N-CSR

Domestic Equity

As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the Consumer Price Index (CPI) rose 8.6% for the 12 months ended May 2022.¹ Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.² To tame inflation, the US Federal Reserve (the Fed) raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which represented the largest series of increases in nearly 30 years.³ US equity markets rose in July and August until Fed chairman Jerome Powell’s hawkish comments at an economic policy symposium held in Jackson Hole, Wyoming, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.³

After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings. However, the Fed’s message of continued rate hikes until data showed inflation meaningfully declining sent markets lower in December. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter. Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target benchmark federal funds rate by 0.75% in November and by 0.50% in December.³

US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff, as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the likelihood of a recession and the risk of a deeper recession than initially anticipated. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread to other sectors sent investors to safe haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the benchmark federal funds rate by just 0.25% in February and March 2023, a slower pace than in 2022.³ The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil. Markets stabilized in April due to milder inflation data and better-than-

As an index fund, the Invesco S&P 500^® Equal Weight ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® 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 (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which consists of all of the components of the S&P 500^®Index. Unlike the S&P 500^® Index, which employs a float-adjusted 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, 2023, on a market price basis, the Fund returned 0.29%. On a net asset value (“NAV”) basis, the Fund returned 0.30%. During the same time period, the Index returned 0.45%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 2.66%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 500 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

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, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s underweight allocation to and security selection within the information technology sector and to the Fund’s security selection within the financials sector.

For the fiscal year ended April 30, 2023, the health care sector contributed most significantly to the Fund’s return, followed by the industrials and information technology sectors, respectively. The financials sector detracted most significantly from the Fund’s performance during the period, followed by the real estate and materials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Netflix, Inc., a communication services company (portfolio average weight of 0.21%) and General Electric Co., an industrials company (portfolio average weight of 0.21%). Positions that detracted most significantly from the Fund’s return during this period included Signature Bank, a financials company (no longer held at fiscal year-end) and SVB Financial Group, a financials company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Industrials			14.66
Financials			13.80
Health Care			13.57
Information Technology			12.69
Consumer Discretionary			10.76
Consumer Staples			7.72
Utilities			6.23
Real Estate			6.00
Materials			5.67
Energy			4.54
Communication Services			4.33
Money Market Funds Plus Other Assets Less Liabilities			0.03

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
Intuitive Surgical, Inc.			0.26
Meta Platforms, Inc., Class A			0.26
Chipotle Mexican Grill, Inc.			0.26
Universal Health Services, Inc., Class B			0.25
Eli Lilly and Co.			0.24
PulteGroup, Inc.			0.24
Baxter International, Inc.			0.24
McCormick & Co., Inc.			0.24
Microsoft Corp.			0.24
Tyler Technologies, Inc.			0.24
Total			2.47

*	Excluding money market fund holdings.

Guggenheim S&P 500^® Equal Weight ETF (the “Predecessor Fund”) Inception: April 24, 2003

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.20% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund and 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.

Effective after the close of markets on June 6, 2023, the ticker symbol of Invesco S&P 500^® Equal Weight Communication Services ETF (the “Fund”) changed from EWCO to RSPC.

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

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the” Index Provider”) compiles, maintains and calculates the Index, which is composed of all of the components of the S&P 500^® Communication Services Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500^® Index that are classified as members of the communication services sector, as defined according to the Global Industry Classification Standard (“GICS”), with a 22 company minimum count at each quarterly rebalance. The communication services sector includes companies that facilitate communication or offer related content and information through various mediums and is comprised of companies from the following industries: diversified telecommunications services; wireless telecommunication services; media; entertainment; and interactive media & services. In the event there are fewer than 22 companies eligible for inclusion in the Index at a quarterly rebalance, the Index will be supplemented with the largest communication services companies in the S&P MidCap 400^® Index based on float-adjusted market capitalization until the 22 company minimum is reached. Any supplementary companies that are added to the Index will remain in the Index until the next quarterly rebalance, at which point those companies will be reviewed.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted 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, 2023, on a market price basis, the Fund returned (7.88)%. On a net asset value (“NAV”) basis, the Fund returned (7.91)%. During the same time period, the Index returned (7.62)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 2.66%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the

average performance of approximately 500 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity 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 weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization. Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the media industry and most underweight in the software industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation and security selection within the media industry, as well as the Fund’s overweight allocation and security selection within the entertainment industry.

For the fiscal year ended April 30, 2023, the wireless telecommunication services industry contributed most significantly to the Fund’s return, followed by the entertainment industry. The diversified telecommunication services industry detracted most significantly from the Fund’s return, followed by the media industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Netflix, Inc., an entertainment company (portfolio average weight of 4.75%) and Meta Platforms Inc., Class A, an interactive media and services company (portfolio average weight of 4.62%). Positions that detracted most significantly from the Fund’s return included DISH Network Corp., Class A, a media company (portfolio average weight of 3.81%) and Lumen Technologies, Inc., a diversified telecommunication services company (no longer held at fiscal year-end).

Fund Inception: November 7, 2018

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Effective after the close of markets on June 6, 2023, the ticker symbol of Invesco S&P 500^® Equal Weight Consumer Discretionary ETF (the “Fund”) changed from RCD to RSPD.

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

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 2.59%. On a net asset value (“NAV”) basis, the Fund returned 2.52%. During the same time period, the Index returned 2.86%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

Relative to the Benchmark Index, the Fund was most overweight in the hotels, restaurants & leisure industry and most underweight in the software industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to and security selection within the textiles, apparel & luxury goods industry.

For the fiscal year ended April 30, 2023, the specialty retail industry contributed most significantly to the Fund’s return, followed by the hotels, restaurants & leisure and household durables industries, respectively. The textiles, apparel & luxury goods industry detracted most significantly from the Fund’s return, followed by the automobiles and broadline retail industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Las Vegas Sands Corp., a hotels, restaurants & leisure company (portfolio average weight of 1.91%) and PulteGroup, Inc., a household durables company (portfolio average weight of 1.86%). Positions that detracted most significantly from the Fund’s return during this period included VF Corp., a textiles, apparel & luxury goods company (portfolio average weight of 1.59%) and Carnival Corp., a hotels, restaurants & leisure company (portfolio average weight of 1.66%).

Guggenheim S&P 500^® Equal Weight Consumer Discretionary ETF (the “Predecessor Fund”) Inception: November 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. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund and 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.

Effective after the close of markets on June 6, 2023, the ticker symbol of Invesco S&P 500^® Equal Weight Consumer Staples ETF (the “Fund”) changed from RHS to RSPS.

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

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 3.48%. On a net asset value (“NAV”) basis, the Fund returned 3.48%. During the same time period, the Index returned 3.94%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

Relative to the Benchmark Index, the Fund was most overweight in the food products industry and most underweight in the software industry during the fiscal year ended April 30, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to the food products industry.

For the fiscal year ended April 30, 2023, the food products industry contributed most significantly to the Fund’s return, followed by the beverages and household products industries, respectively. The personal care products industry detracted most significantly from the Fund’s return, followed by the consumer staples distribution & retail and tobacco industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Lamb Weston Holdings, Inc., a food products company (portfolio average weight of 3.38%) and Monster Beverage Corp., a beverages company (portfolio average weight of 3.16%). Positions that detracted most significantly from the Fund’s return during this period included Tyson Foods, Inc., Class A, a food products company (portfolio average weight of 2.86%) and Hormel Foods Corp., a food products company (portfolio average weight of 2.97%).


Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Food Products			38.14
Beverages			18.81
Consumer Staples Distribution & Retail			15.98
Household Products			14.23
Tobacco			5.08
Broadline Retail			5.04
Personal Care Products			2.61
Money Market Funds Plus Other Assets Less Liabilities			0.11

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
McCormick & Co., Inc.			3.09
Kimberly-Clark Corp.			2.96
Mondelez International, Inc., Class A			2.95
Church & Dwight Co., Inc.			2.89
Hershey Co. (The)			2.87
Lamb Weston Holdings, Inc.			2.86
Procter & Gamble Co. (The)			2.84
Molson Coors Beverage Co., Class B			2.83
General Mills, Inc.			2.82
Colgate-Palmolive Co.			2.79
Total			28.90

*	Excluding money market fund holdings.

Guggenheim S&P 500^® Equal Weight Consumer Staples ETF (the “Predecessor Fund”) Inception: November 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. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund and 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.

Effective after the close of markets on June 6, 2023, the ticker symbol of Invesco S&P 500^® Equal Weight Energy ETF (the “Fund”) changed from RYE to RSPG.

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

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of all of the components of the S&P 500^® Energy Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500^® Index that are classified as members of the energy sector, as defined according to the Global Industry Classification Standard (“GICS”), with a 22 company minimum count at each quarterly rebalance. The energy sector includes companies engaged in the exploration and production, refining and marketing, and storage and transportation of oil and gas and coal and consumable fuels, as well as companies that offer oil and gas equipment and services. All companies included in the Parent Index and the Index are domiciled in the United States and trade on U.S. exchanges. In the event there are fewer than 22 companies eligible for inclusion in the Index at a quarterly rebalance, the Index will be supplemented with the largest energy companies in the S&P MidCap 400^® Index based on float-adjusted market capitalization until the 22 company minimum is reached. Any supplementary companies that are added to the Index will remain in the Index until at least the next quarterly rebalance, at which point those companies will be reviewed.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted market capitalization weighted methodology, the Index assigns each component security the same weight at each quarterly rebalance. 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, 2023, on a market price basis, the Fund returned 10.21%. On a net asset value (“NAV”) basis, the Fund returned 10.18%. During the same time period, the Index returned 10.52%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

Relative to the Benchmark Index, the Fund was most overweight in the oil, gas & consumable fuels industry and most underweight in the software industry during the fiscal year ended April 30, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the oil, gas & consumable fuels industry.

For the fiscal year ended April 30, 2023, the oil, gas & consumable fuels industry contributed most significantly to the Fund’s return, followed by the energy equipment & services industry. No industry detracted from the Fund’s return during this period.

The position that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, was Marathon Petroleum Corp., an oil, gas & consumable fuels company (portfolio average weight of 4.69%) and Exxon Mobil Corp., an oil, gas & consumable fuels company (portfolio average weight of 4.57%). Positions that detracted most significantly from the Fund’s return during this period included APA Corp., an oil, gas & consumable fuels company (portfolio average weight of 4.35%) and Halliburton Co., an energy equipment & services company (portfolio average weight of 4.38%).

Guggenheim S&P 500^® Equal Weight Energy ETF (the “Predecessor Fund”) Inception: November 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. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund and 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.

The Custom Invesco S&P 500^® Equal Weight Energy ETF Benchmark is comprised of the performance of the S&P 500^® Equal Weight Energy Index, the Fund’s previous underlying index, from Fund Inception through the conversion date, March 18, 2022, followed by the performance of the Index following the conversion date through April 30, 2023.

Effective after the close of markets on June 6, 2023, the ticker symbol of Invesco S&P 500^® Equal Weight Financials ETF (the “Fund”) changed from RYF to RSPF.

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

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (9.25)%. On a net asset value (“NAV”) basis, the Fund returned (9.31)%. During the same time period, the Index returned (8.99)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

Relative to the Benchmark Index, the Fund was most overweight in the insurance industry and most underweight the software industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to and security selection within the banks industry.

For the fiscal year ended April 30, 2023, the capital markets industry most significantly contributed to the Fund’s return, followed by the financial services and insurance industries, respectively. The banks industry detracted most significantly from the Fund’s return during the period, followed by the consumer finance industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Everest RE Group, Ltd., an insurance company (portfolio average weight of 1.56%) and Arch Capital Group Ltd., an insurance company (portfolio average weight of 0.82%). Positions that detracted most significantly from the Fund’s return during this period included Signature Bank, a banks company (no longer held at fiscal year-end) and SVB Financial Group, a banks company (no longer held at fiscal year-end).


Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Insurance			32.85
Capital Markets			29.75
Banks			18.44
Financial Services			10.61
Consumer Finance			5.44
IT Services			2.88
Money Market Funds Plus Other Assets Less Liabilities			0.03

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
Cboe Global Markets, Inc.			1.64
Brown & Brown, Inc.			1.64
Marsh & McLennan Cos., Inc.			1.60
Intercontinental Exchange, Inc.			1.60
Arthur J. Gallagher & Co.			1.59
Global Payments, Inc.			1.57
Arch Capital Group Ltd.			1.57
S&P Global, Inc.			1.55
Aon PLC, Class A			1.54
Moody’s Corp.			1.53
Total			15.83

*	Excluding money market fund holdings.

Guggenheim S&P 500^® Equal Weight Financials ETF (the “Predecessor Fund”) Inception: November 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. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund and 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.

Effective after the close of markets on June 6, 2023, the ticker symbol of Invesco S&P 500^® Equal Weight Health Care ETF (the “Fund”) changed from RYH to RSPH.

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

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 7.04%. On a net asset value (“NAV”) basis, the Fund returned 7.00%. During the same time period, the Index returned 7.44%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

Relative to the Benchmark Index, the Fund was most overweight in the health care equipment & supplies industry and most underweight in the software industry during the fiscal year ended April 30, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation and security selection within the health care equipment & supplies and biotechnology industries, respectively.

For the fiscal year ended April 30, 2023, the health care equipment & supplies industry contributed most significantly to the Fund’s return, followed by the biotechnology and health care providers & services industries, respectively. The life sciences tools & services industry detracted most significantly from the Fund’s return, followed by the pharmaceuticals industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Biogen Inc., a biotechnology company (portfolio average weight of 1.70%) and Gilead Sciences, Inc., a biotechnology company (portfolio average weight of 1.63%). Positions that detracted most significantly from the Fund’s return during this period included Baxter International Inc., a health care equipment & supplies company (portfolio average weight of 1.41%) and Catalent, Inc., a pharmaceuticals company (portfolio average weight of 1.50%).


Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Health Care Equipment & Supplies			32.61
Health Care Providers & Services			24.68
Life Sciences Tools & Services			17.42
Pharmaceuticals			13.15
Biotechnology			12.12
Money Market Funds Plus Other Assets Less Liabilities			0.02

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
Intuitive Surgical, Inc.			1.90
Universal Health Services, Inc., Class B			1.81
Eli Lilly and Co.			1.79
Baxter International, Inc.			1.78
Teleflex, Inc.			1.74
DaVita, Inc.			1.72
Vertex Pharmaceuticals, Inc.			1.69
Biogen, Inc.			1.68
Medtronic PLC			1.68
Edwards Lifesciences Corp.			1.68
Total			17.47

*	Excluding money market fund holdings.

Guggenheim S&P 500^® Equal Weight Health Care ETF (the “Predecessor Fund”) Inception: November 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. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund and 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.

Effective after the close of markets on June 6, 2023, the ticker symbol of Invesco S&P 500^® Equal Weight Industrials ETF (the “Fund”) changed from RGI to RSPN.

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

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of all of the components of the S&P 500^® Industrials Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500^® Index that are classified as members of the industrials sector, as defined according to the Global Industry Classification Standard (“GICS”). The industrials sector includes manufacturers and distributors of capital goods such as aerospace and defense, building products, electrical equipment and machinery, companies that offer construction and engineering services, providers of commercial and professional services including printing, environmental and facilities services, office services and supplies, security and alarm services, human resource and employment services, research and consulting services and providers of transportation services.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 6.61%. On a net asset value (“NAV”) basis, the Fund returned 6.55%. During the same time period, the Index returned 6.94%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the machinery industry and most underweight in the software industry during the fiscal year ended April 30, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to and security selection within the machinery industry.

For the fiscal year ended April 30, 2023, the machinery industry contributed most significantly to the Fund’s return, followed by the aerospace & defense and commercial services & supplies industries, respectively. The passenger airlines industry detracted most significantly from the Fund’s return during this period, followed by the professional services and ground transportation industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included General Electric Co., an industrial conglomerates company (portfolio average weight of 1.46%) and Boeing Co., an aerospace & defense company (portfolio average weight of 1.47%). Positions that detracted most significantly from the Fund’s return during the period included Generac Holdings, Inc., an electrical equipment company (portfolio average weight of 1.24%) and Southwest Airlines Co., a passenger airlines company (portfolio average weight of 1.34%).

Guggenheim S&P 500^® Equal Weight Industrials ETF (the “Predecessor Fund”) Inception: November 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. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund and 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.

Effective after the close of markets on June 6, 2023, the ticker symbol of Invesco S&P 500^® Equal Weight Materials ETF (the “Fund”) changed from RTM to RSPM.

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

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (8.34)%. On a net asset value (“NAV”) basis, the Fund returned (8.32)%. During the same time period, the Index returned (8.04)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

Relative to the Benchmark Index, the Fund was most overweight in the chemicals industry and most underweight in the software industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to and security selection within the containers & packaging and chemicals industries, respectively.

For the fiscal year ended April 30, 2023, the construction materials industry was the only industry to contribute to the Fund’s return. The containers & packaging industry detracted most significantly from the Fund’s return during this period, followed by the chemicals and metals & mining industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Air Products and Chemicals, Inc., a chemicals company (portfolio average weight of 3.67%) and Linde PLC, a chemicals company (portfolio average weight of 3.68%). Positions that detracted most significantly from the Fund’s return during the period included WestRock Co., a containers & packaging company (portfolio average weight of 3.38%) and Ball Corp., a containers & packaging company (portfolio average weight of 3.38%).


Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Chemicals			55.47
Containers & Packaging			24.06
Metals & Mining			13.33
Construction Materials			7.13
Money Market Funds Plus Other Assets Less Liabilities			0.01

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
International Flavors & Fragrances, Inc.			3.90
Newmont Corp.			3.82
PPG Industries, Inc.			3.79
Sherwin-Williams Co. (The)			3.78
Linde PLC			3.68
LyondellBasell Industries N.V., Class A			3.62
Martin Marietta Materials, Inc.			3.62
Ecolab, Inc.			3.61
Sealed Air Corp.			3.61
Air Products and Chemicals, Inc.			3.55
Total			36.98

*	Excluding money market fund holdings.

Guggenheim S&P 500^® Equal Weight Materials ETF (the “Predecessor Fund”) Inception: November 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. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund and 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.

Effective after the close of markets on June 6, 2023, the ticker symbol of Invesco S&P 500^® Equal Weight Real Estate ETF (the “Fund”) changed from EWRE to RSPR.

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

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (17.85)%. On a net asset value (“NAV”) basis, the Fund returned (17.78)%. During the same time period, the Index returned (17.47)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

Relative to the Benchmark Index, the Fund was most overweight in the diversified REITs industry and most underweight in the

software industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the diversified REITs industry.

For the fiscal year ended April 30, 2023, the residential REITs industry contributed most significantly to the Fund’s return, followed by the industrial REITs industry. The diversified REITs industry detracted most significantly from the Fund’s return during this period, followed by the office REITs and retail REITs industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Iron VICI Properties Inc., a specialized REITs company (portfolio average weight of 3.03%) and Simon Property Group, Inc, a retail REITs company (portfolio average weight of 3.39%). Positions that detracted most significantly from the Fund’s return during the period included Boston Properties, Inc., an office REITs company (portfolio average weight of 3.09%) and Vornado Realty Trust, an equity REITs company (no longer held at fiscal year-end).


Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Diversified REITs			26.39
Residential REITs			23.78
Specialized REITs			16.73
Health Care REITs			10.50
Retail REITs			6.64
Office REITs			6.12
Industrial REITs			3.43
Hotel & Resort REITs			3.27
Real Estate Management & Development			3.14
Money Market Funds Plus Other Assets Less Liabilities			0.00

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
Welltower, Inc.			3.75
Invitation Homes, Inc.			3.55
Equinix, Inc.			3.50
AvalonBay Communities, Inc.			3.49
SBA Communications Corp., Class A			3.49
Equity Residential			3.48
Iron Mountain, Inc.			3.46
Ventas, Inc.			3.46
Prologis, Inc.			3.43
American Tower Corp.			3.43
Total			35.04

*	Excluding money market fund holdings.

Guggenheim S&P 500^® Equal Weight Real Estate ETF (the “Predecessor Fund”) Inception: August 13, 2015

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund and 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.

Effective after the close of markets on June 6, 2023, the ticker symbol of Invesco S&P 500^® Equal Weight Technology ETF (the “Fund”) changed from RYT to RSPT.

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

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 1.90%. On a net asset value (“NAV”) basis, the Fund returned 1.99%. During the same time period, the Index returned 2.37%. 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 fees and expenses that the Fund incurred during the period.

Relative to the Benchmark Index, the Fund was most overweight in the semiconductors & semiconductor equipment industry and most underweight in the interactive media & services industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s security selection within the technology hardware storage & peripherals industry.

For the fiscal year ended April 30, 2023, the software industry contributed most significantly to the Fund’s return, followed by the semiconductors & semiconductors equipment and communications equipment industries, respectively. The IT services industry detracted most significantly from the Fund’s return during this period, followed by the technology hardware storage & peripherals industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included NVIDIA Corp., a semiconductors & semiconductors equipment company (portfolio average weight of 1.37%) and Arista Networks, Inc., a communications equipment company (portfolio average weight of 1.40%). Positions that detracted most significantly from the Fund’s return during this period included Fidelity National Information Services, Inc., a financials services company (no longer held at fiscal year-end) and Western Digital Corp., a technology hardware storage & peripherals company (portfolio average weight of 1.30%).

Guggenheim S&P 500^® Equal Weight Technology ETF (the “Predecessor Fund”) Inception: November 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. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund and 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.

Effective after the close of markets on June 6, 2023, the ticker symbol of Invesco S&P 500^® Equal Weight Utilities ETF (the “Fund”) changed from RYU to RSPU.

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

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of all of the components of the S&P 500^® Utilities Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500^® Index that are classified as members of the utilities sector, as defined according to the Global Industry Classification Standard (“GICS”) with a 22 company minimum count at each quarterly rebalance. The utilities sector includes utility companies such as electric, gas and water utilities, independent power producers and energy traders and companies that engage in generation and distribution of electricity using renewable sources. In the event there are fewer than 22 companies eligible for inclusion in the Index at quarterly rebalance, the Index will be supplemented with the largest utilities companies in the S&P MidCap 400^® Index based on float-adjusted market capitalization until the 22 company minimum is reached. Any supplementary companies that are added to the Index will remain in the Index until at least the next quarterly rebalance, at which point those companies will be reviewed.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 1.14%. On a net asset value (“NAV”) basis, the Fund returned 1.11%. During the same time period, the Index returned 1.48%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

Relative to the Benchmark Index, the Fund was most overweight in the electric utilities industry and most underweight in the software industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight to the multi-utilities industry.

For the fiscal year ended April 30, 2023, the electric utilities industry contributed most significantly to the Fund’s return, followed by the independent power and renewable electricity producers and gas utilities industries, respectively. The multi-utilities industry was the only industry to detract from the Fund’s return during this period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included PG&E Corp., an electric utilities company (portfolio average weight of 2.15%) and Constellation Energy Corp., an electric utilities company (portfolio average weight of 3.63%). Positions that detracted most significantly from the Fund’s return during this period included Dominion Energy, Inc., a multi-utilities company (portfolio average weight of 3.30%) and DTE Energy Co., a multi-utilities company (portfolio average weight of 3.32%).

Guggenheim S&P 500^® Equal Weight Utilities ETF (the “Predecessor Fund”) Inception: November 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. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund and 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 S&P MidCap 400^® Equal Weight ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400^® 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 (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which consists of all of the components of the S&P MidCap 400^® Index (the “Parent Index”), a broad-based index of approximately 400 securities that measures the mid-cap segment of the U.S. equity market. Such components include common stock of companies listed on certain U.S. exchanges and also may include equity interests in real estate investment trusts (“REITs”).

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 2.31%. On a net asset value (“NAV”) basis, the Fund returned 2.23%. During the same time period, the Index returned 2.55%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

During this same time period, the S&P MidCap 400^® Index (the “Benchmark Index”) returned 1.33%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 400 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. midcap market.

Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary sector and most underweight in the industrials sector during the fiscal year ended April 30, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight to and security selection within the health care and consumer discretionary sectors, respectively.

For the fiscal year ended April 30, 2023, the industrials sector contributed most significantly to the Fund’s return, followed by the consumer discretionary and health care sectors, respectively. The real estate sector detracted most significantly from the Fund’s return during this period, followed by the energy and utilities sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Wingstop, Inc., a consumer discretionary company (portfolio average weight of 0.27%) and First Solar, Inc., an information technology company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Kohl’s Corp., a consumer discretionary company (portfolio average weight of 0.20%) and SL Green Realty Corp., a real estate company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Industrials			19.20
Consumer Discretionary			16.13
Financials			14.84
Health Care			10.62
Information Technology			9.82
Real Estate			7.65
Materials			6.36
Consumer Staples			4.76
Utilities			4.08
Energy			3.80
Communication Services			2.64
Money Market Funds Plus Other Assets Less Liabilities			0.10

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
Shockwave Medical, Inc.			0.39
New York Community Bancorp, Inc.			0.36
Tenet Healthcare Corp.			0.34
Arrowhead Pharmaceuticals, Inc.			0.33
World Wrestling Entertainment, Inc., Class A			0.33
XPO, Inc.			0.31
KB Home			0.31
Blackbaud, Inc.			0.31
STAAR Surgical Co.			0.31
Skechers U.S.A., Inc., Class A			0.31
Total			3.30

*	Excluding money market fund holdings.

Guggenheim S&P MidCap 400^® Equal Weight ETF (the “Predecessor Fund”) Inception: December 3, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

The Blended—S&P MidCap 400^® Equal Weight Index performance is comprised of the performance of the Russell MidCap^® Equal Weight Index, the Fund’s previous underlying index, prior to the conversion date, January 26, 2016, followed by the performance of the Index, starting from the conversion date through April 30, 2023.

-	Average Annualized and Cumulative Inception returns for the Fund and 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 24, 2023, 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, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.


	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Communication Services-4.33%
Activision Blizzard, Inc.		834,345	$	64,836,950
Alphabet, Inc., Class A^(b)		382,853		41,095,441
Alphabet, Inc., Class C^(b)		333,742		36,117,559
AT&T, Inc.^(c)		3,529,849		62,372,432
Charter Communications, Inc., Class A^(b)(c)		197,550		72,836,685
Comcast Corp., Class A		1,842,472		76,223,067
DISH Network Corp., Class A^(b)(c)		6,178,089		46,397,448
Electronic Arts, Inc.		595,723		75,823,623
Fox Corp., Class A^(c)		1,375,326		45,743,343
Fox Corp., Class B		637,885		19,481,008
Interpublic Group of Cos., Inc. (The)^(c)		1,926,407		68,830,522
Live Nation Entertainment, Inc.^(b)(c)		976,077		66,158,499
Match Group, Inc.^(b)		1,833,040		67,639,176
Meta Platforms, Inc., Class A^(b)		362,319		87,072,502
Netflix, Inc.^(b)(c)		222,120		73,284,052
News Corp., Class A^(c)		3,098,229		54,559,813
News Corp., Class B^(c)		954,107		16,935,399
Omnicom Group, Inc.		743,834		67,369,045
Paramount Global, Class B^(c)		3,270,711		76,305,688
Take-Two Interactive Software, Inc.^(b)		588,380		73,129,750
T-Mobile US, Inc.^(b)		466,329		67,104,743
Verizon Communications, Inc.		1,773,666		68,871,451
Walt Disney Co. (The)^(b)		695,243		71,262,408
Warner Bros Discovery, Inc.^(b)		4,533,504		61,700,989

				1,461,151,593

Consumer Discretionary-10.76%
Advance Auto Parts, Inc.		508,058		63,776,521
Amazon.com, Inc.^(b)		716,992		75,606,806
Aptiv PLC^(b)		585,707		60,245,822
AutoZone, Inc.^(b)		26,896		71,632,386
Bath & Body Works, Inc.^(c)		1,745,072		61,252,027
Best Buy Co., Inc.		827,489		61,664,480
Booking Holdings, Inc.^(b)		26,246		70,504,892
BorgWarner, Inc.^(c)		1,357,105		65,317,464
Caesars Entertainment, Inc.^(b)(c)		1,375,128		62,279,547
CarMax, Inc.^(b)(c)		1,020,783		71,485,433
Carnival Corp.^(b)(c)		6,713,655		61,832,763
Chipotle Mexican Grill, Inc.^(b)		41,910		86,653,954
D.R. Horton, Inc.		691,290		75,917,468
Darden Restaurants, Inc.^(c)		451,965		68,667,042
Domino’s Pizza, Inc.		216,807		68,829,718
eBay, Inc.^(c)		1,547,379		71,844,807
Etsy, Inc.^(b)(c)		613,937		62,026,055
Expedia Group, Inc.^(b)		661,707		62,173,990
Ford Motor Co.^(c)		5,376,567		63,873,616
Garmin Ltd.^(c)		684,605		67,207,673
General Motors Co.		1,780,570		58,830,033
Genuine Parts Co.		399,176		67,185,313
Hasbro, Inc.		1,321,974		78,287,300
Hilton Worldwide Holdings, Inc.		462,846		66,659,081
Home Depot, Inc. (The)		227,173		68,274,573
Las Vegas Sands Corp.^(b)(c)		1,157,323		73,895,074
Lennar Corp., Class A		668,004		75,357,531
LKQ Corp.		1,191,552		68,788,297
Lowe’s Cos., Inc.		330,853		68,761,179


	Shares		Value
Consumer Discretionary-(continued)
Marriott International, Inc., Class A		395,405	$	66,957,883
McDonald’s Corp.		248,207		73,407,220
MGM Resorts International^(c)		1,524,174		68,465,896
Mohawk Industries, Inc.^(b)		664,628		70,384,105
Newell Brands, Inc.^(c)		5,315,072		64,578,125
NIKE, Inc., Class B		553,674		70,161,569
Norwegian Cruise Line Holdings Ltd.^(b)(c)		4,627,016		61,770,664
NVR, Inc.^(b)		12,599		73,578,160
O’Reilly Automotive, Inc.^(b)		79,412		72,845,422
Pool Corp.^(c)		186,729		65,601,632
PulteGroup, Inc.		1,216,750		81,704,762
Ralph Lauren Corp.^(c)		573,972		65,886,246
Ross Stores, Inc.		624,486		66,651,391
Royal Caribbean Cruises Ltd.^(b)(c)		972,983		63,662,278
Starbucks Corp.		654,650		74,819,949
Tapestry, Inc.		1,572,841		64,187,641
Tesla, Inc.^(b)(c)		375,120		61,635,967
TJX Cos., Inc. (The)		875,509		69,007,619
Tractor Supply Co.^(c)		286,355		68,267,032
Ulta Beauty, Inc.^(b)		124,904		68,875,813
VF Corp.		2,987,054		70,225,640
Whirlpool Corp.^(c)		495,199		69,124,828
Wynn Resorts Ltd.^(b)(c)		600,441		68,618,397
Yum! Brands, Inc.		522,301		73,425,075

				3,632,674,159

Consumer Staples-7.72%
Altria Group, Inc.		1,395,755		66,312,320
Archer-Daniels-Midland Co.		848,736		66,269,307
Brown-Forman Corp., Class B		1,057,578		68,837,752
Bunge Ltd.^(c)		702,977		65,798,647
Campbell Soup Co.^(c)		1,238,984		67,276,831
Church & Dwight Co., Inc.		775,659		75,332,002
Clorox Co. (The)^(c)		433,252		71,755,196
Coca-Cola Co. (The)		1,098,786		70,487,122
Colgate-Palmolive Co.		912,347		72,805,291
Conagra Brands, Inc.		1,858,190		70,536,892
Constellation Brands, Inc., Class A		306,910		70,426,638
Costco Wholesale Corp.		138,069		69,479,082
Dollar General Corp.		301,048		66,670,090
Dollar Tree, Inc.^(b)(c)		463,712		71,277,172
Estee Lauder Cos., Inc. (The), Class A		275,394		67,945,208
General Mills, Inc.		828,447		73,425,258
Hershey Co. (The)		273,593		74,707,305
Hormel Foods Corp.^(c)		1,660,524		67,151,591
JM Smucker Co. (The)		439,906		67,925,885
Kellogg Co.^(c)		1,018,203		71,040,023
Keurig Dr Pepper, Inc.		1,895,763		61,991,450
Kimberly-Clark Corp.		531,735		77,043,084
Kraft Heinz Co. (The)		1,714,649		67,334,266
Kroger Co. (The)		1,381,316		67,173,397
Lamb Weston Holdings, Inc.		666,277		74,496,431
McCormick & Co., Inc.^(c)		917,019		80,560,119
Molson Coors Beverage Co., Class B^(c)		1,243,765		73,979,142
Mondelez International, Inc., Class A		1,002,425		76,906,046
Monster Beverage Corp.^(b)		1,298,879		72,737,224
PepsiCo, Inc.		378,223		72,198,989

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


	Shares		Value
Consumer Staples-(continued)
Philip Morris International, Inc.		661,570	$	66,137,153
Procter & Gamble Co. (The)		474,288		74,169,157
Sysco Corp.		889,648		68,271,588
Target Corp.		411,210		64,868,378
Tyson Foods, Inc., Class A		1,141,754		71,348,207
Walgreens Boots Alliance, Inc.^(c)		1,956,005		68,949,176
Walmart, Inc.		475,057		71,719,355

				2,605,342,774

Energy-4.54%
APA Corp.		1,809,583		66,683,133
Baker Hughes Co., Class A^(c)		2,237,957		65,437,863
Chevron Corp.		407,207		68,646,956
ConocoPhillips		624,183		64,222,189
Coterra Energy, Inc.^(c)		2,645,575		67,726,720
Devon Energy Corp.		1,256,887		67,155,472
Diamondback Energy, Inc.^(c)		478,579		68,053,934
EOG Resources, Inc.		579,911		69,281,967
EQT Corp.^(c)		2,139,293		74,532,968
Exxon Mobil Corp.		603,590		71,428,841
Halliburton Co.^(c)		1,884,045		61,702,474
Hess Corp.		501,768		72,786,466
Kinder Morgan, Inc.		3,879,265		66,529,395
Marathon Oil Corp.		2,713,994		65,570,095
Marathon Petroleum Corp.		506,024		61,734,928
Occidental Petroleum Corp.		1,086,744		66,867,358
ONEOK, Inc.		1,010,280		66,082,415
Phillips 66		642,640		63,621,360
Pioneer Natural Resources Co.		327,292		71,202,375
Schlumberger N.V.^(c)		1,275,575		62,949,626
Targa Resources Corp.		884,521		66,807,871
Valero Energy Corp.		492,080		56,426,814
Williams Cos., Inc. (The)^(c)		2,251,027		68,116,077

				1,533,567,297

Financials-13.80%
Aflac, Inc.		1,015,956		70,964,527
Allstate Corp. (The)^(c)		550,317		63,704,696
American Express Co.		392,588		63,340,148
American International Group, Inc.		1,223,927		64,917,088
Ameriprise Financial, Inc.		215,625		65,791,500
Aon PLC, Class A		220,917		71,837,790
Arch Capital Group Ltd.^(b)(c)		976,669		73,318,542
Arthur J. Gallagher & Co.		356,030		74,075,602
Assurant, Inc.^(c)		557,216		68,610,006
Bank of America Corp.		2,149,279		62,930,889
Bank of New York Mellon Corp. (The)		1,375,128		58,566,702
Berkshire Hathaway, Inc., Class B^(b)		214,307		70,410,565
BlackRock, Inc.		102,533		68,820,150
Brown & Brown, Inc.		1,184,545		76,272,853
Capital One Financial Corp.^(c)		662,658		64,476,623
Cboe Global Markets, Inc.		548,210		76,584,937
Charles Schwab Corp. (The)		1,108,204		57,892,577
Chubb Ltd.		327,925		66,096,563
Cincinnati Financial Corp.		577,883		61,509,867
Citigroup, Inc.		1,345,772		63,345,488
Citizens Financial Group, Inc.		1,889,014		58,446,093
CME Group, Inc., Class A		372,454		69,190,780
Comerica, Inc.^(c)		1,106,112		47,972,077
Discover Financial Services		637,013		65,911,735
Everest Re Group Ltd.		182,246		68,888,988


	Shares		Value
Financials-(continued)
FactSet Research Systems, Inc.		164,452	$	67,703,244
Fidelity National Information Services, Inc.		1,136,920		66,759,942
Fifth Third Bancorp		2,141,211		56,099,728
First Republic Bank^(c)		794,896		2,790,085
Fiserv, Inc.^(b)(c)		581,743		71,042,455
FleetCor Technologies, Inc.^(b)(c)		332,182		71,060,373
Franklin Resources, Inc.^(c)		2,359,766		63,430,510
Global Payments, Inc.		650,554		73,323,941
Globe Life, Inc.^(c)		570,718		61,934,317
Goldman Sachs Group, Inc. (The)		197,923		67,974,675
Hartford Financial Services Group, Inc. (The)		926,691		65,785,794
Huntington Bancshares, Inc.		4,865,866		54,497,699
Intercontinental Exchange, Inc.^(c)		682,070		74,297,885
Invesco Ltd.^(d)		3,964,511		67,912,073
Jack Henry & Associates, Inc.^(c)		411,473		67,210,000
JPMorgan Chase & Co.		487,274		67,360,758
KeyCorp		4,154,205		46,776,348
Lincoln National Corp.^(c)		2,535,310		55,092,286
Loews Corp.		1,134,319		65,302,745
M&T Bank Corp.^(c)		493,947		62,138,533
MarketAxess Holdings, Inc.		187,642		59,739,584
Marsh & McLennan Cos., Inc.		413,798		74,562,262
Mastercard, Inc., Class A		187,435		71,230,923
MetLife, Inc.		1,042,864		63,958,849
Moody’s Corp.		228,154		71,439,580
Morgan Stanley		721,681		64,929,640
MSCI, Inc.		124,641		60,133,050
Nasdaq, Inc.		1,236,845		68,484,108
Northern Trust Corp.^(c)		766,073		59,876,266
PayPal Holdings, Inc.^(b)		885,980		67,334,480
PNC Financial Services Group, Inc. (The)		474,392		61,789,558
Principal Financial Group, Inc.^(c)		844,843		63,101,324
Progressive Corp. (The)		462,514		63,086,910
Prudential Financial, Inc.^(c)		734,844		63,931,428
Raymond James Financial, Inc.^(c)		685,989		62,102,584
Regions Financial Corp.^(c)		3,206,479		58,550,307
S&P Global, Inc.		199,135		72,202,368
State Street Corp.		814,528		58,857,793
Synchrony Financial		2,024,787		59,751,464
T. Rowe Price Group, Inc.^(c)		619,325		69,568,777
Travelers Cos., Inc. (The)		370,293		67,074,874
Truist Financial Corp.		1,674,978		54,570,783
U.S. Bancorp		1,600,846		54,877,001
Visa, Inc., Class A^(c)		300,978		70,046,610
W.R. Berkley Corp.		1,038,161		61,168,446
Wells Fargo & Co.		1,572,841		62,520,430
Willis Towers Watson PLC		281,762		65,256,079
Zions Bancorporation N.A.^(c)		1,612,363		44,920,433

				4,657,436,088

Health Care-13.57%
Abbott Laboratories		670,925		74,117,085
AbbVie, Inc.		434,479		65,658,466
Agilent Technologies, Inc.		479,256		64,905,640
Align Technology, Inc.^(b)		207,974		67,653,942
AmerisourceBergen Corp.^(c)		434,801		72,546,547
Amgen, Inc.		285,556		68,459,195

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


	Shares		Value
Health Care-(continued)
Baxter International, Inc.		1,711,007	$	81,580,814
Becton, Dickinson and Co.		283,248		74,865,279
Biogen, Inc.^(b)		253,549		77,137,212
Bio-Rad Laboratories, Inc., Class A^(b)		136,000		61,307,440
Bio-Techne Corp.		903,903		72,203,772
Boston Scientific Corp.^(b)		1,399,695		72,952,103
Bristol-Myers Squibb Co.		989,954		66,099,229
Cardinal Health, Inc.		913,899		75,031,108
Catalent, Inc.^(b)(c)		957,464		47,988,096
Centene Corp.^(b)		999,317		68,882,921
Charles River Laboratories International, Inc.^(b)(c)		321,160		61,058,939
Cigna Group (The)		235,953		59,764,535
Cooper Cos., Inc. (The)		200,224		76,375,445
CVS Health Corp.		843,848		61,862,497
Danaher Corp.		271,277		64,268,234
DaVita, Inc.^(b)		871,229		78,724,252
DENTSPLY SIRONA, Inc.^(c)		1,761,548		73,861,708
DexCom, Inc.^(b)(c)		603,646		73,246,406
Edwards Lifesciences Corp.^(b)		875,034		76,985,491
Elevance Health, Inc.		143,096		67,061,940
Eli Lilly and Co.		206,488		81,740,340
GE HealthCare Technologies, Inc.^(b)(c)		867,828		70,589,129
Gilead Sciences, Inc.		818,355		67,276,965
HCA Healthcare, Inc.		263,886		75,822,364
Henry Schein, Inc.^(b)		844,511		68,244,934
Hologic, Inc.^(b)		837,489		72,032,429
Humana, Inc.		135,593		71,930,731
IDEXX Laboratories, Inc.^(b)(c)		143,057		70,406,933
Illumina, Inc.^(b)		335,413		68,947,496
Incyte Corp.^(b)		903,397		67,221,771
Insulet Corp.^(b)(c)		232,040		73,798,002
Intuitive Surgical, Inc.^(b)		289,556		87,220,058
IQVIA Holdings, Inc.^(b)(c)		329,837		62,085,218
Johnson & Johnson		429,198		70,259,713
Laboratory Corp. of America Holdings		292,188		66,241,941
McKesson Corp.		193,573		70,507,030
Medtronic PLC		848,066		77,131,603
Merck & Co., Inc.		604,099		69,755,312
Mettler-Toledo International, Inc.^(b)		45,380		67,684,270
Moderna, Inc.^(b)(c)		470,481		62,522,220
Molina Healthcare, Inc.^(b)		248,859		74,132,607
Organon & Co.		2,868,503		70,651,229
PerkinElmer, Inc.		541,154		70,615,185
Pfizer, Inc.		1,651,590		64,230,335
Quest Diagnostics, Inc.^(c)		484,335		67,230,541
Regeneron Pharmaceuticals, Inc.^(b)		87,035		69,783,793
ResMed, Inc.		315,932		76,126,975
STERIS PLC^(c)		366,461		69,096,222
Stryker Corp.		245,689		73,620,709
Teleflex, Inc.^(c)		291,791		79,518,883
Thermo Fisher Scientific, Inc.		119,657		66,397,669
UnitedHealth Group, Inc.		141,341		69,552,493
Universal Health Services, Inc., Class B		552,772		83,109,270
Vertex Pharmaceuticals, Inc.^(b)		226,430		77,151,494
Viatris, Inc.		6,505,540		60,696,688
Waters Corp.^(b)		213,364		64,086,011
West Pharmaceutical Services, Inc.		206,799		74,704,071


	Shares		Value
Health Care-(continued)
Zimmer Biomet Holdings, Inc.		526,564	$	72,897,520
Zoetis, Inc.^(c)		402,817		70,807,172

				4,580,425,622

Industrials-14.66%
3M Co.		625,152		66,403,645
A.O. Smith Corp.		984,274		67,216,071
Alaska Air Group, Inc.^(b)(c)		1,411,123		61,327,406
Allegion PLC^(c)		605,233		66,866,142
American Airlines Group, Inc.^(b)(c)		4,206,177		57,372,254
AMETEK, Inc.		479,256		66,103,780
Automatic Data Processing, Inc.		304,648		67,022,560
Boeing Co. (The)^(b)(c)		320,314		66,234,529
Broadridge Financial Solutions, Inc.^(c)		474,987		69,067,860
C.H. Robinson Worldwide, Inc.^(c)		635,619		64,114,889
Carrier Global Corp.		1,425,479		59,613,532
Caterpillar, Inc.		286,647		62,718,364
Ceridian HCM Holding, Inc.^(b)(c)		964,609		61,233,379
Cintas Corp.		151,792		69,182,240
Copart, Inc.^(b)(c)		951,088		75,183,506
CoStar Group, Inc.^(b)(c)		969,762		74,623,186
CSX Corp.^(c)		2,206,004		67,591,963
Cummins, Inc.^(c)		268,933		63,210,012
Deere & Co.		164,326		62,118,515
Delta Air Lines, Inc.^(b)		1,746,490		59,922,072
Dover Corp.		446,240		65,222,438
Eaton Corp. PLC		382,100		63,856,552
Emerson Electric Co.		791,734		65,919,773
Equifax, Inc.^(c)		336,938		70,211,140
Expeditors International of Washington, Inc.^(c)		605,802		68,964,500
Fastenal Co.^(c)		1,262,796		67,988,937
FedEx Corp.		323,335		73,649,246
Fortive Corp.		1,009,964		63,718,629
Generac Holdings, Inc.^(b)(c)		574,842		58,760,349
General Dynamics Corp.		294,391		64,277,331
General Electric Co.^(c)		714,845		70,748,210
Honeywell International, Inc.		336,604		67,266,943
Howmet Aerospace, Inc.		1,593,054		70,556,362
Huntington Ingalls Industries, Inc.		312,927		63,104,859
IDEX Corp.		295,742		61,017,489
Illinois Tool Works, Inc.^(c)		282,552		68,360,631
Ingersoll Rand, Inc.^(c)		1,167,173		66,552,204
J.B. Hunt Transport Services, Inc.		370,783		64,994,552
Jacobs Solutions, Inc.		565,229		65,261,340
Johnson Controls International PLC		1,058,412		63,335,374
L3Harris Technologies, Inc.		319,837		62,416,191
Leidos Holdings, Inc.		703,360		65,595,354
Lockheed Martin Corp.		136,791		63,532,580
Masco Corp.^(c)		1,298,487		69,482,039
Nordson Corp.^(c)		305,572		66,098,279
Norfolk Southern Corp.		309,191		62,775,049
Northrop Grumman Corp.		141,512		65,275,240
Old Dominion Freight Line, Inc.		193,477		61,988,096
Otis Worldwide Corp.		791,928		67,551,458
PACCAR, Inc.^(c)		899,488		67,182,759
Parker-Hannifin Corp.		192,263		62,462,403
Paychex, Inc.^(c)		603,307		66,279,307
Paycom Software, Inc.^(b)		238,107		69,139,130
Pentair PLC^(c)		1,234,949		71,725,838

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


	Shares		Value
Industrials-(continued)
Quanta Services, Inc.		413,400	$	70,129,176
Raytheon Technologies Corp.		677,696		67,701,830
Republic Services, Inc.		512,054		74,053,250
Robert Half International, Inc.^(c)		840,437		61,351,901
Rockwell Automation, Inc.		224,983		63,762,432
Rollins, Inc.		1,876,366		79,276,464
Snap-on, Inc.^(c)		270,810		70,250,822
Southwest Airlines Co.^(c)		1,985,308		60,134,979
Stanley Black & Decker, Inc.^(c)		805,872		69,578,988
Textron, Inc.		939,385		62,882,432
Trane Technologies PLC		349,431		64,927,774
TransDigm Group, Inc.		90,697		69,383,205
Union Pacific Corp.		331,875		64,947,938
United Airlines Holdings, Inc.^(b)(c)		1,275,774		55,878,901
United Parcel Service, Inc., Class B^(c)		358,444		64,451,816
United Rentals, Inc.		151,442		54,687,221
Verisk Analytics, Inc.		361,039		70,081,280
W.W. Grainger, Inc.		95,997		66,772,633
Wabtec Corp.		650,817		63,565,296
Waste Management, Inc.^(c)		435,595		72,330,550
Xylem, Inc.^(c)		657,320		68,256,109

				4,946,801,484

Information Technology-12.69%
Accenture PLC, Class A		257,202		72,091,149
Adobe, Inc.^(b)		197,665		74,630,397
Advanced Micro Devices, Inc.^(b)		786,901		70,325,342
Akamai Technologies, Inc.^(b)		904,030		74,103,339
Amphenol Corp., Class A^(c)		850,311		64,172,971
Analog Devices, Inc.		358,007		64,398,299
ANSYS, Inc.^(b)(c)		219,859		69,018,137
Apple, Inc.		438,052		74,328,663
Applied Materials, Inc.		568,819		64,293,612
Arista Networks, Inc.^(b)		444,211		71,144,834
Autodesk, Inc.^(b)		335,396		65,331,787
Broadcom, Inc.		105,714		66,229,821
Cadence Design Systems, Inc.^(b)		332,542		69,650,922
CDW Corp.		341,487		57,912,780
Cisco Systems, Inc.		1,339,618		63,296,951
Cognizant Technology Solutions Corp., Class A		1,077,514		64,338,361
Corning, Inc.^(c)		1,956,005		64,978,486
DXC Technology Co.^(b)		2,550,141		60,820,863
Enphase Energy, Inc.^(b)(c)		309,532		50,825,154
EPAM Systems, Inc.^(b)		230,068		64,980,406
F5, Inc.^(b)		469,761		63,117,088
Fair Isaac Corp.^(b)(c)		93,508		68,069,149
First Solar, Inc.^(b)(c)		313,276		57,197,932
Fortinet, Inc.^(b)		1,107,062		69,800,259
Gartner, Inc.^(b)		206,945		62,592,585
Gen Digital, Inc.		3,916,765		69,209,238
Hewlett Packard Enterprise Co.		4,539,890		65,011,225
HP, Inc.^(c)		2,369,961		70,411,541
Intel Corp.		2,389,956		74,232,033
International Business Machines Corp.		518,645		65,561,914
Intuit, Inc.		165,728		73,574,946
Juniper Networks, Inc.		2,112,169		63,681,895
Keysight Technologies, Inc.^(b)		421,070		60,903,565
KLA Corp.		176,934		68,392,068
Lam Research Corp.		135,833		71,187,359



The Market Environment			3

Management’s Discussion of Fund Performance			4

Liquidity Risk Management Program			36

Schedules of Investments

Invesco S&P 500^® Equal Weight ETF (RSP)			37

Invesco S&P 500^® Equal Weight Communication Services ETF (EWCO)			43

Invesco S&P 500^® Equal Weight Consumer Discretionary ETF (RCD)			45

Invesco S&P 500^® Equal Weight Consumer Staples ETF (RHS)			47

Invesco S&P 500^® Equal Weight Energy ETF (RYE)			49

Invesco S&P 500^® Equal Weight Financials ETF (RYF)			51

Invesco S&P 500^® Equal Weight Health Care ETF (RYH)			53

Invesco S&P 500^® Equal Weight Industrials ETF (RGI)			55

Invesco S&P 500^® Equal Weight Materials ETF (RTM)			57

Invesco S&P 500^® Equal Weight Real Estate ETF (EWRE)			59

Invesco S&P 500^® Equal Weight Technology ETF (RYT)			61

Invesco S&P 500^® Equal Weight Utilities ETF (RYU)			63

Invesco S&P MidCap 400^® Equal Weight ETF (EWMC)			65

Statements of Assets and Liabilities			70

Statements of Operations			74

Statements of Changes in Net Assets			78

Financial Highlights			84

Notes to Financial Statements			93

Report of Independent Registered Public Accounting Firm			106

Fund Expenses			107

Tax Information			109

Trustees and Officers			110

Approval of Investment Advisory Contracts			121


RSP		Management’s Discussion of Fund Performance
RSP		Invesco S&P 500^® Equal Weight ETF (RSP)


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
S&P 500^® Equal Weight Index		0.45	%		16.83	%		59.45	%		9.95	%		60.65	%		11.26	%		190.66	%		11.25	%		744.86	%
S&P 500^® Index		2.66			14.52			50.19			11.45			71.93			12.20			216.22			10.05			579.61
Fund
NAV Return		0.30			16.60			58.52			9.75			59.21			10.97			183.14			10.80			678.60
Market Price Return		0.29			16.52			58.22			9.74			59.15			10.97			183.06			10.80			678.55


EWCO		Management’s Discussion of Fund Performance
EWCO		Invesco S&P 500^® Equal Weight Communication Services ETF (EWCO)


Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Media			35.55
Entertainment			31.73
Interactive Media & Services			15.14
Diversified Telecommunication Services			13.16
Wireless Telecommunication Services			4.38
Money Market Funds Plus Other Assets Less Liabilities			0.04


	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			Average Annualized			Cumulative
S&P 500^® Equal Weight Communication Services Plus Index		(7.62	)%		7.97	%		25.88	%		3.25	%		15.43	%
S&P 500^® Index		2.66			14.52			50.19			11.09			60.21
S&P 500^® Communication Services Index		1.14			6.12			19.51			7.10			35.98
Fund
NAV Return		(7.91	)		7.57			24.49			2.87			13.50
Market Price Return		(7.88	)		7.57			24.48			2.85			13.41


RCD		Management’s Discussion of Fund Performance
RCD		Invesco S&P 500^® Equal Weight Consumer Discretionary ETF (RCD)


Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Hotels, Restaurants & Leisure			32.26
Specialty Retail			22.35
Household Durables			15.87
Textiles, Apparel & Luxury Goods			7.44
Broadline Retail			5.76
Distributors			5.55
Automobiles			5.07
Automobile Components			3.46
Leisure Products			2.16
Money Market Funds Plus Other Assets Less Liabilities			0.08


				3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
S&P 500^® Equal Weight Consumer Discretionary Index		2.86	%		18.03	%		64.41	%		7.21	%		41.66	%		8.75	%		131.36	%		8.42	%		279.64	%
S&P 500^® Index		2.66			14.52			50.19			11.45			71.93			12.20			216.22			9.17			325.09
S&P 500^® Consumer Discretionary Index		(8.48	)		7.29			23.49			7.99			46.87			11.70			202.32			10.24			399.38
Fund
NAV Return		2.52			17.60			62.64			6.85			39.26			8.34			122.82			7.98			254.65
Market Price Return		2.59			17.63			62.77			6.85			39.27			8.37			123.32			7.97			254.59


RHS		Management’s Discussion of Fund Performance
RHS		Invesco S&P 500^® Equal Weight Consumer Staples ETF (RHS)


RYE		Management’s Discussion of Fund Performance
RYE		Invesco S&P 500^® Equal Weight Energy ETF (RYE)


Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Oil, Gas & Consumable Fuels			87.42
Energy Equipment & Services			12.37
Money Market Funds Plus Other Assets Less Liabilities			0.21


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
EQT Corp.			4.85
Hess Corp.			4.73
Exxon Mobil Corp.			4.65
Pioneer Natural Resources Co.			4.63
EOG Resources, Inc.			4.51
Chevron Corp.			4.47
Williams Cos., Inc. (The)			4.43
Diamondback Energy, Inc.			4.43
Coterra Energy, Inc.			4.41
Devon Energy Corp.			4.37
Total			45.48


RYF		Management’s Discussion of Fund Performance
RYF		Invesco S&P 500^® Equal Weight Financials ETF (RYF)


RYH		Management’s Discussion of Fund Performance
RYH		Invesco S&P 500^® Equal Weight Health Care ETF (RYH)


RGI		Management’s Discussion of Fund Performance
RGI		Invesco S&P 500^® Equal Weight Industrials ETF (RGI)


Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Machinery			22.63
Professional Services			14.95
Aerospace & Defense			13.25
Building Products			7.91
Commercial Services & Supplies			7.48
Ground Transportation			6.51
Electrical Equipment			6.44
Passenger Airlines			5.96
Air Freight & Logistics			5.48
Industrial Conglomerates			4.13
Trading Companies & Distributors			3.83
Industry Types Each Less Than 3%			1.42
Money Market Funds Plus Other Assets Less Liabilities			0.01


RTM		Management’s Discussion of Fund Performance
RTM		Invesco S&P 500^® Equal Weight Materials ETF (RTM)


EWRE		Management’s Discussion of Fund Performance
EWRE		Invesco S&P 500^® Equal Weight Real Estate ETF (EWRE)


RYT		Management’s Discussion of Fund Performance
RYT		Invesco S&P 500^® Equal Weight Technology ETF (RYT)


Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Semiconductors & Semiconductor Equipment			31.71
Software			26.78
IT Services			12.61
Electronic Equipment, Instruments & Components			11.81
Technology Hardware, Storage & Peripherals			9.33
Communications Equipment			7.80
Money Market Funds Plus Other Assets Less Liabilities			(0.04)


RYU		Management’s Discussion of Fund Performance
RYU		Invesco S&P 500^® Equal Weight Utilities ETF (RYU)


Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Electric Utilities			56.49
Multi-Utilities			33.60
Water Utilities			3.42
Gas Utilities			3.23
Independent Power and Renewable Electricity Producers			3.14
Money Market Funds Plus Other Assets Less Liabilities			0.12


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
Southern Co. (The)			3.56
Public Service Enterprise Group, Inc.			3.47
Edison International			3.44
American Water Works Co., Inc.			3.42
Xcel Energy, Inc.			3.42
CenterPoint Energy, Inc.			3.41
Alliant Energy Corp.			3.40
WEC Energy Group, Inc.			3.40
Ameren Corp.			3.39
PPL Corp.			3.39
Total			34.30


EWMC		Management’s Discussion of Fund Performance
EWMC		Invesco S&P MidCap 400^® Equal Weight ETF (EWMC)