
		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

Materials-0.35%
Balchem Corp.^(b)		2,634		368,233

Real Estate-1.92%
Douglas Elliman, Inc.		23,326		107,766
Innovative Industrial Properties, Inc.^(b)		5,953		643,519
NexPoint Residential Trust, Inc.		8,611		392,662
St. Joe Co. (The)^(b)		24,351		865,191

				2,009,138

Total Common Stocks & Other Equity Interests (Cost $130,765,684)				104,601,397


	Shares		Value
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(e)(f) (Cost $55,091)		55,091	$	55,091

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $130,820,775)				104,656,488


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-33.15%
Invesco Private Government Fund, 3.18%^(e)(f)(g)		9,714,544		9,714,544
Invesco Private Prime Fund, 3.28%^(e)(f)(g)		24,973,962		24,973,962

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $34,688,961)				34,688,506

TOTAL INVESTMENTS IN SECURITIES-133.15% (Cost $165,509,736)				139,344,994
OTHER ASSETS LESS LIABILITIES-(33.15)%				(34,696,207	)

NET ASSETS-100.00%			$	104,648,787

Notes to Schedule of Investments:

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

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

^(c)	Non-income producing security.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2022 represented 1.78% of the Fund’s Net Assets.

^(e)


	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	$	56,928	$	1,669,634	$	(1,671,471	)	$	-	$	-	$	55,091	$	470

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


		17

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

October 31, 2022

(Unaudited)


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

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	11,064,178		$	21,105,759		$	(22,455,393	)		$	-			$	-		$	9,714,544		$	95,705	*

Invesco Private Prime Fund			25,804,690			42,115,190			(42,947,126	)			(1,838	)			3,046			24,973,962			260,561	*


Total		$	36,925,796		$	64,890,583		$	(67,073,990	)		$	(1,838	)		$	3,046		$	34,743,597		$	356,736

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

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

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

Portfolio Composition

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

as of October 31, 2022



Health Care			22.23

Financials			20.81

Information Technology			15.13

Consumer Discretionary			14.22

Industrials			12.27

Energy			5.65

Consumer Staples			5.41

Sector Types Each Less Than 3%			4.23

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.


		18

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

October 31, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Communication Services-2.35%
AMC Networks, Inc., Class A^(b)		47,493	$	1,069,067
ATN International, Inc.		29,334		1,264,882
Scholastic Corp.		29,719		1,133,483
Telephone & Data Systems, Inc.		153,923		2,616,691

				6,084,123

Consumer Discretionary-17.61%
Aaron’s Co., Inc. (The)^(c)		131,488		1,370,105
Adtalem Global Education, Inc.^(b)		27,330		1,139,661
American Axle & Manufacturing Holdings, Inc.^(b)(c)		167,477		1,622,852
America’s Car-Mart, Inc.^(b)(c)		18,699		1,278,264
Bed Bath & Beyond, Inc.^(b)(c)		45,501		207,940
Big Lots, Inc.^(c)		61,586		1,162,128
Bloomin’ Brands, Inc.		44,874		1,077,425
Brinker International, Inc.^(b)(c)		20,165		673,309
Caleres, Inc.^(c)		47,382		1,294,950
Cato Corp. (The), Class A		147,660		1,758,631
Chico’s FAS, Inc.^(b)(c)		416,064		2,446,456
Conn’s, Inc.^(b)(c)		155,058		1,273,026
El Pollo Loco Holdings, Inc.^(c)		63,740		639,950
Ethan Allen Interiors, Inc.^(c)		54,407		1,392,275
G-III Apparel Group Ltd.^(b)		86,323		1,683,298
Group 1 Automotive, Inc.^(c)		10,559		1,826,707
Guess?, Inc.^(c)		60,399		1,025,575
Haverty Furniture Cos., Inc., (Acquired 12/17/2021 - 03/18/2022; Cost $1,976,419)^(c)(d)		61,660		1,638,923
La-Z-Boy, Inc.^(c)		32,656		808,889
LL Flooring Holdings, Inc.^(b)		126,432		1,051,914
M.D.C. Holdings, Inc.		36,353		1,107,312
M/I Homes, Inc.^(b)		48,265		2,002,515
Motorcar Parts of America, Inc.^(b)(c)		148,173		2,815,287
ODP Corp. (The)^(b)		57,610		2,279,628
Perdoceo Education Corp.^(b)		163,732		1,871,457
Sonic Automotive, Inc., Class A^(c)		42,644		1,993,607
Standard Motor Products, Inc.		17,843		676,785
Strategic Education, Inc.^(c)		26,624		1,837,056
Tri Pointe Homes, Inc.^(b)(c)		116,711		1,954,909
Tupperware Brands Corp.^(b)(c)		57,321		443,091
Unifi, Inc.^(b)		127,017		1,158,395
Universal Electronics, Inc.^(b)(c)		25,607		522,639
Urban Outfitters, Inc.^(b)(c)		52,491		1,252,435
Zumiez, Inc.^(b)(c)		15,691		351,949

				45,639,343

Consumer Staples-9.45%
Andersons, Inc. (The)		79,847		2,816,204
Central Garden & Pet Co.^(b)(c)		4,428		182,743
Central Garden & Pet Co., Class A^(b)(c)		18,075		707,455
Edgewell Personal Care Co.^(c)		17,035		667,602
Fresh Del Monte Produce, Inc.		118,416		3,088,289
Hostess Brands, Inc.^(b)		50,620		1,340,418
PriceSmart, Inc.		14,305		915,091
Seneca Foods Corp., Class A^(b)		71,656		4,522,210
SpartanNash Co.^(c)		111,545		3,983,272


	Shares		Value
Consumer Staples-(continued)
TreeHouse Foods, Inc.^(b)(c)		63,891	$	3,209,884
Universal Corp.		60,457		3,059,729

				24,492,897

Energy-9.64%
Archrock, Inc.		78,878		592,374
Bristow Group, Inc.^(b)		33,489		1,002,661
CONSOL Energy, Inc.		38,628		2,434,337
Helix Energy Solutions Group, Inc.^(b)(c)		515,171		3,606,197
Nabors Industries Ltd.^(b)(c)		7,874		1,370,312
Oceaneering International, Inc.^(b)		73,967		1,034,798
Oil States International, Inc.^(b)(c)		258,750		1,674,112
PBF Energy, Inc., Class A^(b)		142,481		6,304,784
ProPetro Holding Corp.^(b)		85,221		1,009,017
REX American Resources Corp.^(b)(c)		33,726		1,011,443
US Silica Holdings, Inc.^(b)		153,871		2,214,204
World Fuel Services Corp.		107,182		2,732,069

				24,986,308

Financials-20.29%
American Equity Investment Life Holding Co.		62,779		2,704,519
Apollo Commercial Real Estate Finance, Inc.^(c)		73,019		822,194
ARMOUR Residential REIT, Inc.		106,300		565,516
BankUnited, Inc.^(c)		15,563		559,490
Berkshire Hills Bancorp, Inc.^(c)		27,950		817,538
Columbia Banking System, Inc.^(c)		27,056		905,564
Employers Holdings, Inc.^(c)		40,626		1,771,700
EZCORP, Inc., Class A^(b)(c)		357,538		3,453,817
First Financial Bancorp		42,984		1,120,593
Franklin BSP Realty Trust, Inc.^(c)		66,444		936,196
Genworth Financial, Inc., Class A^(b)		818,896		3,824,244
Granite Point Mortgage Trust, Inc.		85,459		671,708
Heritage Financial Corp.		51,033		1,719,302
Hope Bancorp, Inc.		77,716		1,054,606
Horace Mann Educators Corp.		47,532		1,875,613
Invesco Mortgage Capital, Inc.^(c)(e)		26,014		304,624
Mercury General Corp.		64,600		1,873,400
Mr. Cooper Group, Inc.^(b)(c)		53,685		2,120,021
New York Mortgage Trust, Inc.		281,295		756,684
NMI Holdings, Inc., Class A^(b)(c)		38,723		849,195
Northwest Bancshares, Inc.		60,423		909,970
PennyMac Mortgage Investment Trust^(c)		66,299		919,567
PRA Group, Inc.^(b)(c)		15,335		513,723
ProAssurance Corp.		76,344		1,695,600
Ready Capital Corp.^(c)		79,495		963,479
Renasant Corp.^(c)		28,864		1,165,240
S&T Bancorp, Inc.		31,907		1,206,404
Safety Insurance Group, Inc.^(c)		15,417		1,340,508
Simmons First National Corp., Class A^(c)		27,359		653,059
SiriusPoint Ltd. (Bermuda)^(b)		413,028		2,651,640
StoneX Group, Inc.^(b)		42,265		3,944,170
TrustCo Bank Corp.^(c)		23,998		895,605
Trustmark Corp.^(c)		25,957		949,247
Two Harbors Investment Corp.		198,408		706,332
United Fire Group, Inc.^(c)		123,096		3,335,902
Universal Insurance Holdings, Inc.		203,628		2,044,425

				52,601,395

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


		19

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

October 31, 2022

(Unaudited)


	Shares		Value
Health Care-1.32%
AdaptHealth Corp.^(b)(c)		65,171	$	1,485,899
Emergent BioSolutions, Inc.^(b)		15,247		318,052
Owens & Minor, Inc.^(c)		31,363		533,171
Select Medical Holdings Corp.		42,910		1,101,929

				3,439,051

Industrials-17.18%
AAR Corp.^(b)		56,392		2,499,294
ABM Industries, Inc.		36,412		1,620,698
American Woodmark Corp.^(b)		26,373		1,196,016
Arcosa, Inc.^(c)		12,996		834,343
Atlas Air Worldwide Holdings, Inc.^(b)(c)		31,180		3,153,545
CoreCivic, Inc.^(b)		154,760		1,620,337
Deluxe Corp.^(c)		17,662		324,628
DXP Enterprises, Inc.^(b)		56,367		1,612,660
GEO Group, Inc. (The)^(b)(c)		431,787		3,652,918
Granite Construction, Inc.^(c)		39,206		1,322,418
Greenbrier Cos., Inc. (The)		45,664		1,612,396
Griffon Corp.		53,085		1,706,152
Harsco Corp.^(b)(c)		97,909		517,939
Hub Group, Inc., Class A^(b)(c)		11,737		910,791
KAR Auction Services, Inc.^(b)(c)		71,388		1,037,268
Kelly Services, Inc., Class A		190,794		3,117,574
Matthews International Corp., Class A^(c)		27,932		750,812
MillerKnoll, Inc.^(c)		45,039		953,926
Moog, Inc., Class A		16,316		1,382,781
NOW, Inc.^(b)		150,817		1,919,900
Powell Industries, Inc.		80,461		1,984,973
Quanex Building Products Corp.^(c)		58,709		1,300,991
Resideo Technologies, Inc.^(b)(c)		54,189		1,279,944
Resources Connection, Inc.		56,562		1,033,388
SkyWest, Inc.^(b)		47,565		840,949
Titan International, Inc.^(b)(c)		150,540		2,252,078
TrueBlue, Inc.^(b)		63,517		1,248,744
Veritiv Corp.^(b)(c)		9,422		1,095,402
Wabash National Corp.^(c)		80,616		1,745,336

				44,528,201

Information Technology-8.21%
Benchmark Electronics, Inc.		111,870		3,175,989
Consensus Cloud Solutions, Inc.^(b)		21,069		1,182,814
Ebix, Inc.^(c)		32,491		642,997
Insight Enterprises, Inc.^(b)(c)		14,708		1,390,053
NETGEAR, Inc.^(b)(c)		81,574		1,602,929
PC Connection, Inc.^(c)		41,496		2,205,097
Photronics, Inc.^(b)		76,664		1,243,490
Plexus Corp.^(b)(c)		8,878		873,595
Sanmina Corp.^(b)		69,401		3,889,926
ScanSource, Inc.^(b)		84,241		2,609,786
TTM Technologies, Inc.^(b)		160,579		2,458,465

				21,275,141

Investment Abbreviations:

REIT -Real Estate Investment Trust


	Shares		Value
Materials-12.48%
American Vanguard Corp.^(c)		102,064	$	2,375,029
Arconic Corp.^(b)(c)		23,478		487,403
Carpenter Technology Corp.		27,259		1,019,487
Clearwater Paper Corp.^(b)		42,484		1,889,688
FutureFuel Corp.		101,434		693,809
Kaiser Aluminum Corp.^(c)		7,626		616,105
Koppers Holdings, Inc.^(c)		69,942		1,745,752
Mativ Holdings, Inc., Class A^(c)		52,126		1,237,471
Mercer International, Inc. (Germany)^(c)		247,146		3,316,699
Minerals Technologies, Inc.		18,535		1,019,610
O-I Glass, Inc.^(b)(c)		89,113		1,453,433
Olympic Steel, Inc.		146,776		3,993,775
Rayonier Advanced Materials, Inc.^(b)(c)		414,456		1,885,775
SunCoke Energy, Inc.		421,736		3,061,804
Sylvamo Corp.		39,867		1,920,394
TimkenSteel Corp.^(b)(c)		190,716		3,326,087
Tredegar Corp.		145,343		1,582,785
Trinseo PLC		38,488		724,344

				32,349,450

Real Estate-1.42%
Anywhere Real Estate, Inc.^(b)(c)		204,471		1,519,220
Diversified Healthcare Trust		346,751		471,581
Franklin Street Properties Corp.		170,990		492,451
Office Properties Income Trust^(c)		29,212		446,944
Orion Office REIT, Inc.^(c)		38,474		360,501
RE/MAX Holdings, Inc., Class A^(c)		20,495		398,833

				3,689,530

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $272,295,786)				259,085,439


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-22.88%
Invesco Private Government Fund, 3.18%^(e)(f)(g)		16,427,968		16,427,968
Invesco Private Prime Fund, 3.28%^(e)(f)(g)		42,869,256		42,869,256

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $59,298,948)				59,297,224

TOTAL INVESTMENTS IN SECURITIES-122.83% (Cost $331,594,734)				318,382,663
OTHER ASSETS LESS LIABILITIES-(22.83)%				(59,172,360	)

NET ASSETS-100.00%			$	259,210,303

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


		20

Invesco S&P SmallCap 600^® Pure Value ETF (RZV)–(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)	Restricted security. The value of this security at October 31, 2022 represented less than 1% of the Fund’s Net Assets.

^(e)


	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 Mortgage Capital, Inc.		$	485,636		$	54,513		$	(74,970	)		$	(136,024	)		$	(24,531	)		$	304,624		$	42,602

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			104,095			8,532,594			(8,636,689	)			-				-				-			2,211

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			16,991,207			54,764,423			(55,327,662	)			-				-				16,427,968			135,052	*

Invesco Private Prime Fund			39,656,595			110,261,473			(107,050,181	)			(4,039	)			5,408				42,869,256			372,037	*


Total		$	57,237,533		$	173,613,003		$	(171,089,502	)		$	(140,063	)		$	(19,123	)		$	59,601,848		$	551,902

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

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

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

Portfolio Composition

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

as of October 31, 2022



Financials			20.29

Consumer Discretionary			17.61

Industrials			17.18

Materials			12.48

Energy			9.64

Consumer Staples			9.45

Information Technology			8.21

Sector Types Each Less Than 3%			5.09

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.


		21

Statements of Assets and Liabilities

October 31, 2022

(Unaudited)


	Invesco S&P 500^® Pure Growth ETF (RPG)				Invesco S&P 500^® Pure Value ETF (RPV)				Invesco S&P 500^® Top 50 ETF (XLG)
Assets:
Unaffiliated investments in securities, at value^(a)		$	2,305,030,328			$	3,397,089,172			$	1,935,349,977
Affiliated investments in securities, at value			140,491,448				232,876,055				15,995,959
Receivable for:
Dividends			1,312,213				2,513,207				1,585,833
Securities lending			12,248				20,914				2,748
Investments sold			3,128,752				9,465,658				-
Fund shares sold			-				68,790,770				-

Total assets			2,449,974,989				3,710,755,776				1,952,934,517


Liabilities:
Due to custodian			854,971				30,119				650
Payable for:
Investments purchased			-				68,757,039				-
Collateral upon return of securities loaned			140,489,052				204,487,412				15,950,244
Fund shares repurchased			3,129,227				9,470,823				-
Accrued unitary management fees			650,984				926,445				318,938

Total liabilities			145,124,234				283,671,838				16,269,832

Net Assets		$	2,304,850,755			$	3,427,083,938			$	1,936,664,685


Net assets consist of:
Shares of beneficial interest		$	2,886,647,230			$	3,931,896,546			$	1,783,128,222
Distributable earnings (loss)			(581,796,475	)			(504,812,608	)			153,536,463

Net Assets		$	2,304,850,755			$	3,427,083,938			$	1,936,664,685

Shares outstanding (unlimited amount authorized, $0.01 par value)			14,790,299				43,422,836				6,800,785
Net asset value		$	155.84			$	78.92			$	284.77

Market price		$	155.84			$	78.98			$	284.76

Unaffiliated investments in securities, at cost		$	2,531,694,359			$	3,520,799,504			$	1,759,284,929

Affiliated investments in securities, at cost		$	140,489,052			$	247,865,691			$	15,995,927

^(a)Includes securities on loan with an aggregate value of:		$	135,748,578			$	196,749,541			$	15,475,887

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


		22


Invesco S&P MidCap 400^® Pure Growth ETF (RFG)				Invesco S&P MidCap 400^® Pure Value ETF (RFV)				Invesco S&P SmallCap 600^® Pure Growth ETF (RZG)				Invesco S&P SmallCap 600^® Pure Value ETF (RZV)

	$	269,685,592			$	149,065,359			$	104,601,397			$	258,780,815
		57,206,968				41,263,651				34,743,597				59,601,848

		156,831				94,435				19,131				193,344
		15,251				2,746				3,435				7,126
		-				-				-				1,793,326
		-				-				-				-

		327,064,642				190,426,191				139,367,560				320,376,459



		-				-				-				663

		-				-				-				-
		57,055,173				41,257,798				34,688,961				59,298,948
		-				-				-				1,793,825
		76,114				38,705				29,812				72,720

		57,131,287				41,296,503				34,718,773				61,166,156

	$	269,933,355			$	149,129,688			$	104,648,787			$	259,210,303



	$	504,884,441			$	216,999,445			$	241,467,397			$	421,131,252
		(234,951,086	)			(67,869,757	)			(136,818,610	)			(161,920,949	)

	$	269,933,355			$	149,129,688			$	104,648,787			$	259,210,303

		1,460,021				1,630,499				860,004				2,890,040
	$	184.88			$	91.46			$	121.68			$	89.69

	$	185.02			$	91.57			$	121.79			$	89.81

	$	284,315,774			$	155,729,728			$	130,765,684			$	271,592,138

	$	57,206,926			$	41,263,240			$	34,744,052			$	60,002,596

	$	55,223,827			$	40,281,827			$	33,594,583			$	57,748,581


		23

Statements of Operations

For the six months ended October 31, 2022

(Unaudited)


	Invesco S&P 500^® Pure Growth ETF (RPG)				Invesco S&P 500^® Pure Value ETF (RPV)				Invesco S&P 500^® Top 50 ETF (XLG)
Investment income:
Unaffiliated dividend income		$	15,053,078			$	46,707,860			$	14,295,836
Affiliated dividend income			9,611				729,357				6,500
Securities lending income, net			60,239				103,217				14,221
Foreign withholding tax			-				-				-

Total investment income			15,122,928				47,540,434				14,316,557


Expenses:
Unitary management fees			4,067,202				6,113,661				2,040,457
Other expenses			-				52				-

Total expenses			4,067,202				6,113,713				2,040,457

Less: Waivers			(574	)			(1,355	)			(377	)

Net expenses			4,066,628				6,112,358				2,040,080

Net investment income			11,056,300				41,428,076				12,276,477


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(17,323,522	)			(20,978,022	)			(45,022,141	)
Affiliated investment securities			5,319				(141,117	)			3,147
Unaffiliated in-kind redemptions			33,899,666				39,240,971				84,172,640
Affiliated in-kind redemptions			-				(1,079,197	)			-

Net realized gain (loss)			16,581,463				17,042,635				39,153,646

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(63,671,540	)			(166,823,110	)			(244,001,896	)
Affiliated investment securities			(5,136	)			(4,856,827	)			(4,311	)

Change in net unrealized appreciation (depreciation)			(63,676,676	)			(171,679,937	)			(244,006,207	)

Net realized and unrealized gain (loss)			(47,095,213	)			(154,637,302	)			(204,852,561	)

Net increase (decrease) in net assets resulting from operations		$	(36,038,913	)		$	(113,209,226	)		$	(192,576,084	)

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


		24


Invesco S&P MidCap 400^® Pure Growth ETF (RFG)				Invesco S&P MidCap 400^® Pure Value ETF (RFV)				Invesco S&P SmallCap 600^® Pure Growth ETF (RZG)				Invesco S&P SmallCap 600^® Pure Value ETF (RZV)

	$	1,661,438			$	1,761,806			$	1,031,342			$	2,629,636
		1,158				676				470				44,813
		181,440				12,872				20,791				42,512
		-				-				(3,098	)			-

		1,844,036				1,775,354				1,049,505				2,716,961



		464,475				236,900				194,696				477,608
		-				-				-				-

		464,475				236,900				194,696				477,608

		(65	)			(40	)			(29	)			(140	)

		464,410				236,860				194,667				477,468

		1,379,626				1,538,494				854,838				2,239,493



		(9,687,103	)			(2,507,983	)			(1,985,376	)			(8,911,935	)
		1,707				1,211				3,046				(341	)
		241,975				1,296,850				1,617,880				3,606,081
		-				-				-				(18,782	)

		(9,443,421	)			(1,209,922	)			(364,450	)			(5,324,977	)


		5,189,147				3,566,975				(2,824,342	)			(3,760,865	)
		(1,271	)			(1,241	)			(1,838	)			(140,063	)

		5,187,876				3,565,734				(2,826,180	)			(3,900,928	)

		(4,255,545	)			2,355,812				(3,190,630	)			(9,225,905	)

	$	(2,875,919	)		$	3,894,306			$	(2,335,792	)		$	(6,986,412	)


		25

Statements of Changes in Net Assets

For the six months ended October 31, 2022 and the year ended April 30, 2022

(Unaudited)


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

	Six Months Ended October 31, 2022				Year Ended April 30, 2022				Six Months Ended October 31, 2022				Year Ended April 30, 2022
Operations:
Net investment income		$	11,056,300			$	1,727,132			$	41,428,076			$	62,020,153
Net realized gain (loss)			16,581,463				492,853,142				17,042,635				297,854,254
Change in net unrealized appreciation (depreciation)			(63,676,676	)			(765,698,312	)			(171,679,937	)			(243,626,596	)

Net increase (decrease) in net assets resulting from operations			(36,038,913	)			(271,118,038	)			(113,209,226	)			116,247,811


Distributions to Shareholders from:
Distributable earnings			(10,415,565	)			(119,825	)			(44,847,555	)			(51,458,072	)


Shareholder Transactions:
Proceeds from shares sold			244,707,198				1,901,217,760				433,543,031				3,495,329,984
Value of shares repurchased			(175,738,297	)			(1,998,029,879	)			(621,643,310	)			(2,025,732,789	)

Net increase (decrease) in net assets resulting from share transactions			68,968,901				(96,812,119	)			(188,100,279	)			1,469,597,195

Net increase (decrease) in net assets			22,514,423				(368,049,982	)			(346,157,060	)			1,534,386,934


Net assets:
Beginning of period			2,282,336,332				2,650,386,314				3,773,240,998				2,238,854,064

End of period		$	2,304,850,755			$	2,282,336,332			$	3,427,083,938			$	3,773,240,998


Changes in Shares Outstanding:
Shares sold			1,530,000				9,250,000				5,430,000				43,130,000
Shares repurchased			(1,120,000	)			(10,220,000	)			(8,240,000	)			(26,030,000	)
Shares outstanding, beginning of period			14,380,299				15,350,299				46,232,836				29,132,836

Shares outstanding, end of period			14,790,299				14,380,299				43,422,836				46,232,836

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


		26


Invesco S&P 500^® Top 50 ETF (XLG)								Invesco S&P Midcap 400^® Pure Growth ETF (RFG)
Six Months Ended October 31, 2022				Year Ended April 30, 2022				Six Months Ended October 31, 2022				Year Ended April 30, 2022

	$	12,276,477			$	22,300,799			$	1,379,626			$	510,612
		39,153,646				187,208,389				(9,443,421	)			43,354,521
		(244,006,207	)			(231,467,737	)			5,187,876				(113,800,161	)

		(192,576,084	)			(21,958,549	)			(2,875,919	)			(69,935,028	)



		(12,233,788	)			(22,288,877	)			(1,135,705	)			(290,367	)



		183,130,357				722,727,072				10,901,428				137,069,734
		(180,997,686	)			(351,981,215	)			(20,690,436	)			(187,101,780	)

		2,132,671				370,745,857				(9,789,008	)			(50,032,046	)

		(202,677,201	)			326,498,431				(13,800,632	)			(120,257,441	)



		2,139,341,886				1,812,843,455				283,733,987				403,991,428

	$	1,936,664,685			$	2,139,341,886			$	269,933,355			$	283,733,987



		610,000				2,080,000				60,000				610,000
		(620,000	)			(1,050,000	)			(120,000	)			(860,000	)
		6,810,785				5,780,785				1,520,021				1,770,021

		6,800,785				6,810,785				1,460,021				1,520,021


		27

Statements of Changes in Net Assets–(continued)

For the six months ended October 31, 2022 and the year ended April 30, 2022

(Unaudited)


	Invesco S&P MidCap 400^® Pure Value ETF (RFV)								Invesco S&P SmallCap 600^® Pure Growth ETF (RZG)

	Six Months Ended October 31, 2022				Year Ended April 30, 2022				Six Months Ended October 31, 2022				Year Ended April 30, 2022
Operations:
Net investment income		$	1,538,494			$	3,014,263			$	854,838			$	575,250
Net realized gain (loss)			(1,209,922	)			21,131,028				(364,450	)			23,084,396
Change in net unrealized appreciation (depreciation)			3,565,734				(32,404,568	)			(2,826,180	)			(53,377,250	)

Net increase (decrease) in net assets resulting from operations			3,894,306				(8,259,277	)			(2,335,792	)			(29,717,604	)


Distributions to Shareholders from:
Distributable earnings			(1,595,132	)			(2,774,070	)			(689,898	)			(432,797	)


Shareholder Transactions:
Proceeds from shares sold			35,133,153				134,036,525				26,360,830				129,783,035
Value of shares repurchased			(28,470,599	)			(146,614,490	)			(27,847,829	)			(128,659,135	)

Net increase (decrease) in net assets resulting from share transactions			6,662,554				(12,577,965	)			(1,486,999	)			1,123,900

Net increase (decrease) in net assets			8,961,728				(23,611,312	)			(4,512,689	)			(29,026,501	)


Net assets:
Beginning of period			140,167,960				163,779,272				109,161,476				138,187,977

End of period		$	149,129,688			$	140,167,960			$	104,648,787			$	109,161,476


Changes in Shares Outstanding:
Shares sold			400,000				1,390,000				210,000				900,000
Shares repurchased			(330,000	)			(1,580,000	)			(230,000	)			(890,000	)
Shares outstanding, beginning of period			1,560,499				1,750,499				880,004				870,004

Shares outstanding, end of period			1,630,499				1,560,499				860,004				880,004

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


		28


Invesco S&P SmallCap 600^® Pure Value ETF (RZV)
Six Months Ended October 31, 2022				Year Ended April 30, 2022

	$	2,239,493			$	2,987,533
		(5,324,977	)			57,009,757
		(3,900,928	)			(51,145,105	)

		(6,986,412	)			8,852,185


		(2,078,651	)			(2,916,498	)



		30,372,996				194,344,627
		(47,815,375	)			(252,069,646	)

		(17,442,379	)			(57,725,019	)

		(26,507,442	)			(51,789,332	)



		285,717,745				337,507,077

	$	259,210,303			$	285,717,745



		340,000				2,030,000
		(570,000	)			(2,710,000	)
		3,120,040				3,800,040

		2,890,040				3,120,040


		29

Financial Highlights

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


	Six Months Ended October 31, 2022																				Six Months Ended April 30,				Year Ended October 31,
	Six Months Ended October 31, 2022				Years Ended April 30,																Six Months Ended April 30,				Year Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	158.71			$	172.66			$	116.76			$	119.17			$	109.10			$	103.50			$	82.11

Net investment income^(a)			0.75				0.11				0.34				1.00				0.60				0.25				0.47
Net realized and unrealized gain (loss) on investments			(2.91	)			(14.05	)			56.02				(2.28	)			10.04				5.55				21.52

Total from investment operations			(2.16	)			(13.94	)			56.36				(1.28	)			10.64				5.80				21.99

Distributions to shareholders from:
Net investment income			(0.71	)			(0.01	)			(0.46	)			(1.13	)			(0.57	)			(0.20	)			(0.60	)

Net asset value at end of period		$	155.84			$	158.71			$	172.66			$	116.76			$	119.17			$	109.10			$	103.50

Market price at end of period^(b)		$	155.84			$	158.73			$	172.70			$	116.76			$	119.19			$	109.20

Net Asset Value Total Return^(c)			(1.34	)%			(8.08	)%			48.37	%			(1.02	)%			9.79	%			5.61	%			26.87	%
Market Price Total Return^(c)			(1.35	)%			(8.10	)%			48.40	%			(1.03	)%			9.71	%			5.71	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,304,851			$	2,282,336			$	2,650,386			$	2,195,101			$	2,842,159			$	2,345,747			$	2,214,956
Ratio to average net assets of:
Expenses			0.35	%^(d)			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%^(d)			0.35	%
Net investment income			0.95	%^(d)			0.06	%			0.23	%			0.84	%			0.53	%			0.47	%^(d)			0.52	%
Portfolio turnover rate^(e)			2	%			45	%			56	%			73	%			64	%			52	%			58	%

^(a)	Based on average shares outstanding.

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

^(c)

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

^(d)	Annualized.

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

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


		30

Financial Highlights–(continued)

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


	Six Months Ended October 31, 2022																				Six Months Ended April 30,				Year Ended October 31,
	Six Months Ended October 31, 2022				Years Ended April 30,																Six Months Ended April 30,				Year Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	81.61			$	76.85			$	45.75			$	66.34			$	66.33			$	62.43			$	52.33

Net investment income^(a)			0.93				1.64				1.31				1.65				1.49				0.63				1.11
Net realized and unrealized gain (loss) on investments			(2.63	)			4.51				31.03				(20.59	)			(0.01	)			3.84				10.05

Total from investment operations			(1.70	)			6.15				32.34				(18.94	)			1.48				4.47				11.16

Distributions to shareholders from:
Net investment income			(0.99	)			(1.39	)			(1.24	)			(1.65	)			(1.47	)			(0.57	)			(1.06	)

Net asset value at end of period		$	78.92			$	81.61			$	76.85			$	45.75			$	66.34			$	66.33			$	62.43

Market price at end of period^(b)		$	78.98			$	81.60			$	76.88			$	45.86			$	66.36			$	66.38

Net Asset Value Total Return^(c)			(2.03	)%			8.13	%			71.67	%			(28.82	)%			2.37	%			7.17	%			21.44	%
Market Price Total Return^(c)			(1.94	)%			8.06	%			71.32	%			(28.67	)%			2.33	%			7.25	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	3,427,084			$	3,773,241			$	2,238,854			$	496,546			$	928,883			$	882,392			$	830,507
Ratio to average net assets of:
Expenses			0.35	%^(d)			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%^(d)			0.35	%
Net investment income			2.37	%^(d)			2.04	%			2.16	%			2.64	%			2.29	%			1.94	%^(d)			1.89	%
Portfolio turnover rate^(e)			2	%			32	%			46	%			46	%			37	%			35	%			46	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		31

Financial Highlights–(continued)

Invesco S&P 500^® Top 50 ETF (XLG)


	Six Months Ended October 31, 2022																				Six Months Ended April 30,				Year Ended October 31,
	Six Months Ended October 31, 2022				Years Ended April 30,																Six Months Ended April 30,				Year Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	314.11			$	313.60			$	222.29			$	212.34			$	187.22			$	183.08			$	150.05

Net investment income^(a)			1.80				3.48				3.66				3.70				3.72				1.71				3.35
Net realized and unrealized gain (loss) on investments			(29.33	)			0.53				91.14				9.96				25.18				4.18				32.95

Total from investment operations			(27.53	)			4.01				94.80				13.66				28.90				5.89				36.30

Distributions to shareholders from:
Net investment income			(1.81	)			(3.50	)			(3.49	)			(3.71	)			(3.78	)			(1.75	)			(3.27	)

Net asset value at end of period		$	284.77			$	314.11			$	313.60			$	222.29			$	212.34			$	187.22			$	183.08

Market price at end of period^(b)		$	284.76			$	313.84			$	313.62			$	222.49			$	212.32			$	187.43

Net Asset Value Total Return^(c)			(8.76	)%			1.21	%			42.97	%			6.61	%			15.64	%			3.20	%			24.40	%
Market Price Total Return^(c)			(8.71	)%			1.12	%			42.85	%			6.73	%			15.50	%			3.20	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,936,665			$	2,139,342			$	1,812,843			$	1,122,748			$	838,904			$	683,491			$	686,711
Ratio to average net assets of:
Expenses			0.20	%^(d)			0.20	%			0.20	%			0.20	%			0.20	%			0.20	%^(d)			0.20	%
Net investment income			1.20	%^(d)			1.02	%			1.36	%			1.71	%			1.89	%			1.81	%^(d)			2.00	%
Portfolio turnover rate^(e)			4	%			5	%			5	%			8	%			8	%			1	%			4	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		32

Financial Highlights–(continued)

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


	Six Months Ended October 31, 2022																				Six Months Ended April 30,				Year Ended October 31,
	Six Months Ended October 31, 2022				Years Ended April 30,																Six Months Ended April 30,				Year Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	186.66			$	228.24			$	132.00			$	151.86			$	154.65			$	150.04			$	119.22

Net investment income^(a)			0.94				0.30				0.01				0.95				1.07				0.22				0.90
Net realized and unrealized gain (loss) on investments			(1.95	)			(41.69	)			96.56				(19.90	)			(2.69	)			4.77				30.73

Total from investment operations			(1.01	)			(41.39	)			96.57				(18.95	)			(1.62	)			4.99				31.63

Distributions to shareholders from:
Net investment income			(0.77	)			(0.19	)			(0.33	)			(0.91	)			(1.17	)			(0.38	)			(0.81	)

Net asset value at end of period		$	184.88			$	186.66			$	228.24			$	132.00			$	151.86			$	154.65			$	150.04

Market price at end of period^(b)		$	185.02			$	186.49			$	228.23			$	132.20			$	151.97			$	154.80

Net Asset Value Total Return^(c)			(0.52	)%			(18.15	)%			73.26	%			(12.46	)%			(1.05	)%			3.32	%			26.59	%
Market Price Total Return^(c)			(0.35	)%			(18.21	)%			72.95	%			(12.39	)%			(1.07	)%			3.45	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	269,933			$	283,734			$	403,991			$	270,607			$	493,563			$	595,412			$	585,170
Ratio to average net assets of:
Expenses			0.35	%^(d)			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%^(d)			0.35	%
Net investment income			1.04	%^(d)			0.14	%			0.01	%			0.66	%			0.69	%			0.29	%^(d)			0.66	%
Portfolio turnover rate^(e)			18	%			83	%			73	%			94	%			86	%			70	%			81	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		33

Financial Highlights–(continued)

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


	Six Months Ended October 31, 2022																				Six Months Ended April 30,				Year Ended October 31,
	Six Months Ended October 31, 2022				Years Ended April 30,																Six Months Ended April 30,				Year Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	89.82			$	93.56			$	46.79			$	69.61			$	65.71			$	65.44			$	53.46

Net investment income^(a)			1.01				1.75				0.72				1.41				0.81				0.49				0.75
Net realized and unrealized gain (loss) on investments			1.68				(3.84	)			47.07				(22.86	)			3.90				0.21				12.01

Total from investment operations			2.69				(2.09	)			47.79				(21.45	)			4.71				0.70				12.76

Distributions to shareholders from:
Net investment income			(1.05	)			(1.65	)			(1.02	)			(1.37	)			(0.81	)			(0.43	)			(0.78	)

Net asset value at end of period		$	91.46			$	89.82			$	93.56			$	46.79			$	69.61			$	65.71			$	65.44

Market price at end of period^(b)		$	91.57			$	89.63			$	93.64			$	46.86			$	69.69			$	65.78

Net Asset Value Total Return^(c)			3.08	%			(2.28	)%			103.18	%			(30.96	)%			7.25	%			1.05	%			23.93	%
Market Price Total Return^(c)			3.43	%			(2.56	)%			103.05	%			(30.94	)%			7.25	%			1.19	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	149,130			$	140,168			$	163,779			$	56,172			$	142,737			$	101,890			$	108,015
Ratio to average net assets of:
Expenses			0.35	%^(d)			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%^(d)			0.35	%
Net investment income			2.27	%^(d)			1.85	%			1.07	%			2.25	%			1.20	%			1.47	%^(d)			1.21	%
Portfolio turnover rate^(e)			7	%			47	%			65	%			61	%			57	%			44	%			76	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		34

Financial Highlights–(continued)

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


	Six Months Ended October 31, 2022																				Six Months Ended April 30,				Year Ended October 31,
	Six Months Ended October 31, 2022				Years Ended April 30,																Six Months Ended April 30,				Year Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	124.05			$	158.84			$	87.82			$	115.59			$	114.43			$	111.12			$	82.65

Net investment income^(a)			0.94				0.67				0.47				0.74				0.32				0.36				0.46
Net realized and unrealized gain (loss) on investments			(2.51	)			(34.95	)			71.04				(27.63	)			1.32				3.33				28.43

Total from investment operations			(1.57	)			(34.28	)			71.51				(26.89	)			1.64				3.69				28.89

Distributions to shareholders from:
Net investment income			(0.80	)			(0.51	)			(0.49	)			(0.88	)			(0.48	)			(0.38	)			(0.42	)

Net asset value at end of period		$	121.68			$	124.05			$	158.84			$	87.82			$	115.59			$	114.43			$	111.12

Market price at end of period^(b)		$	121.79			$	123.88			$	158.74			$	87.97			$	115.58			$	114.61

Net Asset Value Total Return^(c)			(1.23	)%			(21.63	)%			81.63	%			(23.30	)%			1.43	%			3.32	%			35.01	%
Market Price Total Return^(c)			(1.02	)%			(21.68	)%			81.22	%			(23.16	)%			1.26	%			3.36	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	104,649			$	109,161			$	138,188			$	96,608			$	236,954			$	263,179			$	238,904
Ratio to average net assets of:
Expenses			0.35	%^(d)			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%^(d)			0.35	%
Net investment income			1.54	%^(d)			0.43	%			0.38	%			0.69	%			0.26	%			0.64	%^(d)			0.45	%
Portfolio turnover rate^(e)			10	%			80	%			79	%			85	%			71	%			56	%			70	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		35

Financial Highlights–(continued)

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


	Six Months Ended October 31, 2022																				Six Months Ended April 30,				Year Ended October 31,
	Six Months Ended October 31, 2022				Years Ended April 30,																Six Months Ended April 30,				Year Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	91.58			$	88.82			$	43.07			$	67.47			$	71.57			$	70.68			$	60.52

Net investment income^(a)			0.72				0.90				0.57				0.68				0.99				0.46				0.62
Net realized and unrealized gain (loss) on investments			(1.95	)			2.75				45.63				(24.39	)			(4.02	)			0.86				10.18

Total from investment operations			(1.23	)			3.65				46.20				(23.71	)			(3.03	)			1.32				10.80

Distributions to shareholders from:
Net investment income			(0.66	)			(0.89	)			(0.45	)			(0.69	)			(1.07	)			(0.43	)			(0.64	)

Net asset value at end of period		$	89.69			$	91.58			$	88.82			$	43.07			$	67.47			$	71.57			$	70.68

Market price at end of period^(b)		$	89.81			$	91.61			$	88.87			$	43.14			$	67.53			$	71.64

Net Asset Value Total Return^(c)			(1.27	)%			4.10	%			107.66	%			(35.31	)%			(4.27	)%			1.87	%			17.88	%
Market Price Total Return^(c)			(1.18	)%			4.08	%			107.44	%			(35.27	)%			(4.28	)%			1.76	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	259,210			$	285,718			$	337,507			$	81,842			$	192,279			$	164,625			$	236,795
Ratio to average net assets of:
Expenses			0.35	%^(d)			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%^(d)			0.35	%
Net investment income			1.64	%^(d)			0.95	%			0.86	%			1.14	%			1.38	%			1.28	%^(d)			0.91	%
Portfolio turnover rate^(e)			7	%			54	%			74	%			70	%			52	%			48	%			68	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		36

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

October 31, 2022

(Unaudited)

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:


Full Name		Short Name

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

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

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

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

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

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

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

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

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

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


Fund		Underlying Index

S&P 500^® Pure Growth ETF		S&P 500^® Pure Growth Index

S&P 500^® Pure Value ETF		S&P 500^® Pure Value Index

S&P 500^® Top 50 ETF		S&P 500^® Top 50 Index

S&P MidCap 400^® Pure Growth ETF		S&P MidCap 400^® Pure Growth Index

S&P MidCap 400^® Pure Value ETF		S&P MidCap 400^® Pure Value Index

S&P SmallCap 600^® Pure Growth ETF		S&P SmallCap 600^® Pure Growth Index

S&P SmallCap 600^® Pure Value ETF		S&P SmallCap 600^® Pure Value Index

NOTE 2–Significant Accounting Policies

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.


		37

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.


		38

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

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

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

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

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

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

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


		39

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

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

Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust.

Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended October 31, 2022, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:


	Amount

S&P 500^® Pure Growth ETF		$2,955

S&P 500^® Pure Value ETF		7,606

S&P 500^® Top 50 ETF		1,318

S&P MidCap 400^® Pure Growth ETF		7,699

S&P MidCap 400^® Pure Value ETF		1,029

S&P SmallCap 600^® Pure Growth ETF		1,317

S&P SmallCap 600^® Pure Value ETF		2,345


		40

J.	Other Risks

AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

Growth Risk. For certain Funds, the market values of “growth” securities may be more volatile than other types of investments. The returns on “growth” securities may or may not move in tandem with the returns on other styles of investing or the overall stock market. Growth securities typically invest a high portion of their earnings back into their business and may lack the dividend yield that could cushion their decline in a market downturn. Thus, the value of a Fund’s investments will vary and at times may be lower than that of other types of investments.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index.

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

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Because S&P 500^® Top 50 ETF is non-diversified, and to the extent certain Funds become non-diversified, and can invest a greater portion of their assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a


		41

diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund’s performance.

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

Value Investing Risk. For certain Funds, value securities are subject to the risk that the valuations never improve or that the returns on value securities are less than returns on other styles of investing or the overall stock market. Thus, the value of a Fund’s investments will vary and at times may be lower than that of other types of investments.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.

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


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

S&P 500^® Pure Growth ETF		0.35%

S&P 500^® Pure Value ETF		0.35%

S&P 500^® Top 50 ETF		0.20%

S&P MidCap 400^® Pure Growth ETF		0.35%

S&P MidCap 400^® Pure Value ETF		0.35%

S&P SmallCap 600^® Pure Growth ETF		0.35%

S&P SmallCap 600^® Pure Value ETF		0.35%

Through at least August 31, 2024, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended October 31, 2022, the Adviser waived fees for each Fund in the following amounts:



S&P 500^® Pure Growth ETF	$	574

S&P 500^® Pure Value ETF		1,355

S&P 500^® Top 50 ETF		377

S&P MidCap 400^® Pure Growth ETF		65

S&P MidCap 400^® Pure Value ETF		40

S&P SmallCap 600^® Pure Growth ETF		29

S&P SmallCap 600^® Pure Value ETF		140


		42

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

The Adviser has entered into licensing agreements on behalf of each Fund with S&P Dow Jones Indices LLC (the “Licensor”).

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

The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

For the six months ended October 31, 2022, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:



S&P 500^® Pure Growth ETF	$	3,205

S&P 500^® Pure Value ETF		24,064

S&P 500^® Top 50 ETF		1,026

S&P MidCap 400^® Pure Growth ETF		7,694

S&P MidCap 400^® Pure Value ETF		3,458

S&P SmallCap 600^® Pure Growth ETF		3,071

S&P SmallCap 600^® Pure Value ETF		4,783

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

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7.

For the six months ended October 31, 2022, the following Funds engaged in transactions with affiliates as listed below:


	Securities Purchases			Securities Sales			Net Realized Gains (Losses)*

S&P 500^® Pure Growth ETF		$	18,808,538		$	-		$	-

S&P MidCap 400^® Pure Growth ETF			6,815,325			4,344,915			1,058,491

S&P MidCap 400^® Pure Value ETF			-			1,643,280			(475,531	)

S&P SmallCap 600^® Pure Growth ETF			-			3,289,953			1,040,441

S&P SmallCap 600^® Pure Value ETF			3,202,731			-			-

*	Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

NOTE 5–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.

Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


		43

The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3			Total

S&P 500^® Pure Growth ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	2,305,030,328		$	-		$	-		$	2,305,030,328

Money Market Funds			-			140,491,448			-			140,491,448


Total Investments		$	2,305,030,328		$	140,491,448		$	-		$	2,445,521,776


S&P 500^® Pure Value ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	3,425,477,147		$	-		$	-		$	3,425,477,147


Money Market Funds			-			204,488,080			-			204,488,080


Total Investments		$	3,425,477,147		$	204,488,080		$	-		$	3,629,965,227

S&P 500^® Top 50 ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	1,935,349,977		$	-		$	-		$	1,935,349,977

Money Market Funds			45,683			15,950,276			-			15,995,959


Total Investments		$	1,935,395,660		$	15,950,276		$	-		$	1,951,345,936


S&P MidCap 400^® Pure Growth ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	269,685,592		$	-		$	-		$	269,685,592

Money Market Funds			151,753			57,055,215			-			57,206,968


Total Investments		$	269,837,345		$	57,055,215		$	-		$	326,892,560


S&P MidCap 400^® Pure Value ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	149,065,359		$	-		$	-		$	149,065,359

Money Market Funds			5,442			41,258,209			-			41,263,651


Total Investments		$	149,070,801		$	41,258,209		$	-		$	190,329,010


S&P SmallCap 600^® Pure Growth ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	104,601,397		$	-		$	-		$	104,601,397

Money Market Funds			55,091			34,688,506			-			34,743,597


Total Investments		$	104,656,488		$	34,688,506		$	-		$	139,344,994


S&P SmallCap 600^® Pure Value ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	259,085,439		$	-		$	-		$	259,085,439

Money Market Funds			-			59,297,224			-			59,297,224


Total Investments		$	259,085,439		$	59,297,224		$	-		$	318,382,663

NOTE 6–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.


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The Funds had capital loss carryforwards as of April 30, 2022, as follows:


	No expiration
	Short-Term			Long-Term			Total*

S&P 500^® Pure Growth ETF		$	243,796,702		$	128,713,870		$	372,510,572

S&P 500^® Pure Value ETF			159,125,446			228,291,439			387,416,885

S&P 500^® Top 50 ETF			13,746,541			48,538,214			62,284,755

S&P MidCap 400^® Pure Growth ETF			142,723,401			68,313,545			211,036,946

S&P MidCap 400^® Pure Value ETF			30,806,448			28,928,913			59,735,361

S&P SmallCap 600^® Pure Growth ETF			79,567,603			30,577,172			110,144,775

S&P SmallCap 600^® Pure Value ETF			65,546,031			76,198,937			141,744,968

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

NOTE 7–Investment Transactions

For the six months ended October 31, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:


	Purchases			Sales
S&P 500^® Pure Growth ETF		$	36,547,271		$	35,435,195

S&P 500^® Pure Value ETF			63,074,664			65,533,122

S&P 500^® Top 50 ETF			78,889,663			79,966,595

S&P MidCap 400^® Pure Growth ETF			47,296,183			47,346,587

S&P MidCap 400^® Pure Value ETF			9,981,956			9,883,671

S&P SmallCap 600^® Pure Growth ETF			11,426,449			11,283,797

S&P SmallCap 600^® Pure Value ETF			18,321,673			18,150,964

For the six months ended October 31, 2022, in-kind transactions associated with creations and redemptions were as follows:


	In-kind			In-kind
	Purchases			Sales
S&P 500^® Pure Growth ETF		$	244,074,490		$	175,400,090

S&P 500^® Pure Value ETF			432,834,257			620,805,558

S&P 500^® Top 50 ETF			183,001,853			180,207,640

S&P MidCap 400^® Pure Growth ETF			10,893,061			20,680,087

S&P MidCap 400^® Pure Value ETF			35,024,690			28,424,164

S&P SmallCap 600^® Pure Growth ETF			26,355,353			27,818,376

S&P SmallCap 600^® Pure Value ETF			30,281,924			47,688,463

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of October 31, 2022, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


	Gross Unrealized Appreciation			Gross Unrealized (Depreciation)				Net Unrealized Appreciation (Depreciation)				Cost
S&P 500^® Pure Growth ETF		$	263,631,481		$	(491,746,889	)		$	(228,115,408	)		$	2,673,637,184

S&P 500^® Pure Value ETF			288,341,395			(429,922,697	)			(141,581,302	)			3,771,546,529

S&P 500^® Top 50 ETF			299,120,952			(124,459,919	)			174,661,033				1,776,684,903

S&P MidCap 400^® Pure Growth ETF			31,122,263			(46,057,148	)			(14,934,885	)			341,827,445

S&P MidCap 400^® Pure Value ETF			11,368,678			(18,476,707	)			(7,108,029	)			197,437,039

S&P SmallCap 600^® Pure Growth ETF			4,839,165			(31,455,943	)			(26,616,778	)			165,961,772

S&P SmallCap 600^® Pure Value ETF			27,391,400			(42,495,783	)			(15,104,383	)			333,487,046

NOTE 8–Trustees’ and Officer’s Fees

The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.


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

NOTE 9–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.


		46

Calculating your ongoing Fund expenses

Example

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2022 through October 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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


	Beginning Account Value May 1, 2022			Ending Account Value October 31, 2022			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco S&P 500^® Pure Growth ETF (RPG)

Actual		$	1,000.00		$	986.60		0.35	%		$	1.75

Hypothetical (5% return before expenses)			1,000.00			1,023.44		0.35				1.79

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

Actual			1,000.00			979.70		0.35				1.75

Hypothetical (5% return before expenses)			1,000.00			1,023.44		0.35				1.79

Invesco S&P 500^® Top 50 ETF (XLG)

Actual			1,000.00			912.40		0.20				0.96

Hypothetical (5% return before expenses)			1,000.00			1,024.20		0.20				1.02

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

Actual			1,000.00			994.80		0.35				1.76

Hypothetical (5% return before expenses)			1,000.00			1,023.44		0.35				1.79

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

Actual			1,000.00			1,030.80		0.35				1.79

Hypothetical (5% return before expenses)			1,000.00			1,023.44		0.35				1.79


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Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value May 1, 2022			Ending Account Value October 31, 2022			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

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

Actual		$	1,000.00		$	987.70		0.35	%		$	1.75

Hypothetical (5% return before expenses)			1,000.00			1,023.44		0.35				1.79
Invesco S&P SmallCap 600^® Pure Value ETF (RZV)

Actual			1,000.00			987.30		0.35				1.75

Hypothetical (5% return before expenses)			1,000.00			1,023.44		0.35				1.79

⁽¹⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365.


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Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-TRST1-SAR-3 invesco.com/ETFs