Domestic Equity

The US stock market hit new highs in the second quarter of 2021, despite higher volatility stemming from inflation concerns and the potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the US gross domestic product (GDP) grew at a 6.4% annualized rate for the first quarter of 2021.¹ Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets continued to move higher in July 2021 despite inflation concerns and increasing COVID-19 infection rates due to the rapidly spreading Delta variant. Despite the Consumer Price Index (CPI) increasing monthly from June through September,² the US Federal Reserve (the Fed) declined to raise interest rates at its September Federal Open Market Committee meeting. The US stock market saw continued volatility in August 2021 and a selloff through most of September due to increasing concerns of inflation due to a spike in oil prices and supply chain shortages causing rising costs.

Equity markets were volatile in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil (West Texas Intermediate) rose to nearly $85 per barrel in October,³ causing higher gas prices for consumers and pushing energy stocks higher. The CPI reported for November increased 0.8%, resulting in a 6.8% increase over the last 12 months, the highest since 1982.² To combat inflation, the Fed announced a faster pace of tapering at its December meeting, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at 2021 year-end.

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.³ The CPI rose by 7.9% for the 12 months ended February 2022, the largest 12-month increase since 1982.² To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March, with several more rate increases expected in 2022. As the war in Ukraine continued and corporate earnings in high-profile names, like Netflix reported slowing growth and profits, equity markets sold off for much of the month of April 2022. In this environment, US stocks had flat returns for the fiscal year ended April 30, 2022, of 0.21%, as measured by the S&P 500 Index.⁴

1	Source: US Bureau of Economic Analysis

2	Source: US Bureau of Labor Statistics

3	Source: Bloomberg LP

4	Source: Lipper Inc.

Global Equity

At the beginning of the fiscal year, global equity markets were bolstered by the acceleration of vaccination rollouts and easing of COVID-19-related restrictions in most developed markets, with growth stocks outperforming value stocks in most regions.

Developed global equity markets ended the second half of 2021 in positive territory despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the fiscal year, resulting in higher costs for companies and consumers. Emerging market equities declined during the fiscal year, primarily due to weak performance of Chinese equities, which were affected by significant regulatory changes in the private tutoring industry, increased regulation in the technology sector, the potential default of a large Chinese property developer (which did, in fact, default later in 2021) and COVID-19 concerns.

Global equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply and value stocks outperforming growth stocks.

At the end of the fiscal year, global equity markets continued their decline, as they were impacted by the war in Ukraine, COVID-19 lockdowns in China and the increase of interest rates in the US to combat inflation. For the overall fiscal year, most regions were in negative territory, but developed market equities outperformed emerging market equities.

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

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

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (2.90)%. On a net asset value (“NAV”) basis, the Fund returned (2.78)%. During the same time period, the Index returned (2.22)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P 500^® Index returned 0.21%.

For the fiscal year ended April 30, 2022, the industrials sector contributed most significantly to the Fund’s return, followed by the energy and materials sectors, respectively. The communication services sector detracted most significantly from the Fund’s return, followed by the financials and consumer discretionary sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Fortinet, Inc., an information technology company (no longer held at fiscal year-end) and McKesson Corp., a health care company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Charter Communications, Inc., Class A, a communication services company (portfolio average weight of 4.84%) and Bank of America Corp., a financials company (portfolio average weight of 1.23%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Financials			28.51
Consumer Discretionary			22.84
Information Technology			12.16
Health Care			10.17
Materials			7.47
Industrials			7.10
Communication Services			6.66
Energy			3.20
Sector Types Each Less Than 3%			1.87
Money Market Funds Plus Other Assets Less Liabilities			0.02
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Lowe’s Cos., Inc.			5.23
Oracle Corp.			4.75
Bank of America Corp.			4.63
Cigna Corp.			4.38
Charter Communications, Inc., Class A			4.20
HCA Healthcare, Inc.			3.58
Dollar General Corp.			3.01
MetLife, Inc.			3.00
Capital One Financial Corp.			2.80
Marathon Petroleum Corp.			2.69
Total			38.27

 

*	Excluding money market fund holdings.

Fund Inception: December 20, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.64%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

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

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

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

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 4.46%. On a net asset value (“NAV”) basis, the Fund returned 4.40%. During the same time period, the Index returned 4.94%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the Russell 3000^® Value Index returned 0.79%.

For the fiscal year ended April 30, 2022, the consumer staples sector contributed most significantly to the Fund’s return, followed by the health care and energy sectors, respectively. The communication services sector detracted most significantly from the Fund’s return, followed by the financials and consumer discretionary sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Exxon Mobil Corp., an energy company (portfolio average weight of 1.81%) and Chevron Corp., an energy company (portfolio average weight of 1.50%). Positions that detracted most significantly from the Fund’s return during this period included JPMorgan Chase & Co., a financials company (portfolio average weight of 3.00%) and Comcast Corp., Class A, a communication services company (portfolio average weight of 1.57%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Information Technology			20.28
Health Care			16.20
Consumer Staples			14.63
Financials			12.82
Industrials			11.80
Consumer Discretionary			7.22
Utilities			5.23
Energy			4.56
Materials			3.10
Sector Types Each Less Than 3%			4.10
Money Market Funds Plus Other Assets Less Liabilities			0.06
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Microsoft Corp.			3.77
UnitedHealth Group, Inc.			2.98
Johnson & Johnson			2.95
Walmart, Inc.			2.64
Procter & Gamble Co. (The)			2.40
Exxon Mobil Corp.			2.25
Visa, Inc., Class A			2.20
JPMorgan Chase & Co.			2.19
Mastercard, Inc., Class A			2.19
Home Depot, Inc. (The)			1.95
Total			25.52

 

*	Excluding money market fund holdings.

Fund Inception: September 15, 2005

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

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

Notes Regarding Indexes and Fund Performance History:

 

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

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

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

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 6.04%. On a net asset value (“NAV”) basis, the Fund returned 6.19%. During the same time period, the Index returned 6.27%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due fees and operating expenses that the Fund incurred during the period.

During this same time period, the Benchmark Index returned (0.82)%. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

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

Relative to the Benchmark Index, the Fund was most overweight in the consumer staples sector and most underweight in the consumer discretionary sector during the fiscal year ended April 30, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to the energy sector, as well as the Fund’s underweight allocation to and security selection in the industrials sector.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the health care and consumer staples sectors, respectively. The industrials sector detracted most significantly from the Fund’s return, followed by the communication services and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Chevron Corp., an energy company (portfolio average weight of 8.31%) and Merck & Co., Inc., a health care company (portfolio average weight of 5.22%). Positions that detracted most significantly from the Fund’s return during this period included 3M Co., an industrials company (portfolio average weight of 4.64%) and Verizon Communications Inc., a communication services company (portfolio average weight of 6.41%).

 

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Information Technology			18.55
Health Care			16.33
Consumer Staples			15.68
Industrials			12.13
Financials			10.89
Consumer Discretionary			7.98
Materials			7.30
Communication Services			5.86
Energy			5.09
Money Market Funds Plus Other Assets Less Liabilities			0.19
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
International Business Machines Corp.			8.04
Dow, Inc.			7.30
Verizon Communications, Inc.			5.86
3M Co.			5.77
Merck & Co., Inc.			5.75
Walgreens Boots Alliance, Inc.			5.21
Chevron Corp.			5.09
Amgen, Inc.			4.91
Coca-Cola Co. (The)			4.44
Intel Corp.			4.10
Total			56.47

 

*	Excluding money market fund holdings.

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

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

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

Notes Regarding Indexes and Fund Performance History:

 

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

 

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

Effective after the close of the markets on June 30, 2021, the underlying index of the Invesco Financial Preferred ETF (the “Fund”) changed from the Wells Fargo^® Hybrid and Preferred Securities Financial Index (the “Previous Index”) to the ICE Exchange-Listed Fixed Rate Financial Preferred Securities Index (the “Index”). At that time, the Fund also changed its investment objective and principal investment strategy.

As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Index, and through June 30, 2021, the Previous Index. The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index and, through June 30, 2021, generally invested at least 90% of its total assets in securities that comprised the Previous Index. ICE Data Indices, LLC (the “Index Provider”) compiles and calculates the Index, a market capitalization weighted index designed to track the performance of exchange-listed, fixed rate U.S. dollar denominated preferred securities, and securities that the Index Provider believes are functionally equivalent to preferred securities, issued in the U.S. domestic market by financial companies. The Index Provider considers financial companies to be banking, brokerage, finance, investment and insurance companies. Securities that qualify for the Index must be listed on either the NASDAQ or the New York Stock Exchange as their primary listing exchange. The Index only includes securities with no final maturity date (i.e., perpetuals) and whose payments are “qualified dividend income” under the U.S. tax code. Further, the Index only includes securities that are rated at least B3 by Moody’s Investors Service or B- by S&P Global Ratings, that have a minimum amount outstanding of $250 million, and that meet other minimum liquidity, trading volume and other requirements, as determined by the Index Provider. In general, preferred stock is a class of equity security that pays distributions to preferred stockholders. Preferred stockholders have priority over common stockholders in the payment of specified dividends, such that preferred stockholders receive dividends before any dividends are paid to common stockholders. In addition, preferred stock takes precedence over common stock in receiving proceeds from an issuer in the event of the issuer’s liquidation, but is generally junior to debt, including senior and subordinated debt.

Although preferred stocks represent a partial ownership interest in a company, preferred stocks generally do not carry voting rights. Preferred stocks have economic characteristics similar to fixed-income securities; for example, preferred stocks generally pay dividends at a specified rate, which may be fixed or variable. The Index may include fixed-to-floating rate preferred securities (securities that have an initial term with a fixed dividend rate and subsequently bear a floating dividend rate), provided that these securities are callable within the fixed rate period and are at least one day from the last call before transitioning from a fixed rate to a floating rate. Preferred stocks often have a liquidation value that equals the original purchase price of the stock at the time of

issuance. The Index may include securities of large-, mid- and small-capitalization companies.

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

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (13.99)%. On a net asset value (“NAV”) basis, the Fund returned (13.34)%. During the same time period, the Blended-Custom Linked Financial Preferred ETF Index (a composite of the returns of the Previous Index through June 30, 2021 and of the Index for the remainder of the fiscal year, referred to herein as the “Blended-Index”) returned (12.99)%. The Fund’s performance, on a NAV basis, differed from the return of the Blended-Index due to the fees and operating expenses as well as trading costs incurred by the Fund during the period.

During this same time period, the S&P U.S. Preferred Stock Index (the “Benchmark Index”) returned (9.75)%. The Benchmark Index is an unmanaged index weighted by modified market capitalization based on the average performance of approximately 276 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. preferred stock market.

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

Relative to the Benchmark Index, the majority of the Fund’s underperformance during the period can be primarily attributed to its overweight allocation to preferred securities in the banks and consumer finance industries.

For the fiscal year ended April 30, 2022, no industry contributed to the Fund’s performance. The banks industry detracted most significantly from the Fund’s return, followed by the insurance and consumer finance industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Charles Schwab Corp., 5.95%, Series D, a capital markets company (portfolio average weight of 1.11%) and PNC Financials Services Group, Inc. (The), Series P, 5.35%, a banks company (portfolio average weight of 2.31%). The positions that detracted most significantly from the Fund’s return during this period were JPMorgan Chase & Co, Series MM, 4.20%, a banks company (portfolio average weight of 2.11%) and Wells Fargo & Co., Series Z, 4.75%, a banks company (portfolio average weight of 2.21%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Banks			57.96
Insurance			18.22
Capital Markets			15.21
Consumer Finance			5.28
Industry Types Each Less Than 3%			3.06
Money Market Funds Plus Other Assets Less Liabilities			0.27

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
JPMorgan Chase & Co., Series EE, Pfd., 6.00%,			2.54
Citigroup, Inc., Series K, Pfd., 6.88%,			2.38
Wells Fargo & Co., Series Q, Pfd., 5.85%,			2.38
JPMorgan Chase & Co., Series DD, Pfd., 5.75%,			2.37
PNC Financial Services Group, Inc. (The), Series P, Pfd., 5.35%,			2.31
Wells Fargo & Co., Series Z, Pfd., 4.75%,			2.20
JPMorgan Chase & Co., Series MM, Pfd., 4.20%,			2.10
JPMorgan Chase & Co., Series LL, Pfd., 4.63%,			2.03
Bank of America Corp., Series GG, Pfd., 6.00%,			1.95
Bank of America Corp., Series KK, Pfd., 5.38%,			1.82
Total			22.08

 

*	Excluding money market fund holdings.

Fund Inception: December 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.55%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or

sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

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

 

-	The Blended-Custom Linked Financial Preferred ETF Index is comprised of the performance of the Previous Index from Fund Inception through the conversion date, June 30, 2021, followed by the performance of the Index starting from the conversion date through April 30, 2022.

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

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

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 6.01%. On a net asset value (“NAV”) basis, the Fund returned 5.92%. During the same time period, the Index returned 6.41%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the Dow Jones U.S. Select Dividend Index returned 8.01%.

For the fiscal year ended April 30, 2022, the oil, gas & consumable fuels industry contributed most significantly to the Fund’s return, followed by the gas utilities and tobacco industries, respectively. The diversified telecommunication services industry detracted most significantly from the Fund’s return, followed by the capital markets and household durables industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Exxon Mobil Corp., an oil, gas & consumable fuels company (portfolio average weight of 3.01%) and Chevron Corp., an oil, gas & consumable fuels company (portfolio average weight of 2.48%). Positions that detracted most significantly from the Fund’s return during this period included AT&T Inc., a diversified telecommunication services company (no longer held at fiscal year-end) and Leggett & Platt, Inc., a household durables company (portfolio average weight of 1.58%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Electric Utilities			13.19
Insurance			10.87
Tobacco			9.13
Banks			9.06
Multi-Utilities			5.59
Gas Utilities			5.38
Oil, Gas & Consumable Fuels			4.45
Pharmaceuticals			3.70
Health Care Providers & Services			3.63
Household Products			3.40
Industry Types Each Less Than 3%			31.54
Money Market Funds Plus Other Assets Less Liabilities			0.06
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Altria Group, Inc.			3.70
Universal Corp.			3.05
Healthcare Services Group, Inc.			2.84
International Business Machines Corp.			2.81
Northwest Bancshares, Inc.			2.54
LyondellBasell Industries N.V., Class A			2.47
Exxon Mobil Corp.			2.41
Philip Morris International, Inc.			2.38
Pinnacle West Capital Corp.			2.37
Unum Group			2.31
Total			26.88

 

*	Excluding money market fund holdings.

Fund Inception: December 9, 2004

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

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

Notes Regarding Indexes and Fund Performance History:

 

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

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

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

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 10.43%. On a net asset value (“NAV”) basis, the Fund returned 10.11%. During the same time period, the Index returned 10.11%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, equaled the return of the Index as the fees and operating expenses that the Fund incurred during the period were entirely offset by securities lending income, preferential dividend tax rates obtained by the Fund relative to the Index, and income from class action litigation received by the Fund. During this same time period, the MSCI EAFE^® Index (Net) returned (8.15)%.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the utilities and financials sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the information technology and materials sectors, respectively.

Positions that contributed most significantly to the Fund’s return, for the fiscal year ended April 30, 2022, included Canadian Natural Resources Ltd., an energy company (portfolio average weight of 3.14%) and Companhia Paranaense de Energia Sponsored ADR, a utilities company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Magna International, Inc., a consumer discretionary company (portfolio average weight of 1.38%) and Unilever PLC, ADR, a consumer staples company (portfolio average weight of 2.52%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Utilities			19.40
Financials			16.66
Energy			12.51
Materials			9.98
Communication Services			9.14
Information Technology			8.36
Health Care			7.71
Industrials			6.42
Consumer Discretionary			4.90
Consumer Staples			4.47
Real Estate			0.35
Money Market Funds Plus Other Assets Less Liabilities			0.10
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Banco Santander Brasil S.A., ADR			4.44
BCE, Inc.			4.15
Enbridge, Inc.			4.14
TC Energy Corp.			3.99
Rio Tinto PLC, ADR			3.70
Atlantica Sustainable Infrastructure PLC			3.67
Algonquin Power & Utilities Corp.			3.62
National Grid PLC, ADR			3.52
Sumitomo Mitsui Financial Group, Inc., ADR			3.31
TELUS Corp.			3.14
Total			37.68

 

*	Excluding money market fund holdings.

Fund Inception: September 15, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.56%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-	The Blended-NASDAQ International Dividend Achievers™ Index (Net) is comprised of gross total returns of the Index from Fund inception through the conversion date, March 9, 2015, and net returns of the Index starting at the conversion date through April 30, 2022.

 

-	Net returns reflect invested dividends net of withholding taxes.

 

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

		Shares				Value
Common Stocks & Other Equity Interests-99.98%
Communication Services-6.66%
Altice USA, Inc., Class A(b)(c)			202,135			$	1,875,813
Charter Communications, Inc., Class A(b)			132,675				56,849,911
DHI Group, Inc.(b)			36,958				205,486
EchoStar Corp., Class A(b)(c)			28,509				665,685
Lumen Technologies, Inc.(c)			765,229				7,698,204
Nexstar Media Group, Inc., Class A			30,661				4,857,316
Sirius XM Holdings, Inc.(c)			2,952,073				17,712,438
TrueCar, Inc.(b)(c)			72,207				258,501
							90,123,354
Consumer Discretionary-22.84%
Aaron’s Co., Inc. (The)(c)			23,879				490,236
Abercrombie & Fitch Co., Class A(b)(c)			37,853				1,308,957
Advance Auto Parts, Inc.(c)			45,683				9,119,697
AutoNation, Inc.(b)(c)			45,888				5,318,878
AutoZone, Inc.(b)			14,844				29,026,997
Bath & Body Works, Inc.(c)			178,643				9,448,428
Bed Bath & Beyond, Inc.(b)(c)			72,037				980,424
Best Buy Co., Inc.(c)			168,416				15,145,651
Big Lots, Inc.(c)			21,356				659,900
Carriage Services, Inc.			11,462				491,605
Citi Trends, Inc.(b)(c)			6,356				177,777
Crocs, Inc.(b)			45,764				3,040,103
Dillard’s, Inc., Class A(c)			10,748				3,265,350
Dollar General Corp.			171,136				40,649,934
Domino’s Pizza, Inc.			26,943				9,106,734
eBay, Inc.			439,329				22,809,962
Flexsteel Industries, Inc.(c)			4,851				105,218
Grand Canyon Education, Inc.(b)(c)			26,412				2,534,760
Hibbett, Inc.(c)			9,826				424,287
Jack in the Box, Inc.(c)			15,734				1,302,146
Kirkland’s, Inc.(b)(c)			9,219				66,653
Kohl’s Corp.			96,155				5,565,451
Laureate Education, Inc., Class A(c)			133,479				1,512,317
Lowe’s Cos., Inc.			357,965				70,780,420
MGM Resorts International(c)			325,524				13,359,505
Murphy USA, Inc.			18,284				4,271,142
NVR, Inc.(b)			2,510				10,984,287
O’Reilly Automotive, Inc.(b)			49,573				30,068,503
PulteGroup, Inc.			180,525				7,538,724
Sleep Number Corp.(b)(c)			16,572				672,160
Smith & Wesson Brands, Inc.(c)			34,032				467,259
Taylor Morrison Home Corp., Class A(b)			90,694				2,375,276
Tempur Sealy International, Inc.(c)			133,846				3,628,565
Tri Pointe Homes, Inc.(b)			80,440				1,662,695
Zumiez, Inc.(b)(c)			14,899				545,750
							308,905,751
Consumer Staples-1.56%
Hain Celestial Group, Inc. (The)(b)(c)			68,288				2,290,380
Herbalife Nutrition Ltd.(b)(c)			82,155				2,183,680
Ingles Markets, Inc., Class A			10,709				997,222
JM Smucker Co. (The)			81,098				11,104,749
Post Holdings, Inc.(b)(c)			46,255				3,440,909
USANA Health Sciences, Inc.(b)			14,345				1,099,688
							21,116,628

		Shares				Value
Energy-3.20%
CNX Resources Corp.(b)			148,388			$	3,049,373
Dorian LPG Ltd.			30,012				441,777
Magnolia Oil & Gas Corp., Class A(c)			141,007				3,277,003
Marathon Petroleum Corp.			417,675				36,446,320
							43,214,473
Financials-28.51%
Affiliated Managers Group, Inc.			29,742				3,734,703
Aflac, Inc.			485,569				27,813,392
Allstate Corp. (The)			208,134				26,337,276
Ally Financial, Inc.			247,844				9,903,846
Amerant Bancorp, Inc.(c)			25,899				688,654
Ameriprise Financial, Inc.			82,682				21,951,244
Arlington Asset Investment Corp., Class A(b)(c)			22,725				69,311
Assured Guaranty Ltd.			49,119				2,708,913
Atlanticus Holdings Corp.(b)(c)			11,130				479,035
Bank of America Corp.			1,755,880				62,649,798
Bank of New York Mellon Corp. (The)			603,516				25,383,883
Brighthouse Financial, Inc.(b)			57,299				2,942,877
Capital One Financial Corp.			303,344				37,802,729
Civista Bancshares, Inc.			11,133				231,789
CNO Financial Group, Inc.			87,790				2,119,251
Columbia Financial, Inc.(b)(c)			79,785				1,511,926
Comerica, Inc.			98,024				8,028,166
Consumer Portfolio Services, Inc.(b)			15,902				181,283
Credit Acceptance Corp.(b)(c)			10,551				5,407,387
Elevate Credit, Inc.(b)			23,154				68,536
Encore Capital Group, Inc.(b)(c)			18,346				1,060,582
Enstar Group Ltd.(b)			12,353				2,912,220
Equitable Holdings, Inc.			291,293				8,397,977
First Bancorp			148,363				2,019,220
First Financial Corp.			9,324				397,389
HarborOne Bancorp, Inc.(c)			38,415				514,377
Hartford Financial Services Group, Inc. (The)			247,989				17,341,871
Hilltop Holdings, Inc.			59,046				1,505,083
HomeStreet, Inc.			14,444				586,282
Kearny Financial Corp.(c)			54,401				645,196
Lincoln National Corp.			128,950				7,756,342
Loews Corp.			184,243				11,577,830
Meta Financial Group, Inc.			22,320				974,268
MetLife, Inc.			616,957				40,521,736
Mr. Cooper Group, Inc.(b)			55,170				2,480,995
Navient Corp.			113,758				1,807,615
Northfield Bancorp, Inc.			36,591				478,976
PennyMac Financial Services, Inc.(c)			41,442				2,012,424
Popular, Inc.			57,194				4,460,560
Provident Bancorp, Inc.			13,338				212,341
Radian Group, Inc.			131,250				2,807,438
Regional Management Corp.			7,345				316,202
RenaissanceRe Holdings Ltd. (Bermuda)			33,043				4,742,331
SLM Corp.(c)			208,913				3,495,114
Synchrony Financial			389,786				14,348,023
Virtu Financial, Inc., Class A			81,334				2,348,926
Voya Financial, Inc.(c)			79,361				5,010,854
Washington Federal, Inc.(c)			48,826				1,485,775

		Shares				Value
Financials-(continued)
WesBanco, Inc.			45,604			$	1,470,273
WSFS Financial Corp.			47,351				1,897,355
							385,599,574
Health Care-10.17%
Agios Pharmaceuticals, Inc.(b)(c)			40,852				897,518
Allscripts Healthcare Solutions, Inc.(b)			86,897				1,795,292
Cigna Corp.			239,993				59,225,473
DaVita, Inc.(b)			72,008				7,803,507
HCA Healthcare, Inc.			225,836				48,453,114
Innoviva, Inc.(b)(c)			52,022				887,495
Intercept Pharmaceuticals, Inc.(b)(c)			22,202				348,793
Quest Diagnostics, Inc.(c)			89,321				11,954,723
Universal Health Services, Inc., Class B			50,509				6,188,868
							137,554,783
Industrials-7.10%
Acuity Brands, Inc.			26,187				4,516,734
AECOM			105,690				7,457,487
Allison Transmission Holdings, Inc.			72,580				2,717,395
Avis Budget Group, Inc.(b)(c)			40,206				10,761,940
CACI International, Inc., Class A(b)			17,501				4,643,015
Curtiss-Wright Corp.			28,737				4,106,805
Dycom Industries, Inc.(b)(c)			22,142				1,880,077
JELD-WEN Holding, Inc.(b)(c)			67,327				1,399,728
KAR Auction Services, Inc.(b)(c)			90,611				1,328,357
L3Harris Technologies, Inc.			144,362				33,529,518
ManpowerGroup, Inc.			40,012				3,609,082
Masco Corp.			176,865				9,319,017
Owens Corning			74,080				6,736,094
RCM Technologies, Inc.(b)(c)			7,839				137,026
Trinity Industries, Inc.(c)			62,319				1,728,729
Veritiv Corp.(b)			11,240				1,579,670
Wabash National Corp.(c)			36,664				524,662
							95,975,336
Information Technology-12.16%
Amdocs Ltd.			92,236				7,350,287
Arrow Electronics, Inc.(b)			50,121				5,907,261
Box, Inc., Class A(b)			107,245				3,283,842
CDW Corp.			100,905				16,465,678
Diodes, Inc.(b)			33,665				2,458,555
Dropbox, Inc., Class A(b)			223,468				4,860,429
Fair Isaac Corp.(b)			19,653				7,340,592
Gartner, Inc.(b)			61,534				17,878,703
HP, Inc.(c)			787,657				28,851,876
Oracle Corp.			874,860				64,214,724
Silicon Laboratories, Inc.(b)(c)			28,533				3,849,387
Xerox Holdings Corp.			115,792				2,014,781
							164,476,115