N-CSRS



		Invesco Semi-Annual Report to Shareholders
		October 31, 2021
		PWB		Invesco Dynamic Large Cap Growth ETF
		PWV		Invesco Dynamic Large Cap Value ETF
		EQWL		Invesco S&P 100 Equal Weight ETF

		SPGP		Invesco S&P 500 GARP ETF

		SPVM		Invesco S&P 500 Value with Momentum ETF

		XMMO		Invesco S&P MidCap Momentum ETF

		XMHQ		Invesco S&P MidCap Quality ETF

		XMVM		Invesco S&P MidCap Value with Momentum ETF

		XSMO		Invesco S&P SmallCap Momentum ETF

		XSVM		Invesco S&P SmallCap Value with Momentum ETF

		CZA		Invesco Zacks Mid-Cap ETF

		CVY		Invesco Zacks Multi-Asset Income ETF

Table of Contents



Schedules of Investments

Invesco Dynamic Large Cap Growth ETF (PWB)			3

Invesco Dynamic Large Cap Value ETF (PWV)			5

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

Invesco S&P 500 GARP ETF (SPGP)			10

Invesco S&P 500 Value with Momentum ETF (SPVM)			12

Invesco S&P MidCap Momentum ETF (XMMO)			15

Invesco S&P MidCap Quality ETF (XMHQ)			18

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

Invesco S&P SmallCap Momentum ETF (XSMO)			24

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

Invesco Zacks Mid-Cap ETF (CZA)			30

Invesco Zacks Multi-Asset Income ETF (CVY)			33

Statements of Assets and Liabilities			38

Statements of Operations			40

Statements of Changes in Net Assets			42

Financial Highlights			47

Notes to Financial Statements			59

Fund Expenses			71

Invesco Dynamic Large Cap Growth ETF (PWB)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Communication Services-11.76%
Alphabet, Inc., Class A^(b)		9,720	$	28,780,142
Charter Communications, Inc., Class A^(b)		14,804		9,991,072
Meta Platforms, Inc., Class A^(b)		74,944		24,249,630
T-Mobile US, Inc.^(b)		82,341		9,471,685
Walt Disney Co. (The)^(b)		153,424		25,939,396

				98,431,925

Consumer Discretionary-10.49%
Booking Holdings, Inc.^(b)		5,254		12,718,778
Starbucks Corp.		101,992		10,818,291
Tesla, Inc.^(b)		38,622		43,024,908
TJX Cos., Inc. (The)		155,893		10,209,433
Yum! Brands, Inc.		87,879		10,979,602

				87,751,012

Consumer Staples-4.91%
Costco Wholesale Corp.		60,626		29,800,104
Estee Lauder Cos., Inc. (The), Class A		34,832		11,297,063

				41,097,167

Energy-1.60%
Schlumberger N.V.		415,837		13,414,902


Financials-7.91%
American Express Co.		72,787		12,648,925
Aon PLC, Class A		41,969		13,426,722
Charles Schwab Corp. (The)		158,235		12,980,017
Coinbase Global, Inc., Class A^(b)(c)		45,248		14,453,116
MSCI, Inc.		19,070		12,679,262

				66,188,042

Health Care-18.25%
Abbott Laboratories		218,190		28,122,509
Agilent Technologies, Inc.		68,971		10,862,243
Align Technology, Inc.^(b)		16,438		10,263,394
Danaher Corp.		85,436		26,636,382
IDEXX Laboratories, Inc.^(b)		17,485		11,647,458
IQVIA Holdings, Inc.^(b)		45,695		11,945,587
Mettler-Toledo International, Inc.^(b)		7,707		11,413,142
Moderna, Inc.^(b)		29,718		10,258,951
Thermo Fisher Scientific, Inc.		49,920		31,602,854

				152,752,520

Industrials-6.62%
Carrier Global Corp.		207,323		10,828,480
Caterpillar, Inc.		55,208		11,262,984
Deere & Co.		31,898		10,919,004
Johnson Controls International PLC		157,243		11,536,919
Trane Technologies PLC		59,716		10,804,416

				55,351,803

Information Technology-36.93%
Adobe, Inc.^(b)		41,753		27,154,481



	Shares		Value
Information Technology-(continued)
Amphenol Corp., Class A		155,906	$	11,968,904
Apple, Inc.		183,104		27,428,979
Applied Materials, Inc.		89,300		12,202,845
EPAM Systems, Inc.^(b)		18,502		12,456,286
Fortinet, Inc.^(b)		39,137		13,163,339
Intuit, Inc.		21,182		13,259,720
Mastercard, Inc., Class A		75,659		25,385,108
Micron Technology, Inc.		163,035		11,265,718
Microsoft Corp.		90,454		29,996,355
Motorola Solutions, Inc.		49,096		12,204,775
NVIDIA Corp.		125,693		32,135,929
NXP Semiconductors N.V. (China)		54,687		10,984,431
PayPal Holdings, Inc.^(b)		97,939		22,779,632
QUALCOMM, Inc.		81,221		10,805,642
Square, Inc., Class A^(b)		43,464		11,061,588
Visa, Inc., Class A		116,867		24,748,925

				309,002,657

Materials-1.50%
Freeport-McMoRan, Inc.		333,283		12,571,435

Total Common Stocks & Other Equity Interests (Cost $678,420,168)				836,561,463


Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $295,890)		295,890		295,890

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $678,716,058)				836,857,353


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.71%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		1,786,413		1,786,413
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		4,166,630		4,168,297

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,954,710)				5,954,710

TOTAL INVESTMENTS IN SECURITIES-100.72% (Cost $684,670,768)				842,812,063
OTHER ASSETS LESS LIABILITIES-(0.72)%				(6,031,065	)

NET ASSETS-100.00%			$	836,780,998

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



		3
		3

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

October 31, 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)

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			Realized Gain			Value October 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	155,781	$	3,130,221	$	(2,990,112	)		$	-		$	-		$	295,890		$	41

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			5,428,858		60,472,241		(64,114,686	)			-			-			1,786,413			354	*

Invesco Private Prime Fund			8,143,287		111,031,960		(115,006,950	)			-			-			4,168,297			5,248	*


Total		$	13,727,926	$	174,634,422	$	(182,111,748	)		$	-		$	-		$	6,250,600		$	5,643

*	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			36.93

Health Care			18.25

Communication Services			11.76

Consumer Discretionary			10.49

Financials			7.91

Industrials			6.62

Consumer Staples			4.91

Sector Types Each Less Than 3%			3.10

Money Market Funds Plus Other Assets Less Liabilities			0.03

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



		4
		4

Invesco Dynamic Large Cap Value ETF (PWV)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-2.77%
Comcast Corp., Class A		419,073	$	21,552,924


Consumer Discretionary-8.54%
Ford Motor Co.^(b)		817,896		13,969,664
General Motors Co.^(b)		215,152		11,710,724
Home Depot, Inc. (The)		76,749		28,530,673
Lowe’s Cos., Inc.		52,437		12,260,819

				66,471,880

Consumer Staples-13.70%
PepsiCo, Inc.		159,989		25,854,222
Philip Morris International, Inc.		105,980		10,019,349
Procter & Gamble Co. (The)		174,188		24,907,142
Sysco Corp.		135,948		10,454,401
Walgreens Boots Alliance, Inc.		220,626		10,373,835
Walmart, Inc.		167,523		25,031,287

				106,640,236

Energy-13.75%
Chevron Corp.		109,005		12,479,982
ConocoPhillips		193,006		14,377,017
EOG Resources, Inc.		156,234		14,445,396
Exxon Mobil Corp.		450,426		29,038,964
Kinder Morgan, Inc.		647,151		10,839,779
Marathon Petroleum Corp.		184,007		12,131,582
Pioneer Natural Resources Co.		73,080		13,664,498

				106,977,218

Financials-22.30%
Aflac, Inc.		188,061		10,093,234
Allstate Corp. (The)		77,877		9,631,049
Bank of America Corp.		601,175		28,724,141
Citigroup, Inc.		148,044		10,238,723
Goldman Sachs Group, Inc. (The)		26,104		10,790,088
JPMorgan Chase & Co.		158,177		26,872,691
MetLife, Inc.		172,882		10,856,990
Morgan Stanley		103,454		10,633,002
Prudential Financial, Inc.		101,070		11,122,753
T. Rowe Price Group, Inc.^(c)		49,148		10,659,218
Travelers Cos., Inc. (The)		66,391		10,680,984
Truist Financial Corp.		188,061		11,936,232
U.S. Bancorp		187,732		11,333,381

				173,572,486

Health Care-18.09%
AbbVie, Inc.		208,448		23,902,732
Anthem, Inc.		28,309		12,318,095
CVS Health Corp.		127,250		11,360,880
HCA Healthcare, Inc.		42,750		10,707,165
Johnson & Johnson		142,239		23,167,888
Medtronic PLC		80,447		9,642,378
Pfizer, Inc.		515,505		22,548,189
UnitedHealth Group, Inc.		58,906		27,124,446

				140,771,773



	Shares		Value
Industrials-5.71%
3M Co.		54,764	$	9,785,232
General Dynamics Corp.		53,613		10,870,036
Norfolk Southern Corp.		41,110		12,047,285
Republic Services, Inc.		87,103		11,724,064

				44,426,617

Information Technology-12.39%
Cisco Systems, Inc.		420,515		23,536,225
Dell Technologies, Inc., Class C^(b)		105,865		11,644,091
Intel Corp.		463,505		22,711,745
Oracle Corp.		281,617		27,018,335
Paychex, Inc.		93,315		11,503,873

				96,414,269

Materials-2.68%
DuPont de Nemours, Inc.		142,675		9,930,180
Linde PLC (United Kingdom)		34,131		10,894,615

				20,824,795

Total Common Stocks & Other Equity Interests (Cost $690,815,898)				777,652,198


Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $15,774)		15,774		15,774

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $690,831,672)				777,667,972


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.23%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		2,871,627		2,871,627
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		6,697,784		6,700,463

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $9,572,090)				9,572,090

TOTAL INVESTMENTS IN SECURITIES-101.16% (Cost $700,403,762)				787,240,062
OTHER ASSETS LESS LIABILITIES-(1.16)%				(9,039,350	)

NET ASSETS-100.00%			$	778,200,712

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



		5
		5

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

October 31, 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		$	37,536	$	14,646,894	$	(14,668,656	)		$	-		$	-		$	15,774		$	75

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			-		9,523,022		(6,651,395	)			-			-			2,871,627			46	*

Invesco Private Prime Fund			-		22,218,308		(15,517,845	)			-			-			6,700,463			589	*


Total		$	37,536	$	46,388,224	$	(36,837,896	)		$	-		$	-		$	9,587,864		$	710

*	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			22.30

Health Care			18.09

Energy			13.75

Consumer Staples			13.70

Information Technology			12.39

Consumer Discretionary			8.54

Industrials			5.71

Sector Types Each Less Than 3%			5.45

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.



		6
		6

Invesco S&P 100 Equal Weight ETF (EQWL)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Communication Services-8.27%
Alphabet, Inc., Class A^(b)		197	$	583,301
Alphabet, Inc., Class C^(b)		186		551,566
AT&T, Inc.		39,741		1,003,858
Charter Communications, Inc., Class A^(b)		1,372		925,949
Comcast Corp., Class A		18,215		936,797
Meta Platforms, Inc., Class A^(b)		2,858		924,763
Netflix, Inc.^(b)		1,809		1,248,771
T-Mobile US, Inc.^(b)		8,262		950,378
Verizon Communications, Inc.		19,919		1,055,508
Walt Disney Co. (The)^(b)		5,895		996,668

				9,177,559

Consumer Discretionary-11.94%
Amazon.com, Inc.^(b)		312		1,052,198
Booking Holdings, Inc.^(b)		473		1,145,029
Ford Motor Co.^(b)		85,184		1,454,943
General Motors Co.^(b)		21,823		1,187,826
Home Depot, Inc. (The)		3,261		1,212,244
Lowe’s Cos., Inc.		5,288		1,236,440
McDonald’s Corp.		4,535		1,113,569
NIKE, Inc., Class B		6,607		1,105,285
Starbucks Corp.		9,056		960,570
Target Corp.		4,437		1,151,934
Tesla, Inc.^(b)		1,468		1,635,352

				13,255,390

Consumer Staples-10.56%
Altria Group, Inc.		21,351		941,793
Coca-Cola Co. (The)		19,423		1,094,875
Colgate-Palmolive Co.		14,019		1,068,108
Costco Wholesale Corp.		2,330		1,145,288
Kraft Heinz Co. (The)		29,730		1,067,010
Mondelez International, Inc., Class A		17,935		1,089,372
PepsiCo, Inc.		6,952		1,123,443
Philip Morris International, Inc.		10,434		986,430
Procter & Gamble Co. (The)		7,500		1,072,425
Walgreens Boots Alliance, Inc.		21,839		1,026,870
Walmart, Inc.		7,404		1,106,306

				11,721,920

Energy-3.62%
Chevron Corp.		11,242		1,287,097
ConocoPhillips		19,384		1,443,914
Exxon Mobil Corp.		20,016		1,290,431

				4,021,442

Financials-14.52%
American Express Co.		6,810		1,183,442
American International Group, Inc.		19,838		1,172,227
Bank of America Corp.		26,822		1,281,555
Bank of New York Mellon Corp. (The)		20,813		1,232,130
Berkshire Hathaway, Inc., Class B^(b)		3,909		1,121,922
BlackRock, Inc.		1,179		1,112,339
Capital One Financial Corp.		6,948		1,049,357
Citigroup, Inc.		15,530		1,074,055
Goldman Sachs Group, Inc. (The)		2,677		1,106,538
JPMorgan Chase & Co.		6,865		1,166,295
MetLife, Inc.		17,778		1,116,458



	Shares		Value
Financials-(continued)
Morgan Stanley		10,427	$	1,071,687
U.S. Bancorp		19,484		1,176,249
Wells Fargo & Co.		24,371		1,246,820

				16,111,074

Health Care-14.76%
Abbott Laboratories		8,395		1,082,031
AbbVie, Inc.		10,129		1,161,492
Amgen, Inc.		5,077		1,050,787
Biogen, Inc.^(b)		3,620		965,382
Bristol-Myers Squibb Co.		17,114		999,458
CVS Health Corp.		12,896		1,151,355
Danaher Corp.		3,279		1,022,294
Eli Lilly and Co.		4,530		1,154,063
Gilead Sciences, Inc.		15,213		987,019
Johnson & Johnson		6,470		1,053,834
Medtronic PLC		8,234		986,927
Merck & Co., Inc.		14,702		1,294,511
Pfizer, Inc.		23,700		1,036,638
Thermo Fisher Scientific, Inc.		1,896		1,200,301
UnitedHealth Group, Inc.		2,686		1,236,822

				16,382,914

Industrials-11.84%
3M Co.		5,880		1,050,638
Boeing Co. (The)^(b)		5,138		1,063,720
Caterpillar, Inc.		5,270		1,075,133
Emerson Electric Co.		10,795		1,047,223
FedEx Corp.		4,197		988,519
General Dynamics Corp.		5,366		1,087,957
General Electric Co.		10,588		1,110,364
Honeywell International, Inc.		4,860		1,062,493
Lockheed Martin Corp.		3,127		1,039,165
Raytheon Technologies Corp.		13,018		1,156,779
Union Pacific Corp.		5,220		1,260,108
United Parcel Service, Inc., Class B		5,614		1,198,421

				13,140,520

Information Technology-15.63%
Accenture PLC, Class A		3,162		1,134,494
Adobe, Inc.^(b)		1,646		1,070,493
Apple, Inc.		7,255		1,086,799
Broadcom, Inc.		2,179		1,158,509
Cisco Systems, Inc.		18,660		1,044,400
Intel Corp.		20,064		983,136
International Business Machines Corp.		7,887		986,664
Mastercard, Inc., Class A		3,114		1,044,809
Microsoft Corp.		3,657		1,212,734
NVIDIA Corp.		4,805		1,228,494
Oracle Corp.		12,043		1,155,406
PayPal Holdings, Inc.^(b)		3,802		884,307
QUALCOMM, Inc.		7,567		1,006,714
salesforce.com, Inc.^(b)		4,206		1,260,496
Texas Instruments, Inc.		5,667		1,062,449
Visa, Inc., Class A		4,825		1,021,790

				17,341,694

Materials-2.87%
Dow, Inc.		17,876		1,000,519

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



		7
		7

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

October 31, 2021

(Unaudited)



	Shares		Value
Materials-(continued)
DuPont de Nemours, Inc.		15,323	$	1,066,481
Linde PLC (United Kingdom)		3,494		1,115,285

				3,182,285

Real Estate-2.05%
American Tower Corp.		3,677		1,036,804
Simon Property Group, Inc.		8,446		1,238,014

				2,274,818

Utilities-3.89%
Duke Energy Corp.		10,464		1,067,433
Exelon Corp.		21,644		1,151,244
NextEra Energy, Inc.		12,719		1,085,312
Southern Co. (The)		16,318		1,016,938

				4,320,927

Total Common Stocks & Other Equity Interests (Cost $87,948,034)				110,930,543



	Shares		Value
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)(Cost $34,771)		34,771	$	34,771

TOTAL INVESTMENTS IN SECURITIES-99.98% (Cost $87,982,805)				110,965,314
OTHER ASSETS LESS LIABILITIES-0.02%				26,388

NET ASSETS-100.00%			$	110,991,702

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)



	Value April 30, 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		$	120,677	$	1,404,731	$	(1,490,637	)		$	-		$	-		$	34,771		$	15

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			336,810		406,539		(743,349	)			-			-			-			1	*

Invesco Private Prime Fund			505,216		839,674		(1,344,890	)			-			-			-			22	*


Total		$	962,703	$	2,650,944	$	(3,578,876	)		$	-		$	-		$	34,771		$	38

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

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

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



		8
		8

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

October 31, 2021

(Unaudited)

Portfolio Composition

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

as of October 31, 2021



Information Technology			15.63

Health Care			14.76

Financials			14.52

Consumer Discretionary			11.94

Industrials			11.84

Consumer Staples			10.56

Communication Services			8.27

Utilities			3.89

Energy			3.62

Sector Types Each Less Than 3%			4.92

Money Market Funds Plus Other Assets Less Liabilities			0.05

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



		9
		9

Invesco S&P 500 GARP ETF (SPGP)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.03%
Communication Services-1.55%
Meta Platforms, Inc., Class A^(b)		31,300	$	10,127,741


Consumer Discretionary-13.18%
Best Buy Co., Inc.		61,099		7,468,742
D.R. Horton, Inc.		92,043		8,216,679
Dollar General Corp.		42,872		9,497,006
Etsy, Inc.^(b)		66,738		16,730,549
Lennar Corp., Class A		80,785		8,072,845
Pool Corp.		18,283		9,418,670
PulteGroup, Inc.		156,362		7,517,885
Target Corp.		32,426		8,418,438
Tractor Supply Co.		49,471		10,743,617

				86,084,431

Consumer Staples-3.24%
Campbell Soup Co.		180,455		7,209,177
Kroger Co. (The)		166,192		6,651,004
Monster Beverage Corp.^(b)		85,926		7,303,710

				21,163,891

Financials-18.34%
Allstate Corp. (The)		53,055		6,561,312
Aon PLC, Class A		26,096		8,348,632
Cboe Global Markets, Inc.		69,331		9,147,532
Cincinnati Financial Corp.		56,112		6,814,241
Everest Re Group Ltd.		29,761		7,782,502
Goldman Sachs Group, Inc. (The)		21,911		9,056,912
MarketAxess Holdings, Inc.		22,470		9,182,815
Moody’s Corp.		20,408		8,247,893
Morgan Stanley		84,235		8,657,673
Progressive Corp. (The)		99,827		9,471,586
Raymond James Financial, Inc.		74,127		7,308,181
S&P Global, Inc.		17,855		8,466,127
SVB Financial Group^(b)		17,893		12,836,438
T. Rowe Price Group, Inc.		36,765		7,973,593

				119,855,437

Health Care-28.33%
Amgen, Inc.		35,717		7,392,347
Anthem, Inc.		18,983		8,260,073
Biogen, Inc.^(b)		19,755		5,268,263
Bio-Rad Laboratories, Inc., Class A^(b)		13,994		11,120,752
Centene Corp.^(b)		99,472		7,086,385
Cigna Corp.		44,060		9,411,657
DaVita, Inc.^(b)		77,231		7,973,328
Hologic, Inc.^(b)		112,801		8,269,441
Humana, Inc.		20,094		9,306,737
IDEXX Laboratories, Inc.^(b)		13,969		9,305,310
Laboratory Corp. of America Holdings^(b)		28,907		8,296,887
Merck & Co., Inc.		100,430		8,842,862
PerkinElmer, Inc.		67,122		11,873,211
Quest Diagnostics, Inc.		54,695		8,028,132
Regeneron Pharmaceuticals, Inc.^(b)		15,488		9,911,391
Thermo Fisher Scientific, Inc.		19,977		12,646,839
UnitedHealth Group, Inc.		16,743		7,709,649
Universal Health Services, Inc., Class B		39,482		4,899,716
Vertex Pharmaceuticals, Inc.^(b)		58,257		10,773,467



	Shares		Value
Health Care-(continued)
Waters Corp.^(b)		27,894	$	10,252,440
Zoetis, Inc.		39,308		8,498,390

				185,127,277

Industrials-12.87%
Copart, Inc.^(b)		66,743		10,364,520
Expeditors International of Washington, Inc.		68,149		8,400,046
Fastenal Co.		126,608		7,226,785
Fortune Brands Home & Security, Inc.		63,911		6,480,575
General Dynamics Corp.		32,987		6,688,114
Huntington Ingalls Industries, Inc.		34,389		6,971,682
J.B. Hunt Transport Services, Inc.		41,283		8,140,595
Leidos Holdings, Inc.^(c)		65,455		6,544,191
Lockheed Martin Corp.		20,556		6,831,170
Northrop Grumman Corp.		20,633		7,370,520
United Rentals, Inc.^(b)		23,846		9,040,257

				84,058,455

Information Technology-21.55%
Adobe, Inc.^(b)		20,783		13,516,432
Apple, Inc.		60,002		8,988,300
Applied Materials, Inc.		52,151		7,126,434
CDW Corp.		43,459		8,111,622
Fortinet, Inc.^(b)		55,169		18,555,541
Intel Corp.		137,379		6,731,571
KLA Corp.		28,575		10,651,617
Lam Research Corp.		11,865		6,686,758
Mastercard, Inc., Class A		18,964		6,362,801
Microsoft Corp.		32,579		10,803,848
NetApp, Inc.		94,459		8,435,189
Oracle Corp.		80,697		7,742,070
Paychex, Inc.		62,907		7,755,175
QUALCOMM, Inc.		59,113		7,864,394
Teradyne, Inc.^(c)		83,163		11,496,453

				140,828,205

Utilities-0.97%
Sempra Energy		49,485		6,315,771

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.03% (Cost $588,326,756)				653,561,208


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.54%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		1,057,186		1,057,186
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		2,465,782		2,466,768

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,523,954)				3,523,954

TOTAL INVESTMENTS IN SECURITIES-100.57% (Cost $591,850,710)				657,085,162
OTHER ASSETS LESS LIABILITIES-(0.57)%				(3,721,438	)

NET ASSETS-100.00%			$	653,363,724

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



		10
		10

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

October 31, 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		$	175,539	$	3,011,955	$	(3,187,494	)		$	-		$	-		$	-		$	36

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			-		47,059,374		(46,002,188	)			-			-			1,057,186			317	*

Invesco Private Prime Fund			-		97,367,789		(94,901,021	)			-			-			2,466,768			4,276	*


Total		$	175,539	$	147,439,118	$	(144,090,703	)		$	-		$	-		$	3,523,954		$	4,629

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 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	28.33

Information Technology	21.55

Financials	18.34

Consumer Discretionary	13.18

Industrials	12.87

Consumer Staples	3.24

Sector Types Each Less Than 3%	2.52

Money Market Funds Plus Other Assets Less Liabilities	(0.03	)

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



		11
		11

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

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-5.15%
Comcast Corp., Class A		4,729	$	243,212
DISH Network Corp., Class A^(b)		11,738		482,080
Interpublic Group of Cos., Inc. (The)		7,398		270,545
News Corp., Class A		10,060		230,374
T-Mobile US, Inc.^(b)		1,616		185,888
ViacomCBS, Inc., Class B		13,567		491,397

				1,903,496

Consumer Discretionary-18.16%
Advance Auto Parts, Inc.		1,544		348,203
Bath & Body Works, Inc.		3,750		259,087
Best Buy Co., Inc.		4,037		493,483
BorgWarner, Inc.		8,057		363,129
CarMax, Inc.^(b)		3,014		412,677
D.R. Horton, Inc.		4,466		398,680
Ford Motor Co.^(b)		40,951		699,443
General Motors Co.^(b)		9,844		535,809
Genuine Parts Co.		1,851		242,685
Lennar Corp., Class A		5,320		531,628
LKQ Corp.^(b)		7,077		389,801
Mohawk Industries, Inc.^(b)		1,929		341,838
Newell Brands, Inc.		12,025		275,252
NVR, Inc.^(b)		50		244,740
PulteGroup, Inc.		7,893		379,495
Target Corp.		1,303		338,285
Whirlpool Corp.		2,179		459,399

				6,713,634

Consumer Staples-3.48%
Archer-Daniels-Midland Co.		8,913		572,571
Costco Wholesale Corp.		763		375,045
Kraft Heinz Co. (The)		9,416		337,940

				1,285,556

Energy-0.78%
ONEOK, Inc.		4,555		289,789


Financials-36.98%
American International Group, Inc.		6,413		378,944
Assurant, Inc.		2,824		455,539
Bank of America Corp.		8,348		398,867
Berkshire Hathaway, Inc., Class B^(b)		1,563		448,597
Capital One Financial Corp.		2,879		434,815
Chubb Ltd.		2,739		535,146
Cincinnati Financial Corp.		3,651		443,377
Citizens Financial Group, Inc.		9,591		454,422
Comerica, Inc.		5,344		454,721
Discover Financial Services		2,221		251,684
Everest Re Group Ltd.		2,383		623,155
Fifth Third Bancorp		9,064		394,556
Goldman Sachs Group, Inc. (The)		1,183		488,993
Hartford Financial Services Group, Inc. (The)		7,891		575,491
Invesco Ltd.^(c)		15,009		381,379
JPMorgan Chase & Co.		2,046		347,595
KeyCorp		18,239		424,422
Loews Corp.		7,828		438,916
MetLife, Inc.		8,197		514,772
Morgan Stanley		4,250		436,815
PNC Financial Services Group, Inc. (The)		2,059		434,511



	Shares		Value
Financials-(continued)
Principal Financial Group, Inc.		8,612	$	577,779
Progressive Corp. (The)		4,329		410,736
Prudential Financial, Inc.		6,230		685,611
Raymond James Financial, Inc.		3,711		365,867
Regions Financial Corp.		17,631		417,502
Synchrony Financial		6,438		299,045
Travelers Cos., Inc. (The)		3,168		509,668
Truist Financial Corp.		6,356		403,415
U.S. Bancorp		5,268		318,029
W.R. Berkley Corp.		4,619		367,672

				13,672,041

Health Care-7.09%
Anthem, Inc.		1,111		483,429
Bio-Rad Laboratories, Inc., Class A^(b)		663		526,873
Cooper Cos., Inc. (The)		792		330,201
DaVita, Inc.^(b)		2,354		243,027
HCA Healthcare, Inc.		1,204		301,554
Laboratory Corp. of America Holdings^(b)		1,516		435,122
UnitedHealth Group, Inc.		652		300,226

				2,620,432

Industrials-10.88%
C.H. Robinson Worldwide, Inc.		3,786		367,204
Carrier Global Corp.		5,179		270,499
Cummins, Inc.		1,018		244,157
FedEx Corp.		1,128		265,678
Fortune Brands Home & Security, Inc.		2,298		233,017
General Dynamics Corp.		1,711		346,905
Jacobs Engineering Group, Inc.		2,125		298,393
Johnson Controls International PLC		3,692		270,882
Nielsen Holdings PLC		12,055		244,114
PACCAR, Inc.		3,254		291,623
Quanta Services, Inc.		3,527		427,755
Snap-on, Inc.		962		195,507
Stanley Black & Decker, Inc.		1,257		225,921
Textron, Inc.		4,582		338,381

				4,020,036

Information Technology-4.15%
CDW Corp.		1,436		268,029
Corning, Inc.		5,505		195,813
Hewlett Packard Enterprise Co.		29,206		427,868
HP, Inc.		14,055		426,289
Micron Technology, Inc.		3,129		216,214

				1,534,213

Materials-9.91%
Amcor PLC		24,345		293,844
Celanese Corp.		1,814		292,979
Corteva, Inc.		7,988		344,682
Dow, Inc.		4,478		250,634
DuPont de Nemours, Inc.		4,106		285,778
Eastman Chemical Co.		2,096		218,047
International Paper Co.		5,168		256,695
LyondellBasell Industries N.V., Class A		2,948		273,633
Mosaic Co. (The)		13,492		560,862
Nucor Corp.		3,158		352,591

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

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

October 31, 2021

(Unaudited)



	Shares		Value
Materials-(continued)
Packaging Corp. of America		1,623	$	222,952
WestRock Co.		6,475		311,447

				3,664,144

Real Estate-2.62%
CBRE Group, Inc., Class A^(b)		3,202		333,264
Kimco Realty Corp.		17,376		392,698
Weyerhaeuser Co.		6,785		242,360

				968,322

Utilities-0.73%
DTE Energy Co.		2,384		270,226

Total Common Stocks & Other Equity Interests (Cost $31,984,139)				36,941,889



	Shares		Value
Money Market Funds-0.22%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d) (Cost $82,426)		82,426	$	82,426

TOTAL INVESTMENTS IN SECURITIES-100.15% (Cost $32,066,565)				37,024,315
OTHER ASSETS LESS LIABILITIES-(0.15)%				(57,220	)

NET ASSETS-100.00%			$	36,967,095

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)



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

Invesco Ltd.		$	-	$	464,263	$	(65,271	)		$	(13,114	)		$	(4,499	)		$	381,379		$	2,587

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			105,738		593,713		(617,025	)			-				-				82,426			12

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			-		348,840		(348,840	)			-				-				-			-	*

Invesco Private Prime Fund			352,406		160,357		(512,763	)			-				-				-			5	*


Total		$	458,144	$	1,567,173	$	(1,543,899	)		$	(13,114	)		$	(4,499	)		$	463,805		$	2,604

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

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

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



		13
		13

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

October 31, 2021

(Unaudited)


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

Financials			36.98

Consumer Discretionary			18.16

Industrials			10.88

Materials			9.91

Health Care			7.09

Communication Services			5.15

Information Technology			4.15

Consumer Staples			3.48

Sector Types Each Less Than 3%			4.13

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.



		14
		14

Invesco S&P MidCap Momentum ETF (XMMO)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Communication Services-1.57%
Ziff Davis, Inc.^(b)		124,006	$	15,906,250


Consumer Discretionary-23.54%
Adient PLC^(b)		131,741		5,483,060
American Eagle Outfitters, Inc.^(c)		456,546		10,838,402
AutoNation, Inc.^(b)		89,167		10,799,907
Boyd Gaming Corp.^(b)		146,335		9,333,246
Capri Holdings Ltd.^(b)		433,672		23,088,697
Crocs, Inc.^(b)		185,595		29,964,313
Deckers Outdoor Corp.^(b)		38,588		15,254,222
Dick’s Sporting Goods, Inc.^(c)		107,381		13,337,794
Five Below, Inc.^(b)		64,682		12,761,759
GameStop Corp., Class A^(b)(c)		185,103		33,968,252
Graham Holdings Co., Class B		5,331		3,123,166
Kohl’s Corp.^(c)		229,939		11,158,940
Mattel, Inc.^(b)(c)		540,549		11,789,374
RH^(b)(c)		24,466		16,138,508
Scientific Games Corp.^(b)		186,188		14,904,349
Six Flags Entertainment Corp.^(b)		101,282		4,165,729
Tempur Sealy International, Inc.		292,711		13,016,858

				239,126,576

Consumer Staples-2.43%
Darling Ingredients, Inc.^(b)(c)		292,063		24,685,165


Energy-1.79%
Targa Resources Corp.		331,814		18,140,271


Financials-19.70%
Affiliated Managers Group, Inc.		76,076		12,771,639
American Financial Group, Inc.		150,215		20,435,249
East West Bancorp, Inc.		192,380		15,290,362
Evercore, Inc., Class A		95,051		14,432,544
Hancock Whitney Corp.		129,335		6,399,496
Janus Henderson Group PLC		263,409		12,248,518
Jefferies Financial Group, Inc.		359,084		15,440,612
Navient Corp.		382,269		7,530,699
Old Republic International Corp.		349,131		9,018,054
PacWest Bancorp		147,545		7,003,961
Pinnacle Financial Partners, Inc.		127,215		12,285,153
Signature Bank		78,450		23,363,979
SLM Corp.		864,259		15,859,153
Stifel Financial Corp.		176,554		12,865,490
Synovus Financial Corp.		202,268		9,423,666
UMB Financial Corp.		57,992		5,730,769

				200,099,344

Health Care-3.79%
Acadia Healthcare Co., Inc.^(b)		130,728		8,105,136
Envista Holdings Corp.^(b)		262,182		10,251,316
Globus Medical, Inc., Class A^(b)		98,036		7,565,438
Tenet Healthcare Corp.^(b)		175,615		12,584,571

				38,506,461

Industrials-22.78%
AECOM^(b)		196,643		13,444,482
AGCO Corp.		100,294		12,256,931
Avis Budget Group, Inc.^(b)(c)		86,653		15,017,831
Axon Enterprise, Inc.^(b)		92,502		16,646,660
Carlisle Cos., Inc.		78,165		17,424,542



	Shares		Value
Industrials-(continued)
EMCOR Group, Inc.		72,902	$	8,856,864
Graco, Inc.		210,421		15,819,451
ITT, Inc.		114,122		10,735,457
KBR, Inc.^(c)		172,142		7,305,706
Lincoln Electric Holdings, Inc.		76,151		10,843,902
ManpowerGroup, Inc.		68,960		6,664,984
MasTec, Inc.^(b)(c)		122,036		10,877,069
Middleby Corp. (The)^(b)		99,099		18,079,622
nVent Electric PLC		213,876		7,581,904
Ryder System, Inc.		96,610		8,207,019
Saia, Inc.^(b)		35,297		11,035,254
Terex Corp.		117,859		5,280,083
Toro Co. (The)		166,660		15,911,030
Valmont Industries, Inc.		36,710		8,772,222
XPO Logistics, Inc.^(b)		123,754		10,618,093

				231,379,106

Information Technology-4.22%
Arrow Electronics, Inc.^(b)		99,494		11,516,431
Cerence, Inc.^(b)(c)		49,240		5,176,601
CommVault Systems, Inc.^(b)		55,118		3,389,757
NCR Corp.^(b)		215,243		8,510,708
Synaptics, Inc.^(b)(c)		39,206		7,628,311
SYNNEX Corp.		63,239		6,640,095

				42,861,903

Materials-11.58%
Avient Corp.		130,844		7,049,875
Cleveland-Cliffs, Inc.^(b)(c)		1,352,886		32,618,082
Eagle Materials, Inc.		53,363		7,916,935
Olin Corp.		429,631		24,480,374
Sensient Technologies Corp.		58,887		5,629,597
Steel Dynamics, Inc.		369,077		24,388,608
United States Steel Corp.^(c)		588,114		15,520,328

				117,603,799

Real Estate-8.55%
Brixmor Property Group, Inc.		366,172		8,583,072
Camden Property Trust		165,050		26,919,655
Jones Lang LaSalle, Inc.^(b)(c)		84,062		21,707,330
Life Storage, Inc.		156,967		21,003,754
National Storage Affiliates Trust		138,035		8,621,666

				86,835,477

Total Common Stocks & Other Equity Interests (Cost $932,378,869)				1,015,144,352


Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $675,499)		675,499		675,499

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $933,054,368)				1,015,819,851

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



		15
		15

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

October 31, 2021

(Unaudited)



	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-11.01%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		30,670,319	$	30,670,319
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		81,135,678		81,168,133

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $111,838,452)				111,838,452

TOTAL INVESTMENTS IN SECURITIES-111.02% (Cost $1,044,892,820)				1,127,658,303
OTHER ASSETS LESS LIABILITIES-(11.02)%				(111,971,780	)

NET ASSETS-100.00%			$	1,015,686,523

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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	335,811	$	12,432,734	$	(12,093,046	)		$	-			$	-		$	675,499		$	110

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			47,117,059		153,087,208		(169,533,948	)			-				-			30,670,319			3,313	*

Invesco Private Prime Fund			70,675,590		301,079,314		(290,586,770	)			(1	)			-			81,168,133			48,855	*


Total		$	118,128,460	$	466,599,256	$	(472,213,764	)		$	(1	)		$	-		$	112,513,951		$	52,278

*	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.



		16
		16

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

October 31, 2021

(Unaudited)

Portfolio Composition

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

as of October 31, 2021



Consumer Discretionary			23.54

Industrials			22.78

Financials			19.70

Materials			11.58

Real Estate			8.55

Information Technology			4.22

Health Care			3.79

Sector Types Each Less Than 3%			5.79

Money Market Funds Plus Other Assets Less Liabilities			0.05

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



		17
		17

Invesco S&P MidCap Quality ETF (XMHQ)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Communication Services-1.07%
World Wrestling Entertainment, Inc., Class A^(b)		22,649	$	1,383,627
Yelp, Inc.^(c)		44,586		1,722,357

				3,105,984

Consumer Discretionary-18.64%
AutoNation, Inc.^(c)		29,633		3,589,149
Brunswick Corp.		43,931		4,089,537
Carter’s, Inc.		24,987		2,461,719
Deckers Outdoor Corp.^(c)		19,358		7,652,411
Dick’s Sporting Goods, Inc.^(b)		33,685		4,184,014
Foot Locker, Inc.		52,542		2,504,677
Gentex Corp.		128,440		4,545,492
Polaris, Inc.^(b)		34,640		3,981,868
Tempur Sealy International, Inc.		91,722		4,078,877
Tri Pointe Homes, Inc.^(c)		56,103		1,357,131
Williams-Sonoma, Inc.		49,605		9,213,137
YETI Holdings, Inc.^(c)		65,390		6,429,799

				54,087,811

Consumer Staples-0.93%
Hain Celestial Group, Inc. (The)^(c)		38,332		1,719,957
Nu Skin Enterprises, Inc., Class A		24,128		968,739

				2,688,696

Financials-31.91%
Associated Banc-Corp.		83,271		1,855,278
Bank OZK		54,804		2,448,095
Cadence Bank		46,312		1,343,974
Cathay General Bancorp		56,230		2,372,344
Commerce Bancshares, Inc.		55,393		3,905,760
Cullen/Frost Bankers, Inc.		41,077		5,319,471
East West Bancorp, Inc.		88,326		7,020,150
F.N.B. Corp.		172,197		2,006,095
Federated Hermes, Inc., Class B		44,785		1,491,788
Home BancShares, Inc.		89,889		2,135,763
International Bancshares Corp.		40,535		1,718,684
Janus Henderson Group PLC		93,587		4,351,795
Old Republic International Corp.		140,189		3,621,082
PacWest Bancorp		87,846		4,170,050
Pinnacle Financial Partners, Inc.		42,009		4,056,809
PROG Holdings, Inc.		49,903		2,018,576
Prosperity Bancshares, Inc.		55,203		4,157,338
SEI Investments Co.		57,224		3,607,401
Signature Bank		41,457		12,346,724
Sterling Bancorp		102,530		2,609,389
Stifel Financial Corp.		57,448		4,186,236
Synovus Financial Corp.		111,038		5,173,260
Umpqua Holdings Corp.		168,646		3,448,811
United Bankshares, Inc.		85,884		3,176,849
Washington Federal, Inc.		34,517		1,220,521
Webster Financial Corp.		51,083		2,858,605

				92,620,848

Health Care-11.04%
Chemed Corp.		9,562		4,611,274
Emergent BioSolutions, Inc.^(c)		20,079		957,166
Hill-Rom Holdings, Inc.		30,392		4,707,721
LHC Group, Inc.^(c)		16,261		2,188,568



	Shares		Value
Health Care-(continued)
Medpace Holdings, Inc.^(c)		12,301	$	2,786,792
Molina Healthcare, Inc.^(c)		48,034		14,204,614
Quidel Corp.^(c)		19,488		2,587,422

				32,043,557

Industrials-12.87%
AGCO Corp.		30,824		3,767,001
EMCOR Group, Inc.		29,686		3,606,552
Graco, Inc.		78,265		5,883,963
Landstar System, Inc.		19,318		3,396,298
Lincoln Electric Holdings, Inc.		30,759		4,380,082
ManpowerGroup, Inc.		27,477		2,655,652
MasTec, Inc.^(c)		26,021		2,319,252
Owens Corning		55,994		5,230,399
Watsco, Inc.		16,855		4,880,871
Werner Enterprises, Inc.		26,951		1,221,419

				37,341,489

Information Technology-16.28%
Arrow Electronics, Inc.^(c)		33,956		3,930,407
CDK Global, Inc.		73,773		3,210,601
Cognex Corp.		97,088		8,503,938
CommVault Systems, Inc.^(c)		29,946		1,841,679
Fair Isaac Corp.^(c)		17,603		7,009,515
Manhattan Associates, Inc.^(c)		45,832		8,320,341
Synaptics, Inc^.(c)		16,014		3,115,844
SYNNEX Corp.		19,939		2,093,595
Universal Display Corp.		33,669		6,168,161
Vontier Corp.		90,016		3,045,241

				47,239,322

Materials-6.03%
Eagle Materials, Inc.		21,778		3,230,984
Louisiana-Pacific Corp.		78,119		4,603,553
NewMarket Corp.		3,324		1,130,193
Reliance Steel & Aluminum Co.		28,104		4,107,680
Scotts Miracle-Gro Co. (The)		22,317		3,313,182
Worthington Industries, Inc.		20,556		1,116,602

				17,502,194

Real Estate-1.15%
PotlatchDeltic Corp.		34,804		1,819,205
PS Business Parks, Inc.		8,614		1,530,708

				3,349,913

Total Common Stocks & Other Equity Interests (Cost $264,186,929)				289,979,814


Money Market Funds-0.10%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $274,538)		274,538		274,538

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $264,461,467)				290,254,352

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



		18
		18

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

October 31, 2021

(Unaudited)



	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.39%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		2,954,223	$	2,954,223
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		6,890,430		6,893,187

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $9,847,409)				9,847,410

TOTAL INVESTMENTS IN SECURITIES-103.41% (Cost $274,308,876)				300,101,762
OTHER ASSETS LESS LIABILITIES-(3.41)%				(9,902,366	)

NET ASSETS-100.00%			$	290,199,396

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at October 31, 2021.

^(c)	Non-income producing security.

^(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		$	219,555	$	6,778,429	$	(6,723,446	)		$	-		$	-		$	274,538		$	51

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			2,641,804		22,728,554		(22,416,135	)			-			-			2,954,223			198	*

Invesco Private Prime Fund			4,359,623		47,682,413		(45,148,850	)			1			-			6,893,187			2,828	*


Total		$	7,220,982	$	77,189,396	$	(74,288,431	)		$	1		$	-		$	10,121,948		$	3,077

*	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.



		19
		19

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

October 31, 2021

(Unaudited)

Portfolio Composition

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

as of October 31, 2021



Financials			31.91

Consumer Discretionary			18.64

Information Technology			16.28

Industrials			12.87

Health Care			11.04

Materials			6.03

Sector Types Each Less Than 3%			3.15

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.



		20
		20

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

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-1.45%
TEGNA, Inc.		134,625	$	2,646,728


Consumer Discretionary-22.32%
Adient PLC^(b)		50,994		2,122,370
AutoNation, Inc.^(b)		37,974		4,599,411
Dana, Inc.		90,340		2,004,645
Dick’s Sporting Goods, Inc.^(c)		22,370		2,778,578
Foot Locker, Inc.		44,501		2,121,363
Goodyear Tire & Rubber Co. (The)^(b)		117,410		2,244,879
Graham Holdings Co., Class B		5,854		3,429,566
KB Home		60,115		2,413,617
Kohl’s Corp.^(c)		59,139		2,870,016
Lear Corp.		11,667		2,004,974
Lithia Motors, Inc., Class A		7,942		2,535,245
Taylor Morrison Home Corp., Class A^(b)		135,945		4,150,401
Toll Brothers, Inc.		38,660		2,326,172
Tri Pointe Homes, Inc.^(b)		145,171		3,511,686
Urban Outfitters, Inc.^(b)		53,633		1,712,502

				40,825,425

Consumer Staples-3.46%
BJ’s Wholesale Club Holdings, Inc.^(b)(c)		61,864		3,615,332
Casey’s General Stores, Inc.		7,700		1,474,858
Nu Skin Enterprises, Inc., Class A		30,963		1,243,165

				6,333,355

Energy-1.02%
Antero Midstream Corp.		175,676		1,869,193


Financials-31.87%
American Financial Group, Inc.		22,356		3,041,310
Bank OZK		51,455		2,298,495
CNO Financial Group, Inc.		161,526		3,899,238
Cullen/Frost Bankers, Inc.		13,334		1,726,753
East West Bancorp, Inc.		21,287		1,691,891
Essent Group Ltd.		43,915		2,107,920
First Horizon Corp.		133,516		2,265,767
Hancock Whitney Corp.		40,751		2,016,359
Home BancShares, Inc.		66,438		1,578,567
Janus Henderson Group PLC		58,605		2,725,133
Jefferies Financial Group, Inc.		121,830		5,238,690
Mercury General Corp.		52,901		2,882,575
MGIC Investment Corp.		182,032		2,941,637
Navient Corp.		162,862		3,208,381
Old Republic International Corp.		134,022		3,461,788
PacWest Bancorp		44,436		2,109,377
Pinnacle Financial Partners, Inc.		21,096		2,037,241
PROG Holdings, Inc.		34,328		1,388,568
SLM Corp.		98,778		1,812,576
Stifel Financial Corp.		31,508		2,295,988
Synovus Financial Corp.		40,393		1,881,910
Texas Capital Bancshares, Inc.^(b)		28,692		1,738,735
UMB Financial Corp.		22,376		2,211,196
Webster Financial Corp.		31,370		1,755,465

				58,315,560



	Shares		Value
Health Care-2.86%
Molina Healthcare, Inc.^(b)		7,789	$	2,303,363
Tenet Healthcare Corp.^(b)		40,755		2,920,503

				5,223,866

Industrials-18.06%
AECOM^(b)		25,270		1,727,710
AGCO Corp.		13,475		1,646,780
ASGN, Inc.^(b)		15,393		1,841,926
Builders FirstSource, Inc.^(b)		72,512		4,225,274
Dycom Industries, Inc.^(b)(c)		24,903		1,977,796
EMCOR Group, Inc.		14,478		1,758,932
EnerSys		17,284		1,383,411
GATX Corp.^(c)		17,460		1,656,081
Insperity, Inc.		16,301		2,037,625
KBR, Inc.		38,397		1,629,569
ManpowerGroup, Inc.		23,853		2,305,392
MasTec, Inc.^(b)		12,598		1,122,860
Oshkosh Corp.		12,565		1,344,455
Owens Corning		17,463		1,631,219
Regal Rexnord Corp.		11,517		1,754,385
Ryder System, Inc.		33,927		2,882,099
Timken Co. (The)		17,178		1,218,779
XPO Logistics, Inc.^(b)		10,459		897,382

				33,041,675

Information Technology-7.37%
Alliance Data Systems Corp.		16,459		1,403,130
Amkor Technology, Inc.		105,008		2,301,775
Arrow Electronics, Inc.^(b)		32,380		3,747,985
Jabil, Inc.		52,724		3,161,331
SYNNEX Corp.		27,391		2,876,055

				13,490,276

Materials-9.61%
Avient Corp.		32,929		1,774,214
Commercial Metals Co.		86,668		2,788,976
Greif, Inc., Class A		38,978		2,521,097
Louisiana-Pacific Corp.		27,186		1,602,071
Minerals Technologies, Inc.		20,640		1,464,202
Reliance Steel & Aluminum Co.		12,168		1,778,475
Steel Dynamics, Inc.		29,362		1,940,241
United States Steel Corp.^(c)		63,118		1,665,684
Worthington Industries, Inc.^(c)		37,563		2,040,422

				17,575,382

Real Estate-0.84%
PotlatchDeltic Corp.		29,384		1,535,902


Utilities-1.05%
MDU Resources Group, Inc.		62,726		1,927,570

Total Common Stocks & Other Equity Interests (Cost $175,931,448)				182,784,932

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



		21
		21

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

October 31, 2021

(Unaudited)



	Shares		Value
Money Market Funds-0.14%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $256,149)		256,149	$	256,149

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $176,187,597)				183,041,081


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-6.88%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		3,779,120		3,779,120



	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		8,814,421	$	8,817,947

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $12,597,066)				12,597,067

TOTAL INVESTMENTS IN SECURITIES-106.93% (Cost $188,784,663)				195,638,148
OTHER ASSETS LESS LIABILITIES-(6.93)%				(12,682,298	)

NET ASSETS-100.00%			$	182,955,850

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		$	133,443	$	1,937,497	$	(1,814,791	)		$	-		$	-		$	256,149		$	21

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,914,868		22,662,982		(20,798,730	)			-			-			3,779,120			206	*

Invesco Private Prime Fund			2,872,302		46,432,331		(40,486,687	)			1			-			8,817,947			3,002	*


Total		$	4,920,613	$	71,032,810	$	(63,100,208	)		$	1		$	-		$	12,853,216		$	3,229

*	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.

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



		22
		22

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

October 31, 2021

(Unaudited)


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

Financials			31.87

Consumer Discretionary			22.32

Industrials			18.06

Materials			9.61

Information Technology			7.37

Consumer Staples			3.46

Sector Types Each Less Than 3%			7.22

Money Market Funds Plus Other Assets Less Liabilities			0.09

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



		23
		23

Invesco S&P SmallCap Momentum ETF (XSMO)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-1.26%
Gannett Co., Inc.^(b)		101,721	$	589,982
Meredith Corp.^(b)		29,718		1,730,776

				2,320,758

Consumer Discretionary-19.86%
Abercrombie & Fitch Co., Class A^(b)(c)		74,121		2,930,744
Barnes & Noble Education, Inc.^(b)		30,358		315,116
Bloomin’ Brands, Inc.^(b)		44,327		958,350
Boot Barn Holdings, Inc.^(b)		35,575		3,717,232
Buckle, Inc. (The)		24,031		1,000,170
Caleres, Inc.		35,869		827,139
Chico’s FAS, Inc.^(b)		106,932		583,849
Children’s Place, Inc. (The)^(b)(c)		10,334		856,585
Ethan Allen Interiors, Inc.		12,750		295,928
Genesco, Inc.^(b)		12,644		766,100
Gentherm, Inc.^(b)		21,579		1,588,862
G-III Apparel Group Ltd.^(b)		31,495		902,647
Haverty Furniture Cos., Inc., (Acquired 03/19/2021 - 09/15/2021; Cost $528,162)^(d)		13,935		399,935
Hibbett, Inc.^(c)		17,325		1,341,648
Kontoor Brands, Inc.		46,850		2,483,050
Liquidity Services, Inc.^(b)		19,302		426,188
Macy’s, Inc.		182,408		4,828,340
Movado Group, Inc.		15,225		506,992
Red Robin Gourmet Burgers, Inc.^(b)		9,298		184,751
Rent-A-Center, Inc.		31,955		1,701,923
Ruth’s Hospitality Group, Inc.^(b)		25,206		487,484
Shoe Carnival, Inc.		14,892		504,392
Signet Jewelers Ltd.^(c)		63,424		5,656,152
Steven Madden Ltd.		45,112		2,034,551
Vista Outdoor, Inc.^(b)		27,531		1,151,897

				36,450,025

Consumer Staples-1.86%
Celsius Holdings, Inc.^(b)		35,358		3,412,754


Energy-8.14%
Callon Petroleum Co.^(b)(c)		21,118		1,092,434
CONSOL Energy, Inc.^(b)		25,781		709,235
Green Plains, Inc.^(b)(c)		31,576		1,198,309
Laredo Petroleum, Inc.^(b)(c)		8,413		634,340
Matador Resources Co.		82,804		3,465,348
PDC Energy, Inc.		56,627		2,962,158
SM Energy Co.		142,192		4,880,030

				14,941,854

Financials-20.65%
Ameris Bancorp		40,171		2,104,559
Assured Guaranty Ltd.		44,655		2,481,925
Axos Financial, Inc.^(b)		36,640		1,941,920
B. Riley Financial, Inc.		20,947		1,501,062
Bancorp, Inc. (The)^(b)		37,581		1,148,099
Berkshire Hills Bancorp, Inc.		38,468		1,044,406
Brightsphere Investment Group, Inc.		31,261		937,205
Customers Bancorp, Inc.^(b)		33,035		1,760,435
Donnelley Financial Solutions, Inc.^(b)		35,585		1,363,617
Ellington Financial, Inc.		29,928		544,091
First Bancorp		138,752		1,893,965



	Shares		Value
Financials-(continued)
First Bancorp/Southern Pines NC		15,190	$	735,500
Granite Point Mortgage Trust, Inc.		35,192		471,573
Great Western Bancorp, Inc.		31,257		1,064,301
HCI Group, Inc.		3,871		518,753
Meta Financial Group, Inc.		26,246		1,455,078
Mr. Cooper Group, Inc.^(b)		64,953		2,847,539
New York Mortgage Trust, Inc.		214,999		943,846
Northfield Bancorp, Inc.		25,145		441,295
Piper Sandler Cos.		9,798		1,613,633
Ready Capital Corp.		32,113		496,788
ServisFirst Bancshares, Inc.		31,643		2,541,249
Triumph Bancorp, Inc.^(b)		23,773		2,788,573
Veritex Holdings, Inc.		30,644		1,254,872
Virtus Investment Partners, Inc.		4,629		1,481,280
Walker & Dunlop, Inc.		16,034		2,085,542
World Acceptance Corp.^(b)(c)		2,412		447,161

				37,908,267

Health Care-17.16%
AMN Healthcare Services, Inc.^(b)		26,020		2,568,174
AngioDynamics, Inc.^(b)		44,086		1,260,860
Apollo Medical Holdings, Inc.^(b)(c)		45,329		3,110,929
BioLife Solutions, Inc.^(b)		15,584		828,290
CorVel Corp.^(b)		6,468		1,185,067
Cross Country Healthcare, Inc.^(b)		23,060		478,034
Cutera, Inc.^(b)(c)		17,122		736,246
Ensign Group, Inc. (The)		26,837		2,093,554
Fulgent Genetics, Inc.^(b)(c)		9,222		764,688
Heska Corp.^(b)(c)		7,816		1,747,110
Inogen, Inc.^(b)		16,288		645,819
Joint Corp. (The)^(b)		17,310		1,514,279
ModivCare, Inc.^(b)		7,138		1,161,852
Myriad Genetics, Inc.^(b)		49,584		1,525,700
Omnicell, Inc.^(b)		36,508		6,503,900
Organogenesis Holdings, Inc.^(b)		48,725		535,001
RadNet, Inc.^(b)		26,126		812,257
Select Medical Holdings Corp.		64,940		2,157,307
Vericel Corp.^(b)(c)		40,825		1,878,767

				31,507,834

Industrials-12.10%
Chart Industries, Inc.^(b)(c)		19,236		3,414,775
EnPro Industries, Inc.		13,393		1,200,816
Forward Air Corp.		14,438		1,451,885
Granite Construction, Inc.		27,982		1,038,692
Heidrick & Struggles International, Inc.		14,072		659,695
Insteel Industries, Inc.		12,401		504,349
Korn Ferry		49,755		3,841,584
MYR Group, Inc.^(b)		15,884		1,622,551
SPX FLOW, Inc.		23,338		1,743,582
Titan International, Inc.^(b)		61,649		445,106
Veritiv Corp.^(b)		12,139		1,302,150
Viad Corp.^(b)		15,093		669,676
Watts Water Technologies, Inc., Class A		22,760		4,324,855

				22,219,716

Information Technology-8.07%
Agilysys, Inc.^(b)		13,982		667,221
ExlService Holdings, Inc.^(b)		23,091		2,831,649

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



		24
		24

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

October 31, 2021

(Unaudited)



	Shares		Value
Information Technology-(continued)
Extreme Networks, Inc.^(b)		73,258	$	720,126
Insight Enterprises, Inc.^(b)(c)		26,825		2,540,328
Kulicke & Soffa Industries, Inc. (Singapore)^(c) .		38,472		2,192,904
Perficient, Inc.^(b)(c)		36,243		4,479,635
TTEC Holdings, Inc.		14,565		1,374,790

				14,806,653

Materials-4.71%
AdvanSix, Inc.^(b)		22,623		1,099,478
Allegheny Technologies, Inc.(b)		69,277		1,115,360
Haynes International, Inc.		6,758		271,199
Kraton Corp.(b)		19,725		900,446
Livent Corp.^(b)(c)		110,071		3,106,204
Olympic Steel, Inc.		5,471		147,553
TimkenSteel Corp.^(b)		29,631		413,352
Trinseo PLC		28,490		1,597,149

				8,650,741

Real Estate-6.12%
Chatham Lodging Trust^(b)		26,114		331,386
Essential Properties Realty Trust, Inc.		70,625		2,103,919
Independence Realty Trust, Inc.		60,798		1,436,657
Innovative Industrial Properties, Inc.^(c)		13,567		3,569,342
iStar, Inc.^(c)		58,057		1,465,359
St. Joe Co. (The)		19,894		935,416
Tanger Factory Outlet Centers, Inc.^(c)		63,384		1,064,851
Urstadt Biddle Properties, Inc., Class A		17,049		334,842

				11,241,772

Total Common Stocks & Other Equity Interests (Cost $166,184,978)				183,460,374



	Shares		Value
Money Market Funds-0.12%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(e)(f) (Cost $218,475)		218,475	$	218,475

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $166,403,453)				183,678,849


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-17.16%
Invesco Private Government Fund, 0.02%^(e)^(f)(g)		9,452,846		9,452,846
Invesco Private Prime Fund, 0.11%^(e)(f)(g)		22,047,821		22,056,641

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $31,509,486)				31,509,487

TOTAL INVESTMENTS IN SECURITIES-117.21% (Cost $197,912,939)				215,188,336
OTHER ASSETS LESS LIABILITIES-(17.21)%				(31,600,366	)

NET ASSETS-100.00%			$	183,587,970

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)	Restricted security. The value of this security at October 31, 2021 represented less than 1% of the Fund’s Net Assets.

^(e)



	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		$	925,909	$	1,009,861	$	(1,717,295	)		$	-		$	-		$	218,475		$	20

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			16,964,174		61,104,487		(68,615,815	)			-			-			9,452,846			910	*

Invesco Private Prime Fund			26,011,273		117,188,896		(121,143,529	)			1			-			22,056,641			13,658	*


Total		$	43,901,356	$	179,303,244	$	(191,476,639	)		$	1		$	-		$	31,727,962		$	14,588

*	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.



		25
		25

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

October 31, 2021

(Unaudited)

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

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

Portfolio Composition

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

as of October 31, 2021



Financials			20.65

Consumer Discretionary			19.86

Health Care			17.16

Industrials			12.10

Energy			8.14

Information Technology			8.07

Real Estate			6.12

Materials			4.71

Sector Types Each Less Than 3%			3.12

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.



		26
		26

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

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Communication Services-2.02%
AMC Networks, Inc., Class A^(b)		44,955	$	1,788,760
E.W. Scripps Co. (The), Class A		210,258		3,910,799
Gannett Co., Inc.^(b)		600,563		3,483,265

				9,182,824

Consumer Discretionary-21.73%
America’s Car-Mart, Inc.^(b)		19,333		2,310,100
Asbury Automotive Group, Inc.^(b)		20,434		3,999,138
Barnes & Noble Education, Inc.^(b)		401,450		4,167,051
Bed Bath & Beyond, Inc.^(b)(c)		110,042		1,544,990
Big Lots, Inc.^(c)		89,305		3,951,746
Century Communities, Inc.		50,961		3,417,445
Conn’s, Inc.^(b)		156,444		3,484,008
Ethan Allen Interiors, Inc.		92,384		2,144,233
Genesco, Inc.^(b)		67,652		4,099,035
G-III Apparel Group Ltd.^(b)		116,503		3,338,976
Group 1 Automotive, Inc.		41,343		7,433,471
Haverty Furniture Cos., Inc., (Acquired 12/18/2020 - 10/29/2021; Cost $1,780,449)^(c)(d)		55,119		1,581,915
Lumber Liquidators Holdings, Inc.^(b)(c)		159,231		2,878,896
M.D.C. Holdings, Inc.		67,375		3,300,027
M/I Homes, Inc.^(b)		72,415		4,146,483
Macy’s, Inc.		236,927		6,271,458
MarineMax, Inc.^(b)(c)		84,477		4,375,064
Meritage Homes Corp.^(b)		39,544		4,298,828
ODP Corp. (The)^(b)		105,273		4,558,321
Patrick Industries, Inc.		36,231		2,822,757
Shoe Carnival, Inc.^(c)		94,428		3,198,276
Signet Jewelers Ltd.^(c)		47,256		4,214,290
Sonic Automotive, Inc., Class A		126,378		6,246,865
Tupperware Brands Corp.^(b)(c)		109,735		2,440,506
Unifi, Inc.^(b)		127,583		3,064,544
Vista Outdoor, Inc.^(b)		64,765		2,709,768
Zumiez, Inc.^(b)(c)		64,590		2,628,813

				98,627,004

Consumer Staples-3.94%
Andersons, Inc. (The)		211,131		7,191,122
Central Garden & Pet Co., Class A^(b)		58,501		2,702,746
United Natural Foods, Inc.^(b)		184,141		7,989,878

				17,883,746

Energy-3.64%
Bonanza Creek Energy, Inc.^(c)		84,279		4,731,423
Green Plains, Inc.^(b)(c)		81,782		3,103,627
Nabors Industries Ltd.^(b)(c)		34,223		3,507,857
Renewable Energy Group, Inc.^(b)(c)		41,560		2,659,840
US Silica Holdings, Inc.^(b)		258,373		2,501,051

				16,503,798

Financials-29.55%
Allegiance Bancshares, Inc.		88,243		3,456,478
Ameris Bancorp		59,692		3,127,264
Apollo Commercial Real Estate Finance, Inc.		238,653		3,613,206
ARMOUR Residential REIT, Inc.		468,362		4,927,168
B. Riley Financial, Inc.		54,701		3,919,874
Banc of California, Inc.^(c)		161,265		3,278,517



	Shares		Value
Financials-(continued)
BankUnited, Inc.		62,825	$	2,548,182
Columbia Banking System, Inc.^(c)		72,434		2,472,172
Customers Bancorp, Inc.^(b)		91,860		4,895,219
Ellington Financial, Inc.		252,028		4,581,869
Enova International, Inc.^(b)		123,615		4,010,071
FB Financial Corp.		74,062		3,357,231
First Bancorp		246,354		3,362,732
Flagstar Bancorp, Inc.		118,883		5,610,089
Granite Point Mortgage Trust, Inc.		264,981		3,550,745
Hilltop Holdings, Inc.^(c)		113,471		4,021,412
HomeStreet, Inc.		77,715		3,665,039
Independent Bank Group, Inc.		38,253		2,765,309
KKR Real Estate Finance Trust, Inc.		160,570		3,485,975
Mr. Cooper Group, Inc.^(b)		169,476		7,429,828
National Bank Holdings Corp., Class A		77,764		3,372,625
New York Mortgage Trust, Inc.		998,655		4,384,096
NMI Holdings, Inc., Class A^(b)		119,016		2,889,709
OFG Bancorp		144,492		3,742,343
PennyMac Mortgage Investment Trust		265,845		5,356,777
Piper Sandler Cos.		22,412		3,691,032
Provident Financial Services, Inc.		137,900		3,414,404
Ready Capital Corp.		294,020		4,548,489
Redwood Trust, Inc.		431,402		5,849,811
Renasant Corp.^(c)		78,451		2,934,852
Stewart Information Services Corp.		78,370		5,577,593
StoneX Group, Inc.^(b)		102,077		7,054,542
Veritex Holdings, Inc.		79,756		3,266,008

				134,160,661

Health Care-5.27%
Allscripts Healthcare Solutions, Inc.^(b)		245,683		3,385,512
Community Health Systems, Inc.^(b)		373,998		4,899,374
Cross Country Healthcare, Inc.^(b)		172,193		3,569,561
Fulgent Genetics, Inc.^(b)(c)		40,488		3,357,265
Magellan Health, Inc.^(b)		58,494		5,546,986
Owens & Minor, Inc.		88,691		3,182,233

				23,940,931

Industrials-19.91%
AAR Corp.^(b)		79,685		2,818,459
American Woodmark Corp.^(b)		39,033		2,683,128
ArcBest Corp.		55,141		4,954,419
Arcosa, Inc.		47,240		2,443,725
Atlas Air Worldwide Holdings, Inc.^(b)(c)		87,902		7,130,610
Boise Cascade Co.		70,834		4,010,621
Echo Global Logistics, Inc.^(b)		144,981		6,992,434
Encore Wire Corp.		36,996		4,959,684
GMS, Inc.^(b)		70,737		3,503,604
Granite Construction, Inc.		74,876		2,779,397
Greenbrier Cos., Inc. (The)^(c)		86,297		3,539,903
Griffon Corp.		163,243		4,324,307
Matson, Inc.		47,516		3,957,133
Matthews International Corp., Class A		78,298		2,691,102
Mueller Industries, Inc.		57,721		3,038,434
MYR Group, Inc.^(b)		34,017		3,474,837
Quanex Building Products Corp.		108,070		2,239,210
Resideo Technologies, Inc.^(b)		101,652		2,506,738
Titan International, Inc.^(b)		323,206		2,333,547
TrueBlue, Inc.^(b)		122,674		3,416,471

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



		27
		27

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

October 31, 2021

(Unaudited)



	Shares		Value
Industrials-(continued)
UFP Industries, Inc.		39,045	$	3,195,052
Veritiv Corp.^(b)		95,170		10,208,886
Wabash National Corp.		206,246		3,203,000

				90,404,701

Information Technology-4.32%
ePlus, Inc.^(b)		35,180		3,889,853
Insight Enterprises, Inc.^(b)(c)		37,745		3,574,451
Methode Electronics, Inc.		55,315		2,327,102
NETGEAR, Inc.^(b)(c)		90,812		2,618,110
Plexus Corp.^(b)		31,074		2,713,382
Sanmina Corp.^(b)		118,966		4,490,966

				19,613,864

Materials-7.73%
AdvanSix, Inc.^(b)		118,301		5,749,428
American Vanguard Corp.		177,668		2,768,067
Koppers Holdings, Inc.^(b)		162,898		5,716,091
Olympic Steel, Inc.		166,707		4,496,088
Rayonier Advanced Materials, Inc.^(b)		946,029		6,792,488
SunCoke Energy, Inc.		601,364		4,341,848
TimkenSteel Corp.^(b)(c)		204,707		2,855,663
Trinseo PLC		42,014		2,355,305

				35,074,978

Real Estate-1.84%
Global Net Lease, Inc.		144,254		2,310,949
Realogy Holdings Corp.^(b)		348,354		6,033,491

				8,344,440

Total Common Stocks & Other Equity Interests (Cost $430,608,012)				453,736,947



	Shares		Value
Money Market Funds-0.10%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(e)(f) (Cost $443,952)		443,952	$	443,952

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $431,051,964)				454,180,899


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-11.12%
Invesco Private Government Fund, 0.02%^(e)(f)(g)		15,146,481		15,146,481
Invesco Private Prime Fund, 0.11%^(e)(f)(g)		35,327,658		35,341,789

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $50,488,270)				50,488,270

TOTAL INVESTMENTS IN SECURITIES-111.17% (Cost $481,540,234)				504,669,169
OTHER ASSETS LESS LIABILITIES-(11.17)%				(50,699,134	)

NET ASSETS-100.00%			$	453,970,035

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)	Restricted security. The value of this security at October 31, 2021 represented less than 1% of the Fund’s Net Assets.

^(e)



	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		$	166,691	$	11,626,128	$	(11,348,867	)		$	-		$	-		$	443,952		$	48

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



		28
		28

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

October 31, 2021

(Unaudited)



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

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	10,258,766	$	61,044,059	$	(56,156,344	)		$	-		$	-		$	15,146,481		$	845	*

Invesco Private Prime Fund			15,388,149		114,313,327		(94,359,687	)			-			-			35,341,789			12,264	*


Total		$	25,813,606	$	186,983,514	$	(161,864,898	)		$	-		$	-		$	50,932,222		$	13,157

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

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

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

Portfolio Composition

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

as of October 31, 2021



Financials			29.55

Consumer Discretionary			21.73

Industrials			19.91

Materials			7.73

Health Care			5.27

Information Technology			4.32

Consumer Staples			3.94

Energy			3.64

Sector Types Each Less Than 3%			3.86

Money Market Funds Plus Other Assets Less Liabilities			0.05

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



		29
		29

Invesco Zacks Mid-Cap ETF (CZA)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Communication Services-1.35%
Fox Corp., Class A		77,068	$	3,062,682


Consumer Discretionary-1.99%
Gentex Corp.		32,998		1,167,799
Genuine Parts Co.		19,995		2,621,545
Terminix Global Holdings, Inc.^(b)		18,198		736,655

				4,525,999

Consumer Staples-2.32%
Lamb Weston Holdings, Inc.		20,709		1,169,023
Tyson Foods, Inc., Class A		51,331		4,104,940

				5,273,963

Energy-3.14%
Cosan S.A., ADR (Brazil)		55,212		772,416
ONEOK, Inc.		59,547		3,788,380
Pembina Pipeline Corp. (Canada)^(c)		77,166		2,553,423

				7,114,219

Financials-10.81%
Arch Capital Group Ltd.^(b)		56,409		2,359,024
Arthur J. Gallagher & Co.		28,717		4,814,979
CNA Financial Corp.		38,618		1,732,404
East West Bancorp, Inc.		18,566		1,475,626
FactSet Research Systems, Inc.		5,523		2,451,605
KeyCorp		129,798		3,020,399
Lufax Holding Ltd., ADR (China)^(b)(c)		376,614		2,376,434
Principal Financial Group, Inc.		37,498		2,515,741
Prosperity Bancshares, Inc.		12,384		932,639
Synovus Financial Corp.		18,936		882,228
W.R. Berkley Corp.		24,880		1,980,448

				24,541,527

Health Care-13.46%
Amedisys, Inc.^(b)		5,110		865,327
AmerisourceBergen Corp.		29,844		3,641,565
Cardinal Health, Inc.		41,319		1,975,461
Chemed Corp.		2,268		1,093,743
DENTSPLY SIRONA, Inc.		31,433		1,798,282
Hologic, Inc.^(b)		37,918		2,779,769
Horizon Therapeutics PLC^(b)		32,150		3,855,107
ICON PLC (Ireland)^(b)		7,457		2,138,444
Laboratory Corp. of America Holdings^(b)		13,997		4,017,419
QIAGEN N.V.^(b)		33,572		1,871,975
Teleflex, Inc.		6,648		2,372,937
Zimmer Biomet Holdings, Inc.		28,843		4,128,010

				30,538,039

Industrials-22.72%
ADT, Inc.^(c)		117,101		977,793
AerCap Holdings N.V. (Ireland)^(b)		17,343		1,023,931
AGCO Corp.		10,649		1,301,414
AMETEK, Inc.		33,134		4,386,942
Booz Allen Hamilton Holding Corp.		19,396		1,684,736
BWX Technologies, Inc.		13,456		763,493
Crane Co.		8,164		843,178
Donaldson Co., Inc.		18,059		1,083,720
Dover Corp.		20,660		3,493,193
Dun & Bradstreet Holdings, Inc.^(b)		62,668		1,180,665



	Shares		Value
Industrials-(continued)
Graco, Inc.		24,865	$	1,869,351
Hubbell, Inc.		7,764		1,547,909
IDEX Corp.		10,859		2,416,888
ITT, Inc.		12,396		1,166,092
J.B. Hunt Transport Services, Inc.		14,506		2,860,438
Jacobs Engineering Group, Inc.		17,551		2,464,511
Leidos Holdings, Inc.		19,191		1,918,716
Lincoln Electric Holdings, Inc.		8,414		1,198,154
Nordson Corp.		8,189		2,081,726
Oshkosh Corp.		9,948		1,064,436
PACCAR, Inc.		49,518		4,437,803
Sensata Technologies Holding PLC^(b)		22,008		1,212,641
Stericycle, Inc.^(b)		12,773		854,769
Toro Co. (The)		15,939		1,521,696
TransUnion		27,569		3,178,430
United Rentals, Inc.^(b)		9,638		3,653,862
XPO Logistics, Inc.^(b)		15,957		1,369,111

				51,555,598

Information Technology-9.78%
ASE Technology Holding Co. Ltd., ADR (Taiwan)		317,976		2,263,989
CDW Corp.		19,496		3,638,928
Concentrix Corp.		7,426		1,319,452
Dolby Laboratories, Inc., Class A		14,737		1,302,014
FleetCor Technologies, Inc.^(b)		11,257		2,785,094
Flex Ltd.^(b)		67,698		1,144,096
Gartner, Inc.^(b)		11,751		3,900,275
Littelfuse, Inc.		3,453		1,017,081
Skyworks Solutions, Inc.		24,042		4,018,140
SYNNEX Corp.		7,555		793,275

				22,182,344

Materials-9.85%
AptarGroup, Inc.		9,495		1,146,806
Avery Dennison Corp.		11,693		2,545,800
CF Industries Holdings, Inc.		26,860		1,525,648
Corteva, Inc.		100,900		4,353,835
Eastman Chemical Co.		18,927		1,968,976
FMC Corp.		18,311		1,666,484
Kirkland Lake Gold Ltd. (Canada)		35,307		1,488,896
Mosaic Co. (The)		49,441		2,055,262
RPM International, Inc.		18,353		1,600,382
Sealed Air Corp.		21,004		1,245,957
Wheaton Precious Metals Corp. (Brazil)^(c)		68,362		2,762,509

				22,360,555

Real Estate-6.35%
AvalonBay Communities, Inc.		19,757		4,676,087
Duke Realty Corp.		55,497		3,121,151
Essex Property Trust, Inc.		9,335		3,173,246
Gaming and Leisure Properties, Inc.		33,736		1,635,859
Jones Lang LaSalle, Inc.^(b)		6,955		1,795,990

				14,402,333

Utilities-18.22%
AES Corp. (The)		99,717		2,505,888
Alliant Energy Corp.		36,735		2,078,099
Avangrid, Inc.^(c)		55,855		2,943,558

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



		30
		30

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

October 31, 2021

(Unaudited)



	Shares		Value
Utilities-(continued)
CMS Energy Corp.		42,848	$	2,585,877
DTE Energy Co.		27,982		3,171,760
Edison International		54,212		3,411,561
Entergy Corp.		31,824		3,278,508
Evergy, Inc.		33,285		2,121,919
Eversource Energy		50,103		4,253,745
Fortis, Inc. (Canada)^(c)		67,781		3,016,932
MDU Resources Group, Inc.		28,753		883,580
OGE Energy Corp.		28,885		984,112
Public Service Enterprise Group, Inc.		72,945		4,653,891
UGI Corp.		29,927		1,299,131
WEC Energy Group, Inc.		46,229		4,163,384

				41,351,945

Total Common Stocks & Other Equity Interests (Cost $204,997,125)				226,909,204


Money Market Funds-0.12%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $273,428)		273,428		273,428

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.11% (Cost $205,270,553)				227,182,632



	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-6.13%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		4,176,575	$	4,176,575
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		9,741,445		9,745,342

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,921,917)				13,921,917

TOTAL INVESTMENTS IN SECURITIES-106.24% (Cost $219,192,470)				241,104,549
OTHER ASSETS LESS LIABILITIES-(6.24)%				(14,163,959	)

NET ASSETS-100.00%			$	226,940,590

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	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		$	326,529		$	8,466,041		$	(8,519,142	)		$	-		$	-		$	273,428		$	39

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			820,751			19,809,274			(16,453,450	)			-			-			4,176,575			186	*

Invesco Private Prime Fund			1,231,126			37,754,627			(29,240,411	)			-			-			9,745,342			2,583	*


Total		$	2,378,406		$	66,029,942		$	(54,213,003	)		$	-		$	-		$	14,195,345		$	2,808

*	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.



		31
		31

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

October 31, 2021

(Unaudited)

Portfolio Composition

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

as of October 31, 2021



Industrials			22.72

Utilities			18.22

Health Care			13.46

Financials			10.81

Materials			9.85

Information Technology			9.78

Real Estate			6.35

Energy			3.14

Sector Types Each Less Than 3%			5.66

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.



		32
		32

Invesco Zacks Multi-Asset Income ETF (CVY)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-80.08%
Communication Services-3.32%
KT Corp., ADR (South Korea)		39,837	$	510,312
Nexstar Media Group, Inc., Class A		5,817		872,143
Sinclair Broadcast Group, Inc., Class A		13,834		361,482
TEGNA, Inc.		24,015		472,135
Telefonica S.A., ADR (Spain)^(b)		209,016		909,220
ViacomCBS, Inc., Class B		31,868		1,154,259

				4,279,551

Consumer Discretionary-8.74%
Advance Auto Parts, Inc.		6,097		1,374,995
Best Buy Co., Inc.		10,786		1,318,481
Big 5 Sporting Goods Corp.^(b)		17,738		428,905
Camping World Holdings, Inc., Class A^(b)		21,722		809,144
H&R Block, Inc.		33,677		776,928
Honda Motor Co. Ltd., ADR (Japan)		26,679		789,165
LCI Industries		2,959		413,195
M.D.C. Holdings, Inc.		8,121		397,767
Magna International, Inc. (Canada)		16,220		1,318,686
Penske Automotive Group, Inc.		4,828		512,009
Polaris, Inc.^(b)		6,901		793,270
Rent-A-Center, Inc.		13,135		699,570
Sturm Ruger & Co., Inc.		5,354		422,324
Whirlpool Corp.		5,759		1,214,170

				11,268,609

Consumer Staples-4.16%
Bunge Ltd.		11,275		1,044,516
Conagra Brands, Inc.		38,765		1,248,233
Mondelez International, Inc., Class A		20,728		1,259,019
Spectrum Brands Holdings, Inc.		5,326		499,312
Tyson Foods, Inc., Class A		16,299		1,303,431

				5,354,511

Energy-14.20%
Alliance Resource Partners L.P.		80,567		955,525
Black Stone Minerals L.P.		105,712		1,322,457
China Petroleum & Chemical Corp., ADR (China)		27,467		1,337,094
Crestwood Equity Partners L.P.		46,701		1,361,334
DCP Midstream L.P.		28,894		898,603
Energy Transfer L.P.		93,800		892,038
Enterprise Products Partners L.P.		48,293		1,095,285
MPLX L.P.		46,432		1,398,532
NuStar Energy L.P.		80,165		1,275,425
Oasis Midstream Partners L.P.		67,104		1,669,548
Petroleo Brasileiro S.A., ADR (Brazil)		88,020		864,356
Phillips 66 Partners L.P.		35,924		1,327,033
Plains All American Pipeline L.P.		106,776		1,080,573
Royal Dutch Shell PLC, Class A, ADR (United Kingdom)		19,561		898,241
TotalEnergies SE, ADR (France)		18,738		938,961
Western Midstream Partners L.P.		46,318		984,258

				18,299,263

Financials-24.83%
Aflac, Inc.		22,585		1,212,137
Allstate Corp. (The)		9,353		1,156,686
Ally Financial, Inc.		24,366		1,163,233



	Shares		Value
Financials-(continued)
Apollo Commercial Real Estate Finance, Inc.		28,774	$	435,638
Ares Commercial Real Estate Corp.		19,975		312,010
B. Riley Financial, Inc.		6,492		465,217
Banco Santander Chile, ADR (Chile)		25,575		453,189
Bank OZK		9,960		444,913
BankUnited, Inc.		10,106		409,899
Cadence Bank		14,733		427,552
Chimera Investment Corp.		69,216		1,080,462
Citigroup, Inc.		17,580		1,215,833
CNO Financial Group, Inc.		17,284		417,236
Equitable Holdings, Inc.		27,579		923,896
Evercore, Inc., Class A		6,170		936,853
Fidelity National Financial, Inc.		17,265		827,166
First American Financial Corp.		11,989		876,875
First Bancorp		33,437		456,415
Hancock Whitney Corp.		9,293		459,818
Invesco Ltd.^(c)		51,022		1,296,469
Jefferies Financial Group, Inc.		23,114		993,902
JPMorgan Chase & Co.		7,870		1,337,034
Manulife Financial Corp. (Canada)^(b)		43,078		839,590
MetLife, Inc.		20,603		1,293,868
MGIC Investment Corp.		56,159		907,529
Morgan Stanley		12,264		1,260,494
Navient Corp.		37,277		734,357
OneMain Holdings, Inc.		14,879		785,760
PacWest Bancorp		10,043		476,741
Popular, Inc.		11,159		908,789
Radian Group, Inc.		17,850		426,079
Regions Financial Corp.		61,922		1,466,313
Sun Life Financial, Inc. (Canada)		8,166		465,217
T. Rowe Price Group, Inc.		5,828		1,263,977
Travelers Cos., Inc. (The)		7,960		1,280,605
Unum Group		31,626		805,514
Virtu Financial, Inc., Class A		33,225		826,638
Zions Bancorporation N.A.		15,249		960,535

				32,004,439

Health Care-3.47%
Amgen, Inc.		5,747		1,189,457
Cardinal Health, Inc.		24,826		1,186,931
Cigna Corp.		6,130		1,309,429
GlaxoSmithKline PLC, ADR (United Kingdom)^(b)		18,699		791,529

				4,477,346

Industrials-4.42%
Allison Transmission Holdings, Inc.		11,187		373,198
Canadian National Railway Co. (Canada)		11,655		1,549,066
Danaos Corp. (Greece)		5,037		375,760
Genco Shipping & Trading Ltd.		21,317		366,013
General Dynamics Corp.		6,397		1,296,992
Hillenbrand, Inc.		9,318		423,596
Huntington Ingalls Industries, Inc.		4,103		831,801
Triton International Ltd. (Bermuda)		7,745		481,662

				5,698,088

Information Technology-1.03%
HP, Inc.		43,770		1,327,544

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

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

October 31, 2021

(Unaudited)



	Shares		Value
Materials-5.94%
Agnico Eagle Mines Ltd. (Canada)		14,839	$	787,209
B2Gold Corp. (Canada)^(b)		111,515		461,672
Cia Siderurgica Nacional S.A., ADR (Brazil)^(b)		137,896		562,616
Gerdau S.A., ADR (Brazil)		234,203		1,107,780
Kinross Gold Corp. (Canada)		143,616		863,132
Kirkland Lake Gold Ltd. (Canada)		22,331		941,698
POSCO, ADR (South Korea)		7,414		469,010
Ternium S.A., ADR (Mexico)		10,928		506,294
Tronox Holdings PLC, Class A		19,778		461,223
Vale S.A., ADR (Brazil)		56,388		717,819
Yamana Gold, Inc. (Canada)		195,506		772,249

				7,650,702

Real Estate-8.71%
Acadia Realty Trust		21,548		460,696
American Assets Trust, Inc.		10,157		384,239
Brixmor Property Group, Inc.		55,777		1,307,413
Essential Properties Realty Trust, Inc.		23,633		704,027
Federal Realty Investment Trust		10,729		1,291,235
National Storage Affiliates Trust		22,748		1,420,840
NETSTREIT Corp.		14,205		344,329
Simon Property Group, Inc.		9,715		1,424,025
SITE Centers Corp.		57,737		917,441
UDR, Inc.		24,251		1,346,658
Urban Edge Properties		23,894		418,862
Welltower, Inc.		15,040		1,209,216

				11,228,981

Utilities-1.26%
Centrais Eletricas Brasileiras S.A., ADR (Brazil)^(b)		120,351		731,734
Vistra Corp.		45,361		888,622

				1,620,356

Total Common Stocks & Other Equity Interests (Cost $96,499,135)				103,209,390


Closed-End Funds-9.86%
Aberdeen Total Dynamic Dividend Fund		87,375		878,119
Ares Dynamic Credit Allocation Fund, Inc.^(b)		23,103		378,196
Barings Global Short Duration High Yield Fund		22,601		388,963
BlackRock Debt Strategies Fund, Inc.		38,586		453,000
Blackstone Strategic Credit Fund		40,480		564,696
DoubleLine Income Solutions Fund		78,263		1,382,125
DoubleLine Yield Opportunities Fund		27,165		528,088
Eaton Vance Limited Duration Income Fund^(b)		105,886		1,397,695
First Trust High Yield Opportunities 2027 Term Fund		30,908		647,214
First Trust Senior Floating Rate Income Fund II		39,268		478,677
Highland Income Fund^(b)		128,601		1,464,765
KKR Income Opportunities Fund		17,758		296,026
Nuveen Global High Income Fund		18,175		289,891
PGIM Global High Yield Fund, Inc.		44,808		702,589
PGIM High Yield Bond Fund, Inc.		36,165		596,361
Templeton Emerging Markets Income Fund		65,459		504,034
Wells Fargo Income Opportunities Fund		55,613		497,736
Western Asset Emerging Markets Debt Fund, Inc.^(b)		49,780		679,995



	Shares		Value
Western Asset High Income Opportunity Fund, Inc.		57,906	$	302,269
Western Asset High Yield Defined Opportunity Fund, Inc.		17,248		276,313

Total Closed-End Funds (Cost $12,300,021)				12,706,752


Preferred Stocks-9.84%
Financials-9.34%
Arch Capital Group Ltd., Series G, Pfd., 4.55%.		53,793		1,395,928
Bank of America Corp., Series L, Conv. Pfd., 7.25%		963		1,379,228
Bank of Hawaii Corp., Series A, Pfd., 4.38%		25,934		674,284
Capital One Financial Corp., Series L, Pfd., 4.38%		48,015		1,221,502
JPMorgan Chase & Co., Series JJ, Pfd., 4.55%		52,929		1,381,976
JPMorgan Chase & Co., Series LL, Pfd., 4.63%		53,704		1,403,822
Prospect Capital Corp., Series A, Pfd., 5.35%		28,993		678,436
Silvergate Capital Corp., Series A, Pfd., 5.38% .		37,119		921,665
Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50%		931		1,415,092
Wells Fargo & Co., Series Z, Pfd., 4.75%		22,578		584,770
Wells Fargo & Co., Series CC, Pfd., 4.38%^(b)		39,005		980,586

				12,037,289

Utilities-0.50%
Dominion Energy, Inc., Series A, Conv. Pfd., 7.25%		6,463		647,399

Total Preferred Stocks (Cost $12,530,310)				12,684,688


Money Market Funds-0.22%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d) (Cost $285,369)		285,369		285,369

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $121,614,835)				128,886,199


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-5.53%
Invesco Private Government Fund, 0.02%^(c)(d)(e)		2,138,755		2,138,755
Invesco Private Prime Fund, 0.11%^(c)(d)(e)		4,988,432		4,990,428

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,129,183)				7,129,183

TOTAL INVESTMENTS IN SECURITIES-105.53% (Cost $128,744,018)				136,015,382
OTHER ASSETS LESS LIABILITIES-(5.53)%				(7,130,581	)

NET ASSETS-100.00%			$	128,884,801

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



		34
		34

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

October 31, 2021

(Unaudited)

Investment Abbreviations:

ADR -American Depositary Receipt

Conv.-Convertible

Pfd. -Preferred

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at October 31, 2021.

^(c)



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

Invesco Ltd.		$	978,426		$	894,865		$	(529,083	)		$	(132,570	)		$	84,831			$	1,296,469		$	11,716

Invesco Mortgage Capital, Inc.			1,031,772			327,604			(1,217,024	)			20,346				(162,698	)			-			-

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			152,455			5,811,290			(5,678,376	)			-				-				285,369			54

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			6,861,838			18,873,407			(23,596,490	)			-				-				2,138,755			174	*

Invesco Private Prime Fund			10,292,757			38,969,034			(44,271,363	)			-				-				4,990,428			2,717	*


Total		$	19,317,248		$	64,876,200		$	(75,292,336	)		$	(112,224	)		$	(77,867	)		$	8,711,021		$	14,661

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

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

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

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



		35
		35

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

October 31, 2021

(Unaudited)

Portfolio Composition

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

as of October 31, 2021



Financials			34.17

Energy			14.20

Closed-End Funds			9.86

Consumer Discretionary			8.74

Real Estate			8.71

Materials			5.94

Industrials			4.42

Consumer Staples			4.16

Health Care			3.47

Communication Services			3.32

Sector Types Each Less Than 3%			2.79

Money Market Funds Plus Other Assets Less Liabilities			0.22

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



		36
		36

(This Page Intentionally Left Blank)

Statements of Assets and Liabilities

October 31, 2021

(Unaudited)



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

Assets:
Unaffiliated investments in securities, at value^(a)		$	836,561,463	$	777,652,198			$	110,930,543	$	653,561,208
Affiliated investments in securities, at value			6,250,600		9,587,864				34,771		3,523,954
Receivable for:
Dividends			376,825		1,224,744				143,292		279,786
Securities lending			898		409				-		1,002
Investments sold			-		-				-		18,476,010
Fund shares sold			-		-				-		13,921,102
Foreign tax reclaims			-		-				-		-
Other assets			657		161				4,499		17,337

Total assets			843,190,443		788,465,376				111,113,105		689,780,399


Liabilities:
Due to custodian			-		-				-		174,896
Payable for:
Investments purchased			-		-				-		13,736,528
Investments purchased - affiliated broker			-		-				-		192,211
Collateral upon return of securities loaned			5,954,710		9,572,090				-		3,523,954
Fund shares repurchased			-		-				-		18,464,798
Accrued advisory fees			341,437		323,850				14,491		156,361
Accrued trustees’ and officer’s fees			104,392		144,816				51,731		49,212
Accrued expenses			8,906		223,908				55,181		118,715

Total liabilities			6,409,445		10,264,664				121,403		36,416,675

Net Assets		$	836,780,998	$	778,200,712			$	110,991,702	$	653,363,724


Net assets consist of:
Shares of beneficial interest		$	728,369,166	$	1,059,766,027			$	88,589,393	$	592,095,341
Distributable earnings (loss)			108,411,832		(281,565,315	)			22,402,309		61,268,383

Net Assets		$	836,780,998	$	778,200,712			$	110,991,702	$	653,363,724

Shares outstanding (unlimited amount authorized, $0.01 par value)			10,570,000		16,490,000				1,320,000		7,040,000
Net asset value		$	79.17	$	47.19			$	84.08	$	92.81

Market price		$	79.04	$	47.20			$	84.08	$	92.79

Unaffiliated investments in securities, at cost		$	678,420,168	$	690,815,898			$	87,948,034	$	588,326,756

Affiliated investments in securities, at cost		$	6,250,600	$	9,587,864			$	34,771	$	3,523,954

^(a)Includes securities on loan with an aggregate value of:		$	5,838,998	$	9,447,076			$	-	$	3,484,404

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



		38
		38



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

	$	36,560,510		$	1,015,144,352		$	289,979,814		$	182,784,932			$	183,460,374			$	453,736,947		$	226,909,204			$	127,304,361
		463,805			112,513,951			10,121,948			12,853,216				31,727,962				50,932,222			14,195,345				8,711,021
		23,109			249,532			121,650			74,765				37,243				46,046			145,497				192,856
		-			14,838			663			957				2,714				3,797			335				15,357
		-			-			-			-				-				-			-				98,615
		-			-			1,590,134			-				-				2,627,077			-				-
		-			-			-			-				-				-			-				13,548
		2,146			19,953			5,070			4,662				25,230				6,848			3,823				1,842

		37,049,570			1,127,942,626			301,819,279			195,718,532				215,253,523				507,352,937			241,254,204				136,337,600


		-			-			-			-				-				-			-				-

		-			-			1,588,560			-				-				2,627,679			-				-
		-			-			-			-				-				-			-				-
		-			111,838,452			9,847,409			12,597,066				31,509,486				50,488,270			13,921,917				7,129,183
		-			-			-			-				-				-			-				-
		6,376			239,926			45,465			49,342				43,964				107,727			112,930				67,981
		40,469			74,931			49,693			53,926				52,648				57,290			10,976				10,067
		35,630			102,794			88,756			62,348				59,455				101,936			267,791				245,568

		82,475			112,256,103			11,619,883			12,762,682				31,665,553				53,382,902			14,313,614				7,452,799

	$	36,967,095		$	1,015,686,523		$	290,199,396		$	182,955,850			$	183,587,970			$	453,970,035		$	226,940,590			$	128,884,801


	$	44,562,101		$	906,357,728		$	261,926,608		$	192,412,533			$	190,448,543			$	434,070,495		$	299,398,138			$	555,950,080
		(7,595,006)			109,328,795			28,272,788			(9,456,683	)			(6,860,573	)			19,899,540			(72,457,548	)			(427,065,279	)

	$	36,967,095		$	1,015,686,523		$	290,199,396		$	182,955,850			$	183,587,970			$	453,970,035		$	226,940,590			$	128,884,801

		730,000			11,170,000			3,650,000			3,910,000				3,270,000				8,640,000			2,420,000				5,280,800
	$	50.64		$	90.93		$	79.51		$	46.79			$	56.14			$	52.54		$	93.78			$	24.41

	$	50.66		$	90.96		$	79.54		$	46.81			$	56.15			$	52.52		$	93.78			$	24.40

	$	31,589,646		$	932,378,869		$	264,186,929		$	175,931,448			$	166,184,978			$	430,608,012		$	204,997,125			$	120,493,408

	$	476,919		$	112,513,951		$	10,121,947		$	12,853,215			$	31,727,961			$	50,932,222		$	14,195,345			$	8,250,610

	$	-		$	110,288,599		$	9,202,748		$	12,512,230			$	30,701,763			$	48,906,977		$	13,410,020			$	6,838,966

Statements of Operations

For the six months ended October 31, 2021

(Unaudited)



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

Investment income:
Unaffiliated dividend income	$	2,551,218		$	10,196,910		$	1,064,346		$	3,285,138
Affiliated dividend income		41			75			15			36
Securities lending income		9,622			665			28			4,980
Foreign withholding tax		(8,997	)		-			-			-

Total investment income		2,551,884			10,197,650			1,064,389			3,290,154


Expenses:
Advisory fees		2,004,246			1,894,123			124,410			876,075
Sub-licensing fees		120,252			113,645			11,171			76,993
Accounting & administration fees		30,425			28,590			8,270			13,420
Professional fees		13,609			13,353			11,788			12,340
Custodian & transfer agent fees		3,076			6,641			1,419			1,596
Trustees’ and officer’s fees		11,080			12,549			6,012			7,534
Recapture (Note 3)		-			-			-			-
Other expenses		27,261			35,703			10,531			17,126

Total expenses		2,209,949			2,104,604			173,601			1,005,084

Less: Waivers		(3	)		(2	)		(48,488	)		(3	)

Net expenses		2,209,946			2,104,602			125,113			1,005,081

Net investment income		341,938			8,093,048			939,276			2,285,073


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(15,670,081	)		(3,899,540	)		(184,365	)		(10,218,104	)
Affiliated investment securities		-			-			-			-
Unaffiliated in-kind redemptions		97,797,974			69,734,251			5,458,447			39,498,803
Affiliated in-kind redemptions		-			-			-			-
Foreign currencies		-			-			-			-

Net realized gain		82,127,893			65,834,711			5,274,082			29,280,699

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		308,036			(17,136,534	)		2,106,833			12,537,931
Affiliated investment securities		-			-			-			-
Foreign currencies		-			-			-			-

Change in net unrealized appreciation (depreciation)		308,036			(17,136,534	)		2,106,833			12,537,931

Net realized and unrealized gain (loss)		82,435,929			48,698,177			7,380,915			41,818,630

Net increase (decrease) in net assets resulting from operations	$	82,777,867		$	56,791,225		$	8,320,191		$	44,103,703

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



		40
		40



Invesco S&P 500 Value with Momentum ETF (SPVM)			Invesco S&P MidCap Momentum ETF (XMMO)				Invesco S&P MidCap Quality ETF (XMHQ)				Invesco S&P MidCap Value with Momentum ETF (XMVM)				Invesco S&P SmallCap Momentum ETF (XSMO)				Invesco S&P SmallCap Value with Momentum ETF (XSVM)				Invesco Zacks Mid-Cap ETF (CZA)				Invesco Zacks Multi-Asset Income ETF (CVY)
	$	333,936		$	3,458,699			$	1,984,423			$	1,776,907			$	542,162			$	3,159,718			$	2,022,579			$	2,245,424
		2,599			110				51				21				20				48				39				11,770
		9			66,467				3,531				3,807				37,909				24,362				4,032				62,887
		-			-				-				-				(1,598	)			(5,633	)			(43,120	)			(26,010	)

		336,544			3,525,276				1,988,005				1,780,735				578,493				3,178,495				1,983,530				2,294,071


		55,871			1,359,844				338,284				286,572				251,570				505,291				575,859				332,614
		3,853			94,119				44,164				31,499				23,926				60,524				160,156				87,183
		7,469			29,129				8,133				7,781				9,547				8,849				14,234				10,965
		11,704			13,834				11,915				11,788				11,965				12,079				12,348				12,380
		1,470			3,205				1,651				1,695				2,822				2,461				2,390				3,533
		5,297			10,843				6,627				6,482				6,458				7,162				(740	)			(884	)
		-			-				-				29,022				-				60,326				68,987				22,495
		10,662			24,817				12,499				11,467				12,382				13,927				17,401				18,034

		96,326			1,535,791				423,273				386,306				318,670				670,619				850,635				486,320

		(21,192)			(1	)			(81,812	)			(1	)			(2	)			(1	)			(2	)			(4	)

		75,134			1,535,790				341,461				386,305				318,668				670,618				850,633				486,316

		261,410			1,989,486				1,646,544				1,394,430				259,825				2,507,877				1,132,897				1,807,755


		(549,132)			8,847,715				(7,121,751	)			(9,146,782	)			(9,424,849	)			(7,528,832	)			745,642				5,816,967
		-			-				-				-				-				-				-				(116,588	)
		2,486,091			116,767,212				14,846,539				15,509,115				22,000,031				43,177,360				25,135,673				9,685,237
		(4,499)			-				-				-				-				-				-				38,721
		-			-				-				-				-				-				41				-

		1,932,460			125,614,927				7,724,788				6,362,333				12,575,182				35,648,528				25,881,356				15,424,337

		(729,459)			(69,132,627	)			(6,247,130	)			(12,764,343	)			3,070,180				(27,284,982	)			(13,840,802	)			(12,187,312	)
		(13,114)			(1	)			1				1				1				-				-				(112,224	)
		-			-				-				-				-				-				(37	)			-

		(742,573)			(69,132,628	)			(6,247,129	)			(12,764,342	)			3,070,181				(27,284,982	)			(13,840,839	)			(12,299,536	)

		1,189,887			56,482,299				1,477,659				(6,402,009	)			15,645,363				8,363,546				12,040,517				3,124,801

	$	1,451,297		$	58,471,785			$	3,124,203			$	(5,007,579	)		$	15,905,188			$	10,871,423			$	13,173,414			$	4,932,556

Statements of Changes in Net Assets

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

(Unaudited)



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

	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		$	341,938			$	921,055			$	8,093,048			$	16,678,075
Net realized gain (loss)			82,127,893				162,056,832				65,834,711				18,028,875
Change in net unrealized appreciation (depreciation)			308,036				111,272,819				(17,136,534	)			181,266,801

Net increase in net assets resulting from operations			82,777,867				274,250,706				56,791,225				215,973,751


Distributions to Shareholders from:
Distributable earnings			(294,560	)			(1,014,053	)			(7,170,262	)			(17,183,173	)


Shareholder Transactions:
Proceeds from shares sold			427,654,405				676,442,993				351,232,891				382,550,596
Value of shares repurchased			(426,513,261	)			(810,376,331	)			(359,129,940	)			(523,573,223	)

Net increase (decrease) in net assets resulting from share transactions			1,141,144				(133,933,338	)			(7,897,049	)			(141,022,627	)

Net increase (decrease) in net assets			83,624,451				139,303,315				41,723,914				57,767,951


Net assets:
Beginning of period			753,156,547				613,853,232				736,476,798				678,708,847

End of period		$	836,780,998			$	753,156,547			$	778,200,712			$	736,476,798


Changes in Shares Outstanding:
Shares sold			5,760,000				10,900,000				7,710,000				9,810,000
Shares repurchased			(5,760,000	)			(12,880,000	)			(7,880,000	)			(13,600,000	)
Shares outstanding, beginning of period			10,570,000				12,550,000				16,660,000				20,450,000

Shares outstanding, end of period			10,570,000				10,570,000				16,490,000				16,660,000

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



		42
		42



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

Six Months Ended October 31, 2021			Year Ended April 30, 2021				Six Months Ended October 31, 2021				Year Ended April 30, 2021				Six Months Ended October 31, 2021				Year Ended April 30, 2021

	$	939,276		$	1,396,582			$	2,285,073			$	2,714,445			$	261,410			$	685,274
		5,274,082			2,844,273				29,280,699				21,818,104				1,932,460				(2,770,237	)
		2,106,833			22,573,305				12,537,931				105,892,700				(742,573	)			16,306,378

		8,320,191			26,814,160				44,103,703				130,425,249				1,451,297				14,221,415


		(817,072)			(1,410,989	)			(1,914,460	)			(3,178,357	)			(266,435	)			(722,920	)


		26,001,810			25,876,612				508,634,317				355,367,983				18,623,549				18,317,903
		(12,131,185)			(15,265,610	)			(309,196,925	)			(314,965,394	)			(18,212,996	)			(40,635,188	)


		13,870,625			10,611,002				199,437,392				40,402,589				410,553				(22,317,285	)

		21,373,744			36,014,173				241,626,635				167,649,481				1,595,415				(8,818,790	)


		89,617,958			53,603,785				411,737,089				244,087,608				35,371,680				44,190,470

	$	110,991,702		$	89,617,958			$	653,363,724			$	411,737,089			$	36,967,095			$	35,371,680


		320,000			380,000				5,800,000				4,800,000				380,000				420,000
		(150,000)			(230,000	)			(3,590,000	)			(4,720,000	)			(380,000	)			(1,090,000	)
		1,150,000			1,000,000				4,830,000				4,750,000				730,000				1,400,000

		1,320,000			1,150,000				7,040,000				4,830,000				730,000				730,000

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

	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		$	1,989,486			$	3,405,986			$	1,646,544			$	1,137,219
Net realized gain			125,614,927				186,739,142				7,724,788				11,624,084
Change in net unrealized appreciation (depreciation)			(69,132,628	)			134,034,658				(6,247,129	)			33,306,854

Net increase (decrease) in net assets resulting from operations			58,471,785				324,179,786				3,124,203				46,068,157


Distributions to Shareholders from:
Distributable earnings			(748,100	)			(3,601,237	)			(1,626,358	)			(1,069,777	)


Shareholder Transactions:
Proceeds from shares sold			433,427,384				969,849,550				147,287,788				234,768,439
Value of shares repurchased			(419,398,525	)			(865,541,784	)			(104,453,874	)			(57,477,116	)

Net increase (decrease) in net assets resulting from share transactions			14,028,859				104,307,766				42,833,914				177,291,323

Net increase in net assets			71,752,544				424,886,315				44,331,759				222,289,703


Net assets:
Beginning of period			943,933,979				519,047,664				245,867,637				23,577,934

End of period		$	1,015,686,523			$	943,933,979			$	290,199,396			$	245,867,637


Changes in Shares Outstanding:
Shares sold			5,020,000				13,590,000				1,900,000				3,570,000
Shares repurchased			(4,890,000	)			(12,150,000	)			(1,400,000	)			(920,000	)
Shares outstanding, beginning of period			11,040,000				9,600,000				3,150,000				500,000

Shares outstanding, end of period			11,170,000				11,040,000				3,650,000				3,150,000

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



		44
		44



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

Six Months Ended October 31, 2021			Year Ended April 30, 2021				Six Months Ended October 31, 2021				Year Ended April 30, 2021				Six Months Ended October 31, 2021				Year Ended April 30, 2021

	$	1,394,430		$	669,726			$	259,825			$	623,058			$	2,507,877			$	1,207,501
		6,362,333			4,763,531				12,575,182				28,321,937				35,648,528				10,253,868
		(12,764,342)			31,837,071				3,070,181				14,369,143				(27,284,982	)			69,045,719

		(5,007,579)			37,270,328				15,905,188				43,314,138				10,871,423				80,507,088


		(1,031,958)			(749,115	)			(180,309	)			(704,740	)			(1,859,516	)			(1,215,462	)


		186,903,881			99,055,488				71,252,143				163,507,513				396,380,504				190,708,923
		(130,630,586)			(47,914,575	)			(74,937,435	)			(109,262,220	)			(210,741,296	)			(63,460,080	)


		56,273,295			51,140,913				(3,685,292	)			54,245,293				185,639,208				127,248,843

		50,233,758			87,662,126				12,039,587				96,854,691				194,651,115				206,540,469


		132,722,092			45,059,966				171,548,383				74,693,692				259,318,920				52,778,451

	$	182,955,850		$	132,722,092			$	183,587,970			$	171,548,383			$	453,970,035			$	259,318,920


		3,970,000			2,450,000				1,340,000				3,490,000				7,640,000				4,800,000
		(2,920,000)			(1,340,000	)			(1,420,000	)			(2,440,000	)			(4,270,000	)			(1,830,000	)
		2,860,000			1,750,000				3,350,000				2,300,000				5,270,000				2,300,000

		3,910,000			2,860,000				3,270,000				3,350,000				8,640,000				5,270,000

Statements of Changes in Net Assets—(continued)

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

(Unaudited)



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

	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		$	1,132,897		$	2,680,957			$	1,807,755		$	4,265,821
Net realized gain (loss)			25,881,356			61,149,235				15,424,337			(7,026,026	)
Change in net unrealized appreciation (depreciation)			(13,840,839	)		38,433,070				(12,299,536	)		59,629,702

Net increase in net assets resulting from operations			13,173,414			102,263,262				4,932,556			56,869,497


Distributions to Shareholders from:
Distributable earnings			-			(3,261,907	)			(2,353,723	)		(3,955,699	)


Shareholder Transactions:
Proceeds from shares sold			135,628,745			290,556,750				52,051,478			67,255,544
Value of shares repurchased			(148,659,265	)		(395,595,194	)			(59,281,854	)		(111,639,759	)

Net increase (decrease) in net assets resulting from share transactions			(13,030,520	)		(105,038,444	)			(7,230,376	)		(44,384,215	)

Net increase (decrease) in net assets			142,894			(6,037,089	)			(4,651,543	)		8,529,583


Net assets:
Beginning of period			226,797,696			232,834,785				133,536,344			125,006,761

End of period		$	226,940,590		$	226,797,696			$	128,884,801		$	133,536,344


Changes in Shares Outstanding:
Shares sold			1,510,000			4,150,000				2,110,000			3,230,000
Shares repurchased			(1,640,000	)		(5,650,000	)			(2,380,000	)		(5,580,000	)
Shares outstanding, beginning of period			2,550,000			4,050,000				5,550,800			7,900,800

Shares outstanding, end of period			2,420,000			2,550,000				5,280,800			5,550,800

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



		46
		46

Financial Highlights

Invesco Dynamic Large Cap Growth ETF (PWB)


	Six Months Ended October 31, 2021				Years Ended April 30,

	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	71.25		$	48.91		$	48.75		$	43.32		$	35.00		$	30.82

Net investment income^(a)			0.03			0.08			0.19			0.48			0.27			0.24
Net realized and unrealized gain on investments			7.92			22.34			0.24			5.39			8.32			4.19

Total from investment operations			7.95			22.42			0.43			5.87			8.59			4.43

Distributions to shareholders from:
Net investment income			(0.03	)		(0.08	)		(0.27	)		(0.44	)		(0.27	)		(0.25	)

Net asset value at end of period		$	79.17		$	71.25		$	48.91		$	48.75		$	43.32		$	35.00

Market price at end of period^(b)		$	79.04		$	71.25		$	48.93		$	48.77		$	43.38		$	35.02

Net Asset Value Total Return^(c)			11.16	%		45.89	%		0.92	%		13.69	%		24.63	%		14.46	%
Market Price Total Return^(c)			10.98	%		45.83	%		0.91	%		13.57	%		24.73	%		14.57	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	836,781		$	753,157		$	613,853		$	758,057		$	569,715		$	441,053
Ratio to average net assets of:
Expenses, after Waivers			0.55	%^(d)		0.56	%		0.56	%		0.55	%		0.57	%		0.57	%
Expenses, prior to Waivers			0.55	%^(d)		0.56	%		0.56	%		0.55	%		0.57	%		0.57	%
Net investment income			0.09	%^(d)		0.13	%		0.38	%		1.06	%		0.68	%		0.74	%
Portfolio turnover rate^(e)			61	%		118	%		166	%		181	%		119	%		116	%

^(a)	Based on average shares outstanding.

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

^(c)

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

^(d)	Annualized.

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

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



		47
		47

Financial Highlights—(continued)

Invesco Dynamic Large Cap Value ETF (PWV)


	Six Months Ended October 31, 2021				Years Ended April 30,

	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	44.21		$	33.19		$	36.73		$	36.10		$	35.26		$	30.01

Net investment income^(a)			0.49			0.91			0.91			0.84			0.73			0.67
Net realized and unrealized gain (loss) on investments			2.92			11.05			(3.52	)		0.68			0.83			5.28

Total from investment operations			3.41			11.96			(2.61	)		1.52			1.56			5.95

Distributions to shareholders from:
Net investment income			(0.43	)		(0.94	)		(0.93	)		(0.89	)		(0.72	)		(0.70	)

Net asset value at end of period		$	47.19		$	44.21		$	33.19		$	36.73		$	36.10		$	35.26

Market price at end of period^(b)		$	47.20		$	44.20		$	33.23		$	36.74		$	36.13		$	35.27

Net Asset Value Total Return^(c)			7.80	%		36.68	%		(7.12	)%		4.32	%		4.39	%		20.06	%
Market Price Total Return^(c)			7.85	%		36.50	%		(7.04	)%		4.26	%		4.44	%		20.14	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	778,201		$	736,477		$	678,709		$	1,041,362		$	1,373,520		$	1,256,973
Ratio to average net assets of:
Expenses, after Waivers			0.56	%^(d)		0.58	%		0.56	%		0.55	%		0.56	%		0.56	%
Expenses, prior to Waivers			0.56	%^(d)		0.58	%		0.56	%		0.55	%		0.56	%		0.56	%
Net investment income			2.14	%^(d)		2.47	%		2.43	%		2.33	%		1.96	%		2.04	%
Portfolio turnover rate^(e)			56	%		149	%		142	%		189	%		128	%		118	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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



		48
		48

Financial Highlights—(continued)

Invesco S&P 100 Equal Weight ETF (EQWL)


	Six Months Ended October 31, 2021				Years Ended April 30,

	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	77.93		$	53.60		$	56.90		$	52.38		$	46.71		$	39.77

Net investment income^(a)			0.77			1.34			1.30			1.14			0.88			0.74
Net realized and unrealized gain (loss) on investments			6.06			24.35			(3.22	)		4.52			5.63			6.95

Total from investment operations			6.83			25.69			(1.92	)		5.66			6.51			7.69

Distributions to shareholders from:
Net investment income			(0.68	)		(1.36	)		(1.38	)		(1.14	)		(0.84	)		(0.75	)

Net asset value at end of period		$	84.08		$	77.93		$	53.60		$	56.90		$	52.38		$	46.71

Market price at end of period^(b)		$	84.08		$	77.98		$	53.54		$	56.91		$	52.42		$	46.75

Net Asset Value Total Return^(c)			8.81	%		48.53	%		(3.34	)%		11.04	%		14.02	%		19.58	%
Market Price Total Return^(c)			8.74	%		48.79	%		(3.46	)%		10.98	%		14.01	%		19.80	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	110,992		$	89,618		$	53,604		$	59,749		$	60,232		$	39,703
Ratio to average net assets of:
Expenses, after Waivers			0.25	%^(d)		0.25	%		0.26	%^(e)		0.25	%		0.25	%		0.25	%
Expenses, prior to Waivers			0.35	%^(d)		0.40	%		0.40	%^(e)		0.41	%		0.47	%		0.54	%
Net investment income			1.89	%^(d)		2.08	%		2.28	%^(e)		2.13	%		1.74	%		1.74	%
Portfolio turnover rate^(f)			5	%		20	%		51	%		24	%		32	%		27	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

^(f)

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

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



		49
		49

Financial Highlights—(continued)

Invesco S&P 500 GARP ETF (SPGP)


	Six Months Ended October 31, 2021				Years Ended April 30,

	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	85.25		$	51.39		$	55.20		$	47.90		$	38.49		$	32.92

Net investment income^(a)			0.34			0.71			0.71			0.47			0.35			0.29
Net realized and unrealized gain (loss) on investments			7.50			33.95			(3.81	)		7.29			9.38			5.61

Total from investment operations			7.84			34.66			(3.10	)		7.76			9.73			5.90

Distributions to shareholders from:
Net investment income			(0.28	)		(0.80	)		(0.71	)		(0.46	)		(0.32	)		(0.33	)

Net asset value at end of period		$	92.81		$	85.25		$	51.39		$	55.20		$	47.90		$	38.49

Market price at end of period^(b)		$	92.79		$	85.34		$	51.43		$	55.18		$	47.94		$	38.50

Net Asset Value Total Return^(c)			9.21	%		67.94	%		(5.56	)%		16.35	%		25.36	%		18.06	%
Market Price Total Return^(c)			9.07	%		67.99	%		(5.45	)%		16.20	%		25.44	%		18.09	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	653,364		$	411,737		$	244,088		$	229,088		$	208,355		$	146,256
Ratio to average net assets of:
Expenses, after Waivers			0.33	%^(d)		0.36	%		0.34	%		0.36	%		0.39	%		0.39	%
Expenses, prior to Waivers			0.33	%^(d)		0.36	%		0.34	%		0.36	%		0.39	%		0.39	%
Net investment income			0.76	%^(d)		1.07	%		1.23	%		0.92	%		0.80	%		0.84	%
Portfolio turnover rate^(e)			36	%		68	%		110	%		17	%		19	%		30	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)

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



		50
		50

Financial Highlights—(continued)

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


	Six Months Ended October 31, 2021				Years Ended April 30,
	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	48.45		$	31.56		$	40.00		$	38.01		$	35.60		$	29.58

Net investment income^(a)			0.34			0.78			0.87			1.03			0.93			0.73
Net realized and unrealized gain (loss) on investments			2.20			16.94			(8.26	)		2.06			2.28			6.13

Total from investment operations			2.54			17.72			(7.39	)		3.09			3.21			6.86

Distributions to shareholders from:
Net investment income			(0.35	)		(0.83	)		(1.05	)		(1.10	)		(0.80	)		(0.84	)

Net asset value at end of period		$	50.64		$	48.45		$	31.56		$	40.00		$	38.01		$	35.60

Market price at end of period^(b)		$	50.66		$	48.46		$	31.62		$	39.99		$	38.03		$	35.63

Net Asset Value Total Return^(c)			5.28	%		56.93	%		(18.74	)%		8.40	%		9.07	%		23.47	%
Market Price Total Return^(c)			5.30	%		56.68	%		(18.57	)%		8.31	%		9.04	%		23.69	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	36,967		$	35,372		$	44,190		$	96,009		$	104,539		$	74,770
Ratio to average net assets of:
Expenses, after Waivers			0.39	%^(d)		0.39	%		0.40	%^(e)		0.39	%		0.39	%		0.39	%
Expenses, prior to Waivers			0.50	%^(d)		0.57	%		0.45	%^(e)		0.41	%		0.44	%		0.46	%
Net investment income			1.36	%^(d)		2.07	%		2.24	%^(e)		2.70	%		2.49	%		2.23	%
Portfolio turnover rate^(f)			47	%		83	%		127	%		32	%		25	%		28	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

^(f)

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



		51
		51

Financial Highlights—(continued)

Invesco S&P MidCap Momentum ETF (XMMO)



	Six Months Ended October 31, 2021				Years Ended April 30,

	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	85.50		$	54.07		$	59.05		$	45.61		$	34.85		$	29.14

Net investment income^(a)			0.18			0.32			0.49			0.06			0.02			0.09
Net realized and unrealized gain (loss) on investments			5.32			31.45			(4.92	)		13.47			10.79			5.70

Total from investment operations			5.50			31.77			(4.43	)		13.53			10.81			5.79

Distributions to shareholders from:
Net investment income			(0.07	)		(0.34	)		(0.55	)		(0.09	)		(0.05	)		(0.08	)

Net asset value at end of period		$	90.93		$	85.50		$	54.07		$	59.05		$	45.61		$	34.85

Market price at end of period^(b)		$	90.96		$	85.51		$	54.17		$	59.07		$	45.71		$	34.85

Net Asset Value Total Return^(c)			6.44	%		58.94	%		(7.45	)%		29.72	%		31.05	%		19.89	%
Market Price Total Return^(c)			6.47	%		58.66	%		(7.32	)%		29.48	%		31.34	%		19.98	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,015,687		$	943,934		$	519,048		$	625,899		$	132,259		$	67,967
Ratio to average net assets of:
Expenses, after Waivers			0.33	%^(d)		0.33	%		0.34	%		0.39	%		0.39	%		0.39	%
Expenses, prior to Waivers			0.33	%^(d)		0.33	%		0.34	%		0.39	%		0.43	%		0.46	%
Net investment income			0.42	%^(d)		0.44	%		0.84	%		0.12	%		0.05	%		0.30	%
Portfolio turnover rate^(e)			80	%		100	%		194	%		30	%		29	%		49	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)

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



		52
		52

Financial Highlights—(continued)

Invesco S&P MidCap Quality ETF (XMHQ)



	Six Months Ended October 31, 2021				Years Ended April 30,

	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	78.05		$	47.16		$	50.74		$	47.29		$	43.74		$	38.93

Net investment income^(a)			0.48			0.77			0.67			0.66			0.60			0.54
Net realized and unrealized gain (loss) on investments			1.45			30.84			(3.49	)		3.46			3.53			4.86

Total from investment operations			1.93			31.61			(2.82	)		4.12			4.13			5.40

Distributions to shareholders from:
Net investment income			(0.47	)		(0.72	)		(0.76	)		(0.67	)		(0.58	)		(0.59	)

Net asset value at end of period		$	79.51		$	78.05		$	47.16		$	50.74		$	47.29		$	43.74

Market price at end of period^(b)		$	79.54		$	78.13		$	47.33		$	50.72		$	47.30		$	43.74

Net Asset Value Total Return^(c)			2.50	%		67.43	%		(5.52	)%		8.85	%		9.50	%		14.00	%
Market Price Total Return^(c)			2.44	%		67.00	%		(5.15	)%		8.78	%		9.52	%		14.11	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	290,199		$	245,868		$	23,578		$	25,372		$	23,645		$	26,242
Ratio to average net assets of:
Expenses, after Waivers			0.25	%^(d)		0.25	%		0.27	%^(e)		0.25	%		0.25	%		0.25	%
Expenses, prior to Waivers			0.31	%^(d)		0.37	%		0.56	%^(e)		0.61	%		0.66	%		0.68	%
Net investment income			1.22	%^(d)		1.17	%		1.35	%^(e)		1.36	%		1.31	%		1.32	%
Portfolio turnover rate^(f)			61	%		56	%		130	%		30	%		28	%		36	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

^(f)

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



		53
		53

Financial Highlights—(continued)

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



	Six Months Ended October 31, 2021				Years Ended April 30,

	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	46.41		$	25.75		$	32.38		$	30.69		$	31.00		$	27.22

Net investment income^(a)			0.33			0.38			0.54			0.84			0.69			0.68
Net realized and unrealized gain (loss) on investments			0.29	^(b)		20.73			(6.49	)		1.64			(0.26	)		3.80

Total from investment operations			0.62			21.11			(5.95	)		2.48			0.43			4.48

Distributions to shareholders from:
Net investment income			(0.24	)		(0.45	)		(0.68	)		(0.79	)		(0.74	)		(0.70	)

Net asset value at end of period		$	46.79		$	46.41		$	25.75		$	32.38		$	30.69		$	31.00

Market price at end of period^(c)		$	46.81		$	46.51		$	25.81		$	32.36		$	30.69		$	31.00

Net Asset Value Total Return^(d)			1.35	%		82.77	%		(18.59	)%		8.36	%		1.39	%		16.60	%
Market Price Total Return^(d)			1.18	%		82.75	%		(18.34	)%		8.30	%		1.39	%		16.64	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	182,956		$	132,722		$	45,060		$	51,809		$	46,028		$	68,203
Ratio to average net assets of:
Expenses, after Waivers			0.39	%^(e)		0.39	%		0.40	%^(f)		0.39	%		0.39	%		0.39	%
Expenses, prior to Waivers			0.39	%^(e)		0.46	%		0.44	%^(f)		0.48	%		0.51	%		0.49	%
Net investment income			1.41	%^(e)		1.09	%		1.72	%^(f)		2.73	%		2.24	%		2.28	%
Portfolio turnover rate^(g)			47	%		78	%		128	%		49	%		52	%		39	%

^(a)	Based on average shares outstanding.

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

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

^(d)

^(e)	Annualized.

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

^(g)

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



		54
		54

Financial Highlights—(continued)

Invesco S&P SmallCap Momentum ETF (XSMO)



	Six Months Ended October 31, 2021				Years Ended April 30,

	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	51.21		$	32.48		$	37.29		$	33.25		$	28.50		$	23.23

Net investment income^(a)			0.08			0.24			0.34			0.13			0.14			0.07
Net realized and unrealized gain (loss) on investments			4.91			18.77			(4.71	)		4.04			4.75			5.27

Total from investment operations			4.99			19.01			(4.37	)		4.17			4.89			5.34

Distributions to shareholders from:
Net investment income			(0.06	)		(0.28	)		(0.44	)		(0.13	)		(0.14	)		(0.07	)

Net asset value at end of period		$	56.14		$	51.21		$	32.48		$	37.29		$	33.25		$	28.50

Market price at end of period^(b)		$	56.15		$	51.16		$	32.56		$	37.31		$	33.31		$	28.49

Net Asset Value Total Return^(c)			9.74	%		58.74	%		(11.70	)%		12.55	%		17.18	%		23.02	%
Market Price Total Return^(c)			9.87	%		58.20	%		(11.53	)%		12.41	%		17.43	%		22.82	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	183,588		$	171,548		$	74,694		$	89,495		$	48,215		$	34,195
Ratio to average net assets of:
Expenses, after Waivers			0.37	%^(d)		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Expenses, prior to Waivers			0.37	%^(d)		0.40	%		0.40	%		0.44	%		0.59	%		0.65	%
Net investment income			0.30	%^(d)		0.53	%		0.92	%		0.37	%		0.47	%		0.29	%
Portfolio turnover rate^(e)			83	%		132	%		180	%		44	%		43	%		55	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)

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



		55
		55

Financial Highlights—(continued)

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



	Six Months Ended October 31, 2021				Years Ended April 30,

	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	49.21		$	22.95		$	30.31		$	30.37		$	29.27		$	23.87

Net investment income^(a)			0.37			0.38			0.51			0.58			0.63			0.52
Net realized and unrealized gain (loss) on investments			3.22			26.23			(7.27	)		0.03			1.04			5.55

Total from investment operations			3.59			26.61			(6.76	)		0.61			1.67			6.07

Distributions to shareholders from:
Net investment income			(0.26	)		(0.35	)		(0.60	)		(0.67	)		(0.57	)		(0.67	)

Net asset value at end of period		$	52.54		$	49.21		$	22.95		$	30.31		$	30.37		$	29.27

Market price at end of period^(b)		$	52.52		$	49.27		$	22.92		$	30.30		$	30.40		$	29.26

Net Asset Value Total Return^(c)			7.34	%		116.75	%		(22.43	)%		2.13	%		5.73	%		25.64	%
Market Price Total Return^{^(c)}			7.17	%		117.30	%		(22.51	)%		2.00	%		5.87	%		25.54	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	453,970		$	259,319		$	52,778		$	78,794		$	72,883		$	83,415
Ratio to average net assets of:
Expenses, after Waivers			0.38	%^(d)		0.39	%		0.40	%^(e)		0.39	%		0.39	%		0.39	%
Expenses, prior to Waivers			0.38	%^(d)		0.41	%		0.40	%^(e)		0.44	%		0.46	%		0.46	%
Net investment income			1.44	%^(d)		1.11	%		1.73	%^(e)		1.88	%		2.12	%		1.90	%
Portfolio turnover rate^(f)			43	%		75	%		136	%		52	%		56	%		50	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

^(f)

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



		56
		56

Financial Highlights—(continued)

Invesco Zacks Mid-Cap ETF (CZA)



	Six Months Ended October 31, 2021				Years Ended April 30,									Eight Months Ended April 30,				Years Ended August 31,
	(Unaudited)				2021			2020			2019			2018				2017			2016
Per Share Operating Performance:
Net asset value at beginning of period		$	88.94		$	57.49		$	70.67		$	64.70			$	61.60		$	53.00		$	49.05

Net investment income^(a)			0.45			0.83			1.03			0.90				0.53			0.81			0.87
Net realized and unrealized gain (loss) on investments			4.39			31.70			(13.14	)		5.82				3.29			8.81			3.73

Total from investment operations			4.84			32.53			(12.11	)		6.72				3.82			9.62			4.60

Distributions to shareholders from:
Net investment income			-			(1.08	)		(1.07	)		(0.75	)			(0.72	)		(1.02	)		(0.65	)

Net asset value at end of period		$	93.78		$	88.94		$	57.49		$	70.67			$	64.70		$	61.60		$	53.00

Market price at end of period		$	93.78	^(b)	$	88.93	^(b)	$	57.59	^(b)	$	70.75	^(b)		$	64.75	^(b)	$	61.67		$	52.94

Net Asset Value Total Return^(c)			5.45	%		56.93	%		(17.51	)%		10.68	%			6.19	%		18.40	%		9.53	%
Market Price Total Return^(c)			5.46	%		56.65	%		(17.46	)%		10.72	%			6.14	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	226,941		$	226,798		$	232,835		$	265,019			$	255,584		$	203,284		$	143,100
Ratio to average net assets of:
Expenses, after Waivers			0.74	%^(d)		0.69	%		0.65	%^(e)(f)		0.65	%^(e)			0.65	%^(d)		0.65	%		0.65	%
Expenses, prior to Waivers			0.74	%^(d)		0.69	%		0.68	%^(e)(f)		0.70	%^(e)			0.74	%^(d)		0.74	%		0.74	%
Net investment income			0.98	%^(d)		1.18	%		1.46	%^(f)		1.36	%			1.23	%^(d)		1.43	%		1.78	%
Portfolio turnover rate^(g)			63	%		162	%		144	%		170	%			136	%		181	%		172	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)

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

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

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

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



		57
		57

Financial Highlights—(continued)

Invesco Zacks Multi-Asset Income ETF (CVY)



	Six Months Ended October 31, 2021				Years Ended April 30,									Eight Months Ended April 30,				Years Ended August 31,
	(Unaudited)				2021			2020			2019			2018				2017			2016
Per Share Operating Performance:
Net asset value at beginning of period		$	24.06		$	15.82		$	22.25		$	21.87			$	21.11		$	19.75		$	19.92

Net investment income^(a)(b)			0.33			0.65			0.77			0.81				0.49			0.80			0.87
Net realized and unrealized gain (loss) on investments			0.46			8.20			(6.45	)		0.38				0.94			1.46			(0.06	)

Total from investment operations			0.79			8.85			(5.68	)		1.19				1.43			2.26			0.81

Distributions to shareholders from:
Net investment income			(0.44	)		(0.61	)		(0.75	)		(0.81	)			(0.59	)		(0.60	)		(0.98	)
Return of capital			-			-			-			-				(0.08	)		(0.30	)		-

Total distributions			(0.44	)		(0.61	)		(0.75	)		(0.81	)			(0.67	)		(0.90	)		(0.98	)

Net asset value at end of period		$	24.41		$	24.06		$	15.82		$	22.25			$	21.87		$	21.11		$	19.75

Market price at end of period		$	24.40	^(c)	$	24.08	^(c)	$	15.84	^(c)	$	22.27	^(c)		$	21.87	^(c)	$	21.08		$	19.74

Net Asset Value Total Return(d)			3.35	%		57.19	%		(25.93	)%		5.67	%			6.83	%		11.73	%		4.49	%
Market Price Total Return^(d)			3.22	%		57.13	%		(25.91	)%		5.76	%			6.98	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	128,885		$	133,536		$	125,007		$	229,220			$	286,460		$	346,144		$	427,658
Ratio to average net assets of:
Expenses, after Waivers			0.73	%^(e)(f)		0.73	%		0.65	%^(f)(g)		0.65	%^(f)			0.65	%^(e)(f)		0.65	%		0.65	%
Expenses, prior to Waivers			0.73	%^(e)(f)		0.73	%		0.69	%^(f)(g)		0.71	%^(f)			0.74	%^(e)(f)		0.72	%		0.73	%
Net investment income^(b)			2.72	%^(e)		3.48	%		3.64	%^(g)		3.71	%			3.38	%^(e)		3.93	%		4.62	%
Portfolio turnover rate^(h)			90	%		176	%		203	%		196	%			142	%		203	%		228	%

^(a)	Based on average shares outstanding.

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

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

^(d)

^(e)	Annualized.

^(f)

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

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

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



		58
		58

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

October 31, 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 Dynamic Large Cap Growth ETF (PWB)		“Dynamic Large Cap Growth ETF”

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

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

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

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

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

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

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

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

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

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

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

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

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

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


		Fund		Underlying Index

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

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

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

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

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

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

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

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

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

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

		Zacks Mid-Cap ETF		Zacks Mid-Cap Core Index

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

NOTE 2—Significant Accounting Policies

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

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

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

A security listed or traded on an exchange (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”).

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 withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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

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

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

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

Expenses - Each Fund is responsible for all of its expenses, including, but not limited to, the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the

Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

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

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

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

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

Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 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, Zacks Multi-Asset Income ETF had affiliated securities lending transactions with Invesco and the fees paid to Invesco by the 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 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.

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

Market Risk. Securities in 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.

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

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary

due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

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

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

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

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

Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

Value 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.

NOTE 3—Investment Advisory Agreement and Other Agreements

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

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund, pursuant to which the Adviser has contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses

(except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) of each of S&P 500 GARP ETF, S&P 500 Value with Momentum ETF, S&P MidCap Momentum ETF, S&P MidCap Value with Momentum ETF, S&P SmallCap Momentum ETF and S&P SmallCap Value with Momentum ETF from exceeding 0.39% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2023. The Expense Cap for each of S&P 100 Equal Weight ETF and S&P MidCap Quality ETF is 0.25% of the Fund’s average daily net assets per year, through at least August 31, 2023. The Expense Cap for each of Dynamic Large Cap Growth ETF, Dynamic Large Cap Value ETF, Zacks Mid-Cap ETF, and Zacks Multi-Asset Income ETF is 0.60% of the Fund’s average daily net assets per year, through at least August 31, 2023 and sub-licensing fees are excluded from the expenses subject to the Expense Cap for these Funds in addition to the excluded expenses above. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2023. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the six months ended October 31, 2021 under this Expense Cap for Dynamic Large Cap Growth ETF, Dynamic Large Cap Value ETF, S&P 500 GARP ETF, S&P MidCap Momentum ETF, S&P MidCap Value with Momentum ETF, S&P SmallCap Momentum ETF, S&P SmallCap Value with Momentum ETF, Zacks Mid-Cap ETF and Zacks Multi-Asset Income ETF.

Further, through at least August 31, 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. This agreement is not subject to recapture by the Adviser.

For the six months ended October 31, 2021, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:



Dynamic Large Cap Growth ETF	$	3

Dynamic Large Cap Value ETF		2

S&P 100 Equal Weight ETF		48,488

S&P 500 GARP ETF		3

S&P 500 Value with Momentum ETF		21,192

S&P MidCap Momentum ETF		1

S&P MidCap Quality ETF		81,812

S&P MidCap Value with Momentum ETF		1

S&P SmallCap Momentum ETF		2

S&P SmallCap Value with Momentum ETF		1

Zacks Mid-Cap ETF		2

Zacks Multi-Asset Income ETF		4

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

For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule as of October 31, 2021 are as follows:


	Total Potential Recapture		Potential Recapture Amounts Expiring
	Amounts		4/30/22		4/30/23		4/30/24		10/31/24

S&P 100 Equal Weight ETF		$279,075		$ 44,981		$83,270		$102,337		$48,487

S&P 500 Value with Momentum ETF		114,661		10,369		25,059		58,042		21,191

S&P MidCap Quality ETF		311,706		36,204		73,104		120,587		81,811

S&P MidCap Value with Momentum ETF		81,822		15,217		20,444		46,161		-

S&P SmallCap Momentum ETF		33,094		16,040		4,985		12,069		-

Zacks Mid-Cap ETF		115,950		46,570		69,380		-		-

Zacks Multi-Asset Income ETF		191,490		121,924		69,566		-		-

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

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


		Fund		Licensor

		Dynamic Large Cap Growth ETF		ICE Data Indices, LLC

		Dynamic Large Cap Value ETF		ICE Data Indices, LLC

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

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

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

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

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

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

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

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

		Zacks Mid-Cap ETF		Zacks Investment Research, Inc.

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

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

The Trust has entered into service agreements whereby 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:



Dynamic Large Cap Growth ETF	$	25,378

Dynamic Large Cap Value ETF		43,299

S&P 100 Equal Weight ETF		403

S&P 500 GARP ETF		7

S&P 500 Value with Momentum ETF		12

S&P MidCap Momentum ETF		1,868

S&P MidCap Quality ETF		868

S&P MidCap Value with Momentum ETF		2,332

S&P SmallCap Momentum ETF		2,949

S&P SmallCap Value with Momentum ETF		4,371

Zacks Mid-Cap ETF		2,558

Zacks Multi-Asset Income ETF		23,973

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 100 Equal Weight ETF		$	-		$	43,623		$	3,767

S&P 500 Value with Momentum ETF			-			3,832			420

S&P MidCap Momentum ETF			-			6,324,626			238,744

S&P MidCap Quality ETF			-			884,222			49,996

S&P SmallCap Momentum ETF			-			329,024			(163,179	)

*	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, for each Fund (except for S&P 100 Equal Weight ETF and S&P 500 Value with Momentum ETF). As of October 31, 2021, all of the securities in S&P 100 Equal Weight ETF and S&P 500 Value with Momentum ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3			Total

Dynamic Large Cap Growth ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	836,561,463		$	-		$	-		$	836,561,463

Money Market Funds			295,890			5,954,710			-			6,250,600


Total Investments		$	836,857,353		$	5,954,710		$	-		$	842,812,063


Dynamic Large Cap Value ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	777,652,198		$	-		$	-		$	777,652,198

Money Market Funds			15,774			9,572,090			-			9,587,864


Total Investments		$	777,667,972		$	9,572,090		$	-		$	787,240,062


S&P 500 GARP ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	653,561,208		$	-		$	-		$	653,561,208

Money Market Funds			-			3,523,954			-			3,523,954


Total Investments		$	653,561,208		$	3,523,954		$	-		$	657,085,162


S&P MidCap Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	1,015,144,352		$	-		$	-		$	1,015,144,352

Money Market Funds			675,499			111,838,452			-			112,513,951


Total Investments		$	1,015,819,851		$	111,838,452		$	-		$	1,127,658,303


S&P MidCap Quality ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	289,979,814		$	-		$	-		$	289,979,814

Money Market Funds			274,538			9,847,410			-			10,121,948


Total Investments		$	290,254,352		$	9,847,410		$	-		$	300,101,762


S&P MidCap Value with Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	182,784,932		$	-		$	-		$	182,784,932

Money Market Funds			256,149			12,597,067			-			12,853,216


Total Investments		$	183,041,081		$	12,597,067		$	-		$	195,638,148


	Level 1			Level 2			Level 3			Total

S&P SmallCap Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	183,460,374		$	-		$	-		$	183,460,374

Money Market Funds			218,475			31,509,487			-			31,727,962


Total Investments		$	183,678,849		$	31,509,487		$	-		$	215,188,336


S&P SmallCap Value with Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	453,736,947		$	-		$	-		$	453,736,947

Money Market Funds			443,952			50,488,270			-			50,932,222


Total Investments		$	454,180,899		$	50,488,270		$	-		$	504,669,169


Zacks Mid-Cap ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	226,909,204		$	-		$	-		$	226,909,204

Money Market Funds			273,428			13,921,917			-			14,195,345


Total Investments		$	227,182,632		$	13,921,917		$	-		$	241,104,549


Zacks Multi-Asset Income ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	103,209,390		$	-		$	-		$	103,209,390

Closed-End Funds			12,706,752			-			-			12,706,752

Preferred Stocks			12,684,688			-			-			12,684,688

Money Market Funds			285,369			7,129,183			-			7,414,552


Total Investments		$	128,886,199		$	7,129,183		$	-		$	136,015,382

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*

Dynamic Large Cap Growth ETF	$	129,608,164	$	1,013,013	$	130,621,177

Dynamic Large Cap Value ETF		364,590,552		67,270,883		431,861,435

S&P 100 Equal Weight ETF		1,481,669		3,374,740		4,856,409

S&P 500 GARP ETF		20,449,803		10,909,395		31,359,198

S&P 500 Value with Momentum ETF		9,177,595		5,276,520		14,454,115

S&P MidCap Momentum ETF		81,729,184		12,193,287		93,922,471

S&P MidCap Quality ETF		1,304,482		3,310,664		4,615,146

S&P MidCap Value with Momentum ETF		16,791,423		6,085,180		22,876,603

S&P SmallCap Momentum ETF		27,497,117		7,920,603		35,417,720

S&P SmallCap Value with Momentum ETF		22,734,679		15,712,963		38,447,642

Zacks Mid-Cap ETF		109,603,049		10,696,819		120,299,868

Zacks Multi-Asset Income ETF		365,443,488		78,421,750		443,865,238

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

NOTE 7—Investment Transactions

For the six months ended October 31, 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

Dynamic Large Cap Growth ETF	$	500,845,237	$	503,058,968

Dynamic Large Cap Value ETF		431,186,096		431,131,932

S&P 100 Equal Weight ETF		5,065,508		4,825,794

S&P 500 GARP ETF		213,373,681		212,265,878

S&P 500 Value with Momentum ETF		17,731,952		17,821,896

S&P MidCap Momentum ETF		753,603,819		750,369,009

S&P MidCap Quality ETF		163,742,423		162,629,249

S&P MidCap Value with Momentum ETF		90,321,243		89,131,441

S&P SmallCap Momentum ETF		144,902,859		144,821,026

S&P SmallCap Value with Momentum ETF		153,015,694		148,375,181

Zacks Mid-Cap ETF		142,168,498		142,320,113

Zacks Multi-Asset Income ETF		118,521,811		118,328,974

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

Dynamic Large Cap Growth ETF	$	427,535,164	$	424,313,206

Dynamic Large Cap Value ETF		350,532,327		357,958,473

S&P 100 Equal Weight ETF		25,958,034		12,239,485

S&P 500 GARP ETF		508,429,563		309,317,986

S&P 500 Value with Momentum ETF		18,557,242		18,063,244

S&P MidCap Momentum ETF		433,126,916		421,664,999

S&P MidCap Quality ETF		146,842,267		105,205,068

S&P MidCap Value with Momentum ETF		186,852,843		131,534,082

S&P SmallCap Momentum ETF		71,045,427		74,829,615

S&P SmallCap Value with Momentum ETF		393,083,381		211,627,642

Zacks Mid-Cap ETF		135,666,941		147,435,427

Zacks Multi-Asset Income ETF		51,972,108		58,188,859

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

Dynamic Large Cap Growth ETF	$	173,551,540	$	(16,603,715	)	$	156,947,825	$	685,864,238

Dynamic Large Cap Value ETF		93,024,884		(10,329,900	)		82,694,984		704,545,078

S&P 100 Equal Weight ETF		23,761,719		(1,922,810	)		21,838,909		89,126,405

S&P 500 GARP ETF		77,397,586		(14,381,705	)		63,015,881		594,069,281

S&P 500 Value with Momentum ETF		5,343,559		(395,194	)		4,948,365		32,075,950

S&P MidCap Momentum ETF		97,806,009		(21,348,529	)		76,457,480		1,051,200,823

S&P MidCap Quality ETF		34,492,135		(9,399,265	)		25,092,870		275,008,892

S&P MidCap Value with Momentum ETF		13,778,008		(7,036,745	)		6,741,263		188,896,885

S&P SmallCap Momentum ETF		22,181,331		(6,234,049	)		15,947,282		199,241,054

S&P SmallCap Value with Momentum ETF		36,710,505		(14,622,610	)		22,087,895		482,581,274

Zacks Mid-Cap ETF		25,109,564		(4,645,568	)		20,463,996		220,640,553

Zacks Multi-Asset Income ETF		11,745,596		(10,826,174	)		919,422		135,095,960

NOTE 8—Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 9—Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only 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.

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.

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust, you incur advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2021 through October 31, 2021.

In addition to the fees and expenses which the Invesco Zacks Multi-Asset Income ETF bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that the Portfolio bears indirectly is included in the Portfolio’s total return.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Fund. If transaction costs and indirect expenses 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 Dynamic Large Cap Growth ETF (PWB)

Actual		$	1,000.00		$	1,111.60		0.55	%		$	2.93

Hypothetical (5% return before expenses)			1,000.00			1,022.43		0.55				2.80

Invesco Dynamic Large Cap Value ETF (PWV)

Actual			1,000.00			1,078.00		0.56				2.93

Hypothetical (5% return before expenses)			1,000.00			1,022.38		0.56				2.85

Invesco S&P 100 Equal Weight ETF (EQWL)

Actual			1,000.00			1,088.10		0.25				1.32

Hypothetical (5% return before expenses)			1,000.00			1,023.95		0.25				1.28

Invesco S&P 500 GARP ETF (SPGP)

Actual			1,000.00			1,092.10		0.33				1.74

Hypothetical (5% return before expenses)			1,000.00			1,023.54		0.33				1.68

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 500 Value with Momentum ETF (SPVM)

Actual		$	1,000.00		$	1,052.80		0.39	%		$	2.02

Hypothetical (5% return before expenses)			1,000.00			1,023.24		0.39				1.99

Invesco S&P MidCap Momentum ETF (XMMO)

Actual			1,000.00			1,064.40		0.33				1.72

Hypothetical (5% return before expenses)			1,000.00			1,023.54		0.33				1.68

Invesco S&P MidCap Quality ETF (XMHQ)

Actual			1,000.00			1,025.00		0.25				1.28

Hypothetical (5% return before expenses)			1,000.00			1,023.95		0.25				1.28

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

Actual			1,000.00			1,013.50		0.39				1.98

Hypothetical (5% return before expenses)			1,000.00			1,023.24		0.39				1.99

Invesco S&P SmallCap Momentum ETF (XSMO)

Actual			1,000.00			1,097.40		0.37				1.96

Hypothetical (5% return before expenses)			1,000.00			1,023.34		0.37				1.89

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

Actual			1,000.00			1,073.40		0.38				1.99

Hypothetical (5% return before expenses)			1,000.00			1,023.29		0.38				1.94

Invesco Zacks Mid-Cap ETF (CZA)

Actual			1,000.00			1,054.50		0.74				3.83

Hypothetical (5% return before expenses)			1,000.00			1,021.48		0.74				3.77

Invesco Zacks Multi-Asset Income ETF (CVY)

Actual			1,000.00			1,033.50		0.73				3.74

Hypothetical (5% return before expenses)			1,000.00			1,021.53		0.73				3.72

⁽¹⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 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.

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Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-PS-SAR-5 invesco.com/ETFs