N-CSR


		Invesco Annual Report to Shareholders
		April 30, 2022
		PKW Invesco BuyBack Achievers^TMETF
		PFM Invesco Dividend Achievers^TMETF
		DJD Invesco Dow Jones Industrial Average Dividend ETF
		PGF Invesco Financial Preferred ETF
		PEY Invesco High Yield Equity Dividend Achievers^TMETF
		PID Invesco International Dividend Achievers^TMETF

Table of Contents



The Market Environment			3

Management’s Discussion of Fund Performance			4

Liquidity Risk Management Program			17

Schedules of Investments

Invesco BuyBack Achievers^TM ETF (PKW)			18

Invesco Dividend Achievers^TM ETF (PFM)			21

Invesco Dow Jones Industrial Average Dividend ETF (DJD)			26

Invesco Financial Preferred ETF (PGF)			28

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

Invesco International Dividend Achievers^TM ETF (PID)			33

Statements of Assets and Liabilities			36

Statements of Operations			38

Statements of Changes in Net Assets			40

Financial Highlights			42

Notes to Financial Statements			46

Report of Independent Registered Public Accounting Firm			57

Fund Expenses			58

Tax Information			60

Trustees and Officers			61

Approval of Investment Advisory Contracts			71


		2

The Market Environment

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.


		3


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

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.


		4

Invesco BuyBack Achievers^TM ETF (PKW) (continued)

Growth of a $10,000 Investment

LOGO

Fund Performance History as of April 30, 2022


				3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
NASDAQ US BuyBack Achievers^™ Index		(2.22	)%		12.15	%		41.06	%		12.18	%		77.68	%		13.20	%		245.42	%		10.16	%		341.97	%
S&P 500^® Index		0.21			13.85			47.56			13.66			89.68			13.67			260.05			9.38			296.61
Fund
NAV Return		(2.78	)		11.50			38.60			11.52			72.48			12.48			224.16			9.42			298.54
Market Price Return		(2.90	)		11.47			38.51			11.52			72.46			12.48			224.06			9.40			297.80

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.


		5


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

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.


		6

Invesco Dividend Achievers^TM ETF (PFM) (continued)

Growth of a $10,000 Investment

LOGO

Fund Performance History as of April 30, 2022


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
NASDAQ US Broad Dividend Achievers^™ Index		4.94	%		11.68	%		39.28	%		11.82	%		74.83	%		11.76	%		204.09	%		8.53	%		290.01	%
Russell 3000^® Value Index		0.79			9.48			31.24			8.89			53.08			11.06			185.60			7.68			242.18
Fund
NAV Return		4.40			11.13			37.26			11.26			70.49			11.18			188.48			7.91			254.66
Market Price Return		4.46			11.16			37.35			11.25			70.39			11.19			188.85			7.92			254.86

Fund Inception: September 15, 2005

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

Notes Regarding Indexes and Fund Performance History:

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


		7


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

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.


		8

Invesco Dow Jones Industrial Average Dividend ETF (DJD) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of April 30, 2022


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
Dow Jones Industrial Average Yield Weighted Index		6.27	%		10.23	%		33.92	%		11.85	%		75.09	%		12.85	%		116.10	%
Dow Jones Industrial Average Index		(0.82	)		9.77			32.26			11.96			75.92			12.74			114.72
Fund
NAV Return		6.19			10.21			33.87			11.74			74.23			12.67			113.90
Market Price Return		6.04			10.16			33.69			11.70			73.90			12.67			113.85

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.

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.


		9


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

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%).


		10

Invesco Financial Preferred ETF (PGF) (continued)


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.

Growth of a $10,000 Investment

LOGO


		11

Invesco Financial Preferred ETF (PGF) (continued)

Fund Performance History as of April 30, 2022


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
Blended - Custom Linked Financial Preferred ETF Index		(12.99	)%		(0.12	)%		(0.36	)%		1.79	%		9.29	%		4.70	%		58.35	%		4.11	%		86.10	%
ICE Exchange-Listed Fixed Rate Financial Preferred Securities Index		(13.12	)		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A
S&P U.S. Preferred Stock Index		(9.75	)		2.36			7.24			2.80			14.78			4.86			60.66			4.33			92.12
Fund
NAV Return		(13.34	)		(0.38	)		(1.13	)		1.39			7.14			4.35			53.08			3.40			67.38
Market Price Return		(13.99	)		(0.54	)		(1.62	)		1.31			6.72			4.29			52.16			3.32			65.46

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.

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.


		12


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

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.


		13

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

Growth of a $10,000 Investment

LOGO

Fund Performance History as of April 30, 2022


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
NASDAQ US Dividend Achievers^™ 50 Index		6.41	%		10.05	%		33.27	%		9.27	%		55.81	%		13.31	%		248.76	%		6.76	%		212.04	%
Dow Jones U.S. Select Dividend Index		8.01			11.33			37.99			10.42			64.14			12.29			218.72			8.61			320.64
Fund
NAV Return		5.92			9.47			31.20			8.72			51.88			12.72			231.25			6.27			187.81
Market Price Return		6.01			9.49			31.27			8.73			51.93			12.73			231.56			6.28			188.27

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.

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.


		14


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

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.


		15

Invesco International Dividend Achievers^TM ETF (PID) (continued)

Growth of a $10,000 Investment

LOGO

Fund Performance History as of April 30, 2022


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
Blended - NASDAQ International Dividend Achievers^™ Index (Net)		10.11	%		8.07	%		26.20	%		8.25	%		48.66	%		5.79	%		75.50	%		5.21	%		132.80	%
MSCI EAFE^® Index (Net)		(8.15	)		4.44			13.91			4.77			26.25			5.77			75.28			4.25			99.84
Fund
NAV Return		10.11			7.94			25.77			8.09			47.54			5.52			71.10			4.74			115.92
Market Price Return		10.43			7.98			25.92			8.11			47.71			5.52			71.07			4.75			116.13

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.

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.


		16

Liquidity Risk Management Program

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

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

At a meeting held on March 15, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

●

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

●

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

●

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

●

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

●

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


		17

Invesco BuyBack Achievers^TM ETF (PKW)

April 30, 2022

Schedule of Investments^(a)


	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

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


		18

Invesco BuyBack Achievers^TM ETF (PKW)–(continued)

April 30, 2022


	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


	Shares		Value
Materials-7.47%
Ashland Global Holdings, Inc.^(c)		42,562	$	4,467,733
Celanese Corp.		80,782		11,870,107
Crown Holdings, Inc.		92,417		10,169,567
DuPont de Nemours, Inc.		383,525		25,285,803
Louisiana-Pacific Corp.		64,329		4,150,507
Nucor Corp.^(c)		200,703		31,064,811
Steel Dynamics, Inc.		143,047		12,266,280
Worthington Industries, Inc.^(c)		36,912		1,755,904

				101,030,712

Real Estate-0.31%
iStar, Inc.^(c)		51,612		869,146
SL Green Realty Corp.^(c)		48,434		3,352,601

				4,221,747

Total Common Stocks & Other Equity Interests (Cost $1,460,833,572)				1,352,218,473


Money Market Funds-0.12%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(d)(e) (Cost $1,613,071)		1,613,071		1,613,071


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.10% (Cost $1,462,446,643)				1,353,831,544


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-10.91%

Invesco Private Government Fund, 0.40%^(d)(e)(f)		44,257,780		44,257,780

Invesco Private Prime Fund, 0.35%^(d)(e)(f)		103,222,386		103,222,386


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $147,472,744)				147,480,166


TOTAL INVESTMENTS IN SECURITIES-111.01% (Cost $1,609,919,387)				1,501,311,710

OTHER ASSETS LESS LIABILITIES-(11.01)%				(148,864,386	)


NET ASSETS-100.00%			$	1,352,447,324

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


		19

Invesco BuyBack Achievers^TM ETF (PKW)–(continued)

April 30, 2022

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 April 30, 2022.

^(d)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2022.


	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	1,541,414		$	40,155,277		$	(40,083,620	)		$	-		$	-			$	1,613,071		$	1,140

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			90,071,112			569,866,227			(615,679,559	)			-			-				44,257,780			23,937	*

Invesco Private Prime Fund			135,106,669			1,007,208,110			(1,039,052,363	)			7,421			(47,451	)			103,222,386			111,733	*


Total		$	226,719,195		$	1,617,229,614		$	(1,694,815,542	)		$	7,421		$	(47,451	)		$	149,093,237		$	136,810

*	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 April 30, 2022.

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

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


		20

Invesco Dividend Achievers^TM ETF (PFM)

April 30, 2022

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-2.36%
Comcast Corp., Class A		198,449	$	7,890,332
John Wiley & Sons, Inc., Class A^(b)		2,039		103,765
Telephone & Data Systems, Inc.^(b)		4,666		85,481
Verizon Communications, Inc.		184,137		8,525,543

				16,605,121

Consumer Discretionary-7.22%
Best Buy Co., Inc.		10,509		945,074
Churchill Downs, Inc.		1,735		352,101
Dillard’s, Inc., Class A^(b)		651		197,780
Gentex Corp.		10,328		303,127
Genuine Parts Co.		6,202		806,570
Home Depot, Inc. (The)		45,793		13,756,217
Leggett & Platt, Inc.		5,855		208,614
Lithia Motors, Inc., Class A		1,334		377,695
Lowe’s Cos., Inc.		29,616		5,855,972
McDonald’s Corp.		32,578		8,117,135
Monro, Inc.^(b)		1,420		64,937
NIKE, Inc., Class B		55,903		6,971,104
PetMed Express, Inc.^(b)		884		19,360
Polaris, Inc.^(b)		2,604		247,224
Pool Corp.		1,759		712,782
Service Corp. International		7,098		465,700
Starbucks Corp.		50,375		3,759,990
Target Corp.		20,995		4,800,507
Thor Industries, Inc.^(b)		2,417		185,021
Tractor Supply Co.		4,972		1,001,609
VF Corp.^(b)		17,046		886,392
Whirlpool Corp.^(b)		2,543		461,605
Williams-Sonoma, Inc.^(b)		3,221		420,276

				50,916,792

Consumer Staples-14.63%
Altria Group, Inc.		79,650		4,426,151
Andersons, Inc. (The)		1,426		71,628
Archer-Daniels-Midland Co.		24,640		2,206,758
Brown-Forman Corp., Class B		13,564		914,756
Casey’s General Stores, Inc.		1,692		340,600
Church & Dwight Co., Inc.		10,666		1,040,575
Clorox Co. (The)		5,405		775,455
Coca-Cola Co. (The)		190,340		12,297,867
Colgate-Palmolive Co.		36,807		2,835,979
Costco Wholesale Corp.		19,459		10,346,740
Flowers Foods, Inc.		9,280		246,106
Hershey Co. (The)		6,356		1,434,994
Hormel Foods Corp.		23,741		1,243,791
Ingredion, Inc.		2,958		251,755
J&J Snack Foods Corp.		805		120,509
JM Smucker Co. (The)		4,713		645,351
Kellogg Co.		14,983		1,026,336
Kimberly-Clark Corp.		14,786		2,052,740
Kroger Co. (The)		32,227		1,738,969
Lancaster Colony Corp.^(b)		1,166		180,940
McCormick & Co., Inc.^(b)		10,963		1,102,549
Nu Skin Enterprises, Inc., Class A		2,173		92,657
PepsiCo, Inc.		60,638		10,412,151
Philip Morris International, Inc.		67,951		6,795,100
Procter & Gamble Co. (The)		105,193		16,888,736


	Shares		Value
Consumer Staples-(continued)
SpartanNash Co.		1,521	$	52,140
Sysco Corp.		22,261		1,902,870
Tootsie Roll Industries, Inc.^(b)		1,713		60,006
Tyson Foods, Inc., Class A		12,836		1,195,802
Universal Corp.		1,043		60,338
Walgreens Boots Alliance, Inc.		37,841		1,604,458
Walmart, Inc.		121,666		18,613,681
WD-40 Co.^(b)		577		106,156

				103,084,644

Energy-4.56%
Chevron Corp.		85,360		13,373,351
Enterprise Products Partners L.P.		95,369		2,471,011
Exxon Mobil Corp.		185,798		15,839,280
Magellan Midstream Partners L.P.		9,316		451,360

				32,135,002

Financials-12.82%
1st Source Corp.		1,049		45,390
Aflac, Inc.		28,482		1,631,449
Allstate Corp. (The)		12,168		1,539,739
American Equity Investment Life Holding Co.		4,045		152,577
American Financial Group, Inc.		3,725		515,838
Ameriprise Financial, Inc.		4,886		1,297,184
Aon PLC, Class A		9,381		2,701,634
Arthur J. Gallagher & Co.		9,154		1,542,357
Associated Banc-Corp.		6,524		130,154
Assurant, Inc.		2,398		436,148
Assured Guaranty Ltd.		2,930		161,589
Atlantic Union Bankshares Corp.		3,331		112,521
AXIS Capital Holdings Ltd.		3,720		213,268
BancFirst Corp.^(b)		1,381		112,897
Bank of Marin Bancorp		675		21,101
Bank of New York Mellon Corp. (The)		35,218		1,481,269
Bank OZK		5,472		210,234
BlackRock, Inc.		6,660		4,160,369
BOK Financial Corp.^(b)		3,025		250,863
Brown & Brown, Inc.		12,331		764,275
Cboe Global Markets, Inc.		4,639		524,114
Chubb Ltd.		18,692		3,858,963
Cincinnati Financial Corp.		7,053		865,121
City Holding Co.		635		49,136
CME Group, Inc., Class A		15,730		3,450,218
Cohen & Steers, Inc.^(b)		2,124		165,014
Commerce Bancshares, Inc.		5,323		363,934
Community Bank System, Inc.^(b)		2,346		151,082
Community Trust Bancorp, Inc.		754		30,017
Cullen/Frost Bankers, Inc.		2,771		366,576
Discover Financial Services		12,518		1,407,774
Erie Indemnity Co., Class A		2,020		323,766
Evercore, Inc., Class A		1,624		171,738
FactSet Research Systems, Inc.		1,656		668,179
Federal Agricultural Mortgage Corp., Class C		389		39,845
Fidelity National Financial, Inc.		12,394		493,529
Fifth Third Bancorp		29,980		1,125,149
Financial Institutions, Inc.		667		18,569
First American Financial Corp.^(b)		4,827		281,462
First Community Bankshares, Inc.		717		19,094
First Financial Bankshares, Inc.^(b)		6,229		249,035

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


		21

Invesco Dividend Achievers^TM ETF (PFM)–(continued)

April 30, 2022


	Shares		Value
Financials-(continued)
First Financial Corp.		542	$	23,100
First Merchants Corp.^(b)		2,345		91,901
First of Long Island Corp. (The)		1,001		16,797
Franklin Resources, Inc.		21,970		540,242
Globe Life, Inc.		4,332		424,883
Goldman Sachs Group, Inc. (The)		14,990		4,579,295
Hanover Insurance Group, Inc. (The)		1,501		220,377
Heritage Financial Corp.		1,485		35,967
Hingham Institution for Savings (The)		90		29,076
Home BancShares, Inc.		7,199		155,642
Horace Mann Educators Corp.		1,749		69,698
Horizon Bancorp, Inc.		1,840		32,163
Huntington Bancshares, Inc.		63,014		828,634
Independent Bank Corp.		2,071		159,798
International Bancshares Corp.		2,744		109,184
JPMorgan Chase & Co.		129,543		15,462,252
KeyCorp		40,631		784,585
Lakeland Bancorp, Inc.		2,797		42,039
Lakeland Financial Corp.^(b)		1,074		78,209
Lincoln National Corp.		7,560		454,734
MarketAxess Holdings, Inc.		1,689		445,237
Marsh & McLennan Cos., Inc.		21,997		3,556,915
Mercury General Corp.		2,406		121,335
Moody’s Corp.		8,097		2,562,539
Morningstar, Inc.		1,918		485,695
Northwest Bancshares, Inc.		5,557		70,463
Old Republic International Corp.		13,474		296,563
PNC Financial Services Group, Inc. (The)		18,365		3,050,426
Premier Financial Corp.		1,564		41,509
Primerica, Inc.		1,670		216,365
Principal Financial Group, Inc.		11,447		779,999
Prosperity Bancshares, Inc.^(b)		4,030		263,481
Prudential Financial, Inc.		16,503		1,790,741
Raymond James Financial, Inc.		9,114		888,250
Reinsurance Group of America, Inc.		2,978		319,599
RenaissanceRe Holdings Ltd. (Bermuda)		1,927		276,563
Republic Bancorp, Inc., Class A		760		31,677
RLI Corp.^(b)		1,982		227,494
S&P Global, Inc.		15,518		5,842,527
Sandy Spring Bancorp, Inc.^(b)		1,975		77,558
SEI Investments Co.		6,050		337,106
Simmons First National Corp., Class A		4,955		118,276
South State Corp.^(b)		3,047		235,960
Southern Missouri Bancorp, Inc.		375		15,825
Southside Bancshares, Inc.		1,370		53,690
State Street Corp.		16,011		1,072,257
Stock Yards Bancorp, Inc.^(b)		1,127		58,920
T. Rowe Price Group, Inc.^(b)		9,977		1,227,570
Tompkins Financial Corp.^(b)		618		45,114
Towne Bank		3,209		88,472
Travelers Cos., Inc. (The)		10,615		1,815,802
Truist Financial Corp.		58,161		2,812,084
U.S. Bancorp		65,018		3,157,274
UMB Financial Corp.^(b)		2,115		190,731
United Bankshares, Inc.^(b)		5,664		188,385
Unum Group		8,902		271,689
W.R. Berkley Corp.		11,613		772,148
Washington Federal, Inc.^(b)		2,825		85,965
Washington Trust Bancorp, Inc.^(b)		730		34,266


	Shares		Value
Financials-(continued)
WesBanco, Inc.		2,657	$	85,662
Westamerica Bancorporation^(b)		1,138		67,051

				90,320,930

Health Care-16.20%
Abbott Laboratories		77,443		8,789,781
AmerisourceBergen Corp.		9,179		1,388,691
Amgen, Inc.		24,424		5,695,433
Anthem, Inc.		10,607		5,323,972
Atrion Corp.^(b)		76		47,623
Becton, Dickinson and Co.		12,512		3,092,841
Bristol-Myers Squibb Co.		95,509		7,188,962
Cardinal Health, Inc.		12,114		703,218
Chemed Corp.		680		334,145
Ensign Group, Inc. (The)		2,394		192,310
Humana, Inc.		5,556		2,469,975
Johnson & Johnson		115,323		20,811,189
LeMaitre Vascular, Inc.^(b)		930		40,185
McKesson Corp.		6,612		2,047,141
Medtronic PLC		58,926		6,149,517
Merck & Co., Inc.		110,760		9,823,304
National HealthCare Corp.		651		44,307
Perrigo Co. PLC		5,857		200,895
Pfizer, Inc.		246,863		12,113,567
Quest Diagnostics, Inc.		5,253		703,062
STERIS PLC		4,366		978,202
Stryker Corp.		16,568		3,997,196
UnitedHealth Group, Inc.		41,258		20,981,756
West Pharmaceutical Services, Inc.		3,276		1,032,137

				114,149,409

Industrials-11.80%
3M Co.		25,017		3,607,952
A.O. Smith Corp.		5,757		336,382
ABM Industries, Inc.^(b)		2,988		144,231
Apogee Enterprises, Inc.		1,054		46,376
Applied Industrial Technologies, Inc.		1,627		170,331
Brady Corp., Class A		2,099		93,930
C.H. Robinson Worldwide, Inc.^(b)		5,647		599,429
Carlisle Cos., Inc.		2,268		588,229
Caterpillar, Inc.		23,506		4,948,953
Cintas Corp.		4,577		1,818,259
CSX Corp.		96,085		3,299,559
Cummins, Inc.		6,221		1,176,951
Donaldson Co., Inc.		5,425		266,042
Douglas Dynamics, Inc.		974		30,155
Dover Corp.		6,290		838,457
Eaton Corp. PLC		17,464		2,532,629
Emerson Electric Co.		26,055		2,349,640
Expeditors International of Washington, Inc.		7,431		736,189
Fastenal Co.		25,204		1,394,033
Franklin Electric Co., Inc.		2,032		142,118
GATX Corp.^(b)		1,498		154,878
General Dynamics Corp.		12,188		2,882,828
Gorman-Rupp Co. (The)		1,105		35,205
Graco, Inc.		7,471		463,351
Griffon Corp.		2,446		45,765
Healthcare Services Group, Inc.		3,265		55,799
HEICO Corp.^(b)		2,369		334,574
Hillenbrand, Inc.		3,215		131,236
HNI Corp.^(b)		1,842		65,649

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


		22

Invesco Dividend Achievers^T^M ETF (PFM)–(continued)

April 30, 2022


	Shares		Value
Industrials-(continued)
Honeywell International, Inc.		30,070	$	5,818,846
Hubbell, Inc.		2,366		462,222
IDEX Corp.		3,354		636,656
Illinois Tool Works, Inc.		13,699		2,700,210
Insperity, Inc.^(b)		1,622		172,013
ITT, Inc.		3,741		262,693
J.B. Hunt Transport Services, Inc.		4,565		779,930
L3Harris Technologies, Inc.		8,525		1,980,017
Lennox International, Inc.		1,648		351,337
Lincoln Electric Holdings, Inc.		2,548		343,292
Lindsay Corp.		462		62,439
Lockheed Martin Corp.		11,970		5,172,476
ManpowerGroup, Inc.		2,334		210,527
Matthews International Corp., Class A		1,336		39,826
McGrath RentCorp		1,028		85,797
MDU Resources Group, Inc.		8,935		230,166
MSA Safety, Inc.		1,661		200,466
Nordson Corp.		2,515		542,460
Northrop Grumman Corp.		6,871		3,019,117
Raytheon Technologies Corp.		65,373		6,204,551
Regal Rexnord Corp.		3,002		381,975
Republic Services, Inc.		13,846		1,859,102
Robert Half International, Inc.		4,884		480,146
Rockwell Automation, Inc.		5,116		1,292,660
Ryder System, Inc.^(b)		2,340		163,566
Snap-on, Inc.		2,325		494,039
Standex International Corp.		516		48,525
Stanley Black & Decker, Inc.		7,176		862,196
Tennant Co.		781		50,437
Toro Co. (The)		4,567		365,954
Trane Technologies PLC		10,207		1,427,857
Trinity Industries, Inc.		3,658		101,473
Union Pacific Corp.		27,936		6,545,126
United Parcel Service, Inc., Class B		32,113		5,779,698
W.W. Grainger, Inc.		2,227		1,113,567
Waste Management, Inc.		18,135		2,982,119
Xylem, Inc.		7,874		633,857

				83,146,468

Information Technology-20.28%
Accenture PLC, Class A		27,736		8,330,785
Amphenol Corp., Class A		26,263		1,877,804
Analog Devices, Inc.		22,930		3,539,933
Automatic Data Processing, Inc.		18,432		4,021,494
Badger Meter, Inc.		1,239		99,975
Broadcom, Inc.		17,961		9,957,399
Broadridge Financial Solutions, Inc.		5,140		740,828
Cass Information Systems, Inc.		590		22,839
Cisco Systems, Inc.		182,163		8,922,344
Corning, Inc.		37,033		1,303,191
HP, Inc.^(b)		46,144		1,690,255
International Business Machines Corp.		39,432		5,213,305
Intuit, Inc.		12,428		5,204,225
Jack Henry & Associates, Inc.		3,215		609,500
KLA Corp.		6,643		2,120,844
Littelfuse, Inc.		1,046		239,796
Mastercard, Inc., Class A		42,545		15,460,002
Microchip Technology, Inc.		24,380		1,589,576
Microsoft Corp.		95,694		26,556,999
Motorola Solutions, Inc.		7,381		1,577,246


	Shares		Value
Information Technology-(continued)
Oracle Corp.		117,105	$	8,595,507
Paychex, Inc.		15,787		2,000,687
QUALCOMM, Inc.		49,393		6,899,708
Roper Technologies, Inc.		4,648		2,184,188
TE Connectivity Ltd. (Switzerland)		14,232		1,775,869
Texas Instruments, Inc.		40,454		6,887,293
Visa, Inc., Class A^(b)		72,780		15,511,601

				142,933,193

Materials-3.10%
Air Products and Chemicals, Inc.		9,709		2,272,586
Albemarle Corp.		5,151		993,267
AptarGroup, Inc.		2,909		334,041
Ashland Global Holdings, Inc.^(b)		2,472		259,486
Avery Dennison Corp.		3,621		653,953
Avient Corp.		4,006		197,255
Balchem Corp.		1,362		167,798
Cabot Corp.^(b)		2,458		161,859
Celanese Corp.		4,699		690,471
Eastman Chemical Co.		5,654		580,496
Ecolab, Inc.		12,595		2,132,837
H.B. Fuller Co.^(b)		2,308		153,944
Hawkins, Inc.		890		33,179
International Flavors & Fragrances, Inc.		11,171		1,355,042
Kaiser Aluminum Corp.		668		64,462
LyondellBasell Industries N.V., Class A		14,340		1,520,470
Neenah, Inc.^(b)		707		25,028
Nucor Corp.		11,780		1,823,308
Packaging Corp. of America		4,088		658,863
PPG Industries, Inc.		10,311		1,319,705
Quaker Chemical Corp.^(b)		754		122,683
Reliance Steel & Aluminum Co.		2,673		529,922
Royal Gold, Inc.^(b)		2,911		379,827
RPM International, Inc.		5,684		471,204
Scotts Miracle-Gro Co. (The)^(b)		2,415		250,991
Sensient Technologies Corp.^(b)		1,775		150,165
Sherwin-Williams Co. (The)		11,411		3,137,569
Silgan Holdings, Inc.		4,872		216,171
Sonoco Products Co.		4,253		263,303
Stepan Co.		951		97,107
Westlake Corp.^(b)		5,610		709,946
Worthington Industries, Inc.^(b)		2,220		105,605

				21,832,543

Real Estate-1.74%
Alexandria Real Estate Equities, Inc.		7,032		1,280,949
CubeSmart		9,805		465,836
Digital Realty Trust, Inc.		12,499		1,826,354
EastGroup Properties, Inc.		1,865		349,688
Equity LifeStyle Properties, Inc.		8,128		628,132
Essex Property Trust, Inc.		2,909		957,846
Extra Space Storage, Inc.		5,873		1,115,870
Federal Realty Investment Trust		3,459		404,911
Kennedy-Wilson Holdings, Inc.		6,029		135,954
Mid-America Apartment Communities, Inc.		5,080		999,134
National Retail Properties, Inc.		7,694		337,305
Realty Income Corp.		25,942		1,799,337
STAG Industrial, Inc.		7,791		290,760
Terreno Realty Corp.		3,328		242,112
UDR, Inc.		13,924		740,896

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


		23

Invesco Dividend Achievers^T^M ETF (PFM)–(continued)

April 30, 2022


	Shares		Value
Real Estate-(continued)
Universal Health Realty Income Trust		581	$	29,160
W.P. Carey, Inc.^(b)		8,330		672,814

				12,277,058

Utilities-5.23%
ALLETE, Inc.		2,317		137,491
Alliant Energy Corp.		10,994		646,557
American Electric Power Co., Inc.		22,125		2,192,809
American States Water Co.		1,563		122,946
American Water Works Co., Inc.		7,950		1,224,936
Atmos Energy Corp.^(b)		5,926		672,008
Avista Corp.		3,162		128,282
Black Hills Corp.^(b)		2,801		205,145
Brookfield Infrastructure Partners L.P. (Canada)		13,373		834,876
California Water Service Group		2,337		121,220
Chesapeake Utilities Corp.		744		93,127
CMS Energy Corp.		12,722		873,874
Consolidated Edison, Inc.		15,506		1,438,026
DTE Energy Co.		8,457		1,108,205
Duke Energy Corp.		33,737		3,716,468
Edison International		16,701		1,148,862
Essential Utilities, Inc.		11,089		496,344
Evergy, Inc.		10,029		680,468
Eversource Energy		15,100		1,319,740
IDACORP, Inc.		2,202		231,606
MGE Energy, Inc.^(b)		1,530		119,141
Middlesex Water Co.		739		65,734
National Fuel Gas Co.		4,000		280,520
New Jersey Resources Corp.^(b)		4,194		181,013
NextEra Energy, Inc.		86,000		6,107,720
NiSource, Inc.		17,741		516,618
Northwest Natural Holding Co.		1,319		63,088
NorthWestern Corp.^(b)		2,352		133,335
OGE Energy Corp.		8,802		340,461
Pinnacle West Capital Corp.		4,978		354,434
Portland General Electric Co.		3,915		185,297
Public Service Enterprise Group, Inc.		21,968		1,530,291
Sempra Energy		13,814		2,229,027


	Shares		Value
Utilities-(continued)
SJW Group		1,280	$	75,520
Southern Co. (The)		46,433		3,407,718
Southwest Gas Holdings, Inc.		2,618		230,672
Spire, Inc.^(b)		2,254		163,979
UGI Corp.		9,207		315,800
WEC Energy Group, Inc.		13,804		1,381,090
Xcel Energy, Inc.		23,811		1,744,394
York Water Co. (The)		552		21,351

				36,840,193

Total Common Stocks & Other Equity Interests (Cost $585,643,882)				704,241,353


Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(c)(d) (Cost $376,010)		376,010		376,010


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $586,019,892)				704,617,363


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.15%

Invesco Private Government Fund, 0.40%^(c)(d)(e)		4,539,079		4,539,079

Invesco Private Prime Fund, 0.35%^(c)(d)(e)		10,586,044		10,586,044


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $15,125,122)				15,125,123


TOTAL INVESTMENTS IN SECURITIES-102.14% (Cost $601,145,014)				719,742,486

OTHER ASSETS LESS LIABILITIES-(2.14)%				(15,091,930	)


NET ASSETS-100.00%			$	704,650,556

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 April 30, 2022.

^(c)


	Value April 30, 2021			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain (Loss)			Value April 30, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	504,143		$	21,715,968		$	(21,844,101)		$	-		$	-		$	376,010		$	506

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


		24

Invesco Dividend Achievers^T^M ETF (PFM)–(continued)

April 30, 2022


	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	698,686		$	63,381,139		$	(59,540,746	)		$	-		$	-			$	4,539,079		$	4,571	*

Invesco Private Prime Fund			1,124,866			131,332,177			(121,868,350	)			1			(2,650	)			10,586,044			15,779	*


Total		$	2,327,695		$	216,429,284		$	(203,253,197	)		$	1		$	(2,650	)		$	15,501,133		$	20,856

*	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.

^(d)	The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

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

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


		25

Invesco Dow Jones Industrial Average Dividend ETF (DJD)

April 30, 2022

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.81%
Communication Services-5.86%
Verizon Communications, Inc.		260,396	$	12,056,335


Consumer Discretionary-7.98%
Home Depot, Inc. (The)		21,999		6,608,499
McDonald’s Corp.		28,795		7,174,562
NIKE, Inc., Class B		21,098		2,630,921

				16,413,982

Consumer Staples-15.68%
Coca-Cola Co. (The)		141,373		9,134,110
Procter & Gamble Co. (The)		45,113		7,242,892
Walgreens Boots Alliance, Inc.		252,946		10,724,910
Walmart, Inc.		33,794		5,170,144

				32,272,056

Energy-5.09%
Chevron Corp.		66,848		10,473,076


Financials-10.89%
American Express Co.		15,240		2,662,580
Goldman Sachs Group, Inc. (The)		20,749		6,338,611
JPMorgan Chase & Co.		63,372		7,564,082
Travelers Cos., Inc. (The)		34,130		5,838,278

				22,403,551

Health Care-16.33%
Amgen, Inc.^(b)		43,337		10,105,755
Johnson & Johnson		44,054		7,949,985
Merck & Co., Inc.		133,371		11,828,674
UnitedHealth Group, Inc.		7,312		3,718,517

				33,602,931

Industrials-12.13%
3M Co.		82,347		11,876,084
Caterpillar, Inc.		31,923		6,721,069
Honeywell International, Inc.		32,843		6,355,449

				24,952,602

Information Technology-18.55%
Apple, Inc.		9,984		1,573,978


	Shares		Value
Information Technology-(continued)
Cisco Systems, Inc.		144,292	$	7,067,422
Intel Corp.		193,378		8,429,347
International Business Machines Corp.		125,102		16,539,736
Microsoft Corp.		8,593		2,384,729
Visa, Inc., Class A^(b)		10,207		2,175,418

				38,170,630


Materials-7.30%
Dow, Inc.		225,773		15,013,905

Total Common Stocks & Other Equity Interests (Cost $203,615,150)				205,359,068


Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(c)(d) (Cost $109,718)		109,718		109,718


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.86% (Cost $203,724,868)				205,468,786


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-5.88%

Invesco Private Government Fund, 0.40%^(c)(d)(e)		3,630,562		3,630,562

Invesco Private Prime Fund, 0.35%^(c)(d)(e)		8,467,759		8,467,759


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $12,098,215)				12,098,321


TOTAL INVESTMENTS IN SECURITIES-105.74% (Cost $215,823,083)				217,567,107

OTHER ASSETS LESS LIABILITIES-(5.74)%				(11,807,989	)


NET ASSETS-100.00%			$	205,759,118

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 April 30, 2022.

^(c)


	Value April 30, 2021			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain (Loss)			Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	36,023		$	6,085,363		$	(6,011,668)		$	-		$	-		$	109,718		$	165

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


		26

Invesco Dow Jones Industrial Average Dividend ETF (DJD)–(continued)

April 30, 2022


	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	-		$	11,778,144		$	(8,147,582	)		$	-		$	-			$	3,630,562		$	950	*

Invesco Private Prime Fund			-			27,041,974			(18,573,091	)			106			(1,230	)			8,467,759			2,159	*


Total		$	36,023		$	44,905,481		$	(32,732,341	)		$	106		$	(1,230	)		$	12,208,039		$	3,274

*	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.

^(d)	The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(e)	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.


		27

Invesco Financial Preferred ETF (PGF)

April 30, 2022

Schedule of Investments^(a)


	Shares		Value
Preferred Stocks-99.73%
Banks-57.96%
Bank of America Corp.
Series PP, Pfd., 4.13%^(b)		759,075	$	13,610,215
Series QQ, Pfd., 4.25%		848,826		15,134,568
Series NN, Pfd., 4.38%^(b)		911,451		16,752,469
Series SS, Pfd., 4.75%^(b)		226,355		4,488,620
Series LL, Pfd., 5.00%		1,072,253		22,667,428
Series KK, Pfd., 5.38%		1,087,787		24,453,452
Series HH, Pfd., 5.88%		626,039		15,325,435
Series GG, Pfd., 6.00%		1,047,385		26,205,573
Bank OZK, Series A, Pfd., 4.63%^(b)		289,484		5,210,712
Citigroup, Inc.
Series K, Pfd., 6.88%^(b)(c)		1,205,713		31,975,509
Series J, Pfd., 7.13%^(b)(c)		768,915		20,068,681
Citizens Financial Group, Inc.
Series E, Pfd., 5.00%^(b)		401,031		8,285,300
Series D, Pfd., 6.35%^(c)		231,359		5,985,257
Fifth Third Bancorp
Series K, Pfd., 4.95%^(b)		224,736		4,753,166
Series I, Pfd., 6.63%^(b)(c)		355,644		9,207,623
First Citizens BancShares, Inc., Series A, Pfd., 5.38%^(b)		284,928		6,684,411
First Republic Bank
Series M, Pfd., 4.00%		617,242		10,801,735
Series K, Pfd., 4.13%^(b)		420,787		7,397,435
Series L, Pfd., 4.25%		613,275		10,953,091
Series N, Pfd., 4.50%		552,338		10,378,431
Series J, Pfd., 4.70%^(b)		325,580		6,283,694
Series I, Pfd., 5.50%		247,476		5,731,544
Huntington Bancshares, Inc., Series H, Pfd., 4.50%^(b)		421,164		7,892,613
JPMorgan Chase & Co.
Series MM, Pfd., 4.20%^(b)		1,557,488		28,206,108
Series JJ, Pfd., 4.55%		1,155,222		21,937,666
Series LL, Pfd., 4.63%		1,401,957		27,169,927
Series GG, Pfd., 4.75%		674,641		13,668,227
Series DD, Pfd., 5.75%^(b)		1,295,811		31,812,160
Series EE, Pfd., 6.00%		1,362,651		34,134,407
KeyCorp
Series G, Pfd., 5.63%		371,948		8,852,362
Series F, Pfd., 5.65%^(b)		348,541		8,232,538
Series E, Pfd., 6.13%^(b)(c)		406,115		10,847,332
M&T Bank Corp., Series H, Pfd., 5.63%^(b)(c)		210,599		5,075,436
PNC Financial Services Group, Inc. (The), Series P, Pfd., 5.35% (3 mo. USD LIBOR + 4.07%)^(b)(d)		1,232,824		30,956,211
Regions Financial Corp.
Series E, Pfd., 4.45%		337,588		6,312,896
Series C, Pfd., 5.70%^(c)		409,455		9,929,284
Series B, Pfd., 6.38%^(b)(c)		397,717		10,221,327
Signature Bank, Series A, Pfd., 5.00%		609,545		11,660,596
SVB Financial Group, Series A, Pfd., 5.25%		294,637		6,384,784
Synovus Financial Corp., Series E, Pfd., 5.88%^(b)(c)		292,119		7,469,483
Texas Capital Bancshares, Inc., Series B, Pfd., 5.75%		244,373		5,417,749


	Shares		Value
Banks-(continued)
Truist Financial Corp.
Series R, Pfd., 4.75%		770,142	$	15,641,584
Series O, Pfd., 5.25%^(b)		463,745		10,689,322
U.S. Bancorp
Series L, Pfd., 3.75%^(b)		444,412		7,581,669
Series M, Pfd., 4.00%^(b)		647,856		11,499,444
Series O, Pfd., 4.50%		183,073		3,630,338
Series K, Pfd., 5.50%^(b)		437,454		10,560,140
Washington Federal, Inc., Series A, Pfd., 4.88%^(b)		247,705		4,743,551
Wells Fargo & Co.
Series DD, Pfd., 4.25%		989,361		17,531,477
Series CC, Pfd., 4.38%		805,429		14,562,156
Series AA, Pfd., 4.70%		885,055		17,081,561
Series Z, Pfd., 4.75%		1,518,583		29,536,439
Series Y, Pfd., 5.63%^(b)		499,971		11,799,316
Series Q, Pfd., 5.85%^(b)(c)		1,306,451		31,864,340
Series R, Pfd., 6.63%^(b)(c)		636,520		16,708,650
Western Alliance Bancorporation, Series A, Pfd., 4.25%^(b)(c)		248,252		5,454,096

				777,419,538

Capital Markets-15.21%
Apollo Asset Management, Inc.
Series A, Pfd., 6.38%^(b)		226,983		5,645,067
Series B, Pfd., 6.38%^(b)		77,259		1,968,559
Charles Schwab Corp. (The)
Series J, Pfd., 4.45%^(b)		530,003		10,674,261
Series D, Pfd., 5.95%		586,839		14,800,080
Goldman Sachs Group, Inc. (The)
Series J, Pfd., 5.50%^(c)		789,184		20,076,841
Series K, Pfd., 6.38%^(b)(c)		553,241		14,162,970
Morgan Stanley
Series O, Pfd., 4.25%		877,040		15,663,934
Series L, Pfd., 4.88%^(b)		411,394		8,487,058
Series K, Pfd., 5.85%^(c)		798,070		20,135,306
Series I, Pfd., 6.38%^(b)(c)		744,826		19,387,821
Series F, Pfd., 6.88%^(c)		651,019		16,926,494
Series E, Pfd., 7.13%^(b)(c)		682,553		17,835,110
Northern Trust Corp., Series E, Pfd., 4.70%^(b)		332,220		7,541,394
State Street Corp.
Series G, Pfd., 5.35%^(b)(c)		400,655		10,220,709
Series D, Pfd., 5.90%^(b)(c)		627,929		15,823,811
Stifel Financial Corp., Series D, Pfd., 4.50%^(b)		247,668		4,673,495

				204,022,910

Consumer Finance-5.28%
Capital One Financial Corp.
Series N, Pfd., 4.25%^(b)		334,891		5,914,175
Series L, Pfd., 4.38%		522,007		9,484,867
Series J, Pfd., 4.80%^(b)		956,326		18,963,945
Series I, Pfd., 5.00%^(b)		1,134,675		23,578,546
Synchrony Financial, Series A, Pfd., 5.63%^(b)		621,128		12,844,927

				70,786,460

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


		28

Invesco Financial Preferred ETF (PGF)–(continued)

April 30, 2022


	Shares		Value
Diversified Financial Services-1.85%
Equitable Holdings, Inc.
Series C, Pfd., 4.30%^(b)		233,778	$	4,336,582
Series A, Pfd., 5.25%		658,396		14,326,697
Voya Financial, Inc., Series B, Pfd., 5.35%^(b)(c)		248,096		6,115,566

				24,778,845

Insurance-18.22%
Allstate Corp. (The)
Series I, Pfd., 4.75%^(b)		251,440		5,458,762
Series H, Pfd., 5.10%		938,526		20,957,286
Series G, Pfd., 5.63%		456,917		11,171,621
American Equity Investment Life Holding Co.
Series A, Pfd., 5.95%^(c)		346,157		8,546,616
Series B, Pfd., 6.63%^(b)(c)		218,771		5,663,981
American International Group, Inc., Series A, Pfd., 5.85%		412,145		10,200,589
Arch Capital Group Ltd.
Series G, Pfd., 4.55%^(b)		438,950		8,467,345
Series F, Pfd., 5.45%^(b)		256,437		5,808,298
Aspen Insurance Holdings Ltd.
Pfd., 5.63% (Bermuda)^(b)		216,625		5,045,196
Pfd., 5.63% (Bermuda)^(b)		219,620		5,084,203
Pfd., 5.95% (Bermuda)^(c)		212,669		5,208,264
Athene Holding Ltd.
Series D, Pfd., 4.88%		493,407		9,838,536
Series B, Pfd., 5.63%^(b)		278,963		6,346,408
Series A, Pfd., 6.35%^(c)		702,060		17,867,427
Series C, Pfd., 6.38%^(c)		472,534		12,465,447
AXIS Capital Holdings Ltd., Series E, Pfd., 5.50%^(b)		454,001		10,146,922
Brighthouse Financial, Inc.
Series D, Pfd., 4.63%^(b)		254,215		4,438,594
Series C, Pfd., 5.38%		473,195		10,131,105
Series A, Pfd., 6.60%^(b)		375,462		9,469,152
Series B, Pfd., 6.75%^(b)		325,190		8,324,864
Enstar Group Ltd., Series D, Pfd., 7.00%^(c)		332,367		8,541,832

Investment Abbreviations:

LIBOR -London Interbank Offered Rate

Pfd. -Preferred

USD -U.S. Dollar


	Shares		Value
Insurance-(continued)
Hartford Financial Services Group, Inc. (The), Series G, Pfd., 6.00%^(b)		287,009	$	7,427,793
MetLife, Inc.
Series F, Pfd., 4.75%^(b)		838,309		18,887,102
Series E, Pfd., 5.63%		630,181		16,038,106
RenaissanceRe Holdings Ltd.
Series G, Pfd., 4.20% (Bermuda)^(b)		437,709		8,220,175
Series F, Pfd., 5.75% (Bermuda)^(b)		192,767		4,637,974

				244,393,598


Thrifts & Mortgage Finance-0.82%
New York Community Bancorp, Inc., Series A, Pfd., 6.38%^(c)		430,519		11,072,949


Trading Companies & Distributors-0.39%
Air Lease Corp., Series A, Pfd., 6.15%^(c)		209,785		5,244,625


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.73% (Cost $1,572,458,293)				1,337,718,925


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.88%

Invesco Private Government Fund, 0.40%^(e)(f)(g)		7,543,720		7,543,720

Invesco Private Prime Fund, 0.35%^(e)(f)(g)		17,575,099		17,575,099


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $25,116,252)				25,118,819


TOTAL INVESTMENTS IN SECURITIES-101.61% (Cost $1,597,574,545)				1,362,837,744

OTHER ASSETS LESS LIABILITIES-(1.61)%				(21,529,457	)


NET ASSETS-100.00%			$	1,341,308,287

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


		29

Invesco Financial Preferred ETF (PGF)–(continued)

April 30, 2022

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 April 30, 2022.

^(c)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(d)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2022.

^(e)


	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	11,481,962		$	294,895,403		$	(306,377,365	)		$	-		$	-			$	-		$	2,535

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			27,670,665			76,705,814			(96,832,759	)			-			-				7,543,720			8,332	*

Invesco Private Prime Fund			41,510,348			166,773,738			(190,694,771	)			2,567			(16,783	)			17,575,099			46,384	*


Total		$	80,662,975		$	538,374,955		$	(593,904,895	)		$	2,567		$	(16,783	)		$	25,118,819		$	57,251

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

^(f)	The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

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

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


		30

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

April 30, 2022

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Banks-9.06%
Huntington Bancshares, Inc.		1,439,552	$	18,930,109
Northwest Bancshares, Inc.		2,312,816		29,326,507
Premier Financial Corp.		676,311		17,949,294
United Bankshares, Inc.^(b)		602,637		20,043,706
WesBanco, Inc.^(b)		566,611		18,267,539

				104,517,155


Biotechnology-1.63%
Amgen, Inc.		80,698		18,817,967


Capital Markets-1.56%
Franklin Resources, Inc.^(b)		732,780		18,019,060


Chemicals-2.47%
LyondellBasell Industries N.V., Class A		269,178		28,540,943


Commercial Services & Supplies-2.84%
Healthcare Services Group, Inc.^(b)		1,917,901		32,776,928


Construction & Engineering-1.53%
MDU Resources Group, Inc.		683,835		17,615,590


Containers & Packaging-1.61%
Sonoco Products Co.		299,238		18,525,825


Diversified Telecommunication Services-2.03%
Verizon Communications, Inc.		504,410		23,354,183


Electric Utilities-13.19%
ALLETE, Inc.		367,491		21,806,916
Duke Energy Corp.		222,871		24,551,469
Edison International		382,981		26,345,263
OGE Energy Corp.^(b)		660,508		25,548,449
Pinnacle West Capital Corp.		383,860		27,330,832
Southern Co. (The)		360,699		26,471,700

				152,054,629


Food & Staples Retailing-1.88%
Walgreens Boots Alliance, Inc.		512,597		21,734,113


Food Products-1.93%
Kellogg Co.^(b)		325,221		22,277,638


Gas Utilities-5.38%
Northwest Natural Holding Co.		407,843		19,507,131
Spire, Inc.^(b)		335,319		24,394,457
UGI Corp.^(b)		529,418		18,159,037

				62,060,625


Health Care Providers & Services-3.63%
Cardinal Health, Inc.		384,755		22,335,028
National HealthCare Corp.^(b)		286,047		19,468,359

				41,803,387


Household Durables-2.14%
Leggett & Platt, Inc.^(b)		691,970		24,654,891


Household Products-3.40%
Clorox Co. (The)		123,806		17,762,447
Kimberly-Clark Corp.		154,282		21,418,970

				39,181,417


Industrial Conglomerates-1.92%
3M Co.^(b)		153,809		22,182,334


	Shares		Value
Insurance-10.87%
Fidelity National Financial, Inc.		393,969	$	15,687,845
Mercury General Corp.^(b)		479,796		24,196,112
Old Republic International Corp.		726,386		15,987,756
Principal Financial Group, Inc.^(b)		289,462		19,723,941
Prudential Financial, Inc.		213,761		23,195,206
Unum Group		871,284		26,591,588

				125,382,448


IT Services-2.81%
International Business Machines Corp.		244,922		32,381,138


Multi-Utilities-5.59%
Avista Corp.^(b)		491,362		19,934,556
Consolidated Edison, Inc.		242,672		22,505,401
NorthWestern Corp.^(b)		388,604		22,029,961

				64,469,918


Oil, Gas & Consumable Fuels-4.45%
Chevron Corp.		150,331		23,552,358
Exxon Mobil Corp.		326,161		27,805,225

				51,357,583


Personal Products-1.50%
Nu Skin Enterprises, Inc., Class A^(b)		406,147		17,318,108


Pharmaceuticals-3.70%
Merck & Co., Inc.		255,021		22,617,813
Pfizer, Inc.		408,359		20,038,176

				42,655,989


Real Estate Management & Development-2.06%
Kennedy-Wilson Holdings, Inc.^(b)		1,052,344		23,730,357


Textiles, Apparel & Luxury Goods-1.51%
VF Corp.^(b)		335,399		17,440,748


Tobacco-9.13%
Altria Group, Inc.		766,922		42,617,855
Philip Morris International, Inc.		274,918		27,491,800
Universal Corp.^(b)		608,796		35,218,849

				105,328,504


Wireless Telecommunication Services-2.12%
Telephone & Data Systems, Inc.^(b)		1,332,801		24,416,914

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $1,105,345,264)				1,152,598,392


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-9.30%
Invesco Private Government Fund, 0.40%^(c)(d)(e)		32,170,853		32,170,853

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


		31

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

April 30, 2022


	Shares		Value
Money Market Funds-(continued)

Invesco Private Prime Fund, 0.35%^(c)(d)(e)		75,046,247	$	75,046,247

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $107,213,742)				107,217,100



TOTAL INVESTMENTS IN SECURITIES-109.24% (Cost $1,212,559,006)				1,259,815,492

OTHER ASSETS LESS LIABILITIES-(9.24)%				(106,560,385	)



NET ASSETS-100.00%			$	1,153,255,107

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 April 30, 2022.

^(c)


	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	36,452,583		$	(36,452,583	)		$	-		$	-			$	-		$	673

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			7,776,139			220,963,595			(196,568,881	)			-			-				32,170,853			15,139	*

Invesco Private Prime Fund			11,664,209			457,160,838			(393,767,827	)			3,358			(14,331	)			75,046,247			46,964	*


Total		$	19,440,348		$	714,577,016		$	(626,789,291	)		$	3,358		$	(14,331	)		$	107,217,100		$	62,776

*	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.

^(d)	The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(e)	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.


		32

Invesco International Dividend Achievers^TM ETF (PID)

April 30, 2022

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Australia-3.70%
Rio Tinto PLC, ADR^(a)		403,886	$	28,724,372


Brazil-4.44%
Banco Santander Brasil S.A., ADR^(a)		5,410,610		34,465,586


Canada-53.93%
Agnico Eagle Mines Ltd.		347,695		20,246,280
Algonquin Power & Utilities Corp.^(a)		1,944,857		28,103,184
BCE, Inc.^(a)		604,562		32,144,561
Brookfield Asset Management, Inc., Class A^(a)		108,268		5,398,242
Brookfield Infrastructure Partners L.P.		359,783		22,461,253
Brookfield Renewable Partners L.P.		583,461		20,537,827
Canadian Imperial Bank of Commerce^(a)		182,146		20,136,240
Canadian National Railway Co.^(a)		78,081		9,183,887
Canadian Natural Resources Ltd.		312,147		19,312,535
Canadian Pacific Railway Ltd.^(a)		74,671		5,467,411
Enbridge, Inc.		735,579		32,100,667
FirstService Corp.		21,922		2,737,839
Fortis, Inc.		484,648		23,578,125
Franco-Nevada Corp.		32,795		4,957,292
Imperial Oil Ltd.		250,371		12,553,602
Magna International, Inc.		193,351		11,653,265
Open Text Corp.		273,236		10,943,102
Restaurant Brands International, Inc.^(a)		413,689		23,617,505
Ritchie Bros. Auctioneers, Inc.^(a)		216,532		11,928,748
Royal Bank of Canada		177,804		17,963,538
Stantec, Inc.		129,268		5,932,108
TC Energy Corp.^(a)		584,293		30,909,100
TELUS Corp.^(a)		974,478		24,371,695
TFI International, Inc.		53,943		4,341,333
Toronto-Dominion Bank (The)		243,378		17,581,627

				418,160,966


France-2.89%
Sanofi, ADR		428,963		22,413,317


Germany-3.34%
Fresenius Medical Care AG & Co. KGaA, ADR		480,747		14,869,505
SAP SE, ADR		109,272		11,014,617

				25,884,122


India-1.53%
Infosys Ltd., ADR^(a)		489,391		9,724,199
Reliance Industries Ltd., GDR^(a)(b)		29,096		2,112,370

				11,836,569


Ireland-1.81%
CRH PLC, ADR^(a)		354,670		14,037,839


Japan-3.65%
Sony Group Corp., ADR		31,096		2,675,811
Sumitomo Mitsui Financial Group, Inc., ADR^(a)		4,280,081		25,637,685

				28,313,496

Investment Abbreviations:

ADR-American Depositary Receipt

GDR-Global Depositary Receipt


	Shares		Value
Mexico-1.85%
America Movil S.A.B. de C.V., Class L, ADR^(a)		739,385	$	14,366,250


Spain-3.67%
Atlantica Sustainable Infrastructure PLC^(a)		920,577		28,445,829


Switzerland-3.78%
Logitech International S.A., Class R^(a)		103,770		6,776,181
Novartis AG, ADR		255,895		22,526,437

				29,302,618


Taiwan-1.94%
Silicon Motion Technology Corp., ADR		197,930		15,028,825


United Kingdom-10.87%
Diageo PLC, ADR^(a)		61,512		12,221,204
Linde PLC		30,183		9,415,889
National Grid PLC, ADR^(a)		368,407		27,321,063
RELX PLC, ADR		438,601		12,916,800
Unilever PLC, ADR^(a)		484,917		22,432,260

				84,307,216


United States-2.50%
Amdocs Ltd.		142,107		11,324,507
Willis Towers Watson PLC^(a)		37,348		8,024,591

				19,349,098


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.90% (Cost $722,446,542)				774,636,103


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-26.91%

Invesco Private Government Fund, 0.40%^(c)(d)(e)		62,607,584		62,607,584

Invesco Private Prime Fund, 0.35%^(c)(d)(e)		146,030,600		146,030,600


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $208,623,766)				208,638,184


TOTAL INVESTMENTS IN SECURITIES-126.81% (Cost $931,070,308)				983,274,287

OTHER ASSETS LESS LIABILITIES-(26.81)%				(207,854,227	)


NET ASSETS-100.00%			$	775,420,060

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


		33

Invesco International Dividend Achievers^TM ETF (PID)–(continued)

April 30, 2022

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at April 30, 2022.

^(b)

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 April 30, 2022 represented less than 1% of the Fund’s Net Assets.

^(c)

Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2022.


	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	27,666,040		$	(27,666,040	)		$	-		$	-			$	-		$	303

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			21,104,517			561,545,107			(520,042,040	)			-			-				62,607,584			39,212	*

Invesco Private Prime Fund			31,790,276			974,957,007			(860,665,799	)			14,418			(65,302	)			146,030,600			137,120	*

Investments in Other Affiliates:

Cia Paranaense de Energia**			19,434,900			17,330,405			(44,999,251	)			4,081,233			4,152,713				-			2,046,674


Total		$	72,329,693		$	1,581,498,559		$	(1,453,373,130	)		$	4,095,651		$	4,087,411			$	208,638,184		$	2,223,309

*	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.

**	As of April 30, 2022, this security was not considered as an affiliate of the Fund.

^(d)	The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(e)	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.


		34

(This Page Intentionally Left Blank)


		35

Statements of Assets and Liabilities

April 30, 2022


	Invesco BuyBack Achievers^TM ETF (PKW)			Invesco Dividend Achievers^TMETF (PFM)		Invesco Dow Jones Industrial Average Dividend ETF (DJD)			Invesco Financial Preferred ETF (PGF)
Assets:
Unaffiliated investments in securities, at value^(a)	$	1,352,218,473		$	704,241,353	$	205,359,068		$	1,337,718,925
Affiliated investments in securities, at value		149,093,237			15,501,133		12,208,039			25,118,819
Foreign currencies, at value		-			-		-			-
Deposits with brokers:
Cash segregated as collateral		-			-		-			-
Receivable for:
Dividends		878,972			734,773		298,163			5,122,939
Securities lending		66,830			2,350		314			136,477
Investments sold		7,597,051			53,803		-			5,478,768
Investments sold - affiliated broker		22,092,748			-		-			-
Fund shares sold		-			3,413,609		2,241,397			-
Foreign tax reclaims		-			-		-			-

Total assets		1,531,947,311			723,947,021		220,106,981			1,373,575,928


Liabilities:
Due to custodian		80			-		-			3,267,291
Payable for:
Investments purchased		526,258			3,361,151		2,237,932			-
Investments purchased - affiliated broker		23,677,416			-		-			-
Collateral upon return of securities loaned		147,472,744			15,125,122		12,098,215			25,116,252
Collateral upon receipt of securities in-kind		-			-		-			-
Fund shares repurchased		5,916,936			-		-			2,342,244
Accrued unitary management fees		-			-		11,716			-
Accrued advisory fees		601,117			240,907		-			582,282
Accrued trustees’ and officer’s fees		195,979			87,847		-			277,162
Accrued expenses		1,109,457			481,438		-			682,410

Total liabilities		179,499,987			19,296,465		14,347,863			32,267,641

Net Assets	$	1,352,447,324		$	704,650,556	$	205,759,118		$	1,341,308,287


Net assets consist of:
Shares of beneficial interest	$	1,959,495,619		$	606,494,237	$	210,645,935		$	1,627,133,923
Distributable earnings (loss)		(607,048,295	)		98,156,319		(4,886,817	)		(285,825,636	)


Net Assets	$	1,352,447,324		$	704,650,556	$	205,759,118		$	1,341,308,287

Shares outstanding (unlimited amount authorized, $0.01 par value)		16,000,000			19,170,000		4,590,000			85,900,000
Net asset value	$	84.53		$	36.76	$	44.83		$	15.61

Market price	$	84.50		$	36.78	$	44.82		$	15.55

Unaffiliated investments in securities, at cost	$	1,460,833,572		$	585,643,882	$	203,615,150		$	1,572,458,293

Affiliated investments in securities, at cost	$	149,085,815		$	15,501,132	$	12,207,933		$	25,116,252

Foreign currencies, at cost	$	-		$	-	$	-		$	-

^(a)Includes securities on loan with an aggregate value of:	$	139,403,884		$	14,419,593	$	11,582,406		$	24,274,679

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


		36


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

$	1,152,598,392	$	774,636,103
	107,217,100		208,638,184
	-		513,988

	-		93,149

	2,113,393		1,443,803
	8,896		263,728
	-		-
	-		-
	4,098,295		4,370,064
	-		531,812

	1,266,036,076		990,490,831



	246,141		1,027,179

	4,097,694		4,369,055
	-		-
	107,213,742		208,623,766
	-		93,149
	-		-
	-		-
	388,062		261,739
	115,048		171,444
	720,282		524,439

	112,780,969		215,070,771

$	1,153,255,107	$	775,420,060



$	1,300,876,209	$	1,144,050,402
	(147,621,102)		(368,630,342	)

$	1,153,255,107	$	775,420,060

	54,880,000		42,190,000
$	21.01	$	18.38


$	21.03	$	18.40


$	1,105,345,264	$	722,446,542

$	107,213,742	$	208,623,766

$	-	$	514,026

$	101,622,934	$	199,736,481


		37

Statements of Operations

For the year ended April 30, 2022


	Invesco BuyBack Achievers^TM ETF (PKW)				Invesco Dividend Achievers^TMETF (PFM)				Invesco Dow Jones Industrial Average Dividend ETF (DJD)				Invesco Financial Preferred ETF (PGF)				Invesco High Yield Equity Dividend Achievers^TMETF (PEY)				Invesco International Dividend Achievers^TMETF (PID)
Investment income:
Unaffiliated dividend income		$	23,075,914			$	15,850,681			$	5,475,533			$	90,165,675			$	46,426,576			$	21,075,367
Affiliated dividend income			1,140				506				165				2,535				673				2,046,977
Securities lending income			576,998				13,514				1,652				897,208				37,743				783,284
Foreign withholding tax			(29,889	)			(1,374	)			-				-				-				(2,608,640	)

Total investment income			23,624,163				15,863,327				5,477,350				91,065,418				46,464,992				21,296,988


Expenses:
Unitary management fees			-				-				123,369				-				-				-
Advisory fees			8,203,371				2,734,327				-				8,632,729				4,054,213				2,567,602
Sub-licensing fees			1,640,662				683,575				-				820,442				1,013,544				641,895
Accounting & administration fees			69,632				46,301				-				135,064				61,574				48,830
Custodian & transfer agent fees			8,722				7,721				-				18,428				9,975				17,147
Trustees’ and officer’s fees			37,281				19,982				-				43,871				24,739				25,116
Tax expenses			-				-				-				-				-				5,441
Other expenses			112,974				74,172				-				143,487				95,223				99,560

Total expenses			10,072,642				3,566,078				123,369				9,794,021				5,259,268				3,405,591

Less: Waivers			(9,760	)			(1,163	)			(17	)			(89	)			(85	)			(30	)

Net expenses			10,062,882				3,564,915				123,352				9,793,932				5,259,183				3,405,561

Net investment income			13,561,281				12,298,412				5,353,998				81,271,486				41,205,809				17,891,427


Realized and unrealized gain (loss) from:

Net realized gain (loss) from:

Unaffiliated investment securities			(114,766,722	)			(3,051,315	)			(905,025	)			(13,229,279	)			(19,366,416	)			11,273,967

Affiliated investment securities			(47,451	)			(2,650	)			(1,230	)			(16,783	)			(14,331	)			4,087,411

In-kind redemptions			421,758,788				34,107,428				13,165,462				784,034				99,160,795				49,375,918

Foreign currencies			-				-				-				-				-				1,552


Net realized gain (loss)			306,944,615				31,053,463				12,259,207				(12,462,028	)			79,780,048				64,738,848


Change in net unrealized appreciation (depreciation) of:

Unaffiliated investment securities			(360,856,338	)			(16,226,428	)			(7,855,372	)			(285,773,676	)			(69,369,448	)			(28,964,574	)

Affiliated investment securities			7,421				1				106				2,567				3,358				14,418

Foreign currencies			-				-				-				-				-				(2,215	)


Change in net unrealized appreciation (depreciation)			(360,848,917	)			(16,226,427	)			(7,855,266	)			(285,771,109	)			(69,366,090	)			(28,952,371	)


Net realized and unrealized gain (loss)			(53,904,302	)			14,827,036				4,403,941				(298,233,137	)			10,413,958				35,786,477


Net increase (decrease) in net assets resulting from operations		$	(40,343,021	)		$	27,125,448			$	9,757,939			$	(216,961,651	)		$	51,619,767			$	53,677,904

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


		38

(This Page Intentionally Left Blank)


		39

Statements of Changes in Net Assets

For the years ended April 30, 2022 and 2021


	Invesco BuyBack Achievers^TMETF (PKW)								Invesco Dividend Achievers^TMETF (PFM)
	2022				2021				2022				2021
Operations:
Net investment income		$	13,561,281			$	11,596,604			$	12,298,412			$	8,817,015
Net realized gain (loss)			306,944,615				64,384,508				31,053,463				39,585,321
Change in net unrealized appreciation (depreciation)			(360,848,917	)			385,148,180				(16,226,427	)			82,105,736

Net increase (decrease) in net assets resulting from operations			(40,343,021	)			461,129,292				27,125,448				130,508,072


Distributions to Shareholders from:
Distributable earnings			(13,422,838	)			(12,637,498	)			(13,107,685	)			(8,438,801	)


Shareholder Transactions:
Proceeds from shares sold			2,252,237,604				1,106,271,086				150,154,995				294,790,443
Value of shares repurchased			(2,690,143,843	)			(428,974,237	)			(74,476,740	)			(108,684,883	)

Net increase (decrease) in net assets resulting from share transactions			(437,906,239	)			677,296,849				75,678,255				186,105,560

Net increase (decrease) in net assets			(491,672,098	)			1,125,788,643				89,696,018				308,174,831


Net assets:
Beginning of year			1,844,119,422				718,330,779				614,954,538				306,779,707

End of year		$	1,352,447,324			$	1,844,119,422			$	704,650,556			$	614,954,538


Changes in Shares Outstanding:
Shares sold			24,680,000				14,260,000				3,980,000				9,080,000
Shares repurchased			(29,720,000	)			(6,420,000	)			(1,940,000	)			(3,200,000	)
Shares outstanding, beginning of year			21,040,000				13,200,000				17,130,000				11,250,000

Shares outstanding, end of year			16,000,000				21,040,000				19,170,000				17,130,000

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


		40


Invesco Dow Jones Industrial Average Dividend ETF (DJD)						Invesco Financial Preferred ETF (PGF)						Invesco High Yield Equity Dividend Achievers^TMETF (PEY)						Invesco International Dividend Achievers^TMETF (PID)
2022			2021			2022			2021			2022			2021			2022			2021

$	5,353,998		$	3,633,393		$	81,271,486		$	83,498,049		$	41,205,809		$	29,950,694		$	17,891,427		$	16,493,227
	12,259,207			11,978,545			(12,462,028	)		4,291,586			79,780,048			379,145			64,738,848			15,915,337
	(7,855,266	)		16,731,202			(285,771,109	)		62,606,987			(69,366,090	)		273,929,888			(28,952,371	)		169,048,065

	9,757,939			32,343,140			(216,961,651	)		150,396,622			51,619,767			304,259,727			53,677,904			201,456,629



	(5,064,485	)		(3,862,239	)		(81,068,351	)		(82,544,541	)		(40,404,752	)		(32,331,907	)		(21,523,716	)		(18,541,664	)



	95,391,520			152,412,394			77,281,439			502,248,151			584,935,091			347,215,806			360,195,991			76,561,774
	(49,084,102	)		(142,243,228	)		(265,030,321	)		(205,602,674	)		(372,374,068	)		(320,602,135	)		(196,500,293	)		(190,158,904	)

	46,307,418			10,169,166			(187,748,882	)		296,645,477			212,561,023			26,613,671			163,695,698			(113,597,130	)

	51,000,872			38,650,067			(485,778,884	)		364,497,558			223,776,038			298,541,491			195,849,886			69,317,835



	154,758,246			116,108,179			1,827,087,171			1,462,589,613			929,479,069			630,937,578			579,570,174			510,252,339

$	205,759,118		$	154,758,246		$	1,341,308,287		$	1,827,087,171		$	1,153,255,107		$	929,479,069		$	775,420,060		$	579,570,174



	2,120,000			3,920,000			4,150,000			26,550,000			27,460,000			17,700,000			19,000,000			4,560,000
	(1,090,000	)		(3,860,000	)		(14,950,000	)		(10,900,000	)		(17,580,000	)		(17,100,000	)		(10,350,000	)		(13,120,000	)
	3,560,000			3,500,000			96,700,000			81,050,000			45,000,000			44,400,000			33,540,000			42,100,000

	4,590,000			3,560,000			85,900,000			96,700,000			54,880,000			45,000,000			42,190,000			33,540,000


		41

Financial Highlights

Invesco BuyBack Achievers^TM ETF (PKW)



	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	87.65		$	54.42		$	63.60		$	56.93		$	52.20

Net investment income^(a)		0.76			0.88			1.01			0.73			0.55
Net realized and unrealized gain (loss) on investments		(3.16	)		33.35			(9.13	)		6.67			4.64

Total from investment operations		(2.40	)		34.23			(8.12	)		7.40			5.19


Distributions to shareholders from:
Net investment income		(0.72	)		(1.00	)		(1.06	)		(0.73	)		(0.46	)

Net asset value at end of year	$	84.53		$	87.65		$	54.42		$	63.60		$	56.93

Market price at end of year^(b)	$	84.50		$	87.72		$	54.45		$	63.62		$	56.95


Net Asset Value Total Return^(c)		(2.79	)%		63.54	%		(12.81	)%		13.16	%		9.95	%
Market Price Total Return^(c)		(2.90	)%		63.58	%		(12.79	)%		13.16	%		10.02	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	1,352,447		$	1,844,119		$	718,331		$	1,313,404		$	1,312,224
Ratio to average net assets of:
Expenses		0.61	%		0.64	%		0.62	%		0.62	%		0.63	%
Net investment income		0.83	%		1.27	%		1.60	%		1.25	%		0.99	%
Portfolio turnover rate^(d)		80	%		93	%		56	%		76	%		66	%

^(a)	Based on average shares outstanding.

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

^(c)

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

^(d)	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.

Invesco Dividend Achievers^TM ETF (PFM)



	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	35.90		$	27.27		$	28.52		$	25.22		$	23.96

Net investment income^(a)		0.68			0.62			0.61			0.59			0.54
Net realized and unrealized gain (loss) on investments		0.90			8.61			(1.20	)		3.29			1.24

Total from investment operations		1.58			9.23			(0.59	)		3.88			1.78


Distributions to shareholders from:
Net investment income		(0.72	)		(0.60	)		(0.66	)		(0.58	)		(0.52	)

Net asset value at end of year	$	36.76		$	35.90		$	27.27		$	28.52		$	25.22

Market price at end of year^(b)	$	36.78		$	35.90		$	27.31		$	28.52		$	25.24


Net Asset Value Total Return^(c)		4.40	%		34.21	%		(2.04	)%		15.63	%		7.42	%
Market Price Total Return^(c)		4.46	%		34.02	%		(1.89	)%		15.53	%		7.37	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	704,651		$	614,955		$	306,780		$	299,475		$	285,010
Ratio to average net assets of:
Expenses		0.52	%		0.53	%		0.53	%		0.54	%		0.55	%
Net investment income		1.80	%		1.97	%		2.13	%		2.22	%		2.15	%
Portfolio turnover rate^(d)		12	%		28	%		20	%		13	%		5	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	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.


		42

Financial Highlights–(continued)

Invesco Dow Jones Industrial Average Dividend ETF (DJD)


																	Eight Months Ended				Year Ended
	Years Ended April 30,																April 30,				August 31,
	2022				2021				2020				2019				2018				2017

Per Share Operating Performance:
Net asset value at beginning of period		$	43.47			$	33.17			$	36.98			$	33.32			$	31.07			$	27.55

Net investment income^(a)			1.36				1.27				1.10				0.91				0.49				0.83
Net realized and unrealized gain (loss) on investments			1.29				10.40				(3.80	)			3.74				2.37				3.55

Total from investment operations			2.65				11.67				(2.70	)			4.65				2.86				4.38


Distributions to shareholders from:
Net investment income			(1.29	)			(1.37	)			(1.11	)			(0.99	)			(0.53	)			(0.86	)
Net realized gains			-				-				-				-				(0.08	)			-

Total distributions			(1.29	)			(1.37	)			(1.11	)			(0.99	)			(0.61	)			(0.86	)

Net asset value at end of period		$	44.83			$	43.47			$	33.17			$	36.98			$	33.32			$	31.07

Market price at end of period		$	44.82	^(b)		$	43.52	^(b)		$	33.21	^(b)		$	37.02	^(b)		$	33.35	^(b)		$	31.10


Net Asset Value Total Return^(c)			6.19	%			36.03	%			(7.33	)%			14.24	%			9.23	%			16.13	%
Market Price Total Return^(c)			6.04	%			36.03	%			(7.32	)%			14.25	%			9.22	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	205,759			$	154,758			$	116,108			$	73,967			$	14,994			$	10,875
Ratio to average net assets of:
Expenses, after Waivers			0.07	%			0.07	%			0.08	%^(d)			0.09	%			0.30	%^(e)			0.30	%
Expenses, prior to Waivers			0.07	%			0.07	%			0.08	%^(d)			0.10	%			0.30	%^(e)			0.30	%
Net investment income			3.04	%			3.43	%			3.04	%^(d)			2.62	%			2.25	%^(e)			2.80	%
Portfolio turnover rate^(f)			15	%			50	%			14	%			20	%			19	%			3	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.


		43

Financial Highlights–(continued)

Invesco Financial Preferred ETF (PGF)



	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	18.89		$	18.05		$	18.33		$	18.32		$	18.87

Net investment income^(a)		0.87			0.94			0.94			0.97			0.99
Net realized and unrealized gain (loss) on investments		(3.28	)		0.82			(0.27	)		0.05			(0.53	)

Total from investment operations		(2.41	)		1.76			0.67			1.02			0.46


Distributions to shareholders from:
Net investment income		(0.87	)		(0.92	)		(0.95	)		(1.01	)		(1.01	)

Net asset value at end of year	$	15.61		$	18.89		$	18.05		$	18.33		$	18.32

Market price at end of year^(b)	$	15.55		$	18.96		$	18.07		$	18.35		$	18.31


Net Asset Value Total Return^(c)		(13.34	)%		9.94	%		3.78	%		5.79	%		2.43	%
Market Price Total Return^(c)		(13.99	)%		10.22	%		3.77	%		5.97	%		2.37	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	1,341,308		$	1,827,087		$	1,462,590		$	1,385,773		$	1,565,028
Ratio to average net assets of:
Expenses		0.57	%		0.62	%		0.61	%		0.62	%		0.63	%
Net investment income		4.71	%		5.02	%		5.10	%		5.35	%		5.26	%
Portfolio turnover rate^(d)		23	%		23	%		31	%		21	%		5	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	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.

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



	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	20.66		$	14.21		$	18.25		$	17.12		$	17.01

Net investment income^(a)		0.85			0.69			0.75			0.63			0.62
Net realized and unrealized gain (loss) on investments		0.33			6.51			(4.03	)		1.17			0.14

Total from investment operations		1.18			7.20			(3.28	)		1.80			0.76


Distributions to shareholders from:
Net investment income		(0.83	)		(0.75	)		(0.76	)		(0.67	)		(0.65	)

Net asset value at end of year	$	21.01		$	20.66		$	14.21		$	18.25		$	17.12

Market price at end of year^(b)	$	21.03		$	20.65		$	14.24		$	18.26		$	17.12


Net Asset Value Total Return^(c)		5.87	%		52.20	%		(18.57	)%		10.79	%		4.48	%
Market Price Total Return^(c)		6.01	%		51.80	%		(18.44	)%		10.86	%		4.42	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	1,153,255		$	929,479		$	630,938		$	834,224		$	763,400
Ratio to average net assets of:
Expenses		0.52	%		0.53	%		0.52	%		0.53	%		0.54	%
Net investment income		4.07	%		4.20	%		4.30	%		3.58	%		3.63	%
Portfolio turnover rate^(d)		49	%		74	%		51	%		50	%		38	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	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.


		44

Financial Highlights–(continued)

Invesco International Dividend Achievers^TM ETF (PID)



	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	17.28		$	12.12		$	16.44		$	15.92		$	15.09

Net investment income^(a)		0.51			0.45			0.61			0.58			0.56
Net realized and unrealized gain (loss) on investments		1.21			5.21			(4.20	)		0.48			0.87

Total from investment operations		1.72			5.66			(3.59	)		1.06			1.43


Distributions to shareholders from:
Net investment income		(0.62	)		(0.50	)		(0.73	)		(0.54	)		(0.60	)

Net asset value at end of year	$	18.38		$	17.28		$	12.12		$	16.44		$	15.92

Market price at end of year^(b)	$	18.40		$	17.25		$	12.07		$	16.45		$	15.91


Net Asset Value Total Return^(c)		10.11	%		47.87	%		(22.71	)%		6.99	%		9.57	%
Market Price Total Return^(c)		10.43	%		48.23	%		(23.07	)%		7.13	%		9.50	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	775,420		$	579,570		$	510,252		$	766,283		$	862,878
Ratio to average net assets of:
Expenses		0.53	%		0.56	%		0.53	%		0.54	%		0.55	%
Net investment income		2.79	%		3.18	%		3.92	%		3.70	%		3.52	%
Portfolio turnover rate^(d)		44	%		69	%		45	%		47	%		55	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	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.


		45

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

April 30, 2022

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 BuyBack Achievers^TMETF (PKW)		“BuyBack Achievers^TMETF”

Invesco Dividend Achievers^TMETF (PFM)		“Dividend Achievers^TMETF”

Invesco Dow Jones Industrial Average Dividend ETF (DJD)		“Dow Jones Industrial Average Dividend ETF”

Invesco Financial Preferred ETF (PGF)		“Financial Preferred ETF”

Invesco High Yield Equity Dividend Achievers^TMETF (PEY)		“High Yield Equity Dividend Achievers^TMETF”

Invesco International Dividend Achievers^TMETF (PID)		“International Dividend Achievers^TMETF”

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 The Nasdaq Stock Market, except for Shares of Dow Jones Industrial Average Dividend ETF and Financial Preferred ETF, which 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, the Shares are not individually redeemable securities of the Funds.

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


Fund		Underlying Index

BuyBack Achievers^TMETF		NASDAQ US BuyBack Achievers^TMIndex

Dividend Achievers^TMETF		NASDAQ US Broad Dividend Achievers^TMIndex

Dow Jones Industrial Average Dividend ETF		Dow Jones Industrial Average Yield Weighted

Financial Preferred ETF		ICE Exchange-Listed Fixed Rate Financial Preferred Securities Index

High Yield Equity Dividend Achievers^TMETF		NASDAQ US Dividend Achievers^TM50 Index

International Dividend Achievers^TMETF		NASDAQ International Dividend Achievers^TMIndex

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 last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter (“OTC”) market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts may be valued up to 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).


		46

Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible debt securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes 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. 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. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund 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 using procedures approved by the Board of Trustees. 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 approved 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.

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism 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.

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of


		47

withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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

Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, 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 (except for Financial Preferred ETF and High Yield Equity Dividend Achievers^™ ETF, which declare and pay dividends from net investment income, if any, monthly) 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 (except for Dow Jones Industrial Average Dividend ETF) is responsible for all of its expenses, including, but not limited to, the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”), or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

Dow Jones Industrial Average Dividend ETF has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Fund, 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,


		48

including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are excluded from a Fund’s unitary management fee (if applicable) 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 (if applicable) 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 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.

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. 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 period September 14, 2021 through April 30, 2022, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:


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	Amount

BuyBack Achievers^TM ETF	$	9,108

Dividend Achievers^TM ETF		913

Dow Jones Industrial Average Dividend ETF		188

Financial Preferred ETF		18,617

High Yield Equity Dividend Achievers^TM ETF		1,690

International Dividend Achievers^TM ETF		33,178

J.	Other Risks

ADR and GDR Risk. Certain Funds may invest in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

Authorized Participant Concentration Risk. Only authorized participants (“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 this risk.

Dividend Paying Security Risk. Certain Funds invest in securities that pay high dividends. As a group, these securities can fall out of favor with the market, causing such companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of the companies in an Underlying Index and the capital resources available for such companies’ dividend payments may affect a Fund.

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.

Financial Sector Risk. The market value of securities of issuers in the financial sector can be affected by factors such as adverse regulatory or economic occurrences affecting the financial sector, availability of credit, fluctuations in asset values, unstable interest rates, increased competition, continuing consolidations and development of new products and structures. Furthermore, increased government involvement in financial institutions, including measures such as taking ownership positions in such institutions, could result in a dilution in the value of the shares held by shareholders in such institutions.

Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. If a Fund invests in securities


		50

denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns.

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

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

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

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

Non-Diversified Fund Risk. Because Dow Jones Industrial Average Dividend ETF and Financial Preferred ETF are non-diversified, and to the extent certain Funds become non-diversified, and can invest a greater portion of their respective assets in securities of individual issuers than 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 a Fund’s performance.

Preferred Securities Risk. There are special risks associated with investing in preferred securities. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If a Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received any income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments. Preferred securities may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer. Preferred securities also may be subordinated to bonds or other debt instruments in an issuer’s capital structure, subjecting them to a greater risk of non-payment than more senior securities.

Sampling Risk. Certain Funds’ use of a representative sampling approach may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.

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.

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


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NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of the Funds, 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 an Investment Advisory Agreement, each Fund (except Dow Jones Industrial Average Dividend ETF) accrues daily and pays monthly to the Adviser an annual fee of 0.40% of the Fund’s average daily net assets, except for BuyBack Achievers^TM ETF and Financial Preferred ETF, each of which accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.

Pursuant to another Investment Advisory Agreement, Dow Jones Industrial Average Dividend ETF accrues daily and pays monthly to the Adviser, as compensation for its services, an annual unitary management fee of 0.07% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Dow Jones Industrial Average Dividend ETF, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund (except Dow Jones Industrial Average Dividend ETF), pursuant to which the Adviser has contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) of each Fund (except for BuyBack Achievers^™ ETF and Financial Preferred ETF) from exceeding 0.50% of the Fund’s average daily net assets per year (0.60% of the Fund’s average daily net assets per year for BuyBack Achievers^™ ETF and Financial Preferred ETF) (the “Expense Cap”), through at least August 31, 2024. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2024. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. For each Fund (excluding the Dow Jones Industrial Average Dividend ETF), the Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap.

Further, through at least August 31, 2024, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do 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. This agreement is not subject to recapture by the Adviser.

For the fiscal year ended April 30, 2022, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:



BuyBack Achievers^TMETF	$	9,760

Dividend Achievers^TMETF		1,163

Dow Jones Industrial Average Dividend ETF		17

Financial Preferred ETF		89

High Yield Equity Dividend Achievers^TMETF		85

International Dividend Achievers^TMETF		30

The fees waived and/or expenses borne by the Adviser pursuant to the Expense Cap are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.

There are no amounts available for potential recapture by the Adviser as of April 30, 2022.

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.


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The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):


Fund		Licensor

BuyBack Achievers^TMETF		Nasdaq, Inc.

Dividend Achievers^TMETF		Nasdaq, Inc.

Dow Jones Industrial Average Dividend ETF		S&P Dow Jones Indices LLC

Financial Preferred ETF		ICE Data Indices, LLC

High Yield Equity Dividend Achievers^TMETF		Nasdaq, Inc.

International Dividend Achievers^TMETF		Nasdaq, Inc.

Each Underlying Index name trademark is owned by its respective 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 (except for Dow Jones Industrial Average Dividend ETF) are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

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

For the fiscal year ended April 30, 2022, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:



BuyBack Achievers^TMETF	$	113,340

Dividend Achievers^TMETF		9,993

Dow Jones Industrial Average Dividend ETF		1,369

High Yield Equity Dividend Achievers^TMETF		38,857

International Dividend Achievers^TMETF		5,939

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 or sell securities from or 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 Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.

For the fiscal year ended April 30, 2022, the following Funds engaged in transactions with affiliates as listed below:


	Securities Purchases			Securities Sales			Net Realized Gains*

Dow Jones Industrial Average Dividend ETF		$	-		$	414,585		$	35,129

Financial Preferred ETF			10,880,426			-			-

*	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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:


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

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

Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own 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.


		53

The following is a summary of the tiered valuation input levels, as of April 30, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3		Total

BuyBack Achievers^TMETF

Investments in Securities

Common Stocks & Other Equity Interests		$	1,352,218,473		$	-		$-		$	1,352,218,473

Money Market Funds			1,613,071			147,480,166		-			149,093,237


Total Investments		$	1,353,831,544		$	147,480,166		$-		$	1,501,311,710


Dividend Achievers^TMETF

Investments in Securities

Common Stocks & Other Equity Interests		$	704,241,353		$	-		$-		$	704,241,353

Money Market Funds			376,010			15,125,123		-			15,501,133


Total Investments		$	704,617,363		$	15,125,123		$-		$	719,742,486


Dow Jones Industrial Average Dividend ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	205,359,068		$	-		$-		$	205,359,068

Money Market Funds			109,718			12,098,321		-			12,208,039


Total Investments		$	205,468,786		$	12,098,321		$-		$	217,567,107


Financial Preferred ETF

Investments in Securities

Preferred Stocks		$	1,337,718,925		$	-		$-		$	1,337,718,925

Money Market Funds			-			25,118,819		-			25,118,819


Total Investments		$	1,337,718,925		$	25,118,819		$-		$	1,362,837,744


High Yield Equity Dividend Achievers^TMETF

Investments in Securities

Common Stocks & Other Equity Interests		$	1,152,598,392		$	-		$-		$	1,152,598,392

Money Market Funds			-			107,217,100		-			107,217,100


Total Investments		$	1,152,598,392		$	107,217,100		$-		$	1,259,815,492


International Dividend Achievers^TMETF

Investments in Securities

Common Stocks & Other Equity Interests		$	774,636,103		$	-		$-		$	774,636,103

Money Market Funds			-			208,638,184		-			208,638,184


Total Investments		$	774,636,103		$	208,638,184		$-		$	983,274,287

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2022 and 2021:


	2022		2021
	Ordinary Income*		Ordinary Income*

BuyBack Achievers^TMETF	$	13,422,838	$	12,637,498

Dividend Achievers^TMETF		13,107,685		8,438,801

Dow Jones Industrial Average Dividend ETF		5,064,485		3,862,239

Financial Preferred ETF		81,068,351		82,544,541

High Yield Equity Dividend Achievers^TMETF		40,404,752		32,331,907

International Dividend Achievers^TMETF		21,523,716		18,541,664

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


		54

Tax Components of Net Assets at Fiscal Year-End:


	Undistributed Ordinary Income			Temporary Book/Tax Differences				Net Unrealized Appreciation (Depreciation)- Investments				Net Unrealized (Depreciation)- Foreign Currencies				Capital Loss Carryforwards				Shares of Beneficial Interest			Total Net Assets

BuyBack Achievers^TMETF		$	1,034,258		$	(176,651	)		$	(134,556,577	)		$	-			$	(473,349,325	)		$	1,959,495,619		$	1,352,447,324

Dividend Achievers^TMETF			1,014,127			(1,591,679	)			106,998,995				-				(8,265,124	)			606,494,237			704,650,556

Dow Jones Industrial Average Dividend ETF			329,847			-				(731,761	)			-				(4,484,903	)			210,645,935			205,759,118

Financial Preferred ETF			1,284,955			(254,961	)			(238,781,288	)			-				(48,074,342	)			1,627,133,923			1,341,308,287

High Yield Equity Dividend Achievers^TMETF			1,204,303			(101,376	)			36,044,574				-				(184,768,603	)			1,300,876,209			1,153,255,107

International Dividend Achievers^TMETF			2,115,788			(566,470	)			45,908,206				(38	)			(416,087,828	)			1,144,050,402			775,420,060

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

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


	No expiration
	Short-Term		Long-Term		Total*

BuyBack Achievers^TMETF	$	338,686,344	$	134,662,981	$	473,349,325

Dividend Achievers^TMETF		-		8,265,124		8,265,124

Dow Jones Industrial Average Dividend ETF		871,206		3,613,697		4,484,903

Financial Preferred ETF		8,469,421		39,604,921		48,074,342

High Yield Equity Dividend Achievers^TMETF		34,308,122		150,460,481		184,768,603

International Dividend Achievers^TMETF		174,173,234		241,914,594		416,087,828

*	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 fiscal year ended April 30, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:


	Purchases		Sales

BuyBack Achievers^TMETF	$	1,286,677,581	$	1,288,979,868

Dividend Achievers^TMETF		83,233,298		82,534,598

Dow Jones Industrial Average Dividend ETF		26,491,046		25,982,516

Financial Preferred ETF		391,098,448		394,276,503

High Yield Equity Dividend Achievers^TMETF		491,006,128		492,039,080

International Dividend Achievers^TMETF		279,383,905		281,969,311

For the fiscal year ended April 30, 2022, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales

BuyBack Achievers^TMETF	$	2,249,889,495	$	2,684,315,145

Dividend Achievers^TMETF		147,988,385		73,571,646

Dow Jones Industrial Average Dividend ETF		94,745,274		48,982,105

Financial Preferred ETF		75,446,400		261,603,994

High Yield Equity Dividend Achievers^TMETF		583,721,930		370,095,372

International Dividend Achievers^TMETF		360,110,794		194,603,563

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


		55

As of April 30, 2022, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost

BuyBack Achievers^TMETF	$	48,209,649	$	(182,766,226	)	$	(134,556,577	)	$	1,635,868,287

Dividend Achievers^TMETF		136,419,859		(29,420,864	)		106,998,995			612,743,491

Dow Jones Industrial Average Dividend ETF		13,031,231		(13,762,992	)		(731,761	)		218,298,868

Financial Preferred ETF		539,317		(239,320,605	)		(238,781,288	)		1,601,619,032

High Yield Equity Dividend Achievers^TMETF		86,286,151		(50,241,577	)		36,044,574			1,223,770,918

International Dividend Achievers^TMETF		79,695,082		(33,786,876	)		45,908,206			937,366,081

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2022, the reclassifications were as follows:


	Undistributed Net Investment Income			Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest

BuyBack Achievers^TMETF		$	-		$	(412,298,731	)		$	412,298,731

Dividend Achievers^TMETF			310,774			(33,294,717	)			32,983,943

Dow Jones Industrial Average Dividend ETF			-			(12,709,869	)			12,709,869

Financial Preferred ETF			14,724			437,067				(451,791	)

High Yield Equity Dividend Achievers^TMETF			394,245			(95,178,182	)			94,783,937

International Dividend Achievers^TMETF			944,366			(47,094,917	)			46,150,551

NOTE 9–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for Dow Jones Industrial Average Dividend ETF. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

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

NOTE 10–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 Authorized Participants 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 Authorized Participant 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 Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’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.


		56

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco BuyBack Achievers^™ ETF, Invesco Dividend Achievers^™ ETF, Invesco Dow Jones Industrial Average Dividend ETF, Invesco Financial Preferred ETF, Invesco High Yield Equity Dividend Achievers^™ ETF and Invesco International Dividend Achievers^™ ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco BuyBack Achievers^™ ETF, Invesco Dividend Achievers^™ ETF, Invesco Dow Jones Industrial Average Dividend ETF, Invesco Financial Preferred ETF, Invesco High Yield Equity Dividend Achievers^™ ETF and Invesco International Dividend Achievers^™ ETF (six of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2022, the related statements of operations for the year ended April 30, 2022, the statements of changes in net assets for each of the two years in the period ended April 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2022 (or for Invesco Dow Jones Industrial Average Dividend ETF, for each of the four years in the period ended April 30, 2022 and for the eight months ended April 30, 2018) (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2022, and each of the financial highlights for each of the five years in the period ended April 30, 2022 (or for Invesco Dow Jones Industrial Average Dividend ETF, for each of the four years in the period ended April 30, 2022 and for the eight months ended April 30, 2018) in conformity with accounting principles generally accepted in the United States of America.

The financial statements and financial highlights of Invesco Dow Jones Industrial Average Dividend ETF (Predecessor Fund Guggenheim Dow Jones Industrial Average Dividend ETF) as of and for the year ended August 31, 2017 (not presented herein, other than the financial highlights) were audited by other auditors whose report, dated October 30, 2017, expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

June 23, 2022

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


		57

Calculating your ongoing Fund expenses

Example

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2021 through April 30, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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


	Beginning Account Value November 1, 2021		Ending Account Value April 30, 2022		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco BuyBack Achievers^TMETF (PKW)

Actual		$1,000.00		$ 901.10		0.61	%		$2.88

Hypothetical (5% return before expenses)		1,000.00		1,021.77		0.61			3.06

Invesco Dividend Achievers^TMETF (PFM)

Actual		1,000.00		971.10		0.52			2.54

Hypothetical (5% return before expenses)		1,000.00		1,022.22		0.52			2.61

Invesco Dow Jones Industrial Average Dividend ETF (DJD)

Actual		1,000.00		1,031.10		0.07			0.35

Hypothetical (5% return before expenses)		1,000.00		1,024.45		0.07			0.35

Invesco Financial Preferred ETF (PGF)

Actual		1,000.00		846.00		0.55			2.52

Hypothetical (5% return before expenses)		1,000.00		1,022.07		0.55			2.76
Invesco High Yield Equity Dividend Achievers^TMETF (PEY)

Actual		1,000.00		1,053.80		0.52			2.65

Hypothetical (5% return before expenses)		1,000.00		1,022.22		0.52			2.61


		58

Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value November 1, 2021		Ending Account Value April 30, 2022		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco International Dividend Achievers^TMETF (PID)

Actual		$1,000.00		$1,019.90		0.53	%		$2.65

Hypothetical (5% return before expenses)		1,000.00		1,022.17		0.53			2.66

⁽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 April 30, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.


		59

Tax Information

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

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

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2022:


	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Business Interest Income*

Invesco BuyBack Achievers^TMETF		0	%		100	%		100	%		0	%		0	%

Invesco Dividend Achievers^TMETF		0	%		100	%		100	%		0	%		0	%

Invesco Dow Jones Industrial Average Dividend ETF		0	%		100	%		100	%		0	%		0	%

Invesco Financial Preferred ETF		0	%		99	%		98	%		0	%		0	%

Invesco High Yield Equity Dividend Achievers^TMETF		0	%		100	%		100	%		0	%		0	%

Invesco International Dividend Achievers^TMETF		0	%		40	%		1	%		0	%		0	%

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

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


	Foreign Taxes Per Share	Foreign Source Income Per Share

Invesco International Dividend Achievers^TMETF	$0.0215	$0.5454


		60

Trustees and Officers

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

As of April 30, 2022


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2003	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	224	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present).

Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	224	None.

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

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


		61

Trustees and Officers–(continued)

Name, Address and Year of

Birth of Independent Trustees

Position(s)
Held

with Trust

Term of
Office

and

Length of
Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Number of
Portfolios
in Fund
Complex**
Overseen by
Independent
Trustees

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Edmund P. Giambastiani,

Jr.–1948

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2019

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

224

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

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

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


		62

Trustees and Officers–(continued)

Name, Address and Year of
Birth of Independent Trustees

Position(s)

Held

with Trust

Term of
Office

and

Length of
Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Number of

Portfolios

in Fund

Complex**

Overseen by

Independent

Trustees

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Victoria J. Herget–1951

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2019

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

224

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

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

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


		63

Trustees and Officers–(continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Audit Committee and Trustee	Chair of the Audit Committee since 2008; Trustee since 2006	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	224	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Investment Oversight Committee and Trustee	Chair of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	224	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

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

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


		64

Trustees and Officers–(continued)

Name, Address and Year of
Birth of Independent Trustees

Position(s)
Held

with Trust

Term of
Office

and

Length of
Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Joanne Pace–1958

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2019

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

224

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

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

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


		65

Trustees and Officers–(continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker–1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	224	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).

Donald H. Wilson–1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Board and Trustee	Chair since 2012; Trustee since 2006	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	224	Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present).

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

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


		66

Trustees and Officers–(continued)

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

Name, Address and Year of
Birth of Interested Trustee

Position(s)
Held

with Trust

Term of
Office

and

Length of
Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Number of
Portfolios

in Fund
Complex**
Overseen by
Interested
Trustee

Other

Directorships

Held by

Interested

Trustee During

the Past 5 Years

Anna Paglia–1974

Invesco Capital

Management LLC

3500 Lacey Road Suite 700

Downers Grove, IL 60515

Trustee, President and Principal Executive Officer

Trustee since 2022, President and Principal Executive Officer since 2020

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

224

None

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

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


		67

Trustees and Officers–(continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2020	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020).

Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).

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

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


		68

Trustees and Officers–(continued)


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

Michael McMaster–1962 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Chief Tax Officer	Since 2020	Vice President and Head of Global Fund Services Tax, Invesco Advisers, Inc. (2020-Present); Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds (2020-Present); Assistant Treasurer, Invesco Capital Management LLC (2020-Present); Chief Tax Officer and Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Treasurer, Invesco Specialized Products, LLC (2020-Present); formerly, Senior Vice President, Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) (2007-2020).

Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present) and Vice President, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange- Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020).

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

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


		69

Trustees and Officers–(continued)

Name, Address and Year of Birth
of Executive Officers

Position(s)
Held
with Trust

Length of
Time
Served*

Principal

Occupation(s) During

the Past 5 Years

Melanie Zimdars–1976

Invesco Capital

Management LLC 3500

Lacey Road, Suite 700

Downers Grove, IL 60515

Chief Compliance Officer

Since 2017

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

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

Availability of Additional Information About the Trustees

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


		70

Approval of Investment Advisory Contracts

At a meeting held on April 6, 2022, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 25 series (each, a “Fund” and collectively, the “Funds”):


Invesco Dow Jones Industrial Average Dividend ETF		Invesco S&P 500^® Equal Weight Real Estate ETF
Invesco NASDAQ Internet ETF		Invesco S&P 500^® Equal Weight Technology ETF
Invesco Raymond James SB-1 Equity ETF		Invesco S&P 500^® Equal Weight Utilities ETF
Invesco S&P 500 BuyWrite ETF		Invesco S&P 500^® Pure Growth ETF
Invesco S&P 500^® Equal Weight Communications Services ETF		Invesco S&P 500^® Pure Value ETF
Invesco S&P 500^® Equal Weight Consumer Discretionary ETF		Invesco S&P 500^® Top 50 ETF
Invesco S&P 500^® Equal Weight Consumer Staples ETF		Invesco S&P MidCap 400^® Equal Weight ETF
Invesco S&P 500^® Equal Weight Energy ETF		Invesco S&P MidCap 400^® Pure Growth ETF
Invesco S&P 500^® Equal Weight ETF		Invesco S&P MidCap 400^® Pure Value ETF
Invesco S&P 500^® Equal Weight Financials ETF		Invesco S&P SmallCap 600^® Equal Weight ETF
Invesco S&P 500^® Equal Weight Health Care ETF		Invesco S&P SmallCap 600^® Pure Growth ETF
Invesco S&P 500^® Equal Weight Industrials ETF		Invesco S&P SmallCap 600^® Pure Value ETF
Invesco S&P 500^® Equal Weight Materials ETF

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

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2021, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018 is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration statement. The Trustees concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

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

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

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


		71

Approval of Investment Advisory Contracts–(continued)

●

0.07% of the Fund’s average daily net assets for Invesco Dow Jones Industrial Average Dividend ETF;

●

0.20% of the Fund’s average daily net assets for each of Invesco S&P 500^®Equal Weight ETF and Invesco S&P 500^®Top 50 ETF;

●

0.35% of the Fund’s average daily net assets for each of Invesco S&P 500^®Pure Growth ETF, Invesco S&P 500^®Pure Value ETF, Invesco S&P MidCap 400^®Pure Growth ETF, Invesco S&P MidCap 400^®Pure Value ETF, Invesco S&P SmallCap 600^®Pure Growth ETF and Invesco S&P SmallCap 600^®Pure Value ETF;

●

0.49% of the Fund’s average daily net assets for Invesco S&P 500 BuyWrite ETF;

●

0.60% of the Fund’s average daily net assets for Invesco NASDAQ Internet ETF;

●

0.75% of the Fund’s average daily net assets for Invesco Raymond James SB-1 Equity ETF; and

●

0.40% of the Fund’s average daily net assets for each other Fund.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.


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

Invesco Dow Jones Industrial Average Dividend ETF	X	X	X

Invesco NASDAQ Internet ETF			X

Invesco Raymond James SB-1 Equity ETF			X

Invesco S&P 500 BuyWrite ETF	X	X	X

Invesco S&P 500^®Equal Weight Communication Services ETF	X		X

Invesco S&P 500^®Equal Weight Consumer Discretionary ETF	X		X

Invesco S&P 500^®Equal Weight Consumer Staples ETF	X		X

Invesco S&P 500^®Equal Weight Energy ETF	X		X

Invesco S&P 500^®Equal Weight ETF	X	X	X

Invesco S&P 500^®Equal Weight Financials ETF	X		X

Invesco S&P 500^®Equal Weight Health Care ETF	X		X

Invesco S&P 500^®Equal Weight Industrials ETF	X		X

Invesco S&P 500^®Equal Weight Materials ETF	X		X

Invesco S&P 500^®Equal Weight Real Estate ETF	X		X

Invesco S&P 500^®Equal Weight Technology ETF	X		X

Invesco S&P 500^®Equal Weight Utilities ETF	X	X	X

Invesco S&P 500^®Pure Growth ETF	X	X	X

Invesco S&P 500^®Pure Value ETF			X

Invesco S&P 500^®Top 50 ETF	X		X

Invesco S&P MidCap 400^®Equal Weight ETF			X

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

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

Invesco S&P SmallCap 600^®Equal Weight ETF			X

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

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


		72

Approval of Investment Advisory Contracts–(continued)

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding Invesco Raymond James SB-1 Equity ETF’s advisory fee and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fee and total expenses for the Fund are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have an investment strategy comparable to one of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees for money market cash management vehicles and fees as the Funds’ direct securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

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


		73

Approval of Investment Advisory Contracts

At a meeting held on April 6, 2022, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 49 series (each, a “Fund” and collectively, the “Funds”):

Invesco Aerospace & Defense ETF

Invesco BuyBack Achievers^TM ETF

Invesco Dividend Achievers^TM ETF

Invesco DWA Basic Materials Momentum ETF

Invesco DWA Consumer Cyclicals Momentum ETF

Invesco DWA Consumer Staples Momentum ETF

Invesco DWA Energy Momentum ETF

Invesco DWA Financial Momentum ETF

Invesco DWA Healthcare Momentum ETF

Invesco DWA Industrials Momentum ETF

Invesco DWA Momentum ETF

Invesco DWA Technology Momentum ETF

Invesco DWA Utilities Momentum ETF

Invesco Dynamic Biotechnology & Genome ETF

Invesco Dynamic Building & Construction ETF

Invesco Dynamic Energy Exploration & Production ETF

Invesco Dynamic Food & Beverage ETF

Invesco Dynamic Large Cap Growth ETF

Invesco Dynamic Large Cap Value ETF

Invesco Dynamic Leisure and Entertainment ETF

Invesco Dynamic Market ETF

Invesco Dynamic Media ETF

Invesco Dynamic Networking ETF

Invesco Dynamic Oil & Gas Services ETF

Invesco Dynamic Pharmaceuticals ETF

Invesco Dynamic Semiconductors ETF

Invesco Dynamic Software ETF

Invesco Financial Preferred ETF

Invesco FTSE RAFI US 1000 ETF

Invesco FTSE RAFI US 1500 Small-Mid ETF

Invesco Global Listed Private Equity ETF

Invesco Golden Dragon China ETF

Invesco High Yield Equity Dividend Achievers^TM ETF

Invesco International Dividend Achievers^TM ETF

Invesco MSCI Sustainable Future ETF

Invesco S&P 100 Equal Weight ETF

Invesco S&P 500 GARP ETF

Invesco S&P 500^® Quality ETF

Invesco S&P 500 Value with Momentum ETF

Invesco S&P MidCap Momentum ETF

Invesco S&P MidCap Quality ETF

Invesco S&P MidCap Value with Momentum ETF

Invesco S&P SmallCap Momentum ETF

Invesco S&P SmallCap Value with Momentum ETF

Invesco S&P Spin-Off ETF

Invesco Water Resources ETF

Invesco WilderHill Clean Energy ETF

Invesco Zacks Mid-Cap ETF

Invesco Zacks Multi-Asset Income ETF

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

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2021, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration statement. The Trustees concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.


		74

Approval of Investment Advisory Contracts–(continued)

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s contractual advisory fee, net advisory fee and gross and net expense ratios. The Trustees noted that the annual contractual advisory fee charged to each Fund is as follows:

●

0.15% of the Fund’s average daily net assets for Invesco S&P 500^®Quality ETF;

●

0.25% of the Fund’s average daily net assets for each of Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF; and

●

0.29% of the Fund’s average daily net assets for each of Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF;

●

0.40% of the Fund’s average daily net assets for each of Invesco Dividend Achievers^™ ETF, Invesco High Yield Equity Dividend Achievers^™ ETF and Invesco International Dividend Achievers^™ ETF; and

●

0.50% of the Fund’s average daily net assets for each other Fund.

The Trustees noted that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an “Expense Cap”) to the extent necessary to prevent the annual operating expenses of each Fund from exceeding the percentage of that Fund’s average daily net assets, at least until August 31, 2024, as set forth below:

●

0.15%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 500^® Quality ETF;

●

0.25%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF; and

●

0.39%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF;

●

0.50%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dividend AchieversTM ETF, Invesco High Yield Equity Dividend AchieversTM ETF and Invesco International Dividend AchieversTM ETF;

●

0.60%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco DWA Basic Materials Momentum ETF, Invesco DWA Consumer Cyclicals Momentum ETF, Invesco DWA Consumer Staples Momentum ETF, Invesco DWA Energy Momentum ETF, Invesco DWA Financial Momentum ETF, Invesco DWA Healthcare Momentum ETF, Invesco DWA Industrials Momentum ETF, Invesco DWA Technology Momentum ETF and Invesco DWA Utilities Momentum ETF;

●

0.60%, excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dynamic Market ETF; and

●

0.60%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Aerospace & Defense ETF, Invesco BuyBack AchieversTM ETF, Invesco DWA Momentum ETF, Invesco Dynamic Biotechnology & Genome ETF, Invesco Dynamic Building & Construction ETF, Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Food & Beverage ETF, Invesco Dynamic Large Cap Growth ETF, Invesco Dynamic Large Cap Value ETF, Invesco Dynamic Leisure and Entertainment ETF, Invesco Dynamic Media ETF, Invesco Dynamic Networking ETF, Invesco Dynamic Oil & Gas Services ETF, Invesco Dynamic Pharmaceuticals ETF, Invesco Dynamic Semiconductors ETF, Invesco Dynamic Software ETF, Invesco Financial Preferred


		75

Approval of Investment Advisory Contracts–(continued)

ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco MSCI Sustainable Future ETF, Invesco S&P Spin-Off ETF, Invesco Water Resources ETF, Invesco WilderHill Clean Energy ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF.

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


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

Invesco Aerospace & Defense ETF			X

Invesco Buyback Achievers^TMETF			X

Invesco Dividend Achievers^TMETF			X

Invesco DWA Basic Materials Momentum ETF			X

Invesco DWA Consumer Cyclicals Momentum ETF			X

Invesco DWA Consumer Staples Momentum ETF			X

Invesco DWA Energy Momentum ETF			X

Invesco DWA Financial Momentum ETF			X

Invesco DWA Healthcare Momentum ETF			X

Invesco DWA Industrials Momentum ETF			X

Invesco DWA Momentum ETF			X

Invesco DWA Technology Momentum ETF			X

Invesco DWA Utilities Momentum ETF			X

Invesco Dynamic Biotechnology & Genome ETF			X

Invesco Dynamic Building & Construction ETF			X

Invesco Dynamic Energy Exploration & Production ETF			X

Invesco Dynamic Food & Beverage ETF			X

Invesco Dynamic Large Cap Growth ETF			X

Invesco Dynamic Large Cap Value ETF			X

Invesco Dynamic Leisure and Entertainment ETF			X

Invesco Dynamic Market ETF			X

Invesco Dynamic Media ETF			X

Invesco Dynamic Networking ETF			X

Invesco Dynamic Oil & Gas Services ETF		N/A	X

Invesco Dynamic Pharmaceuticals ETF			X

Invesco Dynamic Semiconductors ETF			X

Invesco Dynamic Software ETF			X

Invesco Financial Preferred ETF			X

Invesco FTSE RAFI US 1000 ETF	X		X

Invesco FTSE RAFI US 1500 Small-Mid ETF	X		X

Invesco Global Listed Private Equity ETF		N/A	X

Invesco Golden Dragon China ETF	X	N/A	X

Invesco High Yield Equity Dividend Achievers^TMETF			X

Invesco International Dividend Achievers^TMETF	X		X

Invesco MSCI Sustainable Future ETF			X

Invesco S&P 100 Equal Weight ETF		X	X


		76

Approval of Investment Advisory Contracts–(continued)


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

Invesco S&P 500 GARP ETF	X		X

Invesco S&P 500^®Quality ETF	X		X

Invesco S&P 500 Value with Momentum ETF			X

Invesco S&P MidCap Momentum ETF	X		X

Invesco S&P MidCap Quality ETF			X

Invesco S&P MidCap Value with Momentum ETF		X	X

Invesco S&P SmallCap Momentum ETF			X

Invesco S&P SmallCap Value with Momentum ETF		X	X

Invesco S&P Spin-Off ETF			X

Invesco Water Resources ETF	X	X	X

Invesco WilderHill Clean Energy ETF		X	X

Invesco Zacks Mid-Cap ETF			X

Invesco Zacks Multi-Asset Income ETF			X

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

The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a significant component of the non-advisory fee expenses was the sub-licensing fees paid by the Funds and noted those Funds for which sub-license fees are subject to the Funds’ Expense Caps.


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

Invesco Aerospace & Defense ETF			X

Invesco Buyback Achievers^TMETF			X

Invesco Dividend Achievers^TMETF		X	X

Invesco DWA Basic Materials Momentum ETF			X

Invesco DWA Consumer Cyclicals Momentum ETF			X

Invesco DWA Consumer Staples Momentum ETF			X

Invesco DWA Energy Momentum ETF			X

Invesco DWA Financial Momentum ETF			X

Invesco DWA Healthcare Momentum ETF			X

Invesco DWA Industrials Momentum ETF			X

Invesco DWA Momentum ETF		X	X

Invesco DWA Technology Momentum ETF			X

Invesco DWA Utilities Momentum ETF			X

Invesco Dynamic Biotechnology & Genome ETF			X

Invesco Dynamic Building & Construction ETF			X

Invesco Dynamic Energy Exploration & Production ETF			X

Invesco Dynamic Food & Beverage ETF			X

Invesco Dynamic Large Cap Growth ETF			X

Invesco Dynamic Large Cap Value ETF		X	X

Invesco Dynamic Leisure and Entertainment ETF			X

Invesco Dynamic Market ETF			X


		77

Approval of Investment Advisory Contracts–(continued)

Invesco Fund

Equal
to/Lower
than ETF
Peer
Median

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

Lower than
Open-End
Active Fund
Peer Median

Invesco Dynamic Media ETF

Invesco Dynamic Networking ETF

Invesco Dynamic Oil & Gas Services ETF

N/A

Invesco Dynamic Pharmaceuticals ETF

Invesco Dynamic Semiconductors ETF

Invesco Dynamic Software ETF

Invesco Financial Preferred ETF

Invesco FTSE RAFI US 1000 ETF

Invesco FTSE RAFI US 1500 Small-Mid ETF

Invesco Global Listed Private Equity ETF

N/A

Invesco Golden Dragon China ETF

N/A

Invesco High Yield Equity Dividend Achievers^TMETF

Invesco International Dividend Achievers^TMETF

Invesco MSCI Sustainable Future ETF

Invesco S&P 100 Equal Weight ETF

Invesco S&P 500 GARP ETF

Invesco S&P 500^®Quality ETF

Invesco S&P 500 Value with Momentum ETF

Invesco S&P MidCap Momentum ETF

Invesco S&P MidCap Quality ETF

Invesco S&P MidCap Value with Momentum ETF

Invesco S&P SmallCap Momentum ETF

Invesco S&P SmallCap Value with Momentum ETF

Invesco S&P Spin-Off ETF

Invesco Water Resources ETF

Invesco WilderHill Clean Energy ETF

Invesco Zacks Mid-Cap ETF

Invesco Zacks Multi-Asset Income ETF

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

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dynamic Large Cap Value ETF, Invesco Global Listed Private Equity ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

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


		78

Approval of Investment Advisory Contracts–(continued)

Based on all of the information provided, the Trustees determined that the contractual advisory fee and net expense ratio of each Fund were reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds, as well as the fees waived and expenses reimbursed by the Adviser for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser. The Trustees also noted that the Expense Cap agreement with the Trust provides that the Adviser is entitled to be reimbursed by each Fund, other than Invesco Dynamic Market ETF, for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in a Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees considered whether the advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the flat advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees for money market cash management vehicles and fees as the Funds’ direct securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.


		79

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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-PS-AR-1

invesco.com/ETFs