)(c)		178,360		8,106,462
Chemed Corp.		49,928		28,091,989
Medpace Holdings, Inc.^(c)		130,719		31,721,580
Patterson Cos., Inc.		246,001		7,493,190

				75,413,221

Industrials-30.38%
Acuity Brands, Inc.^(b)		84,923		13,754,978
Advanced Drainage Systems, Inc.		170,493		18,213,767
AGCO Corp.		166,979		19,145,812
Builders FirstSource, Inc.^(b)(c)		565,919		61,413,530
Carlisle Cos., Inc.^(b)		154,137		39,164,670



	Shares		Value
Industrials-(continued)
Donaldson Co., Inc.		372,872	$	21,499,800
EMCOR Group, Inc.		141,802		29,303,383
ExlService Holdings, Inc.^(b)(c)		485,745		12,682,802
Exponent, Inc.^(b)		165,536		12,132,134
Fortune Brands Innovations, Inc.		425,524		23,744,239
Genpact Ltd.		487,654		16,355,915
Graco, Inc.^(b)		444,144		33,022,106
Insperity, Inc.		139,193		14,732,187
Landstar System, Inc.		155,546		25,630,870
MSC Industrial Direct Co., Inc., Class A		133,104		12,611,604
Owens Corning		270,380		30,652,981
Terex Corp.		177,027		8,107,837
Tetra Tech, Inc.		163,156		24,621,872
Trex Co., Inc.^(b)(c)		294,375		16,546,819
UFP Industries, Inc.		171,845		16,354,489
Watsco, Inc.^(b)		101,935		35,564,102
Watts Water Technologies, Inc., Class A		72,988		12,627,654

				497,883,551

Information Technology-14.25%
Belden, Inc.		124,169		8,803,582
Cognex Corp.^(b)		498,229		17,931,262
Crane NXT Co.		131,568		6,841,536
IPG Photonics Corp.^(c)		102,728		8,824,335
Jabil, Inc.		408,431		50,155,327
Lattice Semiconductor Corp.^(b)(c)		539,876		30,022,504
Manhattan Associates, Inc.^(c)		362,722		70,723,535
Power Integrations, Inc.^(b)		205,508		14,247,870
Qualys, Inc.^(b)(c)		169,340		25,900,553

				233,450,504

Materials-8.27%
Ashland, Inc.		146,299		11,210,892
Cabot Corp.		152,652		10,148,305
Eagle Materials, Inc.		131,306		20,209,307
Greif, Inc., Class A		71,154		4,518,279
Louisiana-Pacific Corp.		252,289		12,937,380
NewMarket Corp.^(b)		24,382		11,755,781
Olin Corp.		416,228		17,781,260
Reliance Steel & Aluminum Co.^(b)		184,886		47,031,301

				135,592,505

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $1,631,765,061)				1,638,620,011


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-8.55%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		39,214,056		39,214,056

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



		19
		19

Invesco S&P MidCap Quality ETF (XMHQ)–(continued)

October 31, 2023

(Unaudited)



	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		100,805,021	$	100,815,102

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $140,025,226)				140,029,158

TOTAL INVESTMENTS IN SECURITIES-108.54% (Cost $1,771,790,287)				1,778,649,169
OTHER ASSETS LESS LIABILITIES-(8.54)%				(139,943,389	)

NET ASSETS-100.00%			$	1,638,705,780

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)	All or a portion of this security was out on loan at October 31, 2023.

^(c)	Non-income producing security.

^(d)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	547,107		$	6,780,209		$	(7,327,316	)		$	-		$	-		$	-		$	13,360

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			29,590,609			270,063,497			(260,440,050	)			-			-			39,214,056			840,804	*

Invesco Private Prime Fund			76,090,138			500,165,970			(475,452,629	)			8,698			2,925			100,815,102			2,309,700	*


Total		$	106,227,854		$	777,009,676		$	(743,219,995	)		$	8,698		$	2,925		$	140,029,158		$	3,163,864

*	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, 2023.

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

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



		20
		20

Invesco S&P MidCap Quality ETF (XMHQ)–(continued)

October 31, 2023

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023



Industrials			30.38

Consumer Discretionary			17.02

Information Technology			14.25

Energy			13.00

Financials			11.25

Materials			8.27

Health Care			4.60

Consumer Staples			1.22

Money Market Funds Plus Other Assets Less Liabilities			0.01

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



		21
		21

Invesco S&P MidCap Value with Momentum ETF (XMVM)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Communication Services-0.98%
Nexstar Media Group, Inc., Class A^(b)		11,866	$	1,662,189


Consumer Discretionary-15.59%
Adient PLC^(b)(c)		76,322		2,571,288
AutoNation, Inc.^(c)		22,401		2,913,922
Brunswick Corp.^(b)		19,560		1,358,833
Graham Holdings Co., Class B		3,974		2,299,833
Harley-Davidson, Inc.^(b)		66,038		1,773,120
KB Home		69,698		3,080,653
Light & Wonder, Inc.^(c)		36,020		2,633,422
Murphy USA, Inc.		7,704		2,794,164
PVH Corp.		23,522		1,748,861
Taylor Morrison Home Corp., Class A^(b)(c)		72,690		2,785,481
Toll Brothers, Inc.		35,537		2,512,821

				26,472,398

Consumer Staples-7.91%
BJ’s Wholesale Club Holdings, Inc.^(b)(c)		23,418		1,595,234
Casey’s General Stores, Inc.		6,684		1,817,446
Ingredion, Inc.		13,805		1,291,872
Performance Food Group Co.^(c)		52,411		3,027,259
Post Holdings, Inc.^(b)(c)		20,228		1,623,904
Sprouts Farmers Market, Inc.^(b)(c)		44,628		1,875,269
US Foods Holding Corp.^(c)		56,266		2,190,998

				13,421,982

Energy-15.42%
Chord Energy Corp.^(b)		20,853		3,447,418
HF Sinclair Corp.		114,853		6,360,559
Matador Resources Co.		45,890		2,830,954
Murphy Oil Corp.		74,098		3,324,777
PBF Energy, Inc., Class A^(b)		136,556		6,490,507
Range Resources Corp.^(b)		104,200		3,734,528

				26,188,743

Financials-23.89%
Affiliated Managers Group, Inc.		14,072		1,727,479
Bank OZK^(b)		53,893		1,929,908
CNO Financial Group, Inc.		95,916		2,223,333
Essent Group Ltd.		47,182		2,228,878
F.N.B. Corp.^(b)		225,654		2,412,241
First American Financial Corp.^(b)		30,322		1,559,764
Home BancShares, Inc.^(b)		65,623		1,341,990
International Bancshares Corp.^(b)		39,219		1,718,969
Jefferies Financial Group, Inc.		78,058		2,511,906
Kemper Corp.		29,829		1,189,581
MGIC Investment Corp.		162,194		2,731,347
New York Community Bancorp, Inc.^(b)		209,546		1,986,496
Old Republic International Corp.		78,436		2,147,578
Prosperity Bancshares, Inc.^(b)		36,923		2,013,780
Reinsurance Group of America, Inc.		14,890		2,225,608
Stifel Financial Corp.		30,583		1,743,231
Texas Capital Bancshares, Inc.^(c)		47,112		2,593,987
United Bankshares, Inc.		61,258		1,742,178
Unum Group		64,100		3,134,490
Voya Financial, Inc.^(b)		20,969		1,400,100

				40,562,844



	Shares		Value
Health Care-1.45%
Perrigo Co. PLC^(b)		46,717	$	1,291,258
Tenet Healthcare Corp.^(c)		21,833		1,172,432

				2,463,690

Industrials-13.10%
AGCO Corp.		16,126		1,849,007
Builders FirstSource, Inc.^(c)		14,059		1,525,683
Fluor Corp.^(c)		69,293		2,306,764
Knight-Swift Transportation Holdings, Inc.		30,446		1,488,505
MDU Resources Group, Inc.		77,266		1,437,920
Owens Corning		15,435		1,749,866
Regal Rexnord Corp.		10,060		1,191,205
Ryder System, Inc.		43,864		4,278,494
Terex Corp.		32,398		1,483,828
Timken Co. (The)^(b)		16,684		1,153,198
UFP Industries, Inc.		25,829		2,458,146
Werner Enterprises, Inc.^(b)		36,474		1,324,736

				22,247,352

Information Technology-10.90%
Amkor Technology, Inc.		70,224		1,464,873
Arrow Electronics, Inc.^(c)		29,613		3,358,410
Avnet, Inc.		107,710		4,990,204
Crane NXT Co.		35,405		1,841,060
Jabil, Inc.		20,918		2,568,731
Kyndryl Holdings, Inc.^(c)		192,440		2,815,397
Vishay Intertechnology, Inc.^(b)		66,099		1,470,042

				18,508,717

Materials-7.77%
Ashland, Inc.		15,729		1,205,313
Commercial Metals Co.		62,841		2,657,546
Greif, Inc., Class A.		41,404		2,629,154
Olin Corp.		38,440		1,642,157
Reliance Steel & Aluminum Co.		7,539		1,917,771
Sonoco Products Co.		23,341		1,209,297
Worthington Industries, Inc.		31,286		1,927,843

				13,189,081

Utilities-2.98%
ALLETE, Inc.^(b)		23,922		1,280,784
NorthWestern Energy Group, Inc.^(b)		25,515		1,224,975
Portland General Electric Co.		28,007		1,120,840
Spire, Inc.^(b)		25,834		1,437,146

				5,063,745

Total Common Stocks & Other Equity Interests (Cost $170,011,288)				169,780,741


Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $118,808)		118,808		118,808

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.06% (Cost $170,130,096)				169,899,549

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



		22
		22

Invesco S&P MidCap Value with Momentum ETF (XMVM)–(continued)

October 31, 2023

(Unaudited)



	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-14.09%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		6,608,564	$	6,608,564
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		17,317,156		17,318,888

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $23,927,637)				23,927,452

TOTAL INVESTMENTS IN SECURITIES-114.15% (Cost $194,057,733)				193,827,001
OTHER ASSETS LESS LIABILITIES-(14.15)%				(24,025,452	)

NET ASSETS-100.00%			$	169,801,549

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)	All or a portion of this security was out on loan at October 31, 2023.

^(c)	Non-income producing security.

^(d)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	234,059		$	3,537,240		$	(3,652,491	)		$	-		$	-		$	118,808		$	4,344

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			10,391,714			51,407,551			(55,190,701	)			-			-			6,608,564			152,650	*

Invesco Private Prime Fund			25,480,378			107,389,874			(115,552,108	)			177			567			17,318,888			408,183	*


Total		$	36,106,151		$	162,334,665		$	(174,395,300	)		$	177		$	567		$	24,046,260		$	565,177

*	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, 2023.

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

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



		23
		23

Invesco S&P MidCap Value with Momentum ETF (XMVM)–(continued)

October 31, 2023

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023



Financials			23.89

Consumer Discretionary			15.59

Energy			15.42

Industrials			13.10

Information Technology			10.90

Consumer Staples			7.91

Materials			7.77

Sector Types Each Less Than 3%			5.41

Money Market Funds Plus Other Assets Less Liabilities			0.01

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



		24
		24

Invesco S&P SmallCap Momentum ETF (XSMO)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Communication Services-2.68%
Cars.com, Inc.^(b)		51,321	$	781,619
Madison Square Garden Sports Corp., Class A^(b)		11,599		1,950,256
Yelp, Inc.^(b)		36,612		1,544,660

				4,276,535

Consumer Discretionary-17.86%
Abercrombie & Fitch Co., Class A^(b)		38,480		2,340,354
Academy Sports & Outdoors, Inc.^(c)		34,482		1,546,173
Asbury Automotive Group, Inc.^(b)(c)		8,317		1,591,624
BJ’s Restaurants, Inc.^(b)(c)		13,288		341,767
Bloomin’ Brands, Inc.^(c)		42,734		997,412
Boot Barn Holdings, Inc.^(b)(c)		14,460		1,004,970
Buckle, Inc. (The)^(c)		14,762		498,513
Century Communities, Inc.		15,972		982,278
Chuy’s Holdings, Inc.^(b)(c)		15,747		530,044
Ethan Allen Interiors, Inc.		13,945		366,196
Green Brick Partners, Inc.^(b)		20,498		793,273
Group 1 Automotive, Inc.^(c)		7,926		1,999,968
Haverty Furniture Cos., Inc.		7,073		184,252
Installed Building Products, Inc.		12,325		1,376,333
Jack in the Box, Inc.^(c)		10,792		681,839
M.D.C. Holdings, Inc.		35,650		1,352,917
M/I Homes, Inc.^(b)		27,948		2,293,692
Meritage Homes Corp.		26,494		3,020,846
ODP Corp. (The)^(b)		17,446		783,674
Patrick Industries, Inc.		11,012		827,552
Shake Shack, Inc., Class A^(b)(c)		19,063		1,068,290
Tri Pointe Homes, Inc.^(b)		76,120		1,907,567
Upbound Group, Inc.^(c)		25,155		655,539
Urban Outfitters, Inc.^(b)		38,767		1,342,113

				28,487,186

Consumer Staples-5.67%
Andersons, Inc. (The)		14,698		736,811
e.l.f. Beauty, Inc.^(b)		54,747		5,071,215
Inter Parfums, Inc.		15,404		1,958,002
John B. Sanfilippo & Son, Inc.		6,505		665,201
Vector Group Ltd.		59,585		612,534

				9,043,763

Energy-5.12%
Archrock, Inc.		78,497		994,557
Dorian LPG Ltd..		34,138		1,091,392
Helix Energy Solutions Group, Inc.^(b)		134,730		1,320,354
Northern Oil and Gas, Inc.		37,188		1,425,788
Oceaneering International, Inc.^(b)		75,752		1,665,786
Oil States International, Inc.^(b)		30,357		220,392
Par Pacific Holdings, Inc.^(b)		43,893		1,440,568

				8,158,837

Financials-6.42%
AMERISAFE, Inc.^(c)		9,668		492,778
Avantax, Inc.^(b)		16,050		414,251
Bancorp, Inc. (The)^(b)		27,242		971,177
Enova International, Inc.^(b)		19,018		758,438
Genworth Financial, Inc., Class A^(b)		221,884		1,329,085
NMI Holdings, Inc., Class A^(b)		48,927		1,338,154



	Shares		Value
Financials-(continued)
Pathward Financial, Inc.		16,394	$	742,484
PROG Holdings, Inc.^(b)		38,347		1,050,324
Radian Group, Inc.		74,101		1,877,719
SiriusPoint Ltd. (Bermuda)^(b)(c)		86,004		847,139
WisdomTree, Inc.^(c)		66,683		413,435

				10,234,984

Health Care-7.14%
Amphastar Pharmaceuticals, Inc.^(b)		24,329		1,101,374
ANI Pharmaceuticals, Inc.^(b)		9,359		577,825
Collegium Pharmaceutical, Inc.^(b)(c)		14,729		320,503
Ensign Group, Inc. (The)^(c)		24,472		2,363,995
Glaukos Corp.^(b)		23,448		1,599,154
Merit Medical Systems, Inc.^(b)		28,639		1,968,645
NeoGenomics, Inc.^(b)		59,122		828,890
RadNet, Inc.^(b)(c)		35,619		960,288
Schrodinger, Inc.^(b)(c)		26,134		567,108
UFP Technologies, Inc.^(b)(c)		7,060		1,100,795

				11,388,577

Industrials-23.50%
AAON, Inc.^(c)		53,584		2,919,256
AAR Corp.^(b)		17,407		1,033,279
Alamo Group, Inc.		7,036		1,127,871
American Woodmark Corp.^(b)		8,925		600,028
Applied Industrial Technologies, Inc.		22,846		3,507,089
Arcosa, Inc.		28,131		1,943,008
Boise Cascade Co.		25,354		2,376,937
Comfort Systems USA, Inc.		26,380		4,797,203
Enerpac Tool Group Corp.		28,909		818,125
EnPro Industries, Inc.		12,953		1,438,560
Enviri Corp.^(b)		50,186		288,068
ESCO Technologies, Inc.		12,639		1,228,764
Federal Signal Corp.		41,890		2,431,296
Gibraltar Industries, Inc.^(b)		15,190		924,463
GMS, Inc.^(b)		20,269		1,185,331
Granite Construction, Inc.^(c)		23,904		967,634
Griffon Corp.		24,362		973,018
Matthews International Corp., Class A^(c)		24,309		861,511
Moog, Inc., Class A		12,198		1,415,578
MYR Group, Inc.^(b)		10,067		1,166,061
Powell Industries, Inc.		9,184		703,954
SkyWest, Inc.^(b)		28,852		1,216,689
SPX Technologies, Inc.^(b)		23,602		1,890,992
Standex International Corp.		8,828		1,267,436
Wabash National Corp.^(c)		19,263		398,551

				37,480,702

Information Technology-22.25%
Adeia, Inc.		74,222		625,691
Advanced Energy Industries, Inc.^(c)		19,809		1,728,533
Agilysys, Inc.^(b)		11,189		959,904
Axcelis Technologies, Inc.^(b)(c)		32,999		4,207,373
Badger Meter, Inc.		25,456		3,526,929
Cohu, Inc.^(b)(c)		26,894		810,585
Digi International, Inc.^(b)(c)		19,105		481,064
DoubleVerify Holdings, Inc.^(b)(c)		96,695		2,691,022
Extreme Networks, Inc.^(b)		110,560		2,279,747
Insight Enterprises, Inc.^(b)(c)		25,530		3,658,449

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



		25
		25

Invesco S&P SmallCap Momentum ETF (XSMO)–(continued)

October 31, 2023

(Unaudited)



	Shares		Value
Information Technology-(continued)
InterDigital, Inc.		16,057	$	1,208,289
N-able, Inc.^(b)		33,810		438,178
PDF Solutions, Inc.^(b)(c)		20,516		544,290
Progress Software Corp.		23,444		1,204,553
Rambus, Inc.^(b)		109,718		5,960,979
Sanmina Corp.^(b)		27,567		1,402,333
SPS Commerce, Inc.^(b)(c)		23,391		3,750,513

				35,478,432

Materials-7.38%
ATI, Inc.^(b)(c)		106,973		4,040,370
Carpenter Technology Corp.		36,950		2,317,504
Haynes International, Inc.		5,304		228,205
Koppers Holdings, Inc.		14,480		529,534
Materion Corp.		9,732		943,810
O-I Glass, Inc.^(b)		93,614		1,446,336
Olympic Steel, Inc.		7,103		360,619
Sylvamo Corp.		14,451		640,179
Warrior Met Coal, Inc.		25,974		1,265,713

				11,772,270

Real Estate-1.95%
eXp World Holdings, Inc.^(c)		37,800		501,606
St. Joe Co. (The)		22,381		1,043,850
Tanger Factory Outlet Centers, Inc.		69,132		1,558,926

				3,104,382

Total Common Stocks & Other Equity Interests (Cost $157,372,650)				159,425,668



	Shares		Value
Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $127,363)		127,363	$	127,363

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $157,500,013)				159,553,031


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-22.29%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		9,950,373		9,950,373
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		25,589,609		25,592,168

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $35,541,453)				35,542,541

TOTAL INVESTMENTS IN SECURITIES-122.34% (Cost $193,041,466)				195,095,572
OTHER ASSETS LESS LIABILITIES-(22.34)%				(35,627,772	)

NET ASSETS-100.00%			$	159,467,800

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, 2023.

^(d)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	243,605		$	2,115,507		$	(2,231,749	)		$	-		$	-		$	127,363		$	3,378

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			9,771,272			45,606,621			(45,427,520	)			-			-			9,950,373			241,241	*

Invesco Private Prime Fund			31,554,662			103,209,804			(109,177,089	)			2,875			1,916			25,592,168			644,665	*


Total		$	41,569,539		$	150,931,932		$	(156,836,358	)		$	2,875		$	1,916		$	35,669,904		$	889,284

*	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, 2023.

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

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



		26
		26

Invesco S&P SmallCap Momentum ETF (XSMO)–(continued)

October 31, 2023

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023



Industrials			23.50

Information Technology			22.25

Consumer Discretionary			17.86

Materials			7.38

Health Care			7.14

Financials			6.42

Consumer Staples			5.67

Energy			5.12

Sector Types Each Less Than 3%			4.63

Money Market Funds Plus Other Assets Less Liabilities			0.03

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



		27
		27

Invesco S&P SmallCap Value with Momentum ETF (XSVM)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Consumer Discretionary-22.65%
Academy Sports & Outdoors, Inc.^(b)		73,137	$	3,279,463
American Axle & Manufacturing Holdings, Inc.^(c)		967,517		6,530,740
America’s Car-Mart, Inc.^(b)(c)		50,985		3,414,975
Asbury Automotive Group, Inc.^(b)(c)		26,329		5,038,581
Caleres, Inc.^(b)		356,285		9,113,770
Century Communities, Inc.^(b)		84,087		5,171,351
Chico’s FAS, Inc.^(b)(c)		1,112,694		8,322,951
Ethan Allen Interiors, Inc.		153,061		4,019,382
Group 1 Automotive, Inc.^(b)		30,815		7,775,549
Haverty Furniture Cos., Inc.^(b)		179,223		4,668,759
Hibbett, Inc.^(b)		189,852		8,746,482
La-Z-Boy, Inc.^(b)		168,897		4,938,548
LCI Industries^(b)		31,013		3,364,600
M.D.C. Holdings, Inc.		124,459		4,723,219
M/I Homes, Inc.^(c)		88,186		7,237,425
Meritage Homes Corp.		41,674		4,751,669
ODP Corp. (The)^(b)(c)		136,716		6,141,283
Patrick Industries, Inc.^(b)		75,799		5,696,295
Perdoceo Education Corp.		322,858		5,840,501
Signet Jewelers Ltd.^(b)		62,563		4,368,774
Sonic Automotive, Inc., Class A^(b)		141,907		6,790,250
Tri Pointe Homes, Inc.^(c)		162,183		4,064,306
Urban Outfitters, Inc.^(b)(c)		102,769		3,557,863
Winnebago Industries, Inc.^(b)		83,227		4,823,005

				132,379,741

Consumer Staples-4.27%
Andersons, Inc. (The)		181,221		9,084,609
Cal-Maine Foods, Inc.		119,813		5,428,727
Fresh Del Monte Produce, Inc.		257,831		6,445,775
Universal Corp.^(b)		88,306		3,973,770

				24,932,881

Energy-15.60%
CONSOL Energy, Inc.^(b)		92,403		8,490,912
CVR Energy, Inc.^(b)		235,795		7,722,286
Dorian LPG Ltd.		160,606		5,134,574
Helix Energy Solutions Group, Inc.^(c)		537,973		5,272,135
Northern Oil and Gas, Inc.		144,120		5,525,561
Oil States International, Inc.^(c)		740,001		5,372,407
Par Pacific Holdings, Inc.^(c)		386,588		12,687,818
REX American Resources Corp.^(c)		97,299		3,698,335
SM Energy Co.		211,379		8,522,801
Talos Energy, Inc.^(b)(c)		494,770		7,668,935
US Silica Holdings, Inc.^(c)		376,358		4,542,641
Vital Energy, Inc.^(b)(c)		198,357		9,925,784
World Kinect Corp.		358,815		6,638,078

				91,202,267

Financials-19.84%
Ambac Financial Group, Inc.^(c)		549,372		6,663,882
American Equity Investment Life Holding Co.^(c)		136,520		7,230,099
Apollo Commercial Real Estate Finance, Inc.^(b)		523,289		5,211,958
Assured Guaranty Ltd.		82,995		5,178,888
Axos Financial, Inc.^(b)(c)		79,849		2,876,960



	Shares		Value
Financials-(continued)
Employers Holdings, Inc.		91,607	$	3,481,066
Encore Capital Group, Inc.^(b)(c)		79,812		3,007,316
Enova International, Inc.^(c)		83,901		3,345,972
EZCORP, Inc., Class A^(b)(c)		639,598		5,244,704
First Commonwealth Financial Corp.		235,597		2,869,571
First Financial Bancorp^(b)		195,902		3,624,187
Franklin BSP Realty Trust, Inc.^(b)		248,535		3,134,026
Genworth Financial, Inc., Class A^(c)		1,408,050		8,434,220
Hilltop Holdings, Inc.		107,427		2,967,134
Mr. Cooper Group, Inc.^(b)(c)		86,368		4,882,383
NMI Holdings, Inc., Class A^(c)		130,654		3,573,387
Northwest Bancshares, Inc.^(b)		334,443		3,484,896
OFG Bancorp		145,511		4,310,036
Radian Group, Inc.		159,913		4,052,195
Ready Capital Corp.^(b)		449,815		4,241,755
Renasant Corp.^(b)		157,034		3,830,059
S&T Bancorp, Inc.		141,279		3,639,347
SiriusPoint Ltd. (Bermuda)^(c)		431,815		4,253,378
StoneX Group, Inc.^(b)(c)		92,302		8,798,227
TrustCo Bank Corp.		138,845		3,544,713
United Fire Group, Inc.^(b)		203,241		4,093,274

				115,973,633

Health Care-2.91%
AdaptHealth Corp.^(b)(c)		504,785		3,700,074
Avanos Medical, Inc.^(c)		139,034		2,552,664
Community Health Systems, Inc.^(b)(c)		1,215,717		2,601,635
Cross Country Healthcare, Inc.^(b)(c)		180,289		4,175,493
OraSure Technologies, Inc.^(c)		776,063		4,004,485

				17,034,351

Industrials-20.76%
ABM Industries, Inc.^(b)		84,231		3,313,648
American Woodmark Corp.^(c)		63,843		4,292,165
Apogee Enterprises, Inc.		87,177		3,741,637
ArcBest Corp.		53,742		5,851,429
Boise Cascade Co.		76,480		7,170,000
DXP Enterprises, Inc.^(c)		126,955		4,138,733
Encore Wire Corp.^(b)		23,752		4,247,570
GEO Group, Inc. (The)^(b)(c)		844,039		7,376,901
GMS, Inc.^(c)		56,490		3,303,535
Granite Construction, Inc.^(b)		83,698		3,388,095
Heartland Express, Inc.^(b)		206,847		2,411,836
Hillenbrand, Inc.^(b)		68,337		2,598,856
Hub Group, Inc., Class A^(c)		58,679		4,034,181
Kelly Services, Inc., Class A		441,192		7,875,277
Matson, Inc.		80,477		7,005,523
Mueller Industries, Inc.^(b)		79,658		3,003,903
NOW, Inc.^(c)		497,425		5,481,624
OPENLANE, Inc.^(b)(c)		255,818		3,435,636
Quanex Building Products Corp.		149,478		4,013,484
Resideo Technologies, Inc.^(b)(c)		319,451		4,625,651
Resources Connection, Inc.		245,954		3,313,000
SkyWest, Inc.^(c)		159,677		6,733,579
Titan International, Inc.^(b)(c)		625,078		7,100,886
Veritiv Corp.		58,372		9,888,801
Wabash National Corp.^(b)		145,586		3,012,174

				121,358,124

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



		28
		28

Invesco S&P SmallCap Value with Momentum ETF (XSVM)–(continued)

October 31, 2023

(Unaudited)



	Shares		Value
Information Technology-4.11%
Benchmark Electronics, Inc.		252,158	$	6,104,745
Ichor Holdings Ltd.^(b)(c)		101,593		2,464,646
Sanmina Corp.^(b)(c)		79,506		4,044,470
ScanSource, Inc.^(c)		256,951		7,811,311
TTM Technologies, Inc.^(c)		313,645		3,603,781

				24,028,953

Materials-9.34%
AdvanSix, Inc.		131,402		3,620,125
Clearwater Paper Corp.^(c)		207,312		7,009,219
Haynes International, Inc.^(b)		68,580		2,950,655
Koppers Holdings, Inc.		159,527		5,833,902
O-I Glass, Inc.^(c)		227,949		3,521,812
Olympic Steel, Inc.		158,462		8,045,116
SunCoke Energy, Inc.		847,276		8,057,595
Sylvamo Corp.^(b)		75,597		3,348,947
TimkenSteel Corp.^(b)(c)		204,286		4,153,134
Warrior Met Coal, Inc.		165,786		8,078,752

				54,619,257

Real Estate-0.48%
Service Properties Trust		388,665		2,817,821

Total Common Stocks & Other Equity Interests (Cost $570,365,489)				584,347,028


Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $226,927)		226,927		226,927

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $570,592,416)				584,573,955



	Shares		Value

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-20.49%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		33,071,134	$	33,071,134
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		86,714,268		86,722,939

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $119,792,854)				119,794,073

TOTAL INVESTMENTS IN SECURITIES-120.49% (Cost $690,385,270)				704,368,028
OTHER ASSETS LESS LIABILITIES-(20.49)%				(119,778,896	)

NET ASSETS-100.00%			$	584,589,132

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)	All or a portion of this security was out on loan at October 31, 2023.

^(c)	Non-income producing security.

^(d)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	29,495		$	8,894,541		$	(8,697,109	)		$	-		$	-		$	226,927		$	8,957

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



		29
		29

Invesco S&P SmallCap Value with Momentum ETF (XSVM)–(continued)

October 31, 2023

(Unaudited)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	30,638,853		$	117,625,787		$	(115,193,506	)		$	-		$	-			$	33,071,134		$	927,352	*

Invesco Private Prime Fund			86,712,240			244,405,414			(244,400,349	)			7,129			(1,495	)			86,722,939			2,468,631	*


Total		$	117,380,588		$	370,925,742		$	(368,290,964	)		$	7,129		$	(1,495	)		$	120,021,000		$	3,404,940

*	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, 2023.

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

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023



Consumer Discretionary			22.65

Industrials			20.76

Financials			19.84

Energy			15.60

Materials			9.34

Consumer Staples			4.27

Information Technology			4.11

Sector Types Each Less Than 3%			3.39

Money Market Funds Plus Other Assets Less Liabilities			0.04

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



		30
		30

Invesco Zacks Mid-Cap ETF (CZA)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.01%
Communication Services-1.74%
Endeavor Group Holdings, Inc., Class A^(b)		111,934	$	2,547,618
Playtika Holding Corp.^(c)		55,549		466,612

				3,014,230

Consumer Discretionary-3.79%
Garmin Ltd.		28,325		2,904,162
Genuine Parts Co.		21,068		2,714,822
Mattel, Inc.^(c)		49,633		946,998

				6,565,982

Consumer Staples-3.07%
Church & Dwight Co., Inc.		36,394		3,309,671
Lamb Weston Holdings, Inc.		22,394		2,010,981

				5,320,652

Financials-21.39%
Affiliated Managers Group, Inc.		5,117		628,163
Assurant, Inc.		7,373		1,097,840
AXIS Capital Holdings Ltd.		12,332		704,157
CNA Financial Corp.^(b)		39,709		1,604,244
Credicorp Ltd. (Peru)^(b)		11,845		1,480,151
Deutsche Bank AG (Germany)^(b)		290,191		3,195,003
East West Bancorp, Inc.		20,993		1,125,645
Essent Group Ltd.		15,728		742,991
Fifth Third Bancorp.		105,028		2,490,214
FleetCor Technologies, Inc.^(c)		11,252		2,533,613
Hartford Financial Services Group, Inc. (The)		45,108		3,313,182
Janus Henderson Group PLC^(b)		25,277		583,140
Nasdaq, Inc.		73,531		3,647,137
SEI Investments Co.		19,198		1,030,165
State Street Corp.		47,562		3,073,932
TPG, Inc.^(b)		44,632		1,233,628
Unum Group		27,822		1,360,496
W.R. Berkley Corp.		37,578		2,533,509
WEX, Inc.^(b)(c)		6,366		1,059,812
Willis Towers Watson PLC		15,218		3,589,774

				37,026,796

Health Care-3.86%
Avantor, Inc.^(c)		102,590		1,788,144
Baxter International, Inc.		74,644		2,420,705
Elanco Animal Health, Inc.^(c)		73,764		649,861
Merit Medical Systems, Inc.^(b)(c)		8,303		570,748
QIAGEN N.V.^(c)		33,355		1,248,477

				6,677,935

Industrials-25.09%
AECOM		19,845		1,519,135
Air Lease Corp., Class A		16,194		560,798
Booz Allen Hamilton Holding Corp.^(b)		19,061		2,285,986
CACI International, Inc., Class A^(c)		3,322		1,078,853
Crane Co.		8,090		787,400
Donaldson Co., Inc.		17,718		1,021,620
Dover Corp.		20,421		2,653,709
EnerSys		6,067		519,214
Equifax, Inc.		18,877		3,200,973
Esab Corp.		8,710		551,343
Fortive Corp.^(b)		51,350		3,352,128
Franklin Electric Co., Inc.		6,725		583,192



	Shares		Value
Industrials-(continued)
Genpact Ltd.		26,564	$	890,956
Graco, Inc.		24,891		1,850,646
Hubbell, Inc.		7,535		2,035,203
IDEX Corp.		10,944		2,094,791
Ingersoll Rand, Inc.^(b)		59,442		3,606,940
ITT, Inc.		11,772		1,098,916
Jacobs Solutions, Inc.^(b)		17,612		2,347,680
Leidos Holdings, Inc.		20,043		1,986,662
Pentair PLC		24,127		1,402,261
Regal Rexnord Corp.		10,122		1,198,546
Stericycle, Inc.^(b)(c)		12,983		535,419
TFI International, Inc. (Canada)		12,672		1,401,777
Timken Co. (The)		10,080		696,730
Valmont Industries, Inc.		3,064		603,332
Wabtec Corp.		25,691		2,723,760
Watts Water Technologies, Inc., Class A		4,836		836,676

				43,424,646

Information Technology-9.35%
Amdocs Ltd.		17,522		1,404,564
Corning, Inc.		128,335		3,434,245
F5, Inc.^(c)		8,651		1,311,405
Flex Ltd.^(c)		65,076		1,673,755
IPG Photonics Corp.^(c)		6,785		582,831
Littelfuse, Inc.^(b)		3,722		806,446
Skyworks Solutions, Inc.		22,805		1,978,106
Teledyne Technologies, Inc.^(c)		6,826		2,556,951
Trimble, Inc.^(c)		37,727		1,778,073
Vontier Corp.		22,140		654,458

				16,180,834

Materials-7.12%
AptarGroup, Inc.^(b)		9,473		1,158,264
Cabot Corp.^(b)		8,081		537,225
Eastman Chemical Co.		17,816		1,331,390
ICL Group Ltd. (Israel)^(b)		190,775		921,443
International Flavors & Fragrances, Inc.^(b)		38,031		2,599,419
RPM International, Inc.^(b)		18,796		1,715,511
Sibanye Stillwater Ltd., ADR (South Africa)		112,224		570,098
Silgan Holdings, Inc.		16,238		650,494
Sonoco Products Co.		14,365		744,250
Suzano S.A., ADR (Brazil)		204,568		2,090,685

				12,318,779

Real Estate-11.76%
American Homes 4 Rent, Class A^(b)		54,772		1,793,235
Americold Realty Trust, Inc.^(b)		41,293		1,082,702
AvalonBay Communities, Inc.^(b)		21,519		3,566,559
Camden Property Trust^(b)		16,450		1,396,276
Equity Residential^(b)		59,994		3,319,468
Extra Space Storage, Inc.^(b)		31,986		3,313,430
Federal Realty Investment Trust^(b)		12,587		1,147,809
NNN REIT, Inc.		28,552		1,037,294
Sun Communities, Inc.^(b)		18,895		2,101,880
UDR, Inc.		50,509		1,606,691

				20,365,344

Utilities-12.84%
Ameren Corp.		39,720		3,007,201

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



		31
		31

Invesco Zacks Mid-Cap ETF (CZA)–(continued)

October 31, 2023

(Unaudited)



	Shares		Value
Utilities-(continued)
American Water Works Co., Inc.		30,237	$	3,557,383
Avangrid, Inc.^(b)		60,574		1,809,345
Black Hills Corp.		10,161		491,284
DTE Energy Co.		31,291		3,015,827
Entergy Corp.		31,854		3,044,924
Essential Utilities, Inc.		40,785		1,364,666
Evergy, Inc.		34,979		1,718,868
Eversource Energy		54,341		2,923,003
Pinnacle West Capital Corp.		17,374		1,288,803

				22,221,304

Total Common Stocks & Other Equity Interests (Cost $184,210,944)				173,116,502


Money Market Funds-0.15%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $268,615)		268,615		268,615

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.16% (Cost $184,479,559)				173,385,117



	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-14.74%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		7,166,628	$	7,166,628
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		18,348,105		18,349,940

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $25,516,667)				25,516,568

TOTAL INVESTMENTS IN SECURITIES-114.90% (Cost $209,996,226)				198,901,685
OTHER ASSETS LESS LIABILITIES-(14.90)%				(25,798,282	)

NET ASSETS-100.00%			$	173,103,403

Investment Abbreviations:

ADR-American Depositary Receipt

REIT-Real Estate Investment Trust

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)	All or a portion of this security was out on loan at October 31, 2023.

^(c)	Non-income producing security.

^(d)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	205,195		$	1,721,610		$	(1,658,190	)		$	-			$	-		$	268,615		$	4,364

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			2,237,909			40,567,000			(35,638,281	)			-				-			7,166,628			88,328	*

Invesco Private Prime Fund			5,754,623			83,567,545			(70,972,696	)			(37	)			505			18,349,940			231,751	*


Total		$	8,197,727		$	125,856,155		$	(108,269,167	)		$	(37	)		$	505		$	25,785,183		$	324,443

*	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, 2023.

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

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



		32
		32

Invesco Zacks Mid-Cap ETF (CZA)–(continued)

October 31, 2023

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023



Industrials	25.09

Financials	21.39

Utilities	12.84

Real Estate	11.76

Information Technology	9.35

Materials	7.12

Health Care	3.86

Consumer Discretionary	3.79

Consumer Staples	3.07

Communication Services	1.74

Money Market Funds Plus Other Assets Less Liabilities	(0.01	)

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



		33
		33

Invesco Zacks Multi-Asset Income ETF (CVY)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-80.30%
Communication Services-1.71%
Mobile TeleSystems PJSC, ADR (Russia)^(b)(c).		152,493	$	0
Nexstar Media Group, Inc., Class A		4,074		570,686
TEGNA, Inc.		39,957		579,776
TIM S.A., ADR (Brazil)		28,066		423,516

				1,573,978

Consumer Discretionary-3.64%
Dick’s Sporting Goods, Inc.^(d)		8,391		897,417
La-Z-Boy, Inc.^(d)		10,976		320,938
Patrick Industries, Inc.^(d)		4,036		303,305
Polaris, Inc.^(d)		5,799		501,150
Sonic Automotive, Inc., Class A^(d)		6,170		295,235
Williams-Sonoma, Inc.		6,867		1,031,698

				3,349,743

Consumer Staples-1.15%
Bunge Ltd		8,584		909,732
Coca-Cola FEMSA S.A.B. de C.V., ADR (Mexico)		1,942		147,631

				1,057,363

Energy-29.06%
Alliance Resource Partners L.P.		63,288		1,438,220
APA Corp.		22,717		902,319
Black Stone Minerals L.P.		59,431		1,069,758
Chesapeake Energy Corp.^(d)		11,398		981,140
Chord Energy Corp.^(d)		4,135		683,598
Civitas Resources, Inc.^(d)		8,227		620,563
Comstock Resources, Inc.^(d)		55,609		700,673
Coterra Energy, Inc.		34,937		960,768
Crescent Point Energy Corp. (Canada)		41,086		329,099
Delek US Holdings, Inc.		24,201		637,696
Diamondback Energy, Inc.		6,466		1,036,629
Ecopetrol S.A., ADR (Colombia)^(d)		86,948		1,026,856
Energy Transfer L.P.		65,069		855,657
Enterprise Products Partners L.P.		25,811		672,118
EOG Resources, Inc.		7,649		965,686
Genesis Energy L.P.		57,427		636,291
Global Partners L.P.		24,635		782,900
HF Sinclair Corp.		17,260		955,859
Imperial Oil Ltd. (Canada)		5,878		334,987
MPLX L.P.		23,223		836,957
Murphy Oil Corp.		14,432		647,564
Noble Corp. PLC^(d)		12,936		603,982
Northern Oil and Gas, Inc.		15,920		610,373
NuStar Energy L.P.		53,250		910,575
Ovintiv, Inc.		20,825		999,600
Petroleo Brasileiro S.A., ADR (Brazil)		45,451		681,765
Phillips 66		8,611		982,257
Plains All American Pipeline L.P.		41,953		635,588
Shell PLC, ADR (Netherlands)		7,027		457,739
Suncor Energy, Inc. (Canada)		29,330		950,292
Sunoco L.P.		15,164		761,081
Teekay Tankers Ltd., Class A (Canada)		7,943		394,767
Valero Energy Corp.		7,403		940,181
Western Midstream Partners L.P.		27,956		750,060

				26,753,598



	Shares		Value
Financials-22.29%
Arbor Realty Trust, Inc.^(d)		53,641	$	676,413
Banco Bilbao Vizcaya Argentaria S.A., ADR (Spain)^(d)		88,483		692,822
Banco Macro S.A., ADR (Argentina)		37,130		680,222
Bancolombia S.A., ADR (Colombia)^(d)		35,331		896,701
Bank of America Corp.		33,889		892,636
BOK Financial Corp.		4,001		262,146
Bread Financial Holdings, Inc.		17,567		474,836
Capital One Financial Corp.^(d)		9,592		971,574
Cathay General Bancorp.		9,312		315,770
Discover Financial Services		10,881		893,112
East West Bancorp, Inc.^(d)		11,818		633,681
Enterprise Financial Services Corp.^(d)		8,355		290,503
Equitable Holdings, Inc.		23,114		614,139
First Bancorp.		23,501		313,738
Goldman Sachs Group, Inc. (The)		2,990		907,794
Hancock Whitney Corp.^(d)		7,949		273,684
Hartford Financial Services Group, Inc. (The) .		13,545		994,880
HSBC Holdings PLC, ADR (United Kingdom)^(d)		13,654		496,050
International Bancshares Corp.		7,091		310,799
Jackson Financial, Inc., Class A^(d)		9,450		346,910
Lloyds Banking Group PLC, ADR (United Kingdom)		205,696		392,879
MFA Financial, Inc.		11,855		105,391
MGIC Investment Corp.		37,538		632,140
Navient Corp.^(d)		18,769		298,615
Old National Bancorp^(d)		42,319		579,770
Popular, Inc.		5,011		325,915
Radian Group, Inc.		24,124		611,302
Stifel Financial Corp.		10,122		576,954
Sumitomo Mitsui Financial Group, Inc., ADR (Japan)		34,964		338,102
Synchrony Financial		30,475		854,824
Synovus Financial Corp.^(d)		21,115		550,468
UMB Financial Corp.^(d)		10,238		642,127
Unum Group		13,235		647,191
WaFd, Inc.		12,096		298,529
Wells Fargo & Co.		23,267		925,329
Western Alliance Bancorporation		19,579		804,697

				20,522,643

Health Care-3.36%
CVS Health Corp.		14,529		1,002,646
Embecta Corp.^(d)		18,680		282,442
Organon & Co.		29,628		438,198
Royalty Pharma PLC, Class A		21,459		576,604
Viatris, Inc.		88,947		791,628

				3,091,518

Industrials-2.64%
Allegiant Travel Co.^(d)		3,692		245,961
Copa Holdings S.A., Class A (Panama)		6,526		532,848
Costamare, Inc. (Monaco)^(d)		32,115		289,998
Danaos Corp. (Greece)		4,949		327,921
Global Ship Lease, Inc., Class A (United Kingdom)^(d)		17,431		306,437

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



		34
		34

Invesco Zacks Multi-Asset Income ETF (CVY)–(continued)

October 31, 2022

(Unaudited)



	Shares		Value
Industrials-(continued)
Ryder System, Inc.		3,330	$	324,808
Textainer Group Holdings Ltd. (China)^(d)		8,201		402,833

				2,430,806

Information Technology-1.38%
Avnet, Inc.		13,189		611,047
United Microelectronics Corp., ADR (Taiwan)		93,227		663,776

				1,274,823

Materials-5.11%
Gerdau S.A., ADR (Brazil)^(d)		163,903		711,339
Nutrien Ltd. (Canada)		15,623		838,955
Ryerson Holding Corp.^(d)		11,067		321,496
Sealed Air Corp.		18,192		560,132
Sylvamo Corp.^(d)		8,006		354,666
Ternium S.A., ADR (Mexico)		22,402		839,851
WestRock Co.		30,159		1,083,613

				4,710,052

Real Estate-9.16%
Digital Realty Trust, Inc.^(d)		7,683		955,458
EPR Properties		7,724		329,815
Essential Properties Realty Trust, Inc.^(d)		12,489		274,133
Essex Property Trust, Inc.		4,104		877,928
Invitation Homes, Inc.		28,952		859,585
Iron Mountain, Inc.		15,746		930,116
Kite Realty Group Trust^(d)		17,113		364,849
Omega Healthcare Investors, Inc.		22,882		757,394
Simon Property Group, Inc.		8,748		961,318
STAG Industrial, Inc.		21,279		706,888
Tanger Factory Outlet Centers, Inc.		9,554		215,443
Urban Edge Properties^(d)		12,660		200,788
Welltower, Inc.^(d)		12,015		1,004,574

				8,438,289

Utilities-0.80%
Cia Energetica de Minas Gerais S.A., ADR (Brazil)		322,852		732,874

Total Common Stocks & Other Equity Interests (Cost $74,414,686)				73,935,687


Preferred Stocks-9.83%
Communication Services-1.10%
AT&T, Inc., Series C, Pfd., 4.75%^(d)		58,255		1,007,811


Financials-8.73%
Arch Capital Group Ltd., Series G, Pfd., 4.55%		17,822		308,321
Bank of America Corp., Series QQ, Pfd., 4.25%		32,466		527,897
JPMorgan Chase & Co., Series EE, Pfd., 6.00%		40,148		959,939
JPMorgan Chase & Co., Series JJ, Pfd., 4.55%		35,180		646,256
KeyCorp, Pfd., 6.20%^(e)		34,401		574,841
Morgan Stanley, Series K, Pfd., 5.85%^(e)		35,745		781,386
Morgan Stanley, Series I, Pfd., 6.38%^(e)		33,539		788,837
Morgan Stanley, Series P, Pfd., 6.50%^(d)		41,797		1,030,714
Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50%		914		965,458



	Shares		Value
Financials-(continued)
Wells Fargo & Co., Series AA, Pfd., 4.70%		56,742	$	1,002,631
Wells Fargo & Co., Series CC, Pfd., 4.38%		28,052		454,162

				8,040,442

Total Preferred Stocks (Cost $10,162,781)				9,048,253


Closed-End Funds-9.75%
Allspring Income Opportunities Fund		56,365		326,917
Ares Dynamic Credit Allocation Fund, Inc.^(d)		23,909		291,690
Blackstone Strategic Credit Fund^(d)		45,240		481,354
DoubleLine Income Solutions Fund^(d)		87,916		961,801
DoubleLine Yield Opportunities Fund^(d)		59,827		849,543
Eaton Vance Limited Duration Income Fund		96,436		837,064
First Trust High Yield Opportunities 2027 Term Fund		25,929		332,151
Flaherty & Crumrine Preferred & Income Securities Fund, Inc.		45,057		565,465
GAMCO Global Gold Natural Resources & Income Trust		128,251		464,269
Highland Opportunities and Income Fund		66,986		488,998
Invesco Senior Income Trust^(f)		185,278		722,584
Nuveen Preferred & Income Opportunities Fund		111,557		676,035
Nuveen Taxable Municipal Income Fund^(d)		23,954		334,158
PGIM Global High Yield Fund, Inc.		44,787		464,441
PGIM High Yield Bond Fund, Inc.		33,278		371,050
PIMCO Access Income Fund^(d)		22,777		296,784
Western Asset Diversified Income Fund^(d)		12,580		156,244
Western Asset Emerging Markets Debt Fund, Inc.		14,625		117,878
Western Asset High Income Opportunity Fund, Inc.		33,506		122,967
Western Asset Inflation-Linked Opportunities & Income Fund		14,764		120,917

Total Closed-End Funds (Cost $10,464,470)				8,982,310


Money Market Funds-0.41%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(f)(g) (Cost $379,550)		379,550		379,550

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.29% (Cost $95,421,487)				92,345,800


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-15.86%
Invesco Private Government Fund, 5.32%^(f)(g)(h)		3,659,752		3,659,752

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



		35
		35

Invesco Zacks Multi-Asset Income ETF (CVY)–(continued)

October 31, 2023

(Unaudited)



	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.53%^(f)(g)(h)		10,938,889	$	10,939,983

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $14,599,751)				14,599,735

TOTAL INVESTMENTS IN SECURITIES-116.15% (Cost $110,021,238)				106,945,535
OTHER ASSETS LESS LIABILITIES-(16.15)%				(14,870,102	)

NET ASSETS-100.00%			$	92,075,433

Investment Abbreviations:

ADR -American Depositary Receipt

Conv.-Convertible

Pfd. -Preferred

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)	Security valued using significant unobservable inputs (Level 3). See Note 5.

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

^(e)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(f)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Invesco Senior Income Trust		$	-		$	738,860		$	-			$	(16,276	)		$	-			$	722,584		$	15,126

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			419,085			4,241,509			(4,281,044	)			-				-				379,550			5,782

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			4,129,257			31,991,055			(32,460,560	)			-				-				3,659,752			98,369	*

Invesco Private Prime Fund			10,150,235			62,033,753			(61,244,487	)			886				(404	)			10,939,983			260,617	*


Total		$	14,698,577		$	99,005,177		$	(97,986,091	)		$	(15,390	)		$	(404	)		$	15,701,869		$	379,894

*	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.

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

^(h)	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 2J.

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



		36
		36

Invesco Zacks Multi-Asset Income ETF (CVY)–(continued)

October 31, 2023

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023



Financials			31.02

Energy			29.06

Closed-End Funds			9.75

Real Estate			9.16

Materials			5.11

Consumer Discretionary			3.64

Health Care			3.36

Sector Types Each Less Than 3%			8.78

Money Market Funds Plus Other Assets Less Liabilities			0.12

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



		37
		37

Statements of Assets and Liabilities

October 31, 2023

(Unaudited)



	Invesco Large Cap Growth ETF (PWB)				Invesco Large Cap Value ETF (PWV)				Invesco S&P 100 Equal Weight ETF (EQWL)				Invesco S&P 500 GARP ETF (SPGP)
Assets:
Unaffiliated investments in securities, at value^(a)		$	616,710,918			$	724,846,541			$	338,790,439			$	3,578,946,969
Affiliated investments in securities, at value			28,892,291				28,976,292				20,154,322				302,399,335
Cash			-				-				-				-
Receivable for:
Dividends			119,283				1,381,624				533,551				2,211,492
Securities lending			2,131				3,069				848				34,506
Investments sold			-				260,127				-				-
Fund shares sold			-				-				-				13,075,326
Foreign tax reclaims			-				-				-				-
Other assets			59,741				73,492				1,411				42,201

Total assets			645,784,364				755,541,145				359,480,571				3,896,709,829


Liabilities:
Due to custodian			81,108				2,303				48,959				2,535
Payable for:
Investments purchased.			-				190,129				-				13,098,357
Investments purchased - affiliated broker			-				553,270				-				-
Collateral upon return of securities loaned			28,893,790				28,883,456				20,154,838				301,769,690
Fund shares repurchased			-				-				-				-
Expenses recaptured.			-				-				-				-
Accrued advisory fees			263,202				312,386				54,130				871,258
Accrued trustees’ and officer’s fees			102,364				141,804				50,883				46,925
Accrued expenses			192,273				435,302				75,805				605,639

Total liabilities			29,532,737				30,518,650				20,384,615				316,394,404

Net Assets		$	616,251,627			$	725,022,495			$	339,095,956			$	3,580,315,425


Net assets consist of:
Shares of beneficial interest		$	826,751,648			$	1,234,633,039			$	352,022,016			$	3,698,698,137
Distributable earnings (loss)			(210,500,021	)			(509,610,544	)			(12,926,060	)			(118,382,712	)

Net Assets		$	616,251,627			$	725,022,495			$	339,095,956			$	3,580,315,425

Shares outstanding (unlimited amount authorized, $0.01 par value)			9,200,000				16,110,000				4,420,000				40,830,000
Net asset value		$	66.98			$	45.00			$	76.72			$	87.69

Market price		$	66.99			$	45.01			$	76.74			$	87.72

Unaffiliated investments in securities, at cost		$	580,918,174			$	733,726,202			$	352,106,193			$	3,608,810,647

Affiliated investments in securities, at cost		$	28,893,790			$	28,975,005			$	20,154,838			$	302,394,559

^(a)Includes securities on loan with an aggregate value of:		$	28,594,018			$	28,223,462			$	20,054,399			$	297,536,048

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



		38
		38



Invesco S&P 500 Value with Momentum ETF (SPVM)	Invesco S&P MidCap Momentum ETF (XMMO)			Invesco S&P MidCap Quality ETF (XMHQ)			Invesco S&P MidCap Value with Momentum ETF (XMVM)			Invesco S&P SmallCap Momentum ETF (XSMO)			Invesco S&P SmallCap Value with Momentum ETF (XSVM)			Invesco Zacks Mid-Cap ETF (CZA)			Invesco Zacks Multi-Asset Income ETF (CVY)

$34,761,057	$	1,063,913,568		$	1,638,620,011		$	169,780,741		$	159,425,668		$	584,347,028		$	173,116,502		$	91,243,666
77,045		145,432,186			140,029,158			24,046,260			35,669,904			120,021,000			25,785,183			15,701,869
-					-			-			-			-			-			4,814

41,061		364,863			660,454			52,172			58,496			397,303			72,067			159,902
1		16,197			16,473			2,581			2,946			13,876			6,574			10,502
-		-			-			1,735,488			-			2,272,139			-			81,759
-		-			1,530,061			-			-			2,717,456			-			-
-		-			-			-			-			-			12,470			4,323
25,128		244,202			617			9,362			24,730			1,352			14,663			14,009

34,904,292		1,209,971,016			1,780,856,774			195,626,604			195,181,744			709,770,154			199,007,459			107,220,844



-		46,979			57,998			175			-			-			-			-

-		-			1,529,448			-			-			2,714,474			-			178,329
-		-			-			-			-			-			-			71,564
-		145,431,087			140,025,226			23,927,637			35,541,453			119,792,854			25,516,667			14,599,751
-		-			-			1,737,086			-			2,274,640			-			-
-		-			-			650			4,098			2,067			-			-
3,685		268,902			253,316			43,330			38,295			147,586			66,127			29,233
39,957		74,321			48,615			53,652			52,107			57,650			11,032			10,242
63,594		80,225			236,391			62,525			77,991			191,751			310,230			256,292

107,236		145,901,514			142,150,994			25,825,055			35,713,944			125,181,022			25,904,056			15,145,411

$34,797,056	$	1,064,069,502		$	1,638,705,780		$	169,801,549		$	159,467,800		$	584,589,132		$	173,103,403		$	92,075,433



$59,964,690	$	1,301,299,176		$	1,660,337,900		$	232,348,545		$	237,904,052		$	779,037,750		$	320,184,163		$	546,036,795
(25,167,634)		(237,229,674	)		(21,632,120	)		(62,546,996	)		(78,436,252	)		(194,448,618	)		(147,080,760	)		(453,961,362	)

$34,797,056	$	1,064,069,502		$	1,638,705,780		$	169,801,549		$	159,467,800		$	584,589,132		$	173,103,403		$	92,075,433

750,000		13,970,000			21,420,000			3,910,000			3,480,000			12,850,000			2,130,000			4,330,800
$46.40	$	76.17		$	76.50		$	43.43		$	45.82		$	45.49		$	81.27		$	21.26

$46.39	$	76.06		$	76.50		$	43.39		$	45.85		$	45.50		$	81.26		$	21.25

$36,644,707	$	1,038,860,751		$	1,631,765,061		$	170,011,288		$	157,372,650		$	570,365,489		$	184,210,944		$	94,303,077

$77,045	$	145,431,087		$	140,025,226		$	24,046,445		$	35,668,816		$	120,019,781		$	25,785,282		$	15,718,161

$-	$	142,766,759		$	136,011,034		$	23,626,063		$	35,181,063		$	118,515,683		$	25,164,665		$	14,376,098

Statements of Operations

For the six months ended October 31, 2023

(Unaudited)



	Invesco Large Cap Growth ETF (PWB)				Invesco Large Cap Value ETF (PWV)				Invesco S&P 100 Equal Weight ETF (EQWL)				Invesco S&P 500 GARP ETF (SPGP)

Investment income:
Unaffiliated dividend income		$	2,312,049			$	10,947,626			$	3,563,623			$	25,406,892
Affiliated dividend income			2,283				6,994				2,457				15,643
Securities lending income, net			15,291				40,874				7,669				133,243
Foreign withholding tax			-				-				-				(42,199	)

Total investment income			2,329,623				10,995,494				3,573,749				25,513,579


Expenses:
Advisory fees			1,587,483				1,931,452				360,528				4,707,463
Sub-licensing fees			95,252				115,891				45,640				619,638
Accounting & administration fees			25,389				32,001				10,532				46,502
Professional fees			22,279				21,500				15,910				24,284
Custodian & transfer agent fees			3,238				5,272				2,271				10,015
Trustees’ and officer’s fees			8,351				10,029				5,439				14,310
Recapture (Note 3)			-				-				-				-
Other expenses			27,097				27,876				12,890				35,665

Total expenses			1,769,089				2,144,021				453,210				5,457,877

Less: Waivers			(49	)			(171	)			(92,051	)			(385	)

Net expenses			1,769,040				2,143,850				361,159				5,457,492

Net investment income			560,583				8,851,644				3,212,590				20,056,087


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			14,561,473				(23,765,753	)			(3,079,399	)			(56,279,074	)
Affiliated investment securities			2,872				(194	)			252				(8,729	)
In-kind redemptions			3,681,920				29,558,657				14,244,999				209,725,648
Foreign currencies			-				-				-				-

Net realized gain (loss)			18,246,265				5,792,710				11,165,852				153,437,845

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(4,853,658	)			(14,646,251	)			(22,973,056	)			(119,383,384	)
Affiliated investment securities			(1,469	)			1,287				(516	)			11,178
Foreign currencies			-				-				-				-

Change in net unrealized appreciation (depreciation)			(4,855,127	)			(14,644,964	)			(22,973,572	)			(119,372,206	)

Net realized and unrealized gain (loss)			13,391,138				(8,852,254	)			(11,807,720	)			34,065,639

Net increase (decrease) in net assets resulting from operations		$	13,951,721			$	(610	)		$	(8,595,130	)		$	54,121,726

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



		40
		40



Invesco S&P 500 Value with Momentum ETF (SPVM)				Invesco S&P MidCap Momentum ETF (XMMO)				Invesco S&P MidCap Quality ETF (XMHQ)				Invesco S&P MidCap Value with Momentum ETF (XMVM)				Invesco S&P SmallCap Momentum ETF (XSMO)				Invesco S&P SmallCap Value with Momentum ETF (XSVM)				Invesco Zacks Mid-Cap ETF (CZA)				Invesco Zacks Multi-Asset Income ETF (CVY)


	$	534,845			$	6,319,029			$	5,793,450			$	1,856,528			$	1,188,476			$	6,609,882			$	2,367,837			$	2,271,265
		1,548				18,807				13,360				4,344				3,378				8,957				4,364				20,908
		163				61,636				73,959				16,274				22,278				81,261				67,267				75,748
		-				-				-				-				-				(6,337	)			(28,151	)			(7,332	)

		536,556				6,399,472				5,880,769				1,877,146				1,214,132				6,693,763				2,411,317				2,360,589



		56,593				1,602,361				1,406,906				260,785				246,285				896,712				485,659				237,708
		4,191				123,065				198,468				28,667				24,146				116,571				133,130				58,744
		7,844				37,801				16,398				12,977				11,435				28,498				13,418				10,649
		19,639				22,005				21,108				18,092				19,928				21,199				20,085				19,811
		1,928				7,985				3,016				2,141				2,716				4,125				4,170				2,370
		4,564				9,573				6,909				5,540				5,395				7,618				4,556				4,092
		-				-				-				4,047				4,098				-				-				-
		11,633				38,931				21,581				18,898				16,175				30,473				17,417				15,771

		106,392				1,841,721				1,674,386				351,147				330,178				1,105,196				678,435				349,145

		(30,317	)			(471	)			(267,160	)			(526	)			(72	)			(2,268	)			(83	)			(5,274	)

		76,075				1,841,250				1,407,226				350,621				330,106				1,102,928				678,352				343,871

		460,481				4,558,222				4,473,543				1,526,525				884,026				5,590,835				1,732,965				2,016,718



		(2,186,037	)			(13,360,034	)			(4,656,075	)			(8,849,635	)			(5,204,039	)			(41,268,763	)			(2,377,563	)			(3,465,194	)
		(14	)			1,875				2,925				567				1,916				(1,495	)			505				(404	)
		135,701				65,746,129				34,944,630				9,313,316				15,021,522				34,739,154				552,862				292,375
		-				-				-				-				-				-				395				(40	)

		(2,050,350	)			52,387,970				30,291,480				464,248				9,819,399				(6,531,104	)			(1,823,801	)			(3,173,263	)


		925,302				(40,764,495	)			(34,897,752	)			2,189,826				(4,796,872	)			24,704,929				(10,973,558	)			2,503,796
		-				4,778				8,698				177				2,875				7,129				(37	)			(15,390	)
		-				-				-				-				-				-				(270	)			-

		925,302				(40,759,717	)			(34,889,054	)			2,190,003				(4,793,997	)			24,712,058				(10,973,865	)			2,488,406

		(1,125,048	)			11,628,253				(4,597,574	)			2,654,251				5,025,402				18,180,954				(12,797,666	)			(684,857	)

	$	(664,567	)		$	16,186,475			$	(124,031	)		$	4,180,776			$	5,909,428			$	23,771,789			$	(11,064,701	)		$	1,331,861

Statements of Changes in Net Assets

For the six months ended October 31, 2023 and the year ended April 30, 2023

(Unaudited)



	Invesco Large Cap Growth ETF (PWB)								Invesco Large Cap Value ETF (PWV)

	Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023
Operations:
Net investment income		$	560,583			$	2,320,307			$	8,851,644			$	18,376,237
Net realized gain (loss)			18,246,265				(35,729,470	)			5,792,710				10,559,339
Change in net unrealized appreciation (depreciation)			(4,855,127	)			49,656,994				(14,644,964	)			(27,735,501	)

Net increase (decrease) in net assets resulting from operations			13,951,721				16,247,831				(610	)			1,200,075


Distributions to Shareholders from:
Distributable earnings			(952,022	)			(2,438,421	)			(9,422,834	)			(19,146,951	)


Shareholder Transactions:
Proceeds from shares sold			25,681,458				145,329,624				191,338,177				400,760,163
Value of shares repurchased			(26,370,064	)			(168,616,074	)			(231,629,898	)			(410,158,765	)

Net increase (decrease) in net assets resulting from share transactions			(688,606	)			(23,286,450	)			(40,291,721	)			(9,398,602	)

Net increase (decrease) in net assets			12,311,093				(9,477,040	)			(49,715,165	)			(27,345,478	)


Net assets:
Beginning of period			603,940,534				613,417,574				774,737,660				802,083,138

End of period		$	616,251,627			$	603,940,534			$	725,022,495			$	774,737,660


Changes in Shares Outstanding:
Shares sold			370,000				2,260,000				4,050,000				8,310,000
Shares repurchased			(390,000	)			(2,670,000	)			(4,870,000	)			(8,570,000	)
Shares outstanding, beginning of period			9,220,000				9,630,000				16,930,000				17,190,000

Shares outstanding, end of period			9,200,000				9,220,000				16,110,000				16,930,000

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



		42
		42



Invesco S&P 100 Equal Weight ETF (EQWL)								Invesco S&P 500 GARP ETF (SPGP)								Invesco S&P 500 Value with Momentum ETF (SPVM)

Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023

	$	3,212,590			$	3,193,994			$	20,056,087			$	21,612,812			$	460,481			$	1,228,725
		11,165,852				491,900				153,437,845				(132,270,175	)			(2,050,350	)			(707,024	)
		(22,973,572	)			5,541,417				(119,372,206	)			132,302,830				925,302				(3,528,503	)

		(8,595,130)				9,227,311				54,121,726				21,645,467				(664,567	)			(3,006,802	)



		(3,001,114	)			(3,066,329	)			(19,710,904	)			(20,629,556	)			(437,848	)			(1,302,225	)



		181,750,252				113,870,616				1,744,109,140				2,728,334,473				959,214				32,326,264
		(49,226,260	)			(19,456,295	)			(1,065,409,611	)			(695,895,701	)			(7,057,942	)			(43,699,858	)

		132,523,992				94,414,321				678,699,529				2,032,438,772				(6,098,728	)			(11,373,594	)

		120,927,748				100,575,303				713,110,351				2,033,454,683				(7,201,143	)			(15,682,621	)



		218,168,208				117,592,905				2,867,205,074				833,750,391				41,998,199				57,680,820

	$	339,095,956			$	218,168,208			$	3,580,315,425			$	2,867,205,074			$	34,797,056			$	41,998,199



		2,250,000				1,500,000				19,370,000				32,100,000				20,000				630,000
		(600,000	)			(260,000	)			(11,850,000	)			(8,540,000	)			(150,000	)			(880,000	)
		2,770,000				1,530,000				33,310,000				9,750,000				880,000				1,130,000

		4,420,000				2,770,000				40,830,000				33,310,000				750,000				880,000

Statements of Changes in Net Assets–(continued)

For the six months ended October 31, 2023 and the year ended April 30, 2023

(Unaudited)



	Invesco S&P MidCap Momentum ETF (XMMO)								Invesco S&P MidCap Quality ETF (XMHQ)

	Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023
Operations:
Net investment income		$	4,558,222			$	14,806,416			$	4,473,543			$	5,305,710
Net realized gain (loss)			52,387,970				(157,490,558	)			30,291,480				(43,786,328	)
Change in net unrealized appreciation (depreciation)			(40,759,717	)			73,720,422				(34,889,054	)			68,142,338

Net increase (decrease) in net assets resulting from operations			16,186,475				(68,963,720	)			(124,031	)			29,661,720


Distributions to Shareholders from:
Distributable earnings			(3,783,775	)			(15,255,789	)			(3,744,975	)			(5,571,866	)


Shareholder Transactions:
Proceeds from shares sold			397,208,317				330,942,497				1,185,316,222				403,872,171
Value of shares repurchased			(398,595,280	)			(88,079,379	)			(257,610,068	)			(42,917,144	)

Net increase (decrease) in net assets resulting from share transactions			(1,386,963	)			242,863,118				927,706,154				360,955,027

Net increase (decrease) in net assets			11,015,737				158,643,609				923,837,148				385,044,881


Net assets:
Beginning of period			1,053,053,765				894,410,156				714,868,632				329,823,751

End of period		$	1,064,069,502			$	1,053,053,765			$	1,638,705,780			$	714,868,632


Changes in Shares Outstanding:
Shares sold			4,910,000				4,280,000				15,040,000				5,600,000
Shares repurchased			(4,970,000	)			(1,160,000	)			(3,290,000	)			(640,000	)
Shares outstanding, beginning of period.			14,030,000				10,910,000				9,670,000				4,710,000

Shares outstanding, end of period			13,970,000				14,030,000				21,420,000				9,670,000

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



		44
		44



Invesco S&P MidCap Value with Momentum ETF (XMVM)								Invesco S&P SmallCap Momentum ETF (XSMO)								Invesco S&P SmallCap Value with Momentum ETF (XSVM)

Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023

	$	1,526,525			$	3,941,841			$	884,026			$	2,290,799			$	5,590,835			$	9,757,283
		464,248				(21,469,293	)			9,819,399				(29,411,567	)			(6,531,104	)			(115,208,994	)
		2,190,003				8,987,405				(4,793,997	)			15,252,264				24,712,058				22,363,050

		4,180,776				(8,540,047	)			5,909,428				(11,868,504	)			23,771,789				(83,088,661	)



		(1,549,635	)			(3,875,612	)			(978,160	)			(2,369,992	)			(4,997,904	)			(10,428,984	)



		63,308,373				33,533,313				71,583,619				82,998,607				130,499,263				229,247,727
		(66,366,408	)			(107,959,085	)			(94,969,142	)			(36,490,054	)			(177,015,163	)			(234,474,173	)

		(3,058,035)				(74,425,772	)			(23,385,523	)			46,508,553				(46,515,900	)			(5,226,446	)

		(426,894	)			(86,841,431	)			(18,454,255	)			32,270,057				(27,742,015	)			(98,744,091	)



		170,228,443				257,069,874				177,922,055				145,651,998				612,331,147				711,075,238

	$	169,801,549			$	170,228,443			$	159,467,800			$	177,922,055			$	584,589,132			$	612,331,147



		1,400,000				760,000				1,460,000				1,710,000				2,840,000				4,830,000
		(1,490,000	)			(2,520,000	)			(1,950,000	)			(770,000	)			(3,880,000	)			(5,150,000	)
		4,000,000				5,760,000				3,970,000				3,030,000				13,890,000				14,210,000

		3,910,000				4,000,000				3,480,000				3,970,000				12,850,000				13,890,000

Statements of Changes in Net Assets–(continued)

For the six months ended October 31, 2023 and the year ended April 30, 2023

(Unaudited)



	Invesco Zacks Mid-Cap ETF (CZA)								Invesco Zacks Multi-Asset Income ETF (CVY)

	Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023
Operations:
Net investment income		$	1,732,965			$	2,479,414			$	2,016,718			$	4,522,667
Net realized gain (loss)			(1,823,801	)			(10,239,081	)			(3,173,263	)			(2,654,346	)
Change in net unrealized appreciation (depreciation)			(10,973,865	)			3,362,339				2,488,406				(1,667,140	)

Net increase (decrease) in net assets resulting from operations			(11,064,701	)			(4,397,328	)			1,331,861				201,181


Distributions to Shareholders from:
Distributable earnings			-				(3,585,713	)			(2,223,136	)			(5,592,580	)


Shareholder Transactions:
Proceeds from shares sold			848,916				12,663,945				880,101				5,356,914
Value of shares repurchased			(15,576,302	)			(17,520,576	)			(4,088,741	)			(17,939,985	)

Net increase (decrease) in net assets resulting from share transactions			(14,727,386	)			(4,856,631	)			(3,208,640	)			(12,583,071	)

Net increase (decrease) in net assets			(25,792,087	)			(12,839,672	)			(4,099,915	)			(17,974,470	)


Net assets:
Beginning of period			198,895,490				211,735,162				96,175,348				114,149,818

End of period		$	173,103,403			$	198,895,490			$	92,075,433			$	96,175,348


Changes in Shares Outstanding:
Shares sold			10,000				140,000				40,000				250,000
Shares repurchased			(180,000	)			(200,000	)			(190,000	)			(810,000	)
Shares outstanding, beginning of period			2,300,000				2,360,000				4,480,800				5,040,800

Shares outstanding, end of period			2,130,000				2,300,000				4,330,800				4,480,800

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



		46
		46

Financial Highlights

Invesco Large Cap Growth ETF (PWB)



	Six Months Ended October 31, 2023 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	65.50			$	63.70			$	71.25			$	48.91			$	48.75			$	43.32

Net investment income^(a)			0.06				0.25				0.04				0.08				0.19				0.48
Net realized and unrealized gain (loss) on investments			1.52				1.81				(7.55	)			22.34				0.24				5.39

Total from investment operations			1.58				2.06				(7.51	)			22.42				0.43				5.87

Distributions to shareholders from:
Net investment income			(0.10	)			(0.26	)			(0.04	)			(0.08	)			(0.27	)			(0.44	)

Net asset value at end of period		$	66.98			$	65.50			$	63.70			$	71.25			$	48.91			$	48.75

Market price at end of period^(b)		$	66.99			$	65.48			$	63.74			$	71.25			$	48.93			$	48.77

Net Asset Value Total Return^(c)			2.41	%			3.27	%			(10.55	)%			45.89	%			0.92	%			13.69	%
Market Price Total Return^(c)			2.46	%			3.18	%			(10.50	)%			45.83	%			0.91	%			13.57	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	616,252			$	603,941			$	613,418			$	753,157			$	613,853			$	758,057
Ratio to average net assets of:
Expenses			0.56	%^(d)			0.56	%			0.55	%			0.56	%			0.56	%			0.55	%
Net investment income			0.18	%^(d)			0.40	%			0.05	%			0.13	%			0.38	%			1.06	%
Portfolio turnover rate^(e)			60	%			123	%			129	%			118	%			166	%			181	%

^(a)	Based on average shares outstanding.

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

^(c)

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

^(d)	Annualized.

^(e)	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.



		47
		47

Financial Highlights–(continued)

Invesco Large Cap Value ETF (PWV)



	Six Months Ended October 31, 2023 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	45.76			$	46.66			$	44.21			$	33.19			$	36.73			$	36.10

Net investment income^(a)			0.54				1.07				0.99				0.91				0.91				0.84
Net realized and unrealized gain (loss) on investments			(0.73	)			(0.85	)			2.40				11.05				(3.52	)			0.68

Total from investment operations			(0.19	)			0.22				3.39				11.96				(2.61	)			1.52

Distributions to shareholders from:
Net investment income			(0.57	)			(1.12	)			(0.94	)			(0.94	)			(0.93	)			(0.89	)

Net asset value at end of period		$	45.00			$	45.76			$	46.66			$	44.21			$	33.19			$	36.73

Market price at end of period^(b)		$	45.01			$	45.75			$	46.66			$	44.20			$	33.23			$	36.74

Net Asset Value Total Return^(c)			(0.46	)%			0.53	%			7.72	%			36.68	%			(7.12	)%			4.32	%
Market Price Total Return^(c)			(0.42	)%			0.52	%			7.75	%			36.50	%			(7.04	)%			4.26	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	725,022			$	774,738			$	802,083			$	736,477			$	678,709			$	1,041,362
Ratio to average net assets of:
Expenses, after Waivers			0.55	%^(d)			0.55	%			0.55	%			0.58	%			0.56	%			0.55	%
Expenses, prior to Waivers			0.56	%^(d)			0.55	%			0.55	%			0.58	%			0.56	%			0.55	%
Net investment income			2.29	%^(d)			2.32	%			2.12	%			2.47	%			2.43	%			2.33	%
Portfolio turnover rate^(e)			53	%			104	%			113	%			149	%			142	%			189	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)	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.



		48
		48

Financial Highlights–(continued)

Invesco S&P 100 Equal Weight ETF (EQWL)



	Six Months Ended October 31, 2023 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	78.76			$	76.86			$	77.93			$	53.60			$	56.90			$	52.38

Net investment income^(a)			0.89				1.66				1.57				1.34				1.30				1.14
Net realized and unrealized gain (loss) on investments			(2.09	)			1.85				(1.14	)			24.35				(3.22	)			4.52

Total from investment operations			(1.20	)			3.51				0.43				25.69				(1.92	)			5.66

Distributions to shareholders from:
Net investment income			(0.84	)			(1.61	)			(1.50	)			(1.36	)			(1.38	)			(1.14	)

Net asset value at end of period		$	76.72			$	78.76			$	76.86			$	77.93			$	53.60			$	56.90

Market price at end of period^(b)		$	76.74			$	78.76			$	76.71			$	77.98			$	53.54			$	56.91

Net Asset Value Total Return^(c)			(1.58	)%			4.75	%			0.46	%			48.53	%			(3.34	)%			11.04	%
Market Price Total Return^(c)			(1.55	)%			4.95	%			0.20	%			48.79	%			(3.46	)%			10.98	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	339,096			$	218,168			$	117,593			$	89,618			$	53,604			$	59,749
Ratio to average net assets of:
Expenses, after Waivers			0.25	%^(d)			0.25	%			0.25	%			0.25	%			0.26	%^(e)			0.25	%
Expenses, prior to Waivers			0.31	%^(d)			0.36	%			0.35	%			0.40	%			0.40	%^(e)			0.41	%
Net investment income			2.23	%^(d)			2.21	%			1.90	%			2.08	%			2.28	%^(e)			2.13	%
Portfolio turnover rate^(f)			9	%			17	%			15	%			20	%			51	%			24	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(f)

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

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



		49
		49

Financial Highlights–(continued)

Invesco S&P 500 GARP ETF (SPGP)



	Six Months Ended October 31, 2023 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	86.08			$	85.51			$	85.25			$	51.39			$	55.20			$	47.90

Net investment income^(a)			0.56				1.10				0.75				0.71				0.71				0.47
Net realized and unrealized gain (loss) on investments			1.61				0.50				0.17	^(b)			33.95				(3.81	)			7.29

Total from investment operations			2.17				1.60				0.92				34.66				(3.10	)			7.76

Distributions to shareholders from:
Net investment income			(0.56	)			(1.03	)			(0.66	)			(0.80	)			(0.71	)			(0.46	)

Net asset value at end of period		$	87.69			$	86.08			$	85.51			$	85.25			$	51.39			$	55.20

Market price at end of period^(c)		$	87.72			$	86.07			$	85.51			$	85.34			$	51.43			$	55.18

Net Asset Value Total Return^(d)			2.49	%			1.96	%			1.04	%			67.94	%			(5.56	)%			16.35	%
Market Price Total Return^(d)			2.54	%			1.95	%			0.94	%			67.99	%			(5.45	)%			16.20	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	3,580,315			$	2,867,205			$	833,750			$	411,737			$	244,088			$	229,088
Ratio to average net assets of:
Expenses			0.34	%^(e)			0.34	%			0.33	%			0.36	%			0.34	%			0.36	%
Net investment income			1.24	%^(e)			1.30	%			0.83	%			1.07	%			1.23	%			0.92	%
Portfolio turnover rate^(f)			40	%			49	%			50	%			68	%			110	%			17	%

^(a)	Based on average shares outstanding.

^(b)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

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

^(d)

^(e)	Annualized.

^(f)

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



		50
		50

Financial Highlights–(continued)

Invesco S&P 500 Value with Momentum ETF (SPVM)



	Six Months Ended October 31, 2023 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	47.73			$	51.04			$	48.45			$	31.56			$	40.00			$	38.01

Net investment income^(a)			0.57				1.22				0.84				0.78				0.87				1.03
Net realized and unrealized gain (loss) on investments			(1.35	)			(3.22	)			2.50	^(b)			16.94				(8.26	)			2.06

Total from investment operations			(0.78	)			(2.00	)			3.34				17.72				(7.39	)			3.09

Distributions to shareholders from:
Net investment income			(0.55	)			(1.31	)			(0.75	)			(0.83	)			(1.05	)			(1.10	)

Net asset value at end of period		$	46.40			$	47.73			$	51.04			$	48.45			$	31.56			$	40.00

Market price at end of period^(c)		$	46.39			$	47.71			$	50.98			$	48.46			$	31.62			$	39.99

Net Asset Value Total Return^(d)			(1.66	)%			(3.87	)%			6.94	%			56.93	%			(18.74	)%			8.40	%
Market Price Total Return^(d)			(1.64	)%			(3.80	)%			6.80	%			56.68	%			(18.57	)%			8.31	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	34,797			$	41,998			$	57,681			$	35,372			$	44,190			$	96,009
Ratio to average net assets of:
Expenses, after Waivers			0.39	%^(e)			0.39	%			0.39	%			0.39	%			0.40	%^(f)			0.39	%
Expenses, prior to Waivers			0.55	%^(e)			0.52	%			0.48	%			0.57	%			0.45	%^(f)			0.41	%
Net investment income			2.36	%^(e)			2.50	%			1.64	%			2.07	%			2.24	%^(f)			2.70	%
Portfolio turnover rate^(g)			37	%			77	%			71	%			83	%			127	%			32	%

^(a)	Based on average shares outstanding.

^(b)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

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

^(d)

^(e)	Annualized.

^(f)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(g)

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



		51
		51

Financial Highlights–(continued)

Invesco S&P MidCap Momentum ETF (XMMO)



	Six Months Ended October 31, 2023 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	75.06			$	81.98			$	85.50			$	54.07			$	59.05			$	45.61

Net investment income^(a)			0.33				1.15				0.58				0.32				0.49				0.06
Net realized and unrealized gain (loss) on investments			1.05				(6.89	)			(3.56	)			31.45				(4.92	)			13.47

Total from investment operations			1.38				(5.74	)			(2.98	)			31.77				(4.43	)			13.53

Distributions to shareholders from:
Net investment income			(0.27	)			(1.18	)			(0.54	)			(0.34	)			(0.55	)			(0.09	)

Net asset value at end of period		$	76.17			$	75.06			$	81.98			$	85.50			$	54.07			$	59.05

Market price at end of period^(b)		$	76.06			$	75.05			$	82.00			$	85.51			$	54.17			$	59.07

Net Asset Value Total Return^(c)			1.83	%			(6.97	)%			(3.50	)%			58.94	%			(7.45	)%			29.72	%
Market Price Total Return^(c)			1.68	%			(7.01	)%			(3.49	)%			58.66	%			(7.32	)%			29.48	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,064,070			$	1,053,054			$	894,410			$	943,934			$	519,048			$	625,899
Ratio to average net assets of:
Expenses			0.33	%^(d)			0.34	%			0.33	%			0.33	%			0.34	%			0.39	%
Net investment income			0.82	%^(d)			1.50	%			0.67	%			0.44	%			0.84	%			0.12	%
Portfolio turnover rate^(e)			66	%			129	%			135	%			100	%			194	%			30	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)

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



		52
		52

Financial Highlights–(continued)

Invesco S&P MidCap Quality ETF (XMHQ)



	Six Months Ended October 31, 2023 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	73.93			$	70.03			$	78.05			$	47.16			$	50.74			$	47.29

Net investment income^(a)			0.32				1.03				1.00				0.77				0.67				0.66
Net realized and unrealized gain (loss) on investments			2.52	^(b)			3.98				(8.07	)			30.84				(3.49	)			3.46

Total from investment operations			2.84				5.01				(7.07	)			31.61				(2.82	)			4.12

Distributions to shareholders from:
Net investment income			(0.27	)			(1.11	)			(0.95	)			(0.72	)			(0.76	)			(0.67	)

Net asset value at end of period		$	76.50			$	73.93			$	70.03			$	78.05			$	47.16			$	50.74

Market price at end of period^(c)		$	76.50			$	73.92			$	70.16			$	78.13			$	47.33			$	50.72

Net Asset Value Total Return^(d)			3.83	%			7.33	%			(9.16	)%			67.43	%			(5.52	)%			8.85	%
Market Price Total Return^(d)			3.84	%			7.11	%			(9.07	)%			67.00	%			(5.15	)%			8.78	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,638,706			$	714,869			$	329,824			$	245,868			$	23,578			$	25,372
Ratio to average net assets of:
Expenses, after Waivers			0.25	%^(e)			0.25	%			0.25	%			0.25	%			0.27	%^(f)			0.25	%
Expenses, prior to Waivers			0.30	%^(e)			0.33	%			0.31	%			0.37	%			0.56	%^(f)			0.61	%
Net investment income			0.79	%^(e)			1.46	%			1.30	%			1.17	%			1.35	%^(f)			1.36	%
Portfolio turnover rate^(g)			36	%			79	%			83	%			56	%			130	%			30	%

^(a)	Based on average shares outstanding.

^(b)	Net gains (losses) on securities (both realized and unrealized) per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

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

^(d)

^(e)	Annualized.

^(f)	Ratios include non-recurring costs associated with a proxy statement of 0.02%.

^(g)

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



		53
		53

Financial Highlights–(continued)

Invesco S&P MidCap Value with Momentum ETF (XMVM)



	Six Months Ended October 31, 2023 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	42.56			$	44.63			$	46.41			$	25.75			$	32.38			$	30.69

Net investment income^(a)			0.39				0.83				0.64				0.38				0.54				0.84
Net realized and unrealized gain (loss) on investments			0.88				(2.10	)			(1.79	)			20.73				(6.49	)			1.64

Total from investment operations			1.27				(1.27	)			(1.15	)			21.11				(5.95	)			2.48

Distributions to shareholders from:
Net investment income			(0.40	)			(0.80	)			(0.63	)			(0.45	)			(0.68	)			(0.79	)

Net asset value at end of period		$	43.43			$	42.56			$	44.63			$	46.41			$	25.75			$	32.38

Market price at end of period^(b)		$	43.39			$	42.50			$	44.65			$	46.51			$	25.81			$	32.36

Net Asset Value Total Return^(c)			2.94	%			(2.78	)%			(2.51	)%			82.77	%			(18.59	)%			8.36	%
Market Price Total Return^(c)			2.99	%			(2.97	)%			(2.67	)%			82.75	%			(18.34	)%			8.30	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	169,802			$	170,228			$	257,070			$	132,722			$	45,060			$	51,809
Ratio to average net assets of:
Expenses, after Waivers			0.39	%^(d)			0.39	%			0.39	%			0.39	%			0.40	%^(e)			0.39	%
Expenses, prior to Waivers			0.39	%^(d)			0.40	%			0.39	%			0.46	%			0.44	%^(e)			0.48	%
Net investment income			1.70	%^(d)			1.88	%			1.38	%			1.09	%			1.72	%^(e)			2.73	%
Portfolio turnover rate^(f)			44	%			76	%			76	%			78	%			128	%			49	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(f)

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



		54
		54

Financial Highlights–(continued)

Invesco S&P SmallCap Momentum ETF (XSMO)



	Six Months Ended October 31, 2023 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	44.82			$	48.07			$	51.21			$	32.48			$	37.29			$	33.25

Net investment income^(a)			0.25				0.66				0.26				0.24				0.34				0.13
Net realized and unrealized gain (loss) on investments			1.02				(3.25	)			(3.20	)			18.77				(4.71	)			4.04

Total from investment operations			1.27				(2.59	)			(2.94	)			19.01				(4.37	)			4.17

Distributions to shareholders from:
Net investment income			(0.27	)			(0.66	)			(0.20	)			(0.28	)			(0.44	)			(0.13	)

Net asset value at end of period		$	45.82			$	44.82			$	48.07			$	51.21			$	32.48			$	37.29

Market price at end of period^(b)		$	45.85			$	44.77			$	48.05			$	51.16			$	32.56			$	37.31

Net Asset Value Total Return^(c)			2.79	%			(5.38	)%			(5.78	)%			58.74	%			(11.70	)%			12.55	%
Market Price Total Return^(c)			2.97	%			(5.45	)%			(5.72	)%			58.20	%			(11.53	)%			12.41	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	159,468			$	177,922			$	145,652			$	171,548			$	74,694			$	89,495
Ratio to average net assets of:
Expenses, after Waivers			0.39	%^(d)			0.39	%			0.37	%			0.39	%			0.39	%			0.39	%
Expenses, prior to Waivers			0.39	%^(d)			0.42	%			0.37	%			0.40	%			0.40	%			0.44	%
Net investment income			1.04	%^(d)			1.40	%			0.48	%			0.53	%			0.92	%			0.37	%
Portfolio turnover rate^(e)			52	%			125	%			147	%			132	%			180	%			44	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)

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



		55
		55

Financial Highlights–(continued)

Invesco S&P SmallCap Value with Momentum ETF (XSVM)



	Six Months Ended October 31, 2023 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	44.08			$	50.04			$	49.21			$	22.95			$	30.31			$	30.37

Net investment income^(a)			0.43				0.68				0.74				0.38				0.51				0.58
Net realized and unrealized gain (loss) on investments			1.36				(5.91	)			0.84	^(b)			26.23				(7.27	)			0.03

Total from investment operations			1.79				(5.23	)			1.58				26.61				(6.76	)			0.61

Distributions to shareholders from:
Net investment income			(0.38	)			(0.73	)			(0.75	)			(0.35	)			(0.60	)			(0.67	)

Net asset value at end of period		$	45.49			$	44.08			$	50.04			$	49.21			$	22.95			$	30.31

Market price at end of period^(c)		$	45.50			$	44.07			$	50.03			$	49.27			$	22.92			$	30.30

Net Asset Value Total Return^(d)			4.05	%			(10.46	)%			3.18	%			116.75	%			(22.43	)%			2.13	%
Market Price Total Return^(d)			4.09	%			(10.47	)%			3.04	%			117.30	%			(22.51	)%			2.00	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	584,589			$	612,331			$	711,075			$	259,319			$	52,778			$	78,794
Ratio to average net assets of:
Expenses, after Waivers			0.36	%^(e)			0.36	%			0.36	%			0.39	%			0.40	%^(f)			0.39	%
Expenses, prior to Waivers			0.36	%^(e)			0.36	%			0.36	%			0.41	%			0.40	%^(f)			0.44	%
Net investment income			1.81	%^(e)			1.44	%			1.41	%			1.11	%			1.73	%^(f)			1.88	%
Portfolio turnover rate^(g)			41	%			86	%			73	%			75	%			136	%			52	%

^(a)	Based on average shares outstanding.

^(b)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

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

^(d)

^(e)	Annualized.

^(f)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(g)

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



		56
		56

Financial Highlights–(continued)

Invesco Zacks Mid-Cap ETF (CZA)



	Six Months Ended October 31, 2023 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	86.48			$	89.72			$	88.94			$	57.49			$	70.67			$	64.70

Net investment income^(a)			0.78				1.06				1.06				0.83				1.03				0.90
Net realized and unrealized gain (loss) on investments			(5.99	)			(2.78	)			0.57				31.70				(13.14	)			5.82

Total from investment operations			(5.21	)			(1.72	)			1.63				32.53				(12.11	)			6.72

Distributions to shareholders from:
Net investment income			-				(1.52	)			(0.85	)			(1.08	)			(1.07	)			(0.75	)

Net asset value at end of period		$	81.27			$	86.48			$	89.72			$	88.94			$	57.49			$	70.67

Market price at end of period^(b)		$	81.26			$	86.48			$	89.97			$	88.93			$	57.59			$	70.75

Net Asset Value Total Return^(c)			(6.03	)%			(1.93	)%			1.82	%			56.93	%			(17.51	)%			10.68	%
Market Price Total Return^(c)			(6.04	)%			(2.20	)%			2.12	%			56.65	%			(17.46	)%			10.72	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	173,103			$	198,895			$	211,735			$	226,798			$	232,835			$	265,019
Ratio to average net assets of:
Expenses, after Waivers			0.70	%^(d)			0.72	%			0.74	%			0.69	%			0.65	%^(e)(f)			0.65	%^(e)
Expenses, prior to Waivers			0.70	%^(d)			0.72	%			0.74	%			0.69	%			0.68	%^(e)(f)			0.70	%^(e)
Net investment income			1.78	%^(d)			1.20	%			1.16	%			1.18	%			1.46	%^(f)			1.36	%
Portfolio turnover rate^(g)			60	%			122	%			121	%			162	%			144	%			170	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

^(f)	Ratios include non-recurring costs associated with a proxy statement of less than 0.005%.

^(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.



		57
		57

Financial Highlights–(continued)

Invesco Zacks Multi-Asset Income ETF (CVY)



	Six Months Ended October 31, 2023 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	21.46			$	22.65			$	24.06			$	15.82			$	22.25			$	21.87

Net investment income^(a)(b)			0.46				0.95				0.67				0.65				0.77				0.81
Net realized and unrealized gain (loss) on investments			(0.15	)			(0.94	)			(1.44	)			8.20				(6.45	)			0.38

Total from investment operations			0.31				0.01				(0.77	)			8.85				(5.68	)			1.19

Distributions to shareholders from:
Net investment income.			(0.51	)			(1.20	)			(0.64	)			(0.61	)			(0.75	)			(0.81	)

Net asset value at end of period		$	21.26			$	21.46			$	22.65			$	24.06			$	15.82			$	22.25

Market price at end of period^(c)		$	21.25			$	21.48			$	22.61			$	24.08			$	15.84			$	22.27

Net Asset Value Total Return^(d)			1.42	%			0.28	%			(3.30	)%			57.19	%			(25.93	)%			5.67	%
Market Price Total Return^(d)			1.28	%			0.56	%			(3.54	)%			57.13	%			(25.91	)%			5.76	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	92,075			$	96,175			$	114,150			$	133,536			$	125,007			$	229,220
Ratio to average net assets of:
Expenses, after Waivers			0.72	%^(e)(f)			0.73	%^(f)			0.73	%^(f)			0.73	%			0.65	%^(f)(g)			0.65	%^(f)
Expenses, prior to Waivers			0.73	%^(e)(f)			0.73	%^(f)			0.74	%^(f)			0.73	%			0.69	%^(f)(g)			0.71	%^(f)
Net investment income^(b)			4.24	%^(e)			4.37	%			2.77	%			3.48	%			3.64	%^(g)			3.71	%
Portfolio turnover rate^(h)			63	%			142	%			161	%			176	%			203	%			196	%

^(a)	Based on average shares outstanding.

^(b)	Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

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

^(d)

^(e)	Annualized.

^(f)

^(g)	Ratios include non-recurring costs associated with a proxy statement of less than 0.005%.

^(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.



		58
		58

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

October 31, 2023

(Unaudited)

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business 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 Large Cap Growth ETF (PWB)*		“Large Cap Growth ETF”

		Invesco Large Cap Value ETF (PWV)**		“Large Cap Value ETF”

		Invesco S&P 100 Equal Weight ETF (EQWL)		“S&P 100 Equal Weight ETF”

		Invesco S&P 500 GARP ETF (SPGP)		“S&P 500 GARP ETF”

		Invesco S&P 500 Value with Momentum ETF (SPVM)		“S&P 500 Value with Momentum ETF”

		Invesco S&P MidCap Momentum ETF (XMMO)		“S&P MidCap Momentum ETF”

		Invesco S&P MidCap Quality ETF (XMHQ)		“S&P MidCap Quality ETF”

		Invesco S&P MidCap Value with Momentum ETF (XMVM)		“S&P MidCap Value with Momentum ETF”

		Invesco S&P SmallCap Momentum ETF (XSMO)		“S&P SmallCap Momentum ETF”

		Invesco S&P SmallCap Value with Momentum ETF (XSVM)		“S&P SmallCap Value with Momentum ETF”

		Invesco Zacks Mid-Cap ETF (CZA)		“Zacks Mid-Cap ETF”

		Invesco Zacks Multi-Asset Income ETF (CVY)		“Zacks Multi-Asset Income ETF”

*	Effective after the close of markets on August 25, 2023, the Fund’s name changed from Invesco Dynamic Large Cap Growth ETF to Invesco Large Cap Growth ETF.

**	Effective after the close of markets on August 25, 2023, the Fund’s name changed from Invesco Dynamic Large Cap Value ETF to Invesco Large Cap Value 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 NYSE Arca, 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 are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by authorized participants (“APs”), the Shares are not individually redeemable securities of the Funds.

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


		Fund		Underlying Index

		Large Cap Growth ETF		Dynamic Large Cap Growth Intellidex^® Index

		Large Cap Value ETF		Dynamic Large Cap Value Intellidex^® Index

		S&P 100 Equal Weight ETF		S&P 100^® Equal Weight Index

		S&P 500 GARP ETF		S&P 500^® GARP Index

		S&P 500 Value with Momentum ETF		S&P 500^® High Momentum Value Index

		S&P MidCap Momentum ETF		S&P MidCap 400^® Momentum Index

		S&P MidCap Quality ETF		S&P MidCap 400^® Quality Index

		S&P MidCap Value with Momentum ETF		S&P MidCap 400^® High Momentum Value Index

		S&P SmallCap Momentum ETF		S&P SmallCap 600^® Momentum Index

		S&P SmallCap Value with Momentum ETF		S&P SmallCap 600^® High Momentum Value Index

		Zacks Mid-Cap ETF		Zacks Mid-Cap Core Index

		Zacks Multi-Asset Income ETF		Zacks Multi-Asset Income Index

NOTE 2–Significant Accounting Policies

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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

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

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

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

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

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

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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

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

Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly (except for Zacks Mid-Cap ETF, which declares and pays dividends from net investment income, if any, to shareholders annually) 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.

E.	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.

Foreign Withholding Taxes - Certain Funds are subject to foreign withholding tax imposed by certain foreign countries in which the Funds may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Certain Funds may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. Certain Funds will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Foreign tax reclaims on the Statements of Assets and Liabilities. There is no guarantee that a Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as Foreign withholding tax claims in the Statements of Operations, and any related interest is included in Unaffiliated interest income. Certain Funds may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as Professional fees, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the six months ended October 31, 2023, the Funds did not enter into any closing agreements.

Expenses - Each Fund is responsible for all of its own expenses, including, but not limited to, the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members and officers who are not “interested persons” (as defined in the 1940 Act) of the Trust or the Adviser (the “Independent Trustees”), expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an “Interested Trustee”), or (iii) any other matters that directly benefit the Adviser).

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

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

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

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

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

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


	Amount

Large Cap Growth ETF	$	1,371

Large Cap Value ETF		972

S&P 100 Equal Weight ETF		454

S&P 500 GARP ETF		7,904

S&P 500 Value with Momentum ETF		15

S&P MidCap Momentum ETF		3,756

S&P MidCap Quality ETF		4,252

S&P MidCap Value with Momentum ETF		1,408

S&P SmallCap Momentum ETF		1,971

S&P SmallCap Value with Momentum ETF		5,706

Zacks Mid-Cap ETF		3,612

Zacks Multi-Asset Income ETF		5,487

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 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.

L.	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.

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

Growth Investing Risk. For certain Funds, the market values of “growth” securities may be more volatile than other types of investments. The returns on “growth” securities may or may not move in tandem with the returns on other styles of investing or the overall stock market. Growth securities typically invest a high portion of their earnings back into their business and may lack the dividend yield that could cushion their decline in a market downturn. Thus, the value of a Fund’s investments will vary and at times may be lower than that of other types of investments.

Index Risk. Unlike many investment companies that are “actively managed”, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect

supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

Investment in Investment Companies Risk. Investing in other investment companies, including exchange-traded funds (“ETFs”) and closed-end funds, subjects a Fund to those risks affecting the investment company, including the possibility that the value of the underlying securities held by the investment company could decrease or the portfolio becomes illiquid. Moreover, a Fund will pay indirectly a proportional share of the fees and expenses of the investment companies in which it invests. Investments in another ETF or closed-end fund are subject to, among other risks, the risk that the ETF’s or closed-end fund’s shares may trade at a discount or premium relative to the NAV of its shares and the listing exchange may halt trading of the fund’s shares.

Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.

Master Limited Partnership Risk. Certain Funds may invest in master limited partnerships (“MLPs”). An MLP is an entity that is classified as a partnership under the Internal Revenue Code and whose partnership interests or “units” are traded on securities exchanges like shares of corporate stock. Investments in MLP units are subject to certain risks inherent in a partnership structure, including (i) tax risks, (ii) the limited ability to elect or remove management or the general partner or managing member, (iii) limited voting rights and (iv) conflicts of interest between the general partner or managing member and its affiliates and the limited partners or members. Securities issued by MLPs may experience limited trading volumes and may be relatively illiquid or volatile at times. As partnerships, MLPs may be subject to less regulation (and less protection for investors) than corporations under state laws, and may be subject to state taxation in certain jurisdictions, which may reduce the amount of income an MLP pays to its investors.

Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.

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

Non-Diversification Risk. To the extent certain Funds become non-diversified, such Funds can invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund. As a result, 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 certain Funds’ volatility and cause the performance of a relatively small number of issuers to have a greater impact on such Funds’ performance.

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.

Preferred Securities Risk. There are special risks associated with investing in preferred securities. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If a Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received any income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments. Preferred securities may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer. Preferred securities also may be subordinated to bonds or other debt instruments in an issuer’s capital structure, subjecting them to a greater risk of non-payment than more senior securities.

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.

Value Investing Risk. For certain Funds, value securities are subject to the risk that the valuations never improve or that the returns on value securities are less than returns on other styles of investing or the overall stock market. Thus, the value of a Fund’s investments will vary and at times may be lower than that of other types of investments.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to the Investment Advisory Agreement, each of S&P 500 GARP ETF, S&P 500 Value with Momentum ETF, S&P MidCap Momentum ETF, S&P MidCap Value with Momentum ETF, S&P SmallCap Momentum ETF and S&P SmallCap Value with Momentum ETF accrues daily and pays monthly to the Adviser an annual fee of 0.29% of the Fund’s average daily net assets. Each of S&P 100 Equal Weight ETF and S&P MidCap Quality ETF accrues daily and pays monthly to the Adviser an annual fee of 0.25% of the Fund’s average daily net assets. Each of Large Cap Growth ETF, Large Cap Value ETF, Zacks Mid-Cap ETF, and Zacks Multi-Asset Income ETF accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund, pursuant to which the Adviser has contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser)) of each of S&P 500 GARP ETF, S&P 500 Value with Momentum ETF, S&P MidCap Momentum ETF, S&P MidCap Value with Momentum ETF, S&P SmallCap Momentum ETF and S&P SmallCap Value with Momentum ETF from exceeding 0.39% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2025. The Expense Cap for each of S&P 100 Equal Weight ETF and S&P MidCap Quality ETF is 0.25% of the Fund’s average daily net assets per year, through at least August 31, 2025. The Expense Cap for each of Large Cap Growth ETF, Large Cap Value ETF, Zacks Mid-Cap ETF, and Zacks Multi-Asset Income ETF is 0.60% of the Fund’s average daily net assets per year through at least August 31, 2025, and sub-licensing fees are excluded from the expenses subject to the Expense Cap for these Funds in addition to the excluded expenses above. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2025. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the six months ended October 31, 2023 under this Expense Cap for Large Cap Growth ETF, Large Cap Value ETF, S&P 500 GARP ETF, S&P MidCap Momentum ETF, S&P SmallCap Value with Momentum ETF and Zacks Mid-Cap ETF.

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

For the six months ended October 31, 2023, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:



Large Cap Growth ETF	$	49

Large Cap Value ETF		171

S&P 100 Equal Weight ETF		92,051

S&P 500 GARP ETF		385

S&P 500 Value with Momentum ETF		30,317

S&P MidCap Momentum ETF		471

S&P MidCap Quality ETF		267,160

S&P MidCap Value with Momentum ETF		526

S&P SmallCap Momentum ETF		72

S&P SmallCap Value with Momentum ETF		2,268



Zacks Mid-Cap ETF	$	83

Zacks Multi-Asset Income ETF		5,274

The fees waived and/or expenses borne by the Adviser pursuant to the Expense Cap are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.

For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule as of October 31, 2023 are as follows:


	Total Potential Recapture		Potential Recapture Amounts Expiring
	Amounts		4/30/24		4/30/25		4/30/26		10/31/26

S&P 100 Equal Weight ETF	$	399,486	$	44,828	$	103,638	$	159,032	$	91,988

S&P 500 Value with Momentum ETF		161,576		27,839		38,697		64,754		30,286

S&P MidCap Quality ETF		806,307		66,146		185,234		288,036		266,891

S&P MidCap Value with Momentum ETF		35,377		16,198		-		19,179		-

S&P SmallCap Momentum ETF		49,103		5,640		-		43,463		-

Zacks Multi-Asset Income ETF		25,421		-		9,144		11,122		5,155

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


		Fund		Licensor

		Large Cap Growth ETF		ICE Data Indices, LLC

		Large Cap Value ETF		ICE Data Indices, LLC

		S&P 100 Equal Weight ETF		S&P Dow Jones Indices LLC

		S&P 500 GARP ETF		S&P Dow Jones Indices LLC

		S&P 500 Value with Momentum ETF		S&P Dow Jones Indices LLC

		S&P MidCap Momentum ETF		S&P Dow Jones Indices LLC

		S&P MidCap Quality ETF		S&P Dow Jones Indices LLC

		S&P MidCap Value with Momentum ETF		S&P Dow Jones Indices LLC

		S&P SmallCap Momentum ETF		S&P Dow Jones Indices LLC

		S&P SmallCap Value with Momentum ETF		S&P Dow Jones Indices LLC

		Zacks Mid-Cap ETF		Zacks Investment Research, Inc.

		Zacks Multi-Asset Income ETF		Zacks Investment Research, Inc.

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

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

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



Large Cap Growth ETF	$	38,977

Large Cap Value ETF		75,525

S&P 100 Equal Weight ETF		4,188

S&P 500 GARP ETF		97,151

S&P 500 Value with Momentum ETF		3,203

S&P MidCap Momentum ETF		17,640

S&P MidCap Quality ETF		30,036

S&P MidCap Value with Momentum ETF		28,609



S&P SmallCap Momentum ETF	$	18,698

S&P SmallCap Value with Momentum ETF		32,685

Zacks Mid-Cap ETF		28,256

Zacks Multi-Asset Income ETF		29,525

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–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7.

For the six months ended October 31, 2023, the following Funds engaged in transactions with affiliates as listed below:


	Securities Purchases			Securities Sales			Net Realized Gains (Losses)*

S&P 500 Value with Momentum ETF		$	-		$	75,301		$	15,349

S&P MidCap Momentum ETF			-			45,923,921			6,455,548

S&P MidCap Quality ETF			-			12,579,116			826,993

S&P SmallCap Momentum ETF			-			371,053			(8,746	)

S&P SmallCap Value with Momentum ETF			-			716,920			159,956

*	Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

NOTE 5–Additional Valuation Information

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


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.

Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2023, for each Fund (except for S&P 500 Value with Momentum ETF). As of October 31, 2023, all of the securities in S&P 500 Value with Momentum 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

Large Cap Growth ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	616,710,918		$	-		$-		$	616,710,918

Money Market Funds			-			28,892,291		-			28,892,291


Total Investments		$	616,710,918		$	28,892,291		$-		$	645,603,209


	Level 1			Level 2			Level 3			Total

Large Cap Value ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	724,846,541		$	-		$	-		$	724,846,541

Money Market Funds			91,549			28,884,743			-			28,976,292


Total Investments		$	724,938,090		$	28,884,743		$	-		$	753,822,833


S&P 100 Equal Weight ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	338,790,439		$	-		$	-		$	338,790,439

Money Market Funds			-			20,154,322			-			20,154,322


Total Investments		$	338,790,439		$	20,154,322		$	-		$	358,944,761


S&P 500 GARP ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	3,578,946,969		$	-		$	-		$	3,578,946,969

Money Market Funds			624,869			301,774,466			-			302,399,335


Total Investments		$	3,579,571,838		$	301,774,466		$	-		$	3,881,346,304


S&P MidCap Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	1,063,913,568		$	-		$	-		$	1,063,913,568

Money Market Funds			-			145,432,186			-			145,432,186


Total Investments		$	1,063,913,568		$	145,432,186		$	-		$	1,209,345,754


S&P MidCap Quality ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	1,638,620,011		$	-		$	-		$	1,638,620,011

Money Market Funds			-			140,029,158			-			140,029,158


Total Investments		$	1,638,620,011		$	140,029,158		$	-		$	1,778,649,169


S&P MidCap Value with Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	169,780,741		$	-		$	-		$	169,780,741

Money Market Funds			118,808			23,927,452			-			24,046,260


Total Investments		$	169,899,549		$	23,927,452		$	-		$	193,827,001


S&P SmallCap Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	159,425,668		$	-		$	-		$	159,425,668

Money Market Funds			127,363			35,542,541			-			35,669,904


Total Investments		$	159,553,031		$	35,542,541		$	-		$	195,095,572


S&P SmallCap Value with Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	584,347,028		$	-		$	-		$	584,347,028

Money Market Funds			226,927			119,794,073			-			120,021,000


Total Investments		$	584,573,955		$	119,794,073		$	-		$	704,368,028


Zacks Mid-Cap ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	173,116,502		$	-		$	-		$	173,116,502

Money Market Funds			268,615			25,516,568			-			25,785,183


Total Investments		$	173,385,117		$	25,516,568		$	-		$	198,901,685


Zacks Multi-Asset Income ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	73,935,687		$	-		$	0		$	73,935,687

Preferred Stocks			9,048,253			-			-			9,048,253

Closed-End Funds			8,982,310			-			-			8,982,310

Money Market Funds			379,550			14,599,735			-			14,979,285


Total Investments		$	92,345,800		$	14,599,735		$	0		$	106,945,535

NOTE 6–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.

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

The Funds had capital loss carryforwards as of April 30, 2023, as follows:


	No expiration
	Short-Term		Long-Term		Total*

Large Cap Growth ETF	$	260,225,682	$	-	$	260,225,682

Large Cap Value ETF		428,723,368		70,774,654		499,498,022

S&P 100 Equal Weight ETF		2,791,682		3,934,060		6,725,742

S&P 500 GARP ETF		170,859,940		32,155,012		203,014,952

S&P 500 Value with Momentum ETF		15,398,064		5,816,797		21,214,861

S&P MidCap Momentum ETF		314,440,608		-		314,440,608

S&P MidCap Quality ETF		50,951,381		6,373,235		57,324,616

S&P MidCap Value with Momentum ETF		46,994,702		14,132,733		61,127,435

S&P SmallCap Momentum ETF		81,868,636		7,376,865		89,245,501

S&P SmallCap Value with Momentum ETF		150,033,586		47,292,823		197,326,409

Zacks Mid-Cap ETF		125,030,538		10,191,930		135,222,468

Zacks Multi-Asset Income ETF		368,533,316		77,796,020		446,329,336

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

NOTE 7–Investment Transactions

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


	Purchases		Sales

Large Cap Growth ETF	$	379,034,691	$	379,152,232

Large Cap Value ETF		402,117,334		402,199,417

S&P 100 Equal Weight ETF		25,609,142		25,637,452

S&P 500 GARP ETF		1,275,117,848		1,288,851,225

S&P 500 Value with Momentum ETF		14,388,579		14,422,911

S&P MidCap Momentum ETF		723,518,861		725,493,338

S&P MidCap Quality ETF		413,908,345		416,383,483

S&P MidCap Value with Momentum ETF		77,500,364		77,896,826

S&P SmallCap Momentum ETF		88,321,187		89,181,819

S&P SmallCap Value with Momentum ETF		250,404,911		251,695,671

Zacks Mid-Cap ETF		117,743,573		116,094,920

Zacks Multi-Asset Income ETF		60,061,764		59,664,466

For the six months ended October 31, 2023, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales

Large Cap Growth ETF	$	25,722,899	$	26,340,669

Large Cap Value ETF		191,191,553		231,214,077

S&P 100 Equal Weight ETF		181,808,970		49,161,559

S&P 500 GARP ETF		1,746,018,751		1,053,655,811

S&P 500 Value with Momentum ETF		950,694		7,032,537

S&P MidCap Momentum ETF		397,119,366		395,512,597

S&P MidCap Quality ETF		1,184,302,299		253,002,196


	In-kind Purchases		In-kind Sales

S&P MidCap Value with Momentum ETF	$	63,214,269	$	65,783,753

S&P SmallCap Momentum ETF		71,553,493		94,218,364

S&P SmallCap Value with Momentum ETF		130,173,903		175,216,255

Zacks Mid-Cap ETF		848,995		15,537,149

Zacks Multi-Asset Income ETF		814,958		3,825,672

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. As of October 31, 2023, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost

Large Cap Growth ETF	$	62,951,681	$	(30,986,626	)	$	31,965,055		$	613,638,154

Large Cap Value ETF		36,095,863		(51,865,711	)		(15,769,848	)		769,592,681

S&P 100 Equal Weight ETF		12,272,780		(30,086,847	)		(17,814,067	)		376,758,828

S&P 500 GARP ETF		198,138,661		(268,742,550	)		(70,603,889	)		3,951,950,193

S&P 500 Value with Momentum ETF		1,199,370		(3,124,167	)		(1,924,797	)		36,762,899

S&P MidCap Momentum ETF		86,219,501		(62,128,680	)		24,090,821			1,185,254,933

S&P MidCap Quality ETF		95,112,474		(90,397,728	)		4,714,746			1,773,934,423

S&P MidCap Value with Momentum ETF		12,229,056		(14,105,082	)		(1,876,026	)		195,703,027

S&P SmallCap Momentum ETF		10,627,593		(9,613,441	)		1,014,152			194,081,420

S&P SmallCap Value with Momentum ETF		60,261,204		(51,391,899	)		8,869,305			695,498,723

Zacks Mid-Cap ETF		7,215,651		(19,260,647	)		(12,044,996	)		210,946,681

Zacks Multi-Asset Income ETF		6,650,148		(9,931,744	)		(3,281,596	)		110,227,131

NOTE 8–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Interested Trustee does not receive any Trustees’ fees.

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

NOTE 9–Capital

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

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

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

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

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust, you incur advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

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

In addition to the fees and expenses which the Invesco Zacks Multi-Asset Income ETF (the “Portfolio”) bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that the Portfolio bears indirectly is included in the Portfolio’s total return.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.



	Beginning Account Value May 1, 2023			Ending Account Value October 31, 2023			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco Large Cap Growth ETF (PWB)

Actual		$	1,000.00		$	1,024.10		0.56	%		$	2.85

Hypothetical (5% return before expenses)			1,000.00			1,022.32		0.56				2.85

Invesco Large Cap Value ETF (PWV)

Actual			1,000.00			995.40		0.55				2.76

Hypothetical (5% return before expenses)			1,000.00			1,022.37		0.55				2.80

Invesco S&P 100 Equal Weight ETF (EQWL)

Actual			1,000.00			984.20		0.25				1.25

Hypothetical (5% return before expenses)			1,000.00			1,023.88		0.25				1.27

Invesco S&P 500 GARP ETF (SPGP)

Actual			1,000.00			1,024.90		0.34				1.73

Hypothetical (5% return before expenses)			1,000.00			1,023.43		0.34				1.73

Calculating your ongoing Fund expenses–(continued)



	Beginning Account Value May 1, 2023			Ending Account Value October 31, 2023			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco S&P 500 Value with Momentum ETF (SPVM)

Actual		$	1,000.00		$	983.40		0.39	%		$	1.94

Hypothetical (5% return before expenses)			1,000.00			1,023.18		0.39				1.98

Invesco S&P MidCap Momentum ETF (XMMO)

Actual			1,000.00			1,018.30		0.33				1.67

Hypothetical (5% return before expenses)			1,000.00			1,023.48		0.33				1.68

Invesco S&P MidCap Quality ETF (XMHQ)

Actual			1,000.00			1,038.30		0.25				1.28

Hypothetical (5% return before expenses)			1,000.00			1,023.88		0.25				1.27

Invesco S&P MidCap Value with Momentum ETF (XMVM)

Actual			1,000.00			1,029.40		0.39				1.99

Hypothetical (5% return before expenses)			1,000.00			1,023.18		0.39				1.98

Invesco S&P SmallCap Momentum ETF (XSMO)

Actual			1,000.00			1,027.90		0.39				1.99

Hypothetical (5% return before expenses)			1,000.00			1,023.18		0.39				1.98

Invesco S&P SmallCap Value with Momentum ETF (XSVM)

Actual			1,000.00			1,040.50		0.36				1.85

Hypothetical (5% return before expenses)			1,000.00			1,023.33		0.36				1.83

Invesco Zacks Mid-Cap ETF (CZA)

Actual			1,000.00			939.70		0.70				3.41

Hypothetical (5% return before expenses)			1,000.00			1,021.62		0.70				3.56

Invesco Zacks Multi-Asset Income ETF (CVY)

Actual			1,000.00			1,014.20		0.72				3.65

Hypothetical (5% return before expenses)			1,000.00			1,021.52		0.72				3.66

⁽¹⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/366.

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Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-PS-SAR-5 invesco.com/ETFs