N-CSR

Domestic Equity

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

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

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

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

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P 500^® Index (the “Parent Index”) that exhibit strong growth characteristics. First, each security in the Parent Index is assigned two “style scores”— one for growth and one for value—based on the characteristics of the issuer. The “growth score” is measured using three factors: three-year sales per share growth rate, the ratio of the three-year net change in earnings per share to current price per share, and momentum (the 12-month percentage change in price). The “value score” is measured using three other factors: book-value to-price ratio, earnings to price ratio, and sales to price ratio. The securities in the Parent Index are then ranked based on their relative growth and value scores. Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both growth and value characteristics, the Index is narrower in focus and excludes any overlapping securities demonstrating both growth and value characteristics and includes only those securities that exhibit “pure growth” characteristics. The Index uses a “style- attractiveness weighting” scheme, such that securities demonstrating the strongest growth characteristics generally receive proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (2.77)%. On a net asset value (“NAV”) basis, the Fund returned (2.74)%. During the same time period, the Index returned (2.46)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period. During this same time period, the S&P 500^® Growth Index returned (1.87)%.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Enphase Energy, Inc., an information technology company (portfolio average weight of 3.05%) and Eli Lilly and Co., a health care company (portfolio average weight of 2.13%). Positions that

detracted most significantly from the Fund’s return during this period included Tesla, Inc., a consumer discretionary company (no longer held at fiscal year-end) and SVB Financial Group, a financials company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Energy			28.49
Health Care			21.88
Information Technology			13.67
Materials			11.52
Industrials			6.86
Consumer Discretionary			5.69
Financials			5.57
Consumer Staples			4.21
Utilities			1.99
Money Market Funds Plus Other Assets Less Liabilities			0.12

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
Steel Dynamics, Inc.			2.58
Diamondback Energy, Inc.			2.55
Nucor Corp.			2.55
Targa Resources Corp.			2.54
Coterra Energy, Inc.			2.46
Vertex Pharmaceuticals, Inc.			2.43
Mosaic Co. (The)			2.38
Regeneron Pharmaceuticals, Inc.			2.27
APA Corp.			2.05
EQT Corp.			2.03
Total			23.84

*	Excluding money market fund holdings.

Guggenheim S&P 500^® Pure Growth ETF (the “Predecessor Fund”) Inception: March 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

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

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P 500^® Index (the “Parent Index”) that exhibit strong value characteristics. First, each security in the Parent Index is assigned two “style scores”— one for value and one for growth—based on the characteristics of the issuer. The “value score” is measured using three factors: book-value-to-price ratio, earnings to price ratio, and sales to price ratio. The “growth score” is measured using three other factors: three-year sales per share growth rate, the ratio of the three-year net change in earnings per share to current price per share, and momentum (the 12-month percentage change in price). The securities in the Parent Index are then ranked based on their relative value and growth scores. Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both value and growth characteristics, the Index is narrower in focus and excludes any overlapping securities demonstrating both value and growth characteristics and includes only those securities that exhibit “pure value” characteristics. The Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest value characteristics generally receive proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (4.31)%. On a net asset value (“NAV”) basis, the Fund returned (4.31)%. During the same time period, the Index returned (4.07)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P 500^® Value Index returned 6.74%.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included PulteGroup, Inc., a consumer discretionary company (portfolio average weight of 1.06%) and Cigna Group, a health care company (no longer held at fiscal year-end).

Positions that detracted most significantly from the Fund’s return during this period included Lumen Technologies, Inc., a communication services company (no longer held at fiscal year-end) and DISH Network Corp., Class A, a communication services company (portfolio average weight of 1.22%).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Financials			21.72
Consumer Discretionary			18.76
Communication Services			11.63
Health Care			8.87
Consumer Staples			8.38
Materials			8.03
Industrials			8.03
Information Technology			7.44
Energy			4.48
Sector Types Each Less Than 3%			2.51
Money Market Funds Plus Other Assets Less Liabilities			0.15

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
Paramount Global, Class B			4.13
Warner Bros Discovery, Inc.			2.36
General Motors Co.			2.33
Mohawk Industries, Inc.			2.32
PulteGroup, Inc.			2.27
CarMax, Inc.			2.20
Citigroup, Inc.			2.14
Walgreens Boots Alliance, Inc.			2.11
Phillips 66			2.10
WestRock Co.			2.08
Total			24.04

*	Excluding money market fund holdings.

Guggenheim S&P 500^® Pure Value ETF (the “Predecessor Fund”) Inception: March 1, 2006

Notes Regarding Indexes and Fund Performance History:

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

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

As an index fund, the Invesco S&P 500^® Top 50 ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Top 50 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which consists of the 50 largest companies in the S&P 500^® Index based on float-adjusted market capitalization. The Index’s components are weighted by float-adjusted market capitalization. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 2.71%. On a net asset value (“NAV”) basis, the Fund returned 2.69%. During the same time period, the Index returned 2.85%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 100^® Index (the “Benchmark Index”) returned 3.52%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 100 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of major blue-chip companies.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an index that employs a different stock universe selection process.

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

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included NVIDIA Corp., an information technology company, (portfolio average weight of 2.55%) and Microsoft Corp., an information technology company (portfolio average weight of 10.90%). Positions that detracted

most significantly from the Fund’s return during this period included Tesla, Inc., a consumer discretionary company (portfolio average weight of 3.20%) and Amazon.com, Inc., a consumer discretionary company (portfolio average weight of 5.41%).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Information Technology			37.26
Health Care			14.83
Communication Services			12.61
Consumer Discretionary			10.90
Financials			10.85
Consumer Staples			7.77
Energy			4.16
Sector Types Each Less Than 3%			1.59
Money Market Funds Plus Other Assets Less Liabilities			0.03

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
Apple, Inc.			13.34
Microsoft Corp.			12.09
Amazon.com, Inc.			4.97
NVIDIA Corp.			3.61
Alphabet, Inc., Class A			3.38
Berkshire Hathaway, Inc., Class B			3.13
Alphabet, Inc., Class C			2.97
Meta Platforms, Inc., Class A			2.83
Exxon Mobil Corp.			2.58
UnitedHealth Group, Inc.			2.43
Total			51.33

*	Excluding money market fund holdings.

Guggenheim S&P 500^® Top 50 ETF (the “Predecessor Fund”) Inception: May 4, 2005

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

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The

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

Notes Regarding Indexes and Fund Performance History:

The Blended—S&P 500^® Top 50 Index performance is comprised of the performance of the Russell Top 50^® Mega Cap Index, the Fund’s previous underlying index, prior to the conversion date, January 26, 2016, followed by the performance of the Index, starting from the conversion date through April 30, 2023.

-	Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Predecessor Fund.

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

As an index fund, the Invesco S&P MidCap 400^® Pure Growth ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400^® Pure Growth Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P MidCap 400^® Index (the “Parent Index”) that exhibit strong growth characteristics. First, each security in the Parent Index is assigned two “style scores”—one for growth and one for value—based on the characteristics of the issuer. The “growth score” is measured using three factors: three-year sales per share growth rate, the ratio of the three-year net change in earnings per share to current price per share, and momentum (the 12-month percentage change in price). The “value score” is measured using three other factors: book-value-to-price ratio, earnings-to-price ratio, and sales-to-price ratio. The securities in the Parent Index are then ranked based on their relative growth and value scores. Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both growth and value characteristics, the Index is narrower in focus and excludes any overlapping securities demonstrating both growth and value characteristics and includes only those securities that exhibit “pure growth” characteristics. The Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest growth characteristics generally receive proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (1.18)%. On a net asset value (“NAV”) basis, the Fund returned (1.27)%. During the same time period, the Index returned (0.99)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period. During this same time period, the S&P MidCap 400^® Growth Index returned 0.79%.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Shockwave Medical, Inc., a health care company (portfolio average weight of 3.93%) and Builders FirstSource, Inc., a industrials company

(portfolio average weight of 1.85%). Positions that detracted most significantly from the Fund’s return during the period included Cleveland-Cliffs Inc., a materials company (no longer held at fiscal year-end) and Halozyme Therapeutics, Inc., a health care company (portfolio average weight of 1.46%).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Energy			18.96
Industrials			18.60
Health Care			13.72
Financials			11.86
Consumer Discretionary			11.33
Materials			9.92
Consumer Staples			5.16
Information Technology			3.92
Communication Services			3.40
Utilities			3.07
Money Market Funds Plus Other Assets Less Liabilities			0.06

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
Shockwave Medical, Inc.			2.64
Builders FirstSource, Inc.			2.56
Annaly Capital Management, Inc.			2.53
PBF Energy, Inc., Class A			2.52
Kinsale Capital Group, Inc.			2.38
PDC Energy, Inc.			2.35
Range Resources Corp.			2.16
Murphy USA, Inc.			2.06
Reliance Steel & Aluminum Co.			1.94
Matador Resources Co.			1.90
Total			23.04

*	Excluding money market fund holdings.

Guggenheim S&P MidCap 400^® Pure Growth ETF (the “Predecessor Fund”) Inception: March 1, 2006

Notes Regarding Indexes and Fund Performance History:

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

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

As an index fund, the Invesco S&P MidCap 400^® Pure Value ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400^® Pure Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P MidCap 400^® Index (the “Parent Index”) that exhibit strong value characteristics. First, each security in the Parent Index is assigned two “style scores”—one for value and one for growth—based on the characteristics of the issuer. The “value score” is measured using three factors: book-value-to-price ratio, earnings-to-price ratio, and sales-to-price ratio. The “growth score” is measured using three other factors: three-year sales per share growth rate, the ratio of the three-year net change in earnings per share to current price per share, and momentum (the 12-month percentage change in price). The securities in the Parent Index are then ranked based on their relative value and growth scores. Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both value and growth characteristics, the Index is narrower in focus and excludes any overlapping securities demonstrating both value and growth characteristics and includes only those securities that exhibit “pure value” characteristics. The Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest value characteristics generally receive proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 6.67%. On a net asset value (“NAV”) basis, the Fund returned 6.51%. During the same time period, the Index returned 6.82%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P MidCap 400^® Value Index returned 1.69%.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Taylor Morrison Home Corp., a consumer discretionary company (portfolio

average weight of 2.07%) and Unum Group, a financials company (portfolio average weight of 2.91%). Positions that detracted most significantly from the Fund’s return during this period included Kohl’s Corp., a consumer discretionary company (portfolio average weight of 1.61%) and United States Steel Corp., Inc., a materials company (portfolio average weight of 2.58%).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Consumer Discretionary			35.22
Financials			14.82
Information Technology			14.44
Industrials			11.18
Health Care			7.49
Materials			7.46
Real Estate			5.51
Sector Types Each Less Than 3%			3.81
Money Market Funds Plus Other Assets Less Liabilities			0.07

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
Taylor Morrison Home Corp., Class A			3.83
KB Home			3.61
Goodyear Tire & Rubber Co. (The)			3.27
United States Steel Corp.			2.80
PVH Corp.			2.69
Avnet, Inc.			2.36
Tenet Healthcare Corp.			2.36
Arrow Electronics, Inc.			2.35
Cleveland-Cliffs, Inc.			2.33
Brighthouse Financial, Inc.			2.33
Total			27.93

*	Excluding money market fund holdings.

Guggenheim S&P MidCap 400^® Pure Value ETF (the “Predecessor Fund”) Inception: March 1, 2006

Notes Regarding Indexes and Fund Performance History:

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

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

As an index fund, the Invesco S&P SmallCap 600^® Pure Growth ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Pure Growth Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”), compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P SmallCap 600^® Index (the “Parent Index”) that exhibit strong growth characteristics. First, each security in the Parent Index is assigned two “style scores”—one for growth and one for value—based on the characteristics of the issuer. The “growth score” is measured using three factors: three-year sales per share growth rate, the ratio of the three-year net change in earnings per share to current price per share, and momentum (the 12-month percentage change in price). The “value score” is measured using three other factors: book-value-to-price ratio, earnings-to-price ratio, and sales-to-price ratio. The securities in the Parent Index are then ranked based on their relative growth and value scores. Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both growth and value characteristics, the Index is narrower in focus and excludes any overlapping securities demonstrating both growth and value characteristics and includes only those securities that exhibit “pure growth” characteristics. The Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest growth characteristics generally receive proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (5.26)%. On a net asset value (“NAV”) basis, the Fund returned (5.37)%. During the same time period, the Index returned (5.04)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period. During this same time period, the S&P SmallCap 600^® Growth Index returned (4.65)%.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Dorian LPG, an energy company (portfolio average weight of 1.62%) and Celsius Holdings, Inc., a consumer staples company (no longer held at

fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Clearfield, Inc., an information technology company (portfolio average weight of 0.79%) and iTeos Therapeutics, Inc., a health care company (portfolio average weight of 1.01%).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Health Care			18.84
Information Technology			17.06
Industrials			16.64
Financials			13.33
Energy			11.81
Consumer Discretionary			8.46
Consumer Staples			5.71
Materials			3.97
Sector Types Each Less Than 3%			4.19
Money Market Funds Plus Other Assets Less Liabilities			(0.01)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
Axcelis Technologies, Inc.			2.32
Vir Biotechnology, Inc.			1.86
Green Brick Partners, Inc.			1.80
Civitas Resources, Inc.			1.80
Comstock Resources, Inc.			1.71
elf Beauty, Inc.			1.55
Mr. Cooper Group, Inc.			1.53
Encore Wire Corp.			1.52
Rambus, Inc.			1.46
ARMOUR Residential REIT, Inc.			1.44
Total			16.99

*	Excluding money market fund holdings.

Guggenheim S&P SmallCap 600^® Pure Growth ETF (the “Predecessor Fund”) Inception: March 1, 2006

Notes

Regarding Indexes and Fund Performance History:

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

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

As an index fund, the Invesco S&P SmallCap 600^® Pure Value ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Pure Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”), compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P SmallCap 600^® Index (the “Parent Index”) that exhibit strong value characteristics. First, each security in the Parent Index is assigned two “style scores”—one for value and one for growth—based on the characteristics of the issuer. The “value score” is measured using three factors: book-value-to-price ratio, earnings-to-price ratio, and sales-to-price ratio. The “growth score” is measured using three other factors: three-year sales per share growth rate, the ratio of the three-year net change in earnings per share to current price per share, and momentum (the 12-month percentage change in price). The securities in the Parent Index are then ranked based on their relative value and growth scores. Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both value and growth characteristics, the Index is narrower in focus and excludes any overlapping securities demonstrating both value and growth characteristics and includes only those securities that exhibit “pure value” characteristics. The Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest value characteristics generally receive proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (2.02)%. On a net asset value (“NAV”) basis, the Fund returned (1.94)%. During the same time period, the Index returned (1.56)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P SmallCap 600^® Value Index returned (2.97)%.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included SkyWest, Inc., an industrials company (portfolio average weight of 0.81%) and M/I Homes, Inc., a consumer discretionary company (portfolio

average weight of 1.17%). Positions that detracted most significantly from the Fund’s return during this period included Big Lots, Inc., a consumer discretionary company (portfolio average weight of 0.70%) and Conn’s, Inc., a consumer discretionary company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Consumer Discretionary			29.52
Industrials			17.68
Financials			12.17
Materials			9.70
Communication Services			6.88
Information Technology			6.21
Real Estate			6.06
Consumer Staples			4.61
Energy			3.98
Health Care			3.15
Money Market Funds Plus Other Assets Less Liabilities			0.04

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
SkyWest, Inc.			2.30
M/I Homes, Inc.			2.22
Olympic Steel, Inc.			1.81
Century Communities, Inc.			1.71
Tri Pointe Homes, Inc.			1.70
Genworth Financial, Inc., Class A			1.69
G-III Apparel Group Ltd.			1.63
Aaron’s Co., Inc. (The)			1.55
Lumen Technologies, Inc.			1.52
Kelly Services, Inc., Class A			1.46
Total			17.59

*	Excluding money market fund holdings.

Guggenheim S&P SmallCap 600^® Pure Value ETF (the “Predecessor Fund”) Inception: March 1, 2006

Notes Regarding Indexes and Fund Performance History:

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

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 24, 2023, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.


	Shares		Value
Common Stocks & Other Equity Interests-99.88%
Consumer Discretionary-5.69%
AutoZone, Inc.^(b)		12,891	$	34,332,729
O’Reilly Automotive, Inc.^(b)		36,924		33,870,754
Tractor Supply Co.		99,349		23,684,802
Ulta Beauty, Inc.^(b)		35,077		19,342,510

				111,230,795


Consumer Staples-4.21%
Dollar General Corp.		85,156		18,858,648
Dollar Tree, Inc.^(b)(c)		125,014		19,215,902
Hershey Co. (The)		72,335		19,751,795
Monster Beverage Corp.^(b)		437,852		24,519,712

				82,346,057


Energy-28.49%
APA Corp.		1,084,885		39,978,012
Chevron Corp.		154,822		26,099,893
ConocoPhillips		343,587		35,351,666
Coterra Energy, Inc.		1,878,430		48,087,808
Devon Energy Corp.^(c)		464,788		24,833,623
Diamondback Energy, Inc.^(c)		350,810		49,885,182
EOG Resources, Inc.		252,085		30,116,595
EQT Corp.^(c)		1,140,544		39,736,553
Exxon Mobil Corp.		256,384		30,340,483
Hess Corp.		217,176		31,503,550
Marathon Oil Corp.		1,241,873		30,003,652
Occidental Petroleum Corp.		507,740		31,241,242
ONEOK, Inc.		497,279		32,527,019
Pioneer Natural Resources Co.		176,892		38,482,855
Targa Resources Corp.		656,647		49,596,548
Williams Cos., Inc. (The)		627,665		18,993,143

				556,777,824


Financials-5.57%
Ameriprise Financial, Inc.		44,236		13,497,288
Arch Capital Group Ltd.^(b)(c)		371,366		27,878,446
Jack Henry & Associates, Inc.^(c)		94,522		15,439,224
Progressive Corp. (The)		130,536		17,805,110
Raymond James Financial, Inc.^(c)		188,813		17,093,241
W.R. Berkley Corp.		290,038		17,089,039

				108,802,348


Health Care-21.88%
AbbVie, Inc.		145,898		22,048,106
Amgen, Inc.		55,161		13,224,298
Bristol-Myers Squibb Co.		281,322		18,783,870
Danaher Corp.		86,783		20,559,760
DexCom, Inc.^(b)		117,722		14,284,387
Elevance Health, Inc.		51,865		24,306,532
Eli Lilly and Co.		56,996		22,562,437
Gilead Sciences, Inc.		167,352		13,758,008
Hologic, Inc.^(b)		253,805		21,829,768
Incyte Corp.^(b)(c)		303,237		22,563,865
Insulet Corp.^(b)		69,397		22,071,022
Merck & Co., Inc.		163,610		18,892,047
Moderna, Inc.^(b)		146,785		19,506,259
Molina Healthcare, Inc.^(b)		94,054		28,017,746
Pfizer, Inc.		526,289		20,467,379
Regeneron Pharmaceuticals, Inc.^(b)		55,439		44,450,436


	Shares		Value
Health Care-(continued)
Thermo Fisher Scientific, Inc.		29,712	$	16,487,189
UnitedHealth Group, Inc.		32,843		16,161,712
Vertex Pharmaceuticals, Inc.^(b)		139,477		47,523,998

				427,498,819


Industrials-6.86%
Deere & Co.		44,217		16,714,910
Expeditors International of Washington, Inc.^(c⁾		279,672		31,837,861
J.B. Hunt Transport Services, Inc.		98,205		17,214,354
Quanta Services, Inc.		138,083		23,424,400
Rollins, Inc.		469,043		19,817,067
W.W. Grainger, Inc.		35,898		24,969,572

				133,978,164


Information Technology-13.67%
Apple, Inc.		146,157		24,799,920
Arista Networks, Inc.^(b)		146,722		23,498,996
Enphase Energy, Inc.^(b)(c)		138,794		22,789,975
Fair Isaac Corp.^(b)		26,172		19,051,907
Fortinet, Inc.^(b)		430,627		27,151,032
KLA Corp.		77,000		29,763,580
Lam Research Corp.		46,431		24,333,559
Monolithic Power Systems, Inc.		49,302		22,776,045
ON Semiconductor Corp.^(b)		258,876		18,628,717
PTC, Inc.^(b)		156,403		19,673,933
QUALCOMM, Inc.		131,993		15,416,782
SolarEdge Technologies, Inc.^(b)		67,307		19,224,898

				267,109,344


Materials-11.52%
Albemarle Corp.		51,821		9,610,723
CF Industries Holdings, Inc.		482,231		34,518,095
FMC Corp.		131,148		16,207,270
Freeport-McMoRan, Inc.		470,173		17,824,258
Mosaic Co. (The)		1,086,919		46,574,479
Nucor Corp.^(c)		336,358		49,841,529
Steel Dynamics, Inc.		485,856		50,504,731

				225,081,085


Utilities-1.99%
PG&E Corp.^(b)(c)		2,277,095		38,961,095

Total Common Stocks & Other Equity Interests (Cost $1,868,000,134)				1,951,785,531


Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(d)(e)(Cost $1,123,323)		1,123,323		1,123,323

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $1,869,123,457)				1,952,908,854

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


	Shares		Value

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.79%
Invesco Private Government Fund, 4.83%^(d)(e)(f)		15,236,858	$	15,236,858
Invesco Private Prime Fund, 4.99%^(d)(e)(f)		39,180,492		39,180,492

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $54,417,350)				54,417,350

TOTAL INVESTMENTS IN SECURITIES-102.73% (Cost $1,923,540,807)				2,007,326,204
OTHER ASSETS LESS LIABILITIES-(2.73)%				(53,280,507	)

NET ASSETS-100.00%			$	1,954,045,697

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


	Shares		Value
Common Stocks & Other Equity Interests-99.85%
Communication Services-11.63%
AT&T, Inc.		1,919,872	$	33,924,138
DISH Network Corp., Class A^(b)(c)		5,545,346		41,645,549
Fox Corp., Class A^(c)		454,405		15,113,510
Fox Corp., Class B		209,291		6,391,747
News Corp., Class A^(c)		1,054,883		18,576,490
News Corp., Class B^(c)		326,815		5,800,966
Paramount Global, Class B^(c)		4,812,748		112,281,411
Verizon Communications, Inc.		471,947		18,325,702
Warner Bros Discovery, Inc.^(b)		4,712,380		64,135,492

				316,195,005


Consumer Discretionary-18.76%
Best Buy Co., Inc.		500,440		37,292,789
BorgWarner, Inc.		822,838		39,603,193
CarMax, Inc.^(b)(c)		854,473		59,838,744
Ford Motor Co.		4,566,382		54,248,618
General Motors Co.		1,915,191		63,277,911
Lennar Corp., Class A		459,284		51,811,828
Mohawk Industries, Inc.^(b)		596,636		63,183,752
Newell Brands, Inc.^(c)		3,064,521		37,233,930
PulteGroup, Inc.		919,611		61,751,879
Whirlpool Corp.^(c)		299,310		41,780,683

				510,023,327


Consumer Staples-8.38%
Kraft Heinz Co. (The)		661,833		25,990,182
Kroger Co. (The)		992,391		48,259,974
Molson Coors Beverage Co., Class B^(c)		712,110		42,356,303
Tyson Foods, Inc., Class A		862,306		53,885,502
Walgreens Boots Alliance, Inc.^(c)		1,626,278		57,326,300

				227,818,261


Energy-4.48%
Kinder Morgan, Inc.		856,776		14,693,708
Phillips 66		577,627		57,185,073
Valero Energy Corp.		436,574		50,061,941

				121,940,722


Financials-21.72%
Allstate Corp. (The)		142,563		16,503,093
American International Group, Inc.		603,520		32,010,701
Assurant, Inc.		222,775		27,430,286
Bank of America Corp.		493,000		14,435,040
Bank of New York Mellon Corp. (The)		549,291		23,394,304
Berkshire Hathaway, Inc., Class B^(b)		134,334		44,135,436
Capital One Financial Corp.		446,507		43,445,131
Citigroup, Inc.		1,234,473		58,106,644
Citizens Financial Group, Inc.		699,903		21,654,999
Fidelity National Information Services, Inc.		447,288		26,264,751
Franklin Resources, Inc.		957,348		25,733,514
Global Payments, Inc.		148,478		16,734,955
Goldman Sachs Group, Inc. (The)		49,371		16,955,976
Hartford Financial Services Group, Inc. (The)		226,602		16,086,476
Invesco Ltd.^(d)		2,286,628		39,169,938
Lincoln National Corp.		828,060		17,993,744
Loews Corp.		646,551		37,221,941


	Shares		Value
Financials-(continued)
M&T Bank Corp.		92,066	$	11,581,903
MetLife, Inc.		212,826		13,052,618
Prudential Financial, Inc.		198,670		17,284,290
State Street Corp.		256,630		18,544,084
Synchrony Financial		554,630		16,367,131
Truist Financial Corp.		502,936		16,385,655
Wells Fargo & Co.		502,374		19,969,366

				590,461,976


Health Care-8.87%
AmerisourceBergen Corp.		220,716		36,826,465
Cardinal Health, Inc.		412,784		33,889,566
Centene Corp.^(b)		563,174		38,819,584
CVS Health Corp.		421,301		30,885,576
DaVita, Inc.^(b)		210,103		18,984,907
Universal Health Services, Inc., Class B^(c)		225,497		33,903,474
Viatris, Inc.		5,127,856		47,842,897

				241,152,469


Industrials-8.03%
Alaska Air Group, Inc.^(b)(c)		660,641		28,711,458
American Airlines Group, Inc.^(b)(c)		2,028,344		27,666,612
Delta Air Lines, Inc.^(b)		679,160		23,301,979
FedEx Corp.		224,215		51,071,693
Southwest Airlines Co.		388,118		11,756,094
Stanley Black & Decker, Inc.		426,671		36,838,774
United Airlines Holdings, Inc.^(b)		887,541		38,874,296

				218,220,906


Information Technology-7.44%
DXC Technology Co.^(b)		1,841,208		43,912,811
Hewlett Packard Enterprise Co.		2,817,480		40,346,314
HP, Inc.		761,089		22,611,954
Intel Corp.		783,707		24,341,939
Micron Technology, Inc.		378,601		24,366,760
Western Digital Corp.^(b)		1,357,132		46,739,626

				202,319,404


Materials-8.03%
Celanese Corp.		152,044		16,153,155
Dow, Inc.		622,706		33,875,206
DuPont de Nemours, Inc.		211,689		14,758,957
Eastman Chemical Co.		237,766		20,036,541
International Paper Co.		1,092,408		36,169,629
LyondellBasell Industries N.V., Class A		433,566		41,019,679
WestRock Co.		1,885,511		56,433,344

				218,446,511


Real Estate-0.59%
CBRE Group, Inc., Class A^(b)		210,946		16,171,120


Utilities-1.92%
Evergy, Inc.		230,751		14,331,945
Exelon Corp.		498,387		21,151,544
Pinnacle West Capital Corp.		213,219		16,729,163

				52,212,652

Total Common Stocks & Other Equity Interests (Cost $3,051,995,337)				2,714,962,353

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


	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Communication Services-12.61%
Alphabet, Inc., Class A^(b)		690,401	$	74,107,643
Alphabet, Inc., Class C^(b)		601,974		65,145,626
AT&T, Inc.		825,472		14,586,090
Comcast Corp., Class A		487,155		20,153,603
Meta Platforms, Inc., Class A^(b)		258,108		62,028,515
Verizon Communications, Inc.		486,388		18,886,446
Walt Disney Co. (The)^(b)		211,554		21,684,285

				276,592,208


Consumer Discretionary-10.90%
Amazon.com, Inc.^(b)		1,033,542		108,987,004
Home Depot, Inc. (The)		118,221		35,530,140
McDonald’s Corp.		84,811		25,082,853
NIKE,Inc.,Class B		144,224		18,276,065
Tesla, Inc.^(b)		311,868		51,243,031

				239,119,093


Consumer Staples-7.77%
Coca-Cola Co. (The)		450,715		28,913,367
Costco Wholesale Corp.		51,426		25,878,592
PepsiCo, Inc.		159,451		30,437,601
Philip Morris International, Inc.		179,570		17,951,613
Procter & Gamble Co. (The)		273,508		42,771,181
Walmart, Inc.		162,430		24,522,057

				170,474,411


Energy-4.16%
Chevron Corp.		206,252		34,769,962
Exxon Mobil Corp.		477,398		56,495,279

				91,265,241


Financials-10.85%
Bank of America Corp.		808,272		23,666,204
Berkshire Hathaway, Inc., Class B^(b)		208,857		68,619,967
JPMorgan Chase & Co.		340,130		47,019,571
Mastercard, Inc., Class A		97,835		37,180,235
Visa, Inc., Class A^(c)		188,344		43,833,299
Wells Fargo & Co.		441,242		17,539,370

				237,858,646


Health Care-14.83%
Abbott Laboratories		201,914		22,305,439
AbbVie, Inc.		205,082		30,991,992
Bristol-Myers Squibb Co.		246,193		16,438,307
Danaher Corp.		75,892		17,979,574
Eli Lilly and Co.		91,454		36,202,980
Johnson & Johnson		303,121		49,620,908
Medtronic PLC		154,085		14,014,031


	Shares		Value
Health Care-(continued)
Merck & Co., Inc.		293,995	$	33,947,603
Pfizer, Inc.		650,022		25,279,355
Thermo Fisher Scientific, Inc.		45,427		25,207,442
UnitedHealth Group, Inc.		108,299		53,292,855

				325,280,486


Industrials-0.63%
Union Pacific Corp.		70,874		13,870,042


Information Technology-37.26%
Accenture PLC, Class A		72,943		20,445,194
Adobe, Inc.^(b)		53,022		20,018,986
Advanced Micro Devices, Inc.^(b)		186,723		16,687,435
Apple, Inc.		1,724,065		292,539,349
Broadcom, Inc.		48,373		30,305,685
Cisco Systems, Inc.		475,705		22,477,061
Intel Corp.		479,066		14,879,790
Microsoft Corp.		862,885		265,130,045
NVIDIA Corp.		285,206		79,141,813
QUALCOMM, Inc.		129,088		15,077,478
Salesforce, Inc.^(b)		115,800		22,971,246
Texas Instruments, Inc.		104,916		17,541,955

				817,216,037


Materials-0.96%
Linde PLC		57,059		21,080,448

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.97% (Cost $1,901,307,828)				2,192,756,612


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.77%
Invesco Private Government Fund, 4.83%^(d)(e)(f)		10,832,299		10,832,299
Invesco Private Prime Fund, 4.99%^(d)(e)(f)		27,854,484		27,854,484

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $38,686,946)				38,686,783

TOTAL INVESTMENTS IN SECURITIES-101.74% (Cost $1,939,994,774)				2,231,443,395
OTHER ASSETS LESS LIABILITIES-(1.74)%				(38,057,783	)

NET ASSETS-100.00%			$	2,193,385,612

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


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-3.40%
Nexstar Media Group, Inc., Class A		25,665	$	4,451,594
World Wrestling Entertainment, Inc., Class A^(b)		35,938		3,851,476

				8,303,070

Consumer Discretionary-11.33%
Crocs, Inc.^(c)		19,317		2,388,934
Deckers Outdoor Corp.^(c)		5,140		2,463,808
Grand Canyon Education, Inc.^(c)		33,373		3,961,375
H&R Block, Inc.^(b)		56,996		1,932,734
Murphy USA, Inc.		18,270		5,028,452
Service Corp. International		26,594		1,866,633
Tempur Sealy International, Inc.		80,956		3,033,421
Texas Roadhouse, Inc.		24,560		2,716,827
Visteon Corp.^(c)		11,019		1,546,958
Wingstop, Inc.^(b)		13,785		2,758,516

				27,697,658

Consumer Staples-5.16%
Casey’s General Stores, Inc.		14,769		3,379,443
Celsius Holdings, Inc.^(b)(c)		44,922		4,293,195
Darling Ingredients, Inc.^(b)(c)		50,199		2,990,354
Lancaster Colony Corp.^(b)		9,355		1,956,318

				12,619,310

Energy-18.96%
Antero Resources Corp.^(c)		187,883		4,319,430
CNX Resources Corp.^(b)(c)		251,566		3,906,820
DT Midstream, Inc.^(b)		71,220		3,509,009
Matador Resources Co.		95,001		4,657,899
Murphy Oil Corp.		93,710		3,440,094
NOV, Inc.		126,314		2,115,760
PBF Energy, Inc., Class A		176,432		6,150,420
PDC Energy, Inc.		88,459		5,754,258
Range Resources Corp.		199,633		5,280,293
Southwestern Energy Co.^(c)		762,474		3,957,240
Valaris Ltd.^(b)(c)		54,581		3,274,860

				46,366,083

Financials-11.86%
Annaly Capital Management, Inc.^(b)		309,500		6,183,810
FirstCash Holdings, Inc.		20,753		2,138,181
Jefferies Financial Group, Inc.		110,693		3,545,497
Kinsale Capital Group, Inc.^(b)		17,783		5,809,883
RLI Corp.		32,513		4,520,933
Selective Insurance Group, Inc.		18,021		1,735,963
SLM Corp.		214,108		3,215,902
WEX, Inc.^(b)(c)		10,416		1,847,278

				28,997,447

Health Care-13.72%
Exelixis, Inc.^(c)		101,305		1,853,882
Halozyme Therapeutics, Inc.^(c)		90,799		2,917,372
HealthEquity, Inc.^(b)(c)		22,449		1,199,899
Inari Medical, Inc.^(b)(c)		47,988		3,187,363
Jazz Pharmaceuticals PLC^(b)(c)		16,917		2,376,331
Lantheus Holdings, Inc.^(c)		39,080		3,339,386
Medpace Holdings, Inc.^(b)(c)		13,159		2,633,642
Neurocrine Biosciences, Inc.^(c)		38,537		3,893,778


	Shares		Value
Health Care-(continued)
Option Care Health, Inc.^(c)		78,948	$	2,538,178
Repligen Corp.^(b)(c)		10,970		1,663,381
Shockwave Medical, Inc.^(c)		22,213		6,445,324
United Therapeutics Corp.^(c)		6,454		1,485,259

				33,533,795

Industrials-18.60%
Avis Budget Group, Inc.^(b)(c)		17,073		3,016,287
Axon Enterprise, Inc.^(c)		21,256		4,478,852
Builders FirstSource, Inc.^(c)		66,008		6,255,578
Carlisle Cos., Inc.^(b)		8,613		1,859,116
Clean Harbors, Inc.^(c)		20,360		2,955,458
Concentrix Corp.		18,569		1,792,094
EMCOR Group, Inc.^(b)		14,002		2,394,342
ExlService Holdings, Inc.^(c)		14,245		2,541,023
FTI Consulting, Inc.^(b)(c)		12,200		2,202,100
KBR, Inc.^(b)		34,237		1,942,265
Landstar System, Inc.^(b)		20,168		3,550,173
Paylocity Holding Corp.^(b)(c)		8,250		1,594,643
Simpson Manufacturing Co., Inc.		24,519		3,084,000
Toro Co. (The)		14,809		1,543,986
UFP Industries, Inc.^(b)		46,020		3,613,490
Valmont Industries, Inc.		9,170		2,664,435

				45,487,842

Information Technology-3.92%
Amkor Technology, Inc.		144,435		3,231,012
Belden, Inc.		28,455		2,244,815
Calix, Inc.^(c)		27,260		1,245,782
Cirrus Logic, Inc.^(b)(c)		33,505		2,874,394

				9,596,003

Materials-9.92%
Cabot Corp.^(b)		31,138		2,234,463
Eagle Materials, Inc.^(b)		12,954		1,919,912
Louisiana-Pacific Corp.		65,687		3,924,141
MP Materials Corp.^(b)(c)		88,523		1,918,293
Olin Corp.		44,503		2,465,466
Reliance Steel & Aluminum Co.		19,104		4,733,971
Silgan Holdings, Inc.		49,483		2,437,533
Westlake Corp.^(b)		40,557		4,614,576

				24,248,355

Utilities-3.07%
Essential Utilities, Inc.		66,989		2,860,430
OGE Energy Corp.		60,708		2,278,978
ONE Gas, Inc.^(b)		30,750		2,366,213

				7,505,621

Total Common Stocks & Other Equity Interests (Cost $236,540,244)				244,355,184

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


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.99%^(d)(e)(f)		31,811,322	$	31,811,322

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $44,182,823)				44,182,392

TOTAL INVESTMENTS IN SECURITIES-118.09% (Cost $280,933,907)				288,748,416
OTHER ASSETS LESS LIABILITIES-(18.09)%				(44,238,941	)

NET ASSETS-100.00%			$	244,509,475

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


	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-0.53%
Frontier Communications Parent, Inc.^(b)(c)		59,294	$	1,336,487


Consumer Discretionary-35.22%
Adient PLC^(b)(c)		115,437		4,264,243
Dana, Inc.^(c)		262,396		3,880,837
Foot Locker, Inc.^(c)		131,003		5,500,816
Gap, Inc. (The)^(c)		278,914		2,677,574
Goodyear Tire & Rubber Co. (The)^(b)(c)		766,307		8,176,496
Graham Holdings Co., Class B^(c)		6,348		3,653,718
KB Home		205,792		9,017,805
Kohl’s Corp.^(c)		239,961		5,286,341
Lear Corp.^(c)		21,129		2,697,328
Lithia Motors, Inc., Class A^(c)		24,618		5,437,870
Macy’s, Inc.^(c)		206,154		3,368,556
Nordstrom, Inc.^(c)		181,004		2,798,322
PVH Corp.		78,482		6,734,540
Skechers U.S.A., Inc., Class A^(b)(c)		32,073		1,705,963
Taylor Morrison Home Corp., Class A^(b)		222,319		9,579,726
Thor Industries, Inc.^(c)		68,832		5,439,105
Toll Brothers, Inc.		85,122		5,440,147
Topgolf Callaway Brands Corp.^(b)(c)		109,180		2,420,521

				88,079,908


Consumer Staples-2.01%
Pilgrim’s Pride Corp.^(b)(c)		154,454		3,523,096
Post Holdings, Inc.^(b)(c)		16,531		1,495,890

				5,018,986


Financials-14.82%
Associated Banc-Corp^(c)		67,791		1,208,714
Brighthouse Financial, Inc.^(b)		131,812		5,826,090
CNO Financial Group, Inc.		70,858		1,590,054
Essent Group Ltd.		41,454		1,760,551
F.N.B. Corp.^(c)		121,198		1,391,353
First American Financial Corp.		49,805		2,869,266
Janus Henderson Group PLC^(c)		82,331		2,136,490
Kemper Corp.		33,669		1,637,997
MGIC Investment Corp.		151,774		2,256,879
Navient Corp.		226,971		3,754,100
New York Community Bancorp, Inc.^(c)		352,000		3,762,880
Old Republic International Corp.		89,752		2,268,033
Reinsurance Group of America, Inc.		10,721		1,525,813
Starwood Property Trust, Inc.^(c)		74,562		1,333,914
Unum Group		89,066		3,758,585

				37,080,719


Health Care-7.49%
Enovis Corp.^(b)(c)		64,528		3,758,756
Patterson Cos., Inc.		84,035		2,278,189
Perrigo Co. PLC.		74,386		2,766,415
Syneos Health, Inc.^(b)		102,809		4,036,282
Tenet Healthcare Corp.^(b)		80,338		5,890,382

				18,730,024


Industrials-11.18%
Fluor Corp.^(b)(c)		71,419		2,075,436
GXO Logistics, Inc.^(b)(c)		45,594		2,422,409
Hertz Global Holdings, Inc.^(b)(c)		82,652		1,378,635
JetBlue Airways Corp.^(b)		791,296		5,649,853


	Shares		Value

Industrials-(continued)
ManpowerGroup, Inc.		51,887	$	3,928,365
Ryder System, Inc.		47,492		3,759,467
Univar Solutions, Inc.^(b)		101,869		3,616,350
XPO, Inc.^(b)		116,016		5,125,587

				27,956,102


Information Technology-14.44%
Arrow Electronics, Inc.^(b)		51,433		5,885,478
Avnet, Inc.		142,843		5,893,702
Coherent Corp.^(b)		50,118		1,711,029
Jabil, Inc.		49,903		3,899,919
Kyndryl Holdings, Inc.^(b)(c)		229,674		3,321,086
MKS Instruments, Inc.^(c)		19,432		1,629,762
NCR Corp.^(b)(c)		143,224		3,192,463
TD SYNNEX Corp.		53,936		4,802,461
Vishay Intertechnology, Inc.		59,362		1,263,817
Xerox Holdings Corp.		287,641		4,507,335

				36,107,052


Materials-7.46%
Alcoa Corp.		36,980		1,373,437
Avient Corp.		60,853		2,343,449
Cleveland-Cliffs, Inc.^(b)(c)		379,395		5,835,095
Greif, Inc., Class A^(c)		33,288		2,090,154
United States Steel Corp.		306,232		7,006,588

				18,648,723


Real Estate-5.51%
Cousins Properties, Inc.^(c)		78,538		1,712,914
Jones Lang LaSalle, Inc.^(b)(c)		18,579		2,583,224
Kilroy Realty Corp.		38,809		1,134,775
Medical Properties Trust, Inc.^(c)		171,142		1,500,915
Park Hotels & Resorts, Inc.^(c)		328,389		3,957,088
Sabra Health Care REIT, Inc.		101,237		1,154,102
Vornado Realty Trust^(c)		115,412		1,732,334

				13,775,352


Utilities-1.27%
Southwest Gas Holdings, Inc.		23,135		1,295,560
UGI Corp.^(c)		55,914		1,894,366

				3,189,926

Total Common Stocks & Other Equity Interests (Cost $271,309,816)				249,923,279


Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(d)(e)(Cost $110,321)		110,321		110,321

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.97% (Cost $271,420,137)				250,033,600

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


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-20.41%
Invesco Private Government Fund, 4.83%^(d)(e)(f)		14,295,372	$	14,295,372
Invesco Private Prime Fund, 4.99%^(d)(e)(f)		36,759,529		36,759,529

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $51,057,268)				51,054,901

TOTAL INVESTMENTS IN SECURITIES-120.38% (Cost $322,477,405)				301,088,501
OTHER ASSETS LESS LIABILITIES-(20.38)%				(50,983,139	)

NET ASSETS-100.00%.			$	250,105,362

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


	Shares		Value
Common Stocks & Other Equity Interests-100.01%
Communication Services-1.73%
ATN International, Inc.		17,455	$	631,347
Cars.com, Inc.^(b)		45,106		882,725

				1,514,072


Consumer Discretionary-8.46%
Adtalem Global Education, Inc.^(b)(c)		23,607		957,736
Cavco Industries, Inc.^(b)(c)		2,961		888,951
Ethan Allen Interiors, Inc.^(c)		20,230		565,024
Green Brick Partners, Inc.^(b)(c)		42,387		1,579,764
Jack in the Box, Inc.		10,310		955,634
Monarch Casino & Resort, Inc.^(c)		12,396		859,787
Stride, Inc.^(b)(c)		16,473		707,680
XPEL, Inc.^(b)(c)(d)		12,238		894,108

				7,408,684


Consumer Staples-5.71%
Cal-Maine Foods, Inc.		17,010		807,975
elf Beauty, Inc.^(b)		14,600		1,354,296
Hostess Brands, Inc.^(b)		16,935		436,246
Medifast, Inc.^(c)		4,182		383,280
MGP Ingredients, Inc.		7,158		706,351
Simply Good Foods Co. (The)^(b)		20,657		751,295
Tootsie Roll Industries, Inc.^(c)		13,659		558,380

				4,997,823


Energy-11.81%
Civitas Resources, Inc.^(c)		22,852		1,577,930
Comstock Resources, Inc.^(c)		130,234		1,497,691
CONSOL Energy, Inc.		6,930		411,226
Dorian LPG Ltd		55,208		1,226,722
Northern Oil and Gas, Inc.		30,773		1,020,740
Ranger Oil Corp.		20,064		826,637
REX American Resources Corp.^(b)		43,638		1,234,519
RPC, Inc.		47,582		351,631
SM Energy Co.		40,048		1,124,548


		Invesco Annual Report to Shareholders April 30, 2023
		RPG		Invesco S&P 500^® Pure Growth ETF
		RPV		Invesco S&P 500^® Pure Value ETF
		XLG		Invesco S&P 500^® Top 50 ETF
		RFG		Invesco S&P MidCap 400^® Pure Growth ETF
		RFV		Invesco S&P MidCap 400^® Pure Value ETF
		RZG		Invesco S&P SmallCap 600^® Pure Growth ETF
		RZV		Invesco S&P SmallCap 600^® Pure Value ETF



The Market Environment			3

Management’s Discussion of Fund Performance			4

Liquidity Risk Management Program			18

Schedules of Investments

Invesco S&P 500^® Pure Growth ETF (RPG)			19

Invesco S&P 500^® Pure Value ETF (RPV)			21

Invesco S&P 500^® Top 50 ETF (XLG)			23

Invesco S&P MidCap 400^® Pure Growth ETF (RFG)			25

Invesco S&P MidCap 400^® Pure Value ETF (RFV)			27

Invesco S&P SmallCap 600^® Pure Growth ETF (RZG)			29

Invesco S&P SmallCap 600^® Pure Value ETF (RZV)			32

Statements of Assets and Liabilities			36

Statements of Operations			38

Statements of Changes in Net Assets			40

Financial Highlights			44

Notes to Financial Statements			48

Report of Independent Registered Public Accounting Firm			58

Fund Expenses			59

Tax Information			61

Trustees and Officers			62

Approval of Investment Advisory Contracts			73


RPG		Management’s Discussion of Fund Performance
RPG		Invesco S&P 500^® Pure Growth ETF (RPG)


				3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
S&P 500^® Pure Growth Index		(2.46	)%		10.24	%		33.98	%		7.96	%		46.65	%		11.49	%		196.64	%		10.10	%		421.28	%
S&P 500^® Growth Index		(1.87	)		12.23			41.35			12.15			77.43			13.55			256.35			10.50			454.75
Fund
NAV Return		(2.74	)		9.87			32.64			7.58			44.11			11.09			186.35			9.71			390.64
Market Price Return		(2.77	)		9.87			32.62			7.56			43.97			11.09			186.31			9.71			390.56


RPV		Management’s Discussion of Fund Performance
RPV		Invesco S&P 500^® Pure Value ETF (RPV)


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
S&P SmallCap 600^® Pure Growth Index		(5.04	)%		10.79	%		36.00	%		1.30	%		6.65	%		7.69	%		109.69	%		7.33	%		236.62	%
S&P SmallCap 600^® Growth Index		(4.65	)		12.49			42.35			5.30			29.45			9.83			155.48			8.47			303.51
Fund
NAV Return		(5.37	)		10.44			34.70			0.93			4.76			7.36			103.39			7.03			220.90
Market Price Return		(5.26	)		10.37			34.46			0.90			4.58			7.39			103.97			7.03			220.87


	Value April 30, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	35,469,320		$	(34,345,997	)		$	-			$	-		$	1,123,323		$	31,680
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			22,260,207			643,613,429			(650,636,778	)			-				-			15,236,858			717,757	*
Invesco Private Prime Fund			51,899,910			1,314,902,988			(1,327,621,118	)			(7,532	)			6,244			39,180,492			2,015,993	*

Total		$	74,160,117		$	1,993,985,737		$	(2,012,603,893	)		$	(7,532	)		$	6,244		$	55,540,673		$	2,765,430


	Shares		Value
Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(d)(e)(Cost $210,840)		210,840	$	210,840

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $236,751,084)				244,566,024


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-18.07%
Invesco Private Government Fund, 4.83%^(d)(e)(f)		12,371,070		12,371,070