N-CSR

Domestic Equity

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

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

US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff, as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the likelihood of a recession and the risk of a deeper recession than initially anticipated. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread to other sectors sent investors to safe haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the benchmark federal funds rate by just 0.25% in February and March 2023, a slower pace than in 2022.³ The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil. Markets stabilized in April due to milder inflation data and better-than-expected corporate earnings. For the 12 months ending

March 31, 2023, the CPI came in at 5%, the smallest 12-month increase since the period ending May 2021.¹ The March month-over-month CPI rose by 0.1%, a decline from an increase of 0.4% in February.¹ The labor market remained tight and the unemployment rate held at a historically low 3.5%.² As corporate earnings season got underway, a number of companies, including some big tech names provided optimistic future guidance.

In this environment, US stocks for the fiscal year ended April 30, 2023, had returns of 2.66%, as measured by the S&P 500 Index.⁴

¹	Source: US Bureau of Labor Statistics

²	Source: Bloomberg LP

³	Source: US Federal Reserve

⁴	Source: Lipper Inc.

Global Equity

Global equity markets declined at the beginning of the fiscal year as record inflation, rising interest rates, recession fears and Russia’s invasion of Ukraine led to generally weaker consumer sentiment around the globe. To tame inflation, Western central banks raised interest rates, which was in contrast to some central banks in the East, that lowered their policy rate or kept rates the same. Inflation headwinds continued into the third quarter of 2022, with several central banks continuing to raise interest rates to combat inflation.

Global equity markets posted gains for the fourth quarter of 2022, after better inflation data sparked a rally in October and November. However, investor sentiment worsened in December after central banks signaled continued interest rate hikes into 2023, as inflation remained above target levels. International stocks outperformed US stocks, led by results in the UK and the rest of Europe. Emerging market equities also posted gains for the fourth quarter, driven by China, which eased its zero-COVID-19 policy and started to reopen.

For the first quarter of 2023, global equity markets managed to deliver gains despite volatility and a banking crisis. January’s rally gave way to mixed global equity results in February, as inflation appeared more persistent than expected, boosting expectations that interest rates may stay higher for longer. The quarter’s largest shock came in March as the failure of two US regional banks, Silicon Valley Bank and Signature Bank, along with the subsequent UBS takeover of Credit Suisse, led to a selloff in US and European financial stocks. Amid the banking turmoil, some global central banks continued to raise interest rates to fight inflation. Though they lagged international developed market equities, emerging market equities also delivered gains for the quarter.

In April 2023, developed market equities posted a modest gain supported by positive economic data, while emerging market equities declined for the month. Within emerging markets, the Chinese equity market was negatively affected by renewed geopolitical tensions between the US and China. For the fiscal year ended April 30, 2023, developed market equities posted a positive return, outperforming emerging market equities, which ended the period in negative territory.

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

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (the “Index Provider”) includes U.S. exchange-listed common stocks in the Index pursuant to a proprietary selection methodology that identifies a universe of “BuyBack Achievers^TM”. To qualify for the universe of “BuyBack Achievers^TM,” an issuer must have effected a net reduction in shares outstanding of 5% or more in the past 12 months. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 3.48%. On a net asset value (“NAV”) basis, the Fund returned 3.45%. During the same time period, the Index returned 3.99%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period. During this same time period, the S&P 500^® Index returned 2.66%.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Marathon Petroleum Corp., an energy company (portfolio average weight of 2.84%) and Oracle Corp., an information technology company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included ConocoPhillips, an energy company (portfolio average weight of 1.02%) and Charter Communications Inc., Class A, a communication services company (portfolio average weight of 3.37%).

Fund Inception: December 20, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.61%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

As an index fund, the Invesco Dividend Achievers^TM ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ US Broad Dividend Achievers^TM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (the “Index Provider”) includes U.S. exchange-listed common stocks in the Index pursuant to a proprietary selection methodology that identifies a universe of “Dividend Achievers^TM.” To qualify for the universe of “Dividend Achievers^TM,” an issuer must have increased its annual regular cash dividend payments for at least each of its last ten consecutive calendar or fiscal years. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 3.56%. On a net asset value (“NAV”) basis, the Fund returned 3.64%. During the same time period, the Index returned 4.17%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period. During this same time period, the Russell 3000^® Value Index returned 0.67%.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Exxon Mobil Corp., an energy company (portfolio average weight of 2.69%) and Microsoft Corp., an information technology company (portfolio average weight of 3.96%). Positions that detracted most significantly from the Fund’s return during this period included Pfizer, Inc., a health care company (portfolio average weight of 1.67%) and Target Corp., a consumer staples company (portfolio average weight of 0.48%).

Fund Inception: September 15, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.52%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

As an index fund, the Invesco Dow Jones Industrial Average Dividend ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dow Jones Industrial Average Yield Weighted Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

The Index is designed to provide exposure to dividend-paying equity securities of companies included in the Dow Jones Industrial Average^TM (the “Benchmark Index”), which is a price- weighted index of 30 U.S. companies that meet certain size, listing and liquidity requirements. The Index includes all constituents of the Benchmark Index that pay dividends. The Index is calculated using a yield-weighted methodology that weights all dividend- paying constituents of the Benchmark Index by their indicated annual dividend yield. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 0.39%. On a net asset value (“NAV”) basis, the Fund returned 0.37%. During the same time period, the Index returned 0.40%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

During this same time period, the Benchmark Index returned 5.64%. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

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

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

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Merck & Co., Inc., a health care company (portfolio average weight of 5.11%) and JPMorgan Chase & Co., a financials company (portfolio average weight of 4.23%). Positions that detracted most significantly from the Fund’s return during this period included 3M Co., an industrials company (portfolio average weight of 5.88%) and Dow, Inc., a materials company (portfolio average weight of 6.70%).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Consumer Staples			17.17
Information Technology			15.63
Health Care			14.22
Financials			12.35
Industrials			12.18
Communication Services			8.81
Consumer Discretionary			8.40
Materials			6.12
Energy			4.91
Money Market Funds Plus Other Assets Less Liabilities			0.21

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
Verizon Communications, Inc.			8.81
Walgreens Boots Alliance, Inc.			7.09
3M Co.			7.04
International Business Machines Corp.			6.37
Dow, Inc.			6.12
Chevron Corp.			4.91
Amgen, Inc.			4.79
Coca-Cola Co. (The)			4.15
Johnson & Johnson			3.95
Cisco Systems, Inc.			3.88
Total			57.11

*	Excluding money market fund holdings.

Guggenheim Dow Jones Industrial Average Dividend ETF (Predecessor Fund) Inception: December 16, 2015

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.07% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

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

As an index fund, the Invesco Financial Preferred ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the ICE Exchange-Listed Fixed Rate Financial Preferred Securities Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

ICE Data Indices, LLC (the “Index Provider”) compiles and calculates the Index, a market capitalization weighted index designed to track the performance of exchange-listed, fixed rate U.S. dollar denominated preferred securities, and securities that the Index Provider believes are functionally equivalent to preferred securities, issued in the U.S. domestic market by financial companies. The Index Provider considers financial companies to be banking, brokerage, finance, investment and insurance companies. Securities that qualify for the Index must be listed on either The Nasdaq Stock Market or the New York Stock Exchange as their primary listing exchange. The Index only includes securities with no final maturity date (i.e., perpetuals) and whose payments are “qualified dividend income” under the U.S. tax code. Further, the Index only includes securities that are rated at least B3 by Moody’s Investors Service or B- by S&P Global Ratings, that have a minimum amount outstanding of $250 million, and that meet other minimum liquidity, trading volume and other requirements, as determined by the Index Provider. The Index may include securities of large-, mid- and small-capitalization companies.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 0.92%. On a net asset value (“NAV”) basis, the Fund returned 0.46%. During the same time period, the Index returned 0.72%. The Fund’s performance, on a NAV basis, differed from the return of the Index due to fees and expenses that the Fund incurred during the period, which were partially offset by positive effects of the Fund’s sampling methodology.

During this same time period, the S&P U.S. Preferred Stock Index (the “Benchmark Index”) returned (0.17)%. The Benchmark Index is an unmanaged index weighted by modified market capitalization based on the average performance of approximately 240 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. preferred stock market.

The performance of the Fund differed from the Benchmark Index primarily because the Fund seeks to track an Index that employs a methodology that focuses on financials sector preferred securities, whereas the Benchmark Index includes preferred stocks from across the U.S. preferred stock market, including convertible preferred stocks. As such, the Fund had an overweight allocation to the financials sector compared to the Benchmark Index.

Relative to the Benchmark Index, the majority of the Fund’s outperformance during the period can be primarily attributed to the Fund’s underweight allocation to convertible preferred securities.

For the fiscal year ended April 30, 2023, the capital markets, financial services and insurance industries contributed most significantly to the Fund’s performance. The banks industry detracted most significantly from the Fund’s return, followed by the trading companies & distributors industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included JPMorgan Chase & Co, Series MM, Pfd., 4.20% a banking company (portfolio average weight of 2.23%) and JPMorgan Chase & Co, Series LL, Pfd., 4.625%, a banking company (portfolio average weight of 2.21%). The positions that detracted most significantly from the Fund’s return during this period were Signature Bank, Series A, Pfd., 5.00%, a banking company (no longer held by end of fiscal year) and First Republic Bank, Series N, Pfd., 4.50%, a banking company (no longer held by end of fiscal year).


Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Banks			54.78
Insurance			18.24
Capital Markets			17.35
Consumer Finance			5.10
Industry Types Each Less Than 3%			3.04
Money Market Funds Plus Other Assets Less Liabilities			1.49
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
JPMorgan Chase & Co., Series EE, Pfd., 6.00%,			2.76
JPMorgan Chase & Co., Series DD, Pfd., 5.75%,			2.50
Wells Fargo & Co., Series Q, Pfd., 5.85%,			2.44
Wells Fargo & Co., Series Z, Pfd., 4.75%,			2.37
JPMorgan Chase & Co., Series MM, Pfd., 4.20%,			2.36
Citigroup, Inc., Series K, Pfd., 6.88%,			2.35
JPMorgan Chase & Co., Series LL, Pfd., 4.63%,			2.32
Bank of America Corp., Series GG, Pfd., 6.00%,			1.95
Bank of America Corp., Series KK, Pfd., 5.38%,			1.91
JPMorgan Chase & Co., Series JJ, Pfd., 4.55%,			1.88
Total			22.84

*	Excluding money market fund holdings.

Fund Inception: December 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.57%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

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

The Blended–ICE Exchange-Listed Fixed Rate Financial Preferred Securities Index is comprised of the performance of the Wells Fargo Hybrid and Preferred Securities Financial Index from Fund Inception through the conversion date, June 30, 2021, followed by the performance of the Index starting from the conversion date through April 30, 2023.

As an index fund, the Invesco High Yield Equity Dividend Achievers^TM ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ US Dividend Achievers^TM 50 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (the “Index Provider”) includes common stocks in the Index that have a consistent record of dividend increases, principally on the basis of dividend yield and consistent growth in dividends. The Underlying Index is composed of the 50 issuers with the highest modified dividend yield chosen from the NASDAQ US Broad Dividend Achievers^TM Index. To qualify for inclusion in the Index, an issuer must have, among other things, increased its annual regular cash dividend payments for at least each of its last ten consecutive calendar or fiscal years, and must have a minimum market capitalization of $1 billion. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (0.96)%. On a net asset value (“NAV”) basis, the Fund returned (0.81)%. During the same time period, the Index returned (0.36)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period. During this same time period, the Dow Jones U.S. Select Dividend Index returned (0.84)%.

For the fiscal year ended April 30, 2023, the oil, gas & consumable fuels industry contributed most significantly to the Fund’s return, followed by the multi-utilities and electric utilities industries, respectively. The textiles apparel & luxury goods industry detracted most significantly from the Fund’s return, followed by the wireless telecommunication services and commercial services & supplies industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Cardinal Health Inc., a health care providers & services company (no longer held at fiscal year-end) and Unum Group, an insurance company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included V.F. Corp., a textiles apparel & luxury goods company (portfolio average weight of 2.09%) and Telephone and Data Systems, Inc., a wireless telecommunication services company (portfolio average weight of 2.36%).

Fund Inception: December 9, 2004

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.52%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (the “Index Provider”) includes dividend- paying common stocks and other securities in the Index pursuant to a proprietary selection methodology that identifies companies that have increased their aggregate annual regular cash dividend payments consistently for at least each of the last five consecutive calendar years. The Index is composed of Global Depositary Receipts (“GDRs”) that are listed on the London Stock Exchange or the London International Exchange, American Depository Receipts (“ADRs”), non-U.S. common or ordinary stocks, limited partnership interests and shares of limited liability companies traded on the New York Stock Exchange, The Nasdaq Stock Market, Cboe Exchange or NYSE American. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 2.68%. On a net asset value (“NAV”) basis, the Fund returned 2.68%. During the same time period, the Index returned 2.43%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, exceeded the return of the Index as the fees and expenses that the Fund incurred during the period were entirely offset by securities lending income and preferential dividend tax rates obtained by the Fund relative to the Index. During this same time period, the MSCI EAFE^® Index (Net) returned 8.42%.

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

Positions that contributed most significantly to the Fund’s return, for the fiscal year ended April 30, 2023, included Sumitomo Mitsui Financial Group Inc., Sponsored ADR, a financials company (portfolio average weight of 3.38%) and Restaurant Brands International Inc., a consumer discretionary company (portfolio average weight of 2.75%). Positions that detracted most significantly from the Fund’s return during this period included Banco Santander (Brasil) S.A., Sponsored ADR, a financials company (no longer held at fiscal year-end) and Algonquin Power & Utilities Corp., a utilities company (portfolio average weight of 3.50%).

Fund Inception: September 15, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.53%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	The Blended-NASDAQ International Dividend Achievers^™ Index (Net) is comprised of gross total returns of the Index from Fund inception through the conversion date, March 9, 2015, and net returns of the Index starting at the conversion date through April 30, 2023.

-	Net returns reflect invested dividends net of withholding taxes.

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

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

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

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


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-7.99%
Charter Communications, Inc., Class A^(b)(c)		47,765	$	17,610,956
Comcast Corp., Class A		1,253,387		51,852,620
Cumulus Media, Inc., Class A^(b)(c)		5,425		19,069
Liberty Broadband Corp., Class C^(b)		39,426		3,342,536
Liberty Latin America Ltd., Class C^(b)		53,569		475,693
Nexstar Media Group, Inc., Class A^(c)		11,505		1,995,542
Outbrain, Inc.^(b)(c)		16,168		61,923
Playtika Holding Corp.^(b)		114,294		1,142,940
Sinclair Broadcast Group, Inc., Class A^(c)		14,037		279,196
TrueCar, Inc.^(b)		27,067		69,562

				76,850,037

Consumer Discretionary-23.98%
Abercrombie & Fitch Co., Class A^(b)(c)		15,401		362,540
Academy Sports & Outdoors, Inc.^(c)		23,979		1,523,146
Accel Entertainment, Inc.^(b)		26,852		237,640
Adtalem Global Education, Inc.^(b)(c)		14,222		576,986
AutoNation, Inc.^(b)		14,674		1,932,566
AutoZone, Inc.^(b)		5,757		15,332,676
Bally’s Corp.^(b)(c)		14,506		249,503
Bassett Furniture Industries, Inc.		2,795		40,108
Bath & Body Works, Inc.		71,582		2,512,528
Best Buy Co., Inc.		68,227		5,084,276
Big Lots, Inc.^(c)		8,885		79,876
Bluegreen Vacations Holding Corp.		4,185		120,486
Booking Holdings, Inc.^(b)		11,780		31,644,732
Boyd Gaming Corp.		32,009		2,221,425
Brunswick Corp.^(c)		22,249		1,886,493
Build-A-Bear Workshop, Inc.		4,533		105,166
Caleres, Inc.^(c)		10,913		248,816
Capri Holdings Ltd.^(b)(c)		39,335		1,632,402
Carriage Services, Inc.		4,521		129,798
Carter’s, Inc.^(c)		11,714		817,286
Cato Corp. (The), Class A		5,896		48,642
Century Communities, Inc.^(c)		9,942		669,494
Chegg, Inc.^(b)(c)		39,598		711,972
Children’s Place, Inc. (The)^(b)(c)		3,787		112,247
Chuy’s Holdings, Inc.^(b)(c)		5,519		192,503
Conn’s, Inc.^(b)(c)		7,311		34,947
Cracker Barrel Old Country Store, Inc.^(c)		6,931		735,795
Darden Restaurants, Inc.^(c)		38,082		5,785,798
Denny’s Corp.^(b)(c)		17,542		196,646
Designer Brands, Inc., Class A^(c)		17,193		140,811
Dillard’s, Inc., Class A^(c)		4,091		1,220,713
Dine Brands Global, Inc.^(c)		4,842		314,391
eBay, Inc.^(c)		167,991		7,799,822
Foot Locker, Inc.^(c)		29,234		1,227,536
Franchise Group, Inc.^(c)		10,928		319,644
Genesco, Inc.^(b)(c)		3,902		135,243
Grand Canyon Education, Inc.^(b)		9,712		1,152,814
Green Brick Partners, Inc.^(b)		14,404		536,837
Group 1 Automotive, Inc.^(c)		4,414		990,855
Guess?, Inc.^(c)		17,154		323,353
H&R Block, Inc.^(c)		47,696		1,617,371
Haverty Furniture Cos., Inc.^(c)		4,571		137,770
Hibbett, Inc.^(c)		3,895		211,615
Hooker Furnishings Corp.^(c)		3,489		55,161


	Shares		Value
Consumer Discretionary-(continued)
Kohl’s Corp.^(c)		34,652	$	763,384
Laureate Education, Inc., Class A		49,130		608,721
Lazydays Holdings, Inc.^(b)(c)		3,224		38,204
Lennar Corp., Class A		78,997		8,911,652
LKQ Corp.		83,636		4,828,306
Lowe’s Cos., Inc.		186,601		38,781,286
M/I Homes, Inc.^(b)		8,658		585,627
Macy’s, Inc.^(c)		84,920		1,387,593
Marriott Vacations Worldwide Corp.^(c)		11,718		1,576,774
MasterCraft Boat Holdings, Inc.^(b)(c)		5,455		159,668
MGM Resorts International		116,679		5,241,221
Mohawk Industries, Inc.^(b)		19,882		2,105,504
Monro, Inc.^(c)		9,824		480,197
Murphy USA, Inc.		6,816		1,875,968
NVR, Inc.^(b)		1,017		5,939,280
ODP Corp. (The)^(b)		12,578		543,495
O’Reilly Automotive, Inc.^(b)		19,265		17,671,977
Oxford Industries, Inc.^(c)		4,936		509,346
Penske Automotive Group, Inc.^(c)		21,612		2,994,991
PulteGroup, Inc.		70,188		4,713,124
PVH Corp.		19,623		1,683,850
Ralph Lauren Corp.		12,860		1,476,199
Red Rock Resorts, Inc., Class A^(c)		18,197		888,014
Sally Beauty Holdings, Inc.^(b)(c)		33,583		477,886
SeaWorld Entertainment, Inc.^(b)(c)		20,001		1,073,254
Service Corp. International		47,928		3,364,066
Signet Jewelers Ltd.		14,150		1,041,157
Sonic Automotive, Inc., Class A^(c)		7,511		334,390
Sportsman’s Warehouse Holdings, Inc.^(b)		11,605		72,183
Tapestry, Inc.		73,985		3,019,328
Taylor Morrison Home Corp., Class A^(b)		33,887		1,460,191
Tempur Sealy International, Inc.		53,850		2,017,759
Tile Shop Holdings, Inc.^(b)(c)		13,635		63,948
Toll Brothers, Inc.		34,649		2,214,418
Travel + Leisure Co.		24,269		928,775
Tri Pointe Homes, Inc.^(b)(c)		31,614		906,689
Tupperware Brands Corp.^(b)(c)		13,674		17,092
Ulta Beauty, Inc.^(b)		15,706		8,660,760
Upbound Group, Inc.^(c)		17,438		464,897
Urban Outfitters, Inc.^(b)(c)		28,844		780,519
Vera Bradley, Inc.^(b)		9,470		49,623
Victoria’s Secret & Co.^(b)(c)		24,327		754,380
Whirlpool Corp.^(c)		17,054		2,380,568
Williams-Sonoma, Inc.^(c)		20,723		2,508,312
Winmark Corp.		1,084		361,969
Winnebago Industries, Inc.^(c)		9,561		555,876
Wyndham Hotels & Resorts, Inc.		27,137		1,851,286
Zumiez, Inc.^(b)(c)		6,016		105,190

				230,639,326

Consumer Staples-0.52%
Edgewell Personal Care Co.^(c)		16,160		705,707
Hain Celestial Group, Inc. (The)^(b)(c)		27,979		501,663
Herbalife Ltd.^(b)(c)		30,894		459,085
Medifast, Inc.^(c)		3,354		307,394
Post Holdings, Inc.^(b)		18,436		1,668,274
Seneca Foods Corp., Class A^(b)		1,768		84,157

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


	Shares		Value
Consumer Staples-(continued)
Sprouts Farmers Market, Inc.^(b)(c)		32,500	$	1,126,450
Turning Point Brands, Inc.		5,375		127,871

				4,980,601

Energy-9.15%
APA Corp.		97,298		3,585,431
California Resources Corp.^(c)		22,570		914,085
CNX Resources Corp.^(b)(c)		52,554		816,164
ConocoPhillips		380,922		39,193,065
Delek US Holdings, Inc.^(c)		21,407		465,602
Magnolia Oil & Gas Corp., Class A^(c)		60,084		1,268,974
Marathon Oil Corp.		197,020		4,760,003
Marathon Petroleum Corp.		138,186		16,858,692
PDC Energy, Inc.^(c)		27,657		1,799,088
Range Resources Corp.		75,290		1,991,420
Valero Energy Corp.		115,098		13,198,288
Western Midstream Partners L.P.		120,177		3,181,085

				88,031,897

Financials-21.29%
Acacia Research Corp.^(b)(c)		18,326		70,555
Affiliated Managers Group, Inc.		11,221		1,620,088
Aflac, Inc.		191,574		13,381,444
Allstate Corp. (The)		82,397		9,538,277
Ally Financial, Inc.		94,124		2,482,991
Amerant Bancorp, Inc.^(c)		10,394		193,328
American Equity Investment Life Holding Co.		26,528		1,022,389
American International Group, Inc.		229,567		12,176,234
Assurant, Inc.		16,559		2,038,910
Assured Guaranty Ltd.		18,558		999,720
Bank OZK^(c)		36,626		1,308,281
BankUnited, Inc.		23,740		535,337
Berkshire Hills Bancorp, Inc.^(c)		13,856		294,717
Brighthouse Financial, Inc.^(b)		21,219		937,880
Brightsphere Investment Group, Inc.		12,755		288,008
Cannae Holdings, Inc.^(b)		23,978		437,359
Capital One Financial Corp.		119,241		11,602,149
Carter Bankshares, Inc.^(b)(c)		7,365		94,640
CNO Financial Group, Inc.		35,926		806,179
Credit Acceptance Corp.^(b)(c)		4,016		1,965,832
Discover Financial Services		81,155		8,397,108
Donnelley Financial Solutions, Inc.^(b)(c)		9,198		397,814
Eastern Bankshares, Inc.		55,125		642,206
Encore Capital Group, Inc.^(b)(c)		7,218		370,861
Enova International, Inc.^(b)(c)		9,873		433,622
Equitable Holdings, Inc.		113,557		2,951,346
Equity Bancshares, Inc., Class A^(c)		4,928		116,054
Euronet Worldwide, Inc.^(b)(c)		15,591		1,726,547
EVERTEC, Inc.		20,334		705,387
Federated Hermes, Inc., Class B		27,935		1,156,230
First American Financial Corp.		32,323		1,862,128
First Bancorp		56,642		665,544
First Financial Corp.		3,719		128,491
First Internet Bancorp		2,793		41,085
FleetCor Technologies, Inc.^(b)		22,996		4,919,304
Global Payments, Inc.		82,539		9,302,971
Great Southern Bancorp, Inc.^(c)		3,783		192,479
HarborOne Bancorp, Inc.		15,053		161,820
Hartford Financial Services Group, Inc. (The)		97,956		6,953,896


	Shares		Value
Financials-(continued)
HCI Group, Inc.		2,726	$	138,099
Hilltop Holdings, Inc.		20,243		627,938
HomeStreet, Inc.		5,761		56,227
Jefferies Financial Group, Inc.		73,063		2,340,208
Kearny Financial Corp.^(c)		20,700		161,253
Lincoln National Corp.		52,950		1,150,604
Loews Corp.		72,242		4,158,972
MetLife, Inc.		242,300		14,860,259
MFA Financial, Inc.		31,888		340,883
MGIC Investment Corp.		91,138		1,355,222
Morgan Stanley		526,283		47,349,682
Mr. Cooper Group, Inc.^(b)		21,941		1,015,868
Navient Corp.		40,346		667,323
Northrim BanCorp, Inc.		1,704		58,873
Ocwen Financial Corp.^(b)(c)		2,338		67,334
OneMain Holdings, Inc.		37,802		1,450,463
Oppenheimer Holdings, Inc., Class A^(c)		3,334		124,658
Pathward Financial, Inc.^(c)		8,721		388,346
PennyMac Financial Services, Inc.^(c)		15,656		978,343
PennyMac Mortgage Investment Trust^(c)		27,326		339,662
Popular, Inc.		22,521		1,351,485
PRA Group, Inc.^(b)(c)		12,197		442,385
Primerica, Inc.		11,466		2,092,660
Principal Financial Group, Inc.^(c)		76,068		5,681,519
PROG Holdings, Inc.^(b)(c)		15,334		463,547
Radian Group, Inc.^(c)		49,074		1,191,026
RenaissanceRe Holdings Ltd. (Bermuda)^(c)		13,690		2,948,963
SLM Corp.		75,469		1,133,544
Synchrony Financial		136,749		4,035,463
Virtu Financial, Inc., Class A		30,663		614,793
Voya Financial, Inc.^(c)		30,443		2,328,281
Waterstone Financial, Inc.		6,821		94,471
WesBanco, Inc.		18,539		493,508
White Mountains Insurance Group Ltd.^(c)		803		1,150,008
World Acceptance Corp.^(b)(c)		1,894		191,105

				204,762,186

Health Care-15.57%
Amgen, Inc.		167,083		40,056,478
AMN Healthcare Services, Inc.^(b)(c)		12,850		1,109,598
Cardinal Health, Inc.		80,616		6,618,574
Cigna Group (The)		92,942		23,541,279
Corcept Therapeutics, Inc.^(b)(c)		33,762		760,658
DaVita, Inc.^(b)		28,286		2,555,923
Emergent BioSolutions, Inc.^(b)(c)		15,286		134,975
HCA Healthcare, Inc.		86,754		24,927,027
Ironwood Pharmaceuticals, Inc.^(b)(c)		48,236		502,137
Laboratory Corp. of America Holdings		27,692		6,278,053
McKesson Corp.		42,849		15,607,320
Medpace Holdings, Inc.^(b)		9,716		1,944,560
Moderna, Inc.^(b)		120,680		16,037,165
Quest Diagnostics, Inc.		34,833		4,835,169
Select Medical Holdings Corp.^(c)		39,794		1,213,717
Theravance Biopharma, Inc.^(b)(c)		20,632		223,445
Universal Health Services, Inc., Class B		19,843		2,983,395
Veradigm, Inc.^(b)(c)		34,188		427,008

				149,756,481

Industrials-6.44%
Acuity Brands, Inc.^(c)		10,029		1,578,364
Allison Transmission Holdings, Inc.		28,745		1,402,469

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


	Shares		Value
Industrials-(continued)
Apogee Enterprises, Inc.		6,828	$	290,600
Argan, Inc.		4,142		166,633
Atkore, Inc.^(b)(c)		12,361		1,561,565
Avis Budget Group, Inc.^(b)(c)		12,350		2,181,874
Barrett Business Services, Inc.		2,129		178,006
Beacon Roofing Supply, Inc.^(b)(c)		20,105		1,209,919
BlueLinx Holdings, Inc.^(b)		2,794		195,748
BrightView Holdings, Inc.^(b)		28,505		157,633
Brink’s Co. (The)		14,594		917,233
Builders FirstSource, Inc.^(b)		43,184		4,092,548
C.H. Robinson Worldwide, Inc.^(c)		35,949		3,626,176
Covenant Logistics Group, Inc., Class A^(c)		3,427		134,989
EMCOR Group, Inc.		14,922		2,551,662
Encore Wire Corp.^(c)		5,634		880,763
Enerpac Tool Group Corp.^(c)		17,892		425,114
Expeditors International of Washington, Inc.		48,312		5,499,838
Fortune Brands Innovations, Inc.		39,730		2,570,134
Gibraltar Industries, Inc.^(b)		9,648		482,786
Hayward Holdings, Inc.^(b)(c)		66,530		801,021
HNI Corp.^(c)		13,041		338,805
Huron Consulting Group, Inc.^(b)		6,139		520,526
JELD-WEN Holding, Inc.^(b)		26,630		340,331
KAR Auction Services, Inc.^(b)(c)		34,081		461,457
Landstar System, Inc.		11,272		1,984,210
ManpowerGroup, Inc.		15,891		1,203,108
Masco Corp.		70,467		3,770,689
Matson, Inc.^(c)		11,286		767,787
Owens Corning.		28,404		3,033,831
RCM Technologies, Inc.^(b)(c)		2,993		33,641
REV Group, Inc.		18,404		197,475
Ryder System, Inc.		14,484		1,146,553
SP Plus Corp.^(b)(c)		6,147		210,043
Stanley Black & Decker, Inc.^(c)		47,891		4,134,909
Textron, Inc.		63,726		4,265,818
TriNet Group, Inc.^(b)(c)		18,769		1,741,388
Trinity Industries, Inc.		25,392		608,138
TrueBlue, Inc.^(b)(c)		10,042		152,136
Veritiv Corp.^(c)		4,238		486,819
Werner Enterprises, Inc.		19,791		893,959
WillScot Mobile Mini Holdings Corp.^(b)		64,391		2,923,351
Woodward, Inc.		18,689		1,794,518

				61,914,567

Information Technology-6.86%
A10 Networks, Inc.^(c)		23,185		327,836
Arrow Electronics, Inc.^(b)		18,237		2,086,860
Avnet, Inc.		28,593		1,179,747
Dell Technologies, Inc., Class C		80,533		3,502,380
DigitalOcean Holdings, Inc.^(b)(c)		30,338		956,861
Dolby Laboratories, Inc., Class A		18,692		1,564,333
Dropbox, Inc., Class A^(b)(c)		86,079		1,750,847
DXC Technology Co.^(b)		71,242		1,699,122
Fair Isaac Corp.^(b)		7,871		5,729,694
GoDaddy, Inc., Class A^(b)		48,039		3,635,592
HP, Inc.		308,312		9,159,950
IPG Photonics Corp.^(b)		14,802		1,701,934
Jabil, Inc.		41,702		3,259,011
KLA Corp.		43,331		16,749,165


	Shares		Value
Information Technology-(continued)
Kulicke & Soffa Industries, Inc. (Singapore)^(c)		17,738	$	845,393
Lumentum Holdings, Inc.^(b)(c)		21,434		1,034,190
OSI Systems, Inc.^(b)(c)		5,273		595,638
Power Integrations, Inc.^(c)		17,895		1,302,398
Qorvo, Inc.^(b)		31,256		2,878,052
Sanmina Corp.^(b)		18,260		954,268
Silicon Laboratories, Inc.^(b)(c)		10,012		1,394,672
Teradata Corp.^(b)(c)		31,541		1,220,952
Vontier Corp.		48,495		1,315,669
Xerox Holdings Corp.^(c)		48,453		759,259
Yext, Inc.^(b)(c)		38,207		335,457

				65,939,280

Materials-5.92%
Alcoa Corp.		55,806		2,072,635
Alpha Metallurgical Resources, Inc.^(c)		4,697		688,392
Berry Global Group, Inc.		38,103		2,202,734
CF Industries Holdings, Inc.		61,256		4,384,705
Chemours Co. (The)^(c)		46,562		1,353,557
Crown Holdings, Inc.		37,577		3,223,355
Eagle Materials, Inc.^(c)		11,321		1,677,885
Eastman Chemical Co.		37,279		3,141,501
Huntsman Corp.^(c)		57,472		1,539,675
International Paper Co.		109,150		3,613,957
Louisiana-Pacific Corp.^(c)		22,535		1,346,241
LSB Industries, Inc.^(b)(c)		25,125		224,366
Mosaic Co. (The)		105,288		4,511,591
NewMarket Corp.		3,031		1,211,188
Nucor Corp.		78,829		11,680,881
Olin Corp.		40,949		2,268,575
Reliance Steel & Aluminum Co.		18,455		4,573,149
Steel Dynamics, Inc.		53,687		5,580,764
United States Steel Corp.		71,090		1,626,539

				56,921,690

Real Estate-1.67%
Anywhere Real Estate, Inc.^(b)(c)		33,613		214,115
CBRE Group, Inc., Class A^(b)		96,966		7,433,414
City Office REIT, Inc.^(c)		12,184		70,911
Empire State Realty Trust, Inc., Class A^(c)		49,253		300,936
Equity Commonwealth^(c)		34,282		710,323
Howard Hughes Corp. (The)^(b)(c)		15,583		1,205,657
Hudson Pacific Properties, Inc.^(c)		43,231		240,364
JBG SMITH Properties, (Acquired 01/31/2023 - 04/28/2023; Cost $717,729)^(c)(d)		35,902		512,322
Jones Lang LaSalle, Inc.^(b)(c)		14,895		2,071,001
National Health Investors, Inc.		13,576		675,677
Newmark Group, Inc., Class A^(c)		47,698		302,405
Zillow Group, Inc., Class C^(b)(c)		53,391		2,324,644

				16,061,769

Utilities-0.55%
NRG Energy, Inc.		72,678		2,483,407
Vistra Corp.		119,358		2,847,882

				5,331,289

Total Common Stocks & Other Equity Interests (Cost $1,022,623,716)				961,189,123

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


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.99%^(e)(f)(g)		63,589,279	$	63,589,279

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $88,313,200)				88,302,437

TOTAL INVESTMENTS IN SECURITIES-109.28% (Cost $1,112,443,709)				1,050,998,353
OTHER ASSETS LESS LIABILITIES-(9.28)%				(89,284,905	)

NET ASSETS-100.00%			$	961,713,448

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


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-2.04%
Cogent Communications Holdings, Inc.		1,879	$	129,726
Comcast Corp., Class A		163,827		6,777,523
Interpublic Group of Cos., Inc. (The)		14,994		535,736
John Wiley & Sons, Inc., Class A		1,795		69,233
Telephone & Data Systems, Inc.		4,083		40,830
Verizon Communications, Inc.		163,568		6,351,345

				13,904,393

Consumer Discretionary-6.29%
Best Buy Co., Inc.		8,771		653,615
Brunswick Corp.^(b)		2,775		235,292
Churchill Downs, Inc.^(b)		1,442		421,828
Dillard’s, Inc., Class A^(b)		507		151,284
Genuine Parts Co.		5,484		923,012
Haverty Furniture Cos., Inc.^(b)		574		17,300
Home Depot, Inc. (The)		39,720		11,937,449
Leggett & Platt, Inc.^(b)		5,174		167,172
Lithia Motors, Inc., Class A		1,055		233,039
Lowe’s Cos., Inc.		23,552		4,894,812
McDonald’s Corp.		28,495		8,427,396
Monro, Inc.^(b)		1,211		59,194
NIKE, Inc., Class B		48,520		6,148,454
PetMed Express, Inc.^(b)		814		12,511
Polaris, Inc.^(b)		2,215		240,660
Pool Corp.^(b)		1,509		530,142
Service Corp. International		5,950		417,631
Shoe Carnival, Inc.^(b)		1,048		24,366
Starbucks Corp.		44,768		5,116,535
Thor Industries, Inc.^(b)		2,080		164,362
Tractor Supply Co.		4,280		1,020,352
VF Corp.		15,116		355,377
Whirlpool Corp.^(b)		2,118		295,652
Williams-Sonoma, Inc.		2,583		312,646

				42,760,081

Consumer Staples-13.52%
Altria Group, Inc.		69,537		3,303,703
Andersons, Inc. (The)		1,294		57,842
Archer-Daniels-Midland Co.		21,348		1,666,852
Brown-Forman Corp., Class B		12,078		786,157
Casey’s General Stores, Inc.		1,438		329,043
Church & Dwight Co., Inc.		9,500		922,640
Clorox Co. (The)^(b)		4,817		797,791
Coca-Cola Co. (The)		168,622		10,817,101
Colgate-Palmolive Co.		32,344		2,581,051
Costco Wholesale Corp.		17,273		8,692,119
Flowers Foods, Inc.^(b)		8,227		226,325
Hershey Co. (The)		5,719		1,561,630
Hormel Foods Corp.^(b)		21,287		860,846
Ingredion, Inc.		2,560		271,795
J&J Snack Foods Corp.^(b)		742		113,674
JM Smucker Co. (The)		4,148		640,493
Kellogg Co.		13,307		928,429
Kimberly-Clark Corp.		13,138		1,903,565
Kroger Co. (The)		27,873		1,355,464
Lancaster Colony Corp.^(b)		1,064		222,504
McCormick & Co., Inc.		9,758		857,240
Nu Skin Enterprises, Inc., Class A		1,923		75,882


	Shares		Value
Consumer Staples-(continued)
PepsiCo, Inc.		53,630	$	10,237,431
Philip Morris International, Inc.		60,372		6,035,389
Procter & Gamble Co. (The)		91,915		14,373,668
SpartanNash Co.		1,361		33,372
Sysco Corp.		19,772		1,517,303
Target Corp.		17,930		2,828,457
Tootsie Roll Industries, Inc.^(b)		1,601		65,449
Tyson Foods, Inc., Class A		11,122		695,014
Universal Corp.		947		51,981
Walgreens Boots Alliance, Inc.		33,583		1,183,801
Walmart, Inc.		105,081		15,864,078
WD-40 Co.^(b)		524		99,770

				91,957,859

Energy-5.26%
Chevron Corp.		74,302		12,525,831
Enterprise Products Partners L.P.		84,535		2,224,116
Exxon Mobil Corp.		158,606		18,769,434
Magellan Midstream Partners L.P.		7,904		441,043
Phillips 66		18,069		1,788,831

				35,749,255

Financials-16.59%
1st Source Corp.		953		39,721
Aflac, Inc.		23,841		1,665,294
Allstate Corp. (The)		10,262		1,187,929
American Equity Investment Life Holding Co.		3,301		127,221
American Financial Group, Inc.		3,317		407,095
Ameriprise Financial, Inc.		4,096		1,249,772
Aon PLC, Class A		7,982		2,595,587
Arbor Realty Trust, Inc.^(b)		6,998		80,267
Arthur J. Gallagher & Co.		8,269		1,720,448
Associated Banc-Corp		5,854		104,377
Assurant, Inc.		2,057		253,278
Assured Guaranty Ltd.		2,330		125,517
Atlantic Union Bankshares Corp.^(b)		2,913		83,370
AXIS Capital Holdings Ltd.^(b)		3,298		186,469
BancFirst Corp.^(b)		1,269		101,380
Bank of Marin Bancorp.		618		10,895
Bank of New York Mellon Corp. (The)		31,317		1,333,791
Bank OZK^(b)		4,564		163,026
BlackRock, Inc.		5,847		3,924,506
BOK Financial Corp.^(b)		2,610		218,901
Brown & Brown, Inc.		11,071		712,862
Cadence Bank		7,100		143,562
Cambridge Bancorp		301		15,547
Cass Information Systems, Inc.^(b)		529		19,351
Cboe Global Markets, Inc.		4,114		574,726
Chubb Ltd.		16,107		3,246,527
Cincinnati Financial Corp.		6,117		651,093
City Holding Co.^(b)		569		51,887
CME Group, Inc., Class A		14,015		2,603,567
CNO Financial Group, Inc.		4,437		99,566
Cohen & Steers, Inc.^(b)		1,910		114,715
Commerce Bancshares, Inc.		4,860		271,431
Community Bank System, Inc.		2,088		104,316
Community Trust Bancorp, Inc.		694		24,991
Cullen/Frost Bankers, Inc.		2,498		275,405
Discover Financial Services		10,208		1,056,222

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


	Shares		Value
Financials-(continued)
Erie Indemnity Co., Class A^(b)		1,782	$	387,282
Evercore, Inc., Class A		1,489		169,850
FactSet Research Systems, Inc.		1,476		607,654
Federal Agricultural Mortgage Corp., Class C		358		47,718
Fidelity National Financial, Inc.		10,593		375,946
Fifth Third Bancorp		26,437		692,649
First American Financial Corp.		4,009		230,959
First Community Bankshares, Inc.		626		14,655
First Financial Bankshares, Inc.^(b)		5,551		162,422
First Financial Corp.		464		16,031
First Merchants Corp.^(b)		2,313		67,493
First of Long Island Corp. (The)		874		10,226
Franklin Resources, Inc.		19,492		523,945
German American Bancorp, Inc.		1,138		33,082
Glacier Bancorp, Inc.^(b)		4,307		143,122
Globe Life, Inc.		3,753		407,276
Goldman Sachs Group, Inc. (The)		13,060		4,485,326
Hanover Insurance Group, Inc. (The)		1,374		164,275
Hartford Financial Services Group, Inc. (The)		12,198		865,936
Heritage Financial Corp.		1,355		23,862
Hingham Institution for Savings (The)		83		16,148
Home BancShares, Inc.^(b)		7,916		172,331
Horace Mann Educators Corp.		1,576		49,297
Horizon Bancorp, Inc.		1,695		17,848
Huntington Bancshares, Inc.		56,202		629,462
Independent Bank Corp.		1,739		97,384
International Bancshares Corp.		2,413		102,963
Jack Henry & Associates, Inc.		2,851		465,682
JPMorgan Chase & Co.		114,682		15,853,640
KeyCorp		36,254		408,220
Lakeland Financial Corp.^(b)		981		49,707
Lincoln National Corp.		6,589		143,179
MarketAxess Holdings, Inc.		1,451		461,955
Marsh & McLennan Cos., Inc.		19,269		3,472,081
Mastercard, Inc., Class A		36,847		14,002,965
Mercantile Bank Corp.		612		17,173
MetLife, Inc.		30,166		1,850,081
MidWestOne Financial Group, Inc.		603		12,482
Moody’s Corp.		7,136		2,234,424
Morningstar, Inc.		1,639		292,250
Nasdaq, Inc.		19,036		1,054,023
NBT Bancorp, Inc.^(b)		1,655		53,357
Northwest Bancshares, Inc.		4,947		57,830
Old Republic International Corp.		11,555		291,995
PNC Financial Services Group, Inc. (The)		15,574		2,028,514
Premier Financial Corp.		1,372		22,789
Primerica, Inc.		1,414		258,069
Principal Financial Group, Inc.^(b)		9,464		706,866
Prosperity Bancshares, Inc.		3,553		222,489
Prudential Financial, Inc.		14,257		1,240,359
Raymond James Financial, Inc.		8,394		759,909
Regions Financial Corp.		36,397		664,609
Reinsurance Group of America, Inc.		2,595		369,320
RenaissanceRe Holdings Ltd. (Bermuda)		1,687		363,397
RLI Corp.^(b)		1,756		244,172
S&P Global, Inc.		12,543		4,547,841
S&T Bancorp, Inc.		1,505		41,433
Sandy Spring Bancorp, Inc.^(b)		1,724		38,756
SEI Investments Co.		5,225		307,805
Simmons First National Corp., Class A^(b)		4,951		82,731


	Shares		Value
Financials-(continued)
South State Corp.^(b)		2,957	$	203,974
Southern Missouri Bancorp, Inc.^(b)		436		15,818
Southside Bancshares, Inc.^(b)		1,211		38,425
State Street Corp.		13,409		968,934
Stock Yards Bancorp, Inc.^(b)		1,129		54,869
T. Rowe Price Group, Inc.^(b)		8,743		982,101
Tompkins Financial Corp.^(b)		559		32,769
Towne Bank		2,914		69,033
Travelers Cos., Inc. (The)		9,040		1,637,506
TriCo Bancshares^(b)		1,286		46,052
Truist Financial Corp.		51,709		1,684,679
U.S. Bancorp		59,635		2,044,288
UMB Financial Corp.		1,886		119,968
United Bankshares, Inc.^(b)		5,241		173,634
Unum Group		7,672		323,758
Visa, Inc., Class A^(b)		63,319		14,736,231
W.R. Berkley Corp.		10,267		604,932
Washington Federal, Inc.^(b)		2,539		71,194
Washington Trust Bancorp, Inc.^(b)		662		18,609
WesBanco, Inc.		2,299		61,199
Westamerica Bancorporation		1,038		42,049
Zions Bancorporation N.A		5,781		161,059

				112,770,938

Health Care-14.93%
Abbott Laboratories		67,683		7,476,941
Agilent Technologies, Inc.		11,517		1,559,747
AmerisourceBergen Corp.		7,871		1,313,276
Amgen, Inc.		20,789		4,983,955
Atrion Corp.^(b)		68		41,840
Becton, Dickinson and Co.		11,055		2,921,947
Bristol-Myers Squibb Co.		81,740		5,457,780
Cardinal Health, Inc.		10,043		824,530
Chemed Corp.		577		318,071
Elevance Health, Inc.		9,247		4,333,607
Ensign Group, Inc. (The)^(b)		2,165		210,200
Humana, Inc.		4,873		2,585,078
Johnson & Johnson		101,473		16,611,130
LeMaitre Vascular, Inc.^(b)		849		45,846
McKesson Corp.		5,334		1,942,856
Medtronic PLC		51,797		4,710,937
Merck & Co., Inc.		98,862		11,415,595
National HealthCare Corp.^(b)		592		34,283
Perrigo Co. PLC		5,240		194,876
Pfizer, Inc.		218,833		8,510,415
Quest Diagnostics, Inc.		4,329		600,909
ResMed, Inc.		5,719		1,378,050
STERIS PLC		3,864		728,557
Stryker Corp.		14,752		4,420,437
UnitedHealth Group, Inc.		36,345		17,885,011
West Pharmaceutical Services, Inc.		2,895		1,045,790

				101,551,664

Industrials-11.89%
3M Co.		21,444		2,277,782
A.O. Smith Corp.		4,867		332,367
ABM Industries, Inc.		2,565		109,218
Apogee Enterprises, Inc.		857		36,474
Applied Industrial Technologies, Inc.		1,489		201,998
Automatic Data Processing, Inc.		16,140		3,550,800
Booz Allen Hamilton Holding Corp.^(b)		5,155		493,437

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


	Shares		Value
Industrials-(continued)
Brady Corp., Class A		1,780	$	90,833
Broadridge Financial Solutions, Inc.^(b)		4,592		667,723
C.H. Robinson Worldwide, Inc.^(b)		4,525		456,437
Carlisle Cos., Inc.		1,989		429,326
Caterpillar, Inc.		20,109		4,399,849
Cintas Corp.		3,955		1,802,570
Comfort Systems USA, Inc.		1,379		206,147
CSX Corp.		80,328		2,461,250
Cummins, Inc.		5,506		1,294,130
Donaldson Co., Inc.		4,740		301,227
Douglas Dynamics, Inc.^(b)		883		25,881
Dover Corp.		5,441		795,256
Eaton Corp. PLC		15,540		2,597,045
Emerson Electric Co.		22,250		1,852,535
Expeditors International of Washington, Inc.		6,190		704,670
Fastenal Co.		22,233		1,197,025
Franklin Electric Co., Inc.		1,782		159,435
GATX Corp.		1,362		155,145
General Dynamics Corp.		10,690		2,334,055
Gorman-Rupp Co. (The)^(b)		1,007		24,722
Graco, Inc.		6,542		518,715
Griffon Corp.		2,221		63,187
HEICO Corp.^(b)		2,120		357,517
Hillenbrand, Inc.		2,693		122,855
HNI Corp.^(b)		1,598		41,516
Honeywell International, Inc.		26,016		5,199,037
Hubbell, Inc.		2,083		560,994
Huntington Ingalls Industries, Inc.		1,538		310,153
Hyster-Yale Materials Handling, Inc.^(b)		516		27,173
IDEX Corp.		2,948		608,231
Illinois Tool Works, Inc.		11,890		2,876,667
Insperity, Inc.^(b)		1,460		178,792
ITT, Inc.^(b)		3,221		271,981
J.B. Hunt Transport Services, Inc.		4,037		707,646
L3Harris Technologies, Inc.		7,402		1,444,500
Lennox International, Inc.		1,369		385,935
Lincoln Electric Holdings, Inc.		2,237		375,369
Lindsay Corp.^(b)		425		51,314
Lockheed Martin Corp.		9,934		4,613,846
ManpowerGroup, Inc.		1,968		148,997
Matthews International Corp., Class A		1,174		44,459
McGrath RentCorp		941		83,636
MDU Resources Group, Inc.		7,917		231,335
MSA Safety, Inc.		1,513		196,312
Nordson Corp.		2,224		481,073
Northrop Grumman Corp.		5,956		2,747,324
Paychex, Inc.		14,044		1,542,874
Raytheon Technologies Corp.		57,048		5,699,095
Regal Rexnord Corp.		2,570		334,511
Republic Services, Inc.		12,313		1,780,706
Robert Half International, Inc.^(b)		4,185		305,505
Rockwell Automation, Inc.		4,462		1,264,575
Ryder System, Inc.		1,786		141,380
Snap-on, Inc.^(b)		2,064		535,422
Standex International Corp.		461		56,615
Stanley Black & Decker, Inc.^(b)		5,949		513,637
Tennant Co.^(b)		715		54,640
Toro Co. (The)		4,069		424,234
Trane Technologies PLC		8,923		1,657,983
Trinity Industries, Inc.		3,160		75,682


	Shares		Value
Industrials-(continued)
UFP Industries, Inc.		2,393	$	187,898
Union Pacific Corp.		23,828		4,663,140
United Parcel Service, Inc., Class B		28,237		5,077,295
W.W. Grainger, Inc.		1,954		1,359,144
Waste Management, Inc.^(b)		15,901		2,640,361
Watts Water Technologies, Inc., Class A		1,054		170,463
Xylem, Inc.		7,024		729,372

				80,820,433

Information Technology-19.79%
Accenture PLC, Class A		24,517		6,871,870
Amphenol Corp., Class A^(b)		23,162		1,748,036
Analog Devices, Inc.		19,704		3,544,356
Apple, Inc.		178,611		30,306,713
Badger Meter, Inc.		1,130		149,533
Broadcom, Inc.		16,239		10,173,733
Cisco Systems, Inc.		159,519		7,537,273
Corning, Inc.		32,968		1,095,197
HP, Inc.		38,373		1,140,062
International Business Machines Corp.		35,321		4,464,928
Intuit, Inc.		10,926		4,850,598
KLA Corp.		5,394		2,084,997
Littelfuse, Inc.		956		231,581
Microchip Technology, Inc.		21,339		1,557,534
Microsoft Corp.		105,559		32,434,058
Motorola Solutions, Inc.		6,521		1,900,219
Oracle Corp.		105,013		9,946,831
Power Integrations, Inc.^(b)		2,214		161,135
QUALCOMM, Inc.		43,427		5,072,274
Roper Technologies, Inc.		4,133		1,879,606
TE Connectivity Ltd.		12,329		1,508,700
Texas Instruments, Inc.		35,286		5,899,819

				134,559,053

Materials-2.83%
Air Products and Chemicals, Inc.		8,654		2,547,391
Albemarle Corp.		4,573		848,109
AptarGroup, Inc.		2,538		300,778
Ashland, Inc.		2,109		214,295
Avery Dennison Corp.		3,153		550,135
Avient Corp.		3,540		136,325
Balchem Corp.		1,241		163,067
Cabot Corp.		2,188		157,011
Celanese Corp.		4,215		447,802
Eastman Chemical Co.		4,629		390,086
Ecolab, Inc.		11,077		1,859,164
H.B. Fuller Co.		2,091		138,361
Hawkins, Inc.		812		32,756
International Flavors & Fragrances, Inc.		9,925		962,328
Kaiser Aluminum Corp.^(b)		615		40,418
LyondellBasell Industries N.V., Class A		12,140		1,148,565
Materion Corp.^(b)		793		85,890
Nucor Corp.		9,983		1,479,281
Packaging Corp. of America		3,495		472,734
PPG Industries, Inc.		9,159		1,284,641
Quaker Chemical Corp.^(b)		693		129,335
Reliance Steel & Aluminum Co.		2,291		567,710
Royal Gold, Inc.		2,548		337,457
RPM International, Inc.		5,026		412,283
Scotts Miracle-Gro Co. (The)^(b)		2,174		145,245
Sensient Technologies Corp.		1,624		120,923

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


	Shares		Value
Materials-(continued)
Sherwin-Williams Co. (The)		10,074	$	2,392,978
Silgan Holdings, Inc.		4,277		210,685
Sonoco Products Co.		3,803		230,538
Steel Dynamics, Inc.		6,688		695,218
Stepan Co.		858		79,108
Westlake Corp.^(b)		4,965		564,918
Worthington Industries, Inc.		1,933		114,801

				19,260,336

Real Estate-1.95%
Agree Realty Corp.		3,509		238,577
Alexandria Real Estate Equities, Inc.		6,746		837,718
American Tower Corp.		18,136		3,706,817
CTO Realty Growth, Inc.		888		14,954
CubeSmart.		8,742		397,674
Digital Realty Trust, Inc.		11,335		1,123,865
EastGroup Properties, Inc.		1,681		279,987
Equity LifeStyle Properties, Inc.		7,244		499,112
Essex Property Trust, Inc.		2,504		550,204
Extra Space Storage, Inc.^(b)		5,259		799,578
Healthcare Realty Trust, Inc.^(b)		14,812		292,981
Kennedy-Wilson Holdings, Inc.^(b)		5,368		90,075
Medical Properties Trust, Inc.^(b)		23,268		204,060
Mid-America Apartment Communities, Inc.		4,529		696,560
National Retail Properties, Inc.		7,062		307,197
Realty Income Corp.		25,722		1,616,371
STAG Industrial, Inc.		6,979		236,379
Terreno Realty Corp.		3,222


PKW		Management’s Discussion of Fund Performance
PKW		Invesco BuyBack Achievers^TM ETF (PKW)


Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
Nasdaq US BuyBack Achievers^™ Index		3.99	%		18.74	%		67.43	%		10.80	%		67.02	%		11.59	%		199.31	%		9.77	%		359.63	%
S&P 500^® Index		2.66			14.52			50.19			11.45			71.93			12.20			216.22			8.96			307.17
Fund
NAV Return		3.45			18.04			64.45			10.16			62.25			10.91			181.61			9.04			312.31
Market Price Return		3.48			18.02			64.37			10.16			62.19			10.90			181.52			9.03			311.67


PFM		Management’s Discussion of Fund Performance
PFM		Invesco Dividend Achievers^TM ETF (PFM)


Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
Nasdaq US Broad Dividend Achievers^™ Index		4.17	%		13.83	%		47.51	%		11.01	%		68.60	%		10.26	%		165.51	%		8.28	%		306.28	%
Russell 3000^® Value Index		0.67			14.46			49.94			7.48			43.45			8.98			136.35			7.27			244.46
Fund
NAV Return		3.64			13.24			45.22			10.47			64.50			9.68			151.99			7.67			267.59
Market Price Return		3.56			13.18			44.97			10.44			64.33			9.69			152.05			7.66			267.50


DJD		Management’s Discussion of Fund Performance
DJD		Invesco Dow Jones Industrial Average Dividend ETF (DJD)



The Market Environment			3

Management’s Discussion of Fund Performance			4

Liquidity Risk Management Program			16

Schedules of Investments

Invesco BuyBack Achievers^TM ETF (PKW)			17

Invesco Dividend Achievers^TM ETF (PFM)			21

Invesco Dow Jones Industrial Average Dividend ETF (DJD)			26

Invesco Financial Preferred ETF (PGF)			28

Invesco High Yield Equity Dividend Achievers^TM ETF (PEY)			31

Invesco International Dividend Achievers^TM ETF (PID)			33

Statements of Assets and Liabilities			36

Statements of Operations			38

Statements of Changes in Net Assets			40

Financial Highlights			42

Notes to Financial Statements			45

Report of Independent Registered Public Accounting Firm			57

Fund Expenses			58

Tax Information			60

Trustees and Officers			61

Approval of Investment Advisory Contracts			72


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Consumer Discretionary			23.98
Financials			21.29
Health Care			15.57
Energy			9.15
Communication Services			7.99
Information Technology			6.86
Industrials			6.44
Materials			5.92
Sector Types Each Less Than 3%			2.74
Money Market Funds Plus Other Assets Less Liabilities			0.06

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
Comcast Corp., Class A			5.39
Morgan Stanley			4.92
Amgen, Inc.			4.17
ConocoPhillips			4.08
Lowe’s Cos., Inc.			4.03
Booking Holdings, Inc.			3.29
HCA Healthcare, Inc.			2.59
Cigna Group (The)			2.45
O’Reilly Automotive, Inc.			1.84
Charter Communications, Inc., Class A			1.83
Total			34.59


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Information Technology			19.79
Financials			16.59
Health Care			14.93
Consumer Staples			13.52
Industrials			11.89
Consumer Discretionary			6.29
Energy			5.26
Utilities			4.85
Sector Types Each Less Than 3%			6.82
Money Market Funds Plus Other Assets Less Liabilities			0.06

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
Microsoft Corp.			4.77
Apple, Inc.			4.46
Exxon Mobil Corp.			2.76
UnitedHealth Group, Inc.			2.63
Johnson & Johnson			2.44
Walmart, Inc.			2.33
JPMorgan Chase & Co.			2.33
Visa, Inc., Class A			2.17
Procter & Gamble Co. (The)			2.11
Mastercard, Inc., Class A			2.06
Total			28.06


PGF		Management’s Discussion of Fund Performance
PGF		Invesco Financial Preferred ETF (PGF)


PEY		Management’s Discussion of Fund Performance
PEY		Invesco High Yield Equity Dividend Achievers^TM ETF (PEY)


Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Electric Utilities			14.73
Banks			10.09
Tobacco			9.12
Multi-Utilities			6.00
Diversified Telecommunication Services			5.66
Insurance			5.40
Household Durables			4.45
Chemicals			3.79
Capital Markets			3.57
Gas Utilities			3.47
Textiles, Apparel & Luxury Goods			3.47
Oil, Gas & Consumable Fuels			3.38
Industry Types Each Less Than 3%			26.82
Money Market Funds Plus Other Assets Less Liabilities			0.05

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
Altria Group, Inc.			3.66
VF Corp.			3.47
Universal Corp.			3.05
Verizon Communications, Inc.			3.01
Cogent Communications Holdings, Inc.			2.65
Kennedy-Wilson Holdings, Inc.			2.61
3M Co.			2.47
Walgreens Boots Alliance, Inc.			2.42
Philip Morris International, Inc.			2.41
Whirlpool Corp.			2.32
Total			28.07


PID		Management’s Discussion of Fund Performance
PID		Invesco International Dividend Achievers^TM ETF (PID)


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Utilities			22.30
Financials			14.71
Energy			12.97
Health Care			10.23
Materials			10.01
Communication Services			9.43
Information Technology			7.39
Industrials			5.85
Consumer Discretionary			5.06
Sector Types Each Less Than 3%			2.00
Money Market Funds Plus Other Assets Less Liabilities			0.05

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
Algonquin Power & Utilities Corp.			4.24
BCE, Inc.			4.13
Brookfield Renewable Partners L.P.			4.05
Enbridge, Inc.			4.03
TC Energy Corp.			3.97
National Grid PLC, ADR			3.89
TELUS Corp.			3.84
Atlantica Sustainable Infrastructure PLC			3.67
Rio Tinto PLC, ADR			3.49
Canadian Imperial Bank of Commerce			3.48
Total			38.79


	Shares		Value
Money Market Funds-0.16%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(e)(f) (Cost $1,506,793)		1,506,793	$	1,506,793

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.10% (Cost $1,024,130,509)				962,695,916


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-9.18%
Invesco Private Government Fund, 4.83%^(e)(f)(g)		24,713,158		24,713,158


	Value April 30, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	1,613,071		$	31,912,206		$	(32,018,484	)		$	-			$	-		$	1,506,793		$	37,893

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			44,257,780			335,024,868			(354,569,490	)			-				-			24,713,158			943,875	*

Invesco Private Prime Fund			103,222,386			712,920,939			(752,563,201	)			(18,185	)			27,340			63,589,279			2,586,010	*


Total		$	149,093,237		$	1,079,858,013		$	(1,139,151,175	)		$	(18,185	)		$	27,340		$	89,809,230		$	3,567,778