
		Invesco Semi-Annual Report to Shareholders
		October 31, 2022
		RPG		Invesco S&P 500^® Pure Growth ETF

		RPV		Invesco S&P 500^® Pure Value ETF

		XLG		Invesco S&P 500^® Top 50 ETF

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

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

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

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

Table of Contents



Schedules of Investments

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

Invesco S&P 500^® Pure Value ETF (RPV)			5

Invesco S&P 500^® Top 50 ETF (XLG)			8

Invesco S&P MidCap 400^® Pure Growth ETF (RFG)			10

Invesco S&P MidCap 400^® Pure Value ETF (RFV)			13

Invesco S&P SmallCap 600^® Pure Growth ETF (RZG)			16

Invesco S&P SmallCap 600^® Pure Value ETF (RZV)			19

Statements of Assets and Liabilities			22

Statements of Operations			24

Statements of Changes in Net Assets			26

Financial Highlights			30

Notes to Financial Statements			37

Fund Expenses			47


		2

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

October 31, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.01%
Communication Services-3.40%
Alphabet, Inc., Class A^(b)		242,816	$	22,948,540
Alphabet, Inc., Class C^(b)		225,774		21,371,767
Meta Platforms, Inc., Class A^(b)		124,726		11,619,474
Netflix, Inc.^(b)		76,870		22,436,816

				78,376,597

Consumer Discretionary-14.31%
Amazon.com, Inc.^(b)		200,328		20,521,600
AutoZone, Inc.^(b)		23,741		60,133,104
Etsy, Inc.^(b)(c)		296,103		27,807,033
Lowe’s Cos., Inc.		178,343		34,767,968
O’Reilly Automotive, Inc.^(b)		60,696		50,812,871
Pool Corp.^(c)		101,475		30,871,739
Tesla, Inc.^(b)		231,830		52,750,598
Tractor Supply Co.^(c)		236,677		52,014,504

				329,679,417

Energy-8.77%
Devon Energy Corp.		1,058,654		81,886,887
Diamondback Energy, Inc.^(c)		544,209		85,500,676
Targa Resources Corp.		508,964		34,797,869

				202,185,432

Financials-10.15%
Discover Financial Services		509,386		53,210,461
First Republic Bank		208,333		25,020,793
Goldman Sachs Group, Inc. (The)		199,729		68,808,638
MSCI, Inc.		58,320		27,343,915
Signature Bank		199,666		31,653,051
SVB Financial Group^(b)		120,458		27,820,980

				233,857,838

Health Care-17.35%
Align Technology, Inc.^(b)		67,132		13,043,747
Bio-Techne Corp.		72,814		21,571,876
Charles River Laboratories International, Inc.^(b)(c)		115,879		24,595,318
DexCom, Inc.^(b)		535,728		64,705,228
Eli Lilly and Co.		194,329		70,364,588
Moderna, Inc.^(b)(c)		321,122		48,274,270
PerkinElmer, Inc.		293,056		39,146,420
Regeneron Pharmaceuticals, Inc.^(b)		81,085		60,712,394
Thermo Fisher Scientific, Inc.		62,613		32,181,204
West Pharmaceutical Services, Inc.		109,733		25,249,563

				399,844,608

Industrials-5.15%
Equifax, Inc.^(c)		134,088		22,733,279
Expeditors International of Washington, Inc.^(c)		417,013		40,804,722
Generac Holdings, Inc.^(b)		201,242		23,325,960
Old Dominion Freight Line, Inc.^(c)		116,151		31,895,065

				118,759,026


	Shares		Value
Information Technology-34.82%
Adobe, Inc.^(b)		66,299	$	21,116,232
Advanced Micro Devices, Inc.^(b)		500,295		30,047,718
Apple, Inc.^(c)		219,942		33,725,906
Applied Materials, Inc.		370,292		32,693,081
Arista Networks, Inc.^(b)		377,755		45,655,469
Cadence Design Systems, Inc.^(b)		185,171		28,033,038
Enphase Energy, Inc.^(b)		352,690		108,275,830
EPAM Systems, Inc.^(b)		113,905		39,866,750
Fortinet, Inc.^(b)(c)		1,287,972		73,620,480
Gartner, Inc.^(b)(c)		140,392		42,387,153
Intuit, Inc.		93,039		39,774,172
KLA Corp.		157,083		49,708,915
Lam Research Corp.		63,514		25,709,197
Microsoft Corp.		133,033		30,880,950
Monolithic Power Systems, Inc.		128,619		43,659,720
NVIDIA Corp.		259,190		34,982,874
Oracle Corp.		459,311		35,858,410
QUALCOMM, Inc.		276,346		32,514,870
ServiceNow, Inc.^(b)		61,123		25,716,891
Teradyne, Inc.^(c)		347,864		28,298,736

				802,526,392

Real Estate-1.90%
Camden Property Trust		109,035		12,598,994
Extra Space Storage, Inc.		176,090		31,245,410

				43,844,404

Utilities-4.16%
NRG Energy, Inc.		2,161,185		95,956,614

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $2,531,694,359)				2,305,030,328


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-6.09%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		40,518,968		40,518,968
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		99,972,480		99,972,480

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $140,489,052)				140,491,448

TOTAL INVESTMENTS IN SECURITIES-106.10% (Cost $2,672,183,411)				2,445,521,776
OTHER ASSETS LESS LIABILITIES-(6.10)%				(140,671,021	)

NET ASSETS-100.00%			$	2,304,850,755

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


		3

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

October 31, 2022

(Unaudited)

Notes

to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2022.

^(d)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2022.


	Value April 30, 2022			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-	$	16,756,286	$	(16,756,286	)		$	-			$	-		$	-	$	9,611

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			22,260,207		371,891,495		(353,632,734	)			-				-			40,518,968		322,995	*

Invesco Private Prime Fund			51,899,910		838,443,299		(790,370,912	)			(5,136	)			5,319			99,972,480		924,502	*


Total		$	74,160,117	$	1,227,091,080	$	(1,160,759,932	)		$	(5,136	)		$	5,319		$	140,491,448	$	1,257,108

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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

Portfolio Composition

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

as of October 31, 2022



Information Technology	34.82

Health Care	17.35

Consumer Discretionary	14.31

Financials	10.15

Energy	8.77

Industrials	5.15

Utilities	4.16

Communication Services	3.40

Real Estate	1.90

Money Market Funds Plus Other Assets Less Liabilities	(0.01	)

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


		4

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

October 31, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Communication Services-5.58%
AT&T, Inc.		1,751,815	$	31,935,587
DISH Network Corp., Class A^(b)(c)		1,452,825		21,661,621
Fox Corp., Class A		374,738		10,818,686
Fox Corp., Class B		173,533		4,720,098
Lumen Technologies, Inc.^(c)		3,209,462		23,621,640
News Corp., Class A		745,333		12,573,768
News Corp., Class B^(c)		228,151		3,908,227
Omnicom Group, Inc.		211,544		15,389,826
Paramount Global, Class B^(c)		1,865,820		34,181,822
T-Mobile US, Inc.^(b)		94,477		14,318,934
Verizon Communications, Inc.		280,172		10,470,028
Warner Bros Discovery, Inc.^(b)(c)		585,034		7,605,442

				191,205,679

Consumer Discretionary-5.62%
Best Buy Co., Inc.		312,307		21,364,922
BorgWarner, Inc.^(c)		888,725		33,353,849
Ford Motor Co.		1,856,579		24,822,461
General Motors Co.		760,607		29,853,825
Lennar Corp., Class A^(c)		252,028		20,338,660
Mohawk Industries, Inc.^(b)(c)		200,654		19,011,967
PulteGroup, Inc.^(c)		541,264		21,645,147
Whirlpool Corp.^(c)		160,604		22,201,897

				192,592,728

Consumer Staples-10.33%
Archer-Daniels-Midland Co.		795,412		77,139,056
Conagra Brands, Inc.		736,912		27,044,670
JM Smucker Co. (The)		134,582		20,276,124
Kraft Heinz Co. (The)		1,141,912		43,929,355
Kroger Co. (The)		787,628		37,246,928
Molson Coors Beverage Co., Class B^(c)		803,800		40,535,634
Sysco Corp.		182,163		15,768,029
Tyson Foods, Inc., Class A		558,979		38,206,215
Walgreens Boots Alliance, Inc.		984,815		35,945,748
Walmart, Inc.		126,377		17,987,238

				354,078,997

Energy-11.27%
Baker Hughes Co., Class A		1,195,355		33,063,519
Chevron Corp.		158,250		28,627,425
Exxon Mobil Corp.		318,379		35,279,577
Kinder Morgan, Inc.		1,554,939		28,175,495
Marathon Oil Corp.		1,208,740		36,806,133
Marathon Petroleum Corp.		779,859		88,607,580
Phillips 66.		571,898		59,643,242
Valero Energy Corp.		605,019		75,960,135

				386,163,106

Financials-31.48%
Aflac, Inc.		665,680		43,342,425
Allstate Corp. (The)^(c)		489,700		61,824,625
American International Group, Inc.		954,064		54,381,648
Assurant, Inc.		212,453		28,863,865
Bank of New York Mellon Corp. (The)		434,009		18,276,119
Berkshire Hathaway, Inc., Class B^(b)		255,066		75,267,426
Chubb Ltd.		148,473		31,905,363
Citigroup, Inc.		673,186		30,872,310


	Shares		Value
Financials-(continued)
Citizens Financial Group, Inc.		756,411	$	30,937,210
Everest Re Group Ltd.^(c)		183,562		59,228,115
Fifth Third Bancorp		407,356		14,538,536
Globe Life, Inc.		393,079		45,408,486
Hartford Financial Services Group, Inc. (The)		530,033		38,379,689
Huntington Bancshares, Inc.		1,330,318		20,194,227
Invesco Ltd.^(d)		1,853,001		28,387,975
KeyCorp		1,038,659		18,560,836
Lincoln National Corp.		903,224		48,656,677
Loews Corp.		920,204		52,470,032
M&T Bank Corp.^(c)		167,383		28,182,276
MetLife, Inc.		964,395		70,603,358
PNC Financial Services Group, Inc. (The)		56,114		9,080,929
Principal Financial Group, Inc.^(c)		509,120		44,868,746
Progressive Corp. (The)		150,860		19,370,424
Prudential Financial, Inc.		646,536		68,009,122
State Street Corp.		243,048		17,985,552
Travelers Cos., Inc. (The)		241,909		44,622,534
Truist Financial Corp.		339,095		15,188,065
U.S. Bancorp		235,361		9,991,074
W.R. Berkley Corp.		303,161		22,549,115
Wells Fargo & Co.		582,346		26,782,092

				1,078,728,851

Health Care-12.97%
AmerisourceBergen Corp.		217,081		34,129,475
Cardinal Health, Inc.^(c)		624,521		47,401,144
Centene Corp.^(b)		620,892		52,856,536
Cigna Corp.		285,796		92,329,256
CVS Health Corp.		538,384		50,984,965
DaVita, Inc.^(b)(c)		130,571		9,532,989
Elevance Health, Inc.		59,715		32,650,370
Henry Schein, Inc.^(b)(c)		292,641		20,034,203
Humana, Inc.		57,671		32,185,032
Organon & Co.^(c)		385,453		10,091,159
Universal Health Services, Inc., Class B		306,213		35,480,900
Viatris, Inc.		2,664,340		26,989,764

				444,665,793

Industrials-4.92%
Alaska Air Group, Inc.^(b)(c)		339,401		15,089,769
C.H. Robinson Worldwide, Inc.^(c)		236,040		23,065,829
FedEx Corp.		123,546		19,801,953
Huntington Ingalls Industries, Inc.^(c)		139,634		35,895,712
Leidos Holdings, Inc.		203,228		20,645,933
PACCAR, Inc.		152,833		14,798,819
Raytheon Technologies Corp.		152,543		14,464,127
Textron, Inc.		169,649		11,610,778
Wabtec Corp.		140,505		13,106,306

				168,479,226

Information Technology-3.95%
DXC Technology Co.^(b)		1,560,568		44,866,330
Fidelity National Information Services, Inc.		94,783		7,866,041
Global Payments, Inc.^(c)		105,194		12,019,466
Hewlett Packard Enterprise Co.		3,230,118		46,093,784

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


		5

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

October 31, 2022

(Unaudited)


	Shares		Value
Information Technology-(continued)
Intel Corp.		228,797	$	6,504,699
Western Digital Corp.^(b)(c)		527,092		18,116,152

				135,466,472

Materials-6.71%
Corteva, Inc.		439,504		28,717,192
Dow, Inc.		550,126		25,712,889
DuPont de Nemours, Inc.		225,684		12,909,125
Eastman Chemical Co.		99,992		7,680,386
International Paper Co.		729,197		24,508,311
LyondellBasell Industries N.V., Class A^(c)		374,563		28,635,341
Mosaic Co. (The)^(c)		1,043,499		56,088,071
WestRock Co.		1,343,634		45,764,174

				230,015,489

Real Estate-0.40%
Kimco Realty Corp.		650,756		13,913,163

Utilities-6.72%
American Electric Power Co., Inc.		139,483		12,263,345
Atmos Energy Corp.^(c)		145,723		15,526,786
Consolidated Edison, Inc.		243,154		21,387,826
Constellation Energy Corp.^(c)		123,405		11,666,709
DTE Energy Co.		96,231		10,788,457
Duke Energy Corp.		118,449		11,037,078
Edison International		200,325		12,027,513
Entergy Corp.		152,201		16,306,815
Evergy, Inc.		230,122		14,067,358
Exelon Corp.		370,302		14,289,954


	Shares		Value
Utilities-(continued)
NiSource, Inc.		403,983	$	10,378,323
PG&E Corp.^(b)(c)		1,769,295		26,415,574
Pinnacle West Capital Corp.		415,062		27,896,317
PPL Corp.		515,667		13,660,019
Sempra Energy		82,520		12,455,569

				230,167,643

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $3,564,177,783)				3,425,477,147


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-5.97%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		64,714,233		64,714,233
Invesco Private Prime Fund, 3.28%^(d)(e)(f).		139,773,847		139,773,847

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $204,487,412)				204,488,080

TOTAL INVESTMENTS IN SECURITIES-105.92% (Cost $3,768,665,195)				3,629,965,227
OTHER ASSETS LESS LIABILITIES-(5.92)%				(202,881,289	)

NET ASSETS-100.00%			$	3,427,083,938

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2022.

^(d)


	Value April 30, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value October 31, 2022		Dividend Income

Invesco Ltd.	$	36,016,603	$	4,281,223	$	(5,827,931	)	$	(4,854,786	)	$	(1,227,134	)	$	28,387,975	$	709,393

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		228,618		49,693,662		(49,922,280	)		-			-			-		19,964

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


		6

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

October 31, 2022

(Unaudited)


	Value April 30, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)			Value October 31, 2022			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund	$	36,255,009	$	357,386,754	$	(328,927,530	)		$	-		$	-			$	64,714,233	$	588,111	*

Invesco Private Prime Fund		84,530,808		836,236,724		(780,998,464	)			(2,041	)		6,820				139,773,847		1,624,686	*


Total	$	157,031,038	$	1,247,598,363	$	(1,165,676,205	)		$	(4,856,827	)	$	(1,220,314	)		$	232,876,055	$	2,942,154

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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

Portfolio Composition

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

as of October 31, 2022



Financials			31.48

Health Care			12.97

Energy			11.27

Consumer Staples			10.33

Utilities			6.72

Materials			6.71

Consumer Discretionary			5.62

Communication Services			5.58

Industrials			4.92

Information Technology			3.95

Real Estate			0.40

Money Market Funds Plus Other Assets Less Liabilities			0.05

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


		7

Invesco S&P 500^® Top 50 ETF (XLG)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-11.19%
Alphabet, Inc., Class A^(b)		681,678	$	64,425,388
Alphabet, Inc., Class C^(b)		609,607		57,705,399
AT&T, Inc.		809,182		14,751,388
Comcast Corp., Class A		500,070		15,872,222
Meta Platforms, Inc., Class A^(b)		259,199		24,146,979
Verizon Communications, Inc.		476,896		17,821,603
Walt Disney Co. (The)^(b)		207,019		22,055,804

				216,778,783

Consumer Discretionary-12.54%
Amazon.com, Inc.^(b)		1,007,741		103,232,988
Home Depot, Inc. (The)		116,806		34,589,761
McDonald’s Corp.		83,542		22,778,562
NIKE,Inc.,Class B		143,492		13,298,838
Tesla, Inc.^(b)		302,788		68,896,381

				242,796,530

Consumer Staples-8.06%
Coca-Cola Co. (The)		442,518		26,484,702
Costco Wholesale Corp.		50,364		25,257,546
PepsiCo, Inc.		156,907		28,491,173
Philip Morris International, Inc.		176,025		16,167,896
Procter & Gamble Co. (The)		271,583		36,574,083
Walmart, Inc.		161,859		23,037,392

				156,012,792

Energy-4.62%
Chevron Corp.		204,674		37,025,527
Exxon Mobil Corp.		473,742		52,495,351

				89,520,878

Financials-7.79%
Bank of America Corp.		794,802		28,644,664
Berkshire Hathaway, Inc., Class B^(b)		205,227		60,560,435
JPMorgan Chase & Co.		333,283		41,953,664
Wells Fargo & Co.		430,718		19,808,721

				150,967,484

Health Care-16.78%
Abbott Laboratories		198,862		19,675,406
AbbVie, Inc.		200,995		29,425,668
Bristol-Myers Squibb Co.		242,461		18,783,454
Danaher Corp.		74,347		18,710,909
Eli Lilly and Co.		89,641		32,458,110
Johnson & Johnson		298,864		51,993,370
Medtronic PLC		150,878		13,177,685
Merck & Co., Inc.		288,006		29,146,207
Pfizer, Inc.		638,013		29,699,505
Thermo Fisher Scientific, Inc.		44,494		22,868,581
UnitedHealth Group, Inc.		106,365		59,048,530

				324,987,425


	Shares		Value
Industrials-0.72%
Union Pacific Corp.		70,915	$	13,980,183

Information Technology-37.36%
Accenture PLC, Class A		71,824		20,390,834
Adobe, Inc.^(b)		53,145		16,926,682
Advanced Micro Devices, Inc.^(b)		183,307		11,009,418
Apple, Inc.		1,717,531		263,366,204
Broadcom, Inc.		45,860		21,559,703
Cisco Systems, Inc.		470,226		21,362,367
Intel Corp.		466,247		13,255,402
Mastercard, Inc., Class A		96,996		31,832,147
Microsoft Corp.		847,927		196,829,295
NVIDIA Corp.		284,581		38,409,898
QUALCOMM, Inc.		127,519		15,003,886
salesforce.com, inc.^(b)		112,987		18,370,556
Texas Instruments, Inc.		103,750		16,665,363
Visa, Inc., Class A^(c)		185,827		38,495,921

				723,477,676

Materials-0.87%
Linde PLC (United Kingdom)		56,594		16,828,226

Total Common Stocks & Other Equity Interests (Cost $1,759,284,929)				1,935,349,977


Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e) (Cost $45,683)		45,683		45,683

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $1,759,330,612)				1,935,395,660


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.83%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		4,466,880		4,466,880
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		11,483,396		11,483,396

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $15,950,244)				15,950,276

TOTAL INVESTMENTS IN SECURITIES-100.76% (Cost $1,775,280,856)				1,951,345,936
OTHER ASSETS LESS LIABILITIES-(0.76)%				(14,681,251	)

NET ASSETS-100.00%			$	1,936,664,685

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


		8

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

October 31, 2022

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2022.

^(d)


	Value April 30, 2022			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-	$	16,985,626	$	(16,939,943	)		$	-			$	-		$	45,683	$	6,500

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			12,114,562		89,429,880		(97,077,562	)			-				-			4,466,880		77,467	*

Invesco Private Prime Fund			25,624,591		201,936,520		(216,076,551	)			(4,311	)			3,147			11,483,396		212,248	*


Total		$	37,739,153	$	308,352,026	$	(330,094,056	)		$	(4,311	)		$	3,147		$	15,995,959	$	296,215

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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

Portfolio Composition

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

as of October 31, 2022



Information Technology			37.36

Health Care			16.78

Consumer Discretionary			12.54

Communication Services			11.19

Consumer Staples			8.06

Financials			7.79

Energy			4.62

Sector Types Each Less Than 3%			1.59

Money Market Funds Plus Other Assets Less Liabilities			0.07

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


		9

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

October 31, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-0.53%
Ziff Davis, Inc.^(b)(c)		18,499	$	1,431,638

Consumer Discretionary-17.06%
Boyd Gaming Corp.		35,973		2,077,801
Brunswick Corp.		21,195		1,497,851
Churchill Downs, Inc.		10,571		2,197,817
Crocs, Inc.^(b)(c)		43,119		3,050,669
Deckers Outdoor Corp.^(b)		9,880		3,457,308
Dick’s Sporting Goods, Inc.^(c)		60,008		6,826,510
Five Below, Inc.^(b)(c)		15,144		2,216,324
Fox Factory Holding Corp.^(b)(c)		35,611		3,128,426
GameStop Corp., Class A^(b)(c)		61,039		1,728,014
Light & Wonder, Inc.^(b)		32,303		1,813,490
Mattel, Inc.^(b)(c)		131,865		2,500,160
RH^(b)(c)		3,430		870,980
Service Corp. International		27,227		1,650,229
Tempur Sealy International, Inc.		133,478		3,589,224
TopBuild Corp.^(b)		11,145		1,896,210
Williams-Sonoma, Inc.		28,223		3,494,854
Wingstop, Inc.^(c)		17,662		2,797,484
YETI Holdings, Inc.^(b)(c)		39,407		1,264,177

				46,057,528

Consumer Staples-3.28%
Celsius Holdings, Inc.^(b)(c)		51,252		4,668,032
Coca-Cola Consolidated, Inc.		4,670		2,274,337
Darling Ingredients, Inc.^(b)		24,413		1,915,932

				8,858,301

Energy-8.03%
Antero Midstream Corp.		480,100		5,113,065
Matador Resources Co.		105,048		6,980,440
Murphy Oil Corp.		126,242		6,123,999
PDC Energy, Inc.		47,996		3,462,431

				21,679,935

Financials-16.02%
Affiliated Managers Group, Inc.		17,927		2,225,816
East West Bancorp, Inc.		39,658		2,838,323
Evercore, Inc., Class A		36,790		3,866,629
First Financial Bankshares, Inc.^(c)		43,097		1,658,804
Jefferies Financial Group, Inc.		179,375		6,172,294
Kinsale Capital Group, Inc.		8,038		2,533,336
Navient Corp.^(c)		425,166		6,437,013
PacWest Bancorp		88,408		2,197,823
Pinnacle Financial Partners, Inc.		44,884		3,724,923
SLM Corp.		387,722		6,432,308
Stifel Financial Corp.		48,260		2,985,846
UMB Financial Corp.		26,184		2,179,033

				43,252,148

Health Care-19.43%
Arrowhead Pharmaceuticals, Inc.^(b)(c)		35,118		1,222,458
Azenta, Inc.^(c)		36,255		1,609,722
Bruker Corp.		29,456		1,821,559
Inari Medical, Inc.^(b)(c)		36,640		2,818,715
Medpace Holdings, Inc.^(b)(c)		22,699		5,038,724
Neurocrine Biosciences, Inc.^(b)		25,633		2,950,871
Omnicell, Inc.^(b)		21,678		1,676,143


	Shares		Value
Health Care-(continued)
Option Care Health, Inc.^(b)		125,342	$	3,792,849
QuidelOrtho Corp.^(b)		17,491		1,571,042
Repligen Corp.^(b)(c)		17,546		3,201,969
Shockwave Medical, Inc.^(b)		67,871		19,896,384
STAAR Surgical Co.^(b)(c)		27,416		1,942,972
Syneos Health, Inc.^(b)		16,912		852,026
Tandem Diabetes Care, Inc.^(b)(c)		30,565		1,716,225
Tenet Healthcare Corp.^(b)		52,395		2,324,242

				52,435,901

Industrials-11.06%
ASGN, Inc.^(b)		18,541		1,571,906
Avis Budget Group, Inc.^(b)(c)		11,097		2,623,997
Axon Enterprise, Inc.^(b)		23,587		3,430,493
Builders FirstSource, Inc.^(b)		68,934		4,250,470
Carlisle Cos., Inc.		7,256		1,732,733
Chart Industries, Inc.^(b)(c)		7,944		1,770,559
FTI Consulting, Inc.^(b)(c)		16,326		2,540,815
GXO Logistics, Inc.^(b)(c)		30,090		1,099,489
Saia, Inc.^(b)		11,457		2,278,339
Simpson Manufacturing Co., Inc.		12,142		1,037,898
Tetra Tech, Inc.		8,671		1,225,039
Trex Co., Inc.^(b)(c)		36,560		1,758,170
Valmont Industries, Inc.		6,921		2,209,322
Vicor Corp.^(b)(c)		19,266		920,337
Watts Water Technologies, Inc., Class A		9,539		1,396,128

				29,845,695

Information Technology-10.39%
Calix, Inc.^(b)		55,903		4,116,697
Concentrix Corp.		38,275		4,678,353
Dynatrace, Inc.^(b)		94,324		3,323,978
ExlService Holdings, Inc.^(b)		10,903		1,982,711
Lattice Semiconductor Corp.^(b)		31,698		1,537,670
Maximus, Inc.		31,914		1,968,136
Paylocity Holding Corp.^(b)		9,842		2,281,277
Power Integrations, Inc.^(c)		29,222		1,949,400
Qualys, Inc.^(b)		15,203		2,167,340
Silicon Laboratories, Inc.^(b)(c)		10,036		1,153,337
SiTime Corp.^(b)(c)		6,578		590,770
Synaptics, Inc.^(b)(c)		5,643		499,970
Teradata Corp.^(b)(c)		56,568		1,786,983

				28,036,622

Materials-12.03%
Avient Corp.		41,776		1,440,854
Cleveland-Cliffs, Inc.^(b)(c)		334,647		4,347,065
Eagle Materials, Inc.		20,675		2,528,759
Louisiana-Pacific Corp.^(c)		110,568		6,263,677
MP Materials Corp.^(b)(c)		141,290		4,244,352
Olin Corp.		62,292		3,298,361
Scotts Miracle-Gro Co. (The)^(c)		11,396		523,190
Steel Dynamics, Inc.		79,989		7,522,966
Valvoline, Inc.		78,470		2,303,879

				32,473,103

Real Estate-2.08%
Independence Realty Trust, Inc.		90,841		1,522,495

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


		10

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

October 31, 2022

(Unaudited)


	Shares		Value
Real Estate-(continued)
Life Storage, Inc.		21,395	$	2,366,501
National Storage Affiliates Trust		40,453		1,725,725

				5,614,721

Total Common Stocks & Other Equity Interests (Cost $284,315,774)				269,685,592

Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e) (Cost $151,753)		151,754		151,753

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $284,467,527)				269,837,345


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-21.14%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		15,983,891	$	15,983,891
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		41,071,324		41,071,324

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $57,055,173)				57,055,215

TOTAL INVESTMENTS IN SECURITIES-121.10% (Cost $341,522,700)				326,892,560
OTHER ASSETS LESS LIABILITIES-(21.10)%				(56,959,205	)

NET ASSETS-100.00%			$	269,933,355

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2022.

^(d)


	Value April 30, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	2,103,020		$	(1,951,267	)		$	-			$	-		$	151,753		$	1,158

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			20,042,244			84,542,890			(88,601,243	)			-				-			15,983,891			173,943	*

Invesco Private Prime Fund			48,584,214			167,231,090			(174,744,416	)			(1,271	)			1,707			41,071,324			474,296	*


Total		$	68,626,458		$	253,877,000		$	(265,296,926	)		$	(1,271	)		$	1,707		$	57,206,968		$	649,397

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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

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


		11

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

October 31, 2022

(Unaudited)

Portfolio Composition

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

as of October 31, 2022



Health Care			19.43

Consumer Discretionary			17.06

Financials			16.02

Materials			12.03

Industrials			11.06

Information Technology			10.39

Energy			8.03

Consumer Staples			3.28

Sector Types Each Less Than 3%			2.61

Money Market Funds Plus Other Assets Less Liabilities			0.09

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


		12

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

October 31, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Consumer Discretionary-19.33%
Adient PLC^(b)(c)		52,526	$	1,837,359
Dana, Inc.^(c)		95,904		1,530,628
Foot Locker, Inc.^(c)		58,499		1,854,418
Gap, Inc. (The)^(c)		133,152		1,500,623
Goodyear Tire & Rubber Co. (The)^(b)(c)		113,835		1,445,705
Graham Holdings Co., Class B		4,183		2,609,648
Harley-Davidson, Inc.^(c)		16,145		694,235
KB Home		52,921		1,525,183
Kohl’s Corp.		51,196		1,533,320
Lear Corp.^(c)		9,894		1,372,397
Lithia Motors, Inc., Class A^(c)		7,899		1,565,187
Macy’s, Inc.		66,589		1,388,381
Murphy USA, Inc.		7,166		2,253,779
Nordstrom, Inc.^(c)		37,336		759,414
PVH Corp.		27,719		1,422,539
Taylor Morrison Home Corp., Class A^(b)(c)		85,636		2,255,652
Thor Industries, Inc.^(c)		21,417		1,744,843
Toll Brothers, Inc.^(c)		18,568		799,909
Topgolf Callaway Brands Corp.^(b)(c)		39,240		734,573

				28,827,793

Consumer Staples-5.11%
BJ’s Wholesale Club Holdings, Inc.^(b)		11,588		896,911
Ingredion, Inc.		7,783		693,621
Nu Skin Enterprises, Inc., Class A		25,910		989,503
Performance Food Group Co.^(b)		37,293		1,940,728
Pilgrim’s Pride Corp.^(b)		49,768		1,147,152
Sprouts Farmers Market, Inc.^(b)(c)		66,207		1,953,107

				7,621,022

Energy-6.09%
Equitrans Midstream Corp.		66,106		556,612
HF Sinclair Corp.		102,168		6,249,617
NOV, Inc.^(c)		101,671		2,277,430

				9,083,659

Financials-30.16%
Annaly Capital Management, Inc.^(c)		64,832		1,202,634
Associated Banc-Corp.		65,848		1,603,399
Bread Financial Holdings, Inc.		24,526		885,634
Cadence Bank^(c)		39,441		1,090,544
CNO Financial Group, Inc.		117,779		2,598,205
Essent Group Ltd.		24,632		974,935
F.N.B. Corp.^(c)		121,784		1,759,779
First Horizon Corp.		73,512		1,801,779
Fulton Financial Corp.		83,867		1,528,895
Hanover Insurance Group, Inc. (The)		13,006		1,905,249
International Bancshares Corp.^(c)		20,286		1,006,186
Kemper Corp.^(c)		47,909		2,283,822
MGIC Investment Corp.		100,472		1,371,443
New York Community Bancorp, Inc.^(c)		114,400		1,065,064
Old National Bancorp^(c)		54,365		1,063,379
Old Republic International Corp.		92,323		2,142,817
Prosperity Bancshares, Inc.		13,528		968,199
Reinsurance Group of America, Inc.		32,555		4,791,119
RenaissanceRe Holdings Ltd. (Bermuda)		5,273		815,628
Selective Insurance Group, Inc.		11,254		1,103,792
Texas Capital Bancshares, Inc.^(b)		21,533		1,291,980


	Shares		Value
Financials-(continued)
United Bankshares, Inc.^(c)		29,570	$	1,252,289
Unum Group		145,332		6,625,686
Valley National Bancorp^(c)		57,242		679,462
Voya Financial, Inc.^(c)		32,458		2,218,829
Washington Federal, Inc.		24,475		947,182

				44,977,930

Health Care-1.90%
Patterson Cos., Inc.^(c)		52,003		1,350,518
Perrigo Co. PLC^(c)		36,758		1,480,612

				2,831,130

Industrials-12.98%
AGCO Corp.		9,102		1,130,195
CACI International, Inc., Class A^(b)		2,773		843,075
EMCOR Group, Inc.^(c)		7,859		1,108,905
EnerSys		9,740		645,665
Fluor Corp.^(b)(c)		45,781		1,385,333
JetBlue Airways Corp.^(b)		81,133		652,309
Kirby Corp.^(b)(c)		12,205		851,299
Knight-Swift Transportation Holdings, Inc.^(c)		12,033		577,945
ManpowerGroup, Inc.		21,545		1,687,835
MDU Resources Group, Inc.		40,757		1,160,759
Oshkosh Corp.		7,034		618,992
Owens Corning		10,409		891,115
Ryder System, Inc.		27,232		2,192,448
Science Applications International Corp.^(c)		12,275		1,329,874
Terex Corp.		17,644		715,288
Timken Co. (The)		8,246		587,857
Univar Solutions, Inc.^(b)		69,574		1,772,746
Werner Enterprises, Inc.^(c)		13,146		515,323
XPO Logistics, Inc.^(b)(c)		13,339		690,160

				19,357,123

Information Technology-8.20%
Arrow Electronics, Inc.^(b)		19,510		1,975,583
Avnet, Inc.		86,237		3,465,865
Kyndryl Holdings, Inc.^(b)		59,070		571,207
TD SYNNEX Corp.^(c)		19,079		1,745,919
Viasat, Inc.^(b)(c)		22,295		913,203
Vishay Intertechnology, Inc.		60,263		1,260,099
Xerox Holdings Corp.^(c)		156,882		2,295,184

				12,227,060

Materials-10.64%
Cabot Corp.^(c)		12,856		944,659
Chemours Co. (The)^(c)		17,788		509,270
Commercial Metals Co.		70,590		3,211,845
Greif, Inc., Class A		31,456		2,082,702
Reliance Steel & Aluminum Co.		11,237		2,264,031
Silgan Holdings, Inc.^(c)		17,485		828,090
United States Steel Corp.^(c)		148,015		3,013,585
Westlake Corp.^(c)		14,403		1,392,050
Worthington Industries, Inc.^(c)		34,242		1,628,549

				15,874,781

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


		13

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

October 31, 2022

(Unaudited)


	Shares		Value
Real Estate-0.91%
Sabra Health Care REIT, Inc.^(c)		48,359	$	660,584
SL Green Realty Corp.		17,432		691,702

				1,352,286

Utilities-4.64%
ALLETE, Inc.		11,082		623,584
Hawaiian Electric Industries, Inc.^(c)		14,502		551,656
NorthWestern Corp.		15,096		797,522
ONE Gas, Inc.		8,444		654,241
Portland General Electric Co.^(c)		14,073		632,441
Southwest Gas Holdings, Inc.		18,061		1,319,717
Spire, Inc.		19,733		1,377,561
UGI Corp.		27,055		955,853

				6,912,575

Total Common Stocks & Other Equity Interests (Cost $155,729,728)				149,065,359


Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e) (Cost $5,442)		5,442		5,442

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $155,735,170)				149,070,801


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-27.67%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		11,554,044	$	11,554,044
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		29,704,165		29,704,165

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $41,257,798)				41,258,209

TOTAL INVESTMENTS IN SECURITIES-127.63% (Cost $196,992,968)				190,329,010
OTHER ASSETS LESS LIABILITIES-(27.63)%				(41,199,322	)

NET ASSETS-100.00%.			$	149,129,688

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2022.

^(d)


	Value April 30, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	89,315		$	1,902,396		$	(1,986,269	)		$	-			$	-		$	5,442		$	676

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			7,518,534			34,245,615			(30,210,105	)			-				-			11,554,044			66,786	*

Invesco Private Prime Fund			17,532,140			77,259,086			(65,087,031	)			(1,241	)			1,211			29,704,165			181,604	*

Total		$	25,139,989		$	113,407,097		$	(97,283,405	)		$	(1,241	)		$	1,211		$	41,263,651		$	249,066

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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

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


		14

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

October 31, 2022

(Unaudited)

Portfolio Composition

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

as of October 31, 2022



Financials			30.16

Consumer Discretionary			19.33

Industrials			12.98

Materials			10.64

Information Technology			8.20

Energy			6.09

Consumer Staples			5.11

Utilities			4.64

Sector Types Each Less Than 3%			2.81

Money Market Funds Plus Other Assets Less Liabilities			0.04

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


		15

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

October 31, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Communication Services-1.96%
Shutterstock, Inc.^(b)		5,482	$	274,264
TechTarget, Inc.^(b)(c)		18,535		1,196,434
Thryv Holdings, Inc.^(b)(c)		28,286		578,732

				2,049,430

Consumer Discretionary-14.22%
Boot Barn Holdings, Inc.^(b)(c)		11,116		631,389
Buckle, Inc. (The)		22,966		903,253
Cavco Industries, Inc.^(c)		2,578		584,355
Century Communities, Inc.^(b)		20,283		902,796
Children’s Place, Inc. (The)^(b)(c)		10,806		437,427
Gentherm, Inc.^(b)(c)		4,980		290,932
Hibbett, Inc.^(b)		29,722		1,855,247
Installed Building Products, Inc.		5,030		432,580
LGI Homes, Inc.^(b)(c)		8,557		787,672
Liquidity Services, Inc.^(b)(c)		39,600		680,328
MarineMax, Inc.^(b)(c)		29,034		938,088
Movado Group, Inc.^(b)		25,123		830,818
Shoe Carnival, Inc.		36,000		863,280
Signet Jewelers Ltd.		15,135		987,407
Sleep Number Corp.^(b)(c)		13,821		383,395
Sturm Ruger & Co., Inc.^(b)		8,837		496,021
Vista Outdoor, Inc.^(b)(c)		34,803		1,010,679
XPEL, Inc.^(b)(c)(d)		26,899		1,861,142

				14,876,809

Consumer Staples-5.41%
Inter Parfums, Inc.^(b)		8,077		653,268
Medifast, Inc.^(b)		3,824		447,370
MGP Ingredients, Inc.^(b)		12,220		1,369,251
Simply Good Foods Co. (The)^(b)(c)		34,001		1,302,238
United Natural Foods, Inc.^(b)(c)		33,040		1,401,226
Vector Group Ltd.		46,162		490,241

				5,663,594

Energy-5.65%
Callon Petroleum Co.^(b)(c)		17,983		790,533
Civitas Resources, Inc.^(b)		22,355		1,562,838
Dorian LPG Ltd.		118,476		2,140,861
Ranger Oil Corp., Class A^(b)		14,230		582,007
SM Energy Co.		18,619		837,483

				5,913,722

Financials-20.81%
Axos Financial, Inc.^(b)(c)		22,154		863,120
B. Riley Financial, Inc.^(b)		33,390		1,358,305
Bancorp, Inc. (The)^(b)(c)		33,607		926,881
Brightsphere Investment Group, Inc.		23,489		442,063
Customers Bancorp, Inc.^(b)(c)		37,847		1,275,065
Donnelley Financial Solutions, Inc.^(b)(c)		15,401		622,662
Enova International, Inc.^(c)		32,314		1,211,452
First Bancorp		115,137		1,818,013
Flagstar Bancorp, Inc.		36,070		1,395,909
HCI Group, Inc.^(b)		12,350		452,504
HomeStreet, Inc.^(b)		25,054		650,402
Palomar Holdings, Inc.^(b)(c)		12,336		1,097,411
Pathward Financial, Inc.		27,089		1,138,551
Piper Sandler Cos.^(b)		11,637		1,489,187


	Shares		Value
Financials-(continued)
Preferred Bank		15,712	$	1,207,782
Redwood Trust, Inc.^(b)		85,376		608,731
ServisFirst Bancshares, Inc.^(b)		17,058		1,284,979
Triumph Bancorp, Inc.^(b)(c)		14,128		727,592
Trupanion, Inc.^(b)(c)		4,945		249,574
Veritex Holdings, Inc.		28,921		913,325
Virtus Investment Partners, Inc.		4,120		706,539
Walker & Dunlop, Inc.		9,339		840,136
World Acceptance Corp.^(b)(c)		6,128		497,716

				21,777,899

Health Care-22.23%
AMN Healthcare Services, Inc.^(c)		10,872		1,364,436
AngioDynamics, Inc.^(c)		33,903		477,693
Apollo Medical Holdings, Inc.^(b)(c)		10,261		363,855
Arcus Biosciences, Inc.^(b)(c)		24,527		624,948
Avid Bioservices, Inc.^(b)(c)		66,639		1,128,865
BioLife Solutions, Inc.^(b)(c)		19,861		467,131
Cara Therapeutics, Inc.^(b)(c)		85,525		803,935
Catalyst Pharmaceuticals, Inc.^(b)(c)		95,226		1,320,785
Collegium Pharmaceutical, Inc.^(b)(c)		45,836		822,298
Community Health Systems, Inc.^(c)		115,634		331,870
CorVel Corp.^(c)		4,035		662,587
Cross Country Healthcare, Inc.^(b)(c)		54,042		2,004,418
Dynavax Technologies Corp.^(b)(c)		188,274		2,155,737
Fulgent Genetics, Inc.^(b)(c)		29,156		1,155,452
Heska Corp.^(b)(c)		2,451		175,884
Innoviva, Inc.^(b)(c)		89,185		1,209,349
iTeos Therapeutics, Inc.^(c)		30,428		592,737
Joint Corp. (The)^(b)(c)		25,023		413,380
Ligand Pharmaceuticals, Inc.^(b)(c)		7,599		666,052
OptimizeRx Corp.^(b)(c)		29,460		454,126
Organogenesis Holdings, Inc.^(b)(c)		193,298		634,017
RadNet, Inc.^(b)(c)		17,502		334,638
Supernus Pharmaceuticals, Inc.^(b)(c)		18,726		641,740
uniQure N.V. (Netherlands)^(c)		39,931		743,515
Vericel Corp.^(b)(c)		20,209		543,218
Vir Biotechnology, Inc.^(b)(c)		101,945		2,240,751
Xencor, Inc.^(b)(c)		14,535		406,980
Zynex, Inc.^(b)		45,752		521,573

				23,261,970

Industrials-12.27%
3D Systems Corp.^(b)(c)		37,677		332,688
ArcBest Corp.^(b)		9,789		777,540
Comfort Systems USA, Inc.^(b)		13,352		1,646,035
Encore Wire Corp.^(b)		16,024		2,204,742
Heidrick & Struggles International, Inc.		20,430		575,309
Insteel Industries, Inc.^(b)		26,678		702,965
Korn Ferry		11,663		648,346
Matson, Inc.^(b)		12,217		898,927
Mueller Industries, Inc.^(b)		21,650		1,356,156
MYR Group, Inc.^(c)		13,995		1,224,703
NV5 Global, Inc.^(b)(c)		7,697		1,115,680
Triumph Group, Inc.^(c)		24,976		226,033
UFP Industries, Inc.		15,945		1,135,762

				12,844,886

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


		16

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

October 31, 2022

(Unaudited)


	Shares		Value
Information Technology-15.13%
A10 Networks, Inc.		56,020	$	941,136
ADTRAN Holdings, Inc.		20,826		467,752
Advanced Energy Industries, Inc.^(b)		6,013		472,922
Alarm.com Holdings, Inc.^(b)(c)		6,433		378,518
Axcelis Technologies, Inc.^(b)(c)		12,692		736,136
Clearfield, Inc.^(b)(c)		12,439		1,510,965
Diebold Nixdorf, Inc.^(b)(c)		78,136		194,559
Digital Turbine, Inc.^(b)(c)		34,798		508,051
Diodes, Inc.^(c)		9,579		686,527
Extreme Networks, Inc.^(c)		55,836		1,001,698
Fabrinet (Thailand)^(c)		8,060		922,064
Harmonic, Inc.^(b)(c)		51,548		796,417
Kulicke & Soffa Industries, Inc. (Singapore)^(b)		30,763		1,290,200
MaxLinear, Inc.^(c)		24,096		744,084
Onto Innovation, Inc.^(b)(c)		16,689		1,115,493
Perficient, Inc.^(b)(c)		9,413		630,389
Rambus, Inc.^(c)		26,621		802,889
Rogers Corp.^(c)		2,570		604,798
SPS Commerce, Inc.^(b)(c)		4,092		517,720
TTEC Holdings, Inc.		6,058		269,399
Ultra Clean Holdings, Inc.^(b)(c)		19,538		607,827
Veeco Instruments, Inc.^(b)(c)		34,897		636,172

				15,835,716