
		Invesco Semi-Annual Report to Shareholders
		October 31, 2023
		RPG		Invesco S&P 500^®Pure Growth ETF

		RPV		Invesco S&P 500^®Pure Value ETF

		XLG		Invesco S&P 500^®Top 50 ETF

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

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

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

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

Table of Contents



Schedules of Investments

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

Invesco S&P 500^®Pure Value ETF (RPV)			6

Invesco S&P 500^®Top 50 ETF (XLG)			9

Invesco S&P MidCap 400^®Pure Growth ETF (RFG)			11

Invesco S&P MidCap 400^®Pure Value ETF (RFV)			14

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

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

Statements of Assets and Liabilities			22

Statements of Operations			24

Statements of Changes in Net Assets			26

Financial Highlights			30

Notes to Financial Statements			37

Fund Expenses			47


		2

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

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Consumer Discretionary-6.05%
AutoZone, Inc.^(b)		10,781	$	26,705,939
lululemon athletica, inc.^(b)		47,100		18,532,908
O’Reilly Automotive, Inc., Class R^(b)		30,946		28,793,396
Tractor Supply Co.^(c)		83,158		16,012,904
Ulta Beauty, Inc.^(b)		29,354		11,192,974

				101,238,121

Consumer Staples-3.74%
Dollar General Corp.		71,291		8,486,480
Dollar Tree, Inc.^(b)(c)		104,663		11,627,013
Hershey Co. (The)		60,499		11,334,488
Kenvue, Inc.		664,507		12,359,830
Monster Beverage Corp.^(b)		366,543		18,730,347

				62,538,158

Energy-29.56%
APA Corp.		908,103		36,069,851
Chevron Corp.		129,588		18,884,859
ConocoPhillips		287,629		34,170,325
Coterra Energy, Inc.		1,572,373		43,240,258
Devon Energy Corp.		389,087		18,119,782
Diamondback Energy, Inc.		293,697		47,085,503
EOG Resources, Inc.		211,026		26,642,033
EQT Corp.		954,737		40,461,754
Exxon Mobil Corp.		214,582		22,713,505
Hess Corp.		181,758		26,245,855
Marathon Oil Corp.		1,039,542		28,389,892
Occidental Petroleum Corp.^(c)		425,036		26,271,475
ONEOK, Inc.		416,251		27,139,565
Pioneer Natural Resources Co.		148,065		35,387,535
Targa Resources Corp.		549,660		45,957,073
Williams Cos., Inc. (The)		525,416		18,074,310

				494,853,575

Financials-6.71%
Ameriprise Financial, Inc.		37,034		11,649,785
Arch Capital Group Ltd.^(b)		310,903		26,949,072
Blackstone, Inc., Class A		150,056		13,857,672
Jack Henry & Associates, Inc.		79,126		11,155,975
Progressive Corp. (The)		109,286		17,277,024
Raymond James Financial, Inc.		158,012		15,080,665
W.R. Berkley Corp.		242,800		16,369,576

				112,339,769

Health Care-19.33%
AbbVie, Inc.		122,164		17,247,114
Amgen, Inc.		46,179		11,807,970
Bristol-Myers Squibb Co.		235,476		12,134,078
Danaher Corp.		72,640		13,948,333
DexCom, Inc.^(b)		98,568		8,755,795
Elevance Health, Inc.		43,362		19,516,803
Eli Lilly and Co.		47,708		26,426,892
Gilead Sciences, Inc.		140,077		11,001,648
Hologic, Inc.^(b)		212,465		14,058,809
Incyte Corp.^(b)		253,882		13,691,856
Insulet Corp.^(b)		58,096		7,701,787
Merck & Co., Inc.		136,972		14,067,024
Moderna, Inc.^(b)		122,862		9,332,598


	Shares		Value
Health Care-(continued)
Molina Healthcare, Inc.^(b)		78,694	$	26,201,167
Pfizer, Inc.		440,541		13,462,933
Regeneron Pharmaceuticals, Inc.^(b)		46,403		36,189,236
Thermo Fisher Scientific, Inc.		24,887		11,068,991
UnitedHealth Group, Inc.		27,498		14,726,829
Vertex Pharmaceuticals, Inc.^(b)		116,793		42,291,913

				323,631,776

Industrials-8.08%
Axon Enterprise, Inc.^(b)		118,738		24,280,734
Deere & Co.		37,071		13,544,260
Expeditors International of Washington, Inc.		234,096		25,574,988
J.B. Hunt Transport Services, Inc.		82,251		14,136,479
Quanta Services, Inc.		115,616		19,321,746
Rollins, Inc.^(c)		392,607		14,765,949
Veralto Corp.^(b)		24,236		1,672,284
W.W. Grainger, Inc.		30,067		21,943,799

				135,240,239

Information Technology-14.38%
Apple, Inc.		122,370		20,897,125
Arista Networks, Inc.^(b)		122,822		24,609,844
Enphase Energy, Inc.^(b)(c)		116,188		9,246,241
Fair Isaac Corp.^(b)		21,873		18,501,714
Fortinet, Inc.^(b)		360,474		20,608,299
KLA Corp.		64,471		30,282,029
Lam Research Corp.		38,842		22,847,641
Monolithic Power Systems, Inc.		41,259		18,225,751
ON Semiconductor Corp.^(b)		216,695		13,573,775
Palo Alto Networks, Inc.^(b)(c)		111,909		27,196,125
PTC, Inc.^(b)		130,913		18,382,803
QUALCOMM, Inc.		110,510		12,044,485
SolarEdge Technologies, Inc.^(b)(c)		56,356		4,280,238

				240,696,070

Materials-10.23%
Albemarle Corp.^(c)		43,326		5,492,870
CF Industries Holdings, Inc.		403,628		32,201,442
FMC Corp.		109,778		5,840,190
Freeport-McMoRan, Inc.		393,570		13,294,795
Mosaic Co. (The)		909,850		29,551,928
Nucor Corp.		281,553		41,610,718
Steel Dynamics, Inc.		406,707		43,318,362

				171,310,305

Utilities-1.86%
PG&E Corp.^(b)		1,906,041		31,068,468

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $1,667,338,096)				1,672,916,481


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-4.01%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		18,800,612		18,800,612

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


		3

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

October 31, 2023

(Unaudited)


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		48,354,529	$	48,359,364

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $67,157,633)				67,159,976

TOTAL INVESTMENTS IN SECURITIES-103.95% (Cost $1,734,495,729)				1,740,076,457
OTHER ASSETS LESS LIABILITIES-(3.95)%				(66,172,414	)

NET ASSETS-100.00%			$	1,673,904,043

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(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 six months ended October 31, 2023.


	Value April 30, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	1,123,323	$	14,891,742	$	(16,015,065	)		$	-		$	-		$	-	$	8,680

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			15,236,858		261,877,707		(258,313,953	)			-			-			18,800,612		639,422	*

Invesco Private Prime Fund			39,180,492		472,065,543		(462,897,517	)			2,343			8,503			48,359,364		1,687,216	*


Total		$	55,540,673	$	748,834,992	$	(737,226,535	)		$	2,343		$	8,503		$	67,159,976	$	2,335,318

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

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


		4

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

October 31, 2023

(Unaudited)

Portfolio Composition

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

as of October 31, 2023



Energy			29.56

Health Care			19.33

Information Technology			14.38

Materials			10.23

Industrials			8.08

Financials			6.71

Consumer Discretionary			6.05

Consumer Staples			3.74

Utilities			1.86

Money Market Funds Plus Other Assets Less Liabilities			0.06

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


		5

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

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.86%
Communication Services-8.20%
AT&T, Inc.		1,243,060	$	19,143,124
Fox Corp., Class A^(b)		294,241		8,941,984
Fox Corp., Class B		135,583		3,784,122
News Corp., Class A		682,966		14,123,737
News Corp., Class B^(b)		211,471		4,533,938
Paramount Global, Class B^(b)		3,115,813		33,900,045
Verizon Communications, Inc.		305,526		10,733,128
Warner Bros Discovery, Inc.^(c)		3,050,922		30,326,165

				125,486,243

Consumer Discretionary-17.36%
Best Buy Co., Inc.		324,029		21,651,618
BorgWarner, Inc.^(b)		532,685		19,656,077
CarMax, Inc.^(b)(c)		553,254		33,798,287
Ford Motor Co.		2,956,483		28,825,709
General Motors Co.		1,239,867		34,964,249
Lennar Corp., Class A		297,204		31,705,723
Mohawk Industries, Inc.^(c)		386,371		31,056,501
PulteGroup, Inc.		595,365		43,812,910
Whirlpool Corp.^(b)		193,865		20,270,524

				265,741,598

Consumer Staples-7.67%
Kraft Heinz Co. (The)		428,517		13,481,145
Kroger Co. (The)		642,407		29,146,005
Molson Coors Beverage Co., Class B		461,017		26,632,952
Tyson Foods, Inc., Class A		558,296		25,877,020
Walgreens Boots Alliance, Inc.		1,052,977		22,196,755

				117,333,877

Energy-5.72%
Kinder Morgan, Inc.		554,799		8,987,744
Phillips 66		373,840		42,643,929
Valero Energy Corp.		282,663		35,898,201

				87,529,874

Financials-23.32%
Allstate Corp. (The)		92,325		11,829,602
American International Group, Inc.		390,856		23,963,381
Assurant, Inc		144,203		21,471,827
Bank of America Corp.		319,217		8,408,176
Bank of New York Mellon Corp. (The)		355,815		15,122,137
Berkshire Hathaway, Inc., Class B^(c)		87,154		29,748,275
Capital One Financial Corp.		289,161		29,289,118
Citigroup, Inc.		799,276		31,563,409
Citizens Financial Group, Inc.		453,149		10,617,281
Fidelity National Information Services, Inc.		289,619		14,223,189
Franklin Resources, Inc.^(b)		619,961		14,128,911
Global Payments, Inc.		96,206		10,219,001
Goldman Sachs Group, Inc. (The)		31,931		9,694,571
Hartford Financial Services Group, Inc. (The)		146,696		10,774,821
Invesco Ltd.^(d)		1,480,419		19,201,034
Loews Corp.		418,658		26,798,299
M&T Bank Corp.		59,696		6,730,724
MetLife, Inc.		137,772		8,267,698
Prudential Financial, Inc.		128,815		11,778,844
State Street Corp.		166,269		10,745,965


	Shares		Value
Financials-(continued)
Synchrony Financial		359,048	$	10,071,296
Truist Financial Corp.		325,716		9,237,306
Wells Fargo & Co.		325,163		12,931,733

				356,816,598

Health Care-10.01%
Cardinal Health, Inc.		267,143		24,310,013
Cencora, Inc.^(b)		142,965		26,469,969
Centene Corp.^(c)		364,507		25,143,693
CVS Health Corp.		272,809		18,826,549
DaVita, Inc.^(c)		136,069		10,508,609
Universal Health Services, Inc., Class B		145,993		18,379,059
Viatris, Inc.		3,319,839		29,546,567

				153,184,459

Industrials-8.23%
Alaska Air Group, Inc.^(c)		427,818		13,531,883
American Airlines Group, Inc.^(b)(c)		1,313,207		14,642,258
Delta Air Lines, Inc.		439,799		13,743,719
FedEx Corp.		145,241		34,872,364
Southwest Airlines Co.^(b)		251,417		5,589,000
Stanley Black & Decker, Inc.		276,184		23,489,449
United Airlines Holdings, Inc.^(c)		574,541		20,114,681

				125,983,354

Information Technology-7.27%
Hewlett Packard Enterprise Co.		1,824,270		28,057,272
HP, Inc.		492,915		12,978,452
Intel Corp.		507,394		18,519,881
Micron Technology, Inc.		245,202		16,396,658
Western Digital Corp.^(b)(c)		878,585		35,275,188

				111,227,451

Materials-9.49%
Celanese Corp.^(b)		98,557		11,285,762
Dow, Inc.^(b)		403,106		19,486,144
DuPont de Nemours, Inc.^(b)		137,029		9,986,674
Eastman Chemical Co.		153,768		11,491,083
International Paper Co.		707,091		23,850,179
LyondellBasell Industries N.V., Class A		280,675		25,328,112
WestRock Co.		1,220,668		43,858,601

				145,286,555

Real Estate-0.62%
CBRE Group, Inc., Class A^(c)		136,564		9,469,348

Utilities-1.97%
Evergy, Inc.		149,214		7,332,376
Exelon Corp.		322,601		12,562,083
Pinnacle West Capital Corp.		138,120		10,245,742

				30,140,201

Total Common Stocks & Other Equity Interests (Cost $1,928,689,328)				1,528,199,558

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


		6

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

October 31, 2023

(Unaudited)


	Shares		Value
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $495,406)		495,406	$	495,406

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.89% (Cost $1,929,184,734)				1,528,694,964


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-8.07%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		34,559,810		34,559,810


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		88,882,392	$	88,891,280

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $123,449,996)				123,451,090

TOTAL INVESTMENTS IN SECURITIES-107.96% (Cost $2,052,634,730)				1,652,146,054
OTHER ASSETS LESS LIABILITIES-(7.96)%				(121,885,052	)

NET ASSETS-100.00%			$	1,530,261,002

Notes to Schedule of Investments:

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

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

^(c)	Non-income producing security.

^(d)


	Value April 30, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value October 31, 2023			Dividend Income

Invesco Ltd.	$	39,169,938	$	2,153,461	$	(14,559,388	)		$	(3,144,051)	$	(4,418,926	)		$	19,201,034	$	771,960

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		1,188,078		28,024,481		(28,717,153	)			-		-				495,406		14,231

Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		80,004,554		267,692,704		(313,137,448	)			-		-				34,559,810		1,299,811	*
Invesco Private Prime Fund		205,725,996		555,549,923		(672,386,293	)			26,439		(24,785	)			88,891,280		3,493,476	*

Total	$	326,088,566	$	853,420,569	$	(1,028,800,282	)		$	(3,117,612)	$	(4,443,711	)		$	143,147,530	$	5,579,478

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

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


		7

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

October 31, 2023

(Unaudited)

Portfolio Composition

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

as of October 31, 2023



Financials			23.32

Consumer Discretionary			17.36

Health Care			10.01

Materials			9.49

Industrials			8.23

Communication Services			8.20

Consumer Staples			7.67

Information Technology			7.27

Energy			5.72

Sector Types Each Less Than 3%			2.59

Money Market Funds Plus Other Assets Less Liabilities			0.14

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


		8

Invesco S&P 500^® Top 50 ETF (XLG)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Communication Services-13.41%
Alphabet, Inc., Class A^(b)		743,315	$	92,230,525
Alphabet, Inc., Class C^(b)		632,283		79,225,060
Comcast Corp., Class A		515,306		21,276,985
Meta Platforms, Inc., Class A^(b)		278,457		83,890,740
Netflix, Inc.^(b)		55,500		22,848,795
Verizon Communications, Inc.		526,107		18,482,139
Walt Disney Co. (The)^(b)		229,274		18,706,466

				336,660,710

Consumer Discretionary-11.81%
Amazon.com, Inc.^(b)		1,137,475		151,386,548
Home Depot, Inc. (The)		125,957		35,858,698
McDonald’s Corp.		91,303		23,936,908
NIKE,Inc.,Class B		153,093		15,733,368
Tesla, Inc.^(b)		345,922		69,474,974

				296,390,496

Consumer Staples-7.22%
Coca-Cola Co. (The)		487,153		27,519,273
Costco Wholesale Corp.		55,471		30,644,399
Kenvue, Inc.		215,837		4,014,568
PepsiCo, Inc.		172,313		28,135,266
Philip Morris International, Inc.		194,348		17,328,068
Procter & Gamble Co. (The)		295,374		44,314,961
Walmart, Inc.		178,892		29,232,742

				181,189,277

Energy-3.40%
Chevron Corp.^(c)		222,285		32,393,593
Exxon Mobil Corp.		501,562		53,090,338

				85,483,931

Financials-10.21%
Bank of America Corp.		865,097		22,786,655
Berkshire Hathaway, Inc., Class B^(b)		228,394		77,957,724
JPMorgan Chase & Co.		364,156		50,639,533
Mastercard, Inc., Class A		104,266		39,240,509
Visa, Inc., Class A^(c)		201,321		47,330,567
Wells Fargo & Co.		457,914		18,211,240

				256,166,228

Health Care-12.71%
Abbott Laboratories^(c)		217,225		20,538,624
AbbVie, Inc.		221,087		31,213,063
Bristol-Myers Squibb Co.		261,554		13,477,877
Danaher Corp.		82,267		15,796,909
Eli Lilly and Co.		99,852		55,311,018
Johnson & Johnson		301,594		44,738,454
Merck & Co., Inc.		317,871		32,645,352


	Shares		Value
Health Care-(continued)
Pfizer, Inc.		706,548	$	21,592,107
Thermo Fisher Scientific, Inc.		48,301		21,482,836
UnitedHealth Group, Inc.		115,984		62,116,391

				318,912,631

Industrials-0.07%
Veralto Corp.^(b)		27,539		1,900,191


Information Technology-39.63%
Accenture PLC, Class A		79,209		23,532,202
Adobe, Inc.^(b)		57,263		30,467,352
Advanced Micro Devices, Inc.^(b)		202,243		19,920,935
Apple, Inc.		1,841,256		314,431,287
Broadcom, Inc.^(c)		51,714		43,510,608
Cisco Systems, Inc.^(c)		510,525		26,613,668
Intel Corp.		524,244		19,134,906
Microsoft Corp.		930,846		314,728,341
NVIDIA Corp.		309,403		126,174,543
Oracle Corp.		196,894		20,358,840
QUALCOMM, Inc.		139,887		15,246,284
Salesforce, Inc.^(b)		121,990		24,499,252
Texas Instruments, Inc.		113,561		16,126,798

				994,745,016

Materials-0.93%
Linde PLC^(c)		61,118		23,356,855


Utilities-0.59%
NextEra Energy, Inc.		253,419		14,774,328

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $2,254,493,587)				2,509,579,663


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.16%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		15,180,932		15,180,932
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		39,045,258		39,049,163


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $54,230,095)				54,230,095

TOTAL INVESTMENTS IN SECURITIES-102.14% (Cost $2,308,723,682)				2,563,809,758
OTHER ASSETS LESS LIABILITIES-(2.14)%				(53,835,277	)

NET ASSETS-100.00%			$	2,509,974,481

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


		9

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

October 31, 2023

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)


	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	18,850,359		$	(18,850,359	)		$	-		$	-		$	-		$	16,060

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			10,832,299			184,450,388			(180,101,755	)			-			-			15,180,932			526,961	*

Invesco Private Prime Fund			27,854,484			415,676,611			(404,487,225	)			163			5,130			39,049,163			1,395,298	*


Total		$	38,686,783		$	618,977,358		$	(603,439,339	)		$	163		$	5,130		$	54,230,095		$	1,938,319

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

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

Portfolio Composition

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

as of October 31, 2023



Information Technology			39.63

Communication Services			13.41

Health Care			12.71

Consumer Discretionary			11.81

Financials			10.21

Consumer Staples			7.22

Energy			3.40

Sector Types Each Less Than 3%			1.59

Money Market Funds Plus Other Assets Less Liabilities			0.02

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


		10

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

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-2.41%
Nexstar Media Group, Inc., Class A		22,858	$	3,201,949
TKO Group Holdings, Inc.^(b)		32,007		2,623,934

				5,825,883

Consumer Discretionary-11.23%
Crocs, Inc.^(b)(c)		17,204		1,536,661
Deckers Outdoor Corp.^(c)		4,577		2,732,744
Floor & Decor Holdings, Inc., Class A^(b)(c)		18,968		1,562,963
Grand Canyon Education, Inc.^(c)		29,723		3,517,122
H&R Block, Inc.^(b)		50,762		2,083,780
Murphy USA, Inc.		16,272		5,901,692
Service Corp. International		23,686		1,288,992
Tempur Sealy International, Inc.^(b)		72,102		2,879,033
Texas Roadhouse, Inc.		21,874		2,221,086
Visteon Corp.^(c)		9,813		1,129,771
Wingstop, Inc.^(b)		12,277		2,243,867

				27,097,711

Consumer Staples-5.41%
Casey’s General Stores, Inc.		13,154		3,576,704
Celsius Holdings, Inc.^(b)(c)		40,009		6,084,969
Darling Ingredients, Inc.^(b)(c)		44,709		1,980,162
Lancaster Colony Corp.		8,332		1,409,524

				13,051,359

Energy-23.84%
Antero Resources Corp.^(b)(c)		167,334		4,926,313
Civitas Resources, Inc.^(b)		68,829		5,191,772
CNX Resources Corp.^(b)(c)		224,053		4,866,431
DT Midstream, Inc.^(b)		63,430		3,423,317
Matador Resources Co.		84,610		5,219,591
Murphy Oil Corp.		83,461		3,744,895
NOV, Inc.		112,500		2,245,500
PBF Energy, Inc., Class A		157,136		7,468,674
Range Resources Corp.^(b)		177,800		6,372,352
Southwestern Energy Co.^(c)		679,084		4,841,869
Valaris Ltd.^(b)(c)		48,611		3,210,270
Weatherford International PLC^(c)		64,495		6,003,840

				57,514,824

Financials-11.74%
Annaly Capital Management, Inc.^(b)		275,651		4,302,912
Erie Indemnity Co., Class A^(b)		8,705		2,404,234
FirstCash Holdings, Inc.		18,483		2,013,168
Jefferies Financial Group, Inc.		98,587		3,172,530
Kinsale Capital Group, Inc.		15,838		5,288,467
Morningstar, Inc.^(b)		6,241		1,580,471
RLI Corp.		28,958		3,858,364
Selective Insurance Group, Inc.		16,050		1,670,965
SLM Corp.		190,692		2,478,996
WEX, Inc.^(b)(c)		9,278		1,544,601

				28,314,708

Health Care-11.63%
Exelixis, Inc.^(c)		90,225		1,857,733
Halozyme Therapeutics, Inc.^(b)(c)		80,869		2,739,033
HealthEquity, Inc.^(b)(c)		19,995		1,433,242
Inari Medical, Inc.^(b)(c)		42,739		2,594,685
Jazz Pharmaceuticals PLC^(b)(c)		15,067		1,913,810


	Shares		Value
Health Care-(continued)
Lantheus Holdings, Inc.^(b)(c)		34,806	$	2,248,468
Medpace Holdings, Inc.^(c)		11,720		2,844,092
Neurocrine Biosciences, Inc.^(c)		34,323		3,807,794
Option Care Health, Inc.^(c)		70,314		1,949,807
Repligen Corp.^(b)(c)		9,770		1,314,651
Shockwave Medical, Inc.^(b)(c)		19,783		4,080,441
United Therapeutics Corp.^(c)		5,748		1,280,999

				28,064,755

Industrials-17.56%
Avis Budget Group, Inc.^(c)		15,205		2,475,374
Builders FirstSource, Inc.^(c)		58,789		6,379,782
BWX Technologies, Inc.		30,628		2,275,048
Carlisle Cos., Inc.		7,671		1,949,124
Clean Harbors, Inc.^(c)		18,133		2,786,498
Concentrix Corp.		16,539		1,260,437
EMCOR Group, Inc.		12,470		2,576,926
ExlService Holdings, Inc.^(b)(c)		63,432		1,656,210
FTI Consulting, Inc.^(b)(c)		10,866		2,306,417
KBR, Inc.		30,492		1,773,110
Landstar System, Inc.		17,963		2,959,943
Paylocity Holding Corp.^(c)		7,348		1,318,231
RBC Bearings, Inc.^(b)(c)		14,448		3,176,248
Simpson Manufacturing Co., Inc.		21,838		2,908,385
Toro Co. (The)		13,190		1,066,280
UFP Industries, Inc.		40,987		3,900,733
Valmont Industries, Inc.		8,166		1,607,967

				42,376,713

Information Technology-5.60%
Amkor Technology, Inc.		128,639		2,683,410
Belden, Inc.		25,343		1,796,819
Calix, Inc.^(c)		24,278		804,087
Cirrus Logic, Inc.^(c)		29,841		1,997,258
Dropbox, Inc., Class A^(b)(c)		82,555		2,171,196
GoDaddy, Inc., Class A^(c)		33,930		2,484,694
Onto Innovation, Inc.^(b)(c)		14,032		1,576,776

				13,514,240

Materials-8.23%
Cabot Corp.^(b)		27,732		1,843,623
Eagle Materials, Inc.		11,538		1,775,814
Louisiana-Pacific Corp.		58,503		3,000,034
MP Materials Corp.^(b)(c)		78,841		1,292,993
Olin Corp.		39,636		1,693,250
Reliance Steel & Aluminum Co.		17,014		4,328,021
Silgan Holdings, Inc.		44,072		1,765,524
Westlake Corp.^(b)		36,122		4,167,034

				19,866,293

Utilities-2.28%
Essential Utilities, Inc.		59,663		1,996,324
OGE Energy Corp.		54,069		1,849,160
ONE Gas, Inc.^(b)		27,386		1,654,114

				5,499,598

Total Common Stocks & Other Equity Interests (Cost $233,358,024)				241,126,084

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


		11

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

October 31, 2023

(Unaudited)


	Shares		Value
Money Market Funds-0.09%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $225,062)		225,062	$	225,062

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $233,583,086)				241,351,146


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-23.16%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		14,854,081		14,854,081


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		41,012,679	$	41,016,780

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $55,869,618)				55,870,861

TOTAL INVESTMENTS IN SECURITIES-123.18% (Cost $289,452,704)				297,222,007
OTHER ASSETS LESS LIABILITIES-(23.18)%				(55,926,618	)

NET ASSETS-100.00%			$	241,295,389

Notes to Schedule of Investments:

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

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

^(c)	Non-income producing security.

^(d)


	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	210,840		$	1,526,119		$	(1,511,897	)		$	-		$	-		$	225,062		$	1,760

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			12,371,070			85,015,800			(82,532,789	)			-			-			14,854,081			300,179	*

Invesco Private Prime Fund			31,811,322			163,608,944			(154,406,891	)			1,674			1,731			41,016,780			801,063	*


Total		$	44,393,232		$	250,150,863		$	(238,451,577	)		$	1,674		$	1,731		$	56,095,923		$	1,103,002

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

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


		12

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

October 31, 2023

(Unaudited)

Portfolio Composition

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

as of October 31, 2023



Energy			23.84

Industrials			17.56

Financials			11.74

Health Care			11.63

Consumer Discretionary			11.23

Materials			8.23

Information Technology			5.60

Consumer Staples			5.41

Sector Types Each Less Than 3%			4.69

Money Market Funds Plus Other Assets Less Liabilities			0.07

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


		13

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

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Communication Services-0.48%
Frontier Communications Parent, Inc.^(b)(c)		61,603	$	1,103,926


Consumer Discretionary-34.36%
Adient PLC^(b)		119,786		4,035,590
Gap, Inc. (The)^(c)		289,435		3,704,768
Goodyear Tire & Rubber Co. (The)^(b)(c)		795,053		9,461,131
Graham Holdings Co., Class B^(c)		6,588		3,812,607
KB Home		213,490		9,436,258
Lear Corp.^(c)		21,935		2,846,285
Lithia Motors, Inc., Class A		25,539		6,185,801
Macy’s, Inc.^(c)		213,989		2,606,386
Nordstrom, Inc.^(c)		187,669		2,623,613
Penske Automotive Group, Inc.^(c)		29,897		4,277,663
PVH Corp.		81,426		6,054,023
Skechers U.S.A., Inc., Class A^(b)		33,355		1,608,378
Taylor Morrison Home Corp., Class A^(b)(c)		230,618		8,837,282
Thor Industries, Inc.		71,387		6,277,059
Toll Brothers, Inc.		88,284		6,242,562
Topgolf Callaway Brands Corp.^(b)(c)		113,150		1,382,693

				79,392,099

Consumer Staples-2.36%
Pilgrim’s Pride Corp.^(b)(c)		160,219		4,085,584
Post Holdings, Inc.^(b)(c)		17,188		1,379,853

				5,465,437

Energy-0.73%
Chesapeake Energy Corp.^(c)		19,538		1,681,831


Financials-14.99%
Associated Banc-Corp		70,477		1,142,432
Brighthouse Financial, Inc.^(b)		136,771		6,195,726
CNO Financial Group, Inc.^(c)		73,602		1,706,094
Essent Group Ltd.		43,065		2,034,391
F.N.B. Corp.^(c)		125,768		1,344,460
First American Financial Corp.^(c)		51,702		2,659,551
Janus Henderson Group PLC^(c)		85,449		1,971,309
Kemper Corp.		34,961		1,394,245
MGIC Investment Corp.		157,481		2,651,980
New York Community Bancorp, Inc.^(c)		365,090		3,461,053
Old Republic International Corp.		93,110		2,549,352
Reinsurance Group of America, Inc.		11,141		1,665,245
Starwood Property Trust, Inc.^(c)		76,379		1,355,727
Unum Group		92,424		4,519,534

				34,651,099

Health Care-5.34%
Enovis Corp.^(b)(c)		66,973		3,074,061
Patterson Cos., Inc.^(c)		87,102		2,653,127
Perrigo Co. PLC.		77,157		2,132,619
Tenet Healthcare Corp.^(b)(c)		83,347		4,475,734

				12,335,541

Industrials-10.07%
Fluor Corp.^(b)		74,086		2,466,323
GXO Logistics, Inc.^(b)		47,282		2,388,214
Hertz Global Holdings, Inc.^(b)(c)		84,764		714,560
ManpowerGroup, Inc.		53,826		3,766,205


	Shares		Value
Industrials-(continued)
Ryder System, Inc.		49,270	$	4,805,796
XPO, Inc.^(b)		120,369		9,125,174

				23,266,272

Information Technology-14.89%
Arrow Electronics, Inc.^(b)(c)		53,368		6,052,465
Avnet, Inc.		148,196		6,865,921
Coherent Corp.^(b)		52,111		1,542,486
Jabil, Inc.		51,763		6,356,496
Kyndryl Holdings, Inc.^(b)		238,302		3,486,358
MKS Instruments, Inc.		20,210		1,326,989
NCR Voyix Corp.^(b)(c)		148,497		2,270,519
TD SYNNEX Corp.^(c)		55,950		5,129,496
Vishay Intertechnology, Inc.^(c)		61,622		1,370,473

				34,401,203

Materials-9.76%
Alcoa Corp.		38,368		983,755
Avient Corp.^(c)		63,145		1,996,645
Cleveland-Cliffs, Inc.^(b)(c)		393,644		6,605,346
Greif, Inc., Class A^(c)		34,526		2,192,401
United States Steel Corp.^(c)		317,722		10,767,599

				22,545,746

Real Estate-5.88%
Cousins Properties, Inc.		81,674		1,459,514
Jones Lang LaSalle, Inc.^(b)(c)		19,275		2,465,658
Kilroy Realty Corp.^(c)		40,271		1,150,945
Medical Properties Trust, Inc.^(c)		177,710		849,454
Park Hotels & Resorts, Inc.^(c)		340,698		3,928,248
Sabra Health Care REIT, Inc.		105,116		1,433,782
Vornado Realty Trust^(c)		120,063		2,305,210

				13,592,811

Utilities-1.13%
Southwest Gas Holdings, Inc.		24,045		1,409,277
UGI Corp.^(c)		58,017		1,206,754

				2,616,031

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $252,496,956)				231,051,996


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-20.65%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		13,444,279		13,444,279
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		34,270,037		34,273,464

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $47,717,212)				47,717,743

TOTAL INVESTMENTS IN SECURITIES-120.64% (Cost $300,214,168)				278,769,739
OTHER ASSETS LESS LIABILITIES-(20.64)%				(47,698,143	)

NET ASSETS-100.00%			$	231,071,596

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


		14

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

October 31, 2023

(Unaudited)

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)


	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	110,321		$	9,982,547		$	(10,092,868	)		$	-		$	-			$	-		$	5,296

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			14,295,372			79,774,494			(80,625,587	)			-			-				13,444,279			352,373	*

Invesco Private Prime Fund			36,759,529			155,110,300			(157,597,736	)			2,898			(1,527	)			34,273,464			938,739	*

Total		$	51,165,222		$	244,867,341		$	(248,316,191	)		$	2,898		$	(1,527	)		$	47,717,743		$	1,296,408

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

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

Portfolio Composition

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

as of October 31, 2023



Consumer Discretionary			34.36

Financials			14.99

Information Technology			14.89

Industrials			10.07

Materials			9.76

Real Estate			5.88

Health Care			5.34

Sector Types Each Less Than 3%			4.70

Money Market Funds Plus Other Assets Less Liabilities			0.01

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


		15

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

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-1.47%
ATN International, Inc.		17,463	$	540,480
Cars.com, Inc.^(b)		45,099		686,858

				1,227,338

Consumer Discretionary-8.39%
Adtalem Global Education, Inc.^(b)		23,614		1,223,205
Cavco Industries, Inc.^(b)		2,960		738,550
Ethan Allen Interiors, Inc.		20,236		531,397
Green Brick Partners, Inc.^(b)		42,447		1,642,699
Jack in the Box, Inc.^(c)		10,324		652,270
Monarch Casino & Resort, Inc.		12,479		751,111
Stride, Inc.^(b)(c)		16,466		905,301
XPEL, Inc.^(b)(c)(d)		12,256		567,453

				7,011,986

Consumer Staples-5.81%
Cal-Maine Foods, Inc.		17,126		775,979
e.l.f. Beauty, Inc.^(b)		14,618		1,354,065
Hostess Brands, Inc.^(b)		16,917		565,028
Medifast, Inc.^(c)		4,179		289,020
MGP Ingredients, Inc.^(c)		7,161		677,860
Simply Good Foods Co. (The)^(b)(c)		20,653		770,150
Tootsie Roll Industries, Inc.^(c)		13,660		424,963

				4,857,065

Energy-12.03%
Comstock Resources, Inc.^(c)		130,397		1,643,002
CONSOL Energy, Inc.		6,957		639,279
Dorian LPG Ltd.		55,293		1,767,717
Northern Oil and Gas, Inc.		30,771		1,179,760
REX American Resources Corp.^(b)		43,693		1,660,771
RPC, Inc.		47,565		395,741
SM Energy Co.		40,103		1,616,953
Vital Energy, Inc.^(b)(c)		22,951		1,148,468

				10,051,691

Financials-13.93%
ARMOUR Residential REIT, Inc.^(c)		49,472		720,807
Avantax, Inc.^(b)		26,837		692,663
BancFirst Corp.		5,796		470,114
Bancorp, Inc. (The)^(b)		13,684		487,835
Banner Corp.		5,127		216,411
City Holding Co.^(c)		4,682		425,032
CVB Financial Corp.^(c)		12,692		198,249
Dime Community Bancshares, Inc.		17,654		324,657
First Bancorp		53,063		708,391
Hanmi Financial Corp.		29,285		429,904
Heritage Financial Corp.		12,890		209,720
Mr. Cooper Group, Inc.^(b)		28,964		1,637,335
NBT Bancorp, Inc.^(c)		11,477		384,135
OFG Bancorp		34,229		1,013,863
Palomar Holdings, Inc.^(b)(c)		12,664		634,213
Piper Sandler Cos		5,544		775,328
Preferred Bank^(c)		7,336		437,005
ServisFirst Bancshares, Inc.^(c)		5,791		273,104
Stellar Bancorp, Inc.^(c)		18,616		404,712
StoneX Group, Inc.^(b)		12,561		1,197,314

				11,640,792


	Shares		Value
Health Care-16.28%
AdaptHealth Corp.^(b)(c)		31,316	$	229,546
Addus HomeCare Corp.^(b)		3,479		274,493
AMN Healthcare Services, Inc.^(b)		9,621		729,849
Amphastar Pharmaceuticals, Inc.^(b)		23,785		1,076,747
Arcus Biosciences, Inc.^(b)(c)		20,039		314,813
Catalyst Pharmaceuticals, Inc.^(b)(c)		78,537		974,644
Collegium Pharmaceutical, Inc.^(b)		16,941		368,636
Corcept Therapeutics, Inc.^(b)		29,351		824,176
Cross Country Healthcare, Inc.^(b)(c)		46,791		1,083,680
Cytokinetics, Inc.^(b)(c)		27,337		952,968
Dynavax Technologies Corp.^(b)(c)		94,093		1,337,062
Ensign Group, Inc. (The)^(c)		8,901		859,837
Innoviva, Inc.^(b)(c)		57,269		710,708
NextGen Healthcare, Inc.^(b)(c)		20,717		495,551
OmniAb Operations, Inc., Rts., expiring 11/02/2027^(b)(c)(e)		2,880		0
OmniAb Operations, Inc., Rts., expiring 11/02/2027^(b)(c)(e)		2,881		0
Pacira BioSciences, Inc.^(b)		7,432		210,028
Privia Health Group, Inc.^(b)(c)		17,253		362,658
REGENXBIO, Inc.^(b)(c)		33,360		430,010
Supernus Pharmaceuticals, Inc.^(b)		16,867		402,278
UFP Technologies, Inc.^(b)(c)		5,643		879,857
Veradigm, Inc.^(b)(c)		25,737		339,471
Vir Biotechnology, Inc.^(b)		64,712		513,166
Xencor, Inc.^(b)(c)		13,509		234,381

				13,604,559

Industrials-18.23%
AAON, Inc.^(c)		13,016		709,112
AeroVironment, Inc.^(b)		4,184		479,737
Applied Industrial Technologies, Inc.		3,656		561,233
Boise Cascade Co.		15,673		1,469,344
Comfort Systems USA, Inc.		7,216		1,312,230
Encore Wire Corp.^(c)		8,540		1,527,208
EnPro Industries, Inc.		4,476		497,105
Forward Air Corp.		6,731		433,544
Franklin Electric Co., Inc.		4,698		407,411
Hillenbrand, Inc.		8,809		335,006
Lindsay Corp.		4,994		623,850
Marten Transport Ltd.		35,605		625,936
Matson, Inc.		18,486		1,609,206
Mueller Industries, Inc.^(c)		28,992		1,093,288
NV5 Global, Inc.^(b)		3,958		373,437
PGT Innovations, Inc.^(b)		40,700		1,218,558
Sun Country Airlines Holdings, Inc.^(b)(c)		33,376		434,555
Titan International, Inc.^(b)		58,121		660,255
Verra Mobility Corp., Class A^(b)		43,650		862,960

				15,233,975

Information Technology-17.62%
A10 Networks, Inc.		21,029		228,585
Advanced Energy Industries, Inc.^(c)		11,849		1,033,944
Agilysys, Inc.^(b)		6,650		570,504
Alpha & Omega Semiconductor Ltd.^(b)		23,646		560,883
Axcelis Technologies, Inc.^(b)(c)		17,178		2,190,195
Badger Meter, Inc.		3,760		520,948
Clearfield, Inc.^(b)(c)		12,685		304,694
CTS Corp.		10,626		397,519

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


		16

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

October 31, 2023

(Unaudited)


	Shares		Value
Information Technology-(continued)
Digi International, Inc.^(b)(c)		12,626	$	317,923
Diodes, Inc.^(b)		6,061		394,450
DoubleVerify Holdings, Inc.^(b)		33,933		944,355
Extreme Networks, Inc.^(b)		18,287		377,078
Fabrinet (Thailand)^(b)		5,144		797,320
Harmonic, Inc.^(b)(c)		47,120		508,425
Kulicke & Soffa Industries, Inc. (Singapore)		19,150		796,831
MaxLinear, Inc.^(b)		11,441		173,903
NetScout Systems, Inc.^(b)		10,194		222,535
Photronics, Inc.^(b)		49,215		903,587
Plexus Corp.^(b)(c)		5,039		495,434
Progress Software Corp.		9,855		506,350
Rambus, Inc.^(b)		28,858		1,567,855
SPS Commerce, Inc.^(b)		2,535		406,462
Veeco Instruments, Inc.^(b)(c)		20,903		500,418

				14,720,198

Materials-3.70%
Hawkins, Inc.^(c)		22,498		1,292,060
Innospec, Inc.		4,561		446,978
Kaiser Aluminum Corp.		9,710		551,528
Livent Corp.^(b)(c)		16,822		245,433
Myers Industries, Inc.		32,816		550,324

				3,086,323

Real Estate-1.66%
Marcus & Millichap, Inc.^(c)		17,264		495,477
St. Joe Co. (The)		19,056		888,772

				1,384,249


	Shares		Value
Utilities-0.82%
SJW Group		5,322	$	332,518
Unitil Corp.		7,731		353,075

				685,593

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $85,586,104)				83,503,769


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-27.66%
Invesco Private Government Fund, 5.32%^(f)(g)(h)		6,468,875		6,468,875
Invesco Private Prime Fund, 5.53%^(f)(g)(h)		16,636,951		16,638,615

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $23,107,004)				23,107,490

TOTAL INVESTMENTS IN SECURITIES-127.60% (Cost $108,693,108)				106,611,259
OTHER ASSETS LESS LIABILITIES-(27.60)%				(23,059,906	)

NET ASSETS-100.00%			$	83,551,353

Investment Abbreviations:

REIT-Real Estate Investment Trust

Rts. -Rights

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

(^d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2023 represented less than 1% of the Fund’s Net Assets.

^(e)	Security valued using significant unobservable inputs (Level 3). See Note 5.

^(f)


	Value April 30, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain (Loss)		Value October 31, 2023			Dividend Income
Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	-		$1,504,713	$	(1,504,713	)		$	-	$	-		$	-	$	1,022

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


		17

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

October 31, 2023

(Unaudited)


	Value April 30, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)	Value October 31, 2023		Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund	$	7,134,462	$	25,631,384	$	(26,296,971	)		$ -	$ -	$	6,468,875	$	175,592	*

Invesco Private Prime Fund		20,506,800		56,928,035		(60,798,051	)		2,254	(423)		16,638,615		466,494	*


Total	$	27,641,262	$	84,064,132	$	(88,599,735	)		$2,254	$(423)	$	23,107,490	$	643,108

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

^(g)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

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

Portfolio Composition

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

as of October 31, 2023



Industrials			18.23

Information Technology			17.62

Health Care			16.28

Financials			13.93

Energy			12.03

Consumer Discretionary			8.39

Consumer Staples			5.81

Materials			3.70

Sector Types Each Less Than 3%			3.95

Money Market Funds Plus Other Assets Less Liabilities			0.06

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


		18

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

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Communication Services-7.49%
AMC Networks, Inc., Class A^(b)(c)		137,922	$	1,627,480
Consolidated Communications Holdings, Inc.^(b)		367,904		1,534,160
DISH Network Corp., Class A^(b)(c)		450,449		2,207,200
E.W. Scripps Co. (The), Class A^(b)(c)		146,575		801,765
Lumen Technologies, Inc.^(b)(c)		1,342,450		1,959,977
Marcus Corp. (The)^(c)		41,466		644,382
Scholastic Corp.		14,075		519,367
Telephone & Data Systems, Inc.		281,012		5,111,608
Thryv Holdings, Inc.^(b)(c)		46,048		802,617

				15,208,556

Consumer Discretionary-32.41%
Abercrombie & Fitch Co., Class A^(b)(c)		68,913		4,191,289
American Axle & Manufacturing Holdings, Inc.^(b)		125,765		848,914
American Eagle Outfitters, Inc.^(c)		57,129		998,044
America’s Car-Mart, Inc.^(b)(c)		31,477		2,108,329
Caleres, Inc.^(c)		58,205		1,488,884
Century Communities, Inc.		52,993		3,259,069
Chico’s FAS, Inc.^(b)		151,571		1,133,751
Dana, Inc.		136,779		1,570,223
Designer Brands, Inc., Class A^(c)		111,913		1,131,440
Foot Locker, Inc.^(c)		124,637		2,616,131
G-III Apparel Group Ltd.^(b)(c)		216,373		5,528,330
Group 1 Automotive, Inc.^(c)		10,114		2,552,066
Guess?, Inc.^(c)		35,861		771,011
Hanesbrands, Inc.^(c)		252,638		1,058,553
Kohl’s Corp.^(c)		151,198		3,409,515
La-Z-Boy, Inc.^(c)		48,735		1,425,011
LGI Homes, Inc.^(b)(c)		5,580		527,366
M.D.C. Holdings, Inc.		72,449		2,749,439
M/I Homes, Inc.^(b)		68,659		5,634,844
MarineMax, Inc.^(b)(c)		71,908		1,968,841
Meritage Homes Corp.		19,998		2,280,172
Newell Brands, Inc.^(c)		163,582		1,099,271
ODP Corp. (The)^(b)		35,736		1,605,261
Patrick Industries, Inc.^(c)		33,764		2,537,365
Phinia, Inc.		38,101		986,054
Sally Beauty Holdings, Inc.^(b)(c)		86,162		732,377
Shoe Carnival, Inc.^(c)		40,291		921,858
Signet Jewelers Ltd.^(c)		14,799		1,033,414
Sleep Number Corp.^(b)(c)		26,090		424,484
Sonic Automotive, Inc., Class A^(c)		32,428		1,551,680
Standard Motor Products, Inc.		19,861		693,745
Tri Pointe Homes, Inc.^(b)		123,850		3,103,681
Upbound Group, Inc.^(c)		51,994		1,354,964
Urban Outfitters, Inc.^(b)		31,745		1,099,012
Wolverine World Wide, Inc.^(c)		170,316		1,371,044

				65,765,432

Consumer Staples-2.96%
B&G Foods, Inc.		100,165		808,332
Fresh Del Monte Produce, Inc.		100,500		2,512,500
SpartanNash Co.		51,552		1,159,404


	Shares		Value
Consumer Staples-(continued)
United Natural Foods, Inc.^(b)(c)		43,051	$	627,684
Universal Corp.		20,020		900,900

				6,008,820

Energy-4.02%
Bristow Group, Inc.^(b)		47,983		1,254,275
Helix Energy Solutions Group, Inc.^(b)		141,496		1,386,661
Oil States International, Inc.^(b)		254,353		1,846,603
Par Pacific Holdings, Inc.^(b)		64,118		2,104,353
World Kinect Corp.		84,992		1,572,352

				8,164,244

Financials-12.88%
Ambac Financial Group, Inc.^(b)		61,863		750,398
Apollo Commercial Real Estate Finance, Inc.^(c)		74,296		739,988
Blackstone Mortgage Trust, Inc., Class A^(c)		36,315		724,484
Bread Financial Holdings, Inc.		35,580		961,727
Encore Capital Group, Inc.^(b)(c)		19,394		730,766
Enova International, Inc.^(b)		14,158		564,621
EZCORP, Inc., Class A^(b)(c)		177,929		1,459,018
Genworth Financial, Inc., Class A^(b)		608,521		3,645,041
Green Dot Corp., Class A^(b)(c)		35,812		400,378
Hilltop Holdings, Inc.		19,561		540,275
Hope Bancorp, Inc.		52,076		456,186
Lincoln National Corp.^(c)		49,727		1,082,557
Navient Corp.^(c)		103,543		1,647,369
NCR Atleos Corp.^(b)(c)		64,628		1,425,694
PacWest Bancorp^(c)		89,852		636,152
ProAssurance Corp.		34,673		589,441
PROG Holdings, Inc.^(b)(c)		66,731		1,827,762
Radian Group, Inc.		54,601		1,383,589
Ready Capital Corp.		50,485		476,074
SiriusPoint Ltd. (Bermuda)^(b)		167,805		1,652,879
Stewart Information Services Corp.^(c)		58,703		2,563,560
United Fire Group, Inc.		27,622		556,307
World Acceptance Corp.^(b)(c)		13,385		1,320,029

				26,134,295

Health Care-1.65%
Enhabit, Inc.^(b)(c)		183,085		1,349,337
Orthofix Medical, Inc.^(b)		28,273		312,134
Owens & Minor, Inc.^(b)(c)		78,019		1,118,012
Phibro Animal Health Corp., Class A^(c)		52,199		570,013

				3,349,496

Industrials-21.49%
ABM Industries, Inc.		23,052		906,866
Allegiant Travel Co.^(c)		9,209		613,503
American Woodmark Corp.^(b)		25,717		1,728,954
ArcBest Corp.		16,176		1,761,243
AZZ, Inc.^(c)		16,455		777,828
CoreCivic, Inc.^(b)		75,001		952,513
Deluxe Corp.^(c)		87,154		1,485,976
DXP Enterprises, Inc.^(b)		61,895		2,017,777
Enviri Corp.^(b)		244,913		1,405,801
GEO Group, Inc. (The)^(b)(c)		107,950		943,483
GMS, Inc.^(b)		21,216		1,240,712
Granite Construction, Inc.		16,867		682,776

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


		19

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

October 31, 2023

(Unaudited)


	Shares		Value
Industrials-(continued)
Greenbrier Cos., Inc. (The)		47,039	$	1,627,079
Heidrick & Struggles International, Inc.		35,074		853,701
HNI Corp.		23,688		821,737
Interface, Inc.		73,034		649,272
JetBlue Airways Corp.^(b)(c)		498,970		1,876,127
Kaman Corp.		58,616		1,090,844
Kelly Services, Inc., Class A		186,348		3,326,312
MillerKnoll, Inc.		72,119		1,694,796
OPENLANE, Inc.^(b)(c)		61,178		821,620
Pitney Bowes, Inc.^(c)		201,414		650,567
Powell Industries, Inc.		26,469		2,028,849
Proto Labs, Inc.^(b)(c)		32,316		762,981
Resideo Technologies, Inc.^(b)		125,769		1,821,135
RXO, Inc.^(b)(c)		73,251		1,282,625
SkyWest, Inc.^(b)		169,453		7,145,833
TrueBlue, Inc.^(b)		88,419		978,798
Veritiv Corp.		9,750		1,651,747

				43,601,455

Information Technology-6.64%
Benchmark Electronics, Inc.^(c)		66,419		1,608,004
Cerence, Inc.^(b)(c)		38,094		583,219
DXC Technology Co.^(b)		101,335		2,043,927
Ichor Holdings Ltd.^(b)(c)		22,687		550,386
Insight Enterprises, Inc.^(b)(c)		12,726		1,823,636
PC Connection, Inc.		16,748		897,358
ScanSource, Inc.^(b)		75,942		2,308,637
SMART Global Holdings, Inc.^(b)(c)		45,750		626,775
TTM Technologies, Inc.^(b)		64,072		736,187
Viasat, Inc.^(b)(c)		31,731		585,120
Xerox Holdings Corp.^(c)		134,075		1,721,523

				13,484,772

Materials-6.67%
AdvanSix, Inc.		20,652		568,963
Century Aluminum Co.^(b)(c)		217,971		1,440,788
Clearwater Paper Corp.^(b)		50,869		1,719,881
Koppers Holdings, Inc.		54,062		1,977,047
Mativ Holdings, Inc., Class A^(c)		95,373		1,249,386
Minerals Technologies, Inc.		8,961		484,432
Olympic Steel, Inc.		81,314		4,128,312
SunCoke Energy, Inc.		206,003		1,959,088

				13,527,897


	Shares		Value
Real Estate-3.74%
Anywhere Real Estate, Inc.^(b)(c)		425,640	$	1,987,739
Brandywine Realty Trust		137,946		515,918
Cushman & Wakefield PLC^(b)(c)		143,801		1,059,813
Hudson Pacific Properties, Inc.^(c)		111,139		495,680
JBG SMITH Properties^(c)		51,934		668,391
Pebblebrook Hotel Trust^(c)		93,623		1,116,923
Service Properties Trust		85,853		622,434
SL Green Realty Corp.		38,308		1,122,041

				7,588,939

Total Common Stocks & Other Equity Interests (Cost $212,703,002)				202,833,906


Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $55,383)		55,383		55,383

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $212,758,385)				202,889,289


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-28.86%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		16,397,396		16,397,396
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		42,171,237		42,175,454

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $58,570,818)				58,572,850

TOTAL INVESTMENTS IN SECURITIES-128.84% (Cost $271,329,203)				261,462,139
OTHER ASSETS LESS LIABILITIES-(28.84)%				(58,525,241	)

NET ASSETS-100.00%			$	202,936,898

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)


	Value April 30, 2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2023		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	10,655	$	1,622,570	$	(1,577,842)		$ -	$	-		$ 55,383	$	907

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


		20

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

October 31, 2023

(Unaudited)


	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	19,104,887		$	48,324,426		$	(51,031,917	)		$	-		$	-			$	16,397,396		$	425,806	*

Invesco Private Prime Fund			49,126,853			95,334,386			(102,290,684	)			8,037			(3,138	)			42,175,454			1,131,068	*


Total		$	68,242,395		$	145,281,382		$	(154,900,443	)		$	8,037		$	(3,138	)		$	58,628,233		$	1,557,781

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

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

Portfolio Composition

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

as of October 31, 2023



Consumer Discretionary			32.41

Industrials			21.49

Financials			12.88

Communication Services			7.49

Materials			6.67

Information Technology			6.64

Energy			4.02

Real Estate			3.74

Sector Types Each Less Than 3%			4.61

Money Market Funds Plus Other Assets Less Liabilities			0.05

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


		21

Statements of Assets and Liabilities

October 31, 2023

(Unaudited)


	Invesco S&P 500^® Pure Growth ETF (RPG)				Invesco S&P 500^® Pure Value ETF (RPV)				Invesco S&P 500^® Top 50 ETF (XLG)
Assets:
Unaffiliated investments in securities, at value^(a)		$	1,672,916,481			$	1,508,998,524			$	2,509,579,663
Affiliated investments in securities, at value			67,159,976				143,147,530				54,230,095
Cash			-				33,797				-
Receivable for:
Dividends			1,615,340				1,984,286				1,488,231
Securities lending			12,804				18,056				6,449
Investments sold			11,081,050				-				-
Fund shares sold			-				-				6,029,721

Total assets			1,752,785,651				1,654,182,193				2,571,334,159


Liabilities:
Due to custodian			76,169				-				697,051
Payable for:
Investments purchased			-				-				6,009,505
Collateral upon return of securities loaned			67,157,633				123,449,996				54,230,095
Fund shares repurchased			11,131,718				-				-
Accrued unitary management fees			516,088				471,195				423,027

Total liabilities			78,881,608				123,921,191				61,359,678

Net Assets		$	1,673,904,043			$	1,530,261,002			$	2,509,974,481


Net assets consist of:
Shares of beneficial interest		$	2,444,479,116			$	2,614,698,464			$	2,218,062,342
Distributable earnings (loss)			(770,575,073	)			(1,084,437,462	)			291,912,139

Net Assets		$	1,673,904,043			$	1,530,261,002			$	2,509,974,481

Shares outstanding (unlimited amount authorized, $0.01 par value)			57,141,495				22,052,836				74,927,850
Net asset value		$	29.29			$	69.39			$	33.50

Market price		$	29.30			$	69.41			$	33.50

Unaffiliated investments in securities, at cost		$	1,667,338,096			$	1,893,347,336			$	2,254,493,587

Affiliated investments in securities, at cost		$	67,157,633			$	159,287,394			$	54,230,095

^(a)Includes securities on loan with an aggregate value of:		$	66,633,846			$	120,933,293			$	53,611,858

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


		22


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

	$	241,126,084			$	231,051,996			$	83,503,769			$	202,833,906
		56,095,923				47,717,743				23,107,490				58,628,233
		-				-				-				-

		10,714				106,883				78,345				103,272
		5,673				6,134				2,586				7,357
		-				2,795,554				-				2,546,149
		-				-				-				-

		297,238,394				281,678,310				106,692,190				264,118,917



		-				23,309				8,432				-

		-				-				-				-
		55,869,618				47,717,212				23,107,004				58,570,818
		-				2,794,624				-				2,547,222
		73,387				71,569				25,401				63,979

		55,943,005				50,606,714				23,140,837				61,182,019

	$	241,295,389			$	231,071,596			$	83,551,353			$	202,936,898



	$	486,915,594			$	332,031,656			$	225,262,262			$	408,864,147
		(245,620,205	)			(100,960,060	)			(141,710,909	)			(205,927,249	)

	$	241,295,389			$	231,071,596			$	83,551,353			$	202,936,898

		6,450,105				2,480,499				2,180,012				2,390,040
	$	37.41			$	93.16			$	38.33			$	84.91

	$	37.40			$	93.14			$	38.31			$	84.84

	$	233,358,024			$	252,496,956			$	85,586,104			$	212,703,002

	$	56,094,680			$	47,717,212			$	23,107,004			$	58,626,201

	$	55,095,952			$	46,741,821			$	22,859,357			$	57,509,653


		23

Statements of Operations

For the six months ended October 31, 2023

(Unaudited)


	Invesco S&P 500^® Pure Growth ETF (RPG)				Invesco S&P 500^® Pure Value ETF (RPV)				Invesco S&P 500^® Top 50 ETF (XLG)
Investment income:
Unaffiliated dividend income		$	14,437,135			$	25,245,133			$	14,756,075
Affiliated dividend income			8,680				786,191				16,060
Securities lending income, net			54,662				134,113				128,527
Foreign withholding tax			-				-				-

Total investment income			14,500,477				26,165,437				14,900,662


Expenses:
Unitary management fees			3,242,135				3,480,590				2,410,948

Less: Waivers			(228	)			(387	)			(373	)

Net expenses			3,241,907				3,480,203				2,410,575

Net investment income			11,258,570				22,685,234				12,490,087


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(6,662,934	)			(107,067,493	)			(12,689,100	)
Affiliated investment securities			8,503				(24,785	)			5,130
Unaffiliated in-kind redemptions			15,153,926				(2,652,368	)			160,764,102
Affiliated in-kind redemptions			-				(4,418,926	)			-
Short Sales			-				-				-

Net realized gain (loss)			8,499,495				(114,163,572	)			148,080,132

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(78,207,012	)			(60,312,735	)			(36,362,708	)
Affiliated investment securities			2,343				(3,117,612	)			163

Change in net unrealized appreciation (depreciation)			(78,204,669	)			(63,430,347	)			(36,362,545	)

Net realized and unrealized gain (loss)			(69,705,174	)			(177,593,919	)			111,717,587

Net increase (decrease) in net assets resulting from operations		$	(58,446,604	)		$	(154,908,685	)		$	124,207,674

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


		24


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

	$	1,664,909			$	2,252,936			$	805,561			$	1,951,327
		1,760				5,296				1,022				907
		26,296				39,395				19,489				52,621
		-				-				(2,917	)			-

		1,692,965				2,297,627				823,155				2,004,855



		444,246				432,654				161,006				419,358

		(38	)			(96	)			(24	)			(23	)

		444,208				432,558				160,982				419,335

		1,248,757				1,865,069				662,173				1,585,520



		4,048,807				(10,401,322	)			(1,490,971	)			(23,549,891	)
		1,731				(1,527	)			(423	)			(3,138	)
		2,015,486				4,360,914				620,051				2,920,258
		-				-				-				-
		-				-				-				21

		6,066,024				(6,041,935	)			(871,343	)			(20,632,750	)


		(46,880	)			(58,423	)			1,215,181				10,902,757
		1,674				2,898				2,254				8,037

		(45,206	)			(55,525	)			1,217,435				10,910,794

		6,020,818				(6,097,460	)			346,092				(9,721,956	)

	$	7,269,575			$	(4,232,391	)		$	1,008,265			$	(8,136,436	)


		25

Statements of Changes in Net Assets

For the six months ended October 31, 2023 and the year ended April 30, 2023

(Unaudited)


	Invesco S&P 500^® Pure Growth ETF (RPG)								Invesco S&P 500^® Pure Value ETF (RPV)
	Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023
Operations:
Net investment income		$	11,258,570			$	26,904,774			$	22,685,234			$	84,026,986
Net realized gain (loss)			8,499,495				(342,165,371	)			(114,163,572	)			51,692,915
Change in net unrealized appreciation (depreciation)			(78,204,669	)			246,770,356				(63,430,347	)			(370,038,298	)

Net increase (decrease) in net assets resulting from operations			(58,446,604	)			(68,490,241	)			(154,908,685	)			(234,318,397	)


Distributions to Shareholders from:
Distributable earnings			(12,029,410	)			(26,468,365	)			(24,428,800	)			(90,174,466	)


Shareholder Transactions:
Proceeds from shares sold			49,754,893				378,316,431				66,992,497				2,089,690,422
Value of shares repurchased			(259,420,533	)			(611,648,460	)			(1,076,548,328	)			(2,819,284,239	)

Net increase (decrease) in net assets resulting from share transactions			(209,665,640	)			(233,332,029	)			(1,009,555,831	)			(729,593,817	)

Net increase (decrease) in net assets			(280,141,654	)			(328,290,635	)			(1,188,893,316	)			(1,054,086,680	)


Net assets:
Beginning of period			1,954,045,697				2,282,336,332				2,719,154,318				3,773,240,998

End of period		$	1,673,904,043			$	1,954,045,697			$	1,530,261,002			$	2,719,154,318


Changes in Shares Outstanding:
Shares sold			1,620,000	^(a)			12,100,000	^(a)			900,000				26,000,000
Shares repurchased			(8,580,000	)^(a)			(19,900,000	)^(a)			(14,620,000	)			(36,460,000	)
Shares outstanding, beginning of period			64,101,495	^(a)			71,901,495	^(a)			35,772,836				46,232,836

Shares outstanding, end of period			57,141,495	^(a)			64,101,495	^(a)			22,052,836				35,772,836

^(a)	Changes in shares outstanding have been restated to reflect a five-for-one stock split effective after the close of business on July 14, 2023. See Note 10.

^(b)	Changes in shares outstanding have been restated to reflect a ten-for-one stock split effective after the close of business on July 14, 2023. See Note 10.

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


		26


Invesco S&P 500^® Top 50 ETF (XLG)								Invesco S&P Midcap 400^® Pure Growth ETF (RFG)
Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023

	$	12,490,087			$	24,237,984			$	1,248,757			$	2,197,247
		148,080,132				131,936,801				6,066,024				(36,739,602	)
		(36,362,545	)			(128,622,666	)			(45,206	)			27,632,525

		124,207,674				27,552,119				7,269,575				(6,909,830	)



		(13,040,646	)			(24,431,724	)			(1,118,749	)			(2,522,850	)



		590,644,560				482,329,812				5,698,819				74,739,971
		(385,222,719	)			(431,406,481	)			(15,063,731	)			(104,531,803	)

		205,421,841				50,923,331				(9,364,912	)			(29,791,832	)

		316,588,869				54,043,726				(3,214,086	)			(39,224,512	)



		2,193,385,612				2,139,341,886				244,509,475				283,733,987

	$	2,509,974,481			$	2,193,385,612			$	241,295,389			$	244,509,475



		17,290,000	^(b)			15,700,000	^(b)			140,000	^(a)			2,000,000	^(a)
		(11,270,000	)^(b)			(14,900,000	)^(b)			(390,000	)^(a)			(2,900,000	)^(a)
		68,907,850	^(b)			68,107,850	^(b)			6,700,105	^(a)			7,600,105	^(a)

		74,927,850	^(b)			68,907,850	^(b)			6,450,105	^(a)			6,700,105	^(a)


		27

Statements of Changes in Net Assets–(continued)

For the six months ended October 31, 2023 and the year ended April 30, 2023

(Unaudited)


	Invesco S&P MidCap 400^® Pure Value ETF (RFV)								Invesco S&P SmallCap 600^® Pure Growth ETF (RZG)
	Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023
Operations:
Net investment income		$	1,865,069			$	3,366,534			$	662,173			$	1,746,652
Net realized gain (loss)			(6,041,935	)			665,063				(871,343	)			(28,375,858	)
Change in net unrealized appreciation (depreciation)			(55,525	)			(11,159,212	)			1,217,435				20,039,278

Net increase (decrease) in net assets resulting from operations			(4,232,391	)			(7,127,615	)			1,008,265				(6,589,928	)


Distributions to Shareholders from:
Distributable earnings			(1,808,666	)			(3,557,631	)			(698,908	)			(1,764,418	)


Shareholder Transactions:
Proceeds from shares sold			53,763,169				302,276,858				-				27,645,743
Value of shares repurchased			(66,755,878	)			(181,654,210	)			(4,310,252	)			(40,900,625	)

Net increase (decrease) in net assets resulting from share transactions			(12,992,709	)			120,622,648				(4,310,252	)			(13,254,882	)

Net increase (decrease) in net assets			(19,033,766	)			109,937,402				(4,000,895	)			(21,609,228	)


Net assets:
Beginning of period			250,105,362				140,167,960				87,552,248				109,161,476

End of period		$	231,071,596			$	250,105,362			$	83,551,353			$	87,552,248


Changes in Shares Outstanding:
Shares sold			510,000				3,090,000				-				660,000	^(a)
Shares repurchased			(700,000	)			(1,980,000	)			(100,000	)^(a)			(1,020,000	)^(a)
Shares outstanding, beginning of period			2,670,499				1,560,499				2,280,012	^(a)			2,640,012	^(a)

Shares outstanding, end of period			2,480,499				2,670,499				2,180,012	^(a)			2,280,012	^(a)

^(a)	Changes in shares outstanding have been restated to reflect a three-for-one stock split effective after the close of business on July 14, 2023. See Note 10.

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


		28


Invesco S&P SmallCap 600^® Pure Value ETF (RZV)
Six Months Ended October 31, 2023				Year Ended April 30, 2023

	$	1,585,520			$	4,330,931
		(20,632,750	)			(12,554,579	)
		10,910,794				(11,466,715	)

		(8,136,436	)			(19,690,363	)


		(1,557,525	)			(4,215,256	)



		983,483				213,867,166
		(58,960,496	)			(205,071,420	)

		(57,977,013	)			8,795,746

		(67,670,974	)			(15,109,873	)



		270,607,872				285,717,745

	$	202,936,898			$	270,607,872



		10,000				2,290,000
		(680,000	)			(2,350,000	)
		3,060,040				3,120,040

		2,390,040				3,060,040


		29

Financial Highlights

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


	Six Months Ended October 31,
	2023				Years Ended April 30,
	(Unaudited)				2023^(a)			2022^(a)			2021^(a)			2020^(a)			2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	30.48		$	31.74		$	34.53		$	23.35		$	23.83		$	21.82

Net investment income^(b)			0.19			0.37			0.02			0.07			0.20			0.12
Net realized and unrealized gain (loss) on investments			(1.18	)		(1.26	)		(2.81	)		11.20			(0.45	)		2.00

Total from investment operations			(0.99	)		(0.89	)		(2.79	)		11.27			(0.25	)		2.12

Distributions to shareholders from:
Net investment income			(0.20	)		(0.37	)		(0.00	)^(c)		(0.09	)		(0.23	)		(0.11	)

Net asset value at end of period		$	29.29		$	30.48		$	31.74		$	34.53		$	23.35		$	23.83

Market price at end of period^(d)		$	29.30		$	30.48		$	31.75		$	34.54		$	23.35		$	23.84

Net Asset Value Total Return^(e)			(3.28	)%		(2.74	)%		(8.08	)%		48.37	%		(1.02	)%		9.79	%
Market Price Total Return^(e)			(3.24	)%		(2.77	)%		(8.10	)%		48.40	%		(1.03	)%		9.71	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,673,904		$	1,954,046		$	2,282,336		$	2,650,386		$	2,195,101		$	2,842,159
Ratio to average net assets of:
Expenses			0.35	%^(f)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income			1.22	%^(f)		1.20	%		0.06	%		0.23	%		0.84	%		0.53	%
Portfolio turnover rate^(g)			7	%		78	%		45	%		56	%		73	%		64	%

^(a)	Per share amounts have been adjusted to reflect a five-for-one stock split effective after the close of business on July 14, 2023.

^(b)	Based on average shares outstanding.

^(c)	Amount represents less than $(0.005).

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

^(e)

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.

^(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.


		30

Financial Highlights–(continued)

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


	Six Months Ended October 31,
	2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	76.01		$	81.61		$	76.85		$	45.75		$	66.34		$	66.33

Net investment income^(a)			0.87			1.91			1.64			1.31			1.65			1.49
Net realized and unrealized gain (loss) on investments.			(6.54	)		(5.47	)		4.51			31.03			(20.59	)		(0.01	)

Total from investment operations			(5.67	)		(3.56	)		6.15			32.34			(18.94	)		1.48

Distributions to shareholders from:
Net investment income			(0.95	)		(2.04	)		(1.39	)		(1.24	)		(1.65	)		(1.47	)

Net asset value at end of period		$	69.39		$	76.01		$	81.61		$	76.85		$	45.75		$	66.34

Market price at end of period^(b)		$	69.41		$	76.00		$	81.60		$	76.88		$	45.86		$	66.36

Net Asset Value Total Return^(c)			(7.56	)%		(4.31	)%		8.13	%		71.67	%		(28.82	)%		2.37	%
Market Price Total Return^(c)			(7.52	)%		(4.31	)%		8.06	%		71.32	%		(28.67	)%		2.33	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,530,261		$	2,719,154		$	3,773,241		$	2,238,854		$	496,546		$	928,883
Ratio to average net assets of:
Expenses			0.35	%^(d)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income			2.28	%^(d)		2.42	%		2.04	%		2.16	%		2.64	%		2.29	%
Portfolio turnover rate^(e)			5	%		45	%		32	%		46	%		46	%		37	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		31

Financial Highlights–(continued)

Invesco S&P 500^® Top 50 ETF (XLG)


	Six Months Ended October 31,
	2023				Years Ended April 30,
	(Unaudited)				2023^(a)				2022^(a)				2021^(a)				2020^(a)				2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	31.83			$	31.41			$	31.36			$	22.23			$	21.23			$	18.72

Net investment income^(b)			0.18				0.37				0.35				0.37				0.37				0.37
Net realized and unrealized gain on investments			1.67				0.42				0.05				9.11				1.00				2.52

Total from investment operations			1.85				0.79				0.40				9.48				1.37				2.89

Distributions to shareholders from:
Net investment income			(0.18	)			(0.37	)			(0.35	)			(0.35	)			(0.37	)			(0.38	)

Net asset value at end of period		$	33.50			$	31.83			$	31.41			$	31.36			$	22.23			$	21.23

Market price at end of period^(c)		$	33.50			$	31.82			$	31.38			$	31.36			$	22.25			$	21.23

Net Asset Value Total Return^(d)			5.79	%			2.69	%			1.21	%			42.97	%			6.61	%			15.64	%
Market Price Total Return^(d)			5.83	%			2.71	%			1.12	%			42.85	%			6.73	%			15.50	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,509,974			$	2,193,386			$	2,139,342			$	1,812,843			$	1,122,748			$	838,904
Ratio to average net assets of:
Expenses			0.20	%^(e)			0.20	%			0.20	%			0.20	%			0.20	%			0.20	%
Net investment income			1.04	%^(e)			1.24	%			1.02	%			1.36	%			1.71	%			1.89	%
Portfolio turnover rate^(f)			4	%			5	%			5	%			5	%			8	%			8	%

^(a)	Per share amounts have been adjusted to reflect a ten-for-one stock split effective after the close of business July 14, 2023.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	Annualized.

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

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


		32

Financial Highlights–(continued)

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


	Six Months Ended October 31,
	2023				Years Ended April 30,
	(Unaudited)				2023^(a)			2022^(a)			2021^(a)			2020^(a)			2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	36.49		$	37.33		$	45.65		$	26.40		$	30.37		$	30.93

Net investment income^(b)			0.19			0.31			0.06			0.00	^(c)		0.19			0.21
Net realized and unrealized gain (loss) on investments			0.90			(0.80	)		(8.34	)		19.32			(3.98	)		(0.54	)

Total from investment operations			1.09			(0.49	)		(8.28	)		19.32			(3.79	)		(0.33	)

Distributions to shareholders from:
Net investment income			(0.17	)		(0.35	)		(0.04	)		(0.07	)		(0.18	)		(0.23	)

Net asset value at end of period		$	37.41		$	36.49		$	37.33		$	45.65		$	26.40		$	30.37

Market price at end of period^(d)		$	37.40		$	36.48		$	37.30		$	45.65		$	26.44		$	30.39

Net Asset Value Total Return^(e)			2.95	%		(1.27	)%		(18.15	)%		73.26	%		(12.46	)%		(1.05	)%
Market Price Total Return^(e)			2.96	%		(1.18	)%		(18.21	)%		72.95	%		(12.39	)%		(1.07	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	241,295		$	244,509		$	283,734		$	403,991		$	270,607		$	493,563
Ratio to average net assets of:
Expenses			0.35	%^(f)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income			0.98	%^(f)		0.84	%		0.14	%		0.01	%		0.66	%		0.69	%
Portfolio turnover rate^(g)			16	%		81	%		83	%		73	%		94	%		86	%

^(a)	Per share amounts have been adjusted to reflect a five-for-one stock split effective after the close of business on July 14, 2023.

^(b)	Based on average shares outstanding.

^(c)	Amount represents less than $0.005.

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

^(e)

^(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.


		33

Financial Highlights–(continued)

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


	Six Months Ended October 31,
	2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	93.65		$	89.82		$	93.56		$	46.79		$	69.61		$	65.71

Net investment income^(a)			0.75			1.69			1.75			0.72			1.41			0.81
Net realized and unrealized gain (loss) on investments			(0.49	)		3.98	^(b)		(3.84	)		47.07			(22.86	)		3.90

Total from investment operations			0.26			5.67			(2.09	)		47.79			(21.45	)		4.71

Distributions to shareholders from:
Net investment income			(0.75	)		(1.84	)		(1.65	)		(1.02	)		(1.37	)		(0.81	)

Net asset value at end of period		$	93.16		$	93.65		$	89.82		$	93.56		$	46.79		$	69.61

Market price at end of period^(c)		$	93.14		$	93.60		$	89.63		$	93.64		$	46.86		$	69.69

Net Asset Value Total Return^(d)			0.23	%		6.50	%		(2.28	)%		103.18	%		(30.96	)%		7.25	%
Market Price Total Return^(d)			0.27	%		6.67	%		(2.56	)%		103.05	%		(30.94	)%		7.25	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	231,072		$	250,105		$	140,168		$	163,779		$	56,172		$	142,737
Ratio to average net assets of:
Expenses			0.35	%^(e)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income			1.51	%^(e)		1.82	%		1.85	%		1.07	%		2.25	%		1.20	%
Portfolio turnover rate^(f)			14	%		57	%		47	%		65	%		61	%		57	%

^(a)	Based on average shares outstanding.

^(b)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

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

^(d)

^(e)	Annualized.

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

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


		34

Financial Highlights–(continued)

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


	Six Months Ended October 31,
	2023				Years Ended April 30,
	(Unaudited)				2023^(a)			2022^(a)			2021^(a)			2020^(a)			2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	38.40		$	41.35		$	52.95		$	29.27		$	38.53		$	38.14

Net investment income^(b)			0.30			0.69	^(c)		0.22			0.16			0.25			0.11
Net realized and unrealized gain (loss) on investments			(0.06	)^(d)		(2.91	)		(11.65	)		23.68			(9.22	)		0.44

Total from investment operations			0.24			(2.22	)		(11.43	)		23.84			(8.97	)		0.55

Distributions to shareholders from:
Net investment income			(0.31	)		(0.73	)		(0.17	)		(0.16	)		(0.29	)		(0.16	)

Net asset value at end of period		$	38.33		$	38.40		$	41.35		$	52.95		$	29.27		$	38.53

Market price at end of period^(e)		$	38.31		$	38.39		$	41.29		$	52.91		$	29.32		$	38.53

Net Asset Value Total Return^(f)			0.58	%		(5.36	)%		(21.63	)%		81.63	%		(23.30	)%		1.43	%
Market Price Total Return^(f)			0.54	%		(5.26	)%		(21.68	)%		81.22	%		(23.16	)%		1.26	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	83,551		$	87,552		$	109,161		$	138,188		$	96,608		$	236,954
Ratio to average net assets of:
Expenses			0.35	%^(g)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income			1.44	%^(g)		1.72	%^(c)		0.43	%		0.38	%		0.69	%		0.26	%
Portfolio turnover rate^(h)			9	%		72	%		80	%		79	%		85	%		71	%

^(a)	Per share amounts have been adjusted to reflect a three-for-one stock split effective after the close of business on July 14, 2023.

^(b)	Based on average shares outstanding.

^(c)

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.58 and 1.43%, respectively.

^(d)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

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

^(f)

^(g)	Annualized.

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

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


		35

Financial Highlights–(continued)

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


	Six Months Ended October 31,
	2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	88.43		$	91.58		$	88.82		$	43.07		$	67.47		$	71.57

Net investment income^(a)			0.61			1.35			0.90			0.57			0.68			0.99
Net realized and unrealized gain (loss) on investments			(3.52	)		(3.19	)		2.75			45.63			(24.39	)		(4.02	)

Total from investment operations			(2.91	)		(1.84	)		3.65			46.20			(23.71	)		(3.03	)

Distributions to shareholders from:
Net investment income			(0.61	)		(1.31	)		(0.89	)		(0.45	)		(0.69	)		(1.07	)

Net asset value at end of period		$	84.91		$	88.43		$	91.58		$	88.82		$	43.07		$	67.47

Market price at end of period^(b)		$	84.84		$	88.38		$	91.61		$	88.87		$	43.14		$	67.53

Net Asset Value Total Return^(c)			(3.34	)%		(1.92	)%		4.10	%		107.66	%		(35.31	)%		(4.27	)%
Market Price Total Return^(c)			(3.36	)%		(2.02	)%		4.08	%		107.44	%		(35.27	)%		(4.28	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	202,937		$	270,608		$	285,718		$	337,507		$	81,842		$	192,279
Ratio to average net assets of:
Expenses			0.35	%^(d)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income			1.32	%^(d)		1.50	%		0.95	%		0.86	%		1.14	%		1.38	%
Portfolio turnover rate^(e)			15	%		62	%		54	%		74	%		70	%		52	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		36

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

October 31, 2023

(Unaudited)

NOTE 1–Organization

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


Full Name		Short Name

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

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

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

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

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

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

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

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

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

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


Fund		Underlying Index

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

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

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

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

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

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

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

NOTE 2–Significant Accounting Policies

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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


		37

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

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

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

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

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask 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/ask 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.

B.	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


		38

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 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 pays 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


		39

(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.

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 six months ended October 31, 2023, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:


	Amount

S&P 500^®Pure Growth ETF		$1,672

S&P 500^®Pure Value ETF		6,881

S&P 500^®Top 50 ETF		7,503


		40


	Amount

S&P MidCap 400^®Pure Growth ETF		2,310

S&P MidCap 400^®Pure Value ETF		3,284

S&P SmallCap 600^®Pure Growth ETF		1,463

S&P SmallCap 600^®Pure Value ETF		4,332

J.	Other Risks

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

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

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

Index Risk. Unlike many investment companies that are “actively managed”, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

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.


		41

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.

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

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

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

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

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 pays 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 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)

S&P 500^®Pure Growth ETF		0.35%

S&P 500^®Pure Value ETF		0.35%

S&P 500^®Top 50 ETF		0.20%

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

S&P MidCap 400^®Pure Value ETF		0.35%

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

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

Through at least August 31, 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 six months ended October 31, 2023, the Adviser waived fees for each Fund in the following amounts:



S&P 500^®Pure Growth ETF	$	228

S&P 500^®Pure Value ETF		387

S&P 500^®Top 50 ETF		373

S&P MidCap 400^®Pure Growth ETF		38

S&P MidCap 400^®Pure Value ETF		96

S&P SmallCap 600^®Pure Growth ETF		24

S&P SmallCap 600^®Pure Value ETF		23


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

The Adviser has entered into licensing agreements on behalf of each Fund with S&P Dow Jones Indices LLC (the “Licensor”). Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.

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

For the six months ended October 31, 2023, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:



S&P 500^®Pure Growth ETF	$	16,415

S&P 500^®Pure Value ETF		16,705

S&P 500^®Top 50 ETF		14,334

S&P MidCap 400^®Pure Growth ETF		6,589

S&P MidCap 400^®Pure Value ETF		15,163

S&P SmallCap 600^®Pure Growth ETF		2,058

S&P SmallCap 600^®Pure Value ETF		11,190

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

NOTE 4–Security Transactions with Affiliated Funds

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

For the six months ended October 31, 2023, the following Funds engaged in transactions with affiliates as listed below:


	Securities Purchases			Securities Sales			Net Realized Gains (Losses)*

S&P 500^®Pure Growth ETF		$	30,868,422		$	-		$	-

S&P 500^®Pure Value ETF			-			2,855,144			(2,277,868	)

S&P MidCap 400^®Pure Growth ETF			5,770,754			2,665,138			1,516,402

S&P MidCap 400^®Pure Value ETF			-			3,123,279			(2,044,932	)

S&P SmallCap 600^®Pure Growth ETF			-			228,575			48,576

S&P SmallCap 600^®Pure Value ETF			8,583,638			-			-

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

NOTE 5–Additional Valuation Information

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


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

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


		43



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 October 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

S&P 500^®Pure Growth ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	1,672,916,481		$	-		$	-		$	1,672,916,481

Money Market Funds			-			67,159,976			-			67,159,976


Total Investments		$	1,672,916,481		$	67,159,976		$	-		$	1,740,076,457


S&P 500^®Pure Value ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	1,528,199,558		$	-		$	-		$	1,528,199,558

Money Market Funds			495,406			123,451,090			-			123,946,496


Total Investments		$	1,528,694,964		$	123,451,090		$	-		$	1,652,146,054


S&P 500^®Top 50 ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	2,509,579,663		$	-		$	-		$	2,509,579,663

Money Market Funds			-			54,230,095			-			54,230,095


Total Investments		$	2,509,579,663		$	54,230,095		$	-		$	2,563,809,758


S&P MidCap 400^®Pure Growth ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	241,126,084		$	-		$	-		$	241,126,084

Money Market Funds			225,062			55,870,861			-			56,095,923


Total Investments		$	241,351,146		$	55,870,861		$	-		$	297,222,007


S&P MidCap 400^®Pure Value ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	231,051,996		$	-		$	-		$	231,051,996

Money Market Funds			-			47,717,743			-			47,717,743


Total Investments		$	231,051,996		$	47,717,743		$	-		$	278,769,739


S&P SmallCap 600^®Pure Growth ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	83,503,769		$	-		$	0		$	83,503,769

Money Market Funds			-			23,107,490			-			23,107,490


Total Investments		$	83,503,769		$	23,107,490		$	0		$	106,611,259


S&P SmallCap 600^®Pure Value ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	202,833,906		$	-		$	-		$	202,833,906

Money Market Funds			55,383			58,572,850			-			58,628,233


Total Investments		$	202,889,289		$	58,572,850		$	-		$	261,462,139

NOTE 6–Tax Information

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

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


		44

The Funds had capital loss carryforwards as of April 30, 2023, as follows:


	No expiration
	Short-Term		Long-Term		Total*

S&P 500^®Pure Growth ETF	$	432,201,860	$	353,686,009	$	785,887,869

S&P 500^®Pure Value ETF		313,446,664		254,359,117		567,805,781

S&P 500^®Top 50 ETF		42,328,049		68,359,714		110,687,763

S&P MidCap 400^®Pure Growth ETF		183,134,801		75,988,845		259,123,646

S&P MidCap 400^®Pure Value ETF		40,543,335		32,858,476		73,401,811

S&P SmallCap 600^®Pure Growth ETF		101,793,178		36,866,735		138,659,913

S&P SmallCap 600^® Pure Value ETF		83,388,872		90,149,871		173,538,743

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

NOTE 7–Investment Transactions

For the six months ended October 31, 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
S&P 500^®Pure Growth ETF	$	122,502,374	$	122,000,548

S&P 500^®Pure Value ETF		92,156,181		92,594,551

S&P 500^®Top 50 ETF		87,805,498		87,413,179

S&P MidCap 400^®Pure Growth ETF		39,820,438		39,696,166

S&P MidCap 400^®Pure Value ETF		35,664,687		35,402,960

S&P SmallCap 600^®Pure Growth ETF		7,841,818		7,933,366

S&P SmallCap 600^®Pure Value ETF		36,871,231		36,835,507

For the six months ended October 31, 2023, in-kind transactions associated with creations and redemptions were as follows:


	In-kind		In-kind
	Purchases		Sales
S&P 500^®Pure Growth ETF	$	49,704,212	$	259,289,440

S&P 500^®Pure Value ETF		66,922,024		1,075,490,235

S&P 500^®Top 50 ETF		589,621,762		384,911,312

S&P MidCap 400^®Pure Growth ETF		5,700,809		15,066,260

S&P MidCap 400^®Pure Value ETF		53,685,322		66,719,563

S&P SmallCap 600^®Pure Growth ETF		-		4,303,932

S&P SmallCap 600^®Pure Value ETF		984,054		58,927,742

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. As of October 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 (Depreciation)			Cost
S&P 500^®Pure Growth ETF	$	192,487,477	$	(186,947,053	)	$	5,540,424		$	1,734,536,033

S&P 500^®Pure Value ETF		51,740,155		(456,879,641	)		(405,139,486	)		2,057,285,540

S&P 500^®Top 50 ETF		344,899,878		(91,628,066	)		253,271,812			2,310,537,946

S&P MidCap 400^®Pure Growth ETF		27,686,088		(20,378,679	)		7,307,409			289,914,598

S&P MidCap 400^®Pure Value ETF		9,132,476		(30,767,560	)		(21,635,084	)		300,404,823

S&P SmallCap 600^®Pure Growth ETF		10,857,408		(13,125,013	)		(2,267,605	)		108,878,864

S&P SmallCap 600^®Pure Value ETF		23,764,971		(35,756,934	)		(11,991,963	)		273,454,102

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.


		45

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

NOTE 9–Capital

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

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

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

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

NOTE 10–Stock Split

On June 22, 2023, the Board of Trustees approved the stock splits set forth in the table below. The effect of the stock splits was to increase the number of shares outstanding of those Funds, whereby every outstanding share of the respective Funds was exchanged for three, five or ten shares, as described below, effective after the close of business on July 14, 2023. The transactions did not change the net assets of the Funds or the net asset value of any shareholder’s investment in the Funds.


Fund		Stock Split Ratio

S&P 500^®Pure Growth ETF		5 to 1

S&P 500^®Top 50 ETF		10 to 1

S&P MidCap 400^®Pure Growth ETF		5 to 1

S&P SmallCap 600^®Pure Growth ETF		3 to 1


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Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of 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 May 1, 2023 through October 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 May 1, 2023		Ending Account Value October 31, 2023		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period⁽¹⁾
Invesco S&P 500^®Pure Growth ETF (RPG)

Actual		$1,000.00		$ 967.20		0.35%		$1.73

Hypothetical (5% return before expenses)		1,000.00		1,023.38		0.35		1.78

Invesco S&P 500^®Pure Value ETF (RPV)

Actual		1,000.00		924.40		0.35		1.69

Hypothetical (5% return before expenses)		1,000.00		1,023.38		0.35		1.78

Invesco S&P 500^®Top 50 ETF (XLG)

Actual		1,000.00		1,057.90		0.20		1.03

Hypothetical (5% return before expenses)		1,000.00		1,024.13		0.20		1.02

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

Actual		1,000.00		1,029.50		0.35		1.79

Hypothetical (5% return before expenses)		1,000.00		1,023.38		0.35		1.78

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

Actual		1,000.00		1,002.30		0.35		1.76

Hypothetical (5% return before expenses)		1,000.00		1,023.38		0.35		1.78


		47

Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value May 1, 2023		Ending Account Value October 31, 2023		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period⁽¹⁾

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

Actual		$1,000.00		$1,005.80		0.35%		$1.76

Hypothetical (5% return before expenses)		1,000.00		1,023.38		0.35		1.78
Invesco S&P SmallCap 600^®Pure Value ETF (RZV)

Actual		1,000.00		966.60		0.35		1.73

Hypothetical (5% return before expenses)		1,000.00		1,023.38		0.35		1.78

⁽¹⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 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 184/366.


		48

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Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

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