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-expected corporate earnings. For the 12 months ending

As an index fund, the Invesco Dynamic Large Cap Growth ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Large Cap Growth Intellidex^® 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, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is comprised of large-capitalization U.S. growth stocks that the Index Provider includes principally on the basis of their capital appreciation potential. The Index Provider ranks the 2,000 largest (by market capitalization) and most liquid U.S. stocks traded on the New York Stock Exchange (“NYSE”), NYSE American and The Nasdaq Stock Market for investment potential using a proprietary Index Provider Intellidex model. 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 3.18%. On a net asset value (“NAV”) basis, the Fund returned 3.27%. During the same time period, the Index returned 3.86%. 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 Russell 1000^® Growth Index returned 2.34%.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Eli Lilly and Co., a health care company (portfolio average weight of 3.58%), and MercadoLibre, Inc., a consumer discretionary company (portfolio average weight of 0.63%). Positions that detracted most significantly from the Fund’s return during this period included Halliburton Co., an energy company (portfolio average weight of 0.86%), and NextEra Energy, Inc., a utilities company (no longer held at fiscal year-end).

Fund Inception: March 3, 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 total annual operating expense ratio was indicated as 0.55%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. 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 Fund.

As an index fund, the Invesco Dynamic Large Cap Value ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Large Cap Value Intellidex^® 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, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is comprised of large-capitalization U.S. value stocks that the Index Provider includes principally on the basis of their capital appreciation potential. The Index Provider ranks the 2,000 largest (by market capitalization) and most liquid U.S. stocks traded on the New York Stock Exchange (“NYSE”), NYSE American and The Nasdaq Stock Market for investment potential using a proprietary Index Provider Intellidex model. 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 0.52%. On a net asset value (“NAV”) basis, the Fund returned 0.53%. During the same time period, the Index returned 1.14%. 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 Russell 1000^® Value Index returned 1.21%.

For the fiscal year ended April 30, 2023, the energy sector contributed most significantly to the Fund’s return followed by the health care and financials sectors, respectively. The communication services sector detracted most significantly from the Fund’s return, 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 JPMorgan Chase & Co., a financials company (portfolio average weight of 3.31%), and Marathon Petroleum Corp., an energy company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Meta Platforms, Inc., Class A, a communication services company (no longer held at fiscal year-end), and Pfizer, Inc., a health care company (portfolio average weight of 3.30%).

Fund Inception: March 3, 2005

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 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 Fund.

As an index fund, the Invesco S&P 100 Equal Weight ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 100^® Equal Weight 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 (the “Index Provider”) compiles, maintains and calculates the Index, which is an equal- weighted version of the S&P 100^® Index. Unlike the S&P 100^® Index, which employs a market capitalization weighted methodology, the Index assigns each component security the same weight. 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 4.95%. On a net asset value (“NAV”) basis, the Fund returned 4.75%. During the same time period, the Index returned 5.02%. 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 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 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. large cap market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weight methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

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

For the fiscal year ended April 30, 2023, the industrials sector contributed most significantly to the Fund’s return, followed by the information technology and communication services sectors, respectively. The materials sector detracted most significantly from the Fund’s return, followed by the utilities and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Netflix, Inc., a

communication services company (portfolio average weight of 1.04%), and General Electric Co., an industrials company (portfolio average weight of 1.05%). Positions that detracted most significantly from the Fund’s return during this period included Tesla, Inc., a consumer discretionary company (portfolio average weight of 0.95%), and Target Corp., a consumer staples company (portfolio average weight of 1.00%).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Financials			16.95
Information Technology			14.51
Health Care			14.06
Consumer Staples			12.24
Industrials			11.61
Consumer Discretionary			9.98
Communication Services			9.55
Utilities			4.08
Sector Types Each Less Than 3%			6.93
Money Market Funds Plus Other Assets Less Liabilities			0.09

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
Meta Platforms, Inc., Class A			1.27
Eli Lilly and Co.			1.19
Microsoft Corp.			1.17
NVIDIA Corp.			1.15
Medtronic PLC			1.12
Mondelez International, Inc., Class A			1.12
Comcast Corp., Class A			1.11
Amazon.com, Inc.			1.10
Adobe, Inc.			1.09
Starbucks Corp.			1.09
Total			11.41

*	Excluding money market fund holdings.

Fund Inception: December 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. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2025. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.35% and the net annual operating expense ratio was indicated as 0.25%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. 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 Indexes and Fund Performance History:

The Blended—S&P 100^® Equal Weight Index is comprised of the performance of the Dynamic Large Cap Intellidex^SM Index, the Fund’s underlying index from Fund inception through June 15, 2011, followed by the performance of the RAFI^® Fundamental Large Core Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Russell Top 200^® Equal Weight Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2023.

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

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

In selecting constituent securities for the Index, the Index Provider first identifies stocks that exhibit growth characteristics by calculating the growth score for each stock in the S&P 500^® Index. A stock’s growth score is the average of its: (i) three-year earnings per share (“EPS”) growth, calculated as a company’s three-year EPS compound annual growth rate and (ii) three-year sales per share (“SPS”) growth, calculated as a company’s three-year SPS compound annual growth rate. After adjusting for outliers, the stocks are ranked by growth score and the top 150 stocks remain eligible for inclusion in the Index.

The Index Provider then calculates a quality/value (“QV”) composite score for each of the remaining 150 stocks. A stock’s QV composite score is the average of its: (i) financial leverage ratio, calculated as a company’s latest total debt divided by its book value; (ii) return on equity, calculated as a company’s trailing 12-month EPS divided by its latest book value per share; and (iii) earnings-to-price ratio, calculated as a company’s trailing 12-month EPS divided by its price. In accordance with the Index methodology, the stocks are ranked by QV composite score and the top 75 stocks are included in the Index.

The Underlying Index components are weighted by growth score and no security will have a weight below 0.05% or above 5%. Additionally, each sector will be subject to a maximum weight of 40%. 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 1.95%. On a net asset value (“NAV”) basis, the Fund returned 1.96%. During the same time period, the Index returned 2.27%. 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^® Index returned 2.66%.

For the fiscal year ended April 30, 2023, the consumer discretionary sector contributed most significantly to the Fund’s return, followed by the communication services and information technology sectors, respectively. The financials sector detracted

most significantly from the Fund’s return, 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 Meta Platforms, Inc., Class A, an communication services company (portfolio average weight of 1.74%), and D.R. Horton, Inc., a consumer discretionary company (portfolio average weight of 1.80%). Positions that detracted most significantly from the Fund’s return during this period included SVB Financial Group, a financials company (no longer held at fiscal year-end), and Signature Bank, a financials company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Health Care			26.85
Information Technology			19.06
Financials			13.93
Consumer Discretionary			10.57
Industrials			9.19
Communication Services			5.33
Materials			4.39
Energy			3.58
Consumer Staples			3.52
Sector Types Each Less Than 3%			3.55
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
Meta Platforms, Inc., Class A			3.46
NRG Energy, Inc.			2.44
D.R. Horton, Inc.			2.35
West Pharmaceutical Services, Inc.			2.17
Hologic, Inc.			2.07
Regeneron Pharmaceuticals, Inc.			1.94
Lam Research Corp.			1.89
Arch Capital Group Ltd.			1.88
Alphabet, Inc., Class C			1.87
Qorvo, Inc.			1.86
Total			21.93

*	Excluding money market fund holdings.

Fund Inception: June 16, 2011

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 total annual operating expense ratio was indicated as 0.33%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. 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 Indexes and Fund Performance History:

The Blended—S&P 500^® GARP Index performance is comprised of the performance of the RAFI^® Fundamental Large Growth Index from Fund inception through May 22, 2015, followed by the performance of the Russell Top 200^® Pure Growth Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2023.

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

As an index fund, Invesco S&P 500 Value with Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® High Momentum 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 (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to track the performance of approximately 100 stocks in the S&P 500^® Index (the “Parent Index”) that have the highest “value” and “momentum” scores. In general, a value stock tends to trade at a lower price relative to its company’s fundamentals and thus may be considered undervalued by investors and momentum is the tendency of an investment to exhibit persistence in its relative performance. A “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities.

In selecting constituent securities for the Index, the Index Provider first calculates the value score of each stock in the Parent Index by evaluating each stock’s: (i) book value-to-price ratio, calculated using the company’s latest book value per share divided by its price; (ii) earnings-to-price ratio, calculated using the company’s trailing 12-month earnings per share divided by its price; and (iii) sales-to-price ratio, calculated using the company’s trailing 12-month sales per share divided by its price.

After ranking the constituent securities by value score, the Index Provider selects the 200 highest-ranking securities and calculates a momentum score for each security. A security’s momentum score is based on upward price movements of the security as compared to other eligible securities within the remaining constituent universe. After ranking the remaining constituent universe by momentum score, the 100 highest-ranking securities are included in the Index and weighted by value score. 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 (3.80)%. On a net asset value (“NAV”) basis, the Fund returned (3.87)%. During the same time period, the Index returned (3.57)%. 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 Parent Index returned 2.66%.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Marathon Petroleum Corp, an energy company (portfolio average weight of 2.23%), and Everest Re Group Ltd., a financials company (portfolio average weight of 1.44%). Positions that detracted most significantly from the Fund’s return during this period included Lincoln National Corp., a financials company (no longer held at fiscal year-end), and Mosaic Co. (The), a materials company (portfolio average weight of 1.45%).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Energy			20.01
Financials			19.65
Utilities			16.29
Health Care			9.74
Consumer Staples			8.63
Materials			6.58
Industrials			6.38
Consumer Discretionary			3.85
Communication Services			3.34
Information Technology			3.33
Real Estate			2.21
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
Marathon Petroleum Corp.			2.36
NRG Energy, Inc.			2.28
Phillips 66			2.15
Ford Motor Co.			2.09
Valero Energy Corp.			2.01
LyondellBasell Industries N.V., Class A			1.98
Hewlett Packard Enterprise Co.			1.76
American International Group, Inc.			1.61
AT&T, Inc.			1.60
HP, Inc.			1.57
Total			19.41

*	Excluding money market fund holdings.

Fund Inception: June 16, 2011

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. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2025. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.48% and the net annual operating expense ratio was indicated as 0.39%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. 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 Indexes and Fund Performance History:

The Blended—S&P 500^® High Momentum Value Index performance is comprised of the performance of the RAFI^® Fundamental Large Value Index from Fund inception through May 22, 2015, followed by the performance of the Russell Top 200^® Pure Value Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2023.

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

As an index fund, Invesco S&P MidCap Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400^® Momentum 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 (the “Index Provider”) compiles, maintains and calculates the Index, which is composed of constituents of the S&P MidCap 400^® Index (the “Parent Index”) that have the highest “momentum score.” In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on upward price movements of the security as compared to other eligible securities within the Parent Index.

In selecting constituent securities for the Index, the Index Provider first calculates the momentum score of each stock in the Parent Index by evaluating the percentage change in the stock’s price over the last 12 months, excluding the most recent month, and applying an adjustment based on the security’s volatility over that period. Approximately 80 of the securities with the highest momentum score are included in the Index. The Index uses a modified market capitalization-weighted strategy and weights securities by multiplying each security’s market capitalization and momentum score. 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 (7.01)%. On a net asset value (“NAV”) basis, the Fund returned (6.97)%. During the same time period, the Index returned (6.65)%. 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 Parent Index returned 1.33%.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Reliance Steel & Aluminum Co., a materials company (portfolio average weight 1.71%) and Builders FirstSource, Inc., an industrials company (no

longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Alcoa Corp., a materials company (no longer held at fiscal year-end), and Avis Budget Group, Inc., an industrials company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Industrials			26.03
Financials			13.64
Health Care			12.10
Materials			11.08
Consumer Discretionary			8.94
Energy			7.93
Consumer Staples			6.26
Information Technology			6.15
Communication Services			4.92
Sector Types Each Less Than 3%			2.91
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
Reliance Steel & Aluminum Co.			3.90
Unum Group			2.54
Hubbell, Inc.			2.49
Lincoln Electric Holdings, Inc.			2.35
Iridium Communications, Inc.			2.35
Axon Enterprise, Inc.			2.33
AECOM			2.17
Neurocrine Biosciences, Inc.			2.16
Reinsurance Group of America, Inc.			2.04
Deckers Outdoor Corp.			1.94
Total			24.27

*	Excluding money market fund holdings.

Fund Inception: March 3, 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 total annual operating expense ratio was indicated as 0.33%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. 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 MidCap 400^® Momentum Index is comprised of the performance of the Dynamic Mid Cap Growth Intellidex^SM Index, the Fund’s underlying index from Fund inception through June 15, 2011, followed by the performance of the RAFI^® Fundamental Mid Growth Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Russell Midcap Pure Growth Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2023.

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

As an index fund, Invesco S&P MidCap Quality ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400^® Quality 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 (the “Index Provider”) first calculates the quality score of each security in the S&P MidCap 400^® Index (the “Parent Index”). Each component stock’s quality score is based on a composite of the following three fundamental measures: (1) return-on-equity (calculated as the company’s trailing 12-month earnings per share divided by the company’s latest book value per share); (2) accruals ratio (computed using the change of the company’s net operating assets over the last year divided by the company’s average net operating assets over the last two years); and (3) financial leverage ratio (calculated as the company’s latest total debt divided by the company’s book value). Based on this criteria, the Index Provider selects the 80 stocks from the Parent Index with the highest quality score for inclusion in the Index. 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 7.11%. On a net asset value (“NAV”) basis, the Fund returned 7.33%. During the same time period, the Index returned 7.56%. 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 Parent Index returned 1.33%.

For the fiscal year ended April 30, 2023, the industrials sector contributed most significantly to the Fund’s return, followed by the health care and financials sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the information technology and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Axon Enterprise, Inc., an industrials company (portfolio average weight of 1.93%), and Steel Dynamics Inc., a materials company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Cognex Corp., an information technology company (no longer held at fiscal year-end), and Antero Resources Corp., an energy company (portfolio average weight of 0.62%).

Fund Inception: December 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. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2025. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.31% and the net annual operating expense ratio was indicated as 0.25%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. 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 Indexes and Fund Performance History:

The Blended—S&P MidCap 400^® Quality Index is comprised of the performance of the Dynamic Mid Cap Intellidex^SM Index, the Fund’s underlying index from Fund inception through June 15, 2011, followed by the performance of the RAFI^® Fundamental Mid Core Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Russell Midcap Equal Weight Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2023.

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

As an index fund, Invesco S&P MidCap Value with Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400^® High Momentum 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 (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to track the performance of approximately 80 stocks in the S&P MidCap 400^® Index (the “Parent Index”) that have the highest “value” and “momentum” scores. In general, a value stock tends to trade at a lower price relative to its company’s fundamentals and thus may be considered undervalued by investors and momentum is the tendency of an investment to exhibit persistence in its relative performance. A “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities.

In selecting constituent securities for the Index, the Index Provider first calculates the value score of each stock in the Parent Index by averaging each stock’s: (i) book value-to-price ratio, calculated using the company’s latest book value per share divided by its price; (ii) earnings-to-price ratio, calculated using the company’s trailing 12-month earnings per share divided by its price; and (iii) sales-to-price ratio, calculated using the company’s trailing 12-month sales per share divided by its price.

The Index Provider selects the 160 securities with the highest- ranking value scores and calculates a momentum score for each security. A security’s momentum score is based on upward price movements of the security as compared to other eligible securities within the remaining constituent universe. The Index Provider then ranks the 160 remaining securities by momentum score and selects the 80 highest-ranking securities for inclusion in the Index. The component securities are weighted by value score. 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 (2.97)%. On a net asset value (“NAV”) basis, the Fund returned (2.78)%. During the same time period, the Index returned (2.50)%. 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 Parent Index returned 1.33%.

For the fiscal year ended April 30, 2023, the industrials sector contributed most significantly to the Fund’s return, followed by the information technology and consumer staples sectors, respectively. The consumer discretionary sector detracted most

significantly from the Fund’s return, followed by the financials and health care sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Builders FirstSource, Inc., an industrials company (portfolio average weight of 1.73%), and First Solar, Inc., an information technology company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Kohl’s Corp., a consumer discretionary company (no longer held at fiscal year-end), and United States Steel Corp., a materials company (portfolio average weight of 2.82%).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Financials			28.58
Materials			15.35
Industrials			11.96
Energy			11.71
Consumer Discretionary			10.89
Information Technology			9.26
Consumer Staples			4.85
Utilities			3.55
Sector Types Each Less Than 3%			3.78
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
PBF Energy, Inc., Class A			3.09
Builders FirstSource, Inc.			3.00
Arrow Electronics, Inc.			2.84
United States Steel Corp.			2.68
Avnet, Inc.			2.58
AutoNation, Inc.			2.35
Brighthouse Financial, Inc.			2.23
Navient Corp.			2.15
HF Sinclair Corp.			1.90
Unum Group			1.87
Total			24.69

*	Excluding money market fund holdings.

Fund Inception: March 3, 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 total annual operating expense ratio was indicated as 0.39%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. 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

Notes Regarding Indexes and Fund Performance History:

The Blended—S&P MidCap 400^® High Momentum Value Index is comprised of the performance of the Dynamic Mid Cap Value Intellidex^SM Index, the Fund’s underlying index from Fund inception through June 16, 2011, followed by the performance of the RAFI^® Fundamental Mid Value Index for the period June 15, 2011 through May 22, 2015, followed by the performance of the Russell MidCap^® Pure Value Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2023.

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

As an index fund, Invesco S&P SmallCap Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Momentum 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 (the “Index Provider”) compiles, maintains and calculates the Index, which is composed of constituents of the S&P SmallCap 600^® Index (the “Parent Index”) that have the highest “momentum score.” In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on upward price movements of the security as compared to other eligible securities within the Parent Index.

In selecting constituent securities for the Index, the Index Provider first calculates the momentum score of each stock in the Parent Index by evaluating the percentage change in the stock’s price over the last 12 months, excluding the most recent month, and applying an adjustment based on the security’s volatility over that period. Approximately 120 of the securities with the highest momentum score are included in the Index. The Index uses a modified market capitalization-weighted strategy and weights securities by multiplying each security’s market capitalization and momentum score, subject to security and sector constraints. 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 (5.45)%. On a net asset value (“NAV”) basis, the Fund returned (5.38)%. During the same time period, the Index returned (5.02)%. 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 Parent Index returned (3.84)%.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Comfort Systems USA, Inc., an industrials company (portfolio average weight 2.04%) and Axcelis Technologies, Inc., an information

technology company (portfolio average weight 1.36%). Positions that detracted most significantly from the Fund’s return during this period included SM Energy Co., an energy company (no longer held at fiscal year-end), and CVB Financial Corp., a financials company (portfolio average weight 1.35%).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Industrials			24.64
Information Technology			13.73
Health Care			12.05
Energy			11.91
Materials			10.78
Consumer Staples			9.91
Consumer Discretionary			7.56
Financials			7.40
Sector Types Each Less Than 3%			2.02
Money Market Funds Plus Other Assets Less Liabilities			(0.00)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
ATI, Inc.			3.63
elf Beauty, Inc.			3.41
Applied Industrial Technologies, Inc.			2.86
Rambus, Inc.			2.80
Comfort Systems USA, Inc.			2.45
Academy Sports & Outdoors, Inc.			2.12
Ensign Group, Inc. (The)			2.12
Sanmina Corp.			1.95
Axcelis Technologies, Inc.			1.91
Merit Medical Systems, Inc.			1.88
Total			25.13

*	Excluding money market fund holdings.

Fund Inception: March 3, 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 total annual operating expense ratio was indicated as 0.37%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. 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 Indexes and Fund Performance History:

The Blended—S&P SmallCap 600^® Momentum Index is comprised of the performance of the Dynamic Small Cap Growth Intellidex^SM Index, the Fund’s underlying index from Fund inception through June 15, 2011, followed by the performance of the RAFI^® Fundamental Small Growth Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Russell 2000^® Pure Growth Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2023.

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

As an index fund, Invesco S&P SmallCap Value with Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® High Momentum 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 (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to track the performance of approximately 120 stocks in the S&P SmallCap 600^® Index (the “Parent Index”) that have the highest “value” and “momentum” scores. In general, a value stock tends to trade at a lower price relative to its issuer’s fundamentals and thus may be considered undervalued by investors and momentum is the tendency of an investment to exhibit persistence in its relative performance. A “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities.

The Index Provider selects the 240 securities with the highest- ranking value scores and calculates a momentum score for each security. A security’s momentum score is based on upward price movements of the security as compared to other eligible securities within the remaining constituent universe. The Index Provider then ranks the 240 securities by momentum score and selects the 120 highest-ranking securities for inclusion in the Index. The component securities are weighted by value score. 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 (10.47)%. On a net asset value (“NAV”) basis, the Fund returned (10.46)%. During the same time period, the Index returned (10.06)%. 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 Parent Index returned (3.84)%.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Atlas Air Worldwide Holdings, Inc., an industrials company (no longer held at fiscal year-end), and Cross Country Healthcare, Inc., a health care company (portfolio average weight of 1.22%). Positions that detracted most significantly from the Fund’s return during this period included Conn’s, Inc., a consumer discretionary company (no longer held at fiscal year-end), and Rayonier Advanced Materials, Inc., a materials company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Industrials			23.09
Consumer Discretionary			18.08
Financials			17.66
Energy			12.34
Materials			11.47
Information Technology			6.95
Consumer Staples			5.55
Sector Types Each Less Than 3%			4.89
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
Olympic Steel, Inc.			2.64
Genworth Financial, Inc., Class A			1.99
Andersons, Inc. (The)			1.94
Kelly Services, Inc., Class A			1.90
Group 1 Automotive, Inc.			1.79
Green Brick Partners, Inc.			1.68
Telephone & Data Systems, Inc.			1.57
O-I Glass, Inc.			1.50
Par Pacific Holdings, Inc.			1.46
Mr. Cooper Group, Inc.			1.40
Total			17.87

*	Excluding money market fund holdings.

Fund Inception: March 3, 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 total annual operating expense ratio was indicated as 0.36%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. 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 Indexes and Fund Performance History:

The Blended—S&P SmallCap 600^® High Momentum Value Index is comprised of the performance of the Dynamic Small Cap Value Intellidex^SM Index, the Fund’s underlying index from Fund inception through June 16, 2011, followed by the performance of the RAFI^® Fundamental Small Value Index for the period June 15, 2011 through May 22, 2015, followed by the performance of the Russell 2000^® Pure Value Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2023.

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

As an index fund, the Invesco Zacks Mid-Cap ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Zacks Mid-Cap Core Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, Zacks Investment Research, Inc. (the “Index Provider”) compiles and maintains the Index, which is composed of 100 securities that the Index Provider selects from a universe of mid-capitalization securities including common stocks, master limited partnerships (“MLPs”), ADRs, real estate investment trusts (“REITS”) and business development companies (“BDCs”). The depositary receipts included in the Index may be sponsored or unsponsored. The Index Provider seeks to identify companies with potentially superior risk-return profiles by using a proprietary strategy that evaluates stocks on multiple factors, including their high long-term earnings growth rate, price earnings ratio and short interest.

The Fund may invest directly in one or more underlying securities represented by depositary receipts included in the Index under the following limited circumstances: (a) when market conditions result in the underlying security providing improved liquidity relative to the depositary receipt; (b) when a depositary receipt is trading at a significantly different price than its underlying security; or (c) the timing of trade executions is improved due to the local market in which an underlying security is traded being open at different times than the market in which the security’s corresponding depositary receipt is traded. The Fund generally will invest 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 (2.20)%. On a net asset value (“NAV”) basis, the Fund returned (1.93)%. During the same time period, the Index returned (1.30)%. 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 Russell Midcap^® Index (the “Benchmark Index”) returned (1.69)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 800 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. mid-cap equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a

proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the utilities sector and most underweight in the consumer discretionary sector during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s securities selection in the financials and utilities sectors, respectively.

For the fiscal year ended April 30, 2023, the industrials sector was the primary sector that contributed to the Fund’s return, followed by consumer staples and health care sectors, respectively. The greatest detractor from the Fund’s performance was the financials sector, followed by the utilities sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Coca-Cola Europacific Partners PLC, a consumer staples company (portfolio average weight of 1.11%), and Arch Capital Group Ltd., a financials company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included First Republic Bank, a financials company (no longer held at fiscal year-end), and Lufax Holding Ltd. Sponsored ADR, Class A, a financials company (portfolio average weight of 0.57%).

Guggenheim Mid-Cap Core ETF (Predecessor Fund) Inception: April 2, 2007

According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.74%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. 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 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 Zacks Multi-Asset Income ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Zacks Multi-Asset Income Index (the “Index”). The Fund will invest at least 90% of its total assets in the securities that comprise the Index, as well as American Depositary Receipts (“ADRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, Zacks Investment Research, Inc. (the “Index Provider”) compiles and maintains the Index, which is composed of securities that the Index Provider selects from a universe of domestic and international companies listed on major U.S. exchanges. The Index Provider seeks to identify companies with potentially high income and superior risk-return profiles by using a proprietary strategy that evaluates stocks on multiple factors, including dividend yield and risk adjusted return. The securities comprising the Index include stocks of large, medium and small- sized companies and may include U.S. listed common stocks paying dividends, ADRs, real estate investment trusts (“REITs”), master limited partnerships (“MLPs”), closed-end funds and traditional preferred stocks.

The Fund may invest directly in one or more underlying securities represented by depositary receipts included in the Underlying Index under the following limited circumstances: (a) when market conditions result in the underlying security providing improved liquidity relative to the depositary receipt; (b) when a depositary receipt is trading at a significantly different price than its underlying security; or (c) the timing of trade executions is improved due to the local market in which an underlying security is traded being open at different times than the market in which the security’s corresponding depositary receipt is traded. The Fund generally will invest 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 0.56%. On a net asset value (“NAV”) basis, the Fund returned 0.28%. During the same time period, the Index returned 0.06%. 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 Fund’s and Index’s removal of China Petroleum & Chemical Corporation Sponsored ADR (SNP), an energy company, which was delisted from the New York Stock Exchange on September 8, 2022. While the Index removed the security at a price of $0.00, the Fund was able to liquidate its positions at a higher value. The Fund also received income from the securities lending program in which the Fund participates. These benefits were partially offset by the fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 2.66%. The Benchmark Index is an

unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the information technology sector during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight allocation to the information technology sector, along with its security selection in the financials sector.

For the fiscal year ended April 30, 2023, the energy 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, followed by the materials sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included EQT Corp., an energy company (no longer held at fiscal year-end), and Dick’s Sporting Goods, Inc., a consumer discretionary company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Bancolombia S.A. Sponsored ADR Pfd., a financials company (no longer held at fiscal year-end), and PacWest Bancorp, a financials company (portfolio average weight of 0.55%).

Guggenheim Multi-Asset Income ETF (Predecessor Fund) Inception: September 21, 2006

According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.89%, including acquired fund fees and expenses of 0.16%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. 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 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-100.02%
Communication Services-4.44%
Netflix, Inc.^(b)		24,370	$	8,040,394
T-Mobile US, Inc.^(b)		130,481		18,776,216

				26,816,610

Consumer Discretionary-11.84%
AutoZone, Inc.^(b)		3,196		8,511,939
Hilton Worldwide Holdings, Inc.		57,089		8,221,957
Marriott International, Inc., Class A		48,190		8,160,494
MercadoLibre, Inc. (Brazil)^(b)		7,481		9,556,903
NIKE,Inc.,Class B		158,483		20,082,966
O’Reilly Automotive, Inc.^(b)		9,561		8,770,401
TJX Cos., Inc. (The)		104,353		8,225,103

				71,529,763

Consumer Staples-6.22%
Costco Wholesale Corp.		38,250		19,248,165
Hershey Co. (The)		34,144		9,323,361
Monster Beverage Corp.^(b)		160,678		8,997,968

				37,569,494

Energy-7.27%
Exxon Mobil Corp.		172,637		20,429,863
Halliburton Co.		225,967		7,400,419
Occidental Petroleum Corp.^(c)		137,500		8,460,375
Schlumberger N.V.		154,031		7,601,430

				43,892,087

Financials-13.54%
American Express Co.		47,412		7,649,452
Aon PLC, Class A		26,995		8,778,234
Arthur J. Gallagher & Co.		44,092		9,173,782
Mastercard, Inc., Class A		53,915		20,489,317
MSCI, Inc.		15,672		7,560,956
Progressive Corp. (The)		57,689		7,868,780
Visa, Inc., Class A^(c)		86,991		20,245,415

				81,765,936

Health Care-11.11%
Agilent Technologies, Inc.		57,349		7,766,775
Eli Lilly and Co.		58,601		23,197,792
IDEXX Laboratories, Inc.^(b)		17,203		8,466,628
Mettler-Toledo International, Inc.^(b)		5,637		8,407,586
UnitedHealth Group, Inc.		39,063		19,222,512

				67,061,293

Industrials-10.79%
Automatic Data Processing, Inc.		36,609		8,053,980
Cintas Corp.		18,876		8,603,115
Deere & Co.		19,256		7,279,153
Old Dominion Freight Line, Inc.		24,002		7,690,001
Otis Worldwide Corp.		99,026		8,446,918
Rockwell Automation, Inc.		28,488		8,073,784


	Shares		Value
Industrials-(continued)
Trane Technologies PLC		45,719	$	8,495,047
TransDigm Group, Inc.		11,157		8,535,105

				65,177,103

Information Technology-33.77%
Accenture PLC, Class A		71,305		19,986,078
Adobe, Inc.^(b)		55,357		20,900,589
Apple, Inc.		129,257		21,932,328
Arista Networks, Inc.^(b)		61,139		9,792,022
Broadcom, Inc.		33,003		20,676,380
Cadence Design Systems, Inc.^(b)		42,693		8,942,049
Fortinet, Inc.^(b)		137,752		8,685,264
Microchip Technology, Inc.		101,949		7,441,258
Microsoft Corp.		75,957		23,338,548
Motorola Solutions, Inc.		30,643		8,929,370
Oracle Corp.		222,645		21,088,934
Salesforce, Inc.^(b)		118,750		23,556,437
Synopsys, Inc.^(b)		23,342		8,667,351

				203,936,608

Materials-1.04%
Albemarle Corp.		33,994		6,304,527

Total Common Stocks & Other Equity Interests (Cost $563,407,019)				604,053,421


Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(d)(e)(Cost $158,266)		158,266		158,266

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $563,565,285)				604,211,687


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.98%
Invesco Private Government Fund, 4.83%^(d)(e)(f)		6,733,945		6,733,945
Invesco Private Prime Fund, 4.99%^(d)(e)(f)		17,315,858		17,315,858

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $24,049,833)				24,049,803

TOTAL INVESTMENTS IN SECURITIES-104.03% (Cost $587,615,118)				628,261,490
OTHER ASSETS LESS LIABILITIES-(4.03)%				(24,320,956	)

NET ASSETS-100.00%			$	603,940,534

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


	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Consumer Discretionary-4.64%
General Motors Co.		275,011	$	9,086,363
Home Depot, Inc. (The)		89,507		26,900,434

				35,986,797

Consumer Staples-13.10%
Altria Group, Inc.		239,391		11,373,466
Archer-Daniels-Midland Co.		139,645		10,903,482
General Mills, Inc.		141,747		12,563,037
Mondelez International, Inc., Class A		170,626		13,090,427
Philip Morris International, Inc.		264,564		26,448,463
Walmart, Inc.		179,521		27,102,285

				101,481,160

Energy-7.22%
Devon Energy Corp.		214,382		11,454,430
Energy Transfer L.P.		892,221		11,491,806
Pioneer Natural Resources Co.		55,173		12,002,886
Valero Energy Corp.		85,550		9,810,019
Williams Cos., Inc. (The)		368,853		11,161,492

				55,920,633

Financials-23.21%
Aflac, Inc.		166,690		11,643,296
American International Group, Inc.		189,397		10,045,617
Bank of America Corp.		766,272		22,436,444
Bank of New York Mellon Corp. (The)		224,298		9,552,852
BlackRock, Inc.		16,302		10,941,902
Chubb Ltd.		54,400		10,964,864
JPMorgan Chase & Co.		189,442		26,188,462
MetLife, Inc.		159,197		9,763,552
Morgan Stanley		271,001		24,381,960
Prudential Financial, Inc.		115,302		10,031,274
Travelers Cos., Inc. (The)		61,305		11,104,788
Wells Fargo & Co.		572,073		22,739,902

				179,794,913

Health Care-31.94%
Abbott Laboratories		255,191		28,190,950
AbbVie, Inc.		174,023		26,298,356
AmerisourceBergen Corp.		70,657		11,789,120


	Shares		Value
Health Care-(continued)
Biogen, Inc.^(b)		41,714	$	12,690,650
Bristol-Myers Squibb Co.		371,391		24,797,777
Centene Corp.^(b)		156,516		10,788,648
Cigna Group (The)		38,470		9,744,066
Elevance Health, Inc.		23,622		11,070,450
Gilead Sciences, Inc.		134,174		11,030,445
Johnson & Johnson		167,398		27,403,053
Merck & Co., Inc.		242,506		28,002,168
Moderna, Inc.^(b)		70,650		9,388,679
Pfizer, Inc.		619,462		24,090,877
Regeneron Pharmaceuticals, Inc.^(b)		15,193		12,181,595

				247,466,834

Industrials-6.34%
Northrop Grumman Corp.		23,983		11,062,638
PACCAR, Inc.		153,147		11,438,550
United Parcel Service, Inc., Class B		148,182		26,644,605

				49,145,793

Information Technology-7.64%
Applied Materials, Inc.		102,054		11,535,164
Cisco Systems, Inc.		532,322		25,152,215
International Business Machines Corp.		86,230		10,900,334
KLA Corp		29,980		11,588,469

				59,176,182

Materials-2.84%
Nucor Corp.		69,160		10,248,129
Southern Copper Corp. (Mexico)		152,801		11,739,701

				21,987,830

Utilities-3.05%
American Electric Power Co., Inc.		125,095		11,561,280
Consolidated Edison, Inc.		122,550		12,067,498

				23,628,778

TOTAL INVESTMENTS IN SECURITIES-99.98% (Cost $768,822,330)				774,588,920
OTHER ASSETS LESS LIABILITIES-0.02%				148,740

NET ASSETS-100.00%			$	774,737,660

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 fiscal year ended April 30, 2023.

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


	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-9.55%
Alphabet, Inc., Class A^(b)		12,145	$	1,303,644
Alphabet, Inc., Class C^(b)		10,569		1,143,777
AT&T, Inc.^(c)		111,915		1,977,538
Charter Communications, Inc., Class A^(b)(c)		6,281		2,315,805
Comcast Corp., Class A		58,421		2,416,877
Meta Platforms, Inc., Class A^(b)		11,522		2,768,967
Netflix, Inc.^(b)		7,072		2,333,265
T-Mobile US, Inc.^(b)		14,844		2,136,052
Verizon Communications, Inc.		56,232		2,183,489
Walt Disney Co. (The)^(b)		22,065		2,261,662

				20,841,076

Consumer Discretionary-9.98%
Amazon.com, Inc.^(b)		22,730		2,396,878
Booking Holdings, Inc.^(b)		831		2,232,324
Ford Motor Co.		170,444		2,024,875
General Motors Co.		56,484		1,866,231
Home Depot, Inc. (The)		7,204		2,165,090
Lowe’s Cos., Inc.		10,495		2,181,176
McDonald’s Corp.		7,907		2,338,495
NIKE,Inc.,ClassB		17,633		2,234,454
Starbucks Corp.		20,759		2,372,546
Tesla, Inc.^(b)(c)		11,896		1,954,632

				21,766,701

Consumer Staples-12.24%
Altria Group, Inc.		44,265		2,103,030
Coca-Cola Co. (The)		34,848		2,235,499
Colgate-Palmolive Co.		28,903		2,306,460
Costco Wholesale Corp.		4,388		2,208,129
Kraft Heinz Co. (The)		54,351		2,134,364
Mondelez International, Inc., Class A		31,795		2,439,313
PepsiCo, Inc.		12,034		2,297,170
Philip Morris International, Inc.		20,987		2,098,070
Procter & Gamble Co. (The)		15,092		2,360,087
Target Corp.		13,036		2,056,429
Walgreens Boots Alliance, Inc.		62,021		2,186,240
Walmart, Inc.		15,118		2,282,365

				26,707,156

Energy-2.98%
Chevron Corp.		12,937		2,180,919
ConocoPhillips		19,877		2,045,145
Exxon Mobil Corp.		19,133		2,264,199

				6,490,263

Financials-16.95%
American Express Co.		12,451		2,008,844
American International Group, Inc.		38,802		2,058,058
Bank of America Corp.		68,141		1,995,169
Bank of New York Mellon Corp. (The)		43,577		1,855,944
Berkshire Hathaway, Inc., Class B^(b)		6,818		2,240,054
BlackRock, Inc.		3,262		2,189,454
Capital One Financial Corp.		21,015		2,044,760
Charles Schwab Corp. (The)		35,146		1,836,027
Citigroup, Inc.		42,667		2,008,336
Goldman Sachs Group, Inc. (The)		6,309		2,166,763
JPMorgan Chase & Co.		15,448		2,135,532


	Shares		Value
Financials-(continued)
Mastercard, Inc., Class A		5,965	$	2,266,879
MetLife, Inc.		33,046		2,026,711
Morgan Stanley		22,921		2,062,202
PayPal Holdings, Inc.^(b)		28,068		2,133,168
U.S. Bancorp		50,762		1,740,121
Visa, Inc., Class A^(c)		9,573		2,227,924
Wells Fargo & Co.		49,868		1,982,253

				36,978,199

Health Care-14.06%
Abbott Laboratories		21,283		2,351,133
AbbVie, Inc.		13,791		2,084,096
Amgen, Inc.		9,068		2,173,962
Bristol-Myers Squibb Co.		31,373		2,094,775
CVS Health Corp.		26,774		1,962,802
Danaher Corp.		8,600		2,037,426
Eli Lilly and Co.		6,566		2,599,217
Gilead Sciences, Inc.		25,962		2,134,336
Johnson & Johnson		13,599		2,226,156
Medtronic PLC		26,882		2,444,918
Merck & Co., Inc.		19,146		2,210,789
Pfizer, Inc.		52,362		2,036,358
Thermo Fisher Scientific, Inc.		3,809		2,113,614
UnitedHealth Group, Inc.		4,493		2,210,961

				30,680,543

Industrials-11.61%
3M Co.		19,844		2,107,829
Boeing Co. (The)^(b)(c)		10,174		2,103,780
Caterpillar, Inc.		9,096		1,990,205
Emerson Electric Co.		25,122		2,091,658
FedEx Corp.		10,251		2,334,973
General Dynamics Corp.^(c)		9,351		2,041,697
General Electric Co.^(c)		22,675		2,244,145
Honeywell International, Inc.		10,694		2,137,089
Lockheed Martin Corp.		4,355		2,022,680
Raytheon Technologies Corp.		21,508		2,148,649
Union Pacific Corp.		10,521		2,058,960
United Parcel Service, Inc., Class B		11,361		2,042,821

				25,324,486

Information Technology-14.51%
Accenture PLC, Class A		8,188		2,295,015
Adobe, Inc.^(b)		6,284		2,372,587
Advanced Micro Devices, Inc.^(b)		24,946		2,229,424
Apple, Inc.		13,882		2,355,498
Broadcom, Inc.		3,367		2,109,425
Cisco Systems, Inc.		42,458		2,006,140
Intel Corp.		75,799		2,354,317
International Business Machines Corp.		16,513		2,087,408
Microsoft Corp.		8,300		2,550,258
NVIDIA Corp.		9,018		2,502,405
Oracle Corp.		24,557		2,326,039
QUALCOMM, Inc.		17,925		2,093,640
Salesforce, Inc.^(b)		11,910		2,362,587
Texas Instruments, Inc.		12,064		2,017,101

				31,661,844

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


	Shares		Value
Materials-1.98%
Dow, Inc.		38,271	$	2,081,942
Linde PLC		6,049		2,234,803

				4,316,745

Real Estate-1.97%
American Tower Corp.		10,787		2,204,755
Simon Property Group, Inc.		18,510		2,097,553

				4,302,308

Utilities-4.08%
Duke Energy Corp.		22,208		2,195,927
Exelon Corp.		51,318		2,177,936
NextEra Energy, Inc.^(c)		28,252		2,164,951
Southern Co. (The)		32,235		2,370,884

				8,909,698

Total Common Stocks & Other Equity Interests (Cost $208,321,717)				217,979,019


Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(d)(e)(Cost $17,471)		17,471		17,471

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.92% (Cost $208,339,188)				217,996,490


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-6.79%
Invesco Private Government Fund, 4.83%^(d)(e)(f)		4,144,515	$	4,144,515
Invesco Private Prime Fund, 4.99%^(d)(e)(f)		10,657,324		10,657,324

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $14,801,839)				14,801,839

TOTAL INVESTMENTS IN SECURITIES-106.71% (Cost $223,141,027)				232,798,329
OTHER ASSETS LESS LIABILITIES-(6.71)%				(14,630,121	)

NET ASSETS-100.00%			$	218,168,208

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-5.33%
Alphabet, Inc., Class C^(b)		495,477	$	53,620,521
Meta Platforms, Inc., Class A^(b)		412,945		99,238,942

				152,859,463

Consumer Discretionary-10.57%
D.R. Horton, Inc.		612,330		67,246,081
Garmin Ltd.		300,109		29,461,701
Lennar Corp., Class A		325,430		36,711,758
Pool Corp.^(c)		136,022		47,787,249
PulteGroup, Inc.		721,754		48,465,781
Tractor Supply Co.^(c)		175,861		41,925,262
Ulta Beauty, Inc.^(b)		57,015		31,439,782

				303,037,614

Consumer Staples-3.52%
Monster Beverage Corp.^(b)		594,408		33,286,848
Procter & Gamble Co. (The)		202,927		31,733,724
Target Corp.		226,686		35,759,717

				100,780,289

Energy-3.58%
APA Corp.		875,009		32,244,082
Coterra Energy, Inc.		1,239,648		31,734,989
Diamondback Energy, Inc.^(c)		271,628		38,625,501

				102,604,572

Financials-13.93%
American International Group, Inc.		653,647		34,669,437
Arch Capital Group Ltd.^(b)(c)		719,642		54,023,525
Assurant, Inc.		281,793		34,697,172
Capital One Financial Corp.		379,895		36,963,783
Chubb Ltd.		126,189		25,434,655
Discover Financial Services		393,976		40,764,697
Loews Corp.		515,801		29,694,663
Moody’s Corp.		99,232		31,071,524
Regions Financial Corp.^(c)		1,305,283		23,834,468
Synchrony Financial		1,005,907		29,684,315
T. Rowe Price Group, Inc.^(c)		262,343		29,468,989
Willis Towers Watson PLC		125,076		28,967,602

				399,274,830

Health Care-26.85%
Abbott Laboratories		309,564		34,197,535
AbbVie, Inc.		184,974		27,953,271
Bio-Techne Corp.		426,403		34,061,072
Cigna Group (The)		136,573		34,592,575
Edwards Lifesciences Corp.^(b)		409,312		36,011,270
Elevance Health, Inc.		63,375		29,700,694
Eli Lilly and Co.		84,682		33,522,217
Hologic, Inc.^(b)		689,834		59,332,622
Humana, Inc.		61,337		32,538,665
IDEXX Laboratories, Inc.^(b)		74,801		36,814,060
Incyte Corp.^(b)		592,067		44,055,706
Laboratory Corp. of America Holdings		149,667		33,931,006
Moderna, Inc.^(b)		355,571		47,251,830
Molina Healthcare, Inc.^(b)		84,971		25,312,011
Pfizer, Inc.		958,575		37,278,982
Quest Diagnostics, Inc.		252,361		35,030,230
Regeneron Pharmaceuticals, Inc.^(b)		69,547		55,762,089


	Shares		Value
Health Care-(continued)
Vertex Pharmaceuticals, Inc.^(b)		135,630	$	46,213,210
Waters Corp.^(b)		80,209		24,091,575
West Pharmaceutical Services, Inc.		172,518		62,320,402

				769,971,022

Industrials-9.19%
C.H. Robinson Worldwide, Inc.^(c)		282,106		28,456,032
Copart, Inc.^(b)(c)		568,649		44,951,703
Expeditors International of Washington, Inc.^(c)		460,136		52,381,882
Generac Holdings, Inc.^(b)(c)		468,627		47,903,052
J.B. Hunt Transport Services, Inc.^(c)		163,640		28,684,456
Old Dominion Freight Line, Inc.		95,548		30,612,624
United Parcel Service, Inc., Class B		169,780		30,528,142

				263,517,891

Information Technology-19.06%
Accenture PLC, Class A		95,005		26,628,951
Adobe, Inc.^(b)		122,952		46,421,757
Apple, Inc.		274,770		46,622,974
Applied Materials, Inc.		430,086		48,612,621
Arista Networks, Inc.^(b)		231,052		37,005,288
KLA Corp.		133,111		51,452,726
Lam Research Corp.		103,442		54,211,883
Microsoft Corp.		142,451		43,769,494
Qorvo, Inc.^(b)		580,312		53,435,129
QUALCOMM, Inc.		416,822		48,684,810
Skyworks Solutions, Inc.		399,421		42,298,684
Teradyne, Inc.^(c)		518,842		47,411,782

				546,556,099

Materials-4.39%
Celanese Corp.		289,626		30,769,866
CF Industries Holdings, Inc.		400,478		28,666,215
Mosaic Co. (The)		666,068		28,541,014
Nucor Corp.		256,123		37,952,306

				125,929,401

Real Estate-1.11%
Weyerhaeuser Co.		1,058,866		31,670,682

Utilities-2.44%
NRG Energy, Inc.		2,049,583		70,034,251

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.97% (Cost $2,776,716,408)				2,866,236,114


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-6.89%
Invesco Private Government Fund, 4.83%^(d)(e)(f)		72,100,398		72,100,398

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)		125,583,975	$	125,583,975

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $197,690,775)				197,684,373

TOTAL INVESTMENTS IN SECURITIES-106.86% (Cost $2,974,407,183)				3,063,920,487
OTHER ASSETS LESS LIABILITIES-(6.86)%				(196,715,413	)

NET ASSETS-100.00%			$	2,867,205,074


		Invesco Annual Report to Shareholders April 30, 2023
		PWB		Invesco Dynamic Large Cap Growth ETF
		PWV		Invesco Dynamic Large Cap Value ETF
		EQWL		Invesco S&P 100 Equal Weight ETF
		SPGP		Invesco S&P 500 GARP ETF
		SPVM		Invesco S&P 500 Value with Momentum ETF

		XMMO		Invesco S&P MidCap Momentum ETF

		XMHQ		Invesco S&P MidCap Quality ETF

		XMVM		Invesco S&P MidCap Value with Momentum ETF

		XSMO		Invesco S&P SmallCap Momentum ETF

		XSVM		Invesco S&P SmallCap Value with Momentum ETF

		CZA		Invesco Zacks Mid-Cap ETF

		CVY		Invesco Zacks Multi-Asset Income ETF



The Market Environment			3

Management’s Discussion of Fund Performance			4

Liquidity Risk Management Program			30

Schedules of Investments

Invesco Dynamic Large Cap Growth ETF (PWB)			31

Invesco Dynamic Large Cap Value ETF (PWV)			33

Invesco S&P 100 Equal Weight ETF (EQWL)			35

Invesco S&P 500 GARP ETF (SPGP)			37

Invesco S&P 500 Value with Momentum ETF (SPVM)			39

Invesco S&P MidCap Momentum ETF (XMMO)			41

Invesco S&P MidCap Quality ETF (XMHQ)			43

Invesco S&P MidCap Value with Momentum ETF (XMVM)			45

Invesco S&P SmallCap Momentum ETF (XSMO)			47

Invesco S&P SmallCap Value with Momentum ETF (XSVM)			49

Invesco Zacks Mid-Cap ETF (CZA)			52

Invesco Zacks Multi-Asset Income ETF (CVY)			54

Statements of Assets and Liabilities			57

Statements of Operations			59

Statements of Changes in Net Assets			61

Financial Highlights			66

Notes to Financial Statements			76

Report of Independent Registered Public Accounting Firm			90

Fund Expenses			91

Tax Information			93

Trustees and Officers			94

Approval of Investment Advisory Contracts			105


PWB		Management’s Discussion of Fund Performance
PWB		Invesco Dynamic Large Cap Growth ETF (PWB)


	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
Dynamic Large Cap Growth Intellidex^® Index		3.86	%		11.08	%		37.08	%		9.72	%		59.04	%		13.16	%		244.27	%		9.79	%		445.45	%
Russell 1000^® Growth Index		2.34			13.62			46.66			13.80			90.89			14.46			286.08			10.93			558.15
Fund
NAV Return		3.27			10.46			34.77			9.10			54.59			12.49			224.55			9.11			386.77
Market Price Return		3.18			10.43			34.67			9.07			54.32			12.50			224.59			9.09			385.65


PWV		Management’s Discussion of Fund Performance
PWV		Invesco Dynamic Large Cap Value ETF (PWV)


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Information Technology			33.77
Financials			13.54
Consumer Discretionary			11.84
Health Care			11.11
Industrials			10.79
Energy			7.27
Consumer Staples			6.22
Communication Services			4.44
Materials			1.04
Money Market Funds Plus Other Assets Less Liabilities			(0.02)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
Salesforce, Inc.			3.90
Microsoft Corp.			3.87
Eli Lilly and Co.			3.84
Apple, Inc.			3.63
Oracle Corp.			3.49
Adobe, Inc.			3.46
Broadcom, Inc.			3.42
Mastercard, Inc., Class A			3.39
Exxon Mobil Corp.			3.38
Visa, Inc., Class A			3.35
Total			35.73


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Health Care			31.94
Financials			23.21
Consumer Staples			13.10
Information Technology			7.64
Energy			7.22
Industrials			6.34
Consumer Discretionary			4.64
Utilities			3.05
Materials			2.84
Other Assets Less Liabilities			0.02

Top Ten Fund Holdings (% of the Fund’s Net Assets) as of April 30, 2023
Security
Abbott Laboratories			3.64
Merck & Co., Inc.			3.61
Johnson & Johnson			3.54
Walmart, Inc.			3.50
Home Depot, Inc. (The)			3.47
United Parcel Service, Inc., Class B			3.44
Philip Morris International, Inc.			3.41
AbbVie, Inc.			3.40
JPMorgan Chase & Co.			3.38
Cisco Systems, Inc.			3.25
Total			34.64


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Industrials			27.42
Consumer Discretionary			19.66
Health Care			11.56
Information Technology			11.18
Financials			9.83
Materials			9.09
Energy			8.76
Sector Types Each Less Than 3%			2.43
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
Manhattan Associates, Inc.			3.20
Axon Enterprise, Inc.			2.96
Hubbell, Inc.			2.72
Williams-Sonoma, Inc.			2.65
Graco, Inc.			2.38
Shockwave Medical, Inc.			2.24
Deckers Outdoor Corp.			2.13
Lattice Semiconductor Corp.			2.08
Toro Co. (The)			2.06
Lincoln Electric Holdings, Inc.			1.97
Total			24.39


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Industrials			20.22
Financials			18.00
Utilities			13.04
Materials			12.79
Real Estate			12.01
Information Technology			9.11
Health Care			6.29
Consumer Staples			4.72
Consumer Discretionary			3.56
Communication Services			0.29
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
Coca-Cola Europacific Partners PLC			2.33
Discover Financial Services			2.18
AvalonBay Communities, Inc.			2.13
Equity Residential			2.02
State Street Corp.			1.99
Willis Towers Watson PLC			1.97
FirstEnergy Corp.			1.93
Church & Dwight Co., Inc.			1.92
Ameren Corp.			1.92
Deutsche Bank AG			1.91
Total			20.30


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Energy			26.76
Financials			26.61
Closed-End Funds			9.97
Real Estate			9.83
Materials			5.96
Consumer Staples			4.85
Consumer Discretionary			3.42
Health Care			3.12
Communication Services			3.04
Sector Types Each Less Than 3%			6.06
Money Market Funds Plus Other Assets Less Liabilities			0.38


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
Black Stone Minerals L.P.			1.31
Alliance Resource Partners L.P.			1.31
Kroger Co. (The)			1.16
JPMorgan Chase & Co., Series EE, Pfd., 6.00%,			1.16
Wells Fargo & Co., Series Z, Pfd., 4.75%,			1.15
Canadian Natural Resources Ltd.			1.14
DoubleLine Income Solutions Fund			1.14
Bank of America Corp., Series L, Conv. Pfd., 7.25%,			1.13
Bank of America Corp., Series QQ, Pfd., 4.25%,			1.12
Exxon Mobil Corp.			1.12
Total			11.74


	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		$	14,052		$	7,684,606		$	(7,540,392	)		$	-			$	-		$	158,266		$	5,825
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			6,011,107			191,147,785			(190,424,947	)			-				-			6,733,945			219,953	*
Invesco Private Prime Fund			14,017,490			400,149,040			(396,855,174	)			(865	)			5,367			17,315,858			597,682	*

Total		$	20,042,649		$	598,981,431		$	(598,820,513	)		$	(865	)		$	5,367		$	24,208,069		$	823,460


	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		$	-		$	30,739,374		$	(30,739,374)		$	-		$	-		$	-		$	55,080
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			8,620,026			474,186,794