N-CSR

Domestic Equity

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

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

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.³ The CPI rose by 7.9% for the 12 months ended February 28, 2022, the largest 12-month increase since 1982.² To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March, with several more rate increases expected in 2022. As the war in Ukraine continued and corporate earnings in high-profile names, like Netflix reported slowing growth and profits, equity markets sold off for much of the month of April 2022. In this environment, US stocks had flat returns for the fiscal year ended April 30, 2022, of 0.21%, as measured by the S&P 500 Index.⁴

As an index fund, the Invesco Dynamic Large Cap Growth ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Large Cap Growth Intellidex^® Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is comprised of large-capitalization U.S growth stocks that the Index Provider includes principally on the basis of their capital appreciation potential. The Index Provider ranks the 2,000 largest and most liquid U.S. stocks (by market capitalization) traded on the New York Stock Exchange (“NYSE”), NYSE American and The Nasdaq Stock Market for investment potential using a proprietary Index Provider Intellidex model. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (10.50)%. On a net asset value (“NAV”) basis, the Fund returned (10.55)%. During the same time period, the Index returned (10.06)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the Russell 1000^® Growth Index returned (5.35)%.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the consumer staples and health care sectors, respectively. The information technology sector detracted most significantly from the Fund’s return, followed by the communication services and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included NVIDIA Corp., an information technology company (portfolio average weight of 3.52%) and Costco Wholesale Corp., a consumer staples company (portfolio average weight of 2.33%). Positions that detracted most significantly from the Fund’s return during this period included PayPal Holdings, Inc., an information technology company (no longer held at fiscal year-end) and salesforce.com, Inc., an information technology company (portfolio average weight of 1.51%).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Information Technology			48.48
Health Care			13.46
Consumer Discretionary			9.23
Financials			8.44
Energy			7.76
Consumer Staples			5.04
Industrials			3.11
Communication Services			3.06
Materials			1.43
Money Market Funds Plus Other Assets Less Liabilities			(0.01)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Eli Lilly and Co.			4.26
Chevron Corp.			4.13
Tesla, Inc.			3.70
Costco Wholesale Corp.			3.70
Mastercard, Inc., Class A			3.44
Microsoft Corp.			3.37
Visa, Inc., Class A			3.36
Apple, Inc.			3.35
Danaher Corp.			3.29
Accenture PLC, Class A			3.27
Total			35.87

*	Excluding money market fund holdings.

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.56%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

As an index fund, the Invesco Dynamic Large Cap Value ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Large Cap Value Intellidex^® Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is comprised of large-capitalization U.S. value stocks that the Index Provider includes principally on the basis of their capital appreciation potential. The Index Provider ranks the 2,000 largest and most liquid U.S. stocks (by market capitalization) traded on the New York Stock Exchange (“NYSE”), NYSE American and The Nasdaq Stock Market for investment potential using a proprietary Index Provider Intellidex model. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 7.75%. On a net asset value (“NAV”) basis, the Fund returned 7.75%. During the same time period, the Index returned 8.37%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the Russell 1000^® Value Index returned 1.32%.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return followed by the health care and consumer staples sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the information technology and communication services sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Exxon Mobil Corp., an energy company (portfolio average weight of 3.55%) and AbbVie, Inc., a health care company (portfolio average weight of 3.43%). Positions that detracted most significantly from the Fund’s return during this period included Comcast Corp., Class A, a communication services company (portfolio average weight of 3.23%), and Intel Corp., an information technology company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Financials			25.43
Health Care			19.72
Consumer Staples			15.61
Energy			13.75
Information Technology			7.87
Industrials			7.31
Consumer Discretionary			4.11
Sector Types Each Less Than 3%			6.14
Money Market Funds Plus Other Assets Less Liabilities			0.06

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Walmart, Inc.			3.82
Johnson & Johnson			3.82
Exxon Mobil Corp.			3.80
Pfizer, Inc.			3.52
PepsiCo, Inc.			3.48
Procter & Gamble Co. (The)			3.47
AbbVie, Inc.			3.44
Oracle Corp.			3.38
Philip Morris International, Inc.			3.14
Cisco Systems, Inc.			2.97
Total			34.84

*	Excluding money market fund holdings.

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.58%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

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

As an index fund, the Invesco S&P 100 Equal Weight ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 100^® Equal Weight Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is an equal- weighted version of the S&P 100^® Index. Unlike the S&P 100^® Index, which employs a market capitalization weighted methodology, the Index assigns each component security the same weight. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 0.20%. On a net asset value (“NAV”) basis, the Fund returned 0.46%. During the same time period, the Index returned 0.72%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 100^® Index (the “Benchmark Index”) returned 0.26%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 100 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. large cap market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weight methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the industrials sector and most underweight in the information technology sector during the fiscal year ended April 30, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s stock selection within the consumer discretionary sector, as well as the Fund’s underweight allocation to the communication services sector.

For the fiscal year ended April 30, 2022, the health care sector contributed most significantly to the Fund’s return, followed by the energy and consumer staples sectors, respectively. The communication services sector detracted most significantly from the Fund’s return, followed by the financials and industrials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included ConocoPhillips,

an energy company (portfolio average weight of 1.09%) and Chevron Corp., an energy company (portfolio average weight of 1.03%). Positions that detracted most significantly from the Fund’s return during this period included PayPal Holdings, Inc., an information technology company (portfolio average weight of 0.90%) and Netflix, Inc., a communication services company (portfolio average weight of 0.96%).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Information Technology			15.82
Health Care			14.69
Financials			14.32
Consumer Staples			12.09
Industrials			11.62
Consumer Discretionary			11.03
Communication Services			8.10
Utilities			4.16
Materials			3.18
Sector Types Each Less Than 3%			4.93
Money Market Funds Plus Other Assets Less Liabilities			0.06

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Kraft Heinz Co. (The)			1.17
Merck & Co., Inc.			1.16
Philip Morris International, Inc.			1.15
Procter & Gamble Co. (The)			1.15
Mastercard, Inc., Class A			1.14
PepsiCo, Inc.			1.14
Coca-Cola Co. (The)			1.14
Linde PLC			1.14
Target Corp.			1.13
Altria Group, Inc.			1.12
Total			11.44

*	Excluding money market fund holdings.

Fund Inception: December 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.40% and the net annual operating expense ratio was indicated as 0.25%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

The Blended—S&P 100^® Equal Weight Index is comprised of the performance of the Dynamic Large Cap Intellidex^SM Index, the Fund’s underlying index from Fund inception through June 16, 2011, followed by the performance of the RAFI^® Fundamental Large Core Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Russell Top 200^® Equal Weight Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2022.

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

As an index fund, the Invesco S&P 500 GARP ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® GARP Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

In selecting constituent securities for the Index, the Index Provider first identifies stocks that exhibit growth characteristics by calculating the growth score for each stock in the S&P 500^® Index. A stock’s growth score is the average of its: (i) three-year earnings per share (“EPS”) growth, calculated as a company’s three-year EPS compound annual growth rate and (ii) three-year sales per share (“SPS”) growth, calculated as a company’s three-year SPS compound annual growth rate. After adjusting for outliers, the stocks are ranked by growth score and the top 150 stocks remain eligible for inclusion in the Index.

The Index Provider then calculates a quality/value (“QV”) composite score for each of the remaining 150 stocks. A stock’s QV composite score is the average of its: (i) financial leverage ratio, calculated as a company’s latest total debt divided by its book value; (ii) return on equity, calculated as a company’s trailing 12-month EPS divided by its latest book value per share; and (iii) earnings-to-price ratio, calculated as a company’s trailing 12-month EPS divided by its price. In accordance with the Index methodology, the stocks are ranked by QV composite score and the top 75 stocks are included in the Index.

The Underlying Index components are weighted by growth score and no security will have a weight below 0.05% or above 5%. Additionally, each sector will be subject to a maximum weight of 40%. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 0.94%. On a net asset value (“NAV”) basis, the Fund returned 1.06%. During the same time period, the Index returned 1.40%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P 500^® Index returned 0.21%.

For the fiscal year ended April 30, 2022, the health care sector contributed most significantly to the Fund’s return, followed by the industrials and information technology sectors, respectively. The communication services sector detracted most significantly from

the Fund’s return, followed by the consumer discretionary and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Fortinet, Inc., an information technology company (portfolio average weight of 2.41%) and Vertex Pharmaceuticals, Inc., a health care company (portfolio average weight of 1.80%). Positions that detracted most significantly from the Fund’s return during this period included Meta Platforms, Inc., Class A, an information technology company (portfolio average weight of 1.61%) and D.R. Horton, Inc., a consumer discretionary company (portfolio average weight of 1.39%).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Health Care			31.15
Information Technology			18.86
Financials			17.70
Industrials			13.31
Consumer Discretionary			9.78
Communication Services			5.41
Consumer Staples			3.80
Money Market Funds Plus Other Assets Less Liabilities			(0.01)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Vertex Pharmaceuticals, Inc.			3.03
Cigna Corp.			2.30
Fortinet, Inc.			2.02
Progressive Corp. (The)			1.92
Lockheed Martin Corp.			1.82
Activision Blizzard, Inc.			1.73
DaVita, Inc.			1.72
Dollar General Corp.			1.69
Amgen, Inc.			1.69
Northrop Grumman Corp.			1.66
Total			19.58

*	Excluding money market fund holdings.

Fund Inception: June 16, 2011

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.36%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

The Blended—S&P 500^® GARP Index performance is comprised of the performance of the RAFI^® Fundamental Large Growth Index from Fund inception through May 22, 2015, followed by the performance of the Russell Top 200^® Pure Growth Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2022.

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

As an index fund, Invesco S&P 500 Value with Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® High Momentum Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to track the performance of approximately 100 stocks in the S&P 500^® Index (the “Parent Index”) that have the highest “value” and “momentum” scores. In general, a value stock tends to trade at a lower price relative to its company’s fundamentals and thus may be considered undervalued by investors and momentum is the tendency of an investment to exhibit persistence in its relative performance. A “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities.

In selecting constituent securities for the Index, the Index Provider first calculates the value score of each stock in the Parent Index by evaluating each stock’s: (i) book value-to-price ratio, calculated using the company’s latest book value per share divided by its price; (ii) earnings-to-price ratio, calculated using the company’s trailing 12-month earnings per share divided by its price; and (iii) sales-to-price ratio, calculated using the company’s trailing 12-month sales per share divided by its price.

After ranking the constituent securities by value score, the Index Provider selects the 200 highest-ranking securities and calculates a momentum score for each security. A security’s momentum score is based on upward price movements of the security as compared to other eligible securities within the remaining constituent universe. After ranking the remaining constituent universe by momentum score, the 100 highest-ranking securities are included in the Index and weighted by value score. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 6.80%. On a net asset value (“NAV”) basis, the Fund returned 6.94%. During the same time period, the Index returned 7.38%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P 500^® Index returned 0.21%.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the materials and financials sectors, respectively. The communication

services sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and utilities sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Mosaic Co. (The), a materials company (portfolio average weight of 1.53%) and Ford Motor Co., a consumer discretionary company (portfolio average weight of 1.54%). Positions that detracted most significantly from the Fund’s return during this period included General Motors Co., a consumer discretionary company (portfolio average weight of 1.41%) and DISH Network Corp., Class A, a communication services company (portfolio average weight of 1.20%)


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Financials			44.09
Energy			13.35
Consumer Discretionary			9.36
Materials			9.08
Industrials			6.50
Health Care			5.55
Consumer Staples			3.60
Sector Types Each Less Than 3%			8.38
Money Market Funds Plus Other Assets Less Liabilities			0.09

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Marathon Petroleum Corp.			2.72
Mosaic Co. (The)			2.46
Archer-Daniels-Midland Co.			2.16
Prudential Financial, Inc.			2.02
Nucor Corp.			1.81
Valero Energy Corp.			1.80
Allstate Corp. (The)			1.75
Assurant, Inc.			1.74
MetLife, Inc.			1.72
LyondellBasell Industries N.V., Class A			1.70
Total			19.88

*	Excluding money market fund holdings.

Fund Inception: June 16, 2011

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.57% and the net annual operating expense ratio was indicated as 0.39%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See

invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

The Blended—S&P 500^® High Momentum Value Index performance is comprised of the performance of the RAFI^® Fundamental Large Value Index from Fund inception through May 22, 2015, followed by the performance of the Russell Top 200^® Pure Value Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2022.

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

As an index fund, Invesco S&P MidCap Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400^® Momentum Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is composed of constituents of the S&P MidCap 400^® Index (the “Parent Index”) that have the highest “momentum score.” In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on upward price movements of the security as compared to other eligible securities within the Parent Index.

In selecting constituent securities for the Index, the Index Provider first calculates the momentum score of each stock in the Parent Index by evaluating the percentage change in the stock’s price over the last 12 months, excluding the most recent month, and applying an adjustment based on the security’s volatility over that period. Approximately 80 of the securities with the highest momentum score are included in the Index. The Index uses a modified market capitalization-weighted strategy and weights securities by multiplying each security’s market capitalization and momentum score. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (3.49)%. On a net asset value (“NAV”) basis, the Fund returned (3.50)%. During the same time period, the Index returned (3.19)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P MidCap 400^® Index returned (7.03)%.

For the fiscal year ended April 30, 2022, the health care sector contributed most significantly to the Fund’s return, followed by the materials and energy sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the consumer staples and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Avis Budget Group, Inc., an industrials company (portfolio average weight 1.17%) and Repligen Corp., a health care company (no longer held at fiscal year-end). Positions that detracted most significantly

from the Fund’s return during this period included GameStop Corp., Class A, a consumer discretionary company (no longer held at fiscal year-end) and Boston Beer Co., Inc. (The), Class A, a consumer staples company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Real Estate			21.09
Industrials			20.78
Financials			16.36
Materials			11.53
Energy			8.33
Consumer Discretionary			7.08
Information Technology			6.36
Utilities			5.44
Sector Types Each Less Than 3%			2.96
Money Market Funds Plus Other Assets Less Liabilities			0.07

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Targa Resources Corp.			4.95
Alcoa Corp.			3.68
Carlisle Cos., Inc.			3.24
Life Storage, Inc.			3.20
Rexford Industrial Realty, Inc.			3.04
Avis Budget Group, Inc.			2.60
Steel Dynamics, Inc.			2.59
American Financial Group, Inc.			2.58
Jones Lang LaSalle, Inc.			2.44
Builders FirstSource, Inc.			2.32
Total			30.64

*	Excluding money market fund holdings.

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.33%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The

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

Notes Regarding Indexes and Fund Performance History:

The Blended—S&P MidCap 400^® Momentum Index is comprised of the performance of the Dynamic Mid Cap Growth Intellidex^SM Index, the Fund’s underlying index from Fund inception through June 16, 2011, followed by the performance of the RAFI^® Fundamental Mid Growth Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Russell Midcap 400^® Pure Growth Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2022.

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

As an index fund, Invesco S&P MidCap Quality ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400^® Quality Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) first calculates the quality score of each security in the S&P MidCap 400^® Index (the “Parent Index”). Each component stock’s quality score is based on a composite of the following three equally-weighted factors: (1) return-on-equity (calculated as the company’s trailing 12-month earnings per share divided by the company’s latest book value per share); (2) accruals ratio (computed using the change of the company’s net operating assets over the last year divided by the company’s average net operating assets over the last two years); and (3) financial leverage ratio (calculated as the company’s latest total debt divided by the company’s book value). Based on this criteria, the Index Provider selects the 80 stocks from the Parent Index with the highest quality score for inclusion in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (9.07)%. On a net asset value (“NAV”) basis, the Fund returned (9.16)%. During the same time period, the Index returned (8.92)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P MidCap 400^® Index returned (7.03)%.

For the fiscal year ended April 30, 2022, the health care sector contributed most significantly to the Fund’s return, followed by the energy and real estate sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the industrials and information technology sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Molina Healthcare, Inc., a health care company (no longer held at fiscal year-end) and Signature Bank, a financials company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included YETI Holdings, Inc., a consumer discretionary company (portfolio average weight of 1.78%) and Universal Display Corp., an information technology company (portfolio average weight of 1.77%).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Financials			30.46
Consumer Discretionary			22.75
Industrials			14.21
Information Technology			14.01
Materials			9.16
Health Care			4.93
Sector Types Each Less Than 3%			4.41
Money Market Funds Plus Other Assets Less Liabilities			0.07

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Williams-Sonoma, Inc.			3.32
Cognex Corp.			2.87
Manhattan Associates, Inc.			2.70
East West Bancorp, Inc.			2.68
Reliance Steel & Aluminum Co.			2.48
Deckers Outdoor Corp.			2.15
Cullen/Frost Bankers, Inc.			2.15
Louisiana-Pacific Corp.			2.06
American Financial Group, Inc.			1.98
Owens Corning			1.87
Total			24.26

*	Excluding money market fund holdings.

Fund Inception: December 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.37% and the net annual operating expense ratio was indicated as 0.25%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

The Blended—S&P MidCap 400^® Quality Index is comprised of the performance of the Dynamic Mid Cap Intellidex^SM Index, the Fund’s underlying index from Fund inception through June 16, 2011, followed by the performance of the RAFI^® Fundamental Mid Core Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Russell Midcap 400^® Equal Weight Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2022.

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

As an index fund, Invesco S&P MidCap Value with Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400^® High Momentum Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to track the performance of approximately 80 stocks in the S&P MidCap 400^® Index (the “Parent Index”) that have the highest “value” and “momentum” scores. In general, a value stock tends to trade at a lower price relative to its company’s fundamentals and thus may be considered undervalued by investors and momentum is the tendency of an investment to exhibit persistence in its relative performance. A “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities.

In selecting constituent securities for the Index, the Index Provider first calculates the value score of each stock in the Parent Index by averaging each stock’s: (i) book value-to-price ratio, calculated using the company’s latest book value per share divided by its price; (ii) earnings-to-price ratio, calculated using the company’s trailing 12-month earnings per share divided by its price; and (iii) sales-to-price ratio, calculated using the company’s trailing 12-month sales per share divided by its price.

The Index Provider selects the 160 securities with the highest- ranking value scores and calculates a momentum score for each security. A security’s momentum score is based on upward price movements of the security as compared to other eligible securities within the remaining constituent universe. The Index Provider then ranks the 160 remaining securities by momentum score and selects the 80 highest-ranking securities for inclusion in the Index. The component securities are weighted by value score. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (2.67)%. On a net asset value (“NAV”) basis, the Fund returned (2.51)%. During the same time period, the Index returned (2.11)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P MidCap 400^® Index returned (7.03)%.

For the fiscal year ended April 30, 2022, the materials sector contributed most significantly to the Fund’s return, followed by the consumer staples and health care sectors, respectively. The consumer discretionary sector detracted most significantly from

the Fund’s return, followed by the financials and industrials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Builders FirstSource Inc., an industrials company (portfolio average weight of 1.69%) and United States Steel Corp., an industrials company (portfolio average weight 1.84%). Positions that detracted most significantly from the Fund’s return during this period included Dana Inc., a consumer discretionary company (portfolio average weight of 1.35%) and Adient PLC, a consumer discretionary company (portfolio average weight of 1.35%).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Financials	33.14
Materials	16.92
Consumer Discretionary	15.72
Industrials	14.92
Information Technology	12.00
Sector Types Each Less Than 3%	7.34
Money Market Funds Plus Other Assets Less Liabilities	(0.04	)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
United States Steel Corp.	3.92
Avnet, Inc.	2.80
Steel Dynamics, Inc.	2.35
Cleveland-Cliffs, Inc.	2.25
Graham Holdings Co., Class B	2.20
Kohl’s Corp.	2.08
Commercial Metals Co.	2.07
Arrow Electronics, Inc.	1.97
Reliance Steel & Aluminum Co.	1.92
Old Republic International Corp.	1.88
Total	23.44

*	Excluding money market fund holdings.

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.46% and the net annual operating expense ratio was indicated as 0.39%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

The Blended—S&P MidCap 400^® High Momentum Value Index is comprised of the performance of the Dynamic Mid Cap Value Intellidex^SM Index, the Fund’s underlying index from Fund inception through June 16, 2011, followed by the performance of the RAFI^® Fundamental Mid Value Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Russell MidCap^® Pure Value Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2022.

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

As an index fund, Invesco S&P SmallCap Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Momentum Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is composed of constituents of the S&P SmallCap 600^® Index (the “Parent Index”) that have the highest “momentum score.” In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on upward price movements of the security as compared to other eligible securities within the Parent Index.

In selecting constituent securities for the Index, the Index Provider first calculates the momentum score of each stock in the Parent Index by evaluating the percentage change in the stock’s price over the last 12 months, excluding the most recent month, and applying an adjustment based on the security’s volatility over that period. Approximately 120 of the securities with the highest momentum score are included in the Index. The Index uses a modified market capitalization-weighted strategy and weights securities by multiplying each security’s market capitalization and momentum score, subject to security and sector constraints. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (5.72)%. On a net asset value (“NAV”) basis, the Fund returned (5.78)%. During the same time period, the Index returned (5.39)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P SmallCap 600^® Index returned (8.54)%.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the materials and communication services sectors, respectively. The health care sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Matador Resources Co., an energy company (no longer held at fiscal year-end) and Range Resources Corp., an energy company (no longer held at fiscal year-end). Positions that detracted most

significantly from the Fund’s return during this period included Apollo Medical Holdings, Inc., a health care company (portfolio average weight of 0.99%) and Joint Corp. (The), a health care company (portfolio average weight 0.36%).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Financials			29.19
Industrials			19.22
Real Estate			12.51
Information Technology			10.70
Energy			9.34
Health Care			4.62
Consumer Staples			4.50
Materials			4.39
Consumer Discretionary			4.00
Sector Types Each Less Than 3%			1.46
Money Market Funds Plus Other Assets Less Liabilities			0.07

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Independence Realty Trust, Inc.			4.02
SM Energy Co.			3.13
Civitas Resources, Inc.			2.91
ServisFirst Bancshares, Inc.			2.85
ExlService Holdings, Inc.			2.43
LXP Industrial Trust			2.03
UFP Industries, Inc.			1.90
Perficient, Inc.			1.84
Signet Jewelers Ltd.			1.74
Assured Guaranty Ltd.			1.74
Total			24.59

*	Excluding money market fund holdings.

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.40% and the net annual operating expense ratio was indicated as 0.39%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

The Blended—S&P SmallCap 600^® Momentum Index is comprised of the performance of the Dynamic Small Cap Growth Intellidex^SM Index, the Fund’s underlying index from Fund inception through June 16, 2011, followed by the performance of the RAFI^® Fundamental Small Growth Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Russell 2000^® Pure Growth Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2022.

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

As an index fund, Invesco S&P SmallCap Value with Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® High Momentum Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to track the performance of approximately 120 stocks in the S&P SmallCap 600^® Index (the “Parent Index”) that have the highest “value” and “momentum” scores. In general, a value stock tends to trade at a lower price relative to its issuer’s fundamentals and thus may be considered undervalued by investors and momentum is the tendency of an investment to exhibit persistence in its relative performance. A “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities.

The Index Provider selects the 240 securities with the highest- ranking value scores and calculates a momentum score for each security. A security’s momentum score is based on upward price movements of the security as compared to other eligible securities within the remaining constituent universe. The Index Provider then ranks the 240 securities by momentum score and selects the 120 highest-ranking securities for inclusion in the Index. The component securities are weighted by value score. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 3.04%. On a net asset value (“NAV”) basis, the Fund returned 3.18%. During the same time period, the Index returned 3.58%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P SmallCap 600^® Index returned (8.54)%.

For the fiscal year ended April 30, 2022, the industrials sector contributed most significantly to the Fund’s return, followed by the energy and consumer staples sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s

return, followed by the real estate and communication services sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Veritiv Corp., an industrials company (portfolio average weight of 1.73%) and GameStop Corp., Class A, a consumer discretionary company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Rayonier Advanced Materials, Inc., a materials company (portfolio average weight of 1.56%) and Realogy Holdings Corp., a real estate company (portfolio average weight of 1.41%).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Financials			34.05
Consumer Discretionary			15.10
Industrials			14.65
Materials			12.11
Energy			5.64
Consumer Staples			5.40
Health Care			3.55
Information Technology			3.43
Communication Services			3.38
Real Estate			2.62
Money Market Funds Plus Other Assets Less Liabilities			0.07

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Olympic Steel, Inc.			3.21
PBF Energy, Inc., Class A			2.63
Andersons, Inc. (The)			2.19
Rayonier Advanced Materials, Inc.			1.80
Titan International, Inc.			1.63
Fresh Del Monte Produce, Inc.			1.62
ODP Corp. (The)			1.58
Mercer International, Inc.			1.57
TimkenSteel Corp.			1.56
SunCoke Energy, Inc.			1.44
Total			19.23

*	Excluding money market fund holdings.

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.41% and the net annual operating expense ratio was indicated as 0.39%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

The Blended—S&P SmallCap 600^® High Momentum Value Index is comprised of the performance of the Dynamic Small Cap Value Intellidex^SM Index, the Fund’s underlying index from Fund inception through June 16, 2011, followed by the performance of the RAFI^® Fundamental Small Value Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Russell 2000^® Pure Value Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2022.

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

As an index fund, the Invesco Zacks Mid-Cap ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Zacks Mid-Cap Core Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, Zacks Investment Research, Inc. (the “Index Provider”) compiles and maintains the Index, which is composed of 100 securities that the Index Provider selects from a universe of mid-capitalization securities including common stocks, master limited partnerships (“MLPs”), ADRs, real estate investment trusts (“REITS”) and business development companies (“BDCs”). The depositary receipts included in the Index may be sponsored or unsponsored. The Index Provider seeks to identify companies with potentially superior risk- return profiles by using a proprietary strategy that evaluates stocks on multiple factors, including their high long-term earnings growth rate, price earnings ratio and short interest.

The Fund may invest directly in one or more underlying securities represented by depositary receipts included in the Index under the following limited circumstances: (a) when market conditions result in the underlying security providing improved liquidity relative to the depositary receipt; (b) when a depositary receipt is trading at a significantly different price than its underlying security; or (c) the timing of trade executions is improved due to the local market in which an underlying security is traded being open at different times than the market in which the security’s corresponding depositary receipt is traded. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 2.12%. On a net asset value (“NAV”) basis, the Fund returned 1.82%. During the same time period, the Index returned 2.59%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the Russell Midcap^® Index (the “Benchmark Index”) returned (6.10)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 800 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. mid- cap equity market.

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

Relative to the Benchmark Index, the Fund was most overweight in the utilities sector and most underweight in the information

technology sector during the fiscal year ended April 30, 2022. The majority of the Fund’s outperformance relative to the securities Benchmark Index during the period can be attributed to the Fund’s selection in the financials and health care sectors, respectively.

For the fiscal year ended April 30, 2022, the materials sector was the primary sector that contributed to the Fund’s return, followed by financials and utilities sectors, respectively. The greatest detractor from the Fund’s performance was the industrials sector, followed by the information technology sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Mosaic Co. (The), a materials company (no longer held at fiscal year-end) and CF Industries Holdings, Inc., a materials company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Skyworks Solutions, Inc., an information technology company (portfolio average weight of 1.39%) and Rocket Cos., Inc., Class A, a financials company (portfolio average weight of 0.55%).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Industrials			22.04
Utilities			15.49
Information Technology			14.06
Health Care			11.72
Financials			11.63
Materials			10.11
Real Estate			7.71
Consumer Discretionary			3.16
Sector Types Each Less Than 3%			4.00
Money Market Funds Plus Other Assets Less Liabilities			0.08

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Royalty Pharma PLC, Class A			2.18
W.W. Grainger, Inc.			2.04
DTE Energy Co.			2.01
Edison International			1.99
Zimmer Biomet Holdings, Inc.			1.98
Church & Dwight Co., Inc.			1.89
Ameren Corp.			1.87
Entergy Corp.			1.85
CDW Corp.			1.82
Martin Marietta Materials, Inc.			1.75
Total			19.38

*	Excluding money market fund holdings.

Guggenheim Mid-Cap Core ETF (Predecessor Fund) Inception: April 2, 2007

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

sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

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

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

As an index fund, the Invesco Zacks Multi-Asset Income ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Zacks Multi-Asset Income Index (the “Index”). The Fund will invest at least 90% of its total assets in the securities that comprise the Index, as well as American Depositary Receipts (“ADRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, Zacks Investment Research, Inc. (the “Index Provider”) compiles and maintains the Index, which is composed of securities that the Index Provider selects from a universe of domestic and international companies listed on major U.S. exchanges. The Index Provider seeks to identify companies with potentially high income and superior risk-return profiles by using a proprietary strategy that evaluates stocks on multiple factors, including dividend yield and risk adjusted return. The securities comprising the Index include stocks of large, medium and small-sized companies and may include U.S. listed common stocks paying dividends, ADRs, real estate investment trusts (“REITs”), master limited partnerships (“MLPs”), closed-end funds and traditional preferred stocks.

The Fund may invest directly in one or more underlying securities represented by depositary receipts included in the Underlying Index under the following limited circumstances: (a) when market conditions result in the underlying security providing improved liquidity relative to the depositary receipt; (b) when a depositary receipt is trading at a significantly different price than its underlying security; or (c) the timing of trade executions is improved due to the local market in which an underlying security is traded being open at different times than the market in which the security’s corresponding depositary receipt is traded. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (3.54)%. On a net asset value (“NAV”) basis, the Fund returned (3.30)%. During the same time period, the Index returned (2.61)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.21%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. stock market.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the information technology sector during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the financials sector, along with its underweight allocation to the health care sector.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the materials sector. The financials sector detracted most significantly from the Fund’s return, followed by the consumer discretionary sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Alliance Resource Partners L.P., an energy company (portfolio average weight of 0.58%) and EQT Corp., an energy company (portfolio average weight of 0.25%). Positions that detracted most significantly from the Fund’s return during this period included Citigroup, Inc., a financials company (portfolio average weight of 0.84) and Big 5 Sporting Goods Corp., a consumer discretionary company (portfolio average weight of 0.35%).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Financials			35.29
Energy			17.45
Real Estate			10.39
Closed-End Funds			9.88
Consumer Discretionary			8.96
Materials			5.76
Sector Types Each Less Than 3%			12.12
Money Market Funds Plus Other Assets Less Liabilities			0.15

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
EQT Corp.			1.91
Black Stone Minerals L.P.			1.51
Gerdau S.A., ADR			1.21
Alliance Resource Partners L.P.			1.20
Suburban Propane Partners L.P.			1.18
Welltower, Inc.			1.18
Dominion Energy, Inc., Series A, Conv. Pfd., 7.25%			1.16
Bristol-Myers Squibb Co.			1.16
NuStar Energy L.P.			1.15
Kimco Realty Corp.			1.14
Total			12.80

*	Excluding money market fund holdings.

Guggenheim Multi-Asset Income ETF (Predecessor Fund) Inception: September 21, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 1.00%, including acquired fund fees and expenses of 0.27%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund

Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

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

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

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

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

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


	Shares		Value
Common Stocks & Other Equity Interests-100.01%
Communication Services-3.06%
Alphabet, Inc., Class A^(b)		8,236	$	18,796,117

Consumer Discretionary-9.23%
Ford Motor Co.		530,943		7,518,153
Lowe’s Cos., Inc.		42,786		8,460,076
Marriott International, Inc., Class A^(b)		53,028		9,413,530
O’Reilly Automotive, Inc.^(b)		14,063		8,529,913
Tesla, Inc.^(b)		26,075		22,705,067

				56,626,739

Consumer Staples-5.04%
Costco Wholesale Corp.		42,663		22,684,770
Estee Lauder Cos., Inc. (The), Class A		31,053		8,199,855

				30,884,625

Energy-7.76%
Chevron Corp.		161,781		25,346,229
Occidental Petroleum Corp.		239,551		13,196,865
Schlumberger N.V		232,104		9,054,377

				47,597,471

Financials-8.44%
American Express Co.		47,688		8,331,570
Apollo Global Management, Inc.		145,247		7,227,491
Blackstone, Inc., Class A		75,487		7,667,215
Charles Schwab Corp. (The)		108,540		7,199,458
Coinbase Global, Inc., Class A^(b)(c)		51,932		5,853,256
KKR & Co., Inc., Class A		158,196		8,063,250
MSCI, Inc.		17,619		7,422,004

				51,764,244

Health Care-13.46%
Agilent Technologies, Inc.		70,352		8,390,883
Danaher Corp.		80,458		20,205,417
Eli Lilly and Co.		89,575		26,167,545
IDEXX Laboratories, Inc.^(b)		18,779		8,083,984
IQVIA Holdings, Inc.^(b)		40,539		8,837,097
Vertex Pharmaceuticals, Inc.^(b)		39,890		10,898,746

				82,583,672

Industrials-3.11%
Cintas Corp.		24,803		9,853,240
CSX Corp.		268,112		9,206,966

				19,060,206

Information Technology-48.48%
Accenture PLC, Class A		66,714		20,038,217
Adobe, Inc.^(b)		48,851		19,342,553
Advanced Micro Devices, Inc.^(b)		185,218		15,839,843
Amphenol Corp., Class A		122,503		8,758,965
Apple, Inc.		130,360		20,551,254
Applied Materials, Inc.		70,480		7,777,468


	Shares		Value
Information Technology-(continued)
Arista Networks, Inc.^(b)		75,357	$	8,709,008
Automatic Data Processing, Inc.		45,913		10,017,298
Cadence Design Systems, Inc.^(b)		67,892		10,241,508
Fortinet, Inc.^(b)		30,869		8,921,450
Intuit, Inc.		18,987		7,950,806
KLA Corp.		25,799		8,236,589
Mastercard, Inc., Class A		58,167		21,136,724
Microchip Technology, Inc.		127,866		8,336,863
Micron Technology, Inc.		101,365		6,912,079
Microsoft Corp.		74,456		20,663,029
NVIDIA Corp.		91,580		16,985,343
NXP Semiconductors N.V. (China)		49,025		8,378,373
Palo Alto Networks, Inc.^(b)		19,308		10,837,194
salesforce.com, inc.^(b)		109,771		19,313,110
Synopsys, Inc.^(b)		31,710		9,094,111
Visa, Inc., Class A^(c)		96,781		20,626,935
Workday, Inc., Class A^(b)		42,084		8,698,763

				297,367,483

Materials-1.43%
Freeport-McMoRan, Inc.		216,707		8,787,469

Total Common Stocks & Other Equity Interests (Cost $622,479,483)				613,468,026


Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(d)(e)(Cost $14,052)		14,052		14,052

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $622,493,535)				613,482,078


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.27%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		6,011,107		6,011,107
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		14,017,490		14,017,490

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $20,027,762)				20,028,597

TOTAL INVESTMENTS IN SECURITIES-103.28% (Cost $642,521,297)				633,510,675
OTHER ASSETS LESS LIABILITIES-(3.28)%				(20,093,101	)

NET ASSETS-100.00%			$	613,417,574

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


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-2.89%
Comcast Corp., Class A		582,545	$	23,161,989

Consumer Discretionary-4.11%
AutoZone, Inc.^(b)		6,331		12,380,081
eBay, Inc.		212,844		11,050,860
General Motors Co.^(b)		251,001		9,515,448

				32,946,389

Consumer Staples-15.61%
Archer-Daniels-Midland Co.		152,723		13,677,872
PepsiCo, Inc.		162,435		27,891,714
Philip Morris International, Inc.		251,814		25,181,400
Procter & Gamble Co. (The)		173,154		27,799,874
Walmart, Inc.		200,402		30,659,502

				125,210,362

Energy-13.75%
Exxon Mobil Corp.		357,607		30,485,997
Kinder Morgan, Inc.		709,736		12,881,708
Marathon Petroleum Corp.		155,238		13,546,068
Phillips 66		139,598		12,111,522
Pioneer Natural Resources Co.^(c)		53,199		12,367,172
Valero Energy Corp.		136,724		15,241,991
Williams Cos., Inc. (The)		396,910		13,610,044

				110,244,502

Financials-25.43%
American International Group, Inc.		190,531		11,147,969
Bank of America Corp.		600,133		21,412,745
Bank of New York Mellon Corp. (The)		210,964		8,873,146
BlackRock, Inc.		15,758		9,843,707
Capital One Financial Corp.		76,741		9,563,463
Chubb Ltd.		57,780		11,928,681
CME Group, Inc., Class A		49,227		10,797,450
Goldman Sachs Group, Inc. (The)		34,089		10,413,849
JPMorgan Chase & Co.		180,024		21,487,665
MetLife, Inc.		170,235		11,181,035
Morgan Stanley		288,585		23,257,065
Prudential Financial, Inc.		104,077		11,293,395
SVB Financial Group^(b)		19,329		9,425,594
Travelers Cos., Inc. (The)		68,614		11,737,111
Wells Fargo & Co.		494,681		21,582,932

				203,945,807

Health Care-19.72%
AbbVie, Inc.		187,863		27,593,317
Anthem, Inc.		26,384		13,242,921
Centene Corp.^(b)		143,998		11,599,039
Cigna Corp.		51,433		12,692,636
CVS Health Corp.		115,181		11,072,349
HCA Healthcare, Inc.		48,043		10,307,626
Johnson & Johnson		169,682		30,620,814


	Shares		Value
Health Care-(continued)
Pfizer, Inc.		575,276	$	28,228,793
Regeneron Pharmaceuticals, Inc.^(b)		19,424		12,802,553

				158,160,048

Industrials-7.31%
Eaton Corp. PLC		77,354		11,217,877
General Dynamics Corp.		54,028		12,779,243
Johnson Controls International PLC		179,972		10,774,924
Lockheed Martin Corp.		30,377		13,126,509
Parker-Hannifin Corp.		39,760		10,767,803

				58,666,356

Information Technology-7.87%
Cisco Systems, Inc.		485,715		23,790,321
HP, Inc.		333,600		12,219,768
Oracle Corp.		368,906		27,077,700

				63,087,789

Materials-1.61%
Dow, Inc.		194,695		12,947,218

Utilities-1.64%
Exelon Corp.		281,852		13,185,037

Total Common Stocks & Other Equity Interests (Cost $768,054,786)				801,555,497


Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(d)(e)(Cost $91,482)		91,482		91,482

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $768,146,268)				801,646,979


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.57%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		3,785,178		3,785,178
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		8,832,210		8,832,210

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $12,616,008)				12,617,388

TOTAL INVESTMENTS IN SECURITIES-101.52% (Cost $780,762,276)				814,264,367
OTHER ASSETS LESS LIABILITIES-(1.52)%				(12,181,229	)

NET ASSETS-100.00%			$	802,083,138

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


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-8.10%
Alphabet, Inc., Class A^(b)		237	$	540,879
Alphabet, Inc., Class C^(b)		223		512,751
AT&T, Inc.		67,759		1,277,935
Charter Communications, Inc., Class A^(b)		2,147		919,968
Comcast Corp., Class A		26,677		1,060,678
Meta Platforms, Inc., Class A^(b)		6,401		1,283,208
Netflix, Inc.^(b)		3,529		671,780
T-Mobile US, Inc.^(b)		9,641		1,187,193
Verizon Communications, Inc.		22,642		1,048,325
Walt Disney Co. (The)^(b)		9,115		1,017,507

				9,520,224

Consumer Discretionary-11.03%
Amazon.com, Inc.^(b)		412		1,024,080
Booking Holdings, Inc.^(b)		595		1,315,134
Ford Motor Co.		74,872		1,060,188
General Motors Co.^(b)		28,931		1,096,774
Home Depot, Inc. (The)		3,791		1,138,816
Lowe’s Cos., Inc.		5,405		1,068,731
McDonald’s Corp.		5,306		1,322,043
NIKE, Inc., Class B		9,793		1,221,187
Starbucks Corp.		14,517		1,083,549
Target Corp.		5,802		1,326,627
Tesla, Inc.^(b)		1,514		1,318,331

				12,975,460

Consumer Staples-12.09%
Altria Group, Inc.		23,792		1,322,122
Coca-Cola Co. (The)		20,734		1,339,624
Colgate-Palmolive Co.		16,280		1,254,374
Costco Wholesale Corp.		2,277		1,210,726
Kraft Heinz Co. (The)		32,145		1,370,341
Mondelez International, Inc., Class A		20,313		1,309,782
PepsiCo, Inc.		7,812		1,341,399
Philip Morris International, Inc.		13,514		1,351,400
Procter & Gamble Co. (The)		8,385		1,346,212
Walgreens Boots Alliance, Inc.		25,316		1,073,398
Walmart, Inc.		8,477		1,296,896

				14,216,274

Energy-2.95%
Chevron Corp.		6,996		1,096,063
ConocoPhillips		12,243		1,169,451
Exxon Mobil Corp.		14,143		1,205,691

				3,471,205

Financials-14.32%
American Express Co.		7,128		1,245,333
American International Group, Inc.		21,126		1,236,082
Bank of America Corp.		29,777		1,062,443
Bank of New York Mellon Corp. (The)		24,019		1,010,239
Berkshire Hathaway, Inc., Class B^(b)		3,688		1,190,597
BlackRock, Inc.		1,754		1,095,689
Capital One Financial Corp.		9,232		1,150,492
Charles Schwab Corp. (The)		14,967		992,761
Citigroup, Inc.		22,174		1,069,009
Goldman Sachs Group, Inc. (The)		3,673		1,122,065
JPMorgan Chase & Co.		9,317		1,112,077


	Shares		Value
Financials-(continued)
MetLife, Inc.		18,757	$	1,231,960
Morgan Stanley		14,099		1,136,238
U.S. BanCorp		22,810		1,107,654
Wells Fargo & Co.		24,777		1,081,020

				16,843,659

Health Care-14.69%
Abbott Laboratories		10,533		1,195,495
AbbVie, Inc.		8,079		1,186,644
Amgen, Inc.^(c)		5,263		1,227,279
Bristol-Myers Squibb Co.		17,440		1,312,709
CVS Health Corp.		11,555		1,110,782
Danaher Corp.		4,588		1,152,184
Eli Lilly and Co.		4,520		1,320,428
Gilead Sciences, Inc.		20,706		1,228,694
Johnson & Johnson		7,093		1,280,003
Medtronic PLC		11,567		1,207,132
Merck & Co., Inc.		15,346		1,361,037
Pfizer, Inc.		23,890		1,172,282
Thermo Fisher Scientific, Inc.		2,273		1,256,787
UnitedHealth Group, Inc.		2,478		1,260,187

				17,271,643

Industrials-11.62%
3M Co.^(c)		8,519		1,228,610
Boeing Co. (The)^(b)		6,814		1,014,196
Caterpillar, Inc.		5,590		1,176,919
Emerson Electric Co.		12,914		1,164,585
FedEx Corp.		5,633		1,119,502
General Dynamics Corp.		5,146		1,217,183
General Electric Co.		13,014		970,194
Honeywell International, Inc.		6,590		1,275,231
Lockheed Martin Corp.		2,743		1,185,305
Raytheon Technologies Corp.		12,430		1,179,731
Union Pacific Corp.		4,574		1,071,643
United Parcel Service, Inc., Class B		5,891		1,060,262

				13,663,361

Information Technology-15.82%
Accenture PLC, Class A		3,855		1,157,888
Adobe, Inc.^(b)		2,884		1,141,920
Apple, Inc.		7,761		1,223,522
Broadcom, Inc.		2,078		1,152,022
CisCo Systems, Inc.		21,959		1,075,552
Intel Corp.		26,205		1,142,276
International Business Machines Corp.		9,688		1,280,850
Mastercard, Inc., Class A		3,698		1,343,779
Microsoft Corp.		4,288		1,190,006
NVIDIA Corp.		5,413		1,003,949
Oracle Corp.		15,433		1,132,782
PayPal Holdings, Inc.^(b)		12,388		1,089,277
QUALCOMM, Inc.		7,883		1,101,176
salesforce.com, inc.^(b)		6,068		1,067,604
Texas Instruments, Inc.		7,049		1,200,092
Visa, Inc., Class A^(c)		6,105		1,301,159

				18,603,854

Materials-3.18%
Dow, Inc.		19,716		1,311,114

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


	Shares		Value
Materials-(continued)
DuPont de Nemours, Inc.		16,568	$	1,092,328
Linde PLC (United Kingdom)		4,290		1,338,309

				3,741,751

Real Estate-1.98%
American Tower Corp.		5,115		1,232,817
Simon Property Group, Inc.		9,235		1,089,730

				2,322,547

Utilities-4.16%
Duke Energy Corp.		11,347		1,249,985
Exelon Corp.		27,529		1,287,807
NextEra Energy, Inc.		15,145		1,075,598
Southern Co. (The)		17,483		1,283,077

				4,896,467

Total Common Stocks & Other Equity Interests (Cost $113,410,706)				117,526,445


Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(d)(e)(Cost $11,989)		11,989		11,989

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $113,422,695)				117,538,434


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.58%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		910,271	$	910,271
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		2,122,133		2,122,133

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,032,258)				3,032,404

TOTAL INVESTMENTS IN SECURITIES-102.53% (Cost $116,454,953)				120,570,838
OTHER ASSETS LESS LIABILITIES-(2.53)%				(2,977,933	)

NET ASSETS-100.00%			$	117,592,905

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


	Shares		Value
Common Stocks & Other Equity Interests-100.01%
Communication Services-5.41%
Activision Blizzard, Inc.		190,477	$	14,400,061
Alphabet, Inc., Class C^(b)		4,987		11,466,759
Fox Corp., Class A		270,446		9,692,785
Meta Platforms, Inc., Class A^(b)		47,484		9,519,117

				45,078,722

Consumer Discretionary-9.78%
Best Buy Co., Inc.^(c)		98,609		8,867,907
D.R. Horton, Inc.		148,242		10,316,161
Dollar General Corp.		59,401		14,109,520
Lennar Corp., Class A		98,666		7,546,962
Pool Corp.		21,123		8,559,462
PulteGroup, Inc.		237,023		9,898,081
Target Corp.		46,973		10,740,376
Tractor Supply Co.		56,918		11,466,131

				81,504,600

Consumer Staples-3.80%
Campbell Soup Co.		270,710		12,782,926
Estee Lauder Cos., Inc. (The), Class A		27,897		7,366,482
Monster Beverage Corp.^(b)		134,870		11,555,662

				31,705,070

Financials-17.70%
Allstate Corp. (The)		97,249		12,305,888
Assurant, Inc.		68,055		12,377,843
Cincinnati Financial Corp.		86,740		10,639,528
Everest Re Group Ltd.		41,872		11,502,657
Franklin Resources, Inc.		383,811		9,437,913
Goldman Sachs Group, Inc. (The)		31,766		9,704,195
MetLife, Inc.		164,426		10,799,500
Moody’s Corp.		26,116		8,265,192
Morgan Stanley		115,673		9,322,087
Progressive Corp. (The)		149,339		16,033,035
Raymond James Financial, Inc.		118,015		11,501,742
S&P Global, Inc.		21,685		8,164,403
SVB Financial Group^(b)		22,645		11,042,608
T. Rowe Price Group, Inc.^(c)		52,648		6,477,810

				147,574,401

Health Care-31.15%
Amgen, Inc.		60,351		14,073,250
Anthem, Inc.		26,336		13,218,828
Biogen, Inc.^(b)		51,394		10,661,171
Bio-Rad Laboratories, Inc., Class A^(b)		16,223		8,307,149
Cardinal Health, Inc.^(c)		220,183		12,781,623
Cigna Corp.		77,858		19,213,797
Cooper Cos., Inc. (The)		29,016		10,475,937
DaVita, Inc.^(b)		132,457		14,354,365
Humana, Inc.		28,959		12,874,013
IDEXX Laboratories, Inc.^(b)		19,247		8,285,448
Johnson & Johnson		70,865		12,788,298
Laboratory Corp. of America Holdings^(b)		37,817		9,086,669
Merck & Co., Inc.		152,923		13,562,741
PerkinElmer, Inc.		74,747		10,958,658
Quest Diagnostics, Inc.		65,321		8,742,563
Regeneron Pharmaceuticals, Inc.^(b)		18,562		12,234,400
Thermo Fisher Scientific, Inc.		21,189		11,715,822


	Shares		Value
Health Care-(continued)
UnitedHealth Group, Inc.		21,446	$	10,906,363
Vertex Pharmaceuticals, Inc.^(b)		92,317		25,222,851
Waters Corp.^(b)		40,208		12,183,828
Zoetis, Inc.		45,480		8,061,330

				259,709,104

Industrials-13.31%
Copart, Inc.^(b)		82,232		9,345,667
Deere & Co.		28,044		10,588,012
Expeditors International of Washington, Inc.		97,832		9,692,216
Fastenal Co.		158,819		8,784,279
Huntington Ingalls Industries, Inc.		61,137		13,006,286
J.B. Hunt Transport Services, Inc.		51,785		8,847,467
Leidos Holdings, Inc.		113,946		11,794,551
Lockheed Martin Corp.		35,118		15,175,190
Northrop Grumman Corp.		31,508		13,844,615
United Rentals, Inc.^(b)		31,306		9,908,975

				110,987,258

Information Technology-18.86%
Adobe, Inc.^(b)		24,511		9,705,130
Apple, Inc.		77,918		12,283,773
Applied Materials, Inc.		82,493		9,103,103
Arista Networks, Inc.^(b)		83,520		9,652,406
CDW Corp.		54,349		8,868,670
Cisco Systems, Inc.		214,543		10,508,316
Fortinet, Inc.^(b)		58,350		16,863,733
Intel Corp.		227,201		9,903,692
KLA Corp.		35,869		11,451,537
Lam Research Corp.		17,395		8,101,895
Mastercard, Inc., Class A		30,193		10,971,532
Microsoft Corp.		42,053		11,670,549
NetApp, Inc.		130,841		9,584,103
Skyworks Solutions, Inc.		73,977		8,381,594
Teradyne, Inc.^(c)		96,821		10,210,743

				157,260,776

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $876,610,199)				833,819,931


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.44%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		8,620,026		8,620,026
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		20,110,514		20,110,514

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $28,729,798)				28,730,540

TOTAL INVESTMENTS IN SECURITIES-103.45% (Cost $905,339,997)				862,550,471
OTHER ASSETS LESS LIABILITIES-(3.45)%				(28,800,080	)

NET ASSETS-100.00%			$	833,750,391

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


	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-2.67%
DISH Network Corp., Class A^(b)		27,914	$	795,828
Interpublic Group of Cos., Inc. (The)		9,625		313,968
News Corp., Class A		21,728		431,518

				1,541,314

Consumer Discretionary-9.36%
Advance Auto Parts, Inc.		1,397		278,883
Bath & Body Works, Inc.		4,274		226,052
CarMax, Inc.^(b)		2,928		251,164
eBay, Inc.		7,937		412,089
Ford Motor Co.		31,513		446,224
General Motors Co.^(b)		14,487		549,202
Genuine Parts Co.		2,719		353,606
Lennar Corp., Class A		6,185		473,091
LKQ Corp.		7,489		371,679
Mohawk Industries, Inc.^(b)		3,971		560,149
Newell Brands, Inc.		24,420		565,323
Ralph Lauren Corp.		2,914		304,047
Tapestry, Inc.		8,893		292,758
Target Corp.		1,368		312,793

				5,397,060

Consumer Staples-3.60%
Archer-Daniels-Midland Co.		13,916		1,246,317
Tyson Foods, Inc., Class A		8,902		829,310

				2,075,627

Energy-13.35%
Baker Hughes Co., Class A		20,209		626,883
Chevron Corp.		3,937		616,810
ConocoPhillips		5,169		493,743
Diamondback Energy, Inc.		2,871		362,406
EOG Resources, Inc.		4,042		471,944
Exxon Mobil Corp.		5,729		488,397
Kinder Morgan, Inc.		32,811		595,520
Marathon Oil Corp.		23,949		596,809
Marathon Petroleum Corp.		17,955		1,566,753
Pioneer Natural Resources Co.		1,897		440,996
Schlumberger N.V.		10,431		406,913
Valero Energy Corp.		9,301		1,036,876

				7,704,050

Financials-44.09%
Aflac, Inc.		13,428		769,156
Allstate Corp. (The)		7,999		1,012,194
American International Group, Inc.		16,311		954,357
Assurant, Inc.		5,525		1,004,887
Bank of America Corp.		10,941		390,375
Bank of New York Mellon Corp. (The)		10,043		422,409
Berkshire Hathaway, Inc., Class B^(b)		2,500		807,075
Capital One Financial Corp.		5,749		716,440
Chubb Ltd.		3,505		723,607
Cincinnati Financial Corp.		5,835		715,721
Citigroup, Inc.		14,236		686,318
Citizens Financial Group, Inc.		14,888		586,587
Comerica, Inc.		6,559		537,182
Discover Financial Services		5,293		595,251
Everest Re Group Ltd.		3,126		858,743



The Market Environment			3

Management’s Discussion of Fund Performance			4

Liquidity Risk Management Program			28

Schedules of Investments

Invesco Dynamic Large Cap Growth ETF (PWB)			29

Invesco Dynamic Large Cap Value ETF (PWV)			31

Invesco S&P 100 Equal Weight ETF (EQWL)			33

Invesco S&P 500 GARP ETF (SPGP)			35

Invesco S&P 500 Value with Momentum ETF (SPVM)			37

Invesco S&P MidCap Momentum ETF (XMMO)			39

Invesco S&P MidCap Quality ETF (XMHQ)			41

Invesco S&P MidCap Value with Momentum ETF (XMVM)			43

Invesco S&P SmallCap Momentum ETF (XSMO)			45

Invesco S&P SmallCap Value with Momentum ETF (XSVM)			47

Invesco Zacks Mid-Cap ETF (CZA)			50

Invesco Zacks Multi-Asset Income ETF (CVY)			52

Statements of Assets and Liabilities			56

Statements of Operations			58

Statements of Changes in Net Assets			60

Financial Highlights			65

Notes to Financial Statements			76

Report of Independent Registered Public Accounting Firm			90

Fund Expenses			91

Tax Information			93

Trustees and Officers			94

Approval of Investment Advisory Contracts			104


PWB		Management’s Discussion of Fund Performance
PWB		Invesco Dynamic Large Cap Growth ETF (PWB)


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
Dynamic Large Cap Growth Intellidex^® Index		(10.06	)%		10.24	%		33.97	%		13.94	%		92.02	%		14.38	%		283.28	%		10.15	%		425.20	%
Russell 1000^® Growth Index		(5.35	)		16.68			58.84			17.28			121.89			15.56			324.80			11.46			543.12
Fund
NAV Return		(10.55	)		9.61			31.69			13.28			86.56			13.71			261.31			9.46			371.35
Market Price Return		(10.50	)		9.62			31.71			13.28			86.57			13.71			261.55			9.45			370.70


PWV		Management’s Discussion of Fund Performance
PWV		Invesco Dynamic Large Cap Value ETF (PWV)


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
Dynamic Large Cap Value Intellidex^® Index		8.37	%		11.64	%		39.14	%		8.88	%		53.02	%		11.60	%		199.76	%		9.89	%		404.44	%
Russell 1000^® Value Index		1.32			9.58			31.57			9.06			54.26			11.17			188.23			7.67			255.64
Fund
NAV Return		7.75			11.00			36.75			8.29			48.92			10.95			182.58			9.20			352.80
Market Price Return		7.75			10.99			36.72			8.29			48.89			10.96			182.84			9.19			352.21


		Invesco Annual Report to Shareholders
		April 30, 2022


		PWB		Invesco Dynamic Large Cap Growth ETF
		PWV		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


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
Zacks Mid-Cap Core Index		2.59	%		10.45	%		34.75	%		10.91	%		67.86	%		12.71	%		230.94	%		10.73	%		364.91	%
Russell Midcap^® Index		(6.10	)		10.48			34.85			10.66			65.94			11.99			210.32			8.81			257.12
Fund
NAV Return		1.82			9.64			31.80			10.11			61.87			11.92			208.39			9.88			314.21
Market Price Return		2.12			9.70			32.02			10.14			62.10			11.96			209.61			9.90			315.36


	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	155,781	$	5,744,696	$	(5,886,425	)	$	-	$	-		$	14,052	$	134
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		5,428,858		138,773,050		(138,190,801	)		-		-			6,011,107		5,574	*
Invesco Private Prime Fund		8,143,287		264,864,055		(258,979,935	)		835		(10,752	)		14,017,490		22,128	*

Total	$	13,727,926	$	409,381,801	$	(403,057,161	)	$	835	$	(10,752	)	$	20,042,649	$	27,836