

		Invesco Semi-Annual Report to Shareholders
		October 31, 2022
		PWB		Invesco Dynamic Large Cap Growth ETF
		PWV		Invesco Dynamic Large Cap Value ETF
		EQWL		Invesco S&P 100 Equal Weight ETF

		SPGP		Invesco S&P 500 GARP ETF

		SPVM		Invesco S&P 500 Value with Momentum ETF

		XMMO		Invesco S&P MidCap Momentum ETF

		XMHQ		Invesco S&P MidCap Quality ETF

		XMVM		Invesco S&P MidCap Value with Momentum ETF

		XSMO		Invesco S&P SmallCap Momentum ETF

		XSVM		Invesco S&P SmallCap Value with Momentum ETF

		CZA		Invesco Zacks Mid-Cap ETF

		CVY		Invesco Zacks Multi-Asset Income ETF

Table of Contents



Schedules of Investments

Invesco Dynamic Large Cap Growth ETF (PWB)			3

Invesco Dynamic Large Cap Value ETF (PWV)			5

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

Invesco S&P 500 GARP ETF (SPGP)			10

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

Invesco S&P MidCap Momentum ETF (XMMO)			15

Invesco S&P MidCap Quality ETF (XMHQ)			18

Invesco S&P MidCap Value with Momentum ETF (XMVM)			21

Invesco S&P SmallCap Momentum ETF (XSMO)			24

Invesco S&P SmallCap Value with Momentum ETF (XSVM)			27

Invesco Zacks Mid-Cap ETF (CZA)			30

Invesco Zacks Multi-Asset Income ETF (CVY)			33

Statements of Assets and Liabilities			38

Statements of Operations			40

Statements of Changes in Net Assets			42

Financial Highlights			47

Notes to Financial Statements			59

Fund Expenses			71

Invesco Dynamic Large Cap Growth ETF (PWB)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Communication Services-3.01%
Alphabet, Inc., Class A^(b)		176,101	$	16,643,306


Consumer Discretionary-10.31%
Airbnb, Inc., Class A^(b)(c)		76,992		8,231,215
Booking Holdings, Inc.^(b)		4,307		8,051,850
Dollar Tree, Inc.^(b)(c)		51,721		8,197,779
Hilton Worldwide Holdings, Inc.		64,971		8,787,978
Marriott International, Inc., Class A^(c)		54,175		8,673,959
O’Reilly Automotive, Inc.^(b)		11,941		9,996,647
Tesla, Inc.^(b)		22,547		5,130,344

				57,069,772

Consumer Staples-6.32%
Brown-Forman Corp., Class B		112,239		7,632,252
Costco Wholesale Corp.		36,994		18,552,491
Hershey Co. (The)		36,955		8,823,745

				35,008,488

Energy-5.35%
Cheniere Energy, Inc.		50,245		8,863,720
Devon Energy Corp.^(c)		121,234		9,377,450
Schlumberger Ltd.		218,322		11,359,294

				29,600,464

Financials-4.63%
American Express Co.		54,613		8,107,300
Arthur J. Gallagher & Co.		46,121		8,628,317
Progressive Corp. (The)		69,074		8,869,101

				25,604,718

Health Care-14.61%
Eli Lilly and Co.		63,629		23,039,425
Humana, Inc.		17,435		9,730,125
Thermo Fisher Scientific, Inc.		34,993		17,985,352
UnitedHealth Group, Inc.		37,413		20,769,827
Vertex Pharmaceuticals, Inc.^(b)(c)		30,032		9,369,984

				80,894,713

Industrials-7.24%
Cintas Corp.		20,086		8,587,769
Old Dominion Freight Line, Inc.^(c)		29,428		8,080,929
Republic Services, Inc.		58,953		7,818,347
TransDigm Group, Inc.		13,451		7,744,548
Waste Management, Inc.^(c)		49,553		7,847,708

				40,079,301

Information Technology-43.67%
Adobe, Inc.^(b)		48,865		15,563,502
Advanced Micro Devices, Inc.^(b)		92,921		5,580,835
Amphenol Corp., Class A		110,890		8,408,789
Analog Devices, Inc.		52,272		7,455,033
Apple, Inc.		119,911		18,387,153
Arista Networks, Inc.^(b)		67,693		8,181,376



	Shares		Value
Information Technology-(continued)
Automatic Data Processing, Inc.		33,608	$	8,123,053
Broadcom, Inc.		37,850		17,794,042
Cadence Design Systems, Inc.^(b)(c)		46,899		7,100,040
Datadog, Inc., Class A^(b)		83,434		6,717,271
Enphase Energy, Inc.^(b)		30,115		9,245,305
Fortinet, Inc.^(b)		169,861		9,709,255
Mastercard, Inc., Class A		58,832		19,307,486
Microsoft Corp.		72,524		16,834,996
NVIDIA Corp.		116,700		15,750,999
NXP Semiconductors N.V. (China)		49,403		7,216,790
Paychex, Inc.		63,649		7,530,313
QUALCOMM, Inc.		61,065		7,184,908
salesforce.com, inc.^(b)(c)		113,920		18,522,253
Synopsys, Inc.^(b)		23,927		6,999,844
Visa, Inc., Class A^(c)		96,955		20,085,198

				241,698,441

Materials-1.64%
Corteva, Inc.		139,112		9,089,578


Utilities-3.19%
NextEra Energy, Inc.		227,895		17,661,862

Total Common Stocks & Other Equity Interests (Cost $560,627,318)				553,350,643


Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)(Cost $444,235)		444,235		444,235

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $561,071,553)				553,794,878


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-13.60%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		21,077,241		21,077,241
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		54,186,056		54,186,056

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $75,259,737)				75,263,297

TOTAL INVESTMENTS IN SECURITIES-113.65% (Cost $636,331,290)				629,058,175
OTHER ASSETS LESS LIABILITIES-(13.65)%				(75,564,737	)

NET ASSETS-100.00%.			$	553,493,438

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



		3
		3

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

October 31, 2022

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)

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



	Value April 30, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	14,052		$	5,673,658		$	(5,243,475	)		$	-		$	-			$	444,235		$	2,194

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			6,011,107			104,105,899			(89,039,765	)			-			-				21,077,241			51,452	*

Invesco Private Prime Fund			14,017,490			222,178,439			(182,009,557	)			2,725			(3,041	)			54,186,056			141,025	*


Total		$	20,042,649		$	331,957,996		$	(276,292,797	)		$	2,725		$	(3,041	)		$	75,707,532		$	194,671

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

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

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

Portfolio Composition

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

as of October 31, 2022



Information Technology			43.67

Health Care			14.61

Consumer Discretionary			10.31

Industrials			7.24

Consumer Staples			6.32

Energy			5.35

Financials			4.63

Utilities			3.19

Communication Services			3.01

Materials			1.64

Money Market Funds Plus Other Assets Less Liabilities			0.03

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



		4
		4

Invesco Dynamic Large Cap Value ETF (PWV)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Communication Services-1.94%
Meta Platforms, Inc., Class A^(b)		165,885	$	15,453,847


Consumer Staples-14.11%
Altria Group, Inc.		250,962		11,612,012
Archer-Daniels-Midland Co.		129,767		12,584,804
General Mills, Inc.		146,732		11,970,396
Kraft Heinz Co. (The)		295,104		11,352,651
Philip Morris International, Inc.		273,206		25,093,971
Sysco Corp.		133,988		11,598,001
Walmart, Inc.		199,440		28,386,295

				112,598,130

Energy-14.03%
Chevron Corp.		164,964		29,841,988
Energy Transfer L.P.		938,120		11,979,792
Kinder Morgan, Inc.		604,891		10,960,625
Marathon Petroleum Corp.		110,409		12,544,670
Occidental Petroleum Corp.		154,850		11,242,110
Phillips 66		125,003		13,036,563
Pioneer Natural Resources Co.		45,380		11,635,886
Williams Cos., Inc. (The)		325,349		10,648,673

				111,890,307

Financials-27.71%
Aflac, Inc.		185,524		12,079,468
American International Group, Inc.		210,542		12,000,894
Bank of America Corp.		776,457		27,983,510
Berkshire Hathaway, Inc., Class B^(b)		92,240		27,219,102
Chubb Ltd.		58,083		12,481,456
Citigroup, Inc.		224,263		10,284,701
JPMorgan Chase & Co.		231,268		29,112,016
MetLife, Inc.		173,994		12,738,101
Morgan Stanley		302,601		24,864,724
Prudential Financial, Inc.		115,034		12,100,426
Travelers Cos., Inc. (The)		67,893		12,523,543
Wells Fargo & Co.		602,106		27,690,855

				221,078,796

Health Care-20.18%
AbbVie, Inc.		192,223		28,141,447
Amgen, Inc.^(c)		46,736		12,635,078
Bristol-Myers Squibb Co.		367,257		28,451,400
Cigna Corp.		40,051		12,938,876
CVS Health Corp.		112,990		10,700,153
Johnson & Johnson		160,860		27,984,814
Pfizer, Inc.		556,541		25,906,983
Regeneron Pharmaceuticals, Inc.^(b)		19,021		14,241,974

				161,000,725

Industrials-7.50%
General Dynamics Corp.		48,826		12,196,735
Lockheed Martin Corp.^(c)		26,379		12,838,132



	Shares		Value
Industrials-(continued)
Northrop Grumman Corp.		23,666	$	12,992,870
United Parcel Service, Inc., Class B		130,208		21,844,996

				59,872,733

Information Technology-5.67%
Cisco Systems, Inc.		563,639		25,606,121
Global Payments, Inc.		88,759		10,141,603
HP, Inc.		342,106		9,448,967

				45,196,691

Materials-2.57%
Dow, Inc.		205,431		9,601,845
Nucor Corp.		83,123		10,920,700

				20,522,545

Utilities-6.21%
American Electric Power Co., Inc.		111,263		9,782,243
Consolidated Edison, Inc.		115,696		10,176,620
Sempra Energy		67,888		10,247,015
Southern Co. (The)		145,019		9,495,844
WEC Energy Group, Inc.		107,850		9,849,940

				49,551,662

Total Common Stocks & Other Equity Interests (Cost $773,565,688)				797,165,436


Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e) (Cost $273,808)		273,808		273,808

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $773,839,496)				797,439,244


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.23%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		7,215,675		7,215,675
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		18,549,995		18,549,995

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $25,764,733)				25,765,670

TOTAL INVESTMENTS IN SECURITIES-103.18% (Cost $799,604,229)				823,204,914
OTHER ASSETS LESS LIABILITIES-(3.18)%				(25,397,125	)

NET ASSETS-100.00%.			$	797,807,789

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



		5
		5

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

October 31, 2022

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)



	Value April 30, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	91,482		$	13,368,017		$	(13,185,691	)		$	-			$	-		$	273,808		$	4,801

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			3,785,178			43,163,893			(39,733,396	)			-				-			7,215,675			51,821	*

Invesco Private Prime Fund			8,832,210			107,001,907			(97,286,777	)			(443	)			3,098			18,549,995			139,454	*


Total		$	12,708,870		$	163,533,817		$	(150,205,864	)		$	(443	)		$	3,098		$	26,039,478		$	196,076

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

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

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

Portfolio Composition

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

as of October 31, 2022



Financials			27.71

Health Care			20.18

Consumer Staples			14.11

Energy			14.03

Industrials			7.50

Utilities			6.21

Information Technology			5.67

Sector Types Each Less Than 3%			4.51

Money Market Funds Plus Other Assets Less Liabilities			0.08

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



		6
		6

Invesco S&P 100 Equal Weight ETF (EQWL)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Communication Services-8.63%
Alphabet, Inc., Class A^(b)		6,657	$	629,153
Alphabet, Inc., Class C^(b)		5,951		563,322
AT&T, Inc.		82,458		1,503,209
Charter Communications, Inc., Class A^(b)		3,457		1,270,862
Comcast Corp., Class A		39,649		1,258,459
Meta Platforms, Inc., Class A^(b)		8,290		772,296
Netflix, Inc.^(b)		6,009		1,753,907
T-Mobile US, Inc.^(b)		9,639		1,460,887
Verizon Communications, Inc.		33,253		1,242,665
Walt Disney Co. (The)^(b)		12,198		1,299,575

				11,754,335

Consumer Discretionary-10.35%
Amazon.com, Inc.^(b)		10,543		1,080,025
Booking Holdings, Inc.^(b)		709		1,325,461
Ford Motor Co.		91,099		1,217,994
General Motors Co.		34,021		1,335,324
Home Depot, Inc. (The)		4,682		1,386,481
Lowe’s Cos., Inc.		6,831		1,331,704
McDonald’s Corp.		5,409		1,474,818
NIKE, Inc., Class B		12,658		1,173,143
Starbucks Corp.		15,831		1,370,806
Target Corp.		8,087		1,328,290
Tesla, Inc.^(b)		4,687		1,066,480

				14,090,526

Consumer Staples-11.26%
Altria Group, Inc.		30,811		1,425,625
Coca-Cola Co. (The)		22,541		1,349,079
Colgate-Palmolive Co.		17,993		1,328,603
Costco Wholesale Corp.		2,616		1,311,924
Kraft Heinz Co. (The)		38,509		1,481,441
Mondelez International, Inc., Class A		22,904		1,408,138
PepsiCo, Inc.		8,109		1,472,432
Philip Morris International, Inc.		14,471		1,329,161
Procter & Gamble Co. (The)		10,032		1,351,010
Walgreens Boots Alliance, Inc.		38,751		1,414,412
Walmart, Inc.		10,257		1,459,879

				15,331,704

Energy-3.51%
Chevron Corp.		8,773		1,587,035
ConocoPhillips		12,543		1,581,547
Exxon Mobil Corp.		14,554		1,612,729

				4,781,311

Financials-15.31%
American Express Co.		8,866		1,316,158
American International Group, Inc.		25,518		1,454,526
Bank of America Corp.		40,194		1,448,592
Bank of New York Mellon Corp. (The)		31,823		1,340,067
Berkshire Hathaway, Inc., Class B^(b)		4,911		1,449,187
BlackRock, Inc.		2,017		1,302,800
Capital One Financial Corp.		12,967		1,374,761
Charles Schwab Corp. (The)		18,842		1,501,142
Citigroup, Inc.		27,725		1,271,469
Goldman Sachs Group, Inc. (The)		4,126		1,421,448
JPMorgan Chase & Co.		11,788		1,483,873



	Shares		Value
Financials-(continued)
MetLife, Inc.		20,757	$	1,519,620
Morgan Stanley		15,704		1,290,398
U.S. Bancorp		29,520		1,253,124
Wells Fargo & Co.		30,972		1,424,402

				20,851,567

Health Care-14.84%
Abbott Laboratories		12,950		1,281,273
AbbVie, Inc.		9,933		1,454,191
Amgen, Inc.		5,664		1,531,263
Bristol-Myers Squibb Co.		20,010		1,550,175
CVS Health Corp.		13,749		1,302,030
Danaher Corp.		4,837		1,217,328
Eli Lilly and Co.		4,422		1,601,162
Gilead Sciences, Inc.		21,505		1,687,282
Johnson & Johnson.		8,477		1,474,744
Medtronic PLC		15,648		1,366,696
Merck & Co., Inc.		16,076		1,626,891
Pfizer, Inc.		29,354		1,366,429
Thermo Fisher Scientific, Inc.		2,465		1,266,936
UnitedHealth Group, Inc.		2,679		1,487,247

				20,213,647

Industrials-12.35%
3M Co.		11,412		1,435,515
Boeing Co. (The)^(b)		8,917		1,270,762
Caterpillar, Inc.		7,410		1,603,969
Emerson Electric Co.		16,575		1,435,395
FedEx Corp.		6,718		1,076,761
General Dynamics Corp.		6,066		1,515,287
General Electric Co.		18,966		1,475,744
Honeywell International, Inc.		7,318		1,493,018
Lockheed Martin Corp.^(c)		3,332		1,621,618
Raytheon Technologies Corp.		15,950		1,512,379
Union Pacific Corp.		6,049		1,192,500
United Parcel Service, Inc., Class B		7,069		1,185,966

				16,818,914

Information Technology-16.35%
Accenture PLC, Class A		4,833		1,372,089
Adobe, Inc.^(b)		3,557		1,132,905
Advanced Micro Devices, Inc.^(b)		16,411		985,645
Apple, Inc.		8,924		1,368,406
Broadcom, Inc.		2,689		1,264,153
Cisco Systems, Inc.		30,689		1,394,201
Intel Corp.		44,651		1,269,428
International Business Machines Corp.		10,873		1,503,627
Mastercard, Inc., Class A		4,179		1,371,464
Microsoft Corp.		5,305		1,231,450
NVIDIA Corp.		9,765		1,317,982
Oracle Corp.		18,502		1,444,451
PayPal Holdings, Inc.^(b)		14,599		1,220,184
QUALCOMM, Inc.		10,632		1,250,961
salesforce.com, inc.^(b)		8,641		1,404,940
Texas Instruments, Inc.		8,221		1,320,539
Visa, Inc., Class A^(c)		6,845		1,418,010

				22,270,435

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



		7
		7

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

October 31, 2022

(Unaudited)



	Shares		Value
Materials-2.02%
Dow, Inc.		27,807	$	1,299,699
Linde PLC (United Kingdom)		4,890		1,454,042

				2,753,741

Real Estate-1.90%
American Tower Corp.		5,371		1,112,818
Simon Property Group, Inc.		13,533		1,474,826

				2,587,644

Utilities-3.48%
Duke Energy Corp.		12,786		1,191,399
Exelon Corp.		30,644		1,182,552
NextEra Energy, Inc.		15,624		1,210,860
Southern Co. (The)		17,664		1,156,639

				4,741,450

Total Common Stocks & Other Equity Interests (Cost $136,964,537)				136,195,274


Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e) (Cost $76,252)		76,252		76,252

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.06% (Cost $137,040,789)				136,271,526



	Shares		Value

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.25%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		477,340	$	477,340
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		1,227,146		1,227,146

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,704,370)				1,704,486

TOTAL INVESTMENTS IN SECURITIES-101.31% (Cost $138,745,159)				137,976,012
OTHER ASSETS LESS LIABILITIES-(1.31)%				(1,782,038	)

NET ASSETS-100.00%.			$	136,193,974

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)



	Value April 30, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	11,989		$	1,693,255		$	(1,628,992	)		$	-			$	-			$	76,252		$	587

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			910,271			7,481,304			(7,914,235	)			-				-				477,340			6,537	*

Invesco Private Prime Fund			2,122,133			15,228,363			(16,123,089	)			(30	)			(231	)			1,227,146			16,753	*


Total		$	3,044,393		$	24,402,922		$	(25,666,316	)		$	(30	)		$	(231	)		$	1,780,738		$	23,877

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

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

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

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



		8
		8

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

October 31, 2022

(Unaudited)

Portfolio Composition

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

as of October 31, 2022



Information Technology			16.35

Financials			15.31

Health Care			14.84

Industrials			12.35

Consumer Staples			11.26

Consumer Discretionary			10.35

Communication Services			8.63

Energy			3.51

Utilities			3.48

Sector Types Each Less Than 3%			3.92

Money Market Funds Plus Other Assets Less Liabilities			0.00

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



		9
		9

Invesco S&P 500 GARP ETF (SPGP)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-2.37%
Alphabet, Inc., Class C^(b)		228,109	$	21,592,798
Meta Platforms, Inc., Class A^(b)		139,247		12,972,251

				34,565,049

Consumer Discretionary-13.32%
Best Buy Co., Inc.		204,916		14,018,304
D.R. Horton, Inc.		344,422		26,479,163
eBay, Inc.		631,783		25,170,235
Garmin Ltd.		165,279		14,551,163
Lennar Corp., Class A		209,715		16,924,000
Pool Corp.		60,524		18,413,217
PulteGroup, Inc.		425,132		17,001,029
Target Corp.		127,750		20,982,937
Tractor Supply Co.		112,157		24,648,744
Ulta Beauty, Inc.^(b)		38,551		16,167,133

				194,355,925

Consumer Staples-2.60%
Campbell Soup Co.		361,345		19,118,764
Monster Beverage Corp.^(b)		201,091		18,846,249

				37,965,013

Energy-3.56%
Coterra Energy, Inc.^(c)		520,576		16,205,531
Diamondback Energy, Inc.^(c)		137,175		21,551,564
Pioneer Natural Resources Co.		55,686		14,278,447

				52,035,542

Financials-27.37%
Allstate Corp. (The)		122,403		15,453,379
Assurant, Inc.		104,938		14,256,877
Berkshire Hathaway, Inc., Class B^(b)		65,779		19,410,725
BlackRock, Inc.		24,837		16,042,467
Capital One Financial Corp.		163,724		17,358,018
Chubb Ltd.		75,911		16,312,515
Cincinnati Financial Corp.		240,669		24,865,921
Citigroup, Inc.		311,421		14,281,767
Discover Financial Services		213,683		22,321,326
Everest Re Group Ltd.		99,668		32,158,877
Franklin Resources, Inc.^(c)		749,854		17,584,076
Goldman Sachs Group, Inc. (The)		76,656		26,408,759
Intercontinental Exchange, Inc.		180,029		17,205,371
Loews Corp.		256,842		14,645,131
Moody’s Corp.		60,348		15,984,375
Raymond James Financial, Inc.		176,415		20,841,668
Regions Financial Corp.		774,653		17,003,633
Signature Bank		83,652		13,261,352
SVB Financial Group^(b)(c)		55,822		12,892,649
Synchrony Financial		581,294		20,670,815
T. Rowe Price Group, Inc.^(c)		151,503		16,083,558
Zions Bancorporation N.A		276,447		14,358,657

				399,401,916

Health Care-19.40%
Cigna Corp.		101,958		32,938,552
Cooper Cos., Inc. (The)		55,516		15,177,519
Elevance Health, Inc.		39,603		21,653,732
Humana, Inc.		43,853		24,473,482
IDEXX Laboratories, Inc.^(b)		49,543		17,819,626



	Shares		Value
Health Care-(continued)
Incyte Corp.^(b)		343,688	$	25,549,766
Laboratory Corp. of America Holdings		83,610		18,549,715
Pfizer, Inc.		519,639		24,189,195
Quest Diagnostics, Inc.		156,395		22,466,142
Regeneron Pharmaceuticals, Inc.^(b)		48,760		36,509,050
Vertex Pharmaceuticals, Inc.^(b)		93,668		29,224,416
Waters Corp.^(b)		48,724		14,576,759

				283,127,954

Industrials-8.76%
C.H. Robinson Worldwide, Inc.^(c)		159,752		15,610,965
Copart, Inc.^(b)		160,243		18,431,150
Expeditors International of Washington, Inc.^(c)		273,981		26,809,041
Fortune Brands Home & Security, Inc.		265,172		15,995,175
J.B. Hunt Transport Services, Inc.		102,825		17,590,273
Old Dominion Freight Line, Inc.^(c)		63,885		17,542,821
United Parcel Service, Inc., Class B		94,268		15,815,342

				127,794,767

Information Technology-14.05%
Adobe, Inc.^(b)		54,096		17,229,576
Apple, Inc.		139,337		21,365,935
Applied Materials, Inc.		174,148		15,375,527
Arista Networks, Inc.^(b)		162,102		19,591,648
Cisco Systems, Inc.		426,978		19,397,610
KLA Corp.		65,157		20,618,933
Lam Research Corp.		36,058		14,595,557
Microsoft Corp.		81,855		19,001,001
Qorvo, Inc.^(b)		264,711		22,786,323
Skyworks Solutions, Inc.		163,498		14,062,463
Teradyne, Inc.^(c)		258,042		20,991,717

				205,016,290

Materials-5.17%
Celanese Corp.		110,097		10,582,524
CF Industries Holdings, Inc.		249,833		26,547,254
Mosaic Co. (The)		307,929		16,551,184
Nucor Corp.		165,740		21,774,921

				75,455,883

Real Estate-1.03%
Weyerhaeuser Co.		485,909		15,029,165


Utilities-2.31%
NRG Energy, Inc.		758,265		33,666,966

Total Common Stocks & Other Equity Interests (Cost $1,511,643,134)				1,458,414,470


Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)(Cost $821,590)		821,590		821,590

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $1,512,464,724)				1,459,236,060

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



		10
		10

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

October 31, 2022

(Unaudited)



	Shares		Value

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.69%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		15,096,306	$	15,096,306
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		38,807,883		38,807,883

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $53,902,985)				53,904,189

TOTAL INVESTMENTS IN SECURITIES-103.69% (Cost $1,566,367,709)				1,513,140,249
OTHER ASSETS LESS LIABILITIES-(3.69)%				(53,847,813	)

NET ASSETS-100.00%			$	1,459,292,436

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)



	Value April 30, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	9,259,166		$	(8,437,576	)		$	-		$	-		$	821,590		$	4,792

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			8,620,026			181,513,281			(175,037,001	)			-			-			15,096,306			156,106	*

Invesco Private Prime Fund			20,110,514			365,620,782			(346,931,555	)			462			7,680			38,807,883			437,421	*


Total		$	28,730,540		$	556,393,229		$	(530,406,132	)		$	462		$	7,680		$	54,725,779		$	598,319

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

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

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

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



		11
		11

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

October 31, 2022

(Unaudited)


Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022

Financials			27.37

Health Care			19.40

Information Technology			14.05

Consumer Discretionary			13.32

Industrials			8.76

Materials			5.17

Energy			3.56

Sector Types Each Less Than 3%			8.31

Money Market Funds Plus Other Assets Less Liabilities			0.06

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



		12
		12

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

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Communication Services-0.81%
Interpublic Group of Cos., Inc. (The)		13,136	$	391,321


Consumer Discretionary-7.84%
Advance Auto Parts, Inc.		1,948		369,964
Bath & Body Works, Inc.		10,034		334,935
eBay, Inc.		11,672		465,013
Ford Motor Co.		87,306		1,167,281
Genuine Parts Co.		2,449		435,579
LKQ Corp.		8,928		496,754
Target Corp.		3,231		530,692

				3,800,218

Consumer Staples-7.11%
Archer-Daniels-Midland Co.		7,165		694,862
JM Smucker Co. (The)		3,188		480,304
Kraft Heinz Co. (The)		13,985		538,003
Kroger Co. (The)		12,023		568,568
Tyson Foods, Inc., Class A		9,334		637,979
Walmart, Inc.		3,725		530,179

				3,449,895

Energy-11.80%
APA Corp.		8,147		370,363
Chevron Corp.		2,060		372,654
ConocoPhillips		3,049		384,448
Coterra Energy, Inc.		10,082		313,853
Diamondback Energy, Inc.		2,756		432,995
Exxon Mobil Corp.		4,026		446,121
Kinder Morgan, Inc.		17,137		310,522
Marathon Oil Corp.		13,162		400,783
Marathon Petroleum Corp.		8,877		1,008,605
Occidental Petroleum Corp.		5,418		393,347
Phillips 66		6,687		697,387
Valero Energy Corp.		4,709		591,215

				5,722,293

Financials-33.27%
Aflac, Inc.		10,327		672,391
Allstate Corp. (The)		4,962		626,452
American International Group, Inc.		17,502		997,614
Ameriprise Financial, Inc.		1,240		383,309
Assurant, Inc.		3,762		511,105
Berkshire Hathaway, Inc., Class B^(b)		1,985		585,754
Chubb Ltd.		2,424		520,893
Cincinnati Financial Corp.		4,063		419,789
Comerica, Inc.		5,729		403,895
Discover Financial Services.		4,999		522,196
Everest Re Group Ltd.		2,862		923,453
Fifth Third Bancorp		12,627		450,658
Hartford Financial Services Group, Inc. (The)		8,918		645,752
Lincoln National Corp.		18,155		978,010
Loews Corp.		12,239		697,868
M&T Bank Corp.		2,551		429,512
MetLife, Inc.		13,092		958,465
Morgan Stanley		6,039		496,225
Principal Financial Group, Inc.		7,682		677,015
Prudential Financial, Inc.		9,360		984,578
Raymond James Financial, Inc.		4,128		487,682
Regions Financial Corp.		26,678		585,582



	Shares		Value
Financials-(continued)
Travelers Cos., Inc. (The)		3,214	$	592,854
W.R. Berkley Corp.		5,203		386,999
Wells Fargo & Co.		14,938		686,999
Zions Bancorporation N.A		9,845		511,349

				16,136,399

Health Care-11.91%
AmerisourceBergen Corp.		3,810		599,008
Centene Corp.^(b)		8,681		739,014
CVS Health Corp.		8,557		810,348
Elevance Health, Inc.		847		463,114
HCA Healthcare, Inc.		1,824		396,665
Henry Schein, Inc.^(b)		4,981		340,999
Hologic, Inc.^(b)		4,061		275,336
McKesson Corp.		1,434		558,357
Molina Healthcare, Inc.^(b)		1,591		570,946
Organon & Co.		10,704		280,231
Pfizer, Inc.		6,108		284,327
Regeneron Pharmaceuticals, Inc.^(b)		613		458,984

				5,777,329

Industrials-6.67%
C.H. Robinson Worldwide, Inc.		5,090		497,395
General Dynamics Corp.		1,356		338,729
Leidos Holdings, Inc.		3,550		360,644
Northrop Grumman Corp.		657		360,699
Quanta Services, Inc.		2,315		328,823
Raytheon Technologies Corp.		3,124		296,218
Robert Half International, Inc.		3,405		260,346
Textron, Inc.		6,559		448,898
Wabtec Corp.		3,689		344,110

				3,235,862

Information Technology-2.96%
Hewlett Packard Enterprise Co.		70,707		1,008,989
HP, Inc.		15,426		426,066

				1,435,055

Materials-7.81%
Celanese Corp.		2,950		283,554
CF Industries Holdings, Inc.		3,337		354,590
Corteva, Inc.		5,331		348,328
Dow, Inc.		10,064		470,391
Freeport-McMoRan, Inc.		8,550		270,949
LyondellBasell Industries N.V., Class A		6,754		516,343
Mosaic Co. (The)		9,748		523,955
Nucor Corp.		5,954		782,237
Packaging Corp. of America		1,973		237,174

				3,787,521

Real Estate-2.32%
CBRE Group, Inc., Class A^(b)		5,880		417,127
Kimco Realty Corp.		18,599		397,646
Weyerhaeuser Co.		10,090		312,084

				1,126,857

Utilities-7.47%
American Electric Power Co., Inc.		3,174		279,058
Atmos Energy Corp.		2,861		304,840
CenterPoint Energy, Inc.		13,200		377,652

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



		13
		13

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

October 31, 2022

(Unaudited)



	Shares		Value
Utilities-(continued)
CMS Energy Corp.		4,464	$	254,671
Consolidated Edison, Inc.		3,742		329,146
Duke Energy Corp.		2,945		274,415
Edison International		4,650		279,186
Entergy Corp.		2,874		307,920
Evergy, Inc.		5,254		321,177
Exelon Corp.		8,879		342,641
FirstEnergy Corp.		7,525		283,768
NiSource, Inc.		10,525		270,387

				3,624,861

Total Common Stocks & Other Equity Interests (Cost $45,890,273)				48,487,611



	Shares		Value
Money Market Funds-0.09%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(c)(d)(Cost $43,770)		43,770	$	43,770

TOTAL INVESTMENTS IN SECURITIES-100.06% (Cost $45,934,043)				48,531,381
OTHER ASSETS LESS LIABILITIES-(0.06)%				(28,884	)

NET ASSETS-100.00%			$	48,502,497

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)



	Value April 30, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2022			Dividend Income

Invesco Ltd.		$	618,818		$	32,269		$	(569,591	)		$	197,725		$	(279,221	)		$	-		$	6,313

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			79,573			895,031			(930,834	)			-			-				43,770			602


Total		$	698,391		$	927,300		$	(1,500,425	)		$	197,725		$	(279,221	)		$	43,770		$	6,915

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


Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022

Financials			33.27

Health Care			11.91

Energy			11.80

Consumer Discretionary			7.84

Materials			7.81

Utilities			7.47

Consumer Staples			7.11

Industrials			6.67

Sector Types Each Less Than 3%			6.09

Money Market Funds Plus Other Assets Less Liabilities			0.03

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



		14
		14

Invesco S&P MidCap Momentum ETF (XMMO)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Communication Services-0.97%
World Wrestling Entertainment, Inc., Class A^(b)		123,855	$	9,770,921


Consumer Discretionary-6.47%
H&R Block, Inc.^(b)		550,663		22,659,782
Murphy USA, Inc.		74,123		23,312,425
Service Corp. International		322,030		19,518,238

				65,490,445

Consumer Staples-5.63%
BJ’s Wholesale Club Holdings, Inc.^(c)		264,567		20,477,486
Coca-Cola Consolidated, Inc.^(b)		8,029		3,910,203
Flowers Foods, Inc.		467,572		13,423,992
Grocery Outlet Holding Corp.^(b)(c)		168,619		5,829,159
Pilgrim’s Pride Corp.^(c)		110,714		2,551,958
Post Holdings, Inc.^(c)		119,969		10,847,597

				57,040,395

Energy-16.00%
CNX Resources Corp.^(b)(c)		425,367		7,150,419
DT Midstream, Inc.^(b)		256,518		15,314,124
HF Sinclair Corp.		411,613		25,178,367
Matador Resources Co.		331,989		22,060,669
Murphy Oil Corp.		360,649		17,495,083
NOV, Inc.^(b)		756,740		16,950,976
PDC Energy, Inc.^(b)		252,534		18,217,803
Range Resources Corp.		854,910		24,347,837
Southwestern Energy Co.^(c)		2,207,820		15,300,193

				162,015,471

Financials-13.62%
American Financial Group, Inc.		150,073		21,777,093
Cathay General Bancorp		118,770		5,415,912
Cullen/Frost Bankers, Inc.^(b)		133,247		20,659,947
Fulton Financial Corp.		272,778		4,972,743
Hancock Whitney Corp.		132,533		7,404,619
Home BancShares, Inc.^(b)		304,583		7,763,821
International Bancshares Corp.^(b)		88,933		4,411,077
Kinsale Capital Group, Inc.^(b)		48,719		15,354,767
Prosperity Bancshares, Inc.		148,795		10,649,258
United Bankshares, Inc.^(b)		237,779		10,069,941
Unum Group.		333,967		15,225,555
Washington Federal, Inc.		94,293		3,649,139
Wintrust Financial Corp.		113,088		10,587,299

				137,941,171

Health Care-6.99%
Acadia Healthcare Co., Inc.^(c)		199,405		16,211,627
Exelixis, Inc.^(c)		576,630		9,560,526
Halozyme Therapeutics, Inc.^(b)(c)		222,709		10,647,717
Option Care Health, Inc.^(c)		451,213		13,653,705
United Therapeutics Corp.^(c)		89,834		20,709,432

				70,783,007

Industrials-22.60%
AECOM		229,058		17,243,486
Avis Budget Group, Inc.^(b)(c)		62,360		14,745,646
Builders FirstSource, Inc.^(b)(c)		392,763		24,217,767
CACI International, Inc., Class A^(c)		38,958		11,844,401



	Shares		Value
Industrials-(continued)
Carlisle Cos., Inc.		167,963	$	40,109,564
Chart Industries, Inc.^(b)(c)		58,447		13,026,667
Curtiss-Wright Corp.		78,710		13,209,899
Dycom Industries, Inc.^(c)		67,821		8,015,086
Fluor Corp.^(b)(c)		344,664		10,429,533
FTI Consulting, Inc.^(b)(c)		57,450		8,940,943
Insperity, Inc.^(b)		54,188		6,395,268
KBR, Inc.		371,509		18,490,003
Knight-Swift Transportation Holdings, Inc.		234,587		11,267,214
nVent Electric PLC		265,246		9,681,479
Science Applications International Corp.		90,853		9,843,014
Valmont Industries, Inc.		35,465		11,321,137

				228,781,107

Information Technology-2.90%
Aspen Technology, Inc.^(b)(c)		66,856		16,142,381
Avnet, Inc.		170,270		6,843,151
Belden, Inc.^(b)		92,214		6,420,861

				29,406,393

Materials-10.56%
Alcoa Corp.		277,832		10,843,783
Ashland, Inc.		96,875		10,164,125
Cabot Corp.		132,628		9,745,505
Commercial Metals Co.		208,846		9,502,493
Greif, Inc., Class A^(b)		47,126		3,120,213
Louisiana-Pacific Corp.^(b)		106,817		6,051,183
Reliance Steel & Aluminum Co.		117,621		23,698,279
Silgan Holdings, Inc.		137,266		6,500,918
Steel Dynamics, Inc.		290,120		27,285,786

				106,912,285

Real Estate-4.72%
Healthcare Realty Trust, Inc.^(b)		689,552		14,018,592
Independence Realty Trust, Inc.^(b)		399,570		6,696,793
Life Storage, Inc.		126,206		13,959,646
Rexford Industrial Realty, Inc.		236,827		13,091,796

				47,766,827

Utilities-9.50%
Black Hills Corp.		131,437		8,592,037
IDACORP, Inc.		79,151		8,287,110
National Fuel Gas Co.		311,970		21,054,855
New Jersey Resources Corp.^(b)		229,935		10,264,298
OGE Energy Corp.		582,471		21,335,913
ONE Gas, Inc.		109,406		8,476,777
Ormat Technologies, Inc.^(b)		82,518		7,463,753
Southwest Gas Holdings, Inc.		145,986		10,667,197

				96,141,940

Total Common Stocks & Other Equity Interests (Cost $955,327,672)				1,012,049,962

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



		15
		15

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

October 31, 2022

(Unaudited)



	Shares		Value
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)(Cost $406,122)		406,122	$	406,122

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $955,733,794)				1,012,456,084


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-14.85%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		44,044,500		44,044,500



	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		106,262,419	$	106,262,419

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $150,308,001)				150,306,919

TOTAL INVESTMENTS IN SECURITIES-114.85% (Cost $1,106,041,795)				1,162,763,003
OTHER ASSETS LESS LIABILITIES-(14.85)%				(150,349,938	)

NET ASSETS-100.00%			$	1,012,413,065

Notes to Schedule of Investments:

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

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

^(c)	Non-income producing security.

^(d)



	Value April 30, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	531,940		$	20,388,321		$	(20,514,139	)		$	-			$	-			$	406,122		$	6,406

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			19,658,589			174,903,038			(150,517,127	)			-				-				44,044,500			316,311	*

Invesco Private Prime Fund			45,795,787			398,818,143			(338,347,393	)			(3,121	)			(997	)			106,262,419			861,407	*


Total		$	65,986,316		$	594,109,502		$	(509,378,659	)		$	(3,121	)		$	(997	)		$	150,713,041		$	1,184,124

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

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

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

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



		16
		16

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

October 31, 2022

(Unaudited)

Portfolio Composition

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

as of October 31, 2022



Industrials			22.60

Energy			16.00

Financials			13.62

Materials			10.56

Utilities			9.50

Health Care			6.99

Consumer Discretionary			6.47

Consumer Staples			5.63

Real Estate			4.72

Sector Types Each Less Than 3%			3.87

Money Market Funds Plus Other Assets Less Liabilities			0.04

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



		17
		17

Invesco S&P MidCap Quality ETF (XMHQ)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Communication Services-0.78%
Ziff Davis, Inc.^(b)(c)		32,176	$	2,490,101


Consumer Discretionary-17.39%
AutoNation, Inc.^(b)(c)		29,117		3,095,428
Capri Holdings Ltd.^(b)(c)		85,510		3,906,097
Carter’s, Inc.^(c)		25,217		1,711,478
Choice Hotels International, Inc.^(c)		26,027		3,379,346
Deckers Outdoor Corp.^(b)		23,247		8,134,823
Dick’s Sporting Goods, Inc.		40,681		4,627,870
Gentex Corp.		136,816		3,624,256
Grand Canyon Education, Inc.^(b)		38,468		3,871,035
Macy’s, Inc.		183,218		3,820,095
Mattel, Inc.^(b)(c)		234,468		4,445,513
Texas Roadhouse, Inc.		39,402		3,898,828
Toll Brothers, Inc.		67,473		2,906,737
Williams-Sonoma, Inc.		63,429		7,854,413

				55,275,919

Energy-2.73%
Matador Resources Co.		63,873		4,244,361
PDC Energy, Inc.		61,519		4,437,980

				8,682,341

Financials-29.39%
American Financial Group, Inc.		64,998		9,431,860
Associated Banc-Corp		86,994		2,118,304
Cathay General Bancorp		65,106		2,968,834
Commerce Bancshares, Inc.		90,458		6,408,045
East West Bancorp, Inc.		81,667		5,844,907
Evercore, Inc., Class A^(c)		26,936		2,830,974
F.N.B. Corp.^(c)		281,575		4,068,759
Federated Hermes, Inc., Class B		59,902		2,081,595
Fulton Financial Corp.		121,275		2,210,843
Hanover Insurance Group, Inc. (The)		22,150		3,244,754
Home BancShares, Inc.^(c)		128,428		3,273,630
International Bancshares Corp.		44,615		2,212,904
Janus Henderson Group PLC^(c)		102,068		2,324,088
PacWest Bancorp		74,841		1,860,547
Pinnacle Financial Partners, Inc.		49,202		4,083,274
Prosperity Bancshares, Inc.		61,809		4,423,670
RLI Corp.		24,527		3,190,227
SEI Investments Co.		69,838		3,792,203
Texas Capital Bancshares, Inc.^(b)		40,577		2,434,620
Umpqua Holdings Corp.		189,630		3,769,844
United Bankshares, Inc.^(c)		116,707		4,942,541
Valley National Bancorp		313,377		3,719,785
Voya Financial, Inc.^(c)		65,917		4,506,086
Washington Federal, Inc.		51,072		1,976,486
Webster Financial Corp.		105,311		5,714,175

				93,432,955

Health Care-8.19%
Acadia Healthcare Co., Inc.^(b)		56,988		4,633,125
Azenta, Inc.^(c)		64,483		2,863,045
Chemed Corp.		11,280		5,266,294
Envista Holdings Corp.^(b)(c)		95,608		3,156,020
Exelixis, Inc.^(b)		180,492		2,992,557



	Shares		Value
Health Care-(continued)
Medpace Holdings, Inc.^(b)(c)		19,951	$	4,428,723
QuidelOrtho Corp.^(b)		30,016		2,696,037

				26,035,801

Industrials-18.72%
ASGN, Inc.^(b)		31,424		2,664,127
Axon Enterprise, Inc.^(b)		43,238		6,288,535
Crane Holdings Co.		31,208		3,131,411
Donaldson Co., Inc.		79,894		4,589,910
Hubbell, Inc.		31,548		7,492,019
Landstar System, Inc.		23,583		3,684,136
Lincoln Electric Holdings, Inc.		33,899		4,813,658
MSC Industrial Direct Co., Inc., Class A		27,661		2,295,310
Owens Corning		62,214		5,326,140
Tetra Tech, Inc.		31,973		4,517,145
Toro Co. (The)		66,809		7,043,673
Trex Co., Inc.^(b)(c)		67,890		3,264,830
XPO Logistics, Inc.^(b)(c)		85,185		4,407,472

				59,518,366

Information Technology-7.96%
Cirrus Logic, Inc.^(b)(c)		34,763		2,333,292
CommVault Systems, Inc.^(b)		37,483		2,282,340
Manhattan Associates, Inc.^(b)		70,809		8,615,331
Qualys, Inc.^(b)		23,972		3,417,448
Semtech Corp.^(b)		39,687		1,098,933
Silicon Laboratories, Inc.^(b)(c)		43,065		4,949,030
Teradata Corp.^(b)(c)		82,401		2,603,048

				25,299,422

Materials-13.03%
Ashland, Inc.		33,684		3,534,125
Chemours Co. (The)		107,484		3,077,267
Cleveland-Cliffs, Inc.^(b)(c)		313,950		4,078,210
Eagle Materials, Inc.		28,789		3,521,183
Louisiana-Pacific Corp.^(c)		87,176		4,938,520
Olin Corp.		104,995		5,559,485
Royal Gold, Inc.		37,910		3,599,934
Steel Dynamics, Inc.		129,611		12,189,915
Worthington Industries, Inc.^(c)		19,814		942,354

				41,440,993

Real Estate-1.79%
Apartment Income REIT Corp.		97,907		3,762,566
PotlatchDeltic Corp.^(c)		43,011		1,913,559

				5,676,125

Total Common Stocks & Other Equity Interests (Cost $307,139,994)				317,852,023


Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)(Cost $139,508)		139,508		139,508

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $307,279,502)				317,991,531

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



		18
		18

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

October 31, 2022

(Unaudited)



	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-16.20%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		14,426,396	$	14,426,396
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		37,084,883		37,084,883

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $51,510,858)				51,511,279

TOTAL INVESTMENTS IN SECURITIES-116.22% (Cost $358,790,360)				369,502,810
OTHER ASSETS LESS LIABILITIES-(16.22)%				(51,572,415	)

NET ASSETS-100.00%.			$	317,930,395

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)



	Value April 30, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	250,806		$	22,821,286		$	(22,932,584	)		$	-			$	-		$	139,508		$	5,476

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			23,130,522			90,663,712			(99,367,838	)			-				-			14,426,396			163,048	*

Invesco Private Prime Fund			50,865,558			195,436,377			(209,215,928	)			(2,840	)			1,716			37,084,883			444,274	*


Total		$	74,246,886		$	308,921,375		$	(331,516,350	)		$	(2,840	)		$	1,716		$	51,650,787		$	612,798

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

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

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

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



		19
		19

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

October 31, 2022

(Unaudited)

Portfolio Composition

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

as of October 31, 2022



Financials			29.39

Industrials			18.72

Consumer Discretionary			17.39

Materials			13.03

Health Care			8.19

Information Technology			7.96

Sector Types Each Less Than 3%			5.30

Money Market Funds Plus Other Assets Less Liabilities			0.02

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



		20
		20

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

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.03%
Communication Services-0.91%
TEGNA, Inc.		89,889	$	1,876,882


Consumer Discretionary-15.03%
AutoNation, Inc.^(b)(c)		31,813		3,382,040
Dick’s Sporting Goods, Inc.^(c)		36,370		4,137,451
Goodyear Tire & Rubber Co. (The)^(b)(c)		446,273		5,667,667
Graham Holdings Co., Class B		5,759		3,592,867
Kohl’s Corp.		101,194		3,030,760
Macy’s, Inc.		183,246		3,820,679
Murphy USA, Inc.		9,419		2,962,370
Nordstrom, Inc.^(c)		93,827		1,908,441
Victoria’s Secret & Co.^(b)(c)		65,131		2,448,926

				30,951,201

Consumer Staples-4.29%
BJ’s Wholesale Club Holdings, Inc.^(b)		28,181		2,181,210
Pilgrim’s Pride Corp.^(b)		56,047		1,291,883
Post Holdings, Inc.^(b)		30,596		2,766,490
Sprouts Farmers Market, Inc.^(b)(c)		87,777		2,589,422

				8,829,005

Energy-2.44%
DT Midstream, Inc.^(c)		25,466		1,520,320
HF Sinclair Corp.		57,413		3,511,953

				5,032,273

Financials-33.22%
American Financial Group, Inc.		14,702		2,133,407
Associated Banc-Corp		138,496		3,372,378
Bank OZK^(c)		54,249		2,331,622
Brighthouse Financial, Inc.^(b)		105,642		6,028,989
Cathay General Bancorp		46,990		2,142,744
CNO Financial Group, Inc.		203,714		4,493,931
East West Bancorp, Inc.		20,603		1,474,557
First American Financial Corp.		56,621		2,853,698
First Horizon Corp.		68,155		1,670,479
Hancock Whitney Corp.		44,935		2,510,518
Hanover Insurance Group, Inc. (The)		13,573		1,988,309
Janus Henderson Group PLC^(c)		97,317		2,215,908
Jefferies Financial Group, Inc.		116,947		4,024,146
Navient Corp.		274,607		4,157,550
Old Republic International Corp.		155,005		3,597,666
Pinnacle Financial Partners, Inc.		24,719		2,051,430
Selective Insurance Group, Inc.		21,877		2,145,696
Stifel Financial Corp.		33,079		2,046,598
Synovus Financial Corp.		50,183		1,999,792
UMB Financial Corp.^(c)		18,142		1,509,777
Unum Group		106,254		4,844,120
Valley National Bancorp^(c)		180,341		2,140,648
Washington Federal, Inc.		65,138		2,520,841
Webster Financial Corp.		37,212		2,019,123
Wintrust Financial Corp.		22,960		2,149,515

				68,423,442

Health Care-3.19%
Patterson Cos., Inc.		68,092		1,768,349
QuidelOrtho Corp.^(b)		31,670		2,844,600
Tenet Healthcare Corp.^(b)		43,964		1,950,243

				6,563,192



	Shares		Value
Industrials-12.11%
AGCO Corp.		14,977	$	1,859,694
ASGN, Inc.^(b)		17,037		1,444,397
Avis Budget Group, Inc.^(b)(c)		9,301		2,199,315
Builders FirstSource, Inc.^(b)(c)		46,008		2,836,853
CACI International, Inc., Class A^(b)		5,732		1,742,700
EMCOR Group, Inc.		19,601		2,765,701
Fluor Corp.^(b)(c)		62,838		1,901,478
Knight-Swift Transportation Holdings, Inc.		52,296		2,511,777
Owens Corning		21,594		1,848,662
Ryder System, Inc.^(c)		45,245		3,642,675
Univar Solutions, Inc.^(b)		85,561		2,180,094

				24,933,346

Information Technology-8.86%
Amkor Technology, Inc.^(c)		137,448		2,857,544
Arrow Electronics, Inc.^(b)		35,502		3,594,933
Avnet, Inc.		90,316		3,629,800
First Solar, Inc.^(b)		20,920		3,045,324
Jabil, Inc.		50,476		3,243,083
Silicon Laboratories, Inc.^(b)(c)		16,336		1,877,333

				18,248,017

Materials-15.13%
Alcoa Corp.		26,410		1,030,782
Ashland, Inc.		20,455		2,146,139
Avient Corp.		30,887		1,065,293
Chemours Co. (The)^(c)		35,026		1,002,794
Cleveland-Cliffs, Inc.^(b)(c)		167,373		2,174,175
Commercial Metals Co.		81,483		3,707,476
Greif, Inc., Class A^(c)		49,558		3,281,235
Louisiana-Pacific Corp.^(c)		37,800		2,141,370
Olin Corp.		29,974		1,587,123
Reliance Steel & Aluminum Co.		13,460		2,711,921
Silgan Holdings, Inc.		38,430		1,820,045
Steel Dynamics, Inc.		38,510		3,621,866
United States Steel Corp.^(c)		239,377		4,873,716

				31,163,935

Real Estate-3.37%
Cousins Properties, Inc.		52,739		1,253,079
Jones Lang LaSalle, Inc.^(b)(c)		12,919		2,055,284
Macerich Co. (The)^(c)		181,472		2,019,783
PotlatchDeltic Corp.^(c)		36,308		1,615,343

				6,943,489

Utilities-1.48%
OGE Energy Corp.		44,445		1,628,020
Spire, Inc.		20,245		1,413,304

				3,041,324

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.03% (Cost $203,835,025)				206,006,106

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



		21
		21

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

October 31, 2022

(Unaudited)



	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-18.27%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		10,535,034	$	10,535,034
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		27,081,455		27,081,455

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $37,615,999)				37,616,489

TOTAL INVESTMENTS IN SECURITIES-118.30% (Cost $241,451,024)				243,622,595
OTHER ASSETS LESS LIABILITIES-(18.30)%				(37,685,651	)

NET ASSETS-100.00%.			$	205,936,944

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)



	Value April 30, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	17,751		$	2,405,038		$	(2,422,789	)		$	-		$	-		$	-		$	1,880

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			13,433,427			66,905,120			(69,803,513	)			-			-			10,535,034			101,397	*

Invesco Private Prime Fund			25,011,750			145,446,609			(143,378,700	)			221			1,575			27,081,455			277,002	*


Total		$	38,462,928		$	214,756,767		$	(215,605,002	)		$	221		$	1,575		$	37,616,489		$	380,279

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

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

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

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



		22
		22

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

October 31, 2022

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022

Financials	33.22

Materials	15.13

Consumer Discretionary	15.03

Industrials	12.11

Information Technology	8.86

Consumer Staples	4.29

Real Estate	3.37

Health Care	3.19

Sector Types Each Less Than 3%	4.83

Money Market Funds Plus Other Assets Less Liabilities	(0.03	)

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



		23
		23

Invesco S&P SmallCap Momentum ETF (XSMO)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Communication Services-1.07%
Gogo, Inc.^(b)		50,524	$	718,451
Scholastic Corp.		27,544		1,050,528

				1,768,979

Consumer Discretionary-1.02%
Movado Group, Inc.		7,692		254,374
Perdoceo Education Corp.^(b)		37,913		433,346
Stride, Inc.^(b)(c)		29,761		997,291

				1,685,011

Consumer Staples-8.75%
Andersons, Inc. (The)		21,593		761,585
Cal-Maine Foods, Inc.		39,283		2,219,882
Hostess Brands, Inc.^(b)		135,161		3,579,063
Inter Parfums, Inc.		8,383		678,017
MGP Ingredients, Inc.^(c)		18,130		2,031,467
National Beverage Corp.^(c)		15,157		718,745
SpartanNash Co.		43,503		1,553,492
United Natural Foods, Inc.^(b)		33,695		1,429,005
Universal Corp.		14,065		711,830
Vector Group Ltd.		78,435		832,980

				14,516,066

Energy-18.60%
Civitas Resources, Inc.		41,935		2,931,676
CONSOL Energy, Inc.		39,470		2,487,399
Helmerich & Payne, Inc.		87,333		4,323,857
Laredo Petroleum, Inc.^(b)(c)		10,868		702,616
Nabors Industries Ltd.^(b)		6,075		1,057,232
Patterson-UTI Energy, Inc.		224,329		3,959,407
PBF Energy, Inc., Class A^(b)		129,216		5,717,808
ProPetro Holding Corp.^(b)		53,868		637,797
Ranger Oil Corp., Class A^(c)		18,034		737,591
RPC, Inc.		75,058		835,396
SM Energy Co.		130,263		5,859,230
Talos Energy, Inc.^(b)		47,103		1,002,352
US Silica Holdings, Inc.^(b)		42,127		606,207

				30,858,568

Financials-27.03%
American Equity Investment Life Holding Co.		38,525		1,659,657
Assured Guaranty Ltd.		40,682		2,407,967
BancFirst Corp.		20,930		2,005,513
Banner Corp.		21,566		1,612,058
Blucora, Inc.^(b)		26,724		588,730
City Holding Co.		10,079		1,016,467
CVB Financial Corp.		156,104		4,483,307
Encore Capital Group, Inc.^(b)		26,904		1,369,952
EZCORP, Inc., Class A^(b)		40,288		389,182
FB Financial Corp.		19,657		824,808
First Bancorp		121,697		1,921,596
First Commonwealth Financial Corp.		55,975		802,681
Genworth Financial, Inc., Class A^(b)		320,884		1,498,528
Hanmi Financial Corp.		27,135		726,675
Hope Bancorp, Inc.		71,140		965,370
Independent Bank Corp.		30,587		2,661,375
Lakeland Financial Corp.		16,435		1,358,353
Mr. Cooper Group, Inc.^(b)(c)		41,129		1,624,184



	Shares		Value
Financials-(continued)
National Bank Holdings Corp., Class A		19,403	$	850,239
NBT Bancorp, Inc.		29,961		1,419,852
Northwest Bancshares, Inc.		80,601		1,213,851
OFG Bancorp		29,507		822,655
Park National Corp.^(c)		8,934		1,317,765
Preferred Bank		10,160		780,999
Provident Financial Services, Inc.^(c)		50,638		1,135,304
Safety Insurance Group, Inc.		10,469		910,279
Seacoast Banking Corp. of Florida		37,078		1,145,710
ServisFirst Bancshares, Inc.		32,939		2,481,295
Southside Bancshares, Inc.^(c)		18,211		623,545
StoneX Group, Inc.^(b)		13,055		1,218,293
United Community Banks, Inc.		68,100		2,621,850
United Fire Group, Inc.		14,546		394,197

				44,852,237

Health Care-7.89%
Amphastar Pharmaceuticals, Inc.^(b)		38,990		1,204,791
Corcept Therapeutics, Inc.^(b)		61,848		1,768,853
CorVel Corp.^(b)		5,010		822,692
Cross Country Healthcare, Inc.^(b)(c)		25,691		952,879
Cytokinetics, Inc.^(b)(c)		53,478		2,334,849
Dynavax Technologies Corp.^(b)(c)		73,308		839,377
Enanta Pharmaceuticals, Inc.^(b)		10,822		488,180
Harmony Biosciences Holdings, Inc.^(b)(c)		31,812		1,654,224
Prestige Consumer Healthcare, Inc.^(b)		28,132		1,532,631
Simulations Plus, Inc.		10,493		435,460
Supernus Pharmaceuticals, Inc.^(b)(c)		30,811		1,055,893

				13,089,829

Industrials-19.72%
AAR Corp.^(b)		21,170		938,254
Applied Industrial Technologies, Inc.		20,145		2,505,635
ArcBest Corp.^(c)		17,742		1,409,247
Atlas Air Worldwide Holdings, Inc.^(b)(c)		12,711		1,285,591
Boise Cascade Co.		28,556		1,906,684
Comfort Systems USA, Inc.		30,708		3,785,682
Encore Wire Corp.^(c)		18,660		2,567,429
Forward Air Corp.		15,205		1,609,753
Griffon Corp.		33,083		1,063,288
Hub Group, Inc., Class A^(b)		17,785		1,380,116
Marten Transport Ltd.		48,996		919,655
Matson, Inc.		27,115		1,995,122
Mueller Industries, Inc.		56,893		3,563,777
NV5 Global, Inc.^(b)		10,388		1,505,741
Resources Connection, Inc.		25,745		470,361
Titan International, Inc.^(b)		46,153		690,449
UFP Industries, Inc.		38,939		2,773,625
Veritiv Corp.^(b)(c)		14,895		1,731,693
Wabash National Corp.		28,615		619,515

				32,721,617

Information Technology-9.55%
Alpha & Omega Semiconductor Ltd.^(b)(c)		15,134		495,639
Axcelis Technologies, Inc.^(b)		29,325		1,700,850
Clearfield, Inc.^(b)(c)		13,087		1,589,678
CSG Systems International, Inc.		38,628		2,498,073
Digi International, Inc.^(b)		27,292		1,100,686
ePlus, Inc.^(b)		15,853		772,358

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



		24
		24

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

October 31, 2022

(Unaudited)



	Shares		Value
Information Technology-(continued)
Extreme Networks, Inc.^(b)		63,039	$	1,130,920
NetScout Systems, Inc.^(b)(c)		44,145		1,585,688
Onto Innovation, Inc.^(b)		24,097		1,610,643
PDF Solutions, Inc.^(b)		20,447		482,140
Photronics, Inc.^(b)		56,249		912,359
Sanmina Corp.^(b)		34,993		1,961,358

				15,840,392

Materials-3.98%
AdvanSix, Inc.		13,923		506,519
American Vanguard Corp.		22,112		514,546
Innospec, Inc.		14,767		1,476,552
Mercer International, Inc. (Germany)		30,737		412,491
Myers Industries, Inc.		21,463		435,484
Sylvamo Corp.		21,190		1,020,722
TimkenSteel Corp.^(b)(c)		28,127		490,535
Warrior Met Coal, Inc.		47,236		1,754,345

				6,611,194

Real Estate-1.62%
Armada Hoffler Properties, Inc.		39,089		456,951
LTC Properties, Inc.		25,876		1,000,625
NexPoint Residential Trust, Inc.		12,344		562,886
Saul Centers, Inc.		8,183		335,094
Whitestone REIT		36,051		339,240

				2,694,796

Utilities-0.72%
Chesapeake Utilities Corp.		9,670		1,202,755

Total Common Stocks & Other Equity Interests (Cost $152,575,909)				165,841,444



	Shares		Value
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)(Cost $107,224)		107,224	$	107,224

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $152,683,133)				165,948,668


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-14.03%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		6,520,744		6,520,744
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		16,763,332		16,763,332

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $23,284,094)				23,284,076

TOTAL INVESTMENTS IN SECURITIES-114.05% (Cost $175,967,227)				189,232,744
OTHER ASSETS LESS LIABILITIES-(14.05)%				(23,308,121	)

NET ASSETS-100.00%.			$	165,924,623

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)



	Value April 30, 2022			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value October 31, 2022		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	181,679	$	1,635,616	$	(1,710,071	)		$ -		$ -		$ 107,224		$ 896

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



		25
		25

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

October 31, 2022

(Unaudited)



	Value April 30, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2022			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	7,713,992		$	27,833,170		$	(29,026,418	)		$	-			$	-		$	6,520,744		$	57,363	*

Invesco Private Prime Fund			17,982,141			64,883,149			(66,102,958	)			(867	)			1,867			16,763,332			156,226	*


Total		$	25,877,812		$	94,351,935		$	(96,839,447	)		$	(867	)		$	1,867		$	23,391,300		$	214,485

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

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

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

Portfolio Composition

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

as of October 31, 2022



Financials			27.03

Industrials			19.72

Energy			18.60

Information Technology			9.55

Consumer Staples			8.75

Health Care			7.89

Materials			3.98

Sector Types Each Less Than 3%			4.43

Money Market Funds Plus Other Assets Less Liabilities			0.05

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



		26
		26

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

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-1.63%
Gannett Co., Inc.^(b)(c)		2,365,325	$	3,429,722
Scholastic Corp.		125,016		4,768,110
Thryv Holdings, Inc.^(b)(c)		144,050		2,947,263

				11,145,095

Consumer Discretionary-18.18%
Abercrombie & Fitch Co., Class A^(b)(c)		420,584		7,393,867
Academy Sports & Outdoors, Inc.^(c)		174,727		7,693,230
Adtalem Global Education, Inc.^(b)(c)		201,477		8,401,591
Asbury Automotive Group, Inc.^(b)(c)		38,972		6,147,833
Caleres, Inc.^(c)		185,897		5,080,565
Cato Corp. (The), Class A		636,101		7,575,963
Chico’s FAS, Inc.^(b)(c)		1,016,487		5,976,944
Conn’s, Inc.^(b)(c)(d)		1,247,607		10,242,853
Ethan Allen Interiors, Inc.^(c)		235,080		6,015,697
Genesco, Inc.^(b)(c)		129,555		6,094,267
G-III Apparel Group Ltd.^(b)(c)		336,087		6,553,696
Group 1 Automotive, Inc.^(c)		52,929		9,156,717
Movado Group, Inc.^(c)		128,802		4,259,482
ODP Corp. (The)^(b)(c)		145,445		5,755,259
Perdoceo Education Corp.^(b)(c)		537,800		6,147,054
Shoe Carnival, Inc.^(c)		227,407		5,453,220
Signet Jewelers Ltd.^(c)		111,812		7,294,615
Standard Motor Products, Inc.		122,117		4,631,898
Vista Outdoor, Inc.^(b)(c)		144,726		4,202,843

				124,077,594

Consumer Staples-8.38%
Andersons, Inc. (The)		247,955		8,745,373
B&G Foods, Inc.^(c)		171,658		2,811,758
Edgewell Personal Care Co.^(c)		124,545		4,880,919
Fresh Del Monte Produce, Inc.^(c)		377,171		9,836,620
Seneca Foods Corp., Class A^(b)(c)		143,749		9,071,999
SpartanNash Co.		253,266		9,044,129
United Natural Foods, Inc.^(b)(c)		207,125		8,784,171
Universal Corp.		79,340		4,015,397

				57,190,366

Energy-4.87%
Callon Petroleum Co.^(b)(c)		70,745		3,109,950
Dorian LPG Ltd.		365,625		6,606,844
Helix Energy Solutions Group, Inc.^(b)(c)		881,561		6,170,927
Oil States International, Inc.^(b)(c)		520,139		3,365,299
PBF Energy, Inc., Class A^(b)		194,151		8,591,182
REX American Resources Corp.^(b)(c)		179,685		5,388,753

				33,232,955

Financials-29.95%
American Equity Investment Life Holding Co.		190,935		8,225,480
Assured Guaranty Ltd.		110,631		6,548,249
Banc of California, Inc.		212,146		3,538,595
Banner Corp.		71,419		5,338,570
Berkshire Hills Bancorp, Inc.^(c)		175,194		5,124,424
Brightsphere Investment Group, Inc.		183,338		3,450,421
Brookline Bancorp, Inc.^(c)		323,852		4,452,965
Central Pacific Financial Corp.		183,079		3,756,781
Customers Bancorp, Inc.^(b)		164,452		5,540,388



	Shares		Value
Financials-(continued)
Dime Community Bancshares, Inc.		149,058	$	5,146,973
Eagle Bancorp, Inc.		88,508		4,007,642
Ellington Financial, Inc.		328,995		4,401,953
Employers Holdings, Inc.^(c)		115,093		5,019,206
Encore Capital Group, Inc.^(b)(c)		113,102		5,759,154
Enova International, Inc.^(b)		217,396		8,150,176
EZCORP, Inc., Class A^(b)(c)		1,007,017		9,727,784
First Bancorp/Southern Pines NC		108,710		4,845,205
First Commonwealth Financial Corp.		298,239		4,276,747
Hanmi Financial Corp.		220,633		5,908,552
HomeStreet, Inc.		119,756		3,108,866
Hope Bancorp, Inc.		402,597		5,463,241
Horace Mann Educators Corp.		125,322		4,945,206
KKR Real Estate Finance Trust, Inc.^(c)		282,070		4,913,659
Mr. Cooper Group, Inc.^(b)(c)		196,902		7,775,660
OFG Bancorp		149,117		4,157,382
Piper Sandler Cos.^(c)		35,044		4,484,581
PRA Group, Inc.^(b)		128,872		4,317,212
ProAssurance Corp.		266,591		5,920,986
Provident Financial Services, Inc.^(c)		198,861		4,458,464
Ready Capital Corp.^(c)		419,226		5,081,019
Redwood Trust, Inc.^(c)		719,735		5,131,711
S&T Bancorp, Inc.		171,957		6,501,694
Stewart Information Services Corp.		148,282		5,777,067
StoneX Group, Inc.^(b)		112,973		10,542,640
United Community Banks, Inc.^(c)		121,982		4,696,307
United Fire Group, Inc.		188,240		5,101,304
Universal Insurance Holdings, Inc.		529,146		5,312,626
Veritex Holdings, Inc.		110,588		3,492,369

				204,401,259

Health Care-6.10%
Allscripts Healthcare Solutions, Inc.^(b)(c)		218,494		3,211,862
Community Health Systems, Inc.^(b)		1,771,879		5,085,293
Cross Country Healthcare, Inc.^(b)(c)		468,673		17,383,081
Fulgent Genetics, Inc.^(b)(c)		128,422		5,089,364
iTeos Therapeutics, Inc.^(b)(c)		397,537		7,744,021
Owens & Minor, Inc.^(c)		183,006		3,111,102

				41,624,723

Industrials-16.42%
ABM Industries, Inc.		84,879		3,777,964
ArcBest Corp.^(c)		73,623		5,847,875
Atlas Air Worldwide Holdings, Inc.^(b)(c)		137,951		13,952,364
Boise Cascade Co.^(c)		102,183		6,822,759
CoreCivic, Inc.^(b)		380,299		3,981,731
DXP Enterprises, Inc.^(b)		147,914		4,231,820
Encore Wire Corp.^(c)		45,039		6,196,916
EnPro Industries, Inc.^(c)		39,049		4,158,718
GEO Group, Inc. (The)^(b)(c)		1,114,801		9,431,216
GMS, Inc.^(b)		94,380		4,454,736
Greenbrier Cos., Inc. (The)^(c)		126,636		4,471,517
Hub Group, Inc., Class A^(b)(c)		67,110		5,207,736
Insteel Industries, Inc.^(c)		87,761		2,312,502
Interface, Inc.		255,587		2,890,689
Matson, Inc.^(c)		78,587		5,782,431
Mueller Industries, Inc.^(c)		88,820		5,563,685
NOW, Inc.^(b)		335,011		4,264,690
Resources Connection, Inc.		238,336		4,354,399

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



		27
		27

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

October 31, 2022

(Unaudited)



	Shares		Value
Industrials-(continued)
TrueBlue, Inc.^(b)		281,941	$	5,542,960
UFP Industries, Inc.		65,721		4,681,307
Veritiv Corp.^(b)(c)		35,356		4,110,489

				112,038,504

Information Technology-5.73%
Alpha & Omega Semiconductor Ltd.^(b)(c)		161,261		5,281,298
Ebix, Inc.		149,431		2,957,240
Insight Enterprises, Inc.^(b)(c)		50,953		4,815,568
PC Connection, Inc.^(c)		123,495		6,562,524
Sanmina Corp.^(b)		136,634		7,658,336
ScanSource, Inc.^(b)		195,486		6,056,156
TTM Technologies, Inc.^(b)		378,072		5,788,282

				39,119,404

Materials-6.63%
AdvanSix, Inc.		100,625		3,660,738
Clearwater Paper Corp.^(b)		166,824		7,420,332
Mercer International, Inc. (Germany)		491,544		6,596,520
Olympic Steel, Inc.		382,574		10,409,839
SunCoke Energy, Inc.		754,066		5,474,519
TimkenSteel Corp.^(b)(c)		225,632		3,935,022
Trinseo PLC^(c)		152,942		2,878,368
Warrior Met Coal, Inc.		130,925		4,862,554

				45,237,892

Real Estate-2.04%
Chatham Lodging Trust^(b)		277,856		3,603,792
Franklin Street Properties Corp.		1,841,502		5,303,526
iStar, Inc.		480,230		5,032,810

				13,940,128

Total Common Stocks & Other Equity Interests (Cost $701,535,142)				682,007,920



	Shares		Value
Money Market Funds-0.09%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)(Cost $602,793)		602,793	$	602,793

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $702,137,935)				682,610,713


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-23.20%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		44,339,856		44,339,856
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		113,988,601		113,988,601

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $158,333,007)				158,328,457

TOTAL INVESTMENTS IN SECURITIES-123.22% (Cost $860,470,942)				840,939,170
OTHER ASSETS LESS LIABILITIES-(23.22)%				(158,471,073	)

NET ASSETS-100.00%			$	682,468,097

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)

Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an “affiliated person” under the Investment Company Act of 1940, as amended (the “1940 Act”), which defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, the Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2022.



	Value April 30, 2022	Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value October 31, 2022		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$576,198	$	9,536,360	$	(9,509,765	)	$	-	$	-	$	602,793	$	3,374

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



		28
		28

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

October 31, 2022

(Unaudited)



	Value April 30, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2022			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	26,860,446		$	123,444,119		$	(105,964,709	)		$	-			$	-			$	44,339,856		$	347,371	*

Invesco Private Prime Fund			62,747,381			273,251,009			(222,008,493	)			(9,614	)			8,318				113,988,601			947,093	*

Investments in Other Affiliates:

Conn’s, Inc.			7,151,127			7,921,134			(1,200,349	)			(3,248,440	)			(380,619	)			10,242,853			-

Olympic Steel, Inc.**			22,825,708			4,114,818			(11,500,724	)			(3,760,634	)			(1,269,329	)			10,409,839			92,914


Total		$	120,160,860		$	418,267,440		$	(350,184,040	)		$	(7,018,688	)		$	(1,641,630	)		$	179,583,942		$	1,390,752

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

**	As of October 31, 2022, this security was not considered as an affiliate of the Fund.

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

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

Portfolio Composition

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

as of October 31, 2022



Financials			29.95

Consumer Discretionary			18.18

Industrials			16.42

Consumer Staples			8.38

Materials			6.63

Health Care			6.10

Information Technology			5.73

Energy			4.87

Sector Types Each Less Than 3%			3.67

Money Market Funds Plus Other Assets Less Liabilities			0.07

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



		29
		29

Invesco Zacks Mid-Cap ETF (CZA)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Consumer Discretionary-4.67%
Columbia Sportswear Co.^(b)		10,044	$	748,278
Garmin Ltd.		31,186		2,745,616
Gentex Corp.		37,069		981,958
Genuine Parts Co.		23,012		4,092,914
Levi Strauss & Co., Class A		65,491		979,745

				9,548,511

Consumer Staples-3.59%
Coca-Cola Europacific Partners PLC (United Kingdom)		74,990		3,528,279
Conagra Brands, Inc.		79,457		2,916,072
Pilgrim’s Pride Corp.^(c)		39,239		904,459

				7,348,810

Energy-4.02%
Cosan S.A., ADR (Brazil)		65,311		843,818
ONEOK, Inc.		74,019		4,390,807
Pembina Pipeline Corp. (Canada)		90,514		2,987,867

				8,222,492

Financials-20.07%
Affiliated Managers Group, Inc.		6,212		771,282
Arch Capital Group Ltd.^(c)		59,110		3,398,825
Assurant, Inc.		8,516		1,156,984
AXIS Capital Holdings Ltd.		13,810		754,993
CNA Financial Corp.		43,768		1,825,126
Deutsche Bank AG (Germany)^(b)		357,106		3,421,075
East West Bancorp, Inc.		22,750		1,628,218
Everest Re Group Ltd.		6,320		2,039,211
Fifth Third Bancorp		114,134		4,073,442
Hanover Insurance Group, Inc. (The)		5,806		850,521
Hartford Financial Services Group, Inc. (The)		51,674		3,741,714
Invesco Ltd.^(d)		75,941		1,163,416
KeyCorp		153,090		2,735,718
Lufax Holding Ltd., ADR (China)		397,693		632,332
Selective Insurance Group, Inc.		9,656		947,060
State Street Corp.		61,104		4,521,696
W.R. Berkley Corp.		43,336		3,223,332
Western Alliance Bancorporation		17,721		1,190,320
XP, Inc., Class A (Brazil)^(b)(c)		93,036		1,705,350
Zions Bancorporation N.A		24,813		1,288,787

				41,069,402

Health Care-5.57%
Avantor, Inc.^(c)		110,732		2,233,464
Bausch + Lomb Corp.^(b)(c)		57,511		820,107
Chemed Corp.		2,418		1,128,892
ICON PLC^(c)		13,577		2,686,074
Premier, Inc., Class A		19,069		665,127
Zimmer Biomet Holdings, Inc.		34,036		3,857,980

				11,391,644

Industrials-22.43%
AerCap Holdings N.V. (Ireland)^(c)		38,625		2,062,961
AGCO Corp.		12,247		1,520,710
Armstrong World Industries, Inc.		7,439		562,165
Booz Allen Hamilton Holding Corp.		21,378		2,326,995
CACI International, Inc., Class A^(c)		3,846		1,169,299
Crane Holdings Co.		8,985		901,555



	Shares		Value
Industrials-(continued)
Donaldson Co., Inc.		19,932	$	1,145,093
Dover Corp.		23,591		3,083,108
Equifax, Inc.		20,246		3,432,507
Fortive Corp.		58,171		3,717,127
Fortune Brands Home & Security, Inc.		21,200		1,278,784
Graco, Inc.		27,522		1,914,981
IDEX Corp.		12,091		2,687,950
ITT, Inc.		13,333		1,018,508
Jacobs Solutions, Inc.		21,224		2,445,429
Leidos Holdings, Inc.		21,910		2,225,837
Lincoln Electric Holdings, Inc.		9,379		1,331,818
MDU Resources Group, Inc.		33,372		950,435
Nordson Corp.		9,261		2,083,725
Regal Rexnord Corp.		10,736		1,358,534
Southwest Airlines Co.^(c)		96,638		3,512,791
Wabtec Corp.		29,973		2,795,882
Watts Water Technologies, Inc., Class A		5,323		779,074
ZTO Express (Cayman), Inc., ADR (China)^(b)		94,376		1,594,011

				45,899,279

Information Technology-11.77%
Amdocs Ltd.		21,116		1,822,522
CDW Corp.		21,933		3,790,242
Check Point Software Technologies Ltd.
(Israel)^(c)		20,063		2,592,741
Concentrix Corp.		8,373		1,023,432
FleetCor Technologies, Inc.^(c)		12,647		2,353,860
Genpact Ltd.		29,919		1,451,071
Littelfuse, Inc.^(b)		4,009		882,982
Skyworks Solutions, Inc.		25,900		2,227,659
TD SYNNEX Corp.		15,503		1,418,679
Teledyne Technologies, Inc.^(c)		7,673		3,053,701
TELUS International CDA, Inc. (Philippines)^(b)(c)		41,698		1,037,446
Trimble, Inc.^(c)		40,329		2,426,193

				24,080,528

Materials-9.30%
AptarGroup, Inc.		10,646		1,055,551
Avery Dennison Corp.		13,175		2,233,821
Berry Global Group, Inc.^(c)		22,290		1,054,763
Element Solutions, Inc.		39,860		685,592
FMC Corp.		20,062		2,385,372
ICL Group Ltd. (Israel)		205,586		1,854,386
RPM International, Inc.		20,825		1,969,420
Sealed Air Corp.		23,708		1,128,975
Silgan Holdings, Inc.		18,059		855,274
Suzano S.A., ADR (Brazil)		218,306		2,246,369
Vulcan Materials Co.		21,741		3,559,002

				19,028,525

Real Estate-5.50%
Camden Property Trust		17,670		2,041,768
Equity LifeStyle Properties, Inc.		31,847		2,036,934
Essex Property Trust, Inc.		10,817		2,403,970
Gaming and Leisure Properties, Inc.		41,449		2,077,424
Ventas, Inc.		68,805		2,692,340

				11,252,436

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



		30
		30

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

October 31, 2022

(Unaudited)



	Shares		Value
Utilities-13.00%
AES Corp. (The)		116,800	$	3,055,488
Alliant Energy Corp.		41,930		2,187,488
Ameren Corp.		43,309		3,530,550
Avangrid, Inc.^(b)		64,195		2,611,453
CMS Energy Corp.		49,114		2,801,954
Entergy Corp.		34,357		3,681,009
Evergy, Inc.		37,802		2,310,836
FirstEnergy Corp.		95,906		3,616,615
Hawaiian Electric Industries, Inc.		18,273		695,105
IDACORP, Inc.		8,472		887,018
OGE Energy Corp.		33,430		1,224,541

				26,602,057

Total Common Stocks & Other Equity Interests (Cost $207,213,361)				204,443,684


Money Market Funds-0.12%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)(Cost $247,173)		247,173		247,173

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.04% (Cost $207,460,534)				204,690,857



	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.79%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		2,165,480	$	2,165,480
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		5,586,499		5,586,499

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,751,868)				7,751,979

TOTAL INVESTMENTS IN SECURITIES-103.83% (Cost $215,212,402)				212,442,836
OTHER ASSETS LESS LIABILITIES-(3.83)%				(7,840,458	)

NET ASSETS-100.00%.			$	204,602,378

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

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

^(c)	Non-income producing security.

^(d)



	Value April 30, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2022			Dividend Income

Invesco Ltd.		$	1,398,167		$	94,042		$	(93,051	)		$	(220,698	)		$	(15,044	)		$	1,163,416		$	28,076

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			405,744			3,799,918			(3,958,489	)			-				-				247,173			1,934

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			5,151,726			34,674,344			(37,660,590	)			-				-				2,165,480			35,947	*

Invesco Private Prime Fund			12,011,712			64,107,519			(70,532,188	)			111				(655	)			5,586,499			97,167	*


Total		$	18,967,349		$	102,675,823		$	(112,244,318	)		$	(220,587	)		$	(15,699	)		$	9,162,568		$	163,124

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

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



		31
		31

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

October 31, 2022

(Unaudited)

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

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

Portfolio Composition

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

as of October 31, 2022



Industrials			22.43

Financials			20.07

Utilities			13.00

Information Technology			11.77

Materials			9.30

Health Care			5.57

Real Estate			5.50

Consumer Discretionary			4.67

Energy			4.02

Consumer Staples			3.59

Money Market Funds Plus Other Assets Less Liabilities			0.08

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



		32
		32

Invesco Zacks Multi-Asset Income ETF (CVY)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-81.00%
Communication Services-1.29%
KT Corp., ADR (South Korea)^(b)		74,774	$	950,377
Mobile TeleSystems PJSC, ADR (Russia)^(c)(d)		152,493		0
Telefonica S.A., ADR (Spain)^(b)		113,582		391,858

				1,342,235

Consumer Discretionary-6.21%
Best Buy Co., Inc.		13,729		939,201
Bloomin’ Brands, Inc.		38,785		931,228
Camping World Holdings, Inc., Class A^(b)		13,579		377,904
Carter’s, Inc.^(b)		9,768		662,954
Foot Locker, Inc.^(b)		22,820		723,394
Guess?, Inc.^(b)		19,919		338,225
Honda Motor Co. Ltd., ADR (Japan)		30,403		693,796
LCI Industries^(b)		3,157		334,989
M.D.C. Holdings, Inc.		9,908		301,798
Smith & Wesson Brands, Inc.^(b)		23,994		270,892
Whirlpool Corp.^(b)		6,325		874,368

				6,448,749

Consumer Staples-2.14%
Bunge Ltd.		9,492		936,860
Cal-Maine Foods, Inc.		7,865		444,451
Tyson Foods, Inc., Class A		12,339		843,371

				2,224,682

Energy-21.53%
Alliance Resource Partners L.P		35,236		855,530
Black Stone Minerals L.P		73,472		1,349,681
BP PLC, ADR (United Kingdom)		17,771		591,419
Chesapeake Energy Corp.		11,081		1,133,254
China Petroleum & Chemical Corp., ADR (China)		21,173		846,920
Chord Energy Corp.^(b)		4,888		748,304
Crescent Point Energy Corp. (Canada)		131,525		1,029,841
Crestwood Equity Partners L.P		35,227		1,081,469
Delek US Holdings, Inc.		25,400		753,364
Diamondback Energy, Inc.		7,756		1,218,545
Energy Transfer L.P		72,391		924,433
Eni S.p.A., ADR (Italy)		26,847		707,150
Enterprise Products Partners L.P		27,367		691,017
Genesis Energy L.P		46,417		533,331
HF Sinclair Corp.		14,763		903,053
Imperial Oil Ltd. (Canada)		6,708		365,452
Marathon Petroleum Corp.		11,102		1,261,409
MPLX L.P		28,527		956,795
Murphy Oil Corp.		18,853		914,559
Northern Oil and Gas, Inc.		12,297		419,820
NuStar Energy L.P		69,356		1,116,632
PDC Energy, Inc.		15,501		1,118,242
Plains All American Pipeline L.P		70,611		845,214
Shell PLC, ADR (Netherlands)^(b)		8,004		445,262
TotalEnergies SE, ADR (France)		8,364		458,096
VAALCO Energy, Inc.		52,385		269,783
Western Midstream Partners L.P		28,388		815,019

				22,353,594

Financials-25.90%
Aflac, Inc.		19,041		1,239,760



	Shares		Value
Financials-(continued)
Ally Financial, Inc.		27,262	$	751,341
American International Group, Inc.		19,397		1,105,629
B. Riley Financial, Inc.^(b)		6,964		283,296
Banco de Chile, ADR (Chile)		35,761		643,340
Banco Santander Chile, ADR (Chile)		36,981		533,636
Bancolombia S.A., ADR (Colombia)		27,975		709,726
Bank of America Corp.		30,669		1,105,311
BankUnited, Inc.		8,823		317,187
Citigroup, Inc.		20,853		956,319
CNO Financial Group, Inc.		18,008		397,256
Discover Financial Services		10,217		1,067,268
Equitable Holdings, Inc.		24,884		761,948
Evercore, Inc., Class A		6,677		701,753
Everest Re Group Ltd.		2,670		861,502
Fidelity National Financial, Inc.		17,974		707,816
First Bancorp		25,266		398,950
Goldman Sachs Group, Inc. (The)		3,492		1,203,029
HSBC Holdings PLC, ADR (United Kingdom)^(b)		16,352		423,680
Invesco Ltd.^(e)		39,315		602,306
Jackson Financial, Inc., Class A^(b)		21,947		841,887
Jefferies Financial Group, Inc.		23,357		803,714
Lincoln National Corp.		13,369		720,188
MetLife, Inc.		17,032		1,246,913
MGIC Investment Corp.		54,874		749,030
Morgan Stanley		13,372		1,098,777
NatWest Group PLC, ADR (United Kingdom)^(b)		139,765		757,526
OneMain Holdings, Inc.		17,522		675,648
PacWest Bancorp		24,141		600,145
Popular, Inc.		9,204		650,907
Radian Group, Inc.		17,402		363,180
SLM Corp.		39,763		659,668
Synchrony Financial		32,377		1,151,326
Virtu Financial, Inc., Class A		13,945		312,089
Virtus Investment Partners, Inc.		1,955		335,263
Wells Fargo & Co.		24,915		1,145,841

				26,883,155

Health Care-1.82%
Organon & Co.		19,201		502,682
Takeda Pharmaceutical Co. Ltd., ADR (Japan)^(b)		33,748		446,149
Viatris, Inc.		92,856		940,631

				1,889,462

Industrials-2.29%
Allison Transmission Holdings, Inc.		9,478		400,446
Danaos Corp. (Greece)		4,402		249,593
Global Ship Lease, Inc., Class A (United Kingdom)^(b)		16,206		277,123
Ryder System, Inc.		9,418		758,243
Textainer Group Holdings Ltd. (China)^(b)		11,339		339,263
Triton International Ltd. (Bermuda)		5,725		347,450

				2,372,118

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



		33
		33

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

October 31, 2022

(Unaudited)



	Shares		Value
Information Technology-1.43%
Avnet, Inc.		15,840	$	636,609
HP, Inc.		30,774		849,978

				1,486,587

Materials-6.14%
Algoma Steel Group, Inc. (Canada)^(b)		38,680		263,411
Celanese Corp.		7,250		696,870
Chemours Co. (The)^(b)		17,742		507,953
CVR Partners L.P		11,780		1,425,380
Gerdau S.A., ADR (Brazil)		183,805		915,349
Huntsman Corp.		20,696		553,825
LyondellBasell Industries N.V., Class A		10,044		767,864
Ramaco Resources, Inc.^(b)		24,078		271,841
Trinseo PLC^(b)		8,058		151,652
Tronox Holdings PLC, Class A		20,403		244,836
Vale S.A., ADR (Brazil)^(b)		44,277		572,944

				6,371,925

Real Estate-10.43%
Agree Realty Corp.		15,160		1,041,492
Apple Hospitality REIT, Inc.		30,659		524,882
Corporate Office Properties Trust		14,258		379,976
EPR Properties		8,312		320,843
Four Corners Property Trust, Inc.^(b)		8,228		210,801
Gaming and Leisure Properties, Inc.		24,050		1,205,386
Iron Mountain, Inc.^(b)		21,361		1,069,545
LTC Properties, Inc.		5,111		197,642
National Health Investors, Inc.^(b)		5,452		309,128
National Retail Properties, Inc.		22,324		938,278
Omega Healthcare Investors, Inc.		36,892		1,172,428
Phillips Edison & Co., Inc.^(b)		22,124		666,817
Sabra Health Care REIT, Inc.		44,039		601,573
VICI Properties, Inc.		36,970		1,183,780
W.P. Carey, Inc.^(b)		13,187		1,006,168

				10,828,739

Utilities-1.82%
NRG Energy, Inc.		23,464		1,041,801
Suburban Propane Partners L.P		51,736		845,884

				1,887,685

Total Common Stocks & Other Equity Interests (Cost $87,029,784)				84,088,931


Preferred Stocks-9.45%
Financials-9.45%
Arch Capital Group Ltd., Series G, Pfd., 4.55%		27,052		475,033
Bank of America Corp., Series L, Conv. Pfd., 7.25%		980		1,137,251
Bank of America Corp., Series QQ, Pfd., 4.25%^(b)		62,833		1,048,055
Capital One Financial Corp., Series L, Pfd., 4.38%^(b)		42,797		680,472
First Republic Bank, Series N, Pfd., 4.50%		48,164		811,082
JPMorgan Chase & Co., Series JJ, Pfd., 4.55%		60,082		1,094,093
JPMorgan Chase & Co., Series LL, Pfd., 4.63%		59,550		1,104,057
Prospect Capital Corp., Series A, Pfd., 5.35%		9,175		150,011



	Shares		Value
Financials-(continued)
Silvergate Capital Corp., Series A, Pfd., 5.38%		9,577	$	136,568
Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50%		972		1,132,895
Wells Fargo & Co., Series Z, Pfd., 4.75%^(b)		57,799		1,040,382
Wells Fargo & Co., Series CC, Pfd., 4.38%^(b)		60,723		1,006,788

Total Preferred Stocks (Cost $13,068,014)				9,816,687


Closed-End Funds-9.13%
Allspring Income Opportunities Fund		40,807		260,757
Ares Dynamic Credit Allocation Fund, Inc.		17,158		199,548
Barings Global Short Duration High Yield Fund		13,663		172,017
Blackstone Strategic Credit Fund^(b)		24,124		253,784
DoubleLine Income Solutions Fund		83,679		929,674
DoubleLine Yield Opportunities Fund		40,582		532,842
Eaton Vance Ltd. Duration Income Fund		75,949		717,718
First Trust High Yield Opportunities 2027 Term Fund^(b)		31,411		435,356
Flaherty & Crumrine Dynamic Preferred and Income Fund, Inc.		19,453		361,826
GAMCO Global Gold Natural Resources & Income Trust		141,582		487,042
Highland Income Fund		45,521		513,022
Neuberger Berman Next Generation
Connectivity Fund, Inc.		74,399		715,718
Nuveen Global High Income Fund		11,503		131,019
Nuveen Preferred & Income Opportunities Fund		67,913		500,519
Oxford Lane Capital Corp.^(b)		184,544		981,774
PGIM Global High Yield Fund, Inc.		29,532		313,335
PGIM High Yield Bond Fund, Inc.		27,082		324,442
PIMCO Dynamic Income Opportunities Fund		79,557		1,055,721
Western Asset Emerging Markets Debt Fund, Inc.^(b)		51,294		415,481
Western Asset High Income Opportunity Fund, Inc.		46,597		176,603

Total Closed-End Funds (Cost $11,619,371)				9,478,198


Money Market Funds-0.31%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(e)(f)(Cost $324,526)		324,526		324,526

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.89% (Cost $112,041,695)				103,708,342


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-14.22%
Invesco Private Government Fund, 3.18%^(e)(f)(g)		4,131,985		4,131,985

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



		34
		34

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

October 31, 2022

(Unaudited)



	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 3.28%^(e)(f)(g)		10,628,663	$	10,628,663

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $14,760,451)				14,760,648

TOTAL INVESTMENTS IN SECURITIES-114.11% (Cost $126,802,146)				118,468,990
OTHER ASSETS LESS LIABILITIES-(14.11)%				(14,653,499	)

NET ASSETS-100.00%.			$	103,815,491

Investment Abbreviations:

ADR	-American Depositary Receipt

Conv.

-Convertible

Pfd.	-Preferred

REIT	-Real Estate Investment Trust

Notes to Schedule of Investments:

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

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

^(c)	Non-income producing security.

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

^(e)



	Value April 30, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2022			Dividend Income

Invesco Ltd.		$	689,140		$	533,439		$	(435,421	)		$	(128,260	)		$	(56,592	)		$	602,306		$	18,402

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			28,298			4,769,177			(4,472,949	)			-				-				324,526			1,600

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			5,227,180			25,904,193			(26,999,388	)			-				-				4,131,985			41,004	*

Invesco Private Prime Fund			11,906,148			54,263,647			(55,541,739	)			(786	)			1,393				10,628,663			110,713	*


Total		$	17,850,766		$	85,470,456		$	(87,449,497	)		$	(129,046	)		$	(55,199	)		$	15,687,480		$	171,719

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

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

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

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



		35
		35

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

October 31, 2022

(Unaudited)

Portfolio Composition

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

as of October 31, 2022



Financials			35.35

Energy			21.53

Real Estate			10.43

Closed-End Funds			9.13

Consumer Discretionary			6.21

Materials			6.14

Sector Types Each Less Than 3%			10.79

Money Market Funds Plus Other Assets Less Liabilities			0.42

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



		36
		36

(This Page Intentionally Left Blank)

Statements of Assets and Liabilities

October 31, 2022

(Unaudited)



	Invesco Dynamic Large Cap Growth ETF (PWB)			Invesco Dynamic Large Cap Value ETF (PWV)			Invesco S&P 100 Equal Weight ETF (EQWL)			Invesco S&P 500 GARP ETF (SPGP)
Assets:
Unaffiliated investments in securities, at value^(a)	$	553,350,643		$	797,165,436		$	136,195,274		$	1,458,414,470
Affiliated investments in securities, at value		75,707,532			26,039,478			1,780,738			54,725,779
Cash		-			-			-			-
Receivable for:
Dividends		91,729			1,113,257			170,307			589,009
Securities lending		2,846			1,814			250			7,379
Investments sold		-			-			-			-
Fund shares sold		-			-			-			27,108,357
Foreign tax reclaims		-			-			-			-
Other assets		15,597			13,668			8,930			27,866

Total assets		629,168,347			824,333,653			138,155,499			1,540,872,860


Liabilities:
Due to custodian		-			-			-			1,307
Payable for:
Investments purchased		-			-			149,824			27,099,687
Collateral upon return of securities loaned		75,259,737			25,764,733			1,704,370			53,902,985
Fund shares repurchased		-			-			-			-
Expenses recaptured		-			-			-			-
Accrued advisory fees		224,221			318,604			12,965			314,156
Accrued trustees’ and officer’s fees		88,564			122,771			44,116			42,561
Accrued expenses		102,387			319,756			50,250			219,728

Total liabilities		75,674,909			26,525,864			1,961,525			81,580,424

Net Assets	$	553,493,438		$	797,807,789		$	136,193,974		$	1,459,292,436


Net assets consist of:
Shares of beneficial interest	$	793,669,701		$	1,231,366,707		$	143,087,902		$	1,598,509,265
Distributable earnings (loss)		(240,176,263	)		(433,558,918	)		(6,893,928	)		(139,216,829	)

Net Assets	$	553,493,438		$	797,807,789		$	136,193,974		$	1,459,292,436

Shares outstanding (unlimited amount authorized, $0.01 par value)		8,990,000			17,200,000			1,850,000			17,810,000
Net asset value	$	61.57		$	46.38		$	73.62		$	81.94

Market price	$	61.57		$	46.42		$	73.66		$	81.97

Unaffiliated investments in securities, at cost	$	560,627,318		$	773,565,688		$	136,964,537		$	1,511,643,134

Affiliated investments in securities, at cost	$	75,703,972		$	26,038,541		$	1,780,622		$	54,724,575

^(a)Includes securities on loan with an aggregate value of:	$	73,108,404		$	25,138,719		$	1,676,386		$	52,879,849

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



		38
		38



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

	$	48,487,611		$	1,012,049,962			$	317,852,023			$	206,006,106			$	165,841,444			$	671,765,067			$	203,280,268			$	102,781,510
		43,770			150,713,041				51,650,787				37,616,489				23,391,300				169,174,103				9,162,568				15,687,480
		-			-				320				-				-				-				-				2,790

		35,003			218,094				104,012				92,798				85,746				224,828				140,067				241,970
		-			15,410				5,357				4,305				1,854				18,116				4,588				18,021
		-			-				-				1,767,856				-				-				-				66,328
		-			6,238,442				-				-				-				1,889,198				-				-
		-			-				-				-				-				-				-				14,549
		16,543			36,719				7,175				9,790				11,053				26,714				15,499				14,510

		48,582,927			1,169,271,668				369,619,674				245,497,344				189,331,397				843,098,026				212,602,990				118,827,158



		-			902				-				17,640				-				-				-				-

		-			6,236,000				-				-				-				1,886,665				-				25,272
		-			150,308,001				51,510,858				37,615,999				23,284,094				158,333,007				7,751,868				14,760,451
		-			-				-				1,768,705				-				-				-				-
		-			-				-				2,183				-				-				-				-
		5,639			231,107				45,294				46,799				37,836				154,739				82,065				34,615
		34,563			64,280				42,762				46,284				45,005				49,438				10,234				9,536
		40,228			18,313				90,365				62,790				39,839				206,080				156,445				181,793

		80,430			156,858,603				51,689,279				39,560,400				23,406,774				160,629,929				8,000,612				15,011,667

	$	48,502,497		$	1,012,413,065			$	317,930,395			$	205,936,944			$	165,924,623			$	682,468,097			$	204,602,378			$	103,815,491



	$	64,849,826		$	1,208,946,307			$	359,724,361			$	259,388,967			$	226,653,919			$	821,985,019			$	339,611,890			$	555,632,917
		(16,347,329)			(196,533,242	)			(41,793,966	)			(53,452,023	)			(60,729,296	)			(139,516,922	)			(135,009,512	)			(451,817,426	)

	$	48,502,497		$	1,012,413,065			$	317,930,395			$	205,936,944			$	165,924,623			$	682,468,097			$	204,602,378			$	103,815,491

		970,000			12,960,000				4,560,000				4,670,000				3,350,000				14,450,000				2,360,000				4,810,800
	$	50.00		$	78.12			$	69.72			$	44.10			$	49.53			$	47.23			$	86.70			$	21.58

	$	50.05		$	78.23			$	69.80			$	44.14			$	49.61			$	47.28			$	86.71			$	21.59

	$	45,890,273		$	955,327,672			$	307,139,994			$	203,835,025			$	152,575,909			$	685,001,008			$	205,403,748			$	111,175,813

	$	43,770		$	150,714,123			$	51,650,366			$	37,615,999			$	23,391,318			$	175,469,934			$	9,808,654			$	15,626,333

	$	-		$	147,036,636			$	49,880,651			$	36,393,733			$	22,809,942			$	154,372,949			$	7,567,796			$	14,404,221

Statements of Operations

For the six months ended October 31, 2022

(Unaudited)



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

Investment income:
Unaffiliated dividend income	$	2,712,086		$	11,168,455		$	1,496,452		$	8,716,878
Affiliated dividend income		2,194			4,801			587			4,792
Securities lending income, net		13,135			7,400			2,264			26,092
Foreign withholding tax		(12,065	)		-			-			-

Total investment income		2,715,350			11,180,656			1,499,303			8,747,762


Expenses:
Advisory fees		1,446,654			1,940,668			156,880			1,577,737
Sub-licensing fees		86,798			116,438			15,717			175,093
Accounting & administration fees		32,382			32,963			10,051			32,345
Professional fees		15,918			15,790			17,307			15,376
Printing fees		28,423			8,915			6,322			18,483
Custodian & transfer agent fees		6,120			5,617			1,944			4,554
Trustees’ and officer’s fees		(11,285	)		(17,454	)		(4,509	)		(280	)
Recapture (Note 3)		-			-			-			-
Other expenses		17,488			13,422			10,577			13,816

Total expenses		1,622,498			2,116,359			214,289			1,837,124

Less: Waivers		(88	)		(280	)		(57,446	)		(244	)

Net expenses		1,622,410			2,116,079			156,843			1,836,880

Net investment income		1,092,940			9,064,577			1,342,460			6,910,882


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(43,843,739	)		(32,569,722	)		(2,886,337	)		(54,836,164	)
Affiliated investment securities		(3,041	)		3,098			(231	)		7,680
Unaffiliated in-kind redemptions		19,330,344			36,347,830			3,256,641			17,503,675
Affiliated in-kind redemptions		-			-			-			-
Foreign currencies		-			-			-			-

Net realized gain (loss)		(24,516,436	)		3,781,206			370,073			(37,324,809	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		1,734,782			(9,900,963	)		(4,885,002	)		(10,438,396	)
Affiliated investment securities		2,725			(443	)		(30	)		462
Foreign currencies		-			-			-			-

Change in net unrealized appreciation (depreciation)		1,737,507			(9,901,406	)		(4,885,032	)		(10,437,934	)

Net realized and unrealized gain (loss)		(22,778,929	)		(6,120,200	)		(4,514,959	)		(47,762,743	)

Net increase (decrease) in net assets resulting from operations	$	(21,685,989	)	$	2,944,377		$	(3,172,499	)	$	(40,851,861	)

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



		40
		40



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


	$	696,401		$	9,696,904			$	3,040,763			$	2,688,159			$	1,345,578			$	6,470,290			$	2,091,485			$	2,817,684
		6,915			6,406				5,476				1,880				896				96,288				30,010				20,002
		-			54,976				141,649				21,628				10,834				92,172				86,937				120,551
		-			-				-				-				(4,469	)			(9,266	)			(15,511	)			(38,314	)

		703,316			9,758,286				3,187,888				2,711,667				1,352,839				6,649,484				2,192,921				2,919,923



		74,798			1,324,313				383,761				306,903				217,048				966,655				513,680				268,084
		5,159			91,332				50,531				34,345				19,093				125,115				141,503				67,823
		7,591			38,477				17,077				12,986				12,299				25,567				13,925				11,327
		16,680			16,027				13,886				13,572				13,526				14,658				13,801				13,801
		4,442			28,816				8,826				10,656				24,508				13,921				5,609				5,009
		1,577			8,290				2,266				1,880				3,478				5,323				2,974				3,650
		(2,681)			(4,666	)			(3,300	)			(4,331	)			(4,515	)			(3,032	)			3,862				3,486
		-			-				-				26,196				-				-				55,115				9,709
		10,052			20,003				11,043				10,524				11,919				11,510				7,450				6,636

		117,618			1,522,592				484,090				412,731				297,356				1,159,717				757,919				389,525

		(17,064)			(278	)			(100,690	)			(124	)			(5,515	)			(201	)			(80	)			(83	)

		100,554			1,522,314				383,400				412,607				291,841				1,159,516				757,839				389,442

		602,762			8,235,972				2,804,488				2,299,060				1,060,998				5,489,968				1,435,082				2,530,481




		(4,607,089)			(107,979,876	)			(41,735,508	)			(22,492,146	)			(17,704,634	)			(81,593,193	)			(10,389,654	)			(1,259,379	)
		(279,221)			(997	)			1,716				1,575				1,867				(1,641,630	)			(7,883	)			(91,407	)
		1,216,005			2,115,048				1,738,547				3,034,114				611,056				23,534,579				616,237				684,826
		-			-				-				-				-				-				(7,816	)			36,208
		-			-				-				-				-				-				(1,090	)			(259	)

		(3,670,305)			(105,865,825	)			(39,995,245	)			(19,456,457	)			(17,091,711	)			(59,700,244	)			(9,790,206	)			(630,011	)


		1,680,062			64,631,118				37,109,692				13,579,490				21,670,545				24,224,558				934,240				(4,307,141	)
		197,725			(3,121	)			(2,840	)			221				(867	)			(10,663,980	)			(220,587	)			(129,046	)
		-			-				-				-				-				-				143				-

		1,877,787			64,627,997				37,106,852				13,579,711				21,669,678				13,560,578				713,796				(4,436,187	)

		(1,792,518)			(41,237,828	)			(2,888,393	)			(5,876,746	)			4,577,967				(46,139,666	)			(9,076,410	)			(5,066,198	)

		$(1,189,756)		$	(33,001,856	)		$	(83,905	)		$	(3,577,686	)		$	5,638,965			$	(40,649,698	)		$	(7,641,328	)		$	(2,535,717	)

Statements of Changes in Net Assets

For the six months ended October 31, 2022 and the year ended April 30, 2022

(Unaudited)



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

	Six Months Ended October 31, 2022				Year Ended April 30, 2022				Six Months Ended October 31, 2022				Year Ended April 30, 2022
Operations:
Net investment income		$	1,092,940			$	376,783			$	9,064,577			$	16,769,438
Net realized gain (loss)			(24,516,436	)			95,003,839				3,781,206				99,233,903
Change in net unrealized appreciation (depreciation)			1,737,507				(166,843,881	)			(9,901,406	)			(70,470,743	)

Net increase (decrease) in net assets resulting from operations			(21,685,989	)			(71,463,259	)			2,944,377				45,532,598


Distributions to Shareholders from:
Distributable earnings			(621,253	)			(365,218	)			(9,194,094	)			(15,751,004	)


Shareholder Transactions:
Proceeds from shares sold			115,185,537				683,790,394				197,844,914				862,210,535
Value of shares repurchased			(152,802,431	)			(751,700,890	)			(195,870,546	)			(826,385,789	)

Net increase (decrease) in net assets resulting from share transactions			(37,616,894	)			(67,910,496	)			1,974,368				35,824,746

Net increase (decrease) in net assets			(59,924,136	)			(139,738,973	)			(4,275,349	)			65,606,340


Net assets:
Beginning of period			613,417,574				753,156,547				802,083,138				736,476,798

End of period		$	553,493,438			$	613,417,574			$	797,807,789			$	802,083,138


Changes in Shares Outstanding:
Shares sold			1,780,000				9,010,000				4,120,000				18,430,000
Shares repurchased			(2,420,000	)			(9,950,000	)			(4,110,000	)			(17,900,000	)
Shares outstanding, beginning of period			9,630,000				10,570,000				17,190,000				16,660,000

Shares outstanding, end of period			8,990,000				9,630,000				17,200,000				17,190,000

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



		42
		42



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

Six Months Ended October 31, 2022			Year Ended April 30, 2022				Six Months Ended October 31, 2022				Year Ended April 30, 2022				Six Months Ended October 31, 2022				Year Ended April 30, 2022

	$	1,342,460		$	2,086,410			$	6,910,882			$	5,850,729			$	602,762			$	693,535
		370,073			12,799,261				(37,324,809	)			59,816,066				(3,670,305	)			4,923,278
		(4,885,032)			(16,759,791	)			(10,437,934	)			(95,486,047	)			1,877,787				(4,980,772	)

		(3,172,499)			(1,874,120	)			(40,851,861	)			(29,819,252	)			(1,189,756	)			636,041



		(1,318,079)			(2,001,177	)			(7,017,584	)			(5,341,272	)			(625,237	)			(604,427	)



		35,096,493			64,567,907				910,085,165				1,038,392,786				3,129,114				58,806,721
		(12,004,846)			(32,717,663	)			(236,673,675	)			(581,218,960	)			(10,492,444	)			(36,529,195	)

		23,091,647			31,850,244				673,411,490				457,173,826				(7,363,330	)			22,277,526

		18,601,069			27,974,947				625,542,045				422,013,302				(9,178,323	)			22,309,140



		117,592,905			89,617,958				833,750,391				411,737,089				57,680,820				35,371,680

		$136,193,974		$	117,592,905			$	1,459,292,436			$	833,750,391			$	48,502,497			$	57,680,820



		480,000			780,000				11,050,000				11,450,000				60,000				1,140,000
		(160,000)			(400,000	)			(2,990,000	)			(6,530,000	)			(220,000	)			(740,000	)
		1,530,000			1,150,000				9,750,000				4,830,000				1,130,000				730,000

		1,850,000			1,530,000				17,810,000				9,750,000				970,000				1,130,000

Statements of Changes in Net Assets–(continued)

For the six months ended October 31, 2022 and the year ended April 30, 2022

(Unaudited)



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

	Six Months Ended October 31, 2022				Year Ended April 30, 2022				Six Months Ended October 31, 2022				Year Ended April 30, 2022
Operations:
Net investment income		$	8,235,972			$	6,330,288			$	2,804,488			$	3,813,837
Net realized gain (loss)			(105,865,825	)			119,896,964				(39,995,245	)			16,501,103
Change in net unrealized appreciation (depreciation)			64,627,997				(159,804,900	)			37,106,852				(58,434,417	)

Net increase (decrease) in net assets resulting from operations			(33,001,856	)			(33,577,648	)			(83,905	)			(38,119,477	)


Distributions to Shareholders from:
Distributable earnings			(7,005,787	)			(5,860,692	)			(2,476,906	)			(3,640,191	)


Shareholder Transactions:
Proceeds from shares sold			178,055,581				823,003,559				24,438,560				284,230,745
Value of shares repurchased			(20,045,029	)			(833,089,042	)			(33,771,105	)			(158,514,963	)

Net increase (decrease) in net assets resulting from share transactions			158,010,552				(10,085,483	)			(9,332,545	)			125,715,782

Net increase (decrease) in net assets			118,002,909				(49,523,823	)			(11,893,356	)			83,956,114


Net assets:
Beginning of period			894,410,156				943,933,979				329,823,751				245,867,637

End of period		$	1,012,413,065			$	894,410,156			$	317,930,395			$	329,823,751


Changes in Shares Outstanding:
Shares sold			2,310,000				9,520,000				360,000				3,660,000
Shares repurchased			(260,000	)			(9,650,000	)			(510,000	)			(2,100,000	)
Shares outstanding, beginning of period			10,910,000				11,040,000				4,710,000				3,150,000

Shares outstanding, end of period			12,960,000				10,910,000				4,560,000				4,710,000

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



		44
		44



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

Six Months Ended October 31, 2022			Year Ended April 30, 2022				Six Months Ended October 31, 2022				Year Ended April 30, 2022				Six Months Ended October 31, 2022				Year Ended April 30, 2022

	$	2,299,060		$	2,925,259			$	1,060,998			$	835,815			$	5,489,968			$	6,652,864
		(19,456,457)			9,464,877				(17,091,711	)			10,419,114				(59,700,244	)			46,748,587
		13,579,711			(31,025,967	)			21,669,678				(22,609,377	)			13,560,578				(83,506,267	)

		(3,577,686)			(18,635,831	)			5,638,965				(11,354,448	)			(40,649,698	)			(30,104,816	)



		(2,145,459)			(2,951,914	)			(937,502	)			(643,957	)			(5,500,812	)			(7,211,062	)



		21,694,747			329,697,440				21,584,038				134,709,434				174,282,487				826,529,006
		(67,104,532)			(183,761,913	)			(6,012,876	)			(148,607,414	)			(156,739,118	)			(337,456,810	)

		(45,409,785)			145,935,527				15,571,162				(13,897,980	)			17,543,369				489,072,196

		(51,132,930)			124,347,782				20,272,625				(25,896,385	)			(28,607,141	)			451,756,318



		257,069,874			132,722,092				145,651,998				171,548,383				711,075,238				259,318,920

		$205,936,944		$	257,069,874			$	165,924,623			$	145,651,998			$	682,468,097			$	711,075,238



		500,000			6,950,000				450,000				2,490,000				3,680,000				15,650,000
		(1,590,000)			(4,050,000	)			(130,000	)			(2,810,000	)			(3,440,000	)			(6,710,000	)
		5,760,000			2,860,000				3,030,000				3,350,000				14,210,000				5,270,000

		4,670,000			5,760,000				3,350,000				3,030,000				14,450,000				14,210,000

Statements of Changes in Net Assets–(continued)

For the six months ended October 31, 2022 and the year ended April 30, 2022

(Unaudited)



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

	Six Months Ended October 31, 2022				Year Ended April 30, 2022				Six Months Ended October 31, 2022				Year Ended April 30, 2022
Operations:
Net investment income		$	1,435,082			$	2,605,072			$	2,530,481			$	3,567,812
Net realized gain (loss)			(9,790,206	)			42,731,341				(630,011	)			16,936,252
Change in net unrealized appreciation (depreciation)			713,796				(39,236,166	)			(4,436,187	)			(23,467,869	)

Net increase (decrease) in net assets resulting from operations			(7,641,328	)			6,100,247				(2,535,717	)			(2,963,805	)


Distributions to Shareholders from:
Distributable earnings			-				(2,026,356	)			(2,372,355	)			(3,371,434	)


Shareholder Transactions:
Proceeds from shares sold			12,663,945				262,504,961				5,356,914				52,051,477
Value of shares repurchased			(12,155,401	)			(281,641,386	)			(10,783,169	)			(65,102,764	)

Net increase (decrease) in net assets resulting from share transactions			508,544				(19,136,425	)			(5,426,255	)			(13,051,287	)

Net increase (decrease) in net assets			(7,132,784	)			(15,062,534	)			(10,334,327	)			(19,386,526	)


Net assets:
Beginning of period			211,735,162				226,797,696				114,149,818				133,536,344

End of period		$	204,602,378			$	211,735,162			$	103,815,491			$	114,149,818


Changes in Shares Outstanding:
Shares sold			140,000				2,840,000				250,000				2,110,000
Shares repurchased			(140,000	)			(3,030,000	)			(480,000	)			(2,620,000	)
Shares outstanding, beginning of period			2,360,000				2,550,000				5,040,800				5,550,800

Shares outstanding, end of period			2,360,000				2,360,000				4,810,800				5,040,800

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



		46
		46

Financial Highlights

Invesco Dynamic Large Cap Growth ETF (PWB)



	Six Months Ended October 31, 2022 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	63.70		$	71.25		$	48.91		$	48.75		$	43.32		$	35.00

Net investment income^(a)			0.12			0.04			0.08			0.19			0.48			0.27
Net realized and unrealized gain (loss) on investments			(2.18	)		(7.55	)		22.34			0.24			5.39			8.32

Total from investment operations			(2.06	)		(7.51	)		22.42			0.43			5.87			8.59

Distributions to shareholders from:
Net investment income			(0.07	)		(0.04	)		(0.08	)		(0.27	)		(0.44	)		(0.27	)

Net asset value at end of period		$	61.57		$	63.70		$	71.25		$	48.91		$	48.75		$	43.32

Market price at end of period^(b)		$	61.57		$	63.74		$	71.25		$	48.93		$	48.77		$	43.38

Net Asset Value Total Return^(c)			(3.23	)%		(10.55	)%		45.89	%		0.92	%		13.69	%		24.63	%
Market Price Total Return^(c)			(3.29	)%		(10.50	)%		45.83	%		0.91	%		13.57	%		24.73	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	553,493		$	613,418		$	753,157		$	613,853		$	758,057		$	569,715
Ratio to average net assets of:
Expenses			0.56	%^(d)		0.55	%		0.56	%		0.56	%		0.55	%		0.57	%
Net investment income			0.38	%^(d)		0.05	%		0.13	%		0.38	%		1.06	%		0.68	%
Portfolio turnover rate^(e)			56	%		129	%		118	%		166	%		181	%		119	%

^(a)	Based on average shares outstanding.

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

^(c)

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

^(d)	Annualized.

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

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



		47
		47

Financial Highlights–(continued)

Invesco Dynamic Large Cap Value ETF (PWV)



	Six Months Ended October 31, 2022 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	46.66		$	44.21		$	33.19		$	36.73		$	36.10		$	35.26

Net investment income^(a)			0.53			0.99			0.91			0.91			0.84			0.73
Net realized and unrealized gain (loss) on investments			(0.27	)		2.40			11.05			(3.52	)		0.68			0.83

Total from investment operations			0.26			3.39			11.96			(2.61	)		1.52			1.56

Distributions to shareholders from:
Net investment income			(0.54	)		(0.94	)		(0.94	)		(0.93	)		(0.89	)		(0.72	)

Net asset value at end of period		$	46.38		$	46.66		$	44.21		$	33.19		$	36.73		$	36.10

Market price at end of period^(b)		$	46.42		$	46.66		$	44.20		$	33.23		$	36.74		$	36.13

Net Asset Value Total Return^(c)			0.62	%		7.72	%		36.68	%		(7.12	)%		4.32	%		4.39	%
Market Price Total Return^(c)			0.71	%		7.75	%		36.50	%		(7.04	)%		4.26	%		4.44	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	797,808		$	802,083		$	736,477		$	678,709		$	1,041,362		$	1,373,520
Ratio to average net assets of:
Expenses			0.55	%^(d)		0.55	%		0.58	%		0.56	%		0.55	%		0.56	%
Net investment income			2.34	%^(d)		2.12	%		2.47	%		2.43	%		2.33	%		1.96	%
Portfolio turnover rate^(e)			58	%		113	%		149	%		142	%		189	%		128	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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



		48
		48

Financial Highlights—(continued)

Invesco S&P 100 Equal Weight ETF (EQWL)



	Six Months Ended October 31, 2022 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	76.86		$	77.93		$	53.60		$	56.90		$	52.38		$	46.71

Net investment income^(a)			0.79			1.57			1.34			1.30			1.14			0.88
Net realized and unrealized gain (loss) on investments			(3.23	)		(1.14	)		24.35			(3.22	)		4.52			5.63

Total from investment operations			(2.44	)		0.43			25.69			(1.92	)		5.66			6.51

Distributions to shareholders from:
Net investment income			(0.80	)		(1.50	)		(1.36	)		(1.38	)		(1.14	)		(0.84	)

Net asset value at end of period		$	73.62		$	76.86		$	77.93		$	53.60		$	56.90		$	52.38

Market price at end of period^(b)		$	73.66		$	76.71		$	77.98		$	53.54		$	56.91		$	52.42

Net Asset Value Total Return^(c)			(3.15	)%		0.46	%		48.53	%		(3.34	)%		11.04	%		14.02	%
Market Price Total Return^(c)			(2.92	)%		0.20	%		48.79	%		(3.46	)%		10.98	%		14.01	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	136,194		$	117,593		$	89,618		$	53,604		$	59,749		$	60,232
Ratio to average net assets of:
Expenses, after Waivers			0.25	%^(d)		0.25	%		0.25	%		0.26	%^(e)		0.25	%		0.25	%
Expenses, prior to Waivers			0.34	%^(d)		0.35	%		0.40	%		0.40	%^(e)		0.41	%		0.47	%
Net investment income			2.14	%^(d)		1.90	%		2.08	%		2.28	%^(e)		2.13	%		1.74	%
Portfolio turnover rate^(f)			9	%		15	%		20	%		51	%		24	%		32	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

^(f)

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

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



		49
		49

Financial Highlights—(continued)

Invesco S&P 500 GARP ETF (SPGP)



	Six Months Ended October 31, 2022 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	85.51		$	85.25		$	51.39		$	55.20		$	47.90		$	38.49

Net investment income^(a)			0.52			0.75			0.71			0.71			0.47			0.35
Net realized and unrealized gain (loss) on investments			(3.57	)		0.17	^(b)		33.95			(3.81	)		7.29			9.38

Total from investment operations			(3.05	)		0.92			34.66			(3.10	)		7.76			9.73

Distributions to shareholders from:
Net investment income			(0.52	)		(0.66	)		(0.80	)		(0.71	)		(0.46	)		(0.32	)

Net asset value at end of period		$	81.94		$	85.51		$	85.25		$	51.39		$	55.20		$	47.90

Market price at end of period^(c)		$	81.97		$	85.51		$	85.34		$	51.43		$	55.18		$	47.94

Net Asset Value Total Return^(d)			(3.55	)%		1.04	%		67.94	%		(5.56	)%		16.35	%		25.36	%
Market Price Total Return^(d)			(3.51	)%		0.94	%		67.99	%		(5.45	)%		16.20	%		25.44	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,459,292		$	833,750		$	411,737		$	244,088		$	229,088		$	208,355
Ratio to average net assets of:
Expenses			0.34	%^(e)		0.33	%		0.36	%		0.34	%		0.36	%		0.39	%
Net investment income			1.27	%^(e)		0.83	%		1.07	%		1.23	%		0.92	%		0.80	%
Portfolio turnover rate^(f)			33	%		50	%		68	%		110	%		17	%		19	%

^(a)	Based on average shares outstanding.

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

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

^(d)

^(e)	Annualized.

^(f)

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



		50
		50

Financial Highlights–(continued)

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



	Six Months Ended October 31, 2022 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	51.04		$	48.45		$	31.56		$	40.00		$	38.01		$	35.60

Net investment income^(a)			0.57			0.84			0.78			0.87			1.03			0.93
Net realized and unrealized gain (loss) on investments			(1.03	)		2.50	^(b)		16.94			(8.26	)		2.06			2.28

Total from investment operations			(0.46	)		3.34			17.72			(7.39	)		3.09			3.21

Distributions to shareholders from:
Net investment income			(0.58	)		(0.75	)		(0.83	)		(1.05	)		(1.10	)		(0.80	)

Net asset value at end of period		$	50.00		$	51.04		$	48.45		$	31.56		$	40.00		$	38.01

Market price at end of period^(c)		$	50.05		$	50.98		$	48.46		$	31.62		$	39.99		$	38.03

Net Asset Value Total Return^(d)			(0.83	)%		6.94	%		56.93	%		(18.74	)%		8.40	%		9.07	%
Market Price Total Return^(d)			(0.62	)%		6.80	%		56.68	%		(18.57	)%		8.31	%		9.04	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	48,502		$	57,681		$	35,372		$	44,190		$	96,009		$	104,539
Ratio to average net assets of:
Expenses, after Waivers			0.39	%^(e)		0.39	%		0.39	%		0.40	%^(f)		0.39	%		0.39	%
Expenses, prior to Waivers			0.46	%^(e)		0.48	%		0.57	%		0.45	%^(f)		0.41	%		0.44	%
Net investment income			2.34	%^(e)		1.64	%		2.07	%		2.24	%^(f)		2.70	%		2.49	%
Portfolio turnover rate^(g)			44	%		71	%		83	%		127	%		32	%		25	%

^(a)	Based on average shares outstanding.

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

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

^(d)

^(e)	Annualized.

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

^(g)

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



		51
		51

Financial Highlights–(continued)

Invesco S&P MidCap Momentum ETF (XMMO)



	Six Months Ended October 31, 2022 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	81.98		$	85.50		$	54.07		$	59.05		$	45.61		$	34.85

Net investment income^(a)			0.69			0.58			0.32			0.49			0.06			0.02
Net realized and unrealized gain (loss) on investments			(3.96	)		(3.56	)		31.45			(4.92	)		13.47			10.79

Total from investment operations			(3.27	)		(2.98	)		31.77			(4.43	)		13.53			10.81

Distributions to shareholders from:
Net investment income			(0.59	)		(0.54	)		(0.34	)		(0.55	)		(0.09	)		(0.05	)

Net asset value at end of period		$	78.12		$	81.98		$	85.50		$	54.07		$	59.05		$	45.61

Market price at end of period^(b)		$	78.23		$	82.00		$	85.51		$	54.17		$	59.07		$	45.71

Net Asset Value Total Return^(c)			(3.95	)%		(3.50	)%		58.94	%		(7.45	)%		29.72	%		31.05	%
Market Price Total Return^(c)			(3.84	)%		(3.49	)%		58.66	%		(7.32	)%		29.48	%		31.34	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,012,413		$	894,410		$	943,934		$	519,048		$	625,899		$	132,259
Ratio to average net assets of:
Expenses, after Waivers			0.33	%^(d)		0.33	%		0.33	%		0.34	%		0.39	%		0.39	%
Expenses, prior to Waivers			0.33	%^(d)		0.33	%		0.33	%		0.34	%		0.39	%		0.43	%
Net investment income			1.80	%^(d)		0.67	%		0.44	%		0.84	%		0.12	%		0.05	%
Portfolio turnover rate^(e)			72	%		135	%		100	%		194	%		30	%		29	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)

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



		52
		52

Financial Highlights–(continued)

Invesco S&P MidCap Quality ETF (XMHQ)



	Six Months Ended October 31, 2022 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	70.03		$	78.05		$	47.16		$	50.74		$	47.29		$	43.74

Net investment income^(a)			0.62			1.00			0.77			0.67			0.66			0.60
Net realized and unrealized gain (loss) on investments			(0.38	)		(8.07	)		30.84			(3.49	)		3.46			3.53

Total from investment operations			0.24			(7.07	)		31.61			(2.82	)		4.12			4.13

Distributions to shareholders from:
Net investment income			(0.55	)		(0.95	)		(0.72	)		(0.76	)		(0.67	)		(0.58	)

Net asset value at end of period		$	69.72		$	70.03		$	78.05		$	47.16		$	50.74		$	47.29

Market price at end of period^(b)		$	69.80		$	70.16		$	78.13		$	47.33		$	50.72		$	47.30

Net Asset Value Total Return^(c)			0.40	%		(9.16	)%		67.43	%		(5.52	)%		8.85	%		9.50	%
Market Price Total Return^(c)			0.32	%		(9.07	)%		67.00	%		(5.15	)%		8.78	%		9.52	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	317,930		$	329,824		$	245,868		$	23,578		$	25,372		$	23,645
Ratio to average net assets of:
Expenses, after Waivers			0.25	%^(d)		0.25	%		0.25	%		0.27	%^(e)		0.25	%		0.25	%
Expenses, prior to Waivers			0.32	%^(d)		0.31	%		0.37	%		0.56	%^(e)		0.61	%		0.66	%
Net investment income			1.83	%^(d)		1.30	%		1.17	%		1.35	%^(e)		1.36	%		1.31	%
Portfolio turnover rate^(f)			51	%		83	%		56	%		130	%		30	%		28	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

^(f)

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



		53
		53

Financial Highlights–(continued)

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



	Six Months Ended October 31, 2022 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	44.63		$	46.41		$	25.75		$	32.38		$	30.69		$	31.00

Net investment income^(a)			0.46			0.64			0.38			0.54			0.84			0.69
Net realized and unrealized gain (loss) on investments			(0.56	)		(1.79	)		20.73			(6.49	)		1.64			(0.26	)

Total from investment operations			(0.10	)		(1.15	)		21.11			(5.95	)		2.48			0.43

Distributions to shareholders from:
Net investment income			(0.43	)		(0.63	)		(0.45	)		(0.68	)		(0.79	)		(0.74	)

Net asset value at end of period		$	44.10		$	44.63		$	46.41		$	25.75		$	32.38		$	30.69

Market price at end of period^(b)		$	44.14		$	44.65		$	46.51		$	25.81		$	32.36		$	30.69

Net Asset Value Total Return^(c)			(0.14	)%		(2.51	)%		82.77	%		(18.59	)%		8.36	%		1.39	%
Market Price Total Return^(c)			(0.10	)%		(2.67	)%		82.75	%		(18.34	)%		8.30	%		1.39	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	205,937		$	257,070		$	132,722		$	45,060		$	51,809		$	46,028
Ratio to average net assets of:
Expenses, after Waivers			0.39	%^(d)		0.39	%		0.39	%		0.40	%^(e)		0.39	%		0.39	%
Expenses, prior to Waivers			0.39	%^(d)		0.39	%		0.46	%		0.44	%^(e)		0.48	%		0.51	%
Net investment income			2.17	%^(d)		1.38	%		1.09	%		1.72	%^(e)		2.73	%		2.24	%
Portfolio turnover rate^(f)			36	%		76	%		78	%		128	%		49	%		52	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

^(f)

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



		54
		54

Financial Highlights–(continued)

Invesco S&P SmallCap Momentum ETF (XSMO)



	Six Months Ended October 31, 2022 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	48.07		$	51.21		$	32.48		$	37.29		$	33.25		$	28.50

Net investment income^(a)			0.34			0.26			0.24			0.34			0.13			0.14
Net realized and unrealized gain (loss) on investments			1.42			(3.20	)		18.77			(4.71	)		4.04			4.75

Total from investment operations			1.76			(2.94	)		19.01			(4.37	)		4.17			4.89

Distributions to shareholders from:
Net investment income			(0.30	)		(0.20	)		(0.28	)		(0.44	)		(0.13	)		(0.14	)

Net asset value at end of period		$	49.53		$	48.07		$	51.21		$	32.48		$	37.29		$	33.25

Market price at end of period^(b)		$	49.61		$	48.05		$	51.16		$	32.56		$	37.31		$	33.31

Net Asset Value Total Return^(c)			3.72	%		(5.78	)%		58.74	%		(11.70	)%		12.55	%		17.18	%
Market Price Total Return^(c)			3.93	%		(5.72	)%		58.20	%		(11.53	)%		12.41	%		17.43	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	165,925		$	145,652		$	171,548		$	74,694		$	89,495		$	48,215
Ratio to average net assets of:
Expenses, after Waivers			0.39	%^(d)		0.37	%		0.39	%		0.39	%		0.39	%		0.39	%
Expenses, prior to Waivers			0.40	%^(d)		0.37	%		0.40	%		0.40	%		0.44	%		0.59	%
Net investment income			1.42	%^(d)		0.48	%		0.53	%		0.92	%		0.37	%		0.47	%
Portfolio turnover rate^(e)			61	%		147	%		132	%		180	%		44	%		43	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)

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



		55
		55

Financial Highlights–(continued)

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



	Six Months Ended October 31, 2022 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	50.04		$	49.21		$	22.95		$	30.31		$	30.37		$	29.27

Net investment income^(a)			0.39			0.74			0.38			0.51			0.58			0.63
Net realized and unrealized gain (loss) on investments			(2.81	)		0.84	^(b)		26.23			(7.27	)		0.03			1.04

Total from investment operations			(2.42	)		1.58			26.61			(6.76	)		0.61			1.67

Distributions to shareholders from:
Net investment income			(0.39	)		(0.75	)		(0.35	)		(0.60	)		(0.67	)		(0.57	)

Net asset value at end of period.		$	47.23		$	50.04		$	49.21		$	22.95		$	30.31		$	30.37

Market price at end of period^(c)		$	47.28		$	50.03		$	49.27		$	22.92		$	30.30		$	30.40

Net Asset Value Total Return^(d)			(4.78	)%		3.18	%		116.75	%		(22.43	)%		2.13	%		5.73	%
Market Price Total Return^(d)			(4.66	)%		3.04	%		117.30	%		(22.51	)%		2.00	%		5.87	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	682,468		$	711,075		$	259,319		$	52,778		$	78,794		$	72,883
Ratio to average net assets of:
Expenses, after Waivers			0.35	%^(e)		0.36	%		0.39	%		0.40	%^(f)		0.39	%		0.39	%
Expenses, prior to Waivers			0.35	%^(e)		0.36	%		0.41	%		0.40	%^(f)		0.44	%		0.46	%
Net investment income			1.65	%^(e)		1.41	%		1.11	%		1.73	%^(f)		1.88	%		2.12	%
Portfolio turnover rate^(g)			39	%		73	%		75	%		136	%		52	%		56	%

^(a)	Based on average shares outstanding.

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

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

^(d)

^(e)	Annualized.

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

^(g)

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



		56
		56

Financial Highlights–(continued)

Invesco Zacks Mid-Cap ETF (CZA)



	Six Months Ended October 31, 2022				Years Ended April 30,																Eight Months Ended April 30, 2018				Year Ended August 31, 2017
	(Unaudited)				2022				2021				2020				2019				Eight Months Ended April 30, 2018				Year Ended August 31, 2017
Per Share Operating Performance:
Net asset value at beginning of period		$	89.72			$	88.94			$	57.49			$	70.67			$	64.70			$	61.60			$	53.00

Net investment income^(a)			0.61				1.06				0.83				1.03				0.90				0.53				0.81
Net realized and unrealized gain (loss) on investments			(3.63	)			0.57				31.70				(13.14	)			5.82				3.29				8.81

Total from investment operations			(3.02	)			1.63				32.53				(12.11	)			6.72				3.82				9.62

Distributions to shareholders from:
Net investment income			-				(0.85	)			(1.08	)			(1.07	)			(0.75	)			(0.72	)			(1.02	)

Net asset value at end of period		$	86.70			$	89.72			$	88.94			$	57.49			$	70.67			$	64.70			$	61.60

Market price at end of period		$	86.71	^(b)		$	89.97	^(b)		$	88.93	^(b)		$	57.59	^(b)		$	70.75	^(b)		$	64.75	^(b)		$	61.67

Net Asset Value Total Return^(c)			(3.36	)%			1.82	%			56.93	%			(17.51	)%			10.68	%			6.19	%			18.40	%
Market Price Total Return^(c)			(3.62	)%			2.12	%			56.65	%			(17.46	)%			10.72	%			6.14	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	204,602			$	211,735			$	226,798			$	232,835			$	265,019			$	255,584			$	203,284
Ratio to average net assets of:
Expenses, after Waivers			0.74	%^(d)			0.74	%			0.69	%			0.65	%^(e)(f)			0.65	%^(e)			0.65	%^(d)			0.65	%
Expenses, prior to Waivers			0.74	%^(d)			0.74	%			0.69	%			0.68	%^(e)(f)			0.70	%^(e)			0.74	%^(d)			0.74	%
Net investment income			1.40	%^(d)			1.16	%			1.18	%			1.46	%^(f)			1.36	%			1.23	%^(d)			1.43	%
Portfolio turnover rate^(g)			51	%			121	%			162	%			144	%			170	%			136	%			181	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)

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

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

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

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



		57
		57

Financial Highlights–(continued)

Invesco Zacks Multi-Asset Income ETF (CVY)



	Six Months Ended October 31, 2022				Years Ended April 30,																Eight Months Ended April 30, 2018				Year Ended August 31, 2017
	(Unaudited)				2022				2021				2020				2019				Eight Months Ended April 30, 2018				Year Ended August 31, 2017
Per Share Operating Performance:
Net asset value at beginning of period		$	22.65			$	24.06			$	15.82			$	22.25			$	21.87			$	21.11			$	19.75

Net investment income^(a)(b)			0.52				0.67				0.65				0.77				0.81				0.49				0.80
Net realized and unrealized gain (loss) on investments			(1.10	)			(1.44	)			8.20				(6.45	)			0.38				0.94				1.46

Total from investment operations			(0.58	)			(0.77	)			8.85				(5.68	)			1.19				1.43				2.26

Distributions to shareholders from:
Net investment income			(0.49	)			(0.64	)			(0.61	)			(0.75	)			(0.81	)			(0.59	)			(0.60	)
Return of capital			-				-				-				-				-				(0.08	)			(0.30	)

Total distributions			(0.49	)			(0.64	)			(0.61	)			(0.75	)			(0.81	)			(0.67	)			(0.90	)

Net asset value at end of period		$	21.58			$	22.65			$	24.06			$	15.82			$	22.25			$	21.87			$	21.11

Market price at end of period		$	21.59	^(c)		$	22.61	^(c)		$	24.08	^(c)		$	15.84	^(c)		$	22.27	^(c)		$	21.87	^(c)		$	21.08

Net Asset Value Total Return^(d)			(2.50	)%			(3.30	)%			57.19	%			(25.93	)%			5.67	%			6.83	%			11.73	%
Market Price Total Return^(d)			(2.27	)%			(3.54	)%			57.13	%			(25.91	)%			5.76	%			6.98	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	103,815			$	114,150			$	133,536			$	125,007			$	229,220			$	286,460			$	346,144
Ratio to average net assets of:
Expenses, after Waivers			0.73	%^(e)(f)			0.73	%^(f)			0.73	%			0.65	%^(f)(g)			0.65	%^(f)			0.65	%^(e)(f)			0.65	%
Expenses, prior to Waivers			0.73	%^(e)(f)			0.74	%^(f)			0.73	%			0.69	%^(f)(g)			0.71	%^(f)			0.74	%^(e)(f)			0.72	%
Net investment income^(b)			4.72	%^(e)			2.77	%			3.48	%			3.64	%^(g)			3.71	%			3.38	%^(e)			3.93	%
Portfolio turnover rate^(h)			71	%			161	%			176	%			203	%			196	%			142	%			203	%

^(a)	Based on average shares outstanding.

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

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

^(d)

^(e)	Annualized.

^(f)

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

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

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



		58
		58

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

October 31, 2022

(Unaudited)

NOTE 1–Organization

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


		Full Name		Short Name

		Invesco Dynamic Large Cap Growth ETF (PWB)		“Dynamic Large Cap Growth ETF”

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

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

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

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

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

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

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

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

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

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

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

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

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by authorized participants (“APs”), the Shares are not individually redeemable securities of the Funds.

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


		Fund		Underlying Index

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

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

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

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

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

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

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

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

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

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

		Zacks Mid-Cap ETF		Zacks Mid-Cap Core Index

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

NOTE 2–Significant Accounting Policies

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

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

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

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

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

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value. Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

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

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in

interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

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

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

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

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax

benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

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

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

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

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

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

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

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

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a lending agent. To the

extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended October 31, 2022, each Fund (except for S&P 500 Value with Momentum ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:


	Amount

Dynamic Large Cap Growth ETF	$	1,279

Dynamic Large Cap Value ETF		611

S&P 100 Equal Weight ETF		252

S&P 500 GARP ETF		1,435

S&P MidCap Momentum ETF		3,263

S&P MidCap Quality ETF		5,311

S&P MidCap Value with Momentum ETF		1,400

S&P SmallCap Momentum ETF		607

S&P SmallCap Value with Momentum ETF		4,442

Zacks Mid-Cap ETF		5,478

Zacks Multi-Asset Income ETF		8,964

J.	Other Risks

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

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

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

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry

or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

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

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

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

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

Non-Diversification Risk. To the extent certain Funds become non-diversified, such Funds can invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase certain Funds’ volatility and cause the performance of a relatively small number of issuers to have a greater impact on such Funds’ performance.

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

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

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

Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary,

sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

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

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 3–Investment Advisory Agreement and Other Agreements

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

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund, pursuant to which the Adviser has contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) of each of S&P 500 GARP ETF, S&P 500 Value with Momentum ETF, S&P MidCap Momentum ETF, S&P MidCap Value with Momentum ETF, S&P SmallCap Momentum ETF and S&P SmallCap Value with Momentum ETF from exceeding 0.39% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2024. The Expense Cap for each of S&P 100 Equal Weight ETF and S&P MidCap Quality ETF is 0.25% of the Fund’s average daily net assets per year, through at least August 31, 2024. The Expense Cap for each of Dynamic Large Cap Growth ETF, Dynamic Large Cap Value ETF, Zacks Mid-Cap ETF, and Zacks Multi-Asset Income ETF is 0.60% of the Fund’s average daily net assets per year through at least August 31, 2024, and sub-licensing fees are excluded from the expenses subject to the Expense Cap for these Funds in addition to the excluded expenses above. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2024. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the six months ended October 31, 2022 under this Expense Cap for Dynamic Large Cap Growth ETF, Dynamic Large Cap Value ETF, S&P 500 GARP ETF, S&P MidCap Momentum ETF, S&P MidCap Value with Momentum ETF, S&P SmallCap Value with Momentum ETF, Zacks Mid-Cap ETF and Zacks Multi-Asset Income ETF.

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

For the six months ended October 31, 2022, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:



Dynamic Large Cap Growth ETF	$	88

Dynamic Large Cap Value ETF		280

S&P 100 Equal Weight ETF		57,446

S&P 500 GARP ETF		244

S&P 500 Value with Momentum ETF		17,064

S&P MidCap Momentum ETF		278

S&P MidCap Quality ETF		100,690



S&P MidCap Value with Momentum ETF	$	124

S&P SmallCap Momentum ETF		5,515

S&P SmallCap Value with Momentum ETF		201

Zacks Mid-Cap ETF		80

Zacks Multi-Asset Income ETF		83

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

For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule as of October 31, 2022 are as follows:


	Total Potential Recapture			Potential Recapture Amounts Expiring
	Amounts			4/30/23			4/30/24			4/30/25			10/31/25

S&P 100 Equal Weight ETF		$	297,879		$	34,496		$	102,337		$	103,638		$	57,408

S&P 500 Value with Momentum ETF			125,574			11,808			58,042			38,697			17,027

S&P MidCap Quality ETF			431,754			25,604			120,587			185,234			100,329

S&P MidCap Value with Momentum ETF			22,390			-			22,390			-			-

S&P SmallCap Momentum ETF			22,518			4,985			12,069			-			5,464

Zacks Multi-Asset Income ETF			9,144			-			-			9,144			-

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

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


		Fund		Licensor

		Dynamic Large Cap Growth ETF		ICE Data Indices, LLC

		Dynamic Large Cap Value ETF		ICE Data Indices, LLC

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

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

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

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

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

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

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

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

		Zacks Mid-Cap ETF		Zacks Investment Research, Inc.

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

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

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

For the six months ended October 31, 2022, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:



Dynamic Large Cap Growth ETF	$	12,117

Dynamic Large Cap Value ETF		56,162

S&P 100 Equal Weight ETF		1,922

S&P 500 GARP ETF		37,675

S&P MidCap Momentum ETF		43,312



S&P MidCap Quality ETF	$	822

S&P MidCap Value with Momentum ETF		27,506

S&P SmallCap Momentum ETF		25,452

S&P SmallCap Value with Momentum ETF		13,749

Zacks Mid-Cap ETF		29,569

Zacks Multi-Asset Income ETF		25,400

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

NOTE 4–Security Transactions with Affiliated Funds

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

For the six months ended October 31, 2022, the following Funds engaged in transactions with affiliates as listed below:


	Securities Purchases			Securities Sales			Net Realized Gains (Losses)*

S&P MidCap Momentum ETF		$	-		$	92,822,279		$	(922,454	)

S&P MidCap Quality ETF			-			1,123,907			(61,063	)

S&P SmallCap Momentum ETF			-			1,005,274			(172,393	)

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

NOTE 5–Additional Valuation Information

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


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

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

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

The following is a summary of the tiered valuation input levels, as of October 31, 2022, for each Fund (except for S&P 500 Value with Momentum ETF). As of October 31, 2022, all of the securities in S&P 500 Value with Momentum ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total

Dynamic Large Cap Growth ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	553,350,643	$	-		$-	$	553,350,643

Money Market Funds		444,235		75,263,297		-		75,707,532


Total Investments	$	553,794,878	$	75,263,297		$-	$	629,058,175


	Level 1			Level 2			Level 3			Total

Dynamic Large Cap Value ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	797,165,436		$	-		$	-		$	797,165,436

Money Market Funds			273,808			25,765,670			-			26,039,478


Total Investments		$	797,439,244		$	25,765,670		$	-		$	823,204,914


S&P 100 Equal Weight ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	136,195,274		$	-		$	-		$	136,195,274

Money Market Funds			76,252			1,704,486			-			1,780,738


Total Investments		$	136,271,526		$	1,704,486		$	-		$	137,976,012


S&P 500 GARP ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	1,458,414,470		$	-		$	-		$	1,458,414,470

Money Market Funds			821,590			53,904,189			-			54,725,779


Total Investments		$	1,459,236,060		$	53,904,189		$	-		$	1,513,140,249


S&P MidCap Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	1,012,049,962		$	-		$	-		$	1,012,049,962

Money Market Funds			406,122			150,306,919			-			150,713,041


Total Investments		$	1,012,456,084		$	150,306,919		$	-		$	1,162,763,003


S&P MidCap Quality ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	317,852,023		$	-		$	-		$	317,852,023

Money Market Funds			139,508			51,511,279			-			51,650,787


Total Investments		$	317,991,531		$	51,511,279		$	-		$	369,502,810


S&P MidCap Value with Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	206,006,106		$	-		$	-		$	206,006,106

Money Market Funds			-			37,616,489			-			37,616,489


Total Investments		$	206,006,106		$	37,616,489		$	-		$	243,622,595


S&P SmallCap Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	165,841,444		$	-		$	-		$	165,841,444

Money Market Funds			107,224			23,284,076			-			23,391,300


Total Investments		$	165,948,668		$	23,284,076		$	-		$	189,232,744


S&P SmallCap Value with Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	682,007,920		$	-		$	-		$	682,007,920

Money Market Funds			602,793			158,328,457			-			158,931,250


Total Investments		$	682,610,713		$	158,328,457		$	-		$	840,939,170


Zacks Mid-Cap ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	204,443,684		$	-		$	-		$	204,443,684

Money Market Funds			247,173			7,751,979			-			7,999,152


Total Investments		$	204,690,857		$	7,751,979		$	-		$	212,442,836


Zacks Multi-Asset Income ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	84,088,931		$	-		$	0		$	84,088,931

Preferred Stocks			9,816,687			-			-			9,816,687

Closed-End Funds			9,478,198			-			-			9,478,198

Money Market Funds			324,526			14,760,648			-			15,085,174


Total Investments		$	103,708,342		$	14,760,648		$	0		$	118,468,990

NOTE 6–Tax Information

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

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

The Funds had capital loss carryforwards as of April 30, 2022, as follows:


	No expiration
	Short-Term		Long-Term		Total*

Dynamic Large Cap Growth ETF	$	203,726,021	$	3,639,830	$	207,365,851

Dynamic Large Cap Value ETF		386,362,311		69,323,482		455,685,793

S&P 100 Equal Weight ETF		1,722,221		3,497,984		5,220,205

S&P 500 GARP ETF		29,928,775		12,195,943		42,124,718

S&P 500 Value with Momentum ETF		9,931,515		5,226,601		15,158,116

S&P MidCap Momentum ETF		145,585,788		-		145,585,788

S&P MidCap Quality ETF		6,654,006		2,777,556		9,431,562

S&P MidCap Value with Momentum ETF		26,808,944		6,247,726		33,056,670

S&P SmallCap Momentum ETF		48,672,098		7,210,978		55,883,076

S&P SmallCap Value with Momentum ETF		39,584,920		14,597,411		54,182,331

Zacks Mid-Cap ETF		111,245,125		10,126,229		121,371,354

Zacks Multi-Asset Income ETF		365,162,583		76,294,024		441,456,607

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

NOTE 7–Investment Transactions

For the six months ended October 31, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:


	Purchases		Sales

Dynamic Large Cap Growth ETF	$	330,766,147	$	328,453,016

Dynamic Large Cap Value ETF		464,637,159		463,511,878

S&P 100 Equal Weight ETF		11,273,523		11,267,612

S&P 500 GARP ETF		362,807,255		357,175,667

S&P 500 Value with Momentum ETF		22,334,448		22,329,659

S&P MidCap Momentum ETF		663,347,271		661,680,925

S&P MidCap Quality ETF		157,465,887		157,023,074

S&P MidCap Value with Momentum ETF		77,162,926		77,202,992

S&P SmallCap Momentum ETF		91,127,414		90,970,273

S&P SmallCap Value with Momentum ETF		259,219,751		257,790,699

Zacks Mid-Cap ETF		105,115,742		103,646,874

Zacks Multi-Asset Income ETF		75,437,861		75,556,418

For the six months ended October 31, 2022, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales

Dynamic Large Cap Growth ETF	$	115,254,360	$	154,946,066

Dynamic Large Cap Value ETF		197,702,667		196,857,762

S&P 100 Equal Weight ETF		35,159,788		11,981,670

S&P 500 GARP ETF		907,379,878		240,645,617

S&P 500 Value with Momentum ETF		3,124,765		10,480,901

S&P MidCap Momentum ETF		177,858,637		20,025,729

S&P MidCap Quality ETF		24,432,024		33,733,363


	In-kind Purchases		In-kind Sales

S&P MidCap Value with Momentum ETF	$	21,648,321	$	66,909,822

S&P SmallCap Momentum ETF		21,570,372		6,006,436

S&P SmallCap Value with Momentum ETF		174,075,036		157,903,811

Zacks Mid-Cap ETF		12,660,356		12,144,560

Zacks Multi-Asset Income ETF		4,795,106		9,650,492

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of October 31, 2022, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


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

Dynamic Large Cap Growth ETF	$	43,777,672	$	(52,464,813	)	$	(8,687,141	)	$	637,745,316

Dynamic Large Cap Value ETF		63,388,383		(46,775,270	)		16,613,113			806,591,801

S&P 100 Equal Weight ETF		9,516,582		(11,693,515	)		(2,176,933	)		140,152,945

S&P 500 GARP ETF		76,879,955		(137,010,400	)		(60,130,445	)		1,573,270,694

S&P 500 Value with Momentum ETF		4,989,389		(2,558,793	)		2,430,596			46,100,785

S&P MidCap Momentum ETF		85,877,780		(32,596,663	)		53,281,117			1,109,481,886

S&P MidCap Quality ETF		29,182,994		(22,101,471	)		7,081,523			362,421,287

S&P MidCap Value with Momentum ETF		19,194,067		(20,235,663	)		(1,041,596	)		244,664,191

S&P SmallCap Momentum ETF		19,152,220		(7,179,252	)		11,972,968			177,259,776

S&P SmallCap Value with Momentum ETF		59,155,236		(84,724,169	)		(25,568,933	)		866,508,103

Zacks Mid-Cap ETF		15,285,836		(21,890,021	)		(6,604,185	)		219,047,021

Zacks Multi-Asset Income ETF		7,619,509		(15,635,625	)		(8,016,116	)		126,485,106

NOTE 8–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 9–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust, you incur advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2022 through October 31, 2022.

In addition to the fees and expenses which the Invesco Zacks Multi-Asset Income ETF (the “Portfolio”) bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that the Portfolio bears indirectly is included in the Portfolio’s total return.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.



	Beginning Account Value May 1, 2022			Ending Account Value October 31, 2022			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco Dynamic Large Cap Growth ETF (PWB)

Actual		$	1,000.00		$	967.70		0.56	%		$	2.78

Hypothetical (5% return before expenses)			1,000.00			1,022.38		0.56				2.85

Invesco Dynamic Large Cap Value ETF (PWV)

Actual			1,000.00			1,006.20		0.55				2.78

Hypothetical (5% return before expenses)			1,000.00			1,022.43		0.55				2.80

Invesco S&P 100 Equal Weight ETF (EQWL)

Actual			1,000.00			968.50		0.25				1.24

Hypothetical (5% return before expenses)			1,000.00			1,023.95		0.25				1.28

Invesco S&P 500 GARP ETF (SPGP)

Actual			1,000.00			964.50		0.34				1.68

Hypothetical (5% return before expenses)			1,000.00			1,023.49		0.34				1.73

Calculating your ongoing Fund expenses–(continued)



	Beginning Account Value May 1, 2022			Ending Account Value October 31, 2022			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

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

Actual		$	1,000.00		$	991.70		0.39	%		$	1.96

Hypothetical (5% return before expenses)			1,000.00			1,023.24		0.39				1.99

Invesco S&P MidCap Momentum ETF (XMMO)

Actual			1,000.00			960.50		0.33				1.63

Hypothetical (5% return before expenses)			1,000.00			1,023.54		0.33				1.68

Invesco S&P MidCap Quality ETF (XMHQ)

Actual			1,000.00			1,004.00		0.25				1.26

Hypothetical (5% return before expenses)			1,000.00			1,023.95		0.25				1.28

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

Actual			1,000.00			998.60		0.39				1.96

Hypothetical (5% return before expenses)			1,000.00			1,023.24		0.39				1.99

Invesco S&P SmallCap Momentum ETF (XSMO)

Actual			1,000.00			1,037.20		0.39				2.00

Hypothetical (5% return before expenses)			1,000.00			1,023.24		0.39				1.99

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

Actual			1,000.00			952.20		0.35				1.72

Hypothetical (5% return before expenses)			1,000.00			1,023.44		0.35				1.79

Invesco Zacks Mid-Cap ETF (CZA)

Actual			1,000.00			966.40		0.74				3.67

Hypothetical (5% return before expenses)			1,000.00			1,021.48		0.74				3.77

Invesco Zacks Multi-Asset Income ETF (CVY)

Actual			1,000.00			975.00		0.73				3.63

Hypothetical (5% return before expenses)			1,000.00			1,021.53		0.73				3.72

⁽¹⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365.

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Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-PS-SAR-5 invesco.com/ETFs