

		Invesco Annual Report to Shareholders

		August 31, 2023
		IMFL		Invesco International Developed Dynamic Multifactor ETF

		OMFL		Invesco Russell 1000^® Dynamic Multifactor ETF

		OMFS		Invesco Russell 2000^® Dynamic Multifactor ETF

Table of Contents


The Market Environment			3

Management’s Discussion of Fund Performance			5

Liquidity Risk Management Program			13

Schedules of Investments

Invesco International Developed Dynamic Multifactor ETF (IMFL)			14

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)			21

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)			26

Statements of Assets and Liabilities			34

Statements of Operations			35

Statements of Changes in Net Assets			36

Financial Highlights			37

Notes to Financial Statements			40

Report of Independent Registered Public Accounting Firm			50

Fund Expenses			51

Tax Information			52

Trustees and Officers			53

Approval of Investment Advisory Contracts			63


		2

The Market Environment

Domestic Equity

At the start of the fiscal year, volatility in the equity markets increased. US equity markets rose in August 2022 until the US Federal Reserve (the Fed) chairman Jerome Powell gave hawkish comments at an economic policy symposium held in Jackson Hole, sparking a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.¹ After a continued decline 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 shows inflation meaningfully declining sent markets lower in December. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter of 2022. 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 rate by 0.75% in November and by 0.50% in December.¹

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 risk of a deeper than expected recession. 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 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 federal funds rate by only 0.25% in February of 2023 and again in March.¹ The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil.

The US economy and equity markets remained resilient in the second quarter of 2023, as milder inflation data and better-than-expected corporate earnings supported equities, with most major indexes posting gains for the quarter and with some big tech names providing optimistic future guidance. The Consumer Price Index (CPI) rose 4% as of May 31, 2023, the smallest 12-month increase in nearly two years.² The labor market maintained momentum in the second quarter with unemployment still at historic lows despite a slight uptick at the end of May. Facing persistently strong employment data, the Fed raised the federal funds rate by 0.25% at its May meeting, but investors got a long-awaited “pause” in rate hikes as the Fed left rates unchanged at its June meeting, sending equity

markets higher. However, the Fed raised rates another 0.25% in July, bringing the rate to its highest level since June 2006.¹ After two months of gains, equity markets declined in August as a resilient economy complicated the Fed’s efforts to tame inflation. While inflation has slowed from its peak in June 2022, the highest level since 1981, the CPI rose by 0.2% in July and the 12-month headline inflation rate rose to 3.2% from 3% in June.² At its annual Jackson Hole symposium in August 2023, Fed chair Jerome Powell remarked that while progress has been made, inflation is still too high, and the Fed intends “to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective.”

Despite higher rates and increased market volatility, US stocks for the fiscal year had strong returns of 15.94%, as measured by the S&P 500 Index.³

¹	Source: US Federal Reserve

²	Source: US Bureau of Labor Statistics

³	Source: Lipper Inc.

Global Equity

Global equity markets declined at the beginning of the fiscal year weighed down by rising inflation, central bank tightening and a slowing global economy. To tame inflation, several central banks, including the US Federal Reserve, the European Central Bank and the Bank of England, continued to raise interest rates. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities. China faced headwinds, which included the country’s zero-COVID-19 policy and a growing property market crisis.

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 half of 2023, global equity markets continued to deliver gains amid continued interest rate increases, volatility and a banking crisis. The largest shock came in March 2023 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. Optimism about AI (Artificial Intelligence) boosted technology stocks during the second quarter of 2023. Emerging market equities also posted gains for the first half of 2023 but within the region, China’s equities declined due to weaker-than-expected economic data, real estate developer debt issues and geopolitical concerns.


		3

The Market Environment–(continued)

Market volatility increased in August 2023, with both developed market equities and emerging market equities declining. For the overall fiscal year ended August 31, 2023, developed market equities posted a positive return, outperforming emerging market equities, which ended the period slightly positive.


		4


IMFL		Management’s Discussion of Fund Performance
IMFL		Invesco International Developed Dynamic Multifactor ETF (IMFL)

As an index fund, the Invesco International Developed Dynamic Multifactor ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE Developed ex US Invesco Dynamic Multifactor Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (“FTSE” or the “Index Provider”) compiles and maintains the Index, which is an index of foreign equity securities designed to reflect a dynamic combination of “factor investing” strategies that, in the view of the Index Provider, have historically outperformed other factors during various parts of the economic cycle. The Index’s universe of investable stocks is taken from the FTSE Developed ex US Index (the “Benchmark Index”), which comprises large-capitalization (85%) and mid-capitalization (15%) stocks of companies located in 24 developed market countries around the world, excluding the United States.

The Index emphasizes investments that exhibit the following factors: low volatility, momentum, quality, size and value. At any given time, depending on the current stage of the economic cycle of the overall market, the Index will target different subsets (that is, two or three) of those five factors (referred to as “factor configurations”). The Index is designed to utilize factor configurations that, in the view of the Index Provider, have historically outperformed other factors in certain stages of the economic cycle. The specific factor configurations used by the Index will change depending on which of the following four stages of the economic cycle currently is prevalent: recovery, expansion, slowdown and contraction. 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 August 31, 2023, on a market price basis, the Fund returned 25.74%. On a net asset value (“NAV”) basis, the Fund returned 24.43%. During the same time period, the Index returned 25.64%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period and an increase in transaction costs.

During this same time period, the Benchmark Index returned 15.87%. The Benchmark Index is an unmanaged index weighted by market capitalization. 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 equities markets in developed countries around the world, excluding the U.S.

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 materials and consumer staples sectors and most underweight in the financials and information technology sectors during the fiscal year ended August 31, 2023. The Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the industrials, materials, consumer discretionary and consumer staples sectors, as well as to the Fund’s underweight allocation to the financials sector.

For the fiscal year ended August 31, 2023, Japan was the country that contributed most significantly to the Fund’s return, followed by France and the United Kingdom, respectively. Israel was the country that detracted most significantly from the Fund’s return, followed by New Zealand and Hong Kong, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Novo Nordisk A/S, Class B, a Danish company (no longer held at fiscal year-end) and Novartis AG, a Swiss company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during the period included Goodman Group, an Australian company (no longer held at fiscal year-end) and Whitehaven Coal Ltd., an Australian company (portfolio average weight of 0.19%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Industrials			22.38
Materials			17.11
Financials			17.10
Consumer Discretionary			13.51
Consumer Staples			5.65
Utilities			5.48
Real Estate			4.19
Health Care			3.94
Communication Services			3.63
Information Technology			3.52
Energy			3.18
Money Market Funds Plus Other Assets Less Liabilities			0.31


		5

Invesco International Developed Dynamic Multifactor ETF (IMFL) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
Centrica PLC			1.20
Fairfax Financial Holdings Ltd.			1.03
Covestro AG			1.00
ACS Actividades de Construccion y Servicios S.A.			0.84
Adecco Group AG			0.73
Heidelberg Materials AG			0.71
Bank of Ireland Group PLC			0.69
Canadian Tire Corp. Ltd., Class A			0.69
BlueScope Steel Ltd.			0.68
ORLEN S.A.			0.64
Total			8.21

*	Excluding money market fund holdings.


		6

Invesco International Developed Dynamic Multifactor ETF (IMFL) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			Fund Inception
Index	1 Year			Average Annualized			Cumulative
FTSE Developed ex US Invesco Dynamic Multifactor Index (Net)		25.64	%		2.86	%		7.34	%
FTSE Developed ex US Index (Net)		15.87			0.26			0.64
Fund
NAV Return		24.43			2.14			5.45
Market Price Return		25.74			1.43			3.62

Fund Inception: February 24, 2021

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, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.34% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

-	Net returns reflect reinvested dividends net of withholding taxes.


		7


OMFL		Management’s Discussion of Fund Performance
OMFL		Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)

As an index fund, the Invesco Russell 1000^® Dynamic Multifactor ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Russell 1000^® Invesco Dynamic Multifactor Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE Russell (“FTSE Russell” or the “Index Provider”) compiles and maintains the Index. The Index is designed to reflect a dynamic combination of factor exposures drawn from constituent stocks of the Russell 1000^® Index (the “Benchmark Index”), which measures the performance of the 1,000 largest capitalization companies in the United States. The Index consists of one of four pre-determined factor configurations that emphasize a subset of the following five investment style factors: value, momentum, quality, low volatility, and size. The factor configuration that comprises the Index will vary with different economic cycles and overall market conditions, as reflected in one of the following four categories: expansion, slowdown, contraction and recovery. The current economic cycle/market condition category, which determines which factor configuration is applied, is derived from a rules-based methodology that relies on certain leading economic and market sentiment indicators. 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 August 31, 2023, on a market price basis, the Fund returned 17.91%. On a net asset value (“NAV”) basis, the Fund returned 18.05%. During the same time period, the Index returned 18.46%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the Benchmark Index returned 15.40%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,000 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 overall U.S. large-cap stock market.

Relative to the Benchmark Index, the Fund was most overweight in the consumer staples and energy sectors and most underweight in the information technology and communication services sectors during the fiscal year ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during

the period can be attributed to the Fund’s overweight allocation to and security selection in the health care sector.

For the fiscal year ended August 31, 2023, the health care sector contributed most significantly to the Fund’s return, followed by the information technology sector. The utilities sector detracted most significantly from the Fund’s return, followed by the communication services and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Eli Lilly and Co., a health care company (no longer held at fiscal year-end) and Microsoft Corp., an information technology company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during the period included Alphabet Inc., Class A, a communication services company (no longer held at fiscal year-end) and Alphabet Inc., Class C, a communication services company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Financials			20.56
Industrials			18.71
Consumer Discretionary			15.19
Materials			10.95
Energy			7.77
Information Technology			7.02
Health Care			6.14
Consumer Staples			5.05
Real Estate			3.53
Sector Types Each Less Than 3%			4.96
Money Market Funds Plus Other Assets Less Liabilities			0.12

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
Hewlett Packard Enterprise Co.			1.07
Builders FirstSource, Inc.			0.90
Coterra Energy, Inc.			0.81
Marathon Oil Corp.			0.80
United Airlines Holdings, Inc.			0.79
HP, Inc.			0.77
EQT Corp.			0.76
CF Industries Holdings, Inc.			0.73
Jabil, Inc.			0.72
Tyson Foods, Inc., Class A			0.72
Total			8.07

*	Excluding money market fund holdings.


		8

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
Russell 1000^® Invesco Dynamic Multifactor Index		18.46	%		17.06	%		60.41	%		13.48	%		88.18	%		14.27	%		117.05	%
Russell 1000^® Index		15.40			9.93			32.84			10.77			66.78			11.67			89.93
Fund
NAV Return		18.05			16.71			58.96			13.17			85.65			13.94			113.45
Market Price Return		17.91			16.66			58.76			13.17			85.65			13.94			113.45

Oppenheimer Russell 1000^® Dynamic Multifactor ETF (the “Predecessor Fund”) Inception: November 8, 2017

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 the current prospectus for more information.

According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

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

-	Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		9


OMFS		Management’s Discussion of Fund Performance
OMFS		Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)

As an index fund, the Invesco Russell 2000^® Dynamic Multifactor ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Russell 2000^® Invesco Dynamic Multifactor Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE Russell (“FTSE Russell” or the “Index Provider”) compiles and maintains the Index. The Index is designed to reflect a dynamic combination of factor exposures drawn from constituent stocks of the Russell 2000 Index (the “Benchmark Index”), which measures the performance of 2,000 small-capitalization companies in the United States. The Index consists of one of four pre-determined factor configurations that emphasize a subset of the following five investment style factors: value, momentum, quality, low volatility, and size. The factor configuration that comprises the Index will vary with different economic cycles and overall market conditions, as reflected in one of the following four categories: expansion, slowdown, contraction and recovery. The current economic cycle/market condition category, which determines which factor configuration is applied, is derived from a rules-based methodology that relies on certain leading economic and market sentiment indicators. 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 August 31, 2023, on a market price basis, the Fund returned 6.51%. On a net asset value (“NAV”) basis, the Fund returned 6.34%. During the same time period, the Index returned 6.96%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period and an increase in transaction costs.

During this same time period, the Benchmark Index returned 4.65%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,000 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 overall U.S. small-cap stock market.

Relative to the Benchmark Index, the Fund was most overweight in the financials and industrials sectors and most underweight in the health care and information technology sectors during the fiscal year ended August 31, 2023. The majority of the Fund’s

outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to and security selection in the industrials sector and the Fund’s underweight allocation to and security selection in the health care sector.

For the fiscal year ended August 31, 2023, the industrials sector contributed most significantly to the Fund’s return, followed by the energy and information technology sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the utilities and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Telephone & Data Systems, Inc., a communication services company (portfolio average weight of 0.10%) and Rambus Inc., an information technology company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during the period included Rogers Corp., an information technology company (no longer held at fiscal year-end) and Qualys, Inc., an information technology company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023
Financials			23.90
Industrials			17.98
Consumer Discretionary			15.63
Energy			9.20
Health Care			7.40
Communication Services			6.13
Real Estate			5.45
Information Technology			5.45
Materials			5.11
Consumer Staples			3.15
Utilities			0.50
Money Market Funds Plus Other Assets Less Liabilities			0.10


		10

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023
Security
Telephone & Data Systems, Inc.			1.02
Caleres, Inc.			0.52
SilverBow Resources, Inc.			0.50
Berry Corp.			0.49
Vital Energy, Inc.			0.48
SunCoke Energy, Inc.			0.47
Diversified Healthcare Trust			0.45
Hovnanian Enterprises, Inc., Class A			0.44
Designer Brands, Inc., Class A			0.43
Beazer Homes USA, Inc.			0.43
Total			5.23

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2023


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
Russell 2000^® Invesco Dynamic Multifactor Index		6.96	%		15.24	%		53.02	%		6.72	%		38.43	%		8.53	%		60.93	%
Russell 2000^® Index		4.65			8.12			26.40			3.14			16.73			5.77			38.57
Fund
NAV Return		6.34			14.73			51.00			6.22			35.24			8.03			56.62
Market Price Return		6.51			14.78			51.22			6.27			35.55			8.07			56.98


		11

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS) (continued)

Oppenheimer Russell 2000^® Dynamic Multifactor ETF (the “Predecessor Fund”) Inception: November 8, 2017

According to the Fund’s current prospectus, the Fund’s expense ratio of 0.39% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

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

-	Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		12

Liquidity Risk Management Program

The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (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.

The Report stated, in relevant part, that during the Program Reporting Period:

•

The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

•

Each Fund’s investment strategy remained appropriate for an open-end fund;

•

Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

•

The Funds did not breach the 15% limit on Illiquid Investments; and

•

The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.


		13

Invesco International Developed Dynamic Multifactor ETF (IMFL)

August 31, 2023

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.69%
Australia-6.85%
Adbri Ltd.^(a)		116,361	$	166,548
AGL Energy Ltd.		170,526		1,224,793
AMP Ltd.		673,139		551,488
Ampol Ltd.		36,017		823,422
Ansell Ltd.		28,807		439,742
Aurizon Holdings Ltd.		197,014		465,726
Beach Energy Ltd.		449,244		452,432
Bendigo & Adelaide Bank Ltd.^(a)		66,710		410,877
BlueScope Steel Ltd.		118,055		1,606,390
Boral Ltd.^(b)		85,263		260,641
Challenger Ltd.		167,847		740,289
Charter Hall Group		47,901		336,290
CSR Ltd.		123,562		472,147
Deterra Royalties Ltd.		40,667		117,204
Downer EDI Ltd.		171,984		476,730
EBOS Group Ltd.		16,739		378,257
Evolution Mining Ltd.^(a)		283,859		682,051
GPT Group (The)		166,295		452,344
Harvey Norman Holdings Ltd.^(a)		131,443		343,922
Iluka Resources Ltd.		41,131		227,226
JB Hi-Fi Ltd.^(a)		27,289		807,159
Magellan Financial Group Ltd.		35,486		205,694
Metcash Ltd.		241,094		582,419
Mirvac Group		257,537		403,641
Nufarm Ltd.		96,625		324,786
Orora Ltd.		207,860		473,864
Perpetual Ltd.		7,608		103,819
Platinum Asset Management Ltd.		96,709		89,566
Region RE Ltd.		180,657		252,725
Seven Group Holdings Ltd.		17,014		308,095
Stockland		223,159		612,803
Tabcorp Holdings Ltd.		562,565		398,958
Vicinity Ltd.		217,067		262,891
Whitehaven Coal Ltd.		200,272		789,911

				16,244,850

Austria-0.96%
ANDRITZ AG		5,493		292,607
OMV AG		9,943		461,558
Raiffeisen Bank International AG^(b)		32,151		462,360
Telekom Austria AG^(b)		30,645		230,163
voestalpine AG		28,675		839,683

				2,286,371

Belgium-1.17%
Ackermans & van Haaren N.V		2,352		370,658
Proximus SADP^(a)		35,622		269,786
Sofina S.A.		1,631		367,495
Solvay S.A., Class A		5,949		690,227
Umicore S.A.^(a)		31,967		848,996
Warehouses De Pauw C.V.A		8,264		236,790

				2,783,952

Burkina Faso-0.16%
Endeavour Mining PLC		18,231		372,626

Cambodia-0.04%
NagaCorp Ltd.^(b)		178,000		90,796


	Shares		Value
Canada-1.82%
Canadian Tire Corp. Ltd., Class A^(a)		13,755	$	1,629,718
Fairfax Financial Holdings Ltd.		2,965		2,441,931
IGM Financial, Inc.		8,882		252,880

				4,324,529

China-1.22%
AAC Technologies Holdings, Inc.		169,000		327,580
BOC Aviation Ltd.^(c)		25,600		192,120
Huabao International Holdings Ltd.		129,000		46,555
Kerry Logistics Network Ltd.		67,000		62,969
Lenovo Group Ltd.		1,124,000		1,271,385
MMG Ltd.^(a)(b)		608,000		202,363
Nexteer Automotive Group Ltd.^(a)		201,000		129,442
SITC International Holdings Co. Ltd.		138,000		257,284
Xinyi Glass Holdings Ltd.		275,000		406,096

				2,895,794

Denmark-1.00%
Danske Bank A/S		52,032		1,171,808
H Lundbeck A/S		28,656		145,889
H Lundbeck A/S, Class A		15,149		67,771
Pandora A/S		7,509		780,539
Rockwool A/S, Class B		770		197,183

				2,363,190

Finland-1.17%
Fortum OYJ		65,563		882,369
Huhtamaki OYJ^(a)		6,912		237,887
Kesko OYJ, Class B		26,510		518,483
Kojamo OYJ^(a)		29,675		296,311
Valmet OYJ^(a)		12,718		324,382
Wartsila OYJ Abp		40,198		511,549

				2,770,981

France-5.69%
ALD S.A.^(c)		22,215		215,432
Arkema S.A.		13,574		1,423,753
Bouygues S.A.^(a)		22,199		768,589
Carrefour S.A.		52,495		1,006,756
Cie de L’Odet SE		97		151,602
Covivio S.A.		4,977		243,404
Eiffage S.A.		11,200		1,110,079
Eurazeo SE		12,190		720,396
ICADE		5,059		191,299
JCDecaux SE^(b)		14,103		262,357
Renault S.A.		33,185		1,344,708
Rexel S.A.		60,170		1,417,130
SCOR SE		37,595		1,172,700
SEB S.A.		7,310		805,292
Valeo		61,069		1,193,063
Vivendi SE		92,464		843,992
Wendel SE		6,714		615,391

				13,485,943

Germany-6.23%
Commerzbank AG		91,027		1,002,781
Continental AG		7,485		557,458
Covestro AG^(b)(c)		44,473		2,368,549
DWS Group GmbH & Co. KGaA^(c)		3,209		110,756
Evonik Industries AG		15,471		297,293

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


		14

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2023


	Shares		Value
Germany-(continued)
Fresenius Medical Care AG& Co. KGaA		25,253	$	1,221,042
Fresenius SE & Co. KGaA		41,767		1,342,275
FUCHS SE		2,288		75,244
Heidelberg Materials AG		20,943		1,688,421
HelloFresh SE^(b)		16,911		547,327
HOCHTIEF AG		5,425		580,854
KION Group AG		13,267		531,336
Lanxess AG		21,550		682,500
LEG Immobilien SE^(b)		10,774		778,791
METRO AG^(b)		33,338		265,948
Sixt SE, Preference Shares		1,123		73,009
Talanx AG		7,058		475,328
Telefonica Deutschland Holding AG^(a)		46,719		88,939
thyssenkrupp AG		113,621		876,055
Traton SE		10,014		206,397
United Internet AG		23,131		445,618
Wacker Chemie AG		1,128		166,624
Zalando SE^(b)(c)		12,921		402,904

				14,785,449

Hong Kong-1.70%
ASMPT Ltd.		65,600		657,109
Bank of East Asia Ltd. (The)		216,600		308,807
Cafe de Coral Holdings Ltd.		58,000		70,265
Dah Sing Banking Group Ltd.		90,000		61,632
Dah Sing Financial Holdings Ltd.		34,800		76,507
DFI Retail Group Holdings Ltd.		76,494		188,940
Guotai Junan International Holdings Ltd.^(a)		613,000		50,811
Haitong International Securities Group Ltd.^(a)(b)		697,000		55,997
Hang Lung Group Ltd.		165,000		227,666
Hutchison Port Holdings Trust, Class U		1,286,109		213,494
Hutchison Telecommunications Hong Kong
Holdings Ltd.		302,000		42,363
Hysan Development Co. Ltd.		38,000		79,181
Johnson Electric Holdings Ltd., Class H		88,000		118,055
Kerry Properties Ltd.		148,000		273,663
Man Wah Holdings Ltd.		206,000		149,737
PCCW Ltd.		647,000		307,752
United Energy Group Ltd.		820,000		108,751
VTech Holdings Ltd.		36,200		221,122
WH Group Ltd.		1,150,000		592,470
Yue Yuen Industrial Holdings Ltd.		174,000		218,339

				4,022,661

Indonesia-0.10%
First Pacific Co. Ltd.		570,000		242,777

Ireland-1.21%
AIB Group PLC		198,710		906,245
Bank of Ireland Group PLC		164,641		1,643,620
Glanbia PLC^(a)		19,080		317,668

				2,867,533

Israel-1.26%
Airport City Ltd.^(b)		10,170		156,233
Alony Hetz Properties & Investments Ltd.^(a)		17,658		134,586
Ashtrom Group Ltd.		9,752		134,022
Bezeq The Israeli Telecommunication Corp. Ltd.		213,226		288,994
Big Shopping Centers Ltd.^(b)		856		71,666
Delek Group Ltd.		1,970		283,392


	Shares		Value
Israel-(continued)
Elco Ltd.		2,404	$	77,722
Gav-Yam Lands Corp. Ltd.		4,480		28,803
Harel Insurance Investments & Financial Services Ltd.		28,277		206,291
Israel Corp. Ltd.		949		264,340
Israel Discount Bank Ltd., Class A		88,294		442,830
Melisron Ltd.		1,220		76,605
Mivne Real Estate KD Ltd.		44,695		107,257
Phoenix Holdings Ltd. (The)		30,262		303,632
Shufersal Ltd.^(b)		67,917		316,670
Strauss Group Ltd.^(b)		4,465		97,075

				2,990,118

Italy-3.64%
A2A S.p.A.		380,172		730,131
Banca Mediolanum S.p.A.		51,060		467,728
Buzzi S.p.A.		21,400		641,516
De’ Longhi S.p.A.		17,604		466,581
Hera S.p.A.		195,976		594,716
Italgas S.p.A.		58,400		332,768
Leonardo S.p.A.		100,353		1,450,245
Mediobanca Banca di Credito Finanziario S.p.A.^(a)		107,907		1,413,601
Pirelli & C. S.p.A.^(c)		99,214		496,091
Poste Italiane S.p.A.^(c)		47,988		534,119
Telecom Italia S.p.A.^(a)(b)		2,611,125		811,937
Telecom Italia S.p.A., RSP^(a)(b)		1,535,495		471,634
UnipolSai Assicurazioni S.p.A.		86,477		219,064

				8,630,131

Japan-33.85%
Aeon Mall Co. Ltd.		7,209		86,457
AGC, Inc.		17,308		607,863
Aica Kogyo Co. Ltd.		3,876		91,985
Ain Holdings, Inc.		1,443		51,571
Air Water, Inc.		40,004		503,674
Aisin Corp.		16,114		538,701
Alfresa Holdings Corp.		41,447		710,024
Alps Alpine Co. Ltd.		50,928		425,901
Amada Co. Ltd.		25,896		274,640
Amano Corp.		3,731		81,419
Anritsu Corp.		4,776		35,053
ASKUL Corp.		7,607		102,726
Benesse Holdings, Inc.		7,313		93,155
Bic Camera, Inc.^(a)		36,257		269,465
BIPROGY, Inc.		5,174		134,019
Brother Industries Ltd.		13,875		235,261
Canon Marketing Japan, Inc.		3,876		101,889
Chiba Bank Ltd. (The)		35,063		250,837
Chugin Financial Group, Inc.		41,182		273,764
Chugoku Electric Power Co., Inc. (The)^(b)		12,134		80,054
Coca-Cola Bottlers Japan Holdings, Inc.		25,860		337,227
COMSYS Holdings Corp.		12,134		258,624
Concordia Financial Group Ltd.		67,042		297,668
Cosmo Energy Holdings Co. Ltd.		18,502		665,937
CyberAgent, Inc.		23,472		149,617
Dai Nippon Printing Co. Ltd.		22,744		622,244
Daicel Corp.		63,090		527,393
Daido Steel Co. Ltd.		8,950		370,701
Daio Paper Corp.		20,790		177,290
Daito Trust Construction Co. Ltd.		2,692		297,057

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


		15

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2023


	Shares		Value
Japan-(continued)
DeNA Co. Ltd.^(a)		11,189	$	116,052
Denka Co. Ltd.		13,183		248,791
DIC Corp.		20,641		356,080
DMG Mori Co. Ltd.		21,735		397,197
Dowa Holdings Co. Ltd.		11,587		372,637
Ebara Corp.		9,452		471,285
Electric Power Development Co. Ltd.		41,198		642,936
ENEOS Holdings, Inc.		152,589		572,582
EXEO Group, Inc.		24,682		525,394
Ezaki Glico Co. Ltd.		6,268		165,413
Food & Life Cos. Ltd.		7,313		139,067
FP Corp.		1,990		38,273
Fuji Media Holdings, Inc.		11,338		118,493
Fuji Oil Holdings, Inc.		5,074		81,555
Fukuoka Financial Group, Inc.		15,865		375,634
Furukawa Electric Co. Ltd.^(a)		15,574		267,973
Fuyo General Lease Co. Ltd.		4,776		395,307
GS Yuasa Corp.		9,452		179,516
GungHo Online Entertainment, Inc.		7,313		120,531
H.U. Group Holdings, Inc.		13,183		238,876
Hachijuni Bank Ltd. (The)		40,531		218,628
Hakuhodo DY Holdings, Inc.		27,307		259,499
Haseko Corp.		50,799		631,215
Hino Motors Ltd.^(b)		40,531		158,995
Hirogin Holdings, Inc.		29,048		181,629
Hitachi Construction Machinery Co. Ltd.		10,393		324,172
Horiba Ltd.		3,731		194,309
House Foods Group, Inc.		2,935		63,403
Hulic Co. Ltd.		33,173		298,041
Ibiden Co. Ltd.		6,119		369,532
Idemitsu Kosan Co. Ltd.		25,076		533,092
IHI Corp.		23,074		575,483
Iida Group Holdings Co. Ltd.		17,706		290,367
INFRONEER Holdings, Inc.		57,618		602,360
Itoham Yonekyu Holdings, Inc.		33,471		186,225
Iwatani Corp.		6,811		359,065
Iyogin Holdings, Inc.		19,596		136,217
Izumi Co. Ltd.		9,995		260,885
J. Front Retailing Co. Ltd.^(a)		17,855		188,257
Japan Aviation Electronics Industry Ltd.		4,925		103,855
Japan Post Insurance Co. Ltd.		16,014		258,219
Japan Steel Works Ltd. (The)		5,174		104,841
JFE Holdings, Inc.		86,521		1,368,967
JTEKT Corp.		56,130		508,731
Kajima Corp.		58,406		976,275
Kaken Pharmaceutical Co. Ltd.		3,184		78,296
Kamigumi Co. Ltd.		7,617		171,714
Kandenko Co. Ltd.		26,407		242,150
Kaneka Corp.		15,716		441,842
Kansai Electric Power Co., Inc. (The)		57,083		813,203
Kawasaki Heavy Industries Ltd.		36,522		937,980
Kawasaki Kisen Kaisha Ltd.		40,945		1,374,161
Keikyu Corp.		11,587		106,928
Kewpie Corp.		9,597		159,955
Kinden Corp.		20,641		283,843
Kobe Steel Ltd.^(a)		82,243		1,033,793
Kokuyo Co. Ltd.		10,940		170,204
Konica Minolta, Inc.		73,410		227,161
K’s Holdings Corp.		38,794		357,602
Kuraray Co. Ltd.		75,726		861,108


	Shares		Value
Japan-(continued)
Kusuri no Aoki Holdings Co. Ltd.		1,990	$	124,593
Kyudenko Corp.		7,607		234,190
Kyushu Electric Power Co., Inc.^(b)		115,477		762,893
Kyushu Financial Group, Inc.		93,698		459,464
Lawson, Inc.^(a)		7,715		368,355
Lintec Corp.		11,338		187,143
Lixil Corp.		27,054		339,046
Maruichi Steel Tube Ltd.		6,517		169,567
Matsui Securities Co. Ltd.		8,950		49,242
Mazda Motor Corp.		94,385		993,543
Mebuki Financial Group, Inc.		73,012		202,158
Medipal Holdings Corp.		36,124		619,580
MEIJI Holdings Co. Ltd.		11,840		297,006
Mitsubishi Chemical Group Corp.		162,016		968,524
Mitsubishi Gas Chemical Co., Inc.		28,501		388,797
Mitsubishi HC Capital, Inc.		73,559		478,435
Mitsubishi Logistics Corp.		4,925		130,952
Mitsubishi Materials Corp.^(a)		30,946		520,036
Mitsubishi Motors Corp.		58,784		231,244
Mitsui Chemicals, Inc.		35,580		966,820
Mitsui Mining & Smelting Co. Ltd.		13,875		354,726
Mitsui OSK Lines Ltd.		26,917		746,210
Morinaga & Co. Ltd.		7,313		265,877
Morinaga Milk Industry Co. Ltd.		9,348		382,819
Nabtesco Corp.		14,273		270,489
Nagase & Co. Ltd.		21,586		370,529
Nagoya Railroad Co. Ltd.		8,005		128,610
NEC Corp.		11,197		591,133
NEC Networks & System Integration Corp.		4,527		60,418
NGK Insulators Ltd.		20,939		278,161
NH Foods Ltd.		21,445		665,512
NHK Spring Co. Ltd.		39,441		306,404
Nichirei Corp.		14,671		347,263
Nifco, Inc.		5,617		165,904
Nihon Kohden Corp.		9,850		262,378
Nippon Electric Glass Co. Ltd.		19,596		346,061
Nippon Express Holdings, Inc.		10,393		540,335
Nippon Kayaku Co. Ltd.		17,457		156,542
Nippon Shokubai Co. Ltd.		7,462		284,313
Nippon Yusen K.K.		22,780		608,051
Nipro Corp.		29,446		244,330
Nishi-Nippon Railroad Co. Ltd.		11,442		213,931
Nisshin Seifun Group, Inc.		14,522		191,568
Niterra Co. Ltd.		12,681		294,846
NOK Corp.		28,795		404,378
Nomura Real Estate Holdings, Inc.		5,174		130,358
NS Solutions Corp.		1,741		47,237
NSK Ltd.		43,570		254,175
Obayashi Corp.		70,174		635,776
Oji Holdings Corp.		214,140		876,652
OKUMA Corp.		2,935		137,794
Open House Group Co. Ltd.		3,731		126,242
Orient Corp.^(a)		14,377		109,122
Osaka Gas Co. Ltd.		29,345		469,649
OSG Corp.		6,811		86,035
PALTAC Corp.		8,005		264,093
Penta-Ocean Construction Co. Ltd.		23,472		139,637
Persol Holdings Co. Ltd.		8,950		153,383
Rakuten Group, Inc.^(a)		47,844		186,762
Rengo Co. Ltd.		53,018		360,458

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


		16

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2023


	Shares		Value
Japan-(continued)
Resonac Holdings Corp.^(a)		44,382	$	722,806
Ricoh Co. Ltd.		63,564		518,694
Ryohin Keikaku Co. Ltd.^(a)		40,091		517,299
Sankyo Co. Ltd.		2,208		96,231
Sankyu, Inc.		12,182		425,410
Santen Pharmaceutical Co. Ltd.		33,571		312,339
Sanwa Holdings Corp.		19,741		300,824
Sapporo Holdings Ltd.		9,054		277,618
SCREEN Holdings Co. Ltd.		5,174		527,760
Sega Sammy Holdings, Inc.		7,448		148,796
Seibu Holdings, Inc.		9,850		104,227
Seiko Epson Corp.^(a)		27,705		434,362
Seino Holdings Co. Ltd.		34,151		497,891
Sekisui Chemical Co. Ltd.		12,504		192,045
Seven Bank Ltd.		29,844		63,507
Sharp Corp.^(a)(b)		44,764		275,776
Shikoku Electric Power Co., Inc.^(b)		39,043		281,589
Shimamura Co. Ltd.		1,371		141,352
Shimizu Corp.		82,798		557,181
Shinko Electric Industries Co. Ltd.		4,278		175,604
Ship Healthcare Holdings, Inc.		15,069		256,334
Shizuoka Financial Group, Inc.		20,939		170,435
Skylark Holdings Co. Ltd.^(b)		9,850		137,853
Sohgo Security Services Co. Ltd.		35,300		225,182
Sojitz Corp.		57,919		1,246,023
Stanley Electric Co. Ltd.		6,417		112,772
Sugi Holdings Co. Ltd.		2,284		102,587
Sumitomo Bakelite Co. Ltd.		4,925		233,184
Sumitomo Chemical Co. Ltd.		215,728		597,758
Sumitomo Electric Industries Ltd.		31,069		381,040
Sumitomo Forestry Co. Ltd.		33,985		958,494
Sumitomo Heavy Industries Ltd.		28,015		702,949
Sumitomo Metal Mining Co. Ltd.		15,724		488,185
Sumitomo Pharma Co. Ltd.^(a)		36,257		126,639
Sumitomo Rubber Industries Ltd.		45,854		484,257
Sundrug Co. Ltd.		5,508		162,798
Suzuken Co. Ltd.		18,261		541,615
Taiheiyo Cement Corp.		29,048		557,576
Taisei Corp.		11,778		396,659
Taiyo Yuden Co. Ltd.		8,656		241,216
Takara Holdings, Inc.		24,666		213,054
Takashimaya Co. Ltd.^(a)		22,780		342,205
Teijin Ltd.		46,903		476,810
THK Co. Ltd.		5,472		100,186
Toda Corp.		58,888		331,400
Toho Gas Co. Ltd.		8,258		148,047
Tohoku Electric Power Co., Inc.^(b)		89,066		622,792
Tokai Carbon Co. Ltd.		30,387		240,449
Tokyo Century Corp.		10,646		409,431
Tokyo Electric Power Co. Holdings, Inc.^(b)		245,423		1,078,894
Tokyo Gas Co. Ltd.		18,871		437,733
Tokyo Ohka Kogyo Co. Ltd.		1,443		97,750
Tokyo Tatemono Co. Ltd.		13,079		172,039
Tokyu Fudosan Holdings Corp.		53,420		332,625
Toppan, Inc.		36,020		871,150
Toshiba TEC Corp.		1,990		48,457
Tosoh Corp.		53,336		690,948
Toyo Seikan Group Holdings Ltd.		36,108		654,029
Toyo Tire Corp.		24,770		373,715
Toyoda Gosei Co. Ltd.		13,477		291,507


	Shares		Value
Japan-(continued)
Toyota Boshoku Corp.		15,467	$	292,958
Toyota Tsusho Corp.		10,148		606,085
TS Tech Co. Ltd.		12,198		144,447
Tsumura & Co.		6,517		123,034
Tsuruha Holdings, Inc.		5,323		389,760
UBE Corp.		24,521		413,919
Ulvac, Inc.		4,527		175,812
Ushio, Inc.		8,005		101,008
Welcia Holdings Co. Ltd.^(a)		3,876		71,285
Yamada Holdings Co. Ltd.		184,147		579,313
Yamaha Motor Co. Ltd.		25,325		657,370
Yamato Holdings Co. Ltd.		22,382		420,705
Yamato Kogyo Co. Ltd.		2,153		103,934
Yamazaki Baking Co. Ltd.		28,650		543,048
Yaoko Co. Ltd.		3,876		204,416
Yokohama Rubber Co. Ltd. (The)		32,787		667,631
Zenkoku Hosho Co. Ltd.		1,926		66,769
Zeon Corp.		22,382		246,827

				80,274,168

Jordan-0.47%
Hikma Pharmaceuticals PLC		40,234		1,116,008

Luxembourg-0.11%
RTL Group S.A.		7,329		271,250

Mexico-0.04%
Fresnillo PLC		12,196		88,923

Netherlands-1.11%
Aalberts N.V.		8,861		369,400
ASR Nederland N.V.		18,999		832,453
CTP N.V.^(c)		4,161		59,162
Koninklijke Vopak N.V.		12,368		446,872
OCI N.V.		6,866		174,079
Randstad N.V.^(a)		12,572		739,287

				2,621,253

New Zealand-0.47%
Fletcher Building Ltd.		196,359		564,733
Kiwi Property Group Ltd.		234,818		123,743
Ryman Healthcare Ltd.		110,809		438,115

				1,126,591

Nigeria-0.08%
Airtel Africa PLC^(c)		128,344		185,400

Norway-0.42%
Leroy Seafood Group ASA		19,447		80,478
Schibsted ASA, Class A		19,640		418,201
Schibsted ASA, Class B		24,720		486,166

				984,845

Poland-2.20%
Bank Polska Kasa Opieki S.A.		9,666		253,069
InPost S.A.^(b)		13,465		158,638
KGHM Polska Miedz S.A.^(a)		34,115		944,500
LPP S.A.		139		468,139
ORLEN S.A.		99,270		1,518,707
Powszechny Zaklad Ubezpieczen S.A.		141,656		1,420,599
Santander Bank Polska S.A.^(a)(b)		5,111		460,843

				5,224,495

Singapore-1.08%
CapitaLand Ascott Trust		107,030		76,875

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


		17

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2023


	Shares		Value
Singapore-(continued)
ComfortDelGro Corp. Ltd.		522,122	$	491,000
Frasers Logistics & Commercial Trust^(c)		295,579		262,640
Jardine Cycle & Carriage Ltd.		10,940		270,726
Kenon Holdings Ltd.		4,132		98,396
Keppel DC REIT		102,354		166,737
Olam Group Ltd.		87,832		81,296
Sembcorp Industries Ltd.		141,208		559,395
Singapore Post Ltd.		335,020		122,795
StarHub Ltd.		146,720		110,814
Suntec REIT		151,794		136,002
UOL Group Ltd.		35,312		173,618

				2,550,294

South Korea-8.25%
Amorepacific Corp., Preference Shares		1,704		50,730
AMOREPACIFIC Group		6,223		158,429
BGF retail Co. Ltd.		1,197		141,639
BNK Financial Group, Inc.		35,470		183,019
Cheil Worldwide, Inc.		6,319		90,118
CJ CheilJedang Corp.		1,746		394,972
CJ Corp.		3,162		168,178
CJ ENM Co. Ltd.^(b)		2,527		111,270
CJ Logistics Corp.		2,009		119,924
Daewoo Engineering & Construction Co. Ltd.^(b)		43,719		152,152
DB Insurance Co. Ltd.		11,319		699,650
DGB Financial Group, Inc.		37,892		215,010
DL E&C Co. Ltd.		7,465		175,082
DL Holdings Co. Ltd.		2,984		86,241
Doosan Bobcat, Inc.		3,265		132,897
E-MART, Inc.		4,870		271,917
Fila Holdings Corp.		12,690		363,874
GS Engineering & Construction Corp.		15,473		170,095
GS Holdings Corp.		12,579		357,361
GS Retail Co. Ltd.		9,605		171,862
Hana Financial Group, Inc.		13,375		400,213
Hankook Tire & Technology Co. Ltd.		9,875		289,507
Hanwha Aerospace Co. Ltd.		4,338		374,806
Hanwha Corp.		10,377		196,274
Hanwha Corp., Third Pfd		5,692		59,385
Hanwha Life Insurance Co. Ltd.^(b)		67,896		129,191
HD Hyundai Co. Ltd.		9,053		404,791
HD Hyundai Infracore Co. Ltd.		33,711		268,566
Hite Jinro Co. Ltd.		4,087		60,018
HL Mando Co. Ltd.		6,007		190,424
HMM Co. Ltd.		37,254		469,568
Hyundai Department Store Co. Ltd.		3,592		188,602
Hyundai Engineering & Construction Co. Ltd.		14,176		380,744
Hyundai Glovis Co. Ltd.		3,178		414,757
Hyundai Marine & Fire Insurance Co. Ltd.		14,709		336,635
Hyundai Steel Co.		18,566		508,484
Hyundai Wia Corp.		3,896		169,782
Industrial Bank of Korea		47,534		386,961
KCC Corp.		444		73,398
Korea Gas Corp.^(b)		6,407		121,669
Korea Investment Holdings Co. Ltd.		2,379		93,594
Korean Air Lines Co. Ltd.		9,148		157,802
Kumho Petrochemical Co. Ltd.		4,317		407,612
LG Display Co. Ltd.^(b)		56,641		574,231
LG Innotek Co. Ltd.		1,110		226,745


	Shares		Value
South Korea-(continued)
LG Uplus Corp.		52,231	$	412,948
LOTTE Chemical Corp.		3,773		389,931
LOTTE Chilsung Beverage Co. Ltd.		623		61,228
LOTTE Corp.		6,484		122,395
LOTTE Fine Chemical Co. Ltd.		4,317		197,274
LOTTE Shopping Co. Ltd.		2,765		148,527
LS Corp.		4,281		346,885
Meritz Financial Group, Inc.^(b)		2,560		105,944
Mirae Asset Securities Co. Ltd.		9,408		47,405
NH Investment & Securities Co. Ltd.		33,525		261,250
NHN Corp.^(b)		4,286		84,309
NongShim Co. Ltd.		242		83,947
OCI Co. Ltd.^(b)		1,388		133,996
OCI Holdings Co. Ltd.		3,089		215,243
Ottogi Corp.		117		32,575
Pan Ocean Co. Ltd.		46,368		156,460
POSCO Holdings, Inc.		3,199		1,401,340
Posco International Corp.		12,143		727,615
S-1 Corp.		1,963		82,872
Samsung Engineering Co. Ltd.^(b)		15,547		399,923
Samsung Fire & Marine Insurance Co. Ltd.		3,096		577,389
Samsung Life Insurance Co. Ltd.		5,533		282,982
Samsung Securities Co. Ltd.		2,732		77,201
SD Biosensor, Inc.		8,236		77,951
Seegene, Inc.		7,027		118,025
Shinsegae, Inc.		1,719		264,011
SK Chemicals Co. Ltd.		3,105		147,762
SK Networks Co. Ltd.		32,986		179,935
SK, Inc.		3,597		393,241
S-Oil Corp.		2,091		115,486
Woori Financial Group, Inc.		91,762		826,847

				19,571,076

Spain-1.79%
ACS Actividades de Construccion y Servicios S.A.		56,633		1,990,905
Bankinter S.A.		171,632		1,102,037
Enagas S.A.		14,895		254,538
Inmobiliaria Colonial SOCIMI S.A.		31,707		193,058
Mapfre S.A.^(a)		251,443		532,435
Merlin Properties SOCIMI S.A.		18,689		167,750

				4,240,723

Sweden-3.19%
Castellum AB^(a)		49,628		530,277
Electrolux AB, Class B^(a)		54,751		603,266
Fastighets AB Balder, Class B^(a)(b)		87,693		420,450
Getinge AB, Class B		27,976		486,327
Husqvarna AB, Class B^(a)		80,567		695,311
Industrivarden AB, Class A		16,318		425,762
Industrivarden AB, Class C^(a)		11,380		296,402
Kinnevik AB, Class B^(b)		59,999		706,570
Saab AB, Class B		8,380		442,805
Sagax AB, Class D		21,608		52,294
Securitas AB, Class B^(a)		92,628		755,073
Skanska AB, Class B		68,515		1,004,896
SKF AB, Class B		33,290		540,397
Sweco AB, Class B		13,853		135,115
Trelleborg AB, Class B		18,792		477,785

				7,572,730

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


		18

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2023


	Shares		Value
Switzerland-1.93%
Adecco Group AG^(a)		40,083	$	1,730,387
Baloise Holding AG		8,449		1,321,995
DKSH Holding AG		5,718		437,630
Georg Fischer AG		5,337		345,629
Helvetia Holding AG		4,850		739,100

				4,574,741

United Kingdom-9.93%
abrdn PLC^(a)		538,811		1,127,228
Admiral Group PLC		17,032		537,395
B&M European Value Retail S.A.		152,012		1,112,586
Barratt Developments PLC		239,279		1,374,417
British Land Co. PLC (The)		136,536		559,866
Centrica PLC		1,484,076		2,853,732
DCC PLC.		22,963		1,259,053
Direct Line Insurance Group PLC		295,993		608,172
DS Smith PLC		320,466		1,268,184
Howden Joinery Group PLC		70,392		659,882
IMI PLC		21,543		410,019
Intermediate Capital Group PLC		20,456		350,579
ITV PLC		884,712		793,713
J Sainsbury PLC		431,552		1,477,019
JD Sports Fashion PLC.		275,565		507,188
Johnson Matthey PLC		45,169		932,946
Kingfisher PLC.		496,391		1,471,865
Land Securities Group PLC		62,825		479,722
M&G PLC		598,483		1,448,483
Pepco Group N.V.^(b)(c)		6,932		54,430
Persimmon PLC		53,148		717,914
Schroders PLC		37,454		195,440
St. James’s Place PLC		82,393		923,770
Taylor Wimpey PLC		643,305		931,733



	Shares		Value
United Kingdom-(continued)
Wise PLC, Class A^(b)		81,458	$	660,812
WPP PLC		85,490		829,581

				23,545,729

United States-0.55%
JS Global Lifestyle Co. Ltd.^(b)(c)		155,000		22,138
Signify N.V		31,188		884,837
Sims Ltd.		40,734		404,690

				1,311,665

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.69% (Cost $230,090,817)				236,417,592

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-7.64%
Invesco Private Government Fund, 5.30%^(d)(e)(f)		5,071,761		5,071,761
Invesco Private Prime Fund, 5.51%^(d)(e)(f)		13,041,667		13,041,667

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $18,113,516)				18,113,428

TOTAL INVESTMENTS IN SECURITIES-107.33% (Cost $248,204,333)				254,531,020
OTHER ASSETS LESS LIABILITIES-(7.33)%				(17,378,660	)

NET ASSETS-100.00%			$	237,152,360

Investment Abbreviations:

Pfd.-Preferred

REIT-Real Estate Investment Trust

RSP-Registered Savings Plan Shares

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at August 31, 2023.

^(b)	Non-income producing security.

^(c)

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 aggregate value of these securities at August 31, 2023 was $4,903,741, which represented 2.07% of the Fund’s Net Assets.

^(d)

Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023.


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value August 31, 2023		Dividend Income

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	144,588	$	14,929,584	$	(15,074,172)	$	-	$	-	$	-	$	4,712

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


		19

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2023


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value August 31, 2023		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	$	900,342	$	24,843,685	$	(20,672,266	)	$	-		$	-		$	5,071,761	$	83,414	*
Invesco Private Prime Fund		2,315,165		55,280,915		(44,551,867	)		(252	)		(2,294	)		13,041,667		224,563	*

Total	$	3,360,095	$	95,054,184	$	(80,298,305	)	$	(252	)	$	(2,294	)	$	18,113,428	$	312,689

*	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 August 31, 2023.

^(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.


		20

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)

August 31, 2023

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.88%
Communication Services-2.29%
Cable One, Inc.^(b)		12,853	$	8,361,776
DISH Network Corp., Class A^(b)(c)		575,386		3,452,316
Fox Corp., Class A		262,343		8,673,060
Fox Corp., Class B		131,139		4,002,362
Frontier Communications Parent, Inc.^(b)(c)		568,783		9,111,904
Liberty Broadband Corp.^(c)(d)		64,295		0
Liberty Media Corp.-Liberty Live, Series A^(b)(c)		42,993		1,432,097
Liberty Media Corp.-Liberty Live, Series C^(c)		89,118		2,998,821
Liberty Media Corp.-Liberty SiriusXM, Series A^(b)(c)		172,832		4,153,153
Liberty Media Corp.-Liberty SiriusXM,
Series C^(c)		357,239		8,730,921
News Corp., Class A		621,760		13,361,622
News Corp., Class B		198,694		4,371,268
Nexstar Media Group, Inc., Class A^(b)		79,413		12,928,436
Paramount Global, Class B^(b)		1,352,039		20,402,269
Sirius XM Holdings, Inc.^(b)		806,361		3,547,988
TripAdvisor, Inc.^(b)(c)		257,786		3,895,147

				109,423,140

Consumer Discretionary-15.19%
ADT, Inc.		488,425		3,135,689
Advance Auto Parts, Inc.^(b)		137,885		9,489,246
Aramark		352,779		13,116,323
AutoNation, Inc.^(c)		70,600		11,090,554
Bath & Body Works, Inc.		536,288		19,772,939
Best Buy Co., Inc.		411,286		31,442,815
BorgWarner, Inc.		543,506		22,147,869
Boyd Gaming Corp.		171,144		11,444,399
Brunswick Corp.^(b)		164,904		13,047,204
Burlington Stores, Inc.^(c)		54,925		8,912,131
Capri Holdings Ltd.^(b)(c)		284,266		14,921,122
CarMax, Inc.^(b)(c)		367,370		30,006,782
Carter’s, Inc.		85,683		6,132,332
Choice Hotels International, Inc.^(b)		22,663		2,875,935
Columbia Sportswear Co.^(b)		42,535		3,119,517
Crocs, Inc.^(b)(c)		91,764		8,932,308
Dick’s Sporting Goods, Inc.^(b)		139,384		16,215,935
Expedia Group, Inc.^(c)		208,567		22,606,577
Gap, Inc. (The)^(b)		451,486		5,228,208
Gentex Corp.^(b)		189,518		6,189,658
Grand Canyon Education, Inc.^(c)		38,907		4,561,846
H&R Block, Inc.		352,806		14,105,184
Harley-Davidson, Inc.		304,347		10,271,711
Hyatt Hotels Corp., Class A^(b)		38,609		4,340,038
Kohl’s Corp.		256,620		6,836,357
Lear Corp.		136,945		19,732,405
Leggett & Platt, Inc.^(b)		308,240		8,692,368
Lithia Motors, Inc., Class A		62,840		19,355,977
LKQ Corp.		284,088		14,923,143
Macy’s, Inc.^(b)		628,505		7,686,616
Marriott Vacations Worldwide Corp.^(b)		85,121		9,251,801
Mattel, Inc.^(b)(c)		662,736		14,686,230
MGM Resorts International^(b)		381,871		16,794,687
Mister Car Wash, Inc.^(b)(c)		114,959		832,303


	Shares		Value
Consumer Discretionary-(continued)
Mohawk Industries, Inc.^(b)(c)		123,221	$	12,493,377
Murphy USA, Inc.		46,153		14,660,039
Newell Brands, Inc.		884,423		9,357,195
Nordstrom, Inc.		265,087		4,299,711
Ollie’s Bargain Outlet Holdings, Inc.^(b)(c)		57,979		4,469,021
Penn Entertainment, Inc.^(b)(c)		356,614		8,448,186
Penske Automotive Group, Inc.^(b)		46,834		7,694,826
Petco Health & Wellness Co., Inc.^(b)(c)		190,885		971,605
Phinia, Inc.^(c)		108,356		3,012,297
Polaris, Inc.		125,416		14,057,879
PulteGroup, Inc.		348,856		28,627,123
PVH Corp.		139,113		11,629,847
Ralph Lauren Corp.^(b)		94,699		11,044,744
RH^(b)(c)		36,750		13,420,732
Service Corp. International		127,108		8,021,786
Skechers U.S.A., Inc., Class A^(c)		145,797		7,335,047
Tapestry, Inc.		367,664		12,250,564
Tempur Sealy International, Inc.^(b)		300,592		14,043,658
Texas Roadhouse, Inc.		62,701		6,527,174
Thor Industries, Inc.^(b)		118,910		12,464,146
Toll Brothers, Inc.		257,349		21,084,604
TopBuild Corp.^(c)		66,284		19,227,663
Travel + Leisure Co.^(b)		172,754		6,944,711
Under Armour, Inc., Class A^(b)(c)		438,170		3,347,619
Under Armour, Inc., Class C^(c)		430,561		2,966,565
Victoria’s Secret & Co.^(b)(c)		182,030		3,491,335
Wendy’s Co. (The)		169,282		3,350,091
Whirlpool Corp.^(b)		121,573		17,015,357
Williams-Sonoma, Inc.^(b)		151,683		21,417,640
Wyndham Hotels & Resorts, Inc.		78,975		5,953,925
YETI Holdings, Inc.^(b)(c)		77,295		3,860,885

				725,387,561

Consumer Staples-5.05%
Albertson’s Cos., Inc., Class A		971,833		21,769,059
BJ’s Wholesale Club Holdings, Inc.^(b)(c)		309,889		20,883,420
Boston Beer Co., Inc. (The), Class A^(b)(c)		7,558		2,761,920
Bunge Ltd.^(b)		175,061		20,012,974
Casey’s General Stores, Inc.		84,385		20,624,538
Darling Ingredients, Inc.^(b)(c)		179,103		11,061,401
Flowers Foods, Inc.		328,345		7,735,808
Grocery Outlet Holding Corp.^(b)(c)		220,884		6,814,271
Ingredion, Inc.		114,340		11,766,729
Olaplex Holdings, Inc.^(b)(c)		302,769		820,504
Performance Food Group Co.^(b)(c)		357,546		22,214,333
Pilgrim’s Pride Corp.^(b)(c)		95,603		2,405,372
Post Holdings, Inc.^(b)(c)		124,533		11,171,855
Reynolds Consumer Products, Inc.		56,949		1,554,138
Seaboard Corp.		548		2,066,141
Spectrum Brands Holdings, Inc.^(b)		46,017		3,827,234
Tyson Foods, Inc., Class A		644,254		34,319,411
US Foods Holding Corp.^(c)		527,424		21,323,752
Walgreens Boots Alliance, Inc.		707,261		17,900,776

				241,033,636

Energy-7.77%
Antero Midstream Corp.^(b)		620,533		7,520,860
Antero Resources Corp.^(b)(c)		657,012		18,179,522
APA Corp.		720,606		31,591,367

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


		21

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)–(continued)

August 31, 2023


	Shares		Value
Energy-(continued)
Chesapeake Energy Corp.^(b)		294,972	$	26,019,480
Coterra Energy, Inc.		1,374,547		38,748,480
Diamondback Energy, Inc.		194,003		29,445,775
DT Midstream, Inc.^(b)		225,421		11,787,264
EQT Corp.^(b)		836,735		36,163,687
HF Sinclair Corp.^(b)		328,422		18,092,768
Marathon Oil Corp.		1,441,417		37,981,338
New Fortress Energy, Inc.^(b)		61,861		1,920,165
NOV, Inc.		425,232		8,985,152
Ovintiv, Inc.^(b)		563,909		26,481,167
Range Resources Corp.^(b)		544,282		17,623,851
Southwestern Energy Co.^(c)		2,550,303		17,291,054
Targa Resources Corp.		328,702		28,350,548
TechnipFMC PLC (United Kingdom)^(b)		781,320		14,876,333

				371,058,811

Financials-20.56%
Affiliated Managers Group, Inc.^(b)		82,507		11,056,763
Ally Financial, Inc.		630,196		17,450,127
American Financial Group, Inc.		94,429		10,946,210
Annaly Capital Management, Inc.^(b)		1,150,837		23,327,466
Assurant, Inc.		110,891		15,450,443
Assured Guaranty Ltd.		132,418		7,791,475
AXIS Capital Holdings Ltd.		181,018		9,930,648
Bank OZK^(b)		255,934		10,280,869
Blue Owl Capital, Inc.^(b)		387,778		4,633,947
BOK Financial Corp.^(b)		66,036		5,488,252
Brighthouse Financial, Inc.^(c)		42,252		2,098,234
Citizens Financial Group, Inc.		963,460		27,102,130
CNA Financial Corp.		58,281		2,292,192
Columbia Banking System, Inc.		483,551		9,903,124
Comerica, Inc.		305,581		14,701,502
Commerce Bancshares, Inc.		111,287		5,463,079
Corebridge Financial, Inc.^(b)		343,632		6,126,959
Credit Acceptance Corp.^(b)(c)		14,155		7,102,554
Cullen/Frost Bankers, Inc.		68,683		6,492,604
Discover Financial Services		145,917		13,142,744
East West Bancorp, Inc.		327,195		18,106,971
Equitable Holdings, Inc.		593,145		17,082,576
Euronet Worldwide, Inc.^(b)(c)		90,651		7,919,271
Evercore, Inc., Class A		82,385		11,538,019
Everest Group Ltd.		45,152		16,285,423
F.N.B. Corp.		830,802		9,662,227
Fidelity National Financial, Inc.^(b)		604,175		25,012,845
Fifth Third Bancorp		942,411		25,021,012
First American Financial Corp.		233,001		14,371,502
First Hawaiian, Inc.^(b)		295,374		5,585,522
First Horizon Corp.		1,241,828		15,584,941
Franklin Resources, Inc.		349,972		9,358,251
Globe Life, Inc.		93,180		10,396,093
Hanover Insurance Group, Inc. (The)		82,161		8,768,222
Hartford Financial Services Group, Inc. (The)		198,050		14,223,951
Huntington Bancshares, Inc.		1,980,339		21,961,960
Interactive Brokers Group, Inc., Class A		232,534		21,179,197
Invesco Ltd.^(e)		737,224		11,736,606
Janus Henderson Group PLC^(b)		220,091		6,045,900
Jefferies Financial Group, Inc.		129,138		4,608,935
KeyCorp.		2,165,353		24,533,450
Lazard Ltd., Class A		254,291		8,834,069


	Shares		Value
Financials-(continued)
Lincoln National Corp.^(b)		392,592	$	10,073,911
Loews Corp.		301,865		18,742,798
LPL Financial Holdings, Inc.		40,186		9,266,490
M&T Bank Corp.		109,656		13,712,483
MGIC Investment Corp.		669,802		11,775,119
New York Community Bancorp, Inc.^(b)		832,828		10,227,128
Northern Trust Corp.		155,002		11,791,002
Old Republic International Corp.		632,075		17,287,251
OneMain Holdings, Inc.		260,908		10,830,291
Pinnacle Financial Partners, Inc.^(b)		174,903		11,641,544
Popular, Inc.		163,716		11,178,529
Primerica, Inc.		35,741		7,182,511
Principal Financial Group, Inc.		367,983		28,595,959
Prosperity Bancshares, Inc.		113,251		6,433,789
Regions Financial Corp.		890,276		16,327,662
Reinsurance Group of America, Inc.		141,672		19,638,573
Rithm Capital Corp.^(b)		1,119,919		11,546,365
RLI Corp.		37,687		4,956,594
Rocket Cos., Inc., Class A^(b)(c)		290,998		3,107,859
Ryan Specialty Holdings, Inc., Class A^(b)(c)		59,912		2,920,710
SEI Investments Co.		62,086		3,853,057
SLM Corp.		351,356		5,003,309
Starwood Property Trust, Inc.^(b)		512,879		10,478,118
State Street Corp.		276,804		19,027,507
Stifel Financial Corp.		238,240		15,490,365
Synchrony Financial		990,326		31,967,723
Synovus Financial Corp.^(b)		335,753		10,394,913
TPG, Inc.		148,911		4,187,377
Unum Group.		456,922		22,475,993
UWM Holdings Corp.		215,625		1,285,125
Virtu Financial, Inc., Class A		207,455		3,887,707
Voya Financial, Inc.		228,454		15,918,675
W.R. Berkley Corp.		189,379		11,714,985
Webster Financial Corp.		403,223		17,100,687
Western Alliance Bancorporation^(b)		251,444		12,574,714
Western Union Co. (The)		869,599		10,739,548
WEX, Inc.^(c)		35,216		6,908,675
Wintrust Financial Corp.		141,017		10,944,329
Zions Bancorporation N.A		338,407		12,013,449

				981,801,089

Health Care-6.14%
Acadia Healthcare Co., Inc.^(c)		72,437		5,584,893
Amedisys, Inc.^(b)(c)		70,576		6,616,500
Azenta, Inc.^(b)(c)		147,522		8,324,666
Cardinal Health, Inc.		281,238		24,560,515
Catalent, Inc.^(b)(c)		291,055		14,544,018
DaVita, Inc.^(c)		125,620		12,866,000
Elanco Animal Health, Inc.^(c)		915,268		11,166,270
Encompass Health Corp.		174,025		12,362,736
Enovis Corp.^(c)		122,261		6,851,506
Envista Holdings Corp.^(b)(c)		147,244		4,714,753
Henry Schein, Inc.^(c)		211,691		16,202,829
Integra LifeSciences Holdings Corp.^(b)(c)		135,237		5,752,982
Jazz Pharmaceuticals PLC^(c)		47,257		6,774,763
Maravai LifeSciences Holdings, Inc., Class A^(c)		255,212		2,638,892
Molina Healthcare, Inc.^(c)		72,464		22,472,536
Organon & Co.		593,876		13,041,517
Perrigo Co. PLC		145,149		5,080,215

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


		22

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)–(continued)

August 31, 2023


	Shares		Value
Health Care-(continued)
Premier, Inc., Class A		275,435	$	5,930,116
Quest Diagnostics, Inc.		93,897		12,347,455
QuidelOrtho Corp.^(b)(c)		124,374		10,243,443
Syneos Health, Inc.^(c)		240,076		10,258,447
Tenet Healthcare Corp.^(c)		230,918		17,910,000
United Therapeutics Corp.^(c)		34,675		7,779,683
Universal Health Services, Inc., Class B		142,088		19,139,254
Viatris, Inc.		2,780,501		29,890,386

				293,054,375

Industrials-18.71%
Acuity Brands, Inc.^(b)		73,697		11,885,852
Advanced Drainage Systems, Inc.		69,255		8,875,721
AECOM		146,290		12,836,947
AGCO Corp.		143,283		18,559,447
Air Lease Corp., Class A		240,703		9,811,054
Alaska Air Group, Inc.^(c)		291,460		12,232,576
Allison Transmission Holdings, Inc.^(b)		211,398		12,779,009
American Airlines Group, Inc.^(c)		1,514,194		22,304,078
Armstrong World Industries, Inc.		79,626		6,098,555
Avis Budget Group, Inc.^(b)(c)		47,596		10,156,510
Builders FirstSource, Inc.^(c)		295,175		42,812,182
BWX Technologies, Inc.		74,599		5,502,422
C.H. Robinson Worldwide, Inc.		267,077		24,151,773
CACI International, Inc., Class A^(c)		52,329		17,164,435
Carlisle Cos., Inc.		61,297		16,122,337
Clean Harbors, Inc.^(c)		65,676		11,121,574
CNH Industrial N.V. (United Kingdom)		1,431,543		19,726,662
Concentrix Corp.		101,712		8,119,669
Core & Main, Inc., Class A^(b)(c)		196,882		6,465,605
Curtiss-Wright Corp.		32,726		6,806,681
Delta Air Lines, Inc.		733,391		31,447,806
Dun & Bradstreet Holdings, Inc.		633,213		6,902,022
EMCOR Group, Inc.		98,070		21,992,197
Esab Corp.		113,977		8,225,720
Expeditors International of Washington, Inc.^(b)		157,089		18,333,857
Flowserve Corp.		135,394		5,357,541
Fortune Brands Innovations, Inc.		296,031		20,432,060
Gates Industrial Corp. PLC^(c)		275,100		3,378,228
Generac Holdings, Inc.^(b)(c)		48,653		5,780,463
Genpact Ltd.		220,170		8,218,946
GXO Logistics, Inc.^(b)(c)		250,838		16,046,107
Hayward Holdings, Inc.^(b)(c)		227,002		3,359,630
Hertz Global Holdings, Inc.^(b)(c)		312,490		5,296,705
Huntington Ingalls Industries, Inc.		91,191		20,091,201
ITT, Inc.		79,035		8,083,700
KBR, Inc.^(b)		223,917		13,775,374
Kirby Corp.^(b)(c)		77,151		6,390,417
Knight-Swift Transportation Holdings, Inc.		363,761		19,941,378
Landstar System, Inc.		83,474		15,844,200
Leidos Holdings, Inc.		317,127		30,923,054
ManpowerGroup, Inc.		117,063		9,232,759
Masco Corp.		274,771		16,214,237
MasTec, Inc.^(b)(c)		66,285		6,594,695
MDU Resources Group, Inc.		469,521		9,559,448
Middleby Corp. (The)^(b)(c)		55,496		8,079,663
MSC Industrial Direct Co., Inc., Class A^(b)		81,442		8,311,970
nVent Electric PLC		139,932		7,911,755
Oshkosh Corp.		151,866		15,768,247


	Shares		Value
Industrials-(continued)
Owens Corning		208,363	$	29,985,519
Regal Rexnord Corp.^(b)		59,562		9,660,361
Robert Half, Inc.		246,501		18,231,214
Ryder System, Inc.		106,690		10,743,683
Saia, Inc.^(c)		20,315		8,658,253
Schneider National, Inc., Class B		127,250		3,678,797
Science Applications International Corp.^(b)		125,051		14,713,501
Sensata Technologies Holding PLC		198,969		7,485,214
SiteOne Landscape Supply, Inc.^(b)(c)		40,086		6,862,322
Southwest Airlines Co.^(b)		735,846		23,252,734
Stericycle, Inc.^(b)(c)		98,047		4,334,658
Textron, Inc.		291,783		22,674,457
Timken Co. (The)		132,404		10,118,314
U-Haul Holding Co.^(b)		20,745		1,181,843
U-Haul Holding Co., Series N^(b)		89,811		4,781,538
United Airlines Holdings, Inc.^(c)		759,125		37,812,016
Valmont Industries, Inc.		29,999		7,604,746
WESCO International, Inc.		103,823		16,803,752
XPO, Inc.^(c)		264,647		19,750,606

				893,359,997

Information Technology-7.02%
Arrow Electronics, Inc.^(c)		134,347		17,925,920
Avnet, Inc.		211,450		10,731,088
Cirrus Logic, Inc.^(b)(c)		128,182		10,516,051
Coherent Corp.^(b)(c)		276,733		10,413,463
Crane NXT Co		111,474		6,617,097
Dropbox, Inc., Class A^(c)		610,976		16,979,023
DXC Technology Co.^(c)		527,883		10,948,293
Gen Digital, Inc.		1,084,997		21,971,189
Hewlett Packard Enterprise Co.		2,999,885		50,968,046
HP, Inc.		1,242,322		36,909,387
Jabil, Inc.		300,052		34,331,950
Kyndryl Holdings, Inc.^(c)		476,696		8,046,628
Littelfuse, Inc.		25,564		6,827,633
Lumentum Holdings, Inc.^(b)(c)		153,019		8,282,918
MKS Instruments, Inc.		84,037		8,423,029
NCR Corp.^(c)		296,220		9,111,727
TD SYNNEX Corp.		96,673		9,836,478
Teradata Corp.^(c)		157,980		7,309,735
Viasat, Inc.^(b)(c)		167,122		4,635,964
Vontier Corp.		348,300		10,940,103
Western Digital Corp.^(c)		741,810		33,381,450

				335,107,172

Materials-10.95%
Alcoa Corp.		412,961		12,421,867
Amcor PLC		1,247,917		12,154,712
Ardagh Group S.A., Class A^(c)(d)		16,236		76,431
Ardagh Metal Packaging S.A.		333,238		1,196,324
Ashland, Inc.		99,845		8,649,572
Avery Dennison Corp.		50,200		9,456,676
Axalta Coating Systems Ltd.^(c)		218,513		6,183,918
Berry Global Group, Inc.		283,320		18,512,129
Celanese Corp.^(b)		217,265		27,453,605
CF Industries Holdings, Inc.		453,086		34,919,338
Chemours Co. (The)		345,200		11,743,704
Cleveland-Cliffs, Inc.^(c)		1,185,590		18,127,671
Crown Holdings, Inc.		247,116		22,897,769
Eagle Materials, Inc.		55,701		10,545,313
Eastman Chemical Co.		225,865		19,200,784

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


		23

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)–(continued)

August 31, 2023


	Shares		Value
Materials-(continued)
Element Solutions, Inc.		261,946	$	5,401,326
Graphic Packaging Holding Co.		711,143		15,815,820
Huntsman Corp.		406,152		11,319,456
International Paper Co.		803,628		28,062,690
Louisiana-Pacific Corp.		149,132		9,317,767
LyondellBasell Industries N.V., Class A		179,030		17,682,793
Mosaic Co. (The)		768,947		29,873,591
MP Materials Corp.^(b)(c)		138,657		2,903,478
NewMarket Corp.^(b)		9,437		4,431,993
Olin Corp.^(b)		300,312		17,424,102
Packaging Corp. of America		149,547		22,297,458
Reliance Steel & Aluminum Co.^(b)		100,746		28,708,580
Sealed Air Corp.		333,998		12,377,966
Silgan Holdings, Inc.		194,222		8,765,239
Sonoco Products Co.		227,023		13,042,471
SSR Mining, Inc. (Canada)		222,256		3,300,502
Steel Dynamics, Inc.		312,444		33,303,406
United States Steel Corp.		523,127		16,264,018
Westlake Corp.^(b)		72,214		9,458,590
WestRock Co.		591,163		19,336,942

				522,628,001

Real Estate-3.53%
Apartment Income REIT Corp.		345,492		11,767,458
Boston Properties, Inc.^(b)		364,888		24,363,572
Brixmor Property Group, Inc.		329,740		7,247,685
Cousins Properties, Inc.^(b)		280,271		6,586,369
EPR Properties		139,907		6,265,036
Highwoods Properties, Inc.^(b)		241,970		5,766,145
Host Hotels & Resorts, Inc.		592,309		9,352,559
Howard Hughes Holdings, Inc.^(b)(c)		51,651		4,062,351
Jones Lang LaSalle, Inc.^(b)(c)		110,289		19,057,939
Kilroy Realty Corp.^(b)		271,257		10,022,946
Medical Properties Trust, Inc.^(b)		1,379,342		9,958,849
National Storage Affiliates Trust		124,594		4,186,358
Omega Healthcare Investors, Inc.^(b)		206,633		6,575,062
Park Hotels & Resorts, Inc.		510,271		6,546,777
Spirit Realty Capital, Inc.^(b)		130,133		5,024,435
Vornado Realty Trust^(b)		296,988		7,133,652
Zillow Group, Inc., Class A^(b)(c)		125,696		6,400,440
Zillow Group, Inc., Class C^(b)(c)		350,743		18,294,755

				168,612,388



	Shares		Value
Utilities-2.67%
AES Corp. (The)^(b)		631,668	$	11,325,807
Brookfield Renewable Corp., Class A		295,249		8,252,210
Clearway Energy, Inc., Class A		80,360		1,883,638
Clearway Energy, Inc., Class C		190,741		4,724,655
Evergy, Inc.		189,482		10,415,826
Hawaiian Electric Industries, Inc.^(b)		254,607		3,569,590
IDACORP, Inc.		48,779		4,674,979
National Fuel Gas Co.		206,330		11,088,174
NiSource, Inc.		485,890		13,002,417
NRG Energy, Inc.		538,313		20,213,653
OGE Energy Corp.		400,940		13,652,007
Pinnacle West Capital Corp.		157,793		12,192,665
UGI Corp.		485,774		12,231,789

				127,227,410

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.88% (Cost $4,691,391,613)				4,768,693,580

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-9.39%
Invesco Private Government Fund, 5.30%^(e)(f)(g)		125,506,582		125,506,582
Invesco Private Prime Fund, 5.51%^(e)(f)(g)		322,731,213		322,731,213

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $448,246,605)				448,237,795

TOTAL INVESTMENTS IN SECURITIES-109.27% (Cost $5,139,638,218)				5,216,931,375
OTHER ASSETS LESS LIABILITIES-(9.27)%				(442,521,597	)

NET ASSETS-100.00%			$	4,774,409,778

Investment Abbreviations:

REIT-Real Estate Investment Trust

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


		24

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)–(continued)

August 31, 2023

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 August 31, 2023.

^(c)	Non-income producing security.

^(d)	Security valued using significant unobservable inputs (Level 3). See Note 4.

^(e)


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value August 31, 2023		Dividend Income

Invesco Ltd.	$	-	$	24,768,306	$	(11,821,836	)	$	(734,350	)	$	(475,514	)	$	11,736,606	$	235,061
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		1,813,704		97,984,950		(99,798,654	)		-			-			-		49,544
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		7,510,706		811,986,478		(693,990,602	)		-			-			125,506,582		2,639,893	*
Invesco Private Prime Fund		19,562,098		1,759,150,266		(1,455,933,107	)		(8,810	)		(39,234	)		322,731,213		7,056,890	*

Total	$	28,886,508	$	2,693,890,000	$	(2,261,544,199	)	$	(743,160	)	$	(514,748	)	$	459,974,401	$	9,981,388

*	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 August 31, 2023.

^(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.

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


		25

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)

August 31, 2023

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-6.13%
Advantage Solutions, Inc.^(b)(c)		66,118	$	185,130
AMC Networks, Inc., Class A^(b)		90,375		1,051,965
ATN International, Inc.^(c)		9,370		336,102
Bandwidth, Inc., Class A^(b)(c)		68,954		990,869
Charge Enterprises, Inc.^(b)		162,668		88,394
Clear Channel Outdoor Holdings, Inc.^(b)		621,509		901,188
Consolidated Communications Holdings, Inc.^(b)		218,462		862,925
DHI Group, Inc.^(b)		81,704		308,024
E.W. Scripps Co. (The), Class A^(b)(c)		123,625		944,495
EchoStar Corp., Class A^(b)(c)		62,449		1,085,364
Emerald Holding, Inc.^(b)(c)		45,397		191,575
Entravision Communications Corp., Class A^(c).		156,457		599,230
EverQuote, Inc., Class A^(b)		20,631		127,500
Gannett Co., Inc.^(b)		353,771		1,029,474
Gray Television, Inc.		162,558		1,310,217
IDT Corp., Class B^(b)		10,175		237,891
iHeartMedia, Inc., Class A^(b)(c)		301,878		1,089,780
Liberty Latin America Ltd., Class A^(b)		106,665		953,585
Liberty Latin America Ltd., Class C^(b)		73,210		655,962
Marcus Corp. (The)		31,775		482,662
MediaAlpha, Inc., Class A^(b)(c)		17,963		150,710
Ooma, Inc.^(b)(c)		14,946		210,589
Outbrain, Inc.^(b)(c)		115,156		657,541
Playstudios, Inc.^(b)(c)		31,985		113,867
QuinStreet, Inc.^(b)(c)		35,478		351,232
Sinclair, Inc.		15,676		197,831
Sphere Entertainment Co.^(b)(c)		14,870		521,342
Spok Holdings, Inc.		19,126		272,354
Stagwell, Inc.^(b)(c)		124,875		680,569
System1, Inc.^(b)		33,104		58,925
Telephone & Data Systems, Inc.		166,812		3,584,790
Thryv Holdings, Inc.^(b)(c)		21,568		439,772
Townsquare Media, Inc., Class A^(c)		33,956		328,015
Urban One, Inc., Class A^(b)		19,427		108,014
Urban One, Inc., Class D^(b)(c)		36,416		196,282
Vivid Seats, Inc., Class A^(b)(c)		14,854		107,840
WideOpenWest, Inc.^(b)(c)		25,503		206,574

				21,618,579

Consumer Discretionary-15.63%
1-800-Flowers.com, Inc., Class A^(b)(c)		73,357		552,378
Aaron’s Co., Inc. (The)		92,383		1,115,063
Accel Entertainment, Inc.^(b)		32,342		384,546
American Axle & Manufacturing Holdings, Inc.^(b)		153,072		1,155,694
America’s Car-Mart, Inc.^(b)(c)		3,942		438,784
AMMO, Inc.^(b)(c)		150,199		343,956
Arko Corp.^(c)		89,197		671,653
Bally’s Corp.^(b)(c)		25,166		417,756
Beazer Homes USA, Inc.^(b)		51,482		1,508,937
Big 5 Sporting Goods Corp.		62,495		495,585
Biglari Holdings, Inc., Class B^(b)		526		97,836
BJ’s Restaurants, Inc.^(b)(c)		15,673		460,943
Bluegreen Vacations Holding Corp.		13,736		492,573
Build-A-Bear Workshop, Inc.		35,868		945,839
Caleres, Inc.		63,445		1,818,968


	Shares		Value
Consumer Discretionary-(continued)
Camping World Holdings, Inc., Class A^(c)		18,345	$	453,672
CarParts.com, Inc.^(b)(c)		129,601		625,973
Carriage Services, Inc.		18,389		566,750
Carrols Restaurant Group, Inc.^(b)		86,515		603,875
Cato Corp. (The), Class A		50,590		392,073
Century Casinos, Inc.^(b)(c)		73,058		474,877
Chegg, Inc.^(b)(c)		53,357		544,775
Chico’s FAS, Inc.^(b)(c)		245,799		1,260,949
Children’s Place, Inc. (The)^(b)(c)		35,073		929,785
Chuy’s Holdings, Inc.^(b)(c)		7,369		280,759
Clarus Corp.^(c)		14,973		107,656
ContextLogic, Inc., Class A^(b)(c)		25,139		134,619
Cooper-Standard Holdings, Inc.^(b)(c)		6,491		96,976
Cricut, Inc., Class A^(c)		87,086		823,834
Denny’s Corp.^(b)		33,996		323,982
Designer Brands, Inc., Class A^(c)		144,228		1,515,836
Destination XL Group, Inc.^(b)(c)		171,832		783,554
Dine Brands Global, Inc.^(c)		5,832		319,477
Dream Finders Homes, Inc., Class A^(b)(c)		23,413		674,763
Duluth Holdings, Inc., Class B^(b)		39,015		247,940
El Pollo Loco Holdings, Inc.		43,905		417,537
Envela Corp.^(b)(c)		10,663		54,381
Escalade, Inc.^(c)		25,235		378,273
Ethan Allen Interiors, Inc.^(c)		22,179		695,977
Fiesta Restaurant Group, Inc.^(b)		30,834		259,314
Full House Resorts, Inc.^(b)(c)		18,566		89,674
Funko, Inc., Class A^(b)(c)		23,633		164,722
Genesco, Inc.^(b)(c)		29,362		1,006,529
G-III Apparel Group Ltd.^(b)(c)		30,035		596,195
GoPro, Inc., Class A^(b)		106,419		386,833
Guess?, Inc.^(c)		18,083		435,077
Haverty Furniture Cos., Inc., (Acquired 12/06/2022 - 08/30/2023; Cost $1,017,496)^(d)		34,058		1,066,015
Hibbett, Inc.^(c)		31,411		1,454,643
Holley, Inc.^(b)(c)		108,824		620,297
Hooker Furnishings Corp.^(c)		25,518		549,403
Hovnanian Enterprises, Inc., Class A^(b)		12,942		1,538,027
Inspired Entertainment, Inc.^(b)		22,249		293,242
J Jill, Inc.^(b)		13,245		332,582
JAKKS Pacific, Inc.^(b)		21,023		413,733
Johnson Outdoors, Inc., Class A^(c)		2,935		164,096
Lands’ End, Inc.^(b)(c)		38,613		297,320
Landsea Homes Corp.^(b)(c)		39,074		378,627
Latham Group, Inc.^(b)(c)		43,431		160,695
La-Z-Boy, Inc.		17,520		540,492
Lazydays Holdings, Inc.^(b)(c)		36,819		433,728
Legacy Housing Corp.^(b)(c)		6,890		156,196
Lincoln Educational Services Corp.^(b)(c)		38,974		332,448
Lovesac Co. (The)^(b)(c)		20,069		459,981
Malibu Boats, Inc., Class A^(b)(c)		8,418		408,778
Marine Products Corp.^(c)		6,110		85,479
MarineMax, Inc.^(b)		38,350		1,275,905
MasterCraft Boat Holdings, Inc.^(b)(c)		25,900		563,584
Movado Group, Inc.		24,483		669,610
Nathan’s Famous, Inc.		2,154		156,617
Noodles & Co.^(b)(c)		116,693		324,407
ONE Group Hospitality, Inc. (The)^(b)(c)		40,569		277,898

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


		26

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

August 31, 2023


	Shares		Value
Consumer Discretionary-(continued)
OneWater Marine, Inc., Class A^(b)(c)		31,969	$	834,711
Overstock.com, Inc.^(b)(c)		20,237		528,388
Patrick Industries, Inc.		8,438		705,754
Perdoceo Education Corp.		43,960		728,417
PetMed Express, Inc.^(c)		20,029		225,727
PlayAGS, Inc.^(b)		101,822		695,444
Potbelly Corp.^(b)		48,429		386,948
RCI Hospitality Holdings, Inc.^(c)		3,848		251,197
Red Robin Gourmet Burgers, Inc.^(b)		42,418		439,875
Revolve Group, Inc.^(b)(c)		21,084		308,881
Rocky Brands, Inc.		20,286		360,482
Rush Street Interactive, Inc.^(b)(c)		28,499		131,095
Sally Beauty Holdings, Inc.^(b)(c)		54,769		556,453
Shoe Carnival, Inc.^(c)		28,283		654,186
Sleep Number Corp.^(b)(c)		57,524		1,471,464
Smith & Wesson Brands, Inc.^(c)		88,643		1,040,669
Snap One Holdings Corp.^(b)(c)		8,634		79,001
Solo Brands, Inc., Class A^(b)(c)		41,004		229,212
Sonic Automotive, Inc., Class A^(c)		14,223		758,370
Sportsman’s Warehouse Holdings, Inc.^(b)		110,046		529,321
Standard Motor Products, Inc.		10,508		389,111
Stitch Fix, Inc., Class A^(b)(c)		135,142		593,273
Stoneridge, Inc.^(b)(c)		25,760		529,368
Sturm Ruger & Co., Inc.		5,879		303,239
Tile Shop Holdings, Inc.^(b)(c)		47,197		279,406
Tilly’s, Inc., Class A^(b)(c)		56,676		509,517
Torrid Holdings, Inc.^(b)(c)		35,107		79,342
United Homes Group, Inc.^(b)(c)		7,426		62,156
Universal Technical Institute, Inc.^(b)		87,653		698,594
Vera Bradley, Inc.^(b)		20,502		146,999
Vizio Holding Corp., Class A^(b)(c)		31,955		183,422
VOXX International Corp.^(b)(c)		10,581		91,420
Weyco Group, Inc.		6,244		159,534
Zumiez, Inc.^(b)		36,077		685,102

				55,127,029

Consumer Staples-3.15%
Alico, Inc.^(c)		7,813		183,840
Andersons, Inc. (The)		16,597		852,422
B&G Foods, Inc.^(c)		34,682		443,583
Calavo Growers, Inc.^(c)		18,288		602,772
Dole PLC		38,937		464,129
Fresh Del Monte Produce, Inc.		15,526		396,689
Hain Celestial Group, Inc. (The)^(b)(c)		34,386		364,148
Herbalife Ltd.^(b)(c)		68,617		1,030,627
HF Foods Group, Inc.^(b)		117,026		553,533
Ingles Markets, Inc., Class A		9,367		731,844
Limoneira Co.^(c)		13,813		212,858
Medifast, Inc.^(c)		10,099		851,750
Natural Grocers by Vitamin Cottage, Inc.		27,143		342,273
Nature’s Sunshine Products, Inc.^(b)		22,319		375,182
Oil-Dri Corp.of America		6,948		468,295
Seneca Foods Corp., Class A^(b)		15,266		736,737
SpartanNash Co.		43,959		956,548
SunOpta, Inc. (Canada)^(b)		39,599		173,840
Thorne HealthTech, Inc.^(b)		31,224		316,299
Turning Point Brands, Inc.		19,224		473,295
Village Super Market, Inc., Class A^(c)		24,767		558,496

				11,089,160


	Shares		Value
Energy-9.20%
Amplify Energy Corp.^(b)(c)		105,421	$	689,453
Ardmore Shipping Corp. (Ireland)		81,209		1,010,240
Atlas Energy Solutions, Inc., Class A^(c)		11,299		240,556
Berry Corp.^(c)		202,043		1,731,509
Bristow Group, Inc.^(b)		14,342		397,273
Centrus Energy Corp., Class A^(b)(c)		9,485		450,158
Crescent Energy Co., Class A^(c)		100,042		1,363,572
Delek US Holdings, Inc.^(c)		27,083		697,387
DMC Global, Inc.^(b)		42,067		1,010,449
Dorian LPG Ltd.^(c)		13,519		348,790
Earthstone Energy, Inc., Class A^(b)(c)		30,591		623,445
Empire Petroleum Corp.^(b)(c)		9,048		79,080
Evolution Petroleum Corp.^(c)		53,004		448,414
Excelerate Energy, Inc., Class A		16,980		315,828
Forum Energy Technologies, Inc.^(b)(c)		23,530		557,190
Granite Ridge Resources, Inc.		34,036		251,866
Hallador Energy Co.^(b)(c)		52,670		565,676
KLX Energy Services Holdings, Inc.^(b)(c)		36,825		383,164
Mammoth Energy Services, Inc.^(b)(c)		55,328		256,169
Nabors Industries Ltd.^(b)(c)		9,900		1,095,831
NACCO Industries, Inc., Class A		12,233		398,796
Newpark Resources, Inc.^(b)(c)		104,929		627,475
Oil States International, Inc.^(b)		78,037		611,810
Overseas Shipholding Group, Inc., Class A^(b)		150,082		660,361
Par Pacific Holdings, Inc.^(b)		30,751		1,056,297
PrimeEnergy Resources Corp.^(b)(c)		2,138		207,386
ProFrac Holding Corp., Class A^(b)(c)		48,532		533,852
ProPetro Holding Corp.^(b)		104,621		1,008,546
Ranger Energy Services, Inc.		37,139		442,326
REX American Resources Corp.^(b)		14,778		583,583
Riley Exploration Permian, Inc.		8,480		283,995
Ring Energy, Inc.^(b)		348,582		658,820
SandRidge Energy, Inc.		71,622		1,145,236
Select Water Solutions, Inc., Class A		43,666		351,511
SFL Corp. Ltd. (Norway)		59,971		677,672
SilverBow Resources, Inc.^(b)		41,437		1,772,675
Solaris Oilfield Infrastructure, Inc., Class A		58,184		612,096
Teekay Corp. (Bermuda)^(b)		132,365		848,460
Teekay Tankers Ltd., Class A (Canada)		10,631		432,469
TETRA Technologies, Inc.^(b)		178,674		980,920
US Silica Holdings, Inc.^(b)		66,401		818,724
VAALCO Energy, Inc.^(c)		202,864		839,857
Vertex Energy, Inc.^(b)(c)		158,745		673,079
Vital Energy, Inc.^(b)(c)		28,345		1,708,920
Vitesse Energy, Inc.^(c)		23,486		545,815
W&T Offshore, Inc.^(b)(c)		217,219		886,254
World Kinect Corp.^(c)		25,097		549,624

				32,432,609

Financials-23.90%
1st Source Corp.		4,259		190,335
ACNB Corp.		10,170		323,711
AFC Gamma, Inc.		18,887		250,442
Alerus Financial Corp.		27,250		531,375
AlTi Global, Inc.^(b)(c)		16,264		118,890
Amalgamated Financial Corp.^(c)		17,616		315,679
A-Mark Precious Metals, Inc.^(c)		21,221		724,061
Ambac Financial Group, Inc.^(b)		64,078		825,325
Amerant Bancorp, Inc.^(c)		9,300		174,561
American National Bankshares, Inc.		10,186		399,291

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


		27

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

August 31, 2023


	Shares		Value
Financials-(continued)
Ames National Corp.^(c)		10,508	$	188,619
Ares Commercial Real Estate Corp.^(c)		34,222		354,198
Arrow Financial Corp.		15,626		275,174
Atlanticus Holdings Corp.^(b)(c)		10,757		375,419
Avantax, Inc.^(b)		29,462		616,345
Banc of California, Inc.^(c)		43,466		544,629
Banco Latinoamericano de Comercio Exterior
S.A., Class E (Panama)		20,779		490,384
Bank of Marin Bancorp^(c)		24,507		461,222
Bank7 Corp.^(c)		5,221		131,152
BankUnited, Inc.		23,619		619,999
Bankwell Financial Group, Inc.		16,140		419,963
Bar Harbor Bankshares		14,460		359,186
BayCom Corp.^(c)		18,057		347,958
BCB Bancorp, Inc.		33,872		385,463
Berkshire Hills Bancorp, Inc.		12,707		265,576
Blue Foundry Bancorp^(b)(c)		10,150		93,888
Blue Ridge Bankshares, Inc.^(c)		51,201		405,512
Bread Financial Holdings, Inc.^(c)		22,971		863,250
Bridgewater Bancshares, Inc.^(b)(c)		45,688		477,896
Brightsphere Investment Group, Inc.		9,750		201,922
BrightSpire Capital, Inc.^(c)		47,021		327,266
Brookline Bancorp, Inc.		44,030		421,367
Business First Bancshares, Inc.^(c)		28,682		586,547
Byline Bancorp, Inc.		19,405		410,998
C&F Financial Corp.^(c)		9,392		500,781
Cambridge Bancorp^(c)		6,686		355,762
Camden National Corp.^(c)		15,507		508,475
Cantaloupe, Inc.^(b)		21,318		168,839
Capital Bancorp, Inc.		16,738		320,533
Capital City Bank Group, Inc.		7,213		220,069
Capitol Federal Financial, Inc.^(c)		39,657		224,855
Capstar Financial Holdings, Inc.		11,811		154,252
Carter Bankshares, Inc.^(b)(c)		29,601		423,590
Cass Information Systems, Inc.		8,316		318,835
Central Pacific Financial Corp.		39,249		666,056
Central Valley Community Bancorp^(c)		14,585		213,233
Chemung Financial Corp.^(c)		6,461		253,853
Chicago Atlantic Real Estate Finance, Inc.^(c)		12,386		187,276
ChoiceOne Financial Services, Inc.		14,193		341,200
Citizens & Northern Corp.^(c)		12,687		229,254
Citizens Financial Services, Inc.^(c)		3,075		168,326
Civista Bancshares, Inc.		20,065		340,904
CNB Financial Corp.		26,594		484,277
Coastal Financial Corp.^(b)		8,579		377,905
Codorus Valley Bancorp, Inc.		14,421		292,025
Colony Bankcorp, Inc.^(c)		34,507		359,218
Community Trust Bancorp, Inc.^(c)		9,345		331,747
ConnectOne Bancorp, Inc.		47,112		900,781
Consumer Portfolio Services, Inc.^(b)(c)		26,954		249,864
Crawford & Co., Class A^(c)		14,380		154,010
CrossFirst Bankshares, Inc.^(b)(c)		38,182		410,456
Customers Bancorp, Inc.^(b)		18,507		650,336
Diamond Hill Investment Group, Inc.		1,440		243,014
Dime Community Bancshares, Inc.		42,097		897,087
Donegal Group, Inc., Class A^(c)		17,818		260,321
Dynex Capital, Inc.^(c)		47,878		620,499
Eagle Bancorp, Inc.^(c)		31,829		765,806
Encore Capital Group, Inc.^(b)(c)		10,533		493,576
Enova International, Inc.^(b)(c)		8,215		414,447


	Shares		Value
Financials-(continued)
Enterprise Bancorp, Inc.		10,384	$	300,513
Equity Bancshares, Inc., Class A^(c)		19,491		487,665
Esquire Financial Holdings, Inc.		4,667		218,229
ESSA Bancorp, Inc.		12,024		191,302
Evans Bancorp, Inc.		10,513		297,728
Farmers & Merchants Bancorp, Inc.		13,430		256,513
Farmers National Banc Corp.		32,166		408,508
FB Financial Corp.^(c)		12,829		389,745
Federal Agricultural Mortgage Corp., Class C		3,166		532,901
Fidelity D&D Bancorp, Inc.^(c)		7,234		342,783
Finance Of America Cos., Inc., Class A^(b)		155,255		220,462
Financial Institutions, Inc.^(c)		42,534		744,345
First Bancorp, Inc. (The)^(c)		11,849		291,722
First Bancshares, Inc. (The)^(c)		8,137		231,009
First Bank^(c)		26,334		301,261
First Busey Corp.^(c)		13,022		263,044
First Business Financial Services, Inc.		12,679		399,769
First Community Bankshares, Inc.^(c)		9,150		283,009
First Community Corp.		10,928		188,836
First Financial Corp.		14,063		516,393
First Foundation, Inc.^(c)		150,396		1,182,113
First Mid Bancshares, Inc.^(c)		14,991		419,298
First of Long Island Corp. (The)^(c)		38,926		508,374
First Western Financial, Inc.^(b)(c)		17,239		350,296
Five Star Bancorp		12,348		269,927
Flushing Financial Corp.		49,547		699,604
FS Bancorp, Inc.^(c)		19,131		567,234
FVCBankcorp, Inc.^(b)(c)		20,326		247,367
GCM Grosvenor, Inc., Class A		116,039		886,538
German American Bancorp, Inc.^(c)		8,829		255,423
Granite Point Mortgage Trust, Inc.^(c)		32,828		175,302
Great Southern Bancorp, Inc.^(c)		4,839		244,224
Green Dot Corp., Class A^(b)		31,973		474,479
Greene County Bancorp, Inc.^(c)		2,966		85,450
Greenlight Capital Re Ltd., Class A^(b)		22,177		244,612
Guaranty Bancshares, Inc.^(c)		9,455		272,966
Hanmi Financial Corp.		46,729		809,346
HarborOne Bancorp, Inc.^(c)		41,534		414,094
HBT Financial, Inc.		6,815		127,441
HCI Group, Inc.^(c)		1,913		101,925
Heartland Financial USA, Inc.		14,019		429,542
Heritage Commerce Corp.^(c)		51,223		444,103
Heritage Financial Corp.		22,951		395,216
Hingham Institution for Savings (The)^(c)		744		148,197
Home Bancorp, Inc.^(c)		10,052		328,298
HomeStreet, Inc.^(c)		52,630		497,353
HomeTrust Bancshares, Inc.^(c)		12,362		282,472
Hope Bancorp, Inc.		73,601		711,722
Horizon Bancorp, Inc.		65,029		727,675
I3 Verticals, Inc., Class A^(b)(c)		8,812		208,404
Independent Bank Corporation		31,480		600,953
Investors Title Co		1,819		261,736
James River Group Holdings Ltd.		25,505		371,353
John Marshall Bancorp, Inc.^(c)		10,784		190,553
Kearny Financial Corp.^(c)		52,538		389,307
KKR Real Estate Finance Trust, Inc.		20,407		255,292
Lakeland Bancorp, Inc.		22,084		298,355
LCNB Corp.^(c)		16,317		243,286
LendingClub Corp.^(b)		85,536		595,331
LendingTree, Inc.^(b)(c)		10,583		200,125

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


		28

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

August 31, 2023


	Shares		Value
Financials-(continued)
Live Oak Bancshares, Inc.		11,131	$	359,977
Luther Burbank Corp.		11,132		101,190
Macatawa Bank Corp.		23,085		211,459
MainStreet Bancshares, Inc.^(c)		12,251		277,118
MarketWise, Inc.		26,584		35,888
Mercantile Bank Corp.		19,372		646,637
Merchants Bancorp^(c)		10,385		302,930
Metrocity Bankshares, Inc.^(c)		23,649		461,155
Metropolitan Bank Holding Corp.^(b)(c)		18,753		746,557
Mid Penn Bancorp, Inc.		16,113		352,714
Middlefield Banc Corp.		6,527		169,245
Midland States Bancorp, Inc.^(c)		41,438		919,924
MidWestOne Financial Group, Inc.		27,417		585,627
MVB Financial Corp.		17,942		422,355
National Bankshares, Inc.^(c)		8,997		236,801
NerdWallet, Inc., Class A^(b)(c)		28,303		254,727
NewtekOne, Inc.^(c)		6,193		110,917
Nexpoint Real Estate Finance, Inc.		11,067		189,135
Nicolet Bankshares, Inc.		3,448		261,393
Northeast Bank^(c)		6,502		276,270
Northeast Community Bancorp, Inc.		15,421		244,577
Northfield Bancorp, Inc.		32,339		340,853
Northrim BanCorp, Inc.		11,643		483,534
Norwood Financial Corp.		10,015		271,707
Oak Valley Bancorp		7,476		187,722
OceanFirst Financial Corp.		32,860		554,348
Ocwen Financial Corp.^(b)		18,668		564,894
Old Second Bancorp, Inc.^(c)		32,245		466,585
Orange County Bancorp, Inc.		7,436		345,700
Orchid Island Capital, Inc.		26,683		255,890
Origin Bancorp, Inc.^(c)		9,442		289,775
Orrstown Financial Services, Inc.^(c)		15,615		337,284
P10, Inc., Class A		26,220		315,951
PacWest Bancorp^(c)		130,788		1,039,765
Parke Bancorp, Inc.		20,034		345,987
Patria Investments Ltd., Class A (Cayman Islands)		16,524		238,276
Paysafe Ltd.^(b)(c)		36,410		476,971
Paysign, Inc.^(b)		46,558		104,756
PCB Bancorp^(c)		21,504		345,139
Peapack-Gladstone Financial Corp.		18,183		495,850
Penns Woods Bancorp, Inc.		8,214		213,893
PennyMac Mortgage Investment Trust^(c)		44,164		592,239
Peoples Bancorp, Inc.		10,127		260,973
Peoples Financial Services Corp.		7,755		338,118
Perella Weinberg Partners		16,172		170,291
Pioneer Bancorp, Inc.^(b)(c)		12,700		114,427
Plumas Bancorp^(c)		9,673		337,975
PRA Group, Inc.^(b)(c)		20,772		404,639
Preferred Bank^(c)		9,326		579,238
Premier Financial Corp.		48,123		906,637
Primis Financial Corp.^(c)		23,591		209,488
Princeton Bancorp, Inc.^(c)		8,048		235,565
Priority Technology Holdings, Inc.^(b)(c)		40,768		151,249
ProAssurance Corp.		20,996		371,209
QCR Holdings, Inc.^(c)		10,642		558,279
RBB Bancorp		48,749		664,449
Red River Bancshares, Inc.		3,828		180,988
Regional Management Corp.		23,187		637,179
Repay Holdings Corp., Class A^(b)(c)		44,648		411,655


	Shares		Value
Financials-(continued)
Republic Bancorp, Inc., Class A^(c)		3,811	$	169,361
S&T Bancorp, Inc.		11,148		315,823
Sandy Spring Bancorp, Inc.		18,770		417,445
Security National Financial Corp., Class A^(b)		36,289		297,570
Shore Bancshares, Inc.^(c)		53,773		595,805
Sierra Bancorp		17,755		352,969
Silvercrest Asset Management Group, Inc., Class A		8,503		163,853
Skyward Specialty Insurance Group, Inc.^(b)		3,702		90,033
SmartFinancial, Inc.		15,595		355,098
South Plains Financial, Inc.^(c)		17,870		468,730
Southern First Bancshares, Inc.^(b)(c)		15,347		431,404
Southern Missouri Bancorp, Inc.^(c)		6,678		282,479
Southern States Bancshares, Inc.^(c)		13,000		297,830
Southside Bancshares, Inc.		14,301		430,460
Stewart Information Services Corp.^(c)		9,517		440,827
Summit Financial Group, Inc.		22,720		558,912
Third Coast Bancshares, Inc.^(b)		13,837		260,412
Timberland Bancorp, Inc.^(c)		8,831		250,447
Tiptree, Inc.		45,890		808,582
Tompkins Financial Corp.		5,425		281,720
TPG RE Finance Trust, Inc.^(c)		26,864		202,017
TrustCo Bank Corp.		12,739		362,679
Two Harbors Investment Corp.^(c)		33,292		458,431
United Fire Group, Inc.		13,608		269,030
Unity Bancorp, Inc.		10,537		254,627
Universal Insurance Holdings, Inc.		52,152		660,244
Univest Financial Corp.^(c)		26,264		472,489
USCB Financial Holdings, Inc., Class A^(b)(c)		12,335		135,315
Velocity Financial, Inc.^(b)(c)		11,304		140,057
Veritex Holdings, Inc.^(c)		20,010		376,388
Virginia National Bankshares Corp.		6,949		229,595
Washington Trust Bancorp, Inc.		20,500		574,000
Waterstone Financial, Inc.		44,081		547,045
West Bancorporation, Inc.^(c)		23,040		426,701
World Acceptance Corp.^(b)(c)		1,399		188,599

				84,293,139

Health Care-7.40%
Accuray, Inc.^(b)		134,956		384,625
Amneal Pharmaceuticals, Inc.^(b)(c)		355,958		1,455,868
AngioDynamics, Inc.^(b)		30,451		244,522
Anika Therapeutics, Inc.^(b)(c)		10,270		183,320
Assertio Holdings, Inc.^(b)		160,461		526,312
biote Corp., Class A^(b)(c)		32,891		162,482
Brookdale Senior Living, Inc.^(b)		266,782		1,133,823
Cano Health, Inc.^(b)		337,733		104,461
CareMax, Inc.^(b)		61,246		136,579
Carisma Therapeutics, Inc.^(c)		26,668		184,543
Codexis, Inc.^(b)		64,081		111,501
Collegium Pharmaceutical, Inc.^(b)		24,801		580,839
Community Health Systems, Inc.^(b)(c)		367,338		1,241,602
Computer Programs and Systems, Inc.^(b)(c)		29,845		485,578
Cross Country Healthcare, Inc.^(b)(c)		33,215		855,618
Eagle Pharmaceuticals, Inc.^(b)		30,079		509,839
Enhabit, Inc.^(b)(c)		98,742		1,264,885
Foghorn Therapeutics, Inc.^(b)(c)		47,181		357,160
Harvard Bioscience, Inc.^(b)		38,056		167,827
InfuSystem Holdings, Inc.^(b)		36,195		372,085
Innoviva, Inc.^(b)(c)		69,029		880,120

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


		29

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

August 31, 2023


	Shares		Value
Health Care-(continued)
Intercept Pharmaceuticals, Inc.^(b)(c)		72,362	$	783,680
Joint Corp. (The)^(b)(c)		22,117		205,467
Kiniksa Pharmaceuticals Ltd., Class A^(b)(c)		39,653		683,221
KORU Medical Systems, Inc.^(b)		23,129		60,598
Merrimack Pharmaceuticals, Inc.^(b)		8,141		99,402
ModivCare, Inc.^(b)(c)		30,581		981,650
Ocean Biomedical, Inc.^(b)		18,680		84,247
OptimizeRx Corp.^(b)		15,689		133,670
OraSure Technologies, Inc.^(b)(c)		47,203		304,931
Organogenesis Holdings, Inc.^(b)		95,992		268,778
Owens & Minor, Inc.^(b)		46,451		785,022
Pediatrix Medical Group, Inc.^(b)(c)		66,637		941,581
Pennant Group, Inc. (The)^(b)		53,789		644,392
PetIQ, Inc.^(b)(c)		75,795		1,446,169
Phibro Animal Health Corp., Class A		60,176		839,455
Point Biopharma Global, Inc.^(b)(c)		56,425		449,143
Quipt Home Medical Corp.^(b)(c)		99,542		588,293
Sanara Medtech, Inc.^(b)(c)		2,507		90,653
Selecta Biosciences, Inc.^(b)(c)		180,449		221,952
Semler Scientific, Inc.^(b)(c)		10,592		279,205
SIGA Technologies, Inc.^(c)		69,346		318,298
Tactile Systems Technology, Inc.^(b)(c)		14,906		282,469
Theravance Biopharma, Inc.^(b)(c)		74,583		710,030
Utah Medical Products, Inc.^(c)		4,038		369,881
Vanda Pharmaceuticals, Inc.^(b)		97,850		507,841
Viemed Healthcare, Inc.^(b)		40,758		322,396
Zimvie, Inc.^(b)(c)		76,032		897,178
Zura Bio Ltd. (United Kingdom)^(b)(c)		16,868		116,052
Zymeworks, Inc.^(b)		156,047		1,129,780
Zynex, Inc.^(b)		26,305		202,548

				26,091,571

Industrials-17.98%
ACCO Brands Corp.		222,511		1,185,984
Air Transport Services Group, Inc.^(b)(c)		32,138		692,895
Allient, Inc.^(c)		7,657		260,568
Alta Equipment Group, Inc.^(c)		38,088		541,992
American Woodmark Corp.^(b)		11,217		871,224
Apogee Enterprises, Inc.		17,733		894,807
Argan, Inc.^(c)		5,867		249,230
Aris Water Solutions, Inc., Class A^(c)		31,788		325,509
Astronics Corp.^(b)(c)		10,453		183,241
Asure Software, Inc.^(b)(c)		15,687		196,715
AZZ, Inc.^(c)		8,757		429,969
Babcock & Wilcox Enterprises, Inc.^(b)(c)		42,899		225,220
Barrett Business Services, Inc.		7,264		695,019
BlueLinx Holdings, Inc.^(b)		13,656		1,218,935
Bowman Consulting Group Ltd.^(b)		6,775		200,066
BrightView Holdings, Inc.^(b)		74,975		620,793
Brookfield Business Corp., Class A (Canada)		7,575		133,774
CECO Environmental Corp.^(b)		34,410		474,170
CIRCOR International, Inc.^(b)		11,378		633,641
Commercial Vehicle Group, Inc.^(b)		83,470		768,759
Concrete Pumping Holdings, Inc.^(b)		40,065		305,696
Conduent, Inc.^(b)		238,754		749,688
CoreCivic, Inc.^(b)		70,706		760,797
Costamare, Inc. (Monaco)^(c)		50,054		516,057
Covenant Logistics Group, Inc., Class A		23,564		1,158,642
CRA International, Inc.		3,716		403,669
Daseke, Inc.^(b)		117,713		623,879


	Shares		Value
Industrials-(continued)
Deluxe Corp.		73,018	$	1,476,424
Douglas Dynamics, Inc.		13,379		404,982
Ducommun, Inc.^(b)(c)		11,450		520,631
DXP Enterprises, Inc.^(b)		19,136		680,668
Eagle Bulk Shipping, Inc.^(c)		31,441		1,375,858
Eneti, Inc.		42,492		460,613
Ennis, Inc.		23,546		501,530
Enviri Corp.^(b)(c)		68,182		507,956
EVI Industries, Inc.^(b)(c)		4,759		125,733
Forrester Research, Inc.^(b)		8,329		255,117
Franklin Covey Co.^(b)		7,761		331,162
Genco Shipping & Trading Ltd.^(c)		84,617		1,156,714
Gencor Industries, Inc.^(b)(c)		6,372		90,992
GEO Group, Inc. (The)^(b)(c)		114,619		829,842
Global Industrial Co.		4,919		166,459
Golden Ocean Group Ltd. (Norway)^(c)		45,483		332,481
Gorman-Rupp Co. (The)		9,995		321,239
GrafTech International Ltd.^(c)		126,707		448,543
Great Lakes Dredge & Dock Corp.^(b)(c)		45,593		402,586
Greenbrier Cos., Inc. (The)^(c)		20,714		881,588
Hawaiian Holdings, Inc.^(b)(c)		21,686		186,066
Heidrick & Struggles International, Inc.		42,222		1,118,461
Heritage-Crystal Clean, Inc.^(b)		8,558		385,966
HireQuest, Inc.		3,132		59,571
HireRight Holdings Corp.^(b)(c)		11,720		122,708
HNI Corp.		16,621		544,504
Hudson Technologies, Inc.^(b)(c)		83,462		1,006,552
Hyster-Yale Materials Handling, Inc.		16,168		738,393
IBEX Holdings Ltd.^(b)		16,430		321,371
IES Holdings, Inc.^(b)		4,050		303,669
Innodata, Inc.^(b)(c)		14,594		189,722
INNOVATE Corp.^(b)		80,094		128,150
Insteel Industries, Inc.		20,535		713,591
Interface, Inc.		127,533		1,317,416
JELD-WEN Holding, Inc.^(b)		56,250		848,250
Kaman Corp.		12,465		279,590
Karat Packaging, Inc.		9,027		224,772
Kelly Services, Inc., Class A		44,446		821,807
Limbach Holdings, Inc.^(b)(c)		25,640		926,373
Liquidity Services, Inc.^(b)		18,223		332,570
LSI Industries, Inc.		29,044		457,443
Luxfer Holdings PLC (United Kingdom)		27,819		334,663
Manitowoc Co., Inc. (The)^(b)		58,680		992,866
MasterBrand, Inc.^(b)		50,696		649,416
Mayville Engineering Co., Inc.^(b)(c)		32,108		376,948
Miller Industries, Inc.		16,193		647,720
MillerKnoll, Inc.		44,972		858,965
Mistras Group, Inc.^(b)		60,521		323,182
MRC Global, Inc.^(b)(c)		112,521		1,048,696
National Presto Industries, Inc.		2,534		189,670
Northwest Pipe Co.^(b)		21,160		700,184
NOW, Inc.^(b)		59,668		666,492
PAM Transportation Services, Inc.^(b)(c)		10,042		231,569
Pangaea Logistics Solutions Ltd.		105,891		597,225
Park Aerospace Corp.		12,445		169,625
Park-Ohio Holdings Corp.^(c)		24,133		451,528
Performant Financial Corp.^(b)(c)		40,984		96,312
Pitney Bowes, Inc.		365,122		1,201,251
Powell Industries, Inc.		3,158		265,177
Preformed Line Products Co.^(c)		1,041		176,439

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


		30

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

August 31, 2023


	Shares		Value
Industrials-(continued)
Quad/Graphics, Inc.^(b)(c)		90,380	$	461,842
Quanex Building Products Corp.		32,409		874,395
Radiant Logistics, Inc.^(b)(c)		108,950		735,412
Resources Connection, Inc.		43,084		668,233
REV Group, Inc.		56,198		763,169
Safe Bulkers, Inc. (Greece)		205,338		659,135
Shyft Group, Inc. (The)		12,524		196,376
SP Plus Corp.^(b)(c)		13,305		521,157
Steelcase, Inc., Class A.		154,250		1,399,047
Thermon Group Holdings, Inc.^(b)		12,306		338,169
Titan International, Inc.^(b)(c)		100,295		1,262,714
Titan Machinery, Inc.^(b)		39,237		1,217,132
TPI Composites, Inc.^(b)(c)		26,340		133,017
Triumph Group, Inc.^(b)		43,169		406,220
TrueBlue, Inc.^(b)		72,801		1,101,479
Tutor Perini Corp.^(b)(c)		124,730		1,108,850
Universal Logistics Holdings, Inc.		10,768		292,028
Veritiv Corp.		5,640		949,381
Viad Corp.^(b)		31,857		904,420
VSE Corp.^(c)		8,010		454,567
Wabash National Corp.^(c)		23,509		530,128
Willdan Group, Inc.^(b)(c)		19,625		473,747
Willis Lease Finance Corp.^(b)		8,208		349,907

				63,397,455

Information Technology-5.45%
8x8, Inc.^(b)(c)		81,624		265,278
ADTRAN Holdings, Inc.^(c)		30,436		260,228
Alpha & Omega Semiconductor Ltd.^(b)(c)		46,736		1,474,521
American Software, Inc., Class A		26,560		306,237
Aviat Networks, Inc.^(b)		9,694		341,617
Bel Fuse, Inc., Class B.		8,883		464,581
Benchmark Electronics, Inc.		34,726		893,847
Brightcove, Inc.^(b)		94,671		364,483
Cambium Networks Corp.^(b)(c)		7,228		66,570
Cleanspark, Inc.^(b)(c)		78,005		384,565
Clearfield, Inc.^(b)(c)		5,626		197,754
Climb Global Solutions, Inc.		6,200		266,662
CommScope Holding Co., Inc.^(b)		99,566		332,550
CompoSecure, Inc.^(b)(c)		47,782		300,071
Comtech Telecommunications Corp.^(c)		18,738		188,317
Consensus Cloud Solutions, Inc.^(b)		14,945		477,194
CoreCard Corp.^(b)(c)		10,018		212,782
CPI Card Group, Inc.^(b)(c)		8,571		177,163
Daktronics, Inc.^(b)(c)		65,998		551,743
Digital Turbine, Inc.^(b)(c)		45,740		407,543
Eastman Kodak Co.^(b)(c)		53,538		239,315
Ebix, Inc.^(c)		43,493		726,333
eGain Corp.^(b)(c)		20,354		135,558
Expensify, Inc., Class A^(b)(c)		30,136		129,283
FARO Technologies, Inc.^(b)		9,029		143,200
Hackett Group, Inc. (The)^(c)		26,892		633,844
Ichor Holdings Ltd.^(b)		20,050		734,431
Immersion Corp.^(c)		70,142		492,397
Information Services Group, Inc.		52,298		271,950
inTEST Corp.^(b)(c)		11,572		202,741
Iteris, Inc.^(b)(c)		25,423		116,692
Kimball Electronics, Inc.^(b)		24,966		753,724
KVH Industries, Inc.^(b)(c)		31,377		166,298
Luna Innovations, Inc.^(b)(c)		14,075		96,977


	Shares		Value
Information Technology-(continued)
Mitek Systems, Inc.^(b)(c)		42,225	$	471,653
NETGEAR, Inc.^(b)		21,078		277,808
NVE Corp.^(c)		3,301		291,973
PC Connection, Inc.		6,877		365,306
Rackspace Technology, Inc.^(b)		229,060		572,650
Red Violet, Inc.^(b)		9,304		191,290
Ribbon Communications, Inc.^(b)		30,071		89,010
Richardson Electronics Ltd.^(c)		25,378		319,509
Rimini Street, Inc.^(b)		61,199		148,102
ScanSource, Inc.^(b)		45,315		1,485,426
SMART Global Holdings, Inc.^(b)(c)		25,685		663,444
SoundThinking, Inc.^(b)(c)		5,296		113,652
Tucows, Inc., Class A^(b)(c)		9,451		223,516
Unisys Corp.^(b)(c)		187,531		755,750
Veritone, Inc.^(b)(c)		21,821		66,990
Vishay Precision Group, Inc.^(b)		10,852		390,889

				19,203,417

Materials-5.11%
AdvanSix, Inc.		25,488		843,143
American Vanguard Corp.		27,887		385,398
Caledonia Mining Corp. PLC (South Africa)^(c)		25,969		268,520
Century Aluminum Co.^(b)(c)		62,019		461,421
Clearwater Paper Corp.^(b)		39,241		1,502,538
Core Molding Technologies, Inc.^(b)		22,512		610,300
FutureFuel Corp.		34,011		240,798
Haynes International, Inc.		4,576		223,355
Intrepid Potash, Inc.^(b)(c)		30,910		829,315
Kaiser Aluminum Corp.		9,308		706,663
Koppers Holdings, Inc.		35,312		1,352,097
Kronos Worldwide, Inc.		13,523		113,593
LSB Industries, Inc.^(b)(c)		85,762		867,911
Mativ Holdings, Inc., Class A		52,411		859,540
Myers Industries, Inc.		29,025		545,960
Olympic Steel, Inc.		26,831		1,435,995
Pactiv Evergreen, Inc.		23,755		195,266
Ramaco Resources, Inc., Class A		65,539		513,826
Ramaco Resources, Inc., Class B		13,087		141,863
Ranpak Holdings Corp.^(b)(c)		25,265		159,928
Rayonier Advanced Materials, Inc.^(b)		185,341		654,254
Ryerson Holding Corp.		14,607		454,862
Schnitzer Steel Industries, Inc., Class A		39,330		1,305,756
SunCoke Energy, Inc.		178,297		1,658,162
TimkenSteel Corp.^(b)(c)		41,854		917,021
Tredegar Corp.		76,721		385,907
Trinseo PLC		29,120		306,634
Valhi, Inc.		7,010		92,812

				18,032,838

Real Estate-5.45%
Alexander’s, Inc.^(c)		715		137,101
Alpine Income Property Trust, Inc.^(c)		19,277		335,227
Anywhere Real Estate, Inc.^(b)		52,141		342,045
Armada Hoffler Properties, Inc.^(c)		39,256		447,126
Braemar Hotels & Resorts, Inc.^(c)		190,684		518,660
Brandywine Realty Trust^(c)		175,754		878,770
BRT Apartments Corp.^(c)		10,191		190,062
CBL & Associates Properties, Inc.^(c)		13,260		283,631
Chatham Lodging Trust^(c)		39,548		386,779
City Office REIT, Inc.		113,368		571,375
Clipper Realty, Inc.^(c)		30,044		184,771

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


		31

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

August 31, 2023


	Shares		Value
Real Estate-(continued)
CTO Realty Growth, Inc.		16,421	$	289,338
Diversified Healthcare Trust		579,970		1,574,619
Douglas Elliman, Inc.		235,651		591,484
Empire State Realty Trust, Inc., Class A^(c)		50,982		445,073
Forestar Group, Inc.^(b)		9,814		279,797
FRP Holdings, Inc.^(b)		2,250		128,183
Gladstone Commercial Corp.^(c)		24,884		327,225
Global Medical REIT, Inc.^(c)		30,996		300,041
Hersha Hospitality Trust, Class A		90,925		892,884
Hudson Pacific Properties, Inc.^(c)		195,294		1,329,952
Newmark Group, Inc., Class A		164,629		1,167,220
NexPoint Diversified Real Estate Trust^(c)		27,070		256,082
Office Properties Income Trust^(c)		135,505		1,002,737
One Liberty Properties, Inc.^(c)		12,950		254,468
Orion Office REIT, Inc.		42,864		249,897
Paramount Group, Inc.^(c)		73,932		380,010
Piedmont Office Realty Trust, Inc., Class A		121,957		837,845
Postal Realty Trust, Inc., Class A^(c)		12,547		181,053
RE/MAX Holdings, Inc., Class A		26,888		435,586
RMR Group, Inc. (The), Class A		32,156		812,904
RPT Realty		35,786		405,813
Saul Centers, Inc.		4,340		163,010
Stratus Properties, Inc.^(c)		7,363		203,440
Summit Hotel Properties, Inc.^(c)		72,533		421,417
Tejon Ranch Co.^(b)		8,661		144,465
Transcontinental Realty Investors, Inc.^(b)(c)		4,068		139,654
Uniti Group, Inc.		209,809		1,126,674
Universal Health Realty Income Trust		4,853		226,295
Whitestone REIT		38,575		385,750

				19,228,463



	Shares		Value
Utilities-0.50%
Artesian Resources Corp., Class A		4,262	$	196,734
Consolidated Water Co. Ltd. (Cayman
Islands)		10,590		282,118
Genie Energy Ltd., Class B^(c)		43,997		673,594
Global Water Resources, Inc.		7,973		88,899
Pure Cycle Corp.^(b)		14,977		164,597
RGC Resources, Inc.^(c)		3,478		62,882
Unitil Corp.		6,119		298,730

				1,767,554

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.90% (Cost $345,036,115)				352,281,814

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-20.16%
Invesco Private Government Fund, 5.30%^(e)(f)(g)		19,866,984		19,866,984
Invesco Private Prime Fund, 5.51%^(e)(f)(g)		51,230,661		51,230,661

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $71,097,660)				71,097,645

TOTAL INVESTMENTS IN SECURITIES-120.06% (Cost $416,133,775)				423,379,459
OTHER ASSETS LESS LIABILITIES-(20.06)%				(70,752,609	)

NET ASSETS-100.00%			$	352,626,850

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 August 31, 2023.

^(d)	Restricted security. The value of this security at August 31, 2023 represented less than 1% of the Fund’s Net Assets.

^(e)


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value August 31, 2023		Dividend Income

Invesco Mortgage Capital, Inc.	$	-	$	111,989	$	(108,532	)	$	-	$	(3,457	)	$	-	$	4,038
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		-		6,563,982		(6,563,982	)		-		-			-		3,663

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


		32

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

August 31, 2023


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value August 31, 2023		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	$	7,736,131	$	113,353,843	$	(101,222,990	)	$	-		$	-		$	19,866,984	$	576,661	*
Invesco Private Prime Fund		20,588,018		262,978,976		(232,328,629	)		(1,238	)		(6,466	)		51,230,661		1,539,615	*

Total	$	28,324,149	$	383,008,790	$	(340,224,133	)	$	(1,238	)	$	(9,923	)	$	71,097,645	$	2,123,977

*	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 August 31, 2023.

^(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.

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


		33

Statements of Assets and Liabilities

August 31, 2023


	Invesco International Developed Dynamic Multifactor ETF (IMFL)				Invesco Russell 1000^®Dynamic Multifactor ETF (OMFL)				Invesco Russell 2000^®Dynamic Multifactor ETF (OMFS)
Assets:
Unaffiliated investments in securities, at value^(a)		$	236,417,592			$	4,756,956,974			$	352,281,814
Affiliated investments in securities, at value			18,113,428				459,974,401				71,097,645
Foreign currencies, at value			186,294				-				-
Receivable for:
Dividends			406,630				7,830,390				458,116
Securities lending			2,700				89,798				37,486
Investments sold			720				-				3,818
Investments sold - affiliated broker			-				-				269,095
Fund shares sold			-				8,321,474				4,355,738
Foreign tax reclaims			331,866				-				-

Total assets			255,459,230				5,233,173,037				428,503,712


Liabilities:
Due to custodian			129,431				1,072,637				313,715
Payable for:
Investments purchased			61				8,289,588				4,349,616
Collateral upon return of securities loaned			18,113,516				448,246,605				71,097,660
Accrued unitary management fees			63,862				1,154,429				115,871

Total liabilities			18,306,870				458,763,259				75,876,862

Net Assets.		$	237,152,360			$	4,774,409,778			$	352,626,850


Net assets consist of:
Shares of beneficial interest		$	253,022,321			$	5,137,926,593			$	436,524,262
Distributable earnings (loss)			(15,869,961	)			(363,516,815	)			(83,897,412	)

Net Assets.		$	237,152,360			$	4,774,409,778			$	352,626,850

Shares outstanding (unlimited amount authorized, $0.01 par value)			9,850,001				97,510,001				9,740,001
Net asset value		$	24.08			$	48.96			$	36.20

Market price.		$	24.09			$	48.96			$	36.28

Unaffiliated investments in securities, at cost		$	230,090,817			$	4,678,920,657			$	345,036,115

Affiliated investments in securities, at cost		$	18,113,516			$	460,717,561			$	71,097,660

Foreign currencies, at cost		$	185,918			$	-			$	-

^(a)Includes securities on loan with an aggregate value of:		$	16,964,345			$	439,277,566			$	68,794,461

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


		34

Statements of Operations

For the year ended August 31, 2023


	Invesco International Developed Dynamic Multifactor ETF (IMFL)				Invesco Russell 1000^®Dynamic Multifactor ETF (OMFL)				Invesco Russell 2000^®Dynamic Multifactor ETF (OMFS)
Investment income:
Unaffiliated dividend income		$	5,164,508			$	57,214,769			$	4,956,783
Affiliated dividend income			4,712				284,605				7,701
Securities lending income, net			32,119				517,527				173,931
Foreign withholding tax			(511,995	)			(17,710	)			(2,829	)

Total investment income			4,689,344				57,999,191				5,135,586


Expenses:
Unitary management fees			475,042				8,686,929				974,122

Less: Waivers			(108	)			(1,361	)			(94	)

Net expenses			474,934				8,685,568				974,028

Net investment income			4,214,410				49,313,623				4,161,558


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			7,849,045				(51,098,480	)			(36,163,947	)
Affiliated investment securities			(2,294	)			(521,589	)			(10,080	)
Unaffiliated in-kind redemptions			3,939,955				317,420,520				32,509,154
Affiliated in-kind redemptions			-				6,841				157
Foreign currencies			(35,929	)			-				(2	)

Net realized gain (loss)			11,750,777				265,807,292				(3,664,718	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			10,227,660				95,449,948				7,260,647
Affiliated investment securities			(252	)			(743,160	)			(1,238	)
Foreign currencies			27,285				-				-

Change in net unrealized appreciation			10,254,693				94,706,788				7,259,409

Net realized and unrealized gain			22,005,470				360,514,080				3,594,691

Net increase in net assets resulting from operations		$	26,219,880			$	409,827,703			$	7,756,249

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


		35

Statements of Changes in Net Assets

For the years ended August 31, 2023 and 2022


	Invesco International Developed Dynamic Multifactor ETF (IMFL)						Invesco Russell 1000^®Dynamic Multifactor ETF (OMFL)						Invesco Russell 2000^®Dynamic Multifactor ETF (OMFS)
	2023			2022			2023			2022			2023			2022
Operations:
Net investment income	$	4,214,410		$	3,652,126		$	49,313,623		$	28,096,122		$	4,161,558		$	2,095,115
Net realized gain (loss)		11,750,777			(24,948,343	)		265,807,292			(80,886,474	)		(3,664,718	)		(24,119,276	)
Change in net unrealized appreciation (depreciation)		10,254,693			(9,338,111	)		94,706,788			(201,723,895	)		7,259,409			(5,095,871	)

Net increase (decrease) in net assets resulting from operations		26,219,880			(30,634,328	)		409,827,703			(254,514,247	)		7,756,249			(27,120,032	)


Distributions to Shareholders from:
Distributable earnings		(3,933,666	)		(6,081,841	)		(44,995,732	)		(22,289,549	)		(3,921,465	)		(1,629,687	)


Shareholder Transactions:
Proceeds from shares sold		138,374,719			50,581,605			5,540,925,351			3,503,769,481			524,445,565			250,801,195
Value of shares repurchased		(27,225,811	)		(45,401,324	)		(3,088,626,586	)		(2,974,138,792	)		(320,206,649	)		(207,533,106	)

Net increase in net assets resulting from share transactions		111,148,908			5,180,281			2,452,298,765			529,630,689			204,238,916			43,268,089

Net increase (decrease) in net assets		133,435,122			(31,535,888	)		2,817,130,736			252,826,893			208,073,700			14,518,370


Net assets:
Beginning of year.		103,717,238			135,253,126			1,957,279,042			1,704,452,149			144,553,150			130,034,780

End of year	$	237,152,360		$	103,717,238		$	4,774,409,778		$	1,957,279,042		$	352,626,850		$	144,553,150


Changes in Shares Outstanding:
Shares sold		5,950,000			2,150,000			117,840,000			74,570,000			14,520,000			6,330,000
Shares repurchased.		(1,300,000	)		(1,950,000	)		(66,720,000	)		(63,510,000	)		(8,950,000	)		(5,370,000	)
Shares outstanding, beginning of year		5,200,001			5,000,001			46,390,001			35,330,001			4,170,001			3,210,001

Shares outstanding, end of year		9,850,001			5,200,001			97,510,001			46,390,001			9,740,001			4,170,001

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


		36

Financial Highlights

Invesco International Developed Dynamic Multifactor ETF (IMFL)


	Years Ended August 31,						For the Period February 22, 2021^(a)Through August 31,
	2023			2022			2021
Per Share Operating Performance:
Net asset value at beginning of period	$	19.95		$	27.05			$	25.00

Net investment income^(b)		0.67			0.71				0.53
Net realized and unrealized gain (loss) on investments		4.11			(6.62	)			1.81

Total from investment operations		4.78			(5.91	)			2.34

Distributions to shareholders from:
Net investment income		(0.65	)		(0.95	)			(0.29	)
Net realized gains		-			(0.24	)			-

Total distributions		(0.65	)		(1.19	)			(0.29	)

Net asset value at end of period	$	24.08		$	19.95			$	27.05

Market price at end of period^(c)	$	24.09		$	19.75			$	27.16

Net Asset Value Total Return^(d)		24.43	%		(22.54	)%			9.37	%^(e)
Market Price Total Return^(d)		25.74	%		(23.63	)%			9.81	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	237,152		$	103,717			$	135,253
Ratio to average net assets of:
Expenses		0.34	%		0.34	%			0.34	%^(f)
Net investment income		3.02	%		2.98	%			3.76	%^(f)
Portfolio turnover rate^(g)		341	%		337	%			73	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d⁾

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.

^(e)	The net asset value total return from Fund Inception (February 24, 2021, the first day of trading on the exchange) to August 31, 2021 was 9.41%. The market price total return from Fund Inception to August 31, 2021 was 7.90%.

^(f)	Annualized.

^(g)	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.


		37

Financial Highlights–(continued)

Invesco Russell 1000^®Dynamic Multifactor ETF (OMFL)


	Years Ended August 31,																Two Months Ended August 31,				Year Ended June 30,
	2023				2022				2021				2020				2019				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	42.19			$	48.24			$	32.22			$	29.77			$	29.71			$	26.65

Net investment income^(a)			0.76				0.67				0.52				0.55				0.07				0.54
Net realized and unrealized gain (loss) on investments			6.76				(6.18	)			16.10				2.44				(0.01	)			2.99

Total from investment operations			7.52				(5.51	)			16.62				2.99				0.06				3.53

Distributions to shareholders from:
Net investment income			(0.75	)			(0.54	)			(0.60	)			(0.54	)			-				(0.47	)

Net asset value at end of period		$	48.96			$	42.19			$	48.24			$	32.22			$	29.77			$	29.71

Market price at end of period^(b)		$	48.96			$	42.24			$	48.24			$	32.26			$	29.79			$	29.71

Net Asset Value Total Return^(c)			18.05	%			(11.48	)%			52.12	%			10.23	%			0.20	%			13.37	%
Market Price Total Return^(c)			17.91	%			(11.37	)%			51.93	%			10.29	%			0.27	%			13.32	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	4,774,410			$	1,957,279			$	1,704,452			$	990,733			$	1,052,542			$	998,325
Ratio to average net assets of:
Expenses			0.29	%			0.29	%			0.29	%			0.29	%			0.29	%^(d)			0.29	%
Net investment income			1.65	%			1.45	%			1.24	%			1.76	%			1.48	%^(d)			1.92	%
Portfolio turnover rate^(e)			350	%			336	%			126	%			321	%			83	%			138	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

^(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.


		38

Financial Highlights–(continued)

Invesco Russell 2000^®Dynamic Multifactor ETF (OMFS)


	Years Ended August 31,																Two Months Ended August 31,				Year Ended June 30,
	2023				2022				2021				2020				2019				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	34.67			$	40.51			$	24.92			$	25.61			$	26.82			$	27.12

Net investment income^(a)			0.59				0.51				0.31				0.31				0.03				0.43
Net realized and unrealized gain (loss) on investments			1.56				(5.94	)			15.59				(0.64	)			(1.24	)			(0.29	)

Total from investment operations			2.15				(5.43	)			15.90				(0.33	)			(1.21	)			0.14

Distributions to shareholders from:
Net investment income			(0.62	)			(0.41	)			(0.31	)			(0.36	)			-				(0.44	)

Net asset value at end of period		$	36.20			$	34.67			$	40.51			$	24.92			$	25.61			$	26.82

Market price at end of period^(b)		$	36.28			$	34.68			$	40.50			$	24.94			$	25.65			$	26.82

Net Asset Value Total Return^(c)			6.31	%			(13.45	)%			64.12	%			(1.13	)%			(4.51	)%			0.63	%
Market Price Total Return^(c)			6.51	%			(13.41	)%			63.95	%			(1.20	)%			(4.36	)%			0.59	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	352,627			$	144,553			$	130,035			$	43,602			$	12,807			$	12,071
Ratio to average net assets of:
Expenses			0.39	%			0.39	%			0.39	%			0.39	%			0.41	%^(d)			0.39	%
Net investment income			1.67	%			1.32	%			0.86	%			1.27	%			0.87	%^(d)			1.62	%
Portfolio turnover rate^(e)			336	%			265	%			127	%			282	%			64	%			189	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.02%.

^(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.


		39

Notes to Financial Statements

Invesco Exchange-Traded Self-Indexed Fund Trust

August 31, 2023

NOTE 1–Organization

Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”) was organized as a Delaware statutory 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 International Developed Dynamic Multifactor ETF (IMFL)		“International Developed Dynamic Multifactor ETF”

Invesco Russell 1000^®Dynamic Multifactor ETF (OMFL)		“Russell 1000^®Dynamic Multifactor ETF”

Invesco Russell 2000^®Dynamic Multifactor ETF (OMFS)		“Russell 2000^®Dynamic Multifactor 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 Cboe BZX Exchange, 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 Fund 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

International Developed Dynamic Multifactor ETF		FTSE Developed ex US Invesco Dynamic Multifactor Index

Russell 1000^® Dynamic Multifactor ETF		Russell 1000^® Invesco Dynamic Multifactor Index

Russell 2000^® Dynamic Multifactor ETF		Russell 2000^® Invesco Dynamic Multifactor 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.

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.


		40

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.

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. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of


		41

capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. 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 the Adviser (an “Interested Trustee”), 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.

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.


		42

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 or the Adviser (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 securities 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 fiscal year ended August 31, 2023, each Fund (except for International Developed Dynamic Multifactor ETF) 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 applicable Fund as listed below:


	Amount

Russell 1000^® Dynamic Multifactor ETF	$	38,378

Russell 2000^® Dynamic Multifactor ETF		12,106

Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books


		43

and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.

K.	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.

Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.

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.

Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.

Geographic Concentration Risk. A natural or other disaster could occur in a geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific geographic region and adversely impact the Fund’s investments in the affected region.

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


		44

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, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.

Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.

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 International Developed Dynamic Multifactor ETF is non-diversified and can invest a greater portion of its 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 diversified fund. This may increase the Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund’s performance.

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

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.

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


		45

election of an Interested Trustee, 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)

International Developed Dynamic Multifactor ETF		0.34%

Russell 1000^®Dynamic Multifactor ETF		0.29%

Russell 2000^®Dynamic Multifactor ETF		0.39%

Through at least August 31, 2025, 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 fiscal year ended August 31, 2023, the Adviser waived fees for each Fund in the following amounts:



International Developed Dynamic Multifactor ETF	$	108

Russell 1000^®Dynamic Multifactor ETF		1,361

Russell 2000^®Dynamic Multifactor ETF		94

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 a licensing agreement on behalf of each Fund with the following entities (each, a “Licensor”):


Fund		Licensor

International Developed Dynamic Multifactor ETF		FTSE International Ltd.

Russell 1000^®Dynamic Multifactor ETF		Frank Russell Company

Russell 2000^®Dynamic Multifactor ETF		Frank Russell Company

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 fiscal year ended August 31, 2023, 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:



Russell 1000^®Dynamic Multifactor ETF	$	1,249,388

Russell 2000^®Dynamic Multifactor ETF		158,851

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–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.


		46



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.

The following is a summary of the tiered valuation input levels, as of August 31, 2023. 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
International Developed Dynamic Multifactor ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	235,943,728	$	473,864	$	-	$	236,417,592

Money Market Funds		-		18,113,428		-		18,113,428

Total Investments	$	235,943,728	$	18,587,292	$	-	$	254,531,020


Russell 1000^®Dynamic Multifactor ETF
Investments in Securities

Common Stocks & Other Equity Interests	$	4,768,617,149	$	-	$	76,431	$	4,768,693,580

Money Market Funds		-		448,237,795		-		448,237,795

Total Investments	$	4,768,617,149	$	448,237,795	$	76,431	$	5,216,931,375


Russell 2000^®Dynamic Multifactor ETF
Investments in Securities

Common Stocks & Other Equity Interests	$	352,281,814	$	-	$	-	$	352,281,814

Money Market Funds		-		71,097,645		-		71,097,645

Total Investments	$	352,281,814	$	71,097,645	$	-	$	423,379,459

NOTE 5–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:


	2023		2022
	Ordinary Income*		Ordinary Income*
International Developed Dynamic Multifactor ETF	$	3,933,666	$	6,081,841

Russell 1000^®Dynamic Multifactor ETF		44,995,732		22,289,549
Russell 2000^®Dynamic Multifactor ETF		3,921,465		1,629,687

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-End:


	Undistributed Ordinary Income			Net Unrealized Appreciation- Investments			Net Unrealized Appreciation- Foreign Currencies			Capital Loss Carryforwards				Shares of Beneficial Interest			Total Net Assets
International Developed Dynamic Multifactor ETF		$	3,188,260		$	5,670,712		$	5,784		$	(24,734,717	)		$	253,022,321		$	237,152,360

Russell 1000^®Dynamic Multifactor ETF			11,435,926			74,161,913			-			(449,114,654	)			5,137,926,593			4,774,409,778

Russell 2000^®Dynamic Multifactor ETF			860,179			3,123,039			-			(87,880,630	)			436,524,262			352,626,850

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.

The Funds have capital loss carryforwards as of August 31, 2023, as follows:


	No expiration
	Short-Term		Long-Term		Total*
International Developed Dynamic Multifactor ETF	$	23,468,720	$	1,265,997	$	24,734,717


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	No expiration
	Short-Term		Long-Term		Total*
Russell 1000^®Dynamic Multifactor ETF	$	449,114,654	$	-	$	449,114,654
Russell 2000^®Dynamic Multifactor ETF		87,124,667		755,963		87,880,630

*	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 6–Investment Transactions

For the fiscal year ended August 31, 2023, 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
International Developed Dynamic Multifactor ETF	$	495,905,517	$	482,491,756

Russell 1000^®Dynamic Multifactor ETF		10,598,662,773		10,524,216,611

Russell 2000^®Dynamic Multifactor ETF		833,377,771		830,215,308

For the fiscal year ended August 31, 2023, in-kind transactions associated with creations and redemptions were as follows:


	In-kind		In-kind
	Purchases		Sales
International Developed Dynamic Multifactor ETF	$	124,971,298	$	27,096,773

Russell 1000^®Dynamic Multifactor ETF		5,458,107,521		3,074,341,151

Russell 2000^®Dynamic Multifactor ETF		522,467,240		320,890,127

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

As of August 31, 2023, 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		Cost
International Developed Dynamic Multifactor ETF	$	11,468,837	$	(5,798,125	)	$	5,670,712	$	248,860,308
Russell 1000^®Dynamic Multifactor ETF		221,362,453		(147,200,540	)		74,161,913		5,142,769,462
Russell 2000^®Dynamic Multifactor ETF		24,994,134		(21,871,095	)		3,123,039		420,256,420

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions and passive foreign investment companies, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2023, the reclassifications were as follows:


	Undistributed Net Investment Income (Loss)				Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest
International Developed Dynamic Multifactor ETF		$	1,742,229			$	(5,239,637	)		$	3,497,408
Russell 1000^®Dynamic Multifactor ETF			(167,915	)			(315,049,021	)			315,216,936
Russell 2000^®Dynamic Multifactor ETF			70,026				(31,468,421	)			31,398,395

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 Interested Trustee does not receive any Trustees’ fees.

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.


		48

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.


		49

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Self-Indexed Fund Trust and Shareholders of Invesco International Developed Dynamic Multifactor ETF, Invesco Russell 1000^® Dynamic Multifactor ETF and Invesco Russell 2000^® Dynamic Multifactor ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco International Developed Dynamic Multifactor ETF, Invesco Russell 1000^® Dynamic Multifactor ETF and Invesco Russell 2000^® Dynamic Multifactor ETF (three of the funds constituting Invesco Exchange-Traded Self-Indexed Fund Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2023, the related statements of operations for the year ended August 31, 2023, the statements of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2023 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

October 23, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.


		50

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Self-Indexed 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 an Interested Trustee, 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 March 1, 2023 through August 31, 2023.

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 transaction 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 transaction costs were included, your costs would have been higher.


	Beginning Account Value March 1, 2023		Ending Account Value August 31, 2023		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco International Developed Dynamic Multifactor ETF (IMFL)

Actual		$1,000.00		$1,095.10		0.34	%		$1.80

Hypothetical (5% return before expenses)		1,000.00		1,023.49		0.34			1.73

Invesco Russell 1000^®Dynamic Multifactor ETF (OMFL)

Actual		1,000.00		1,073.40		0.29			1.52

Hypothetical (5% return before expenses)		1,000.00		1,023.74		0.29			1.48

Invesco Russell 2000^®Dynamic Multifactor ETF (OMFS)

Actual		1,000.00		984.50		0.39			1.95

Hypothetical (5% return before expenses)		1,000.00		1,023.24		0.39			1.99

⁽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 August 31, 2023. 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. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.


		51

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2023:


	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Business Interest Income*
Invesco International Developed Dynamic Multifactor ETF		0	%		54	%		0	%		0	%		0	%
Invesco Russell 1000^®Dynamic Multifactor ETF		0	%		79	%		99	%		0	%		0	%
Invesco Russell 2000^®Dynamic Multifactor ETF		11	%		72	%		89	%		0	%		0	%

*	The above percentages are based on ordinary income dividends paid to shareholders during the Trust’s fiscal year.

The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The foreign source income and foreign taxes paid per share are as follows:


	Foreign Taxes Per Share			Foreign Source Income Per Share
Invesco International Developed Dynamic Multifactor ETF		$	0.0431		$	0.5241


		52

Trustees and Officers

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below:

As of August 31, 2023


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex Overseen by Independent Trustees**	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2016	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	211	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present).
Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2016	Formerly, Assistant Professor of Business, Trinity Christian College (2010-2016); Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007- 2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	211	None.

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		53

Trustees and Officers–(continued)

Name, Address and Year of

Birth of Independent Trustees

Position(s)

Held

with Trust

Term of

Office

and

Length of

Time

Served*

Principal

Occupation(s) During

the Past 5 Years

Number of

Portfolios

in Fund

Complex**

Overseen by

Independent

Trustees

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Edmund P. Giambastiani,

Jr.–1948

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2019

President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, First Eagle Alternative Credit LLC (2020-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).

211

Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		54

Trustees and Officers–(continued)

Name, Address and Year of

Birth of Independent Trustees

Position(s)

Held

with Trust

Term of
Office

and

Length of

Time

Served*

Principal

Occupation(s) During

the Past 5 Years

Number of
Portfolios

in Fund

Complex**

Overseen by

Independent

Trustees

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Victoria J. Herget–1951

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2019

Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).

211

Trustee Emerita (2017-Present), Trustee (2000-2017) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); Member (2002- Present), Rockefeller Trust Committee; formerly, Trustee, Mather LifeWays (2001-2021); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		55

Trustees and Officers–(continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex Overseen by Independent Trustees**	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Audit Committee and Trustee	Chair of the Audit Committee and Trustee since 2016	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	211	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Investment Oversight Committee and Trustee	Chair of the Investment Oversight Committee and Trustee since 2016	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	211	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		56

Trustees and Officers–(continued)

Name, Address and Year of

Birth of Independent Trustees

Position(s)

Held

with Trust

Term of

Office

and

Length of

Time

Served*

Principal

Occupation(s) During

the Past 5 Years

Number of

Portfolios

in Fund

Complex**

Overseen by

Independent

Trustees

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Joanne Pace–1958

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2019

Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.

211

Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		57

Trustees and Officers–(continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex Overseen by** Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker–1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2016	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	211	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).

Donald H. Wilson–1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Board and Trustee	Since 2016	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank–Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	211	Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present).

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		58

Trustees and Officers–(continued)

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below:

Name, Address and Year of Birth

of Interested Trustee

Position(s)

Held

with Trust

Term of

Office

and

Length of

Time

Served*

Principal

Occupation(s) During

the Past 5 Years

Number of

Portfolios

in Fund

Complex**

Overseen by

Interested

Trustee

Other

Directorships

Held by

Interested

Trustee During

the Past 5 Years

Anna Paglia–1974

Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

Trustee, President and Principal Executive Officer

Trustee since 2022, President and Principal Executive Officer since 2020

President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Manager, Invesco Investment Advisers, LLC (2023-Present); formerly, Vice President, Invesco Indexing LLC (2020-2022); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015- 2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).

211

None.

*	This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until her successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		59

Trustees and Officers–(continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza Houston, TX 77046	Vice President	Since 2020	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008- 2020).

Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).

Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager (2020-Present) and Secretary (2022-Present), Invesco Indexing LLC; Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

*	This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.


		60

Trustees and Officers–(continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2016	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007- 2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza Houston, TX 77046	Vice President	Since 2016	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present); Director, Invesco Trust Company (2022-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014- Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020).

Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2016	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014- Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

*	This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.


		61

Trustees and Officers–(continued)

Name, Address and Year of Birth

of Executive Officers

Position(s)

Held

with Trust

Length of

Time

Served*

Principal

Occupation(s) During

the Past 5 Years

Melanie Zimdars–1976

Invesco Capital

Management LLC

3500 Lacey Road,

Suite 700

Downers Grove, IL 60515

Chief Compliance Officer

Since 2017

Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

*	This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.


		62

Approval of Investment Advisory Contracts

At a meeting held on April 18, 2023, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):



Invesco BulletShares 2023 Corporate Bond ETF		Invesco BulletShares 2023 Municipal Bond ETF

Invesco BulletShares 2024 Corporate Bond ETF		Invesco BulletShares2024 Municipal Bond ETF

Invesco BulletShares 2025 Corporate Bond ETF		Invesco BulletShares2025 Municipal Bond ETF

Invesco BulletShares 2026 Corporate Bond ETF		Invesco BulletShares2026 Municipal Bond ETF

Invesco BulletShares 2027 Corporate Bond ETF		Invesco BulletShares2027 Municipal Bond ETF

Invesco BulletShares 2028 Corporate Bond ETF		Invesco BulletShares2028 Municipal Bond ETF

Invesco BulletShares 2029 Corporate Bond ETF		Invesco BulletShares2029 Municipal Bond ETF

Invesco BulletShares 2030 Corporate Bond ETF		Invesco BulletShares2030 Municipal Bond ETF

Invesco BulletShares 2031 Corporate Bond ETF		Invesco BulletShares2031 Municipal Bond ETF

Invesco BulletShares 2023 High Yield Corporate Bond ETF		Invesco International Developed Dynamic Multifactor ETF

Invesco BulletShares 2024 High Yield Corporate Bond ETF		Invesco Investment Grade Defensive ETF

Invesco BulletShares 2025 High Yield Corporate Bond ETF		Invesco Racial and Gender Diversity ETF

Invesco BulletShares 2026 High Yield Corporate Bond ETF		Invesco RAFI^TM Strategic US ETF

Invesco BulletShares 2027 High Yield Corporate Bond ETF		Invesco Russell 1000^® Dynamic Multifactor ETF

Invesco BulletShares 2028 High Yield Corporate Bond ETF		Invesco Russell 2000^® Dynamic Multifactor ETF

Invesco BulletShares 2029 High Yield Corporate Bond ETF

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided or to be provided, (ii) the investment performance of each Fund, as applicable, and the Adviser, (iii) the fees paid or to be paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided or to be provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds (except Invesco Racial and Gender Diversity ETF which had not yet commenced operations as of December 31, 2022) and their underlying indexes for the one-year, three-year, five-year and since-inception periods ended December 31, 2022, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement. The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.


		63

Approval of Investment Advisory Contracts–(continued)

Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Adviser to the Funds under the Investment Advisory Agreement were or were expected to be appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged or to be charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:

•

0.10% of the Fund’s average daily net assets for each of Invesco BulletShares 2023 Corporate Bond ETF, Invesco BulletShares 2024 Corporate Bond ETF, Invesco BulletShares 2025 Corporate Bond ETF, Invesco BulletShares 2026 Corporate Bond ETF, Invesco BulletShares 2027 Corporate Bond ETF, Invesco BulletShares 2028 Corporate Bond ETF, Invesco BulletShares 2029 Corporate Bond ETF, Invesco BulletShares 2030 Corporate Bond ETF and Invesco BulletShares 2031 Corporate Bond ETF;

•

0.13% of the Fund’s average daily net assets for Invesco Investment Grade Defensive ETF;

•

0.18% of the Fund’s average daily net assets for each of Invesco BulletShares 2023 Municipal Bond ETF, Invesco BulletShares 2024 Municipal Bond ETF, Invesco BulletShares 2025 Municipal Bond ETF, Invesco BulletShares 2026 Municipal Bond ETF, Invesco BulletShares 2027 Municipal Bond ETF, Invesco BulletShares 2028 Municipal Bond ETF, Invesco BulletShares 2029 Municipal Bond ETF, Invesco BulletShares 2030 Municipal Bond ETF and Invesco BulletShares 2031 Municipal Bond ETF;

•

0.19% of the Fund’s average daily net assets for Invesco RAFI^TMStrategic US ETF;

•

0.25% of the Fund’s average daily net assets for Invesco Racial and Gender Diversity ETF;

•

0.29% of the Fund’s average daily net assets for Invesco Russell 1000^®Dynamic Multifactor ETF;

•

0.34% of the Fund’s average daily net assets for Invesco International Developed Dynamic Multifactor ETF;

•

0.39% of the Fund’s average daily net assets for Invesco Russell 2000^®Dynamic Multifactor ETF; and

•

0.42% of the Fund’s average daily net assets for each of Invesco BulletShares 2023 High Yield Corporate Bond ETF, Invesco BulletShares 2024 High Yield Corporate Bond ETF, Invesco BulletShares 2025 High Yield Corporate Bond ETF, Invesco BulletShares 2026 High Yield Corporate Bond ETF, Invesco BulletShares 2027 High Yield Corporate Bond ETF, Invesco BulletShares 2028 High Yield Corporate Bond ETF and Invesco BulletShares 2029 High Yield Corporate Bond ETF.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds.


Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-End Active Fund Peer Median

Invesco BulletShares 2023 Corporate Bond ETF	X		X

Invesco BulletShares 2024 Corporate Bond ETF	X		X

Invesco BulletShares 2025 Corporate Bond ETF	X		X

Invesco BulletShares 2026 Corporate Bond ETF	X		X

Invesco BulletShares 2027 Corporate Bond ETF	X		X

Invesco BulletShares 2028 Corporate Bond ETF	X		X

Invesco BulletShares 2029 Corporate Bond ETF	X		X

Invesco BulletShares 2030 Corporate Bond ETF	X		X

Invesco BulletShares 2031 Corporate Bond ETF	X		X

Invesco BulletShares 2023 High Yield Corporate Bond ETF		N/A	X


		64

Approval of Investment Advisory Contracts–(continued)


Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-End Active Fund Peer Median

Invesco BulletShares 2024 High Yield Corporate Bond ETF		N/A	X

Invesco BulletShares 2025 High Yield Corporate Bond ETF		N/A	X

Invesco BulletShares 2026 High Yield Corporate Bond ETF		N/A	X

Invesco BulletShares 2027 High Yield Corporate Bond ETF		N/A	X

Invesco BulletShares 2028 High Yield Corporate Bond ETF		N/A	X

Invesco BulletShares 2029 High Yield Corporate Bond ETF		N/A	X

Invesco BulletShares 2023 Municipal Bond ETF		N/A	X

Invesco BulletShares 2024 Municipal Bond ETF		N/A	X

Invesco BulletShares 2025 Municipal Bond ETF	X	N/A	X

Invesco BulletShares 2026 Municipal Bond ETF	X	N/A	X

Invesco BulletShares 2027 Municipal Bond ETF	X	N/A	X

Invesco BulletShares 2028 Municipal Bond ETF	X	N/A	X

Invesco BulletShares 2029 Municipal Bond ETF	X	N/A	X

Invesco BulletShares 2030 Municipal Bond ETF	X	N/A	X

Invesco BulletShares 2031 Municipal Bond ETF	X	N/A	X

Invesco International Developed Dynamic Multifactor ETF			X

Invesco Investment Grade Defensive ETF	X	X	X

Invesco Racial and Gender Diversity ETF	X	X	X

Invesco RAFI^TMStrategic US ETF	X		X

Invesco Russell 1000^®Dynamic Multifactor ETF	X		X

Invesco Russell 2000^®Dynamic Multifactor ETF			X

*	The information provided by the Adviser indicated that certain Funds did not have any open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco Russell 1000^® Dynamic Multifactor ETF. The Trustees considered the Adviser’s explanation of the differences between the services provided or to be provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all of the information provided, the Board concluded that the unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided or to be provided, the nature of the index, the distinguishing factors of the Fund and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco Racial and Gender Diversity ETF because the Fund had not yet commenced operations as of December 31, 2022. With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the


		65

Approval of Investment Advisory Contracts–(continued)

Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent. The Trustees also considered that Invesco Distributors, Inc. and Invesco Indexing LLC, affiliates of the Adviser, serve as each Fund’s distributor and index provider and are paid a distribution fee and licensing fee, respectively, by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.


		66

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.


©2023 Invesco Capital Management LLC 3500 Lacey Road, Suite 700
Downers Grove, IL 60515	O-ESG-AR-1	invesco.com/ETFs