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Invesco Annual Report to Shareholders

October 31, 2021

IVDG Invesco Focused Discovery Growth ETF

IVRA Invesco Real Assets ESG ETF

IVSG Invesco Select Growth ETF

IVLC Invesco US Large Cap Core ESG ETF

Table of Contents



The Market Environment			3

Management’s Discussion of Fund Performance			4

Schedules of Investments

Invesco Focused Discovery Growth ETF (IVDG)			13

Invesco Real Assets ESG ETF (IVRA)			15

Invesco Select Growth ETF (IVSG)			17

Invesco US Large Cap Core ESG ETF (IVLC)			19

Statements of Assets and Liabilities			21

Statements of Operations			22

Statements of Changes in Net Assets			23

Financial Highlights			24

Notes to Financial Statements			28

Report of Independent Registered Public Accounting Firm			39

Fund Expenses			40

Tax Information			41

Trustees and Officers			42


		2

The Market Environment

Domestic Equity

US equity markets posted gains in the fourth quarter of 2020, as positive news on coronavirus (“COVID-19”) vaccines and strong corporate earnings outweighed investor concerns about the political disagreement over a fiscal stimulus package and sharply rising COVID-19 infections nationwide. Cyclical sectors like energy and financials led the way, while real estate and consumer staples lagged. Market leadership also shifted during the quarter with value stocks outperforming growth for the first time since the fourth quarter of 2016. While the US economy rebounded significantly since the pandemic began, the recovery appeared to slow in the fourth quarter with employment gains and gross domestic product (GDP) growth down from the third quarter of 2020. However, stocks were buoyed by the US Federal Reserve’s (the Fed’s) pledge to maintain its accommodative stance and asset purchases, “until substantial further progress has been made” toward employment and inflation targets.

US political unrest and rising COVID-19 infection rates marked the start of the first quarter of 2021. Additionally, retail investors bid up select stocks like GameStop and AMC Theaters, ultimately causing a sharp selloff in late January. Corporate earnings generally beat expectations, but market volatility rose during the quarter as investors worried about rising bond yields and inflation. Despite the Fed’s commitment to an accommodative policy, the 10-year US Treasury yield rose from 0.92% at year-end to 1.74%^{1 at the end of March 2021. Approval
of a third COVID-19 vaccine boosted investors’ optimism for faster economic
recovery. Although March saw increased volatility with consecutive down days in
the US stock market, stocks continued to hit all-time highs through April 2021.}

The US stock market once again hit new highs in the second quarter of 2021, despite higher volatility stemming from inflation concerns and the potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the Bureau of Economic Analysis reported that the US GDP grew at a 6.4% annualized rate for the first quarter of 2021.² Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets continued to move higher in July despite inflation concerns and increasing COVID-19 infection rates due to the rapidly spreading Delta variant. Despite the Consumer Price Index (CPI) increasing in June through September 2021,³ the Fed declined to raise interest rates at its September Federal Open Market Committee (FOMC) meeting. The US stock market saw continued volatility in August 2021 and a selloff through most of September due to increasing concerns of inflation due to a spike in oil prices and supply chain shortages causing rising costs. In October 2021, investor sentiment improved as many S&P 500 index companies met or exceeded earnings expectations and the index hit new record highs. For the fiscal year, the S&P 500 Index returned 42.91%.⁴

¹	Source: US Department of the Treasury

²	Source: US Bureau of Economic Analysis

³	Source: US Bureau of Labor Statistics, July 13, 2021

⁴	Source: Lipper Inc.


		3


IVDG		Management’s Discussion of Fund Performance
IVDG		Invesco Focused Discovery Growth ETF (IVDG)

The Invesco Focused Discovery Growth ETF (the “Fund”) is an actively managed exchange-traded fund (“ETF”) that seeks capital appreciation. The Fund operates pursuant to an exemptive order from the SEC (the “Order”) and is not required to publicly disclose its complete portfolio holdings each day that the Fund is open (a “Business Day”). Instead, the Fund publishes each Business Day on its website a “Substitute Basket,” which is designed to closely track the daily performance of the Fund but is not the Fund’s actual portfolio. The Substitute Basket often will include a significant percentage of the securities held in the Fund’s portfolio, but it will exclude (or modify the weightings of) certain securities held in the Fund’s portfolio, such as those securities that the Fund’s portfolio managers are actively looking to purchase or sell, or securities which, if disclosed, could increase the risk of front-running or free-riding. The Substitute Basket may also include cash.

The Fund seeks to achieve its investment objective by investing primarily in exchange-traded common stocks of U.S. companies that Invesco Advisers, Inc. (the “Sub-Adviser”) expects to have above average growth rates. The Fund seeks to invest in newer companies or in more established companies that are in the early growth phase of their business cycle, which is typically marked by above average growth rates. The Fund may invest in securities of issuers of all capitalization sizes; however, it will primarily hold securities of mid-capitalization issuers. The Fund defines mid-capitalization issuers as those issuers that are within the range of market capitalizations of the Russell Midcap^® Growth Index. This range is subject to change at any time due to market activity or changes in the composition of that index. The Fund measures a company’s capitalization at the time the Fund buys a security and is not required to sell a security if the issuer’s capitalization moves outside of the Fund’s definition of mid-capitalization issuers. The Fund may invest up to 25% of its net assets in common stock of foreign issuers, including up to 10% of its net assets in emerging markets countries, i.e., those that are in the early stages of their industrial cycles. The Fund may make such investment in common stock of foreign issuers by either: (i) investing directly in common stock listed on a foreign exchange that trades on such exchange contemporaneously with the Fund’s Shares (currently limited to Canada and Mexico); or (ii) investing in exchange-traded American depositary receipts (“ADRs”) representing common stock trading on any foreign exchange that trades contemporaneously with the Shares.

During the fiscal period from the Fund’s inception (December 22, 2020) through October 31, 2021, on a market price basis, the Fund returned 16.61%. On a net asset value (“NAV”) basis, the Fund returned 16.53%. During the same time period, the Russell Midcap^® Growth Index (the ”Benchmark Index”) returned 14.92%.

The Fund’s outperformance relative to the Benchmark Index is primarily due to the Fund’s active security selection, which was partially offset by fund fees and transaction costs. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the market for U.S. mid cap growth stocks.

For the fiscal period ended October 31, 2021, the information technology sector contributed most significantly to the Fund’s return, followed by the healthcare sector. The real estate sector detracted most significantly from the Fund’s return, followed by the consumer discretionary sector.

Positions that contributed most significantly to the Fund’s return included Generac Holdings Inc., an industrials company (portfolio average weight of 2.96%), and EPAM Systems, Inc., an information technology company (portfolio average weight of 2.89%). The position that detracted most significantly from the Fund’s return was Trade Desk, Inc., Class A, an information technology company (no longer held at period end).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2021
Information Technology			35.83
Health Care			20.85
Industrials			14.49
Consumer Discretionary			10.76
Financials			10.74
Sector Types Each Less Than 3%			5.90
Money Market Funds Plus Other Assets Less Liabilities			1.43

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2021
Security
Monolithic Power Systems, Inc.			3.78
Generac Holdings, Inc.			3.76
EPAM Systems, Inc.			3.67
Synopsys, Inc.			3.60
IDEXX Laboratories, Inc.			3.34
MSCI, Inc.			3.21
HubSpot, Inc.			3.20
Charles River Laboratories International, Inc.			3.07
West Pharmaceutical Services, Inc.			2.91
Globant S.A.			2.83
Total			33.37

*	Excluding money market fund holdings.


		4

Invesco Focused Discovery Growth ETF (IVDG) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of October 31, 2021


	Fund Inception
Index	Cumulative
Russell Midcap^® Growth Index		14.92	%
Fund
NAV Return		16.53
Market Price Return		16.61

Fund Inception: December 22, 2020

Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, as supplemented to date, the Fund’s expense ratio of 0.59% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or

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

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

Notes Regarding Index and Fund Performance History:

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


		5


IVRA		Management’s Discussion of Fund Performance
IVRA		Invesco Real Assets ESG ETF (IVRA)

The Invesco Real Assets ESG ETF (the “Fund”) is an actively managed exchange-traded fund (“ETF”) that seeks capital appreciation with a secondary objective of current income. The Fund operates pursuant to an exemptive order from the SEC (the “Order”) and is not required to publicly disclose its complete portfolio holdings each day that the Fund is open (a “Business Day”). Instead, the Fund publishes each Business Day on its website a “Tracking Basket,” which is designed to closely track the daily performance of the Fund but is not the Fund’s actual portfolio. The Tracking Basket is comprised of: (1) select recently disclosed portfolio holdings (“Strategy Components”); (2) ETFs that convey information about the types of instruments (that are not otherwise fully represented by the Strategy Components) in which the Fund invests (“Representative ETFs”); and (3) cash and cash equivalents.

The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of the value of its net assets (plus the amount of any borrowings for investment purposes) in exchange-traded equity securities of “real assets” companies (as identified below). The “real assets” companies in which the Fund invests are located in North America and must meet high environmental, social and governance (“ESG”) standards, as determined by the Fund’s sub-adviser, Invesco Adviser’s Inc. (the “Sub-Adviser”), through the process described below. Real assets are characterized by having physical attributes, including real estate, infrastructure, natural resources and timber. The Sub-Adviser considers “real assets” companies to be those that are either principally engaged in real estate, infrastructure, natural resources or timber industries, or support such businesses, and it anticipates focusing the Fund’s investments in such industries. In selecting equity securities for the Fund, the Sub-Adviser uses fundamental analysis to identify securities that adhere to ESG principles described herein and are viewed to have relatively favorable long-term prospects. Some of the factors that the Sub-Adviser considers include, but are not limited to: assessment of long-term fundamental growth, sustainable dividends, attractive physical and locational attributes and capital structure viability. As a result of that analysis, the portfolio managers generally favor companies with a balanced mix of the factors above. The Sub-Adviser will consider selling a security when it no longer meets the investment criteria, or a more attractive alternative is identified. The Fund may invest in companies of any market capitalization. The Fund may invest up to 25% of its net assets in common stock of foreign issuers, including up to 10% of its net assets in emerging markets countries, i.e., those that are in the early stages of their industrial cycles. The Fund may make such investment in common stock of foreign issuers by either: (i) investing directly in common stock listed on a foreign exchange that trades on such exchange contemporaneously with the Fund’s Shares (currently limited to Canada and Mexico); or (ii) investing in exchange-traded American

depositary receipts (“ADRs”) representing common stock trading on any foreign exchange that trades contemporaneously with the Shares.

During the fiscal period from the Fund’s inception (December 22, 2020) through October 31, 2021, on a market price basis, the Fund returned 32.53%. On a net asset value (“NAV”) basis, the Fund returned 32.40%. During this same time period, the S&P U.S., Canada & Mexico Real Assets Equity Index returned 31.47% and the S&P 500^® Index returned 26.40% (collectively, the “Benchmark Indexes”).

The Fund’s outperformance, relative to the S&P U.S., Canada & Mexico Real Assets Equity Index, is primarily due to the Fund’s active security selection, which was partially offset by fund fees and transaction costs. The S&P U.S., Canada & Mexico Real Assets Equity Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the global property, infrastructure, natural resources, and timber and forestry market in the U.S., Canada and Mexico.

The Fund’s outperformance, relative to the S&P 500^® Index, is primarily due to the Fund’s active security selection, which was partially offset by fund fees and transaction costs. The S&P 500^® Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

For the fiscal period ended October 31, 2021, the real estate sector contributed most significantly to the Fund’s return, followed by the energy sector. There were no detracting sectors during this time period.

Positions that contributed most significantly to the Fund’s return included Prologis, Inc., a real estate company (portfolio average weight of 5.89%), and Simon Property Group, Inc., a real estate company (portfolio average weight of 2.64%). The position that detracted most significantly from the Fund’s return was FMC Corp., a materials company (portfolio average weight of 2.35%), and Agnico Eagle Mines Ltd., a materials company (portfolio average weight of 1.44%).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2021
Real Estate			51.69
Energy			22.59
Materials			12.73
Utilities			10.58
Sector Types Each Less Than 3%			1.72
Money Market Funds Plus Other Assets Less Liabilities			0.69


		6

Invesco Real Assets ESG ETF (IVRA) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2021
Security
Prologis, Inc.			6.80
Enbridge, Inc.			5.36
American Tower Corp.			4.10
American Water Works Co., Inc.			3.39
Consolidated Edison, Inc.			3.31
Pembina Pipeline Corp.			3.22
Cheniere Energy, Inc.			3.18
ONEOK, Inc.			3.17
UDR, Inc.			2.84
Simon Property Group, Inc.			2.78
Total			38.15

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of October 31, 2021


	Fund Inception
Index	Cumulative
S&P U.S., Canada & Mexico Real Assets Equity Index		31.47	%
S&P 500^® Index		26.40
Fund
NAV Return		32.40
Market Price Return		32.53


		7

Invesco Real Assets ESG ETF (IVRA) (continued)

Fund Inception: December 22, 2020

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

Notes Regarding Index and Fund Performance History:

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


		8


IVSG		Management’s Discussion of Fund Performance
IVSG		Invesco Select Growth ETF (IVSG)

The Invesco Select Growth ETF (the “Fund”) is an actively managed exchange-traded fund (“ETF”) that seeks long-term capital appreciation. The Fund operates pursuant to an exemptive order from the SEC (the “Order”) and is not required to publicly disclose its complete portfolio holdings each day that the Fund is open (a “Business Day”). Instead, the Fund publishes each Business Day on its website a “Substitute Basket,” which is designed to closely track the daily performance of the Fund but is not the Fund’s actual portfolio. The Substitute Basket often will include a significant percentage of the securities held in the Fund’s portfolio, but it will exclude (or modify the weightings of) certain securities held in the Fund’s portfolio, such as those securities that the Fund’s portfolio managers are actively looking to purchase or sell, or securities which, if disclosed, could increase the risk of front-running or free-riding. The Substitute Basket may also include cash.

The Fund seeks to achieve its investment objective by investing primarily in exchange-traded common stocks of U.S. companies that Invesco Advisers, Inc. (the “Sub-Adviser”) believes have potential for earnings or revenue growth. The Fund deems an issuer to be a U.S. issuer if (i) its principal securities trading market (i.e., a U.S. stock exchange, NASDAQ or over-the-counter markets) is in the U.S.; (ii) it (alone or through its consolidated subsidiaries) derives 50% or more of its annual revenue from either goods produced, sales made or services performed in the U.S.; or (iii) it is organized under the laws of, or has a principal office in, the U.S. The Fund may invest in securities of issuers of all capitalization sizes; however, it will primarily hold securities of large- and mid-capitalization issuers. The Fund considers large- and mid-capitalization issuers to be those issuers that are within the ranges of market capitalizations of the Russell 1000 Growth Index and Russell Midcap^® Growth Index, respectively. These ranges are subject to change at any time due to market activity or changes in the composition of those indices. The Fund measures a company’s capitalization at the time the Fund buys a security and is not required to sell a security if the issuer’s capitalization moves outside of the Fund’s definition of large- or mid-capitalization issuers. The Fund usually will hold a relatively small number of stocks (approximately 25-30) and may invest more than 25% of its assets in a given sector. The Fund may invest up to 25% of its net assets in common stock of foreign issuers, which include issuers in emerging markets countries, i.e., those that are in the early stages of their industrial cycles. The Fund may make such investment in common stock of foreign issuers by either: (i) investing directly in common stock listed on a foreign exchange that trades on such exchange contemporaneously with the Fund’s Shares (currently limited to Canada and Mexico); or (ii) investing in exchange-traded American depositary receipts (“ADRs”) representing common stock trading on any foreign exchange that trades contemporaneously with the Shares.

During the fiscal period from the Fund’s inception (December 22, 2020) through October 31, 2021, on a market price basis, the Fund returned 18.65%. On a net asset value (“NAV”) basis, the

Fund returned 18.93%. During the same time period, the Russell 1000^® Growth Index (the “Benchmark Index”) returned 25.03%.

The Fund’s underperformance relative to the Benchmark Index is primarily due to the Fund’s active security selection, as well as fund fees and transaction costs. The Benchmark Index was selected for its recognition in the marketplace and its performance comparison is a useful measure for investors as a broad representation of domestic growth stocks.

For the fiscal period ended October 31, 2021, the information technology sector contributed most significantly to the Fund’s return, followed by the communication services sector. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the materials sector.

Positions that contributed most significantly to the Fund’s return included Microsoft Corp., an information technology company (portfolio average weight of 11.98%), and NVIDIA Corp., an information technology company (portfolio average weight of 3.77%). The position that detracted most significantly from the Fund’s return was StoneCo Ltd. Class A, an information technology company (no longer held at period end).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2021
Information Technology			45.97
Consumer Discretionary			18.63
Communication Services			14.72
Health Care			7.35
Financials			4.70
Energy			3.18
Sector Types Each Less Than 3%			5.04
Money Market Funds Plus Other Assets Less Liabilities			0.41

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2021
Security
Microsoft Corp.			13.92
Amazon.com, Inc.			7.09
Booking Holdings, Inc.			5.43
Palo Alto Networks, Inc.			5.39
NVIDIA Corp.			5.23
Alphabet, Inc., Class A			5.19
Meta Platforms, Inc., Class A			4.92
Apollo Global Management, Inc.			4.70
Applied Materials, Inc.			4.55
QUALCOMM, Inc.			4.53
Total			60.95

*	Excluding money market fund holdings.


		9

Invesco Select Growth ETF (IVSG) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of October 31, 2021


	Fund Inception
Index	Cumulative
Russell 1000^® Growth Index		25.03	%
Fund
NAV Return		18.93
Market Price Return		18.65

Fund Inception: December 22, 2020

Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, as supplemented to date, the Fund’s expense ratio of 0.48% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or

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

Notes Regarding Index and Fund Performance History:

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


		10


IVLC		Management’s Discussion of Fund Performance
IVLC		Invesco US Large Cap Core ESG ETF (IVLC)

The Invesco US Large Cap Core ESG ETF (the “Fund”) is an actively managed exchange-traded fund (“ETF”) that seeks capital appreciation. The Fund operates pursuant to an exemptive order from the SEC (the “Order”) and is not required to publicly disclose its complete portfolio holdings each day that the Fund is open (a “Business Day”). Instead, the Fund publishes each Business Day on its website a “Tracking Basket,” which is designed to closely track the daily performance of the Fund but is not the Fund’s actual portfolio. The Tracking Basket is comprised of: (1) select recently disclosed portfolio holdings (“Strategy Components”); (2) ETFs that convey information about the types of instruments (that are not otherwise fully represented by the Strategy Components) in which the Fund invests (“Representative ETFs”); and (3) cash and cash equivalents.

The Fund invests, under normal market conditions, at least 80% of the value of its net assets (plus the amount of any borrowings for investment purposes) in exchange-traded equity securities of U.S. large capitalization issuers. Additionally, the Fund seeks to achieve its investment objective by investing mainly in common stock of U.S. companies that meet high environmental, social and governance (“ESG”) standards, as determined by the Fund’s sub-adviser, Invesco Adviser’s Inc. (the “Sub-Adviser”). The Fund may invest up to 20% of its net assets in common stock of foreign issuers, including up to 10% of its net assets in emerging markets countries, i.e., those that are in the early stages of their industrial cycles. The Fund may make such investment in common stock of foreign issuers by either: (i) investing directly in common stock listed on a foreign exchange that trades on such exchange contemporaneously with the Fund’s Shares (currently limited to Canada and Mexico); or (ii) investing in exchange-traded American depositary receipts (“ADRs”) representing common stock trading on any foreign exchange that trades contemporaneously with the Shares.

During the fiscal period from the Fund’s inception (December 22, 2020) through October 31, 2021, on a market price basis, the Fund returned 24.82%. On a net asset value (“NAV”) basis, the Fund returned 25.01%. During the same time period, the S&P 500^® Index (the “Benchmark Index”) returned 26.40%.

The Fund’s underperformance relative to the Benchmark Index is primarily due to the Fund’s active security selection. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

For the fiscal period ended October 31, 2021, the information technology sector contributed most significantly to the Fund’s return, followed by the financials sector. There were no detracting sectors during this time period.

Positions that contributed most significantly to the Fund’s return included Microsoft Corp., an information technology company (portfolio average weight of 7.56%), and Alphabet Inc., Class A, an information technology company (portfolio average weight of 4.61%). The position that detracted most significantly from the Fund’s return was QUALCOMM, Inc., an information technology company (portfolio average weight of 2.12%), and Verizon Communications, Inc., a communication services company (portfolio average weight of 1.71%).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2021
Information Technology			28.22
Consumer Discretionary			13.09
Financials			12.30
Health Care			12.17
Communication Services			10.48
Industrials			10.00
Consumer Staples			5.30
Real Estate			3.40
Sector Types Each Less Than 3%			4.62
Money Market Funds Plus Other Assets Less Liabilities			0.42

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2021
Security
Microsoft Corp.			7.43
Amazon.com, Inc.			5.14
Alphabet, Inc., Class A			5.07
Apple, Inc.			4.70
JPMorgan Chase & Co.			3.73
UnitedHealth Group, Inc.			3.11
salesforce.com, inc.			2.25
United Parcel Service, Inc., Class B			2.20
Prologis, Inc.			2.09
HCA Healthcare, Inc.			2.02
Total			37.74

*	Excluding money market fund holdings.


		11

Invesco US Large Cap Core ESG ETF (IVLC) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of October 31, 2021


	Fund Inception
Index	Cumulative
S&P 500^® Index		26.40	%
Fund
NAV Return		25.01
Market Price Return		24.82

Fund Inception: December 22, 2020

Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, as supplemented to date, the Fund’s expense ratio of 0.48% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or

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

Notes Regarding Index and Fund Performance History:

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


		12

Invesco Focused Discovery Growth ETF (IVDG)

October 31, 2021

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-98.57%
Consumer Discretionary-10.76%
Aptiv PLC^(b)		145	$	25,069
Caesars Entertainment, Inc.^(b)		73		7,991
Floor & Decor Holdings, Inc., Class A^(b)		134		18,213
Garmin Ltd.		36		5,170
Hilton Worldwide Holdings, Inc.^(b)		141		20,297
RH^(b)		32		21,108
Tractor Supply Co.		114		24,757

				122,605

Energy-1.49%
Cheniere Energy, Inc.^(b)		164		16,957


Financials-10.74%
First Republic Bank		123		26,609
KKR & Co., Inc., Class A		356		28,363
MSCI, Inc.		55		36,568
SVB Financial Group^(b)		43		30,848

				122,388

Health Care-20.85%
Align Technology, Inc.^(b)		27		16,858
Catalent, Inc.^(b)		201		27,710
Charles River Laboratories International, Inc.^(b)		78		34,997
IDEXX Laboratories, Inc.^(b)		57		37,970
Masimo Corp.^(b)		66		18,713
Mettler-Toledo International, Inc.^(b)		12		17,770
Repligen Corp.^(b)		86		24,983
Veeva Systems, Inc., Class A^(b)		80		25,361
West Pharmaceutical Services, Inc.		77		33,101

				237,463

Industrials-14.49%
AMETEK, Inc.		137		18,139
Generac Holdings, Inc.^(b)		86		42,876
IDEX Corp.		84		18,696
ITT, Inc.		143		13,452
Old Dominion Freight Line, Inc.		90		30,721
Trex Co., Inc.^(b)		144		15,322
Waste Connections, Inc.		190		25,842

				165,048


	Shares		Value
Information Technology-35.83%
Avalara, Inc.^(b)		141	$	25,329
Crowdstrike Holdings, Inc., Class A^(b)		82		23,108
Entegris, Inc.		205		28,860
EPAM Systems, Inc.^(b)		62		41,741
Gartner, Inc.^(b)		77		25,557
Globant S.A.^(b)		101		32,238
HubSpot, Inc.^(b)		45		36,460
MongoDB, Inc.^(b)		55		28,671
Monolithic Power Systems, Inc.		82		43,088
Motorola Solutions, Inc.		113		28,091
Synopsys, Inc.^(b)		123		40,981
Trimble, Inc.^(b)		300		26,211
Zebra Technologies Corp., Class A^(b)		52		27,765

				408,100

Materials-2.64%
Albemarle Corp.		27		6,763
Avery Dennison Corp.		107		23,296

				30,059

Real Estate-1.77%
Jones Lang LaSalle, Inc.^(b)		78		20,142

Total Common Stocks & Other Equity Interests (Cost $883,280)				1,122,762


Money Market Funds-1.48%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)(Cost $16,890)		16,890		16,890

TOTAL INVESTMENTS IN SECURITIES-100.05% (Cost $900,170)				1,139,652
OTHER ASSETS LESS LIABILITIES-(0.05)%				(529	)

NET ASSETS-100.00%			$	1,139,123

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)

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 period ended October 31, 2021.


	Value October 31, 2020		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		$-		$430,777		$(413,887)		$-		$-		$16,890		$3

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


		13

Invesco Focused Discovery Growth ETF (IVDG)–(continued)

October 31, 2021


	Value October 31, 2020			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		$	-		$	129,460		$	(129,460	)		$	-		$	-		$	-		$	-
Invesco Private Prime Fund			-			237,465			(237,465	)			-			-			-			4	*

Total		$	-		$	797,702		$	(780,812	)		$	-		$	-		$	16,890		$	7

*	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.


		14

Invesco Real Assets ESG ETF (IVRA)

October 31, 2021

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.31%
Consumer Staples-1.46%
Archer-Daniels-Midland Co.		439	$	28,201

Energy-22.59%
Cheniere Energy, Inc.^(b)		595		61,523
Enbridge, Inc. (Canada)		2,480		103,718
Gibson Energy, Inc. (Canada)		1,276		25,673
Keyera Corp. (Canada)^(c)		906		23,184
Kinder Morgan, Inc.		708		11,859
ONEOK, Inc.		965		61,393
Pembina Pipeline Corp. (Canada)		1,884		62,271
Targa Resources Corp.		606		33,130
TC Energy Corp. (Canada)		601		32,461
Williams Cos., Inc. (The)		775		21,770

				436,982

Industrials-0.26%
Grupo Aeroportuario del Centro Norte S.A.B. de C.V., ADR (Mexico)^(b)		102		4,936


Materials-12.73%
Agnico Eagle Mines Ltd. (Canada)		483		25,597
Canfor Corp. (Canada)^(b)		926		19,154
First Quantum Minerals Ltd. (Zambia)		1,155		27,302
FMC Corp.		438		39,862
International Paper Co.		221		10,977
Lundin Mining Corp. (Chile)		5,517		47,935
Nutrien Ltd. (Canada)		473		33,008
Sylvamo Corp.^(b)		20		563
West Fraser Timber Co. Ltd. (Canada)		359		28,699
WestRock Co.		274		13,179

				246,276

Real Estate-51.69%
Acadia Realty Trust		1,374		29,376
Agree Realty Corp.		164		11,654
Alexandria Real Estate Equities, Inc.		205		41,849
American Homes 4 Rent, Class A		580		23,548
American Tower Corp.		281		79,234
AvalonBay Communities, Inc.		111		26,271
Corporate Office Properties Trust		352		9,546
Cousins Properties, Inc.		277		10,972
Crown Castle International Corp.		153		27,586
DiamondRock Hospitality Co.^(b)		2,945		26,623
Douglas Emmett, Inc.		740		24,183
Duke Realty Corp.		557		31,326
Equinix, Inc.		57		47,713
Equity Residential		445		38,448
Federal Realty Investment Trust		115		13,840
Healthpeak Properties, Inc.		1,447		51,383
Hudson Pacific Properties, Inc.		540		13,905

Investment Abbreviations:
ADR-American Depositary Receipt
REIT-Real Estate Investment Trust


	Shares		Value
Real Estate-(continued)
JBG SMITH Properties		1,175	$	33,910
Kilroy Realty Corp.		363		24,459
Kimco Realty Corp.		814		18,396
PotlatchDeltic Corp.		311		16,256
Prologis, Inc.		908		131,624
Regency Centers Corp.		300		21,123
SBA Communications Corp., Class A		154		53,181
Simon Property Group, Inc.		367		53,795
Summit Hotel Properties, Inc.^(b)		2,929		29,290
Sunstone Hotel Investors, Inc.^(b)		1,614		19,917
UDR, Inc.		989		54,919
Washington REIT		579		14,678
Weyerhaeuser Co.		586		20,932

				999,937

Utilities-10.58%
American Water Works Co., Inc.		376		65,492
Atmos Energy Corp.		358		32,979
CenterPoint Energy, Inc.		1,616		42,080
Consolidated Edison, Inc.		850		64,090

				204,641

Total Common Stocks & Other Equity Interests (Cost $1,681,587)				1,920,973

Money Market Funds-0.63%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $12,077)		12,077		12,077

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $1,693,664)				1,933,050


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.27%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		1,639		1,639
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		3,664		3,665

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,304)				5,304

TOTAL INVESTMENTS IN SECURITIES-100.21% (Cost $1,698,968)				1,938,354
OTHER ASSETS LESS LIABILITIES-(0.21)%				(3,974	)

NET ASSETS-100.00%			$	1,934,380

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


		15

Invesco Real Assets ESG ETF (IVRA)–(continued)

October 31, 2021

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 October 31, 2020			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		$	-		$	186,173		$	(174,096	)		$	-		$	-		$	12,077		$	2
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			92,068			(90,429	)			-			-			1,639			1	*
Invesco Private Prime Fund			-			134,929			(131,264	)			-			-			3,665			9	*

Total		$	-		$	413,170		$	(395,789	)		$	-		$	-		$	17,381		$	12

*	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.

This Fund has holdings greater than 10% of net assets in the following country:


Canada			18.29	%

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


		16

Invesco Select Growth ETF (IVSG)

October 31, 2021

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.59%
Communication Services-14.72%
Alphabet, Inc., Class A^(b)		25	$	74,023
Electronic Arts, Inc.		229		32,117
Meta Platforms, Inc., Class A^(b)		217		70,215
Sea Ltd., ADR (Taiwan)^(b)		98		33,670

				210,025

Consumer Discretionary-18.63%
Amazon.com, Inc.^(b)		30		101,173
Booking Holdings, Inc.^(b)		32		77,465
Farfetch Ltd., Class A (United Kingdom)^(b)		992		38,896
Penn National Gaming, Inc.^(b)		674		48,259

				265,793

Energy-3.18%
Occidental Petroleum Corp.		1,354		45,400


Financials-4.70%
Apollo Global Management, Inc.^(c)		871		67,023


Health Care-7.35%
Intuitive Surgical, Inc.^(b)		93		33,585
IQVIA Holdings, Inc.^(b)		136		35,553
Kura Oncology, Inc.^(b)		2,179		35,779

				104,917

Industrials-2.74%
United Rentals, Inc.^(b)		103		39,048


Information Technology-45.97%
Apple, Inc.		414		62,017
Applied Materials, Inc.		475		64,909
DocuSign, Inc.^(b)		108		30,055
Microsoft Corp.		599		198,640
NVIDIA Corp.		292		74,656
Palo Alto Networks, Inc.^(b)		151		76,873
PayPal Holdings, Inc.^(b)		156		36,284
QUALCOMM, Inc.		486		64,658


	Shares		Value
Information Technology-(continued)
Shopify, Inc., Class A (Canada)^(b)		18	$	26,401
Square, Inc., Class A^(b)		84		21,378

				655,871

Materials-2.30%
Freeport-McMoRan, Inc.		870		32,816

Total Common Stocks & Other Equity Interests (Cost $1,168,239)				1,420,893


Money Market Funds-0.45%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $6,376)		6,376		6,376

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.04% (Cost $1,174,615)				1,427,269


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-4.83%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		20,688		20,688
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		48,253		48,272

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $68,960)				68,960

TOTAL INVESTMENTS IN SECURITIES-104.87% (Cost $1,243,575)				1,496,229
OTHER ASSETS LESS LIABILITIES-(4.87)%				(69,452	)

NET ASSETS-100.00%			$	1,426,777

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 October 31, 2020		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		$-		$ 73,683		$ (67,307)		$-		$-		$ 6,376		$1

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


		17

Invesco Select Growth ETF (IVSG)–(continued)

October 31, 2021


	Value October 31, 2020			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		$	-		$	122,994		$	(102,306	)		$	-		$	-		$	20,688		$	-
Invesco Private Prime Fund			-			283,305			(235,033	)			-			-			48,272			6	*

Total		$	-		$	479,982		$	(404,646	)		$	-		$	-		$	75,336		$	7

*	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.


		18

Invesco US Large Cap Core ESG ETF (IVLC)

October 31, 2021

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.58%
Communication Services-10.48%
Alphabet, Inc., Class A^(b)		119	$	352,349
Comcast Corp., Class A		1,235		63,516
Electronic Arts, Inc.		446		62,552
Netflix, Inc.^(b)		148		102,166
Snap, Inc., Class A^(b)		939		49,373
Verizon Communications, Inc.		1,859		98,508

				728,464

Consumer Discretionary-13.09%
Amazon.com, Inc.^(b)		106		357,478
D.R. Horton, Inc.		782		69,809
Dollar General Corp.		230		50,950
Expedia Group, Inc.^(b)		452		74,313
Home Depot, Inc. (The)		370		137,544
O’Reilly Automotive, Inc.^(b)		133		82,768
Ross Stores, Inc.		532		60,222
Target Corp.		295		76,588

				909,672

Consumer Staples-5.30%
Mondelez International, Inc., Class A		1,381		83,882
PepsiCo, Inc.		553		89,365
Procter & Gamble Co. (The)		743		106,241
Sysco Corp.		1,159		89,127

				368,615

Energy-1.51%
Baker Hughes Co., Class A		4,178		104,784


Financials-12.30%
Allstate Corp. (The)		516		63,814
American Express Co.		574		99,750
Equitable Holdings, Inc.		2,205		73,867
Intercontinental Exchange, Inc.		883		122,260
JPMorgan Chase & Co.		1,525		259,082
Marsh & McLennan Cos., Inc.		586		97,745
S&P Global, Inc.		193		91,513
SVB Financial Group^(b)		65		46,631

				854,662

Health Care-12.17%
AstraZeneca PLC, ADR (United Kingdom)		1,669		104,112
Cooper Cos., Inc. (The)		215		89,638
Danaher Corp.		347		108,184
Eli Lilly and Co.		436		111,075
HCA Healthcare, Inc.		560		140,258
Seagen, Inc.^(b)		432		76,175
UnitedHealth Group, Inc.		470		216,421

				845,863

Industrials-10.00%
Deere & Co.		205		70,173
Hubbell, Inc.		339		67,586
Otis Worldwide Corp.		867		69,629
Rockwell Automation, Inc.		222		70,907
Stanley Black & Decker, Inc.		259		46,550
Trane Technologies PLC		303		54,822
Union Pacific Corp.		400		96,560


	Shares		Value
Industrials-(continued)
United Parcel Service, Inc., Class B		715	$	152,631
Waste Connections, Inc.		485		65,965

				694,823

Information Technology-28.22%
Accenture PLC, Class A		360		129,164
Advanced Micro Devices, Inc.^(b)		679		81,636
Apple, Inc.		2,181		326,714
Applied Materials, Inc.		918		125,445
Fiserv, Inc.^(b)		889		87,558
Microsoft Corp.		1,558		516,664
QUALCOMM, Inc.		883		117,474
salesforce.com, inc.^(b)		521		156,138
TE Connectivity Ltd.		453		66,138
Texas Instruments, Inc.		579		108,551
Visa, Inc., Class A		608		128,756
VMware, Inc., Class A^(b)		305		46,269
Workday, Inc., Class A^(b)		245		71,045

				1,961,552

Materials-1.17%
Air Products and Chemicals, Inc.		271		81,249


Real Estate-3.40%
Alexandria Real Estate Equities, Inc.		185		37,766
American Tower Corp.		190		53,574
Prologis, Inc.		1,002		145,250

				236,590

Utilities-1.94%
Avangrid, Inc.^(c)		746		39,314
NextEra Energy, Inc.		1,120		95,570

				134,884

Total Common Stocks & Other Equity Interests (Cost $6,341,974)				6,921,158


Money Market Funds-0.37%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $26,020)		26,020		26,020

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $6,367,994)				6,947,178


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.58%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		12,583		12,583

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


		19

Invesco US Large Cap Core ESG ETF (IVLC)–(continued)

October 31, 2021


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		27,627	$	27,638

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $40,221)				40,221

TOTAL INVESTMENTS IN SECURITIES-100.53% (Cost $6,408,215)				6,987,399
OTHER ASSETS LESS LIABILITIES-(0.53)%				(37,036	)

NET ASSETS-100.00%			$	6,950,363

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 October 31, 2020			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		$	-		$	189,145		$	(163,125	)		$	-		$	-		$	26,020		$	3
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			228,202			(215,619	)			-			-			12,583			1	*
Invesco Private Prime Fund			-			286,155			(258,517	)			-			-			27,638			18	*

Total		$	-		$	703,502		$	(637,261	)		$	-		$	-		$	66,241		$	22

*	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.


		20

Statements of Assets and Liabilities

October 31, 2021


	Invesco Focused Discovery Growth ETF (IVDG)			Invesco Real Assets ESG ETF (IVRA)			Invesco Select Growth ETF (IVSG)			Invesco US Large Cap Core ESG ETF (IVLC)
Assets:
Unaffiliated investments in securities, at value^(a)		$	1,122,762		$	1,920,973		$	1,420,893		$	6,921,158
Affiliated investments in securities, at value			16,890			17,381			75,336			66,241
Cash			-			-			-			326
Foreign currencies, at value			-			359			-			-
Receivable for:
Dividends			46			1,921			66			5,537
Securities lending			-			7			3			67

Total assets			1,139,698			1,940,641			1,496,298			6,993,329


Liabilities:
Payable for:
Collateral upon return of securities loaned			-			5,304			68,960			40,221
Accrued unitary management fees			575			957			561			2,745

Total liabilities			575			6,261			69,521			42,966

Net Assets		$	1,139,123		$	1,934,380		$	1,426,777		$	6,950,363


Net assets consist of:
Shares of beneficial interest		$	984,067		$	1,632,990		$	1,199,730		$	6,331,417
Distributable earnings			155,056			301,390			227,047			618,946

Net Assets		$	1,139,123		$	1,934,380		$	1,426,777		$	6,950,363


Shares outstanding (unlimited amount authorized, $0.01 par value)			80,001			130,001			100,001			470,001
Net asset value		$	14.24		$	14.88		$	14.27		$	14.79

Market price		$	14.25		$	14.96		$	14.26		$	14.78

Unaffiliated investments in securities, at cost		$	883,280		$	1,681,587		$	1,168,239		$	6,341,974

Affiliated investments in securities, at cost		$	16,890		$	17,381		$	75,336		$	66,241
Foreign currencies, at cost		$	-		$	359		$	-		$	-

^(a)Includes securities on loan with an aggregate value of:		$	-		$	4,990		$	66,331		$	38,893

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


		21

Statements of Operations

For the period ended October 31, 2021^(a)


	Invesco Focused Discovery Growth ETF (IVDG)				Invesco Real Assets ESG ETF (IVRA)				Invesco Select Growth ETF (IVSG)				Invesco US Large Cap Core ESG ETF (IVLC)

Investment income:
Unaffiliated dividend income		$	2,462			$	34,895			$	4,803			$	50,068
Affiliated dividend income			3				2				1				3
Securities lending income			7				56				9				134
Foreign withholding tax			-				(1,945	)			-				(25	)

Total investment income			2,472				33,008				4,813				50,180


Expenses:
Unitary management fees			6,535				7,914				5,404				18,301
Tax expenses			-				145				-				14

Total expenses			6,535				8,059				5,404				18,315

Net investment income (loss)			(4,063	)			24,949				(591	)			31,865


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(80,537	)			78,320				(25,173	)			36,884
In-kind redemptions			69,010				-				-				98,550
Foreign currencies			-				114				-				-

Net realized gain (loss)			(11,527	)			78,434				(25,173	)			135,434

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			239,482				239,386				252,654				579,184
Foreign currencies			-				(1	)			-				-

Change in net unrealized appreciation			239,482				239,385				252,654				579,184

Net realized and unrealized gain			227,955				317,819				227,481				714,618

Net increase in net assets resulting from operations		$	223,892			$	342,768			$	226,890			$	746,483

^(a) For the period December 17, 2020 (commencement of investment operations) through October 31, 2021.

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


		22

Statements of Changes in Net Assets

For the period ended October 31, 2021^(a)


	Invesco Focused Discovery Growth ETF (IVDG)				Invesco Real Assets ESG ETF (IVRA)				Invesco Select Growth ETF (IVSG)				Invesco US Large Cap Core ESG ETF (IVLC)
	2021				2021				2021				2021

Operations:
Net investment income (loss)		$	(4,063	)		$	24,949			$	(591	)		$	31,865
Net realized gain (loss)			(11,527	)			78,434				(25,173	)			135,434
Change in net unrealized appreciation			239,482				239,385				252,654				579,184

Net increase in net assets resulting from operations			223,892				342,768				226,890				746,483


Distributions to Shareholders from:
Distributable earnings			-				(41,522	)			(125	)			(29,001	)


Shareholder Transactions:
Proceeds from shares sold			1,320,645				1,633,134				1,200,012				7,062,656
Value of shares repurchased			(405,414	)			-				-				(829,775	)

Net increase in net assets resulting from share transactions			915,231				1,633,134				1,200,012				6,232,881

Net increase in net assets			1,139,123				1,934,380				1,426,777				6,950,363


Net assets:
Beginning of period			-				-				-				-

End of period		$	1,139,123			$	1,934,380			$	1,426,777			$	6,950,363


Changes in Shares Outstanding:
Shares sold			110,001				130,001				100,001				530,001
Shares repurchased			(30,000	)			-				-				(60,000	)
Shares outstanding, beginning of period			-				-				-				-

Shares outstanding, end of period			80,001				130,001				100,001				470,001

^(a) For the period December 17, 2020 (commencement of investment operations) through October 31, 2021.

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


		23

Financial Highlights

Invesco Focused Discovery Growth ETF (IVDG)


	For the Period
	December 17, 2020^(a)
	Through
	October 31,
	2021

Per Share Operating Performance:
Net asset value at beginning of period		$	12.00

Net investment income (loss)^(b)			(0.04	)
Net realized and unrealized gain on investments			2.28

Total from investment operations			2.24

Net asset value at end of period		$	14.24

Market price at end of period^(c)		$	14.25

Net Asset Value Total Return^(d)			18.67	%^(e)
Market Price Total Return^(d)			18.75	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,139
Ratio to average net assets of:
Expenses			0.58	%^(f)
Net investment income (loss)			(0.36	)%^(f)
Portfolio turnover rate^(g)			135	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

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.

^(e)	The net asset value total return from Fund Inception (December 22, 2020, the first day of trading on the exchange) to October 31, 2021 was 16.53%. The market price total return from Fund Inception to October 31, 2021 was 16.61%.

^(f)	Annualized.

^(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.


		24

Financial Highlights–(continued)

Invesco Real Assets ESG ETF (IVRA)


	For the Period
	December 17, 2020^(a)
	Through
	October 31,
	2021
Per Share Operating Performance:
Net asset value at beginning of period		$	12.00

Net investment income^(b)			0.22
Net realized and unrealized gain on investments			3.04

Total from investment operations			3.26

Distributions to shareholders from:
Net investment income			(0.38	)

Net asset value at end of period		$	14.88

Market price at end of period^(c)		$	14.96

Net Asset Value Total Return^(d)			27.65	%^(e)
Market Price Total Return^(d)			28.33	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,934
Ratio to average net assets of:
Expenses			0.60	%^(f)
Net investment income			1.86	%^(f)
Portfolio turnover rate^(g)			52	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (December 22, 2020, the first day of trading on the exchange) to October 31, 2021 was 32.40%. The market price total return from Fund Inception to October 31, 2021 was 32.53%.

^(f)	Annualized.

^(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.


		25

Financial Highlights–(continued)

Invesco Select Growth ETF (IVSG)


	For the Period
	December 17, 2020^(a)
	Through
	October 31,
	2021
Per Share Operating Performance:
Net asset value at beginning of period		$	12.00

Net investment income (loss)^(b)			(0.01	)
Net realized and unrealized gain on investments			2.28

Total from investment operations			2.27

Net asset value at end of period		$	14.27

Market price at end of period^(c)		$	14.26

Net Asset Value Total Return^(d)			18.93	%^(e)
Market Price Total Return^(d)			18.84	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,427
Ratio to average net assets of:
Expenses			0.47	%^(f)
Net investment income (loss)			(0.05	)%^(f)
Portfolio turnover rate^(g)			33	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (December 22, 2020, the first day of trading on the exchange) to October 31, 2021 was 18.93%. The market price total return from Fund Inception to October 31, 2021 was 18.65%.

^(f)	Annualized.

^(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.


		26

Financial Highlights–(continued)

Invesco US Large Cap Core ESG ETF (IVLC)


	For the Period
	December 17, 2020^(a)
	Through
	October 31,
	2021
Per Share Operating Performance:
Net asset value at beginning of period		$	12.00

Net investment income^(b)			0.10
Net realized and unrealized gain on investments			2.78

Total from investment operations			2.88

Distributions to shareholders from:
Net investment income			(0.09	)

Net asset value at end of period		$	14.79

Market price at end of period^(c)		$	14.78

Net Asset Value Total Return^(d)			24.07	%^(e)
Market Price Total Return^(d)			23.98	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	6,950
Ratio to average net assets of:
Expenses			0.47	%^(f)
Net investment income			0.82	%^(f)
Portfolio turnover rate^(g)			50	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (December 22, 2020, the first day of trading on the exchange) to October 31, 2021 was 25.01%. The market price total return from Fund Inception to October 31, 2021 was 24.82%.

^(f)	Annualized.

^(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.


		27

Notes to Financial Statements

Invesco Actively Managed Exchange-Traded Fund Trust

October 31, 2021

NOTE 1–Organization

Invesco Actively Managed Exchange-Traded Fund Trust (the “Trust”) was organized as a Delaware statutory 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 Focused Discovery Growth ETF (IVDG)		“Focused Discovery Growth ETF”

Invesco Real Assets ESG ETF (IVRA)		“Real Assets ESG ETF”

Invesco Select Growth ETF (IVSG)		“Select Growth ETF”

Invesco US Large Cap Core ESG ETF (IVLC)		“US Large Cap Core ESG 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 the Cboe BZX Exchange, 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 for Focused Discovery Growth ETF and Select Growth ETF are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities which includes a significant percentage of securities held in each Fund’s portfolio, but excludes or modifies the weightings of certain securities (the “Substitute Basket”). The Substitute Basket may also include cash. Creation Units for Real Assets ESG ETF and US Large Cap Core ESG ETF are issued and redeemed principally in exchange for (1) select recently disclosed portfolio holdings (“Strategy Components”), (2) ETFs that convey information about the types of instruments in which each Fund invests (“Representative ETFs”) and (3) cash and cash equivalents (the “Tracking Basket”). Except when aggregated in Creation Units by authorized participants, the Shares are not individually redeemable securities of the Funds.

The investment objective of Focused Discovery Growth ETF and US Large Cap Core ESG ETF is to seek capital appreciation. The investment objective of Real Assets ESG ETF is to seek capital appreciation with a secondary objective of current income. The investment objective of Select Growth ETF is to seek long-term capital appreciation.

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


		28

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


		29

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

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

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

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

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

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

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

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

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


		30

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 fiscal year ended October 31, 2021, there were no securities lending transactions with Invesco.

Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities listed on a foreign exchange that trade on such exchange synchronously with the shares of the Fund, and such investments may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.

K.	Other Risks

Active Trading Risk. Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

ADR Risk. Certain Funds may invest in American Depositary Receipts (“ADRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. ADRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the


		31

performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading

Arbitrage Risk. Unlike ETFs that publicly disclose their complete portfolio holdings each Business Day, the Funds provide certain other information intended to allow market participants to estimate the value of positions in Fund shares. Although this information is designed to facilitate arbitrage opportunities in Shares to reduce bid/ask spread and minimize discounts or premiums between the market price and the NAV of the Shares, there is no guarantee the Funds’ arbitrage mechanism will operate as intended and that the Funds will not experience wide bid/ask spreads and/or large discounts or premiums to NAV. In addition, market participants may attempt to use the disclosed information to “reverse engineer” the Funds’ trading strategy, which, if successful, could increase opportunities for predatory trading practices that may have the potential to negatively impact the Funds’ performance.

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.

Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging markets securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

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.

ESG Investing Strategy Risk. The stocks of companies with favorable environmental, social and governance (“ESG”) attributes may underperform the stock market as a whole. As a result, Real Assets ESG ETF and US Large Cap Core ESG ETF may underperform other funds that do not screen companies based on ESG attributes. The criteria used to select companies for investment may result in Real Assets ESG ETF and US Large Cap Core ESG ETF investing in securities, industries or sectors that underperform the market as a whole or underperform other funds screened for ESG standards.

Fluctuation of Net Asset Value and Share Price Risk. Shares may trade at a larger premium or discount to the NAV than shares of other ETFs, including ETFs that make their daily holdings public. The NAV of the Funds will generally fluctuate with changes in the market value of the Funds’ holdings. The Shares can be bought and sold in the secondary market at market prices. Disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for the Shares may result in the Shares trading significantly above (at a premium) or below (at a discount) NAV. In addition, in stressed market conditions or periods of market disruption or volatility, the market for shares may become less liquid in response to deteriorating liquidity in the markets for the Funds’ underlying portfolio holdings.


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Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns.

Industry Concentration Risk. Certain Funds are concentrated to a significant degree in securities of issuers operating in a single industry or industry group. By concentrating its investments in an industry or industry group, such Funds may face more risks than if they were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which some Funds invest, 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.

Management Risk. The Funds are subject to management risk because they are actively managed portfolios. In managing a Fund’s portfolio securities, the Adviser or a sub-adviser (as applicable and as set forth below), applies investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these will produce the desired results.

Market Risk. The Funds’ holdings 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 holdings in a Fund’s portfolio. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

Non-Diversified Fund Risk. Because each Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

Non-Transparent Actively Managed Fund Risk. Focused Discovery Growth ETF and Select Growth ETF publish each Business Day on each Fund’s website a “Substitute Basket,” which is designed to closely track the daily performance of each Fund but is not each Fund’s actual portfolio. The Substitute Basket often will include a significant percentage of the securities held in each Fund’s portfolio, but it will exclude (or modify the weightings of) certain securities held in each Fund’s portfolio, such as those securities that each Fund’s portfolio managers are actively looking to purchase or sell. Disclosure of the Substitute Basket structure may affect the price at which Shares trade in the secondary market. Although the Substitute Basket is intended to provide investors with enough information to allow for an effective arbitrage mechanism that will keep the market price of each Fund at or close to each Fund’s NAV per share, there is a risk that market prices will vary significantly from NAV. By trading on the basis of a published Substitute Basket, each Fund may trade at a wider bid/ask spread than ETFs that publish their full portfolios on a daily basis, and therefore, may cost investors more to trade. These risks may increase during periods of market disruption or volatility. In addition, although each Fund seeks to benefit from keeping its portfolio information secret, market participants may attempt to use the Substitute Basket to identify the fund’s trading strategy. If successful, this could result in such market participants engaging in certain predatory trading practices that may have the potential to harm each Fund and its shareholders, such as front running each Fund’s trades of portfolio securities. Real Assets ESG ETF and US Large Cap Core ESG ETF publish each Business Day on each Fund’s website a “Tracking Basket,” which is designed to closely track the daily performance of each Fund but is not each Fund’s actual portfolio. The Tracking Basket is comprised of: (1) Strategy Components; (2) Representative ETFs; and (3) cash and cash equivalents. Each Fund also publishes each Business Day on its website the “Tracking Basket Weight Overlap,” which is the percentage weight overlap between the holdings of the prior Business Day’s Tracking Basket compared to the holdings of each Fund that formed the basis for each Fund’s calculation of NAV per share at the end of the prior Business Day. The Tracking Basket Weight Overlap is designed to provide investors with an understanding of how similar the Tracking Basket is to each Fund’s actual portfolio in percentage terms. Given the differences between each Fund and ETFs that disclose their complete holdings daily, there is a risk that market prices of each Fund may vary significantly from NAV, and that the Shares may trade at a wider bid/ask spread—and therefore cost investors more to trade—than shares of other ETFs. These risks are heightened during periods of market disruption or volatility. Similarly to mutual funds and other ETFs, each Fund discloses the complete schedule of its portfolio holdings on Form N-PORT after its first and third fiscal quarters and in shareholder reports after its second and fourth fiscal quarters.

Real Assets Companies Risk. Investments in real assets companies may involve a higher degree of risk, including significant financial, operating, and competitive risks, and may expose the Real Assets ESG ETF to adverse macroeconomic conditions,


		33

such as changes and volatility in commodity prices, a rise in interest rates or a downturn in the economy in which the asset is located, elevating the risk of loss. Real assets are characterized by having physical attributes, including real estate, infrastructure, natural resources and timber.

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.

Trading Halt Risk. There may be circumstances where a security held in a Fund’s portfolio but not in the Substitute Basket or Tracking Basket does not have readily available market quotations. If the Adviser or the Affiliated Sub-Adviser determines that such circumstance may affect the reliability of the Substitute Basket or Tracking Basket as an arbitrage vehicle, that information, along with the identity and weighting of that security in the Fund’s portfolio, will be publicly disclosed on the Fund’s website and the Adviser or the Sub-Adviser will assess appropriate remedial measures. In these circumstances, market participants may use this information to engage in certain predatory trading practices that may have the potential to harm the Fund and its shareholders. If securities representing 10% or more of the Fund’s portfolio do not have readily available market quotations, the Adviser would promptly request the Cboe BZX Exchange, Inc. (the “Exchange”) to halt trading on the Fund, meaning that investors would not be able to trade the Shares. Moreover, trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged.

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 Agreements and Other Agreements

The Trust has entered into Investment Advisory Agreements 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, providing certain clerical, bookkeeping and other administrative services, and for each Fund, oversight of the Affiliated Sub-Adviser.

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


		Unitary Management Fees
		(as a % of average daily net assets)

Focused Discovery Growth ETF		0.59%

Real Assets ESG ETF		0.59%

Select Growth ETF		0.48%

US Large Cap Core ESG ETF		0.48%


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The Adviser has entered into an Investment Sub-Advisory Agreement with the Affiliated Sub-Adviser for each Fund. The sub-advisory fee for these Funds is paid by the Adviser to the Affiliated Sub-Adviser at 40% of the Adviser’s compensation of the sub-advised assets of each Fund.

Further, through at least August 31, 2023, the Adviser has contractually agreed to waive the management fee payable by the Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the period December 17, 2020 (commencement of investment operations) through October 31, 2021, the Adviser did not waive fees and/or pay Fund expenses for the Funds.

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 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.

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

NOTE 4–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 Focused Discovery Growth ETF). As of October 31, 2021, all of the securities in Focused Discovery Growth 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
Real Assets ESG ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	1,920,973		$	-		$	-		$	1,920,973
Money Market Funds			12,077			5,304			-			17,381

Total Investments		$	1,933,050		$	5,304		$	-		$	1,938,354

Select Growth ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	1,420,893		$	-		$	-		$	1,420,893
Money Market Funds			6,376			68,960			-			75,336

Total Investments		$	1,427,269		$	68,960		$	-		$	1,496,229


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	Level 1			Level 2			Level 3			Total
US Large Cap Core ESG ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	6,921,158		$	-		$	-		$	6,921,158
Money Market Funds			26,020			40,221			-			66,241

Total Investments		$	6,947,178		$	40,221		$	-		$	6,987,399

NOTE 5–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Period December 17, 2020 (Commencement of Investment Operations) through October 31, 2021:


	2021
	Ordinary
	Income*
Focused Discovery Growth ETF	$	-
Real Assets ESG ETF		41,522
Select Growth ETF		125
US Large Cap Core ESG ETF		29,001

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-End:


										Net
							Net			Unrealized								Late-Year
	Undistributed			Undistributed			Unrealized			(Depreciation)-								Ordinary				Shares of
	Ordinary			Long-Term			Appreciation-			Foreign				Capital Loss				Loss				Beneficial			Total
	Income			Capital Gains			Investments			Currencies				Carryforwards				Deferral				Interest			Net Assets
Focused Discovery Growth ETF		$	-		$	-		$	239,482		$	-			$	(80,499	)		$	(3,927	)		$	984,067		$	1,139,123
Real Assets ESG ETF			57,474			4,537			239,380			(1	)			-				-				1,632,990			1,934,380
Select Growth ETF			-			-			252,654			-				(25,173	)			(434	)			1,199,730			1,426,777
US Large Cap Core ESG ETF			40,621			-			578,325			-				-				-				6,331,417			6,950,363

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 have capital loss carryforwards as of October 31, 2021, as follows:


	No expiration
	Short-Term			Long-Term			Total
Focused Discovery Growth ETF		$	80,499		$	-		$	80,499
Real Assets ESG ETF			-			-			-
Select Growth ETF			25,173			-			25,173
US Large Cap Core ESG ETF			-			-			-

NOTE 6–Investment Transactions

For the period December 17, 2020 (commencement of investment operations) through 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
Focused Discovery Growth ETF		$	2,845,023		$	1,701,638
Real Assets ESG ETF			2,079,737			795,733
Select Growth ETF			1,622,709			429,297
US Large Cap Core ESG ETF			3,244,384			2,032,582


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For the period December 17, 2020 (commencement of investment operations) through October 31, 2021, in-kind transactions associated with creations and redemptions were as follows:


	In-kind		In-kind
	Purchases		Sales
Focused Discovery Growth ETF	$	109,324	$	357,902
Real Assets ESG ETF		327,708		-
Select Growth ETF		-		-
US Large Cap Core ESG ETF		5,722,798		728,036

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			Gross				Net
	Unrealized			Unrealized				Unrealized
	Appreciation			(Depreciation)				Appreciation			Cost
Focused Discovery Growth ETF		$	245,403		$	(5,921	)		$	239,482		$	900,170
Real Assets ESG ETF			267,023			(27,643	)			239,380			1,698,974
Select Growth ETF			286,862			(34,208	)			252,654			1,243,575
US Large Cap Core ESG ETF			683,295			(104,970	)			578,325			6,409,074

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatmnt of redemptions-in-kind and distributions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the period December 17, 2020 (commencement of investment operations) through October 31, 2021, the reclassifications were as follows:


	Undistributed Net			Undistributed Net				Shares of
	Investment Income			Realized Gain (Loss)				Beneficial Interest
Focused Discovery Growth ETF		$	136		$	(68,972	)		$	68,836
Real Assets ESG ETF			16,573			(16,429	)			(144	)
Select Growth ETF			282			-				(282	)
US Large Cap Core ESG ETF			14			(98,550	)			98,536

NOTE 8–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

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

NOTE 9–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. For Focused Discovery Growth ETF and Select Growth ETF, such transactions are principally permitted in exchange for the securities and cash in each Fund’s Substitution Basket. For Real Assets ESG ETF and US Large Cap Core ESG ETF, such transactions are principally permitted in exchange for the Strategy Components included in each Fund’s Tracking Basket, together with an amount of cash corresponding to the value of the Representative ETFs and cash and cash equivalents that form the remainder of the Tracking Basket. 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,


		37

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.


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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Actively Managed Exchange-Traded Fund Trust and Shareholders of Invesco Focused Discovery Growth ETF, Invesco Real Assets ESG ETF, Invesco Select Growth ETF and Invesco US Large Cap Core ESG ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Focused Discovery Growth ETF, Invesco Real Assets ESG ETF, Invesco Select Growth ETF and Invesco US Large Cap Core ESG ETF (four of the funds constituting Invesco Actively Managed Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2021, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period December 17, 2020 (commencement of investment operations) through October 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, and the results of each of their operations, changes in each of their net assets, and each of the financial highlights for the period December 17, 2020 (commencement of investment operations) through October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

December 22, 2021

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.


		39

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Actively Managed Exchange-Traded Fund Trust, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.


							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	May 1, 2021			October 31, 2021			Six-Month Period			Six-Month Period⁽¹⁾
Invesco Focused Discovery Growth ETF (IVDG)
Actual		$	1,000.00		$	1,136.50		0.59	%		$	3.18
Hypothetical (5% return before expenses)			1,000.00			1,022.23		0.59				3.01
Invesco Real Assets ESG ETF (IVRA)
Actual			1,000.00			1,088.70		0.61				3.21
Hypothetical (5% return before expenses)			1,000.00			1,022.13		0.61				3.11
Invesco Select Growth ETF (IVSG)
Actual			1,000.00			1,082.80		0.48				2.52
Hypothetical (5% return before expenses)			1,000.00			1,022.79		0.48				2.45
Invesco US Large Cap Core ESG ETF (IVLC)
Actual			1,000.00			1,106.90		0.48				2.55
Hypothetical (5% return before expenses)			1,000.00			1,022.79		0.48				2.45

⁽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. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.


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Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2021:


							Corporate
	Qualified			Qualified			Dividends						Business
	Business			Dividend			Received			U.S. Treasury			Interest			Qualified Short
	Income*			Income*			Deduction*			Obligations*			Income*			Term Gains
Invesco Focused Discovery Growth ETF		0	%		0	%		0	%		0	%		0	%		$	-
Invesco Real Assets ESG ETF		12	%		19	%		8	%		0	%		0	%			16,315
Invesco Select Growth ETF		0	%		0	%		0	%		0	%		0	%			-
Invesco US Large Cap Core ESG ETF		0	%		66	%		63	%		0	%		0	%			-

*	The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


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Trustees and Officers

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below:

As of October 31, 2021


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2008	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	234	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017- Present).

Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	234	None.

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


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Trustees and Officers–(continued)

Name, Address and Year of
Birth of Independent Trustees

Position(s)
Held

with Trust

Term of
Office

and

Length of
Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

Other
Directorships
Held by
Independent
Trustees During
the Past 5 Years

Edmund P. Giambastiani,

Jr.–1948

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2019

President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Director, First Eagle Alternative Credit LLC (2020-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).

234

Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		43

Trustees and Officers–(continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Victoria J. Herget–1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	234	Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012- 2019); Board Chair (2008-2015) and Director (2004- 2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment
					Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


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Trustees and Officers–(continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee and Trustee since 2008	Managing Director of Finance (2020-Present) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	234	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	234	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


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Trustees and Officers–(continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Joanne Pace–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.	234	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016- Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Board Member, 100 Women in Finance (2015-2020); Trustee, certain funds in the Oppenheimer
					Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC,
					Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		46

Trustees and Officers–(continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker - 1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	234	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).

Donald H. Wilson - 1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman since 2012; Trustee since 2008	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank–Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	234	Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present).

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		47

Trustees and Officers–(continued)

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below:

Name, Address and Year of
Birth of Interested Trustee

Position(s)
Held

with Trust

Term of
Office and
Length of
Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Number of
Portfolios in
Fund
Complex**
Overseen by
Interested
Trustee

Other
Directorships
Held by
Interested
Trustee During
the Past 5 Years

Kevin M. Carome–1956 Invesco Ltd.

Two Peachtree Pointe

1555 Peachtree St., N.E.,

Suite 1800

Atlanta, GA 30309

Trustee

Since 2014

Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008-Present), Invesco North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Secretary (2012-2020), Invesco Services (Bahamas) Private Limited; Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007- 2019); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.

234

None

*	This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		48

Trustees and Officers–(continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2020	President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); formerly, Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).

Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2020	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020).

Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).

*	This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.


		49

Trustees and Officers–(continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, the Invesco Funds (2014-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

Michael McMaster–1962 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Chief Tax Officer	Since 2020	Vice President and Head of Global Fund Services Tax, Invesco Advisers, Inc. (2020-Present); Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds (2020-Present); Assistant Treasurer, Invesco Capital Management LLC (2020-Present); Chief Tax Officer and Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Treasurer, Invesco Specialized Products, LLC (2020-Present); formerly, Senior Vice President, Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) (2007-2020).

*	This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.


		50

Trustees and Officers–(continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present) and Vice President, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange- Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020).

Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

Melanie Zimdars–1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

*	This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.


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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-AR-6

invesco.com/ETFs