N-CSRS

Invesco Semi-Annual Report to Shareholders

October 31, 2021

RPG Invesco S&P 500^®Pure Growth ETF

RPV Invesco S&P 500^®Pure Value ETF

XLG Invesco S&P 500^®Top 50 ETF

RFG Invesco S&P Midcap 400^®Pure Growth ETF

RFV Invesco S&P Midcap 400^®Pure Value ETF

RZG Invesco S&P SmallCap 600^®Pure Growth ETF

RZV Invesco S&P SmallCap 600^®Pure Value ETF

Table of Contents


Schedules of Investments

Invesco S&P 500^®Pure Growth ETF (RPG)			3

Invesco S&P 500^®Pure Value ETF (RPV)			6

Invesco S&P 500^®Top 50 ETF (XLG)			9

Invesco S&P Midcap 400^®Pure Growth ETF (RFG)			11

Invesco S&P Midcap 400^®Pure Value ETF (RFV)			14

Invesco S&P SmallCap 600^® Pure Growth ETF (RZG)			17

Invesco S&P SmallCap 600^® Pure Value ETF (RZV)			20

Statements of Assets and Liabilities			24

Statements of Operations			26

Statements of Changes in Net Assets			28

Financial Highlights			32

Notes to Financial Statements			39

Fund Expenses			49


		2

Invesco S&P 500^®^{Pure Growth ETF (RPG)}

October 31, 2021

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.02%
Communication Services-7.12%
Alphabet, Inc., Class A^(b)		9,769	$	28,925,227
Alphabet, Inc., Class C^(b)		9,409		27,901,543
Charter Communications, Inc., Class A^(b)(c)		42,538		28,708,471
Meta Platforms, Inc., Class A^(b)		133,336		43,143,529
Netflix, Inc.^(b)		87,760		60,581,606
Take-Two Interactive Software, Inc.^(b)		193,683		35,056,623
Twitter, Inc.^(b)		456,327		24,431,748

				248,748,747

Consumer Discretionary-14.83%
Amazon.com, Inc.^(b)		16,151		54,468,117
Chipotle Mexican Grill, Inc.^(b)		22,060		39,245,402
Dollar General Corp.		149,172		33,044,581
Domino’s Pizza, Inc.		93,578		45,756,835
eBay, Inc.		612,195		46,967,600
Etsy, Inc.^(b)(c)		354,304		88,820,470
Pool Corp.		101,923		52,506,653
Tesla, Inc.^(b)		92,142		102,646,188
Tractor Supply Co.		252,382		54,809,799

				518,265,645

Consumer Staples-0.73%
Monster Beverage Corp.^(b)		301,984		25,668,640

Financials-6.38%
Brown & Brown, Inc.		466,021		29,410,585
MarketAxess Holdings, Inc.		57,353		23,438,450
MSCI, Inc.		80,391		53,450,368
S&P Global, Inc.^(c)		58,847		27,902,894
SVB Financial Group^(b)		123,824		88,831,338

				223,033,635

Health Care-20.86%
ABIOMED, Inc.^(b)		115,505		38,352,280
Align Technology, Inc.^(b)		102,606		64,064,108
Bio-Rad Laboratories, Inc., Class A^(b)		66,729		53,028,202
Bio-Techne Corp.		61,107		31,998,680
Catalent, Inc.^(b)(c)		356,304		49,120,069
Charles River Laboratories International, Inc.^(b)		123,448		55,388,649
DaVita, Inc.^(b)		379,638		39,193,827
DexCom, Inc.^(b)		113,517		70,744,930
IDEXX Laboratories, Inc.^(b)		88,326		58,837,482
Mettler-Toledo International, Inc.^(b)		20,590		30,491,319
PerkinElmer, Inc.		198,514		35,115,141
Regeneron Pharmaceuticals, Inc.^(b)		75,456		48,287,313
ResMed, Inc.		117,501		30,892,188
Thermo Fisher Scientific, Inc.		62,997		39,881,511
Vertex Pharmaceuticals, Inc.^(b)		124,288		22,984,580
West Pharmaceutical Services, Inc.		140,848		60,547,738

				728,928,017

Industrials-7.50%
Copart, Inc.^(b)		207,890		32,283,238
Generac Holdings, Inc.^(b)		156,570		78,059,539
Old Dominion Freight Line, Inc.		133,513		45,574,662
Rollins, Inc.		732,175		25,794,525


	Shares		Value
Industrials-(continued)
United Rentals, Inc.^(b)		153,425	$	58,164,952
Verisk Analytics, Inc.		105,647		22,214,395

				262,091,311

Information Technology-40.22%
Adobe, Inc.^(b)		88,365		57,469,061
Advanced Micro Devices, Inc.^(b)		481,109		57,843,735
ANSYS, Inc.^(b)		71,060		26,972,955
Apple, Inc.		326,215		48,867,007
Applied Materials, Inc.		277,949		37,981,731
Arista Networks, Inc.^(b)		87,722		35,938,826
Autodesk, Inc.^(b)		155,601		49,420,434
Cadence Design Systems, Inc.^(b)		275,252		47,648,874
Enphase Energy, Inc.^(b)(c)		310,480		71,916,482
Fortinet, Inc.^(b)		243,915		82,038,371
Intuit, Inc.		70,162		43,920,710
KLA Corp.		148,684		55,423,448
Lam Research Corp.		71,828		40,480,106
Microsoft Corp.		142,940		47,401,763
Monolithic Power Systems, Inc.^(c)		167,764		88,153,271
NVIDIA Corp.		386,986		98,940,711
Paycom Software, Inc.^(b)		96,589		52,916,284
PayPal Holdings, Inc.^(b)		261,727		60,875,083
PTC, Inc.^(b)		170,433		21,704,642
Qorvo, Inc.^(b)		166,085		27,940,479
QUALCOMM, Inc.		240,340		31,974,833
salesforce.com, inc.^(b)		170,714		51,161,279
ServiceNow, Inc.^(b)		103,222		72,024,183
Synopsys, Inc.^(b)		131,741		43,893,466
Teradyne, Inc.^(c)		449,270		62,107,085
Trimble, Inc.^(b)		393,518		34,381,668
Tyler Technologies, Inc.^(b)		49,290		26,775,314
Xilinx, Inc.		163,490		29,428,200

				1,405,600,001

Materials-2.38%
Albemarle Corp.		235,147		58,897,269
FMC Corp.^(c)		267,681		24,361,648

				83,258,917

Total Common Stocks & Other Equity Interests (Cost $2,354,575,636)				3,495,594,913


Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $163,984)		163,984		163,984

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $2,354,739,620)				3,495,758,897


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.79%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		18,720,306		18,720,306

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


		3

Invesco S&P 500^®Pure Growth ETF (RPG)–(continued)

October 31, 2021

(Unaudited)


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		43,663,248	$	43,680,713

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $62,401,019)				62,401,019

TOTAL INVESTMENTS IN SECURITIES-101.81% (Cost $2,417,140,639)				3,558,159,916
OTHER ASSETS LESS LIABILITIES-(1.81)%				(63,373,855	)

NET ASSETS-100.00%			$	3,494,786,061

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, 2021.

^(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, 2021.


	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	837,629		$	2,890,342		$	(3,563,987	)		$	-			$	-		$	163,984		$	36
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			4,879,734			265,589,890			(251,749,318	)			-				-			18,720,306			1,319	*
Invesco Private Prime Fund			7,319,602			453,652,961			(417,291,849	)			(1	)			-			43,680,713			18,030	*

Total		$	13,036,965		$	722,133,193		$	(672,605,154	)		$	(1	)		$	-		$	62,565,003		$	19,385

*	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, 2021.

^(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.


		4

Invesco S&P 500^®Pure Growth ETF (RPG)–(continued)

October 31, 2021

(Unaudited)


Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2021

Information Technology	40.22

Health Care	20.86

Consumer Discretionary	14.83

Industrials	7.50

Communication Services	7.12

Financials	6.38

Sector Types Each Less Than 3%	3.11

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.


		5

Invesco S&P 500^®Pure Value ETF (RPV)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.88%
Communication Services-5.42%
AT&T, Inc.		618,232	$	15,616,540
Discovery, Inc., Class A^(b)(c)		179,648		4,210,949
Discovery, Inc., Class C^(b)		346,671		7,820,898
DISH Network Corp., Class A^(b)(c)		421,915		17,328,049
Fox Corp., Class A^(c)		327,839		13,028,322
Fox Corp., Class B		151,162		5,586,948
Interpublic Group of Cos., Inc. (The)^(c)		347,865		12,721,423
Lumen Technologies, Inc.^(c)		4,160,338		49,341,609
News Corp., Class A		349,865		8,011,908
News Corp., Class B		108,785		2,454,190
ViacomCBS, Inc., Class B		545,575		19,760,726

				155,881,562

Consumer Discretionary-9.75%
Advance Auto Parts, Inc.		56,551		12,753,381
BorgWarner, Inc.		342,922		15,455,494
CarMax, Inc.^(b)(c)		105,014		14,378,517
Ford Motor Co.^(b)		4,148,071		70,849,053
Gap, Inc. (The)		352,804		8,005,123
General Motors Co.^(b)		639,291		34,796,609
Hanesbrands, Inc.		841,989		14,347,493
Lennar Corp., Class A		270,272		27,008,281
LKQ Corp.^(b)		378,960		20,873,117
Mohawk Industries, Inc.^(b)		175,924		31,175,492
PVH Corp.^(b)		121,346		13,266,758
Whirlpool Corp.^(c)		83,661		17,638,249

				280,547,567

Consumer Staples-7.89%
Archer-Daniels-Midland Co.		675,115		43,369,388
JM Smucker Co. (The)		99,741		12,254,179
Kraft Heinz Co. (The)		653,819		23,465,564
Kroger Co. (The)		1,005,557		40,242,391
Molson Coors Beverage Co., Class B^(c)		661,871		29,181,892
Tyson Foods, Inc., Class A		414,235		33,126,373
Walgreens Boots Alliance, Inc.		792,002		37,239,934
Walmart, Inc.		54,906		8,204,055

				227,083,776

Energy-8.19%
Chevron Corp.		100,672		11,525,937
EOG Resources, Inc.		144,755		13,384,047
Exxon Mobil Corp.		659,777		42,535,823
Kinder Morgan, Inc.		926,698		15,522,192
Marathon Oil Corp.		1,752,510		28,600,963
Marathon Petroleum Corp.		409,231		26,980,600
Phillips 66		433,991		32,453,847
Pioneer Natural Resources Co.		75,531		14,122,787
Valero Energy Corp.		653,409		50,528,118

				235,654,314

Financials-44.27%
Aflac, Inc.		534,834		28,704,541
Allstate Corp. (The)		255,266		31,568,746
American International Group, Inc.		629,261		37,183,032
Assurant, Inc.		177,759		28,674,304
Bank of America Corp.		604,029		28,860,506
Bank of New York Mellon Corp. (The)		591,646		35,025,443


	Shares		Value
Financials-(continued)
Berkshire Hathaway, Inc., Class B^(b)		231,918	$	66,562,785
Capital One Financial Corp.		239,550		36,179,236
Chubb Ltd.		92,401		18,053,307
Cincinnati Financial Corp.		185,356		22,509,633
Citigroup, Inc.		460,077		31,818,925
Citizens Financial Group, Inc.		684,212		32,417,965
Comerica, Inc.		386,624		32,897,836
Everest Re Group Ltd.		115,993		30,332,170
Fifth Third Bancorp		798,934		34,777,597
Franklin Resources, Inc.		758,433		23,883,055
Globe Life, Inc.		162,924		14,503,494
Goldman Sachs Group, Inc. (The)		79,463		32,846,031
Hartford Financial Services Group, Inc. (The)		694,503		50,650,104
Huntington Bancshares, Inc.		1,037,501		16,330,266
Invesco Ltd.^(d)		1,710,922		43,474,528
JPMorgan Chase & Co.		68,701		11,671,613
KeyCorp		1,197,831		27,873,527
Lincoln National Corp.^(c)		856,321		61,783,560
Loews Corp.		569,014		31,904,615
M&T Bank Corp.		142,837		21,014,179
MetLife, Inc.		849,049		53,320,277
Morgan Stanley		243,911		25,069,173
People’s United Financial, Inc.		1,913,356		32,794,922
PNC Financial Services Group, Inc. (The)		82,201		17,346,877
Principal Financial Group, Inc.		629,789		42,252,544
Prudential Financial, Inc.		515,118		56,688,736
Raymond James Financial, Inc.		168,303		16,592,993
Regions Financial Corp.		1,196,146		28,324,737
State Street Corp.		251,583		24,793,505
Synchrony Financial		267,947		12,446,138
Travelers Cos., Inc. (The)		160,351		25,797,269
Truist Financial Corp.		347,702		22,068,646
U.S. Bancorp		217,453		13,127,638
Wells Fargo & Co.		806,766		41,274,149
Zions Bancorporation N.A		480,717		30,280,364

				1,273,678,966

Health Care-8.98%
AmerisourceBergen Corp.		91,411		11,153,970
Anthem, Inc.		56,902		24,759,767
Cardinal Health, Inc.		401,696		19,205,086
Centene Corp.^(b)		598,555		42,641,058
Cigna Corp.		138,945		29,680,041
CVS Health Corp.		552,624		49,338,271
Henry Schein, Inc.^(b)		142,432		10,874,683
McKesson Corp.		145,679		30,283,751
Universal Health Services, Inc., Class B		114,081		14,157,452
Viatris, Inc.		1,975,510		26,373,059

				258,467,138

Industrials-3.59%
General Dynamics Corp.		56,600		11,475,650
General Electric Co.		90,072		9,445,851
Howmet Aerospace, Inc.		481,955		14,309,244
Huntington Ingalls Industries, Inc.		82,309		16,686,503
Raytheon Technologies Corp.		168,619		14,983,484

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


		6

Invesco S&P 500^®Pure Value ETF (RPV)–(continued)

October 31, 2021

(Unaudited)


	Shares		Value
Industrials-(continued)
Textron, Inc.		308,792	$	22,804,289
Wabtec Corp.		150,320		13,638,534

				103,343,555

Information Technology-3.66%
DXC Technology Co.^(b)		345,677		11,258,700
Hewlett Packard Enterprise Co.		2,914,080		42,691,272
HP, Inc.		596,032		18,077,650
Juniper Networks, Inc.		515,078		15,205,103
Western Digital Corp.^(b)		346,774		18,132,812

				105,365,537

Materials-3.98%
Corteva, Inc.		330,108		14,244,160
International Paper Co.		179,281		8,904,887
Mosaic Co. (The)		700,419		29,116,418
Nucor Corp.^(c)		311,625		34,792,931
WestRock Co.		572,038		27,515,028

				114,573,424

Real Estate-1.29%
CBRE Group, Inc., Class A^(b)		162,340		16,896,347
Kimco Realty Corp.^(c)		891,439		20,146,522

				37,042,869

Utilities-2.86%
Consolidated Edison, Inc.		157,880		11,904,152
Edison International		124,211		7,816,598
Evergy, Inc.		176,809		11,271,574
Exelon Corp.		458,303		24,377,137
FirstEnergy Corp.		292,046		11,252,532
Pinnacle West Capital Corp.		111,274		7,176,060
PPL Corp.		297,895		8,579,376

				82,377,429

Total Common Stocks & Other Equity Interests (Cost $2,731,516,748)				2,874,016,137


	Shares		Value
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $1,281,746)		1,281,746	$	1,281,746

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $2,732,798,494)				2,875,297,883


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.89%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		33,396,570		33,396,570
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		78,627,614		78,659,066

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $112,055,635)				112,055,636

TOTAL INVESTMENTS IN SECURITIES-103.82% (Cost $2,844,854,129)				2,987,353,519
OTHER ASSETS LESS LIABILITIES-(3.82)%				(109,980,240	)

NET ASSETS-100.00%			$	2,877,373,279

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, 2021.

^(d)


	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2021			Dividend Income
Invesco Ltd.		$	35,552,358		$	24,095,101		$	(12,648,549	)		$	(7,663,135	)		$	4,138,753		$	43,474,528		$	505,860
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			40,260,291			(38,978,545	)			-				-			1,281,746			291

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


		7

Invesco S&P 500^®Pure Value ETF (RPV)–(continued)

October 31, 2021

(Unaudited)


	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2021			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	11,852,653		$	135,697,602		$	(114,153,685	)		$	-			$	-		$	33,396,570		$	1,318	*
Invesco Private Prime Fund			17,778,980			279,827,485			(218,947,400	)			1				-			78,659,066			18,760	*

Total		$	65,183,991		$	479,880,479		$	(384,728,179	)		$	(7,663,134	)		$	4,138,753		$	156,811,910		$	526,229

*	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, 2021.

^(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, 2021

Financials			44.27

Consumer Discretionary			9.75

Health Care			8.98

Energy			8.19

Consumer Staples			7.89

Communication Services			5.42

Materials			3.98

Information Technology			3.66

Industrials			3.59

Sector Types Each Less Than 3%			4.15

Money Market Funds Plus Other Assets Less Liabilities			0.12

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


		8

Invesco S&P 500^®Top 50 ETF (XLG)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-17.50%
Alphabet, Inc., Class A^(b)		32,152	$	95,199,500
Alphabet, Inc., Class C^(b)		30,090		89,229,187
AT&T, Inc.		762,070		19,249,888
Comcast Corp., Class A		488,866		25,142,378
Meta Platforms, Inc., Class A^(b)		254,581		82,374,774
Netflix, Inc.^(b)		47,241		32,610,935
Verizon Communications, Inc.^(c)		441,880		23,415,221
Walt Disney Co. (The)^(b)		193,945		32,790,281

				400,012,164

Consumer Discretionary-14.78%
Amazon.com, Inc.^(b)		46,527		156,909,051
Home Depot, Inc. (The)		113,481		42,185,427
McDonald’s Corp.		79,711		19,573,036
NIKE, Inc., Class B		136,411		22,820,196
Tesla, Inc.^(b)		86,645		96,522,530

				338,010,240

Consumer Staples-6.39%
Coca-Cola Co. (The)		414,651		23,373,877
Costco Wholesale Corp.		47,185		23,193,315
PepsiCo, Inc.		147,512		23,837,939
Philip Morris International, Inc.		166,347		15,726,446
Procter & Gamble Co. (The)		259,086		37,046,707
Walmart, Inc.		152,527		22,790,584

				145,968,868

Energy-2.31%
Chevron Corp.		206,406		23,631,423
Exxon Mobil Corp.		451,857		29,131,221

				52,762,644

Financials-8.14%
Bank of America Corp.		790,364		37,763,592
Berkshire Hathaway, Inc., Class B^(b)		197,967		56,818,509
Citigroup, Inc.		216,323		14,960,899
JPMorgan Chase & Co.		319,143		54,219,204
Wells Fargo & Co.		438,288		22,422,814

				186,185,018

Health Care-11.69%
Abbott Laboratories		189,220		24,388,566
AbbVie, Inc.		188,618		21,628,826
Bristol-Myers Squibb Co.		237,175		13,851,020
Eli Lilly and Co.		84,737		21,587,598
Johnson & Johnson		281,185		45,799,413
Medtronic PLC		143,436		17,192,239
Merck & Co., Inc.		270,178		23,789,173
Pfizer, Inc.		598,414		26,174,628
Thermo Fisher Scientific, Inc.		41,994		26,585,141
UnitedHealth Group, Inc.		100,708		46,373,013

				267,369,617


	Shares		Value
Industrials-0.74%
Union Pacific Corp.		69,605	$	16,802,647

Information Technology-38.38%
Accenture PLC, Class A		67,685		24,284,700
Adobe, Inc.^(b)		50,843		33,066,253
Apple, Inc.		1,677,551		251,297,140
Broadcom, Inc.		43,784		23,278,639
Cisco Systems, Inc.^(c)		449,792		25,174,858
Intel Corp.		433,007		21,217,343
Mastercard, Inc., Class A		92,978		31,195,979
Microsoft Corp.		802,779		266,217,572
NVIDIA Corp.		266,140		68,044,014
Oracle Corp.		175,821		16,868,267
PayPal Holdings, Inc.^(b)		125,414		29,170,042
salesforce.com, inc.^(b)		103,694		31,076,055
Texas Instruments, Inc.		98,537		18,473,717
Visa, Inc., Class A^(c)		180,122		38,144,436

				877,509,015

Total Common Stocks & Other Equity Interests (Cost $1,399,739,613)				2,284,620,213


Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $11,309)		11,309		11,309

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $1,399,750,922)				2,284,631,522


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.38%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		2,520,863		2,520,863
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		6,135,933		6,138,388

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $8,659,251)				8,659,251

TOTAL INVESTMENTS IN SECURITIES-100.31% (Cost $1,408,410,173)				2,293,290,773
OTHER ASSETS LESS LIABILITIES-(0.31)%				(7,008,194	)

NET ASSETS-100.00%			$	2,286,282,579

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


		9

Invesco S&P 500^®Top 50 ETF (XLG)–(continued)

October 31, 2021

(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, 2021.

^(d)


	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	12,501,025		$	(12,489,716	)		$	-		$	-		$	11,309		$	95
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			16,282,894			(13,762,031	)			-			-			2,520,863			99	*
Invesco Private Prime Fund			-			36,694,772			(30,556,384	)			-			-			6,138,388			1,240	*

Total		$	-		$	65,478,691		$	(56,808,131	)		$	-		$	-		$	8,670,560		$	1,434

*	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, 2021.

^(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, 2021

Information Technology			38.38

Communication Services			17.50

Consumer Discretionary			14.78

Health Care			11.69

Financials			8.14

Consumer Staples			6.39

Sector Types Each Less Than 3%			3.05

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.


		10

Invesco S&P Midcap 400^®Pure Growth ETF (RFG)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Communication Services-0.98%
Cable One, Inc.		1,483	$	2,537,725
New York Times Co. (The), Class A		28,014		1,529,284

				4,067,009

Consumer Discretionary-23.53%
Churchill Downs, Inc.		24,178		5,560,940
Crocs, Inc.^(b)		56,049		9,049,111
Deckers Outdoor Corp.^(b)		14,530		5,743,854
Five Below, Inc.^(b)		20,959		4,135,211
Fox Factory Holding Corp.^(b)		44,693		7,193,338
Helen of Troy Ltd.^(b)(c)		15,974		3,593,351
Jack in the Box, Inc.		15,704		1,553,911
Lithia Motors, Inc., Class A		19,451		6,209,148
Mattel, Inc.^(b)		100,847		2,199,473
Ollie’s Bargain Outlet Holdings, Inc.^(b)(c)		58,550		3,961,493
RH^(b)(c)		16,242		10,713,711
Tempur Sealy International, Inc.		80,270		3,569,607
Texas Roadhouse, Inc.		21,299		1,891,564
TopBuild Corp.^(b)(c)		32,800		8,428,616
Williams-Sonoma, Inc.		40,022		7,433,286
Wingstop, Inc.^(c)		46,428		8,007,437
YETI Holdings, Inc.^(b)		84,739		8,332,386

				97,576,437

Consumer Staples-2.57%
Boston Beer Co., Inc. (The), Class A^(b)(c)		7,892		3,886,652
Darling Ingredients, Inc.^(b)		80,365		6,792,450

				10,679,102

Energy-1.89%
Antero Midstream Corp.		495,976		5,277,185
CNX Resources Corp.^(b)(c)		176,107		2,572,923

				7,850,108

Financials-7.55%
Brighthouse Financial, Inc.^(b)		186,392		9,362,470
FactSet Research Systems, Inc.		6,028		2,675,769
Interactive Brokers Group, Inc., Class A		34,043		2,411,947
Kinsale Capital Group, Inc.		34,110		6,383,687
Primerica, Inc.		17,605		2,961,865
SLM Corp.		409,150		7,507,902

				31,303,640

Health Care-21.41%
Amedisys, Inc.^(b)		15,694		2,657,622
Arrowhead Pharmaceuticals, Inc.^(b)		36,632		2,337,854
Chemed Corp.		3,653		1,761,659
Emergent BioSolutions, Inc.^(b)		68,485		3,264,680
Exelixis, Inc.^(b)		206,379		4,439,212
Halozyme Therapeutics, Inc.^(b)		119,643		4,554,809
HealthEquity, Inc.^(b)		57,077		3,777,356
Jazz Pharmaceuticals PLC^(b)		12,669		1,685,484
LHC Group, Inc.^(b)		12,788		1,721,137
Masimo Corp.^(b)		14,990		4,250,265
Medpace Holdings, Inc.^(b)		46,511		10,537,067
Neurocrine Biosciences, Inc.^(b)		29,014		3,058,366
Penumbra, Inc.^(b)(c)		17,594		4,865,621
Quidel Corp.^(b)(c)		41,433		5,501,059
R1 RCM, Inc.^(b)		282,669		6,133,917


	Shares		Value
Health Care-(continued)
Repligen Corp.^(b)		40,909	$	11,884,064
STAAR Surgical Co.^(b)		81,655		9,672,851
Syneos Health, Inc.^(b)		71,617		6,684,731

				88,787,754

Industrials-15.55%
ASGN, Inc.^(b)		39,516		4,728,484
Axon Enterprise, Inc.^(b)		47,380		8,526,505
FTI Consulting, Inc.^(b)(c)		22,754		3,274,756
Graco, Inc.		29,931		2,250,212
Insperity, Inc.		28,764		3,595,500
Knight-Swift Transportation Holdings, Inc.		98,847		5,603,636
Lincoln Electric Holdings, Inc.		13,636		1,941,766
Mercury Systems, Inc.^(b)		29,829		1,537,387
Saia, Inc.^(b)		25,225		7,886,344
Simpson Manufacturing Co., Inc.		28,340		3,006,591
Sunrun, Inc.^(b)		102,904		5,935,503
Tetra Tech, Inc.		19,880		3,492,121
Timken Co. (The)		40,147		2,848,430
Toro Co. (The)		21,251		2,028,833
Trex Co., Inc.^(b)		73,472		7,817,421

				64,473,489

Information Technology-24.06%
Brooks Automation, Inc.		87,987		10,246,086
Cerence, Inc.^(b)(c)		50,832		5,343,968
CMC Materials, Inc.		27,079		3,476,131
Cognex Corp.		26,277		2,301,602
Digital Turbine, Inc.^(b)(c)		161,616		13,908,673
Fair Isaac Corp.^(b)		6,697		2,666,745
First Solar, Inc.^(b)		50,874		6,084,022
II-VI Incorporated^(b)(c)		98,845		5,981,111
Lattice Semiconductor Corp.^(b)(c)		66,070		4,587,901
Lumentum Holdings, Inc.^(b)		31,937		2,637,358
Mimecast Ltd.^(b)		54,679		4,124,984
MKS Instruments, Inc.		11,385		1,708,319
Paylocity Holding Corp.^(b)		31,737		9,684,228
Qualys, Inc.^(b)(c)		29,239		3,639,671
SailPoint Technologies Holding, Inc.^(b)		91,578		4,393,912
SolarEdge Technologies, Inc.^(b)		27,142		9,626,725
SunPower Corp.^(b)(c)		233,655		7,864,827
Universal Display Corp.		8,136		1,490,515

				99,766,778

Materials-2.38%
Cleveland-Cliffs, Inc.^(b)(c)		185,493		4,472,236
Scotts Miracle-Gro Co. (The)		36,258		5,382,863

				9,855,099

Total Common Stocks & Other Equity Interests (Cost $308,558,651)				414,359,416

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


		11

Invesco S&P Midcap 400^®Pure Growth ETF (RFG)–(continued)

October 31, 2021

(Unaudited)


	Shares		Value
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $275,111)		275,111	$	275,111

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $308,833,762)				414,634,527


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-16.49%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		20,517,469		20,517,469


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		47,854,952	$	47,874,094

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $68,391,563)				68,391,563

TOTAL INVESTMENTS IN SECURITIES-116.48% (Cost $377,225,325)				483,026,090
OTHER ASSETS LESS LIABILITIES-(16.48)%				(68,344,670	)

NET ASSETS-100.00%			$	414,681,420

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, 2021.

^(d)


	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	41,757		$	14,563,856		$	(14,330,502	)		$	-		$	-		$	275,111		$	51

Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			21,986,402			93,218,672			(94,687,605	)			-			-			20,517,469			1,478	*
Invesco Private Prime Fund			32,979,603			147,562,640			(132,668,149	)			-			-			47,874,094			21,326	*

Total		$	55,007,762		$	255,345,168		$	(241,686,256	)		$	-		$	-		$	68,666,674		$	22,855

*	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, 2021.

^(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.


		12

Invesco S&P Midcap 400^®Pure Growth ETF (RFG)–(continued)

October 31, 2021

(Unaudited)


Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2021

Information Technology			24.06

Consumer Discretionary			23.53

Health Care			21.41

Industrials			15.55

Financials			7.55

Sector Types Each Less Than 3%			7.82

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.


		13

Invesco S&P Midcap 400^®Pure Value ETF (RFV)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-1.82%
Telephone & Data Systems, Inc.		146,551	$	2,746,366

Consumer Discretionary-18.74%
Adient PLC^(b)		20,391		848,673
AutoNation, Inc.^(b)		28,249		3,421,519
Dana, Inc.		91,497		2,030,318
Dick’s Sporting Goods, Inc.^(c)		21,827		2,711,132
Foot Locker, Inc.		36,638		1,746,533
Goodyear Tire & Rubber Co. (The)^(b)		76,511		1,462,890
Graham Holdings Co., Class B		4,223		2,474,045
KB Home		40,690		1,633,703
Kohl’s Corp.^(c)		50,227		2,437,516
Lear Corp.		6,636		1,140,397
Murphy USA, Inc.		11,077		1,804,997
Taylor Morrison Home Corp., Class A^(b)		82,179		2,508,925
Thor Industries, Inc.^(c)		9,560		974,738
Tri Pointe Homes, Inc.^(b)		98,356		2,379,232
Urban Outfitters, Inc.^(b)(c)		22,664		723,662

				28,298,280

Consumer Staples-5.26%
BJ’s Wholesale Club Holdings, Inc.^(b)(c)		27,345		1,598,042
Ingredion, Inc.		8,662		824,882
Performance Food Group Co.^(b)		35,336		1,598,247
Pilgrim’s Pride Corp.^(b)		80,723		2,273,160
Sprouts Farmers Market, Inc.^(b)(c)		74,520		1,649,873

				7,944,204

Energy-2.27%
HollyFrontier Corp.		101,254		3,422,385

Financials-36.74%
Alleghany Corp.^(b)		1,939		1,263,026
American Financial Group, Inc.		9,238		1,256,737
Associated Banc-Corp.		82,392		1,835,694
Bank OZK		30,331		1,354,886
Cadence Bank		30,915		897,153
Cathay General Bancorp		28,145		1,187,438
CIT Group, Inc.		13,841		685,545
CNO Financial Group, Inc.		81,863		1,976,173
East West Bancorp, Inc.		11,311		898,998
F.N.B. Corp.		133,379		1,553,865
First American Financial Corp.		26,367		1,928,482
First Horizon Corp.		78,937		1,339,561
Fulton Financial Corp.		86,179		1,387,482
Hancock Whitney Corp.		27,277		1,349,666
Hanover Insurance Group, Inc. (The)		8,773		1,105,398
International Bancshares Corp.		23,009		975,582
Janus Henderson Group PLC		15,837		736,420
Jefferies Financial Group, Inc.		71,385		3,069,555
Kemper Corp.		15,097		958,358
Mercury General Corp.		30,283		1,650,121
MGIC Investment Corp.		79,316		1,281,747
Navient Corp.		165,650		3,263,305
New York Community Bancorp, Inc.		112,491		1,398,263
Old Republic International Corp.		85,815		2,216,601
Pinnacle Financial Partners, Inc.		14,654		1,415,137
Prosperity Bancshares, Inc.		11,706		881,579
Reinsurance Group of America, Inc.		19,752		2,332,316


	Shares		Value
Financials-(continued)
Selective Insurance Group, Inc.		8,401	$	658,386
Sterling Bancorp		66,492		1,692,221
Synovus Financial Corp.		24,040		1,120,024
Texas Capital Bancshares, Inc.^(b)		9,158		554,975
UMB Financial Corp.		8,013		791,845
United Bankshares, Inc.		29,879		1,105,224
Unum Group		154,025		3,923,017
Valley National Bancorp		109,238		1,448,496
Washington Federal, Inc.		39,945		1,412,455
Webster Financial Corp.		15,438		863,910
Wintrust Financial Corp.		19,271		1,705,483

				55,475,124

Health Care-1.96%
Perrigo Co. PLC^(c)		30,185		1,362,853
Tenet Healthcare Corp.^(b)		22,411		1,605,972

				2,968,825

Industrials-9.97%
AECOM^(b)		14,656		1,002,031
Colfax Corp.^(b)		14,066		726,087
Dycom Industries, Inc.^(b)(c)		10,426		828,033
EMCOR Group, Inc.		10,781		1,309,784
GATX Corp.^(c)		5,523		523,857
KAR Auction Services, Inc.^(b)(c)		32,630		478,682
KBR, Inc.		19,128		811,792
Kirby Corp.^(b)		10,985		575,724
ManpowerGroup, Inc.		17,383		1,680,067
MasTec, Inc.^(b)		13,793		1,229,370
Oshkosh Corp.		8,705		931,435
Ryder System, Inc.		24,952		2,119,672
Trinity Industries, Inc.		22,091		619,652
Univar Solutions, Inc.^(b)		86,692		2,217,581

				15,053,767

Information Technology-10.83%
Alliance Data Systems Corp.		9,920		845,680
Arrow Electronics, Inc.^(b)		20,759		2,402,854
Avnet, Inc.		78,517		2,992,283
Jabil, Inc.		31,632		1,896,655
NCR Corp.^(b)		29,733		1,175,643
NetScout Systems, Inc.^(b)		35,809		968,992
SYNNEX Corp.		21,633		2,271,465
ViaSat, Inc.^(b)(c)		31,276		1,866,864
Xerox Holdings Corp.		109,004		1,940,271

				16,360,707

Materials-5.88%
Commercial Metals Co.		99,781		3,210,953
Greif, Inc., Class A		23,429		1,515,388
Minerals Technologies, Inc.		9,773		693,297
Reliance Steel & Aluminum Co.		7,495		1,095,469
Steel Dynamics, Inc.		20,081		1,326,952
United States Steel Corp.^(c)		39,105		1,031,981

				8,874,040

Real Estate-4.45%
Cousins Properties, Inc.		15,301		606,073
Jones Lang LaSalle, Inc.^(b)		7,985		2,061,966
Macerich Co. (The)^(c)		90,605		1,639,044

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


		14

Invesco S&P Midcap 400^®Pure Value ETF (RFV)–(continued)

October 31, 2021

(Unaudited)


	Shares		Value
Real Estate-(continued)
Pebblebrook Hotel Trust^(c)		32,613	$	732,488
Sabra Health Care REIT, Inc.		31,380		444,027
SL Green Realty Corp.		17,594		1,232,812

				6,716,410

Utilities-2.02%
ALLETE, Inc.		8,132		500,443
MDU Resources Group, Inc.		32,852		1,009,542
Southwest Gas Holdings, Inc.		12,275		850,044
UGI Corp.		16,037		696,166

				3,056,195

Total Common Stocks & Other Equity Interests (Cost $140,875,181)				150,916,303


Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $16,681)		16,681		16,681

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $140,891,862)				150,932,984


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-10.33%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		4,676,722	$	4,676,722
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		10,907,987		10,912,351

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $15,589,073)				15,589,073

TOTAL INVESTMENTS IN SECURITIES-110.28% (Cost $156,480,935)				166,522,057
OTHER ASSETS LESS LIABILITIES-(10.28)%				(15,516,631	)

NET ASSETS-100.00%			$	151,005,426

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, 2021.

^(d)


	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	4,848		$	2,028,609		$	(2,016,776	)		$	-		$	-		$	16,681		$	13

Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			4,367,082			24,150,742			(23,841,102	)			-			-			4,676,722			273	*
Invesco Private Prime Fund			6,550,623			45,188,876			(40,827,148	)			-			-			10,912,351			4,095	*

Total		$	10,922,553		$	71,368,227		$	(66,685,026	)		$	-		$	-		$	15,605,754		$	4,381

*	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, 2021.

^(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.


		15

Invesco S&P Midcap 400^®Pure Value ETF (RFV)–(continued)

October 31, 2021

(Unaudited)


Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2021

Financials			36.74

Consumer Discretionary			18.74

Information Technology			10.83

Industrials			9.97

Materials			5.88

Consumer Staples			5.26

Real Estate			4.45

Sector Types Each Less Than 3%			8.07

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.


		16

Invesco S&P SmallCap 600^®Pure Growth ETF (RZG)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Communication Services-1.91%
QuinStreet, Inc.^(b)		34,114	$	477,595
TechTarget, Inc.^(b)(c)		23,887		2,252,783

				2,730,378

Consumer Discretionary-19.15%
Big Lots, Inc.^(c)		39,327		1,740,220
Century Communities, Inc.		33,190		2,225,721
Dine Brands Global, Inc.^(b)		9,257		782,309
Dorman Products, Inc.^(b)		4,656		485,993
Hibbett, Inc.^(c)		28,418		2,200,690
Installed Building Products, Inc.		11,679		1,483,817
iRobot Corp.^(b)(c)		20,843		1,738,723
LCI Industries		3,817		533,006
LGI Homes, Inc.^(b)		12,339		1,842,212
Lumber Liquidators Holdings, Inc.^(b)		40,197		726,762
MarineMax, Inc.^(b)		55,100		2,853,629
Meritage Homes Corp.^(b)		11,393		1,238,533
Patrick Industries, Inc.		13,768		1,072,665
PetMed Express, Inc.^(c)		17,997		511,655
Rent-A-Center, Inc.		23,510		1,252,142
Shake Shack, Inc., Class A^(b)(c)		4,393		303,864
Shutterstock, Inc.		12,879		1,560,291
Sleep Number Corp.^(b)(c)		15,809		1,396,567
Tupperware Brands Corp.^(b)(c)		12,991		288,920
Vista Outdoor, Inc.^(b)		75,238		3,147,958

				27,385,677

Consumer Staples-5.41%
B&G Foods, Inc.^(c)		33,958		999,724
Celsius Holdings, Inc.^(b)		34,502		3,330,133
Medifast, Inc.		8,694		1,706,371
National Beverage Corp.^(c)		23,728		1,338,259
WD-40 Co.^(c)		1,585		359,795

				7,734,282

Energy-3.93%
Bonanza Creek Energy, Inc.^(c)		57,073		3,204,078
DMC Global, Inc.^(b)(c)		9,339		390,184
Renewable Energy Group, Inc.^(b)(c)		31,764		2,032,896

				5,627,158

Financials-14.91%
Axos Financial, Inc.^(b)		24,183		1,281,699
Brightsphere Investment Group, Inc.		63,453		1,902,321
eHealth, Inc.^(b)(c)		10,600		470,110
Green Dot Corp., Class A^(b)		22,542		954,879
HCI Group, Inc.		13,183		1,766,654
Mr. Cooper Group, Inc.^(b)		82,622		3,622,149
NMI Holdings, Inc., Class A^(b)		24,425		593,039
Palomar Holdings, Inc.^(b)		14,460		1,322,367
PRA Group, Inc.^(b)		15,747		675,231
ServisFirst Bancshares, Inc.		14,644		1,176,060
StoneX Group, Inc.^(b)		24,405		1,686,630
Triumph Bancorp, Inc.^(b)		14,318		1,679,501
Trupanion, Inc.^(b)(c)		16,413		1,680,691
Virtus Investment Partners, Inc.		4,602		1,472,640
Walker & Dunlop, Inc.		8,064		1,048,884

				21,332,855


	Shares		Value
Health Care-23.97%
Addus HomeCare Corp.^(b)		4,966	$	464,321
Allscripts Healthcare Solutions, Inc.^(b)		37,722		519,809
Avanos Medical, Inc.^(b)		33,335		1,051,386
BioLife Solutions, Inc.^(b)		39,924		2,121,961
Coherus Biosciences, Inc.^(b)(c)		90,170		1,508,544
Collegium Pharmaceutical, Inc.^(b)(c)		51,493		1,010,808
Community Health Systems, Inc.^(b)		164,113		2,149,880
Corcept Therapeutics, Inc.^(b)		64,799		1,166,382
Cytokinetics, Inc.^(b)(c)		26,983		941,977
Ensign Group, Inc. (The)		12,684		989,479
Fulgent Genetics, Inc.^(b)(c)		37,332		3,095,569
Heska Corp.^(b)(c)		2,096		468,519
Innoviva, Inc.^(b)		86,237		1,504,836
Joint Corp. (The)^(b)		19,831		1,734,816
LeMaitre Vascular, Inc.		8,251		429,134
Meridian Bioscience, Inc.^(b)		66,397		1,248,928
Merit Medical Systems, Inc.^(b)		18,498		1,244,175
ModivCare, Inc.^(b)		5,843		951,065
NeoGenomics, Inc.^(b)(c)		23,542		1,082,932
Omnicell, Inc.^(b)		4,158		740,748
OptimizeRx Corp.^(b)(c)		23,267		2,249,919
Pacira BioSciences, Inc.^(b)		16,231		848,557
Pennant Group, Inc. (The)^(b)		24,690		631,323
REGENXBIO, Inc.^(b)		17,012		602,905
Simulations Plus, Inc.^(c)		21,878		1,104,839
Supernus Pharmaceuticals, Inc.^(b)		37,662		1,124,211
Tabula Rasa HealthCare, Inc.^(b)(c)		10,638		288,822
Tactile Systems Technology, Inc.^(b)		7,672		264,607
Vericel Corp.^(b)(c)		18,695		860,344
Xencor, Inc.^(b)		20,299		803,028
Zynex, Inc.^(b)(c)		86,333		1,081,752

				34,285,576

Industrials-9.80%
AAON, Inc.		11,216		803,626
AeroVironment, Inc.^(b)		10,236		912,130
Alamo Group, Inc.		4,033		609,790
Chart Industries, Inc.^(b)(c)		11,534		2,047,516
Comfort Systems USA, Inc.		17,232		1,576,211
Exponent, Inc.		6,265		719,222
Federal Signal Corp.		13,865		593,561
Forrester Research, Inc.^(b)		8,540		454,755
Forward Air Corp.		6,901		693,964
Franklin Electric Co., Inc.		5,727		494,698
Gibraltar Industries, Inc.^(b)		7,030		458,075
Marten Transport Ltd.		32,232		536,018
Matson, Inc.		11,192		932,070
PGT Innovations, Inc.^(b)		39,996		853,915
Proto Labs, Inc.^(b)		5,408		323,452
Vicor Corp.^(b)		13,246		2,007,961

				14,016,964

Information Technology-13.83%
8x8, Inc.^(b)		20,347		461,063
Advanced Energy Industries, Inc.		12,296		1,129,019
Agilysys, Inc.^(b)		13,798		658,441
Alarm.com Holdings, Inc.^(b)		19,816		1,669,696
Arlo Technologies, Inc.^(b)		106,779		736,775
Badger Meter, Inc.		4,629		473,315

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


		17

Invesco S&P SmallCap 600^®Pure Growth ETF (RZG)–(continued)

October 31, 2021

(Unaudited)


	Shares		Value
Information Technology-(continued)
CEVA, Inc.^(b)		15,081	$	687,844
Cohu, Inc.^(b)		14,102		451,828
Diodes, Inc.^(b)		9,228		886,719
Ebix, Inc.^(c)		21,455		703,939
EVERTEC, Inc.		11,582		523,622
ExlService Holdings, Inc.^(b)		6,144		753,439
FormFactor, Inc.^(b)		22,751		905,035
LivePerson, Inc.^(b)(c)		14,358		739,581
OneSpan, Inc.^(b)		16,713		341,279
Onto Innovation, Inc.^(b)		14,160		1,121,614
Perficient, Inc.^(b)(c)		10,482		1,295,575
Power Integrations, Inc.		9,476		978,018
SPS Commerce, Inc.^(b)		12,699		1,939,518
TTEC Holdings, Inc.		11,529		1,088,222
Ultra Clean Holdings, Inc.^(b)		19,164		949,959
Viavi Solutions, Inc.^(b)		26,264		404,466
Vonage Holdings Corp.^(b)		54,685		881,522

				19,780,489

Materials-1.52%
Livent Corp.^(b)(c)		43,590		1,230,110
Quaker Houghton		3,816		938,125

				2,168,235

Real Estate-5.56%
Community Healthcare Trust, Inc.		9,404		449,887
Essential Properties Realty Trust, Inc.		31,654		942,973
Innovative Industrial Properties, Inc.^(c)		11,139		2,930,560
Safehold, Inc.		21,334		1,593,650
St. Joe Co. (The)		43,408		2,041,045

				7,958,115

Total Common Stocks & Other Equity Interests (Cost $109,519,614)				143,019,729


	Shares		Value
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $16,819)		16,819	$	16,819

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $109,536,433)				143,036,548


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-26.49%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		11,369,643		11,369,643
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		26,518,560		26,529,167

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $37,898,810)				37,898,810

TOTAL INVESTMENTS IN SECURITIES-126.49% (Cost $147,435,243)				180,935,358
OTHER ASSETS LESS LIABILITIES-(26.49)%				(37,896,927	)

NET ASSETS-100.00%			$	143,038,431

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, 2021.

^(d)


	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain		Value October 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	2,306,469		$	903,640		$	(3,193,290	)		$-		$-		$	16,819		$	10
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			10,675,039			30,374,301			(29,679,697	)		-		-			11,369,643			856	*
Invesco Private Prime Fund			16,078,005			60,656,378			(50,205,216	)		-		-			26,529,167			12,248	*

Total		$	29,059,513		$	91,934,319		$	(83,078,203	)		$-		$-		$	37,915,629		$	13,114

*	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.


		18

Invesco S&P SmallCap 600^®Pure Growth ETF (RZG)–(continued)

October 31, 2021

(Unaudited)

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

^(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, 2021

Health Care			23.97

Consumer Discretionary			19.15

Financials			14.91

Information Technology			13.83

Industrials			9.80

Real Estate			5.56

Consumer Staples			5.41

Energy			3.93

Sector Types Each Less Than 3%			3.43

Money Market Funds Plus Other Assets Less Liabilities			0.01

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


		19

Invesco S&P SmallCap 600^®Pure Value ETF (RZV)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-3.24%
AMC Networks, Inc., Class A^(b)(c)		20,943	$	833,322
Consolidated Communications Holdings, Inc.^(b)(c)		403,048		2,982,555
E.W. Scripps Co. (The), Class A		92,235		1,715,571
Gannett Co., Inc.^(b)		175,895		1,020,191
Marcus Corp. (The)^(b)(c)		46,782		868,742
Scholastic Corp.		68,459		2,477,531

				9,897,912

Consumer Discretionary-15.95%
Aaron’s Co., Inc. (The)		150,799		3,527,189
Abercrombie & Fitch Co., Class A^(b)		53,620		2,120,135
Adtalem Global Education, Inc.^(b)		40,658		1,501,500
Asbury Automotive Group, Inc.^(b)		9,497		1,858,658
Barnes & Noble Education, Inc.^(b)		217,834		2,261,117
Bed Bath & Beyond, Inc.^(b)(c)		67,686		950,311
Cato Corp. (The), Class A		196,881		3,471,012
Chico’s FAS, Inc.^(b)		439,797		2,401,292
Conn’s, Inc.^(b)		186,429		4,151,774
Ethan Allen Interiors, Inc.		31,384		728,423
Genesco, Inc.^(b)		38,477		2,331,321
G-III Apparel Group Ltd.^(b)		101,694		2,914,550
Group 1 Automotive, Inc.		14,320		2,574,736
M/I Homes, Inc.^(b)		44,053		2,522,475
Motorcar Parts of America, Inc.^(b)(c)		32,773		620,065
ODP Corp. (The)^(b)		63,247		2,738,595
Sally Beauty Holdings, Inc.^(b)		71,088		1,084,803
Shoe Carnival, Inc.^(c)		50,112		1,697,293
Signet Jewelers Ltd.		41,487		3,699,811
Sonic Automotive, Inc., Class A^(c)		24,850		1,228,335
Strategic Education, Inc.^(c)		9,759		665,661
Unifi, Inc.^(b)		67,873		1,630,309
Vera Bradley, Inc.^(b)		206,975		2,030,425

				48,709,790

Consumer Staples-5.90%
Andersons, Inc. (The)		103,321		3,519,113
Edgewell Personal Care Co.^(c)		36,291		1,269,822
Fresh Del Monte Produce, Inc.		97,748		3,273,581
Seneca Foods Corp., Class A^(b)		60,279		3,112,205
SpartanNash Co.		132,931		3,076,023
TreeHouse Foods, Inc.^(b)(c)		59,830		2,162,256
Universal Corp.		33,948		1,595,556

				18,008,556

Energy-12.57%
Bristow Group, Inc.^(b)		25,036		866,246
Callon Petroleum Co.^(b)(c)		50,261		2,600,002
CONSOL Energy, Inc.^(b)		371,018		10,206,705
Green Plains, Inc.^(b)(c)		124,734		4,733,655
Helix Energy Solutions Group, Inc.^(b)(c)		403,424		1,524,943
Nabors Industries Ltd.^(b)(c)		10,328		1,058,620
Oil States International, Inc.^(b)		137,709		834,517
PBF Energy, Inc., Class A^(b)(c)		88,281		1,289,785
ProPetro Holding Corp.^(b)		243,543		2,335,577
Ranger Oil Corp.^(b)		56,752		1,875,086
SM Energy Co.		125,111		4,293,810
Talos Energy, Inc.^(b)		138,090		1,791,027


	Shares		Value
Energy-(continued)
US Silica Holdings, Inc.^(b)		117,662	$	1,138,968
World Fuel Services Corp.		125,128		3,820,158

				38,369,099

Financials-20.39%
Allegiance Bancshares, Inc.		21,073		825,429
American Equity Investment Life Holding Co.		56,496		1,800,528
Ameris Bancorp		19,900		1,042,561
Apollo Commercial Real Estate Finance, Inc.		50,222		760,361
Assured Guaranty Ltd.		31,848		1,770,112
BankUnited, Inc.		18,972		769,504
Banner Corp.		16,758		967,942
Central Pacific Financial Corp.		52,220		1,435,528
Customers Bancorp, Inc.^(b)		69,745		3,716,711
Dime Community Bancshares, Inc.		53,786		1,919,085
Eagle Bancorp, Inc.		14,275		807,822
Employers Holdings, Inc.		41,746		1,611,396
Encore Capital Group, Inc.^(b)(c)		38,017		2,053,678
Enova International, Inc.^(b)		45,721		1,483,189
EZCORP, Inc., Class A^(b)(c)		356,053		2,656,155
First Bancorp		96,023		1,310,714
First Bancorp/Southern Pines NC		14,811		717,149
First Commonwealth Financial Corp.		73,014		1,117,114
First Financial Bancorp		58,164		1,383,140
First Midwest Bancorp, Inc.		66,319		1,276,641
Genworth Financial, Inc., Class A^(b)		1,088,394		4,473,299
Hanmi Financial Corp.		102,821		2,281,598
HomeStreet, Inc.		17,840		841,334
Hope Bancorp, Inc.		95,998		1,400,611
Horace Mann Educators Corp.		22,184		869,169
Independent Bank Group, Inc.		8,556		618,513
Investors Bancorp, Inc.		111,949		1,712,820
Northfield Bancorp, Inc.		71,563		1,255,931
OFG Bancorp		42,216		1,093,394
Old National Bancorp		41,665		711,638
PennyMac Mortgage Investment Trust		47,958		966,354
Provident Financial Services, Inc.		55,274		1,368,584
Ready Capital Corp.		71,069		1,099,437
Renasant Corp.^(c)		23,194		867,688
S&T Bancorp, Inc.		29,241		893,605
Safety Insurance Group, Inc.		7,899		619,361
Simmons First National Corp., Class A		48,617		1,453,162
SiriusPoint Ltd. (Bermuda)^(b)		132,434		1,244,880
Stewart Information Services Corp.		35,406		2,519,845
Trustmark Corp.		49,491		1,574,309
United Fire Group, Inc.		49,830		1,018,027
Universal Insurance Holdings, Inc.		125,533		1,854,122
Veritex Holdings, Inc.		25,867		1,059,254
WSFS Financial Corp.		19,932		1,032,677

				62,254,371

Health Care-2.12%
Cross Country Healthcare, Inc.^(b)		112,284		2,327,647
Invacare Corp.^(b)(c)		185,133		914,557
Magellan Health, Inc.^(b)		23,098		2,190,383
Prestige Consumer Healthcare, Inc.^(b)		17,420		1,045,026

				6,477,613

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


		20

Invesco S&P SmallCap 600^®Pure Value ETF (RZV)–(continued)

October 31, 2021

(Unaudited)


	Shares		Value
Industrials-19.30%
AAR Corp.^(b)		40,357	$	1,427,427
ABM Industries, Inc.		30,886		1,359,293
Apogee Enterprises, Inc.		46,951		1,968,655
ArcBest Corp.		40,567		3,644,945
Atlas Air Worldwide Holdings, Inc.^(b)(c)		27,868		2,260,652
Boise Cascade Co.		32,649		1,848,586
CoreCivic, Inc.^(b)		331,663		2,855,619
Deluxe Corp.		24,405		870,526
DXP Enterprises, Inc.^(b)		68,199		2,247,839
Encore Wire Corp.		13,375		1,793,053
GMS, Inc.^(b)		44,531		2,205,621
Granite Construction, Inc.		67,444		2,503,521
Greenbrier Cos., Inc. (The)^(c)		69,902		2,867,380
Griffon Corp.		83,438		2,210,273
HNI Corp.		18,368		686,963
Hub Group, Inc., Class A^(b)		18,739		1,472,323
Interface, Inc.		84,462		1,212,874
Kelly Services, Inc., Class A		93,676		1,688,978
Matrix Service Co.^(b)		185,037		1,892,929
Matthews International Corp., Class A		22,969		789,445
NOW, Inc.^(b)		95,772		691,474
Powell Industries, Inc.		59,135		1,529,231
Resideo Technologies, Inc.^(b)		65,549		1,616,438
Resources Connection, Inc.		101,574		1,768,403
SkyWest, Inc.^(b)		24,233		1,042,746
TrueBlue, Inc.^(b)		40,003		1,114,084
Veritiv Corp.^(b)		124,412		13,345,675

				58,914,953

Information Technology-5.16%
Benchmark Electronics, Inc.		79,733		1,858,576
Comtech Telecommunications Corp.		68,018		1,467,148
Daktronics, Inc.^(b)		416,542		2,311,808
ePlus, Inc.^(b)		6,181		683,433
Insight Enterprises, Inc.^(b)(c)		20,556		1,946,653
NETGEAR, Inc.^(b)(c)		16,472		474,888
PC Connection, Inc.		26,784		1,233,403
Sanmina Corp.^(b)		59,158		2,233,215
ScanSource, Inc.^(b)		57,721		2,065,258
TTM Technologies, Inc.^(b)		111,374		1,474,592

				15,748,974

Materials-11.47%
AdvanSix, Inc.^(b)		84,739		4,118,315
Allegheny Technologies, Inc.^(b)		49,222		792,474
Carpenter Technology Corp.		49,741		1,536,002
Clearwater Paper Corp.^(b)		56,890		2,379,709
Domtar Corp.^(b)		91,609		5,000,935
Glatfelter Corp.		31,855		523,378
Haynes International, Inc.		52,702		2,114,931
Koppers Holdings, Inc.^(b)		55,502		1,947,565
Mercer International, Inc. (Germany)		158,370		1,705,645
O-I Glass, Inc.^(b)		132,129		1,724,283
Olympic Steel, Inc.		145,537		3,925,133


	Shares		Value
Materials-(continued)
Rayonier Advanced Materials, Inc.^(b)		233,194	$	1,674,333
SunCoke Energy, Inc.		469,286		3,388,245
Sylvamo Corp.^(b)		23,666		666,435
TimkenSteel Corp.^(b)		128,399		1,791,166
Tredegar Corp.		21,277		256,601
Trinseo PLC		13,872		777,664
Warrior Met Coal, Inc.		29,265		701,482

				35,024,296

Real Estate-3.62%
Acadia Realty Trust		36,641		783,385
DiamondRock Hospitality Co.^(b)		57,009		515,361
Diversified Healthcare Trust		219,256		798,092
Franklin Street Properties Corp.		174,449		785,020
GEO Group, Inc. (The)^(c)		185,587		1,518,102
Office Properties Income Trust		46,399		1,188,742
Realogy Holdings Corp.^(b)		129,458		2,242,212
RPT Realty		106,207		1,411,491
Service Properties Trust		109,793		1,182,471
Whitestone REIT		68,193		626,012

				11,050,888

Utilities-0.21%
Unitil Corp.		15,300		638,775

Total Common Stocks & Other Equity Interests (Cost $269,801,492)				305,095,227


Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $53,850)		53,850		53,850

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $269,855,342)				305,149,077


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-8.47%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		7,758,018		7,758,018
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		18,094,804		18,102,042

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $25,860,060)				25,860,060

TOTAL INVESTMENTS IN SECURITIES-108.42% (Cost $295,715,402)				331,009,137
OTHER ASSETS LESS LIABILITIES-(8.42)%				(25,700,939	)

NET ASSETS-100.00%			$	305,308,198

Investment Abbreviations:

REIT-Real Estate Investment Trust

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


		21

Invesco S&P SmallCap 600^®Pure Value ETF (RZV)–(continued)

October 31, 2021

(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, 2021.

^(d)


	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain		Value October 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	125,192		$	6,829,073		$	(6,900,415	)		$-		$-		$	53,850		$	36
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			10,807,634			29,060,564			(32,110,180	)		-		-			7,758,018			649	*
Invesco Private Prime Fund			16,211,450			57,428,200			(55,537,608	)		-		-			18,102,042			9,696	*

Total		$	27,144,276		$	93,317,837		$	(94,548,203	)		$-		$-		$	25,913,910		$	10,381

*	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, 2021.

^(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, 2021

Financials			20.39

Industrials			19.30

Consumer Discretionary			15.95

Energy			12.57

Materials			11.47

Consumer Staples			5.90

Information Technology			5.16

Real Estate			3.62

Communication Services			3.24

Sector Types Each Less Than 3%			2.33

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.


		22

(This Page Intentionally Left Blank)


		23

Statements of Assets and Liabilities

October 31, 2021

(Unaudited)


	Invesco S&P 500^®Pure Growth ETF (RPG)			Invesco S&P 500^®Pure Value ETF (RPV)				Invesco S&P 500^®Top 50 ETF (XLG)
Assets:
Unaffiliated investments in securities, at value^(a)		$	3,495,594,913		$	2,830,541,609			$	2,284,620,213
Affiliated investments in securities, at value			62,565,003			156,811,910				8,670,560
Receivable for:
Dividends			14,192			2,877,590				2,016,348
Securities lending			5,094			6,793				525
Investments sold			-			-				-
Fund shares sold			-			-				3,553,788

Total assets			3,558,179,202			2,990,237,902				2,298,861,434


Liabilities:
Due to custodian			834			2,810				-
Payable for:
Investments purchased			-			-				3,551,287
Collateral upon return of securities loaned			62,401,019			112,055,635				8,659,251
Fund shares repurchased			-			-				-
Accrued unitary management fees			991,288			806,178				368,317

Total liabilities			63,393,141			112,864,623				12,578,855

Net Assets		$	3,494,786,061		$	2,877,373,279			$	2,286,282,579


Net assets consist of:
Shares of beneficial interest		$	2,637,641,692		$	2,896,922,130			$	1,425,297,446
Distributable earnings (loss)			857,144,369			(19,548,851	)			860,985,133

Net Assets		$	3,494,786,061		$	2,877,373,279			$	2,286,282,579

Shares outstanding (unlimited amount authorized, $0.01 par value)			16,500,299			36,332,836				6,400,785
Net asset value		$	211.80		$	79.19			$	357.19

Market price		$	211.58		$	79.27			$	356.75

Unaffiliated investments in securities, at cost		$	2,354,575,636		$	2,688,974,118			$	1,399,739,613

Affiliated investments in securities, at cost		$	62,565,003		$	155,880,011			$	8,670,560

^(a)Includes securities on loan with an aggregate value of:		$	60,203,767		$	108,852,597			$	8,458,270

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


		24


Invesco S&P Midcap 400^®Pure Growth ETF (RFG)				Invesco S&P MidCap 400^®Pure Value ETF (RFV)				Invesco S&P SmallCap 600^®Pure Growth ETF (RZG)				Invesco S&P SmallCap 600^®Pure Value ETF (RZV)

	$	414,359,416			$	150,916,303			$	143,019,729			$	305,095,227
		68,666,674				15,605,754				37,915,629				25,913,910

		158,085				116,425				38,068				125,785
		5,748				1,019				5,235				2,512
		-				-				-				2,896,267
		-				-				-				12,678,108

		483,189,923				166,639,501				180,978,661				346,711,809



		-				-				-				-

		-				-				-				12,558,896
		68,391,563				15,589,073				37,898,810				25,860,060
		-				-				-				2,898,459
		116,940				45,002				41,420				86,196

		68,508,503				15,634,075				37,940,230				41,403,611

	$	414,681,420			$	151,005,426			$	143,038,431			$	305,308,198



	$	501,445,859			$	186,789,266			$	211,475,851			$	377,237,865
		(86,764,439	)			(35,783,840	)			(68,437,420	)			(71,929,667	)

	$	414,681,420			$	151,005,426			$	143,038,431			$	305,308,198

		1,730,021				1,610,499				850,004				3,160,040
	$	239.70			$	93.76			$	168.28			$	96.62

	$	239.59			$	93.80			$	168.08			$	96.59

	$	308,558,651			$	140,875,181			$	109,519,614			$	269,801,492

	$	68,666,674			$	15,605,754			$	37,915,629			$	25,913,910

	$	66,962,236			$	14,877,258			$	37,140,550			$	24,967,730


		25

Statements of Operations

For the six months ended October 31, 2021

(Unaudited)


	Invesco S&P 500^®Pure Growth ETF (RPG)				Invesco S&P 500^®Pure Value ETF (RPV)				Invesco S&P 500^®Top 50 ETF (XLG)
Investment income:
Unaffiliated dividend income		$	3,645,185			$	31,525,807			$	12,581,085
Affiliated dividend income			36				506,151				95
Securities lending income			21,667				39,924				1,404
Foreign withholding tax			-				-				-

Total investment income			3,666,888				32,071,882				12,582,584


Expenses:
Unitary management fees			5,226,012				4,805,490				2,017,378
Other expenses			-				393				-

Total expenses			5,226,012				4,805,883				2,017,378

Less: Waivers			(5	)			(13	)			-

Net expenses			5,226,007				4,805,870				2,017,378

Net investment income (loss)			(1,559,119	)			27,266,012				10,565,206


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(64,045	)			(15,293,982	)			(4,890,244	)
Affiliated investment securities			-				(54,050	)			-
Unaffiliated in-kind redemptions			69,333,688				171,568,026				34,200,249
Affiliated in-kind redemptions			-				4,192,802				-

Net realized gain			69,269,643				160,412,796				29,310,005

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			538,305,925				(126,444,041	)			233,341,576
Affiliated investment securities			(1	)			(7,663,134	)			-

Change in net unrealized appreciation (depreciation)			538,305,924				(134,107,175	)			233,341,576

Net realized and unrealized gain (loss)			607,575,567				26,305,621				262,651,581

Net increase (decrease) in net assets resulting from operations		$	606,016,448			$	53,571,633			$	273,216,787

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


		26


Invesco S&P Midcap 400^®Pure Growth ETF (RFG)				Invesco S&P MidCap 400^®Pure Value ETF (RFV)				Invesco S&P SmallCap 600^®Pure Growth ETF (RZG)				Invesco S&P SmallCap 600^®Pure Value ETF (RZV)

	$	487,072			$	2,038,278			$	375,035			$	1,994,104
		51				13				10				36
		27,487				5,361				33,042				16,050
		-				-				(1	)			(3,229	)

		514,610				2,043,652				408,086				2,006,961



		694,035				302,236				245,662				574,300
		-				-				-				-

		694,035				302,236				245,662				574,300

		(1	)			(1	)			(2	)			(1	)

		694,034				302,235				245,660				574,299

		(179,424	)			1,741,417				162,426				1,432,662




		2,584,338				(1,436,020	)			3,633,850				(1,502,084	)
		-				-				-				-
		5,298,562				11,462,358				1,045,150				31,133,692
		-				-				-				-

		7,882,900				10,026,338				4,679,000				29,631,608


		11,818,620				(12,133,754	)			3,461,427				(6,540,227	)
		-				-				-				-

		11,818,620				(12,133,754	)			3,461,427				(6,540,227	)

		19,701,520				(2,107,416	)			8,140,427				23,091,381

	$	19,522,096			$	(365,999	)		$	8,302,853			$	24,524,043


		27

Statements of Changes in Net Assets

For the six months ended October 31, 2021 and the year ended April 30, 2021

(Unaudited)


	Invesco S&P 500^® Pure Growth ETF (RPG)								Invesco S&P 500^® Pure Value ETF (RPV)
	Six Months Ended October 31, 2021				Year Ended April 30, 2021				Six Months Ended October 31, 2021				Year Ended April 30, 2021
Operations:
Net investment income (loss)		$	(1,559,119	)		$	5,923,715			$	27,266,012			$	21,377,264
Net realized gain			69,269,643				339,923,200				160,412,796				1,522,849
Change in net unrealized appreciation (depreciation)			538,305,924				643,823,132				(134,107,175	)			516,940,386

Net increase in net assets resulting from operations			606,016,448				989,670,047				53,571,633				539,840,499


Distributions to Shareholders from:
Distributable earnings			(119,825	)			(8,103,553	)			(25,424,580	)			(22,328,116	)


Shareholder Transactions:
Proceeds from shares sold			424,998,759				1,094,025,663				1,412,161,452				1,540,688,142
Value of shares repurchased			(186,495,635	)			(1,620,306,685	)			(801,789,290	)			(315,891,971	)

Net increase (decrease) in net assets resulting from share transactions			238,503,124				(526,281,022	)			610,372,162				1,224,796,171

Net increase in net assets			844,399,747				455,285,472				638,519,215				1,742,308,554


Net assets:
Beginning of period			2,650,386,314				2,195,100,842				2,238,854,064				496,545,510

End of period		$	3,494,786,061			$	2,650,386,314			$	2,877,373,279			$	2,238,854,064


Changes in Shares Outstanding:
Shares sold			2,140,000				7,020,000				17,830,000				23,420,000
Shares repurchased			(990,000	)			(10,470,000	)			(10,630,000	)			(5,140,000	)
Shares outstanding, beginning of period			15,350,299				18,800,299				29,132,836				10,852,836

Shares outstanding, end of period			16,500,299				15,350,299				36,332,836				29,132,836

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


		28


Invesco S&P 500^®Top 50 ETF (XLG)								Invesco S&P Midcap 400^®Pure Growth ETF (RFG)
Six Months Ended October 31, 2021				Year Ended April 30, 2021				Six Months Ended October 31, 2021				Year Ended April 30, 2021

	$	10,565,206			$	21,652,115			$	(179,424	)		$	27,076
		29,310,005				110,375,037				7,882,900				63,304,051
		233,341,576				421,915,124				11,818,620				124,557,720

		273,216,787				553,942,276				19,522,096				187,888,847



		(10,602,494	)			(20,757,071	)			-				(633,740	)



		284,297,269				372,960,417				6,530,196				165,857,673
		(73,472,438	)			(216,049,793	)			(15,362,300	)			(219,728,451	)

		210,824,831				156,910,624				(8,832,104	)			(53,870,778	)

		473,439,124				690,095,829				10,689,992				133,384,329



		1,812,843,455				1,122,747,626				403,991,428				270,607,099

	$	2,286,282,579			$	1,812,843,455			$	414,681,420			$	403,991,428



		850,000				1,510,000				30,000				870,000
		(230,000	)			(780,000	)			(70,000	)			(1,150,000	)
		5,780,785				5,050,785				1,770,021				2,050,021

		6,400,785				5,780,785				1,730,021				1,770,021


		29

Statements of Changes in Net Assets–(continued)

For the six months ended October 31, 2021 and the year ended April 30, 2021

(Unaudited)


	Invesco S&P MidCap 400^®Pure Value ETF (RFV)								Invesco S&P SmallCap 600^®Pure Growth ETF (RZG)
	Six Months Ended October 31, 2021				Year Ended April 30, 2021				Six Months Ended October 31, 2021				Year Ended April 30, 2021
Operations:
Net investment income		$	1,741,417			$	827,152			$	162,426			$	462,214
Net realized gain			10,026,338				3,638,552				4,679,000				6,712,698
Change in net unrealized appreciation (depreciation)			(12,133,754	)			48,017,993				3,461,427				59,896,509

Net increase (decrease) in net assets resulting from operations			(365,999	)			52,483,697				8,302,853				67,071,421


Distributions to Shareholders from:
Distributable earnings			(1,299,481	)			(1,217,459	)			(165,890	)			(477,180	)


Shareholder Transactions:
Proceeds from shares sold			37,237,395				102,432,486				-				14,013,999
Value of shares repurchased			(48,345,761	)			(46,091,777	)			(3,286,509	)			(39,027,883	)

Net increase (decrease) in net assets resulting from share transactions			(11,108,366	)			56,340,709				(3,286,509	)			(25,013,884	)

Net increase (decrease) in net assets			(12,773,846	)			107,606,947				4,850,454				41,580,357


Net assets:
Beginning of period			163,779,272				56,172,325				138,187,977				96,607,620

End of period		$	151,005,426			$	163,779,272			$	143,038,431			$	138,187,977


Changes in Shares Outstanding:
Shares sold			390,000				1,240,000				-				100,000
Shares repurchased			(530,000	)			(690,000	)			(20,000	)			(330,000	)
Shares outstanding, beginning of period			1,750,499				1,200,499				870,004				1,100,004

Shares outstanding, end of period			1,610,499				1,750,499				850,004				870,004

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


		30


Invesco S&P SmallCap 600^®Pure Value ETF (RZV)
Six Months Ended October 31, 2021				Year Ended April 30, 2021

	$	1,432,662			$	1,385,706
		29,631,608				5,245,793
		(6,540,227	)			95,982,093

		24,524,043				102,613,592



		(1,286,816	)			(1,364,203	)



		53,914,926				269,839,422
		(109,351,032	)			(115,423,970	)

		(55,436,106	)			154,415,452

		(32,198,879	)			255,664,841



		337,507,077				81,842,236

	$	305,308,198			$	337,507,077



		560,000				3,550,000
		(1,200,000	)			(1,650,000	)
		3,800,040				1,900,040

		3,160,040				3,800,040


		31

Financial Highlights

Invesco S&P 500^®Pure Growth ETF (RPG)


	Six Months Ended October 31, 2021				Years Ended April 30,												Six Months Ended April 30, 2018				Years Ended October 31,
	(Unaudited)				2021				2020				2019				Six Months Ended April 30, 2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period.		$	172.66			$	116.76			$	119.17			$	109.10			$	103.50			$	82.11			$	82.93

Net investment income (loss)^(a)			(0.10	)			0.34				1.00				0.60				0.25				0.47				0.59
Net realized and unrealized gain (loss) on investments			39.25				56.02				(2.28	)			10.04				5.55				21.52				(0.95	)

Total from investment operations			39.15				56.36				(1.28	)			10.64				5.80				21.99				(0.36	)

Distributions to shareholders from:
Net investment income			(0.01	)			(0.46	)			(1.13	)			(0.57	)			(0.20	)			(0.60	)			(0.46	)

Net asset value at end of period		$	211.80			$	172.66			$	116.76			$	119.17			$	109.10			$	103.50			$	82.11

Market price at end of period^(b)		$	211.58			$	172.70			$	116.76			$	119.19			$	109.20

Net Asset Value Total Return^(c)			22.67	%			48.37	%			(1.02	)%			9.79	%			5.61	%			26.87	%			(0.42	)%
Market Price Total Return^(c)			22.50	%			48.40	%			(1.03	)%			9.71	%			5.71	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	3,494,786			$	2,650,386			$	2,195,101			$	2,842,159			$	2,345,747			$	2,214,956			$	1,769,585
Ratio to average net assets of:
Expenses			0.35	%^(d)			0.35	%			0.35	%			0.35	%			0.35	%^(d)			0.35	%			0.35	%
Net investment income (loss)			(0.10	)%^(d)			0.23	%			0.84	%			0.53	%			0.47	%^(d)			0.52	%			0.74	%
Portfolio turnover rate^(e)			3	%			56	%			73	%			64	%			52	%			58	%			67	%

^(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.


		32

Financial Highlights–(continued)

Invesco S&P 500^®Pure Value ETF (RPV)


	Six Months Ended October 31, 2021				Years Ended April 30,												Six Months Ended April 30, 2018				Years Ended October 31,
	(Unaudited)				2021				2020				2019				Six Months Ended April 30, 2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	76.85			$	45.75			$	66.34			$	66.33			$	62.43			$	52.33			$	51.45

Net investment income^(a)			0.78				1.31				1.65				1.49				0.63				1.11				1.17
Net realized and unrealized gain (loss) on investments			2.27				31.03				(20.59	)			(0.01	)			3.84				10.05				0.81

Total from investment operations			3.05				32.34				(18.94	)			1.48				4.47				11.16				1.98

Distributions to shareholders from:
Net investment income			(0.71	)			(1.24	)			(1.65	)			(1.47	)			(0.57	)			(1.06	)			(1.10	)

Net asset value at end of period		$	79.19			$	76.85			$	45.75			$	66.34			$	66.33			$	62.43			$	52.33

Market price at end of period^(b)		$	79.27			$	76.88			$	45.86			$	66.36			$	66.38

Net Asset Value Total Return^(c)			4.02	%			71.67	%			(28.82	)%			2.37	%			7.17	%			21.44	%			3.94	%
Market Price Total Return^(c)			4.08	%			71.32	%			(28.67	)%			2.33	%			7.25	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted) .		$	2,877,373			$	2,238,854			$	496,546			$	928,883			$	882,392			$	830,507			$	719,663
Ratio to average net assets of:
Expenses			0.35	%^(d)			0.35	%			0.35	%			0.35	%			0.35	%^(d)			0.35	%			0.35	%
Net investment income			1.99	%^(d)			2.16	%			2.64	%			2.29	%			1.94	%^(d)			1.89	%			2.32	%
Portfolio turnover rate^(e)			5	%			46	%			46	%			37	%			35	%			46	%			44	%

^(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.


		33

Financial Highlights–(continued)

Invesco S&P 500^®Top 50 ETF (XLG)


	Six Months Ended October 31, 2021				Years Ended April 30,												Six Months Ended April 30, 2018				Years Ended October 31,
	(Unaudited)				2021				2020				2019				Six Months Ended April 30, 2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	313.60			$	222.29			$	212.34			$	187.22			$	183.08			$	150.05			$	145.93

Net investment income^(a)			1.75				3.66				3.70				3.72				1.71				3.35				3.12
Net realized and unrealized gain on investments			43.60				91.14				9.96				25.18				4.18				32.95				4.09

Total from investment operations			45.35				94.80				13.66				28.90				5.89				36.30				7.21

Distributions to shareholders from:
Net investment income			(1.76	)			(3.49	)			(3.71	)			(3.78	)			(1.75	)			(3.27	)			(3.09	)

Net asset value at end of period		$	357.19			$	313.60			$	222.29			$	212.34			$	187.22			$	183.08			$	150.05

Market price at end of period^(b)		$	356.75			$	313.62			$	222.49			$	212.32			$	187.43

Net Asset Value Total Return^(c)			14.52	%			42.97	%			6.61	%			15.64	%			3.20	%			24.40	%			4.99	%
Market Price Total Return^(c)			14.37	%			42.85	%			6.73	%			15.50	%			3.20	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,286,283			$	1,812,843			$	1,122,748			$	838,904			$	683,491			$	686,711			$	577,802
Ratio to average net assets of:
Expenses			0.20	%^(d)			0.20	%			0.20	%			0.20	%			0.20	%^(d)			0.20	%			0.20	%
Net investment income			1.05	%^(d)			1.36	%			1.71	%			1.89	%			1.81	%^(d)			2.00	%			2.13	%
Portfolio turnover rate^(e)			5	%			5	%			8	%			8	%			1	%			4	%			7	%

^(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.


		34

Financial Highlights–(continued)

Invesco S&P Midcap 400^®Pure Growth ETF (RFG)


	Six Months Ended October 31, 2021				Years Ended April 30,												Six Months Ended April 30, 2018				Years Ended October 31,
	(Unaudited)				2021				2020				2019				Six Months Ended April 30, 2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	228.24			$	132.00			$	151.86			$	154.65			$	150.04			$	119.22			$	128.31

Net investment income (loss)^(a)			(0.10	)			0.01				0.95				1.07				0.22				0.90				0.59
Net realized and unrealized gain (loss) on investments			11.56				96.56				(19.90	)			(2.69	)			4.77				30.73				(9.10	)

Total from investment operations			11.46				96.57				(18.95	)			(1.62	)			4.99				31.63				(8.51	)

Distributions to shareholders from:
Net investment income			-				(0.33	)			(0.91	)			(1.17	)			(0.38	)			(0.81	)			(0.58	)

Net asset value at end of period		$	239.70			$	228.24			$	132.00			$	151.86			$	154.65			$	150.04			$	119.22

Market price at end of period^(b)		$	239.59			$	228.23			$	132.20			$	151.97			$	154.80

Net Asset Value Total Return^(c)			5.01	%			73.26	%			(12.46	)%			(1.05	)%			3.32	%			26.59	%			(6.65	)%
Market Price Total Return^(c)			4.99	%			72.95	%			(12.39	)%			(1.07	)%			3.45	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	414,681			$	403,991			$	270,607			$	493,563			$	595,412			$	585,170			$	518,620
Ratio to average net assets of:
Expenses			0.35	%^(d)			0.35	%			0.35	%			0.35	%			0.35	%^(d)			0.35	%			0.35	%
Net investment income (loss)			(0.09	)%^(d)			0.01	%			0.66	%			0.69	%			0.29	%^(d)			0.66	%			0.48	%
Portfolio turnover rate^(e)			17	%			73	%			94	%			86	%			70	%			81	%			78	%

^(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.


		35

Financial Highlights–(continued)

Invesco S&P Midcap 400^®Pure Value ETF (RFV)


	Six Months Ended October 31, 2021				Years Ended April 30,												Six Months Ended April 30, 2018				Years Ended October 31,
	(Unaudited)				2021				2020				2019				Six Months Ended April 30, 2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	93.56			$	46.79			$	69.61			$	65.71			$	65.44			$	53.46			$	50.79

Net investment income^(a)			0.95				0.72				1.41				0.81				0.49				0.75				0.69
Net realized and unrealized gain (loss) on investments			(0.05	)			47.07				(22.86	)			3.90				0.21				12.01				2.65

Total from investment operations			0.90				47.79				(21.45	)			4.71				0.70				12.76				3.34

Distributions to shareholders from:
Net investment income			(0.70	)			(1.02	)			(1.37	)			(0.81	)			(0.43	)			(0.78	)			(0.67	)

Net asset value at end of period		$	93.76			$	93.56			$	46.79			$	69.61			$	65.71			$	65.44			$	53.46

Market price at end of period^(b)		$	93.80			$	93.64			$	46.86			$	69.69			$	65.78

Net Asset Value Total Return^(c)			0.98	%			103.18	%			(30.96	)%			7.25	%			1.05	%			23.93	%			6.65	%
Market Price Total Return^(c)			0.94	%			103.05	%			(30.94	)%			7.25	%			1.19	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	151,005			$	163,779			$	56,172			$	142,737			$	101,890			$	108,015			$	165,753
Ratio to average net assets of:
Expenses			0.35	%^(d)			0.35	%			0.35	%			0.35	%			0.35	%^(d)			0.35	%			0.35	%
Net investment income			2.02	%^(d)			1.07	%			2.25	%			1.20	%			1.47	%^(d)			1.21	%			1.36	%
Portfolio turnover rate^(e)			12	%			65	%			61	%			57	%			44	%			76	%			47	%

^(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.


		36

Financial Highlights–(continued)

Invesco S&P SmallCap 600^®Pure Growth ETF (RZG)


	Six Months Ended October 31, 2021				Years Ended April 30,												Six Months Ended April 30, 2018				Years Ended October 31,
	(Unaudited)				2021				2020				2019				Six Months Ended April 30, 2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	158.84			$	87.82			$	115.59			$	114.43			$	111.12			$	82.65			$	85.26

Net investment income^(a)			0.19				0.47				0.74				0.32				0.36				0.46				0.79
Net realized and unrealized gain (loss) on investments			9.44				71.04				(27.63	)			1.32				3.33				28.43				(2.69	)

Total from investment operations			9.63				71.51				(26.89	)			1.64				3.69				28.89				(1.90	)

Distributions to shareholders from:
Net investment income			(0.19	)			(0.49	)			(0.88	)			(0.48	)			(0.38	)			(0.42	)			(0.71	)

Net asset value at end of period		$	168.28			$	158.84			$	87.82			$	115.59			$	114.43			$	111.12			$	82.65

Market price at end of period^(b)		$	168.08			$	158.74			$	87.97			$	115.58			$	114.61

Net Asset Value Total Return^(c)			6.08	%			81.63	%			(23.30	)%			1.43	%			3.32	%			35.01	%			(2.20	)%
Market Price Total Return^(c)			6.02	%			81.22	%			(23.16	)%			1.26	%			3.36	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	143,038			$	138,188			$	96,608			$	236,954			$	263,179			$	238,904			$	152,910
Ratio to average net assets of:
Expenses			0.35	%^(d)			0.35	%			0.35	%			0.35	%			0.35	%^(d)			0.35	%			0.35	%
Net investment income			0.23	%^(d)			0.38	%			0.69	%			0.26	%			0.64	%^(d)			0.45	%			0.97	%
Portfolio turnover rate^(e)			10	%			79	%			85	%			71	%			56	%			70	%			92	%

^(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.


		37

Financial Highlights–(continued)

Invesco S&P SmallCap 600^®Pure Value ETF (RZV)


	Six Months Ended October 31, 2021				Years Ended April 30,												Six Months Ended April 30, 2018				Years Ended October 31,
	(Unaudited)				2021				2020				2019				Six Months Ended April 30, 2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	88.82			$	43.07			$	67.47			$	71.57			$	70.68			$	60.52			$	57.76

Net investment income^(a)			0.41				0.57				0.68				0.99				0.46				0.62				0.47
Net realized and unrealized gain (loss) on investments			7.76				45.63				(24.39	)			(4.02	)			0.86				10.18				2.69

Total from investment operations			8.17				46.20				(23.71	)			(3.03	)			1.32				10.80				3.16

Distributions to shareholders from:
Net investment income			(0.37	)			(0.45	)			(0.69	)			(1.07	)			(0.43	)			(0.64	)			(0.40	)

Net asset value at end of period		$	96.62			$	88.82			$	43.07			$	67.47			$	71.57			$	70.68			$	60.52

Market price at end of period^(b)		$	96.59			$	88.87			$	43.14			$	67.53			$	71.64

Net Asset Value Total Return^(c)			9.23	%			107.66	%			(35.31	)%			(4.27	)%			1.87	%			17.88	%			5.50	%
Market Price Total Return^(c)			9.13	%			107.44	%			(35.27	)%			(4.28	)%			1.76	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	305,308			$	337,507			$	81,842			$	192,279			$	164,625			$	236,795			$	193,665
Ratio to average net assets of:
Expenses			0.35	%^(d)			0.35	%			0.35	%			0.35	%			0.35	%^(d)			0.35	%			0.35	%
Net investment income			0.87	%^(d)			0.86	%			1.14	%			1.38	%			1.28	%^(d)			0.91	%			0.83	%
Portfolio turnover rate^(e)			8	%			74	%			70	%			52	%			48	%			68	%			51	%

^(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.


		38

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

October 31, 2021

(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 S&P 500^®Pure Growth ETF (RPG)		“S&P 500^®Pure Growth ETF”
Invesco S&P 500^®Pure Value ETF (RPV)		“S&P 500^®Pure Value ETF”
Invesco S&P 500^®Top 50 ETF (XLG)		“S&P 500^®Top 50 ETF”
Invesco S&P Midcap 400^®Pure Growth ETF (RFG)		“S&P Midcap 400^®Pure Growth ETF”
Invesco S&P Midcap 400^®Pure Value ETF (RFV)		“S&P Midcap 400^®Pure Value ETF”
Invesco S&P SmallCap 600^®Pure Growth ETF (RZG)		“S&P SmallCap 600^®Pure Growth ETF”
Invesco S&P SmallCap 600^®Pure Value ETF (RZV)		“S&P SmallCap 600^®Pure Value ETF”

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

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

The investment objective of each of the Funds 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
S&P 500^®Pure Growth ETF		S&P 500^®Pure Growth Index
S&P 500^®Pure Value ETF		S&P 500^®Pure Value Index
S&P 500^®Top 50 ETF		S&P 500^®Top 50 Index
S&P Midcap 400^®Pure Growth ETF		S&P MidCap 400^®Pure Growth Index
S&P Midcap 400^®Pure Value ETF		S&P MidCap 400^®Pure Value Index
S&P SmallCap 600^®Pure Growth ETF		S&P SmallCap 600^®Pure Growth Index
S&P SmallCap 600^®Pure Value ETF		S&P SmallCap 600^®Pure Value 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 (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales 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 by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).


		39

Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes 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. 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. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund 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 using procedures approved by the Board of Trustees. 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 approved 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.

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 or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. 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 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.

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


		40

withholding tax, if any) is recorded on the ex-dividend date. 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 and the country that has the primary market for the issuer’s securities, 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 and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

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

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

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

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

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

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

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.

G.	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


		41

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 Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “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 Investment Company 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.

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. BNY Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. 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, 2021, S&P 500^® Pure Growth ETF, S&P 500^® Top 50 ETF and S&P Midcap 400^® Pure Growth ETF had affiliated securities lending transactions with Invesco and the fees paid to Invesco by each Fund were less than $100.

J.	Other Risks

Authorized Participant Concentration Risk. Only authorized participants (“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, may increase this risk.

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


		42

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 will be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. As a result, 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 faces 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.

Market Risk. Securities in the 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 the 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.

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-Diversified Fund Risk. Because S&P 500^® Top 50 ETF is non-diversified, and to the extent certain Funds become non-diversified, and can invest a greater portion of their assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund’s performance.

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 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 and supply chains, layoffs, lower consumer demand, and defaults, 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.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Funds’ performance.


		43

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


		Unitary Management Fees (as a % of average daily net assets)
S&P 500^®Pure Growth ETF		0.35%
S&P 500^®Pure Value ETF		0.35%
S&P 500^®Top 50 ETF		0.20%
S&P Midcap 400^®Pure Growth ETF		0.35%
S&P Midcap 400^®Pure Value ETF		0.35%
S&P SmallCap 600^®Pure Growth ETF		0.35%
S&P SmallCap 600^®Pure Value ETF		0.35%

Further, through at least August 31, 2023, 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.

For the six months ended October 31, 2021, the Adviser waived fees for each Fund in the following amounts:


S&P 500^®Pure Growth ETF	$	5
S&P 500^®Pure Value ETF		13
S&P 500^®Top 50 ETF		-
S&P Midcap 400^®Pure Growth ETF		1
S&P Midcap 400^®Pure Value ETF		1
S&P SmallCap 600^®Pure Growth ETF		2
S&P SmallCap 600^®Pure Value ETF		1

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 licensing agreements on behalf of each Fund with S&P Dow Jones Indices LLC (the “Licensor”). Each Underlying Index name trademark is owned by the 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 not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby The Bank of New York Mellon, 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, 2021, 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:


S&P 500^®Pure Growth ETF	$	1,653
S&P 500^®Pure Value ETF		18,229
S&P 500^®Top 50 ETF		589
S&P Midcap 400^®Pure Growth ETF		4,348
S&P Midcap 400^®Pure Value ETF		3,489
S&P SmallCap 600^®Pure Growth ETF		972
S&P SmallCap 600^®Pure Value ETF		5,398


		44

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 or sell securities from or 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 Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.

For the six months ended October 31, 2021, the following Funds engaged in transactions with affiliates as listed below:


	Securities Purchases			Securities Sales			Net Realized Gains (Losses)*
S&P 500^®Pure Growth ETF		$	1,889,453		$	8,636,901		$	(34,277	)
S&P 500^®Pure Value ETF			-			2,119,215			(997,262	)
S&P Midcap 400^®Pure Growth ETF			3,663,074			9,736,982			1,756,406
S&P Midcap 400^®Pure Value ETF			4,627,105			4,989,070			(134,425	)
S&P SmallCap 600^®Pure Growth ETF			1,057,471			1,831,692			874,689
S&P SmallCap 600^®Pure Value ETF			1,383,738			-			-

*	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 or are unreliable. 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 a Fund’s own 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, 2021. 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
S&P 500^®Pure Growth ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	3,495,594,913		$	-		$	-		$	3,495,594,913
Money Market Funds			163,984			62,401,019			-			62,565,003

Total Investments		$	3,495,758,897		$	62,401,019		$	-		$	3,558,159,916

S&P 500^®Pure Value ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	2,874,016,137		$	-		$	-		$	2,874,016,137
Money Market Funds			1,281,746			112,055,636			-			113,337,382

Total Investments		$	2,875,297,883		$	112,055,636		$	-		$	2,987,353,519


		45


	Level 1			Level 2			Level 3			Total
S&P 500^®Top 50 ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	2,284,620,213		$	-		$	-		$	2,284,620,213
Money Market Funds			11,309			8,659,251			-			8,670,560

Total Investments		$	2,284,631,522		$	8,659,251		$	-		$	2,293,290,773

S&P Midcap 400^®Pure Growth ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	414,359,416		$	-		$	-		$	414,359,416
Money Market Funds			275,111			68,391,563			-			68,666,674

Total Investments		$	414,634,527		$	68,391,563		$	-		$	483,026,090

S&P Midcap 400^®Pure Value ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	150,916,303		$	-		$	-		$	150,916,303
Money Market Funds			16,681			15,589,073			-			15,605,754

Total Investments		$	150,932,984		$	15,589,073		$	-		$	166,522,057

S&P SmallCap 600^®Pure Growth ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	143,019,729		$	-		$	-		$	143,019,729
Money Market Funds			16,819			37,898,810			-			37,915,629

Total Investments		$	143,036,548		$	37,898,810		$	-		$	180,935,358

S&P SmallCap 600^®Pure Value ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	305,095,227		$	-		$	-		$	305,095,227
Money Market Funds			53,850			25,860,060			-			25,913,910

Total Investments		$	305,149,077		$	25,860,060		$	-		$	331,009,137

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, 2021, as follows:


	No expiration
	Short-Term		Long-Term		Total*
S&P 500^®Pure Growth ETF	$	206,567,401	$	144,286,305	$	350,853,706
S&P 500^®Pure Value ETF		114,756,852		207,724,286		322,481,138
S&P 500^®Top 50 ETF		11,284,678		42,779,084		54,063,762
S&P Midcap 400^®Pure Growth ETF		124,984,815		75,125,531		200,110,346
S&P Midcap 400^®Pure Value ETF		28,096,470		28,066,049		56,162,519
S&P SmallCap 600^®Pure Growth ETF		75,617,380		30,741,554		106,358,934
S&P SmallCap 600^®Pure Value ETF		59,657,274		75,617,927		135,275,201

*	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.


		46

NOTE 7–Investment Transactions

For the six months ended October 31, 2021, 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
S&P 500^®Pure Growth ETF	$	93,567,846	$	94,353,795
S&P 500^®Pure Value ETF		129,945,164		128,367,251
S&P 500^®Top 50 ETF		90,914,251		91,933,933
S&P Midcap 400^®Pure Growth ETF		69,751,256		69,582,773
S&P Midcap 400^®Pure Value ETF		20,525,936		20,580,889
S&P SmallCap 600^®Pure Growth ETF		14,103,410		14,113,391
S&P SmallCap 600^®Pure Value ETF		24,781,031		24,857,170

For the six months ended October 31, 2021, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales
S&P 500^®Pure Growth ETF	$	425,194,063	$	186,671,964
S&P 500^®Pure Value ETF		1,409,599,081		799,957,760
S&P 500^®Top 50 ETF		284,247,212		74,025,865
S&P Midcap 400^®Pure Growth ETF		6,529,426		15,734,221
S&P Midcap 400^®Pure Value ETF		37,191,696		47,859,025
S&P SmallCap 600^®Pure Growth ETF		-		3,267,537
S&P SmallCap 600^®Pure Value ETF		53,765,674		109,071,519

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At October 31, 2021, 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			Cost
S&P 500^®Pure Growth ETF		$	1,160,525,470		$	(20,118,094	)		$	1,140,407,376		$	2,417,752,540
S&P 500^®Pure Value ETF			222,297,937			(81,619,878	)			140,678,059			2,846,675,460
S&P 500^®Top 50 ETF			894,485,275			(10,661,024	)			883,824,251			1,409,466,522
S&P Midcap 400^®Pure Growth ETF			119,605,322			(13,962,891	)			105,642,431			377,383,659
S&P Midcap 400^®Pure Value ETF			15,197,651			(5,287,246	)			9,910,405			156,611,652
S&P SmallCap 600^®Pure Growth ETF			39,450,361			(6,204,383	)			33,245,978			147,689,380
S&P SmallCap 600^®Pure Value ETF			48,447,652			(14,901,075	)			33,546,577			297,462,560

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 Adviser, as a result of each Fund’s unitary management fee, pays for such compensation for the Funds. 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 Authorized Participants 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 Authorized Participant or as a result of other market circumstances.


		47

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 Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’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.


		48

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The 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, 2021 through October 31, 2021.

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, if these transactional costs were included, your costs would have been higher.


	Beginning Account Value May 1, 2021			Ending Account Value October 31, 2021			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco S&P 500^®Pure Growth ETF (RPG) Actual		$	1,000.00		$	1,226.70		0.35	%		$	1.96
Hypothetical (5% return before expenses)			1,000.00			1,023.44		0.35				1.79
Invesco S&P 500^®Pure Value ETF (RPV) Actual			1,000.00			1,040.20		0.35				1.80
Hypothetical (5% return before expenses)			1,000.00			1,023.44		0.35				1.79
Invesco S&P 500^®Top 50 ETF (XLG) Actual			1,000.00			1,145.20		0.20				1.08
Hypothetical (5% return before expenses)			1,000.00			1,024.20		0.20				1.02
Invesco S&P Midcap 400^®Pure Growth ETF (RFG) Actual			1,000.00			1,050.10		0.35				1.81
Hypothetical (5% return before expenses)			1,000.00			1,023.44		0.35				1.79
Invesco S&P Midcap 400^®Pure Value ETF (RFV) Actual			1,000.00			1,009.80		0.35				1.77
Hypothetical (5% return before expenses)			1,000.00			1,023.44		0.35				1.79


		49

Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value May 1, 2021			Ending Account Value October 31, 2021			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco S&P SmallCap 600^®Pure Growth ETF (RZG) Actual		$	1,000.00		$	1,060.80		0.35	%		$	1.82
Hypothetical (5% return before expenses)			1,000.00			1,023.44		0.35				1.79
Invesco S&P SmallCap 600^®Pure Value ETF (RZV) Actual			1,000.00			1,092.30		0.35				1.85
Hypothetical (5% return before expenses)			1,000.00			1,023.44		0.35				1.79

⁽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, 2021. 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.


		50

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-TRST1-SAR-3

invesco.com/ETFs