N-CSR

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 28, 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 L.P.

⁴	Source: Lipper Inc.

Global Equity

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

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

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

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

As an index fund, the Invesco Dynamic Market ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Market Intellidex^® 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, ICE Data Indices, LLC (the “Index Provider”), compiles and maintains the Index, which is composed of U.S. stocks that the Index Provider includes pursuant to a proprietary selection methodology. Stocks are selected from the top of each sector and size category in a manner designed to produce an index with sector and size dispersion similar to the overall broad market. 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 (13.40)%. On a net asset value (“NAV”) basis, the Fund returned (13.28)%. During the same time period, the Index returned (12.63)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period and trading costs around rebalances 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 energy sector contributed most significantly to the Fund’s return, followed by the consumer staples and utilities sectors, respectively. The information technology sector detracted most significantly from the Fund’s return, followed by the health care and communication services sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Nucor Corp., a materials company (portfolio average weight of 1.31%), and Dell Technologies Inc., Class C, an information technology company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included EPAM Systems Inc., an information technology company (no longer held at fiscal year-end), and Moderna, Inc., a health care company (no longer held at fiscal year-end).

Fund Inception: May 1, 2003

The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.62% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the

Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

As an index fund, the Invesco FTSE RAFI US 1000 ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE RAFI^TM US 1000 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

The Index is composed of 1,000 common stocks that FTSE International Limited and Research Affiliates LLC, strictly in accordance with their guidelines and mandated procedures, include to track the performance of the largest U.S. companies based on the following four fundamental measures of firm size: book value, cash flow, sales and dividends. 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 3.41%. On a net asset value (“NAV”) basis, the Fund returned 3.45%. During the same time period, the Index returned 3.83%. 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, partially offset by income received from the securities lending program in which the Fund participates. During this same time period, the Russell 1000^® Index returned (2.10)%.

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 communication services sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and financials 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 1.84%), and Chevron Corp., an energy company (portfolio average weight of 1.28%). Positions that detracted most significantly from the Fund’s return during this period included Citigroup Inc., a financials company (portfolio average weight of 1.09%), and JPMorgan Chase & Co., a financials company (portfolio average weight of 1.77%).

Fund Inception: December 19, 2005

The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.40% and the net annual operating expense ratio was indicated as 0.39%. 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

Notes Regarding Indexes and Fund Performance History:

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

As an index fund, the Invesco FTSE RAFI US 1500 Small-Mid ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE RAFI^TM US Mid Small 1500 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

The Index is composed of 1,500 common stocks that FTSE International Limited and Research Affiliates LLC, strictly in accordance with their guidelines and mandated procedures, include to track the performance of small- and medium-sized U.S. companies based on the following four fundamental measures of firm size: book value, sales, cash flow and dividends. 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 (6.59)%. On a net asset value (“NAV”) basis, the Fund returned (6.60)%. During the same time period, the Index returned (6.35)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates. During this same time period, the Russell 2000^® Index returned (16.87)%.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Dillard’s, Inc., Class A, a consumer discretionary company (portfolio average weight 0.30%), and Range Resources Corp., an energy company (portfolio average weight 0.28%). Positions that detracted most significantly from the Fund’s return during this period included Diebold Nixdorf Inc., an information technology company (portfolio average weight of 0.10%), and Hovnanian Enterprises, Inc., Class A, a consumer discretionary company (portfolio average weight of 0.15%).


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Financials			17.13
Industrials			16.91
Information Technology			13.70
Consumer Discretionary			13.04
Health Care			10.82
Energy			7.16
Real Estate			6.99
Materials			5.02
Consumer Staples			3.98
Communication Services			3.66
Utilities			1.59
Money Market Funds Plus Other Assets Less Liabilities			0.00

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Renewable Energy Group, Inc.			0.34
Tenneco, Inc., Class A			0.31
CONSOL Energy, Inc.			0.29
Patterson-UTI Energy, Inc.			0.25
Southwestern Energy Co.			0.25
Scorpio Tankers, Inc.			0.24
LHC Group, Inc.			0.23
Chart Industries, Inc.			0.23
Grand Canyon Education, Inc.			0.22
Insperity, Inc.			0.22
Total			2.58

*	Excluding money market fund holdings.

Fund Inception: September 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. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.40% and the net annual operating expense ratio was indicated as 0.39%. 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.

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.


	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Communication Services-8.76%
AT&T, Inc.		156,657	$	2,954,551
Interpublic Group of Cos., Inc. (The)		29,212		952,895
Liberty Media Corp.-Liberty Formula One, Class A^(b)		18,775		1,078,061
Live Nation Entertainment, Inc.^(b)		31,786		3,333,716
Scholastic Corp.		24,931		918,707

				9,237,930

Consumer Discretionary-12.91%
Arcos Dorados Holdings, Inc., Class A (Brazil)		62,926		456,213
AutoNation, Inc.^(b)(c)		4,283		496,443
Choice Hotels International, Inc.		3,149		442,309
Crocs, Inc.^(b)		5,557		369,152
Everi Holdings, Inc.^(b)		20,242		351,401
Expedia Group, Inc.^(b)		12,858		2,246,935
Home Depot, Inc. (The)		8,325		2,500,830
Lowe’s Cos., Inc.		12,264		2,424,961
Mattel, Inc.^(b)		18,682		454,159
Murphy USA, Inc.		2,467		576,291
O’Reilly Automotive, Inc.^(b)		4,036		2,448,036
Penske Automotive Group, Inc.^(c)		4,814		504,603
Skyline Champion Corp.^(b)		6,595		336,609

				13,607,942

Consumer Staples-7.68%
Andersons, Inc. (The)		9,128		458,499
Archer-Daniels-Midland Co.		33,182		2,971,780
Bunge Ltd.		3,668		414,924
Costco Wholesale Corp.		5,068		2,694,757
Inter Parfums, Inc.		3,938		321,853
Kroger Co. (The)		8,073		435,619
Sanderson Farms, Inc.		2,031		384,611
United Natural Foods, Inc.^(b)(c)		9,517		408,565

				8,090,608

Energy-5.02%
Comstock Resources, Inc.^(b)(c)		43,840		746,595
Energy Transfer L.P.		155,117		1,718,696
EnLink Midstream LLC.(b)		40,533		400,061
Marathon Petroleum Corp.		20,018		1,746,771
Plains GP Holdings L.P., Class A^(b)		31,124		347,655
Sunoco L.P.		7,963		333,092

				5,292,870

Financials-10.51%
Ameris Bancorp.		7,211		300,699
Banner Corp.		5,708		306,519
Customers Bancorp, Inc.^(b)		5,823		244,973
Enstar Group Ltd.^(b)		1,258		296,573
Fifth Third Bancorp.		34,188		1,283,076
First Citizens BancShares, Inc., Class A		463		296,033
Green Dot Corp., Class A^(b)		11,237		297,556
Jackson Financial, Inc., Class A		8,719		368,901
JPMorgan Chase & Co.		10,880		1,298,637
KeyCorp		64,569		1,246,827
Meta Financial Group, Inc.		6,432		280,757
Raymond James Financial, Inc.		15,193		1,480,710
Signature Bank		4,847		1,174,186


	Shares		Value
Financials-(continued)
South State Corp.^(c)		4,004	$	310,070
Trustmark Corp.^(c)		11,085		309,050
Wells Fargo & Co.		29,890		1,304,101
Zions Bancorporation N.A		4,995		282,267

				11,080,935

Health Care-13.14%
Alector, Inc.^(b)(c)		23,916		229,594
Alignment Healthcare, Inc.^(b)(c)		49,633		476,973
Arvinas, Inc.^(b)(c)		5,846		321,355
Doximity, Inc., Class A^(b)(c)		6,941		276,738
Dynavax Technologies Corp.^(b)(c)		31,673		279,673
Eli Lilly and Co.		10,428		3,046,332
Innoviva, Inc.^(b)(c)		20,251		345,481
Ironwood Pharmaceuticals, Inc.^(b)(c)		35,752		429,024
Mettler-Toledo International, Inc.^(b)		1,760		2,248,453
Molina Healthcare, Inc.^(b)		8,105		2,540,512
Organon & Co.^(c)		10,801		349,196
Privia Health Group, Inc.^(b)(c)		15,495		340,735
Tenet Healthcare Corp.^(b)		4,879		353,776
Tivity Health, Inc.^(b)		15,063		483,974
West Pharmaceutical Services, Inc.		6,755		2,128,230

				13,850,046

Industrials-8.52%
AerCap Holdings N.V. (Ireland)^(b)		36,948		1,725,841
Atkore, Inc.^(b)		3,699		355,474
Atlas Air Worldwide Holdings, Inc.^(b)(c)		5,100		351,594
Carlisle Cos., Inc.		1,634		423,794
Encore Wire Corp.		3,398		383,328
J.B. Hunt Transport Services, Inc.		12,495		2,134,771
Matson, Inc.		3,713		319,392
Old Dominion Freight Line, Inc.		8,247		2,310,150
Robert Half International, Inc.		3,206		315,182
Ryder System, Inc.^(c)		4,976		347,823
ZIM Integrated Shipping Services Ltd. (Israel)^(c)		5,521		307,133

				8,974,482

Information Technology-26.71%
Advanced Micro Devices, Inc.^(b)		37,813		3,233,768
Apple, Inc.		26,613		4,195,539
Arista Networks, Inc.^(b)		35,894		4,148,270
Arrow Electronics, Inc.^(b)		6,992		824,077
Axcelis Technologies, Inc.^(b)		13,024		709,157
Belden, Inc.		15,838		817,716
Concentrix Corp.		4,380		689,762
ExlService Holdings, Inc.^(b)		7,506		1,021,942
Fortinet, Inc.^(b)		14,704		4,249,603
Gartner, Inc.^(b)		15,518		4,508,755
Jabil, Inc.		14,597		842,685
Juniper Networks, Inc.^(c)		25,196		794,178
MaxLinear, Inc.^(b)		14,121		675,972
NetApp, Inc.		9,892		724,589
Onto Innovation, Inc.^(b)(c)		10,087		717,589

				28,153,602

Materials-3.90%
Cleveland-Cliffs, Inc.^(b)		16,899		430,756

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


	Shares		Value
Materials-(continued)
Louisiana-Pacific Corp.		4,768	$	307,631
Nucor Corp.		19,122		2,959,703
United States Steel Corp.		13,603		414,755

				4,112,845

Utilities-2.80%
Exelon Corp.		46,229		2,162,593
NRG Energy, Inc.		11,067		397,305
Otter Tail Corp.		6,745		390,940

				2,950,838

Total Common Stocks & Other Equity Interests (Cost $109,119,246)				105,352,098


Money Market Funds-0.11%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(d)(e) (Cost $111,719)		111,719		111,719

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateralfrom securities on loan)-100.06% (Cost $109,230,965)				105,463,817


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-6.70%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		2,120,222	$	2,120,222
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		4,944,307		4,944,307

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,064,504)				7,064,529

TOTAL INVESTMENTS IN SECURITIES-106.76% (Cost $116,295,469)				112,528,346
OTHER ASSETS LESS LIABILITIES-(6.76)%				(7,127,361	)

NET ASSETS-100.00%			$	105,400,985

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


	Shares		Value
Common Stocks & Other Equity Interests-99.88%
Communication Services-8.60%
Activision Blizzard, Inc.		66,953	$	5,061,647
Alphabet, Inc., Class A^(b)		16,549		37,767,962
Alphabet, Inc., Class C^(b)		15,568		35,795,969
Altice USA, Inc., Class A^(b)		210,287		1,951,463
AMC Entertainment Holdings, Inc., Class A^(b)(c)		45,242		692,203
AMC Networks, Inc., Class A^(b)(c)		20,818		679,291
AT&T, Inc.		4,923,694		92,860,869
Cable One, Inc.^(c)		477		556,277
Charter Communications, Inc., Class A^(b)		24,822		10,635,979
Cinemark Holdings, Inc.^(b)(c)		58,801		932,584
Comcast Corp., Class A		1,147,849		45,638,476
DISH Network Corp., Class A^(b)		114,840		3,274,088
Electronic Arts, Inc.		20,117		2,374,812
Fox Corp., Class A		74,485		2,669,542
Fox Corp., Class B		35,318		1,173,970
Frontier Communications Parent, Inc.^(b)(c).		29,836		787,372
Gray Television, Inc.^(c)		42,524		787,544
IAC/InterActiveCorp.^(b)		8,098		671,162
iHeartMedia, Inc., Class A^(b)		58,575		936,614
Interpublic Group of Cos., Inc. (The)		88,377		2,882,858
Liberty Broadband Corp., Class A^(b)		2,224		239,436
Liberty Broadband Corp., Class C^(b)		13,378		1,495,928
Liberty Global PLC, Class A (United Kingdom)^(b)		102,608		2,335,358
Liberty Global PLC, Class C (United Kingdom)^(b)		199,995		4,739,882
Liberty Latin America Ltd., Class A (Chile)^(b)		15,233		140,753
Liberty Latin America Ltd., Class C (Chile)^(b)		58,723		542,601
Liberty Media Corp.-Liberty Formula One, Class A^(b)		2,745		157,618
Liberty Media Corp.-Liberty Formula One, Class C^(b)		23,203		1,446,243
Liberty Media Corp.-Liberty SiriusXM, Class A^(b)(c)		22,551		943,308
Liberty Media Corp.-Liberty SiriusXM, Class C^(b)		38,982		1,632,566
Lions Gate Entertainment Corp., Class A^(b)		20,501		276,559
Lions Gate Entertainment Corp., Class B^(b)		41,515		521,844
Live Nation Entertainment, Inc.^(b)(c)		7,811		819,218
Lumen Technologies, Inc.^(c)		1,110,887		11,175,523
Match Group, Inc.^(b)		7,467		591,013
Meta Platforms, Inc., Class A^(b)		228,261		45,759,483
Netflix, Inc.^(b)		15,449		2,940,872
News Corp., Class A		75,768		1,504,753
News Corp., Class B		23,316		464,222
Nexstar Media Group, Inc., Class A		8,332		1,319,955
Omnicom Group, Inc.^(c)		62,507		4,758,658
Paramount Global, Class B		269,910		7,859,779
Spotify Technology S.A.^(b)		7,129		724,663
Take-Two Interactive Software, Inc.^(b)		8,967		1,071,646
TEGNA, Inc.		58,148		1,282,163
Telephone & Data Systems, Inc.^(c)		71,645		1,312,536


	Shares		Value
Communication Services-(continued)
T-Mobile US, Inc.^(b)		115,363	$	14,205,800
Twitter, Inc.^(b)(c)		67,103		3,289,389
Verizon Communications, Inc.		1,586,501		73,454,996
Walt Disney Co. (The)^(b)		237,147		26,472,720
Warner Bros Discovery, Inc.^(b)		1,333,405		24,201,301

				485,811,468

Consumer Discretionary-8.72%
Abercrombie & Fitch Co., Class A^(b)		20,434		706,608
Academy Sports & Outdoors, Inc.^(c)		31,730		1,185,433
Adient PLC^(b)(c)		45,305		1,546,713
Advance Auto Parts, Inc.		10,306		2,057,387
Amazon.com, Inc.^(b)		21,754		54,072,395
American Axle & Manufacturing Holdings, Inc.^(b)		96,723		640,306
American Eagle Outfitters, Inc.^(c)		45,255		683,803
Aptiv PLC^(b)		32,635		3,472,364
Aramark		73,667		2,670,429
Asbury Automotive Group, Inc.^(b)(c)		7,825		1,437,531
Autoliv, Inc. (Sweden)		22,696		1,672,241
AutoNation, Inc.^(b)		25,875		2,999,171
AutoZone, Inc.^(b)		2,178		4,259,014
Bath & Body Works, Inc.^(c)		66,184		3,500,472
Bed Bath & Beyond, Inc.^(b)(c)		129,644		1,764,455
Best Buy Co., Inc.		89,706		8,067,261
Big Lots, Inc.^(c)		33,649		1,039,754
Bloomin’ Brands, Inc.^(c)		29,283		643,933
Booking Holdings, Inc.^(b)		2,301		5,085,923
BorgWarner, Inc.		77,233		2,844,491
Bright Horizons Family Solutions, Inc.^(b)(c).		5,652		645,684
Brinker International, Inc.^(b)(c)		18,383		667,854
Brunswick Corp.		13,236		1,000,774
Burlington Stores, Inc.^(b)(c)		6,697		1,363,241
Caesars Entertainment, Inc.^(b)		17,954		1,189,991
Capri Holdings Ltd.^(b)		23,664		1,128,773
CarMax, Inc.^(b)(c)		43,379		3,721,051
Carnival Corp.^(b)(c)		340,348		5,888,020
Carter’s, Inc.^(c)		11,132		937,760
Chipotle Mexican Grill, Inc.^(b)		966		1,406,119
Cracker Barrel Old Country Store, Inc.^(c)		8,879		985,480
D.R. Horton, Inc.		59,051		4,109,359
Dana, Inc.		72,717		1,076,939
Darden Restaurants, Inc.		20,003		2,634,995
Deckers Outdoor Corp.^(b)		2,816		748,352
Dick’s Sporting Goods, Inc.^(c)		14,375		1,386,038
Dollar General Corp.		33,609		7,983,146
Dollar Tree, Inc.^(b)		43,450		7,058,453
Domino’s Pizza, Inc.		2,483		839,254
eBay, Inc.		73,890		3,836,369
Expedia Group, Inc.^(b)		11,618		2,030,246
Foot Locker, Inc.		45,850		1,343,864
Ford Motor Co.		1,949,279		27,601,791
GameStop Corp., Class A^(b)(c)		8,320		1,040,582
Gap, Inc. (The)		145,665		1,809,159
Garmin Ltd.		21,322		2,339,876
General Motors Co.^(b)		786,233		29,806,093
Gentex Corp.		39,493		1,159,120
Genuine Parts Co.^(c)		33,585		4,367,729

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


	Shares		Value
Consumer Discretionary-(continued)
G-III Apparel Group Ltd.^(b)		25,620	$	678,418
Goodyear Tire & Rubber Co. (The)^(b)(c)		212,544		2,831,086
Graham Holdings Co., Class B		1,404		831,687
Group 1 Automotive, Inc.^(c)		9,514		1,656,768
H&R Block, Inc.^(c)		61,565		1,605,000
Hanesbrands, Inc.^(c)		132,189		1,752,826
Harley-Davidson, Inc.		50,603		1,844,479
Hasbro, Inc.		23,831		2,098,558
Hilton Worldwide Holdings, Inc.^(b)		13,771		2,138,499
Home Depot, Inc. (The)		116,426		34,974,370
International Game Technology PLC^(c)		28,272		617,178
KB Home		25,762		835,462
Kohl’s Corp.^(c)		88,304		5,111,036
Las Vegas Sands Corp.^(b)		96,186		3,407,870
LCI Industries^(c)		5,770		561,536
Lear Corp.		24,864		3,181,100
Leggett & Platt, Inc.		44,628		1,590,096
Lennar Corp., Class A		59,465		4,548,478
Lennar Corp., Class B		3,421		223,049
Light & Wonder, Inc.^(b)		20,417		1,144,577
Lithia Motors, Inc., Class A		6,151		1,741,533
LKQ Corp.		67,854		3,367,594
Lowe’s Cos., Inc.		82,522		16,317,075
lululemon athletica, inc.^(b)		4,843		1,717,473
M.D.C. Holdings, Inc		19,136		706,310
M/I Homes, Inc.^(b)		14,559		644,673
Macy’s, Inc.^(c)		199,207		4,814,833
Marriott International, Inc., Class A^(b)		22,575		4,007,514
Marriott Vacations Worldwide Corp.		5,682		848,493
Mattel, Inc.^(b)		55,077		1,338,922
McDonald’s Corp.		80,242		19,993,097
Meritage Homes Corp.^(b)		13,106		1,081,900
MGM Resorts International		84,059		3,449,781
Mohawk Industries, Inc.^(b)		23,418		3,303,343
Murphy USA, Inc.		10,994		2,568,198
Newell Brands, Inc.^(c)		103,740		2,401,581
NIKE, Inc., Class B		77,629		9,680,336
Nordstrom, Inc.^(c)		98,686		2,536,230
Norwegian Cruise Line Holdings Ltd.^(b)(c)		90,037		1,803,441
NVR, Inc.^(b)		433		1,894,899
ODP Corp. (The)^(b)		31,358		1,349,335
O’Reilly Automotive, Inc.^(b)		5,001		3,033,357
Penn National Gaming, Inc.^(b)(c)		33,332		1,218,951
Penske Automotive Group, Inc.^(c)		14,362		1,505,425
Polaris, Inc.^(c)		12,750		1,210,485
Pool Corp.		1,897		768,702
PulteGroup, Inc.		66,373		2,771,736
PVH Corp.		20,710		1,507,274
Qurate Retail, Inc., Class A^(c)		348,587		1,467,551
Ralph Lauren Corp.^(c)		9,632		1,005,003
Ross Stores, Inc.		45,130		4,502,620
Royal Caribbean Cruises Ltd.^(b)(c)		46,726		3,632,012
Sally Beauty Holdings, Inc.^(b)(c)		56,063		847,673
Service Corp. International		25,953		1,702,776
Signet Jewelers Ltd.		15,829		1,111,196
Six Flags Entertainment Corp.^(b)		21,364		817,600
Skechers U.S.A., Inc., Class A^(b)(c)		26,693		1,022,342
Sonic Automotive, Inc., Class A^(c)		14,176		603,189
Starbucks Corp.		121,261		9,050,921
Tapestry, Inc.		64,454		2,121,826


	Shares		Value
Consumer Discretionary-(continued)
Target Corp.		96,653	$	22,099,708
Taylor Morrison Home Corp., Class A^(b)		54,615		1,430,367
Tempur Sealy International, Inc.		24,552		665,605
Terminix Global Holdings, Inc.^(b)		23,516		1,079,149
Tesla, Inc.^(b)		7,762		6,758,839
Texas Roadhouse, Inc.		8,332		685,974
Thor Industries, Inc.		18,095		1,385,172
TJX Cos., Inc. (The)		152,216		9,327,796
Toll Brothers, Inc.		33,058		1,532,899
TopBuild Corp.^(b)		3,563		645,402
Tractor Supply Co.		10,713		2,158,134
Travel + Leisure Co.		18,180		1,008,626
Tri Pointe Homes, Inc.^(b)		51,808		1,070,871
Tupperware Brands Corp.^(b)(c)		41,123		722,942
Ulta Beauty, Inc.^(b)		5,541		2,198,669
Under Armour, Inc., Class A^(b)		30,849		473,841
Under Armour, Inc., Class C^(b)		32,496		461,118
Urban Outfitters, Inc.^(b)(c)		29,299		697,316
Vail Resorts, Inc.		5,105		1,297,487
VF Corp.^(c)		65,721		3,417,492
Victoria’s Secret & Co.^(b)(c)		19,469		917,379
Visteon Corp.^(b)		12,567		1,315,891
Wayfair, Inc., Class A^(b)		6,307		485,261
Whirlpool Corp.^(c)		23,749		4,310,918
Williams-Sonoma, Inc.^(c)		12,816		1,672,232
Wynn Resorts Ltd.^(b)		19,604		1,381,690
Yum China Holdings, Inc. (China)		54,783		2,289,929
Yum! Brands, Inc.		30,106		3,522,703

				492,568,479

Consumer Staples-8.77%
Albertsons Cos., Inc., Class A		132,981		4,159,646
Altria Group, Inc.		528,377		29,361,910
Archer-Daniels-Midland Co.		179,611		16,085,961
B&G Foods, Inc.^(c)		28,210		759,695
BJ’s Wholesale Club Holdings, Inc.^(b)		36,863		2,372,134
Brown-Forman Corp., Class B		16,620		1,120,853
Bunge Ltd.		68,968		7,801,660
Campbell Soup Co.		50,875		2,402,317
Casey’s General Stores, Inc.		9,346		1,881,350
Church & Dwight Co., Inc.		22,203		2,166,125
Clorox Co. (The)		21,064		3,022,052
Coca-Cola Co. (The)		506,511		32,725,676
Coca-Cola Europacific Partners PLC (United Kingdom)		71,045		3,548,698
Colgate-Palmolive Co.		116,331		8,963,304
Conagra Brands, Inc.		124,041		4,332,752
Constellation Brands, Inc., Class A		23,454		5,771,795
Costco Wholesale Corp.		52,760		28,053,547
Coty, Inc., Class A^(b)		89,455		725,480
Darling Ingredients, Inc.^(b)		22,815		1,674,393
Edgewell Personal Care Co.^(c)		20,001		762,838
Energizer Holdings, Inc.^(c)		20,367		616,916
Estee Lauder Cos., Inc. (The), Class A		10,728		2,832,836
Flowers Foods, Inc.		42,530		1,127,896
General Mills, Inc.		134,868		9,539,214
Hain Celestial Group, Inc. (The)^(b)		19,260		645,980
Herbalife Nutrition Ltd.^(b)(c)		27,466		730,046
Hershey Co. (The)		14,946		3,374,358
Hormel Foods Corp.		45,677		2,393,018

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


	Shares		Value
Consumer Staples-(continued)
Ingredion, Inc.		24,787	$	2,109,622
JM Smucker Co. (The)		29,352		4,019,169
Kellogg Co.		64,028		4,385,918
Keurig Dr Pepper, Inc.		125,806		4,705,144
Kimberly-Clark Corp.		69,359		9,629,110
Kraft Heinz Co. (The)		290,185		12,370,587
Kroger Co. (The)		430,339		23,221,092
Lamb Weston Holdings, Inc.		19,187		1,268,261
McCormick & Co., Inc.		25,089		2,523,201
Molson Coors Beverage Co., Class B^(c)		86,177		4,665,623
Mondelez International, Inc., Class A		212,123		13,677,691
Monster Beverage Corp.^(b)		23,304		1,996,687
Nomad Foods Ltd. (United Kingdom)^(b)(c)		34,785		642,131
Nu Skin Enterprises, Inc., Class A		15,933		679,383
PepsiCo, Inc.		200,735		34,468,207
Performance Food Group Co.^(b)(c)		62,929		3,099,253
Philip Morris International, Inc.		304,277		30,427,700
Post Holdings, Inc.^(b)(c)		18,742		1,394,217
Procter & Gamble Co. (The)		302,098		48,501,834
Rite Aid Corp.^(b)(c)		215,693		1,373,964
Sanderson Farms, Inc.		4,472		846,863
Spectrum Brands Holdings, Inc.^(c)		10,078		857,335
Sprouts Farmers Market, Inc.^(b)(c)		42,356		1,262,209
Sysco Corp.		125,162		10,698,848
TreeHouse Foods, Inc.^(b)(c)		28,869		909,374
Tyson Foods, Inc., Class A		91,403		8,515,103
United Natural Foods, Inc.^(b)(c)		43,943		1,886,473
US Foods Holding Corp.^(b)		126,495		4,758,742
Walgreens Boots Alliance, Inc.		463,664		19,659,354
Walmart, Inc.		404,352		61,861,812

				495,367,357

Energy-7.88%
Antero Resources Corp.^(b)		81,545		2,870,384
APA Corp.		75,694		3,098,155
Baker Hughes Co., Class A		272,896		8,465,234
Cheniere Energy, Inc.		23,596		3,204,573
Chesapeake Energy Corp.^(c)		16,373		1,342,914
Chevron Corp.		564,387		88,422,511
CNX Resources Corp.^(b)		64,867		1,333,017
ConocoPhillips		194,673		18,595,165
Coterra Energy, Inc.		57,493		1,655,224
Delek US Holdings, Inc.^(b)(c)		68,033		1,646,399
Devon Energy Corp.		46,610		2,711,304
Diamondback Energy, Inc.		13,941		1,759,772
DT Midstream, Inc.		21,358		1,147,993
EOG Resources, Inc.		82,866		9,675,434
EQT Corp.		63,127		2,509,298
Equitrans Midstream Corp.		207,529		1,631,178
Exxon Mobil Corp.		1,436,095		122,427,099
Halliburton Co.		149,323		5,318,885
Helmerich & Payne, Inc.		54,504		2,508,819
Hess Corp.		25,187		2,596,024
HF Sinclair Corp.		96,214		3,658,056
Kinder Morgan, Inc.		785,459		14,256,081
Marathon Oil Corp.		174,974		4,360,352
Marathon Petroleum Corp.		231,327		20,185,594
Murphy Oil Corp.^(c)		51,557		1,963,291
Nabors Industries Ltd.^(b)		5,934		917,515
NOV, Inc.^(c)		106,431		1,929,594


	Shares		Value
Energy-(continued)
Occidental Petroleum Corp.		273,613	$	15,073,340
ONEOK, Inc.		114,287		7,237,796
Ovintiv, Inc.		40,769		2,086,965
PBF Energy, Inc., Class A^(b)		143,154		4,160,055
PDC Energy, Inc.		16,501		1,150,780
Peabody Energy Corp.^(b)(c)		47,799		1,082,169
Phillips 66		217,987		18,912,552
Pioneer Natural Resources Co.^(c)		15,418		3,584,223
Schlumberger N.V.		322,224		12,569,958
SM Energy Co.		21,002		746,201
Targa Resources Corp.		58,586		4,300,798
TechnipFMC PLC (United Kingdom)^(b)(c)		283,412		1,961,211
Transocean Ltd.^(b)		754,578		2,837,213
Valaris Ltd.^(b)		25,822		1,310,467
Valero Energy Corp.		233,642		26,046,410
Williams Cos., Inc. (The)		316,756		10,861,563
World Fuel Services Corp.		33,013		799,575

				444,911,141

Financials-18.14%
Affiliated Managers Group, Inc.		9,199		1,155,118
Aflac, Inc.		192,913		11,050,057
AGNC Investment Corp.		234,852		2,578,675
Alleghany Corp.^(b)		3,549		2,968,738
Allstate Corp. (The)		108,157		13,686,187
Ally Financial, Inc.		136,558		5,456,858
American Equity Investment Life Holding Co.		43,573		1,643,574
American Express Co.		81,630		14,261,577
American Financial Group, Inc.		20,659		2,860,858
American International Group, Inc.		355,283		20,787,608
Ameriprise Financial, Inc.		17,898		4,751,740
Annaly Capital Management, Inc.^(c)		497,365		3,193,083
Aon PLC, Class A		15,840		4,561,762
Apollo Commercial Real Estate Finance, Inc.		59,644		718,114
Arch Capital Group Ltd.^(b)		90,516		4,133,866
Arthur J. Gallagher & Co.		21,465		3,616,638
Associated Banc-Corp.		50,347		1,004,423
Assurant, Inc.		15,703		2,856,062
Assured Guaranty Ltd.		28,722		1,584,018
Atlantic Union Bankshares Corp.		18,511		625,302
AXIS Capital Holdings Ltd.		27,878		1,598,246
Bank of America Corp.		1,620,062		57,803,812
Bank of Hawaii Corp.		8,820		655,679
Bank of New York Mellon Corp. (The)		244,430		10,280,726
Bank OZK		28,076		1,078,680
BankUnited, Inc.		26,595		998,376
Berkshire Hathaway, Inc., Class B^(b)		440,401		142,174,655
BlackRock, Inc.		20,318		12,692,248
Blackstone Mortgage Trust, Inc., Class A^(c)		42,511		1,277,030
Blackstone, Inc., Class A		38,425		3,902,827
BOK Financial Corp.^(c)		7,668		635,907
Brighthouse Financial, Inc.^(b)		49,551		2,544,939
Brown & Brown, Inc.		18,432		1,142,415
Cadence Bank^(c)		26,123		654,120
Cannae Holdings, Inc.^(b)		29,173		653,475
Capital One Financial Corp.		151,591		18,891,270
Carlyle Group, Inc. (The)		17,783		645,345

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


	Shares		Value
Financials-(continued)
Cathay General Bancorp.		17,523	$	702,497
Cboe Global Markets, Inc.		11,146		1,259,275
Charles Schwab Corp. (The)		124,226		8,239,911
Chimera Investment Corp.^(c)		140,032		1,403,121
Chubb Ltd.		95,333		19,681,498
Cincinnati Financial Corp.		31,262		3,834,597
Citigroup, Inc.		1,064,396		51,314,531
Citizens Financial Group, Inc.		148,806		5,862,956
CME Group, Inc., Class A		40,923		8,976,051
CNO Financial Group, Inc.		66,864		1,614,097
Columbia Banking System, Inc.		21,943		616,159
Comerica, Inc.		34,292		2,808,515
Commerce Bancshares, Inc.^(c)		16,878		1,153,949
Community Bank System, Inc.		9,932		639,621
Credicorp Ltd. (Peru)		20,254		2,813,078
Cullen/Frost Bankers, Inc.		10,314		1,364,439
Discover Financial Services		68,423		7,694,851
East West Bancorp, Inc.		21,626		1,541,934
Enstar Group Ltd.^(b)		3,328		784,576
Equitable Holdings, Inc.		123,251		3,553,326
Essent Group Ltd.		19,519		791,105
Evercore, Inc., Class A		7,501		793,231
Everest Re Group Ltd.		10,723		2,945,715
F.N.B. Corp.		114,170		1,315,238
FactSet Research Systems, Inc.		2,144		865,083
Federated Hermes, Inc., Class B^(c)		28,682		816,863
Fidelity National Financial, Inc.		78,566		3,128,498
Fifth Third Bancorp		162,878		6,112,811
First American Financial Corp.^(c)		34,866		2,033,036
First Citizens BancShares, Inc., Class A		1,201		767,895
First Hawaiian, Inc.^(c)		38,638		912,243
First Horizon Corp.		122,980		2,752,292
First Republic Bank		17,532		2,616,125
Flagstar Bancorp, Inc.		15,736		555,481
Franklin Resources, Inc.		113,959		2,802,252
Fulton Financial Corp.		48,003		728,205
Genworth Financial, Inc., Class A^(b)		224,963		834,613
Glacier Bancorp, Inc.		16,552		757,420
Globe Life, Inc.		26,848		2,633,252
Goldman Sachs Group, Inc. (The)		86,680		26,479,873
Hancock Whitney Corp.		21,564		1,008,548
Hanover Insurance Group, Inc. (The)		10,626		1,560,109
Hartford Financial Services Group, Inc. (The)		117,733		8,233,069
Home BancShares, Inc.		35,295		763,078
Hope Bancorp, Inc.		40,430		578,149
Huntington Bancshares, Inc.		313,095		4,117,199
Intercontinental Exchange, Inc.		53,675		6,216,102
Invesco Ltd.^(d)		159,034		2,923,045
Jackson Financial, Inc., Class A^(c)		45,828		1,938,983
Janus Henderson Group PLC		56,422		1,719,743
Jefferies Financial Group, Inc.^(c)		74,031		2,277,194
JPMorgan Chase & Co.		739,043		88,212,172
Kemper Corp.^(c)		29,519		1,362,597
KeyCorp		247,057		4,770,671
KKR & Co., Inc., Class A		60,152		3,065,947
Lazard Ltd., Class A		45,478		1,490,314
Lincoln National Corp.		95,133		5,722,250
Loews Corp.		53,364		3,353,394
LPL Financial Holdings, Inc.^(c)		8,395		1,577,169


	Shares		Value
Financials-(continued)
M&T Bank Corp.		47,535	$	7,921,302
Markel Corp.^(b)		3,370		4,560,554
Marsh & McLennan Cos., Inc.		50,683		8,195,441
MetLife, Inc.		324,847		21,335,951
MFA Financial, Inc.		54,850		781,612
MGIC Investment Corp.		76,305		996,543
Moody’s Corp.		8,193		2,592,921
Morgan Stanley		257,076		20,717,755
MSCI, Inc.		2,188		921,695
Nasdaq, Inc.		11,505		1,810,542
Navient Corp.		112,875		1,793,584
New Residential Investment Corp.		260,567		2,709,897
New York Community Bancorp, Inc.^(c)		216,011		1,995,942
Northern Trust Corp.		43,458		4,478,347
Old National Bancorp		51,108		774,797
Old Republic International Corp.		111,698		2,458,473
OneMain Holdings, Inc.		45,501		2,089,861
PacWest Bancorp.		34,777		1,143,816
PennyMac Mortgage Investment Trust^(c)		54,111		830,063
Pinnacle Financial Partners, Inc.		11,624		901,441
PNC Financial Services Group, Inc. (The)		95,469		15,857,401
Popular, Inc.		21,807		1,700,728
Primerica, Inc.		7,804		1,011,086
Principal Financial Group, Inc.^(c)		98,985		6,744,838
Progressive Corp. (The)		118,062		12,675,136
Prosperity Bancshares, Inc.^(c)		20,955		1,370,038
Prudential Financial, Inc.		155,736		16,898,913
Radian Group, Inc.		52,912		1,131,788
Raymond James Financial, Inc.		25,824		2,516,807
Regions Financial Corp.		265,121		5,493,307
Reinsurance Group of America, Inc.		34,377		3,689,340
RenaissanceRe Holdings Ltd. (Bermuda)		11,843		1,699,707
S&P Global, Inc.^(c)		18,336		6,903,504
SEI Investments Co.		13,731		765,091
Selective Insurance Group, Inc.^(c)		12,657		1,042,430
Signature Bank		5,125		1,241,531
Simmons First National Corp., Class A		29,405		701,897
SLM Corp.		59,091		988,592
South State Corp.^(c)		13,254		1,026,390
Starwood Property Trust, Inc.		95,187		2,177,879
State Street Corp.		93,049		6,231,492
Stifel Financial Corp.		16,491		1,019,968
SVB Financial Group^(b)		4,809		2,345,061
Synchrony Financial		245,349		9,031,297
Synovus Financial Corp.		32,604		1,354,370
T. Rowe Price Group, Inc.^(c)		37,481		4,611,662
Texas Capital Bancshares, Inc.^(b)		15,661		804,349
Travelers Cos., Inc. (The)		91,978		15,733,757
Truist Financial Corp.		297,463		14,382,336
Two Harbors Investment Corp.^(c)		143,280		689,177
U.S. Bancorp		363,888		17,670,401
UMB Financial Corp.^(c)		8,509		767,342
Umpqua Holdings Corp.		53,671		887,718
United Bankshares, Inc.^(c)		35,731		1,188,413
Unum Group		152,236		4,646,243
Valley National Bancorp^(c)		101,893		1,220,678
Voya Financial, Inc.^(c)		41,849		2,642,346
W.R. Berkley Corp.		40,788		2,711,994
Washington Federal, Inc.^(c)		20,319		618,307
Webster Financial Corp.		20,930		1,046,291

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


	Shares		Value
Financials-(continued)
Wells Fargo & Co.		1,431,227	$	62,444,434
WesBanco, Inc.		19,627		632,774
Western Alliance Bancorporation		10,264		781,193
White Mountains Insurance Group Ltd.		680		712,654
Willis Towers Watson PLC		19,943		4,284,953
Wintrust Financial Corp.		11,932		1,041,902
Zions Bancorporation N.A.		36,174		2,044,193

				1,024,706,199

Health Care-12.98%
Abbott Laboratories		158,924		18,037,874
AbbVie, Inc.		226,501		33,268,467
Acadia Healthcare Co., Inc.^(b)(c)		20,493		1,391,065
Agilent Technologies, Inc.		18,998		2,265,891
Align Technology, Inc.^(b)		2,501		725,065
AmerisourceBergen Corp.		71,387		10,800,139
Amgen, Inc.		104,245		24,308,892
Anthem, Inc.		50,542		25,368,546
Avantor, Inc.^(b)		40,639		1,295,571
Baxter International, Inc.^(c)		61,686		4,383,407
Becton, Dickinson and Co.		34,293		8,476,887
Biogen, Inc.^(b)		44,437		9,218,011
BioMarin Pharmaceutical, Inc.^(b)		11,277		917,384
Bio-Rad Laboratories, Inc., Class A^(b)		2,856		1,462,443
Boston Scientific Corp.^(b)		136,345		5,741,488
Bristol-Myers Squibb Co.		310,589		23,378,034
Brookdale Senior Living, Inc.^(b)		153,379		947,882
Cardinal Health, Inc.		249,654		14,492,415
Catalent, Inc.^(b)		13,633		1,234,604
Centene Corp.^(b)		199,246		16,049,265
Cerner Corp.		26,920		2,520,789
Change Healthcare, Inc.^(b)		66,892		1,575,976
Charles River Laboratories International, Inc.^(b)		3,882		937,542
Cigna Corp.		91,339		22,540,638
Community Health Systems, Inc.^(b)		123,007		943,464
Cooper Cos., Inc. (The)		3,051		1,101,533
CVS Health Corp.		481,225		46,260,159
Danaher Corp.		37,881		9,513,056
DaVita, Inc.^(b)		22,792		2,469,969
DENTSPLY SIRONA, Inc.		24,471		978,595
Edwards Lifesciences Corp.^(b)		21,494		2,273,635
Elanco Animal Health, Inc.^(b)		79,985		2,024,420
Eli Lilly and Co.		54,102		15,804,817
Embecta Corp.^(b)(c)		6,858		208,689
Encompass Health Corp.		23,308		1,604,290
Enovis Corp.^(b)(c)		8,745		567,288
Envista Holdings Corp.^(b)(c)		29,742		1,178,378
Gilead Sciences, Inc.		366,104		21,724,611
HCA Healthcare, Inc.		38,641		8,290,427
Henry Schein, Inc.^(b)		30,048		2,436,893
Hologic, Inc.^(b)		25,732		1,852,447
Horizon Therapeutics PLC^(b)		12,146		1,197,110
Humana, Inc.		28,510		12,674,406
ICON PLC (Ireland)^(b)		4,582		1,036,494
IDEXX Laboratories, Inc.^(b)		1,919		826,091
Illumina, Inc.^(b)		6,235		1,849,613
Incyte Corp.^(b)		10,062		754,248
Intuitive Surgical, Inc.^(b)		12,159		2,909,649
IQVIA Holdings, Inc.^(b)		17,436		3,800,874


	Shares		Value
Health Care-(continued)
Jazz Pharmaceuticals PLC^(b)		11,352	$	1,818,817
Johnson & Johnson		404,203		72,942,473
Laboratory Corp. of America Holdings^(b)		19,594		4,708,046
McKesson Corp.		68,981		21,357,207
MEDNAX, Inc.^(b)		29,569		547,618
Medtronic PLC		243,966		25,460,292
Merck & Co., Inc.		432,057		38,319,135
Mettler-Toledo International, Inc.^(b)		777		992,641
Molina Healthcare, Inc.^(b)		11,684		3,662,350
Organon & Co.		132,838		4,294,653
Owens & Minor, Inc.^(c)		33,405		1,185,543
Patterson Cos., Inc.		34,273		1,054,580
PerkinElmer, Inc.		7,345		1,076,850
Perrigo Co. PLC		49,105		1,684,302
Pfizer, Inc.		1,040,280		51,046,540
Premier, Inc., Class A		26,395		955,763
Quest Diagnostics, Inc.		28,506		3,815,243
Regeneron Pharmaceuticals, Inc.^(b)		8,135		5,361,860
ResMed, Inc.		7,255		1,450,782
Royalty Pharma PLC, Class A		27,471		1,169,715
Select Medical Holdings Corp.		50,422		1,140,041
STERIS PLC		6,206		1,390,454
Stryker Corp.		28,383		6,847,683
Syneos Health, Inc.^(b)		17,586		1,285,361
Teladoc Health, Inc.^(b)(c)		42,899		1,448,270
Teleflex, Inc.		4,039		1,153,619
Tenet Healthcare Corp.^(b)		57,007		4,133,578
Thermo Fisher Scientific, Inc.		23,248		12,854,284
United Therapeutics Corp.^(b)		7,113		1,262,984
UnitedHealth Group, Inc.		122,571		62,333,482
Universal Health Services, Inc., Class B		21,580		2,644,197
Vertex Pharmaceuticals, Inc.^(b)		13,095		3,577,816
Viatris, Inc.		554,132		5,724,184
Waters Corp.^(b)		3,338		1,011,481
West Pharmaceutical Services, Inc.		2,229		702,269
Zimmer Biomet Holdings, Inc.		34,524		4,168,773
Zoetis, Inc.		18,248		3,234,458

				733,436,775

Industrials-9.55%
3M Co.		142,667		20,575,435
A.O. Smith Corp.		15,720		918,520
ABM Industries, Inc.^(c)		25,932		1,251,738
Acuity Brands, Inc.		5,996		1,034,190
AECOM		47,532		3,353,858
AerCap Holdings N.V. (Ireland)^(b)		35,867		1,675,348
AGCO Corp.		12,693		1,617,088
Air Lease Corp.		35,430		1,427,120
Allegion PLC		9,032		1,031,816
Allison Transmission Holdings, Inc.		29,328		1,098,040
AMERCO		1,593		853,020
American Airlines Group, Inc.^(b)(c)		94,484		1,773,465
AMETEK, Inc.		19,328		2,440,353
Applied Industrial Technologies, Inc.		7,482		783,291
ASGN, Inc.^(b)		9,570		1,085,716
Atlas Air Worldwide Holdings, Inc.^(b)(c)		14,163		976,397
Avis Budget Group, Inc.^(b)(c)		15,934		4,265,054
Beacon Roofing Supply, Inc.^(b)(c)		20,716		1,235,295
Boeing Co. (The)^(b)		99,013		14,737,095
Boise Cascade Co.		11,140		841,961

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


	Shares		Value
Industrials-(continued)
Booz Allen Hamilton Holding Corp.		23,661	$	1,931,447
Brink’s Co. (The)		10,524		620,390
Builders FirstSource, Inc.^(b)		23,385		1,439,814
BWX Technologies, Inc.		16,069		834,302
C.H. Robinson Worldwide, Inc.^(c)		36,437		3,867,788
CACI International, Inc., Class A^(b)		5,951		1,578,800
Carlisle Cos., Inc.		6,757		1,752,496
Carrier Global Corp.		131,935		5,049,152
Caterpillar, Inc.		99,485		20,945,572
Cintas Corp.		6,879		2,732,752
Clarivate PLC^(b)(c)		80,341		1,259,747
Clean Harbors, Inc.^(b)(c)		10,888		1,142,478
Copart, Inc.^(b)		9,373		1,065,241
CoStar Group, Inc.^(b)		21,953		1,396,650
Crane Co.		9,211		886,375
CSX Corp.		263,644		9,053,535
Cummins, Inc.		35,603		6,735,732
Curtiss-Wright Corp.		6,438		920,055
Deere & Co.		30,527		11,525,469
Delta Air Lines, Inc.^(b)		56,688		2,439,285
Donaldson Co., Inc.		18,853		924,551
Dover Corp.		16,994		2,265,300
Dycom Industries, Inc.^(b)(c)		9,386		796,965
Eaton Corp. PLC		66,398		9,629,038
EMCOR Group, Inc.		13,059		1,390,522
Emerson Electric Co.		98,849		8,914,203
EnerSys		11,183		732,039
Equifax, Inc.		9,113		1,854,678
Esab Corp.^(b)		8,744		410,968
Expeditors International of Washington, Inc.		21,520		2,131,986
Fastenal Co.		63,544		3,514,619
FedEx Corp.		74,843		14,874,298
Flowserve Corp.		38,713		1,266,302
Fluor Corp.^(b)(c)		114,961		2,845,285
Fortive Corp.		35,684		2,051,830
Fortune Brands Home & Security, Inc.		21,499		1,531,804
FTI Consulting, Inc.^(b)(c)		5,379		848,322
GATX Corp.^(c)		9,981		1,031,936
Generac Holdings, Inc.^(b)		2,892		634,447
General Dynamics Corp.		52,537		12,426,577
General Electric Co.		339,499		25,309,650
GEO Group, Inc. (The)^(b)(c)		166,628		1,088,081
GMS, Inc.^(b)		14,305		685,925
Graco, Inc.		12,756		791,127
Greenbrier Cos., Inc. (The)		17,618		752,465
GXO Logistics, Inc.^(b)(c)		18,440		1,091,464
HEICO Corp.^(c)		2,068		292,064
HEICO Corp., Class A		3,548		413,839
Herc Holdings, Inc.^(c)		5,113		653,544
Hexcel Corp.		15,260		829,534
Honeywell International, Inc.		102,179		19,772,658
Howmet Aerospace, Inc.		62,408		2,129,361
Hub Group, Inc., Class A^(b)		10,709		719,216
Hubbell, Inc.		9,656		1,886,396
Huntington Ingalls Industries, Inc.		12,037		2,560,751
IDEX Corp.		7,503		1,424,219
Illinois Tool Works, Inc.		37,433		7,378,419
Ingersoll Rand, Inc.		44,661		1,963,298
ITT, Inc.		11,805		828,947


	Shares		Value
Industrials-(continued)
J.B. Hunt Transport Services, Inc.		10,111	$	1,727,464
Jacobs Engineering Group, Inc.		21,221		2,940,170
JELD-WEN Holding, Inc.^(b)(c)		44,460		924,323
Johnson Controls International PLC		137,911		8,256,732
KAR Auction Services, Inc.^(b)(c)		62,959		922,979
KBR, Inc.^(c)		25,688		1,264,620
Kennametal, Inc.		22,827		587,339
Kirby Corp.^(b)		17,024		1,109,965
Knight-Swift Transportation Holdings, Inc.		32,386		1,550,966
L3Harris Technologies, Inc.		28,854		6,701,630
Landstar System, Inc.		6,164		954,804
Leidos Holdings, Inc.		40,640		4,206,646
Lennox International, Inc.		3,980		848,496
Lincoln Electric Holdings, Inc.		7,736		1,042,271
Lockheed Martin Corp.		46,970		20,296,676
ManpowerGroup, Inc.		28,956		2,611,831
Masco Corp.		35,452		1,867,966
MasTec, Inc.^(b)		15,322		1,103,337
MDU Resources Group, Inc.		68,694		1,769,557
Meritor, Inc.^(b)		35,366		1,269,993
Middleby Corp. (The)^(b)		6,541		1,006,594
MSC Industrial Direct Co., Inc., Class A		14,511		1,202,381
Mueller Industries, Inc.^(c)		14,694		795,680
Nielsen Holdings PLC		171,994		4,611,159
Nordson Corp.		4,598		991,743
Norfolk Southern Corp.		33,023		8,515,971
Northrop Grumman Corp.		24,967		10,970,500
nVent Electric PLC		33,018		1,115,348
Old Dominion Freight Line, Inc.		5,110		1,431,413
Oshkosh Corp.		16,529		1,527,941
Otis Worldwide Corp.		46,777		3,407,237
Owens Corning		22,743		2,068,021
PACCAR, Inc.		84,908		7,051,609
Parker-Hannifin Corp.		16,388		4,438,198
Pentair PLC		25,650		1,301,737
Pitney Bowes, Inc.		197,407		1,040,335
Quanta Services, Inc.		21,882		2,537,874
Raytheon Technologies Corp.		243,711		23,130,611
Regal Rexnord Corp.		7,607		967,915
Republic Services, Inc.		31,760		4,264,415
Resideo Technologies, Inc.^(b)		50,605		1,138,106
Robert Half International, Inc.		12,968		1,274,884
Rockwell Automation, Inc.		11,846		2,993,129
Rush Enterprises, Inc., Class A		14,474		736,437
Ryder System, Inc.^(c)		34,930		2,441,607
Science Applications International Corp.		15,501		1,290,148
Sensata Technologies Holding PLC^(b)		28,775		1,306,673
Snap-on, Inc.		10,304		2,189,497
Southwest Airlines Co.^(b)(c)		33,914		1,584,462
Spirit AeroSystems Holdings, Inc., Class A.		26,296		1,105,484
Stanley Black & Decker, Inc.		32,781		3,938,637
Stericycle, Inc.^(b)		19,894		998,480
Sunrun, Inc.^(b)(c)		54,433		1,087,571
Terex Corp.		19,300		656,200
Textron, Inc.		47,242		3,271,508
Timken Co. (The)		15,832		912,556
Toro Co. (The)		10,483		840,003
Trane Technologies PLC		28,920		4,045,619
TransDigm Group, Inc.^(b)		8,254		4,909,562
TransUnion		12,495		1,093,562

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


	Shares		Value
Industrials-(continued)
Trinity Industries, Inc.		27,614	$	766,012
Triton International Ltd. (Bermuda)		19,523		1,192,660
Uber Technologies, Inc.^(b)		85,497		2,691,446
UFP Industries, Inc.		10,737		830,722
Union Pacific Corp.		75,276		17,636,414
United Airlines Holdings, Inc.^(b)(c)		51,143		2,582,721
United Parcel Service, Inc., Class B		97,751		17,593,225
United Rentals, Inc.^(b)		15,868		5,022,539
Univar Solutions, Inc.^(b)		66,585		1,938,955
Valmont Industries, Inc.		3,545		882,031
Verisk Analytics, Inc.		8,194		1,671,986
Veritiv Corp.^(b)		7,287		1,024,115
W.W. Grainger, Inc.		6,366		3,183,191
Wabtec Corp.		26,529		2,385,222
Waste Management, Inc.		56,350		9,266,194
Watsco, Inc.		5,102		1,361,112
Werner Enterprises, Inc.		19,793		784,397
WESCO International, Inc.^(b)		16,338		2,013,822
Woodward, Inc.^(c)		6,694		739,553
XPO Logistics, Inc.^(b)		27,307		1,468,844
Xylem, Inc.		20,806		1,674,883

				539,657,124

Information Technology-12.83%
Accenture PLC, Class A		51,863		15,577,571
Adobe, Inc.^(b)		14,999		5,938,854
Advanced Micro Devices, Inc.^(b)		22,479		1,922,404
Akamai Technologies, Inc.^(b)		19,046		2,138,485
Amdocs Ltd.		23,064		1,837,970
Amkor Technology, Inc.		32,225		606,152
Amphenol Corp., Class A		45,776		3,272,984
Analog Devices, Inc.		36,746		5,672,847
ANSYS, Inc.^(b)		4,624		1,274,791
Apple, Inc.		729,162		114,952,389
Applied Materials, Inc.		58,465		6,451,613
Arista Networks, Inc.^(b)		8,547		987,777
Arrow Electronics, Inc.^(b)		34,379		4,051,909
Automatic Data Processing, Inc.		40,518		8,840,217
Avnet, Inc.		51,166		2,233,908
Black Knight, Inc.^(b)		18,566		1,221,457
Block, Inc., Class A^(b)(c)		10,822		1,077,222
Bread Financial Holdings, Inc.		26,438		1,448,802
Broadcom, Inc.		33,492		18,567,630
Broadridge Financial Solutions, Inc.		12,365		1,782,167
Cadence Design Systems, Inc.^(b)		9,130		1,377,260
CDK Global, Inc.		19,593		1,066,055
CDW Corp.		18,044		2,944,420
Check Point Software Technologies Ltd. (Israel)^(b)		10,359		1,308,238
Ciena Corp.^(b)		18,371		1,013,528
Cirrus Logic, Inc.^(b)		8,200		621,560
Cisco Systems, Inc.		684,539		33,528,720
Citrix Systems, Inc.		10,691		1,070,169
Cognex Corp.		10,677		722,085
Cognizant Technology Solutions Corp., Class A		71,579		5,790,741
CommScope Holding Co., Inc.^(b)		152,266		918,164
Concentrix Corp.		5,410		851,967
Conduent, Inc.^(b)		146,864		826,844
Corning, Inc.^(c)		136,114		4,789,852


	Shares		Value
Information Technology-(continued)
Dell Technologies, Inc., Class C		57,740	$	2,714,357
DXC Technology Co.^(b)		99,093		2,843,969
Entegris, Inc.		5,300		590,367
EPAM Systems, Inc.^(b)		1,892		501,361
Euronet Worldwide, Inc.^(b)(c)		6,748		820,894
F5, Inc.^(b)		6,131		1,026,391
Fidelity National Information Services, Inc.		121,831		12,079,544
First Solar, Inc.^(b)(c)		22,188		1,620,390
Fiserv, Inc.^(b)		92,252		9,033,316
FleetCor Technologies, Inc.^(b)		8,192		2,044,068
Flex Ltd.^(b)		307,566		5,071,763
Gartner, Inc.^(b)		4,031		1,171,207
Genpact Ltd.		24,157		972,802
Global Payments, Inc.^(c)		38,854		5,322,221
Hewlett Packard Enterprise Co.		546,681		8,424,354
HP, Inc.^(c)		325,379		11,918,633
II-VI Incorporated^(b)(c)		10,408		637,074
Insight Enterprises, Inc.^(b)(c)		14,747		1,465,409
Intel Corp.		1,243,583		54,207,783
International Business Machines Corp.		307,221		40,617,688
Intuit, Inc.		7,781		3,258,294
IPG Photonics Corp.^(b)(c)		5,191		490,446
Jabil, Inc.		60,893		3,515,353
Jack Henry & Associates, Inc.		6,158		1,167,434
Juniper Networks, Inc.^(c)		70,968		2,236,911
Keysight Technologies, Inc.^(b)		10,394		1,457,966
KLA Corp.		8,845		2,823,855
Kyndryl Holdings, Inc.^(b)(c)		179,742		2,137,132
Lam Research Corp.		8,454		3,937,535
Marvell Technology, Inc.		31,692		1,840,671
Mastercard, Inc., Class A		26,141		9,499,117
Maximus, Inc.		10,702		779,962
Microchip Technology, Inc.		46,821		3,052,729
Micron Technology, Inc.		216,645		14,773,023
Microsoft Corp.		359,920		99,884,998
MKS Instruments, Inc.		6,300		718,074
Motorola Solutions, Inc.		13,582		2,902,338
National Instruments Corp.		21,590		780,263
NCR Corp.^(b)		42,619		1,492,944
NetApp, Inc.		28,995		2,123,884
NortonLifeLock, Inc.		119,741		2,998,315
NVIDIA Corp.		28,952		5,369,727
NXP Semiconductors N.V. (China)		26,467		4,523,210
ON Semiconductor Corp.^(b)		38,050		1,982,785
Oracle Corp.		208,227		15,283,862
Paychex, Inc.		34,445		4,365,215
PayPal Holdings, Inc.^(b)		84,716		7,449,078
Paysafe Ltd.^(b)		248,684		691,342
Qorvo, Inc.^(b)		16,031		1,824,007
QUALCOMM, Inc.		106,524		14,880,338
Roper Technologies, Inc.		8,252		3,877,780
Sabre Corp.^(b)(c)		100,248		1,049,597
salesforce.com, inc.^(b)		54,705		9,624,798
Sanmina Corp.^(b)		32,160		1,315,022
Seagate Technology Holdings PLC		39,551		3,244,764
ServiceNow, Inc.^(b)		1,841		880,182
Skyworks Solutions, Inc.		19,738		2,236,315
SS&C Technologies Holdings, Inc.		25,140		1,625,552
Synopsys, Inc.^(b)		6,625		1,899,984

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



		Invesco Annual Report to Shareholders April 30, 2022
		PWC		Invesco Dynamic Market ETF
		PRF		Invesco FTSE RAFI US 1000 ETF
		PRFZ		Invesco FTSE RAFI US 1500 Small-Mid ETF


PWC		Management’s Discussion of Fund Performance
PWC		Invesco Dynamic Market ETF (PWC)


	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
Dynamic Market Intellidex^® Index		(12.63	)%		3.95	%		12.31	%		6.64	%		37.93	%		10.55	%		172.76	%		9.30	%		441.32	%
S&P 500^® Index		0.21			13.85			47.56			13.66			89.68			13.67			260.05			10.43			558.14
Fund
NAV Return		(13.28	)		3.25			10.08			5.93			33.35			9.79			154.56			8.59			378.73
Market Price Return		(13.40	)		3.26			10.10			5.91			33.23			9.79			154.53			8.59			378.19


PRF		Management’s Discussion of Fund Performance
PRF		Invesco FTSE RAFI US 1000 ETF (PRF)


	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
FTSE RAFI^TM US 1000 Index		3.83	%		13.61	%		46.62	%		12.03	%		76.47	%		13.05	%		240.97	%		9.91	%		369.70	%
Russell 1000^® Index		(2.10	)		13.57			46.47			13.44			87.85			13.53			255.85			9.74			357.43
Fund
NAV Return		3.45			13.24			45.20			11.65			73.51			12.65			229.02			9.48			340.06
Market Price Return		3.41			13.22			45.14			11.64			73.43			12.65			228.94			9.49			340.99



The Market Environment			3

Management’s Discussion of Fund Performance			4

Liquidity Risk Management Program			10

Schedules of Investments

Invesco Dynamic Market ETF (PWC)			11

Invesco FTSE RAFI US 1000 ETF (PRF)			13

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)			23

Statements of Assets and Liabilities			38

Statements of Operations			39

Statements of Changes in Net Assets			40

Financial Highlights			42

Notes to Financial Statements			44

Report of Independent Registered Public Accounting Firm			53

Fund Expenses			54

Tax Information			55

Trustees and Officers			56

Approval of Investment Advisory Contracts			66


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Information Technology			26.71
Health Care			13.14
Consumer Discretionary			12.91
Financials			10.51
Communication Services			8.76
Industrials			8.52
Consumer Staples			7.68
Energy			5.02
Materials			3.90
Utilities			2.80
Money Market Funds Plus Other Assets Less Liabilities			0.05

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Gartner, Inc.			4.28
Fortinet, Inc.			4.03
Apple, Inc.			3.98
Arista Networks, Inc.			3.94
Live Nation Entertainment, Inc.			3.16
Advanced Micro Devices, Inc.			3.07
Eli Lilly and Co.			2.89
Archer-Daniels-Midland Co.			2.82
Nucor Corp.			2.81
AT&T, Inc.			2.80
Total			33.78


Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Financials			18.14
Health Care			12.98
Information Technology			12.83
Industrials			9.55
Consumer Staples			8.77
Consumer Discretionary			8.72
Communication Services			8.60
Energy			7.88
Utilities			5.17
Real Estate			3.64
Materials			3.60
Money Market Funds Plus Other Assets Less Liabilities			0.12

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Berkshire Hathaway, Inc., Class B			2.52
Exxon Mobil Corp.			2.17
Apple, Inc.			2.03
Microsoft Corp.			1.77
AT&T, Inc.			1.64
Chevron Corp.			1.57
JPMorgan Chase & Co.			1.56
Verizon Communications, Inc.			1.30
Johnson & Johnson			1.29
Wells Fargo & Co.			1.11
Total			16.96


	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		$	106,010		$	2,315,107		$	(2,309,398)		$	-		$	-		$	111,719		$	83

Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			4,477,964			34,882,871			(37,240,613)			-			-			2,120,222			1,479*
Invesco Private Prime Fund			6,716,946			71,962,832			(73,734,265)			25			(1,231)			4,944,307			5,991*

Total		$	11,300,920		$	109,160,810		$	(113,284,276)		$	25		$	(1,231)		$	7,176,248		$	7,553